Celltrion Q4 net skyrockets on biosimilar sales, merger with affiliate

SEOUL, Feb. 25 (Yonhap) -- Celltrion Inc., a major South Korean biopharmaceutical firm, said Tuesday its fourth-quarter net profit skyrocketed from a year earlier on robust sales of biosimilar medicines and the merger with its health care affiliate.

Net profit for the three months ended on Dec. 31 soared to 235.6 billion won (US$164.7 million) from 453 million won during the same period of 2023, the company said in a regulatory filing.

"The net result got a boost from sharply increased sales of our biosimilar products, including Remsima, Truxima and Herzuma, in advanced markets and hefty cost reduction following the merger with Celltrion Healthcare in late 2023," a company spokesperson said.

Remsima is a treatment for Crohn's disease and other autoimmune diseases, while Truxima and Herzuma are for anti-cancer treatment.

Operating profit also jumped over 10-fold to 196.4 billion won in the fourth quarter from 18.4 billion won a year ago.

Sales nearly tripled to 1.06 trillion won from 382.6 billion won over the same period.

For all of 2024, however, net income fell 22 percent to 418.9 billion won from 539.7 billion won a year ago.

"The annual net outcome was affected by higher marketing costs for new biosimilar products and one-off costs involving its No. 3 (domestic) plant that began operations in December," the spokesperson said.

Full-year operating profit declined 24 percent on-year to 492 billion won, while sales jumped 63 percent to 3.56 trillion won.

To continue its growth, Celltrion aims to commercialize 22 biosimilar products by 2030, up from the current 11.

kyongae.choi@yna.co.kr
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