Samsung Biologics Raises Full-Year Revenue Outlook, Set to Outpace WuXi Biologics

WuXi Biologics has just announced a downward revision of its full-year revenue forecast. Two days later, Samsung Bioepis announced an upward revision of its forecast.

On December 6, Samsung Bioepis Co., Ltd. released its Q3 2023 performance:Revenue for the season exceeded 1 trillion Korean won (approximately RMB 5.6 billion), marking the first breakthrough since the company's founding in 2011.Net profit increased by 86% compared to the same period last year, reaching 240 billion Korean won (approximately RMB 1.308 billion).

Source: Samsung Bioepis official website

Record-breaking revenue growth, Samsung Bioepis attributes to the successful expansion of Plant 4, completing past backlogged orders.It is expected that a 20% revenue growth will be achieved for the whole year of 2023.

Samsung Bioepis Co., Ltd.'s operating revenue in 2022 was approximately RMB 16.8 billion, surpassing Wuxi Biologics' RMB 15.269 billion. Wuxi Biologics' latest performance forecast for 2023 is a 10% revenue increase, which still lags behind Samsung Bioepis' growth rate.This means that Samsung Bioepis' revenue in 2023 will continue to exceed that of WuXi Biologics.

As of October, Samsung BioepisOrders worth over 118 billion US dollars have been signed cumulatively,This includes the previous agreements signed with Pfizer and BMS.

In July this year, Samsung Bioepis announced that it had secured a major order worth $897 million from Pfizer. Adding to the cooperation reached in early June,Within two months, Samsung Bioepis secured $1.308 billion from Pfizer.In September, Samsung Bioepis also reached a cooperation agreement with BMS to be responsible for the production of BMS's marketed antibody drugs, with an order value of $242 million. Financial reports show that Samsung Bioepis’s current partners include 14 of the world’s top 20 pharmaceutical companies, such as Roche and Novartis.

Samsung Bioepis CEO also revealed the company's capacity expansion plans for Plant 5 and ADC facilities:It is expected that the ADC facility will begin operations within 2024.Factory 5 will commence operations in April 2025, adding 180KL of capacity to Samsung Bioepis.

Author: Yang Xixia

Editor | Jiang Yun, Jia Ting

Operation | Twenty Thirteen

Statement: The original content of Jian Shi Ju shall not be reproduced without permission.

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