Samsung Biologics reports 23% revenue growth in 2024 on the back of largest contract

Samsung Biologics announced financial results for the fourth quarter and fiscal year 2024, with full-year consolidated revenue growing 23% from 3.69 trillion South Korean won in 2023 ($2.8 billion) to 4.55 trillion South Korean won ($3.3 billion).

The company’s positive financial results come on the heels of a recent disclosure of a 2.1 trillion South Korean won ($1.4 billion) contract with an unnamed European pharmaceutical company. The agreement, running through 2030, is the largest in Samsung Biologics’ history.

“2024 has been a year of steady progress for Samsung Biologics as we expanded collaboration with both pharma and biotech companies, supported by our focus on operational and quality excellence,” CEO John Rim said in a statement.

Rim said Samsung Biologics continues to invest in “capacity, modality, and geographic expansion” and the company expects “another year of growth through the opening of Plant 5, launch of ADC services, and continued investment in innovative technologies and sustainability.”

Last week, Samsung Biologics announced plans to expand its manufacturing capacity with the potential construction of a sixth facility at its Bio Campus in Songdo, South Korea.

If approved by the company’s board, the new plant would increase its total production capacity to 964,000 liters. Samsung Biologics’ fifth plant, set to become operational in April, will raise capacity to 784,000 liters.