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(LEAD) Celltrion Q3 net profit nearly triples on robust overseas sales

All News 16:59 November 09, 2020

(ATTN: CHANGES headline, lead; ADDS photo, byline, more info throughout)
By Kim Han-joo

SEOUL, Nov. 9 (Yonhap) -- Celltrion Inc., a major South Korean biopharmaceutical firm, said Monday that its net profit jumped 185.4 percent on-year in the third quarter on the back of robust sales of its products in overseas markets.

Net profit came to 175.8 billion won (US$157.8 million) during the July-Sept. period on a consolidated basis, compared with a profit of 61.6 billion won a year ago, the company said in a regulatory filing.

Celltrion said its operating profit for the cited period rose 137.8 percent on-year to a quarterly high of 245.3 billion won. Sales also increased 89.9 percent on-year to a quarterly high of 548.8 billion won.

The corporate logo of Celltion Inc. (PHOTO NOT FOR SALE) (Yonhap)

The company said its biosimilar lineup has maintained a stable market share in the European and U.S. markets, citing separate industry data.

The European market share of its Remsima, a biosimilar drug to treat autoimmune diseases, came to 55 percent in the second quarter, followed by Truxima with 37 percent and breast cancer biosimilar Herzuma with 16 percent, according to a report by health care big data tracker IQVIA Korea.

Separate industry data also showed that the market share of Celltrion's Remsima -- a biosimilar copy of Janssen Biotech Inc.'s Remicade –- and Truxima in the U.S. came to 11.3 percent and 20.4 percent, respectively, during the third quarter.

The company also began selling its drug Remsima SC for the treatment of autoimmune diseases in overseas markets.

Remsima, administered through intravascular injections, is used in the treatment of a number of diseases, from rheumatoid arthritis to Crohn's disease, Celltrion said. The SC version allows patients to conveniently inject it by themselves, unlike the intravenous formulation that requires patients to visit hospitals.

Celltrion also said its contract manufacturing organization (CMO) business performed well during the third quarter, notably a contract worth 115.6 billion won with Teva Pharmaceutical Industries Ltd., a global pharmaceutical giant.

Shares in Celltrion closed 2.7 percent higher at 285,000 won, higher than the broader KOSPI's 1.27 percent gain. The third-quarter report was announced after the local market closed Monday.


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