2Q26 preliminary operating profit – broadly in line Quick Note

研报英文原文证据摘录

2Q26 preliminary operating profit – broadly in line Quick Note

Global Markets Research

Celltrion 068270.KS 068270 KS 3 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating2Q26 preliminary operating profit – broadly in line Remains Buy

Target price KRW 270,000 RemainsQuick Note

Closing priceCelltrion on 3 July 2026 announced its 2Q26 preliminary results – revenue of KRW1.3tn 3 July 2026 KRW 183,600

(+13.5% q-q, +35.1% y-y) and operating profit of KRW430bn (+33.6% q-q, +77.0% y-y).

Based on the disclosure, its 2Q26 sales and earnings were above Bloomberg consensus

estimates by 5% and 9%, respectively. We attribute the stronger-than-expected earnings Research Analysts

to its improved product mix, i.e. an increased contribution from the sales of ‘young’ (newly- Korea Healthcare &launched) products. We estimate biosimilar revenue contribution from its young products Pharmaceuticals

exceeded 60% in 2Q26F (1Q26 young products contribution: 60% of total biosimilar Cindy Park - NFIK

revenue). cindy.park@nomura.com

Celltrion is our top pick in the Korea healthcare sector +822 3783 2324

We maintain our Buy rating on Celltrion, considering: (1) 2026F revenue/EBIT growth of Dongmin Lee - NFIK

37%/51% y-y, with possibly increased contribution from “young/new” products (65% of dongmin.lee@nomura.com

2026F biosimilar revenue), particularly biosimilars Steqeyma, Omlyclo, and +822 3783 2338

Stoboclo/Osenvelt that have displayed rapid revenue growth; (2) the company’s nimble

strategy to move its Zymfentra production facility to the US to meet evolving US

pharma/tariff polices; (3) Celltrion’s goal to grow as a novel drug producer in ADCs

(Antibody-Drug Conjugates) and multi-specific antibodies, with first clinical readouts for