[Edaily Reporter PARK MIN ] On the 22nd, Daol Investment & Securities maintained its “Buy (BUY)” investment rating and target price of 2 million won for SAMSUNG BIOLOGICS(207940), stating that the company’s earnings were confirmed through revenue recognition from its Rockville, U.S. plant and the ramp-up of Plant No. 5. This represents an upside potential of 41.1% compared to the previous trading day’s (October 21) closing price of 1,417,000 won.

Lee Ji-soo, an analyst at Daol Investment & Securities, stated in a report published that day, “Earnings growth will continue thanks to full capacity at Plants 1 through 4 and revenue contributions from the Rockville and Plant 5 facilities,” adding, “Although revenue is expected to decline in the fourth quarter of this year compared to the previous quarter due to the strong won, the company is projected to achieve its upwardly revised annual guidance (+20%).”

She added, “Inquiries for new orders, which had been subdued due to tariffs and strikes, are recovering,” and noted, “Future stock price momentum will be driven by new order contracts and the groundbreaking of Plant 6.”

SAMSUNG BIOLOGICS’ consolidated revenue for the third quarter of this year was 1.4903 trillion won, an 18.5% increase year-over-year, while operating profit rose 1.1% to 640.1 billion won. The operating profit margin stood at 43.0%, exceeding market expectations (revenue of 1.3569 trillion won and operating profit of 611.4 billion won).

Despite the strengthening won, the company maintained full-capacity operations at its existing Plants 1 through 4, while new revenue recognition from the Rockville, U.S., facility and Plant 5 drove overall revenue growth. The Rockville facility began reflecting production volumes from the second quarter in its revenue, contributing approximately 98.6 billion won to earnings this quarter alone.

The new order environment is also showing gradual improvement. In the third quarter of this year, the company secured new orders worth approximately $300 million, including contracts from a global pharmaceutical company based in Europe, bringing the cumulative order value to $21.9 billion (excluding $2.6 billion in conditional contracts).

Customer inquiries are on the rise, and following a recent court ruling allowing the resumption of normal operations for core production processes (from cultivation to purification), customer concerns regarding supply stability stemming from the strike have been largely alleviated.

Daol Investment & Securities estimates that SAMSUNG BIOLOGICS’ annual consolidated revenue for 2026 will reach 5.5077 trillion won, a 20.9% increase year-over-year, while operating profit will rise 18.2% to 2.4466 trillion won. The firm forecasts that the annual operating profit margin will reach 44.4%.