Celltrion

Celltrion Inc. is a South Korean biopharmaceutical company specializing in the research, development, manufacture, and commercialization of biosimilars and innovative biologic medicines, with a focus on monoclonal antibodies for treating conditions such as autoimmune diseases, oncology, and infectious diseases.^[1] Founded in February 2002 and headquartered in Incheon, South Korea, Celltrion has grown into one of the world's largest biosimilar manufacturers, with annual revenues reaching 3.56 trillion KRW in 2024 and operating production facilities with a total capacity of 250,000 liters.^[2][3][4] The company pioneered the global biosimilars market by launching Remsima (infliximab), the world's first monoclonal antibody biosimilar, which received approval from the European Medicines Agency (EMA) in 2013, the U.S. Food and Drug Administration (FDA) in 2016, and the Korean Ministry of Food and Drug Safety (MFDS) in 2012, marking a significant advancement in affordable biologic therapies.^[2] Celltrion's portfolio has since expanded to include other key biosimilars such as Truxima (rituximab, approved by EMA in 2017 and FDA in 2018), Herzuma (trastuzumab, approved by EMA in 2018 and FDA in 2018), Yuflyma (adalimumab, approved by EMA in 2021 and FDA in 2023), and Vegzelma (bevacizumab, approved by EMA and FDA in 2022), with products now approved in approximately 100 countries and biosimilar sales accounting for about 87% of its revenue.^[2][3] Celltrion invests approximately 20% of its revenue in research and development, with about 30% of its workforce dedicated to R&D, around 33% of employees holding advanced degrees, and maintains cGMP-certified facilities approved by the FDA and EMA since 2007 and 2015, respectively, enabling high-efficiency production.^[1] Its global footprint includes subsidiaries like Celltrion USA (established 2018) and operations across Europe, Asia, and the Americas, supporting one-stop solutions from clinical trials to commercialization; in 2025, it acquired a biopharmaceutical manufacturing facility in New Jersey from Eli Lilly and Co. for US$330 million.^[5] In recent years, the company has diversified through mergers, such as the 2023 integration of Celltrion Healthcare, and strategic acquisitions, including Takeda's primary care assets in 2020, while continuing to develop novel therapies like Regkirona (regdanvimab) for COVID-19, approved by the EMA in 2021.^[2][6]

History

Founding and early development

Celltrion was founded in February 2002 by Seo Jung-jin in Incheon, South Korea, as a biopharmaceutical startup specializing in the development of biosimilars. The company emerged from a joint venture involving Korean investors, including Nexol Co., Ltd., and the U.S.-based VaxGen, Inc., which provided expertise in CHO cell-based monoclonal antibody production. Headquartered in Yeonsu-gu, Incheon, Celltrion aimed to address the growing demand for affordable biologic alternatives through innovative manufacturing and research.^[2][7][8] The precursor to Celltrion's marketing arm was Nexol, Inc., established in 1999 as a global business management consulting firm by Seo and former colleagues from Daewoo Motors. Nexol evolved to support biopharmaceutical ventures and later rebranded as Celltrion Healthcare Co., Ltd. in 2009, focusing on the commercialization and distribution of Celltrion's products. In its early years, Celltrion prioritized operations as a contract manufacturing organization (CMO), securing key agreements such as a supply deal with Bristol-Myers Squibb in 2005 to produce biologics. The company also invested heavily in R&D for monoclonal antibodies, completing its first 50,000-liter production plant in 2005 and obtaining U.S. FDA cGMP approval for the facility in 2007.^[9][10][11] A pivotal early achievement came in 2008 when Celltrion, through its IPO on the Korea Exchange, raised capital to fuel expansion and established a global distribution agreement with Nexol (later Celltrion Healthcare) to market its biosimilars worldwide. This partnership laid the groundwork for international outreach, enabling distribution channels in regions like North America and Europe by 2009. Building on these foundations, Celltrion advanced its product development, culminating in the July 2012 approval by the Korean Ministry of Food and Drug Safety (MFDS) for Remsima, its biosimilar version of infliximab, marking the first such monoclonal antibody biosimilar approved in Korea.^[12][11][13]

Major milestones and expansions

Celltrion achieved a significant breakthrough in 2013 when the European Medicines Agency (EMA) granted marketing authorization for Remsima (infliximab), marking it as the world's first biosimilar monoclonal antibody approved for treating autoimmune diseases such as rheumatoid arthritis and inflammatory bowel disease.^[14] This approval, issued on September 10, 2013, alongside the similar product Inflectra, demonstrated the feasibility of biosimilar development for complex biologics and paved the way for broader market access to affordable treatments.^[14] In October 2023, the U.S. Food and Drug Administration (FDA) approved Zymfentra (infliximab-dyyb), a subcutaneous formulation of Celltrion's infliximab biosimilar, for maintenance therapy in adult patients with moderately to severely active ulcerative colitis or Crohn's disease who responded to intravenous induction therapy.^[15] This marked the first FDA approval for a subcutaneous infliximab product, offering greater convenience for patients by reducing the need for clinic visits.^[16] Celltrion completed a major internal merger on December 28, 2023, integrating Celltrion Inc. with its subsidiary Celltrion Healthcare to streamline manufacturing, marketing, and global operations for enhanced efficiency in the biosimilars market.^[17] The merger, approved by shareholders in October 2023, aimed to consolidate resources and boost competitiveness amid growing global demand.^[18] In 2024, Celltrion expanded its Southeast Asian footprint by establishing a local subsidiary, Celltrion Vietnam Corporation, on September 30, to facilitate regulatory approvals and distribution of key biosimilars like Remsima and Herzuma in the region's burgeoning biopharmaceutical market.^[19] Later that year, on October 22, the company secured a $72.8 million contract development and manufacturing organization (CDMO) agreement with Teva Pharmaceuticals for the production of Ajovy (fremanezumab), a migraine treatment, underscoring its growing role in biologics contract services.^[20] Celltrion further strengthened its European presence in November 2024 by acquiring iQone Healthcare Switzerland, a specialty pharmaceutical distributor, for approximately $21.3 million, with the deal closing in the fourth quarter to enhance distribution networks for its biosimilars across key markets.^[21] In September 2025, Celltrion signed an agreement to acquire Eli Lilly's manufacturing facility in Branchburg, New Jersey, for $330 million, aiming to bolster its North American production capacity and support contract manufacturing partnerships.^[22] The acquisition, completed by November 2025 following regulatory approvals, includes an ongoing CMO contract with Lilly to ensure immediate revenue generation and mitigate supply chain risks in the U.S.^[23]

Business operations

Research and development

Celltrion's research and development efforts emphasize the creation of biosimilars and novel biologics, building on over two decades of investment in monoclonal antibody platforms since the company's founding in 2002.^[24] As a pioneer in the biosimilar industry, Celltrion has focused on developing high-quality alternatives to originator biologics, particularly in immunology and oncology, while expanding into innovative therapeutics to address unmet medical needs.^[25] This long-term commitment has enabled the company to launch the world's first monoclonal antibody biosimilar and establish a robust pipeline of next-generation biologics.^[26] Key technologies developed by Celltrion include the CT-P13 platform, which underpins its infliximab biosimilars such as Remsima and Inflectra, demonstrating comparable efficacy and safety to the reference product in rheumatoid arthritis and other indications.^[27] The company has also advanced subcutaneous formulations to improve patient convenience and treatment adherence; for instance, CT-P13 SC represents the first subcutaneous infliximab approved in multiple regions, supported by Phase III data showing sustained remission in inflammatory bowel disease patients.^[28] These innovations in delivery systems, including high-concentration formulations, facilitate easier administration outside clinical settings.^[29] Celltrion collaborates with global partners to conduct clinical trials, including Phase III studies in oncology and immunology. For example, partnerships with companies like Kaigene and MustBio support the development of novel antibodies for autoimmune diseases and multispecific immunotherapies, respectively, through joint R&D agreements that leverage combined expertise in preclinical and clinical phases.^[30][31] These collaborations have facilitated large-scale trials, such as the Phase III study for its tocilizumab biosimilar Avtozma, which confirmed efficacy in rheumatoid arthritis.^[32] The company invests heavily in emerging drug platforms, including antibody-drug conjugates (ADCs) and bispecific antibodies, with plans to submit investigational new drug applications for 13 novel candidates by 2028—nine ADCs and four multispecific antibodies targeting solid tumors and immune disorders.^[25] This strategic shift builds on in-house antibody engineering and external licensing deals, such as the preclinical tetravalent bispecific antibody CT-P72/ABP-102 developed with Abpro for HER2-positive cancers.^[33] Celltrion operates its primary R&D center in Incheon, South Korea, with additional global facilities supporting international research activities, and allocates approximately 20% of its annual revenue to research and development, funding advancements in biologics and platform technologies.^[24][34] A notable outcome of these efforts is the October 2025 U.S. FDA designation of interchangeability for Celltrion's denosumab biosimilars, Stoboclo and Osenvelt, allowing substitution for Prolia and Xgeva in osteoporosis and bone metastasis treatments based on Phase III evidence of equivalent pharmacokinetics and efficacy.^[35]

Manufacturing and global facilities

Celltrion's headquarters and primary manufacturing operations are based in Incheon, South Korea, where the company maintains multiple Good Manufacturing Practice (GMP)-certified plants dedicated to biologics production.^[36][37] These facilities, located in the Songdo International Business District, support large-scale production of monoclonal antibodies, including biosimilar fill-finish operations, with a total bioreactor capacity of 250,000 liters across three main plants: Plant 1 (100,000 liters), Plant 2 (90,000 liters), and Plant 3 (60,000 liters). The sites hold certifications from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for current GMP compliance, achieving a production success rate exceeding 99%. In February 2025, Celltrion received approval to construct a new drug product manufacturing plant in Songdo, aimed at advancing bioprocessing capabilities and increasing overall capacity to meet global demand.^[37][38] To enhance its Asia-Pacific supply chain, Celltrion established a local subsidiary in Vietnam in 2024, enabling improved distribution and market penetration for its biologics portfolio in the region; in August 2025, the company launched key biosimilars including trastuzumab (Herzuma) and infliximab (Remsima) in Vietnam.^[19][39][40] In a strategic move to localize production and address potential U.S. tariff risks, Celltrion completed the acquisition of Eli Lilly and Company's biopharmaceutical manufacturing facility in Branchburg, New Jersey, on November 11, 2025, for approximately $330 million. This 45,000-square-meter campus represents the company's first U.S.-based biologics plant, with existing FDA approvals facilitating a swift integration into operations and plans for further investments exceeding $500 million to expand capacity.^[41][22][42] Beyond internal production, Celltrion offers contract development and manufacturing organization (CDMO) services to partners like Teva Pharmaceuticals, prioritizing stringent quality control and scalable processes for biologics. A notable example is the October 2024 agreement with Teva worth $72.8 million for the development and manufacturing of a migraine treatment.^[43][44][45]

Products and pipeline

Approved biosimilars

Celltrion's approved biosimilars represent a significant portion of its portfolio, focusing on high-impact biologic therapies for autoimmune diseases, oncology, and ophthalmology. These products have gained regulatory approvals across major markets, demonstrating comparable efficacy, safety, and immunogenicity to their reference biologics through rigorous clinical studies. By 2025, the company has secured approvals for multiple biosimilars, contributing to expanded patient access and cost savings in treatment regimens. Remsima/Inflectra (infliximab-dyyb) is Celltrion's flagship biosimilar to Janssen's Remicade, approved in South Korea in 2012 by the Ministry of Food and Drug Safety, by the European Medicines Agency (EMA) in September 2013 under the name Remsima, and by the U.S. Food and Drug Administration (FDA) in April 2016 as Inflectra.^[46][47] It is indicated for the treatment of rheumatoid arthritis, Crohn's disease, and ulcerative colitis, among other inflammatory conditions, administered via intravenous infusion. Herzuma (trastuzumab-pkrb), a biosimilar to Roche's Herceptin, received FDA approval in December 2018. It targets HER2-positive metastatic breast cancer and gastric cancer, offering an alternative for patients requiring targeted monoclonal antibody therapy. Truxima (rituximab-abbs), referencing Roche's Rituxan, was approved by the EMA in February 2017 and by the FDA in November 2018. This biosimilar is used for non-Hodgkin lymphoma and rheumatoid arthritis, providing options for B-cell depletion in oncology and autoimmune settings. Vegzelma (bevacizumab-adcd), a biosimilar to Roche/Genentech's Avastin, received FDA approval in September 2022. It is indicated for metastatic colorectal cancer, non-squamous non-small cell lung cancer, glioblastoma, renal cell carcinoma, cervical cancer, and epithelial ovarian/fallopian tube/primary peritoneal cancer, administered via intravenous infusion.^[48] Yuflyma (adalimumab-aaty), a high-concentration, citrate-free biosimilar to AbbVie's Humira, earned FDA approval in May 2023. It addresses autoimmune diseases including plaque psoriasis and ankylosing spondylitis, with subcutaneous administration for improved patient convenience. Zymfentra (infliximab-dyyb SC) is a subcutaneous formulation of infliximab-dyyb, approved by the FDA in October 2023 specifically for maintenance therapy in adults with moderately to severely active Crohn's disease and ulcerative colitis. This innovation allows for at-home self-administration following induction with intravenous infliximab, enhancing treatment adherence in inflammatory bowel disease management. Steqeyma (ustekinumab-stba), biosimilar to Janssen's Stelara, was approved by the FDA in December 2024, with an additional 45 mg/0.5 mL single-dose vial formulation for pediatric use approved in June 2025.^[49] Indications include moderate-to-severe plaque psoriasis and active psoriatic arthritis in both adults and children aged 6 years and older. Avtozma (tocilizumab-anoh), a biosimilar to Genentech's Actemra, received FDA approval in January 2025 for intravenous and subcutaneous formulations. It is indicated for rheumatoid arthritis, giant cell arteritis, systemic juvenile idiopathic arthritis, and cytokine release syndrome associated with CAR T-cell therapy, among other conditions.^[50] Omlyclo (omalizumab-igec), a biosimilar to Novartis/Genentech's Xolair with interchangeability designation, was approved by the FDA in March 2025. It is indicated for moderate-to-severe persistent asthma, chronic rhinosinusitis with nasal polyposis, chronic spontaneous urticaria, and IgE-mediated food allergy, administered subcutaneously.^[51] Stoboclo (denosumab-bmwo) and Osenvelt (denosumab-bmwo), biosimilars referencing Amgen's Prolia and Xgeva, respectively, were approved by the FDA on February 28, 2025, with interchangeability designation granted on October 30, 2025. Stoboclo is indicated for increasing bone mass in postmenopausal women with osteoporosis at high risk for fracture and in men with osteoporosis; Osenvelt for prevention of skeletal-related events in patients with multiple myeloma and bone metastases from solid tumors. Both are administered subcutaneously.^[52][53] EYDENZELT (aflibercept-boav), referencing Regeneron/Bayer's Eylea, received FDA approval in October 2025 as the company's first ophthalmic biosimilar. It is indicated for wet age-related macular degeneration, diabetic macular edema, and other retinal vascular conditions, administered via intravitreal injection to inhibit vascular endothelial growth factor.^[54] By November 2025, Celltrion has achieved 12 FDA-approved biosimilars, establishing global sales leadership in categories such as infliximab and rituximab biosimilars, driven by strong market penetration in Europe and the U.S.^[55][56] These products have facilitated broader access to affordable biologics, with notable uptake in high-volume indications like rheumatoid arthritis and oncology.

Development pipeline

Celltrion's development pipeline encompasses over 20 candidates as of 2025, spanning biosimilars and novel biologics primarily in immunology, oncology, and endocrinology, with a growing emphasis on innovative modalities such as antibody-drug conjugates (ADCs) and multispecific antibodies.^[57][58] Following the 2023 merger of Celltrion with its affiliate Celltrion Healthcare, the company has shifted strategically toward novel biologics, allocating merged resources for large-scale investments in new drug development to diversify beyond biosimilars and enhance long-term growth.^[17] This evolution includes plans to submit 13 investigational new drug (IND) applications by 2028, focusing on nine ADCs and four multispecific antibodies to address unmet needs in these therapeutic areas.^[58] Celltrion is also co-developing next-generation VEGF-targeted therapies, such as a triple fusion immunotherapy combining PD-1, VEGF, and IL-2v targets, through a partnership with MustBio announced in 2025.^[31] In the novel pipeline, Celltrion is advancing bispecific antibodies for oncology and autoimmune diseases, currently in early clinical or preclinical stages. For oncology, CT-P72 (in collaboration with Abpro) is a tetravalent HER2×CD3 bispecific T-cell engager targeting solid tumors like breast and gastric cancer, with preclinical data presented at SITC 2025 and Phase I trials planned for 2026.^[33] In autoimmune indications, recent licensing deals include two preclinical bispecific or multispecific antibodies from Kaigene, valued at up to $744 million, aimed at inflammatory conditions with IND submissions targeted for 2026–2028.^[59] These efforts build on Celltrion's biosimilar expertise, such as the recently approved tocilizumab biosimilar CT-P47 (Avtozma®), which completed Phase III for rheumatoid arthritis and received FDA approval in early 2025, to inform novel bispecific designs.^[60]

Corporate structure

Governance and leadership

Celltrion's governance is led by its founder and honorary chairman, Seo Jung-jin, who established the company in 2002 and has guided its growth into a global biopharmaceutical leader.^[61] As of April 2025, Seo is ranked among South Korea's wealthiest individuals, with a net worth of approximately US$6.3 billion, placing him fourth on Forbes' list of Korea's 50 Richest.^[62] In recognition of his entrepreneurial achievements, Seo was awarded the EY World Entrepreneur of the Year in 2021, highlighting his role in pioneering biosimilar development from modest beginnings with an initial investment of US$45,000.^[63] The company's operational leadership is headed by CEO Woo-sung Kee, who has served in the role since 2015 and assumed broader oversight following the 2023 merger of Celltrion with its sales affiliate, Celltrion Healthcare, which integrated key divisions under his direction.^{[64] [65]} This merger streamlined executive functions, with Kee focusing on global operations, R&D integration, and commercialization strategies. The 2025 corporate split separating the biosimilar business from the R&D arm has reinforced this leadership structure by clarifying divisional accountabilities without altering top executive roles.^[66] Celltrion's board of directors comprises a balanced mix of internal executives and independent directors to ensure robust oversight. Key internal members include joint chairpersons Jung-jin Seo and Jin-seok Seo, CEO Woo-sung Kee, and co-CEO Hyoung-ki Kim, alongside independents such as Jae-sik Lee and Min-cheol Shin.^{[64] [67]} The board operates through specialized committees, including those for audit, compensation, and R&D oversight, which review financial reporting, executive remuneration, and innovation pipelines to align with strategic objectives.^[68] Major shareholders include Celltrion Holdings Co., Ltd., holding 25.1% of shares, and the National Pension Service of Korea with 6.96%, providing stable institutional support for long-term governance.^[69] Governance policies emphasize environmental, social, and governance (ESG) compliance, with annual reports disclosing performance metrics and commitments to sustainable practices.^[70] The company prioritizes ethical R&D through adherence to global standards like the Pharmaceutical Supply Chain Initiative, ensuring transparency in biosimilar development processes, including clinical trial disclosures and supply chain audits.^[71] In November 2025, minority shareholders initiated a campaign urging Chairman Seo Jung-jin to cancel treasury share purchases and address certain sales claims, reflecting ongoing discussions on corporate governance.^[72]

Subsidiaries and acquisitions

Celltrion Healthcare Co., Ltd., historically responsible for the global marketing, sales, and distribution of Celltrion's biologics, was merged into the parent company Celltrion Inc. in December 2023 to streamline operations and enhance efficiency in the biosimilars market.^[73] Celltrion Pharm Inc., an affiliate focused on the development and commercialization of chemical-based pharmaceuticals and formulations in South Korea, had been slated for integration into Celltrion following the Healthcare merger, but the planned merger was canceled in August 2024 due to shareholder opposition.^[74] In the United States, Celltrion USA Inc., established in 2018 and headquartered in Jersey City, New Jersey, manages North American operations, including regulatory interactions with the FDA and commercialization of biosimilars.^[75] This subsidiary acquired ImClone Systems LLC from Eli Lilly and Company in September 2025 for approximately $330 million, gaining a biologics manufacturing facility in Branchburg, New Jersey, to bolster U.S. production capacity and mitigate potential trade tariffs.^[6] To strengthen its European footprint, Celltrion announced the acquisition of iQone Healthcare Switzerland in November 2024 for around 30 billion won ($21 million); upon completion in Q4 2024, iQone became a wholly owned subsidiary of Celltrion Healthcare Hungary Kft., enabling accelerated direct commercialization of biosimilars and expanded access to innovative therapies in Europe.^[21] Celltrion has pursued strategic partnerships for co-development and licensing, notably an exclusive 2016 commercial collaboration with Teva Pharmaceutical Industries Ltd. to market Celltrion's biosimilars of rituximab (Truxima) and trastuzumab (Herzuma) in the U.S. and Canada, involving an upfront payment of $160 million to Celltrion.^[76]

Financial performance

Historical overview

Celltrion experienced early financial challenges in the 2000s, operating as a development-stage enterprise with significant losses due to substantial investments in research, development, and production facilities following its founding in 2002.^[77] These losses were gradually offset in the 2010s through improved profitability, fueled by strategic global partnerships that facilitated market entry and commercialization of its biosimilars.^[2] A key milestone came with Celltrion's initial public offering on the Korea Exchange in 2008, which provided capital for facility expansions and R&D acceleration, though subsequent funding rounds and affiliate listings in the mid-2010s further supported growth.^[2] Between 2013 and 2018, the company's revenue surged due to major regulatory approvals, including the European Medicines Agency's endorsement of Remsima in 2013 and the U.S. Food and Drug Administration's approvals for Inflectra (Remsima's U.S. version) in 2016 and Truxima in 2018, enabling broader international sales. In 2017, Celltrion reported consolidated revenue of ₩949 billion, net income of ₩401 billion, and total assets of ₩3.46 trillion, reflecting strong momentum from initial biosimilar market penetration.^[78] Prior to the 2023 merger of its affiliates, Celltrion Inc. primarily generated revenue from manufacturing and supplying biopharmaceuticals, while Celltrion Healthcare focused on royalties and distribution proceeds from global biosimilar sales.^[79] The company's growth trajectory accelerated with biosimilar launches, culminating in consolidated group revenue exceeding ₩2 trillion by 2022, driven by robust sales of Remsima and Truxima in key markets like Europe and the U.S.^[4] This historical foundation set the stage for post-2023 merger synergies, which integrated operations for enhanced efficiency.^[17]

Recent results and key metrics

In 2024, Celltrion achieved record annual revenue of 3.56 trillion South Korean won (KRW), marking a 63.5% increase from the previous year, primarily driven by strong sales growth from the launch of its subcutaneous infliximab biosimilar Zymfentra (infliximab-dyyb) and initial market penetration following the U.S. FDA approval of Steqeyma (ustekinumab-stba) in December 2024.^[80][81][82] For the third quarter of 2025 (ended September 30, 2025), Celltrion reported record quarterly revenue of 1.03 trillion KRW (up 16% year-over-year), operating profit of 301 billion KRW (up 45% year-over-year), and net income of 331.9 billion KRW (up 294.7% year-over-year), driven by high-margin biosimilar sales.^[83][84] The company projects full-year 2025 revenue exceeding 4 trillion KRW, with internal targets reaching up to 5 trillion KRW, supported by the completion of its U.S. manufacturing site acquisition from Eli Lilly—agreement signed in September 2025 with regulatory approval completed in November 2025—and expanded sales of new biosimilars such as Eydenzelt (aflibercept-boav), approved by the FDA in October 2025.^{[85][86][87][41][88]} Key performance metrics as of late 2025 include a market capitalization surpassing 37 trillion KRW (over $27 billion USD), bolstered by a minor 1.04:1 stock split in June 2025, and EBITDA margins approaching 40% for high-margin biosimilar products, reflecting operational efficiency gains from portfolio optimization.^{[89][90][91][92]} Significant financial impacts in the period include a 100.4 billion KRW ($72.8 million USD) contract development and manufacturing organization (CDMO) deal signed with Teva Pharmaceuticals in October 2024 for the migraine drug Ajovy, expected to generate upfront and milestone revenues, and the $330 million USD acquisition of Eli Lilly's Branchburg, New Jersey facility—agreement signed in September 2025 with regulatory approval completed in November 2025—financed through a combination of subsidiary equity contributions and planned bond issuances totaling approximately $500 million USD for acquisition and initial expansion.^[20][6][93] Celltrion's shares (KRX: 068270.KS) have shown volatility influenced by regulatory milestones, including a positive response to the FDA approval of Eydenzelt in October 2025, contributing to a year-to-date stock performance of approximately 1.5% as of November 2025.^[55][94][95] Analyst price targets for Celltrion are typically for the next 12 months rather than specific long-term years such as 2026. As of late 2025, the consensus target prices are generally in the range of 200,000 to 250,000 KRW based on short-term forecasts. No specific consensus or analyst target price for 2026 is widely published in reliable sources, with longer-term projections varying by brokerage and often based on models such as discounted cash flow (DCF) or earnings growth assumptions.^[96][97]