Samsung Biologics 2Q26 results met market expectations; attractive risk/reward with YTD weakness; OW

研报英文原文证据摘录

Samsung Biologics 2Q26 results met market expectations; attractive risk/reward with YTD weakness; OW

ts Q1 430 581A 616

and (2) the five-day strike’s financial impact should largely fall into 3Q26 and Q2 477 586 709

Q3 634 570 722

beyond, along with (3) FX tailwinds. While GPM was dragged by pre-sales Q4 528 605 672

costs at Plant 5 and the US plant, operating profits came in at W586bn (+23% FY 2,069 2,342 2,718

y/y and +1% q/q) with 44% OPM (vs. 47% in 2Q25), largely in line with recent

Style Exposure heightened JPM/market expectations.

• Upbeat management guidance. Management guided for FY26 sales growth

to land at the upper end of the 15–20% range. While 3Q26 topline growth will

likely decelerate due to disrupted production from the 5-day strike in early May

(~W150bn est. sales opportunity loss), incremental contributions from Plant 5

and the US site are supporting sequential topline growth through 2H26, posing

potential upside to guidance once management has better visibility on the US

site’s operating performance and revenue ramp in 2H26.

• 3D dimensional expansion is on track. In antibody CDMO, Samsung

Biologics is targeting groundbreaking for Plant 6 by year-end and is evaluating

a potential expansion of its US site from ~60kL to ~100kL. Beyond antibodies,

the company is accelerating next-generation modality exposure via (1) the

proposed acquisition of PolyPeptide (peptide CDMO) and (2) BioCampus III

to build out multi-modality capabilities. Management remains confident these

parallel investments can be largely funded through strong operating cash flow,

while leaving optionality for debt and/or equity financing if needed.

• Our view on the stock. Following a solid 2Q print, we see attractive risk/

reward as the earnings outlook remains upbeat.