[Samsung Biologics: Spreading Both Wings] ④Growing Overseas Attention… Valuation Reassessment Drives Target-Price Reports Up to 2.09 Million Wo

by Jeong Donghoon

Published 21 Nov.2025 07:33(KST)

Updated 21 Nov.2025 10:48(KST)

④ Greater Attention Abroad... Revaluation of Value, Foundation Has Been Laid
Target Prices Rose Across the Board Before the Spin-Off
IBK Report Sets High at 2.09 Million Won
Samsung Biologics Delivers 'Convincing Results'
Samsung Epys Holdings

Editor's NoteThe bio division of Samsung Group has finally spread its wings. If Samsung Biologics, with world-class contract development and manufacturing (CDMO) profitability, is one wing, then the newly established holding company Samsung Epys Holdings, which will focus on new drug development and investment as a new strategy, is the other. This structure, completed through a spin-off, is expected to significantly enhance Samsung Biologics' global competitiveness and growth potential, while also injecting new momentum into the domestic biotech ecosystem, which has been described as being stuck in the so-called 'Death Valley.' There are also projections that, in conjunction with increased investment by major pharmaceutical and biotech companies such as Celltrion and trillion-won technology transfer achievements by domestic bio-technology platform companies like ABL Bio, the overall investment climate will warm up. Ultimately, this spin-off is seen not as a separation, but as an expansion-a starting point for the next chapter of Korea's bioindustry. The Asia Business Daily examines Samsung Biologics' spin-off from the perspectives of the industrial ecosystem, management, and investment.

[Samsung Biologics: Spreading Both Wings] ① Laying the Foundation for a K-New Drug Platform Like Roche and Novo

[Samsung Biologics: Spreading Both Wings] ② Exclusive Samsung Bioepis Begins Development of Enhertu Biosimilar

[Samsung Biologics: Spreading Both Wings] ③ Samsung's Fundamental Transformation-Will It Also Change Korea's Bio Ecosystem?

[Samsung Biologics: Spreading Both Wings] ④ Greater Attention Abroad... Value Reassessment, Foundation Established


Following the spin-off of Samsung Biologics, market attention is now focused on the 'value reassessment' of the two companies. The securities industry views Samsung Biologics as a premium stock based on overwhelming profitability, and Samsung Epys Holdings as a growth stock that can be re-rated as a new drug platform.


Target prices for Samsung Biologics, released by domestic and international securities and investment firms ahead of the spin-off, were raised to between 1.3 million and 2.09 million won. IBK Investment & Securities released a report the previous day with the highest target price of 2.09 million won, while Eugene Investment & Securities and CLSA set it at 1.7 million won, Morgan Stanley at 1.634 million won, and UBS, Mirae Asset, and JP Morgan at 1.55 to 1.6 million won. Notably, overseas securities firms such as CLSA, Morgan Stanley, and OHS raised their target prices by more than 200,000 won to the 1.6 to 1.7 million won range, giving a more generous valuation than domestic firms.


IBK Investment & Securities judged that, with this spin-off, the CDMO value of Samsung Biologics will be structurally re-evaluated. Applying a premium multiple of 34 times-exceeding global competitors-to next year's expected EBITDA of 2.8409 trillion won, the company value was estimated at 96.6 trillion won, with a fair share price of 2.09 million won.


[Samsung Biologics: Spreading Both Wings] ④Growing Overseas Attention… Valuation Reassessment Drives Target-Price Reports Up to 2.09 Million Wo 원본보기 아이콘

Eugene Investment & Securities described Samsung Biologics' third-quarter results as "a quarter in which the utilization rate and operating leverage (where a high proportion of fixed costs leads to a greater increase in operating profit compared to sales) fundamentally changed." Applying a 35x multiple to next year's expected EBITDA, they suggested a fair share price of 1.7 million won. Mirae Asset Securities also set a target price of 1.6 million won, reflecting the potential for increased external orders and a plant expansion roadmap after the spin-off. With a series of large, long-term contracts with global big pharma companies, this year's order volume alone has exceeded 5.5 trillion won. If the expansion of the sixth plant and review of a U.S. production base are included, there is significant potential for Samsung Biologics' multiple to be raised even further.


Valuation of the newly established Samsung Epys Holdings is also gaining momentum. After the spin-off, Samsung Epys Holdings will be newly listed on the KOSPI on November 24 at around 30 trillion won. Eugene Investment & Securities evaluated Samsung Epys Holdings as "a major pharmaceutical company with a structure similar to Celltrion-adding new drug platforms such as antibody-drug conjugates (ADC), bispecific antibodies, and peptides to the stable cash generation of biosimilars, offering a 'biosimilar-based new drug development option.'"


They further stated, "With annual EBITDA of 450 to 500 billion won, a margin rate of over 20%, and stable free cash flow (FCF), there is significant potential for a valuation rerating if the new drug pipeline progresses." In particular, the expansion of direct sales of high-margin biosimilars such as SB12 and SB16 in Europe, new drug development, and the establishment of obesity and ADC platforms through new subsidiaries are all cited as factors that could further raise the multiple for Samsung Epys Holdings.

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