Celltrion (068270 KP): Buy: 2Q review – overdelivering on quarterly guidance

研报英文原文证据摘录

Celltrion (068270 KP): Buy: 2Q review – overdelivering on quarterly guidance

formed the bull market (share price down 1.9% 270000.00

2026 y-t-d vs. KOSPI up 58.8%). We think this is mainly due to market concerns of

205000.00

slower earnings growth in 2026 with no new product launches until 2027. However,

we highlight that the company continues to beat street expectations, over-delivering 07/25 01/26 07/26140000.00

on quarterly guidance. The newly launched products, especially those launched in Target price: 250000.00

High: 236666.67 Low: 159400.00 Current: 177600.00

4Q 2025, are set to drive earnings higher on 1) regional expansion of young products

Source: LSEG IBES, HSBC estimates

(launched last year) in 2H 2026, such as Omlyclo and Eydenzelt; 2) bigger contribution

from Steqeyma in Europe; and 3) sales pickup of Zymfentra. Zymfentra sales declined

Karen Choi*

q-o-q in 2Q 2026 due to rebate issues, but the company maintained annual guidance of Head of Consumer & Retail Research, Asia Pacific

KRW300bn. See figure 17 for details. Our sales and OP expectations are 8-12% and The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch

7-13% higher than consensus for 2027e-28e. karen.choi@kr.hsbc.com

+82 2 3706 8781

Maintain Buy with an unchanged TP of KRW250,000 Sophia Jung*

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

The Hongkong and Shanghai Banking Corporation Limited,

EV/EBITDA multiple. We apply a target multiple of 31.1x to our 2026e EBITDA Seoul Securities Branch

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

+822 3706 8774

Celltrion Healthcare. We think our target multiple of 31.1x is fair and conservative as