BioLogics swings to black in 2018

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BioLogics swings to black in 2018

Samsung BioLogics, a biopharmaceutical unit of Korea’s top conglomerate Samsung Group, said Thursday that it swung to the black last year from a year earlier.

The company’s net profit reached 224.1 billion won ($201.4 million) in 2018, compared with a loss of 97 billion won a year earlier, the company said in a regulatory filing.

Operating income reached 55.7 billion won last year, down 15.6 percent from 2017, while sales jumped 15.3 percent on year to 535.8 billion won.

The company attributed double-digit growth in sales to increased revenues from ongoing operations at its second plant, while decreased operating income and a rise in commission fees in its third plant helped numbers.

The company attributed the improvement to the increased inflow of cash after concluding its call option contract with Biogen Therapeutics.

For the fourth quarter, the company reported 178.3 billion won in sales, up 7.2 percent from a year earlier, with an operating income of 11.5 billion won, down 77.3 percent on year.

Samsung BioLogics, which currently produces products for world-famous pharmaceutical brands such as U.S.-based Bristol-Myers Squibb and Switzerland-based Roche Holding, debuted on the Korean stock market in November 2016.

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