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// Tel. (2)24-9546 kim.hyun-tae@shinyoung.com Rating & Target Stock Performance Stock Chart ` () 1 9 8 7 6 5 4 3 2 1 () PER () 12 1 8 6 4 2 SHINYOUNG RESEARCH

211. 9. 3 산업분석 I 제약업 Contents Summary... 3 I. 약물의 미래 가치... 4 II. 약물의 미래 가치 선반영... 11 III. 투자의견... 17 IV. 기업분석... 2 녹십자(628.KS) 셀트리온(6827.KQ) 메디프론(6565.KQ) 젬백스(8227.KQ) 신풍제약(1917.KS) 2

211. 9. 3 ($ M) 12, 1, 8, 6, 4, 2, () PER() /5/17 1/7/11 2/9/4 3/1/29 4/12/22 6/2/15 7/4/11 8/6/4 () 7 6 5 4 3 2 1 () 1 9 8 7 6 5 4 3 2 1 () PER () 12 1 8 6 4 2 3

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211. 9. 3 () 7.8 7.6 7.4 7.2 7. 6.8 6.6 6.4 6.2 Microsoft General Motors Pfizer R&D () Toyota Motor Nokia R&D () Johnson & Johnson Ford Motor Roche Volkswagen Daimler 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% % () 12 R&D () R&D () 25% 1 2% 8 6 4 15% 1% 2 5% % Toyota Motor Roche Microsoft Volkswagen Pfizer Novartis Nokia Johnson & Johnson Sanofi- Aventis Samsung Electronics 7

211. 9. 3 (Mil $) 8, 7, 6, 5, 4, 3, 2, 1, () OPM() 45% 4% 35% 3% 25% 2% 15% 1% 5% (Mil $) 6, 5, 4, 3, 2, 1, () OPM() 3% 25% 2% 15% 1% 5% 2 21 22 23 24 25 26 27 28 29 21 % 2 21 22 23 24 25 26 27 28 29 21 % (Mil $) 6, 5, 4, 3, 2, 1, () OPM() 45% 4% 35% 3% 25% 2% 15% 1% 5% (Mil $) 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, () OPM() 35% 3% 25% 2% 15% 1% 5% 2 21 22 23 24 25 26 27 28 29 21 % 2 21 22 23 24 25 26 27 28 29 21 % (Mil $) 45, () OPM() 4% (Mil $) 35, () OPM() 4% 4, 35% 3, 35% 35, 3, 25, 2, 15, 1, 3% 25% 2% 15% 1% 25, 2, 15, 1, 3% 25% 2% 15% 1% 5, 5% 5, 5% 2 21 22 23 24 25 26 27 28 29 21 % 2 21 22 23 24 25 26 27 28 29 21 % 8

211. 9. 3 (Mil $) 8, 7, 6, 5, 4, () OPM() 5% 45% 4% 35% 3% 25% (Mil $) 25, 2, 15, () OPM() 12% 1% 8% 6% 4% 3, 2, 1, 2% 15% 1% 5% 1, 5, 2% % -2% 2 21 22 23 24 25 26 27 28 29 21 % 2 21 22 23 24 25 26 27 28 29 21-4% (Mil $) 8, 7, 6, 5, 4, 3, 2, 1, () OPM() 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% (Mil $) 18, 16, 14, 12, 1, 8, 6, 4, 2, () OPM() 7% 6% 5% 4% 3% 2% 1% 2 21 22 23 24 25 26 27 28 29 21 % 2 21 22 23 24 25 26 27 28 29 21 % (Mil $) 2, () OPM() 9% (Mil $) 12, () OPM() 25% 18, 16, 8% 7% 1, 2% 14, 12, 1, 6% 5% 4% 8, 6, 15% 8, 6, 3% 2% 4, 1% 4, 2, 1% % 2, 5% 2 21 22 23 24 25 26 27 28 29 21-1% 2 21 22 23 24 25 26 27 28 29 21 % 9

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211. 9. 3 ($ M) 12, 1, 8, 6, 4, 2, () PER() () 7 6 5 4 3 2 1 ($ M) 2, 1,8 1,6 1,4 1,2 1, 8 6 4 2 () omeprazole PER() () 12 1 8 6 4 2 /5/17 1/9/19 3/1/22 4/5/26 5/9/28 7/1/31 8/6/4 /1/3 1/2/26 2/4/22 3/6/16 4/8/9 11

211. 9. 3 () 14 12 1 8 6 4 2 () PER() Caspase Caspase 2/8/16 3/12/5 5/3/25 6/7/14 7/11/2 9/2/2 1/6/11 () 4 35 3 25 2 15 1 5 () 14 12 1 8 6 4 2 () PER() 5/1/3 6/4/24 7/8/13 8/12/1 1/3/22 11/7/11 () 9 8 7 6 5 4 3 2 1 () 12 1 8 6 4 2 () PER() () 6 5 4 3 2 1 () 25 2 15 1 5 () PER() () 8 7 6 5 4 3 2 1 5/1/3 6/2/27 7/4/23 8/6/16 9/8/1 1/1/4 5/1/3 6/2/27 7/4/23 8/6/16 9/8/1 1/1/4 12

211. 9. 3 ($ mil) 14, 12, 1, 8, 6, 4, 2, Vertex () PER() 4/3/1 5/4/25 6/6/19 7/8/13 8/1/6 9/11/3 11/1/24 () 1.9.8.7.6.5.4.3.2.1 ($ mil) 7, 6, 5, 4, 3, 2, 1, Regeneron () PER() () 1 5/5/11 6/2/17 6/11/28 7/9/6 8/6/16 9/3/25 1/1/1 1/1/12 11/7/21.9.8.7.6.5.4.3.2.1 ($ mil) 3, 2,5 2, Seattle Genetics () PER() () 1.2 1.8 ($ mil) 8, 7, 6, 5, Dendreon () PER() () 1.2 1..8 1,5.6 4,.6 1, 5.4.2 3, 2, 1,.4.2 1/3/7 2/6/18 3/9/29 5/1/7 6/4/2 7/8/1 8/11/11 1/2/22 11/6/3. 7/1/1 7/1/8 8/7/14 9/4/2 1/1/25 1/11/1 11/8/8 13

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211. 9. 3 () 1 9 8 7 6 5 4 3 2 1 () PER () 12 1 8 6 4 2 15

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211. 9. 3 ( ) 6 5 4 3 2 1 1995 1997 1999 2 21 22 23 24 25 26 27 28 29 21 211 17

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211. 9. 3 Key Data Stock Performance Stock Chart 21

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211. 9. 3 29A 21A 211F 212F 213F 29A 21A 211F 212F 213F 6,432 7,91 7,643 8,946 9,822 4,62 4,696 5,67 5,686 6,794 24.6% 23.% -3.4% 17.1% 9.8% 2,117 1,833 1,98 2,234 2,452 3,735 4,763 4,675 5,399 5,919 538 1,43 1,43 1,43 1,43 58.1% 6.2% 61.2% 6.3% 6.3% 1,687 1,47 1,527 1,785 1,958 2,697 3,147 2,968 3,547 3,93 57 44 44 44 44 41.9% 39.8% 38.8% 39.7% 39.7% 222 35 544 581 1,297 1,54 1,691 1,939 2,63 2,26 2,51 2,662 3,111 3,574 3,639 23.4% 21.4% 25.4% 23.1% 23.% 1,961 2,15 2,562 2,976 2,985 15 18 19 134 91 57 36 23.%.%.2%.2%.2% 342 35 42 49 56 1,194 1,456 1,44 1,52 1,662 73 72 72 72 72 18.6% 18.4% 13.7% 16.8% 16.9% 1,194 1,456 1,29 1,484 1,643 7,13 7,358 8,178 9,26 1,433 18.6% 18.4% 13.5% 16.6% 16.7% 2,692 1,447 1,658 1,785 1,871 1,361 1,649 1,165 1,69 1,777 58 57 57 57 57 21.2% 2.8% 15.2% 18.% 18.1% 1,28 917 1,128 1,255 1,341 1,361 1,649 1,15 1,591 1,758 452 182 182 182 182 21.2% 2.8% 15.% 17.8% 17.9% 1,154 291 291 291 291-145 -39-22 -2-8 85 526 526 526 526-85 -32-28 -27-15 513 379 379 379 379 15 17 19 226 41 41 41 41-61 -8-9 -11-12 1-26 -25-29 -32 11 16 16 16 16-12 -44 1,47 1,347 997 1,453 1,622 3,542 1,973 2,184 2,312 2,397 241 3 222 324 361 3,588 5,385 5,994 6,949 8,36 85 1,47 775 1,129 1,261 451 49 497 497 497 64.8% 3.% -26.% 45.7% 11.7% 1,27 1,776 1,776 1,776 1,776-6 -6-6 -6-6 85 1,47 775 1,129 1,261 25 99 99 99 99 12.5% 13.2% 1.1% 12.6% 12.8% 2,91 3,26 3,627 4,582 5,669 85 1,47 775 1,129 1,261 3,588 5,385 5,994 6,949 8,36 1,252 66 66 66 66 85 1,47 775 1,129 1,261 492-688 -927-963 -1,679 29A 21A 211F 212F 213F 29A 21A 211F 212F 213F 1,12 845 966 772 1,61 85 1,47 775 1,129 1,261 8,936 11,315 7,834 11,349 12,675 252 365 364 45 483 8,936 11,315 7,834 11,349 12,675 145 159 88 86 12 39,818 54,951 6,245 69,848 8,776 22 33 33 21 13 39,818 54,951 6,245 69,848 8,776 85 173 243 343 368 1,25 1,75 1,75 1,75 1,75 63-567 76-456 -36-8 221-57 -258-173 -1,1 284-75 -325-219 14.1 12.3 2.7 14.3 12.8 454-428 211 128 86 14.1 12.3 2.7 14.3 12.8 698-644 -3 3.2 2.5 2.7 2.3 2. -25-351 -377 3.2 2.5 2.7 2.3 2. -79-94 -698-698 -38 8.7 7.8 13.1 9.4 8.2-78 -34-7 -7-7 8.7 7.8 13.3 9.6 8.2 2 7-151 -272-5 -5-11 46 29 29A 21A 211F 212F 213F -393-55 -135-128 -128-128 -128 64.8% 26.6% -3.8% 44.9% 11.7% 64.8% 26.6% -3.8% 44.9% 11.7% -34 143 512 52 52 73.7% 21.1% -29.3% 38.1% 1.5% -45 73.7% 21.1% -3.2% 38.4% 1.5% 598 31 7 25.7% 23.3% 13.6% 17.4% 16.8% -769 224 676 676 676 25.7% 23.3% 13.6% 17.4% 16.8% -88-112 -171-174 -174 23.5% 27.% 17.6% 22.5% 22.5% -541-54 -539 12.8% 14.5% 1.% 12.9% 12.8% 16 83 239 36 716 98.7% 36.6% 36.4% 33.3% 29.8% 116 222 35 544 581 13.7% -12.8% -15.5% -13.9% -2.9% 222 35 544 581 1,297 12.5% 27.1% 19.4% 28.% 3.9% 23

211. 9. 3 Key Data Stock Performance Stock Chart 24

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211. 9. 3 29A 21A 211F 212F 213F 29A 21A 211F 212F 213F 1,456 1,89 2,828 4,86 6,184 869 2,659 2,924 3,676 5,68 73.9% 24.3% 56.3% 44.5% 51.4% 174 217 36 442 668 516 394 733 1,6 1,74 59 938 938 938 938 35.4% 21.8% 25.9% 25.9% 28.1% 322 843 821 1,173 1,76 94 1,415 2,95 3,26 4,445 155 368 368 368 368 64.6% 78.2% 74.1% 74.1% 71.9% 161 292 49 754 1,945 222 349 43 563 79 4,723 8,896 9,993 11,284 12,447 15.3% 19.3% 15.2% 13.8% 11.5% 3,679 6,48 6,492 7,253 7,923-1 -1-1 693 1,413 2,437 2,978 3,483.%.%.%.%.% 243 564 553 542 53 718 1,66 1,665 2,462 3,735 18 511 511 511 511 49.3% 58.9% 58.9% 6.3% 6.4% 718 1,66 1,666 2,463 3,736 5,592 11,555 12,917 14,96 18,128 49.3% 58.9% 58.9% 6.3% 6.4% 1,398 1,738 1,746 1,756 1,774 838 1,25 1,855 2,697 4,97 97 422 422 422 422 57.6% 66.6% 65.6% 66.% 66.2% 67 328 336 346 364 838 1,25 1,856 2,698 4,98 294 88 88 88 88 57.6% 66.6% 65.6% 66.% 66.3% 67 18 18 18 18-29 37 4 45 89 1,338 2,18 2,18 2,18 2,18-19 49 59 72 13 1,223 1,52 1,52 1,52 1,52-1 -12-18 -26-4 -19-2 -2-2 -4 115 498 498 498 498-5 -3-11 -11-11 664 1,99 1,692 2,494 3,89 2,735 3,756 3,764 3,774 3,792 79 15 254 374 571 2,857 7,799 9,153 11,185 14,336 585 1,84 1,439 2,12 3,237 54 58 583 583 583 288.9% 85.3% 32.7% 47.3% 52.7% 1,91 3,92 3,92 3,92 3,92 1-241 -28-28 -28-28 585 1,84 1,439 2,12 3,237 9 1,613 1,613 1,613 1,613 4.2% 59.9% 5.9% 51.9% 52.3% 648 1,731 3,83 5,115 8,265 585 1,84 1,439 2,12 3,237 2,857 7,799 9,153 11,185 14,336 2,491 2,75 2,75 2,75 2,75 585 1,84 1,439 2,12 3,237 2,271 1,52 1,321 1,57-133 29A 21A 211F 212F 213F 29A 21A 211F 212F 213F 45 336 1,582 1,891 2,818 585 1,84 1,439 2,12 3,237 544 946 1,236 1,819 2,779 15 29 398 551 819 544 946 1,236 1,819 2,779 94 94 96 72 164 2,646 6,724 7,856 9,6 12,34 27 44 94 162 199 2,646 6,724 7,856 9,6 12,34 29 7 28 316 456 75 75 75 75-285 -956-59 -477-796 -62-838 21-352 -587-68 -21-88 -136-227 27.6 35.4 35.7 24.3 15.9-64 63 8 11 18 27.6 35.4 35.7 24.3 15.9-91 29 5.7 5. 5.6 4.6 3.6-195 -32-442 5.7 5. 5.6 4.6 3.6-575 -2,663-383 -1,451-1,451 22. 33.5 28.4 19.5 12.5-36 -324 22. 33.5 28.4 19.5 12.5 3-269 -776-18 -833-833 24 638 1,118 74 74 29A 21A 211F 212F 213F 156-88 -632-1,321-1,321-1,321-1,321 61.8% 73.7% 3.7% 47.2% 52.7% 61.8% 73.7% 3.7% 47.2% 52.7% 312 2,429-162 -165-165 96.6% 43.8% 54.% 45.4% 51.9% 1,223 1,133 96.6% 43.8% 54.% 45.4% 51.9% -5-9 32 2,14 3 23.2% 2.3% 17.% 2.8% 25.4% -938-799 -78-78 -78 23.2% 2.3% 17.% 2.8% 25.4% -87-87 -87 15.1% 21.3% 14.4% 18.5% 24.1% -838-11 -12 11.1% 12.6% 11.8% 15.2% 19.6% 187 12 199 264 1,19 95.7% 48.2% 41.1% 33.7% 26.5% 3 19 292 49 754 79.5% 19.5% 14.4% 9.5% -.9% 19 292 49 754 1,945 29.1% 99.6% 155.6% 23.1% 349.% 28

211. 9. 3 Key Data Stock Performance Stock Chart () 8, 7, 6, 5, 4, 3, 2, 1, Relative to KOSDAQ 1/9 1/11 11/1 11/3 11/5 11/7 (%) 1 8 6 4 2-2 29

211. 9. 3 () 2,5 65 () (%) 14 ($ B) 12 2, 1,5 1, 5 () 12 1 8 6 4 2 1 8 6 4 2 6 CAGR 9.7 21 22 23 24 25 28 218 ($ B) 14 13.3 12 1 CAGR 8 6 4 4.3 2 29 219 3

211. 9. 3 Key Data Stock Performance Stock Chart () 6, 5, 4, 3, 2, 1, Relative to KOSDAQ 1/9 1/11 11/1 11/3 11/5 11/7 (%) 25 2 15 1 5-5 31

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