Celltrion Q1 net soars on strong sales of biosimilars

SEOUL, May 9 (Yonhap) -- Celltrion Inc., a major South Korean biopharmaceutical firm, said Friday its first-quarter net profit more than quintupled from a year earlier on strong sales of its biosimilar drugs.

Net profit for the three months ended March soared to 108.3 billion won (US$77.4 million) from 20.7 billion won in the same period last year, the company said in a regulatory filing.

Higher demand for the company's flagship biosimilars -- including Remsima SC, Yuflyma and Vegzelma -- in global markets buoyed the quarterly result, a company spokesperson said.

In particular, sales of Yuflyma, a biosimilar drug for treating autoimmune diseases, exceeded 100 billion won for the first time in the first quarter.

To further boost sales, the company plans to launch four new biosimilars this year.

Celltrion has significantly expanded its global biosimilar lineup, increasing the number of approved products from six to 11.

It aims to commercialize 22 biosimilar products by 2030, when the global market size is projected to nearly double to 261 trillion won from 138 trillion won this year.

Operating profit skyrocketed to 149.4 billion won in the first quarter from 15.4 billion won a year earlier.

Sales rose 14.2 percent to 841.9 billion won from 736.9 billion won over the same period.

Celltrion aims to achieve 5 trillion won in sales this year, supported by its expanded biosimilar lineup.

The annual target is a 40.5 percent increase from the record high of 3.56 trillion won posted last year.

kyongae.choi@yna.co.kr
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