Samsung BioLogics, the pharmaceutical arm of Samsung Group, vowed Friday to further expand its range of drug products down the road, in a move to grow beyond the conventional antibody drug conjugate business.
The blue print was delivered by CEO John Rim during the company’s 10th shareholders meeting held at the headquarters in Incheon.
Rim, who was named CEO in December last year, said the company plans to secure related technologies and facilities that are capable of producing cell and gene treatment drugs, vaccines and novel drugs via contract development and manufacturing organizations, or CDMO -- a major shift from the business’ focus on antibody drug conjugates.
During the occasion, Rim also celebrated the company’s improved performance in 2020 and shared the company’s plans for the next 10 years.
Sales of Samsung BioLogics for the whole of last year increased 66 percent to post record-highs of 1.16 trillion won ($1 billion), surpassing the 1 trillion-bar for the first time since the company was founded in 2011. The company’s operating profit too surged 219 percent to 292.8 billion won during the same period.
Samsung BioLogics secured a total of 56 contracts manufacturing orders last year, up 22 contracts compared to a year earlier.
Rim added that the company will add overseas locations for its R&D centers, such as its contract development organization R&D center in San Francisco. Rim said the company is considering to build centers in China and European countries.
Samsung BioLogics’ fourth bio plant and a second campus of its facilities in the Songdo area would also help the company to increase its research and development, as well as production capacities in the future, Rim also noted.
Samsung BioLogics will inject a total of 1.7 trillion won to build the fourth plant, which has capacity of 256,000 liters. When finished, Samsung BioLogics will have a combined 620,000-liter output at the company’s Songdo complex 1, which accounts for 30 percent of the world’s contract manufacturing market.
The company’s investment in its facilities is expected to surpass 2 trillion won when the company purchases additional land of around 100,000 square meters in area for the company’s second complex.
“Samsung BioLogics would increase its investment with a focus on environmental, social and governance to build sustainable and transparent corporate system,“ Rim said.
By Shim Woo-hyun(firstname.lastname@example.org