Samsung Biologics reports third quarter 2024 financial results

• Recorded Q3'24 consolidated revenue of KRW 1.2 trillion
• Recorded Q3'24 consolidated operating profit of KRW 338.6 billion
• Continued business expansion through strong competitive edge in speed and execution

INCHEON, South Korea, Oct. 23, 2024 /PRNewswire/ -- Samsung Biologics (KRX: 207940.KS), a global contract development and manufacturing organization (CDMO), today announced financial results for the third quarter of fiscal year 2024.

"We made steady progress this quarter, achieving consistent performance across all our plants while expanding our capabilities to better address the needs of our clients," said John Rim, CEO and President of Samsung Biologics. "As we continue to enhance our CMO technologies and introduce new CDO platforms, we remain committed to providing high-quality, innovative solutions that are essential for development and manufacturing success maximized through our unique operational excellence initiatives. This will reinforce our efforts to deepen our global partnerships and enhance the value we offer to our clients."

THIRD QUARTER 2024 RESULTS

In the third quarter, consolidated revenue reached KRW 1.2 trillion, marking a 15% increase compared to the previous year, while operating profit stood at KRW 338.6 billion. On a standalone basis, the company achieved revenue of KRW 1.1 trillion, while operating profit reached KRW 444.7 billion. The quarter's results were buoyed by the contribution of the newest Plant 4 and the full utilization of Plants 1 through 3.

Samsung Biologics has strengthened its partnerships with global pharmaceutical companies, now collaborating with 17 of the top 20 pharma clients. The total contract volume for 2024 has exceeded USD 3.3 billion, with a cumulative contract volume of USD 15.4 billion. The company has achieved over 335 regulatory approvals since its founding in 2011, demonstrating its commitment to high standards of quality and compliance.

FISCAL YEAR 2024 OUTLOOK

Samsung Biologics has raised its annual revenue growth guidance to 15-20%, driven by the successful ramp-up of Plant 4 operations and favorable foreign exchange rates. The company continues to make steady progress on key strategic initiatives, including the construction of its dedicated, standalone ADC facility by the year's end, along with Plant 5, scheduled to be operational in April 2025.

The company is also poised to delivering solutions that better cater clients' needs for complex and high-concentration biopharmaceuticals. Recent development platform launches — S-AfuCHO™, S-OptiCharge™, and S-HiCon™ — provide advanced capabilities, from generating afucosylated antibodies with enhanced ADCC activity to optimizing charge variant distribution for improved safety and efficacy. These technologies are designed to support the growing demand for complex biopharmaceuticals and enable clients to achieve their therapeutic goals.

Looking ahead, Samsung Biologics expects to gain further momentum through enhanced capabilities and the expansion of manufacturing partnerships with leading pharmaceutical and biotech companies. The company continues to invest in innovative companies with promising technologies to accelerate the delivery of advanced solutions through the Samsung Life Science Fund.  

Samsung Biologics is committed to further integrating sustainable practices throughout its operations. In August, the company joined the Pharmaceutical Supply Chain Initiative as a Supplier Partner. This partnership complements Samsung Biologics' role within the Sustainable Market Initiative's Health Systems Task Force to decarbonize supply chains. Moving forward, the company will prioritize responsible business practices and build resilient supply chains that contribute to a sustainable healthcare ecosystem.

For more details on performance and financials, please refer to the Earnings Release.

About Samsung Biologics Co., Ltd.

Samsung Biologics (KRX: 207940.KS) is a fully integrated, end-to-end CDMO service provider, offering seamless development and manufacturing solutions from cell line development to final aseptic fill/finish as well as laboratory testing support for the biopharmaceutical products we manufacture. Our state-of-the-art facilities are CGMP compliant with bioreactors ranging from small to large scales to serve varying client needs. To maximize our operational efficiency and expand our capabilities in response to growing biomanufacturing demand, Samsung Biologics completed Bio Campus I with Plant 4, offering a combined 604 kL total capacity, and launched Bio Campus II with the construction of Plant 5, which will be operational in April 2025, adding 180 kL biomanufacturing capacity. Additionally, Samsung Biologics America enables the company to work in closer proximity to clients based in the U.S. and Europe. We continue to upgrade our capabilities to accommodate our clients by investing in technologies such as an antibody-drug conjugate (ADC) facility, a dedicated mRNA manufacturing facility, and additional aseptic filling capacity. As a sustainable CDMO partner of choice, we are committed to on-time, in-full delivery of the products we manufacture with our flexible manufacturing solutions, operational excellence, and proven expertise.

Samsung Biologics Media Contact
Claire Kim, Head of Global Marketing & Communications
[email protected] 

SOURCE Samsung Biologics