Celltrion (068270.KS) filed an amended preliminary earnings disclosure with Korea's Financial Supervisory Service on July 27, 2026—a formal 기재정정 (material correction) updating the original consolidated income statement filed on July 3. The amendment reaffirms record second-quarter results: consolidated revenue of ₩1.3 trillion and operating profit of ₩430 billion.
TL;DR - Q2 2026 revenue ₩1.30 trillion (+35.2% YoY), operating profit ₩430 billion (+77.3% YoY) - Operating margin expanded to 33%, up 8 percentage points from 25% in Q2 2025 - Beat FnGuide consensus: revenue beat by ~₩60 billion; operating profit beat by ~₩29.3 billion - New biosimilars (Zymfentra, Steqeyma, Omlyclo, Vegzelma) now exceed 60% of total sales - 22 buy-side analysts, avg. target price ₩265,333 (+37.6% upside vs July 26 close of ₩211,500)
Part A — Disclosure and Key Figures
What Was Amended
The July 27 DART filing (rcept_no 20260727800078) carries the designation "[기재정정]연결재무제표기준영업(잠정)실적(공정공시)"—a regulatory amendment to the July 3 preliminary earnings fair disclosure (공정공시). Under Korean capital-market rules, a 기재정정 is required when any item in a previously filed voluntary disclosure needs correction or clarification, even if core profit figures remain unchanged.
The original July 3 filing was itself a record-setting announcement. The amendment does not alter the headline revenue or operating-profit figures, signaling that the corrections are confined to supporting notes, definitional footnotes, or segment-allocation methodology rather than top-line results.
Q2 2026 Key Metrics
| Metric | Q2 2026 | Q2 2025 | YoY Change |
|---|---|---|---|
| Consolidated Revenue | ₩1.30 trillion | ~₩962 billion | +35.2% |
| Operating Profit | ₩430 billion | ~₩242 billion | +77.3% |
| Operating Margin | 33% | 25% | +8 pp |
| FnGuide OP Consensus | ₩400.7 billion | — | Beat by ₩29.3B |
| Company Q2 OP Guidance | ₩400 billion | — | Exceeded |
This represents Celltrion's highest-ever second-quarter revenue and operating profit, beating the company's own ₩400 billion operating-profit guidance for the period.
New Product Mix Crosses 60% Threshold
Celltrion's portfolio of next-generation biosimilars surpassed 60% of total Q2 revenue, marking a structural inflection from the legacy Remsima IV franchise. Key product updates:
- Zymfentra (infliximab-dyyb SC): Record quarterly prescriptions in Q2; achieved 90%+ commercial payer reimbursement coverage in the United States.
- Steqeyma (ustekinumab-stba): Captured 10.2% U.S. ustekinumab market share within one year of launch.
- Omlyclo (omalizumab): 15% European market share two quarters after launch; management projects annual revenue of ₩400 billion.
- Vegzelma (bevacizumab): Approximately 30% European bevacizumab market share, including majority share in France.
- Aptozma, Yuflyma, Stoboclo-Osenvelt: Entering full-scale commercial ramp in H2 2026.
Profitability Drivers
Management attributed the 8 percentage-point margin improvement to three one-time tailwinds that are now fully absorbed: (1) merger-related integration costs from the 2023 Celltrion Healthcare consolidation have been fully expensed; (2) a high-cost legacy inventory build accumulated during the merger period has been depleted; and (3) front-loaded R&D milestone payments to originator companies are now complete. These non-recurring cost headwinds masked true underlying profitability in 2024 and early 2025.
