Celltrion achieved record quarterly revenue by expanding its high-margin product offerings while simultaneously improving profits.
On July 27, Celltrion announced that its consolidated revenue for the second quarter reached 1.3937 trillion won, with an operating profit of 451.8 billion won. This marks a 45% increase in revenue and an 86.3% rise in operating profit compared to the same period last year. The operating profit margin increased by 7.2 percentage points to 32.4%.
The improvement in performance is attributed to the stable growth of existing core biosimilars and the expansion of high-margin new products. Truxima maintained its market share leadership in the U.S. due to an expanded long-term supply contract, while Remsima also held its leading position in key markets. In Japan, Herzuma achieved a record market share of 78%, surpassing 30% in Europe.
The growth of new products was even more pronounced, with sales increasing by 76% year-on-year, accounting for 65% of total biosimilar product revenue. Remsima SC surpassed a 32% market share in the five major European countries, and the U.S. product Jimpenda has seen a steady increase in prescriptions since its launch.
Uplima maintained its number one market share in the European adalimumab market while also increasing its share in the U.S. based on an expanded distribution network. Vegzelma continued to lead in Europe and secured a growth foundation by being listed in the formularies of major pharmacy benefit managers in the U.S.
The combined quarterly revenue of five new products—Idencel, Aptozma, Omriclo, Stoboclo & Osentbelt, and Stekima—exceeded 300 billion won, a 49% increase from the previous quarter.
Profitability also improved, with the cost of sales ratio for the second quarter at 38%, down 5.4 percentage points year-on-year and 2.1 percentage points from the previous quarter. This improvement is attributed to a better product mix, the depletion of high-cost inventory, enhanced production yield, and increased process efficiency.
Despite accounting for research and development expenses, Celltrion maintained an operating profit margin exceeding 30%. The company expects to exceed first-half results as major country bids and new product market share expansion ramp up in the second half. It aims to surpass its earlier annual targets of 5.3 trillion won in revenue and 1.8 trillion won in operating profit.
* This article has been translated by AI.
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