Key Points
- 40.5% sales increase targeted for 2024 reaching $3.46 billion
Flagship biosimilars Remsima and Truxima driving growth
Expanding global biosimilar lineup from 6 to 11 approved products
The annual target is 40.5 per cent higher than the record high of 3.56 trillion won it posted last year, Yonhap news agency reported. The consistent growth of its flagship biosimilars, such as Remsima and Truxima, and the expansion of its "young portfolio," which includes Remsima SC, sold as Zymfentra in the US, and Yuflyma, will continue to drive up its earnings this year, Celltrion said.
The sales proportion of the young portfolio jumped to 38 per cent of Celltrion's overall sales in 2024 from 26 per cent a year earlier. Celltrion has significantly expanded its global biosimilar lineup, increasing the number of approved products from six to 11.
It aims to commercialise 22 biosimilar products by 2030, when the targeted global market size is expected to nearly double to 261 trillion won from 138 trillion won this year.
Celltrion said it is targeting to report an average of 30 per cent sales growth for three years through 2027 on the back of increased production and cost reduction. To enhance shareholder value, the company plans to continue to buy back its own shares for cancellation in the coming years.
Celltrion also cancelled more than 700 billion won worth of its stocks last year. This year, it has already cancelled 553 billion won worth of stocks and plans to cancel an additional 203 billion won.
Meanwhile, the drugmaker has been making efforts to expand its presence in the US biosimilar market. In recent months, it has obtained FDA approval for the US sale of several biosimilars, including Avtozma, an autoimmune disease biosimilar to Actemra, as well as Stoboclo and Osenvelt, biosimilar drugs to Prolia and Xgeva.
The global market for Stelara is estimated at $10.36 billion, with the US accounting for two-thirds of global sales.
