2012 2Q This report is prepared to give investors a better understanding of Yuhan Corporation. Data in this report subject to change. 한 Copyright c 2012 by YUHAN All rights Reserved Yuhan Corporation 49-6 Daebang Dongjak Seoul Korea 1
회사개요 Introduction Global Leading Healthcare Company Company profile Date of Foundation 1926. 6. 20 Date of IPO 1962. 11. 1 Founder 유일한 Major shareholder 유한재단 (15.4%) Number of Employees 1,510(R&D 270, 영업 700, 생산 170) Headquarter location 서울시동작구대방동 49-6 Plant location 충청북도청원군오창 Research Lab location 경기도용인시기흥 Branches 17 개지점 2
주요주주 Introduction 주요주주주식수 % ( 2011 년말 ) 유한재단 1,717,623 15.40% 국민연금 879,066 7.88% 유한학원 844,663 7.57% First State Investment 841,779 7.55% 자사주 821,117 7.36% Boston Company 804,862 7.22% Mattews Fund 633,272 5.68% 연세대학교 411,490 3.69% ORBIS SICAV 229,967 2.06% 유한공제회 165,036 1.48% 신영증권 124,000 1.11% 기타 3,679,671 32.99% TOTAL 11,152,546 100.00% 외국인 4,053,575 36.35% 3
매출구성 Business Overviews 2011 년매출 : 6,677 억원 처방약 (ETC) 60.0% 비처방약 (OTC) 14.0% 원료의약품 (API) 13.4% 임대 / 수탁제조 1.8% 생활용품 / 동물약품 10.8% 4
매출 / 이익 Business Overviews ( 단위 : 백만원 ) 구분 2009 2010 2011 금액금액 % 증감율 (%) 금액 % 증감율 (%) 비처방약 (OTC) 67,718 83,667 12.9 23.6 93,687 14.0 12.0 약품사업 처방약 (ETC) 375,024 393,538 60.6 4.9 401,097 60.1 1.9 소계 442,742 477,205 73.5 7.8 494,784 74.1 3.7 생활건강사업 70,049 67,578 10.4-3.5 71,808 10.8 6.3 수출 89,469 72,611 11.2-18.8 69,158 10.4-4.8 해외사업 ( 원료의약품 ) 내수 17,047 20,007 3.1 17.4 20,012 3.0 0.0 소계 106,516 92,618 14.3-13.0 89,170 13.4-3.7 기타 ( 임대 / 수탁 ) 매출액 영업이익 법인세차감전순이익 순이익 11,040 11,923 1.8 8.0 11,890 1.8-0.3 630,347 649,324 100.0 3.0 667,652 100.0 2.8 75,872 92,066 14.2 21.3 49,202 7.4-46.6 133,649 150,071 23.1 12.3 93,054 13.9-38.0 121,327 134,322 20.7 10.7 83,103 12.4-38.1 5
2012 분기실적 Business Overviews ( 단위 : 백만원 ) 구분 '12 1Q 증감율 '11 1Q '12 2Q Change '11 2Q 비처방약 (OTC) 22,304 0.4% 22,205 27,146 4.6% 25,943 약품사업 처방약 (ETC) 97,978-3.6% 101,591 120,199 19.0% 101,010 소계 120,282-2.8% 123,796 147,345 16.1% 126,953 생활건강사업 17,854 12.1% 15,922 17,843 3.2% 17,296 해외사업 ( 원료의약품, API) 임대 / 수탁매출액영업이익배당금수익 수출 16,903-1.0% 17,067 26,726 45.4% 18,380 내수 8,424 87.3% 4,498 6,502 21.5% 5,351 소계 25,327 17.4% 21,565 33,228 40.0% 23,731 3,085 6.7% 2,890 2,934 0.3% 2,924 166,548 1.4% 164,173 201,350 17.8% 170,904 8,033-48.1% 15,490 5,026-70.8% 17,201 20,401 51.1% 13,501 법인세차감전순이익 순이익 32,281-1.4% 32,755 9,160-56.6% 21,099 26,912-10.1% 29,952 2,564-86.9% 19,597 배당금수익 ( 순이익 ) : 12 1Q (Y-K 15,000 + J-K 5,400), 111Q (Y-K 9,000 + J-K 4,500) 6
2012 주요제품실적 Business Overviews (1) 약품 ( 단위 : 백만원 ) 구분 OTC( 비처방약 ) ETC( 처방약 ) 구분 '12 1H 증감율 '11 1H '12 1H 증감율 '11 1H 삐콤 C,F 8,470 14.6% 7,389 트윈스타 ( 고혈압 ) 26,276 87.5% 14,017 화장품 (Avene) 7,010 10.8% 6,327 아토르바 ( 고지혈증 ) 16,012-9.2% 17,636 머시론 ( 피임약 ) 4,980 64.6% 3,026 코푸시럽 ( 감기 ) 12,498 22.9% 10,172 안티푸라민 3,924 32.0% 2,972 메로펜 ( 항생제 ) 9,694-18.2% 11,856 비타민C 2,560-16.0% 3,049 알마겔 ( 제산제 ) 6,607-18.9% 8,149 지르텍 ( 비염 ) 2,465 6.0% 2,326 암비솜 ( 항진균제 ) 5,738 30.9% 4,385 세레스톤지 1,970 4.3% 1,889 안플라그 ( 혈소판 ) 5,523-38.9% 9,034 염색약 1,730-0.8% 1,744 나조넥스 ( 비염 ) 5,164-27.0% 7,070 콘택골드 1,237 5.5% 1,172 유크라 ( 항생제 ) 3,769-1.2% 3,814 그랑페롤 676 4.2% 649 로자살탄 ( 고혈압 ) 3,343-26.9% 4,573 (2) 생활건강 (3) 원료의약품 ( 단위 : 백만원 ) ( 단위 : 백만원 ) 구분 12 1H 증감율 11 1H 구분 12 1H 증감율 11 1H 유한락스 22,014 7.0% 20,580 FTC(HIV) 5,780-35.2% 8,916 암앤헤머 5,804 14.6% 5,063 PMH( 항생제 ) 11,207 17.5% 9,540 HCV 9,793 51.6% 6,458 7
2012 신제품출시계획 Divisional Strategies 구분 제품명 적응증 제네릭 / 오리지널 출시일 휴믈린 당뇨병 Licensed Jan/12 싱카스트 알러지천식 Generic Jan/12 트루바다 에이즈 Licensed Feb/12 덴시본 골다공증 Generic Mar/12 이디포스 발기부전 Generic May/12 처방약 비리어드 B 형간염 Licensed May/12 트라젠타 당뇨병 Licensed Jun/12 프리베나13 폐렴구균백신 Licensed Jun/12 미카르디스 고혈압 Licensed Jun/12 프라닥사 항응고제 Licensed Jul/12 글루에이 당뇨병 Generic Jul/12 8
R&D Pipeline Divisional Strategies 구분 효능 임상단계 Pre-Clinical Phase 1 Phase 2 Phase 3 출시예정 항혈전 2013 조루 2013 개량신약 레바넥스복합 2014 고혈압고지혈복합 2014 당뇨 2015 통증 2015 바이오신약 퇴행성디스크 2014 퇴행성류마티스관절염 2014 류마티스관절염 2015 역류성식도염 2015 당뇨 2016 신약 과민성대장증후군 2017 암 2017 동맥경화 2017 발기부전 2014 천연물신약 천식 2014 치주염 2014 9
API Business( 원료의약품수출 ) (1) Divisional Strategies ( 단위 : 억원 ) 1,200 1,000 800 600 400 545 683 865 895 726 692 900 200-95 120 139 170 200 200 200 2006 2007 2008 2009 2010 2011 2012( E) 내수 수출 * Main item : FTC ( 에이즈치료제,US), PMH( 항생제,US), Voglibose ( 당뇨병치료제, Japan), Tamiflu( 조류독감 ) * API : active pharmaceutical ingredient 10
API Business( 원료의약품수출 ) (2) Divisional Strategies 1. Strategy : - 글로벌제약회사의신약임상단계에서부터개발에참여. 2. Diagram - Original 원료의주공급자로서장기공급및마진확보가가능. MNCs Original maker License owner YUHAN Contract Manufacturing for MNC(CMO) Develop new molecule FTC : 미국제약사에에이즈치료제인 FTC 를납품. 소요량의 90% 이상을유한에서공급 PMH : 2007 년부터 2013 년까지 7 년동안 1400 억원을미국의제약사에공급계약체결 3. 신규원료공급을지속적으로추진중. 11
고정자산투자 / 세금혜택 Capex 설비투자, 감가상각비 (2006.5 월에신공장이전 ) 세금감면혜택 120 100 80 60 40 20 - ( 십억 ) 96 21 18 19 15 8 22 14 12 10 ( 십억 ) 18 15 6 7 2005 2006 2007 2008 2009 2010 2011 설비투자감가상각비 25 20 15 10 5 - Tax rate(%) 30.0 25.0 20.0 15.0 10.0 5.0 2005 31.3 2006 19.3 9.9 2007 10.8 2008 9.2 9.7 10.7 2009 2010 2011 17.0(E) 2012~2016(E) 12
지분법이익관계사 Affiliates 유한킴벌리킴벌리클라크와합작투자회사로서기저귀, 생리대, 화장지등을제조및판매하고있음. 국내최대시장점유율을유지하고있으며향후수출로써많은성장이예상됨. 유한크로락스미국크로락스와합작투자회사이며유한락스를제조하여유한양행에공급하고있음 유한화학 유한양행의 100% 자회사이며원료의약품을생산하여유한양행에납품하고있음. cgmp 수준의설비를갖추고 FTC, PMH 등세계적인 API 를생산하고있음 유한메디카유한양행의 100% 자회사이며건강식품및젠텔등일부의약품을생산하여유한양행에공급하고있음 한국얀센존슨앤존슨과의합작투자회사이며지속적인제품을도입하여향후꾸준한성장이기대됨. 13
요약손익 Affiliates 1 영업실적 ( 단위 : 억원 ) 유한킴벌리유한화학유한메디카유한크로락스한국얀센 2010 12,094 544 143 305 2,022 2011 13,041 581 131 330 2,234 매출액 증감율 7.8% 6.8% -8.4% 8.2% 10.5% 2012 1H 7,092 409 72 158 1,053 증감율 10.6% 54.2% 19.4% 6.4% 1.0% 2010 1,495 49 1 34 263 % 12.4% 9.1% 0.7% 11.1% 13.0% 2011 1,353 10-2 40 350 영업이익 % 10.4% 1.7% -1.5% 12.1% 15.7% 2012 1H 916 15 5 4 55 % 12.9% 3.7% 6.9% 2.5% 5.2% 증감율 67.0% 58.6% 흑전 -31.4% -62.6% 2010 942 46-3 23 173 % 7.8% 8.5% -2.1% 7.5% 8.6% 2011 1,119 12-16 35 251 순이익 % 8.6% 2.1% -12.2% 10.6% 11.2% 2012 1H 761 14 3 5 43 % 10.7% 3.4% 4.2% 3.2% 4.1% 증감율 68.7% 28.2% 흑전 -19.6% -60.6% 유한지분 30.0% 100.0% 100.0% 50.0% 30.0% 2 배당금수익 / 지분법이익 유한킴벌리유한화학유한메디카유한크로락스한국얀센엔솔테크 합계 2012 1H 2011 1H ( 단위 : 억원 ) 배당금수익지분법이익배당금수익지분법이익 150.0 242.5 90.0 122.6 14.1 10.9 2.5-9.3 2.2 3.3 54.0 14.9 45.0 33.0-1.1 204.0 275.1 135.0 160.5 14
Appendix 1 : Statement of Financial position Appendix (Unit: KRW, Million) Item 2011.12.31 (K-IFRS) 2010.12.31 (K-IFRS) 2009.12.31 (K-IFRS) 1. Current assets 546,646 558,016 510,674 (1) Cash and Bank Deposits 295,322 326,489 309,987 (2) Trade Receivables 157,017 138,476 123,225 (3) Inventories 81,571 80,147 73,256 (4) Other current assets 12,736 12,904 4,206 2. Non-current assets 714,467 696,475 610,648 (1) Invesment Securities 118,145 102,184 7,229 (2) Equity-Method Company's stocks 314,370 309,870 309,870 (3) Tangible assets 266,304 270,333 281,213 (4) Intangible assets 9,240 6,961 6,497 (5) Other non-current assets 6,409 7,127 5,841 Assets 1,261,113 1,254,490 1,121,322 1. Trade Payables 69,292 66,275 51,158 2. Other current liabilities 53,695 60,455 53,214 3. Non-current liabilities 50,187 49,811 42,942 Liabilities 173,174 176,542 147,314 1. Capital stock 56,944 54,313 51,786 2. Retained earnings 952,226 880,313 763,504 3. Other Capital surplus 78,769 143,323 158,719 Shareholders' Equity 1,087,939 1,077,949 974,008 15
Appendix 2 : Income Statement Appendix (Unit: KRW, Million) Item 2011 (K-IFRS) 2010 (K-IFRS) 2009 (K-GAP) Amount % Change Amount % Change Amount % 1. Net sales 667,652 100.0% 2.8% 649,324 100.0% 3.0% 630,347 100.0% 2. Cost of sales 418,977 62.8% 9.7% 381,884 58.8% 6.8% 357,720 56.7% 3. Gross profit 248,676 37.2% -7.0% 267,440 41.2% -1.9% 272,627 43.3% 4. Selling and administrative expenses 196,109 29.4% 6.9% 183,471 28.3% 196,755 31.2% 5. Other operating profit 8,694 1.3% -58.9% 21,137 3.3% 6. Other operating expenses 12,058 1.8% -7.5% 13,040 2.0% 7. Operating profit 49,202 7.4% -46.6% 92,066 14.2% 21.3% 75,872 12.0% 8. Finacial income 43,968 6.6% -27.7% 60,810 9.4% 0.0% 9. Financial expenses 116 0.0% -95.8% 2,805 0.4% 0.0% 10. Income before taxes 93,054 13.9% -38.0% 150,071 23.1% 12.3% 133,649 21.2% 11. Income taxes expense 9,951 1.5% -36.8% 15,749 2.4% 27.8% 12,322 2.0% 12. Net income 83,103 12.4% -38.1% 134,322 20.7% 10.7% 121,327 19.2% 16