Celltrion Inc: Q2 beats as diversified biosimilar line-up drives solid growth

研报英文原文证据摘录

Celltrion Inc: Q2 beats as diversified biosimilar line-up drives solid growth

Global Research

27 July 2026ab

Celltrion Inc Equities

KoreaQ2 beats as diversified biosimilar line-up drives

solid growth Biotechnology

12-month rating Buy

12m price target Won300,000Diversified line-up implies lower likelihood of misses ahead

Prior : Won280,000

CLT's Q226 results were a solid beat vs both consensus/UBSe on healthy sales growth

from new biosimilar lineups. Following the print, we are increasingly confident about Price (27 Jul 2026) Won178,700

CLT's annual guidance execution, which has been a concern for investors; our 2026E RIC: 068270.KS BBG: 068270 KS

sales/OP estimates are now 7%/5% above guidance and 6%/7% above consensus. We

think CLT is unlikely to repeat the series of misses posted in the past given the rapid Trading data and key metrics

diversification of the product portfolio lately (Figures 1-2); this implies a lower likelihood 52-wk range Won236,667-159,400

of a single franchise causing a miss than previously. Despite higher visibility on steady Market cap. Won41,019b/US$27.9b

sales/earnings growth, valuations have retreated to 27x 2026E PE, a historical low and at Shares o/s 230m (ORD)

par with global biosimilar peers for the first time since listing, which we see as a good Free float 77%

opportunity to accumulate the stock. We reiterate our Buy rating; CLT is our top pick Avg. daily volume ('000) 660

within our Korea healthcare coverage. Avg. daily value (m) Won117,606.1

Common s/h equity (12/26E) Won18352b

Key takeaways from Q226 results P/BV (12/26E) 2.2x

Q2 revenue of Won1.4trn was 13% above consensus with sales of new biosimilar Net debt to EBITDA (12/26E) 1.0x

lineups ("Young" products) up 76% YoY while legacy lineups ("Advanced" products)