2024-04-24 22:55:51
First quarter sales KRW 946.9 billion, operating profit KRW 221.3 billion
The effects of full-scale operation of the 4th factory are visualized through performance.
Cumulative orders exceed KRW 17.22 trillion… CDMO competitiveness proven
Biosimilars are booming in major markets such as the U.S. and Europe
Development and launch of Epis follow-up products on track… “Growth will continue”
Samsung BioLogics overcame the global economic downturn and recorded its highest ever performance in the first quarter. Performance was driven by the fourth plant, which began operation in the second half of last year, and the expansion of Samsung Bioepis’ biosimilar business.
Samsung BioLogics announced in a public announcement on the 24th that it recorded consolidated sales of 946.9 billion won and operating profit of 221.3 billion won in the first quarter of this year. Compared to the same period last year, sales increased by 31% and operating profit increased by 15%. Although there are some disappointments in terms of profitability as the operating profit growth rate does not meet the sales growth rate, it is evaluated as a good report card with the highest quarterly performance ever.
By company, Samsung BioLogics’ sales increased by 13% to 669.5 billion won. The effects of full operation of Factory 4 are showing in performance. Operating profit was 232.7 billion won, maintaining a similar level as the first quarter of last year. Growth was limited due to increased financial costs such as depreciation costs for Plant 4.
An official from Samsung BioLogics said, “We expect quarterly performance to steadily increase with the full-scale operation of Plant 4,” and added, “We are aiming for annual sales to increase by 10-15% compared to the previous year.”
Detailed achievements in the first quarter of this year include signing a series of contract manufacturing (CMO) contracts with global pharmaceutical companies such as UCB and MSD, and consignment development with LigaChem Biosciences for the development of antibody drug conjugate (ADC) treatments, which are in the spotlight as next-generation anticancer drugs. (CDO) contract signed. Proving its global CDMO competitiveness, the total accumulated orders exceeded approximately KRW 17.22 trillion. It is also noteworthy that 14 of the top 20 global pharmaceutical companies have been secured as customers.
In terms of facilities, although it has been less than a year since Plant 4 began full operation, it is also expanding facilities to respond to the increasing demand for biopharmaceuticals. Factory 5 is being built with the goal of completion in April next year. Factory 5 will have a production capacity of 180,000 liters, incorporating the best practices of existing factories. When Plant 5 operates, Samsung BioLogics will have a total production capacity of 784,000 liters. In terms of portfolio expansion, the company said it is actively investing in the ADC therapeutics field. A dedicated production facility is also under construction with the goal of completion by the end of this year. Additionally, last month, the company invested in BrickBio, an American ADC treatment development company, through the ‘Samsung Life Science Fund’ established with Samsung C&T.
Samsung Bioepis is steadily seeing the effects of incorporating subsidiaries. If you look at the growth rate alone, it greatly surpasses Samsung BioLogics. This is because the biosimilar business is booming in major overseas markets such as the United States and Europe. First quarter sales increased 31% to 280.1 billion won, and operating profit increased 6% to 38.1 billion won. Future product development and launch preparations are also underway, and future performance is expected to steadily improve. Stelara biosimilar ‘Epistech (ingredient name: ustekinumab)’, which recently obtained final product approval in Korea and Europe, is preparing for launch the fastest among domestic pharmaceutical and bio companies, and Keytruda Bio, the No. 1 selling immunotherapy drug in the world, The development of the similar product ‘SB27’ is also speeding up by conducting phase 1 and 3 clinical trials in parallel.
In the case of Samsung Bioepis’ product portfolio, it sells 7 products in the global market, including Enbrel biosimilar (SB4) and Humira biosimilar (SB5), and has 4 types in the pipeline.
A Samsung Bioepis official said, “We expect to solidify our position as a leading company in the industry by obtaining product approvals for a number of products this year,” and added, “We expect our performance growth to continue through subsequent product approvals and launches.”
Kim Min-beom, Donga.com reporter [email protected]
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2024-04-24 22:55:51