Samsung Biologics (207940) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 11% YoY to KRW 1,290B, with operating profit up 9% to KRW 476B, driven by Plant 4 and biosimilar growth.

• 2025 H1 consolidated revenue reached KRW 2,588.2B, operating income KRW 962.3B, net income KRW 699.9B.

• CDMO segment contributed 69% of revenue, biopharmaceutical development/commercialization 31%.

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

• Maintains a robust R&D pipeline, with 9 biosimilar products launched globally and ongoing clinical trials.

Financial highlights

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

• 2025 H1 revenue: KRW 2,588.2B; operating income: KRW 962.3B; net income: KRW 699.9B.

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

• Gross profit margin improved to 50.4% consolidated; H1 gross margin 56.1%.

• Total assets as of June 2025: KRW 17,773.6B; equity: KRW 11,602.8B.

Outlook and guidance

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

• Biopharma market expected to grow at 9.4% CAGR through 2030; CDMO market at 15% CAGR through 2029.

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

• Company investing in next-generation modalities (mRNA, ADC, cell/gene therapy) and expanding capacity.

• Dividend policy targets payout of ~10% of annual FCF, with review planned in 2025.