Celltrion (068270.KS) is expanding its footprint in Europe's major markets, with both flagship and new products showing steady growth. Alongside stable prescription trends for its Remsima product line (IV·SC), high-margin new biosimilars are rapidly establishing themselves in the market, fueling expectations for earnings growth this year.
According to pharmaceutical market research firm IQVIA on Friday, Celltrion's autoimmune disease treatment Remsima product line recorded a combined 70% share of Europe's infliximab market as of the fourth quarter of last year. The company maintained a commanding lead over competitors, reaffirming its leadership in the European market.
The strength was particularly pronounced in the EU5. In the United Kingdom, the Remsima product line's market share reached 83%, while France and Italy recorded 82% and 80%, respectively, sustaining market dominance.
Remsima SC, the subcutaneous injection formulation, also posted sharp growth. Its share exceeded 50% in Germany and reached 36% in France. In Greece and Luxembourg, it recorded shares close to 100%, effectively monopolizing the market in some countries.
The "dual formulation" strategy—switching patients from competing products to Remsima and then to Remsima SC—is paying off. Celltrion said it is expanding synergies across the Remsima product line based on its competitiveness as the world's only infliximab SC formulation.
The oncology product line also continued stable growth. Vegzelma (bevacizumab), a treatment for metastatic colorectal and breast cancer, recorded a 30% share in the European market, maintaining its No. 1 position in the bevacizumab biosimilar market. Despite being a latecomer, the product is expanding its share through a direct sales strategy and brand competitiveness.
New high-margin products are also quickly gaining traction. Omlyclo (omalizumab), a treatment for chronic spontaneous urticaria launched in Europe last September as a first mover, recorded a 15% market share within two quarters of launch. In Denmark, it achieved a 98% share based on a national tender win, while Spain and the Netherlands posted shares of 80% and 70%, respectively.
Avtozma (tocilizumab), an autoimmune disease treatment, also made a smooth start. Following sequential launches in major European countries from late last year through January this year, it recorded an overall European share of 5%. In some countries, including Portugal (30%) and Spain (13%), it secured double-digit shares.
With growth confirmed across the product portfolio, earnings expectations are rising. Celltrion posted first-quarter consolidated revenue of 1.145 trillion won and operating profit of 321.9 billion won, up 36% and 115.5%, respectively, from a year earlier.
The industry expects earnings growth to accelerate further, as tenders in major European countries typically concentrate in the second and third quarters, with initial supply shipments ramping up in the second half of the year.
"In addition to stable sales of our flagship products centered on the Remsima product line, our high-margin new product lines have also recorded sharp prescription growth from the early stages of their European launches, delivering results across the entire portfolio," a Celltrion official said. "We will do our utmost to achieve results that exceed the earnings targets we set for this year."
