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:(
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Hanmi Pharm posted consolidated 2Q22 sales of W316.5bn and OP of W29.6bn, with OP coming in slightly below our estimate. Beijing Hanmi led consolidated OP growth, booking OP of W17.1bn. The strength
The authors are analysts of Shinhan Investment Corp. They can be reached at shawn1225@shinhan.com and jhwon@shinhan.com, respectively. – Ed. EULAR 2022 held both offline and online for the first time since COVID-19 outbreakWe participated in the annual European Alliance of Associations for Rheumatol
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Outstanding efficacy and safety data for Remsima SC showcased at EULAR 2022 Celltrion showcased outstanding efficacy and safety data for Remsima SC at EULAR 2022 (Jun 1-4). According to data presented, patient
Samsung Group announced on May 24 an expansion of its investment commitment with plans to spend a total of 450 trillion won over five years until 2026, to accelerate growth in semiconductors, biopharmaceuticals and other next-generation technologies.With the investment, which represents a more than
Pfizer has filed a patent infringement lawsuit against Samsung Bioepis with the Australian Federal Court to suspend sales of the latter's SB4, a biosimilar of Enbrel, which is an autoimmune disease treatment sold by Pfizer.This is the first time that Pfizer has filed a lawsuit against a Korean b
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 Ministry of Trade, Industry and Energy announced on May 2 that exports from the domestic biotech and healthcare sectors totaled US$1.26 billion last month, the highest April figure and up 14.2 percent from a year ago.Last month, exports from the sectors increased year on year for the fifth conse
Samsung Biologics’ market capitalization has surpassed that of Lonza, the world’s largest biopharmaceutical contract manufacturing organization (CMO) company.Samsung Biologics’ market cap stood at 59.43 trillion won as of April 28, exceeding the 42.85 billion Swiss francs (about 55.62 trillion won)
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Hanmi Pharm posted consolidated 1Q22 sales of W321.1bn and OP of W38.7bn, in line with our estimates, thanks to Beijing Hanmi and business normalization amid the easing of the Covid-19 pandemic. Glob
Samsung Biologics announced on April 20 that it has completed the purchase of Biogen’s stake in Samsung Bioepis for US$2.3 billion. With the completion of the first payment of US$1.0 billion pursuant to the terms of the acquisition agreement, Samsung Biologics has now fully acquired Samsung Bioepis
Singaporean investment firm Temasek Holdings has sold off part of its stakes in Celltrion and its distribution affiliate Celltrion Healthcare in a block deal on March 21.The Singapore sovereign wealth fund reportedly sold 390 billion worth of Celltrion stocks and 170 billion won worth of shares in C
Samsung Biologics will push for the construction of its first factories in the United States and Europe, foreign media outlets reported.Samsung Biologics saw its sales soar 35 percent in 2021 amid the COVID-19 pandemic, according to a report by the Financial Times (FT) on March 21.Samsung Biologics
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
Chong Kun Dang's R&D spending reached 112.6 billion won in 2021, up 19.2 percent from 94.5 billion won a year earlier, according to the company's recently released quarterly report. The company's R&D investment crossed 100 billion won in the first three quarters of 2021.The ratio of R&D
The Financial Services Commission has initiated an accounting fraud investigation regarding the three listed companies of Celltrion Group.In the group, Celltrion manufactures biosimilars and Celltrion Healthcare purchases the products in quantity to sell them abroad. According to the financial autho
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 U.S. government is assisting biosimilar manufacturers so that drug prices can be lowered. Under the circumstances, South Korean biosimilar developers are expected to be able to benefit.The U.S. Food and Drug Administration announced on July 28 that Mylan’s biosimilar Semglee is now interchangeab
The Ministry of Food and Drug Safety announced on Aug. 1 that South Korea recorded a drug trade surplus of 1,394 billion won last year, the first drug trade surplus since records began in 1998. “Drug product and quarantine product exports substantially increased last year to contribute to the improv