The author is an analyst of Shinhan Securities. He can be reached at shawn1225@shinhan.com. – Ed. 4Q22 preview: Overall in line, profitability to fall slightly on partial operation of Plant 4Samsung Biologics is expected to have recorded sales of KRW632bn (+42.2% YoY) and operating profit of KRW260.
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. We forecast 4Q22 sales of W610.6bn and OP of W249.7bn, falling short of consensus due to won appreciation. While growth will likely remain stagnant in 2023 amid forex rate effects and costs for plant
The sale of Humira biosimilars in the United States is scheduled to start next month. This market is expected to be as huge as US$17.3 billion. More than 10 global biopharmaceutical companies are focusing on it, including Amgen, Samsung Bioepis, and Celltrion. Samsung Bioepis' biosimilar will be
Chong Kun Dang announced on Nov. 23 that the results of a phase 3 clinical trial of LucenBS, a biosimilar referencing Lucentis to treat wet age-related macular degeneration (AMD) have been published in PLOS One, an SCI-level international academic journal.LucenBS is a high-purity Lucentis biosimilar
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. In 2022, healthcare stocks have been performing sluggishly in the NY stock market, affected by drastic absorption of market liquidity since early-2022. Given that 10-yr discounted cash flow is the mo
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Celltrion Healthcare’s OP for 3Q22 satisfied consensus if stripping out one-off costs. We see 2022E OP of W283.9bn, driven by Remsima IV/SC sales growth in the US and EU markets. If it mainly targets
Aprogen has joined a race to take over a current good manufacturing practice (cGMP) production facility in North Carolina of the United States. The move reflects its strategy to quickly advance into the U.S. market in response to U.S. President Joe Biden’s policy to favor U.S.-made biotech products.
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY, target price of KRW1,200,000 We maintain BUY and TP of KRW1,200,000 on Samsung Biologics. Our investment highlights are (1) 3Q22 earnings beat, (2) secured growth drivers via the recent start of
Celltrion Healthcare is in dispute with the U.K. government over a "penalizing rebate."The U.K. government introduced the Voluntary Scheme for Branded Medicines Pricing and Access (VPAS) in 2019, which requires pharmaceutical companies to pay a percentage of their net sales of certain products to th
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY, target price of KRW1,200,000 We maintain BUY and TP of KRW1,200,000 on Samsung Biologics. The stock deserves attention because (1) 3Q22 earnings should beat the market consensus, (2) growth momen
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. The US biosimilar market is set to expand in earnest next year. In response, the Celltrion Group plans to deploy a direct selling strategy in the US. While initial cost burden is worrisome, we expect
The authors are analysts of Shinhan Investment Corp. They can be reached at shawn1225@shinhan.com and jhwon@shinhan.com, respectively. – Ed. Celltrion unlikely to be hit by follow-up measures of the executive orderUS President Joe Biden on Sept. 12 signed an executive order for the launch of a natio
The authors are analysts of Shinhan Investment Corp. They can be reached at shawn1225@shinhan.com. -- Ed. Three investment strategies and top picksOur healthcare sector top picks for September were selected from a total of 45 companies under our coverage for the following three investment strategies
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Initiating coverage with BUY and TP of KRW100,000 We initiate coverage of Celltrion Healthcare with a BUY rating and target price of KRW100,000. Derived using the DCF model, our TP is based on 10.00% WACC (11.
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY, raise target price to KRW1,200,000; inclusion of Samsung Bioepis in consolidated earnings considered positive We maintain BUY and raise our TP (KRW1,180,000→KRW1,200,000) on Samsung Biologics, as
The authors are analysts of Shinhan Investment Corp. They can be reached at shawn1225@shinhan.com and jhwon@shinhan.com, respectively. – Ed. 2Q22 earnings surprise driven by steep growth of Remsima IV/SCCelltrion Healthcare posted consolidated sales of KRW519bn (+19.8% YoY) and operating profit of K
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 authors are analysts of Shinhan Investment Corp. They can be reached at shawn1225@shinhan.com and jhwon@shinhan.com, respectively. – Ed. 2Q review: Strong results driven by main biz growth & margin gainsCelltrion reported consolidated operating profit of KRW199bn (+21.9% YoY, operating margin of
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Samsung Biologics reported consolidated 2Q22 sales of W651.4bn and OP of W169.7bn, with earnings slightly beating consensus on a non-consolidated basis. We lower our earnings estimates as we switch f
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY; cut target price to KRW1.18mn We cut our TP (KRW1.24mn→KRW1.18mn) to reflect recent earnings and our slight downward revision to Samsung Bioepis earnings outlook, but we maintain BUY given that:(