July 28, 2021 -- New contracts and increased plant utilization propelled Samsung Biologics to a 34% increase in revenue in its second quarter.
For the period (end-June 30), Samsung Biologics had revenue of 412.2 billion South Korean won ($356.3 million U.S.), compared with 307.7 billion won ($266 million) in the second quarter of 2020. The contract development and manufacturing organization attributed the revenue growth to higher utilization of its Plant 3, as well as new contracts that included COVID-19 products.
The company had net profit of 121.5 billion won ($105.2 million), up from 52 billion won ($45 million) in the same period a year ago.
Looking ahead, Samsung Biologics said it expects annual revenue to remain steady with growth in the mid-20% range amid full operations at Plants 1 and 2 and near full operations at Plant 3. What's more, the high utilization rate is also expected to drive an increase in operating profit for the year, according to the firm.
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