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Samsung BioLogics posts 136.6% increase in revenue for Q3
By Lim Jeong-yeoPublished : Oct. 23, 2019 - 17:44
Samsung BioLogics has turned to black in the third quarter as per its latest earnings report Wednesday.
The company officially posted revenue of 184.8 billion won ($157.6 million), 23.6 billion won operating profit and 44.1 billion won net profit in the third quarter.
The company officially posted revenue of 184.8 billion won ($157.6 million), 23.6 billion won operating profit and 44.1 billion won net profit in the third quarter.
The revenue was a 136.6 percent increase from the second quarter. BioLogics cited the performance was due to a slowdown in its first and second plants and newly recognized profits from the third plant.
A slowdown is a necessary biennial maintenance period for biopharmaceuticals manufacturing plants during which time the operation rate temporarily drops.
BioLogics said its subsidiary Samsung Bioepis’ product approval from US’ Food and Drug Administration led to a net profit increase of 57.5 billion won compared to the previous quarter.
By Lim Jeong-yeo (kaylalim@heraldcorp.com)
