SEOUL, Jan. 28 (Korea Bizwire) — Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, said Friday its 2022 net income more than doubled on strong overseas sales of its biomedicine products after its takeover of Samsung Bioepis Co.
Its net income reached 798.1 billion won (US$648.1 million) in 2022, up 102.8 percent from a year earlier, the company said in a regulatory filing.
The company said its annual revenue soared 91.4 percent on-year to a record 3 trillion won, becoming the first homegrown pharmaceutical firm to surpass the landmark 3 trillion-won line.
Its operating profit for the year rose 83.1 percent on-year to 983.6 billion won.
Friday’s figures included the combined earnings of Samsung Bioepis, a biopharmaceutical affiliate dedicated to developing and manufacturing biosimilar medicines, which merged with Samsung Biologics last year.
Samsung Biologics said the strong bottom line is attributable to increased overseas orders and the expansion of its biosimilar production capability stemming from the acquisition of Samsung Bioepis.
For the fourth quarter of 2022, Samsung Biologics posted 965.5 billion won in sales, up 117.3 percent from a year earlier.
Its quarterly operating profit surged 142.8 percent on-year to 312.8 billion won, and its net profit skyrocketed 366.4 percent to 370 billion won.
Samsung Biologics said it will invest a combined 7.5 trillion won into its bio business for the next 10 years to expand its biomedicine production facilities and diversify its business portfolio.
Shares in Samsung Biologics gained 1.76 percent to 809,000 won on the main Seoul bourse Friday, outperforming the broader KOSPI’s 0.62 percent gain. The earnings results were released after the stock markets closed.