Celltrion: Strong earnings recovery in 2Q26 with increasing new products; cost management as key focus; Neutral

研报英文原文证据摘录

Celltrion: Strong earnings recovery in 2Q26 with increasing new products; cost management as key focus; Neutral

Jihyun Cho AC Asia Pacific Equity Research

(82-2) 758-5480 28 July 2026 J P M O R G A N

jihyun.cho@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Celltrion is one of the earliest developers of biosimilar drugs of

off-patent biologics. Leveraging its first-mover advantage in the

biologics space, the company has generated stable revenue from

existing products, but has faced increasing challenges against a

growing number of biosimilars of its targeted biologics. In

response, the company keeps adding new products to diversify

its product offering and has unveiled its R&D initiatives to

develop noble drugs.

While we view Celltrion’s efforts on portfolio diversification as

YTD 1m 3m 12m positive, we view overall competitive dynamics as still

Abs -0.3% 8.4% -12.3% 1.0%

Rel -60.6% 28.1% -14.5% -109.5% challenging. The company has been reporting earnings misses

(vs. aggressive guidance), but the recently lowered guidance

Company Data appears to be more reasonable. Thus, we believe share price

Shares O/S (mn) 233 downside is limited from the current level. However, we view

52-week range (W) 246,191-157,700

Market cap ($ mn) 28,643 current prices as already pricing in an earnings recovery story at

Exchange rate 1,459.0 30x 26E P/E and 20x EV/EBITDA. Therefore, we rate Celltrion

Free float (%) 55.0% Neutral.

3M ADV (th) 1033.8

3M ADV ($ mn) 127.1 Valuation

Volatility (90 Day) 49

Index KOSPI Our revised Jun-27 price target of W200,000 is based on a DCF

BBG ANR (Buy | Hold | Sell) 25|2|0 valuation. To derive the PT, we estimate free cash flows until

2033, assuming a 7.7% WACC (ERP 5.5%, Rf 3.8%, 3-year beta

Key Metrics (FYE Dec)