Celltrion (068270) investor relations material

Executive summary

• Revenue grew 36% year-over-year in Q1 2026 to KRW 1,145.0bn, driven by rapid uptake of five new product launches and strong growth in high-margin young products.

• Operating profit more than doubled year-over-year to KRW 321.9bn, with margin improvement attributed to a favorable sales mix and normalization of merger-related impacts.

• Maintains robust market presence in Europe and rapid expansion in the US, supported by direct sales channels and integration of development, production, and sales functions.

• Expanded production capacity with new facilities and completed acquisition of a US-based manufacturing site to strengthen supply chain and CDMO business.

• High-margin young biologics products accounted for 60% of total revenue, with expectations to reach 70% for FY2026.

Financial highlights

• Q1 2026 sales: KRW 1,145.0bn (+36% YoY, -13.9% QoQ); Biologics: KRW 974.2bn (+26.9% YoY); Non-biologics: KRW 170.8bn (+129.9% YoY).

• Operating profit: KRW 321.9bn (+115.5% YoY, -32.3% QoQ); OP margin: 28.1% (+10.4%p YoY).

• Net profit: KRW 350bn (30.6% margin), up from KRW 108bn (12.9% margin) in Q1 2025.

• Gross profit margin improved to 59.9% in Q1 2026 from 52.6% in Q1 2025.

• R&D expenses: KRW 122.37bn, 10.69% of sales.

Outlook and guidance

• Sustained profitability improvement expected from further penetration of new launches, geographic expansion, and production process optimization.

• Quarterly operating profit growth anticipated, driven by high-margin product expansion and normalized U.S. plant operations.

• 2026 full-year revenue target: KRW 5.3 trillion, with quarterly operating income targets rising from KRW 3,000 billion in Q1 to KRW 6,000 billion in Q4.

• Ongoing expansion of CDMO business and new product launches expected to drive further growth.

• Additional margin upside expected from raw material localization and economies of scale.