Samsung Biologics (207940) Q4 2024 earnings summary

Executive summary

• Achieved KRW 4.5T consolidated revenue in 2024, up 23% year-over-year, with operating profit of KRW 1.32T and OPM of 29%.

• Secured 17 of the global top 20 pharma clients and surpassed KRW 5T in contract volume, including three contracts over KRW 1T.

• Completed ADC facility construction and advanced P5 at Biocampus II, set to be operational in April 2025.

• Launched four new CDO platforms and achieved over 300 regulatory manufacturing approvals.

Financial highlights

• Consolidated revenue grew 23% year-over-year to KRW 4,547B; operating profit rose 19% to KRW 1,320B.

• Samsung Biologics segment revenue increased 19% year-over-year to KRW 3,497B; operating profit up 10% to KRW 1,321B.

• Samsung Bioepis segment revenue surged 51% year-over-year to KRW 1,538B; operating profit up 112% to KRW 435B.

• EBITDA margin for consolidated operations was 42.2% in 2024, down 1.2 percentage points from 2023.

• Net profit increased to KRW 1,083B, up KRW 226B year-over-year.

Outlook and guidance

• Projected consolidated revenue growth of 20–25% in 2025, driven by ramp-up of 180kL facility (P4A) and new product launches.

• P4 and P5 plants expected to contribute 35–40% of DS sales in 2025 and 45–50% in 2026.

• Samsung Bioepis expects product sales to grow 20% in 2025, with revenue flat due to milestone timing.