Celltrion二季度业绩超预期且新生物类似药拉动券商上调全年预测

Celltrion's (068270.KS) new biosimilars are rapidly expanding their share in the European market, driving this year's earnings growth, according to a securities firm analysis. In particular, annual earnings forecasts were revised upward to reflect the faster-than-expected market establishment of Omlyclo, a Xolair biosimilar, and Avtozma, an Actemra biosimilar.
According to the industry on the 28th, Celltrion posted second-quarter revenue of 1.3937 trillion won, up 45.1% from a year earlier, and operating profit of 451.8 billion won, up 86.3%. These figures far exceeded the market consensus of 1.2441 trillion won in revenue and 400.7 billion won in operating profit.
New biosimilars drove the strong performance. Omlyclo, the Xolair biosimilar that entered the European market ahead of competitors, posted revenue of 116.7 billion won in the second quarter, following 71.7 billion won in the first quarter, growing 62.7% from the previous quarter. It also secured about 21% of the European market share, with analysts saying it is rapidly expanding its dominance in a market without competing products.
Kim Min-jung, an analyst at DS Investment & Securities, said, "The launch of a 300mg high-dose product in the second half will further expand penetration into the urticaria indication," raising Omlyclo's annual revenue forecast for this year from 361.5 billion won to 455.5 billion won.
Avtozma, the Actemra biosimilar, also quickly established itself in the market within two quarters of launch. Its second-quarter revenue was 63.7 billion won, up 157.6% from the previous quarter, which analysts said secured a high market share.
DS Investment & Securities also raised its annual earnings forecast for Celltrion this year to reflect the growth of the new biosimilars. This year's revenue is projected at 5.6921 trillion won, up 36.7% from a year earlier, and operating profit at 1.9453 trillion won, up 66.5%, raising the previous estimates by 5.5% and 8.1%, respectively. "This year will be the first year that second-generation biosimilar sales grow in earnest," Kim said. "It will be a period when earnings accelerate to the next level."
However, second-quarter revenue growth for the autoimmune disease treatment Zymfentra slowed somewhat. Kim said, "This is a temporary effect from concentrated insurer rebate claims," adding, "There will be no difficulty in achieving annual revenue of 253.2 billion won." She added, "When the Ramsima IV and Zymfentra sales collaboration with Pfizer concludes in the second half, additional marketing effects can also be expected."
The analysis holds that earnings momentum will continue based on the rapid market penetration of the new biosimilars. "Strong earnings growth will continue centered on new biosimilars such as Omlyclo, Avtozma, Stoboclo and Osenvelt," Kim said. "Based on its ability to secure early market share, it is establishing itself as a global top-3 biosimilar company." She maintained a "buy" investment recommendation and a target price of 320,000 won for Celltrion.