Samsung Biologics 2024 Q4 Financial Report

Recently, global Contract Development and Manufacturing Organization (CDMO) Samsung Biologics (KRX: 207940.KS) announced its financial performance for Q4 and the full year of 2024. 

In Q4 of 2024, Samsung Biologics reported revenue of 1.26 trillion KRW (6.4 billion RMB) and operating profit of 325.7 billion KRW. 

The total consolidated revenue for 2024 reached 4.55 trillion KRW (23 billion RMB), an increase of 23% compared to 3.69 trillion KRW in 2023. Operating profit increased by 19%, reaching 1.32 trillion KRW. The company stated that this is the highest annual revenue in its history. 

Samsung Biologics attributed the revenue growth to the success of Plant 4 and stated that it plans to invest an additional 180,000 liters of capacity at this plant in the second half of 2025. The total capacity is currently 604,000 liters.

The company mentioned in its financial report that the additional capacity at Plant 4 is expected to help Samsung Biologics achieve a 20% to 25% revenue growth in 2025. Samsung Biologics is also preparing for other capacity expansions this year, with signs indicating that Plant 6 is under construction, and Plant 5 is set to start operations in April.

Additionally, this latest deal exceeds the 1.24 billion USD contract announced in October last year. Samsung Biologics secured a series of multi-billion-dollar transactions in 2024 and extended other partnerships. 

Samsung Biologics has served more than 110 clients, including 17 of the world's top pharmaceutical companies, solidifying its position as a trusted partner in the biopharmaceutical industry. These partnerships supported the company in surpassing 4.3 billion USD in total contract value in 2024, with a cumulative contract value of 16.3 billion USD. As of December 2024, the company has received 340 regulatory approvals, highlighting its commitment to quality and operational excellence. 

John Rim, CEO and President of Samsung Biologics, stated, "2024 has been a year of steady progress for Samsung Biologics as we expanded collaborations with biotech companies and focused on operational excellence and quality. By investing in capacity, models, and geographic expansion, we are able to continue fulfilling our commitments. We anticipate new growth through the opening of Plant 5, the launch of ADC services, and continued investments in innovative technologies and sustainability. These efforts will allow us to better meet the evolving needs of our customers at the right time."