Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Celltrion Inc (068270 KS) announced meaningful increase in dividends (including both cash and stock dividends).</li>
<li><em><strong> Celltrion will pay out stock dividend of 0.05 for shareholders as of record in 2024, this will be 150% higher than the average stock dividend in the past three years. </strong></em></li>
<li>Celltrion will also pay out cash DPS of 750 won for shareholders as of record in 2024, which is more than double the average DPS in the past three years. </li>
</ul>


Celltrion Inc (068270 KS) announced meaningful increase in dividends (including both cash and stock dividends).
 Celltrion will pay out stock dividend of 0.05 for shareholders as of record in 2024, this will be 150% higher than the average stock dividend in the past three years. 
Celltrion will also pay out cash DPS of 750 won for shareholders as of record in 2024, which is more than double the average DPS in the past three years. 


Celltrion: Meaningful Increase in Cash and Stock Dividends

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> achieved 31% YoY revenue growth to KRW882B in 3Q24, driven by the rapid growth of new products such as Remsima SC, Yuflyma, and Vegzelma.</li>
<li>The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY), which indicates sequentially improved quarterly sales in 4Q24. Margin improvement is expected to continue.</li>
<li>In August, Celltrion received EU approval for Steqeyma, biosimilar for autoimmune disease treatment Stelara. Celltrion aims to commercialize 22 biosimilars by 2030, thereby targeting a pipeline market size of $182B.</li>
</ul>



Celltrion Inc (068270 KS) achieved 31% YoY revenue growth to KRW882B in 3Q24, driven by the rapid growth of new products such as Remsima SC, Yuflyma, and Vegzelma.
The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY), which indicates sequentially improved quarterly sales in 4Q24. Margin improvement is expected to continue.
In August, Celltrion received EU approval for Steqeyma, biosimilar for autoimmune disease treatment Stelara. Celltrion aims to commercialize 22 biosimilars by 2030, thereby targeting a pipeline market size of $182B.


Celltrion Inc (068270 KS): Record High Sales in 3Q; Pipeline Progress Entails Long-Term Growth

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>The biosimilar market is forecast to grow three to four times faster than the generic drug market over the next five years.</li>
<li>However, we believe that this high growth will not necessarily imply good profitability, given the early stage of the biosimilar market, complications and competition.</li>
<li>We also believe that the company’s guidance is too optimistic resulting in an expensive multiple. We prefer some room for error.  </li>
</ul>


The biosimilar market is forecast to grow three to four times faster than the generic drug market over the next five years.
However, we believe that this high growth will not necessarily imply good profitability, given the early stage of the biosimilar market, complications and competition.
We also believe that the company’s guidance is too optimistic resulting in an expensive multiple. We prefer some room for error.  


Celltrion Inc (068270 KS)– Is the Sell-Side’s Bullishness Justified?

Thematic (Sector/Industry)

<ul>
<li>After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.</li>
<li>Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.</li>
<li>Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.</li>
</ul>


After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.
Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.
Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.


APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Event-Driven

<ul>
<li>Celltrion Inc announced that its proposed merger with Celltrion Pharm has been cancelled due to disapproval of this deal among an overwhelming percentage of Celltrion Inc shareholders.</li>
<li>This cancellation of a merger between Celltrion Inc and Celltrion Pharm is likely to continue to have a positive impact on Celltrion Inc and negative impact on Celltrion Pharm.</li>
<li>The major reason is because Celltrion Pharm trades at high valuation multiples while Celltrion Inc trades at lower valuation multiples. Celltrion Pharm's P/B valuation is more than 3x Celltrion Inc's.</li>
</ul>


Celltrion Inc announced that its proposed merger with Celltrion Pharm has been cancelled due to disapproval of this deal among an overwhelming percentage of Celltrion Inc shareholders.
This cancellation of a merger between Celltrion Inc and Celltrion Pharm is likely to continue to have a positive impact on Celltrion Inc and negative impact on Celltrion Pharm.
The major reason is because Celltrion Pharm trades at high valuation multiples while Celltrion Inc trades at lower valuation multiples. Celltrion Pharm's P/B valuation is more than 3x Celltrion Inc's.


Merger Between Celltrion Inc and Celltrion Pharm Is Cancelled

South Korea

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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Celltrion Inc (068270 KS)

Celltrion: Meaningful Increase in Cash and Stock Dividends

Celltrion Inc announced meaningful increase in dividends. Celltrion will pay out stock dividend of 0.05 for shareholders as of record in 2024 (up...

Douglas Kim