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(LEAD) Samsung Biologics Q3 net more than doubles on increased sales

All News 16:07 October 26, 2021

(ATTN: RECASTS headline, lead, throughout with details; ADDS photo, byline)
By Kim Han-joo

SEOUL, Oct. 26 (Yonhap) -- Samsung Biologics, a biopharmaceutical unit of South Korea's top conglomerate Samsung Group, said Tuesday its net income more than doubled in the third quarter on the back of increased sales.

The company's net profit reached 131.8 billion won (US$112.9 million) during the July-September period, compared with a net income of 56.1 billion won a year earlier, the company said in a regulatory filing.

This undated photo, provided by Samsung Biologics, a biopharmaceutical unit of South Korea's top conglomerate Samsung Group, shows its third plant in Songdo, west of Incheon. (PHOTO NOT FOR SALE) (Yonhap)

Operating income reported a record high of 167.4 billion won during the cited period, compared with an operating income of 56.5 billion a year earlier, the company said. Sales also jumped 64.2 percent on-year to a quarterly high of 450.7 billion won.

The biopharmaceutical giant attributed its sound business performance to utilization improvement at its three plants in Songdo, west of Incheon, following deals, which eventually led to increased sales.

A fourth plant is currently under construction following major deals to manufacture products for major global pharmaceutical giants. The plant is expected to partially kick off late next year.

With the fourth plant's completion, Samsung Biologics will secure a combined bioreactor capacity of 620,000 liters, making it the largest contract manufacturing facility at a single location in the world.

Shares in Samsung Biologics inched up 0.23 percent to close at 879,000 won on the Seoul bourse, underperforming the broader KOSPI's 0.94 percent gain. The earnings results were released after the market closed.


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