Seoul: Samsung Biologics Co., the biotech arm of Samsung Group, has announced that it has secured contract manufacturing deals worth more than 5.5 trillion won (US$3.82 billion) from January to October, surpassing last year's total orders. Most recently, the company signed a contract manufacturing organization (CMO) deal worth 275.9 billion won with an unidentified European pharmaceutical firm, increasing its total CMO contracts to 5.52 trillion won.

According to Yonhap News Agency, Samsung Biologics initially signed a CMO agreement with the same European drugmaker for 241.97 billion won, valid through December 2030. However, the agreement has been expanded to 517.8 billion won, extending the timeline through December 2033.

From January to September, Samsung Biologics reported a 67 percent increase in net profit, reaching 1.27 trillion won compared to 761.82 billion won during the same period last year. The company credits its strong earnings to the increased utilization of its production facilities under large-scale CMO deals with global pharmaceutical companies in Europe and the United States.