SEOUL: Samsung Biologics Co. announced a 10 percent rise in its third-quarter net profit from the previous year, citing record sales as the primary factor behind the growth. According to Yonhap News Agency, the company's net profit for the July-September period reached 264.5 billion won (approximately US$191.3 million), up from 240.4 billion won in the same period last year. The regulatory filing also showed that Samsung Biologics achieved an operating income increase of 6.3 percent year-on-year to 338.6 billion won, with sales climbing 14.8 percent to a record 1.18 trillion won for the quarter. The financial results surpassed market expectations, with analysts' average net profit estimate standing at 251.3 billion won, as reported by a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. Samsung Biologics credited its robust performance to securing new contract development and manufacturing organization (CDMO) deals with leading global biopharmaceutical companies. Throughout t he year, the South Korean company has finalized nine agreements amounting to a total of 4.36 trillion won with major pharmaceutical firms worldwide. Among these is a significant $1.24 billion contract with an Asia-based company. Looking ahead, Samsung Biologics has raised its annual revenue growth forecast to 15-20 percent for this year, up from the previous estimate of 10-15 percent. The company attributes this adjustment to the increased operational capacity of its fourth manufacturing plant and favorable currency exchange rates.
