Celltrion, which recently set a record for its highest quarterly performance (Q3 revenue of 1.5 trillion won and operating profit of 510 billion won), is projected to continue its earnings growth in the fourth quarter, driven by simultaneous growth of both new and existing products in the U.S. market.
On the 14th, Celltrion announced that negotiations with a major Prescription Benefit Management (PBM) company, aimed at expanding prescriptions for its high-margin follow-on product portfolio in the U.S., have reached the final stage, making additional contract signings within the fourth quarter increasingly likely.
In the U.S. pharmaceutical market, listing on PBM-managed formularies significantly impacts prescription expansion. In particular, if a drug is listed as a preferred medication, securing reimbursement coverage greatly improves patient access to the drug, leading to accelerated prescriptions.
Celltrion has been expanding its position in the U.S. insurance market by consecutively succeeding in listing contracts with major PBMs for its follow-on product portfolio. The autoimmune disease treatment "Aptozuma" (generic name: tocilizumab), launched in the U.S. last October, was listed as a preferred medication on the commercial insurance formularies of the top three U.S. PBMs, securing reimbursement coverage for more than half of the local insurance market from its early launch phase.
The allergy disease treatment "Omriclo" (generic name: omalizumab), launched in the U.S. earlier this month, was also listed as a preferred medication on the commercial insurance formulary of major PBM "Optum." Leveraging its status as the first mover for omalizumab in the U.S. and early securing of reimbursement coverage, the company is moving to expand its market influence. A Celltrion official stated, "If additional PBM contracts are secured for these high-margin product groups, the earnings growth momentum in the fourth quarter will accelerate further."
Robust sales performance from both new and existing product portfolios is underpinning U.S. earnings growth. While the existing product portfolio maintains a stable position among market leaders in terms of share, prescriptions for the follow-on product portfolio are also expanding rapidly, resulting in balanced growth across the entire product lineup.
According to pharmaceutical market research firm IQVIA, the blood cancer treatment "Truxima" (generic name: rituximab) recorded a share of approximately 39% in the U.S. as of August this year, continuing to hold the No. 1 prescription position by surpassing the original drug and competing biosimilars. The autoimmune disease treatment "Inflentra" (generic name: infliximab; U.S. product name for Remicade) also recorded a share of 31% during the same period, holding the No. 1 position in biosimilar prescriptions.
The follow-on products "Stecima" (generic name: ustekinumab) and "Uplrima" (generic name: adalimumab) recorded shares of 15% and 11%, respectively, securing leading positions in biosimilar prescriptions. In particular, Uplrima's share has risen by more than double from approximately 5% in January this year, demonstrating a steep growth trend.
Celltrion's U.S. subsidiary is actively leveraging the network with medical institutions and distribution channels built during the sales process of its existing product portfolio for the market entry of new product groups. Through this, the company expects to reduce the costs and time required for market entry while simultaneously improving sales efficiency and profitability associated with the expansion of its product portfolio.
A Celltrion official stated, "Through robust sales performance of existing products and expanded prescriptions for high-margin follow-on products, leveraging our local direct-sales competitiveness, we will make every effort to exceed our profit targets (revenue of 530 trillion won, operating profit of 180 trillion won)."
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