Celltrion Inc., the South Korean biosimilar giant seeking to expand into higher-value innovative medicines, is positioning itself as a future contender to Novo Nordisk Inc. and Eli Lilly and Co. in the fast-growing obesity-treatment market.
The company announced on Wednesday that it is developing CT-G32, an orally administered quadruple-receptor agonist designed to activate four metabolic pathways simultaneously, an approach that would move beyond the GLP-1 and dual-agonist injections, like Wegovy and Mounjaro, that dominate the global obesity drug market.
It said the candidate is expected to deliver stronger weight-loss outcomes while reducing well-known drawbacks of current GLP-1-based therapies, including muscle-mass loss and wide variability in treatment response.
The Korean company also expects that CT-G32 could deliver up to 25% weight reduction with a non-responder rate of roughly 5%, based on preclinical modeling, performance that would place it at the upper end of emerging obesity-drug mechanisms.
Only one other company, US-based Biomed Industries Inc., has publicly reported a similar four-agonist construct. The program reported approximately 15% weight loss at 13 weeks, as per the findings of the Phase 2 clinical trials released in September.
Celltrion has secured a lead molecule and is completing disease-model studies before moving into full preclinical toxicology and stability testing, said Chairman Seo Jung-jin at a news briefing on the same day.
Patent registrations have been completed, and formal preclinical development is planned for 2026, he added.
R&D SPENDING TO RISE SHARPLY AS PROGRAMS ADVANCE
Celltrion expects a pronounced increase in research spending next year as multiple programs, including its obesity drug candidate, move toward clinical development.
R&D expenditure is projected at about 800 billion won in 2026 and is expected to surpass 1 trillion won in 2027 as the company expands its portfolio of antibody-drug conjugates, multi-specific antibodies and platform-based assets brought in through license-in agreements.
Management expects improved operating leverage in 2025 to support the higher development spend.
The company forecasts revenue to grow about 30% in 2025 compared with 2024.
US MANUFACTURING INVESTMENT ACCELERATES
Celltrion is committing substantial capital to expand its US manufacturing footprint in anticipation of rising biosimilar volumes and contracted production work.
The company plans a five-year, two-phase buildout that will add 66,000 liters of bioreactor capacity, six 11,000-liter units in total, at the plant in Branchburg, NJ, acquired from Eli Lilly.
The expansion requires about 700 billion won in new investment, on top of the 700 billion won already allocated for the plant’s acquisition and initial operating costs. In all, Celltrion expects to commit roughly 1.4 trillion won to secure and scale its US production base.
Domestically, the company is moving forward with a separate 4 trillion won investment in manufacturing facilities across new API, finished-dose and pre-filled-syringe lines in Songdo, Yesan and Ochang. The investment was announced by Seo on Sunday.
The US site will supply the American market, while Korean plants will serve ex-US regions.
Q4 TURNAROUND EXPECTED AFTER ONE-OFF COSTS ROLL OFF
Celltrion said it expects a clear rebound in fourth-quarter 2025 results as one-time merger-related costs fall away and newly launched high-margin biosimilars add to revenue.
The company projects a quarter-over-quarter revenue increase of at least 30%, with cost-of-goods sold in the mid-30% range and operating margins near 40%.
Recent US and European launches, including biosimilars such as Stoboclo and Osenvelt referencing denosumab, omalizumab biosimilar Omlyclo and Eydenzelt referencing aflibercept, have shown solid early uptake, with additional European launches planned by year-end.
Celltrion aims to commercialize 41 biosimilars by 2038, adding two to three products annually as it shifts its portfolio toward higher-value biologics and innovative therapies.
