Celltrion continued its earnings growth momentum by posting record-high first-quarter results this year.

Celltrion announced on the 6th, via a regulatory filing, that on a consolidated basis for the first quarter of 2026 it recorded revenue of KRW 1.1450 trillion and operating profit of KRW 321.9 billion. This represents increases of 36% and 115.5%, respectively, compared with the same period last year, marking the company’s best first-quarter performance ever. The operating margin came to 28.1%, and excluding one-off factors it is analyzed to have approached the 30% level.

The main driver of these results is cited as a shift in the revenue mix toward high-margin products. According to Celltrion, revenue from its new biosimilar product group grew 67% year-on-year, and its share of total product sales expanded to 60%. In particular, successful tender results in major European countries and the securing of reimbursement coverage in the US market appear to have contributed to higher sales.

By region, growth was seen in both Europe and the United States. In Europe, key products are rapidly gaining market share, while in the United States, prescription volumes continue to rise, led by subcutaneous (SC) formulations. Celltrion expects this trend to continue into the second half of the year.

Profitability also showed an improving trend. With one-off merger-related expenses having been resolved, the disposal of high-cost inventories and improvements in production efficiency contributed to higher margins. As a result, there is a growing possibility that the pace of profit growth will further accelerate alongside revenue expansion.

Expectations for second-half results are also being supported by plans to expand the sales territories of high-margin new products launched last year, in line with patent settlements. In particular, the subcutaneous (SC) formulation of Aptozma and Omriclo are scheduled to be newly launched in the US market this year and are expected to serve as additional drivers of revenue growth.

In the medium to long term, the company is also pursuing a strategy to broaden its product portfolio. Celltrion currently has 11 biosimilar products and plans to increase this to 18 by 2030 and 41 by 2038. In the new drug segment, it intends to expand its pipeline to around 20 candidates by 2027, including CT-P70, as well as bispecific antibodies, multispecific antibodies, and obesity treatments.

Celltrion stated that the strong results reflect the impact of expanding its high-margin product group. A Celltrion official said, “Achieving such strong growth even in the seasonally weak first quarter is the result of new products firmly establishing themselves in the market,” adding, “It is a starting point from which we can expect to surpass our annual targets.” The official further noted, “Even with approximately KRW 100 billion in R&D expenses reflected, we are maintaining profitability, which indicates that our foundation for future growth remains intact.”

However, some observers point to uncertainties stemming from the structural characteristics of the industry. The biosimilar market may continue to face pricing pressure due to intensifying competition, while the US distribution structure and drug pricing policies could also act as variables. Accordingly, even if earnings growth continues, volatility may emerge alongside it, analysts say.

Meanwhile, Celltrion last month completed the cancellation of approximately 9.11 million treasury shares worth a total of KRW 1.8 trillion, and this month decided to cancel an additional KRW 100 billion worth (488,983 shares) of treasury shares in full. The company is being assessed as having reaffirmed its commitment to enhancing shareholder value by conducting large-scale share cancellations in rapid succession.

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