Samsung Biologics ended the session on a weak note after experiencing sharp volatility on the first day of trading following its spin-off and relisting. The slide continued on the second day of relisting on the 25th, with the stock down 8.7% at 1,634,000 won as of 10:30 a.m. compared with the previous trading day.
Contrary to expectations, the share price is wavering, but the securities industry is maintaining an unchanged "optimistic" view for the mid to long term. Analysts say competitiveness will strengthen and corporate value will rise as the company can focus its capabilities on its mainstay contract development and manufacturing (CDMO) business.
However, many point out that internal control issues remain, including alleged recent lapses in personnel management. The Samsung Group Labor Union Alliance on the 19th requested a meeting with Park Hark-kyu Samsung Electronics Business Support Office President and Lee Chan-hee Compliance Committee Chairperson, and the industry is watching whether the matter will be placed on the agenda at the Compliance Committee's regular meeting on the 25th.
Samsung Biologics has long been exposed to various risks, including accounting fraud controversy and industrial safety issues, but it was not included among the Compliance Committee's oversight targets, drawing continued criticism. Chairperson Lee Chan-hee said ahead of the regular meeting in May, "Chair Lee Jae-yong has a very strong commitment to compliance management," adding, "We have a system to communicate at any time if necessary."
◇ After the spin-off, improving fundamentals… placing emphasis on long-term growth
Samsung Biologics resumed transactions with its relisting on the 24th. The opening price was set at 1,797,000 won, 47.05% higher than the base price (1,222,000 won) just before the transaction halt, and it jumped to as high as 1,841,000 won early in the session, but it retreated to the 1.65 million won range under profit-taking, with the intraday drop exceeding 7% at times. The stock closed at 1,789,000 won, surging 46% from the base price, but ended slightly below the opening level. The market capitalization that day was tallied at 82.8145 trillion won.
Despite the volatility on the first transaction day, the securities industry is focusing on the strengthening of the company's core business competitiveness. The prevailing view is that the "business overlap and competition risk with Samsung Bioepis," which existing clients were concerned about, has effectively disappeared through the spin-off. Samsung Biologics carved out its investment institutional sector to establish a new holding company, Samsung Bioepis Holdings, and its 100% subsidiary Samsung Bioepis was transferred under the new holding company.
Jeong I-su, an analyst at IBK Securities, said, "With conflicts of interest resolved, order intake competitiveness will strengthen significantly in 2026–2028 as blockbuster antibody therapy patents expire in earnest."
Samsung Biologics has secured 604,000 liters across Plants 1–4 and began operating Plant 5 (180,000 liters) this year. If Plants 6–8 are completed by 2032, total capacity will expand to 1,324,000 liters. Hana Securities analyst Kim Seon-a said, "As the utilization rate of Plant 4 shows stability, the operating margin in 2026 will approach 50%."
In addition, whether to build a production base in the United States is being cited as an investment point. The reason is that supply chain competitiveness to handle long-term volumes from global pharmaceutical companies could be strengthened.
With the U.S. Congress passing the "BIOSECURE Act," centered on excluding China-linked bio supply chains, some say Samsung Biologics has emerged as a prime beneficiary. As the U.S. government reduces reliance on China, the potential for Samsung Biologics to win more orders is growing. In fact, the company recently signed a large-scale production contract worth 180 billion won with a U.S. pharmaceutical company.
Lee Dal-mi, an analyst at Sangsangin Investment & Securities, said, "The move to reduce reliance on China-linked supply chains in the U.S. is becoming more pronounced," adding, "Samsung Biologics has been steadily increasing the value of new orders since last year and is benefiting from this trend."
◇ Internal controls at "Samba" under scrutiny… fallout widens over exposure of sensitive information
By contrast, suspicions over the internal control system continue to be a burden. After it emerged that the HR team's shared folder was exposed across the internal network, the union publicized the presence of sensitive information in the folder, amplifying the controversy.
According to the union, the folder contained highly sensitive information such as resident registration numbers, performance evaluations, and mental health center counseling records, and documents suggesting personnel instructions from Samsung Electronics Business Support TF (now the Business Support Office), as well as a union "special management" document, were also reportedly found. This is expanding into not only a possible violation of the Personal Information Protection Act's security measures obligation but also suspicions of union surveillance.
The sensitivity of the matter rose further as claims emerged that mental health counseling records were included. Mental health information falls under "sensitive information" that requires the strongest protection even under the EU General Data Protection Regulation (GDPR).
Currently, the Compliance Committee's oversight targets are limited to seven signatory companies, including Samsung Electronics, Samsung C&T, and Samsung SDI, and Samsung Biologics is not included. Even so, the controversy is likely hard for the committee to ignore, as allegations of involvement by the Samsung Electronics Business Support Office have been raised and, as a signatory, Samsung C&T is the largest shareholder of Samsung Biologics.
A Compliance Committee official said, "In principle, we do not handle issues involving non-signatory companies, but in some cases we review them depending on the matter," adding, "Our work proceeds according to procedures centered on meetings, so please wait and see." Compliance Committee agendas are not disclosed.