Celltrion

Celltrion · Biosimilars

Fri, May 8, 2026·Before Market Open

CelltrionBiosimilarHealthcareK-BioEarnings

01Wall Street Consensus

EPS₩2,800

Revenue₩1.1T

02Earnings Results

EPS₩1,550

RevenueKRW 1.145T+4.1%

After-Hours Reaction+2.0%

Key Takeaways

Revenue was KRW 1.145T, up 36% YoY
Operating profit was KRW 321.9B, up 115.5% YoY
Operating margin improved to 28.1%, near 30% excluding one-off effects
New biosimilar portfolio revenue rose 67% YoY
Newer products reached 60% of total product sales
The board approved cancellation of about KRW 100B of treasury shares

Key Checkpoints

01Remsima SC (subcutaneous infliximab) market share gains in US and Europe
02Yuflyma (adalimumab biosimilar) penetration — competing in massive Humira market
03Vegzelma (bevacizumab biosimilar) oncology market share trend
04Pipeline biosimilar progress — Keytruda and Opdivo biosimilar development status
05Gross margin trend — manufacturing efficiency driving profitability improvement

Upside Catalysts

Biosimilar patent cliff wave: $80B+ of biologic drugs losing exclusivity 2025-2030
Remsima SC differentiation: subcutaneous delivery convenience driving switching from IV infliximab
Yuflyma ramp: Humira biosimilar market is $20B+ opportunity — Celltrion gaining share
Keytruda biosimilar: if successfully developed, potential $10B+ market by patent expiry
Defensive healthcare positioning: relatively insulated from Iran conflict macro impact

Risk Factors

Biosimilar pricing pressure: increasing competition in adalimumab and infliximab markets
US market access: PBM and insurance formulary negotiations determine commercial success
Celltrion Healthcare merger integration: operational complexity during transition
Pipeline risk: Keytruda/Opdivo biosimilar development timelines uncertain
KOSPI selloff: healthcare stocks not immune to broad market risk-off

Detail

SEPS 서프라이즈 히스토리

Beat1Miss0Beat률 100%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Comments

Earnings

02Earnings Results

EPS₩1,550

RevenueKRW 1.145T+4.1%

After-Hours Reaction+2.0%

Key Takeaways

Revenue was KRW 1.145T, up 36% YoY
Operating profit was KRW 321.9B, up 115.5% YoY
Operating margin improved to 28.1%, near 30% excluding one-off effects
New biosimilar portfolio revenue rose 67% YoY
Newer products reached 60% of total product sales
The board approved cancellation of about KRW 100B of treasury shares

Key Checkpoints

01Remsima SC (subcutaneous infliximab) market share gains in US and Europe

02Yuflyma (adalimumab biosimilar) penetration — competing in massive Humira market

03Vegzelma (bevacizumab biosimilar) oncology market share trend

04Pipeline biosimilar progress — Keytruda and Opdivo biosimilar development status

05Gross margin trend — manufacturing efficiency driving profitability improvement

Upside Catalysts

Biosimilar patent cliff wave: $80B+ of biologic drugs losing exclusivity 2025-2030

Remsima SC differentiation: subcutaneous delivery convenience driving switching from IV infliximab

Yuflyma ramp: Humira biosimilar market is $20B+ opportunity — Celltrion gaining share

Keytruda biosimilar: if successfully developed, potential $10B+ market by patent expiry

Defensive healthcare positioning: relatively insulated from Iran conflict macro impact

Risk Factors

Biosimilar pricing pressure: increasing competition in adalimumab and infliximab markets

US market access: PBM and insurance formulary negotiations determine commercial success

Celltrion Healthcare merger integration: operational complexity during transition

Pipeline risk: Keytruda/Opdivo biosimilar development timelines uncertain

KOSPI selloff: healthcare stocks not immune to broad market risk-off