Hanall Biopharma said that it registered record-breaking sales and operating profit in the second quarter.
The company registered 29.8 billion ($25.1 million) in sales, up 32 percent from the same period last year, and 7 billion won in operating profits, a hefty 336 percent increase year on year.
“We could record robust growth in profitability thanks to the addition of milestone royalty fees and improved drug sales structure in the second quarter of this year,” the company said.
Roivant, which received the right on HL161, an anti-FcRn monoclonal antibody, from Hanall for U.S. and Europe, has set up Immunovant, a subsidiary exclusively responsible for the product, and is pursuing global clinical development through the offshoot.
Immunovant started to conduct two phase 2 clinical trials for two indications in the first half of this year. The company also plans to confirm the drug’s efficacy for other illnesses through an additional phase 2 clinical trial in the second half-year.
Also, Harbor BioMed, which signed a licensing agreement for HL161 and HL036, a dry eye treatment, in China, is conducting phase 1 clinical trial for HL161 and phase 2 clinical trial for HL036, in China.
“In terms of sales of specialty pharmaceuticals and generic drugs, Hanall achieved an operating profit growth that far exceeded sales growth as a result of its efforts to improve its sales structure,” the company said in a press release. “Sales of major products such as Eligard, Biotop, and Alfabon grew by more than double-digit rates, leading to the sales growth of our pharmaceuticals.”
Hanall Biopharma CEO Park Seung-kook also said, "We are stepping up R&D efforts while generating stable operating profits by improving the sales structure of pharmaceuticals.”
Besides HL161 and HL036, we will develop new drug pipelines, including immunocytochemistry antibodies, he added.