2Q26 Preview: expecting resilient earnings on FX tailwinds; strike impact shifts to 3Q with recovery thereafter

Research evidence excerpt

2Q26 Preview: expecting resilient earnings on FX tailwinds; strike impact shifts to 3Q with recovery thereafter

Goldman Sachs Samsung Biologics Co. (207940.KS)

to have materially impacted 2Q performance, consistent with management’s

indication that operations have resumed with no disruption to core processes and no

observable order cancellations. The potential earnings impact skewed toward 3Q,

where prior commentary suggested possible short‑term disruption, albeit partly

recoverable in subsequent quarters, supported by relatively high fixed cost structure

that helps buffer volatility.

n Separately, the company announced several contract amendments in June,

including incremental orders with additional US$62.9mn for an Asian pharma,

+US$69mn for US pharma and +34.3mn for a European pharma. We believe

additional large-scale contract wins could help strengthen investor confidence in the

sustainability of mid-term earnings growth.

Looking ahead to the 2Q26 earnings call (10am KST/9am HKT, July 23rd), we expect

investor focus on (1) guidance sensitivity, particularly around FX, plant ramp‑up, and

labor cost dynamics; (2) progress on labor negotiations and contingency planning; (3)

updates on capacity expansion, including Plant 6 timing and capital allocation priorities

across new modalities (e.g., ADCs, CGT); and (4) order pipeline visibility, including

potential large multiyear contracts and early traction from US site‑related or dual‑site

manufacturing strategies.

Exhibit 1: Avg USD/KRW at 1,500 in 2Q26 versus 1,400 Exhibit 2: Samsung Biologics is trading at a 31x 12m fwd

factored in company guidance P/E

Data as of Jul 6, 2026

Samsung Biologics (207940 KS)

Average USD/KRW by quarter

12m fwd PE Avg +1 STD -1 STD

1,550 1,500 10% 160x

9% 9%

1,500 1,467

1,451 1,449 8%