Heo Hye-min, a Kiwoom Securities researcher, said on the 29th that Samsung Biologics posted results in the third quarter (July–September) that beat market expectations, but there are also pressure factors.
Samsung Biologics posted third-quarter revenue of 1.6602 trillion won and operating profit of 728.8 billion won. On an operating profit basis, it beat the market forecast by 26%.
Heo cited full operation of Plants 1–4, digestion of deferred volumes, and a favorable exchange rate as the main reasons Samsung Biologics was able to post a "surprise performance" in the third quarter.
The question is whether Samsung Biologics' operating margin (operating profit ÷ revenue) can improve beyond 50%. Heo said, "It is uncertain whether a 50% operating margin is possible even in the fourth quarter (October–December), when one-off factors are usually reflected," adding, "Key variables will be the arrival of plant maintenance periods from 2026 and whether the exchange rate will stay at current levels."
Heo also said that Samsung Bioepis Holdings, which will be created through a spin-off from Samsung Biologics, could be subject to a holding company valuation discount. He said, "With a low liquidity ratio, there are concerns about supply-demand pressures such as deletion from Morgan Stanley Capital International (MSCI), and the approximately three-week suspension of trading could make it difficult for investors to respond actively to this strong set of results."
Samsung Biologics' stock trading will be suspended from the 30th to Nov. 21. On the 24th of the same month, a change of listing and relisting will take place.
Heo said, "We expect Samsung Biologics to trend upward after relisting," adding, "We look forward to a spillover benefit from the passage of the National Defense Authorization Act amendment that includes a biosecurity provision at year-end and news of an expansion of Plant 6."