Daewoong

Daewoong is a holding company listed on KOSPI, Korea's main stock exchange, that sits above a group of health-care subsidiaries engaged in pharmaceuticals, biotech, and related businesses.

Its operating revenue at the parent level consists of service fees, royalties, and dividends received from those subsidiaries. The single most important structural fact is that Daewoong itself does not directly make or distribute medicines, it earns income by managing and providing services to its subsidiary network, with key operating businesses including a pharmaceutical subsidiary and a biotech subsidiary.