JONBUR Research · Initiation
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Samsung Biologics · 207940 · Biotech & Pharma
Samsung Biologics: Profit Margins Have Expanded, but the Share Price Has Fallen Over the Past Three Months While Capital-Raising and Acquisition News Builds
Samsung Biologics reported H1 2026 trailing revenue of ₩4.5T and an operating margin of 50.0%, but its shares fell 15.1% over one month to ₩1,201,000. Recent filings show a rights offering and a major supply contract, and news mentions a tender offer for Polypeptide and a union strike.
Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a picture of a highly profitable company whose earnings have grown faster than its sales. Trailing operating income of ₩2.3T on revenue of ₩4.5T gives a 50.0% operating margin, up from 29.0% in 2024. ROE is 20.6%, and free cash flow is ₩1.6T.
What the data does not settle is how much of this the market already reflects. The P/E is 43.1 and the P/B is 10.2, far above the one peer with both multiples available. Revenue growth was only 0.2% in 2025 after 23.1% in 2024, so recent profit growth has come from margins rather than sales.
The share price is down 14.2% over three months and 15.1% over one month, yet still up 18.4% over one year. A rights offering and an acquisition are in progress, but the data gives no detail on size, use of proceeds or financial effect. Investor flow, foreign ownership and short balance data are not available.
Business overview
Samsung Biologics (code 207940) is listed on KOSPI in the Biotech & Pharma sector. It was founded on 2011-04-22 and listed on 2016-11-10. The CEO is listed as Rim John Chongbo. It has 71,174,000 listed shares and a market capitalization of about ₩85.5T, which is the largest in the peer group provided. Celltrion is next at ₩41.7T, followed by Alteogen at ₩12.4T.
Revenue grew from ₩1.6T in 2021 to ₩3.0T in 2022, ₩3.7T in 2023, ₩4.5T in 2024 and ₩4.6T in 2025. The data does not describe products or customers beyond the filing titles. A major sales or supply contract was filed on 2026-09-10 and again on 2026-10-02.
Every earlier JONBUR Research report and update note on Samsung Biologics, with Pro.
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The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).
Report history
- Oct 27, 2026Update noteModel fair value changeModel Fair Value Estimate for Samsung Biologics Rises 22.9% to ₩580,299 Base Case
- Oct 20, 2026Update noteBig price moveSamsung Biologics Shares Rise 18.8% in Five Days on Heavy Volume
- Oct 13, 2026InitiationSamsung Biologics: Profit Margins Have Expanded, but the Share Price Has Fallen Over the Past Three Months While Capital-Raising and Acquisition News Builds
Source: KRX statistical information