Samsung Biologics ups 2023 revenue forecast on rising demand

[Courtesy of Samsung Biologics]

Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, projected its 2023 revenue to increase by more than 20 percent from the previous year, driven by additional contract manufacturing organization (CMO) agreements with global pharmaceutical companies.

According to Samsung Biologics on Wednesday, the revenue forecast for 2023 has been revised upwards to 3.6 trillion won ($2.7 billion) on a consolidated basis, which is up 20 percent from the previous year’s revenue of 3 trillion won.

The revenue outlook is another bullish move, following an outlook upgrade in April. The initial projected annual revenue for 2023 was 3.37 trillion won, but it was expanded to 3.53 trillion won just three months later.

As part of its ESG (Environmental, Social, and Governance) initiatives, Samsung Biologics aims to provide investors with as much information as possible and adheres to disclosure revenue outlook that aligns with fair and transparent reporting.

The boost in performance outlook is attributed to Samsung Biologics securing CMO deals with 14 out of 20 major pharmaceutical companies.

Furthermore, the recent completion and operation of its fourth facility is believed to have contributed significantly to the company’s positive outlook.

With global pharmaceutical companies continuously expanding their CMO volumes, Samsung Biologics is poised to see further growth in its order backlog.