Celltrion said Wednesday that its sales and operating profit surged in the first quarter of 2026, driven by the rapid expansion of high-margin biosimilars in global markets and improving profitability after its merger-related cost burden eased.
Celltrion headquarters in Songdo, Incheon. (Credit: Celltrion)
The company reported consolidated sales of 1.15 trillion won ($789.6 million) in the first quarter of 2026, up 36 percent from a year earlier. Operating profit jumped 115.5 percent to 321.9 billion won, marking its highest-ever first-quarter sales and operating profit.
Its operating margin improved to about 28.1 percent. Celltrion said the figure would have reached the 30 percent range, excluding the temporary impact of regular maintenance at its U.S. production facility during the quarter.
The U.S. plant completed maintenance in February and is now operating normally, with contract manufacturing organization, or CMO, production and validation work for Celltrion products expected to begin from the second quarter.
The company attributed the earnings growth largely to the global sales expansion of five high-margin biosimilars launched last year. Sales of the newer product group rose 67 percent from a year earlier to 581.2 billion won in the first quarter, accounting for 60 percent of total product sales for the first time.
Celltrion said its 11 biosimilars currently sold worldwide continue to provide a stable revenue base, while newer products are gaining traction through European tenders and U.S. reimbursement coverage.
Omlyclo, Celltrion’s omalizumab biosimilar referencing Xolair, has quickly expanded its market share since its European launch last September. The anti-IgE antibody biosimilar is used for allergic asthma, chronic spontaneous urticaria and chronic rhinosinusitis with nasal polyps in Europe. Celltrion said Omlyclo reached market shares of 98 percent in Denmark, 80 percent in Spain and 70 percent in the Netherlands within about four months. Additional tender wins in major European countries are expected to support sales growth in the second half, when supply volumes from those contracts begin to be reflected in revenue.
In the U.S., Zymfentra, a subcutaneous formulation of infliximab for maintenance treatment in adults with moderately to severely active ulcerative colitis and Crohn’s disease, has been posting record monthly prescriptions, more than tripling from a year earlier.
Steqeyma, Celltrion’s ustekinumab biosimilar referencing Stelara, also exceeded a 10 percent market share in the U.S. in March, based on IQVIA data. The product is used to treat immune-mediated diseases such as plaque psoriasis, psoriatic arthritis, Crohn’s disease and ulcerative colitis. Celltrion explained that reimbursement coverage secured through major pharmacy benefit managers helped drive prescriptions.
“Our profitability structure has also improved as one-off merger-related costs have been fully resolved,” the company said.
The company cited the depletion of high-cost inventory, the end of development cost amortization and improved production yield as factors supporting margin recovery.
Based on the strong first-quarter performance, Celltrion said it has made a solid start toward exceeding its annual target of 5.3 trillion won in sales and 1.8 trillion won in operating profit.
“Biosimilar sales typically grow stronger in the second half, as European tenders are concentrated in the second and third quarters, initial supplies are delivered after tender results, and hospitals build inventory toward year-end,” the company said.
The company also expects additional momentum from the launch of new products in more countries under patent settlement agreements. Avtozma, Celltrion’s tocilizumab biosimilar referencing Actemra, has a subcutaneous formulation used for rheumatoid arthritis, giant cell arteritis and juvenile idiopathic arthritis indications, while Omlyclo is also expected to enter the U.S. market this year.
Celltrion plans to expand its biosimilar portfolio from the current 11 products to 18 by 2030 and 41 by 2038.
In new drug development, the company aims to build a pipeline of 20 candidates by 2027, including four assets already in clinical development, such as CT-P70, as well as bispecific antibodies, multispecific antibodies and obesity treatments.
“The strong year-on-year growth in the seasonally slow first quarter reflects the full-scale market entry of high-margin products,” a Celltrion official said. “This marks a successful start toward exceeding this year’s targets of 5.3 trillion won in sales and 1.8 trillion won in operating profit.”
Alongside the earnings announcement, Celltrion also said its board approved the cancellation of about 100 billion won worth of treasury shares recently bought back by the company.
The decision follows the completion last month of its largest-ever treasury share cancellation, involving 9.11 million shares worth about 1.8 trillion won. Celltrion said it will immediately begin the process of canceling 488,983 shares purchased between April 23 and May 6, as part of its shareholder return policy.
Lee Han-soo
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