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JONBUR Research · Initiation

Celltrion Pharm · 068760 · Biotech & Pharma

Celltrion Pharm: Steady Profit Growth, Shares Down 28.8% Over a Year, Model Estimate Below Price

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Celltrion Pharm's trailing revenue reached ₩578.0B with an operating margin of 10.7% as of H1 2026, while the share price closed at ₩38,300, down 28.8% over one year. The valuation model's base estimate of ₩21,706 per share sits below the current price, and several data points such as investor flows are not available.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a growing business with improving profitability: revenue rose from ₩386.0B in 2022 to ₩536.4B in 2025, and operating margin recovered from 7.8% in 2024 to 10.5% in 2025 and 10.7% on a trailing basis. Return on equity improved to 9.8%.

The share price has fallen 28.8% over one year and sits near the 52-week low of ₩37,000 (high ₩78,300). The trailing P/E of 38.5 and P/B of 3.5 are above Celltrion's 24.5 and 2.2 but below several other listed biotech peers. The model estimate is below the market price. Investor flows, foreign ownership, short balance and recent news are not available in the data, so the reasons for the share price decline cannot be assessed from this dataset.

Business overview

Celltrion Pharm is a KOSDAQ-listed company in the Biotech & Pharma sector, founded on 2000-11-17 and listed on 2006-02-03, with 41,603,587 listed shares. Market capitalisation is about ₩1.6T and enterprise value about ₩1.7T. The CEO is listed as 유영호. Revenue was ₩398.7B in 2021, dipped to ₩386.0B in 2022, and grew to ₩536.4B in 2025. The data does not describe products or segments.

Financial analysis

All figures come from filed financial statements (DART). Trailing revenue to H1 2026 was ₩578.0B, operating income ₩62.0B and net income ₩41.4B, giving an operating margin of 10.7% and a net margin of 7.2%. ROE was 9.8%.

Annual revenue growth was 22.9% in 2024 and 12.3% in 2025. Operating income was ₩56.1B in 2025 versus ₩37.2B in 2024, and net income ₩38.8B versus ₩22.0B. Operating margin was 12.0% in 2021 and 9.9% in 2022, so current margins are below the 2021 level.

The balance sheet shows liabilities to equity of 73.5%, cash of ₩51.7B and borrowings of ₩142.0B. Free cash flow was ₩49.6B on a trailing basis. Dividend yield is not available.

Valuation

The stock trades at a P/E of 38.5, P/B of 3.5 and P/S of 2.8; EV/EBITDA is not available. At the end of 2025 the P/E was 62.3 and P/B 5.5, so multiples are lower than then. Year-end multiples for earlier years are not available.

Among peers, Samsung Biologics has a P/E of 43.1 and P/B of 10.2, Celltrion 24.5 and 2.2, Alteogen 63.9 and 23.0, Hanmi Pharm 28.0 and 4.3, and HLB a P/B of 16.9 with no P/E.

The valuation model (5-year discounted cash flow, rate 5.7%, based on TTM to H1 2026) gives a model estimate based on the assumptions shown of ₩21,706 per share in the base case, ₩9,372 bear and ₩46,512 bull. The price of ₩38,300 is above the base case and within the bear-to-bull range. This is not a target or a reason to buy or sell.

Catalysts

  • The half-year report filed 2026-08-14 and preliminary earnings on 2026-08-04 showed the latest trailing results that now underpin the valuation.
  • A forward business and management plan was disclosed through a fair disclosure filing on 2026-07-02, though its contents are not in the data.
  • The next quarterly report and preliminary earnings would show whether the 10.7% operating margin holds.
  • Insider shareholding reports and a 5%+ holding report were filed in April 2026, though details are not available.
  • The share price is close to its 52-week low of ₩37,000, so any change in investor flows could matter, but flow data is not available.

Risks

  • The share price has fallen 28.8% over one year and 4.8% over three months, showing weak market sentiment.
  • The base-case model estimate of ₩21,706 is well below the current price, so the market is pricing in more than the model's assumptions.
  • Borrowings of ₩142.0B are almost three times cash of ₩51.7B, and liabilities to equity stand at 73.5%.
  • Operating margin of 10.7% remains below the 12.0% seen in 2021, and 2022 revenue declined 3.2%.
  • Data on investor flows, foreign ownership, short balance and news is not available, which limits visibility into what is driving the share price.

Closing view

The filings show a company with growing revenue, recovering margins and positive free cash flow, set against a sharp one-year share price decline and a model estimate below the current price. Multiples have eased from year-end 2025 but remain above Celltrion's and are mixed against other peers. With flows and news not available, the evidence is incomplete, and the numbers point to solid operating progress alongside a valuation that depends heavily on the growth assumptions used.

Model estimate of fair value

Bear
₩9,372
-74%
Base
₩21,706
-41%
Bull
₩46,512
+27%

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

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 5.7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Celltrion Pharm: Steady Profit Growth, Shares Down 28.8% Over a Year, Model Estimate Below Price

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information