Samsung Biologics Our key takeaways from EU NDR: Constructive mid- to long-term outlook vs. near-term issues; OW

Research evidence excerpt

Samsung Biologics Our key takeaways from EU NDR: Constructive mid- to long-term outlook vs. near-term issues; OW

J P M O R G A N Asia Pacific Equity Research

15 June 2026

Samsung Biologics Overweight

207940.KS, 207940 KS

Our key takeaways from EU NDR: Constructive mid- to Price (15 Jun 26):W1,333,000

long-term outlook vs. near-term issues; OW Price Target (Jun-27):W2,200,000

We hosted an EU NDR with Samsung Biologics. Following the sharp YTD de- Biotechnology

ACrating, investor focus was on near-term operating friction and the supply/demand Jihyun Cho

backdrop to reassess Samsung Bio’s competitive positioning. Investors remain (82-2) 758-5480

broadly constructive on the mid- to long-term outlook—highlighting execution on jihyun.cho@jpmorgan.com

a timely capacity ramp and cost efficiency—while looking for greater clarity on Tae Wook Kim

what has driven the disconnect between the operating narrative and the recent share (82-2) 758-5719

price correction. After the recent pullback, they view valuation increasingly as a taewook.kim@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

more compelling entry point. While the labor strike situation remains a sentiment Branch

overhang, management believes it is likely to find a resolution in the near term to

provide relief to the market. With the company’s competitive positioning intact and

flexibility on manufacturing site decisions between Korea and the US, we look for

order momentum to re-accelerate in 2H26E (vs. a muted 1Q26). We expect the

stock to regain traction as labor headlines fade and visibility improves on Plant 5

order intake and broader capacity expansion decisions. We reiterate our OW

while awaiting tangible progress on these catalysts.

• EU investor feedback.