Samsung Biologics: 2Q in line; guidance upgrade; dilutive ramp-up offset by fully utilized P1-4

研报英文原文证据摘录

Samsung Biologics: 2Q in line; guidance upgrade; dilutive ramp-up offset by fully utilized P1-4

2Q26 earnings

Exhibit 1: In-line; margin slightly below on the initial ramp-up cost of Plant 5 & Rockville

Samsung Biologics’ 2Q26 earnings review

Wbn 2Q26

Actual BofAe % diff Consensus 2Q25 YoY 1Q26 QoQ

Revenue 1,320.9 1,314.8 0% 1,320.8 1,014.2 30% 1,257.1 5%

OP 586.4 593.3 -1% 599.1 477.2 23% 580.8 1%

OP margin 44.4% 45.1% -0.73pt 45.4% 47.1% -2.66pt 46.2% -1.80pt

EBITDA 698.5 692.5 1% 572.1 22% 672.9 4%

EBITDA margin 52.9% 52.7% 0.21pt 56.4% -3.53pt 53.5% -0.64pt

Source: BofA Global Research estimates, company report, Bloomberg

BofA GLOBAL RESEARCH

Earnings call Q&A

Key comments

• Despite ongoing macro volatility and geopolitical uncertainty, revenue +30%,

OP +23% from full utilization at Plants 1–4 and FX support, while ramp up of

Plant 5, and integrated Rockville from April are likely to drive growth in 2H2027.

• Plant 1-4: remained fully utilized, improved manufacturing efficiency through

optimized production scheduling and minimized product changeover.

• Rockville: acquisition completed at end-March, started manufacturing in 2Q,

and revenue recognition expected to begin from 3Q.

• Plant 5: progressed from tech transfer/engineering runs to qualification batch

production which began in 2Q. Meaningful revenue contribution from 3Q.

• Margin: maintained mid-40% OP margin despite upfront costs related to P5

qualification batches and Rockville prior to revenue contribution

• Order backlog: Cumulative CMO backlog reached USD 21.7bn, as of end-2Q.

• Macro: Quarterly order intake could be volatile depending on commercialization

or product launch schedules of clients, but customer inquiry has started to

recover following tariff-related uncertainty.

2H outlook