[News Space=Reporter seungwon lee] Samsung BioLogics's rebirth as a pure-play contract development and manufacturing organization (CDMO) through a spin-off is prompting significant price increases from domestic and international securities firms. Since its relisting on the 24th of last month, major securities firms have set target stock prices in the range of 2 million to 2.3 million won, raising the target price by over 400,000 won from the pre-spin-off level of 1.6 million won.

The core value of CDMOs is highlighted by both profitability and growth potential.

The reason for the upward revision in the target price is that the high profitability of the CDMO business has been fully recognized by the market after it was separated from the similar (biosimilar) business. Shinyoung Securities researcher Jeong Yu-gyeong analyzed, "While the CDMO business records an operating profit margin in the 40% range, the similar business only reaches the 20% range, diluting its profitability previously. Now, the high profitability of the CDMO business will be fully reflected."

Mirae Asset Securities assessed Samsung BioLogics' fair enterprise value at KRW 106 trillion and set a target price of KRW 2.3 million. Researcher Kim Seung-min predicted, "The signing of a major contract worth KRW 1.8 trillion in the US is accelerating the depletion of production capacity at Plant 5, and the commencement of construction on Plant 6 will be a key catalyst for the stock price increase."

Lee Ji-soo, a researcher at Daol Investment & Securities, also maintained her target stock price of 2.3 million won and predicted, "The solid performance trend will continue thanks to the full operation of the fourth plant and the rising won-dollar exchange rate."

Orders exceed $20 billion, and investment in a third campus secures future growth momentum.

Samsung BioLogics achieved its highest-ever performance since its founding, recording a cumulative order volume of KRW 5.5193 trillion (approximately KRW 28.788 trillion) this year, according to public disclosures. The company secured a series of mega-orders, including a record-breaking KRW 2 trillion contract in January and a KRW 1.8 trillion contract with a US pharmaceutical company in September. This led to 17 of the top 20 global pharmaceutical companies becoming its clients. The company's cumulative order volume since its founding also surpassed USD 20 billion (approximately KRW 28.788 trillion).

Last month, the company signed a sales contract with the Incheon Free Economic Zone Authority for a 187,427 square meter site in Songdo International City's Zone 11, marking the start of the development of its third bio campus. The company plans to invest a total of KRW 7 trillion to build production facilities for next-generation pharmaceuticals, including cell and gene therapies, antibody vaccines, and peptides.

Further upside potential is broadened by the three pillars of performance, orders, and facility expansion.

As of the closing price on the 9th, Samsung BioLogics' stock price hit 1.66 million won. A securities industry insider commented, "With orders, facility expansion, and improved profitability all occurring simultaneously, there is ample room for further growth beyond the current consensus."

Daishin Securities forecasts consolidated sales of KRW 5.635 trillion (up 23.9% year-on-year) and operating profit of KRW 1.5581 trillion (up 18.0% year-on-year) in 2025. The company anticipates a significant increase in CDMO sales, driven by the operational impact of Plant 5 and increased global demand for biopharmaceuticals. Eugene Investment & Securities projects sales of KRW 315 trillion in 2025, estimating that stable full-scale operation of Plants 1-3 and the contribution of Plant 4 will drive sales growth.