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Biosimilars

The global biosimilar market is growing 15%+ annually as blockbuster drug patents expire. Celltrion and Samsung Bioepis are the two Korean pillars competing to launch biosimilars for Humira, Keytruda, and Eylea. The U.S. IRA drug pricing negotiation law is accelerating biosimilar adoption.

Updated: 2/25/202612-24 months

Investment Confidence

Confidence Index85%
LowMediumHigh

Theme Analysis

Key Drivers

  • Global biosimilar market growing 15%+ annually
  • Blockbuster patent expirations (Humira, Keytruda, etc.)
  • U.S. IRA drug pricing law promoting biosimilar adoption
  • Celltrion building its own distribution network improving margins

Risk Factors

  • Originator pharma rebate strategies
  • FDA approval delay risk
  • Price competition from Indian companies (Biocon, etc.)
  • Channel switching pace falling short of expectations

Catalysts

  • Celltrion Keytruda biosimilar FDA approval
  • Samsung Bioepis Eylea biosimilar launch
  • U.S. biosimilar market penetration rate increase

Related Investment Ideas

1
068270.KSHigh

Celltrion — Global Biotech Leap with Biosimilars + Proprietary Drugs

Korea's #1 biosimilar company. Following global success with Remsima (infliximab) and Truxima (rituximab), developing a Keytruda (pembrolizumab) biosimilar. Margin improvement through Celltrion Healthcare merger and proprietary distribution. Pursuing de-risking from biosimilar dependence with proprietary drug pipeline.

Related Reports

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Theme Deep-Dive
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The K-Bio Map — Out-Licensing, CDMO, Obesity Drugs: Three Investable Axes

2025 out-licensing topped KRW 20 trillion for the first time. The index fell double digits in the first half, but capacity, platform, and the patent cliff stand as three distinct cash-flow structures.

Comments

Created: 2/25/2026Updated: 2/25/2026
Related Assets
Celltrion
Direct Exposure
Relevance 95%
Samsung Bioepis
Direct Exposure
Relevance 88%
Sandoz
Competitor
Relevance 75%
Biocon
Competitor
Relevance 60%
Quick Stats
Confidence85%
Investment Period12-24 months
Investment Ideas1
Related Reports1
Report Shortcuts
Theme Deep-Dive
The K-Bio Map — Out-Licensing, CDMO, Obesity Drugs: Three Investable Axes
15 min read
Parent Theme
Mega Theme
K-Bio & Drug Development
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