Samsung Bioepis, a subsidiary of Samsung Biologics, has surpassed 1 trillion won ($748.5 million) in annual sales since it was founded 12 years ago.

According to the 2023 earnings report released by the company on Wednesday, Samsung Bioepis posted annualized sales of 1.02 trillion won and operating income of 205.4 billion in 2023.

Last year was the first time the company exceeded 1 trillion won in annual sales since its founding in 2012. It also came four years after the company posted its first operating profit of 122.8 billion won in 2019.

Despite a decrease in one-time milestones (R&D fees) in 2023, Samsung Bioepis posted meaningful results thanks to increased product sales.

Samsung Bioepis attributed the growth to its biosimilar pipeline based on its R&D capabilities and marketing partnerships with multinational pharmaceutical companies, including Biogen and Organon.

In 2016, Samsung Bioepis obtained its first product license in the global market with the approval of Enbrel biosimilar in Europe. Since then, the company has received marketing approval for seven biosimilars in autoimmune, oncology, ophthalmology, and hematology.

Samsung Bioepis plans to continue its sales growth trend with three follow-up biosimilar pipelines -- SB15 Eylea biosimilar, SB16 Prolia biosimilar, and SB17 Stelara biosimilar – which have completed phase 3 clinical trials. The annual sales of the three original drugs of these biosimilar pipelines total 30 trillion won.

"As we have preempted the antibody biopharmaceutical biosimilar market and generated hundreds of billions of won in sales with products, such as autoimmune disease treatments and anticancer drugs, we expect to expand our sales by entering the follow-on biosimilar pipeline market," Samsung Bioepis said.