Revenue in the April-June period came in at 125.4 billion won, down 4.3 percent on-year, due to spending on preparatory procedures for a new production cycle at the first plant, the company said.
In terms of net profit, Samsung BioLogics recorded a loss of 9.6 billion won, which marks an 83.2 percent improvement from a net loss of 47.6 billion won in the previous quarter.
|Samsung BioLogics' headquarters in Songdo, Incheon (Park Hyun-koo/The Korea Herald)|
The improvement came as gains from product shipments to its biosimilars development unit Samsung Bioepis were calculated into its profits, according to the company.
Founded in 2011, Songdo-based Samsung BioLogics is a contract drug manufacturer that produces biologic drugs to specification based on orders placed by client pharma companies, including Bristol-Myers Squibb and Roche.
Samsung BioLogics is also the parent company of Samsung Bioepis, a joint venture established with US-based Biogen. Bioepis is a developer of biosimilars -- near-replicas of biologic drugs whose patents have expired.
BioLogics was recently hit with top-level sanctions over a past accounting irregularity. Korea’s financial regulators found that the firm breached disclosure rules by failing to reveal crucial information regarding a stake ownership agreement that may have affected the valuation of its joint venture Bioepis.
By Sohn Ji-young (firstname.lastname@example.org)