S. Korea Healthcare: 2Q26: we expect just two large-cap stocks to deliver

研报英文原文证据摘录

S. Korea Healthcare: 2Q26: we expect just two large-cap stocks to deliver

IdeaPreviewMto earnings

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Samsung Biologics Co Ltd 207940.KS

Earnings, 2026 outlook, new contracts Likely upside surprise Modest revision higher

• See the details on page 1.

Celltrion Inc 068270.KS

Key product sales, margin improvement Likely upside surprise Modest revision higher

• Please see the details on page 1.

GC Biopharma Corp. 006280.KS

Alyglo, exports sales Very likely downside surprise Modest revision lower

• Bloomberg consensus doesn't reflect the negative earnings impact from the sell-down of its subsidiary 'GC

Wellbeing' in 1Q26, in our view.

• In contrast, the US$203mn upfront payment from the Curevo sell-down will be reflected in 3Q26 as non-OP

profits.

Binex Co Ltd 053030.KQ

Bio CDMO business, EMA inspection Likely downside surprise Modest revision lower

• Osong plant's 5kL is preparing for EMA inspection in mid-2026 and FDA inspection later.

• Binex expects higher sales growth from 2027 from commercial batch production from the 5k Lbioreactor

after EMA/FDA approvals.

• We think a turnaround is likely in 2Q26 or in 3Q26 at the latest.

Yuhan Corp. 000100.KS

Earnings, lazertinib, API exports In-line Largely unchanged

• We expect in-line 2Q26 results thanks to US$30mn milestone income from JNJ on EU launch of Rybrevant-

Lazcluze (lazertinib) combo therapy.

• While Yuhan expects W45bn Lazcluze royalty from JNJ in 2026, 1Q26 royalty was only W5bn. 2Q26 royalty is

one thing to check.

SK Biopharmaceuticals Co Ltd 326030.KS

Xcopri US sales, service income, SG&A

In-line Largely unchanged

costs

• Downside risk: 1Q26 results were higher than expected thanks to delayed seasonality and one-off milestone