Seoul: Samsung Biologics Co., the biotechnology subsidiary of Samsung Group, announced a notable 29.1 percent increase in its second-quarter net profit compared to the previous year, attributed to full-capacity operations and favorable currency exchange rates.
According to Yonhap News Agency, the company's net profit for the quarter ending in June rose to 430.7 billion won (US$291.6 million) from 333.6 billion won a year prior. This growth was largely driven by the full-scale operations of its four plants located in Songdo, the ramp-up of production at its fifth plant, and advantageous exchange rate conditions. The company's operating profit also witnessed a significant upswing, climbing 22.9 percent to 586.4 billion won from 477.2 billion won in the same period the previous year, while sales increased by 30.2 percent to 1.32 trillion won from 1.01 trillion won.
In the first half of the year, Samsung Biologics reported a 35.3 percent increase in net profit, reaching 899.9 billion won from the previous year's 664.9 billion won. Operating profit for the same period rose 28.6 percent to 1.16 trillion won from 907.4 billion won, with sales growing 28 percent to 2.57 trillion won from 2.01 trillion won.
The company also outlined its plans for further expanding its contract development and manufacturing (CDMO) business, noting cumulative contract orders for the year have reached 570.4 billion won. Bolstered by production at its fifth plant, the acquisition of a U.S. manufacturing facility, and a weak won, Samsung Biologics anticipates annual sales to approach the upper limit of its 2026 projection of 5.32 trillion won, following sales of 4.56 trillion won in 2025.
In a strategic move to enhance its global supply network, Samsung Biologics completed the purchase of a manufacturing facility in Rockville, Maryland, earlier this year. The facility, previously operated by Human Genome Sciences, was acquired from British pharmaceutical company GSK plc for 413.6 billion won.