Net profit reached 146.9 billion won, (US$116.1m), an 141% increase on the equivalent from Q1 a year ago, while its operating margin for the period was 35%. Revenue for the quarter rose 96% to KRW 511.3 billion won.
John Rim, CEO of Samsung Biologics, said the strong start to the 2022 fiscal year was driven by building momentum around the CDMO’s long-term growth strategy and expanding capacity. “Our first-quarter financial performance demonstrates a significant and sustained level of customer demand in our services and capabilities.”
The company’s new Plant 4 complex is expected to be partially operational by October 2022, to support 6 X 10KL production capacity. Upon its full completion in mid-2023—six months ahead of schedule—the combined capacity of all plants is expected to total 620KL, which will enable it to have the world’s largest biomanufacturing capacity at a single site.
As part of its future growth plan, Samsung Bio said it is also in the process of securing an additional 350,000 m2 of land for its second Bio Campus, which will be 30% larger than the size of the current site.
The CDMO reported that it plans to closely monitor, identify, and provide data for each of its biopharmaceutical manufacturing plants through its Carbon Disclosure Project (CDP) initiative with the Task Force on Climate-Related Financial Disclosures (TCFD) to determine risks and opportunities on climate change as well as the financial impact to translate these data into actions.
Accelerating biosimilars business
The Korea listed organization recently completed its purchase of Biogen’s in the Samsung Bioepis joint venture for US$2.3bn.
With the completion of the first payment of US$1bn as per the terms of the acquisition agreement, Samsung Biologics has now fully acquired Samsung Bioepis as a wholly owned subsidiary. The remaining US$1.3bn will be made in instalments over two years.
The CEO said the move was a “significant milestone” for the company in its continued venture into the biosimilar business and accelerating biosimilar growth.