[제약사 리포트] 위고비 효과 종근당, 과제는 '3%대 이익률 개선

Jongkundang's strong Q1 revenue growth driven by Wegovy demonstrates the opportunity in obesity treatment markets, but reveals a structural challenge facing traditional pharma: imported drugs drive volume while compressing margins. With operating margins sliding from historical 7-8% to 3.9%, the company's ability to maintain above-4% margins while increasingly relying on imported products will determine its competitive viability and reshape Korea's pharmaceutical industry dynamics.