Celltrion said on the 6th that, on a consolidation basis, operating profit for the first quarter was 321.9 billion won, up 115.5% from a year earlier, based on preliminary figures. Revenue for the same period rose 36% to 1.145 trillion won, marking the highest first-quarter performance on record.
The company said global sales expansion of five new high-margin biosimilars drove the results. While all 11 biosimilars currently on the market maintained a stable revenue base, sales of the new product group increased 67% from a year earlier.
The new product group simultaneously secured tenders in major European countries and U.S. reimbursement coverage, posting 581.2 billion won in first-quarter sales. Its share of total product sales also expanded to 60% for the first time. The company expects growth to accelerate further in the second half as tenders expand and the number of launch countries increases.
In Europe, OMLYCLO, launched in September last year, quickly gained share, including 98% in Denmark, 80% in Spain, and 70% in the Netherlands. In the United States, prescriptions for the Infliximab subcutaneous (SC) formulation Zymfentra more than tripled from a year earlier, and Steqeyma also recorded a market share of over 10% as of March.
Profitability also improved. With one-off merger expense cleared, along with the depletion of high-cost inventory, the end of development cost amortization, and improved Production yield, the operating margin improved.
On the back of this momentum, annual revenue may exceed 5.3 trillion won and operating profit 1.8 trillion won. Given the characteristics of the biosimilar industry, European tenders are concentrated in the second and third quarters and supply volumes are reflected in the second half, so annual results tend to expand toward the latter half.
In addition, expansion of sales countries following patent settlements and the U.S. launches of Aptozma SC and OMLYCLO are cited as additional growth drivers.
The company plans to expand its biosimilar portfolio to 18 by 2030 and 41 by 2038. In new drugs, it plans to expand to 20 clinical candidates by 2027, focusing on antibody-drug conjugate (ADC) candidate CT-P70, as well as bispecific antibodies, multispecific antibodies, and obesity treatments.
Celltrion plans to expand its 11-product biosimilar portfolio currently on the market to 18 by 2030 and to a total of 41 by 2038. In new drugs, including CT-P70 and four candidates that have entered clinical stages, the company plans to expand to a total of 20 by 2027 based on competitive platform development such as bispecific antibodies, multispecific antibodies, and obesity treatments.
In addition, the company decided to cancel all of its treasury shares worth about 100 billion won, while also pursuing shareholder returns. The U.S. plant completed routine maintenance and is operating normally, and starting in the second quarter, validation for contract manufacturing (CMO) and in-house products' production and quality will proceed.
A Celltrion official said, "As high-margin products begin to show full-fledged market entry results, we achieved strong growth even in the off-season," and added, "As prescriptions for new products expand and tender wins steadily increase, the growth trajectory of our results will become even steeper."