Celltrion Hit By Truxima Price Cut, Temporary Utilization Rate Drop
Intensifying competition in the global biosimilars space and a temporary drop in its factory utilization rate took a toll on Celltrion's earnings in the third quarter, but analysts still expect a rosy outlook next year amid the expected US launches of biosimilar rituximab and trastuzumab, and the first subcutaneous version of Remsima on the horizon in Europe.
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As the year end approaches, Scrip wraps up what major events made headlines in the South Korean pharma/biotech sector in 2018.
With the US approval of its third biosimilar product, Herzuma, Korean group Celltrion appears to be on a continued growth track in the global market, despite intensifying competition. The company is counting on Herzuma’s potential to rapidly replace Herceptin in the world’s biggest pharma market, given the higher price of the original drug.
Thwarted by the FDA, Novartis sees better opportunities for other biosimilars in its portfolio and has decided not to pursue a refiling for its version of Roche's blockbuster Rituxan. However CEO Vas Narasimhan told Scrip that the US remains very much a focus of the group's biosimilars strategy.