Celltrion's (068270.KS) autoimmune disease treatment Remsima has captured a 70% share of the European market, with both flagship products and newly launched biosimilars gaining ground and fueling expectations for stronger earnings.
According to pharmaceutical market research firm IQVIA on Wednesday, Celltrion's Remsima product family achieved a combined 70% market share in Europe as of the fourth quarter of last year. Remsima led the market in the UK with an 83% share, while recording 82% in France and 80% in Italy. Remsima SC, the subcutaneous injection formulation, continued its growth with a 50% share in Germany and 36% in France. In Greece and Luxembourg, the product holds a near-monopoly with virtually 100% market share.
In oncology, Vegzelma, a treatment for metastatic colorectal and breast cancer, holds a 30% share and maintains its top position in the bevacizumab market.
New high-margin products launched in Europe last year are also quickly establishing themselves. Omlyclo, a treatment for chronic spontaneous urticaria, captured a 15% share within two quarters of launch. In Denmark, it secured a 98% share through a national tender win, while reaching 80% in Spain and 70% in the Netherlands. Steqeyma, an autoimmune disease treatment, holds a 5% share and is expanding prescriptions in Portugal, Spain and other countries.
The widening market share is feeding expectations of earnings growth in the second half. Celltrion posted first-quarter consolidated revenue of 1.145 trillion won and operating profit of 321.9 billion won, up 36% and 115.4% from a year earlier, respectively. Given that tenders and initial supply orders in major European countries are typically concentrated in the second and third quarters, and that medical institutions tend to build up inventory toward year-end, growth is expected to accelerate in the second half. As a result, some analysts say Celltrion may exceed its full-year targets of 5.3 trillion won in revenue and 1.8 trillion won in operating profit.
"Achieving substantial year-on-year growth in the first quarter, traditionally a seasonal low point, reflects the full-fledged market entry of our high-margin product lineup," a Celltrion official said. "Results are coming through across the entire portfolio, including stable sales of flagship products such as Remsima and expanding prescriptions of new product lines." The official added, "We will do our utmost to deliver results that exceed the targets we set for this year."
The company plans to expand its current biosimilar portfolio of 11 products to 18 by 2030 and 41 by 2038. In novel drug development, Celltrion aims to broaden its pipeline to 20 candidates by 2027, focusing on bispecific antibodies and obesity treatments.
