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March 28, 2024

[EQUITIES] ‘Celltrion to gain as biosimilars blossom’

PUBLISHED : March 22, 2018 - 10:50

UPDATED : March 22, 2018 - 10:50

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[THE INVESTOR] Celltrion will maintain stable earnings as the leader of biosimilar market which will grow in earnest as original drugs’ patents expire, said Shinhan Investment on March 22, initiating its coverage with a “buy” recommendation and 400,000 won (US$375.09) target price.




As many as 28 original drugs’ patent will end by 2022 and armed with price competitiveness the biosimilar market will expand to be worth US$41.7 billion by then, said analysts Lee Eun-saem and Bae Gi-dal.

Up to 64 biosimilars will be granted approval in the US and Europe by the time but with growing number of competitors, price competition will become fierce and the effect of being the first mover will diminish, noted the analysts. 

Celltrion has been pioneering the field, obtaining approval for Remsima in the largest markets Europe and the US, and will roll out Herzuma in Europe this year followed by Truxima and Herzuma in the US next year, according to them. 

Its revenue this year will hike 24.7 percent over the year to 1.18 trillion won and operating profit by 24.3 percent to 648.9 billion won, estimated the analysts adding that it will maintain over 50 percent operating profit ratio. 

By Hwang You-mee (glamazon@heraldcorp.com)

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