Celltrion's second quarter net revenue decreased by 19.3% primarily due to the establishment of provisions.
Celltrion Expands Global Biosimilars Portfolio, Aims for Strong Second-Half Earnings
South Korean biopharmaceutical company, Celltrion, has announced plans to launch new biosimilars into the global market during the second half of 2021. The anticipated launches, centered mainly on Omlyclo, a biosimilar referencing Roche’s Xolair (omalizumab), and Avtozma, a biosimilar for Actemra (tocilizumab), are part of Celltrion’s strategy to grow record sales driven by these key biosimilar products.
This move comes after Celltrion's successful launch of earlier biosimilars like Inflectra (infliximab) and Truxima (rituximab) in global markets before 2021. The company's pipeline also includes CT-P55, a biosimilar of Cosentyx (secukinumab), which is currently in Phase 3 trials, with a launch targeted for the late 2020s.
Celltrion expects strong earnings to continue in the second half, with plans to launch five new biosimilars globally, including Eydenzelt, Stoboclo, and Osenvelt, in addition to Omlyclo and Avtozma. The company's goal is to achieve 5 trillion won in annual sales this year, an increase of 40% from last year's 3.56 trillion won.
The company's second-quarter net profit decreased by 19.3% compared to the same period last year, amounting to 63.3 billion won. The decline was due to provisions related to ongoing legal disputes. However, operating profit more than tripled in the second quarter, reaching 242.5 billion won, and sales for the quarter increased by 9.9% compared to the same period last year, totaling 961.5 billion won.
The global market for biosimilars is projected to grow to 261 trillion won by 2030, up from 138 trillion won this year. The increased global sales of Celltrion’s flagship biosimilars, including Remsima SC, Yuflyma, and Vegzelma, supported the quarterly earnings, accounting for 53% of total sales in the second quarter.
Celltrion has expanded its global biosimilar portfolio, with the number of approved products rising from 6 to 11. The company plans to commercialize 22 biosimilar products by 2030.
In conclusion, Celltrion's strategic plan for the second half of 2021 focuses on the global launch of Omlyclo and Avtozma, with additional launches of Eydenzelt, Stoboclo, and Osenvelt planned for later. The company aims to continue its growth trajectory in the biosimilars market, with a focus on expanding its portfolio and increasing sales.
The strategic launch of Omlyclo and Avtozma, key biosimilars in Celltrion's portfolio, aims to boost the company's earnings in the second half of 2021. To achieve this goal, Celltrion plans to commercialize five new biosimilars globally, including Eydenzelt, Stoboclo, and Osenvelt, as part of its strategy to expand its biosimilar business in the finance sector.
