Accra:Seoul Samsung Biologics Co., a key player in the biotech industry and a subsidiary of the Samsung Group, announced a significant drop in its third-quarter net profit. The company's net income fell by 21.2 percent year-on-year, totaling 391.1 billion won (US$295.2 million).

According to Yonhap News Agency, despite the decline in net profit, Samsung Biologics reported an increase in operating profit, posting 640.1 billion won for the quarter compared to 633.5 billion won a year ago. The company also experienced an 18.5 percent rise in revenue, reaching 1.49 trillion won.

The increase in revenue is attributed to the full-scale operations at four plants in Songdo, a ramp-up in production at its fifth plant, and sales generated from its newly acquired biomanufacturing facility in Rockville, Maryland. This facility was acquired in March and represents Samsung Biologics' expansion into the U.S. market.

Samsung Biologics is continuing its efforts to expand its contract development and manufacturing (CDMO) business. The company has reported cumulative contract orders of US$22 billion for the year and has raised its annual sales guidance to 20 percent, up from an earlier estimate of 15 to 20 percent, due to the stable growth of its production plants.