Samsung Biologics Reports First Quarter 2024 Financial Results

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Apr 24, 2024, 02:45 ET

Recorded Q1'24 consolidated revenue of KRW 946.9 billion
Recorded Q1'24 consolidated operating profit of KRW 221.3 billion
Sustained growth driven by ongoing strategic expansion in capacity and portfolio

INCHEON, South Korea, April 24, 2024 /PRNewswire/ -- Samsung Biologics (KRX: 207940.KS), a global contract development and manufacturing organization (CDMO), today announced financial results for the first quarter of fiscal year 2024.

"Our continued growth momentum reflects not only our ability to meet the diverse and expanding needs of our clients, but also our unwavering commitment to quality and operational excellence. With accumulated orders exceeding USD 12.5 billion, the demand for our client-centric services remains robust," said John Rim, CEO and President of Samsung Biologics. "Proactive investments in cutting-edge therapeutic technologies and the ongoing construction of our antibody-drug conjugate (ADC) facility will drive our advancements in next-generation drug development. We also remain fully committed to expanding our production capabilities and securing additional capacity with the completion of Plant 5 next year to support market demands and deliver exceptional value to our partners and shareholders."

FIRST QUARTER 2024 RESULTS

In the first quarter of 2024, Samsung Biologics reported a consolidated revenue of KRW 946.9 billion, marking a 31.3% increase from KRW 720.9 billion in the prior-year period. This growth was driven by the successful ramp-up of Plant 4 operations supporting a robust sales backlog and contribution from the Bioepis subsidiary.

Consolidated operating profit reached KRW 221.3 billion, while net profit stood at KRW 179.4 billion, marking a 26.5% increase from KRW 141.8 billion in the first quarter of the previous year. The 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 KRW 669.5 billion in revenue,13.3% higher than the prior-year period, while operating profit reached KRW 232.7 billion.

[Consolidated Earnings, KRW billion]

	Q1'24	Q1'23	YoY Change
Revenue	946.9	720.9	+226.0 (+31.3%)
Operating Profit	221.3	191.7	29.6 (+15.4%)
EBITDA	364.7	292.4	72.3 (+24.7%)

FISCAL YEAR 2024 OUTLOOK

Samsung Biologics remains committed to its strategic investments, poised to meet rising capacity demand and adapt to evolving market dynamics. Construction of Plant 5 is well on track, with operations set to commence in April 2025.

To drive future, long-term growth, the company's standalone 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 February, Samsung Biologics entered into a partnership with LigaChem Biosciences to collaborate on the development of a solid tumor ADC program. The company has also invested in biotech companies with promising ADC technologies as part of its continued efforts to diversify its portfolio.

In line with its net-zero goals, Samsung Biologics continues to embed sustainability into all business operations by improving energy efficiency, transitioning to renewable energy, minimizing the use of disposables, and collaborating with suppliers to reduce their direct emissions. The company was recognized in the first quarter from 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. By engaging with global initiatives including the Sustainable Markets Initiative (SMI) and the Sustainable Aviation Buyers Alliance (SABA), Samsung Biologics continues to forge partnerships and drive innovations that accelerate the transition to a more sustainable and low-carbon future.

Samsung Biologics recently received the 2024 CDMO Leadership Award in all six performance categories—quality, reliability, capabilities, expertise, compatibility, and services—for its unwavering commitment to client satisfaction.

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.

SOURCE Samsung Biologics