Corporate Logo(source: celltrion.com)
IBK Investment & Securities said on November 26 that Celltrion(068270) is expected to see continued earnings improvement driven by stable sales of its existing biosimilar portfolio and an increasing share of high-margin new products. The brokerage maintained its “Buy” rating and 230,000-won target price.
As of 9:15 a.m., shares of Celltrion were trading at 187,000 won, up 13,000 won (2.47%) from the previous session.
In its report, IBK Investment & Securities projected Celltrion’s consolidated revenue for 2025 at 4.17 trillion won and operating profit at 1.135 trillion won, representing year-on-year increases of 17.2% and 130.6%, respectively.
For the fourth quarter, revenue is forecast at 1.3373 trillion won and operating profit at 441.3 billion won, marking growth of 25.7% and 124.7% from a year earlier.
The improvement in profitability is attributed to several factors:
• expanding sales of high-margin new products such as Yuflyma, Vegzelma and Steqima,
• full-scale production of enhanced-yield (TI–Titer Improvement) versions, and
• the end of amortization for certain development costs.
Analyst Jung I-su noted, “Celltrion is strengthening its open innovation strategy in new drug development.” The company has secured early-stage assets including three antibody-drug conjugate (ADC) candidates, three multi-specific antibodies, an ADC platform and an AI-based drug discovery platform through collaborations with domestic and global biotech firms.
Two of the ADC candidates are currently in Phase 1 clinical development. Jung added that Celltrion’s experience in direct global sales through its biosimilar business “can also be leveraged as a competitive advantage in its new drug operations.”
He further stated that earnings could be revised upward once contract manufacturing (CMO) revenue from the acquisition of Eli Lilly’s U.S. plant is reflected. “The improvement in profit margins seen in the fourth quarter is likely to continue into next year,” he added.
*[KOSPI] Celltrion(068270) engages in the development and production of various therapeutic proteins, including anticancer drugs, based on biotechnology and animal cell mass culture technology. Market capitalization is 42.105 trillion won (as of November 25, 2025, closing price).
Corporate Logo(source: celltrion.com)
IBK Investment & Securities said on November 26 that Celltrion(068270) is expected to see continued earnings improvement driven by stable sales of its existing biosimilar portfolio and an increasing share of high-margin new products. The brokerage maintained its “Buy” rating and 230,000-won target price.
As of 9:15 a.m., shares of Celltrion were trading at 187,000 won, up 13,000 won (2.47%) from the previous session.
In its report, IBK Investment & Securities projected Celltrion’s consolidated revenue for 2025 at 4.17 trillion won and operating profit at 1.135 trillion won, representing year-on-year increases of 17.2% and 130.6%, respectively.
For the fourth quarter, revenue is forecast at 1.3373 trillion won and operating profit at 441.3 billion won, marking growth of 25.7% and 124.7% from a year earlier.
The improvement in profitability is attributed to several factors:
• expanding sales of high-margin new products such as Yuflyma, Vegzelma and Steqima,
• full-scale production of enhanced-yield (TI–Titer Improvement) versions, and
• the end of amortization for certain development costs.
Analyst Jung I-su noted, “Celltrion is strengthening its open innovation strategy in new drug development.” The company has secured early-stage assets including three antibody-drug conjugate (ADC) candidates, three multi-specific antibodies, an ADC platform and an AI-based drug discovery platform through collaborations with domestic and global biotech firms.
Two of the ADC candidates are currently in Phase 1 clinical development. Jung added that Celltrion’s experience in direct global sales through its biosimilar business “can also be leveraged as a competitive advantage in its new drug operations.”
He further stated that earnings could be revised upward once contract manufacturing (CMO) revenue from the acquisition of Eli Lilly’s U.S. plant is reflected. “The improvement in profit margins seen in the fourth quarter is likely to continue into next year,” he added.
*[KOSPI] Celltrion(068270) engages in the development and production of various therapeutic proteins, including anticancer drugs, based on biotechnology and animal cell mass culture technology. Market capitalization is 42.105 trillion won (as of November 25, 2025, closing price).