{"slug":"yuhan","name":"유한양행","name_en":"Yuhan Corporation","ticker":"000100.KS","updated_at":"2026-07-12T04:02:30.988+00:00","canonical":"https://valuechain.wiki/yuhan","citable":"밸류체인 그래프 기준 유한양행의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Yuhan Corporation is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 3 companies within two hops; the links are backed by 7 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"제약·원료의약품 (렉라자 개발사)","kicker_en":"Pharma and API maker (Lazertinib originator)","lead":"처방약·일반약·생활용품을 만드는 국내 상위 제약사다. 폐암 신약 렉라자(레이저티닙)를 2018년 얀센(현 J&J)에 기술수출했고, J&J의 리브리반트+라즈클루즈 병용요법이 미국·유럽·일본·중국에서 허가받아 순매출 로열티가 유입된다. 원개발사 오스코텍·제노스코에 기술료 일부를 나눠 지급한다. 자회사 유한화학이 길리어드 등에 에이즈·C형간염 원료의약품을 공급한다.","lead_en":"A top-tier Korean pharmaceutical company making prescription drugs, OTC medicines and household products. It out-licensed its lung-cancer drug Lazertinib to Janssen (now J&J) in 2018, and J&J's Rybrevant plus Lazcluze combination is now approved in the US, Europe, Japan and China, generating net-sales royalties. Yuhan shares part of the technology fees with the original developers Oscotec and Genosco. Its subsidiary Yuhan Chemical supplies HIV and hepatitis C active ingredients to Gilead and others.","segments":{"parts":[{"desc":"매출의 64%를 차지하는 본업 처방약·일반약 — 안정적 캐시카우이나 성숙 시장이라, 성장 모멘텀은 렉라자 로열티·원료 수출로 옮겨가고 있다.","name":"약품사업 (처방약·일반약) 64.1%"},{"desc":"자회사 유한화학의 원료의약품(API) 수출이 핵심 — 길리어드 HIV·HCV, 브리지바이오 심근병증 API 등 글로벌 제약사향 대형 공급계약이 성장을 끄는 축이다.","name":"해외사업 (수출·유한화학 원료의약품) 17.7%"},{"desc":"유한락스 등 생활용품 — 브랜드력 있는 안정 부문이나 성장 기여는 제한적인 방어 축이다.","name":"헬스케어 (유한락스 등 생활용품) 9.9%"},{"desc":"렉라자 기술수출 로열티·마일스톤 — 매출 비중은 4.8%로 작지만 원가가 거의 없어 이익 레버리지가 가장 큰 축으로, J&J 병용요법의 글로벌 침투가 곧 이익으로 직결된다(오스코텍·제노스코에 일부 배분).","name":"라이선스 수익 (렉라자 등) 4.8%"}],"total":"2025년 연결매출 2조1,866억원 (전년비 +5.7%), 영업이익 1,044억원"},"segments_en":{"parts":[{"desc":"Prescription and OTC drugs, 64% of revenue — a stable cash cow, but as a mature market the growth momentum is shifting to Lazertinib royalties and API exports.","name":"Pharma (prescription and OTC drugs) 64.1%"},{"desc":"Driven by subsidiary Yuhan Chemical's API exports — large supply contracts to global pharma (Gilead HIV/HCV, BridgeBio cardiomyopathy) are the growth engine.","name":"Overseas (exports and Yuhan Chemical APIs) 17.7%"},{"desc":"Household products such as Yuhan-Rox — a stable, brand-driven segment but a defensive line with limited growth contribution.","name":"Healthcare (Yuhan Lox and household goods) 9.9%"},{"desc":"Lazertinib out-licensing royalties and milestones — only 4.8% of revenue but, with almost no cost, the highest profit-leverage line, where J&J's combo uptake globally flows straight to earnings (part shared with Oscotec and Genosco).","name":"License income (Lazertinib etc.) 4.8%"}],"total":"2025 consolidated revenue KRW 2.19tn (+5.7% YoY), operating profit KRW 104bn"},"returns_yearly":{"2021":-9,"2022":-2.3,"2023":19.7,"2024":119.9,"2025":-16.7,"2026":-36.2},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"johnson-johnson","name":"존슨앤드존슨","name_en":"Johnson & Johnson","tier":1,"returns_yearly":{"2021":11.4,"2022":6,"2023":-8.6,"2024":-4.8,"2025":47.5,"2026":25.6}},{"slug":"gilead-sciences","name":"길리어드 사이언스","name_en":"Gilead Sciences","tier":1,"returns_yearly":{"2021":30,"2022":23.6,"2023":-2,"2024":18.7,"2025":36.6,"2026":7.1}}],"benefiting":[{"slug":"oscotec","name":"오스코텍","name_en":"Oscotec","tier":1,"returns_yearly":{"2021":-17,"2022":-38.1,"2023":-0.3,"2024":39.8,"2025":108.2,"2026":-44.2}}],"analysis":"유한양행의 핵심 논점은 성숙한 국내 제약 캐시카우 위에 얹힌 두 개의 고레버리지 성장 옵션이다. 첫째는 렉라자(레이저티닙) — J&J 리브리반트+라즈클루즈 병용요법이 미국·유럽·일본·중국에서 순차 허가되며 순매출 로열티가 유입되는데, 원가가 거의 없어 침투율 상승이 그대로 이익 레버리지로 전환된다(계약금·마일스톤·로열티의 일부는 오스코텍·제노스코에 배분). 둘째는 자회사 유한화학의 원료의약품 수출로, 길리어드 HIV·HCV, 브리지바이오 심근병증향 대형 API 공급계약이 해외사업 성장을 끈다. 그래프상 유한양행은 J&J·길리어드·브리지바이오라는 글로벌 제약사에 대한 매출 노드이자 오스코텍·제노스코에 대한 비용 노드로, 렉라자 병용요법의 글로벌 매출 곡선이 밸류에이션의 최대 변수다.","analysis_en":"The core question for Yuhan is two high-leverage growth options layered on a mature domestic-pharma cash cow. First is Lazertinib — as J&J's Rybrevant-plus-Lazcluze combo wins sequential approvals in the US, Europe, Japan and China, net-sales royalties flow in with almost no cost, so rising uptake converts straight into profit leverage (part of the upfront, milestones and royalties is shared with Oscotec and Genosco). Second is subsidiary Yuhan Chemical's API exports, where large contracts to Gilead (HIV/HCV) and BridgeBio (cardiomyopathy) drive the overseas business. In graph terms Yuhan is a revenue node to global pharma (J&J, Gilead, BridgeBio) and a cost node to Oscotec and Genosco, so the global sales curve of the Lazertinib combo is the biggest swing factor for valuation.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"길리어드 사이언스 (원료의약품 공급)","counterparty_slug":"gilead-sciences","confidence":"high","metric":{"type":"amount","unit":"KRW","as_of":"2026-05","value":210191637904,"period":"HIV 원료 공급계약"},"note":"자회사 유한화학이 길리어드에 에이즈(HIV)·C형간염(HCV) 치료제 원료의약품(API)을 공급. HIV 원료 공급계약 2,101.9억원(US$1억3,981만, 2025 연결매출의 9.61%, 2026.05.19), HCV 원료 공급계약 849.7억원(US$6,130만, 2025.08.26).","note_en":"Subsidiary Yuhan Chemical supplies HIV and hepatitis C (HCV) active pharmaceutical ingredients (APIs) to Gilead. HIV API contract KRW 210.2bn (US$139.8m, 9.61% of 2025 consolidated revenue, 2026.05.19); HCV API contract KRW 85.0bn (US$61.3m, 2025.08.26).","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-05-20","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260520800079","title":"단일판매ㆍ공급계약체결 (원료의약품 공급계약, 길리어드)","title_en":"Single Supply Contract (API supply, Gilead)","excerpt":"체결계약명 원료의약품(API) 공급계약. 계약금액(원) 210,191,637,904 (USD 139,810,854). 최근매출액 2,186,637,586,358, 매출액대비 9.61%. 계약상대 길리어드 사이언스(Gilead Sciences). 계약기간 2026-05-19~2027-12-31.","excerpt_en":"API supply contract. Value KRW 210,191,637,904 (USD 139,810,854), 9.61% of recent revenue KRW 2,186,637,586,358. Counterparty Gilead Sciences. Term 2026-05-19 to 2027-12-31."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001236","title":"유한양행 사업보고서 (2025.12)","title_en":"Yuhan Corporation Annual Report (FY2025)","excerpt":"해외사업부문... 수출 FTC 외 에이즈치료중간체 외 386,541 (17.7%). 유한화학 원료의약품(FTC 외) 생산.","excerpt_en":"Overseas segment: exports of HIV/AIDS treatment intermediates etc. KRW 386,541m (17.7%); Yuhan Chemical produces APIs (FTC etc.)."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2025-08-27","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20250827800028","title":"단일판매ㆍ공급계약체결 (HCV 치료제 원료의약품 공급계약, 길리어드)","title_en":"Single Supply Contract (HCV API supply, Gilead)","excerpt":"체결계약명 HCV 치료제 원료의약품(API) 공급계약. 계약금액(원) 84,973,258,500 (USD 61,295,000). 매출액대비 4.11%. 계약상대 길리어드 사이언스.","excerpt_en":"HCV treatment API supply contract. Value KRW 84,973,258,500 (USD 61,295,000), 4.11% of revenue. Counterparty Gilead Sciences."}]},{"direction":"revenue","counterparty":"브리지바이오 파마 (심근병증 원료의약품 공급)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"KRW","as_of":"2026-05","value":55990758000,"period":"심근병증 원료 공급계약"},"note":"브리지바이오 파마(BridgeBio Pharma)에 심근병증 치료제 원료의약품(API) 공급. 계약 559.9억원(US$3,807만, 2025 연결매출의 2.56%, 2026.05.05~2028.03.01).","note_en":"Supplies cardiomyopathy-drug API to BridgeBio Pharma. Contract KRW 56.0bn (US$38.1m, 2.56% of 2025 consolidated revenue, 2026.05.05 to 2028.03.01).","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-05-06","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260506800401","title":"단일판매ㆍ공급계약체결 (심근병증 치료제 원료의약품 공급계약, BridgeBio)","title_en":"Single Supply Contract (cardiomyopathy API supply, BridgeBio)","excerpt":"체결계약명 심근병증 치료제 원료의약품(API) 공급계약. 계약금액(원) 55,990,758,000 (USD 38,076,000). 매출액대비 2.56%. 계약상대 BridgeBio Pharma, Inc. 계약기간 2026-05-05~2028-03-01.","excerpt_en":"Cardiomyopathy-drug API supply contract. Value KRW 55,990,758,000 (USD 38,076,000), 2.56% of revenue. Counterparty BridgeBio Pharma, Inc. Term 2026-05-05 to 2028-03-01."}]},{"direction":"cost","counterparty":"Cheplapharm Arzneimittel GmbH (아타칸 수입)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"KRW","as_of":"2025","value":13397000000,"period":"아타칸 매입액"},"note":"고혈압치료제 아타칸정(칸데사르탄)을 독일 Cheplapharm에서 수입. 2025년 매입액 134억원(아타칸 8mg 76.6억+16mg 57.3억), 해외수입원재료 중 최대 품목.","note_en":"Imports the hypertension drug Atacand (candesartan) from Germany's Cheplapharm. 2025 purchases KRW 13.4bn (Atacand 8mg KRW 7.66bn plus 16mg KRW 5.73bn), the largest imported raw-material item.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001236","title":"유한양행 사업보고서 (2025.12)","title_en":"Yuhan Corporation Annual Report (FY2025)","excerpt":"해외수입원재료 아타칸정 8mg 고혈압치료제 7,663 (6.1%) Cheplapharm Arzneimittel GmbH / 아타칸정 16mg 5,734 (4.6%) Cheplapharm Arzneimittel GmbH.","excerpt_en":"Imported raw materials: Atacand 8mg KRW 7,663m (6.1%) from Cheplapharm Arzneimittel GmbH; Atacand 16mg KRW 5,734m (4.6%) from Cheplapharm."}]},{"direction":"revenue","counterparty":"존슨앤드존슨 (얀센, 렉라자 라이선스아웃)","counterparty_slug":"johnson-johnson","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-09","value":950000000,"period":"총 기술수출 규모(정정)"},"note":"2018년 렉라자(레이저티닙)를 얀센 바이오테크에 기술수출. 현 총계약규모 US$9.5억(2024.09.20 4세대 EGFR 공동개발 종료로 US$12.55억에서 하향 정정), 계약금 US$5천만+마일스톤. J&J 리브리반트+라즈클루즈 병용요법 미국(2024.08)·유럽(2025.01)·일본(2025.03)·중국(2025.07) 허가로 순매출 로열티 유입. 라이선스 수익 2025년 1,041억원(매출 4.8%).","note_en":"Out-licensed Lazertinib to Janssen Biotech in 2018. Current deal size US$950m (revised down from US$1.255bn on 2024.09.20 after the 4th-gen EGFR co-development ended); US$50m upfront plus milestones. J&J's Rybrevant plus Lazcluze combo approved in the US (2024.08), Europe (2025.01), Japan (2025.03) and China (2025.07), driving net-sales royalties. License income was KRW 104.1bn in 2025 (4.8% of revenue).","sources":[{"stance":"confirms","publisher":"이데일리 (신한투자증권 리포트)","publisher_en":"Edaily (Shinhan Securities)","kind":"research","lang":"ko","published_at":"2026-05-28","url":"https://edaily.co.kr/News/Read?mediaCodeNo=257&newsId=03066806645446296","title":"유한양행, 렉라자 로열티 기대치 하회에 목표가↓…장기 모멘텀은 유효-신한","title_en":"Shinhan cuts Yuhan target on soft Lazertinib royalties, keeps long-term view","excerpt":"렉라자 러닝 로열티는 J&J 리브리반트+렉라자 병용요법 순매출액의 10~15% 수준으로 추정되며 분기별 유입. 신한투자증권 목표가 17만원→12만원 하향(로열티 기대치 하회), 투자의견 매수 유지.","excerpt_en":"Lazertinib running royalty estimated at 10-15% of J&J's Rybrevant+Lazcluze net sales, received quarterly. Shinhan cut its target to KRW 120,000 from 170,000 on softer-than-expected royalties, keeping Buy."},{"stance":"mentions","publisher":"아시아경제 (KB증권 리포트)","publisher_en":"Asiae (KB Securities)","kind":"research","lang":"ko","published_at":"2026-05-27","url":"https://www.asiae.co.kr/article/2026052715544105667","title":"[클릭 e종목]유한양행, 로열티 유입 본격화 전망…목표가 12.5만원","title_en":"Yuhan royalty inflow to accelerate, target KRW 125,000 (KB Securities)","excerpt":"KB증권, 로열티 유입 본격화 구간 진입 전망하며 투자의견 매수·목표주가 12만5,000원으로 커버리지 개시.","excerpt_en":"KB Securities initiated coverage with Buy and a KRW 125,000 target, expecting royalty inflows to accelerate."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001236","title":"유한양행 사업보고서 (2025.12)","title_en":"Yuhan Corporation Annual Report (FY2025)","excerpt":"얀센 바이오테크(Janssen Biotech, Inc., 미국)... 총계약금액 US$950,000,000, 계약금: US$50,000,000. 마일스톤기술료: US$60,000,000(2024.09.11), US$15,000,000(2025.05.30), US$45,000,000(2025.10.31). 상업화에 따른 판매액 대비 일정 금액 로열티 별도. 원개발사 오스코텍 및 제노스코와 계약에 따라 기술료 수취액 중 일부를 배분하여 지급함.","excerpt_en":"Janssen Biotech, Inc. ... total deal US$950,000,000, upfront US$50,000,000, milestones incl. US$60m (2024.09), US$15m (2025.05), US$45m (2025.10), plus running royalty on net sales; a portion of fees is shared with originators Oscotec and Genosco."},{"stance":"confirms","publisher":"존슨앤드존슨 IR","publisher_en":"Johnson & Johnson Investor News","kind":"ir","lang":"en","published_at":"2025-05-31","url":"https://www.investor.jnj.com/investor-news/news-details/2025/RYBREVANT-amivantamab-vmjw-plus-LAZCLUZE-lazertinib-prevents-acquired-resistance-versus-osimertinib-in-first-line-EGFR-mutated-non-small-cell-lung-cancer/default.aspx","title":"RYBREVANT plus LAZCLUZE prevents acquired resistance vs osimertinib in first-line EGFR-mutated NSCLC","title_en":"RYBREVANT plus LAZCLUZE prevents acquired resistance vs osimertinib in first-line EGFR-mutated NSCLC","excerpt":"RYBREVANT (amivantamab) plus LAZCLUZE (lazertinib) prevents acquired resistance versus osimertinib in first-line EGFR-mutated NSCLC.","excerpt_en":"RYBREVANT (amivantamab) plus LAZCLUZE (lazertinib) prevents acquired resistance versus osimertinib in first-line EGFR-mutated NSCLC."}]},{"direction":"cost","counterparty":"오스코텍 (렉라자 원개발사 기술료 배분)","counterparty_slug":"oscotec","confidence":"high","metric":null,"note":"렉라자(레이저티닙)의 원천기술 개발사. 유한양행이 얀센에서 수취하는 계약금·마일스톤·로열티의 일부를 오스코텍·제노스코에 배분 지급(통상 6:4 분배로 알려짐), 비용처리.","note_en":"The original technology developer of Lazertinib. Yuhan shares part of the upfront, milestones and royalties received from Janssen with Oscotec and Genosco (commonly reported as a 6:4 split), booked as an expense.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001236","title":"유한양행 사업보고서 (2025.12)","title_en":"Yuhan Corporation Annual Report (FY2025)","excerpt":"원천기술 개발사인 ㈜오스코텍과 제노스코에 지급하는 수수료는 비용처리하고 있습니다. 원개발사 오스코텍 및 제노스코와 계약에 따라 기술료 수취액 중 일부를 배분하여 지급함.","excerpt_en":"Fees paid to the original technology developers Oscotec and Genosco are booked as expenses; a portion of the technology fees received is shared with them under contract."}]},{"direction":"cost","counterparty":"국전약품 (에제티미브 원료)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"KRW","as_of":"2025","value":6413000000,"period":"에제티미브 매입액"},"note":"고지혈증치료제 로수바미브의 원료 에제티미브를 국전약품·유한화학에서 매입. 2025년 에제티미브 매입액 64억원(국내매입원재료의 5.1%).","note_en":"Buys ezetimibe, the API for its hyperlipidemia drug Rosuvamibe, from Kukjeon Pharm and Yuhan Chemical. 2025 ezetimibe purchases KRW 6.4bn (5.1% of domestic raw materials).","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001236","title":"유한양행 사업보고서 (2025.12)","title_en":"Yuhan Corporation Annual Report (FY2025)","excerpt":"국내매입원재료 에제티미브 고지혈증치료제 6,413 (5.1%) 국전약품, 유한화학.","excerpt_en":"Domestic raw materials: ezetimibe (hyperlipidemia) KRW 6,413m (5.1%) from Kukjeon Pharm and Yuhan Chemical."}]},{"direction":"cost","counterparty":"ALMIRALL S.A (알마게이트 원료)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"KRW","as_of":"2025","value":5287000000,"period":"알마게이트 매입액"},"note":"제산제 원료 알마게이트를 스페인 ALMIRALL S.A에서 수입. 2025년 매입액 52.9억원(해외수입원재료의 4.2%), 기말단가 EUR 11.00/KG.","note_en":"Imports the antacid ingredient almagate from Spain's Almirall S.A. 2025 purchases KRW 5.3bn (4.2% of imported raw materials); period-end price EUR 11.00/kg.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001236","title":"유한양행 사업보고서 (2025.12)","title_en":"Yuhan Corporation Annual Report (FY2025)","excerpt":"해외수입원재료 알마게이트 제산제 5,287 (4.2%) ALMIRALL S.A. 알마게이트 기말가격 EUR 11.00.","excerpt_en":"Imported raw materials: almagate (antacid) KRW 5,287m (4.2%) from Almirall S.A; period-end price EUR 11.00."}]}]}