Samsung Biologics Reports Strong Second Quarter 2021 Financial Results
Source:

Samsung Biologics

July 27, 2021

 

  • Q2’21 revenue of KRW 412.2 billion increased 34% compared to Q2’20.
  • Q2’21 operating profit of KRW 166.8 billion increased 105.7% compared to Q2’20.
  • Stable business operations and a high utilization rate across all plants
  • Continuous investments to deliver the company’s future growth plans

 

Incheon, S. Korea, July 27, 2021 – Samsung Biologics (KRX: 207940.KS), a leading contract development and manufacturing organization, today announced strong financial results for the second quarter of fiscal 2021.

John Rim, CEO of Samsung Biologics, stated, “The second-quarter financial performance demonstrates our ability to maintain steady operations despite the global supply disruptions brought on by the pandemic and our commitment to delivering life-saving treatments to patients within an expedited timeline. Recently, we announced our expansion plans in mRNA vaccine manufacturing, in line with our three-dimensional growth plans laid out earlier on in the year. Construction and presales of our Plant 4 are on track, and we will take on new initiatives as we continue our strong momentum across our business portfolio and growth plans.”

SECOND QUARTER 2021 RESULTS

Second quarter 2021 revenue was KRW 412.2 billion, an increase of 34% from KRW 307.7 billion reported for the second quarter in the previous year, attributable to increased utilization of Plant 3 and sales activities bringing in new contracts, including COVID-19 products.

Second quarter 2021 operating profit was KRW 166.8 billion, 105.7% higher than the prior-year period leveraging strong top-line growth.

Second quarter 2021 net profit reached KRW 121.5 billion, an increase of KRW 69.5 billion from KRW 52 billion in the second quarter a year ago, and second quarter 2021 operating margin was at a record-high 40.5% due to increased utilization across all plants and product mix, including fast-turnaround COVID-19 treatments.

[KRW billion]

Q2’21Q2’20YoY Change
Revenues412.2307.7+104.5
Operating Profit166.881.1+85.7
EBIT175.067.8+107.2
Net Income121.552.0+69.5

 

FISCAL YEAR 2021 OUTLOOK

The annual revenue is expected to remain steady at the mid-20% range amid full operations at Plants 1 and 2, and near-full operations at Plant 3. The high utilization rate is also expected to drive an increase in the annual operating profit.

The company signed a contract with Moderna in May this year to provide fill-finish manufacturing of its COVID-19 vaccine and announced a plan to add an mRNA vaccine drug substance manufacturing facility to expand its portfolio of services.

The construction of plant 4 remains on track and active discussions are taking place with clients regarding potential projects. It is expected to be partially operational by the end of 2022 and fully GMP-ready in 2023. The San Francisco R&D Center is also fully equipped for high-quality cell line development in support of client pipelines in close proximity to the U.S. market.

Samsung Biologics has maintained stable business operations with no disruption caused by the pandemic and is currently able to continue as planned with key strategic growth projects and long-term investments.

For more details on performance and financials, please refer to the Earnings Release.

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 proven regulatory approvals, 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 samsungbiologics.com.

Posted in: Finance, Operations

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