|Celltrion`s headquarters in Songdo, Incheon (Park Hyun-koo/The Korea Herald)|
South Korean pharmaceutical giant Celltrion on Friday said the company’s operating profit fell 10.2 percent in the second quarter through an earnings report.
The firm’s operating profit stood at 163.2 billion won during the April-June period, down 10.2 percent from the same period last year. Its sales inched up 0.7 percent to 431.8 billion won.
The company said its second-quarter revenue went slightly up, backed by increased overseas sales of the company’s infliximab biosimilar Remsima and rituximab biosimilar Truxima.
However, its operating profit decreased during the period as it made a shift in the company’s manufacturing plan to secure more Truxima in stock, the firm said.
Yet, Celltrion emphasized that its operating profit margin stayed positive at 37.8 percent.
Celltrion said its earnings will improve in the following quarters this year, as sales of Remsima and Truxima are expected to grow in the US market.
Celltrion added increased sales of adalimumab biosimilar Yuflyma and Remsima SC in Europe will help the company to post better performance during the second half this year.
According to market researcher IQVIA, Celltrion’s Remsima had a 51.8 percent market share in Europe as of the first quarter this year. Celltrion’s Truxima and Herzuma also had 38.3 percent and 14.8 percent of market share in Europe, respectively.
In the US, Remsima’s market share reached 17.2 percent as of the second quarter, while that of Truxima hit 26.9 percent.
Regkirona, the company’s COVID-19 antibody treatment, will also help generate additional revenue when the company begins sales of the treatment after completing regulatory procedures in foreign countries, Celltrion noted.