IBK Investment & Securities estimates that Samsung Biologics recorded consolidated revenue of 1.32 trillion won in the second quarter of 2026, up 30.0% year on year, with operating profit of 606.1 billion won, implying an operating margin of 46.0%. Both figures are broadly in line with market consensus of 1.32 trillion won in revenue and 592.6 billion won in operating profit.
A partial strike by the company's union, which ran for five days from 1st May, caused some disruption to production. IBK judges the impact on second-quarter results to be limited, however, noting that approximately 150 billion won of affected revenue is expected to be recognised in the third quarter instead.
The average won-to-dollar exchange rate in the second quarter was around 1,500 won, a 6.8% rise from the 1,404 won average recorded in the same period a year earlier. Given that exports account for more than 92% of Samsung Biologics' revenue, the weaker won is expected to provide a meaningful boost to profitability.
For the full year 2026, IBK forecasts consolidated revenue of 5.47 trillion won, up 20.1% year on year, and operating profit of 2.46 trillion won, up 18.9%. The brokerage anticipates a temporary softening of revenue in the third quarter due to the strike, but expects growth to re-accelerate in the fourth quarter as the company's manufacturing facility in Rockville, Maryland begins contributing to sales and its fifth plant ramps up production. IBK believes these factors will be sufficient for Samsung Biologics to meet its stated full-year guidance of 15–20% growth.
Samsung Biologics' shares have underperformed significantly in the first half of the year, falling 21%, compared with gains of 0.8% and 1.4% respectively for Swiss rival Lonza and Chinese contract manufacturer WuXi Biologics. IBK expects the share price to recover in the second half, citing the prospect of new contract wins and the resolution of union-related risks as key catalysts.
IBK Investment & Securities maintains a "buy" rating on Samsung Biologics and reiterates its target price of 2,090,000 won. The stock closed at 1,343,000 won on 26th June.