Samsung Biologics Reports Third Quarter 2023 Financial Results

Key Highlights:

Recorded Q3’23 consolidated revenue of KRW 1,034 billion. 

Recorded Q3’23 consolidated operating profit of KRW 319 billion. 

Achieved record-high quarterly consolidated revenue as a result of successful Plant 4 ramp-up bolstering order backlog.

Samsung Biologics, the world’s leading contract development and manufacturing organisation (CDMO), has announced financial results for the third quarter of fiscal year 2023.

"We have achieved a remarkable milestone with consolidated sales surpassing KRW 1 trillion in a single quarter, ultimately demonstrating our commitment to excellence and innovation," said John Rim, CEO and President of Samsung Biologics. "Our expanding partnerships with global leading pharmaceutical companies and a thriving sales backlog reflect the trust our clients place in us and our capabilities. Looking ahead, our expansion plans, including the construction of the ADC facility and Plant 5, will meet the increasing market demand and support our clients’ needs for both capacity and business diversification."

Third Quarter 2023 Results 

In the third quarter of 2023, consolidated revenue exceeded KRW 1 trillion for the first time in a single quarter, marking an 18% increase from the KRW 873 billion reported in the same period of the previous year. This is attributed to a rapid increase in the operating rate following the full completion of Plant 4 and a robust sales backlog, resulting in a projected 20% annual growth in consolidated revenue. Consolidated operating profit for the third quarter of 2023 reached KRW 319 billion, while net profit was KRW 240 billion with an EBITDA of KRW 457 billion.

On a standalone basis, the company reported KRW 883 billion in revenue for the third quarter of 2023, reflecting a 31% increase from KRW 675 billion in the same period in the previous year. Operating profit reached KRW 382 billion, marking a 23% increase from the prior year. 

The company also expanded its strategic partnerships to include 14 of the top 20 global pharmaceutical companies, further solidifying the company’s position as a trusted CDMO partner. As of October, Samsung Biologics has accumulated contracts worth over USD 11.8 billion, which includes the previously announced long-term partnership with Pfizer and an expanded strategic agreement with Bristol Myers Squibb.