Celltrion Inc. reported third-quarter operating profit of 301 billion won ($211 million), marking the first time the South Korean biosimilar maker crossed the 300 billion won threshold and representing a 45% jump from the year-ago period.
Revenue for the July-September quarter reached 1.03 trillion won ($720 million), up 16% year-over-year, according to preliminary results released by the company. The figures suggest Celltrion may exceed its 4.6 trillion won annual sales target for 2025, though questions remain about whether the momentum can sustain beyond newer product launches.
The earnings improvement stems largely from a shift toward higher-margin products. Newer biosimilars including Remsima SC, Zymfentra and Steqeyma now account for 54% of total sales, up from 42% a year earlier. Two recently launched products, Stoboclo and Omlyclo, generated combined sales of roughly 50 billion won ($35 million) in their first quarter on the market.
Cost efficiencies also played a role. The company’s cost-of-goods-sold ratio fell to 39% from 48% a year earlier, as merger-related expenses from its late-2023 combination with Celltrion Healthcare began to normalize. The operating margin expanded to 29% from 24%.
Sales of older biosimilars declined 6%, with Remsima facing headwinds from what the company described as a high comparison base following temporary supply expansion in 2024. Whether newer products can fully offset this erosion remains to be seen as competitors continue entering the biosimilar space.
