[Special Stock] Samsung Biologics, a 'Tariff Safe Zone', Rises Over 5%

Samsung Biologics is showing a strong gain of over 5% despite the so-called 'Trump tariff' shock that hit the domestic stock market on the 3rd. This is due to the exclusion of pharmaceuticals from reciprocal tariffs and the added expectation of strong first-quarter earnings.

As of 9:45 a.m. on the day, Samsung Biologics' stock price was trading at 1,105,000 KRW, up 5.24% from the previous close. This contrasts with the sharp decline in the domestic stock market following the Trump administration's announcement of a '10%+α' tariff policy on the world, including a 25% tariff on Korea.

This upward trend is interpreted as being due to pharmaceuticals not being subject to reciprocal tariffs, and even if tariffs are imposed later, the burden on Samsung Biologics is expected to be minimal.

Lee Hee-young, a researcher at Daishin Securities, analyzed, "Looking at Samsung Biologics' sales performance by region, 65% was directed to Europe last year, and the sales proportion to the U.S. was only about 25%. According to current supply contracts, tariffs are mostly borne by customers, so the impact on the company is expected to be limited." Jung Yoo-kyung, a researcher at Shin Young Securities, also evaluated that "even if tariffs are imposed, the impact on the domestic pharmaceutical bio sector will be very limited."

Additionally, the expectation of strong first-quarter earnings based on a high exchange rate is supporting buying momentum. Researcher Jung said, "We expect strong earnings supported by the sustained high exchange rate and the ramp-up of the 4th plant," estimating that the consolidated operating profit for the first quarter will increase by 81.6% year-on-year to 401.9 billion KRW. Considering that the average exchange rate in the first quarter (1,452.91 KRW per dollar) rose 4% compared to the previous quarter, the annual operating profit estimate for 2025 was also raised by 11.7%.

Heo Hye-min, a researcher at Kiwoom Securities, also maintained a 'buy' investment opinion, stating, "Samsung Biologics' first-quarter performance is expected to be better than anticipated due to a more favorable exchange rate impact." While noting uncertainties such as tariffs, Heo added, "If additional orders continue, such as the 2 trillion KRW contract with a European pharmaceutical company in January, related concerns can be dispelled. The news of the groundbreaking of the 6th plant within the year is the biggest momentum this year."