Samsung Bioepis biosimilar sales in Europe up 40% on yr, Korean parent stock rallies

2019.10.23 14:02:49 | 2019.10.23 15:27:32

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Samsung Bioepis, an unlisted subsidiary of Samsung Biologics, generated $542 million from sales of its three biosimilars in Europe for the first nine months of this year, topping last year’s full revenue and triggering jump in the stock price of its Korean parent.

According to the earnings report of Biogen on Tuesday (local time), Samsung Bioepis` marketing partner in Europe, sales of its three biosimilar products – Benepali, Flixabi, and Imraldi -- totaled $183.6 million in the non-U.S. region in the third quarter, down a fraction from the previous quarter but up 36 percent from a year earlier.

Samsung Bioepis is a biosimilar-focused joint venture between Samsung BioLogics and U.S.-based Biogen. Samsung Biologics with slightly above 50 percent interest in the joint venture Wendesday gained 8.1 percent higher at 372,000 won ($27.3) on expectations for contribution to its bottom line.

Benepali (etanercept), Imraldi (adalimumab) and Flixabi (infliximab)이미지 확대

Benepali (etanercept), Imraldi (adalimumab) and Flixabi (infliximab)

During the July-September period, Benepali (etanercept) sales reached $112 million while Flixabi (infliximab) generated $184 million. The sales of Imraldi (adalimumab), which was launched in October last year, came to $493 million.

The combined revenue of these three products in January-September this year are $542 million, or 99.5 percent of their full-year revenue a year ago.

Biogen said the three biosimilars have been prescribed to approximately 180,000 patients in Europe, and it expects to contribute up to €1.8 billion of healthcare savings in 2019.

By Kim Byung-ho and Minu Kim

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