Samsung Biologics: 2025 Consolidated Revenue +30%, Operating Profit +57%... Spin-off Focuses on CDMO

2025 consolidated revenue: KRW 4,556.9 billion (+30.3% YoY), operating profit: KRW 2,069.2 billion (+56.6%), net income: KRW 1,784.4 billion (+64.7%).
Completed spin-off in Nov 2025: transferred subsidiaries including Samsung Bioepis to Samsung Epis Holdings, focusing on CDMO business.
Due to spin-off: total assets KRW 11,060.7 billion (-36.2%), total liabilities KRW 3,609.6 billion (-43.9%), total equity KRW 7,451.1 billion (-31.7%).
Started operation of Plant 5 (180kL) and ramp-up of Plant 4; total capacity 785kL. Acquiring GSK's Rockville facility (60kL) in the US.
Order backlog: $10,704M (minimum guarantee) and $13,432M (expected demand).
Credit ratings stable: AA- (Korea Ratings, NICE) and AA (NICE).
Administrative lawsuits regarding SFC accounting measures: first measure overturned by Supreme Court; second measure under appeal.
No dividends for past 5 years. Prioritizing growth investment; dividend policy to be revisited after 3 years.
Signed agreement in Dec 2025 to acquire GSK's Rockville plant for $280M.
R&D expenses: KRW 167.4 billion (3.7% of revenue).

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