SEOUL, South Korea, Nov. 15, 2022 /PRNewswire/ -- HanAll Biopharma Co., Ltd. (KRX: 009420.KS), a global biopharmaceutical company developing innovative medicines, today reported financial results for the third quarter of 2022 and provided recent business updates. HanAll sustained a strong growth momentum across the sales performance and progress in the R&D portfolio.
The sales for the third quarter ended with 29.6 billion won, a 16% increase from the previous year, with a net profit of 734 million won. The net cash recorded 66.7 billion won based on the stable cash flow.
"The third quarter delivered strong top-line growth for HanAll, driven by continued sales performance with disciplined operation management. Our late-stage pipeline assets are progressing. Batoclimab Phase 3 study in Myasthenia gravis (MG) is expected to start in Japan later this year. The enrollment to tanfanercept Phase 3 study has been completed, with the topline result expected in the first half of 2023. In addition, Immunovant added the second FcRn molecule developed at HanAll into its pipeline, which is another demonstration of our antibody development expertise," said Sean Jeong, M.D., CEO of HanAll Biopharma.
"Looking forward to the next quarters, HanAll will continue investing in our R&D programs by fully utilizing our own cash flow to bring innovative medicines to patients in need," he added.
THIRD QUARTER 2022 BUSINESS UPDATE
Pipeline Development Highlights
A comprehensive update on HanAll's pipeline development includes an overview of HanAll's research and a list of compounds in development with targeted indication and the phase of development.
Autoimmune Diseases Programs
Batoclimab (Project Code: HL161BKN)
A novel, fully human monoclonal antibody targeting the FcRn, with the potential to address multiple IgG-mediated autoimmune diseases. Batoclimab is designed to selectively bind to and inhibit FcRn, thus blocking the recycling of IgG antibodies.
HL161ANS
A second novel, fully human, monoclonal antibody molecule inhibiting FcRn-mediated recycling of IgG, designed to deliver maximum lgG reduction while minimizing interference with albumin binding.
Eye Disease Programs
Tanfanercept (Project Code: HL036)
A novel, topical anti-TNF alpha biologic therapy for eye diseases including dry eye disease (DED) by inhibiting TNF alpha, which is critical in ocular inflammation.
Cancer Programs
HL187/ HL186
Novel monoclonal antibodies that respectively target TIM-3 and TIGIT, for the treatment of cancer developed in collaboration with Daewoong Pharmaceutical Co.
FINANCIAL HIGHLIGHTS (CONSOLIDATED)
Key Highlights
(KRW in millions) |
Q3 2022 |
Q3 2021 |
% change |
Sales |
29,642 |
25,474 |
16.4 % |
Gross Profit |
16,521 |
14,841 |
11.3 % |
Selling, marketing and administrative expenses |
11,669 |
10,044 |
16.2 % |
Research and development expenses |
4,230 |
2,589 |
63.4 % |
Operating income |
622 |
2,207 |
-71.8 % |
Net Income |
734 |
2,060 |
-64.3 % |
About HanAll Biopharma Co., Ltd.
HanAll Biopharma (KRX: 009420.KS) is a global biopharmaceutical company founded in 1973, with a mission of making meaningful contributions to patients' lives by introducing innovative, impactful medicines to address severe unmet medical needs. HanAll has been operating a portfolio of pharmaceutical products in areas ranging from endocrine, circulatory, and urologic diseases for more than 49 years.
HanAll has also expanded its focus to ophthalmology, immunology, oncology and neurology to discover and develop innovative medicines for patients with diseases for which there are no effective treatments. A leading pipeline asset, HL161 (INN: batoclimab), an anti-FcRn antibody drug, is in Phase 3 and Phase 2 trials across the world for the treatment of rare autoimmune disorders including myasthenia gravis, thyroid eye disease, warm autoimmune hemolytic anemia, neuromyelitis optica, and immune thrombocytopenia. Another main asset, HL036 (INN: tanfanercept), an anti-TNF alpha protein drug, is in Phase 3 clinical trials in the US and China for the treatment of dry eye disease.
For further information visit our website, and connect with us on linkedin. For any media inquiries, please contact HanAll PR/IR (pr@hanall.com, ir@hanall.com).
Disclaimer statement
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 2022 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 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.
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