Celltrion (068270 KS): Record High Revenue and Operating Profit in 3Q23 Solidify Merger Stance

954 Views11 Nov 2023 15:07

Boomeranged on Fri, 29 Dec 2023 14:00

Celltrion Board approved the merger with Celltrion Healthcare. The scheduled date of listing of the new shares is January 12. The merged entity will be placed among the top 10 in KOSPI in terms of market capitalization. The merged entity targets revenue of KRW12 trillion ($9 billion) by 2030. Celltrion's product portfolio is expected to expand to 22 biosimilar products by 2030 from six now.

SUMMARY

In 3Q23, Celltrion Inc (068270 KS) reported revenue and operating profit of KRW672B (+4% YoY) and KRW268B (+25% YoY), respectively, driven by broad-based growth across biosimilar portfolio and CMO revenue.
Operating profit margin is approaching 40% level, highest level in last two years, driven primarily by sales growth around high margin products. Net profit jumped 33% YoY to KRW221B.
In Oct’23, Celltrion received FDA approval for Zympentra, which is Celltrion's first product approved as a new drug in the U.S., and is expected to receive patent protection until 2040.

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