Hanmi Pharm likely to have suffered setback in 2016 earnings
SEOUL, Jan. 11 (Yonhap) -- South Korea's major drugmaker Hanmi Pharmaceutical Co. is forecast to have posted weak earnings for 2016 due to a partially canceled license-out deal with a global pharmaceutical firm, industry sources said Wednesday.
According to data compiled by industry tracker FnGuide, the median market consensus for Hanmi Pharm's revenue is 970 billion won (US$808 million) in 2016.
Many local securities firms have been lowering their sales estimate below 1 trillion won for the drug manufacturer.
In a note to clients, Shinhan Financial cut Hanmi's 2016 revenue estimate from 1.21 trillion won to 943.1 billion won and Korea Investment & Securities also lowered its forecast from 1.03 trillion won to 994 billion won.
Industry watchers say the downbeat outlook for Hanmi Pharm is attributable to the canceled license-out contract with global drugmaker Sanofi to develop experimental, long-acting diabetes treatments.
In December 2016, Hanmi announced that it will return 250 billion won, half of the contract fees, to Sanofi.
Hanmi logged a record-high 1.3 trillion won in sales in 2015. The revenue of two other major firms -- Green Cross Corp. and Yuhan Corp. -- also hovered above 1 trillion won in 2015.
khj@yna.co.kr
(END)
-
(Yonhap Interview) Fintech startup AIM aims to bring professional wealth services to ordinary investors
-
N.K. leader declares victory in fight against COVID-19: state media
-
N. Korea appears to release border dam water without prior notice: official
-
7 dead, 6 missing in heaviest rainfall in 80 years
-
(2nd LD) 7 dead, 6 missing in heaviest rainfall in 80 years
-
(Yonhap Interview) Fintech startup AIM aims to bring professional wealth services to ordinary investors
-
7 dead, 6 missing in heaviest rainfall in 80 years
-
(5th LD) 8 dead, 7 missing in record rainfall in Seoul, surrounding areas
-
N. Korea appears to release border dam water without prior notice: official
-
(LEAD) 7 dead, 6 missing in heaviest rainfall in 80 years
-
Bank's refusal to open account for foreigner with long name 'discriminatory': rights watchdog
-
Yoon pledges to improve ties with Japan, offers economic aid in exchange for N.K. denuclearization
-
(LEAD) Yoon pledges to improve ties with Japan, offers economic aid in exchange for N.K. denuclearization
-
(LEAD) Heavy rain-caused deaths stand at 14; number of missing rises to 6
-
(LEAD) N. Korea hits out at U.N. chief over remarks on denuclearization