Celltrion’s Vegzelma generates $56m in US, eyes growth in Europe, Latin America

Celltrion announced Friday that its metastatic colorectal and breast cancer treatment Vegzelma, which contains the active substance bevacizumab, generated over $56 million in revenue in the United States last year.

According to data analysis from pharmaceutical market research firm IQVIA, Vegzelma achieved a market share of over 6 percent in the US by the end of last year. Out of Vegzelma's total annual revenue of 221.2 billion won ($151 million) in 2024, 75.8 billion won, roughly one-third, came from the US market.

“Despite being the fourth bevacizumab biosimilar to enter the US market, Vegzelma has achieved remarkable sales performance,” a Celltrion official said. “This success is largely due to our US subsidiary's confidence in its direct sales capabilities, which has driven strong prescription performance particularly in the public insurance sector.”

In the US, individuals aged 65 and older qualify for Medicare, a government-supported public health insurance program. Excluding private insurance-integrated Medicare plans, the pure Medicare market accounts for about 11 percent of the country's insurance sector.

Since the market operates with government funding, treatment reimbursements are possible regardless of whether a drug is listed in an insurance company’s formulary. Recognizing this, Celltrion’s US subsidiary strategically analyzed Medicare’s characteristics and intensified its marketing efforts in this segment.

In Europe, Vegzelma entered the market two to three years later than competitors, but recently claimed the No. 1 position in market share. As of the third quarter last year, it occupied 29 percent of the European market, surpassing both the original drug and other competing biosimilars to become the most prescribed bevacizumab product.

In Japan, within just one year of its launch Vegzelma secured 23 percent market share, ranking it second among biosimilar prescriptions by the end of last year.

Celltrion plans to expand its footprint in Europe this year by launching Vegzelma in new markets, while seeking to reinforce collaborations with insurers in the US to improve reimbursement coverage.

The company also aims to enter into Latin America and other regions to build a more stable revenue foundation.