Samsung Biologics, which has enjoyed a booming contract drug manufacturing streak over the past year, has inked another deal, this one worth 737.3 billion Korean won ($518 million).
The latest production contract for the South Korean CDMO is with an undisclosed U.S. pharmaceutical company and is expected to carry on through the end of 2031, Samsung said in a financial filing.
The contract represents about 16.2% of Samsung Biologics’ consolidated revenue from 2024 and comes on the heels of the company’s blockbuster deal announced in October—a whopping $1.2 billion contract with an unnamed Asia-based pharmaceutical company that’s slated to run through December 2037.
Samsung offered little detail in its disclosure about the types of drugs it will help manufacture, except to say that they will be biologics.
The company, which has been on a near-constant expansion tear over the last several years, reported in January that full-year 2024 sales swelled 23% to 4.55 trillion Korean won ($3.3 billion).
Samsung Bio's booming sales contrast with many other CDMOs, which have seen slowdowns in the wake of the COVID pandemic and a dearth of biotech funding.
When the company reported its 2024 results, Samsung Bio said its fifth plant, located in Songdo, South Korea, was scheduled to open in April with a production capacity of 180,000 liters.
While presenting at the J.P. Morgan Healthcare Conference in January, Samsung announced it was considering a plan to build its sixth plant at the facility in order to meet the “growing demand for biologics.”