[바이오사 리포트] 종근당바이오, 원료약 부진에 적자…톡신 판매 사활

Jonggungdang Biopharmaceutical's first-quarter loss exposes the structural weakness of API-dependent business models in an increasingly competitive global market. The company's financial recovery hinges entirely on TM-Burst, its proprietary botulinum toxin product, which currently represents just 2% of sales but must absorb the profitability impact of declining API volumes. Success in China market authorization and commercialization will determine whether the company can transition from commodity supplier to specialty pharmaceutical player.