셀트리온의 성장과 발전, 그리고 시련

Biosimilars are copies of original biologic drugs, produced using living cells and genetic material, making their manufacturing process far more complex than that of chemically synthesized pharmaceuticals. Large-scale production requires advanced biotechnology and specialized facility management know-how. However, the biosimilar industry—along with the broader biotech sector—has long lacked accounting guidelines suitable for its unique characteristics, resulting in confusion among both companies and financial regulators. This study examines the Celltrion Group, which entered Korea's underdeveloped biopharmaceutical market as a first mover and has since become a major global biosimilar player. It addresses allegations of accounting fraud and stock price manipulation, including suspicions of inflated inventories and excessive capitalization of development costs. By reviewing the drug development and sales processes in the pharmaceutical and biopharmaceutical sectors, the study seeks to identify appropriate accounting treatments and disclosure practices for the biosimilar industry. A key focus is the group's pre-merger business structure, in which Celltrion, Celltrion Healthcare, and Celltrion Pharm operated separately. This structure, a source of accounting controversies, illustrates how corporate governance can directly affect investor trust. Through this case, the study highlights the need to understand the accounting specificities of the pharmaceutical and biopharmaceutical industries and to explore strategies for companies to establish transparent governance structures and ensure a high level of credibility and transparency in their accounting and disclosure practices.