Samsung Biologics has blowout third quarter, net up 135 percent
Samsung Biologics beat market expectations in the third quarter, reporting net profit of 131.8 billion won ($113 million), up 135 percent.
The consensus was 84.7 billion won, as compiled by market tracker FnGuide.
Its third quarter revenue was an all-time high 450.7 billion won, a 64.2 percent year-on-year increase, while operating profit soared 196 percent to 167.4 billion won, also a record.
Analysts expectations for revenue were 411.1 billion won and for operating profit 132.9 billion won.
“The increase in the number of orders and the high operation rate of our third plant in Incheon were the largest contributors,” Samsung Biologics said in a statement. “We are fully focused on the efficient operation of manufacturing facilities and winning orders for our fourth plant.”
As of the third quarter, the company inked a total of $7.1 billion of contract manufacturing deals with global companies including Switzerland’s Roche and Kenilworth, New Jersey’s MSD (known as Merck & Co. in the United States and Canada).
The Ministry of Health and Welfare said Tuesday it will start distributing the first batch of 2.44 million doses of Moderna vaccines bottled and packaged by Samsung Biologics this week. The two companies signed the fill-and-finish deal in May.
Samsung Biologics has three factories in Songdo, Incheon. It is constructing a fourth plant, which will have an annual capacity of 256,000 liters, (67,628 gallons), the highest capacity for a single bio production plant in the world, according to Samsung Biologics.
The plant, which is scheduled for completion in 2023, will bring the company’s annual production capacity to 620,000 liters, which Samsung Biologics says is equivalent to nearly 30 percent of global biopharmaceutical contract manufacturing. Germany's Boehringer Ingelheim is the second largest, with around 300,000 liters of capacity, while Switzerland-based Lonza is third, with about 260,000 liters per year.
BY SARAH CHEA [firstname.lastname@example.org]