In today’s briefing:
- Initial Thoughts on the Ecopro Materials IPO
- Celltrion (068270 KS): Disappointing 4Q22 Result; No Immediate Respite Is Seen
Initial Thoughts on the Ecopro Materials IPO
- Ecopro Materials, an affiliate of Ecopro, is getting ready to complete its IPO in 2H 2023. Ecopro Co has a 52.8% stake in Ecopro Materials.
- Ecopro Materials’ core products are lithium cell core materials called precursors, which are used as part of the rechargeable batteries.
- The expected market value of Ecopro Materials is about 3 trillion won to 4 trillion won (US$2.3 billion to US$3.0 billion).
Celltrion (068270 KS): Disappointing 4Q22 Result; No Immediate Respite Is Seen
- Celltrion Inc (068270 KS) reported Q4 results, with revenue, operating profit, and net profit declined YoY and QoQ. Absence of COVID-related products dragged revenue, while non-recurring expenses impacted margins.
- Pricing pressure in biosimilar products and elevated R&D expenses are negatively impacting bottom line. With pipeline progress and upcoming product launches, R&D expenses are expected to remain elevated.
- Celltrion expects to launch Humira biosimilar in the US in July 2023. This year, 8 players are expected to launch Humira biosimilar.
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