Brokerage : Yuanta Securities
Analyst : Hyun-soo Ha
Investment Rating : BUY (Maintained)
Target Price : KRW 280,000 (Raised)
Core Momentum : Rapid revenue growth in new biosimilars driving profitability improvement and pipeline expansion sustaining mid-to-long-term earnings growth
📊 1. [Valuation & Key Financial Metrics]
- Rating and Target Price: BUY (Maintained), Target Price KRW 280,000 (Raised from KRW 257,355), offering 57% upside potential against the base price of KRW 178,700 (as of 7/27).
- Consolidated Financial Summary & Forecasts (K-IFRS):
- 2024A: Revenue KRW 3,557B, Operating Profit KRW 492B, Net Profit (Controlling) KRW 423B, P/E 96.5x, P/B 2.2x, ROE 2.5%
- 2025A: Revenue KRW 4,162B, Operating Profit KRW 1,168B, Net Profit (Controlling) KRW 1,030B, P/E 38.6x, P/B 2.2x, ROE 5.9%
- 2026F: Revenue KRW 5,704B, Operating Profit KRW 1,902B, Net Profit (Controlling) KRW 1,582B, P/E 26.6x, P/B 2.1x, ROE 8.6%
- 2027F: Revenue KRW 6,323B, Operating Profit KRW 2,179B, Net Profit (Controlling) KRW 1,706B, P/E 24.4x, P/B 1.8x, ROE 8.1%
- 2Q26 Preliminary Earnings:
- Revenue reached KRW 1,393.7B (+45.0% YoY, +21.7% QoQ), beating consensus (KRW 1,244B) by +12.0%.
- Operating Profit reached KRW 451.8B (+86.3% YoY, +40.4% QoQ, OPM 32.4%), exceeding consensus (KRW 401B) by +12.7%.
- Net Profit (Controlling) recorded KRW 367.0B (+500.5% YoY, +6.1% QoQ).
🚀 2. [Market Opportunities & Business Outlook]
- New Product Mix Expansion: Total biosimilar revenue recorded KRW 1,263.9B (+35.6% YoY) in 2Q26. Within this segment, revenue from new biosimilar portfolios grew +72.5% YoY to KRW 824.9B, raising their share of total biosimilar sales to 65% (+12%pt) and contributing to profitability improvement.
- New Product Performance & Rollout Plans: The five new biosimilars launched since 2025 generated KRW 314.4B (+368.6% YoY), accounting for most of the revenue growth. Omlyclo secured a 21% market share in Europe, achieving quarterly sales of over KRW 100B, while the planned 2H launch of the 300mg formulation is expected to strengthen competitiveness for Chronic Spontaneous Urticaria (CSU) patients.
- Pipeline Roadmap to 2030:
- Phase 1 clinical trials initiated for CT-P45 (Entyvio biosimilar) and CT-P68 (Tremfya biosimilar).
- EU regulatory approval filed for CT-P55 (Cosentyx biosimilar).
- Target to secure approvals for 7 additional new products by 2030, expanding the commercial portfolio from 11 to 18 products.
- Market Dynamics: As clinical regulatory easing may lead to more market entrants, top-tier biosimilar companies equipped with in-house development, production capabilities, and direct sales networks are expected to demonstrate price competitiveness and supply stability.
📝 Editor’s Comment (Perspective)
The analyst views Celltrion as a company improving profitability through an increasing revenue mix of new biosimilars and sustaining mid-to-long-term earnings growth by adding subsequent pipeline assets. This perspective places greater emphasis on revenue expansion from new products and ongoing portfolio additions rather than short-term quarterly fluctuations.
To determine whether this investment thesis continues to materialize, key tracking points will be whether the revenue share of new biosimilars continues to expand to support ongoing profitability, and whether pipeline candidates—such as CT-P55 and CT-P51 (Keytruda biosimilar)—proceed through clinical and regulatory approval stages on schedule. These developments can be verified through upcoming quarterly earnings releases, official IR materials, and regulatory filings.
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