[THE INVESTOR] Celltrion posted a 24 percent jump in first-quarter net profit on May 9, boosted by its biosimilar products that further penetrated the US and European markets.
Net profit came in at 83.2 billion won (US$77 million) in the first three month, up from 67 billion won in the same period last year. Sales rose 24.6 percent to 245 billion won.
US sales of Celltrion’s Inflectra triples in Q1
Remsima, its copycat version of Johnson & Johnson’s Remicade, and Truxima, a biosimilar referencing Roche’s Rituxan, were the key drivers for the solid growth as revenue from them accounted for 52 percent and 23 percent of total sales, respectively.
Celltrion said the sales increase was attributed to Truxima, in particular, as it is increasing its market share at a faster pace than the company’s flagship product Remsima in Europe.
“The expanded sales of Truxima led to a change in product mix and improved production yield help us securing price competitiveness,” the company said in a statement.
This year will be another milestone for the biopharmaceutical firm with a new drug set to be added to its biosimilar product lineup.
“We are in the process of bringing Herzuma to the European market in early May and putting efforts for Truxima to enter the US market as a first mover,” Celltrion said.
By Park Han-na (email@example.com)