In this briefing:
1. Biosimilar Battlefield: Unpacking Celltrion
Both Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) have reported preliminary 2018 results with some MD&A. As suspected, Q4’s results for both companies reflected factors beyond distributors’ destocking: retroactive price adjustments played a major role. This Insight includes updated end market sales forecasts by product. Remsima should grow in the US and decline moderately in the EU (the latter is a best-case scenario). Both Herzuma and Truxima will launch in the US this year with Truxima the largest contributor. Capacity expansion programs should keep margins under pressure near-term.
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