Seoul: Samsung Biologics Co., a biotech arm of South Korea's Samsung Group, announced a significant financial milestone on Wednesday, reporting a 26.3 percent year-on-year increase in its 2024 net profit, reaching 1.08 trillion won (approximately US$753 million).

According to Yonhap News Agency, the company's regulatory filing highlighted an operating profit of 1.32 trillion won for the year, up from 1.11 trillion won in the previous year. Samsung Biologics achieved a record annual revenue of 4.54 trillion won, marking a 23.1 percent increase. The company attributed this growth to a rise in biosimilar deals, which significantly boosted its financial performance.

The biotech firm secured contracts worth over 5 trillion won, contributing to an accumulated contract value of US$17.6 billion. Samsung Biologics also outlined its plans for expansion, with its bioreactor capacity expected to reach 784,000 liters upon the completion of its fifth plant. The fourth plant, boasting a capacity of 180,000 liters, is scheduled to commence operations in April this year.