Hana Securities projected on the 24th that the planned spin-off issue of Samsung Biologics in the third quarter of this year would have a greater impact than its performance. It then raised the target price from the previous 1.31 million won to 1.45 million won, maintaining its investment rating of 'buy.' The previous trading day's closing price for Samsung Biologics was 1,064,000 won.
Hana Securities expects that Samsung Biologics' separate sales and operating profit in the second quarter of this year will record 1.1 trillion won and 477 billion won, respectively, increasing by 25.2% and 44.9% compared to the previous year. In the same period, Epirus's sales and operating profit are estimated to decline by 24.3% and 65.1%, respectively, to 401 billion won and 89.8 billion won.
In the previous quarter, Samsung Biologics' significantly reduced cost rate was at a similar level this quarter, and despite the operation of the 5th factory in April, the impact of a significant portion of fixed costs being distributed due to the increased operation speed of the 4th factory was substantial.
Kim Seon-ah, a researcher at Hana Securities, noted, "Although Epirus's quarterly performance appears to have significantly declined, this is because it received 220 billion won in milestones in the second quarter of last year," adding, "Product sales performance increased by about 28% compared to the same period last year."
Hana Securities analyzed that in the case of Epirus, it is responding to intensified competition in biosimilars by obtaining private label from pharmacy benefit management (PBM) and expanding its sales items and regions, suggesting a positive outlook for the second half of the year. Consequently, it viewed that the third quarter would need to focus more on the spin-off and the plans of each company post-partitioning.
Researcher Kim stated, "Details regarding the construction of the sixth factory for Samsung Biologics after the spin-off or during the transaction halt period, along with investments in U.S. facilities and Epirus's new drug development strategy, will be announced." Although tariff policies have made U.S. facility investments somewhat uncertain, plans for the sixth factory to begin operations in 2027 remain unchanged. The start date for transaction halts is September 29, and the relisting date is October 29.
Researcher Kim stated, "The increase in revenue and profit this quarter was largely influenced by Samsung Biologics," adding, "The upward adjustment of the target price is due to the increase in corporate value of Samsung Biologics."