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May 24, 2024

Samsung chief inspects bio biz site, urges employees to go beyond limits

PUBLISHED : February 18, 2024 - 09:50

UPDATED : February 18, 2024 - 09:51

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Samsung Electronics Chairman Lee Jae-yong is briefed by a Samsung Biologics official at the construction site for its fifth plant at the company's second biopharmaceutical campus in the Songdo, Incheon, Friday. (Samsung Electronics)

 

Samsung Electronics Chair and Samsung Group leader Lee Jae-yong on Friday visited the group’s biotech arm in Incheon, calling on executives and staff members to set higher goals after the unit posted all-time high earnings last year.

At Samsung Biologics’ biopharmaceutical campus in the Songdo Industrial Cluster in Incheon, the chair inspected the construction site of its fifth plant with a capacity of 180,000 liters, slated to go online in April 2025, and was briefed by executives on the roadmap for technology development and mid-and-long term business strategies.

Lee’s visit came on the day the biologic contract manufacturer announced the stellar performance it generated last year.

“Don't be satisfied with the latest achievements, let's take on bolder challenges. Let's move toward the future toward higher goals,” Lee said after receiving reports on Samsung Biologics’ development roadmap and mid- to long-term business strategies.

Established in 2011 with Samsung Group’s vision to foster the biopharmaceutical business as its future growth engine, Samsung Biologics has become the world's largest contract drug manufacturer in terms of capacity.

Its annual revenue has expanded 12-folds to hit an all-time high of 3.7 trillion won ($2.77 billion) last year from 0.3 trillion won in 2016. Its operating profit and the total value of its annual orders also reached an all time high of 1.1 trillion won and 3.5 trillion won, respectively.

This year, Samsung Biologics plans to embark on its development of antibody-drug conjugates, which are known to be highly efficient drugs that can be used in customized therapies for cancer treatment.

By Jie Ye-eun (yeeun@heraldcorp.com)

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