Launch of 'Celltrion 2nd Phase'... "Aiming to be a Top 10 Global Pharmaceutical Company by 2030" (Comprehensive)

Honorary Chairman Seo Jung-jin to Resign as Registered Director at the 26th General Meeting
"After Announcing Retirement, Continues to Urge Trust as Successors Prepare for Management"

'Celltrion 3 Companies' Aim for 2 Trillion KRW Operating Profit This Year Excluding Rekirona
Rekirona's European Usage Recommendation Results to Be Announced Possibly on the Night of the 26th
Honorary Chairman Seo: "Expecting Good News... Negotiations for Export to 7 Countries Also Underway"

[Asia Economy Reporter Kim Ji-hee] Seo Jung-jin, Honorary Chairman who is stepping down from his registered director position at Celltrion, shared his final thoughts at the general meeting of shareholders on the 26th. Seo presented the goal for Celltrion and its affiliates Celltrion Pharm and Celltrion Healthcare to achieve an operating profit of 2 trillion won this year solely from existing products excluding the COVID-19 antibody treatment. Through this, the company aims to rank 25th among global pharmaceutical companies this year and break into the top 10 by 2030.

At the 30th regular general meeting of shareholders held at Songdo Convensia in Incheon, Honorary Chairman Seo said, “I have been solidly preparing for the management by juniors over the past two years since announcing my retirement,” and added, “Vice Chairman Kyu Seong Kyu not only helped establish the company but is also a considerable expert in practical matters,” urging continued trust.

◆ “We will raise operating profit to 2 trillion won this year... Aim to be a top 10 global pharmaceutical company by 2030” = Honorary Chairman Seo stepped down as chairman of Celltrion at the end of last year and has since been focusing on handing over responsibilities. At this general meeting, Seo stepped down from the registered director position, and Senior Vice President Seo Jin-seok was appointed as an inside director, marking the official start of Celltrion’s ‘second phase’ system.

Seo said, “I had a final meeting with employees yesterday (the 25th) and greeted them, and I plan to give a farewell speech after the general meeting,” adding, “I told the juniors, ‘Now you have full authority to manage the company.’”

He also hinted at Celltrion’s future global targets. “Among 300,000 pharmaceutical companies worldwide, we seem to have reached around 35th place based on operating profit,” he said. “We have set an ambitious plan to raise operating profit to 2 trillion won this year using only existing products, excluding the COVID antibody treatment.”

He expressed the aspiration to become the 25th largest pharmaceutical company globally this year. The goal is to reach the top 10 within 10 years. Seo emphasized, “There are currently five products in clinical trials,” and “The most important thing is continuous growth in products, sales, and profits.”

On this day, Vice President Seo took the chairmanship of the board, concretizing the separation of management and ownership that Honorary Chairman Seo has emphasized. Seo said, “The board chairman seriously decides on matters that require board approval by the CEO,” and “Management is centered on professional managers.” He added, “Although it is not a perfect answer to separating ownership and management, it is the closest approach.”

There is also an expectation that the merger process of the three companies?Celltrion, Celltrion Healthcare, and Celltrion Pharm?will gain momentum. Seo said, “We are steadily preparing to complete the merger of the three companies within this year,” and urged shareholders, “Since this is not a merger for vested interests, please help ensure the process is smoothly completed.”

[Image source=Yonhap News]

◆ EMA CHMP recommendation on Rekirona expected tonight = The biggest focus of the general meeting was undoubtedly the COVID-19 antibody treatment Rekirona. The European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) is expected to announce its recommendation on Rekirona injection as early as tonight.

Seo said, “The result will be released on the EMA website tonight or early tomorrow morning,” adding, “Based on the questions Celltrion has received so far, we can estimate the result, and signs indicate it could be good news. However, we have to wait for confirmation.” He also said, “We are currently negotiating exports with seven countries,” and “If exported, we plan to supply it at about 85% of the price of competing treatments.”

However, Seo urged caution against excessive expectations regarding profits from the antibody treatment. He explained, “Antibody treatments are temporary products intended for severe cases of COVID-19,” and “Of course, the company aims to make a profit, but as a pharmaceutical company, it also has social responsibility, so please do not have overly high expectations for profits from Rekirona.”

Celltrion is also developing a treatment for the South African variant. They plan to conduct phase 1 and 2 trials in South Africa and then proceed to phase 3 after approval. Seo said, “We expect to start human clinical trials around early June,” and “Three months later, patient recruitment for phase 1 and 2 data will be completed, and by early Q4 this year, we expect to receive additional approval for the South African variant treatment.”

After the EMA marketing authorization process, Celltrion will prepare for approval from the U.S. Food and Drug Administration (FDA). Seo said, “Emergency use authorization is conducted according to each country’s situation, and the U.S. currently has capacity for its own citizens,” adding, “To reduce risk, after completing the EMA process, we will reorganize the data and go through a procedure to seek FDA’s opinion.”

This content was produced with the assistance of AI translation services.