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The Korea Herald
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THE INVESTOR
March 28, 2024

Stocks & Bonds

[EQUITIES] ‘Celltrion Healthcare struggles in Q2’

  • PUBLISHED :August 30, 2018 - 10:45
  • UPDATED :August 30, 2018 - 10:45
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[THE INVESTOR] Celltrion Healthcare’s sales in the second quarter were slow and profits deteriorated, said Mirae Asset Daewoo on Aug. 30, lowering the target price to 110,000 won (US$99.03) from 120,000 won.




Revenue in the period fell 19.9 percent on-year to 183.8 billion won and operating profit dropped 66.7 percent to 15.2 billion won, missing market expectations. It failed to sell biosimilar Inflectra in the US and in accordance with new audit standards, and sales of Remsima has been reflected conservatively. Profitability was weakened as price of Remsima in Europe was lowered while sales of Herzuma with higher purchase price and personnel costs from building direct sales network increased, said analyst Kim Tae-heui.

Earnings will return to normal in the latter half, however, since Truxima and Herzuma are selling better in Europe than Remsima did in the initial stages, and are expected to expand market share in the US. The two drugs are expected to gain approval in the US within this year. As also Remsima’s subcutaneous injection formula in Europe in the fourth quarter having completed the third phase clinical trials, the analyst said maintaining a “buy” recommendation. 

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

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