Samsung Bioepis Expects to Earn Profits for the First Time in Eight Years
The South Korean pharmaceutical firm announced that it finally could come out of deficit and make its first profits since establishing in 2012.
SEOUL, Nov. 12 (Yonhap)
Samsung Bioepis is a joint venture between Samsung BioLogics (a biopharmaceutical unit of Samsung Group) and its U.S. partner Biogen. Today, its CEO announced their anticipation to turn a profit for the very first time in its history following robust revenues from the European market.
“With three autoimmune biosimilar drugs, Benepali, Imraldi and Flixabi sold on the European market recording US$540 million in sales between the first and third quarters, we expect to swing to the black for the first time in eight years since the foundation of the company.” said Christopher Hansung Ko, the CEO of Samsung Bioepis addressing reporters at the BIOplus 2019 event hosted by Korea Biotechnology Industry Organization in Seoul.
He added that the company is expected to post record-high sales and operating income this year. “We are expecting 1 trillion won in sales this year,” Ko said. “Samsung Group has constantly invested into the firm despite knowing that we would post a deficit,” he added attributing increased sales to massive investments from Samsung Group, South Korea’s top conglomerate.
Ko mentioned that the firm will further strive to win approvals for other biosimilars from the European and U.S. health authorities. Last July, the company submitted a marketing application to the European Medicines Agency (EMA) for the sale of SB8. It plans to seek approval for SB11 next year. The chief said it will also continue to cooperate with its European and U.S. partners who are responsible for marketing and sales in the respective markets.
Earlier this month, Samsung Bioepis entered into a new commercialization agreement worth $370 million with Biogen for two biosimilar candidates, SB11 (ranibizumab) and SB15 (aflibercept), in the United States (US), Canada, Europe, Japan, and Australia.
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