[Click eStock] "Samsung Bio, Positive Sales Expansion of Epis... Target Price Up"

On the 24th, KB Securities maintained a 'Buy' rating on Samsung Biologics, considering the expansion of product sales from its subsidiary Samsung Bioepis, and slightly raised the target price to 1.3 million KRW.

Hye-min Kim, a researcher at KB Securities, stated, "Epis's consolidated third-quarter sales increased by 26% year-on-year to 330.3 billion KRW, and operating profit reached 67.9 billion KRW, which is attributed to the expansion of product sales despite the absence of milestones."

Researcher Kim analyzed, "Following the positive opinion from CHMP for the biosimilar SB15 of Eylea in September, final approval for the product can be expected. Epis's 2024 sales growth guidance is around 40-45%, with 25% coming from milestones and 10-15% from product sales expansion."

Researcher Kim raised the consolidated sales growth guidance for 2024 from the previous annual growth of 10-15% to 15-20%. He assessed, "There is still upside due to the ongoing strong dollar, smooth ramp-up of the 4th plant, and potential milestones that may be received in the 4th quarter."

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