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 sold.
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