After revenue boomed for biopharma manufacturers during the COVID pandemic, sales have stagnated for several CDMO giants, including Lonza, Thermo Fisher and Catalent. But Korean powerhouse Samsung Biologics has somehow avoided the slide.

The company has reported another robust increase in its top line, with a 23% sales boost, from 3.69 trillion Korean won in 2023 ($2.8 billion) to 4.55 trillion Korean won ($3.3 billion).

In a release, CEO John Rim credited Samsung Bio’s “expanded collaboration with both pharma and biotech companies.”

“We have been able to continue delivering on our commitments by investing in capacity, modality, and geographic expansion,” Rim added.

The company expanded its roster of clients from 14 of the world’s top 20 pharma companies in 2023 to 17 last year. Additionally, at its huge complex in Incheon, the company found growth through “increased contribution from Plant 4 and full utilization of Plants 1 through 3,” Samsung said.

Last week, the company revealed in a regulatory filing that it had signed, with an unidentified European company, the largest contract in company history, at 2.1 trillion Korean won ($1.4 billion).

Also last week, during the J.P. Morgan Healthcare Conference, Samsung revealed that its board of directors was considering a plan to build its sixth plant at the facility to respond to the “growing demand for biologics.”

Samsung said on Wednesday that it expects to keep the momentum rolling in 2025 as its fifth plant is set to become operational in April of this year. During the year, Samsung expects Plants 4 and 5 to contribute between 35% and 40% of the company’s revenue, with that increasing to up to 50% of the company’s sales in 2026. 

“We expect another year of growth through the opening of Plant 5, launch of ADC services, and continued investment in innovative technologies and sustainability,” Rim said.

As for the fourth quarter of last year, sales were up 17%, from 1.073 trillion Korean won ($802 million) to 1.256 trillion Korean won ($876 million).

After the end of the pandemic, many CDMOs experienced a “revenue cliff,” as companies found difficulty replacing contracts to provide COVID products. Around the same time, biotech funding dried up.

The shortfall is still prevalent as CDMO giants Thermo Fisher and Catalent reported sales declines in the third quarter of 2024. Lonza also revealed a drop-off in sales in the first half of 2024. Catalent now is part of Novo Nordisk after the Danish company's $16.5 billion buyout, which became official in December.