[Click e Stocks] "Celltrion Healthcare, Continued Poor Performance... Target Price Down"

[Asia Economy Reporter Song Hwajeong] On the 15th, KTB Investment & Securities downgraded the annual earnings forecast for Celltrion Healthcare due to continued poor performance and lowered the target stock price from 130,000 KRW to 100,000 KRW. The investment opinion was maintained as 'Buy.'

Researcher Lee Jisoo of KTB Investment & Securities explained, "Despite a significant increase in sales of Inflectra due to its listing by U.S. private insurers, an earnings shock was recorded due to adjustments in supply volume and pricing of Truxima, absence of sales from Uplyma and Reciro-na injection, and slow performance growth of Remsima SC. However, since Inflectra's steady sales continue and sales growth of Uplyma and Remsima SC is expected from next year with the activation of the European market and expansion of direct sales, the investment opinion remains a buy."

Celltrion Healthcare recorded consolidated sales of 409.1 billion KRW and operating profit of 22 billion KRW in the third quarter of this year. These figures represent decreases of 11.7% and 82.8%, respectively, compared to the same period last year. Due to the price decline of Truxima in the U.S., variable fees decreased, and the supply volume of Truxima declined as partner companies shortened their inventory holding periods. Truxima sales amounted to 69.4 billion KRW due to price (P) decline and quantity (Q) reduction. Inflectra grew sharply by 79% quarter-on-quarter due to its preferred drug listing by U.S. private insurers. The researcher said, "The decrease in sales volume caused by inventory adjustments of Truxima in the U.S. negatively affected third-quarter performance. Uplyma's European bidding is planned for the end of the year, and with continued sales growth of Inflectra and the possibility of securing a high quantity (Q) due to Truxima's price reduction, fourth-quarter sales are estimated at 498.3 billion KRW, down 32.7% year-on-year."

Performance improvement is expected from next year. The researcher forecasted, "The future stock price direction depends on the performance growth of Remsima SC and Uplyma. Sales growth will accelerate next year with the expansion of direct sales and scheduled European bidding."

This content was produced with the assistance of AI translation services.