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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Following its corporate spin-off to become a pure contract development and manufacturing organization (CDMO), Samsung Biologics has drawn strong attention from securities analysts, who now value the company at over KRW 100 trillion and have raised target stock prices to the KRW 2–2.3 million range.
The spin-off of the biosimilar business allows the market to fully recognize the profitability and growth potential of Samsung Biologics’ CDMO operations. Key positive factors highlighted by analysts include:
Significant demand inflow from global supply chain reshoring.
Cumulative orders surpassing USD 20 billion.
Improved profitability from higher utilization of Plants 4 and 5.
Visible expansion of production capacity.
Shinyoung Securities noted that the CDMO business, with operating margins in the 40% range, will no longer be diluted by the lower-margin biosimilar segment. Mirae Asset Securities estimated the company’s fair value at approximately KRW 106 trillion, citing rapid capacity utilization at Plant 5 and the planned construction of Plant 6 as key growth drivers. Daol Investment Securities maintained a target price of KRW 2.3 million, highlighting the strong performance of Plant 4 and the positive effect of KRW/USD exchange rates.
Samsung Biologics is also expanding infrastructure to support next-generation therapeutics, recently acquiring land for a third bio campus in Songdo, Incheon. This facility will support production of cell and gene therapies, antibody vaccines, and peptide-based medicines, further strengthening its CDMO business.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
