Celltrion is expanding its market presence in Peru, a major Latin American country, by winning a series of successful public tenders.First of all, Truxima (rituximab) 500 mg won a tender held by the National Health Ministry of Peru (Centro Nacional de Abastecimiento de Recursos Estratégicos en Salud
Seo Jung-jin, chairman of Celltrion Group, met with foreign investors and institutional partners to present the blueprint for the group’s merger and its future vision. On Sept. 11 (local time) in New York, Chairman Seo attended the “21st Morgan Stanley Global Healthcare Conference” where he had a di
Celltrion announced on Sept. 4 that it recently obtained sales approval for its Avastin (bevacizumab) biosimilar Vegzelma from the Australian Therapeutic Goods Administration (TGA).Celltrion has been granted sales approval for Vegzelma in Australia for the entire range of indications approved for Av
On Aug. 31, Celltrion announced it has completed the product approval application for its autoimmune disease therapeutic “CT-P43,” a biosimilar of STELARA (ustekinumab), to Australia’s Therapeutic Goods Administration (TGA).Celltrion applied for CT-P43’s product approval in Australia for all indicat
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Although its 1Q23 sales declined q-q, Celltrion Healthcare achieved: 1) its highest quarterly GPM; and 2) expanded M/S for both Remsima IV and SC in Europe. Anticipating sales expansion towards 2H23,
The author is an analysts of NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.At Celltrion Healthcare, 1Q23 OP should arrive in line with consensus at W63.6bn. Significant sales growth was confirmed for all major items in US prescription data for March. Although one-off cost i
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed.Celltrion Healthcare’s 4Q22 OP should slightly miss consensus due to expenses related to partner company compensation in Europe and incentive payment. While 2023 should be dedicated to preparation for
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY; raise target price 25% to KRW250,000 We maintain BUY and raise our TP by 25% (KRW200,000→KRW250,000) on Celltrion, as we believe multiple new products scheduled for U.S. release in 2H23 should fu
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Lower TP to KRW200,000, but maintain BUY We lower our TP for Celltrion from KRW230,000 to KRW200,000 as we reflect downward revisions to 2022E/2023E OP of 10.4%/12.9% in light of a decline in margins following
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW230,000 We lower our TP for Celltrion from KRW280,000 to KRW230,000, as we revise down 2022E/2023E OP by 10.9%/9.7% to reflect changes to WACC (8.08%→8.11%), risk-free
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Revise down TP to KRW280,000 but maintain BUY We revise down our TP for Celltrion from KRW300,000 to KRW280,000 as we reflect downward revisions to 2023E/2024E OP of 12.5%/11.7% on sluggish 3Q21 results. We ma
The author is an analyst of KB Securities. She can be reached at kahye.hong@kbfg.com. -- Ed. 1Q21 review: Profitability declined on U.S.-bound export slowdown — Celltrion Healthcare reported 1Q21 consolidated revenue of KRW356.3bn (-0.2% YoY, -7.9% QoQ) and OP of KRW31.5bn (-43.5% YoY, -65.7% QoQ).
The author is an analyst of KB Securities. She can be reached at kahye.hong@kbfg.com. -- Ed. 1Q21 review: Margins improved on enhanced production efficiency — Celltrion reported 1Q21 consolidated revenue of KRW457.0bn (+22.6% YoY, -8.4% QoQ) and OP of KRW207.7bn (+72.8% YoY, +26.1% QoQ). While reven
The author is an analyst of KB Securities. She can be reached at kahye.hong@kbfg.com. -- Ed. 3Q20 review: Quarterly earnings at record high— Celltrion Healthcare reported 3Q20 consolidated revenue of KRW463.4bn (+10.3% QoQ/+64.3% YoY) and OP of KRW127.7bn (+47.1% QoQ/+499.5% YoY). OP hit a record hi
The author is an analyst of KB Securities. She can be reached at kahye.hong@kbfg.com. -- Ed. Solid 3Q20 results Celltrion reported 3Q20 consolidated revenue/OP of KRW548.8bn (+28.0% QoQ/+89.9% YoY)/ 245.3bn (+34.9% QoQ/+137.8% YoY). Revenue was above our estimate/the market consensus by 15%/19%, wit
The author is an analyst of Shinhan Investment Corp. He can be reached at shawn1225@shinhan.com. -- Ed. 2Q20 preview: Earnings likely in line with market expectationsWe now expect Celltrion Healthcare to post consolidated sales of KRW427bn (+50% YoY) and operating profit of KRW66.9bn (+622.5% YoY, o
The author is an analyst of NH Investment & Securities. He can be reached at william.ku@nhqv.com. -- Ed. Driven by Truxima and Herzuma launches in the US and Remsima SC launches in Europe, Celltrion Healthcare registered a 1Q20 earnings surprise. Backed by operating leverage effects, the firm appear
The author is an analyst of Shinhan Investment Corp. He can be reached at shawn1225@shinhan.com. -- Ed. 1Q20 OP to come in above market expectationsWe now expect Celltrion Healthcare to post operating profit of KRW44.3bn (+373.3%, operating margin of12.1%) on sales of KRW366.2bn (+66.1% YoY) for 1Q2
The author is an analyst of NH Investment & Securities. He can be reached at william.ku@nhqv.com. -- Ed. Celltrion Healthcare registered a 4Q19 earnings surprise, led by: 1) high-margin exports of Truxima and Herzuma to the US; and 2) adjustments to its EU partnership agreement. Considering such, we
Celltrion announced on Sep. 23 that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) gave an opinion in favor of the sale of Remsima SC on Sept. 20. The company requested the EMA 10 months ago to approve sales of the world’s first subcutaneous inflixim