Analysts upbeat on Celltrion’s US market expansion
[THE INVESTOR] Analysts here are positive that Celltrion’s biosimilar Inflectra will expand its footing in the US as its marketing partner Pfizer is taking on original drug maker Johnson & Johnson.
Pfizer filed a suit against J&J on Sept. 20, claiming the rival’s contracts with health insurers for blockbuster rheumatoid arthritis drug Remicade is anti-competitive and the move keeps its copy version Inflectra out from insurance coverage.
Inflectra, a biosimilar version of Remicade developed by Celltrion and marketed by Pfizer in the US, launched in October last year at a 15 percent discount.
“J&J’s aggressive measures to counter Pfizer shows its strong willingness for biosimilar market expansion,” Meritz Securities analyst Lee Tae-young said.
Pfizer’s move partially eases concerns about the partnership and Inflectra’s muted sales growth in recent months. In the second quarter, Pfizer reported that Inflectra sales stood at US$230 million, missing market expectations.
“Inflectra’s market expansion could be buoyed if the lawsuit puts a brake on J&J’s strategy,” said Korea Investment and Securities analyst Jin Hong-guk.
By Park Han-na (hnpark@heraldcorp.com)