Samsung Biologics on Wednesday reported last year’s consolidated sales of 3.69 trillion won ($2.76 billion) and operating profit of 1.11 trillion won.

This represents a 23.1 percent year-on-year increase in sales and a 13.2 percent increase in operating profit compared to those in 2022.

It is the first time that a Korean pharmaceutical company has recorded over 1 trillion won in annual operating profit.

The results were driven by a significant increase in contract manufacturing organization (CMO) deals.

Last November, Samsung Biologics signed one new and four expanded CMO deals, bringing its annual order intake to 3.48 trillion won for the first time since its founding in 2011.

Meanwhile, Samsung Biologics has recently been recognized for its ESG management.

In January this year, Samsung Biologics was awarded the Platinum medal, the highest rating awarded to only the top 1 percent of companies worldwide, in the ESG assessment by global sustainability research organization EcoVadis.

In November last year, the company held ESG Day to encourage suppliers to strengthen their ESG management.