Samsung Epis Holdings (0126Z0 KS) (Buy) - Generating steady growth in biosimilar business

研报英文原文证据摘录

Samsung Epis Holdings (0126Z0 KS) (Buy) - Generating steady growth in biosimilar business

Global Markets Research

Samsung Epis Holdings 0126Z0.KS 0126Z0 KS 17 June 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingGenerating steady growth in biosimilar business Remains Buy

Target price

Reduced fromWe expect Samsung Bioepis 2026 EBIT to grow 34% y-y KRW 600,000 KRW 770,000

Maintain Buy; Building a global biosimilar franchise in Europe/US Closing17 June price2026 KRW 453,500

We maintain Buy on Samsung Epis Holdings (SEH) as we expect the stock to re-rate on solid

biosimilar portfolio and nimble marketing strategy/partnerships that should further expand its Implied upside +32.3%

business in Europe and the US. Post the spin-off from Samsung Biologics (207940 KS, Buy) in Nov

2025, SEH, as a standalone company, seeks to enhance transparency for its business portfolio, Market Cap (USD mn) 7,461.2

strategy and pipeline outlook. SEH’s market share in key biosimilar products may be smaller than ADT (USD mn) 18.8

global peers, but we focus on its profitability (EBIT margin ~27%, EPS growth of ~7% p.a. and ROE

of ~20% in 2026-28F). Considering SEH’s development capabilities and product quality (efficacy, Relative performance chart

safety), increasing direct sales in the EU and partnership-based sales in the US should enhance its

revenue growth in 11 products that include biosimilars for auto-immune diseases, oncology,

ophthalmology, and hematologic disorders. It also has 7 new clinical programs underway, with trials

expected to commence by 2030F (including oncology blockbuster Keytruda).

Catalysts: 1) revenue increase of new products in Europe/US; 2) progress of the

novelty drug; and 3) favorable biosimilar regulation