With the arrival of 2026, the Year of Byeongo (丙午年), Celltrion’s earnings structure is facing a major turning point. The company is moving away from a revenue structure centered on the so‑called “three flagship products” (Remsima, Truxima, Herzuma), which have driven growth to date, as a new portfolio of high-margin products led by Remsima SC emerges as a new growth pillar. The market expects that this year’s sales performance of these new products will be the key variable in determining the direction of Celltrion’s results.

Celltrion secured its position in the global biosimilar market by becoming the first company in the domestic pharmaceutical and biotechnology industry to surpass KRW 1 trillion in annual sales with Remsima. With Truxima and Herzuma subsequently joining, the company has built a stable sales base in key markets such as Europe and the United States since the mid- to late 2010s. These products have served as cash cows, supporting research and development (R&D) funding for follow‑on biosimilar development.

However, as the 2020s began, products that had been on the market for more than 10 years entered a phase in which growth potential became limited due to intensified price competition and pressure for price reductions. In response, starting in Europe in 2020, Celltrion moved away from a partner-centered sales structure and introduced a direct sales system through its own subsidiaries to defend profitability, and this shift is assessed to have delivered partial results.

According to the earnings outlook announced by Celltrion on 31 December last year, Celltrion’s 2025 sales are forecast at KRW 4,116.3 billion and operating profit at KRW 1,165.5 billion. Among this, existing products such as Remsima, Truxima, and Herzuma are expected to account for about 40% of total sales.

Analysts note that for Celltrion to sustain its medium- to long‑term growth trajectory, it is essential not only to maintain stable sales from existing products but also to expand prescriptions of high-margin new biosimilars. The biosimilar market has the characteristic that relatively high profitability can be secured in the early competitive phase immediately after the original drug’s patent expires. This is because prices of original drugs tend to increase ahead of patent expiry, and in the initial stage of competition, biosimilars are not yet under strong downward price pressure.

Taking this market environment into account, Celltrion last year sequentially launched five new biosimilars—Steqima, Omriclo, Stovoclo–Ocenbelt, Aptozuma, and Idengelt—in major global markets including Europe and the United States. While last year was a period focused on market entry and initial positioning, 2026 is viewed as the point at which these products must prove their competitiveness through tangible sales performance.

In practice, Celltrion’s revenue structure is changing rapidly. The share of high‑margin follow‑on products, including Remsima SC, in total sales rose steadily from 16% in 2022 to 26% in 2023 and 38% in 2024, and is projected to reach around 60% in 2025. This shows that the core of Celltrion’s earnings is shifting from existing products to new products.

The securities industry is also focusing on this trend. Kim Seung‑min, an analyst at Mirae Asset Securities, commented, “With the growth of high‑margin biosimilars such as Remsima SC and the contribution of the five newly launched products, Celltrion’s earnings growth is expected to continue in 2026.” Ha Hyun‑soo, an analyst at Yuanta Securities, also projected, “As new items are fully launched from the second half of 2025, their contribution to sales will expand from 2026, and the growth of these products will drive Celltrion’s 2026 performance.”

A Celltrion representative stated, “While last year was a year focused on launching high‑margin new products in key global markets and achieving initial market penetration, this year we plan to pursue sales strategies centered on expanding prescriptions by closely analyzing the characteristics of each national market,” adding, “We will actively leverage the global network established through existing products to rapidly boost the performance of new products.”

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