Samsung Biologics (207940) Q2 2026 earnings summary

Executive summary

• Achieved 30% year-over-year revenue growth in Q2 2026, driven by full utilization of Plants 1-4 and favorable FX rates.

• Operating profit rose 23% year-over-year, maintaining a robust mid-40% margin despite pre-revenue costs from Plant 5 and the US facility.

• Completed a spin-off in November 2025, separating the biopharma development and commercialization business into Samsung Epice Holdings.

• Expanded global production capacity to 845,000 liters after acquiring Human Genome Sciences, Inc. in the US.

• Announced acquisition of Swiss-based PolyPeptide Group AG to expand peptide CDMO capabilities.

Financial highlights

• Q2 2026 revenue: KRW 1,321B (+30% YoY); operating profit: KRW 586B (+23% YoY); net profit: KRW 431B.

• H1 2026 revenue: KRW 2,578B (+28% YoY); operating profit: KRW 1,167B (+29% YoY); net profit: KRW 900B.

• EBITDA margin improved to 52.9% in Q2 2026.

• Gross margin: 53.5% for H1 2026.

• Cash and cash equivalents increased to KRW 2,189B as of Q2 2026.

Outlook and guidance

• FY26 revenue growth guidance maintained at +15-20% YoY, targeting the upper end.

• Biopharma CDMO market expected to grow at 15.4% CAGR through 2029.

• Plant 5 and US facility expected to be key growth drivers; revenue recognition from US facility to begin in Q3.

• Company expanding into mRNA, ADC, and cell/gene therapy CDMO services.

• Production disruptions in Q2 mitigated by rescheduling and favorable FX.