Samsung Biologics (207940.KS): In-line 2Q, positive LT view on new acquisition

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Samsung Biologics (207940.KS): In-line 2Q, positive LT view on new acquisition

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23 Jul 2026 12:28:19 ET │ 13 pages

Samsung Biologics (207940.KS)

In-line 2Q, positive LT view on new acquisition

CITI'S TAKE

Samsung Biologics (Samsung Bio) reported in-line 2Q. We believe FY26E

topline growth will reach the upper range of the guidance, in line with mgmt.

view. We have a positive LT view on the PolyPeptide acquisition, however, Buy

we also have short-term concerns on financing securement/potential Price (23 Jul 26 15:45) W1,379,000

margin dilution. Reiterate Buy with revised TP to W2mn.

Target price W2,000,000↓

In-line 2Q — Samsung Biologics (Samsung Bio) reported in-line 2Q results with from W2,100,000

sales of W1.3tr (+30% YoY) and OP of W586bn (+23% YoY). Sales growth was backed Expected share price

by full utilization of plant no.1-4 in addition to PPQ batch from plant no.5. GP margin 45.0% return

slipped 300bps QoQ to 51% due to increased preparation expense from the ramp up

of plant no.5 and GSK plant (which we think should be temporary). In terms of new Expected dividend yield 0.0%

orders, new order volume did not see meaningful increase at US$200m QoQ Expected total return 45.0%

increase in 2Q26. Market Cap W63,835,221M

FY26E outlook —Mgmt now expects FY26E annual topline growth will likely reach US$43,208M

20% (upper band of its guidance range of 15-20% YoY) on back of increased revenue

contributions from plant no.5 and GSK, despite the W150bn worth of lost revenue

opportunity from the labor strike. We estimate FY26E sales of W5.4tr (+20% YoY), in

line with the mgmt. view, where we expect the labor strike impact should be partially Price Performance

offset by the ramp up of the two new plants amid higher tailwinds from the f/x.