Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> announced 1Q25 result, with revenue and operating profit decreasing 21% and 24%, QoQ, respectively. Net profit more than halved in 1Q25 compared with 4Q24.</li>
<li>Sequential improvement in gross profit margin is one key positive highlight of 1Q25 result. Higher contribution of new products aided gross profit margin. This trend is expected to continue.</li>
<li>Celltrion reaffirmed 2025 revenue guidance of KRW5T. Revenue is expected to be moderate in 1H25 and strong in the 2H25. Profitability improvement will be slower than expected earlier.</li>
</ul>



Celltrion Inc (068270 KS) announced 1Q25 result, with revenue and operating profit decreasing 21% and 24%, QoQ, respectively. Net profit more than halved in 1Q25 compared with 4Q24.
Sequential improvement in gross profit margin is one key positive highlight of 1Q25 result. Higher contribution of new products aided gross profit margin. This trend is expected to continue.
Celltrion reaffirmed 2025 revenue guidance of KRW5T. Revenue is expected to be moderate in 1H25 and strong in the 2H25. Profitability improvement will be slower than expected earlier.


Celltrion Inc (068270 KS): Sequentially Weak 1Q25 Result; Momentum to Accelerate in 2H

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in March and April 2025.</li>
<li>There were 40 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.</li>
<li>Astute traders should put alert signals on share buyback announcements in Korea with more than 3% outstanding shares. </li>
</ul>


In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in March and April 2025.
There were 40 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.
Astute traders should put alert signals on share buyback announcements in Korea with more than 3% outstanding shares. 


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (March and April 2025)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jun 13th. The aggregated holding was USD583.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,005mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace, Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 13th. The aggregated holding was USD583.2bn.
We estimate that foreign flows to be inflows of USD3,005mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace, Hyundai Motor.


KRX Foreign Holding Weekly (Jun 13th): SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace

Thematic (Sector/Industry)

<ul>
<li>CSPC entered research collaboration with AstraZeneca for oral small molecule drug discovery utilizing CSPC’s AI-driven drug discovery platform. Wuxi Biologics kicked off construction of new microbial manufacturing site in China.</li>
<li>Samsung Biologics signed a CDMO contract worth more than KRW100B (~$73M) with an unnamed European pharmaceutical company. Daiichi Sankyo initiates Phase 3 trial of Enhertu in first-line breast cancer.</li>
<li>SanBio has completed filing a partial change application of marketing approval of Akuugo. Cochlear introduces Nucleus Nexa system, the world’s first and only smart cochlear implant system.</li>
</ul>


CSPC entered research collaboration with AstraZeneca for oral small molecule drug discovery utilizing CSPC’s AI-driven drug discovery platform. Wuxi Biologics kicked off construction of new microbial manufacturing site in China.
Samsung Biologics signed a CDMO contract worth more than KRW100B (~$73M) with an unnamed European pharmaceutical company. Daiichi Sankyo initiates Phase 3 trial of Enhertu in first-line breast cancer.
SanBio has completed filing a partial change application of marketing approval of Akuugo. Cochlear introduces Nucleus Nexa system, the world’s first and only smart cochlear implant system.


APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> achieved 178% YoY and 21% QoQ revenue growth to KRW1,064B in 4Q24, driven by rapid growth of new products such as Remsima SC, Yuflyma, and Steqeyma.</li>
<li>Celltrion guided for 2025 revenue of KRW5.0T, up 43% YoY. Celltrion is targeting COGS ratio in 20%s by 4Q25. Operating profit margin is expected to recover to 30%s in 2025.  </li>
<li>New launches, COGS improvement, and cost efficiency will drive 2025 growth. This year, Celltrion received European approval for four biosimilars and three biosimilars are under regulatory review in the U.S.</li>
</ul>



Celltrion Inc (068270 KS) achieved 178% YoY and 21% QoQ revenue growth to KRW1,064B in 4Q24, driven by rapid growth of new products such as Remsima SC, Yuflyma, and Steqeyma.
Celltrion guided for 2025 revenue of KRW5.0T, up 43% YoY. Celltrion is targeting COGS ratio in 20%s by 4Q25. Operating profit margin is expected to recover to 30%s in 2025.  
New launches, COGS improvement, and cost efficiency will drive 2025 growth. This year, Celltrion received European approval for four biosimilars and three biosimilars are under regulatory review in the U.S.


Celltrion (068270 KS): Record High Sales in 4Q; Sequentially Weaker Profit; Solid Outlook for 2025

South Korea

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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Celltrion Inc (068270 KS)