Record-High Quarterly Sales and Operating Profit Expected
Sales Up 20% and Operating Profit Up 140% Year-on-Year
On December 31, Celltrion announced through a regulatory filing that it expects to achieve consolidated sales of 1.2839 trillion won and an operating profit of 472.2 billion won in the fourth quarter of this year. Compared to the same period last year, sales are projected to increase by 20.7% and operating profit by 140.4%.
If the fourth-quarter performance forecast is confirmed, Celltrion’s annual sales this year will reach 4.1163 trillion won, up 15.7% year-on-year, and operating profit will reach 1.1655 trillion won, up 136.9%. This marks the first time in the company’s history that annual sales have surpassed 4 trillion won and operating profit has exceeded 1 trillion won.
This achievement is attributed to the stable growth of existing core products, as well as the rapid sales increase of newly launched high-profitability products that have successfully established themselves in the global market. In the fourth quarter, new products such as Remsima SC (marketed as Zymfentra in the United States), Yuflyma, Begzelma, and Stekyma are all expected to record double-digit growth rates, with their combined share of total sales projected to exceed 60%.
Profitability is expected to accelerate going forward, as the impact of the December 2023 merger with Celltrion Healthcare has been fully resolved. In particular, the depletion of high-cost inventory and amortization of development expenses that had inevitably pressured operating profit prior to the merger have now been completed. Coupled with improved production yields, this is expected to further boost operating profit in the future.
The growth and outlook for profits are also reflected in improved financial metrics. As of the fourth quarter of this year, the cost of goods sold (COGS) ratio is estimated at 36.1%, a decrease of about 3 percentage points in just one quarter compared to 39% in the third quarter. Notably, fourth-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to reach a record-high 538.9 billion won. The company plans to continue its growth strategy focused on reducing costs and expanding profitability.
Expansion on the production front is also underway to support long-term growth. By the end of this year, Celltrion plans to complete the acquisition of Eli Lilly’s biopharmaceutical manufacturing plant in Branchburg, New Jersey, and from next year, will begin full-scale contract manufacturing (CMO) supply and preparations for producing products for the U.S. market.
The company has also established a mid- to long-term strategy for its contract development and manufacturing organization (CDMO) business. Celltrion and its U.S. subsidiary will be responsible for facility investment and production infrastructure, while Celltrion BioSolutions, a CDMO-specialized subsidiary established last year, will oversee global sales and project management for CDMO operations utilizing these facilities. This approach maintains the direction of the existing CDMO business roadmap while enhancing flexibility in response to external environmental changes and strengthening responsiveness to global clients. In addition, the company plans to secure multiple new manufacturing facilities for both drug products (DP) and drug substances (DS) in Korea.
A Celltrion representative stated, "We have applied conservative assumptions in consideration of market volatility until the final results are released," adding, "From 2026, we will focus on robust growth based on our portfolio of high-profit products."
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