Daol raises Celltrion target price to 290,000 won on Japan launch of allergy drug
In short
Daol Investment & Securities raised its Celltrion target price from 280,000 to 290,000 won on 23 October, citing the planned Japan launch of the allergy drug Omriclo (옴리클로). The brokerage kept its 'buy' rating. Celltrion is preparing the launch for next year's hay fever season, and the Omriclo price in Japan is about 30% below the original drug.
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Daol Investment & Securities (다올투자증권) raised its target price for Celltrion from 280,000 to 290,000 won on 23 October, saying the Japan launch of the allergy drug Omriclo (옴리클로) would bring new patients and wider prescriptions. Yonhap, Korea Economic Daily and Seoul Economic Daily reported that the brokerage kept its 'buy' rating. Yonhap and Seoul Economic Daily gave the previous day's closing price as 194,300 won, and Seoul Economic Daily put the upside to the new target at 49.3%. Maeil Business and Seoul Economic Daily said Daol named Celltrion its top pick among large pharmaceutical and bio stocks. [ 1 , 2 , 3 , 4 ]
Omriclo is a biosimilar of the allergy drug Jolleeo (졸레어). Celltrion presented its equivalence and switching data at the World Allergy Congress (WAC 2026) in Kyoto, held on 15 to 18 October, according to Maeil Business and Seoul Economic Daily. A global phase 3 trial in patients with chronic spontaneous urticaria confirmed equivalence to Jolleeo, and Celltrion also holds pharmacokinetic equivalence data for Japanese subjects, according to Maeil Business and Yonhap. Seoul Economic Daily said patients who switched from Jolleeo to Omriclo kept their improvement in itching. Yonhap reported that Omriclo was approved in Japan in March for bronchial asthma, chronic idiopathic urticaria and seasonal allergic rhinitis, and that Celltrion is preparing for launch after price listing. [ 1 , 3 , 4 ]
Analyst Lee Ji-su (이지수) pointed to hay fever, or allergic rhinitis caused by pollen, as the main opportunity. The outlets reported that about 4 in 10 people in Japan have the condition, but Jolleeo prescriptions are limited to severe patients not controlled by existing treatment, so prescriptions remain small. Seoul Economic Daily cited a Japanese otorhinolaryngology society survey that put the 2019 prevalence at 42.5%. The 150 mg dose of Omriclo is priced about 30% below the original; Seoul Economic Daily gave the prices as 14,602 yen against 20,822 yen. Lee said this should draw new demand from patients who had delayed treatment because of cost, and that Celltrion's existing wholesaler network and supply record from its biosimilar business should support the early launch. [ 1 , 2 , 3 , 4 ]
Korea Economic Daily and Seoul Economic Daily reported that Celltrion is preparing to launch in time for next year's hay fever season, when demand is concentrated from January to April. Before the season it plans to expand contact with medical institutions, give product training and secure stock. Prescriptions are then expected to widen to year-round indications such as urticaria and asthma. [ 2 , 4 ]
Daol estimates Omriclo sales next year at 729.9 billion won, up 67.0%, according to Korea Economic Daily and Seoul Economic Daily. Korea Economic Daily said Omriclo's second-quarter sales were 116.7 billion won, the largest of Celltrion's new products, with Europe above 70%. Seoul Economic Daily reported Daol's estimate of this year's consolidated revenue at 5.6598 trillion won, up 36.0%, and operating profit at 1.8575 trillion won, up 59.0%; Maeil Business gave the profit figure as 1.857 trillion won, and 2.469 trillion won for 2027. Lee cautioned that early sales and academic costs mean prescription and sales growth should show before profitability, and that the pace of prescription growth after next year's hay fever season needs to be checked. [ 1 , 2 , 4 ]
Why it matters
The outlets report the brokerage's view that the Japan launch could widen Omriclo's regional sales base. The analyst also said profitability may lag prescription growth at first, and that the pace of prescription growth after next year's hay fever season is the point to watch.
Key facts
- Daol Investment & Securities (다올투자증권) raised its Celltrion target price from 280,000 to 290,000 won on 23 October. [ 1 , 2 , 3 , 4 ]
- The brokerage kept its 'buy' rating; the previous day's closing price was 194,300 won. [ 2 , 3 , 4 ]
- Omriclo (옴리클로) is a biosimilar of the allergy drug Jolleeo (졸레어); a global phase 3 trial in chronic spontaneous urticaria patients confirmed equivalence. [ 1 , 2 , 3 , 4 ]
- In Japan, the 150 mg price of Omriclo is about 30% lower than the original drug; Seoul Economic Daily gave 14,602 yen against 20,822 yen. [ 1 , 2 , 3 , 4 ]
- Celltrion is preparing to launch Omriclo in Japan to match next year's hay fever season, when demand is concentrated from January to April. [ 2 , 4 ]
- Daol estimates Omriclo sales next year at 729.9 billion won, up 67.0%. [ 2 , 4 ]
Confirmed by several sources
- Daol Investment & Securities raised its Celltrion target price from 280,000 to 290,000 won on 23 October, citing Omriclo's Japan entry. [ 1 , 2 , 3 , 4 ]
- Equivalence of Omriclo to the original drug was confirmed in a global phase 3 trial in chronic spontaneous urticaria patients. [ 1 , 2 , 3 , 4 ]
- The Omriclo 150 mg price in Japan is about 30% below the original drug. [ 1 , 2 , 3 , 4 ]
- Analyst Lee Ji-su (이지수) said the original drug's prescriptions in Japan are limited to severe patients not controlled by existing treatment, and that about 4 in 10 people in Japan have hay fever. [ 1 , 2 , 3 , 4 ]
- Daol estimates Omriclo sales next year at 729.9 billion won, up 67.0%. [ 2 , 4 ]
Still unclear
- Celltrion's estimated operating profit for this year differs between outlets: 1.857 trillion won in one report and 1.8575 trillion won in another, both up 59.0%. Maeil Business gives 1조8570억 won; Seoul Economic Daily gives 1조 8575억 won.
- How fast Omriclo prescriptions will grow after next year's hay fever season in Japan. The analyst said this pace is the point to check, and that profitability may lag sales growth because of early sales and academic costs.
- Omriclo's second-quarter sales of 116.7 billion won, the largest of Celltrion's new products, with Europe above 70%. Only Korea Economic Daily reports this figure.