South Korean biopharmaceutical giant Celltrion Inc. reported a steep decline in its net profit for the fourth quarter of 2023, citing slow sales as the primary reason. The company's net income plummeted by 99.4 percent year-over-year, amounting to 453 million won ($340,218), compared with 70.4 billion won in the same period the previous year.
According to Yonhap News Agency, Despite a marginal increase in operating income, Celltrion's annual revenue fell by 4.7 percent to 2.17 trillion won. The decrease in quarterly sales was attributed to minimal biosimilar product sales to Celltrion Healthcare Co. ahead of their merger, aimed at consolidating Celltrion's position as a global pharmaceutical company. Nevertheless, Celltrion anticipates growth in 2023, buoyed by robust demand for its biosimilar drugs, including Remsima and Remsima SC, and market expansion in Europe for its other biosimilar products, Truxima and Herzuma.