Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024

617 Views02 Mar 2024 18:53

Boomeranged on Thu, 18 Apr 2024 14:07

Celltrion will cancel 1.1M shares (~10% of holdings) for ~KRW200B. Parallelly, the company announced buyback of 436K shares for ~KRW75B, matching the amount spent in March buyback. In January, the company retired 20.6% of its holding for KRW400B. Celltrion’s new biosimilar Zymfentra has been listed by one of the top three PBMs in US, which should propel its adoption among the insured patients.

SUMMARY

Celltrion Inc (068270 KS) has reported 12% YoY growth in its core business of biosimilars in 2023. Growth was mainly driven by new portfolios including Remsima SC and Yuflyma.
Operating profit and operating margin improved slightly YoY, led by an increase in high-margin biosimilar sales. Biosimilar products contributed 67% of total revenue in 2023, up from 57% in 2022.
The company is targeting more than 60% global sales growth to KRW3.5 trillion in 2024. Celltrion is eyeing KRW1.6 trillion EBITDA and more than 40% EBITDA margin in 2024.

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