Leading global contract development and manufacturing organization Samsung Biologics announced Wednesday that its earnings for the first half of this year reached an all-time high, surpassing 2 trillion won ($1.5 billion).
According to its financial results for the first half of this year, the company reported consolidated revenue of 2.1 trillion won and an operating profit of 655.8 billion won, reflecting on-year increases of 33 percent and 47 percent, respectively. In the second quarter, consolidated revenue and operating profit rose by 34 percent and 71 percent, reaching 1.16 trillion won and 434.5 billion won, respectively.
The results were attributed to the full utilization of its three plants and the ramp-up of the newest Plant 4 operations, as analyzed by the company.
Samsung Biologics also secured contracts with global pharmaceutical companies, partnering with 16 of the world's top 20 pharma companies. The company’s cumulative contract volume surpassed $13 billion as of June.
"Our solid performance in the second quarter underscores our steadfast commitment to client satisfaction and delivering high-quality biomedicines," said John Rim, CEO and president of Samsung Biologics. “We continue to achieve steady business growth thanks to our robust partnerships with global pharma and biotech companies, and our steadfast execution of Plant 4 ramp-up. We remain well-positioned to meet client needs as we continue to expand capacity and enhance our capabilities.”
Samsung Biologics continued to make strategic investments in diverse modalities. In May, the company made its sixth investment through the Samsung Life Science Fund in Latus Bio, a US-based biotech company specializing in novel gene therapy for central nervous system disorders.
The company is on track to complete the construction of its standalone antibody-drug conjugate facility within this year, as part of its multidimensional growth strategy.
Additionally, Plant 5 is expected to be operational by April 2025 as planned, to provide additional capacity to deliver timely services to clients, the company said.
On the CDO front, Samsung Biologics continues to launch new innovative platforms to accelerate the development of high-quality biopharmaceuticals. The company also provides customized development solutions through SelecTailor, designed to meet the specific needs of clients and support their programs.
