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May 24, 2024

Samsung Bioepis posts record-high biosimilar sales

PUBLISHED : February 19, 2024 - 09:06

UPDATED : February 19, 2024 - 09:10

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Samsung Bioepis headquarters in Yeonsu-gu, Incheon (Samsung Bioepis)

Overseas biosimilar sales of Samsung Bioepis, a biosimilar developer under Samsung Group, reached an all-time high in 2023, according to its partner companies on Sunday.

According to Samsung Bioepis’ US partners, Biogen and Organon, sales of Samsung Bioepis’ biosimilar products in overseas markets came to $1.36 billion, or some 1.8 trillion won in 2023. The figure was up 11 percent from $1.23 billion in 2022.

Biosimilar sales through Biogen came to $770 million, up 3 percent on-year, and those through Organon reached $593 million, also up 23 percent on-year. Under its contracts, Samsung Bioepis shares profits based on biosimilar sales of Biogen and Organon.

Buoyed by sales growth, Samsung Bioepis’ revenue and operating profit in 2023 reached all-time highs of 1 trillion won ($750 million) and 205.4 billion won, respectively.

Samsung Bioepis also became one of nine Korean biopharmaceutical companies that posted over 1 trillion won in annual sales.

Samsung Bioepis is currently selling six biosimilars in foreign markets, referencing the world's top-selling biologics, including Enbrel, Remicade, Humira, Herceptin, Avastin and Lucentis.

“Sales of the company’s biosimilar products, as well as the company’s overall revenue, are expected to continue to increase this year,” an official from Samsung Bioepis said.

Sales of Hadlima, Samsung Bioepis' biosimilar referencing Humira, are expected to grow more this year as sales of Abbvie’s Humira are likely to gradually lose their market share down the road, according to industry sources.

As of December, Hadlima became the top Humira biosimilar with a 0.8 percent share in the US, narrowly followed by Amgen’s Amjevita with a 0.7 percent share, according to market tracker IQVIA.

By Shim Woo-hyun (ws@heraldcorp.com)

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