Celltrion second-quarter net income surges 486 percent on new product growth

Celltrion said Monday its second-quarter net income surged 486.6 percent from a year earlier to 371 billion won ($260 million), driven by strong sales of new high-margin biosimilars and an improved cost structure.

Revenue climbed 45 percent to a record 1.39 trillion won ($975 million), while operating profit rose 86.3 percent to 452 billion won ($316 million). The finalized results represented an upward revision from preliminary figures released July 3, with revenue adjusted up by 93.7 billion won ($65.5 million) and operating profit by 21.8 billion won ($15.2 million).

Sales of five new products, including Idenzelt and Aptozenma, exceeded 300 billion won ($210 million) in the quarter, up 49 percent from the previous three months. These launches accounted for 65 percent of total biosimilar revenue.

Established products continued to perform well in key overseas markets. Truxima maintained its top market share in the United States following an expansion of long-term supply contracts, while Herzuma captured 78 percent of the Japanese market and over 30 percent of the European sector.

The shift helped lift the operating profit margin above 30 percent. The cost of goods sold ratio fell to 38 percent, down 5.4 percentage points from a year ago and 2.1 points from the first quarter.

"This quarter's results confirm Celltrion's cash generation capabilities and business competitiveness, achieving an operating profit margin of over 30 percent while continuing R&D investments for future growth," a company official said.

Looking ahead, Celltrion plans to expand the number of countries and indications for its newly launched drugs in the second half of the year. The company aims to raise the share of new product sales to 70 percent of total revenue and is pursuing additional bids in major markets to exceed its annual performance targets.