# Hanall Biopharma (009420.KO)

Canonical: https://gigainvestors.com/s/009420.KO

Analysis as of: 2026-10-16T07:42:09.993Z. Financial observations: FY2011–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 40,900.00 per share; close as of 2026-10-15.

Estimated value: low KRW 609.11 per share, central KRW 637.00 per share, high KRW 655.41 per share. Buy at or below the central value KRW 637.00 per share. Valuation as of 2026-10-16T07:42:09.993Z; scenarios are not confidence intervals.

Expected annual return: 3.0% at the stated quote. About 3.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 0.99×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.06×

- FY2019: 0.16×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.01×

- FY2023: 0.02×

- FY2024: 0.00×

- FY2025: -0.01×

- LTM to Jun 2026: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.1%

- ROIC, second-lowest year: 0.1%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 54.6%

- Recent gross margin (lower of latest and 3-year median): 52.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.6%

- FY2017: 22.7%

- FY2018: 16.4%

- FY2019: 37.5%

- FY2020: 6.5%

- FY2021: 12.0%

- FY2022: 0.8%

- FY2023: 1.7%

- FY2024: 0.1%

- FY2025: -0.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -4.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -25B

- Net income, five-year total: KRW 5.3B

- Return on incremental invested capital: 5.3%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -6.6 pp

- Working capital / revenue, final three-year average: 29.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.84×

- FY2023: 0.39×

- FY2024: 11.85×

- FY2025: 2.50×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.4% vs 0.1%

- Per-share earnings: 64.48 to -36.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: KRW 1.56T

- Cumulative retained earnings: KRW 51B

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -100.48

- Per-share value, starting three-year median: KRW 64.48

- Per-share value, ending three-year median: KRW -36.00

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.9%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 68B

- Cumulative net income, 10 years: KRW 55B

- ROIC, first three-year median: 16.4%

- ROIC, last three-year median: 0.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 39.70

- FY2017: KRW 113.59

- FY2018: KRW 64.48

- FY2019: KRW 374.67

- FY2020: KRW 386.18

- FY2021: KRW 173.73

- FY2022: KRW 5.00

- FY2023: KRW 69.00

- FY2024: KRW -36.00

- FY2025: KRW -109.00

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.40×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: -21.5%

- FY2018: 3.9%

- FY2019: -0.7%

- FY2020: 8.6%

- FY2021: 4.1%

- FY2022: -11.7%

- FY2023: -10.9%

- FY2024: -5.2%

- FY2025: -1.4%

## Holders

## Price story

Down 35% since May 2026 · sales +4.8%

Story as of 2026-10-16T10:00:12.230Z; price observation 2026-10-15.

Price needs cash profits to grow 97.4% a year for ten years

### Sales · FY2025–2026

sales +4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 84B 

- FY2018: KRW 92B 

- FY2019: KRW 108B 

- FY2020: KRW 89B 

- FY2021: KRW 102B 

- FY2022: KRW 110B 

- FY2023: KRW 135B 

- FY2024: KRW 139B 

- FY2025: KRW 155B 

- FY2026: KRW 163B 

### Gross margin · FY2025

gross margin 52.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 46.5% 

- FY2017: 50.7% 

- FY2018: 53.4% 

- FY2019: 57.9% 

- FY2020: 57.2% 

- FY2021: 59.4% 

- FY2022: 56.3% 

- FY2023: 55.7% 

- FY2024: 52.8% 

- FY2025: 52.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are KRW 155.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2025: revenue 155184524100; grossProfit 80857900070; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009420.KO: Hanall Biopharma Co., Ltd., a pharmaceutical company, manufactures and sells pharmaceutical products in South Korea and internationally. The company offers prescription drugs and over-the-counter products for the treatment of diarrhea, prostatic hyperplasia, androgenetic alopecia, chronic renal failure, hypoparathyroidism, vitamin D-resistant rickets, osteomalacia, osteoporosis, prostate cancer, toxic liver disease, chronic hepatitis, liver cirrhosis, male pattern baldness, functional dyspepsia, diabetes, bacterial infections, peripheral vascular disorders, hypertension, chronic heart failure, skin diseases, hypoproteinemia, diabetic polyneuritis, ulcers, high blood pressure, arthritis, endocrine disorders, spasms, insomnia, muscle pain, hypoproteinemia, gastroesophageal reflux disease, allergic rhinitis, conjunctivitis, dermatitis, chronic urticaria, cholesterol cholelithiasis, gastritis, neurological diseases, erectile dysfunction, hyperphosphatemia, urinary tract infection, spastic paralysis, fungal infections, dysmenorrhea, hypercholesterolemia, constipation, abdominal distension, abdominal fermentation in the intestines, neuralgia, capillary weakness, post-phlebitis syndrome, irritable bowel syndrome, spastic colon, and hemorrhoids, as well as vitamin D, vitamin B1, vitamin B12, and calcium deficiency. It develops products in the fields of ophthalmology, immunology, oncology, and neurology, such as HL192 for Parkinson's disease; HL036 for dry eye disease; HL161 for myasthenia gravis, thyroid eye disease, warm autoimmune hemolytic anemia, neuromyelitis optica, immune thrombocytopenia, chronic inflammatory demyelinating polyneuropathy, and graves' disease; and HL187 and HL186 for immuno-oncology. The company was founded in 1973 and is headquartered in Daejeon, South Korea.

### Why customers stay

Margins ranged from 52.1% to 55.7% during 2023–25; it earns 4.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2023: grossProfit / revenue = 55.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2024: grossProfit / revenue = 52.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2025: grossProfit / revenue = 52.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); 10-year return on capital observations [[2016,0.005775661865764872],[2017,0.22690475393168577],[2018,0.16399446643641957],[2019,0.3751626136977406],[2020,0.06513648242757832],[2021,0.11985988039240976],[2022,0.00836954870204222],[2023,0.016714448243129877],[2024,0.0012424895803384876],[2025,-0.004284697656777655]]; median 0.0409254653353541. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years; bought back KRW 3.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2017: growth capex 0; upkeep 1727034640; owner earnings 40411617630. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2019: growth capex 0; upkeep 2122578740; owner earnings 19653204370. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2020: growth capex 0; upkeep 2562323870; owner earnings 19986091164. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2021: growth capex 1881045100; upkeep 2724857000; owner earnings 8629114630. Growth capex / owner earnings = 0.21798819237611633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2022: growth capex 0; upkeep 2830202030; owner earnings 211844676. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2023: growth capex 4075178629.6029835; upkeep 5122488220.397017; owner earnings 1374958401.6029835. Growth capex / owner earnings = 2.963855942733956.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); FY2025: cash repurchases 3220881500 KRW.

### Are managers owners

Insiders own 31.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009420.KO SharesStats.PercentInsiders = 31.668000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 97.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.993Z); Ten-year compound average after fade. Initial solved rate 1.4961334301532836. Price 40900; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 11,800.00 per share

- 2016-11: KRW 11,650.00 per share

- 2016-12: KRW 13,150.00 per share

- 2017-01: KRW 11,700.00 per share

- 2017-02: KRW 12,900.00 per share

- 2017-03: KRW 13,300.00 per share

- 2017-04: KRW 12,700.00 per share

- 2017-05: KRW 14,650.00 per share

- 2017-06: KRW 13,050.00 per share

- 2017-07: KRW 11,950.00 per share

- 2017-08: KRW 12,700.00 per share

- 2017-09: KRW 11,200.00 per share

- 2017-10: KRW 11,700.00 per share

- 2017-11: KRW 14,300.00 per share

- 2017-12: KRW 24,400.00 per share

- 2018-01: KRW 39,950.00 per share

- 2018-02: KRW 32,600.00 per share

- 2018-03: KRW 32,400.00 per share

- 2018-04: KRW 30,550.00 per share

- 2018-05: KRW 32,100.00 per share

- 2018-06: KRW 24,950.00 per share

- 2018-07: KRW 24,300.00 per share

- 2018-08: KRW 31,700.00 per share

- 2018-09: KRW 32,600.00 per share

- 2018-10: KRW 23,700.00 per share

- 2018-11: KRW 31,400.00 per share

- 2018-12: KRW 36,200.00 per share

- 2019-01: KRW 34,850.00 per share

- 2019-02: KRW 37,200.00 per share

- 2019-03: KRW 34,050.00 per share

- 2019-04: KRW 32,650.00 per share

- 2019-05: KRW 27,450.00 per share

- 2019-06: KRW 24,900.00 per share

- 2019-07: KRW 26,500.00 per share

- 2019-08: KRW 26,600.00 per share

- 2019-09: KRW 26,100.00 per share

- 2019-10: KRW 33,250.00 per share

- 2019-11: KRW 33,850.00 per share

- 2019-12: KRW 36,300.00 per share

- 2020-01: KRW 25,450.00 per share

- 2020-02: KRW 23,450.00 per share

- 2020-03: KRW 23,700.00 per share

- 2020-04: KRW 24,300.00 per share

- 2020-05: KRW 26,850.00 per share

- 2020-06: KRW 28,100.00 per share

- 2020-07: KRW 28,850.00 per share

- 2020-08: KRW 34,550.00 per share

- 2020-09: KRW 34,000.00 per share

- 2020-10: KRW 27,600.00 per share

- 2020-11: KRW 34,750.00 per share

- 2020-12: KRW 37,500.00 per share

- 2021-01: KRW 32,200.00 per share

- 2021-02: KRW 22,050.00 per share

- 2021-03: KRW 22,900.00 per share

- 2021-04: KRW 23,000.00 per share

- 2021-05: KRW 22,050.00 per share

- 2021-06: KRW 21,700.00 per share

- 2021-07: KRW 22,200.00 per share

- 2021-08: KRW 23,900.00 per share

- 2021-09: KRW 21,200.00 per share

- 2021-10: KRW 20,400.00 per share

- 2021-11: KRW 19,100.00 per share

- 2021-12: KRW 21,050.00 per share

- 2022-01: KRW 17,500.00 per share

- 2022-02: KRW 18,700.00 per share

- 2022-03: KRW 19,900.00 per share

- 2022-04: KRW 18,500.00 per share

- 2022-05: KRW 17,300.00 per share

- 2022-06: KRW 16,500.00 per share

- 2022-07: KRW 16,350.00 per share

- 2022-08: KRW 17,550.00 per share

- 2022-09: KRW 13,300.00 per share

- 2022-10: KRW 14,200.00 per share

- 2022-11: KRW 14,250.00 per share

- 2022-12: KRW 17,800.00 per share

- 2023-01: KRW 16,400.00 per share

- 2023-02: KRW 15,570.00 per share

- 2023-03: KRW 18,350.00 per share

- 2023-04: KRW 20,500.00 per share

- 2023-05: KRW 22,050.00 per share

- 2023-06: KRW 20,750.00 per share

- 2023-07: KRW 23,950.00 per share

- 2023-08: KRW 23,750.00 per share

- 2023-09: KRW 32,650.00 per share

- 2023-10: KRW 29,250.00 per share

- 2023-11: KRW 34,150.00 per share

- 2023-12: KRW 44,300.00 per share

- 2024-01: KRW 30,850.00 per share

- 2024-02: KRW 34,800.00 per share

- 2024-03: KRW 37,400.00 per share

- 2024-04: KRW 36,100.00 per share

- 2024-05: KRW 31,550.00 per share

- 2024-06: KRW 30,950.00 per share

- 2024-07: KRW 35,400.00 per share

- 2024-08: KRW 40,050.00 per share

- 2024-09: KRW 38,750.00 per share

- 2024-10: KRW 44,200.00 per share

- 2024-11: KRW 35,900.00 per share

- 2024-12: KRW 38,650.00 per share

- 2025-01: KRW 40,750.00 per share

- 2025-02: KRW 35,300.00 per share

- 2025-03: KRW 27,450.00 per share

- 2025-04: KRW 27,750.00 per share

- 2025-05: KRW 25,900.00 per share

- 2025-06: KRW 24,250.00 per share

- 2025-07: KRW 27,100.00 per share

- 2025-08: KRW 29,850.00 per share

- 2025-09: KRW 32,850.00 per share

- 2025-10: KRW 41,400.00 per share

- 2025-11: KRW 46,800.00 per share

- 2025-12: KRW 43,750.00 per share

- 2026-01: KRW 51,500.00 per share

- 2026-02: KRW 61,700.00 per share

- 2026-03: KRW 55,300.00 per share

- 2026-04: KRW 47,400.00 per share

- 2026-05: KRW 62,500.00 per share

- 2026-06: KRW 62,400.00 per share

- 2026-07: KRW 43,400.00 per share

- 2026-08: KRW 59,700.00 per share

- 2026-09: KRW 44,100.00 per share

- 2026-10: KRW 41,950.00 per share

## Annual estimated value (KRW per share)

- FY2020: low KRW 5,166.77 per share, central KRW 5,639.56 per share, high KRW 6,268.95 per share

- FY2021: low KRW 5,463.57 per share, central KRW 6,005.41 per share, high KRW 6,726.70 per share

- FY2022: low KRW 3,059.01 per share, central KRW 3,338.95 per share, high KRW 3,711.62 per share

- FY2023: low KRW 4,121.62 per share, central KRW 5,434.45 per share, high KRW 6,198.92 per share

- FY2024: low KRW 746.10 per share, central KRW 788.67 per share, high KRW 845.34 per share

- FY2025: low KRW 499.79 per share, central KRW 526.32 per share, high KRW 543.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:47:51.185Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.