Samsung Biologics Q3 net income down over 20%
Samsung Biologics, the biotech arm of Samsung Group, on Wednesday reported its third-quarter net profit of 391.1 billion won ($295.2 million), down 21.2 percent from a year earlier. The contract development and manufacturing organization (CDMO) service provider, which offers comprehensive development and manufacturing solutions, said in a regulatory filing that it posted 640.1 billion won in…
Samsung Biologics, Samsung Group's biotech subsidiary, announced a significant decline in its third-quarter net profit, reporting 391.1 billion won ($295.2 million) - a 21.2 percent decrease from the previous year. The contract development and manufacturing organization (CDMO) provider disclosed an operating profit of 640.1 billion won, slightly higher than the prior quarter's 633.5 billion won.
Revenue for the period increased by 18.5 percent to 1.49 trillion won. The company credited this growth to the successful operation of four plants in Songdo, near Seoul, increased production at its fifth plant, and sales from its inaugural U.S. biomanufacturing facility in Rockville, Maryland, acquired in March. Samsung Biologics stated its commitment to expanding its CDMO business, with total contract orders for the year reaching $22 billion.
The company also revised its annual sales guidance upward to 20 percent, from an initial estimate of 15 to 20 percent, due to stable performance.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- (LEAD) Samsung Biologics Q3 net income down over 20 pct en.yna.co.kr
- Samsung Biologics Q3 net income down over 20% koreatimes.co.kr
