Celltrion develops and sells biosimilars — copies of original biologic drugs — with its main products being the autoimmune therapies Remsima and Zymfentra and the cancer therapies Truxima and Herzuma, and it runs its own sales network in the United States and Europe. First-quarter 2026 consolidated revenue of ₩1.145 trillion and operating profit of ₩321.9 billion set quarterly records, and sales of high-margin newer products such as Zymfentra and Omlyclo grew 67% year over year, topping 60% of total product sales for the first time. What stands out lately is that this is an earnings-inflection phase: if new products raise their prescriptions on schedule, profit jumps sharply, so a valuation that looks high on last year's basis becomes much lower on this year's earnings. That said, the actual profit gain can vary with biosimilar price competition and the pace of new-product uptake, which is worth watching.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 17.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 36.0% higher than a year earlier.
- ROE is 6.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 28.1%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2015-12-31
Largest shareholder Celltrion Holdings 19.41% (corporate)
Controlling bloc incl. related parties 21.6%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Celltrion makes and sells "biosimilars" — drugs with the same efficacy as original biologics whose patents have already expired.
- Its main products are Remsima (an intravenous therapy for rheumatoid arthritis and inflammatory bowel disease) and Zymfentra (its subcutaneous-injection version), along with the cancer therapies Truxima and Herzuma.
- After merging with the former Celltrion Healthcare, it now has not only drug manufacturing but also its own sales network in the United States and Europe.
- The key change in its revenue mix is the newer product group.
- Sales of high-margin newer products — Zymfentra, the autoimmune therapy Omlyclo, and the bone-disease therapy Stoboclo — reached ₩581.2 billion in the first quarter of 2026, up 67% year over year, topping 60% of total product sales for the first time.
- In other words, the profit profile is shifting from low-margin early biosimilars toward high-margin newer products.
- The latest close is ₩173,100 and market capitalization is ₩40.3 trillion.
- The price sits below its 20-day line (₩173,645) and its 60-day line (₩186,288).
- Trading below both the short- and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.9, a neutral level.
- The one-month change is +3.5%, the three-month change is -10.6%, and the position versus the 52-week high is -30.3%.
- Relative strength versus the KOSPI is 25 (1-99, converting the past year's return versus the index with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 76% of all stocks by strength.
- Over the past three months it lagged the index by 31.0%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Start with the valuation metrics.
- On last year's results the P/E ratio (how many times one year's earnings the price is) is 37.26x and P/B (how many times book net assets the price is) is 2.23x.
- A P/E of 38x looks expensive on its own, but that is because last year's earnings were low in the early stage of recovery.
- On profitability, the operating margin is a high 28.1% and the net margin is 24.7%.
- ROE (how much is earned on equity in a year), however, is a low 5.98%, because earnings have only just begun to rebound and the equity base is large.
- If earnings keep growing, ROE has room to rise with them.
- The finances are solid.
- The debt-to-equity ratio is a low 29%, and it holds more cash than debt — a net-cash balance of about ₩1.1 trillion.
- On metrics that reflect debt, EV/EBIT (enterprise value divided by operating profit, a debt-adjusted equivalent of P/E) is 34x and EV/EBITDA (a multiple on a before-depreciation operating-cash basis) is 27x.
- The free-cash-flow yield (actual cash earned relative to market cap) is a still-low 0.77%, because it is spending heavily on plant expansion and new-product investment.
- Growth is distinct.
- Last year revenue rose 17% to ₩4.1625 trillion, operating profit surged 137% from ₩492.0 billion to ₩1.1685 trillion, and net profit surged 144% from ₩422.7 billion to ₩1.0296 trillion.
- Earnings were briefly depressed right after the 2023 merger, then rebounded sharply last year.
- In the first quarter of 2026 this rebound accelerated.
- Revenue rose 36% year over year, operating profit rose 115%, and net profit rose 223%.
- High-margin newer products topping half of revenue is the key driver.
- The company has set a 2026 revenue target of about ₩5.3 trillion, roughly 30% growth over the prior year.
- If the share of newer products keeps rising, this year's profit is set to grow far above last year's.
- Even if last year's P/E looks high, on this year's expected earnings the valuation drops noticeably.
- News on shareholder returns and new-product development followed one after another.
- In May 2026 the company simultaneously decided on a bonus issue (allotting 0.05 new shares per share held, about 10.92 million shares) and a treasury-share buyback (about ₩100 billion, roughly 550,000 shares).
- On top of this, in April it carried out about ₩1.8 trillion in treasury-share cancellations, and total cancellations for 2026 are expected to reach about ₩2 trillion.
- Cumulative cancellations and returns over three years exceed 8% of shares outstanding.
- On the product side, in May it applied for domestic approval of a subcutaneous-injection formulation of Herzuma (CTP6 SC), and a change to the U.S.
- Phase 3 trial plan for its Cosentyx biosimilar (CTP55) was approved.
- In short, it is a phase of aggressively returning cash earned to shareholders while at the same time broadening its new pipeline.
- The strength is the change in the profit profile.
- As the revenue mix shifts from low-margin early biosimilars toward high-margin newer products such as Zymfentra and Omlyclo, profit is growing quickly.
- Solid net-cash finances and aggressive shareholder returns such as large-scale share cancellations and a bonus issue also lend support.
- On valuation, a P/E of 38x on last year's earnings looks high, but on this year's expected earnings it drops below 30x, which is actually on the low side within the same large-cap bio peer group.
- There are cautions, too.
- The key to results is whether newer products, including Zymfentra, raise their prescriptions on schedule in the United States and Europe.
- Because biosimilars are a business where several companies compete, downward price pressure is ever-present.
- If new-product uptake is slower than expected or competition intensifies, the profit improvement could narrow.
- In sum, this is an earnings-inflection stock that is strong while new-product prescription growth continues and weaker when that pace slows.
🔎 Valuation vs peers Fairly valued
The peer group of large-cap bio, biosimilar, and bio CDMO companies.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Biologics | 34.37x | 8.23x | 23.95% |
| Hugel | 20.61x | 3.06x | 14.82% |
| Alteogen | 113.48x | 36.11x | 31.82% |
On last year's results the P/E of 38x is similar to peer Samsung Biologics (35x) and far below Alteogen (119x), but it is too early to judge on this number alone. Because last year's earnings were low in the early recovery right after the merger, the trailing P/E looks inflated. This year is a phase where newer products top 60% of revenue and profit grows sharply, so on this year's expected earnings the P/E falls below 30x. In that case, given the pace of earnings growth, it ranks on the low side within large-cap bio peers. The P/B of 2.28x is also lower than Samsung Biologics (8.47x) and Hugel (3.1x). That said, the pace of new-product uptake and biosimilar price competition remain variables, so whether the profit improvement continues on schedule is the key to the valuation call. All told, it looks burdensome on last year's metrics but is not excessive on this year's earnings — we view it as fairly valued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | approx. 53 | — | — |
Price history Close · MA20 · MA60
The latest close is ₩173,100 and the market capitalization is ₩40.3 trillion. The price sits below its 20-day moving average (₩173,645) and below its 60-day moving average (₩186,288). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.9, a neutral level. The one-month change is +3.5%, the three-month change is -10.6%, and the position relative to the 52-week high is -30.3%. Relative strength versus the KOSPI is 25 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 24% of all stocks. Over the past three months it lagged the index by 31.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -30.99% / 6M -49.56% / 12M -57.07%
Key metrics vs sector median
Valuation
The P/E of 37.26x is above the sector median (15.98x). The P/B of 2.23x is above the sector median (1.37x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 6.0%, above the sector average (3.0%). The operating margin is 28.1%. The debt ratio is 28.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.4B | $2.4B | $2.8B | +17.01% ↓ slower |
| Operating profit | $431.8M | $326.1M | $774.4M | +137.49% ↑ faster |
| Net profit | $355.0M | $280.1M | $682.4M | +143.58% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.3B | $1.5B | $1.4B | $2.4B | $2.8B |
| Operating profit | $493.2M | $428.9M | $431.8M | $326.1M | $774.4M |
| Net profit | $384.1M | $356.5M | $355.0M | $280.1M | $682.4M |
| Revenue CAGR | 4-yr avg 21.77% | ||||
Revenue rose 17.0% year over year (2023 ₩2.2 trillion → 2024 ₩3.6 trillion → 2025 ₩4.2 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 137.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 21.8%. The two-year revenue CAGR is 38.3%. In the most recent quarter (Q1 2026), revenue was 36.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 17.0% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-21DividendDecided on a bonus issue — allotting 0.05 new shares per share held (about 10.92 million shares), with new shares expected to list on June 30.A signal of stronger shareholder returns. The share count rises, but lowering the per-share price eases the burden and improves trading accessibility. Source
- 2026-05-21UpdateDecided on a treasury-share buyback — about ₩100 billion (roughly 550,000 shares), aimed at price stability and enhancing shareholder value.A direct return that reduces the share count to raise shareholder value. Together with the April cancellation, it supports the returns stance. Source
- 2026-05-28FilingApplied for domestic approval of a subcutaneous-injection formulation of Herzuma (CTP6 SC) — extending the intravenous cancer therapy to subcutaneous injection.Broadens the newer-product portfolio through formulation diversification. A pipeline that can, over the medium term, add to the newer-product share of revenue. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report — consolidated revenue ₩1.145 trillion, operating profit ₩321.9 billion, net profit ₩349.8 billion, a quarterly record.Newer-product sales rose 67% year over year, driving a profit surge. Confirms the first quarter of the earnings inflection. Source
- 2026-05-12FilingApproval of a change to the U.S. Phase 3 trial plan for the Cosentyx biosimilar (CTP55).Progress in developing the next major biosimilar. A medium-to-long-term pipeline that still needs time to commercialize. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated revenue and operating profit | revenue 1₩145.0 billion, operating profit ₩321.9 billion | revenue 1₩145.0 billion, operating profit ₩321.9 billion | Confirmed | link |
| Bonus-issue allotment ratio | - | 1 0.05, approx. 1,092 | Confirmed | link |
| 2026 revenue outlook | approx. 53 | — | Unverified | — |
| Net-cash position | approx. ₩1.1 trillion | — | Unverified | — |
Recent filings
- 2026-06-04OwnershipOwnership-change filing
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28Disclosure
- 2026-05-21TreasuryMaterial-fact report
- 2026-05-21Material-fact report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-11Paid-in capital increase (amended)
- 2026-05-11Amended filing
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.