[E-Daily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 22nd that it is maintaining its “Buy” rating and 2 million won target price for SAMSUNG BIOLOGICS(207940).

Jeong Yi-su, an analyst at IBK Investment & Securities, stated, “The acquisition of the Polypeptide Group to enter the contract development and manufacturing (CDMO) market for obesity treatments met the minimum requirement with a tender offer participation rate of 87.88% and is set to be completed by the end of November; therefore, we believe a new growth engine has been secured.” "Labor risks have also been significantly alleviated, as the union has tentatively postponed a second general strike following the court’s expansion of restrictions on labor disputes," he explained.
He further elaborated, “We expect the momentum in new orders—which had been sluggish due to uncertainty surrounding U.S. tariffs—to strengthen from the end of this year through next year, and now is the time to reflect the resolution of this uncertainty and expectations for growth.”
Third-quarter revenue totaled 1.4903 trillion won (up 18.5% year-over-year), and operating profit reached 640.1 billion won (up 1.0%), exceeding market consensus by 10% and 5%, respectively. Analyst Jeong emphasized, “Amid continued full-capacity operations at Plants 1 through 4, revenue growth was driven by the inclusion, for the first time, of production batches for certification at Plant 5 and revenue from the Rockville, U.S. plant (approximately 100 billion won).”
The firm projected annual revenue for 2026 at 5.6133 trillion won (+23.2%) and operating profit at 2.4605 trillion won (+18.9%). He added, “Despite the recent decline in the won-dollar exchange rate, we believe the annual revenue growth rate of over 20 percent—which we revised upward in this earnings announcement—is fully achievable,” and noted, “In the fourth quarter, revenue from the Rockville plant (approximately 100 billion won) and the expanded operation of Plant 5, along with the recognition of revenue from orders deferred due to the May strike, are expected to contribute to growth.”