[밸류업 점검] 경보제약, 배당성향 656% 착시…ADC 수익화 시험대

Gyeongbo Pharmaceutical's 656.6% dividend payout ratio masks a profitability crisis—net income collapsed despite maintaining fixed dividend payments while funding massive R&D and capital investments. The company's recovery strategy entirely depends on monetizing its 96-billion-won ADC (antibody-drug conjugate) manufacturing facility, making commercialization timing the critical success factor for investor confidence. Rising debt levels combined with legacy business growth means ADC revenue realization will determine whether the corporate value-up initiative succeeds or becomes a debt-funded wager.