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SEOUL, Nov. 7 (Yonhap) — Celltrion Inc., a major pharmaceutical firm, reported on Tuesday that its third-quarter net income had risen 32.6 percent year-on-year, largely due to the strong demand for its biosimilar products in the global market.
Consolidated net profit for the July-September period totaled 221.2 billion won (US$169.9 million), compared with 166.9 billion won for the same quarter last year, Celltrion said in a regulatory filing.
Operating profit and sales also hit record highs, increasing 25.2 percent and 4.1 percent respectively from the year before.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 187.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
The corporate logo of Celltrion is seen in this photo provided by Yonhap News TV. (PHOTO NOT FOR SALE) (Yonhap)
Celltrion credited the strong results to its expanding market shares of biosimilars in the United States and Europe, as well as the launch of new medicines.
The combined market share of its Remsima and Remsima SC treatments in the European market incorporating Germany, Britain, France, Italy and Spain, reached 69.8 percent in the second quarter, according to health care researcher IQVIA.
Remsima also topped the U.S. market share at 29.9 percent as of end-September, Celltrion said.
In addition, the market share of Celltrion’s rituximab Truxima and breast cancer treatment biosimilar Herzuma hit 22.3 percent and 21.7 percent in Europe, respectively.
A contract manufacturing organization deal with Israel-based Teva Pharmaceutical Industries Ltd. also contributed to the robust growth in sales, the company added.
Last month, Celltrion Chairman Seo Jung-jin announced a goal to raise 12 trillion won in annual sales by 2030, powered by planned mergers with its affiliates and the scheduled release of its new autoimmune disease treatment Zymfentra, which won the U.S. Food and Drug Administration’s approval.
The pharmaceutical giant has got the nod from its shareholders to integrate with its sales and marketing affiliate Celltrion Healthcare Co.
It also plans to acquire Celltrion Pharm Inc., an affiliate that produces chemical drugs, next year and launch additional biosimilar pipelines to expand its biosimilar portfolio to 11 by 2025 in a bid to become a global drugmaker.
nyway@yna.co.kr
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