The third plant of Samsung Biologics, located in Songdo, Incheon (Samsung Biologics)
Samsung Biologics, a biopharmaceutical unit of South Korea‘s top conglomerate Samsung Group, posted all-time high earnings for the second quarter, according to a regulatory filing on Tuesday.
The company’s sales in the April-June period reached 412.2 billion won ($357.1 million), up 34 percent from a year earlier.
Operating profit soared 106 percent on-year to reach 166.8 billion won during the same period.
Samsung Biologics said the improved earnings were backed by new contract manufacturing orders, including the one from Moderna in May to produce its COVID-19 vaccine.
The company said it expects the sales growth to continue, as it is expanding the CMO capacity, with the construction of its fourth plant in Songdo, Incheon. The new plant, scheduled to begin operation by the end of next year, will cement the firm‘s position as a world-leading biopharmaceutical firm, with the world’s largest manufacturing capacity at a single site.
By Shim Woo-hyun (email@example.com