// Tel. (2)24-9546 kim.hyun-tae@shinyoung.com Rating & Target Industry Performance Industry vs KOSPI composite (%) 14 12 1 8 6 4 2 KOSPI KOSPI 9/1 9/12 1/2 1/4 1/6 1/8 () 9, 8, 7, 6, 5, 4, 3, 2, 1, () YoY() 35% 3 25% 15% 1 5% -5% 5/1 5/7 6/1 6/7 7/1 7/7 8/1 8/7 9/1 9/7 1/1 1/7-1 SHINYOUNG RESEARCH
21. 1. 19 () 9, 8, 7, 6, 5, 4, 3, 2, 1, () YoY() 5/1 5/8 6/3 6/1 7/5 7/12 8/7 9/2 9/9 1/4 35% 3 25% 15% 1 5% -5% -1 3 () 35% 33% 25% 15% 1 5% 4/1 5/1 6/1 7/1 8/1 9/1 1/1 31% 29% 27% 25% 23% 21% 19% 17% Top 1 Top 1 15% 9/1 9/4 9/7 9/1 1/1 1/4 1/7 2
21. 1. 19 6. 5.5% 5. 4.5% 4. 3.5% 3. 2.5% 2. 7/1 7/6 7/11 8/4 8/9 9/2 9/7 9/12 1/5 () 5 () YoY() 45 4 35 3 25 2 15 1 5 5/1 5/8 6/3 6/1 7/5 7/12 8/7 9/2 9/9 1/4 4 3 1-1 - () 45 4 35 3 25 2 15 1 5 () YoY() 5/1 5/8 6/3 6/1 7/5 7/12 8/7 9/2 9/9 1/4 6 5 4 3 1-1 - () 45 4 35 3 25 2 15 1 5 () YoY() 5 4 3 1-1 - 5/1 5/7 6/1 6/7 7/1 7/7 8/1 8/7 9/1 9/7 1/1 1/7 3
21. 1. 19 () 3 25 2 () YoY() 6 5 4 3 () 18 16 14 12 () YoY() 3 1 15 1 1 8-1 1 5-1 - 6 4 2 - -3 5/1 5/8 6/3 6/1 7/5 7/12 8/7 9/2 9/9 1/4-3 5/1 5/8 6/3 6/1 7/5 7/12 8/7 9/2 9/9 1/4-4 () 4 35 3 25 () YoY() 5 4 3 () 3 25 2 () YoY() 5 4 3 2 1 15 15 1 5-1 - 1 5 1 5/1 5/8 6/3 6/1 7/5 7/12 8/7 9/2 9/9 1/4-3 5/1 5/8 6/3 6/1 7/5 7/12 8/7 9/2 9/9 1/4-1 4
21. 1. 19 5
21. 1. 19 4 35% 3 lansoprazole omeprazole pantoprazol rabeprazole esomeprazol Revaprazan ilaprazole 1 9 8 7 () () 25% 6 15% 1 5 4 3 5% 1 4/1 4/8 5/3 5/1 6/5 6/12 7/7 8/2 8/9 9/4 9/11 1/6 4/9 5/4 5/11 6/6 7/1 7/8 8/3 8/1 9/5 9/12 1/7 1 1 () () () () 45% 4 35% candesartan losartan valsartan olmesartan telmisartan 8 3 6 4 25% 15% 1 7/9 8/2 8/7 8/12 9/5 9/1 1/3 1/8 5% 4/1 4/8 5/3 5/1 6/5 6/12 7/7 8/2 8/9 9/4 9/11 1/6 6
21. 1. 19 7 6 5 4 3 () () () () () 1 9 8 7 6 5 4 () () () () 3 1 1 7/1 7/7 8/1 8/7 9/1 9/7 1/1 1/7 8/6 8/9 8/12 9/3 9/6 9/9 9/12 1/3 1/6 1/9 () 3 25 () () () 7 6 25% () () () () 2 15 5 4 3 15% 1 1 5 1 5% 7/1 7/7 8/1 8/7 9/1 9/7 1/1 1/7 8/11 9/2 9/5 9/8 9/11 1/2 1/5 1/8 7 6 (SK) () () (MSD) 1 1 lamivudine clevudine adefovir entecavir 5 8 4 3 1 6 4 9/3 9/5 9/7 9/9 9/11 1/1 1/3 1/5 1/7 1/9 4/1 4/8 5/3 5/1 6/5 6/12 7/7 8/2 8/9 9/4 9/11 1/6 7
21. 1. 19 8
21. 1. 19 ($ M) 4, 35, CAGR 6.8% 36,962 3, 25, 23,336 2, 15, 1, 5, 29 216 9
21. 1. 19 (mil Euro) 2,5 2, JNJ () PE() () 8 7 6 1,5 5 4 1, 3 5 2 1 9/2 9/3 9/4 9/5 9/7 9/8 9/9 9/1 9/12 1/1 1/2 1/3 1/5 1/6 1/7 1/8 1/1 1
21. 1. 19 11
21. 1. 19 (21.1.1=1) 135 125 LG SK 115 (21.1.1=1) 45 4 35 15 95 85 3 25 2 75 65 55 1/1 1/1 1/2 1/3 1/4 1/5 1/6 1/6 1/7 1/8 1/9 1/1 15 1 5 1/1 1/1 1/2 1/3 1/4 1/5 1/6 1/6 1/7 1/8 1/9 1/1 12
21. 1. 19 13
21. 1. 19 14