Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Celltrion Q2 operating profit jumps 77% to $278 mil.
Celltrion's Plant 1 in Incheon / Courtesy of Celltrion
By Nam Hyun-woo
Celltrion said Friday its second-quarter operating profit increased 77 percent year-on-year to 430 billion won ($278.14 million), driven by a higher share of new high-margin products and an improved cost structure.
In its regulatory filing, the biopharmaceutical company reported 1.3 trillion won in sales and 430 billion won in operating profit for the second quarter, both record highs for the April-June period. Sales increased 35.2 percent from a year earlier.
It said the numbers also exceeded a previously announced second-quarter operating profit target of 400 billion won, reinforcing confidence in its ability to deliver on its full-year business plan.
During the second quarter, sales of the company's newer products, including Remsima SC, Yuflyma and Steqeyma, continued to grow across major global markets, with the new products accounting for more than 60 percent of total sales.
Celltrion also said it is seeking regulatory approvals in Korea and North America for CT-P55, a biosimilar referencing Cosentyx for autoimmune diseases. It is also pursuing approvals in major markets for Herzuma SC while continuing to develop follow-on biosimilars.
Celltrion aims to expand its biosimilar portfolio to 18 products by 2030 and 41 by 2038.
The company's efforts to develop novel drugs are also picking up momentum. Celltrion said CT-P70, a treatment for non-small cell lung cancer, and CT-P71, a treatment for urothelial cancer, have both received fast-track designation from the U.S. Food and Drug Administration. The company aims to secure a portfolio of 20 novel drug candidates by next year.
"We are further strengthening the foundation for sustainable growth by expanding our product portfolio, enhancing production capacity and developing novel drugs," the company said. “We expect to maintain stronger earnings momentum in the second half, as expanded sales in major countries and growth in new products are expected to be fully reflected.”