INCHEON, South Korea, Jan. 27, 2023 /PRNewswire/ -- Samsung Biologics (KRX: 207940.KS), the world's leading contract development and manufacturing organization, today announced strong financial results for the fourth quarter and record-high earnings for the fiscal year 2022.
"Our steady financial performance in the fourth quarter was driven by solid business growth with strong operational excellence and full utilization across all plants, further accelerated by the full inclusion of Samsung Bioepis in 2022," said John Rim, CEO and President of Samsung Biologics. "Looking ahead in 2023, we expect the positive business momentum to continue, with the completion and full operation of Plant 4 and construction of our next facility at Bio Campus II. We will also seek to further expand our portfolio by investing in new modalities to diversify our service offerings, and as the world's leading CDMO, we will continue to provide quality-driven services and contribute to saving the lives of patients around the globe."
FOURTH QUARTER & FISCAL YEAR 2022 RESULTS
The company reported KRW 965.5 billion in consolidated revenue and KRW 312.8 billion in operating profit in the fourth quarter. For the 2022 full-year financial performance, the company posted a record-high consolidated revenue of KRW 3 trillion and KRW 983.6 billion in operating profit.
[KRW billion]
Q4'22 | Q4'21 | FY 22 | FY 21 | |
Revenues | 965.5 | 444.3 | 3,001.3 | 1,568 |
Operating Profit | 312.8 | 128.8 | 983.6 | 537.3 |
PBT | 397.6 | 109.2 | 1,009.0 | 561.3 |
Net Income | 369.9 | 79.3 | 798.1 | 393.6 |
On a standalone basis, Samsung Biologics recorded a revenue of KRW 2.44 trillion in 2022, an increase of 55% compared to the fiscal year 2021. Operating profit increased to KRW 968.1 billion from KRW 536.5 billion in the previous year.
Fourth quarter 2022 revenue was KRW 747.7 billion, an increase of 68% from KRW 444.3 billion reported in the same quarter in the previous year. Operating profit was KRW 308.5 billion, 140% higher year-over-year.
Fourth quarter 2022 net profit reached KRW 314.1 billion, an increase of KRW 217.1 billion from the fourth quarter of the preceding year, benefiting from maximized operational efficiency and a favorable foreign exchange rate.
FISCAL YEAR 2023 OUTLOOK
In line with the company's three-dimensional growth strategy, Samsung Biologics will continue expansions in capacity, geography, and portfolio in 2023.
At the 2023 J.P. Morgan Healthcare Conference in January, the company shared its plan for entering into new business areas - antibody-drug conjugates (ADCs) and cell and gene therapy (CGT) - aiming to become a global top-tier biopharmaceutical company by 2030.
Samsung Biologics is planning to build an ADC manufacturing suite in Plant 4 to start production in the first quarter of 2024. The company will also commence construction activities at Bio Campus II on the land it has purchased for KRW 426 billion in 2022, while continuing to invest in promising biotech companies through the Life Science Fund created with Samsung C&T.
Samsung Biologics will continue to expand geographically to solidify its foothold in the global market beyond its San Francisco R&D Center, and plans to open new sales offices in Boston and New Jersey, where major big pharma companies are located, to be utilized as key communication portals with global clients.
The company has been successful in accelerating the overall construction schedule of Plant 4, which commenced partial operations in October last year, within just 23 months since its groundbreaking. Upon its full completion in mid-2023, Samsung Biologics is expected to hold a total capacity of 604KL, reaffirming its position as the world's largest CDMO.
With the increasing importance of sustainability in the healthcare landscape, Samsung Biologics will also continue to engage in environment-conscious practices and global initiatives to mitigate the risks of climate change. In recognition of the company's efforts to transition to net zero, Samsung Biologics was recently awarded the Terra Carta Seal from the Sustainable Markets Initiative.
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 CDMO offering state-of-the-art contract development and manufacturing services. With proven regulatory approvals, the largest capacity, and the fastest throughput, Samsung Biologics is an award-winning partner of choice and is uniquely able to support the development and manufacturing of biologics products at every stage of the process while meeting the evolving needs of biopharmaceutical companies worldwide. For more information, visit samsungbiologics.com.
Samsung Biologics Contact
Claire Kim
Head of Marketing and Global Communications
Samsung Biologics
