(LEAD) Samsung Biologics Q3 net income down over 20 pct

Samsung Biologics, the biotech subsidiary of Samsung Group, disclosed on Wednesday that its net income for Q3 2022 had dropped by over 20 percent compared to the previous year. The contract development and manufacturing organization (CDMO) service provider reported a net profit of 391.1 billion won (US$295.2 million), a decline from 492.8 billion won in Q3 2021.

Operating profit for the quarter reached 640.1 billion won, up slightly from 633.5 billion won a year ago. Despite the decrease in net income, Samsung Biologics saw a 18.5 percent increase in revenue, reaching 1.49 trillion won for the quarter. The company credited the revenue growth to the full-scale operations of four plants in Songdo, near Seoul, a surge in production at its fifth plant, and sales generated from its first U.S. biomanufacturing facility in Rockville, Maryland, acquired in March.

Samsung Biologics has pledged to further expand its CDMO business, with cumulative contract orders for the year reaching an impressive US$22 billion. The company has also revised its annual sales guidance upward to 20 percent from an initial estimate of 15 to 20 percent, citing stable growth in its production plants.