bullish
Celltrion (068270 KS): 1Q24 Result- Sales Hit Quarterly High; Profit Sinks on Merger Effect
380 Views10 May 2024 14:47
SUMMARY
- Celltrion Inc (068270 KS) posted revenue of KRW700B+ in 1Q24, thanks to increasing demand for Remsima in Europe. The market share of Remsima is approaching 80–90% in select European countries.
- 1Q24 profit setback is temporary as COGS ratio is expected to improve rapidly starting from 2Q24 as the inventory is digested, leading to sequentially improved profit margins in coming quarters.
- With the successful U.S. launch of Zymfentra and continued solid uptake of the existing products, the company is well-positioned to meet its 2024 revenue target of KRW3.5T (+60% YoY).
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Tina Banerjee
Global Healthcare Analyst
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