According to the latest information, Samsung Electronics Chairman Lee Jae-yong met with the CEOs of big pharmaceutical companies in the US to boost competitiveness in Samsung’s bio business and help Samsung discover new business items.
He met with Johnson & Johnson (J&J) CEO Joaquin Duato, BMS CEO Giovanni Caforio, Flagship Pioneering CEO Noubar Afeyan, Biogen CEO Christopher A. Viehbacher, and Organon CEO Kevin Ali.
In terms of global popularity, J&J is a leading biopharmaceutical company with a history of more than 140 years. It is also a major customer of Samsung. Meanwhile, the BMS gave Samsung its first order for drug production in 2013. Samsung established BoiLogics back in 2011 and Bioepis in 2012 to develop its bio business in earnest.
In April 2023, Samsung shared the Q1 2023 revenue of its Biologics. It recorded a consolidated revenue of KRW 720.9 billion and an operating profit of KRW 191.7 billion. First quarter 2023 net profit reached KRW 141.8 billion, a slight decrease from KRW 146.9 billion in the first quarter a year ago due to the elimination of intercompany transactions and PPA amortization after the inclusion of Samsung Bioepis.
“Enabled by the groundwork we have laid with our strategic capacity expansion plans, our first quarter results demonstrate stable revenue growth as we continue to drive strong operational excellence and business agility with full utilization of Plants 1, 2, and 3,” said John Rim, CEO and President of Samsung Biologics. “With continued partnership expansion with global pharma, we are focused on achieving sustainable growth and securing more robust capacity with Plant 4 set to be fully operational by June and the groundbreaking of Plant 5 to occur later this year. We will continue to anticipate client needs and execute on opportunities to meet the increasing market demand for biomanufacturing capacity.”
