dartlab-data / landing /map /companies /000100.json
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{
"slug": "000100-yuhan",
"title": "유한양행 (000100) — 영업이익 1,044억인데 순이익은 1,853억. 렉라자 FDA 승인은 어디에 찍혔나",
"description": "매출 2.19조에 영업이익률 4.77%, 영업이익 1,044억. 그런데 순이익이 1,853억으로 영업이익의 1.77배. 영업외 +1,183억의 정체는 유한킴벌리 지분법 + 렉라자 얀센 마일스톤이다. 한미약품(#57)과 정반대의 수익 구조.",
"date": "2026-04-23",
"grade": "dCR-A",
"storyTemplate": "프랜차이즈",
"verdict": "매출 2.19조·영업이익률 4.77%의 저조한 본업, 그러나 유한킴벌리 지분법·렉라자 얀센 마일스톤이 순이익 1,853억을 만든다. 영업외 +1,183억이 영업이익 1,044억을 초과한 해. 한미약품(#57) R&D 자력 구조와 정반대.",
"direction": "개선",
"confidence": "높음",
"archetype": "프랜차이즈",
"strengths": [
"2024.8 렉라자 FDA 승인 — 한국 개발 첫 폐암 1차 치료제",
"유한킴벌리 지분 30% — 매년 500~700억대 지분법이익 자동",
"순현금 2,297억 · 부채비율 36% · dCR-A 건전등급",
"매출 2017→2025 +49.5% 꾸준 성장 (CAGR 5.2%)"
],
"weaknesses": [
"영업이익률 4.77% — 제약 빅3 중 최하위 (셀트리온 26%·한미 16.6% 대비)",
"본업(처방약·OTC·수의약품) 수익성 정체 9년",
"렉라자 마일스톤 의존 — 2028년 이후 로열티 유지 여부 불확실",
"광고선전비 광고 의존형 OTC 구조 (판관비 19%)"
],
"keyMetrics": {
"revenue": "2.19조",
"opm": "4.77%",
"netMargin": "8.48%",
"netIncome": "1,853억"
},
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