Celltrion Healthcare said on Friday that it recorded consolidated sales of 503.6 billion won ($377.5 million), operating income of 50.1 billion won and net income of 54.1 billion won for the first quarter of 2023.

The company's sales exceeded 500 billion for the first time in the first quarter, which is a relatively slow period due to the nature of its business, with a 21.1 percent year-on-year increase.

Similarly, its operating income also increased by 13.3 percent year-on-year and its operating margin remained in the double digits at 10.1 percent as prescriptions for profitable products continued to expand.

Net income increased by 24.1 percent year-on-year as pre-tax income increased significantly due to higher foreign currency translation gains amid the weakening of the Korean won.

Celltrion Healthcare said that its sales increase was linked to an even global prescription expansion for all products. This entailed increased prescriptions for Inflectra (ingredient: infliximab), the U.S. product name for Remsima in the North American region, together with expanded sales of Remsima subcutaneous (SC) injection and Uflyma (ingredient: adalimumab) in Europe.

In the U.S., Inflectra has shown rapid growth after being listed as a preferred drug by major private insurers such as United Healthcare and Cigna and continued to be the number one biosimilar prescription with a share of 31.4 percent according to data from Symphony Health in March this year.

Meanwhile, in Europe, dual-formulation marketing continues to drive both Remsima and Remsima SC share gains, with Remsima SC's first-quarter European sales up 65 percent year-on-year, demonstrating its strength as a flagship product driving Celltrion Healthcare's earnings growth.

Also following a similar trend, Uflyma continued its upward trajectory, recording more than 50 percent of its annual sales in the first quarter alone, as prescriptions are expanding as it is the only high-concentration biosimilar in Europe with 40 mg and 80 mg doses.

Additionally, Truxima (ingredient: rituximab) and Herzuma (ingredient: trastuzumab) also contribute to the first-quarter performance after expanding the direct sales system to all products in Europe last year.

The company added that Vegzelma (ingredient: bevacizumab) is showing promising results, winning tenders in major European countries such as Italy and Belgium, and registration of the drug with Medicaid is also expected to drive prescription expansion in the U.S. market. Furthermore, Celltrion plans to launch Uflyma in the U.S. later this year.

"We achieved our best-ever first-quarter revenue performance with stable growth from our follow-on products in Europe and North America," said a Celltrion Healthcare representative. "As we aim to enhance the marketing of Vegzelma and the launch of Uflyma in the U.S. market this year, we will continue to grow steadily by expanding prescriptions with a more diversified portfolio across Europe, Latin America, and Asia."