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128940KOSPI

Hanmi Pharm

480,500
-53,500 (-10.02%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Hanmi Pharm was established in 2010 through a corporate split from Hanmi Science. The company is listed on the KOSPI market and operates with four consolidated subsidiaries across domestic and overseas locations.

The company manufactures and distributes pharmaceuticals. Its business segments include finished drugs, active pharmaceutical ingredients, and overseas pharmaceuticals. Main products include Amozaltan and Rosuzet, while its API division supplies global pharmaceutical companies in approximately 40 countries.

Business overview as filed

당사는 의약품 제조 및 판매 사업을 영위하고 있으며, 연결종속회사 각 기업을 하나의 사업부문(의약품, 원료의약품, 해외의약품)으로 구분하고 있습니다.1) 의약품 부문한미약품(주)는 의약품 제조 및 판매를 주 목적사업으로 하고 있으며, 주요 제품으로는 복합고혈압치료제 '아모잘탄', 복합고지혈증치료제 '로수젯', 역류성식도염치료제'에소메졸', 전립선비대증치료제 '한미탐스캡슐', 발기부전치료제 '팔팔정' 등이 있습니다. 또한 R&D를 통한 혁신 신약 개발에 주력하고 있습니다.2) 원료의약품 부문한미정밀화학(주)는 1984년에 설립된 원료의약품 전문회사입니다.주요 생산품목인 세팔로스포린 계열의 항생제 시장과 일반 원료의약품 시장에서 우수한 품질로 인정받고 있습니다. 특히 2006년에는 무균원료부문에서 미연방식품의약국(FDA)의 실사를 받았습니다. 또한 2007년에는 APIs 합성공장을 새로 완공하여 세파계에 치중한 제품 라인업을 다변화하였습니다. 이 새로운 공장 또한 미국의 FDA, 독일의 BSG, 호주 TGA, 일본의 PMDA등으로부터 cGMP 제조시설의 적합 인증을 받았습니다. 현재 한미정밀화학은 다수의 다국적 제약회사들을 포함, 전세계 40여개 국가에 제품을 수출하고 있습니다.3) 해외의약품 부문북경한미약품유한공사는 지난 1996년 한미약품 주식회사가 출자해 설립하였습니다. 의약품 연구개발에서부터 생산, 영업 등 전 분야를 수행할 수 있는 독자적인 제약회사로 발돋움한 북경한미약품유한공사는 꾸준한 성장세를 이어가고 있습니다. 주력 제품은 어린이용 정장제 '마미아이'와 기침가래약 '이탄징'이며, 성인용정장제 '매창안' 등 총 20여 품목을 판매하고 있습니다.또한 2022년에 복합고혈압치료제 '메이야핑(한국 제품명 : 아모잘탄)'을 출시하였으며, 북경한미약품유한공사는 한국의 한미약품 주식회사와 R&D네트워크 시너지를 통해 글로벌 신약 개발에도 앞장서고 있습니다.

Company overview

1) 연결대상 종속회사 현황(요약)당사의 연결대상 종속회사는 국내 1개, 해외 3개를 포함한 총 4개사 입니다.

1-1) 연결대상회사의 변동내용

2) 회사의 법적ㆍ상업적 명칭

당사의 명칭은 한미약품 주식회사이고, 영문명은 Hanmi Pharm. Co., Ltd. 입니다.

3) 설립일자당사는 2010년 7월 1일을 기준일로 한미사이언스 주식회사(구 한미약품 주식회사)의의약품 제조 및 판매 사업부문을 인적분할하여 설립하였습니다. 당사의 주식은 2010년 7월 30일자로 한국거래소 유가증권시장에 재상장되었습니다.4) 본사의 주소, 전화번호, 홈페이지 주소

5) 중소기업 등 해당 여부

6) 주요 사업의 내용당사는 의약품 제조 및 판매 사업을 영위하고 있으며, 연결종속회사 각 기업을 하나의 사업부문(의약품, 원료의약품, 해외의약품)으로 구분하고 있습니다.

7) 신용평가에 관한 사항보고서 제출일 현재 당사의 기업신용등급 및 기업어음의 등급 현황은 아래와 같습니다.

8) 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.64%
[2.69%, 11.71%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 50.2% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.40
Beta [0.21, 0.60] · KOSPI200 · As of 2026-10-08
Intercept
+0.065%[-0.466%, +0.595%]
R squared
0.09
Observations
252
Trading-time corrected beta
0.41[0.08, 0.74]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M13,1758,8279,16610,16011,13610,75912,03213,31514,90914,95515,47516,555
Revenue growth%—-33.003.8410.849.62-3.3911.8410.6711.970.313.48—
Operating incomeKRW 100M2,1182688228361,0394901,2541,5812,2072,1622,5783,231
Operating income growth%—-87.36206.901.7224.30-52.85156.0726.0539.60-2.0419.25—
Net incomeKRW 100M1,6213036903426391738151,0161,6541,4041,8712,346
Net income growth%—-81.30127.64-50.4886.99-72.93371.2524.6462.83-15.0833.26—
Attributable to ownersKRW 100M1,5442336042495211206708281,4621,2131,6962,170
Attributable to minoritiesKRW 100M7670859311853145188191191176176
Operating margin%16.083.038.968.239.334.5510.4211.8714.8014.4616.6619.52
Net margin%12.303.437.533.365.731.616.777.6311.099.3912.0914.17
ROE%22.883.548.493.547.201.648.359.5015.3111.1813.5715.46
ROA%9.411.904.152.023.340.924.215.288.716.958.7510.05
Debt ratio%131.28117.42109.60114.28132.74126.24108.6490.7072.5762.8750.2346.86
Current ratio%169.99154.51102.96129.68140.36115.17108.48102.57103.67109.31147.71182.42
Quick ratio%146.52119.5266.6472.7371.1157.3369.9363.2462.6965.2391.77117.76
Reserve ratio%———2,393.84—————3,275.013,760.854,022.23
Free cash flowKRW 100M-1942,127-3,100-1,563-1,5371,0971,8201,3291,8921,5421,300—
FCF margin%-1.4724.10-33.82-15.38-13.8010.2015.129.9812.6910.318.40—
OCF conversion%62.761,362.94-91.2076.0719.49876.45247.82159.78130.94137.7892.49—
Capex to revenue%9.1922.6926.9517.9414.923.891.662.201.832.632.78—
Receivable daysdays—218.4103.977.961.457.956.154.842.749.868.1—
Inventory daysdays—150.8193.6184.4217.9234.2178.8153.7153.1158.6176.0—
Payable daysdays—217.9247.9166.7102.673.063.064.366.273.271.7—
Cash conversion cycledays—151.249.795.6176.6219.1171.9144.3129.6135.2172.4—
EPSKRW14,8302,2425,4142,2014,5149975,4836,64811,5229,56713,37216,942
PERx—136.26107.88210.8165.68367.6050.3444.8330.5929.3233.8023.46
BPSKRW—63,19663,75461,76462,33161,63966,47670,78076,05784,68597,553109,580
PBRx—4.839.167.514.765.954.154.214.633.314.633.63
Dividend per shareKRW2,000—5005005005005005005001,250——
Payout ratio%13.49—9.2422.7211.0850.159.127.524.3413.07——

Consolidated basis

Profit flowKRW 100M

Revenue
15,475
Gross profit
8,844
Cost of sales
6,631
SG&A expenses
4,308
Operating income
2,578
Other
1,958
Profit before tax
2,135
Non-operating expenses
443
Net income
1,871
Income tax expense
263

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
17,22615,97016,60916,91219,13718,82019,36719,24618,98720,20821,376
9,7788,6258,6859,02010,91410,50110,0859,1547,9857,8017,147
7,4487,3457,9247,8938,2238,3199,28310,09211,00212,40814,229

Income statement

20152016201720182019202020212022202320242025
13,1758,8279,16610,16011,13610,75912,03213,31514,90914,95515,475
2,1182688228361,0394901,2541,5812,2072,1622,578
2,096805885048332211,0371,2101,9401,7132,135
1,6213036903426391738151,0161,6541,4041,871
Basic earnings per shareKRW14,8302,242Not applicable2,201*4,514*997*5,483*6,648*11,5229,56713,372
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable9,56713,362
1,5601736442794262071,071890*1,1071,7521,938

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,6213036903426391738151,0161,6541,4041,871
Total adjustments to operating cash flowcomputed-6033,827-1,319-82-5141,3421,204607512531-141
1,0174,130-6292601241,5152,0191,6232,1651,9351,731
-1,144-3,551-1,529-1,458-1,729-452-434-1,814-1,835249-1,595
945-6291,3771,4041,986-652-1,133-369-1,268-938-972
Cash at beginning of periodKRW 100M5251,3831,3044736731,0611,4622,0921,4735501,923
1,3831,3044736731,0611,4622,0921,4735501,9231,083
Net change in cash and cash equivalentsKRW 100M819-51Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 16안진회계법인2025-12-31
2024적정의견Term 15안진회계법인2025-12-31
2023적정의견Term 14안진회계법인2025-12-31
2022적정Term 13한영회계법인2022-12-31
2021적정Term 12한영회계법인2022-12-31
2020적정Term 11한영회계법인2022-12-31
2019적정Term 10한영회계법인2019-12-31
2018적정Term 9삼일회계법인2019-12-31
2017적정Term 8삼일회계법인2019-12-31
2016적정Term 7삼일회계법인2016-12-31
2015적정Term 6안진회계법인2016-12-31
2014적정Term 5안진회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.50
%
%
Cost of equity6.91%
Weighted average cost of capital6.72%
Initial growth13.6%
Effective tax rate12.3%
Base fiscal year2025
Current priceKRW480,500

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF294,143-38.8%
Discounted cash flow FCFE178,737-62.8%
Residual income model RIM292,837-39.1%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.50 × 5.00% = 6.91%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(13.57% × (1 − 0.00%), 0) = 13.57%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 97,553 KRW, ROE = 13.57%, payout ratio = 0.00%, r = 6.91%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
197,55313,2356,7386,4970.93546,077
2110,78915,0317,6527,3780.87506,456
3125,81917,0708,6908,3790.81846,858
4142,88919,3869,8699,5160.76567,285
5162,27522,01611,20810,8070.71617,739
Terminal value224,6480.7161160,868

P_0 = 97,553 + 34,415 + 160,868 = 292,837 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,730.7 − 430.2 + 170.6 × (1 − 12.34%) = 1,450.0 KRW hundred million

Weighted average cost of capital

E = 61,556.8, D = 4,113.1 KRW hundred million; equity weight = 93.74%, debt weight = 6.26%; cost of debt k_d = 4.40%

WACC = 93.74% × 6.91% + 6.26% × 4.40% × (1 − 12.34%) = 6.72%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
113.57%1,646.70.93711,543.1
210.68%1,822.50.87811,600.4
37.78%1,964.40.82281,616.4
44.89%2,060.50.77111,588.8
52.00%2,101.70.72251,518.6
Terminal value2.00%45,459.20.722532,845.8
Total40,713.0

Firm value = 40,713.0; less borrowings 4,113.1; plus cash 1,082.7 → 37,682.6 KRW hundred million

P_0 = 37,682.6 KRW hundred million ÷ 12,810,991 (shares) = 294,143 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,730.7 − 430.2 + -451.5 (net borrowing) = 849.0 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
113.57%964.20.9354901.9
210.68%1,067.10.8750933.7
37.78%1,150.10.8184941.3
44.89%1,206.40.7656923.6
52.00%1,230.50.7161881.2
Terminal value2.00%25,578.40.716118,316.5
Total22,898.0

P_0 = 22,898.0 KRW hundred million ÷ 12,810,991 (shares) = 178,737 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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