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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>1Q24 reports consolidated revenue of W946.9bn(+31% yoy), OP of W221.3bn (+15% yoy)</li><li>Beat consensus owing to an increase in plant 4 operation rate and new bs product sales</li><li>Successful contract wins for plant 5, preparation for bs product launch on track</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

1Q24 reports consolidated revenue of W946.9bn(+31% yoy), OP of W221.3bn (+15% yoy)Beat consensus owing to an increase in plant 4 operation rate and new bs product salesSuccessful contract wins for plant 5, preparation for bs product launch on trackContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Biologics - Decent Earnings, Successful Contract Wins in Q1

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported mixed 1Q24 result, with revenue beating and operating profit missing estimates. Despite robust revenue growth, profitability is under pressure.</li>
<li>With accumulated orders exceeding $12.5B (vs $12B at the end of 2023), the outlook remains strong. A gradual increase in Plant 4 operations is expected to drive sequential revenue growth.</li>
<li>On April 23, Samsung Bioepis received marketing approval from European Commission (EC) for Pyzchiva, a biosimilar of Stelara, thereby becoming an early mover in a potential €2.5B market.</li>
</ul>



Samsung Biologics (207940 KS) reported mixed 1Q24 result, with revenue beating and operating profit missing estimates. Despite robust revenue growth, profitability is under pressure.
With accumulated orders exceeding $12.5B (vs $12B at the end of 2023), the outlook remains strong. A gradual increase in Plant 4 operations is expected to drive sequential revenue growth.
On April 23, Samsung Bioepis received marketing approval from European Commission (EC) for Pyzchiva, a biosimilar of Stelara, thereby becoming an early mover in a potential €2.5B market.


Samsung Biologics (207940 KS): Mixed 1Q24 Result; Order Book Swells; New Drug Approval in Europe

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported 11% YoY growth in revenue to KRW1.07 trillion in 4Q23 driven by the ramp-up of operation of its Plant 4 and robust sales backlog.</li>
<li>The company closed 2023 with record high revenue and operating profit, bucking the weakening trend in overall global CDMO sector.</li>
<li>The outlook remains strong, with resilient business performance expected to drive a 10–15% annual growth in revenue for 2024.</li>
</ul>



Samsung Biologics (207940 KS) reported 11% YoY growth in revenue to KRW1.07 trillion in 4Q23 driven by the ramp-up of operation of its Plant 4 and robust sales backlog.
The company closed 2023 with record high revenue and operating profit, bucking the weakening trend in overall global CDMO sector.
The outlook remains strong, with resilient business performance expected to drive a 10–15% annual growth in revenue for 2024.


Samsung Biologics (207940 KS): Stellar Performance in 4Q23; Outlook Remains Strong

<ul>
<li>In 3Q23, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported record high quarterly revenue of KRW1.03 trillion, driven by successful ramp-up of plant 4 and full-scale operation of plant 1–3.</li>
<li>Cumulative CDMO backlog surpassed $11.8B and the company has secured 14 of the global top 20 biopharmaceutical companies as its clients.</li>
<li>Encouraged by strong ramp-up of plant 4, Samsung Biologics continues to expect 20%+ revenue growth in 2023. The company targets to complete the construction of plant 5 in April 2025.</li>
</ul>


In 3Q23, Samsung Biologics (207940 KS) reported record high quarterly revenue of KRW1.03 trillion, driven by successful ramp-up of plant 4 and full-scale operation of plant 1–3.
Cumulative CDMO backlog surpassed $11.8B and the company has secured 14 of the global top 20 biopharmaceutical companies as its clients.
Encouraged by strong ramp-up of plant 4, Samsung Biologics continues to expect 20%+ revenue growth in 2023. The company targets to complete the construction of plant 5 in April 2025.


Samsung Biologics (207940 KS): Better-Than-Expected 3Q23 Result; Sees 20%+ Annual Revenue Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> expects 2023 revenue to grow by more than 20% YoY compared to 15–20% YoY growth expectations earlier, due to better-than-expected utilization of Plant 4.</li>
<li>For the first time in the company’s history, Samsung Biologics has won contracts worth nearly KRW3T during the first half of 2023, with eight contracts worth more than KRW100B each.</li>
<li>Anticipating strong demand, Samsung Biologics is building its fifth manufacturing plant with 180KL capacity, which is expected to be completed by April 2025.</li>
</ul>



Samsung Biologics (207940 KS) expects 2023 revenue to grow by more than 20% YoY compared to 15–20% YoY growth expectations earlier, due to better-than-expected utilization of Plant 4.
For the first time in the company’s history, Samsung Biologics has won contracts worth nearly KRW3T during the first half of 2023, with eight contracts worth more than KRW100B each.
Anticipating strong demand, Samsung Biologics is building its fifth manufacturing plant with 180KL capacity, which is expected to be completed by April 2025.


Samsung Biologics (207940 KS): Raises 2023 Sales Guidance Second Time This Year; Buy the Dip

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

Samsung Biologics (207940 KS)

Samsung Biologics - Decent Earnings, Successful Contract Wins in Q1

1Q24 reports consolidated revenue of W946.9bn(+31% yoy), OP of W221.3bn (+15% yoy). Beat consensus owing to an increase in plant 4 operation rate...

Daishin Securities