Celltrion (068270.KS) is rapidly expanding its global growth base, securing high market shares across major markets in Asia, including Japan, and Latin America. With launches of high-margin follow-on products now gathering pace, Asia and Latin America are expected to emerge as new growth engines alongside the U.S. and Europe.
Celltrion said on the 20th that it had achieved meaningful results in Japan, one of the world's major pharmaceutical markets. Remsima, its autoimmune disease treatment with the active ingredient infliximab, held a 48% share in Japan as of July this year, overtaking the originator drug to become the top-prescribed infliximab product.
Its oncology portfolio also maintains strong positions in Japan, with Herzuma (trastuzumab) at 78% and Vegzelma (bevacizumab) at 64%.
The company is also broadening the competitiveness of its key products elsewhere in Asia. As of the first quarter, Remsima ranked first in each market with shares of 93% in Singapore, 84% in Hong Kong, 78% in Thailand and 72% in Malaysia. Truxima (rituximab) also led with 93% in Singapore and 78% in Thailand, while Herzuma secured 51% in Malaysia and 42% in Thailand.
Celltrion is strengthening its hold in Latin America as well. In Brazil, the region's largest pharmaceutical market, Remsima holds about 60% of the local private market, while in Costa Rica both Remsima and Truxima are close to 100%. The company's products also command more than 80% share in Ecuador, the Dominican Republic and Paraguay.
Sales performance in Asia and Latin America is tied to Celltrion's continued push to expand its global direct sales infrastructure. As of the third quarter, the company operates subsidiaries in 43 countries, 13 of them in key growth markets such as Asia and Latin America. It has expanded its local workforce in Japan to about 80 people and has steadily built up staff and business operations in Thailand, the Philippines and Vietnam. About 25% of its overseas workforce is now based in growth markets including Asia and Latin America.
Building on the high market shares of its existing core products, Celltrion is also expanding the launch footprint of higher-margin follow-on products. In Japan, it recently launched the intravenous formulation of Steqeyma (ustekinumab), with Remsima SC slated for release next year. In Thailand, it is pursuing launches of Omlyclo (omalizumab), a treatment for chronic spontaneous urticaria and allergic asthma, and Stoboclo-Osenvelt (denosumab) for bone disease. Steqeyma launches are being prepared in Malaysia and Singapore, and in Latin America the company plans to roll out follow-on products including Omlyclo and step up participation in public-sector tenders.
"Our local sales infrastructure and the high market shares of our existing products are an important foundation for expanding the market for high-margin follow-on products," a Celltrion official said. "Following the U.S. and Europe, we will accelerate new product launches in Asia and Latin America to diversify our global growth base and deliver continued revenue growth and improved profitability."