Samsung Biologics’ profit near doubles on strong orders

The South Korean biotechnology company reports record sales as it secures more orders

Samsung Biologics’ profit near doubles on strong orders
Jae-Young Han 1
2023-01-29 11:39:28 jyhan@hankyung.com
Earnings

Samsung Biologics Co., the world’s top contract drugmaker, said its profit almost doubled last year thanks to more orders as its sales surged after acquiring a nearly 50% stake in a biosimilar joint venture with Biogen Inc.

Samsung Biologics on Friday reported an operating profit of 983.6 billion won ($796.4 million) in 2022 on a consolidated basis, up 83% from the previous year, with sales soaring 91% to 3 trillion won.

The biotechnology unit of South Korea’s top conglomerate Samsung Group said in April last year that it completed the acquisition of Biogen’s stake in Samsung Bioepis Co. for $2.3 billion.

RECORD SALES ON HEALTHY ORDERS

On a separate basis, Samsung Biologics said its operating profit jumped 80% to 968.1 billion won as sales leaped 55% to a record high of 2.4 trillion won.

The company secured deals worth $1.4 billion last year, increasing its accumulated orders to $9.5 billion.

To meet such strong demand, it is fully running its three plants in Songdo, Incheon, about 50 kilometers west of Seoul, while starting partial operations of its fourth facility, the world’s largest single biopharma contract development and manufacturing organization (CDMO) factory, in October last year.

Samsung Bioepis reported an operating profit of 231.5 billion won in 2022, up 20% from the prior year, as its sales grew 12% to 946.3 billion won.

Write to Jae-Young Han at jyhan@hankyung.com
Jongwoo Cheon edited this article.
#Korea drugmakers #Korean biotechnology #CDMO #Samsung #Biogen #M&As #Samsung Biologics #Samsung Bioepis

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