Samsung Biologics logo (Samsung Biologics)

Samsung Biologics has raised the full-year earnings estimate in its company guidance again to 3.6 trillion won ($2.6 billion) for this year, up some 20 percent from last year, according to its regulatory filing released on Wednesday.

It was the second time this year for Samsung Biologics to increase the estimate of its annual earnings. Earlier in April, the company raised its estimated earnings from sales to 3.52 trillion won.

“(Samsung Biologics) has readjusted (the estimated earnings in its) annual company guidance again, mainly based on large-sized contract manufacturing orders from international pharmaceutical companies this year,” an official from Samsung Biologics said.

In 2023, the company’s accumulated order value reached some 2.7 trillion won, backed by its large-scale contracts with Pfizer, Novartis and BMS.

Many of its clients, including GSK, Roche, Novartis, Pfizer and Eli Lilly, have also agreed with Samsung Biologics to expand their existing contract manufacturing deals, helping the company to post improved earnings this year.

The combined value of deals that have been expanded from existing deals has reached 986.2 billion won as of September, according to Samsung Biologics.

Samsung Biologics expects its earnings to improve particularly in the third quarter, in which revenue from the company’s fourth plant will start to be included.

“The utilization rate of the fourth plant has been increasing faster than expected,” the official from Samsung Biologics said.