Samsung Biologics, a global leader in contract development and manufacturing (CDMO) services for the biopharmaceutical industry, has announced its financial results for the first quarter of fiscal year 2024. The company’s strong performance was driven by the continued demand for its client-centric services and its strategic investments in cutting-edge therapeutic technologies.
Samsung Biologics reported a consolidated revenue of 1.16 trillion KRW (approximately 860 million USD) in the first quarter of 2024, a notable 31.3% increase compared to the same period in the previous year. This growth was primarily fueled by the successful ramp-up of Plant 4 operations and the contribution from the Bioepis subsidiary. The company’s consolidated operating profit reached 231.3 billion KRW (approximately 171 million USD), while net profit stood at 181.7 billion KRW (approximately 134 million USD), marking a 26.5% increase compared to the first quarter of the previous year.
The company’s outlook remains positive, with a gradual increase in Plant 4’s operations expected to drive quarterly growth and a projected 10-15% annual revenue increase for 2024. On a standalone basis, Samsung Biologics reported 575.2 billion KRW (approximately 425 million USD) in revenue, 13.3% higher than the prior-year period, while operating profit reached 114.7 billion KRW (approximately 85 million USD).
Samsung Biologics continues to invest strategically to meet rising capacity demand and adapt to evolving market dynamics. The construction of Plant 5 is well on track, with operations set to commence in 2026. To drive future, long-term growth, the company’s standalone antibody-drug conjugate (ADC) manufacturing facility, which will be operational within 2024, will enable clients to manage products with maximum efficiency and minimum risk, ensuring high-quality delivery and speed-to-market.
In line with its net-zero goals, Samsung Biologics is embedding sustainability into all business operations. The company was recognized in the first quarter by major ESG agencies, receiving EcoVadis’ Platinum Sustainability Rating and Leadership status with an A- rating from the Carbon Disclosure Project (CDP) for its ongoing efforts to mitigate the risks of climate change.
Samsung Biologics’ commitment to client satisfaction has recently been recognized with the 2024 CDMO Leadership Award in all six performance categories. This award underscores the company’s unwavering dedication to providing exceptional services and innovative solutions to its global client base.
With its state-of-the-art facilities, proven expertise, and commitment to operational excellence, Samsung Biologics remains a trusted partner for biopharmaceutical companies worldwide. The company’s strategic investments and unwavering dedication to sustainability position it for continued growth and success in the rapidly evolving healthcare industry.
