SAN FRANCISCO, Calif. -- By Lee Han-soo/Korea Biomedical Review correspondent -- Seo Jin-seok, Celltrion Group  Founder and co-Chairman Seo Jung-jin's eldest son and co-Chairman of the Board of Directors of Celltrion, made his first international conference debut on Wednesday at the J.P. Morgan Healthcare Conference 2024.

Speaking at the main track session, Seo outlined the company's journey so far and forward-looking strategies in the biopharmaceutical industry.

Seo started his presentation by introducing Celltrion's pioneering role in the biosimilar market.

"The company's journey, marked by numerous 'firsts'," Seo said. "Since establishing Asia's first FDA-approved current good manufacturing practice (cGMP) factory in 2007, to launching the world's first biosimilar, Remsima, in 2013, and our most recent achievement, the FDA approval of Zymfentra in 2023, Celltrion has continuously set industry benchmarks."

Regarding the company's strategy, Seo stressed that the biosimilar market is witnessing an oligopolization trend.

"Celltrion is at the forefront, expanding its robust portfolio," he said. "By 2025, we aim to have 11 products, including blockbuster drugs, as part of our strategy to solidify our market leadership."

However, Seo stressed that the company will not just focus on biosimilars.

"Our focus is now shifting to new drug development," he said. "We're prioritizing antibody-drug conjugate (ADC) projects for solid tumors and exploring immune checkpoint candidates," he said. "Our commitment extends to developing innovative therapies for blood cancers and autoimmune diseases, in collaboration with AI-powered drug discovery companies."

To better develop new drugs, Seo explained that Celltrion has kicked off its Celltrion Healthcare Intelligence Bank project.

"In an era where IT and biotechnology are converging, this venture is about creating a high-quality, refined database for generating insights, a step towards a digital healthcare revolution," he said. "We believe that the most suitable area for pharmaceutical companies in this era of potential is in providing insights that were not possible with conventional methods."

This includes developing a unique database and model that can offer new perspectives to both patients and doctors, Seo added.

Celltrion's future projections

Seo stressed that based on Celltrion's historical data, each biosimilar product achieves peak sales of $500 million, with an operating profit margin of 30 percent.

"Considering the country-wise launch status of each product, these figures are quite accurate," Seo said. "In 2022, Celltrion achieved sales of 2.3 trillion won ($1.7 billion) and an operating profit margin of 29 percent."

If the company succeeds in launching 22 products by 2023, it anticipates sales of 11 trillion won, and a 30 percent operating profit margin, which calculates to 3.3 trillion won, he added.

Seo stressed that including the company's efforts in developing new drugs will likely lead to potentially higher sales and profit margins.

"If so, Celltrion's revenue could be at least five times its current level," he said.

Meanwhile, according to Celltrion, Seo, an expert in biopharmaceuticals, has played a pivotal role in Celltrion's growth, contributing to the planning and development of biosimilar products and leading the development of future growth engines.

Seo joined Celltrion after earning a Ph.D. in biotechnology from the KAIST and had previously served as Celltrion's Head of Product Development and Senior Vice President of Celltrion Skin Cure Management.

Most recently, he was appointed as the general manager of the Management Business Division at the newly established "Integrated Celltrion," a name that Celltrion has been using after Celltrion completed its merger with Celltrion Healthcare in December of last year.