Samsung Biologics (207940) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 11% year-over-year to KRW 1,290B, with operating profit up 9% to KRW 476B, driven by expanded operations at Plant 4 and strong biosimilar growth.

• Full-year revenue guidance was raised to 25–30% growth, reflecting robust Plant 4 ramp-up and operational efficiency.

• Record first-half CDMO revenue surpassed KRW 2T, with order intake at KRW 3.4T, representing 60% of the FY target.

• Strategic business expansion included Plant 5 operations, CRO entry, and a planned equity spin-off to separate CDMO and biosimilar businesses.

Financial highlights

• Consolidated Q2 revenue: KRW 1,290B (+11% YoY); operating profit: KRW 476B (+9% YoY); EBITDA: KRW 654B (+12.2% YoY); net profit: KRW 324B.

• Biologics segment Q2 revenue: KRW 1,014B (+25% YoY); operating profit: KRW 477B; EBITDA margin: 56.4%.

• Bioepis segment Q2 revenue: KRW 401B; operating profit: KRW 90B; EBITDA margin: 26.8%.

• Gross profit margin improved to 50.4% consolidated.

Outlook and guidance

• FY 2025 revenue growth guidance raised from 20–25% to 25–30% YoY, supported by Plant 4 ramp-up.

• Bioepis expects 20% annual revenue growth, excluding milestones, driven by new product launches and geographic expansion.