Samsung Biologics spells out expansion plans in South Korea and US

The CDMO arm of one of South Korea’s largest conglomerates has posted its year-end results and plans for 2023, which include new construction.

Samsung Biologics netted north of KRW 3 trillion ($2.4 billion) in 2022 revenue and an operating profit of KRW 983.6 billion ($799 million), which the company touted on Friday as “record-high earnings.” The revenue boost was 55% compared to 2021.

“Our steady financial performance in the fourth quarter was driven by solid business growth with strong operational excellence and full utilization across all plants, further accelerated by the full inclusion of Samsung Bioepis in 2022,” said Samsung Biologics CEO John Rim in a release. The company closed on its acquisition of Samsung Bioepis in April.

Rim has some major expansion goals for 2023, including a new antibody-drug conjugate manufacturing suite at its “super plant” currently…
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