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Panorama of Celltrion headquarters. (Photo=Celltrion) |
[Alpha Biz= Reporter Kim Minyoung] Daishin Securities raised Celltrion's target stock price from 200,000 won to 240,000 won. Analysts say that the value of subscription will increase as its market share of biosimilars (Gimpentra and U-Flaima) that will be released in the U.S. will expand from this year and new products are scheduled to be released from next year.
"Celltrion earnings are expected to be upper and lower this year," Daishin Securities said. "The expansion of market share in the U.S. market will accelerate as Jimpentra, which was expected to be confirmed in the second half of the year, was listed early on a large prescription benefit management company (PBM) on the 8th."
"U-Flyma, which was launched in the U.S. last year, has been registered as one of the top three U.S. PBMs," Daishin Securities said. "We need to pay attention to the remaining large PBMs in the third quarter, and the new products Zoleabs (first half) and Stellabs (first half) are scheduled to be approved in Europe in the second half of this year."
Celltrion's consolidated sales in the first quarter of this year are 745.4 billion won, up 24% from the previous year, its operating profit is 7.5 billion won, down 95%, and its operating profit ratio (OPM) is 1%, which is expected to meet the consensus (average market forecast). In the first half of the year, operating profit is expected to decrease as copyright-related intangible asset amortization costs (PPA) incurred after the merger are reflected by KRW 70 billion on a quarterly basis. From the second half of the year, profitability is expected to improve significantly as PPA amortization costs will be reduced to 7 billion won on a quarterly basis and sales cost ratio will be lowered compared to the first half.
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
