HanAll Biopharma Reports First Quarter 2021 Financial Results

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May 06, 2021, 09:00 ET

Q1'21 sales of KRW 27.8 billion increased 26% compared to Q1'20
Q1'21 operating profit of KRW 5.4 billion increased 80% compared to Q1'20
Q1'21 operating margin of 19%, up from 14% in Q1'20
Better-than-expected sales and operating profit are largely due to an increase of R&D revenue including milestone payment

SEOUL, South Korea, May 6, 2021 /PRNewswire/ -- HanAll Biopharma (KRX: 009420) (HanAll) announced on the 29th, Apr. that it achieved 27.8 billion won in sales, 5.4 billion won in operating profit and 4.5 billion won in net profit in the first quarter of this year.

Sales and operating profit rose 26% and 80%, respectively, compared to the same period last year thanks to increased R&D revenue and increased product revenue. Operating margin increased to 19% from 14%, and net income for the period was estimated at 4.5 billion won, up 13 percent year-on-year.

The growth of R&D revenue including milestone payments from HL161 and HL036 licensed to Immunovant and Harbour BioMed was a main performance driver while domestic drug sales slightly increased year-on-year. HanAll remain committed to delivering innovative medicines for patients with its improved financial performance.

The company plans to start the second Phase 3 clinical trial in dry eye disease (DED) in the 2H of 2021, which is being co-developed with Daewoong Pharmaceutical.

Meanwhile, HanAll has recently appointed David Hernandez, former Head of Clinical Operations Japan at Merck Biopharma, as Vice President of Clinical Operations at HPI, a U.S. subsidiary of HanAll, to accelerate clinical trials of its current and future pipeline compounds.

First Quarter 2021 Financial Highlights (Stand alone)

(KRW billion)
	Q1 2020	Q1 2021	YoY % change
Sales	22.1	27.8	25.8%
Operating Profit	3.0	5.4	80.4%
OP Margin	13.5%	19.4%
Net Income	4.0	4.5	12.5%
Net Margin	18.2%	16.3%

About HanAll Biopharma Co., Ltd.

HanAll Biopharma is a global biopharmaceutical company founded in 1973 with a mission to promote human health. HanAll has been delivering a portfolio of pharmaceutical products in areas of endocrine, circulatory, and urologic diseases for more than 47 years. HanAll is focused on discovering and developing innovative medicines for people suffering with diseases in which there are no effective treatments. Its a leading pipeline asset, HL161 (INN: batoclimab), an anti-FcRn antibody drug, is in Phase 2 trials in 5 rare autoimmune disorders across the world. Another main candidate, HL036 (INN: tanfanercept), an anti-TNF protein drug, for the treatment of dry eye disease is in Phase 3 clinical trials in the U.S. and China.

For further information, please contact:

HanAll IR team ([email protected]) or
Daewoong IR team ([email protected])

Forward-looking Statements

The contents of this announcement include statements that are, or may be deemed to be, "forward-looking statements." These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will," or "should" and include statements HANALL(the company, we) makes concerning its 2020 business and financial

outlook and related plans; the therapeutic potential of its product candidates; the intended results of its strategy and the company, and its collaboration partners', advancement of, and anticipated clinical development, data readouts and regulatory milestones and plans, including the timing of planned clinical trials and expected data readouts; the design of future clinical trials and the timing and outcome of regulatory filings and regulatory approvals. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. The company's actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including the effects of the COVID-19 pandemic, our expectations regarding its the inherent uncertainties associated with competitive developments, preclinical and clinical trial and product development activities and regulatory approval requirements; our reliance on collaborations with third parties; estimating the commercial potential of our product candidates; our ability to obtain and maintain protection of intellectual property for its technologies and drugs; our limited operating history; and our ability to obtain additional funding for operations and to complete the development and commercialization of its product candidates. A further list and description of these risks, uncertainties and other risks can be found in Korea Stock Exchange(KRX) filings and reports, including in our most recent annual report as well as subsequent filings and reports filed by the company with the KRX. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. We undertake no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by Korean law and regulations.

SOURCE HanAll Biopharma