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  • U.S. FDA grants interchangeability designation to Celltrion’s denosumab biosimilars, STOBOCLO® (denosumab-bmwo) and OSENVELT® (denosumab-bmwo)

    U.S. FDA grants interchangeability designation to Celltrion’s denosumab biosimilars, STOBOCLO® (denosumab-bmwo) and OSENVELT® (denosumab-bmwo)

    • The U.S. FDA approved STOBOCLO® (denosumab-bmwo) and OSENVELT® (denosumab-bmwo) as interchangeable with the reference products PROLIA® (denosumab) and XGEVA® (denosumab), respectively, for all approved indications, effective as of October 29, 2025
    • The interchangeability (IC) designations of STOBOCLO and OSENVELT were granted based not only on the comparative clinical data – including pharmacokinetics, efficacy, safety and an immunogenicity study in postmenopausal women with osteoporosis[1] – but also on analytical data demonstrating similarity of STOBOCLO and OSENVELT versus the reference product
    • The IC designations enhance patient access and provider choice in the treatment of osteoporosis-related fracture as well as cancer-related bone loss

    INCHEON, South Korea, Oct. 30, 2025 /PRNewswire/ — Celltrion, Inc. today announced that the U.S. Food and Drug Administration (FDA) has designated STOBOCLO® (denosumab-bmwo) and OSENVELT® (denosumab-bmwo) as interchangeable biosimilars to the reference products PROLIA® (denosumab) and XGEVA® (denosumab), respectively, for all approved indications.

    The interchangeability (IC) designation is a regulatory designation granted by the FDA, which means STOBOCLO and OSENVELT may now be substituted at the pharmacy for the reference products without consulting the prescriber, subject to state laws.[2]

    “Today’s IC designations reinforce confidence in STOBOCLO and OSENVELT among physicians and pharmacists, facilitating a more seamless switch from the reference products to our denosumab biosimilars,” said Thomas Nusbickel, Chief Commercial Officer at Celltrion USA. “Building on our strong heritage in biosimilars, Celltrion remains committed to offering more affordable and much-needed treatment options to patients living with skeletal diseases, creating greater potential to deliver savings to patients and the U.S. healthcare system.”

    The interchangeability designations of STOBOCLO and OSENVELT were based on the comprehensive evidence including the clinical results from Phase III clinical trials in postmenopausal women with osteoporosis designed to evaluate the efficacy, pharmacodynamics (PD), pharmacokinetics (PK), safety and immunogenicity of denosumab biosimilar to its reference product. [1]

    STOBOCLO and OSENVELT were introduced in the U.S. market in July 2025. STOBOCLO is currently available in 60 mg/mL injection and OSENVELT is offered in 120 mg/1.7 mL (70 mg/mL) injection.

    According to recent FDA draft guidance, biosimilar applicants can request an interchangeability designation using existing data from their Biologics License Application (BLA). Previously, the FDA granted this status only to biosimilars that submitted multiple switch studies meeting additional data criteria.

    About STOBOCLO® (denosumab-bmwo) [3]  

    STOBOCLO® (denosumab-bmwo) is a receptor activator of NF-κb ligand (RANKL) inhibitor referencing PROLIA® (denosumab). STOBOCLO 60 mg/mL injection is approved by the FDA based on comprehensive data and clinical evidence confirming the therapeutic equivalence to PROLIA. In the U.S., STOBOCLO is approved to treat postmenopausal women with osteoporosis at high risk for fracture, to increase bone mass in men with osteoporosis at high risk for fracture, to treat glucocorticoid-induced osteoporosis in men and women at high risk for fracture, to increase bone mass in men at high risk for fracture receiving androgen deprivation therapy for nonmetastatic prostate cancer, and to increase bone mass in women at high risk for fracture receiving adjuvant aromatase inhibitor therapy for breast cancer.

    INDICATIONS

    STOBOCLO® (denosumab-bmwo) is a RANK ligand (RANKL) inhibitor indicated for treatment:

    • of postmenopausal women with osteoporosis at high risk for fracture
    • to increase bone mass in men with osteoporosis at high risk for fracture or in men at high risk for fracture receiving androgen deprivation therapy for nonmetastatic prostate cancer
    • of glucocorticoid-induced osteoporosis in men and women at high risk for fracture
    • to increase bone mass in women at high risk for fracture receiving an adjuvant aromatase inhibitor therapy for breast cancer

    IMPORTANT SAFETY INFORMATION

    WARNING: SEVERE HYPOCALCEMIA IN PATIENTS WITH ADVANCED KIDNEY DISEASE

    Patients with advanced chronic kidney disease, including those on dialysis, face a higher risk of severe hypocalcemia after denosumab administration, with reported cases leading to hospitalization, life-threatening events, and fatalities.

    The presence of chronic kidney disease-mineral bone disorder (CKD-MBD) markedly increases the risk of hypocalcemia in these patients

    Before starting STOBOCLO® (denosumab-bmwo) in advanced chronic kidney disease patients, assess for CKD-MBD. Treatment should be supervised by a healthcare provider experienced in diagnosing and managing CKD-MBD.

    STOBOCLO is contraindicated in hypocalcemia, pregnant women, and in patients with known hypersensitivity to denosumab.

    Severe Hypocalcemia: Ensure adequate calcium and vitamin D; monitor for severe hypocalcemia.

    Drug Products with Same Active Ingredient: Do not use with other denosumab products.

    Hypersensitivity : If an anaphylactic or other clinically significant allergic reaction occurs, initiate appropriate therapy and discontinue further use of STOBOCLO.

    Osteonecrosis of the Jaw (ONJ): ONJ can occur in patients on STOBOCLO. Conduct oral exams before treatment; maintain oral hygiene; consider discontinuation of STOBOCLO if ONJ develops.

    Atypical Subtrochanteric and Diaphyseal Femoral Fractures: Monitor for thigh, hip, or groin pain; evaluate for fractures. Interruption of STOBOCLO therapy should be considered, pending a benefit-risk assessment, on an individual basis.

    Multiple Vertebral Fractures (MVF) Following Discontinuation of Treatment: Increased risk post-discontinuation of denosumab; transition to alternative therapy if discontinuing STOBOCLO.

    Serious Infections: Higher risk in denosumab users; assess benefit-risk profile, especially in immunocompromised patients. Assess the benefit-risk profile before starting STOBOCLO and reconsider its use if serious infections develop.

    Dermatologic Adverse Reactions: Consider discontinuing STOBOCLO if severe dermatitis, eczema, or rashes occur.

    Musculoskeletal Pain: Consider discontinuation of STOBOCLO if severe pain develops.

    Bone Turnover Suppression: In clinical trials in women with postmenopausal osteoporosis, denosumab significantly suppressed bone remodelling; patients should be monitored for these outcomes.

    Hypercalcemia in Pediatrics Patients with Osteogenesis Imperfecta: Not for pediatric use; hypercalcemia reported in patients osteogenesis imperfecta treated with denosumab products.

    Most common Adverse Reactions:

    • In (>5%) of patients with: Postmenopausal osteoporosis were back pain, pain in extremity, hypercholesterolemia, musculoskeletal pain, and cystitis. Pancreatitis has been reported in clinical trials. Male osteoporosis were back pain, arthralgia, and nasopharyngitis.
    • Glucocorticoid-induced osteoporosis (> 3%) were back pain, hypertension, bronchitis, and headache.
    • Bone loss due to hormone ablation for cancer (≥ 10%) were arthralgia and back pain. Pain in extremity and musculoskeletal pain have also been reported in clinical trials.

    For more information, see Full Prescribing Information including Boxed Warning .

    To learn more about the STOBOCLO REMs program please visit stoboclorems.com .

    About OSENVELT® (denosumab-bmwo)[4]

    OSENVELT® (denosumab-bmwo) is a receptor activator of NF-κb ligand (RANKL) inhibitor referencing XGEVA® (denosumab). OSENVELT 120 mg/1.7 mL (70 mg/mL) injection is approved by the FDA based on a robust clinical trial and comprehensive data confirming the therapeutic equivalence to XGEVA. In the U.S., OSENVELT is indicated to prevent skeletal-related events in patients with multiple myeloma and in patients with bone metastases from solid tumors, to treat adults and skeletally mature adolescents with giant cell tumor of bone that is unresectable or where surgical resection is likely to result in severe morbidity, and to treat hypercalcemia of malignancy refractory to bisphosphonate therapy.

    INDICATION

    OSENVELT® (denosumab-bmwo) is indicated for:

    • Prevention of skeletal-related events in patients with multiple myeloma and in patients with bone metastases from solid tumors.
    • Treatment of adults and skeletally mature adolescents with giant cell tumor of bone that is unresectable or where surgical resection is likely to result in severe morbidity.
    • Treatment of hypercalcemia of malignancy refractory to bisphosphonate therapy.

    IMPORTANT SAFETY INFORMATION

    Contraindications: Patients with hypocalcemia or with known clinically significant hypersensitivity to denosumab products.

    Drug Products with Same Active Ingredient. Patients receiving OSENVELT should not receive other denosumab products concomitantly.

    Hypersensitivity. If an anaphylactic or other clinically significant allergic reaction occurs, initiate appropriate therapy and discontinue further use of OSENVELT.

    Hypocalcemia. Severe hypocalcemia can occur, and fatal cases have been reported. Monitor calcium levels and calcium and vitamin D intake.

    Osteonecrosis of the Jaw (ONJ): ONJ can occur in patients on OSENVELT. Conduct oral exams and appropriate preventive dentistry before and during treatment; maintain oral hygiene and avoid invasive dental procedures; consider discontinuation of OSENVELT if ONJ develops.

    Atypical Subtrochanteric and Diaphyseal Femoral Fractures: Monitor for thigh, hip, or groin pain; evaluate for fractures. Interruption of OSENVELT therapy should be considered, pending a benefit-risk assessment, on an individual basis.

    Hypercalcemia Following Treatment Discontinuation in Patients with Giant Cell Tumor of Bone and in Patients with Growing Skeletons. Clinically significant hypercalcemia, potentially requiring hospitalization, can occur within a year after stopping denosumab in patients with giant cell tumor of bone or growing skeletons; monitor serum calcium and manage calcium and vitamin D needs post-discontinuation.

    Multiple Vertebral Fractures (MVF) Following Treatment Discontinuation. Increased risk post-discontinuation of denosumab; evaluate for risk for vertebral fractures after discontinuing OSENVELT.

    Embryo-Fetal Toxicity. Denosumab may cause fetal harm; verify pregnancy status before starting OSENVELT and advise effective contraception during treatment and for 5 months after the last dose.

    Most common Adverse Reactions:

    • Bone Metastasis from Solid Tumors (≥ 25%) were fatigue/asthenia, hypophosphatemia, and nausea.
    • In patients (≥ 10%) with: Multiple Myeloma were diarrhea, nausea, anemia, back pain, thrombocytopenia, peripheral edema, hypocalcemia, upper respiratory tract infection, rash, and headache; Giant Cell Tumor of Bone were arthralgia, headache, nausea, back pain, fatigue, and pain in extremity.
    • Hypercalcemia of Malignancy (> 20%) were nausea, dyspnea, decreased appetite, headache, peripheral edema, vomiting, anemia, constipation, and diarrhea.

    For more information, see Full Prescribing Information .

    About Celltrion , Inc.

    Celltrion is a leading biopharmaceutical company that specializes in researching, developing, manufacturing, marketing and sales of innovative therapeutics that improve people’s lives worldwide. Celltrion is a pioneer in the biosimilar space, having launched the world’s first monoclonal antibody biosimilar. Our global pharmaceutical portfolio addresses a range of therapeutic areas including immunology, oncology, hematology, ophthalmology and endocrinology. Beyond biosimilar products, we are committed to advancing our pipeline with novel drugs to push the boundaries of scientific innovation and deliver quality medicines. For more information, please visit our website www.celltrion.com/en-us. and stay updated with our latest news and events on our social media – LinkedIn, Instagram, X, and Facebook.

    About Celltrion USA

    Celltrion USA is Celltrion’s U.S. subsidiary established in 2018. Headquartered in New Jersey, Celltrion USA is committed to expanding access to innovative biologics to improve care for U.S. patients. Celltrion’s FDA-approved biosimilar products in immunology, oncology, hematology, and endocrinology include: INFLECTRA® (infliximab-dyyb), TRUXIMA® (rituximab-abbs), HERZUMA® (trastuzumab-pkrb), VEGZELMA® (bevacizumab-adcd), YUFLYMA®(adalimumab-aaty), AVTOZMA® (tocilizumab-anho), STEQEYMA® (Ustekinumab-stba) STOBOCLO® (denosumab-bmwo), OSENVELT® (denosumab-bmwo), OMLYCLO® (omalizumab-igec), and EYDENZELT® (aflibercept-boav) as well as the novel biologic ZYMFENTRA® (infliximab-dyyb). Celltrion USA will continue to leverage Celltrion’s unique heritage in biotechnology, supply chain excellence and best-in-class sales capabilities to improve access to high-quality biopharmaceuticals for U.S. patients. For more information, please visit www.celltrionusa.com. and stay updated with our latest news and events on our social media – LinkedIn

    FORWARD-LOOKING STATEMENT

    Certain information set forth in this press release contains statements related to our future business and financial performance and future events or developments involving Celltrion, Inc. and its subsidiaries that may constitute forward-looking statements, under pertinent securities laws.

    These statements may be also identified by words such as “prepares”, “hopes to”, “upcoming”, “plans to”, “aims to”, “to be launched”, “is preparing”, “once gained”, “could”, “with the aim of”, “may”, “once identified”, “will”, “working towards”, “is due”, “become available”, “has potential to”, the negative of these words or such other variations thereon or comparable terminology.

    In addition, our representatives may make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Celltrion, Inc. and its subsidiaries’ management, of which many are beyond its control.

    Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect to the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them.

    Such forward-looking statements necessarily involve known and unknown risks and uncertainties associated with the company’s business, including the risk factors disclosed in its Annual Report and/or Quarterly Reports, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such statements.

    Celltrion, Inc. and its subsidiaries undertake no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.

    Trademarks

    STOBOCLO® and OSENVELT® are registered trademarks of Celltrion, Inc.
    PROLIA® and XGEVA® are registered trademarks of Amgen Inc.

    References

    US-CT-P41-25-00008

    For further information please contact:
    Katie Gallagher
    [email protected] 
    +1 617-657-1324

    SOURCE Celltrion


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    PUMA enters reset phase in Q3 and outlines strategic priorities

    Nine Months 2025

    Sales

    After sales remained roughly flat in the first half of 2025, sales experienced a pronounced deceleration in the third quarter, as outlined above. Consequently, sales in the first nine months of 2025 decreased by 4.3% (ca) to € 5,973.9 million with a decline across all regions and product divisions. Currencies, especially U.S. Dollar, Mexican Peso and Argentine Peso, presented a headwind and negatively impacted sales in euro terms by approximately € 288 million (sales growth reported: -8.5%). 

    PUMA’s Wholesale business declined by 8.6% (ca) to € 4,256.3 million, driven by softness in North America, Greater China and Europe. The Direct-to-Consumer (DTC) business increased by 8.4% (ca) to € 1,717.6 million, driven by 14.2% (ca) growth in e-commerce and a 5.2% (ca) increase in owned & operated retail stores. This resulted in an increased DTC share of 28.8% (9M 2024: 25.5%).

    From a regional perspective, sales in the EMEA region decreased by 1.9% (ca) to € 2,574.0 million. The Americas region recorded a sales decline of 6.2% (ca) to € 2,211.7 million, while sales in the Asia/Pacific region decreased by 5.5% (ca) to € 1,188.1 million.

    Among product divisions, sales in Footwear decreased by 1.1% (ca) to € 3,292.9 million. Apparel decreased by 8.7% (ca) to € 1,827.6 million and Accessories decreased by 6.1% (ca) to € 853.4 million.

     

    Profitability 

    The gross profit margin declined by 130 basis points to 46.1% (9M 2024: 47.4%). Increased promotional activity, inventory reserves and currency effects were a headwind. This was partially offset by tailwinds from sourcing and a favourable distribution channel mix.

    Operating expenses (OPEX), excluding one-time costs, increased by 2.8% to € 2,670.1 million (9M 2024: € 2,598.0 million). The increase was mainly due to the continued growth of the DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure and accounts receivable write offs of around € 20 million in the second quarter. Higher OPEX and a decline in sales, partially offset by currency-related tailwinds on the OPEX ratio, led to a 490 basis points increase of the OPEX ratio to 44.7% (9M 2024: 39.8%).

    Adjusted EBIT, excluding one-time costs, decreased to € 102.0 million (9M 2024: € 513.2 million) due to the sales decline in the first nine months of 2025, a lower gross profit margin and higher OPEX. PUMA incurred one-time costs of € 112.7 million related to the cost efficiency program and a goodwill impairment in the second quarter. Consequently, the reported EBIT came in at € -10.7 million (9M 2024: € 513.2 million) and the EBIT margin at -0.2% (9M 2024: 7.9%).

    The financial result decreased by 14.0% to € -132.5 million (9M 2024: € -116.2 million), mainly due to higher net interest expenses. Despite lower earnings before taxes compared to the previous year period, taxes on income came in at € -136.8 million (9M 2024: € -99.2 million). This was mainly due to deferred tax assets write-offs in the U.S. and China in the second and third quarter of 2025. Net income attributable to non-controlling interests amounted to € -29.0 million (9M 2024: € -40.6 million), as a result of a softer socks and bodywear business in the U.S.

    Consequently, net loss came in at € -308.9 million (9M 2024: net income of € 257.1 million) and earnings per share amounted to € -2.09 (9M 2024: € 1.72).

     

    Balance Sheet 

    The working capital increased by 2.2% to € 1,924.6 million (30 September 2024: € 1,883.5 million). Inventories increased by 17.3% reported and 24.3% currency adjusted to € 2,124.1 million (30 September 2024: € 1,811.3 million) partly driven by inventory takebacks from wholesale partners to clean up distribution. This was partially offset by a reduction in purchase orders, implemented as a measure to slow down inventory growth and to avoid additional supply. To bring back inventories to a more normalised level until the end of 2026, PUMA will execute product clearance through its outlets and wholesale partners, supported by targeted promotional initiatives. Trade receivables decreased by 18.1% to € 1,241.2 million (30 September 2024: € 1,515.6 million), mainly due to lower sales. Trade payables decreased by 2.1% to € 1,270.6 million (30 September 2024: € 1,297.9 million) reflecting reduced purchasing orders in the third quarter. Net debt increased to € 1,205.2 million (30 September 2024: € 746.0 million), mainly driven by increased bank liabilities to support the operating business and finance working capital. 

     

    Cash flow

    The free cash flow came in at € -43.0 million in the third quarter of 2025 (Q3 2024: € -83.0 million), showing an improvement compared to the third quarter of 2024. This led to a free cashflow in the first nine months of 2025 of € -685.8 million (9M 2024: € -287.4 million). As part of its ongoing commitment to financial resilience and operational efficiency, PUMA is implementing measures to safeguard cash flow, especially optimising its working capital.

     

    PUMA United

    PUMA United is a partnership between PUMA and United Legwear, which mainly focuses on the sale of socks and bodywear in the U.S. and Canada. PUMA holds a 51% stake in the company. As part of the ongoing reset measures and efforts to optimise the PUMA distribution network, PUMA is considering moving from a partnership model to a licensing model in 2025. The PUMA United business is currently fully integrated in the operating segment “Region North America”.

     

    Outlook FY 2025

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    PUMA confirms its full-year 2025 outlook. Sales on a currency-adjusted basis are forecast to decline by a low double-digit percentage, a reported EBIT loss is expected and capital expenditures of around € 250 million.

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