Celltrion Aims for $3.46 Billion in Sales This Year Powered by Biosimilars
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Synopsis
Celltrion, a leading South Korean biopharmaceutical company, aims to achieve 5 trillion won ($3.46 billion) in sales this year, marking a 40.5% increase from last year's record. The growth is driven by an expanded biosimilar portfolio, including Remsima and Truxima, and plans to introduce more biosimilars by 2030.
Key Takeaways
- Celltrion targets 5 trillion won in sales for 2023.
- Company aims for a 40.5% increase in sales from last year.
- The young portfolio accounts for 38% of total sales.
- Plans to commercialize 22 biosimilars by 2030.
- Stock buyback initiative continues to enhance shareholder value.
Seoul, March 18 (NationPress) Celltrion, a prominent biopharmaceutical company based in South Korea, announced on Tuesday its ambition to achieve 5 trillion won ($3.46 billion) in sales for the current year, bolstered by an expanded range of biosimilars.
The projected annual sales target represents a remarkable 40.5 percent increase compared to the record 3.56 trillion won achieved last year, as reported by Yonhap news agency. The steady growth of its leading biosimilars, particularly Remsima and Truxima, alongside the growth of its “young portfolio”—which features Remsima SC (marketed as Zymfentra in the US) and Yuflyma—is expected to significantly enhance its earnings this year, according to Celltrion.
The contribution of the young portfolio to Celltrion's overall sales surged to 38 percent in 2024, up from 26 percent the previous year. The company has made considerable strides in expanding its global biosimilar offerings, increasing the count of approved products from six to eleven.
Celltrion aims to introduce 22 biosimilar products by the year 2030, anticipating that the global market size will nearly double to 261 trillion won, up from 138 trillion won this year.
The company targets an average growth rate of 30 percent in sales over the next three years, leading up to 2027, supported by enhanced production capabilities and cost reductions. To boost shareholder value, Celltrion plans to continue its stock buyback initiative for cancellation in the upcoming years.
Last year, Celltrion cancelled stocks valued at over 700 billion won. This year, it has already cancelled 553 billion won in stocks and has plans to cancel an additional 203 billion won.
Additionally, the drug manufacturer is striving to increase its footprint in the US biosimilar market. Recently, it has secured FDA approval for the sale of several biosimilars in the US, including Avtozma, a biosimilar for the autoimmune disease treatment Actemra, and Stoboclo and Osenvelt, biosimilars for Prolia and Xgeva.
The global market for Stelara is projected to be $10.36 billion, with the US accounting for nearly two-thirds of the total sales.
