Kim Hyung-ki "Confident in Celltrion's 3.5 Trillion Sales Achievement... Will Take Responsibility if Failed"

Existing Products 1.6 Trillion + New Products 1.9 Trillion Proposed
Expectations for Jimpentra, Uflyma, Begzelma, etc.
US Market Entry Gateway 'PBM' Formulary Listing Also Progressing Smoothly

Celltrion aims to achieve sales of over 3.5 trillion KRW this year, driven by the sales growth of the recently launched autoimmune disease treatment new drug, Jimpendra. Kim Hyung-gi, Vice Chairman in charge of sales at Celltrion, expressed confidence in these results and even declared that if they fail, he would "take corresponding management responsibility."

On the 26th, at the Celltrion regular shareholders' meeting held at Songdo Convensia in Incheon, Kim Hyung-gi, Vice Chairman of Celltrion (left), is speaking during the Q&A session with shareholders that followed. The other two are Seo Jin-seok, CEO of Celltrion (left), and Vice Chairman Ki Woo-sung.
[Photo by Celltrion]

During the Q&A session with shareholders following Celltrion's regular general meeting held on the 26th at Songdo Convensia in Incheon, Kim Hyung-gi, Vice Chairman of Celltrion, said, "Achieving 3.5 trillion KRW in sales this year is not a problem," adding, "As the person responsible for sales, I am confident." When asked about the consequences of failing to meet the target, he said, "It is not appropriate to discuss the form here," but emphasized, "I will never try to evade responsibility and will certainly be accountable."

Vice Chairman Kim first set a sales target of 1.6 trillion KRW for existing products, including the autoimmune disease treatment Remsima IV and the anticancer drugs Truxima and Herzuma, expressing confidence by saying, "There is absolutely no possibility of deviation."

The remaining 1.9 trillion KRW in sales is expected to be driven by Jimpendra (the U.S. launch name for Remsima SC), recently introduced to the U.S. market, and Uplyma, a biosimilar of Humira, an autoimmune disease treatment launched last year. Kim emphasized, "Remsima SC is generating 400 to 500 billion KRW in markets excluding the U.S., and Jimpendra is reporting 500 to 600 billion KRW in the U.S. The fastest-growing product, Uplyma, is expected to exceed 500 billion KRW." Additionally, combining 300 billion KRW from the anticancer drug Vegzelma and 150 to 200 billion KRW from CT-P39, a biosimilar of the asthma and urticaria drug Xolair currently undergoing final approval procedures with the U.S. Food and Drug Administration (FDA), the expectation is that achieving 3.5 trillion KRW in sales this year is entirely feasible.

He also emphasized that current sales are progressing smoothly. Kim said, "If the first quarter's performance continues without increase until the end of the year, sales will be around 2.6 to 2.7 trillion KRW," adding, "Considering the growth of Remsima and Uplyma, the goal is to increase sales by only 1 trillion KRW more."

In particular, Jimpendra, which Celltrion Group Chairman Seo Jung-jin confidently projected to reach 5 trillion KRW in sales by 2030, is showing smooth sales under Seo’s direct leadership in the U.S. market. The first hurdle in the U.S. market, targeting Pharmacy Benefit Managers (PBMs), is also progressing steadily.

PBMs negotiate drug prices and rebate levels with pharmaceutical companies on behalf of public and private insurers in the U.S., managing formularies, which are lists of drugs that can actually be prescribed. If a drug is not listed on a PBM’s formulary, sales in the U.S. are practically impossible.

Jimpendra has already succeeded in being listed on formularies of various small to mid-sized PBMs, such as Blue Cross Blue Shield (BCBS) Minnesota, from the time of its launch. Notably, these PBMs recognized Jimpendra’s innovation without separate negotiations, resulting in listing without negotiation.

Furthermore, negotiations are accelerating to list Jimpendra as a preferred drug on formularies of major PBMs like CVS Caremark, Express Scripts, and OptumRx, which dominate about 80% of the U.S. PBM market. Kim said, "We are close to signing a contract with one of them," and added, "We aim to have Jimpendra listed on all three major PBMs within this year to create an environment where prescription reimbursements can be made."

Sales of Uplyma, which faced controversy last year due to delayed PBM listing, are also expected to gain significant momentum starting this year. Kim explained, "With many Humira biosimilars launched simultaneously, PBMs demanded excessive rebates," adding, "Policy changes by PBMs are expected in the second half of the year, and progress is being made well with two of the three major PBMs." Uplyma was already listed on OptumRx’s formulary last year.

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