Samsung Biologics said it posted a 23.4 billion won ($20.2 million) operating loss in the first quarter, turning red from black on-quarter.

According to the company’s regulatory filing, the biosimilar maker logged 125.4 billion won sales, 23.4 billion won operating loss, and 38.5 billion won net loss in the first quarter.

The quarterly revenue went down by 52.9 billion in the January-March period, compared to the previous quarter. Operating profit also declined 34.9 billion won, turning around to an operating loss in the first quarter.

Net income fell by 355.8 billion won from the previous quarter due to the earlier gains on the investment from the sale of Samsung Bioepis’ shares to Biogen during the last quarter.

“Despite the production gap due to the moving of the first plant’s products to the second plant, sales only inched down by 4.3 percent on-year,” the company said. “We’re maintaining a stable financial position with a low liability to equity ratio of 43 percent and debt ratio of 20.7 percent.”