Samsung Biologics (207940) Q3 2024 earnings summary

Executive summary

• Q3 2024 accumulated revenue exceeded KRW 3T for the first time, with consolidated revenue at KRW 1,187B and operating profit at KRW 339B (OPM: 28.5%).

• Revenue for the first nine months of 2024 was ₩3,290.9 billion, with operating profit at ₩994.4 billion and net income at ₩761.8 billion, reflecting a year-over-year decrease in both revenue and profit.

• Annual revenue growth guidance raised to +15–20% due to strong performance and favorable FX.

• Record-breaking KRW 1.7T deal signed with an Asian pharma; 17 of top 20 global pharma now clients.

• Major investments include ongoing construction of a fifth plant (target completion April 2025) and expansion into new modalities such as mRNA, ADC, and cell/gene therapies.

Financial highlights

• Consolidated Q3 revenue grew 15% YoY to KRW 1,187B; operating profit up 6% YoY to KRW 339B.

• Revenue for 2024 Q3 YTD: ₩3,290.9 billion (down from ₩3,694.6 billion YoY).

• Samsung Biologics (separate) Q3 revenue up 21% YoY to KRW 1,067B; operating profit at KRW 445B (OPM: 41.7%).

• Samsung Bioepis Q3 revenue up 26% YoY to KRW 330B; operating profit up 38% YoY to KRW 68B.

• Net profit (consolidated) for Q3 2024 at KRW 264B, up KRW 24B YoY.

Outlook and guidance

• Annual revenue growth guidance raised to +15–20%, driven by P4 ramp-up and favorable FX.

• The company is expanding production capacity with a new plant and aims to maintain global leadership in CDMO capacity.

• Plans to further diversify into mRNA, ADC, and cell/gene therapy manufacturing.

• Guidance includes continued investment in R&D and infrastructure to support long-term growth.

• P5 construction on track for April 2025 operations; ADC facility completion targeted for 2024.