[제약사 리포트] 삼진제약, 1Q 호흡기 공백 딛고 신제품 반등 채비

Samjin Pharmaceutical's Q1 revenue decline reflects cyclical respiratory demand weakness, but the company's strategic shift toward oncology and CNS specialty products, combined with four-fold growth in injectable drug manufacturing, signals structural portfolio transformation. Management's maintenance of 12% R&D spending and substantial 155% YoY improvement in operating cash flow despite margin compression demonstrates commitment to building sustainable long-term growth drivers. Success of upcoming specialty drug launches and Osan facility ramp-up will be critical to determining whether this quarter represents mere cyclical weakness or the beginning of durable recovery.