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Samsung Biologics posts record high quarterly profit of $161M in Q1

Published: 24 Apr. 2024, 17:44

SARAH CHEA
[email protected]

Samsung Biologics CEO John Rim speaks during the 42nd annual J.P. Morgan Healthcare Conference at the main Grand Ballroom in the Westin St. Francis Hotel in San Francisco, California. [SAMSUNG BIOLOGICS]

Samsung Biologics logged an all-time high quarterly profit of 221.3 billion won ($161 million) in the first quarter on the growing sales of biosimilars, a copycat biologics business.

The Korean company generated 221.3 billion won in operating profit for the first three months of the year, up 15 percent on year. It is a record high figure for the company's first quarter reports, in line with the market estimates compiled by FnGuide.

Revenues rose 31 percent to 946.9 billion won, beating the analyst expectations of 918 billion won.

Net profit came in at 179.3 billion won, up 26.5 percent on year, far surpassing the market consensus of 172 billion won.

Samsung Biologics attributed "active operation of a massive 240,000 liter [63,400 gallon] No. 4 factory" and "robust biosimilar sales in overseas markets" for the record-high quarterly figures.

Its accumulative contract manufacturing organization (CMO) deal amounts to $12.5 billion, and 14 of the world's top 20 pharmaceutical companies are among its clients, including Pfizer and AstraZeneca.

Samsung Biologics is currently building its No. 5 factory in Songdo, Incheon, aimed to be completed in April 2025. The plant will likely bring the company's annual production capacity to 784,000 liters.

It is also building a plant for antibody-drug conjugates (ADC), a promising next-generation cancer treatment.

Samsung Bioepis, its fully owned subsidiary, generated 38.1 billion won in operating profit in the first quarter, up 6 percent on year. Revenues jumped 31 percent to 280.1 billion won.

Samsung Bioepis has a total of seven biosimilar products currently available for sale in the global market. It has four pipelines currently undergoing clinical trials.

Samsung Biologics shares closed at 790,000 won Wednesday, down 0.1 percent from the previous trading day.

BY SARAH CHEA [[email protected]]