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KREDKRED
068270KOSPI

Celltrion

179,600
-3,900 (-2.13%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Celltrion is a biotechnology company established in 1991 and headquartered in Incheon. It is listed on the KOSPI market.

The company develops and commercializes medicines for autoimmune diseases and oncology. Its main products include biosimilars and new antibody drugs. It operates production facilities in Korea and the United States and distributes its products globally through direct sales channels.

Business overview as filed

당사는 생명공학기술을 기반으로 자가면역질환, 종양 등 질병의 치료에 사용되는 의약품을 개발 및 상업화하는 것을 주요 목적 사업으로 하는 글로벌 생명공학기업입니다. 당사는 세계 최초의 항체 바이오시밀러인 램시마(CT-P13)를 시작으로 현재까지 11개 바이오시밀러 제품에 대한 글로벌 품목 허가를 획득하였으며, 당사의 제품은 유럽과 미국을 포함한 전 세계 각국에서 판매되고 있습니다. 유럽 시장에서의 견고한 시장 지배력과 미국 시장에서의 가파른 성장세를 바탕으로, 2025년 기준 매출액 4조 1,625억 원, 영업이익 1조 1,685억 원을 기록하며 지속적인 성장을 이어가고 있습니다.

당사는 시장성과 성장성이 있는 후속 바이오시밀러 파이프라인을 확보하기 위한 노력을 지속하는 한편, 항체 바이오 신약을 개발하기 위한 연구개발 활동도 지속하고 있습니다. 2023년에는 세계 최초의 인플릭시맙(Infliximab) 피하주사 제형인 짐펜트라(CT-P13 SC)의 미국 FDA 신약 허가를 획득하며 글로벌 신약 시장에 본격 진출하였습니다. 당사는 향후에도 자체 R&D 역량과 글로벌 바이오텍과의 전략적 파트너십을 통해 항체-약물 결합체(ADC), 다중 항체 등 차세대 모달리티(New Modality)의 연구개발을 지속하여 치료 저변을 확대해 나갈 예정입니다.

당사는 원료의약품(DS)부터 완제의약품(DP)까지 생산 가능한 25만 리터 규모의 국내 생산설비와 미국 브랜치버그 소재의 원료의약품 6.6만 리터 규모의 생산설비를 보유하고 있습니다. 브랜치버그 공장은 2025년 12월 인수를 완료하였으며, 미국 시장 공급을 위한 셀트리온 제품 글로벌 생산 거점으로 활용됨과 동시에 타사 CMO 제품 위탁 생산을 위한 제조소로 운영되고 있습니다.

당사는 2023년 12월 ㈜셀트리온헬스케어와의 합병을 통해 개발, 생산, 판매가 결합된 통합 법인 체제를 완성하였습니다. 이를 통해 글로벌 시장에서의 가격 경쟁력을 확보하고 직접 판매망을 통한 시장 지배력을 강화하고 있습니다. 유럽 시장은 2020년 램시마를 시작으로 2022년 하반기 전 제품의 직접판매 전환을 완료하였으며, 2023년에는 세계 최대 의약품 시장인 미국에서의 판매 구조 역시 직접판매 체제로 전환하였습니다. 이러한 유통 구조의 내재화는 당사의 우수한 제품 경쟁력과 현지 상업화 노하우를 결합하여 수익성을 극대화하고, 글로벌 바이오 의약품 시장 내 독보적 경쟁 우위를 확보하는 핵심 동력이 될 것입니다.

Company overview

가. 연결대상 종속회사 개황

- 연결대상 종속회사 현황(요약)

- 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 '주식회사 셀트리온'이라고 표기합니다. 또한 영문으로는 'Celltrion, Inc.'라 표기합니다.

다. 설립일자

당사는 1991년 2월 27일에 설립되었으며, 2005년 7월 19일자로 상장되어 코스닥시장에서 매매가 개시되었습니다. 이후, 2017년 9월 29일 임시주주총회 결의에 의거하여 유가증권시장으로 이전을 결정하였으며, 2018년 2월 9일자로 유가증권시장으로 이전을 완료하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지

(1) 주소 : 인천광역시 연수구 아카데미로 23(2) 전화번호 : 1661-8722(3) 홈페이지 : http://www.celltrion.com

마. 중소기업 등 해당 여부

바. 주요사업의 내용 및 향후 추진하고자 하는 사업

당사는 생명공학기술을 기반으로 자가면역질환, 종양 등 질병의 치료에 사용되는 의약품을 개발 및 상업화하는 것을 주요 목적 사업으로 하는 글로벌 생명공학기업입니다. 당사는 세계 최초의 항체 바이오시밀러인 램시마(CT-P13)를 시작으로 현재까지 11개 바이오시밀러 제품에 대한 글로벌 품목 허가를 획득하였으며, 당사의 제품은 유럽과 미국을 포함한 전 세계 각국에서 판매되고 있습니다. 당사는 시장성과 성장성이 있는 후속 바이오시밀러 파이프라인을 확보하기 위한 노력을 지속하는 한편, 항체 바이오 신약을 개발하기 위한 연구개발 활동도 지속하고 있습니다. 당사는 향후에도 자체 R&D 역량과 글로벌 바이오텍과의 전략적 파트너십을 통해 항체-약물 결합체(ADC), 다중 항체 등 차세대 모달리티(New Modality)의 연구개발을 지속하여 치료 저변을 확대해 나갈 예정입니다.

사. 신용평가에 관한 사항

- 신용평가 내역

- 신용평가기관의 평가등급체계(1) 나이스신용평가

(2) 한국기업평가

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

2.00%
[0.98%, 4.24%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 32.7% (2026-06-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.27
Beta [0.10, 0.45] · KOSPI200 · As of 2026-10-08
Intercept
-0.034%[-0.329%, +0.260%]
R squared
0.15
Observations
252
Trading-time corrected beta
0.24[0.03, 0.45]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M6,0346,7069,4919,82111,28518,49119,11622,84021,76435,57341,62548,978
Revenue growth%—11.1341.533.4814.9163.863.3819.48-4.7163.4517.01—
Operating incomeKRW 100M2,5902,2124,9963,2313,8157,1867,5696,4726,5154,92011,68515,502
Operating income growth%—-14.56125.81-35.3218.0788.345.33-14.490.66-24.48137.49—
Net incomeKRW 100M1,5831,4943,7772,3753,0145,2575,9585,4265,3974,18910,31515,810
Net income growth%—-5.60152.80-37.1326.9474.4013.33-8.93-0.53-22.39146.25—
Attributable to ownersKRW 100M1,5411,5903,6822,4583,0105,1785,7955,3785,3564,22710,29615,761
Attributable to minoritiesKRW 100M42-9595-834791634741—1949
Operating margin%42.9132.9952.6432.9033.8138.8639.5928.3429.9313.8328.0731.65
Net margin%26.2322.2839.8024.1826.7128.4331.1723.7624.8011.7824.7832.28
ROE%9.098.1616.109.8810.9115.6514.7912.993.152.425.988.80
ROA%5.765.1811.476.787.8110.4710.509.212.711.994.626.67
Debt ratio%51.8539.9336.6634.9834.3546.4640.0937.8416.3019.7728.7131.33
Current ratio%164.75203.24261.69245.44271.61238.13253.99226.40202.76175.21139.32136.42
Quick ratio%129.64175.22229.34221.41224.95201.76206.23178.7779.6588.4276.3878.91
Reserve ratio%1,459.741,540.491,769.761,933.932,142.852,435.192,821.963,081.058,504.928,411.177,769.496,994.09
Free cash flowKRW 100M————————3,2717,6685,378—
FCF margin%————————15.0321.5612.92—
OCF conversion%49.01154.01128.66153.61157.2466.72152.940.1699.53215.3062.63—
Capex to revenue%————————9.653.802.60—
Receivable daysdays—386.6305.1304.0262.3204.0——————
Inventory daysdays—263.8269.1153.4173.2153.5218.0174.2593.6565.1599.5—
Payable daysdays—17.230.717.723.417.026.019.1————
Cash conversion cycledays—633.3543.5439.8412.1340.5——————
EPSKRW1,4091,3713,0151,9712,3693,8734,2443,8943,7592,0484,6686,777
PERx—78.3473.33112.8976.4092.6946.6541.2253.6091.5538.7725.57
BPSKRW—16,70318,64819,82021,50724,50228,39729,398115,98680,33674,50876,983
PBRx—6.4311.8611.238.4214.656.975.461.742.332.432.25
Dividend per shareKRW——————750375500750750—
Payout ratio%——————17.679.6313.3036.6216.07—

Consolidated basis

Profit flowKRW 100M

Revenue
41,625
Gross profit
24,670
Cost of sales
16,955
SG&A expenses
12,986
Operating income
11,685
Profit before tax
11,537
Non-operating expenses
148
Net income
10,315
Income tax expense
1,222

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
27,482*28,83832,94135,03138,59650,20156,74158,917199,175*210,552223,349
9,3848,2308,8369,0789,86715,92516,23716,17427,917*34,75249,824
18,098*20,60924,10525,95328,72934,27640,50442,742171,258175,801173,525

Income statement

20152016201720182019202020212022202320242025
6,0346,7069,4919,82111,28518,49119,116*22,84021,76435,57341,625
2,590*2,2124,9963,2313,8157,1867,569*6,4726,5154,92011,685
1,631*1,9744,8313,0163,8206,5727,513*6,2626,7115,76111,537
1,583*1,4943,7772,3753,0145,2575,9585,4265,3974,18910,315
Basic earnings per shareKRW1,409*1,371*3,015*1,971*2,369*3,873*4,244*3,894*3,7592,048*4,668
Diluted earnings per shareKRW1,403*1,363*2,998*1,954*2,357*3,853*4,224*3,888*3,7532,045*4,660
Not applicableNot applicable3,7992,3952,9475,2896,1505,6645,4359,2537,788

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,5831,4943,7772,3753,0145,2575,9585,4265,3974,18910,315
Total adjustments to operating cash flowcomputed-8078071,0831,2731,726-1,7503,154-5,417-254,830-3,854
776*2,3014,8603,6484,7403,5079,11295,3729,0196,461
-1,669*-1,417-2,336-1,758-2,514-4,720-3,558-2,971-1,389-1,694-8,604
1,304287-963-1,981-8592,660-693-3,502-3,851-3,5303,393
Cash at beginning of periodKRW 100M1,0881,4992,6844,1924,1055,4616,84311,8835,5125,6469,964
1,4992,6844,1924,1055,4616,84311,8835,5125,6469,96411,192
Net change in cash and cash equivalentsKRW 100M4111,1711,561-921,3661,4484,861-6,4641323,7941,250

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 35삼일회계법인2025-12-31
2024적정의견Term 34삼일회계법인2025-12-31
2023적정의견Term 33삼일회계법인2025-12-31
2022적정Term 32한영회계법인2022-12-31
2021적정Term 31한영회계법인2022-12-31
2020적정Term 30한영회계법인2022-12-31
2019적정Term 29한영회계법인2019-12-31
2018적정Term 28한영회계법인2019-12-31
2017적정Term 27한영회계법인2019-12-31
2016적정Term 26한영회계법인2016-12-31
적정Term 25한영회계법인2016-12-31
적정Term 24삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.42
%
%
Cost of equity6.51%
Weighted average cost of capital—
Initial growth5.0%
Effective tax rate10.6%
Base fiscal year2025
Current priceKRW179,600

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model16,152-91.0%
Dividend discount model DDM17,327-90.4%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE53,799-70.0%
Residual income model RIM61,732-65.6%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.42 × 5.00% = 6.51%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(5.98% × (1 − 16.07%), 0) = 5.02%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 750 × (1 + 2.00%) / (6.51% − 2.00%) = 765 / 0.0451 = 16,946 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 750, g_1 = 5.02%, g_T = 2.00%, r = 6.51%

YearGrowthDividend KRWDiscount factorPresent value KRW
15.02%7880.9388739
24.27%8210.8814724
33.51%8500.8275703
42.76%8740.7769679
52.00%8910.7294650
Terminal value2.00%20,1310.729414,683
Total18,179

P_0 = 18,179 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 74,508 KRW, ROE = 5.98%, payout ratio = 16.07%, r = 6.51%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
174,5084,4584,854-3960.9388-372
278,2504,6825,098-4160.8814-366
382,1794,9175,354-4370.8275-361
486,3065,1645,622-4590.7769-356
590,6415,4235,905-4820.7294-351
Terminal value-10,8810.7294-7,936

P_0 = 74,508 + -1,807 + -7,936 = 64,765 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 6,460.5 − 1,082.2 + 0.0 (net borrowing) = 5,378.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.02%5,648.40.93885,302.9
24.27%5,889.30.88145,191.0
33.51%6,096.10.82755,044.6
42.76%6,264.10.77694,866.6
52.00%6,389.40.72944,660.3
Terminal value2.00%144,361.40.7294105,295.1
Total130,360.4

P_0 = 130,360.4 KRW hundred million ÷ 230,960,969 (shares) = 56,443 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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