Samsung Biologics Cut to 1.9M KRW Target Price on Factory Investment Adjustments

According to iM Securities analyst Jung Jae-won on July 24, the investment firm lowered Samsung Biologics' target price to 1.9 million KRW from 2.2 million KRW while maintaining a buy rating. The revision reflects adjustments to facility investment figures following updates on the company's new factory construction and third campus development.

Samsung Biologics reported Q2 operating profit of 586.4 billion KRW, up 23% year-over-year but slightly below consensus expectations of 599.7 billion KRW, due to pre-expensed costs related to its Rockville facility and fifth factory before revenue recognition. The company separately announced plans to acquire Swiss peptide CDMO specialist Polypeptide Group for 2.7 trillion KRW in an all-cash deal, expected to close by year-end pending regulatory approvals.