[E-Daily Reporter Kim Hyung-il ] NH INVESTMENT & SECURITIES forecasts that Celltrion(068270)will continue to demonstrate strong growth and profitability next year, driven by expanded sales of its new biosimilar products. Analysts suggest that, given the company’s notably stronger earnings growth compared to global competitors, its currently undervalued stock price could once again command a premium. NH INVESTMENT & SECURITIES maintained its “Buy” rating and raised its target price to 300,000 won, an 11% increase from the previous target of 270,000 won.

On the 28th, Han Seung-yeon, an analyst at NH INVESTMENT & SECURITIES, estimated Celltrion’s 2027 revenue at 6.7 trillion won—a 20% increase from the previous year. Operating profit is expected to rise 28% to 2.4 trillion won, with an operating margin of 36%.

NH INVESTMENT & SECURITIES shifted the basis for calculating the target price from this year to next year, while lowering the target multiple from 30x to 26x. Nevertheless, the firm raised the target price to reflect the outlook for earnings growth.

An analyst explained that Celltrion’s projected enterprise value-to-EBITDA (EV/EBITDA) multiple for next year is 17x, which is below the historical low of 20x and comparable to the 16x multiples of global biosimilar competitors Sandoz and Biocon. In contrast, as competitors’ revenue growth rates for next year are projected to be 5–6% and operating profit margins 10–20%, Celltrion is assessed to stand out in terms of growth potential and profitability.

Celltrion currently has 11 commercialized biosimilar products and is undergoing clinical trials and regulatory approval processes for an additional seven products. The company aims to expand its portfolio to approximately 18 commercialized products by 2030 and 41 by 2038. NH INVESTMENT & SECURITIES views the period from 2028 to 2030—when new product launches are concentrated—as the third growth phase of the biosimilar market and forecasts that the company’s performance will take a significant leap forward during this time.

Third-quarter earnings also showed growth, driven by expanding sales of new products. Celltrion’s consolidated revenue for the third quarter reached 1.5755 trillion won, a 53% increase year-over-year, while operating profit rose 74% to 525.3 billion won. The operating profit margin stood at 33%. Since the company had previously announced preliminary results, analysts assess that there are no major new variables in the earnings report itself.

In the biosimilars segment, sales from Tier 2 products—those in their second year on the market—accounted for 67% of total sales, maintaining a level similar to the previous quarter. While the flagship product Omriclo recorded sales of 132.1 billion won, Stovoclo also grew rapidly, reaching 112.2 billion won, and led the overall biosimilars performance. NH INVESTMENT & SECURITIES projected that as the share of Tier 2 products rises to 69% in the fourth quarter, structural improvements in profitability driven by an optimized product mix will continue.

In the non-biosimilar segment, contract manufacturing (CMO) revenue for Eli Lilly, produced at the U.S. plant, amounted to approximately 120 billion won. However, under current accounting practices, this CMO revenue is not reflected in operating profit for about three years. Excluding this, the third-quarter operating profit margin is estimated at approximately 36%.

One analyst highlighted Celltrion’s earnings growth potential, noting that it is separate from the recent correction in artificial intelligence (AI) value chain stocks. He stated, “Considering the product portfolio it has secured in the current biosimilar market and its future new product launch plans, the company warrants a premium compared to global competitors, and it remains an attractive investment even during this period of undervaluation resulting from being sidelined within the sector.”