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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Solid long-term sales growth, strong sales momentum, and high earnings quality relative to its sector</li><li>Celltrion is one of Korea’s top exporters of biosimilars, which are highly competitive, much cheaper versions of existing drugs derived from biological rather than synthetic chemical sources</li><li>Profits at the company have been ramping up in 2017, thanks to expanding worldwide market share of Remsima, its biosimilar for treating arthritis. The healthy drug pipeline should ensure good long-term growth</li><li>Celltrion trades at 18CE* premium multiples but offer good growth prospects and a solid balance sheet</li><li>Risks: Delays in gov’t approvals for its drugs under development</li></ul><p><em>* Consensus Estimates</em></p>

Solid long-term sales growth, strong sales momentum, and high earnings quality relative to its sectorCelltrion is one of Korea’s top exporters of biosimilars, which are highly competitive, much cheaper versions of existing drugs derived from biological rather than synthetic chemical sourcesProfits at the company have been ramping up in 2017, thanks to expanding worldwide market share of Remsima, its biosimilar for treating arthritis. The healthy drug pipeline should ensure good long-term growthCelltrion trades at 18CE* premium multiples but offer good growth prospects and a solid balance sheetRisks: Delays in gov’t approvals for its drugs under development* Consensus Estimates

Celltrion (068270 KS): Korean Making Biological Drugs for the West

Celltrion Inc

Celltrion (068270 KS): Korean Making Biological Drugs for the West