Brokerage : iM Securities
Analyst : Jaewon Jeong
Investment Rating : Buy (Maintained)
Target Price : KRW 2,200,000 (Maintained)
Core Momentum : Becoming the first Korean biotech company to surpass KRW 2 Trillion in annual operating profit, accelerating medium-to-long-term growth as a pure-play CDMO across three pillars: capacity, portfolio, and global sites.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: Buy (Maintained) / Target Price (12M) KRW 2,200,000 (Maintained) (Upside potential of 17.5% based on the January 21, 2026 closing price of KRW 1,873,000)
- Market Data: Capital Stock KRW 178.0 Billion / Shares Outstanding 46.29 Million / Market Cap KRW 86.70 Trillion / Foreign Ownership 12.9% / 52-Week High KRW 1,965,000, Low KRW 991,000
- Annual Financial Forecast (K-IFRS Consolidated Summary):
- 2025E: Revenue KRW 4.56 Trillion, Operating Profit KRW 2.07 Trillion, Net Profit KRW 1.60 Trillion, EPS KRW 22,518, BPS KRW 175,602, PER 83.2x, PBR 10.7x, ROE 13.7%, EV/EBITDA 32.2x
- 2026E: Revenue KRW 5.33 Trillion (+17% YoY), Operating Profit KRW 2.41 Trillion (+17% YoY, OPM 45%), Net Profit KRW 1.73 Trillion, EPS KRW 24,364, BPS KRW 199,838, PER 76.9x, PBR 9.4x, ROE 13.0%, EV/EBITDA 27.7x
- 2027E: Revenue KRW 6.64 Trillion, Operating Profit KRW 2.99 Trillion, Net Profit KRW 2.13 Trillion, EPS KRW 29,962, BPS KRW 229,671, PER 62.5x, PBR 8.2x, ROE 14.0%, EV/EBITDA 22.6x
- (Note: Top-line and margin contributions from the newly acquired US manufacturing asset and additional capacity expansions are excluded from the current 2026E baseline)
🚀 2. [Market Opportunities & Business Outlook]
- 4Q25 Results & Milestone KRW 2T Operating Profit:
- Q4 consolidated revenue reached KRW 1.29 Trillion (+35% YoY) and operating profit came in at KRW 528.3 Billion (+68% YoY, OPM 41%).
- Full-year 2025 revenue stood at KRW 4.56 Trillion (+30% YoY) with an operating profit of KRW 2.07 Trillion (+57% YoY, OPM 45%), exceeding annual guidance (+25%–30% growth) and marking the first time a Korean biotech company surpassed KRW 2 Trillion in annual operating profit.
- Successfully solidified pure-play CDMO positioning following the corporate spinoff of Samsung Bioepis Holdings in November 2025.
- Three-Pillar Long-Term Growth Strategy (JPM Healthcare Conference):
- Manufacturing Capacity: Full utilization across Plants 1–4 continues, with initial revenue recognition from Plant 5 (which commenced operations in April 2025) expected in H2 2026 (full utilization slated for H2 2027). Strategic reviews regarding Plant 6 expansion across domestic and US options are actively underway.
- Portfolio Expansion: Secured a site purchase agreement for Bio Campus 3 in November 2025 to build multi-modality facilities covering AXC (antibody-drug/oligonucleotide conjugates), antibody vaccines, and CGT, with groundbreaking planned within 2026.
- Global Footprint: Acquired GSK’s biopharmaceutical site in Maryland for ~KRW 400 Billion, establishing dual-site manufacturing redundancy and retaining 500+ experienced local personnel to secure robust regulatory readiness.
📝 Editor’s Comment (Perspective)
The analyst views Samsung Biologics as an elite pure-play global CDMO that has successfully clarified its corporate structure post-Bioepis spinoff and proven its structural profitability by delivering over KRW 2 Trillion in annual operating profit. The overarching perspective prioritizes the qualitative execution of its three-pillar strategy—scaling capacity through Plant 5, establishing a US foothold in Maryland, and advancing into multi-modalities via Bio Campus 3—over transient sector-wide sentiment headwinds.
To verify whether this investment thesis progresses as expected, investors should primarily monitor the initial revenue contribution from Plant 5 starting in the second half of 2026, the financial consolidation and utilization trajectory of the newly acquired Maryland facility, the formal groundbreaking schedule for Bio Campus 3 in 2026, and concrete updates on Plant 6 construction. These developments can be verified through future quarterly earnings releases, official company IR presentations, and regulatory filings on DART/KRX.
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