Inline 2Q26 despite costs from Plant 5 and the US plant

Research evidence excerpt

Inline 2Q26 despite costs from Plant 5 and the US plant

Update

July 23, 2026 04:41 AM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MSamsung Biologics Co Ltd | Asia Pacific Mi Hyun Kim

Equity Analyst

Inline 2Q26 despite costs from Mihyun.Kim@morganstanley.com +82 2 399-4982

Plant 5 and the US plant

AlphaSignals Earnings Reaction

Samsung Biologics Co Ltd (207940.KS, 207940 KP)

Unchanged In-line Largely unchanged S. Korea Healthcare | S. Korea

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target W1,988,000

Up/downside to price target (%) 45

Shr price, close (Jul 22, 2026) W1,372,000

Key Takeaways 52-Week Range W1,987,000-

1,228,000

Samsung Bio (SB) achieved 30% YoY sales growth and 44% OPM. Sh out, dil, curr (mn) 46

Mkt cap, curr (bn) W63,511

OPM was lower than expected (vs. MSe 46% and Bloomberg consensus 46%) EV, curr (bn) W64,305

Avg daily trading value (bn) W90

due to one-off costs from Plant 5 and the US plant before both generate sales

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

from 3Q26.

EPS (W)** 38,589 44,898 50,829 62,107

SB expects to meet the high end of 2026 sales guidance (+15~+20% YoY) on Prior EPS (W)** - - - -

EPS (W)§ 33,282 40,927 47,390 52,769

favorable FX despite the strike impact in 3Q26. It may update guidance later. Revenue, net (W bn) 4,557 5,656 6,302 7,378

EBITDA (W bn) 2,101 2,741 3,027 3,658

SB included only 3Q26 sales from the US plant in 2026 guidance. It expects a ModelWare net inc (W 1,784 2,076 2,350 2,872

strong 4Q26 as it will deliver products (affected by the strike) within 2026. bn)

P/E 43.9 30.6 27.0 22.1