Samsung Biologics Co.Ltd. said its fourth-quarter 2019 net income totaled 210.62 billion South Korean won, down 33.6% from 317.28 billion won a year earlier.
The Incheon, South Korea-based company's revenue for the quarter reached 313.33 billion won, up 75.8% from 178.27 billion won in the same period of 2018. Revenue growth was attributed to the increased usage of Samsung Biologics' second plant, along with the continued revenue recognition of its third plant.
For the full year, Samsung Biologics said net profit decreased 9.5% on an annual basis to 202.9 billion won from 224.11 billion won.
Meanwhile, full-year revenue rose 30.9% to 701.59 billion won from 535.81 billion won in 2018.
Samsung Biologics and Cambridge, Mass.-based Biogen Inc. own Samsung Bioepis Co. Ltd., a joint venture that develops biosimilars of blockbuster drugs, including Roche Holding AG's Herceptin and Amgen Inc.'s Enbrel.
Besides contract manufacturing, biosimilars form the second core business of Samsung Biologics. The company depends on Samsung Bioepis to develop and market biosimilars.
As of Jan. 21, US$1 was equivalent to 1,166.76 South Korean won.