Samsung Biologics raises revenue forecast to $2.65 billion

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Samsung Biologics raises revenue forecast to $2.65 billion

Published: 04 Oct. 2023, 17:11

SHIN HA-NEE
[email protected]

Samsung Biologics' fourth plant in Songdo, Incheon [SAMSUNG BIOLOGICS]

Samsung Biologics raised its revenue forecast for this year to 3.6 trillion won ($2.65 billion), up from the previous 3.53 trillion won for an on-year increase of more than 20 percent, according to the biopharmaceutical company’s regulatory filing Wednesday.

The latest upward adjustment of 75.1 billion won is driven by a streak of new contract manufacturing deals signed with global big pharma.

Samsung Biologics attributed the upbeat performance to “the growth in revenue pushed by the increase in uptime at its fourth production plant,” in a release.

The fourth plant, which has an annual production capacity of 240,000 liters, began operation in June. The revenue generated from the fourth plant will be included in the upcoming quarterly earnings report for the July-September period.

This is the second time that Samsung Biologics adjusted its performance guidance for this year. The Incheon-based contract manufacturing organization (CMO) previously moved up its growth forecast from 10 to 15 percent, to 15 to 20 percent in April.

Samsung Biologics’ CMO wins this year are nearing the 3-trillion-won milestone for the first time, with eight contracts signed this year worth more than 100 billion won each.

The company is currently building its fifth plant with a 180,000-liter capacity, due to be completed by April 2025. When the fifth plant is completed, Samsung’s total CMO capacity will rise to 784,000 liters.

BY SHIN HA-NEE [[email protected]]