Celltrion (068270) Investor presentation summary

Financial performance and outlook

• 1Q25 consolidated sales were KRW 841.9bn, up 14.2% YoY; biologics sales rose 17.9% to KRW 767.6bn, while non-biologics sales fell 13.4% to KRW 74.3bn.

• 1Q25 operating profit was KRW 149.4bn, up 870.1% YoY, with an 17.7% margin versus 2.1% in 1Q24; improvement reflected completed merger-related sales-rights amortization and better inventory and sales mix.

• Young products generated KRW 347.2bn in 1Q25, up 62% YoY, and represented 45% of biologics sales; their expected share of FY25 revenue is over 60%.

• FY25 sales forecast is KRW 5tn, up 40%+ YoY; 1H sales are expected to be moderate and 2H strong, led by young products and new launches.

• High-cost inventory declined from 80% post-merger to 30% in 1Q25; COGS ratio is projected in the high-20% to low-30% range by 4Q25, supported by inventory depletion and full-scale production.

Global commercial update

• Remsima SC reached 25% market share in EU5 in 4Q24, with prescription growth also reported in non-EU5 markets; US Zymfentra prescriptions were rising steadily.

• Global Yuflyma sales increased 1.8x YoY, supported by country-specific EU strategies and a dual-WAC strategy in the US.

• Vegzelma global sales grew 1.7x YoY, with leading market share in Europe and prescription growth in North America.

• Steqeyma launched in the US in March 2025 at a low WAC 85% below the originator price, secured a preferred listing at Costco’s PBM, and gained inclusion in a top-three US PBM formulary in April.

Development and production strategy

• Biosimilar pipeline updates included Avtozma approvals in the US and EU, and Eydenzelt, Omlyclo, Stoboclo and Osenvelt approvals across major markets; CT-P53, a Keytruda biosimilar, was in Phase 3 clinical trials.

• Novel-drug programs include ADC candidates CT-P70, CT-P71 and CT-P73, plus multispecific antibody candidates CT-P72, NBD04 and NBD05; IND submissions are forecast across 2025–2028.

• Celltrion BioSolutions is planned as a wholly owned CDMO subsidiary; plant construction is scheduled to begin in 2025, with commercial CMO production and revenue generation targeted from 2028.

• Planned services span CDO and CMO, including customized development support and manufacturing for modalities such as ADCs, multispecific antibodies, mRNA, microbiome and oral formulations.