Celltrion (068270) Investor presentation summary

Financial performance and cost outlook

• 2Q25 sales KRW 961.5bn, +9.9% YoY; biologics sales KRW 882.8bn, +14.1%, while non-biologics sales fell 21.8%.

• 2Q25 operating profit KRW 242.5bn, +234.5% YoY, with 25.2% operating margin versus 8.3%; young products rose to 53% of sales from 30%.

• 1H25 sales KRW 1,803bn, +11.8% YoY; operating profit KRW 392bn, +345.5%, and operating margin 21.7% versus 5.5%.

• COGS ratio was 43% in 2Q25, with a low-30% range forecast for 4Q25; drivers include product mix, depleted high-cost inventory, in-house production and lower R&D amortization.

Portfolio growth and launches

• Young biologics sales reached KRW 468bn in 2Q25, +101% YoY and 53% of sales; contribution expected to exceed 60% for FY25.

• 2Q25 sales grew 1.7x YoY for Yuflyma and 2.0x for Vegzelma; Steqeyma quarterly sales reached KRW 35bn within six months of launch.

• Remsima SC reached 27% EU5 market share in 1Q25; Zymfentra U.S. prescriptions continued to rise.

• Five new launches planned by end-2025, including Omlyclo, Eydenzelt, Stoboclo/Osenvelt and Avtozma; addressable market forecast to expand from $55bn in 2024 to $103bn in 2025.

Development and production strategy

• Phase 3 biosimilar programs include CT-P55, a COSENTYX biosimilar, and CT-P51 and CT-P44, biosimilars of KEYTRUDA and DARZALEX, respectively.

• Novel pipeline spans ADCs and multispecific antibodies; IND submissions are scheduled from 2025 through 2028, including CT-P70, CT-P71, CT-P72 and CT-P73.

• U.S. tariff plan includes maintaining 2+ years of product inventory, expanding CMO capacity and pursuing acquisition of a U.S. drug-substance manufacturing facility; designated preferred negotiating party in July 2025.

• Potential acquired-site capacity could reach 1.5x Songdo Plant 2; plans include a five-year exclusive manufacturing contract for the target's products and local production of key products.