Corporate Logo(source: hanmi.co.kr)
Hana Financial Investment said on November 21 that it raised its target price for Hanmi Pharmaceutical(128940) from 500,000 won to 540,000 won, citing an increase in the non-operating value of the company’s drug pipeline. According to the brokerage, Hanmi Pharmaceutical’s total pipeline-related non-operating value increased from 1.3602 trillion won to 1.9227 trillion won as disclosed last month.
Hana Financial Investment noted that two pipeline candidates—HM17321 and HM15275—meet key requirements for obesity treatments that could support potential licensing-out opportunities. HM17321 is expected to begin Phase 1 clinical trials in the United States next year and deliver results in the second half of the year, drawing strong interest from global pharmaceutical companies. HM15275, a triple agonist targeting GLP/GIP/GCG pathways, has already completed U.S. Phase 1 trials, with Phase 2 results expected in the first half of 2027 following trial completion next year.
Analysts Kim Sun-ah and Yoo Chang-geun said, “In 2015, the company secured a mega licensing deal worth about 4.3 trillion won, only to experience a return later. However, Hanmi has continued development of metabolic disease treatments initiated under that project for nearly a decade, and meaningful results are finally emerging.” They added that efpeglenatide—previously licensed out before being returned—is now approaching commercialization in the second half of next year.
The analysts also highlighted progress in MASH treatment candidate efinopegdutide, which was re-licensed to MSD. They expect Phase 2b results in the first half of next year. “If, like other MASH therapies, the drug receives accelerated FDA approval after Phase 2, rapid commercialization could be within reach,” they said.
*[KOSPI] Hanmi Pharmaceutical(128940) is a pharmaceutical manufacturing and sales company known for the hypertension treatment drug Amosartan Family, active in both domestic and global markets. The market capitalization is 5.855 trillion won (as of November 20, 2025, closing price).
Corporate Logo(source: hanmi.co.kr)
Hana Financial Investment said on November 21 that it raised its target price for Hanmi Pharmaceutical(128940) from 500,000 won to 540,000 won, citing an increase in the non-operating value of the company’s drug pipeline. According to the brokerage, Hanmi Pharmaceutical’s total pipeline-related non-operating value increased from 1.3602 trillion won to 1.9227 trillion won as disclosed last month.
Hana Financial Investment noted that two pipeline candidates—HM17321 and HM15275—meet key requirements for obesity treatments that could support potential licensing-out opportunities. HM17321 is expected to begin Phase 1 clinical trials in the United States next year and deliver results in the second half of the year, drawing strong interest from global pharmaceutical companies. HM15275, a triple agonist targeting GLP/GIP/GCG pathways, has already completed U.S. Phase 1 trials, with Phase 2 results expected in the first half of 2027 following trial completion next year.
Analysts Kim Sun-ah and Yoo Chang-geun said, “In 2015, the company secured a mega licensing deal worth about 4.3 trillion won, only to experience a return later. However, Hanmi has continued development of metabolic disease treatments initiated under that project for nearly a decade, and meaningful results are finally emerging.” They added that efpeglenatide—previously licensed out before being returned—is now approaching commercialization in the second half of next year.
The analysts also highlighted progress in MASH treatment candidate efinopegdutide, which was re-licensed to MSD. They expect Phase 2b results in the first half of next year. “If, like other MASH therapies, the drug receives accelerated FDA approval after Phase 2, rapid commercialization could be within reach,” they said.
*[KOSPI] Hanmi Pharmaceutical(128940) is a pharmaceutical manufacturing and sales company known for the hypertension treatment drug Amosartan Family, active in both domestic and global markets. The market capitalization is 5.855 trillion won (as of November 20, 2025, closing price).