Samsung Biologics posts record 2024 thanks to biosimilar sales

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Samsung Biologics posts record 2024 thanks to biosimilar sales

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

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

 
Samsung Biologics racked up record earnings in 2024, beating market expectations and becoming the first biopharmaceutical company in Korea to hit the 4.5 trillion won ($3.1 billion) milestone in annual revenue.
 
According to Samsung Biologics’ preliminary earnings results filed on Wednesday, the Incheon-based company logged 1.32 trillion won in consolidated operating profit last year, a 19 percent jump from a year earlier.
 

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The figure, a record, beat the market expectation of 1.29 trillion won compiled by market tracker FnGuide.
 
Consolidated revenue rose 23 percent on year to 4.55 trillion won, also outperforming analyst expectations of 4.47 trillion won.
 
Samsung Biologics is the first company in the Korean biopharmaceutical industry to hit this milestone with its annual revenue.
 
Net profit jumped 26 percent to 1.08 trillion won, exceeding the expectation of 999.6 billion won.
 
On a stand-alone basis, Samsung Biologics saw a 10 percent increase in operating profit to 1.32 trillion won, and a 19 percent increase in revenue to 3.5 trillion won.
 
Samsung Biologics attributed the steady growth in its contract manufacturing business to the “high utilization rates” of its first three plants, as well as the increasing output of its fourth plant, which became fully operational in June 2023.
 
Samsung Biologics currently counts 17 of the world’s top 20 pharmaceutical companies as clients. The company’s manufacturing capacity will reach a world-leading 784,000 liters (207,111 gallons) upon the completion of its fifth plant, which is scheduled for April.
 
Samsung Bioepis, a biosimilar subsidiary of Samsung Biologics, logged a strong 112 percent jump in operating profit, reaching 435.4 billion won, and a 51 percent rise in revenue to 1.54 trillion won on growth in its global sales of biosimilars.
 
Samsung Biologics expects its strong growth to continue into this year, projecting a 20 to 25 percent increase in its consolidated revenue with a median estimate of 5.57 trillion won.

BY SHIN HA-NEE [[email protected]]
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