On Monday, April 20th, it was announced that Samsung Biologics (KRX: 207940.KS) released its Q1 earnings results. The company presented their following data: consolidated sales of 207.2 billion Korean Won, an operating profit of 62.6 billion Korean Won, and a net income of 39.1 billion Korean Won. Samsung Biologics’ operating margin was at 30% of revenue, which could be attributed to rising utilization rates and reduced SG&A expenses.
The company was able to report stable business performance which was a result from further utilization improvement at Plant 1 and Plant 2 following increased market demands. Continuing its business development, client audit, and inspection activities through new creative live virtual tours and the pursuance of due diligence, Samsung Biologics signed ten new projects in the quarter with both local and global clients as a result.
Because of higher batch prices reflected in the previous quarter, the sales compared to quarter on quarter decreased, and operating profit also decreased. Samsung Biologics’ net income decreased from the previous quarter as a result of expired tax impact as well as an unrealized loss of inventory, which is recorded as a loss in the parent accounting system and then recognized as revenue when product is sold.
Since every company has had to adapt to limitations and challenges posed by the coronavirus pandemic, Samsung Biologics has formed its own effective response to the COVID-19 outbreak by operating under its Business Continuity Plan to preserve and ensure a stable supply and continue operations for sustainable services to their clients. The company has been practicing rigorous internal safety measures which have proven to be successful with zero confirmed employee COVID-19 cases and also, fortunately, no impact to production schedules as of April 22nd, 2020.
About Samsung Biologics Co., Ltd.
Samsung Biologics (KRX: 207940.KS) is headquartered in Incheon, South Korea, and is a joint venture between Samsung affiliate companies and Quintiles Transnational Corp. They are a fully integrated CDMO offering state-of-the-art contract development, top-of-the-line manufacturing, and fastidious laboratory testing services. The company has a flawless regulatory approvals record, the largest capacity, and the fastest throughput, which qualifies Samsung Biologics as an award-winning partner of choice. They have proven they are uniquely able to support the development and manufacturing of biologics products at every stage of the process while simultaneously meeting the needs of biopharmaceutical companies around the globe which are ever-evolving.
Samsung Biologics is on a mission to become a world leader in the biopharmaceutical manufacturing industry. Their biologics business builds on principles of previous achievements and brings commanding technological leadership to the biologics sector.
Being already connected to Samsung's foundation of quality, superior technology, and innovation, Samsung Biologics aims to establish a new global standard for best practices within the sphere of biopharmaceutical manufacturing.
They often note they are committed to excellence in the development and manufacturing of bio-healthcare products and their state-of-the-art facilities are fully compliant with global healthcare regulations and Current Good Manufacturing Practice standards.
If you would like to find out more information about Samsung Biologics, take a look at their website at www.samsungbiologics.com.
