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The Korea Herald
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THE INVESTOR
April 24, 2024

Market Now

Samsung Biologics quarterly sales hit W1tr for first time

  • PUBLISHED :October 26, 2023 - 09:31
  • UPDATED :October 26, 2023 - 09:31
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Samsung Biologics Plant 4 in Songdo, Incheon (Samsung Biologics)

Samsung Biologics said Wednesday it exceeded 1 trillion won ($741 million) in quarterly sales for the first time, following the operation of its fourth plant and profits generated by long-term contract manufacturing orders.

According to regulatory filings for the July-September period, Samsung Biologics’ quarterly sales on a consolidated basis hit a record high of 1.34 trillion won, marking 18 percent on-year growth.

Operating profits were 318 billion won during the same period, down 2 percent from a year prior.

Cumulative sales and operating profits were 2.6 trillion won and 763 trillion won as of the third quarter this year, up 29 percent and 14 percent from the same period last year, respectively.

The company said its increased production capacity has been driving up its sales overall. The fourth plant with a production capacity of 240,000 liters went into full operation in June.

New contract manufacturing orders also contributed to upbeat earnings. As of October, its cumulative orders secured amounts to $11.8 billion.

Samsung Bioepis, a biosimilar developer wholly owned by Samsung Biologics, meanwhile, saw a drop in its financial showings. It recorded 262 billion won in sales and 49.2 billion won in operating profits, down 3 percent and 37 percent on-year, respectively.

“To respond quickly to the growing demand for biopharmaceuticals, Samsung Biologics is currently building its fifth plant with the goal of completing it by April 2025,” said an official from Samsung Biologics.

The fifth plant, upon completion, will have an annual production capacity of 180,000 liters.

By Lee Yoon-seo  (yoonseo.3348@heraldcorp.com)

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