Samsung Biologics NDR Takeaway

Samsung Biologics management clarified that recent labor strikes were brief and did not impact core competitiveness, with a strong order pipeline expected to support full-year targets.

Key Takeaways

• 1.The recent labor strike was partial and localized, with operations already resumed and no reported order cancellations.
• 2.Order momentum is expected to recover in the second half of the year as pipeline contracts reach final signing stages.
• 3.Samsung Biologics maintains a long-term structural operating margin target of approximately 40%.

Table of Contents

• Labor strike: negotiations remain ongoing, no imminent threat to strategic competitiveness
• Client orders: timing skew, pipeline intact
• Capex: Plant 6 progressing; U.S. site interest building
• Margins: long-term framework unchanged
• Price target risks and methodology
• Disclosure Appendix
• Price target and rating history chart(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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