Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p style="text-align: justify;">Our initial post on Celltrion focused on the fundamental risk of whether the company could meet the market's high expectations for its first biosimilar product Remsima (copy of Johnson &amp; Johnson's Remicade.) Recently, an anonymous research group called Ghost Raven published a critical report (attached) on the company alleging accounting fraud. We do not endorse the report or its conclusions, but do think it asks good questions about the company's structure; relationship with related entities…</p>

Our initial post on Celltrion focused on the fundamental risk of whether the company could meet the market's high expectations for its first biosimilar product Remsima (copy of Johnson &amp; Johnson's Remicade.) Recently, an anonymous research group called Ghost Raven published a critical report (attached) on the company alleging accounting fraud. We do not endorse the report or its conclusions, but do think it asks good questions about the company's structure; relationship with related entities…

Celltrion Inc

Serious Questions to Consider