Celltrion Posts 430bn Won Operating Profit in Q2, Beating Consensus by 7.3%

Celltrion recorded a preliminary consolidated operating profit of 430bn won in the second quarter of 2026, surpassing market consensus by 7.3%. The figure represents a 77.3% increase year on year and a 33.6% rise from the previous quarter.

Revenue for the period reached 1.3tn won, up 35.2% year on year, while the operating margin expanded to 33.1%, a gain of 7.9 percentage points compared with the same quarter a year earlier. Both metrics exceeded analyst forecasts: revenue came in 4.5% above the consensus estimate of 1.24tn won, and operating profit beat the consensus of 400.7bn won by 7.3%.

IBK Investment & Securities attributed the strong performance to growing sales of newer biosimilar products and an improving product mix. Newer treatments — including Remsima SC, used for autoimmune diseases, and Omlyclo, indicated for allergic asthma and chronic spontaneous urticaria — now account for more than 60% of total revenue. As a result, the gross margin improved to approximately 63.0%, up 6.4 percentage points from 56.6% recorded in the second quarter of 2025.

Celltrion has now exceeded its own guidance for two consecutive quarters, having posted 321.9bn won in Q1 and 430bn won in Q2, both above its stated targets. The company has guided for operating profit in the 500bn won range for the third quarter and the 600bn won range for the fourth.

Looking ahead, Celltrion plans to seek an additional indication — ulcerative colitis — for Steqeyma (its biosimilar of Stelara) in Europe in the second half of the year. Omlyclo and Aidenzelt (its biosimilar of Eylea) are also approaching launch in the United States.

IBK Investment & Securities expects the addressable biosimilar market to more than triple by 2030 relative to 2026 levels, as patent expirations on blockbuster biologics accelerate and regulatory barriers to biosimilars ease, particularly in the United States. The brokerage noted that Celltrion's established direct-sales infrastructure in both Europe and the US positions it well to capture a disproportionate share of that growth.