April 27, 2024
Bio
Celltrion stocks up 4.5% on strong Inflectra sales
[THE INVESTOR] Celltrion shares climbed 4.55 percent on May 8 as sales of its biosimilar Inflectra showed strong growth in the US.
Stocks of the Korean biopharmaceutical firm were trading at 94,200 won (US$83.11) as of 11 a.m.
The KOSDAQ heavyweight’s gain comes as its US distribution partner Pfizer said its biosimilar business led by Infectra, a copycat of Johnson & Johnson’s Remicade, recorded a robust 62 percent growth in the first quarter.
According to Celltrion, the US sales of Inflectra jumped over 300 percent to US$17 million in the January-March period, from US$4 million in the fourth quarter of last year.
In partnership with Pfizer, Celltrion launched its Remicade-referencing biosimilar under the name Inflectra in the US in November last year, pricing the drug 15 percent cheaper than the original.
“Inflectra is making rapid progress in expanding market share in the US after gobbling up over 40 percent share in European markets,” Hahn Byung-hwa, an analyst at Eugene Investment & Securities said.
By Park Han-na (hnpark@heraldcorp.com)
Stocks of the Korean biopharmaceutical firm were trading at 94,200 won (US$83.11) as of 11 a.m.
The KOSDAQ heavyweight’s gain comes as its US distribution partner Pfizer said its biosimilar business led by Infectra, a copycat of Johnson & Johnson’s Remicade, recorded a robust 62 percent growth in the first quarter.
According to Celltrion, the US sales of Inflectra jumped over 300 percent to US$17 million in the January-March period, from US$4 million in the fourth quarter of last year.
In partnership with Pfizer, Celltrion launched its Remicade-referencing biosimilar under the name Inflectra in the US in November last year, pricing the drug 15 percent cheaper than the original.
“Inflectra is making rapid progress in expanding market share in the US after gobbling up over 40 percent share in European markets,” Hahn Byung-hwa, an analyst at Eugene Investment & Securities said.
By Park Han-na (hnpark@heraldcorp.com)
