Samsung Biologics Should See Steady Growth Backed by Visible Project Pipeline and Increased Capacity

Samsung Biologics should continue to enjoy a prominent market position globally as it boasts an industry-leading 845K kiloliter bioreactor capacity backed by a USD 21.4 billion backlog as of the first quarter 2026. Over 80% of revenue comes from the US and Europe, where it services 17 of the world’s top 20 pharmaceutical companies. Its backlog, which has increased from USD 12 billion since the end of 2023, suggests that its clients are signing larger contracts as they entrust Samsung Bio with more products. As such, Samsung Bio’s capacity is growing to satisfy the rising demand, and we expect its backlog to continue to increase given that contract development and manufacturing activity is driven by healthcare industry macro spending, which steadily grows at mid-single-digits annually.