SONGDO, South Korea,
April 22, 2020 /PRNewswire/ --
Samsung Biologics (KRX: 207940.KS) announced Q1 earnings results on
Monday, April 20th. The
company posted consolidated sales of 207.2
billion Korean Won, operating profit of 62.6 billion Korean Won, and net income of
39.1 billion Korean Won. The
company's operating margin was at 30% of revenue attributable to
rising utilization rates and reduced SG&A expense.
Overall, the company reported stable business performance
resulting from further utilization improvement at Plant 1 and Plant
2 due to increased market demands. Samsung Biologics continued its
business development, client audit and inspection activities
through innovative live virtual tours and due diligence, and as a
result, the company signed ten new projects in the quarter with
local and global clients.
Quarter on quarter sales and operating profit decreased due to
higher batch prices reflected in the previous quarter. Net income
decreased from the previous quarter due to expired tax impact and
unrealized loss of inventory, which is recorded as a loss in the
parent accounting system and recognized as revenue when product is
Samsung Biologics has also been effectively responding to the
COVID-19 pandemic by operating under its Business Continuity Plan
to ensure a stable supply and operations for sustainable services
to clients. The company's rigorous internal safety measures have
also proven successful with zero confirmed employee cases and no
impact to production schedules to date.
About Samsung Biologics Co., Ltd.
Samsung Biologics (KRX: 207940.KS) is a fully integrated CDMO
offering state-of-the-art contract development, manufacturing, and
laboratory testing services. With a flawless regulatory approvals
record, the largest capacity, and the fastest throughput, Samsung
Biologics is an award-winning partner of choice and is uniquely
able to support the development and manufacturing of biologics
products at every stage of the process while meeting the evolving
needs of biopharmaceutical companies worldwide. For more
information, visit www.samsungbiologics.com.
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SOURCE Samsung Biologics