Samsung Bioepis Co.’s overseas biosimilar sales reached 500 billion won ($362 million) in the third quarter, highlighting the South Korean drugmaker’s expanding footprint in the competitive copycat drug market.
The revenue, reported by distribution partners Biogen Inc. and Organon & Co., represents an 8% increase from a year earlier. The growth stems from the company’s portfolio of six biosimilars, including versions of blockbuster drugs Humira, Enbrel, and Remicade.
The figures don’t capture the full scope of Samsung Bioepis’s market presence. Sales of its Soliris biosimilar and revenue from Sandoz’s distribution of its Stelara copycat weren’t included in the quarterly results.
The company’s actual earnings are lower than the reported sales figures, as profit-sharing agreements with distributors cut into margins. Parent company Samsung Biologics reported Samsung Bioepis’s quarterly sales at 330.3 billion won.
While market watchers project annual sales to reach 1.4 trillion won, the company faces increasing competition in the biosimilar space as more players enter the market. Samsung Bioepis currently has regulatory approval for eight biosimilars across the US and European markets.
