Samsung Biologics said that it achieved the highest quarterly performance ever in the first quarter by posting 511.3 billion won ($401.6 million) in sales in the first quarter of this year, up 96 percent from the same period in 2021.

The company also registered 176.4 billion won in operating profit, up 137 percent over the cited period. As a result, the operating profit margin was 35%.

According to the company, the increase in sales was attributable to the increase in product sales volume and favorable exchange rate during the stable operation of its three plants. The operating profit was reflective of the effect of operating leverage from the rise in the 3rd plant's utilization rate and the effect of a rise in the exchange rate.

Operating leverage refers to a cost-accounting formula that measures how a firm or project can increase operating income by increasing revenue.

Also, the company recorded 7.9 trillion won in assets, 4.32 trillion won in equity, and 3.67 trillion won in liabilities in the first quarter, recording a debt-to-equity ratio of 85.1 percent and a debt-to-equity ratio of 29.5 percent.

The company stressed that the debt ratio temporarily increased by raising about 3.2 trillion won in investment to acquire Samsung Bioepis and business expansion through a rights offering.

This year, Samsung Biologics plans to make a full-fledged leap toward becoming a global bio company.

After completing the first payment of $1 billion to acquire Samsung Bioepis shares from Biogen, the company has officially incorporated Bioepis as a subsidiary.

As a result, Samsung Biologics will now independently manage the company. As a result, the company expects that it will be able to pursue the mid-to-long-term growth strategy of Bioepis, such as its new pipeline development, open innovation, and new drug development more quickly and flexibly.

The company is also constructing its fourth plant, which will become the world's largest biopharmaceutical plant. It is actively pursuing player-sourcing activities to partially operate the plant from October of this year.

It has already signed contracts for five products with three multinational pharmaceutical companies and is discussing the production of 30 products with an additional 20 pharmaceutical companies.

Besides, the company is purchasing additional real estate for its second Bio Campus in Songdo, Incheon.

"By achieving such goals, Samsung Biologics plans to strengthen further its competitiveness in the global contract manufacturing organization (CMO) capacity and secure the driving force for a new leap forward," a company official said.