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Samsung Biologics (207940) 🔎 In-depth

KOSPI · Price as of 2026-08-06 · Updated 2026-08-09

Compiled and reviewed by Bing Bing · Figures are computed automatically from public filings and market data; the written analysis is drafted automatically and then rule-verified · Methodology · AI Disclosure · Report an error

Samsung Biologics is a contract development and manufacturing organization (CDMO) that produces biologic drugs on behalf of other pharmaceutical companies. Across five plants in Songdo, Incheon and a facility in Maryland in the United States it holds 845,000 liters of antibody-drug manufacturing capacity, and more than half of its revenue comes from European customers. Second-quarter 2026 revenue was ₩1.3209 trillion and operating profit ₩586.4 billion, up 30.2% and 22.9% respectively from a year earlier, with first-half cumulative operating profit confirmed at ₩1.1672 trillion. The key point to watch is that the start-up of Plant 5 and a run of upsized manufacturing contracts are lifting profit in steps, while the forward P/E sits toward the upper end of the domestic peer set — meaning growth expectations are already priced in to a considerable degree.

This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.

30-second brief

Earnings trend
revenue and profit are growing strongly.
Financials
debt levels look manageable.
Data as of
prices as of 2026-08-06, financials as of 2026 1분기.

Pulled directly from the computed values below — not a separately written opinion.

What do the SourceComputedEstimateReading tags mean?

Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.

Core valuation metric

Forward P/E (expected earnings)33.81x

This stock's effective sub-sector is “CDMO & Biosimilars” (Biotech & Pharmaceuticals), a type typically read first through forward P/E.

CDMO and biosimilar players see future utilization and profit hinge on large capacity build-outs and new supply contracts. Because it is the earnings still to come — reflecting fresh orders and added capacity — that drives the price, forward P/E, based on expected earnings, is the first lens.

P/B (price-to-book)8.85x

Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.

This note explains how each sector is typically valued and is educational context only, not investment advice.

At-a-glance assessment financial health · growth · profitability · valuation

Financial healthStable
  • Debt ratio, current ratio and interest burden all look healthy.
GrowthHigh growth
  • Revenue rose 30.3% year over year, and the pace is quickening (3-year trend: rising).
  • Most recent quarter (Q1 2026) revenue was 25.8% higher than a year earlier.
ProfitabilityStrong
  • ROE is 23.7% (controlling-interest basis). It is above the sector average.
  • Operating margin is 46.1%.
ValuationFairly valued
  • A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.

Ownership & governance As of 2025-12-31

Largest shareholder Samsung C&T 43.06% (individual)

Controlling bloc incl. related parties 74.32%

With the controlling bloc holding 74%, control is very secure but the free float is thin.

🔎 In-depth analysis Reading

🏢Business

Samsung Biologics does not develop and market its own drugs; it manufactures biologic medicines on behalf of the pharmaceutical companies that developed them. The backbone of revenue is contract manufacturing (CMO), producing customers' antibody drugs at scale, with contract development (CDO) services — developing cell lines, production processes and formulations for clients — attached alongside. Of the ₩1.2571 trillion in consolidated first-quarter 2026 revenue, antibody-drug product revenue was ₩1.2227 trillion, or 97.3%, and development-service revenue was ₩34.4 billion, or 2.7%. The filings also show only one operating segment, CDMO. Production capacity in Songdo, Incheon totals 785,000 liters: 30,000 at Plant 1, 155,000 at Plant 2, 180,000 at Plant 3, 240,000 at Plant 4 and 180,000 at Plant 5. Adding the 60,000 liters at the Maryland plant in the United States — contracted in December 2025 and closed in March 2026 — brings the total to 845,000 liters. In its quarterly report the company states that among the major competitors with more than 300,000 liters of capacity (Lonza of Switzerland, WuXi Biologics of China and Fujifilm Biotechnologies of Japan), its own facilities are the largest. Revenue accumulates in production units called 'batches', and batch-based utilization was 70.6% in the first quarter of 2026. Raw materials are mostly sourced from suppliers designated by the customer, and those costs are settled or reimbursed before and after the fact, so the company's exposure to swings in input prices is limited. By region, first-quarter revenue was led by Europe at 54.6% (₩686.8 billion), followed by Korea at 24.4% (₩307.0 billion) and the United States at 20.0% (₩251.0 billion). After the November 2025 spin-off separated the biosimilar business (Samsung Bioepis), what remains is a pure contract development and manufacturing company. The quarterly report states that the company provides production technical support for customers' products and carries out cell-line creation and process development, but has no pipeline of its own that it has taken through development. In other words, it does not shoulder the success or failure of clinical trials directly; instead, how much volume customers entrust to it decides the results.

📈Price & chart

The latest close is ₩1,514,000 and the market capitalization is ₩70.1 trillion. The price sits above its 20-day moving average (₩1,438,250) and above its 60-day moving average (₩1,392,250). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.2, a neutral level. The one-month change is +6.5%, the three-month change is +2.3%, and the position relative to the 52-week high is -22.9%. Relative strength versus the KOSPI is 53 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 53% of all stocks. Over the past three months it outpaced the index by 22.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.

📊Key metrics

In the contract development and manufacturing (CDMO) space this company occupies, the first metric to look at is the forward P/E — the P/E ratio (how many times one year of earnings the share price represents) calculated on the profit expected over the next year rather than on profit already earned. In a business where plants are built first and profit follows as utilization climbs, looking only at past profit misses the company's current earning power. Dividing current market capitalization by this year's estimated net profit gives a forward P/E of 33.81x. The trailing P/E of 36.9x, based on the past year's results, is hard to use as is: the ₩1.7844 trillion of 2025 net profit includes ₩170.0 billion of discontinued-operation profit that left with the spin-off. Recalculating on continuing-operation profit of ₩1.6143 trillion — which shows only the business that remains — pushes the multiple up to around 40x instead. That is why forward earnings give a truer picture than past results here. P/B (how many times book value the shares trade at) is 8.85x, far above the sector median of 1.08x. That said, CDMO value is set by the profit the plants generate rather than by their carrying value, so the book-value multiple is best kept as a reference. Profitability is clearly strong: a 45.4% operating margin, a 39.2% net margin and ROE (how much it earned in a year on shareholders' equity) of 23.9%. The balance sheet is solid too, with a debt-to-equity ratio of 48.4%, a current ratio of 1.74x and interest coverage (how many times operating profit covers interest expense) of 14.6x. As of the end of March 2026 it held ₩520.4 billion in cash and cash equivalents plus ₩1.1 trillion in short-term financial instruments, for cash-type assets in the region of ₩1.6 trillion. With cash coming in steadily from operations, the kind of risk where cash runs dry is not visible in the current financial statements. It is also worth checking enterprise value (EV, market capitalization plus net debt). Net debt of ₩778.2 billion is light against an asset base of more than ₩11 trillion. EV/Sales is 14.4x, EV/operating profit 31.8x and EV/EBITDA 27.0x. Free cash flow (FCF) — what is left of operating cash after capital expenditure — is ₩772.7 billion, and the FCF yield against enterprise value is a low 1.2%. That is because the company is in a build-out phase, so the cash it earns goes straight back into facilities; it is a different situation from cash shrinking because the business cannot earn.

🚀Growth

Revenue rose from ₩2.9388 trillion in 2023 to ₩3.4971 trillion in 2024 and ₩4.5570 trillion in 2025. The 2025 growth rate of 30.3% was actually faster than the prior year's 19.0%, and the compound annual growth rate over the five years on record is 30.6%. In the same year operating profit grew 56.6% and net profit 64.7%, both outpacing revenue — the classic pattern in a capital-intensive business where rising utilization spreads fixed costs. The quarterly trend continues. After first-quarter 2026 revenue of ₩1.2571 trillion (+25.8%) and operating profit of ₩580.8 billion (+35.0%), the second quarter was disclosed at revenue of ₩1.3209 trillion (+30.2% year over year, +5.1% quarter over quarter) and operating profit of ₩586.4 billion (+22.9%, +1.0%). First-half cumulative figures are revenue of ₩2.5780 trillion (+28.0%), operating profit of ₩1.1672 trillion (+28.6%) and net profit of ₩899.9 billion (+35.3%). Second-quarter net profit (₩430.7 billion) came in below the first quarter's ₩469.2 billion, but not because operations weakened. In the first quarter, pre-tax profit (₩640.6 billion) exceeded operating profit thanks to non-operating gains that did not repeat in the second quarter. Operating profit itself actually rose. Batch-based utilization was 75.2% in 2024, 70.9% in 2025 and 70.6% in the first quarter of 2026. The numbers look like a decline, but over the same period the denominator — capacity — grew from 833 batches to 1,034 batches. Plant 5 made the vessel itself larger. The basis for this year's profit outlook is simple. First, first-half operating profit of ₩1.1672 trillion is already fixed by disclosure. Second, Plant 5, completed in April 2025, contributes meaningfully to revenue in the second half while Plant 4 continues to run at full capacity. Third, in June alone three filings announced upsized existing manufacturing contracts, meaning more volume to produce ahead, which supports utilization. Even so, the assumption for how much more the second half earns than the first is set more conservatively than the actual first-half/second-half gap seen in 2025, because depreciation and labour costs at a newly started plant land before the profit does. Applying the resulting full-year operating profit (in the mid-₩2 trillion range) and the net margin from the most recent confirmed quarter gives the forward P/E of 33.81x.

📰Recent news & filings

The filings of the past six months read along two lines: results and capacity. On results, the fair disclosure of preliminary second-quarter figures on July 23 confirmed revenue of ₩1.3209 trillion and operating profit of ₩586.4 billion, and set first-half cumulative operating profit at ₩1.1672 trillion. The filing adds a note that the prior-year comparison figures exclude the discontinued Samsung Bioepis operations — in other words, the comparison is like-for-like against the business that remains. On capacity, three existing manufacturing contracts were upsized in June alone. On June 9 a contract with a European pharmaceutical company went from $236.5 million to $270.79 million (₩400.7 billion), and on June 17 one with a US pharmaceutical company went from $513.96 million to $582.52 million (₩835.7 billion). On June 22 a contract with an Asian pharmaceutical company rose from $127.56 million to $190.48 million, with the end date extended by nine years from the end of 2028 to the end of 2037. All three cite 'a change in contract value at the customer's request' and carry no down payment or advance. That means not money received up front, but more volume to be produced in future. The largest item is the acquisition of PolyPeptide Group AG, a Swiss peptide CDMO, disclosed on July 20. The structure is a public tender offer for 100% of the shares (33,016,411 shares) at a purchase price of ₩2.7062 trillion (44.31 Swiss francs per share), equal to 36.3% of shareholders' equity and 24.5% of total assets. Settlement is scheduled for November 30, 2026 and will be funded from cash on hand and borrowings. The largest shareholder (55.65%) has committed to tender, but the offer is conditional on tendered shares reaching about 66.7% of capital on a fully diluted basis — otherwise not a single share is acquired — and merger-control and foreign-investment approvals are still outstanding. In other words, the transaction is still open. The target company posted 2025 revenue of ₩669.2 billion and a net loss of ₩36.1 billion. Reviewing the filing list through August 3, the only items since are shareholding reports; the half-year report has not yet been submitted.

🧭Bottom line

Start with what is worth noting. First, the November 2025 spin-off of the biosimilar business leaves a structure focused on contract development and manufacturing alone, with fewer moving parts mixed into the results. Second, five plants in Songdo plus the Maryland facility give 845,000 liters of capacity, and the company states in its filings that its scale is the largest among the major competitors with more than 300,000 liters. Third, the pattern of existing customers adding volume and extending terms continues, as the three June upsizings show; the extension of a contract signed in 2018 out to 2037 in particular illustrates a business where customers, once on board, do not easily leave. Fourth, a 45.4% operating margin, 23.9% ROE and a 48.4% debt-to-equity ratio make an unusual combination even among Korea's large pharmaceutical and biotech names. The cautions are equally clear. First, customer concentration is high: three customers each accounted for more than 10% of first-quarter 2026 revenue, together ₩625.2 billion, or 49.7% of the quarter. If demand for one customer's product wavers, utilization wavers with it. Second, the PolyPeptide acquisition pays out more than 36% of shareholders' equity from cash on hand and borrowings. Because the target posted a net loss in 2025, completing the deal could initially weigh on both consolidated margins and net debt. On the other side, adding peptides to a product mix that had been all antibodies is an expansion factor over the medium to long term. Third, with batch-based utilization in the 70% range, if capacity additions outrun order intake, depreciation presses on margins first. Fourth, the forward P/E of 33.81x sits toward the upper end of the domestic peer set. That means expectations for growth are already substantially in the price, so if the Plant 5 ramp-up is slower than assumed, those expectations are the first thing to adjust.

🔎 Valuation vs peers Fairly valued

Large Korean pharmaceutical and biotech companies with a substantial share of biologic drug manufacturing and development that are profitable, so multiples can be compared (figures calculated on the same basis used across this site).

PeerP/EP/BROE
Celltrion41.98x2.57x7.19%
SK Biopharmaceuticals24.50x7.02x37.56%
Hanmi Pharmaceutical29.54x3.85x13.54%
Yuhan Corporation31.93x2.71x9.06%

Start with position. Calculated on the same basis, forward P/E ratios for the domestic peer set are around 27.8x for Celltrion, 28.0x for Yuhan, 19.5x for SK Biopharmaceuticals and 18.4x for Hanmi Pharmaceutical, and Samsung Biologics at 34.1x sits toward the upper end of that range. A premium is attached. The basis for that premium shows up in the numbers. The 45.4% operating margin is more than 1.5 times the peer-set high of 28.9%, and ROE of 23.9% and revenue growth of 30.3% are also toward the top. Because long-term manufacturing contracts run into the 2030s, future profit is also relatively easy to gauge. Put differently, the premium itself can be explained — but since it is already in place, there is no basis for saying there is more room from here. The trailing P/E of 36.9x is hard to lean on. It mixes in discontinued-operation profit that left with the spin-off, and recalculating on continuing-operation profit, which leaves only the current business, pushes the multiple up to around 40x. So the closer read is the forward P/E of 33.81x, built by adding the second-half contribution from Plant 5 on top of the confirmed first-half operating profit of ₩1.1672 trillion. On balance this looks like a fair range carrying an explainable premium, with the pace of the ramp-up as the premise behind that premium.

₩1,514,000 +1.54%
Market cap $49.2B

Price history Close · MA20 · MA60

Close MA20MA60

The latest close is ₩1,514,000 and the market capitalization is ₩70.1 trillion. The price sits above its 20-day moving average (₩1,438,250) and above its 60-day moving average (₩1,392,250). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.2, a neutral level. The one-month change is +6.5%, the three-month change is +2.3%, and the position relative to the 52-week high is -22.9%. Relative strength versus the KOSPI is 53 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 53% of all stocks. Over the past three months it outpaced the index by 22.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.

Relative performance stock vs index · start = 100

53Relative strength vs KOSPI1–99 · last 12 months’ return vs the index, recency-weighted · higher = stronger than the marketTop 47% strength

Excess return vs index · 3M +22.69% / 6M -30.44% / 12M -28.73%

StockKOSPI

Key metrics Computed vs sector median

Valuation

P/E (trailing)39.28x
Forward P/E33.81x
P/B8.85x
Forward P/B7.01x
P/S15.37x
EPS₩38,546
BPS (book value/share)₩171,153
Dividend yield
DPS

The P/E of 39.28x is above the sector median (15.02x). The P/B of 8.85x is above the sector median (1.10x).

Enterprise value (EV)

Net debt$546.7M
EV (enterprise value)$49.8B
EV/EBIT31.92x
EV/EBITDA29.05x
EV/Sales14.72x
FCF (free cash flow)$542.8M
FCF yield1.10%

EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.

Profitability & financials

ROE23.70%
Operating margin46.10%
Net margin39.01%
Debt ratio51.40%
Payout ratio

Return on equity (ROE) is 23.7%, above the sector average (1.0%). The operating margin is 46.1%. The debt ratio is 51.4%, so the financial structure is stable.

Growth FY2025 · annual report (consolidated)

Item202320242025YoY
Revenue$2.1B$2.5B$3.2B+30.31% ↑ faster
Operating profit$846.9M$928.3M$1.5B+56.60% ↑ faster
Net profit$602.5M$761.0M$1.3B+64.71% ↑ faster
5-year20212022202320242025
Revenue$1.1B$2.1B$2.1B$2.5B$3.2B
Operating profit$377.5M$691.0M$846.9M$928.3M$1.5B
Net profit$276.5M$560.6M$602.5M$761.0M$1.3B
Revenue CAGR4-yr avg 30.57%

Revenue rose 30.3% year over year (2023 ₩2.9 trillion → 2024 ₩3.5 trillion → 2025 ₩4.6 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 56.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 30.6%. The two-year revenue CAGR is 24.5%. In the most recent quarter (Q1 2026), revenue was 25.8% higher than the same period a year earlier.

Latest quarterly results Source Q1 2026 · vs year-ago

Revenue$883.1M
Revenue YoY+25.77%
Operating profit$408.0M
Op. profit YoY+34.98%
Net profit$329.6M
Net profit YoY+24.95%

Technical indicators Computed

RSI (14)57.2
MA20₩1,438,250
MA60₩1,392,250
1-month+6.47%
3-month+2.30%
vs 52-wk high-22.95%

What stands out

  • ROE of 23.7% points to solid profitability.
  • Revenue grew 30.3% year over year, a sign of growth.
  • The balance sheet is stable in terms of debt and liquidity.

Points to watch

  • The price is high versus peers, so expectations already appear priced in.

Recent news & events searched · sourced

Figure cross-check computed ↔ external

MetricComputedExternalStatusSource
Second-quarter 2026 consolidated revenue, operating profit and net profitbase 2026 1revenue 1 ₩320.9 billion·operating profit ₩586.4 billion·net profit ₩430.7 billion, revenue 2 ₩578.0 billion·operating profit 1 ₩167.2 billion·net profit ₩899.9 billionConfirmedlink
First-quarter 2026 consolidated revenue and operating profitrevenue ₩1,257,119,188,891 · operating profit ₩580,752,580,824revenue 1 ₩257.1 billion · operating profit ₩580.8 billionConfirmedlink
PolyPeptide Group AG purchase price and conditionsbase₩2,706,163,546,103, 36.32%· 24.47%, 2026-11-30, approx. 66.7%Confirmedlink
Manufacturing capacity in liters and batch-based utilizationbase78 5 + 6 = 84 5 / 2024 75.2% → 2025 70.9% → 2026 1 70.6%Confirmedlink
Revenue mix by region and customer concentration (first quarter of 2026)base₩686.8 billion 54.6% · ₩307.0 billion 24.4% · ₩251.0 billion 20.0% / revenue 10% 3 ₩625.2 billionConfirmedlink
Earnings per share (EPS) and the trailing P/E ratioEPS ₩38,546.5 · PER 39.28x2025 operating profit 1 ₩614.3 billion · operating profit ₩170.0 billionMismatchlink
Key sub-sector metric — recalculation of the forward P/E34.1xUnverifiedlink

Recent filings Source

📖 Plain-language glossary — expand if you are new to this
P/E
How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
P/B
Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
P/S
Price relative to a year's revenue — useful for growth companies with thin earnings.
Net debt / EV
Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
EV/EBIT · EV/EBITDA · EV/Sales
Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
FCF / FCF yield
Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
Intrinsic value (DCF)
Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
ROE
How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
EPS / BPS
Earnings per share / net assets (book value) per share.
Operating / net margin
Profit left from the core business / final profit after tax and interest, per unit of revenue.
Debt ratio
Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
Current ratio
Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
Interest coverage
How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
Dividend yield / payout ratio
The year's dividend as a % of today's price / the share of earnings paid out as dividends.
Revenue CAGR
Multi-year growth expressed as a single yearly average (compound annual growth rate).
RSI (short-term signal)
Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
MA20 / MA60 (moving averages)
The 20- and 60-day average price. Price above them signals a firmer short-term trend.
vs 52-week high
How far below the past year's peak the price sits now (%).

All figures are for reference only; how they read varies by sector and over time.

Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.

Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.