Samsung Biologics Q3 net income down over 20%

Samsung Biologics, a subsidiary of Samsung Group, disclosed a 21.2 percent decline in its third-quarter net profit to 391.1 billion won, or $295.2 million, compared to the same period last year. The contract development and manufacturing organization (CDMO) firm reported an operating profit of 640.1 billion won for the quarter, up slightly from 633.5 billion won in the prior year.

Samsung Biologics' revenue grew by 18.5 percent to 1.49 trillion won. The company credited its sales growth to the launch of operations at four facilities in Songdo, a significant increase in production at its fifth plant, and new sales from its first U.S.-based biomanufacturing facility in Rockville, Maryland, acquired in March.

Samsung Biologics plans to continue expanding its contract development and manufacturing (CDMO) business, with cumulative contract orders for the year reaching $22 billion. The company also raised its annual sales guidance for the year to 20 percent, up from an initial estimate of 15 to 20 percent, due to stable demand.