Shinhan Investment Corp. has maintained its "buy" rating on Celltrion and raised its target price to 290,000 won, citing the company's entry into a phase of increased profitability driven by the growth of high-margin biosimilar products in North America.
Lee Ho-cheol, a researcher at Shinhan Investment, stated, "The U.S. launch of Omliclo (a Zolair biosimilar) in the second half of the year, the expansion of sales for Uplima (a Humira biosimilar) based on low wholesale acquisition cost (WAC), and collaboration with Pfizer on Jimpenetra (a Remicade biosimilar in SC formulation) will significantly boost new product growth."
Celltrion's consolidated revenue for the second quarter reached 1.3937 trillion won, a 45.0% increase compared to the same period last year, while operating profit rose by 86.3% to 451.8 billion won, slightly exceeding market consensus. Global sales of new products amounted to 824.9 billion won, marking a 76.0% increase year-on-year, and accounting for 65% of total biosimilar product sales.
Notably, sales of five high-revenue new products launched after 2025 surged by 368.5% compared to the previous year. Omliclo achieved a 21% market share in Europe within three quarters of its launch and is set to debut as the first Zolair biosimilar in the U.S. this fall. Uplima is expected to penetrate the U.S. market based on its low WAC.
The researcher added, "A virtuous cycle structure is beginning, where the profitability of biosimilars supports new drug development, and we anticipate continued profit growth with a portfolio of 18 biosimilars by 2030." He also noted that the topline results of two ADCs in global Phase 1 clinical trials are expected to be released early next year, highlighting the growth potential in the new drug sector.
* This article has been translated by AI.
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