Samsung BioLogics, first quarter sales of KRW 964.9 billion… 31% increase compared to the previous year < Bio < Company < Text of article

Samsung BioLogics recorded its highest ever sales and operating profit in the first quarter due to increased sales contribution from Plant 4 and expansion of biosimilar business despite the global economic crisis.

Samsung BioLogics (CEO John Lim) announced on the 24th that it recorded sales of KRW 946.9 billion and operating profit of KRW 221.3 billion on a consolidated basis in the first quarter of 2024. Compared to the same period last year, sales increased by 226 billion won (+31%) and operating profit increased by 29.6 billion won (+15%).

Samsung BioLogics’ sales on a separate basis in the first quarter recorded KRW 669.5 billion, an increase of KRW 78.5 billion (+13%) compared to the same period last year due to increased sales contribution from Plant 4. Operating profit recorded 232.7 billion won, down 1.7 billion won (-1%) from the same period last year due to increased costs due to depreciation costs at Plant 4, which began full operation.

The first quarter sales of its subsidiary Samsung Bioepis recorded 280.1 billion won, an increase of 66.7 billion won (+31%) compared to the same period last year, due to increased sales of biosimilar products in overseas markets such as the United States and Europe. Operating profit recorded KRW 38.1 billion, an increase of KRW 2 billion (+6%) compared to the same period last year, based on external growth resulting from increased product sales.

Samsung BioLogics forecast quarterly performance growth due to a gradual increase in the operation rate of Plant 4, and maintained the same annual sales growth forecast of 10-15% compared to the previous year as previously presented. Meanwhile, Samsung BioLogics maintains a stable financial status with a debt ratio of 65.1% and a borrowing ratio of 15.0% on a consolidated basis.