Celltrion Pharm (068760) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Celltrion Pharm earns money along three lines: chemical (synthetic) drugs it makes itself (Godex capsules, Dilatrend tablets), domestic distribution of the Celltrion group's biosimilars (Remsima, Truxima), and contract development and manufacturing (CDMO) of other companies' drugs. In 2025 its biosimilar-distribution revenue rose more than 50% year on year. Preliminary first-quarter results in early May 2026 showed revenue, operating profit and net profit all up around 20%, and a June disclosure of the large business group's status confirmed its membership in the Celltrion group. The appeal is that its revenue growth is the fastest among comparable pharma peers, profit is growing faster than revenue, and it is an inflection stock whose earnings have just begun to jump, so the burden eases on this year's earnings; the cautions are that much of the growth is tied to the group's new products and distribution, leaving it dependent on prescription expansion and regulatory-approval speed, and that its own flagship drug Godex is growing slowly (+2.4%).
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Pharmaceuticals (profitable)” (Biotech & Pharmaceuticals), a type typically read first through P/E.
Established, profit-generating drugmakers earn fairly steady revenue from prescriptions and product sales, which makes their earnings reasonably predictable. That is why price-to-earnings (P/E) — the share price set against current net income — is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 12.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 17.4% higher than a year earlier.
- ROE is 9.3% (total-net basis). It is above the sector average.
- Operating margin is 10.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2022-12-31
Largest shareholder Celltrion 54.85% (corporate)
Controlling bloc incl. related parties 54.91%
With the controlling bloc holding 55%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Celltrion Pharm earns money along three lines. First are the chemical (synthetic) drugs it makes itself: the liver drug Godex capsules brought in about ₩68.4 billion in 2025 and the hypertension drug Dilatrend tablets about ₩57.4 billion, forming the pillar of this segment. Second is distribution of the Celltrion group's biosimilars (copies of original biologic drugs): it sells products such as Remsima and Truxima in the domestic market, and revenue from this segment rose more than 50% year on year in 2025. Third is contract development and manufacturing (CDMO/CMO), developing and producing other companies' drugs on their behalf. In other words, it is a mix of its own branded drugs, distribution of affiliate products, and contract manufacturing.
The latest close is ₩43,450 and the market capitalization is ₩1.9 trillion. The price sits above its 20-day moving average (₩40,035) and above its 60-day moving average (₩43,242). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.9, a neutral level. The one-month change is +4.2%, the three-month change is -20.6%, and the position relative to the 52-week high is -42.6%. Relative strength versus the KOSDAQ is 51 (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 51% of all stocks. Over the past three months it outpaced the index by 18.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation metrics print high. The P/E ratio (how many times one year's profit the share price represents) is 49.79x and the P/B (how many times book equity the share price represents) is 4.44x. That P/E, however, is based on last year's earnings just before profit surged, so it looks more expensive than it is. Profitability is improving: the operating margin (operating profit as a share of revenue) is 10.5% and ROE (the annual return on equity) is 8.9%. The balance sheet is stable. The debt ratio (borrowings against equity) is 174%, but the interest coverage ratio (capacity to cover interest with operating profit) of 8.4x comfortably carries the interest burden. EV/EBIT (enterprise value including debt divided by operating profit, a debt-adjusted counterpart to the P/E) is 34x, and the FCF yield (actual cash earned relative to market cap) is 3.8%. Net debt (total borrowings minus cash) is about ₩111.4 billion, a manageable level.
Growth has picked up speed. 2025 revenue was ₩536.4 billion, up 12.3% year on year. More important is profit. Operating profit jumped 50.7% to ₩56.1 billion and net profit 76.4% to ₩38.8 billion, both record highs. The fact that profit jumped 50-76% while the top line grew 12% means the cost structure improved. It is the result of the center of gravity shifting from low-margin distribution to higher-margin new products and value-added items. The first quarter of 2026 continued the growth, with revenue of ₩132.1 billion (+17.4%), operating profit of ₩12.9 billion (+20.2%) and net profit of ₩8.8 billion (+20.4%). Last year's profit surge owed much to an inflection effect as margins stepped up a level. This year the base is higher, so the growth rate moderates, but double-digit profit growth itself is being maintained. Extending this trajectory, this year's net profit is projected at around ₩46.0 billion, up roughly 20% from last year. On this basis, the P/E attached to the stock falls from 47x to below 40x.
The disclosures back up the growth narrative. Preliminary first-quarter results in early May confirmed that revenue, operating profit and net profit all rose around 20%. The mid-May quarterly report formalized the detailed financials. In early June, a large business group status disclosure confirmed membership in the Celltrion group. This group membership matters for the business structure in that it underpins the volumes for biosimilar distribution and contract manufacturing.
The strengths to watch are clear. Revenue growth is the fastest among comparable pharma peers, and profit is growing much faster than revenue. The balance sheet is also stable with ample interest coverage. The trailing P/E of 47x on last year's basis looks expensive, but as an inflection stock whose earnings have just begun to jump, the burden eases when viewed on this year's earnings. There are cautions too. Much of the growth is tied to the Celltrion group's new products and distribution, so results hinge on prescription expansion and regulatory-approval speed for the group's products. Its own flagship drug Godex is growing slowly (+2.4%), so the growth engine is concentrated on the new-product side. In short, it is strong if new-product revenue expansion and margin improvement continue, and weaker if the group's product momentum slows or regulatory delays arise.
🔎 Valuation vs peers Fairly valued
The peer set is domestic pharma companies that both sell their own chemical drugs and distribute biologics. Hanmi Pharmaceutical and Yuhan are diversified pharma companies with a large share of their own novel drugs and prescription drugs, while Daewoong Pharmaceutical is similar in scale but its P/E is set much lower recently due to a one-off gain, so it is used only for reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanmi Pharmaceutical | 29.54x | 3.85x | 13.54% |
| Yuhan Corporation | 31.93x | 2.71x | 9.06% |
| Daewoong Pharmaceutical | 7.57x | 1.45x | 19.65% |
The trailing P/E of 47x is higher than peers Hanmi (33x) and Yuhan (29x), so on the surface it is a premium. That P/E, however, is based on last year's earnings just before profit surged, making it an overstated multiple. Reflecting this year's earnings trajectory, the P/E falls below 40x, greatly narrowing the gap with Hanmi. Given that its revenue growth is the fastest among peers and its profit is growing faster too, the premium has some grounds. On the other hand, much of the growth is tied to the group's products and distribution, so if that momentum stalls the premium becomes hard to justify. Weighing both sides, the current price falls in a fair range that is neither clearly too expensive nor plainly cheap.
Price history Close · MA20 · MA60
The latest close is ₩43,450 and the market capitalization is ₩1.9 trillion. The price sits above its 20-day moving average (₩40,035) and above its 60-day moving average (₩43,242). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.9, a neutral level. The one-month change is +4.2%, the three-month change is -20.6%, and the position relative to the 52-week high is -42.6%. Relative strength versus the KOSDAQ is 51 (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 51% of all stocks. Over the past three months it outpaced the index by 18.4%. 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 +18.39% / 6M -13.60% / 12M -19.78%
Key metrics Computed vs sector median
Valuation
The P/E of 49.79x is above the sector median (15.02x). The P/B of 4.44x is above the sector median (1.10x).
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.201x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 9.3%, above the sector average (1.0%). The operating margin is 10.5%. The debt ratio is 76.8%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $273.1M | $335.7M | $376.8M | +12.26% ↓ slower |
| Operating profit | $25.3M | $26.1M | $39.4M | +50.69% ↑ faster |
| Net profit | $14.9M | $15.4M | $27.2M | +76.42% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $280.1M | $271.2M | $273.1M | $335.7M | $376.8M |
| Operating profit | $33.6M | $26.8M | $25.3M | $26.1M | $39.4M |
| Net profit | $24.3M | $18.2M | $14.9M | $15.4M | $27.2M |
| Revenue CAGR | 4-yr avg 7.70% | ||||
Revenue rose 12.3% year over year (2023 ₩388.8 billion → 2024 ₩477.8 billion → 2025 ₩536.4 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 50.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.7%. The two-year revenue CAGR is 17.5%. In the most recent quarter (Q1 2026), revenue was 17.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 12.3% 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
- 2026-05-06EarningsPreliminary first-quarter 2026 results. Revenue, operating profit and net profit each rose in the 17-20% range year on year, continuing the growth trend.Short term: confirmation of continued growth eases downside risk to results. Medium term: reaffirms the trend of new-product-led revenue expansion and margin improvement. Source
- 2026-05-15FilingFiling of the first-quarter 2026 report. Detailed financial statements and revenue composition by segment are officially confirmed.Short term: confirms the detailed figures behind the preliminary results. Medium term: provides grounds to check the segment-level trends in chemicals, biologics distribution and contract manufacturing. Source
- 2026-06-01FilingDisclosure of large business group status. Membership as a Celltrion group affiliate is confirmed on a regular basis.Short term: limited impact. Medium term: underpins the business-structure background of being tied to group biosimilar distribution and contract-manufacturing volume. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-06EarningsFair-disclosure notice
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
📖 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.