{"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 7곳에 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 7 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.","categories":[{"key":"pharma-biotech","ko":"제약·바이오텍","en":"Pharmaceuticals & Biotechnology","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true},{"key":"biopharma-manufacturing","ko":"바이오의약품 생산·CDMO","en":"Biopharma Manufacturing & CDMO","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":false}],"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":-24.2},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":3,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":10.3}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"cardinal-health","name":"카디널 헬스","name_en":"Cardinal Health, Inc.","tier":2,"returns_yearly":{"2021":-0.4,"2022":54.1,"2023":34.1,"2024":19,"2025":76.3,"2026":21.1}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":2,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":14.8}},{"slug":"kenvue","name":"켄뷰","name_en":"Kenvue Inc.","tier":2,"returns_yearly":{"2024":3.1,"2025":-15.9,"2026":12.4}},{"slug":"cencora","name":"센코라","name_en":"Cencora, Inc.","tier":2,"returns_yearly":{"2021":44.1,"2022":26.3,"2023":25.3,"2024":10.4,"2025":51.5,"2026":-1.4}},{"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":35.1}},{"slug":"gilead-sciences","name":"길리어드 사이언스","name_en":"Gilead Sciences, Inc.","tier":1,"returns_yearly":{"2021":30,"2022":23.6,"2023":-2,"2024":18.7,"2025":36.6,"2026":25.4}}],"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":-32.2}}],"analysis":"제약·원료의약품(렉라자 개발사) 기업. 2025년 -16.7%, 2026년 -24.2%로 약세가 이어진다. 수요·공급 연결은 확인되지만 상장 상대 수익률 데이터는 제한적이다.","analysis_en":"Yuhan Corporation operates across Pharma and API maker (Lazertinib originator). It remained weak at -16.7% in 2025 and -24.2% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. Its subsidiary Yuhan Chemical supplies HIV and hepatitis C active ingredients to Gilead and others.","analysis_asof":"2026-09-04"},"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."}]}]}