三星生物制剂 (207940.KS): 3Q26 Preview: Resilient Earnings; Order Conversion and Labor Negotiations in Focus

Goldman Sachs previews Samsung Biologics' 3Q26 results, scheduled for Oct 21. We expect revenue to grow YoY, reflecting the estimated impact of the early-May labor disruption, with a portion of affected production recognized in subsequent quarters; operating margin is expected to remain resilient as the ramp-up of Plant 5 and the newly acquired US facility remain manageable. We raise our net profit forecast for the CDMO business. Management's guidance points to FY26 revenue growth at the upper end of the 15-20% range, and revenue delivery from the US facilities is not yet included in guidance, offering upside. The share price has been under pressure over the past month due to slower-than-expected disclosed order announcements and ongoing labor union negotiations, with the union announcing a second three-week strike starting Oct 26. We view large-contract conversion, a Plant 6 construction announcement, labor negotiation resolution and PolyPeptide integration execution as key catalysts