Celltrion (068270 KP): Buy: 2Q preview – on track

Research evidence excerpt

Celltrion (068270 KP): Buy: 2Q preview – on track

r estimates, lower than

52-WEEK PRICE (KRW)

consensus, which may be an upside risk (OP guidance of KRW400bn, KRW500bn

and KRW600bn, respectively, for 2-4Q 2026). 270000.00

200000.00

What to expect in 2026?

130000.00

We continue to forecast 2026 sales and OP of KRW5.6trn and KRW1.8trn, 06/25 12/25 06/26

respectively. Our sales and OP forecasts are slightly higher than consensus, but largely TargetHigh: 236666.67price: 250000.00Low: 151428.58 Current: 174500.00

in-line with the company’s guidance. We believe young products will continue to lead Source: LSEG IBES, HSBC estimates

earnings growth on the back of: 1) regional expansion in 2H 2026, such as Omlyclo and

Eydenzelt; 2) bigger contribution from SteQeyma in Europe; and 3) sales pickup of Karen Choi*

Zymfentra. See Figure 15 for details. Our sales and OP expectations are 8-12% and Head of Consumer & Retail Research, Asia Pacific

The Hongkong and Shanghai Banking Corporation

8-13% higher than consensus, respectively, for 2027e-28e. Limited, Seoul Securities Branch

karen.choi@kr.hsbc.com

Maintain Buy with a TP of KRW250,000 (from KRW247,619.06) +82 2 3706 8781

We make no changes to our estimates. We continue to value the stock based on an Sophia Jung* Associate, Consumer Research

EV/EBITDA multiple. We apply a target multiple of 31.1x to our 2026e EBITDA The Hongkong and Shanghai Banking Corporation

Limited, Seoul Securities Branch

(unchanged) – an average of its historical band in 2021-23 before the merger with sophia.jung@kr.hsbc.com

Celltrion Healthcare. We think our target multiple of 31.1x is fair and conservative as we +822 3706 8774

expect sales and OP CAGRs of 23% and 34% in 2025-28e, respectively (vs sales and