Seoul: Celltrion Inc., a major South Korean biopharmaceutical company, reported that its third-quarter net profit nearly quadrupled from the previous year, driven by robust sales of high-margin medicines.

According to Yonhap News Agency, the company's net profit for the three months ending in September surged to 331.9 billion won (US$230.7 million) from 84.09 billion won a year earlier, as stated in a regulatory filing. The stronger global sales of Celltrion's flagship biosimilars, including Remsima SC, Yuflyma, and Vegzelma, significantly contributed to the quarterly results.

These high-margin products constituted 54 percent of the total sales in the third quarter, an increase from 42 percent the previous year. Celltrion anticipates continued solid earnings momentum in the fourth quarter, with plans to launch five new biosimilars-Steqeyma, Omlyclo, Avtozma, Eydenzelt, and Stoboclo-Osenvelt-in global markets by year's end progressing smoothly. These products have already received sales approval in Europe and the United States.

From January to September, Celltrion's net income more than doubled to 503.56 billion won from 183.31 billion won a year earlier. Operating profit also more than doubled to 693.3 billion won from 295.61 billion won during the same period, while sales increased by 13.6 percent to 2.83 trillion won from 2.49 trillion won.

The Korean drugmaker aims to reach approximately 4 trillion won in annual sales this year, up from 3.56 trillion won posted last year. Celltrion's global biosimilar portfolio currently includes 11 approved products, and the company aims to commercialize 22 biosimilars by 2030. The global biosimilar market is projected to grow to 261 trillion won by then, from 138 trillion won this year.