On May 6, 2021 HanAll Biopharma (KRX: 009420) (HanAll) reported 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 (Press release, HanAll Biopharma, MAY 6, 2021, View Source [SID1234579411]).

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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.