Samsung Bioepis reported a 38% jump in third-quarter operating profit as the biosimilar developer’s revenue already exceeded its full-year record with three months left in 2024.
The unit of Samsung Biologics saw operating profit climb to 67.9 billion won ($49.3 million) in the quarter ended September, while sales rose 26% to 330.3 billion won. Nine-month revenue reached 1.14 trillion won, surpassing 2023’s full-year figure of 1.02 trillion won.
The results were boosted by milestone payments of 220.5 billion won from partners Biogen Inc. and Sandoz Group AG following US and European approvals of new biosimilars. The company’s Stelara copycat launched in Europe in July, with a potential US release in February.
Analysts expect the momentum to continue. Meritz Securities projects annual revenue of 1.54 trillion won, while Kiwoom Securities forecasts 1.47 trillion won.
The company is expanding its portfolio beyond its current nine biosimilars in Korea and eight in overseas markets. It’s conducting clinical trials for a biosimilar version of Merck’s blockbuster cancer drug Keytruda, while also venturing into novel drug development through a partnership with Korean startup IntoCell.
Parent company Samsung Biologics also benefited, posting record third-quarter sales of 1.19 trillion won, up 15% year-on-year, with plants running at full capacity.
