External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>Our target price for Celltrion is based on our 12-month forward EBITDA estimate of W1.87tr and a target EV/EBITDA of 27x.</li><li>Although we lowered our 2026 operating profit and EBITDA estimates by 10% and 7%, respectively, reflecting lower sales estimates for Zymfentra and other products, we lifted our target price to reflect a shift in our valuation base period (to 2026) and a change in the number of shares outstanding.</li><li>Over the past year, we have sharply reduced our 2025 Zymfentra sales forecast (from W1tr to W95.5bn; -90%) due to rising rebates and discounts in the US autoimmune therapy market and the drug’s slower-than-expected market penetration. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Our target price for Celltrion is based on our 12-month forward EBITDA estimate of W1.87tr and a target EV/EBITDA of 27x.Although we lowered our 2026 operating profit and EBITDA estimates by 10% and 7%, respectively, reflecting lower sales estimates for Zymfentra and other products, we lifted our target price to reflect a shift in our valuation base period (to 2026) and a change in the number of shares outstanding.Over the past year, we have sharply reduced our 2025 Zymfentra sales forecast (from W1tr to W95.5bn; -90%) due to rising rebates and discounts in the US autoimmune therapy market and the drug’s slower-than-expected market penetration. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Celltrion (068270 KS/Buy)Cost Ratio Continues to Improve

South Korea

Celltrion, Inc. produces and sells biosimilar products, as well as consignment processing services for other businesses.

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