Samsung Biologics: Strong Q1 2026 Results and US Production Base Acquisition

Q1 2026 consolidated revenue: KRW 1,257.1bn (YoY increase), operating profit: KRW 580.8bn (operating margin 46.2%).
Order backlog: USD 10.27bn (minimum guarantee), USD 13.11bn (expected).
Completed acquisition of Human Genome Sciences in March 2026, adding 60kL US capacity, total 845kL.
Completed spin-off of Samsung Bioepis in Nov 2025, focusing on CDMO.
Business diversification: new platforms in mRNA, ADC, organoids.
R&D expenses: KRW 38.2bn (3.0% of sales).
Litigation: administrative lawsuit on accounting treatment ongoing (won first instance, appeal in progress); other lawsuits deemed immaterial.
Dividends: no dividends in last 5 years; long-term policy to be reviewed after 3 years.
Financial structure: assets KRW 11,995bn, liabilities KRW 4,072bn, equity KRW 7,923bn (debt ratio approx. 51.4%).
Long-term CMO contracts with major clients (GSK, Pfizer, Roche, etc.).

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