Celltrion is set to enter the growing market for oral obesity drugs, aiming to overcome the limitations of existing therapies—such as adverse effects and muscle loss—by enhancing efficacy and minimizing side effects as a late mover.
At an online press conference on the 19th, Chairman Seo Jeongjin of Celltrion said, “Eli Lilly’s obesity drug currently in Phase 2 clinical trials is a triple agonist, whereas we plan to complete development-stage clinical studies on three quadruple-agonist candidates by the end of this year. Starting next year, we will begin preclinical studies required for product approval.”
Obesity therapeutics have evolved beyond glucagon-like peptide-1 (GLP-1) receptor monotherapy. Today’s mainstream products are dual- and triple-agonists containing GLP-1, but Celltrion aims to increase appetite suppression and satiety by adopting next-generation quadruple-agonist technology. Celltrion’s oral obesity drug candidate, CT-G32, targets improvements over existing drugs by reducing muscle loss and increasing weight-loss efficacy to as much as 25%.
Chairman Seo expressed confidence that CT-G32 will demonstrate superior performance, citing patient non-responsiveness and weight-loss ceilings observed with Wegovy and Mounjaro. In the Q&A session, he noted, “The ‘Wegovy era’ will not last long. The biggest adverse effect of current obesity drugs is muscle loss. The industry is moving toward multi-agonists to reduce side effects, and eventually, oral formulations will become standard.”
Up to KRW 6 Trillion (Approx. USD 4.5 Billion) Investment for Domestic and Overseas Plant Expansion
Following its acquisition of Eli Lilly’s biopharmaceutical manufacturing facility in Branchburg, New Jersey, Celltrion will officially enter the contract development and manufacturing (CDMO) business. The company has begun efforts to expand its production capacity.
The U.S. plant’s bioreactor expansion will occur in two phases (each adding three 11,000-L units). Once completed, total production capacity will reach 132,000 L. Investment expenditures are expected to include KRW 700 billion (approx. USD 520 million) for facility acquisition and operations, and an additional KRW 700 billion (approx. USD 520 million) for expansion—totaling KRW 1.4 trillion (approx. USD 1.05 billion).
According to Chairman Seo, “Expanding six bioreactors will take around five years. If we add another purification plant, the total investment will reach KRW 2 trillion (approx. USD 1.5 billion), but we will decide once the U.S. tariff issue is resolved.”
Although Korea and the U.S. have reached an agreement in principle on tariff negotiations, details remain unsettled. For Celltrion, a key concern is whether biosimilars will be included among generics eligible for tariff exemptions.
The company is also pushing forward with large-scale domestic investments, which Chairman Seo previously estimated at KRW 4 trillion (approx. USD 3 billion) during a government meeting on Korea-U.S. tariff negotiations. Domestic projects include:
A new liquid-form drug product facility and a new drug-substance (DS) plant at Songdo,
A new drug-product (DP) facility in Yesan, Chungnam,
A new pre-filled syringe (PFS) manufacturing plant in Ochang, Chungbuk.
“Q4 Results Will Be Strong Enough to Compete with Pre-Split Samsung Biologics”
Celltrion expects significant improvement in its fourth-quarter performance. Chairman Seo stated, “Fourth-quarter revenue will grow by more than 30%, cost of sales will drop below 35%, and our operating margin will exceed 40%. Starting in Q4, we will be in a position to compete with Samsung Biologics’ pre-split operating profit.”
However, he declined to provide exact figures, citing disclosure obligations.
Celltrion plans to allocate its EBITDA across shareholder returns, R&D investment, and strengthening its financial structure. As a result, R&D expenditure is expected to surpass KRW 800 billion (approx. USD 600 million) next year. “Our R&D spending will soon exceed KRW 1 trillion (approx. USD 750 million), marking our transformation beyond a biosimilar-focused company,” Seo said.
According to Hyundai Motor Securities, Celltrion’s forecast for this year includes EBITDA of KRW 1.381 trillion (approx. USD 1.04 billion) and operating profit of KRW 1.08 trillion (approx. USD 810 million).
This performance is expected to support Celltrion’s transition into a full-scale innovative drug company. The company currently markets 11 biosimilars and plans to launch 41 products by 2038, adding roughly two to three products annually over the next 13 years.
Despite Celltrion’s ambitious outlook, market concerns persist. Chairman Seo had previously projected KRW 1 trillion (approx. USD 750 million) in initial annual revenue for Zymfentra, but the forecast was revised downward to about KRW 350 billion (approx. USD 260 million) due to delays in U.S. payer listings and misjudgments regarding distribution channels—raising questions about the company’s credibility.
Addressing Zymfentra’s performance, Seo said, “Due to drug-price-reduction policies under former president Trump, U.S. insurers are still in confusion. Once the policies settle by the end of this year and the transition period passes, we expect meaningful progress next year.”
He added, “It also remains unclear whether Zymfentra will fall under the scope of price-reduction policies. In Europe, it is approved as a biobetter, but in the United States, it is approved as a new drug—making its status within price-cut programs ambiguous.”
