[Click eStock] "Celltrion Confirms Diversity of Biosimilars"

On the 26th, KB Securities evaluated that Celltrion's Q4 performance last year fell short of expectations, but the new biosimilar products grew rapidly. They maintained a 'Buy' investment rating and a target price of 270,000 KRW.

According to the consolidated financial statements announced by Celltrion on the 25th, Q4 sales last year amounted to 1.0636 trillion KRW, a 178% increase compared to the same period last year. Operating profit also surged by 966% to 196.4 billion KRW. While sales exceeded market consensus by 1.4%, operating profit fell short by 16.4%. This was due to a temporary increase in cost ratio caused by initial operating expenses related to the commencement of commercial production at the third plant.

Analyst Kim Hyemin stated, "The new product portfolio (Remsima SC, Uplyma, Vegzelma), which accounted for 26.1% of bio sales in 2023, grew rapidly and accounted for 38.4% in 2024," adding, "Sales of existing products also showed steady growth across all regions, achieving the milestone of Remsima IV surpassing 1 trillion KRW in annual sales for the first time."

He added, "If 2024 was a year to alleviate merger-related burdens, 2025 can be seen as a year for a leap forward," and "As a strong player in antibody-based new drugs, clinical trials are scheduled to begin for three ADC candidate substances and one multi-antibody candidate substance, securing additional titles."