SEOUL—Samsung Biologics Co. has announced a significant 72 percent increase in net profit for the second quarter, driven by strong sales and operational efficiencies, the company revealed in a recent regulatory filing.
According to Yonhap News Agency, the net profit for the April-June period stood at 318 billion won (approximately US$229.8 million), up from 184.9 billion won the previous year. This growth is attributed to the high operational rate of its fourth production plant and favorable contract deals, including new agreements with several global biopharmaceutical firms. Additionally, the company's subsidiary, Samsung Bioepis Co., has seen a substantial rise in performance following the approval of new biosimilar products in U.S. and European markets. The positive earnings report led to a 4.13 percent increase in Samsung Biologics' stock price, notably outperforming the broader market index.