Samsung BioLogics, a contract manufacturer of biologic drugs under the Samsung Group, on Tuesday posted a revenue of 294.6 billion won ($253 million) in 2016, a 223 percent increase from the previous year.  

With a focus on the contract manufacturing business, the company also saw an operating loss of 30.4 billion won last year, an 85 percent decrease from 2015, it said in a regulatory filing.

Last year’s performance is significant, a company official said, adding that the improvements in revenue and operating profit were made with its first plant in Songdo, west of Seoul, operating fully in the contract manufacturing business, along with a second plant that has started trial production.

However, Samsung BioLogics also suffered a net loss of 176.8 billion won last year, as the company reflected a nonoperating income of 2.7 trillion won for Samsung Bioepis as a result of a revaluation of its 91.2 percent stake in Samsung Bioepis in 2015.

Samsung Bioepis is a developer of biosimilar drugs made from living cells. In 2015, Samsung Bioepis became a subsidiary of Samsung BioLogics, to focus more on the development of biosimilars, while the latter takes charge of the manufacturing of the drugs by winning contracts from global biopharma companies including Bristol-Myers Squibb and Roche. The company made its debut last year on the nation’s main bourse.

Samsung BioLogics is currently building a third plant in Songdo. It will be the largest biosimilar manufacturing plant in the world with a production capacity of 180,000 liters, if completed, officials said. The company expects to complete the construction in the fourth quarter of this year.

By Cho Chung-un (christory@heraldcorp.com)