Brokerage : Daishin Securities
Analyst : Kahye Hong
Investment Rating : BUY (Maintained)
Target Price : KRW 280,000 (Maintained)
Core Momentum : H2 margin expansion driven by European tender shipments and new product mix, alongside upcoming clinical milestones for the new drug pipeline
📊 1. [Valuation & Key Financial Metrics]
- Rating and Target Price: BUY (Maintained), 6-Month Target Price KRW 280,000 (Maintained, derived by applying a 28x target multiple to 12mF EBITDA of KRW 2,420.8B), Base Share Price KRW 178,700 (as of 26.07.27)
- Consolidated Financial Summary & Forecasts:
- 2024A: Revenue KRW 3,557B, Operating Profit KRW 492B, Net Profit (Controlling) KRW 423B, P/E 101.1x, P/B 2.4x, ROE 2.5%
- 2025A: Revenue KRW 4,162B, Operating Profit KRW 1,168B, Net Profit (Controlling) KRW 1,030B, P/E 40.7x, P/B 2.4x, ROE 5.9%
- 2026F: Revenue KRW 5,638B (+35% YoY), Operating Profit KRW 1,891B (+62% YoY, OPM forecast 34%), Net Profit (Controlling) KRW 1,598B, P/E 26.1x, P/B 2.3x, ROE 8.9%
- 2027F: Revenue KRW 6,250B, Operating Profit KRW 2,267B, Net Profit (Controlling) KRW 1,782B, P/E 23.2x, P/B 2.1x, ROE 9.2%
- 2028F: Revenue KRW 6,880B, Operating Profit KRW 2,614B, Net Profit (Controlling) KRW 2,040B, P/E 20.2x, P/B 1.9x, ROE 9.7%
- 2Q26 Earnings Review:
- Consolidated Revenue KRW 1,393.7B (+45% YoY, +22% QoQ) and Operating Profit KRW 451.8B (+86% YoY, +40% QoQ, OPM 32.4%, +7.2%p YoY), beating consensus estimates.
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Segment Breakdown:
- Biopharmaceutical revenue reached KRW 1,263.9B (+43% YoY).
- New product revenue grew +76% YoY to KRW 824.9B, led by Remsima SC (KRW 199.6B, +24% YoY) and Yuflyma (KRW 195.4B, +42% YoY). The revenue share of new products increased from 53% to 65% YoY, driving company-wide profitability.
- Mature product revenue recorded KRW 439.0B (+6% YoY), as Truxima’s US market share expansion (38% M/S) defended sales amid Remsima and Herzyma declines.
- Revenue of KRW 50.0B was newly generated from the US manufacturing facility acquired from Lilly.
- H2 Earnings Outlook: With European tender volumes reflecting in 2H and higher-margin new product mix expansion, a back-loaded (“low first half, high second half”) trend is anticipated, supporting continuous margin improvements toward year-end.
- Pipeline Milestones:
- 2H26: Presentation of preclinical results for CT-G32 (GLP-1-based quadruple agonist obesity treatment) at an academic conference.
- 1Q27: Phase 1 topline data readouts expected for clinical-stage ADC assets, CT-P70 (cMET ADC) and CT-P71 (Nectin-4 ADC).
📝 Editor’s Comment (Perspective)
The analyst views Celltrion as a company positioned for escalating profitability throughout the second half of the year, supported by an expanding new product mix and European tender shipments. This perspective highlights the trajectory of improving operating margins in 2H alongside progress in new drug clinical pipelines, rather than focusing solely on quarterly performance.
To determine whether this investment thesis continues to materialize, key tracking points will be whether the European tender reflections and new product sales mix drive sustained operating margin improvement in subsequent quarters, and whether preclinical results for CT-G32 and Phase 1 readouts for ADC candidates (CT-P70, CT-P71) are delivered according to schedule. These developments can be verified through upcoming quarterly earnings releases, official IR presentations, conference disclosures, and regulatory filings.
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