Celltrion Chairman Seo Jung-jin Returns as Shareholder Meeting Chair, Predicts Sales Growth

Seo Jung-jin, chairman of Celltrion Group, returned to the role of chair at the company’s shareholder meeting for the first time in 11 years, since the 2015 meeting, saying he wanted to explain mid- to long-term responses directly to shareholders as the global business environment shifts rapidly, including the U.S.-Iran war in the Middle East.

Seo chaired Celltrion’s 35th annual general meeting of shareholders on the morning of March 24 at Songdo Convensia in Incheon and spoke with shareholders in person. Citing the fast-changing environment, he said, “Our company is export-oriented, so we are not affected by oil prices,” adding, “Since there is no major impact on ongoing business, sales will grow this year as well.”

On the stock price, Seo said he does not believe it is “overvalued compared with performance.” Celltrion posted record results last year, with revenue topping 4 trillion won and operating profit exceeding 1 trillion won. This year, it is targeting revenue in the 5 trillion won range.

The company also presented a development roadmap for an obesity drug. Seo said Celltrion is developing a fourth-generation obesity treatment and plans to enter Phase 1 clinical trials next year. “The fourth-generation obesity treatment we are developing shows less muscle loss and consistent efficacy, and we are among the leaders in the fourth generation,” he said, adding that clinical development “will move quickly.”

Celltrion said it will secure new production capacity, including a major expansion investment of more than 1 trillion won at its Songdo headquarters, to meet demand for its biopharmaceuticals and strengthen global manufacturing competitiveness. The investment will be carried out in stages from this year through 2030 and will expand infrastructure across the Songdo campus in Korea, a U.S. production base and domestic sites.

Specifically, it will invest 1.2265 trillion won to expand Plants 4 and 5 simultaneously at its Incheon Songdo campus, bringing total capacity to 180,000 liters. It also finalized an expansion plan for its Branchburg, New Jersey, facility, which is expected to increase capacity to 141,000 liters. “That would make us third in facilities, after Samsung Biologics and Lonza,” Seo said.