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068760KOSDAQ

Celltrion Pharm

38,800
-1,300 (-3.24%)

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 Pharm was established in 2000 and is listed on the KOSDAQ market. The company is headquartered in Cheongju, Chungcheongbuk-do.

The company manufactures and distributes pharmaceuticals. It produces prescription drugs such as tablets and capsules at its facilities in Jincheon and Ochang. It also operates a prefilled syringe line for biologics and holds exclusive domestic distribution rights for biologics developed by its parent company, Celltrion.

Business overview as filed

당사는 KGMP(Korea Good Manufacturing Practice: 우수의약품 제조 및 품질관리기준), 미국 cGMP 및 유럽 EU-GMP 적격업체로 충청북도 진천과 오창에 생산시설 및 품질 관리시설을 갖추고 정제, 경질캡슐제 등의 전문의약품(전문의의 진단과 처방이 필요)을 생산하고 있습니다.

또한, 오창 생산시설 내 바이오의약품 생산을 위한 지상 3층, 연면적 2,315㎡(약 700평)규모의 PFS(Prefilled Syringe) 생산라인을 갖추고, 원료의약품(DS, Drug substancd)을 공급받아 조제부터 충전, 이물검사, 조립, 포장까지의 전공정을 수행하고 있습니다. 회사는 PFS 생산라인에 대한 미국, 유럽 등 다국적GMP인증을 획득함으로써 케미컬의약품과 바이오의약품의 글로벌 수요에 대응할 수 있는 생산능력을 갖추고 있습니다.

당사는 간장용제 '고덱스'를 포함하여 다양한 질환군을 대상으로 한 케미컬의약품 파이프라인을 보유하고 있으며 인천 송도에 위치한 글로벌생명공학연구센터 내 연구개발본부에서 복합제 개량신약 개발 등 파이프라인 확대를 위한 활동을 이어가고 있습니다.

또한, 모회사인 (주)셀트리온이 개발한 바이오의약품의 국내 독점판매권을 보유하여 자가면역질환 치료제 5개 품목(램시마, 램시마SC, 유플라이마, 스테키마, 앱토즈마),항암제 3개 품목(트룩시마, 허쥬마, 베그젤마), 기타 골 질환 치료제 스토보클로 및 오센벨트 등을 포함하여 총 12개 제품의 바이오의약품을 국내에 판매하고 있습니다.매출은 당기 누적 약 5,364억 원으로 전기 대비 약 12.3% 증가하였습니다. 간장용제고덱스 포함 케미컬의약품이 2,006억 원의 매출을 기록하며 전기 대비 약 7.8% 성장하였으며, 램시마 등 바이오의약품 매출은 약 1,306억 원을 기록, 전기 대비 약 50.8% 성장하였습니다. 이외 제품 공정개발 등에 따른 용역 매출은 약 1,243억 원을 달성하여 전기 대비 13.1% 성장하였습니다.

Company overview

1. 연결대상 종속회사 개황- 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

2. 회사의 법적ㆍ상업적 명칭당사의 명칭은 '주식회사 셀트리온제약'이라고 표기하며 영문으로는 'Celltrion Pharm, Inc.'라 표기합니다.3. 설립일자 및 존속기간당사는 2000년 11월 17일에 설립되었으며, 2006년 2월 3일 코스닥시장에 상장되어 매매가 개시되었습니다.4. 본사의 주소, 전화번호, 홈페이지 주소주 소: 충청북도 청주시 청원구 오창읍 2산단로 82전화번호: 043-717-7000홈페이지: http://www.celltrionph.com

5. 중소기업 등 해당 여부

6. 주요 사업의 내용 및 향후 추진하려는 신규사업당사는 의약품 제조 및 판매사업을 단일 사업부문으로 영위하고 있습니다. 7. 신용평가에 관한 사항해당사항 없습니다.

8. 회사의 주권상장(또는 등록ㆍ지정) 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

2.94%
[1.84%, 4.84%] · 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 49.8% (2026-07-22). 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

0.59
Beta [0.48, 0.70] · KOSDAQ150 · As of 2026-10-08
Intercept
-0.141%[-0.370%, +0.088%]
R squared
0.55
Observations
252
Trading-time corrected beta
0.60[0.44, 0.76]
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 KOSDAQ150 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

2015Consolidated basis2016Consolidated basis2017Consolidated basis2018Consolidated basis2019Consolidated basis2020Consolidated basis2021Separate basis2022Separate basis2023Separate basis2024Separate basis2025Separate basisTTMSeparate basis
RevenueKRW 100M7471,0481,3591,4691,7352,3363,9873,8603,8884,7785,3645,780
Revenue growth%—40.2529.628.1118.1334.61—-3.180.7122.9012.26—
Operating incomeKRW 100M64-1508736147236478382361372561620
Operating income growth%—-335.40—-58.83312.8260.36—-20.14-5.503.1950.69—
Net incomeKRW 100M67-211157-9486209346260213220388429
Net income growth%—-413.43—-159.74—143.42—-24.93-18.093.3076.42—
Attributable to ownersKRW 100M67-211157-9486209——————
Attributable to minoritiesKRW 100M—00000——————
Operating margin%8.53-14.326.382.438.4910.1211.999.899.287.7910.4610.73
Net margin%9.01-20.1411.57-6.394.968.978.676.725.474.607.227.42
ROE%2.85-7.635.35-3.483.076.97——————
ROA%1.44-4.773.34-2.081.833.825.424.333.313.285.105.50
Debt ratio%97.5959.7760.1667.5568.1982.3592.1568.0970.3568.6674.2073.46
Current ratio%132.77237.39169.85137.87126.63124.89127.40147.13146.32158.16165.92171.40
Quick ratio%67.21146.39117.36108.90104.4495.14102.82114.50106.04117.21122.58127.41
Reserve ratio%—————————1,846.261,932.661,892.96
Free cash flowKRW 100M—————————516703—
FCF margin%—————————10.8113.10—
OCF conversion%198.46—-64.67—323.81173.10269.39-15.5941.18257.62223.04—
Capex to revenue%—————————1.033.01—
Receivable daysdays—215.1274.3154.21.41.7—1.61.1———
Inventory daysdays—405.4308.5184.2123.5100.3—88.9115.0103.5109.9—
Payable daysdays—43.661.054.356.546.0—34.6————
Cash conversion cycledays—576.9521.7284.068.456.0—55.9————
EPSKRW332-795478-276253585948691539531892—
PERx——128.03—157.31407.86131.2296.82171.06106.7865.02—
BPSKRW—8,7418,8077,9278,2158,393——————
PBRx—2.736.958.014.8428.43——————
Dividend per shareKRW——————————200—
Payout ratio%——————————22.42—

Profit flowKRW 100M

Revenue
5,364
Cost of sales
3,726
Gross profit
1,638
SG&A expenses
888
Operating income
561
Other
189
Profit before tax
497
Non-operating expenses
64
Net income
388
Income tax expense
110

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
4,668*4,4214,7034,5244,7105,4816,3795,9976,4166,6957,594
2,3051,6541,7661,8241,9092,4753,0592,4292,6502,7253,235
2,362*2,7672,9362,7002,8003,0063,3203,5683,7673,9694,360

Income statement

20152016201720182019202020212022202320242025
7471,0481,3591,4691,7352,3363,9873,8603,8884,7785,364
64*-1508736147236478382361372561
11*-234155-6388201425305262298497
67*-211157-9486209346260213220388
Basic earnings per shareKRW332*-795*478-276253*585948*691*539*531*892
Diluted earnings per shareKRW303*-795*478-276252*583943*689*539*530*892
67*-211157-9291206342260213220388

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement67-211157-9486209346260213220388
Total adjustments to operating cash flowcomputed66-51-259237193153586-300-125346477
134*-262-102143279362932-4088566864
-678*24-10-73-345-449-163-146-42-121-575
60524366-3583236-224-302-162-187-245
Cash at beginning of periodKRW 100M36971025691108257802314197455
971025691108257802314197455499
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicable3516150544-488-117Not applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 26한영회계법인2025-12-31
2024적정의견Term 25신우회계법인2025-12-31
2023적정의견Term 24신우회계법인2025-12-31
2022적정Term 23인덕회계법인2022-12-31
2021적정Term 22인덕회계법인2022-12-31
2020적정Term 21인덕회계법인2022-12-31
2019적정Term 20인덕회계법인2019-12-31
2018적정Term 19인덕회계법인2019-12-31
2017적정Term 18회계법인리안2019-12-31
2016적정Term 17회계법인 리안2016-12-31
2015적정Term 16회계법인 리안2016-12-31
2014적정Term 15회계법인 리안2016-12-31

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.

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 5Y0.70
%
%
Cost of equity7.92%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate22.0%
Base fiscal year2025
Current priceKRW38,800

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 model3,447-91.1%
Dividend discount model DDM3,447-91.1%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE27,726-28.5%
Residual income model RIMNo book value or return on equity
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% + 0.70 × 5.00% = 7.92%

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 = g_T = 2.00%

Gordon growth model

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

P_0 = 200 × (1 + 2.00%) / (7.92% − 2.00%) = 204 / 0.0592 = 3,447 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 = 200, g_1 = 2.00%, g_T = 2.00%, r = 7.92%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.00%2040.9266189
22.00%2080.8586179
32.00%2120.7956169
42.00%2160.7373160
52.00%2210.6832151
Terminal value2.00%3,8060.68322,600
Total3,447

P_0 = 3,447 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 = 864.3 − 161.6 + 0.0 (net borrowing) = 702.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%716.70.9266664.1
22.00%731.10.8586627.7
32.00%745.70.7956593.3
42.00%760.60.7373560.8
52.00%775.80.6832530.0
Terminal value2.00%13,371.70.68329,135.3
Total12,111.2

P_0 = 12,111.2 KRW hundred million ÷ 43,681,920 (shares) = 27,726 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.

Other issues on the same market

Neighbours in the market capitalisation order.

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