April 20, 2024

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[THE INVESTOR] Celltrion will gain momentum as it enters contract manufacturing business in addition to its strong biosimilar sales, said NH Investment and Securities on May 24, maintaining a “buy” recommendation and raising the target price to 340,000 won (US$314.76). 

The market share of its biosimilar Remsima reached 80 percent in northern Europe and 45 percent in western Europe, Truxima’s market share in western Europe could also be twice that of its rival Sandoz, estimated analyst Koo Wan-seong.

The biopharmaceutical company’ revenue from Remsima was 524.8 billion won with 396.1 billion won from Truxima. Its sales will grow over the next three years at an average of 22 percent. When its manufacturing facility issues are resolved and it gets US approval in the third quarter, Celltrion will be able to win contract manufacturing order of Teva’s novel migraine drug Fremanezumab, which is expected to sell up to 700 billion won in 6 years, noted the analyst. 

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