Samsung Biologics (207940) Q3 2025 earnings summary

Executive summary

• Achieved 40% year-over-year revenue growth in Q3 2025, with consolidated revenue at KRW 1,660B and operating profit at KRW 729B (OPM: 43.9%).

• Revenue for the first nine months of 2025 was KRW 4,248.4 billion, with operating income of KRW 1,691.1 billion and net income of KRW 1,274.4 billion, reflecting strong performance in both CDMO and biopharmaceutical development segments.

• Completed construction of the 5th plant and expanded into mRNA, ADC, cell/gene therapy manufacturing, and organoid research services.

• Executed spin-off of Samsung Bioepis Holdings as of November 1, 2025, enhancing business independence and focus.

• On track to meet full-year guidance, expecting 25–30% revenue growth for 2025.

Financial highlights

• Biologics segment: Q3 revenue KRW 1,258B (+18% YoY), operating profit KRW 633B (OPM: 50.4%).

• Bioepis segment: Q3 revenue KRW 441B (+34% YoY), operating profit KRW 129B (OPM: 29.3%).

• Cumulative CMO orders exceeded USD 20B since inception; Q3 cumulative orders nearly matched 2024’s full-year total.

• EBITDA margin improved to 54.7% (consolidated) in Q3 2025.

• Gross margin improved to 42.8% from 36.7% year-over-year.

Outlook and guidance

• Full-year 2025 revenue expected to grow 25–30% year-over-year, supported by Plant 4 ramp-up and new orders for Plant 5.

• Expansion into next-generation modalities (mRNA, ADC, cell/gene therapy) and organoid services is expected to drive future revenue.

• The company expects continued growth in the global biologics CDMO market, projecting a CAGR of 15% through 2029.

• Maintains a stable dividend policy, reviewing payout levels based on financial strength and investment needs.