Celltrion’s Remsima (ingredient: infliximab), a therapy to treat autoimmune diseases, is showing a robust sales growth in the U.S. market, analysts said Wednesday.
Distributed by Pfizer in the U.S., Remsima posted $34 million in revenue in the third quarter, up 47.8 percent from $23 million in the second quarter. Remsima sales in Europe also surged to $64 million in the third quarter, up 42.2 percent from a year earlier.
Analysts in Seoul said sales of Remsima in the U.S. continued to grow, despite earlier concerns that the drug would face a severe competition and decline in sales.
“Remsima sales went up 47.8 percent in the U.S. this quarter, compared to the previous quarter. In Europe, it rose 42.2 percent year-on-year. From 2018, it will see strong growth in earnest,” said Shin Jae-hoon, an analyst at EBEST Investment & Securities.
Another analyst said investors should pay attention to the upcoming prescription data, which could affect Celltrion’s stock prices.
“Original drugmakers and partner companies that market biosimilars are nearing the completion of earnings reports. Based on their reports, the penetration of biosimilars into the U.S. market is slow while that in Europe is fast,” said Lee Tae-young, an analyst at Meritz Securities. “The difference between the two markets results from multiple variables such as license regulation, insurance system, drug insurance reimbursement system, rebate structure, and alternative prescription incentives.”
The speed of market penetration will decide the movements of stocks (of Celltrion). Investors should pay attention to U.S. data on prescription for October (scheduled to be announced on Nov. 22), Lee added.
Remsima reportedly has a 1.7 percent market share in the U.S., regarding accumulated sales in the past year since its launch in November 2016.
Janssen’s Remicade, which Remsima referenced, posted $1.2 billion and $6 million in U.S. sales in the third quarter, down 1.3 percent from a year earlier.
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