Brokerage : DS Investment & Securities
Analyst : Minjeong Kim
Investment Rating : BUY (Maintained) & Large-Cap Top Pick
Target Price : KRW 320,000 (Maintained)
Core Momentum : Strong 2Q26 earnings beat driven by steep revenue growth from second-wave new biosimilars including Omlyclo and Eyptozma, with second-half catalysts including Omlyclo 300mg high-dose rollout and Pfizer-Zymfentra sales collaboration.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained) & Large-Cap Top Pick / Target Price KRW 320,000 (Maintained) (Upside potential of 79.1% based on the July 27, 2026 closing price of KRW 178,700)
- Earnings Forecast Revision: Raised 2026 full-year revenue (+5.5%) and operating profit (+8.1%) estimates reflecting strong uptake across new pipeline products including Omlyclo and Eyptozma.
- Market Data: KOSPI Index 6,755.8pt / Market Cap (Common) KRW 41.56 Trillion / Shares Outstanding 232,554 Thousand / Par Value KRW 1,000 / Capital Stock KRW 239.0 Billion / 60-Day Average Trading Volume 655 Thousand Shares / 60-Day Average Trading Value KRW 119.14 Billion / Foreign Ownership 24.9% / 52-Week High KRW 251,000, Low KRW 158,500 / Major Shareholders: Celltrion Holdings and 96 affiliates 32.8%, National Pension Service and 1 affiliate 6.7%
- Annual Financial Forecast (DS Investment & Securities Estimates, K-IFRS Consolidated):
- 2025F: Revenue KRW 4.16 Trillion (+17.0% YoY), Operating Profit KRW 1.17 Trillion (+137.4% YoY, OPM 28.1%), Pre-tax Profit KRW 1.15 Trillion, Net Profit (Controlling) KRW 1.03 Trillion, EPS KRW 4,704 (+162.9% YoY), PER 38.5x, PBR 2.4x, ROE 5.9%, EV/EBITDA 30.4x
- 2026F: Revenue KRW 5.69 Trillion (+36.7% YoY), Operating Profit KRW 1.95 Trillion (+66.5% YoY, OPM 34.2%), Pre-tax Profit KRW 2.09 Trillion, Net Profit (Controlling) KRW 1.70 Trillion, EPS KRW 7,742 (+64.6% YoY), PER 23.1x, PBR 2.5x, ROE 10.0%, EV/EBITDA 18.7x
- 2027F: Revenue KRW 5.75 Trillion (+1.0% YoY), Operating Profit KRW 916.0 Billion (-52.9% YoY, OPM 15.9%), Pre-tax Profit KRW 1.04 Trillion, Net Profit (Controlling) KRW 757.0 Billion, EPS KRW 3,457 (-55.3% YoY), PER 51.7x, PBR 2.4x, ROE 4.4%, EV/EBITDA 32.3x
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Earnings Review & Consensus Beat:
- Reported 2Q26 revenue of ~KRW 1.39 Trillion (+45.1% YoY) and operating profit of KRW 451.8 Billion (+86.3% YoY, OPM 32.4%), substantially beating consensus estimates (Revenue KRW 1.24 Trillion, OP KRW 400.7 Billion).
- Steep Growth in Second-Wave Biosimilars:
- Omlyclo (Xolair Biosimilar): Captured first-mover advantages in Europe, surging from ~KRW 71.7 Billion in 1Q26 (+45.5% QoQ) to ~KRW 116.7 Billion in 2Q26 (+62.7% QoQ). Expected to achieve ~21% European market share this year. Annual sales forecast raised from KRW 361.5 Billion to KRW 455.5 Billion supported by the upcoming H2 launch of the 300mg high-dose formulation.
- Eyptozma (Actemra Biosimilar): Generated ~KRW 63.7 Billion (+157.6% QoQ) in 2Q26, securing robust market share within two quarters of commercial rollout.
- Key Product Trends & Second-Half Outlook:
- Zymfentra: While 2Q26 sales growth moderated slightly due to concentrated insurer rebate claim settlements, the analyst expects full-year sales of KRW 253.2 Billion to be achieved without disruption.
- Finalization of the Remsima IV-Zymfentra co-promotion partnership with Pfizer in H2 is expected to provide incremental marketing tailwinds, complemented by the rollouts of Steqeyma and Otulfi.
📝 Editor’s Comment (Perspective)
The analyst views Celltrion as a Large-Cap Top Pick whose earnings acceleration is propelled by rapid market share expansion from new biosimilars such as Omlyclo and Eyptozma in Europe. The overarching perspective prioritizes the steep revenue growth and raised annual forecast for Omlyclo (KRW 455.5 Billion), the H2 rollout of its 300mg high-dose formulation, and commercialization tailwinds from the Pfizer-Zymfentra collaboration—which support an expected full-year operating profit margin of 34.2%—over temporary quarterly rebate settlement impacts on Zymfentra.
To verify whether this investment thesis progresses as expected, investors should primarily monitor Omlyclo’s European market share progression toward the ~21% target alongside uptake of the 300mg high-dose formulation in H2, sequential revenue growth for Eyptozma in Europe, the recovery in US Zymfentra prescription volumes following the finalization of Pfizer’s sales collaboration, and full-year achievement of 2026 operating profit guidance (KRW 1.95 Trillion). These developments can be verified through upcoming quarterly earnings releases, official company IR presentations, and regulatory filings on DART.
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