Seoul: Celltrion Inc., a prominent South Korean biopharmaceutical company, announced a significant increase in its first-quarter net profit, which soared over five-fold compared to the previous year, driven by strong sales of its biosimilar drugs.

According to Yonhap News Agency, Celltrion's net profit for the three months ending in March surged to 108.3 billion won (US$77.4 million), up from 20.7 billion won during the same period last year. The impressive quarterly results were attributed to heightened demand for the company's leading biosimilars, including Remsima SC, Yuflyma, and Vegzelma, across global markets.

Sales of Yuflyma, a biosimilar drug for treating autoimmune diseases, notably surpassed 100 billion won for the first time in the first quarter. To sustain this growth trajectory, Celltrion plans to introduce four new biosimilars within the year.

The company has notably expanded its global biosimilar portfolio, increasing its number of approved products from six to 11. Celltrion's strategic vision includes the commercialization of 22 biosimilar products by 2030, coinciding with a projected near doubling of the global market size to 261 trillion won from the current 138 trillion won.

Celltrion's operating profit witnessed a dramatic rise, reaching 149.4 billion won in the first quarter, compared to 15.4 billion won a year earlier. Additionally, sales increased by 14.2 percent to 841.9 billion won from 736.9 billion won over the same period.

The company aims to achieve 5 trillion won in sales this year, bolstered by its expanded biosimilar offerings. This target represents a 40.5 percent increase from the record high of 3.56 trillion won recorded last year.