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Celltrion: Momentum To Revive In 2H19

Summary

Celltrion’s Truxima and Herzuma received approvals from the US FDA (the US market is twice the size of the European market).

Sales and profit will likely improve in 2H19 when conditions are expected to ripe for the company to begin working with TEVA, its North American sales partner.

We now believe 4Q18 earnings missed market expectations, with sales to come in at KRW252bn (-8.1% YoY) and operating profit at KRW83.2bn (-46.1% YoY, 33% operating margin).

biotech celltrion truxima

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: Hyundai Motor Company is a passive shareholder in our bank.