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%).

• 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 biosimilar milestones: SB17 launched in Europe/Korea, SB12 approved by USFDA, SB15 received positive CHMP opinion.

Financial highlights

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

• 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.

• EBITDA margin (consolidated) at 41.7% in Q3 2024, down 2.5%p YoY.

• 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.

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