Samsung Biologics (207940) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw robust earnings, driven by Plant 4 ramp-up and favorable FX, with consolidated revenue at KRW 1,298B and operating profit at KRW 487B (OPM 37.5%).

• Annual sales growth guidance maintained at +20–25% on a consolidated basis.

• Major business expansion included ADC facility operations, Plant 5 completion, and a record $1.4B CMO contract with an EU-based pharma.

• Biosimilar launches and regulatory approvals in the US and EU supported segment growth.

Financial highlights

• Consolidated revenue grew +37% year-over-year, with Plant 4 and biosimilar sales as key drivers.

• Biologics segment revenue up +49% YoY to KRW 1,000B; operating profit up +85% YoY to KRW 430B (OPM 43.0%).

• Bioepis segment revenue up +43% YoY to KRW 401B; operating profit up +236% YoY to KRW 128B (OPM 31.9%).

• Net profit for Q1 2025 was KRW 331B, up from KRW 183B in Q1 2024.

• EBITDA margin improved to 50.1% from 38.5% YoY.

Outlook and guidance

• Full-year consolidated revenue growth guidance remains at +20–25%.

• Sustained biosimilar demand expected to drive Bioepis product sales growth of around 20% for 2025.

• Stable Plant 4 ramp-up underpins confidence in meeting annual targets.