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KREDKRED
000100KOSPI

Yuhan

73,100
-1,900 (-2.53%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Yuhan was established in June 1926 and is listed on the KOSPI market. Headquartered in Seoul, the company operates as a corporate entity with subsidiaries including Yuhan Chemical and Y's medi.

The company manufactures and distributes pharmaceuticals, chemical products, industrial chemicals, veterinary drugs, and household goods. Its main products include Leclaza, Antiphlamine, Beecom C, Duowell, Cof Syrup, and Elena.

Business overview as filed

당사는 의약품, 화학약품, 공업약품, 수의약품, 생활용품 등의 제조 및 매매를 주 사업목적으로 하고 있으며, 주요 제품으로는 렉라자, 안티푸라민, 삐콤씨, 듀오웰, 코푸시럽, 엘레나 등이 있습니다.제103기는 글로벌 지정학적 갈등의 장기화와 국제 정세의 불확실성, 주요국 통화정책 변화에 따른금융시장 변동성, 그리고 국내외 경기 둔화 등으로 인해 기업 경영 전반에 걸쳐 예측과 판단이 그 어느 때보다도 어려운 환경이 지속되었지만, 주주님들의 뜨거운 성원과 모든 임직원의 헌신적인 노력에 힘입어, 다소 아쉬운 점은 있으나 의미 있는 성과를 다수 창출하며 전년 대비 5.7%의 매출 성장을 달성하였습니다. 특히 R&D 부문에서는 우리의 혁신신약 렉라자가 글로벌 시장에서 상업화 단계에 진입하여 올해부터 본격적인 사용량 증가가 예상되며, 제2, 제3의 렉라자 출시를 위한 중점 파이프라인 개발 역시, 계획대로 차질 없이 진행되고 있습니다.당사의 제103기 영업 개황(연결재무제표 기준)은 아래와 같습니다.(1) 매출액 : 2,186,638백만원제103기 누계 매출은 약품사업, 해외사업 및 종속회사 매출 증가로 전년대비 5.7% (약 1,188억원) 증가한 실적을 나타내었음(2) 영업이익 : 104,374백만원제103기 누계 영업이익은 제품매출 비중 증가 및 원가율 개선 등으로 전년대비 90.2% 증가함(3) 법인세비용차감전순이익 : 222,675백만원제103기 누계 법인세비용차감전순이익은 관계기업투자주식처분이익 증가 등으로 전년대비 262.5% 증가함(4) 당기순이익 : 185,319백만원제103기 누계 당기순이익은 전년대비 235.9% 증가함

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

- 연결대상회사 중 이뮨온시아가 코스닥 신규 상장(2025.05.19) 하였고, 이를 반영하여 연결대상회사 수의 증감을 표기함

2) 연결대상회사의 변동내용

- 이뮨온시아는 유한양행의 연결대상회사로 당기에 신규 상장하여 비상장 종속회사에서 상장 종속회사로 변경되었으나, 지배종속관계에 변화가 있는 것은 아니므로 상기 변동내용은 별도 기재하지 않음- (주)유코스토리는 (주)유한코스메틱(舊 코스온)에서 당기 중 설립한 신설 법인임

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 유한양행'이라고 표기합니다. 또한 영문으로는 'Yuhan Corporation'이라 표기합니다. 단, 약식으로 표기할 경우에는 '(주)유한양행'이라고 표기합니다.주요종속회사로는 '주식회사 유한화학'과 '주식회사 와이즈메디'가 있습니다. 주식회사 유한화학을 영문으로는 'Yuhan Chemical Inc.'이라 표기하며 약식으로 표기할 경우에는 '(주)유한화학'이라고 표기합니다. 또한 주식회사 와이즈메디를 영문으로는 'Y's medi Co.,Ltd.'로 표기하며 약식으로 표기할 경우 '(주)와이즈메디'라고 표기합니다.

다. 설립일자

주식회사 유한양행(이하 '당사' 라 함)은 1926년 6월에 설립되었으며, 1962년 11월에 당사의 주식을 한국거래소(구 : 한국증권선물거래소)가 개설한 KRX 유가증권시장에 상장하였습니다. 당사는 의약품, 화학약품, 공업약품, 수의약품, 생활용품 등의 제조 및 매매를 주 사업목적으로 하고 있으며, 서울특별시 동작구 노량진로 74에 본점을 두고 있습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

(주)유한양행주 소 : 서울특별시 동작구 노량진로 74전화번호 : 02-828-0181홈페이지 : http://www.yuhan.co.kr

마. 중소기업 해당여부

중소기업 등 해당 여부

바. 주요 사업의 내용

1) 회사가 영위하는 주요 목적사업

사업 부문별 자세한 사항은 Ⅱ.

2) 종속회사가 영위하는 목적사업

- 2025년 당기에 YUHAN UZBEKISTAN은 연결대상 종속회사에서 제외됨- 2025년 당기에 ATOGEN AUSTRALIA PTY LTD는 연결대상 종속회사에서 제외됨- 2025년 당기에 (주)코스온은 (주)유한코스메틱으로 사명 변경함

사. 신용평가에 관한 사항1) 신용등급 변동내역

2) 신용평가사의 신용등급 체계 및 등급 의미

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.07%
[1.71%, 5.63%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 46.9% (2026-06-26). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.25
Beta [0.09, 0.40] · KOSPI200 · As of 2026-10-08
Intercept
-0.276%[-0.547%, -0.005%]
R squared
0.13
Observations
252
Trading-time corrected beta
0.25[0.07, 0.42]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M11,28713,20814,62215,18814,80416,19916,87817,75818,59020,67821,86622,823
Revenue growth%—17.0210.713.87-2.539.424.195.224.6811.235.75—
Operating incomeKRW 100M8589788875011258434863605685491,0441,238
Operating income growth%—13.93-9.29-43.49-74.99572.12-42.32-25.8657.54-3.3190.19—
Net incomeKRW 100M1,2601,6121,0965833661,9049919061,3405521,8532,227
Net income growth%—27.93-32.01-46.79-37.24420.05-47.94-8.6147.95-58.84235.95—
Attributable to ownersKRW 100M————————1,3617071,9412,371
Attributable to minoritiesKRW 100M————————-21-155-88-144
Operating margin%7.607.406.073.300.855.202.882.033.052.654.775.42
Net margin%11.1712.217.503.842.4711.755.875.107.212.678.489.76
ROE%———————————9.93
ROA%6.707.885.232.681.737.954.023.664.761.885.756.69
Debt ratio%37.8636.7130.4031.6128.3229.6227.2723.1633.8936.8036.3534.77
Current ratio%269.01323.13387.06317.68317.11312.82283.37273.84215.45219.70206.07226.76
Quick ratio%201.06227.38288.92246.52264.05246.88219.76210.45166.62164.28155.25167.84
Reserve ratio%————————2,406.032,350.522,583.262,683.07
Free cash flowKRW 100M450-59694475232-226528412-174-62566—
FCF margin%3.98-0.454.743.121.57-1.403.132.32-0.93-3.020.30—
OCF conversion%100.1545.98115.04160.20180.2315.1499.87109.86107.5398.9857.32—
Capex to revenue%7.206.063.883.032.893.182.733.288.695.664.55—
Inventory daysdays—108.4102.385.975.875.582.679.879.083.189.7—
EPSKRW12,30915,704——————1,8159432,5992,977
PERx—12.70——————37.91126.7243.2523.58
BPSKRW———————————29,973
PBRx———————————2.34
Dividend per shareKRW2,0002,0002,0002,0002,000400400400450500——
Payout ratio%16.2512.74——————24.7953.02——

Consolidated basis

Profit flowKRW 100M

Revenue
21,866
Cost of sales
14,567
Gross profit
7,299
SG&A expenses
4,058
Other
2,197
Non-operating income
1,183
Operating income
1,044
Profit before tax
2,227
Net income
1,853
Income tax expense
374

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
18,80320,45920,94721,73821,17223,93524,63824,72728,141*29,42032,209
5,1645,4944,8835,2214,6725,4705,2794,6497,123*7,9148,586
13,63914,96616,06316,51716,50018,46519,35920,07821,017*21,50723,623

Income statement

20152016201720182019202020212022202320242025
11,28713,20814,62215,18814,80416,19916,87817,75818,59020,67821,866
858978887501125843486360568*5491,044
1,6832,0491,4498945492,3991,2619491,345*6142,227
1,2601,6121,0965833661,9049919061,340*5521,853
Basic earnings per shareKRW12,309*15,704Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable1,815*9432,599
Diluted earnings per shareKRW12,309*15,704Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable1,815*9432,599
1,1211,5431,0577953282,1321,2379171,178*5382,337

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,2601,6121,0965833661,9049919061,3405521,853
Total adjustments to operating cash flowcomputed2-871165351294-1,616-189101-6-791
1,2627411,2619356602889909951,4415461,062
-1,178-771-422-582316576-1,671156-1,992-1,174-710
574233-682-514-670117-365-65563265880
Cash at beginning of periodKRW 100M1,5572,2182,4492,5662,4132,7423,5352,5362,9302,9933,065
2,2182,4492,5662,4132,7423,5352,5362,9302,9933,0653,486
Net change in cash and cash equivalentsKRW 100M658203157-161306981-1,0474968131Not applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 103삼일회계법인2025-12-31
2024적정의견Term 102한영회계법인2025-12-31
2023적정의견Term 101한영회계법인2025-12-31
2022적정Term 100한영회계법인2022-12-31
2021적정Term 99한영회계법인2022-12-31
2020적정Term 98한영회계법인2022-12-31
2019적정Term 97삼일회계법인2019-12-31
2018적정Term 96삼일회계법인2019-12-31
2017적정Term 95삼일회계법인2019-12-31
2016적정Term 94삼일회계법인2016-12-31
2015적정Term 93삼일회계법인2016-12-31
2014적정Term 92삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.37
%
%
Cost of equity6.26%
Weighted average cost of capital6.15%
Initial growth2.0%
Effective tax rate16.8%
Base fiscal year2025
Current priceKRW73,100

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF6,012-91.8%
Discounted cash flow FCFE1,298-98.2%
Residual income model RIMNo book value or return on equity
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.37 × 5.00% = 6.26%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = g_T = 2.00%

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,062.3 − 996.0 + 117.3 × (1 − 16.78%) = 163.9 KRW hundred million

Weighted average cost of capital

E = 58,456.9, D = 2,709.6 KRW hundred million; equity weight = 95.57%, debt weight = 4.43%; cost of debt k_d = 4.40%

WACC = 95.57% × 6.26% + 4.43% × 4.40% × (1 − 16.78%) = 6.15%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%167.10.9421157.5
22.00%170.50.8876151.3
32.00%173.90.8362145.4
42.00%177.40.7878139.7
52.00%180.90.7421134.3
Terminal value2.00%4,450.90.74213,303.2
Total4,031.3

Firm value = 4,031.3; less borrowings 2,709.6; plus cash 3,485.6 → 4,807.4 KRW hundred million

P_0 = 4,807.4 KRW hundred million ÷ 79,968,437 (shares) = 6,012 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,062.3 − 996.0 + -22.9 (net borrowing) = 43.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%44.20.941141.6
22.00%45.10.885640.0
32.00%46.00.833438.4
42.00%46.90.784336.8
52.00%47.90.738135.3
Terminal value2.00%1,146.00.7381845.9
Total1,037.9

P_0 = 1,037.9 KRW hundred million ÷ 79,968,437 (shares) = 1,298 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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