Despite COVID-19 Global Impact, Samsung Biologics Reports Solid Q3 Earnings

Samsung Biologics’ operating profit results for its three quarters from January to September have surpassed the profit for the whole of 2019 by nearly double. Even with the global impact from COVID-19 that affected companies across all industries, Samsung Biologics not only demonstrated its ability to continue full business operations but also maintained steady financial results quarter over quarter.

After a solid performance in the 2020 third quarter that ended on September 30, Samsung Biologics announced its strong revenue reports of KRW 274.6 billion with a profit recorded at KRW 56.5 billion. According to the company, it improved its revenue by KRW 89.8 billion at 49% compared to last year as a result of a continuous increase in sales volume across all plants. The company continued its CDMO services largely uninterrupted by the pandemic while announcing partnership after partnership with pharmaceutical clients all over the world who sought manufacturing services for biologics products.

The company reported Q3 assets at KRW 6.1 trillion and equity of KRW 4.5 trillion. The operating profit increased 139% at KRW 32.9 billion year-on-year. Gross profit margins improved by 5% points, and operating profit margin rates rose by 8% points.

These numbers follow the company’s announcement to build Plant 4 that will nearly double its on-site capacity, further advancing its standing as the world’s largest manufacturing facility at a single location. Samsung Biologics has also announced plans for its first global CDO R&D Center in San Francisco, California. Both Plant 4 (dubbed the “Super Plant”) and the new R&D facility are expected to enhance the company’s global competitiveness and client satisfaction in the biopharmaceutical industry.