Samsung Biologics' net zooms 134% in Q2

Samsung Biologics' third plant in Songdo, Incheon. [SAMSUNG BIOLOGICS]

Samsung Biologics’ net profit jumped 133.6 percent in the second quarter to 121.5 billion won ($105.3 million), according to a company regulatory filing on Tuesday.

It beat the market consensus of 83.8 billion won compiled by FnGuide.

Its second quarter revenue stood at 412.2 billion won, a 34 percent year-on-year increase, while operating profit rose 105.6 percent to 166.8 billion won. The company's revenue and profit figures are record quarterly performances.

Analysts expectations for revenue were 374.4 billion won and for operating profit 112.3 billion won.

“The increase in number of orders and high operation rate of our third plant in Incheon were the largest contributors,” Samsung Biologics said.

Samsung Biologics is manufacturing Moderna Covid-19 vaccines under a contract manufacturing organization deal. The Korean company signed the deal with the U.S.-based Moderna in May.

With increasing demand for biopharmaceuticals generally since the Covid-19 outbreak, Samsung Biologics has been constructing its fourth plant in Songdo, Incheon, which will have an annual capacity of 256,000 liters (67,628 gallons). It is the highest capacity for a single bio production plant in the world, Samsung said.

The plant, which is scheduled to be completed in 2023, will bring Samsung Biologics’ annual production capacity to 620,000 liters, which the company says is equivalent to nearly 30 percent of the global contract manufacturing market for bio pharmaceuticals.

“In 2021, Samsung Biologics will focus on managing effective operation of the manufacturing facilities and winning early orders for the fourth plant,” the company said in Tuesday’s statement. “Also, the company will continue our efforts to supply Covid-19 vaccines and treatments quickly and stably all over the world.”

BY SARAH CHEA [chea.sarah@joongang.co.kr]