Celltrion posts 55% operating profit growth in Q1

Subcutaneous infliximab injection Remsima SC is towing Celltrion’s revenue in 2020, according to the company, Friday.

Despite the COVID-19 scare dampening the global economy, Celltrion said in a regulatory filing that it saw a 68.2 percent on-year revenue growth and 55.4 percent on-year operating profit growth in the first quarter.

Celltrion posted 372.8 billion won ($305.4 million) in revenue and 120.2 billion won in operating profit.

Remsima SC is a subcutaneously injectable infliximab biosimilar that is approved for the indication of rheumatoid arthritis.

The under-the-skin-injection can be self-administered by the patients, giving the doctors more treatment options.

Remsima SC was approved for sales by the European Medicines Agency in November 2019 and is now being traded in Germany, the UK and the Netherlands with plans to gradually launch in more European nations.

Celltrion said its flagship biosimilars Remsima, Truxima and Herzuma -- each used to treat inflammatory autoimmune diseases, blood cancer and breast cancer -- are also continuously gaining traction.

The company is currently researching to develop an antiviral treatment for COVID-19, with aims to begin human clinical trials in July.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)