INCHEON, South Korea – Samsung Biologics announced a strong year in 2020 as it reported 1 trillion won in target sales within just a decade at its 10th Annual General Meeting (AGM) on March 19th Korea time.
John Rim, chief executive officer (CEO) and president of Samsung Biologics, led this year’s AGM for the first time since his appointment. For the safety of shareholders in light of the COVID-19 pandemic, the company took precautionary measures throughout the meeting in accordance with the Infectious Disease Control and Prevention Act to ensure the health and safety of all attendees. Since a limited number of participants were admitted to the onsite meeting, Samsung Biologics implemented an electronic voting system, and the meeting was also made available for virtual participation via a live broadcast.
“Despite the global uncertainties with the ongoing pandemic, Samsung Biologics demonstrated outstanding operational excellence and business agility even during such extraordinary circumstances,” said John Rim, CEO of Samsung Biologics in an address to the shareholders. “As we mark the 10th-year anniversary of Samsung Biologics this year, we set forth our growth plan for the next decade to become a fully-integrated end-to-end service provider,” Rim added.
Samsung Biologics continues to rapidly expand its CDMO business while advancing its biosimilar affiliate and new business models as part of the company’s multidimensional portfolio expansion strategy.
With Plants 1,2, and 3 showing steady business performance over the past decade, Plant 4, the newest addition to the company, is expected to begin manufacturing activities in early 2023, catapulting Samsung Biologics upon completion to hold the world’s largest manufacturing capacity at a single site with multi-scale capabilities.
The company also plans to further secure additional manufacturing facilities both locally and overseas to accommodate the evolving needs of global clients from multiple locations. In addition to its San Francisco CDO R&D Center, Samsung Biologics is currently in discussion to construct Bio Campus 2 in Songdo to further enhance its open innovation as a new growth engine for the next decade.