2Q26 below estimates; modest recovery ahead Quick Note

研报英文原文证据摘录

2Q26 below estimates; modest recovery ahead Quick Note

Global Markets Research

Samsung Epis Holdings 0126Z0.KS 0126Z0 KS 24 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating2Q26 below estimates; modest recovery ahead Remains Buy

Target price KRW 600,000 RemainsQuick Note

Closing priceSamsung Epis Holdings (SEH) announced its 2Q26 earnings on 24 July 2026. 23 July 2026 KRW 380,000

2Q26 results below our estimates – revenue/EBIT down by 2%/4% y-y

Samsung Bioepis (SBE; unlisted; a 100% subsidiary of SEH focusing on the biosimilar

business) reported 2Q26 revenue of KRW392.2bn (-13.8% q-q, -2.2% y-y) and operating Research Analysts

profit of KRW86.6bn (-39.9% q-q, -3.6% y-y). Excluding the milestone revenue of Korea Healthcare &

KRW47.3bn recognized in 1Q26, SBE’s 2Q26 revenue/EBIT were down by 4%/10% q-q Pharmaceuticals

and 2%/4% y-y, with 2Q26 EBIT coming in 32% below our estimate. We attribute the Cindy Park - NFIK

earnings miss to deferred sales, where SBE deferred ~KRW15bn (USD10mn) of its sales cindy.park@nomura.com

from June to July 2026. +822 3783 2324

Dongmin Lee - NFIKThe holding company – SEH – recorded 2Q26 revenue of KRW391.9bn (-13.7% q-q) and

dongmin.lee@nomura.com

operating profit of KRW58.7bn (-35.1% q-q). SEH’s operating profit included purchase +822 3783 2338

price allocation (PPA) related amortization costs of KRW78bn and unrealized profit from

inventories worth KRW53bn. As of 2Q26, SEH had KRW2.7tn of remaining balance of

PPA-related non-cash expense to be amortized over ~10 years. The remaining balance of

unrealized profit from inventories amounts to KRW240bn which, according to

management, will be recognized over the next two years. The company has maintained its

2026E revenue growth guidance of 10%+ y-y.