Celltrion (068270) Investor presentation summary

Business profile and financial performance

• Founded in 2002; business spans biosimilars, novel drugs and CDMO, with 2,901 employees at year-end 2024.

• 2024 consolidated revenue was KRW 3.557tn, up 64% YoY; operating income was KRW 492bn and net income KRW 418.9bn.

• Revenue growth in 2024 reflected vertical integration following the merger, effective Dec. 28, 2023.

Governance and shareholder returns

• Board committees are composed entirely of outside directors; the board includes eight outside directors and two female outside directors.

• Received an A in the 2024 KCGS ESG ratings and was included in the 2024 DJSI World Index; achieved 11 of 15 key governance indicators.

• Average shareholder return rate was 78% over 2022–2024; treasury-share repurchases and cancellations totaled ~KRW 2.7tn over the three years.

• Targeting a 40% average shareholder return for 2025–2027, combining cash dividends and treasury-share cancellation, with additional return options including repurchases and tax-free dividends.

• Dividend policy targets 30% of EBITDA less capex over the mid-to-long term; KRW 620bn in tax-free dividend funding is subject to approval of a capital reduction proposal at the 34th AGM.

Growth and profitability plans

• Targets KRW 5tn revenue in 2025 and 30%+ CAGR by 2027; the 2027 ROE target is above 7%.

• Five new biosimilars received approval: SteQeyma, Stoboclo/Osenvelt, Avtozma, Eydenzelt and Omlyclo; marketed products are expected to reach 11 in 2025 and 22+ by 2030.

• 2024 biosimilar revenue reached KRW 1.5tn in Europe and KRW 1tn in the US; plans include portfolio bundling, direct sales and emerging-market expansion.

• Plans to submit INDs for 13 novel-drug pipelines by 2028 and commercialize 22 products by 2030, using specialized antibody technology and differentiated dosing strategies.

• Profitability actions include reducing the COGS ratio toward the 20% range by 2027, higher-titer products, Plant 3 capacity expansion and lower merger-related sales-rights amortization by KRW 114.2bn.