Celltrion’s provisional sales in the third quarter were 882 billion won… 31.18% growth

(Health Korea News / Chang-yong Lee) It was found that Celltrion’s sales in the third quarter of this year increased significantly. The analysis is that this is thanks to the rapid growth of bio products.

According to the provisional operating results for the third quarter of 2024 (based on consolidated financial statements) announced by the company on the 8th, Celltrion’s sales in the third quarter were KRW 882 billion, an increase of 31.18% compared to the same period last year (KRW 672.3 billion).

The company explained, “Bio product sales increased by 75.2% compared to the same period last year, thanks to the rapid growth of follow-up items such as Remsima SC, Uplyma, and Begzelma.”

Looking at bio products by item, Remsima SC recorded sales of 170.9 billion won in the third quarter of this year, showing a whopping 68.7% increase compared to the same period last year (101.3 billion won).

Uplyma’s growth is also rapid. Uplyma recorded cumulative sales of 241.4 billion won in the third quarter of this year, which is 1.7 times more than the previous year’s annual sales of 143.5 billion won.

Begzelma also achieved cumulative sales of 143.8 billion won in the third quarter of this year. In just three quarters, the company achieved nearly three times the 2023 annual sales of 49.4 billion won.

Wegzelma also ranked second in market share in Europe. Looking at the market share by country, Germany is at 24.7% and the UK is at 33.2%. Among these, the market share in Finland continues to dominate, recording 92.5%.

Looking at regional sales of bio products, Europe was the largest at KRW 444.9 billion, and the growth rate also increased by 56.9% compared to the same period last year (KRW 283.5 billion). The explanation is that while stable sales of existing products continue, sales growth continues as the base of follow-up products expands rapidly.

Sales in the North American market amounted to 232.8 billion won, a slight decrease from the same period last year (236.7 billion won). However, the growing market recorded 132.3 billion won, a 28.1% increase compared to the same quarter last year (103.3 billion won).

However, sales of non-bio products recorded -65.8% compared to the same period last year due to a decrease in sales of finished pharmaceutical services due to deferral of CMO sales and merger.

Operating profit in the third quarter of this year was 207.7 billion won, a 22.4% decrease compared to the same period last year (267.6 billion won). During the same period, operating profit margin also decreased from 39.8% to 23.6%. However, as of this year, the operating profit ratio, which was around 2% in the first quarter of 2024, increased to 8% in the second quarter and then surged to 23.6% this quarter.

A Celltrion official said, “The decrease in operating profit is due to the remaining inventory items with high cost ratios produced before the merger.” He added, “Because current inventory items are being sold out quickly and new products have a low cost ratio, the operating profit ratio will continue to increase.” .

As a result, Celltrion recorded cumulative sales of KRW 2.4937 trillion in the first to third quarters, showing a 39.01% growth compared to the same period last year (KRW 1.7938 trillion). Cumulative operating profit and accumulated net profit were KRW 295.6 billion and KRW 183.3 billion, respectively, down 53.30% and 66.01% compared to the same quarter last year.

(Celltrion’s provisional operating results for the third quarter of 2024 on a consolidated basis)

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