Samsung Biologics joined the club of companies making more than 1 trillion won in revenue in 2020, just nine years after its founding.

According to the company’s fourth quarter earnings report made Tuesday, Samsung Biologics’ full-year revenue increased 66 percent on-year in 2020, marking 1.16 trillion won ($1 billion).

The previous year, Samsung Biologics made 463 billion won in revenue.

Its operating profit also rose 12 percent on-year to 292.8 billion on, from the previous year’s 201.1 billion won.

Samsung Biologics said that it recorded “significant quarterly sales in the fourth quarter” which was “the highest in its history.”

The fourth quarter’s standalone revenue was 375.3 billion won, an increase of 36.7 percent from third quarter results. The operating profit was 92.6 billion won for the fourth quarter.

Samsung Biologics attributed the buoyed numbers to improved plant operations stemming from accelerated manufacturing contracts for COVID-19 treatments.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)