18 Sep Celltrion breaks operating profit record
Posted at 17:17h in News
Celltrion is predicted to become the first Korean biopharmaceutical company to record an operating profit greater than one trillion won or A$1.18 billion this year.
In 2019, only six Korean companies achieved similar operating profits– GS, Hyundai Motors, LG, Lotte, Samsung and SK.
Established in 2002, Celltrion has become a leading developer of ‘biosimilars’- highly similar alternatives to novel drugs. The company is now expanding its product offering to include new drugs, which industry watchers say is contributing to the forecasted increase in operating profit.
For example, Celltrion is developing an antibody treatment for COVID-19, which is expected to undergo phase II clinical trials in up to 12 countries including Korea and America. Primary results are likely to be available by the end of 2020.
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