[Click e Stocks] "Celltrion Healthcare, Sales Growth Expected... Target Price Up"

NH Investment & Securities raised the target price for Celltrion Healthcare from 80,000 KRW to 90,000 KRW on the 15th.

Celltrion Healthcare recorded sales of 503.6 billion KRW and an operating profit of 51 billion KRW in the first quarter. Although these figures represent increases of 21% and 13% respectively compared to the same period last year, they fell short of market consensus. Sales decreased compared to the previous quarter, mainly due to timing differences in the shipment of the autoimmune disease treatment Remsima SC in the European region, while sales excluding diagnostic kits remained at a similar level to the previous quarter.

NH Investment & Securities expects Celltrion Healthcare's sales to have bottomed out in the first quarter and to expand gradually in the second half of the year.

Researcher Park Byung-guk of NH Investment & Securities stated, "In Europe, where direct sales transition has been completed, a gradual recovery of Truxima and Herzuma and an increase in Uplima sales are expected." He added, "In the U.S., direct sales will officially begin with the launch of Uplima in July, and leverage effects are anticipated after initial costs." He further commented, "The direct sales capabilities in developed countries, along with securing distribution margins for biosimilars and ongoing preparations for mergers and acquisitions (M&A), will enable the group to expand product coverage and realize a long-term big picture."