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KR : Samsung Biologics - More than just Moderna

We do not see its contract with Moderna for the fill-and-finish of the latter’s mRNA Covid-19 vaccine as a key catalyst for near-term earnings growth. Driven Plant 3’s ramp-up (utilisation ≥ 75%) and high pre-order demand for Plant 4 (22 RFPs), we project 16% FY21-26F sales CAGR (OPM: 28-30%). Reiterate Add with a higher DCF-based target price of W1,000,000. This note marks the transfer of coverage to Jiwon Lee.


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