Celltrion Q3 2026 Preliminary Results: Revenue ₩1.5T, Operating Income ₩510.0B

What happened

On 2026-10-12 Celltrion filed preliminary consolidated results for Q3 2026 (July 1 to September 30). The filing says the figures are provisional and may differ from final numbers.

Revenue was ₩1.5T (₩1,500B), up 7.6% from ₩1.39T in Q2 2026 (₩1,393.7B) and up 45.8% from ₩1.03T (₩1,029.0B) in Q3 2025.

Operating income was ₩510.0B, up 12.9% from ₩451.8B in Q2 and up 69.2% from ₩301.4B a year earlier. That implies a Q3 operating margin of about 34.0% (our calculation from the filed figures).

For January to September 2026, revenue was ₩4.0T (₩4,038.7B), up 42.6% from ₩2.8T (₩2,832.3B). Operating income was ₩1.3T (₩1,283.7B), up 85.2% from ₩693.3B.

Pre-tax profit, net income and net income attributable to owners are shown as blank in the excerpt, so they are not available.

What it changes for the thesis

The previous report found a clear earnings recovery but said durability was unsettled, and noted that the preliminary results were not in the data. They now are, and they point the same way: a Q3 margin of about 34.0% is above the 31.7% trailing margin to H1 2026 and above the 28.1% for 2025.

Sequential growth in both revenue and operating income, and a nine-month operating income of ₩1.3T already above the full-year 2025 figure of ₩1.2T, support the recovery thesis. One quarter does not settle durability, though. Margins have swung from 39.6% in 2021 to 13.8% in 2024, and the filing gives no breakdown of drivers or any net income figure. The balance sheet and cash flow points from the earlier report are unchanged, as no new data on them is provided.

What it changes for the valuation

Our model fair value range is ₩54,314 (bear), ₩66,537 (base) and ₩83,329 (bull) per share, based on free cash flow of ₩709.2B, net cash of ₩1.1T, 15% growth and a 9% discount rate, as of H1 2026. The previous report had no model value, so there is no earlier range to compare. The model has not yet absorbed the Q3 figures.

The share price was ₩180,400 on 2026-10-12, above the top of our model fair value range. The model is a simple one and not a target. It rests on H1 2026 cash flow and does not capture the stronger Q3 run-rate. Current multiples are P/E 25.5, P/B 2.2 and P/S 8.2, a little lower than the P/E of 26.4 cited before.

Closing view

The preliminary Q3 results strengthen the evidence of an earnings recovery, with higher revenue and a margin of about 34.0%. They do not answer how durable the margins are, and the missing net income figure limits what can be said about profit. Our model fair value range sits well below the market price, which suggests the market is pricing in stronger growth or cash flow than the model assumes. The gap should be read as a difference in assumptions, not a verdict, until final results and updated cash flow data are available.

Model estimate of fair value

Bear

₩54,314

-71%

Base

₩66,537

-65%

Bull

₩83,329

-56%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

A simple 5-year discounted cash flow from filed statements (H1 2026): revenue growth 15% fading to 2%, discount rate 9%. Per share, not a price target. See and change the assumptions

Filings and data used

• Preliminary earnings (consolidated)Oct 12, 2026
• Share buyback decisionSep 29, 2026
• Major management matter relevant to investorsSep 23, 2026
• 5%+ holding reportSep 23, 2026
• Major management matter relevant to investorsSep 21, 2026
• Share cancellation decisionSep 16, 2026
• Report on Treasury Stock Acquisition ResultsSep 16, 2026
• Major management matter relevant to investorsSep 7, 2026
• Major management matter relevant to investorsSep 7, 2026
• 수시공시의무관련사항(공정공시)Aug 31, 2026
• Share buyback decisionAug 31, 2026
• 5%+ holding reportAug 28, 2026
• NH Investment & Securities: "Celltrion offers both defensive appeal and growth potential"Oct 13, 2026
• Daily prices up to 2026-10-12
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of H1 2026

Report history

1. Oct 13, 2026Update noteEarningsCelltrion Q3 2026 Preliminary Results: Revenue ₩1.5T, Operating Income ₩510.0B
2. Oct 13, 2026InitiationCelltrion: Profit Recovery Reflected in Trailing Numbers, Shares Below 52-Week High