Corporate Logo(source: celltrion.com)
On August 13, IBK Investment & Securities said that it is maintaining its “Buy” rating and target price of 230,000 won for Celltrion (068270), citing expectations that the company’s acquisition of a U.S.-based manufacturing facility will drive growth and alleviate tariff risks.
Analyst Jeong I-su of IBK Investment & Securities explained, “The acquisition of a local drug substance (DS) plant in the U.S. is expected to support top-line growth while reducing exposure to tariff risks.”
He noted that during the company’s recent Non-Deal Roadshow (NDR), one of the main topics of interest among investors was the plan to acquire a company with a U.S.-based DS facility. “If the main agreement is signed in October, many investors are asking about the financial impact in the fourth quarter,” he said.
Jeong added, “The actual deal closing is estimated to occur by year-end, with the results to be consolidated from next year. Fifty percent of the acquired plant’s capacity (CAPA) will be used over the next five years to produce the target company’s original products, while the remaining 50% will be allocated for Celltrion’s own products.”
“From 2026, revenue from original product manufacturing will begin to be reflected, and from 2027, Celltrion’s own products will be manufactured in the U.S., effectively mitigating tariff risks,” he projected.
*[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 40.965 trillion won (as of August 12, 2025, closing price).
Corporate Logo(source: celltrion.com)
On August 13, IBK Investment & Securities said that it is maintaining its “Buy” rating and target price of 230,000 won for Celltrion (068270), citing expectations that the company’s acquisition of a U.S.-based manufacturing facility will drive growth and alleviate tariff risks.
Analyst Jeong I-su of IBK Investment & Securities explained, “The acquisition of a local drug substance (DS) plant in the U.S. is expected to support top-line growth while reducing exposure to tariff risks.”
He noted that during the company’s recent Non-Deal Roadshow (NDR), one of the main topics of interest among investors was the plan to acquire a company with a U.S.-based DS facility. “If the main agreement is signed in October, many investors are asking about the financial impact in the fourth quarter,” he said.
Jeong added, “The actual deal closing is estimated to occur by year-end, with the results to be consolidated from next year. Fifty percent of the acquired plant’s capacity (CAPA) will be used over the next five years to produce the target company’s original products, while the remaining 50% will be allocated for Celltrion’s own products.”
“From 2026, revenue from original product manufacturing will begin to be reflected, and from 2027, Celltrion’s own products will be manufactured in the U.S., effectively mitigating tariff risks,” he projected.
*[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 40.965 trillion won (as of August 12, 2025, closing price).