South Korean contract development and manufacturing organization Lotte Biologics CEO Richard Lee announced the company's goal to achieve 1.5 trillion won ($1.07 billion) in sales by 2030, positioning itself among the top 10 CDMOs globally. This announcement was made during the groundbreaking ceremony for Lotte Biologics' inaugural biomanufacturing plant in Songdo, which will increase its total production capacity to approximately 360,000 liters. The construction is scheduled to be completed in the first quarter of 2026, with commercial operation set to commence in the first quarter of 2027 following the validation of manufacturing processes. During a press conference, Kang Ju-eon, Lotte Biologics' chief planning officer, revealed that the first plant is expected to generate around 700 billion won in sales when fully operational, with a projected 30-percent profit ratio. The company plans to invest a total of 4.6 trillion won to construct three biomanufacturing plants in Songdo, with each plant providing 120,000 liters of manufacturing capacity. Additionally, Lotte Biologics intends to utilize its Syracuse Bio Campus for manufacturing clinical supplies, smaller-scale production, and antibody-drug conjugate (ADC) products, while the Songdo Bio Campus will handle large-scale orders. Lotte Biologics also anticipates that the Songdo project will create approximately 37,000 jobs and have a direct and indirect production inducement effect of 7.6 trillion won.