The view of Samsung Biologics’ Super Plant 4 (Image courtesy of Samsung Biologics)
SEOUL, April 23 (Korea Bizwire) — Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, said Wednesday its first-quarter net profit more than doubled from a year earlier, driven by expanded production and a weaker won.
Net profit for the three months ended March surged to 375.6 billion won (US$263.9 million), up from 179.4 billion won during the same period last year, the company said in a regulatory filing.
“Full-scale operations of its No. 1 to No. 3 plants, along with increased output from No. 4 plant, supported the strong quarterly results,” a company spokesperson said, adding that the won’s weakness against the dollar also contributed to the gains.
An increase in contract development and manufacturing organization (CDMO) agreements, as well as biosimilar deals, further boosted the bottom line, the spokesperson noted.
amsung Biologics currently operates five production plants in Songdo, 37 kilometers southwest of Seoul, and plans to expand the total to eight by 2032. Its fifth plant began operations this month.
Operating profit also more than doubled to 486.7 billion won in the March quarter, compared with 221.3 billion won a year ago. Sales rose 37.1 percent to 1.29 trillion won from 946.9 billion won.
Looking ahead, the company projects annual sales growth of 20 to 25 percent in 2025, despite ongoing uncertainties in the global market.
To enhance service for its international clients and reinforce its regional footprint, Samsung Biologics opened a sales office in Japan in December, following previous openings in New Jersey and Boston in the United States.
(Yonhap)
