三星生物Q3营收1.4903万亿韩元、营业利润6401亿韩元双超预期，上调全年营收增速指引至20%

Samsung Biologics (207940) posted third-quarter results that beat market expectations, driven by revenue from its Rockville plant in the U.S. and an expanded ramp-up at its Plant 5. Analysts say the chances of landing large new orders have also improved after a court broadened the scope of a ban on industrial action, prompting the union to postpone a second general strike and easing concerns about production disruptions.
Kiwoom Securities maintained its buy rating and 2 million won target price on Samsung Biologics in a report on the 22nd. On a consolidated basis, Samsung Biologics reported third-quarter revenue of 1.4903 trillion won and operating profit of 640.1 billion won, up 19% and 1% from a year earlier, respectively. Those figures exceeded consensus estimates of 1.3569 trillion won in revenue and 611.4 billion won in operating profit by 9.8% and 4.7%.
The main driver of the earnings improvement was revenue recognition from the Rockville plant. Growth also continued as output from Plant 5 increased on top of full utilization at Plants 1 through 4. As a result, the company beat market expectations even though the average exchange rate in the third quarter fell 5% from the previous quarter and some production disruptions from the May general strike were reflected in the results. Still, a shift in product mix and the inclusion of Rockville plant results pushed the cost-of-sales ratio up 9 percentage points from a year earlier to 51%.
Growth is expected to continue in the fourth quarter, helped by a larger production and revenue contribution from the Rockville plant and the recognition of previously deferred production volumes. Kiwoom Securities forecast fourth-quarter revenue of 1.4336 trillion won, up 11% from a year earlier, and operating profit of 662 billion won, up 25%. The brokerage accordingly raised its full-year revenue growth forecast for Samsung Biologics to 20% from a previous range of 15% to 20%.
Kiwoom Securities also pointed to the potential for more new orders following the postponement of the union's second general strike. The court's decision to broaden the scope of the ban on industrial action is expected to ease client concerns about production disruptions. The brokerage said groundbreaking on Plant 6 could also be expected between the end of this year and early next year once additional orders are secured.
Earnings contributions from PolyPeptide, the contract development and manufacturing organization (CDMO) the company is in the process of acquiring, are also expected to begin in earnest next year. "Given the nature of the CDMO business, PolyPeptide has limited assets such as drug pipelines under development," Kiwoom Securities said, adding that "the likelihood of purchase price allocation (PPA) amortization burdens of the kind seen in the past acquisition of Samsung Bioepis is low."