Samsung Biologics reported its highest-ever quarterly revenue for the third quarter of 2024. This performance was fueled by increased sales from its contract manufacturing organization (CMO) business and the continued ramp-up of its fourth plant, alongside expanded sales of biosimilar products through its subsidiary, Samsung Bioepis.

The company said it posted consolidated revenue of 1.18 trillion won ($853.4 million) and an operating profit of 338.6 billion won for the third quarter, a 15 percent and 6 percent increase compared to the previous year, respectively.

For the first time since its inception, Samsung Biologics surpassed 1 trillion won in quarterly revenue on a standalone basis, recording 1.06 trillion won in sales and 444.7 billion won in operating profit, a 21 percent and 17 percent increase.

Samsung Bioepis also achieved significant growth.

It posted third quarter sales and operating profit of 330.3 billion won and 67.9 billion won, up 26 and 38 percent.

Samsung Biologics has revised its full-year revenue growth forecast upward to 15-20 percent, from the previous estimate of 10-15 percent, with the company on track to become the first Korean pharmaceutical and biotech firm to surpass 4 trillion won in annual revenue.

Samsung Biologics also stressed that it continues to maintain a solid financial position, with a debt ratio of 51.3 percent and a borrowing ratio of just 7.8 percent as of the third quarter.

Samsung Biologics also stressed its commitment to its environmental, social, and governance (ESG) initiatives. In August, it became the first Korean CDMO to join the Pharmaceutical Supply Chain Initiative (PSCI), underscoring its dedication to sustainable supply chain management.

Looking ahead, Samsung Biologics is expanding its portfolio, including the construction of a dedicated antibody-drug conjugate (ADC) production facility, expected to be completed by the end of this year. The company has also made strategic investments in leading ADC technology firms and AI-based drug discovery platforms, such as its recent investment in Flagship Pioneering’s eighth fund.