Samsung Biologics 2024 Net Profit Surges 26 Percent on Record Sales

Seoul: Samsung Biologics Co., a biotech arm of the Republic of Korea's Samsung Group, has reported a significant 26.3 percent increase in its 2024 net profit, amounting to 1.08 trillion won (US$753 million). This growth is attributed to record sales and strategic business deals that have strengthened the company's financial performance. According to Lao News Agency, in a recent regulatory filing, Samsung Biologics disclosed an operating profit of 1.32 trillion won for the last year, marking a rise from the previous year's 1.11 trillion won. The company's annual revenue also saw a substantial increase of 23.1 percent, reaching a record 4.54 trillion won. The surge in profit and revenue is credited to increased deals for biosimilars, which have significantly boosted the company's bottom line. Samsung Biologics has secured deals valued at over 5 trillion won, with accumulated contracts totaling US$17.6 billion. The company's strategic focus on expanding its bioreactor capacity is evident, with plans for its fi fth plant underway. Once completed, the bioreactor capacity is expected to reach approximately 784,000 liters. Additionally, the fourth plant, with a capacity of 180,000 liters, is set to commence operations in April this year.