SEOUL, Oct. 25 (Yonhap) — Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, reported Wednesday that its third-quarter net profit soared 86 percent year-over-year, thanks to long-term contracts with prominent pharmaceutical companies.
According to a regulatory filing, Samsung Biologics’ third-quarter net profit amounted to 240.4 billion won (US$178.1 million). Sales also increased 18.4 percent year-over-year to 1.03 trillion won, the first time the figure has exceeded 1 trillion won. Operating profit, however, decreased 2 percent year-on-year to 318.5 billion won.
Samsung Biologics credited the increased net profit to long-term arrangements it signed earlier this year, improved operational efficiency at three of its factories in South Korea, and a higher operation rate at its fourth plant.
Samsung Biologics has secured contract manufacturing organization deals worth 2.7 trillion won with global pharmaceutical firms, such as Pfizer and Novartis, this year.
It also plans to open a new biomedicine production facility in April 2025.
The corporate logo of Samsung Biologics Co. captured from the company's website (PHOTO NOT FOR SALE) (Yonhap)
nyway@yna.co.kr
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Samsung Biologics Sees 86 Percent Boost in Third-Quarter Net Profit
SEOUL, Oct. 25 (Yonhap) — Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, announced Wednesday that its third-quarter net profit had skyrocketed 86 percent year-over-year, due to long-term arrangements with major pharmaceutical companies.
According to a regulatory filing, Samsung Biologics’ third-quarter net profit was 240.4 billion won (US$178.1 million). Sales also increased 18.4 percent year-over-year to 1.03 trillion won, the first time the figure has exceeded 1 trillion won. Operating profit, however, declined 2 percent year-on-year to 318.5 billion won.
Samsung Biologics attributed the increased net profit to long-term contracts it signed earlier this year, improved operational efficiency at three of its factories in South Korea, and a higher operation rate at its fourth plant.
Samsung Biologics has secured contract manufacturing organization deals worth 2.7 trillion won with global pharmaceutical firms, such as Pfizer and Novartis, this year.
It also plans to open a new biomedicine production facility in April 2025.
The corporate logo of Samsung Biologics Co. captured from the company's website (PHOTO NOT FOR SALE) (Yonhap)
nyway@yna.co.kr
(END)
Related Articles Samsung Biologics to open new plant in April 2025 (LEAD) Samsung Biologics Q2 net profit up over 21 pct on big deals (LEAD) Samsung Biologics Q1 net income falls due to one-off factor (LEAD) Samsung Biologics 2022 net income more than doubles (LEAD)