{"slug":"samsung-biologics","name":"삼성바이오로직스","name_en":"Samsung Biologics","ticker":"207940.KS","updated_at":"2026-07-11T17:01:02.009458+00:00","canonical":"https://valuechain.wiki/samsung-biologics","citable":"밸류체인 그래프 기준 삼성바이오로직스의 직접 연결 기업은 3곳(관계 기준 공급 3·매출 2)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-11 기준).","citable_en":"Per the valuechain.wiki graph, Samsung Biologics is directly linked to 3 companies (3 supply, 2 revenue relationships) and reaches 5 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-11).","kicker":"바이오의약품 CDMO (세계 최대)","kicker_en":"Biologics CDMO (world's largest)","lead":"글로벌 제약·바이오 기업의 바이오의약품을 위탁생산(CMO)하고 세포주·공정을 위탁개발(CDO)하는 세계 최대 CDMO다. 송도에 5개 공장 총 78만5천리터 생산능력을 갖췄고, 매출은 유럽(52%)·미국(38%) 고객사가 대부분이다. 2025년 삼성바이오에피스를 인적분할해 순수 CDMO로 전환했다.","lead_en":"The world's largest biologics CDMO, contract-manufacturing (CMO) drugs and developing cell lines and processes (CDO) for global pharma. It runs five Songdo plants totaling 785,000 liters; revenue is mostly from European (52%) and US (38%) customers. In 2025 it spun off Samsung Bioepis to become a pure-play CDMO.","segments":{"parts":[{"name":"CMO 위탁생산 (78.5만L, 5개 공장)","note":"95.6%"},{"name":"CDO 위탁개발 (세포주·공정)","note":"4.4%"}],"total":"제품(위탁생산) 95.6%·서비스(위탁개발) 4.4%; 지역 유럽 52%·미국 38%·국내 8.2%"},"segments_en":{"parts":[{"name":"CMO manufacturing (785kL, 5 plants)","note":"95.6%"},{"name":"CDO development (cell line, process)","note":"4.4%"}],"total":"Product (CMO) 95.6%, service (CDO) 4.4%; Europe 52%, US 38%, Korea 8.2%"},"returns_yearly":{"2021":-6.8,"2022":8.6,"2023":5.8,"2024":28.7,"2025":5,"2026":-20.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"johnson-johnson","name":"존슨앤드존슨","name_en":"Johnson & Johnson","tier":2,"returns_yearly":{"2021":11.4,"2022":6,"2023":-8.6,"2024":-4.8,"2025":47.5,"2026":25.6}},{"slug":"ligachem-biosciences","name":"리가켐바이오","name_en":"LigaChem Biosciences","tier":1,"returns_yearly":{"2021":-26.2,"2022":-18.1,"2023":37.1,"2024":151,"2025":60.5,"2026":-40.7}}],"benefiting":[{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":1,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":43.2}},{"slug":"danaher","name":"다나허","name_en":"Danaher Corporation","tier":1,"returns_yearly":{"2021":48.6,"2022":-19,"2023":-1.2,"2024":-0.3,"2025":0.4,"2026":-12.7}},{"slug":"ecopro-hn","name":"에코프로에이치엔","name_en":"Ecopro HN","tier":2,"returns_yearly":{"2022":4.6,"2023":17,"2024":-47.7,"2025":38,"2026":-32}},{"slug":"ecopro","name":"에코프로","name_en":"Ecopro","tier":3,"returns_yearly":{"2021":-5.1,"2022":94.5,"2023":309.5,"2024":-39.2,"2025":172.1,"2026":-47.1}}],"analysis":"바이오의약품 CDMO(세계 최대) 기업. 2026년 -20.1%다. 공급단(평균 +15.3%)이 본주(-20.1%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 삼성E&A(+43.2%), 가장 처진 곳은 리가켐바이오(-40.7%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Samsung Biologics operates across Biologics CDMO (world's largest). It is -20.1% in 2026. The supply side (avg +15.3%) has moved harder than the stock (-20.1%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Samsung E&A (+43.2%) and the furthest behind is LigaChem Biosciences (-40.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. In 2025 it spun off Samsung Bioepis to become a pure-play CDMO.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"글로벌 빅파마 (CMO 위탁생산, 지역 익명)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"원","as_of":"2026-05","basis":"지역 익명, 누적 $21.4B","value":2074700000000,"period":"최대 CMO 계약(미국 제약사)","basis_en":"region-anonymized; $21.4B cumulative"},"note":"글로벌 제약사의 바이오의약품 위탁생산 — 계약상대는 경영상 비밀유지로 지역만 공개(공개일 지정). 2024~25 대형 계약: 미국 제약사 2조747억·1조8,001억·1조4,637억, 아시아 제약사 1조7,028억, 유럽 제약사 9,304억 등. 지역별 매출 유럽 52%·미국 38%. 누적 수주 약 214억달러(CMO 112·CDO 169건).","note_en":"Contract-manufactures biologics for global pharma; counterparties are region-only disclosed under confidentiality (with set reveal dates). 2024-25 megadeals: US pharma at KRW 2.07tn, 1.80tn and 1.46tn, an Asia pharma at KRW 1.70tn, a Europe pharma at KRW 0.93tn. Revenue split Europe 52%, US 38%. Cumulative orders ~$21.4B (112 CMO, 169 CDO).","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-06-22","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260622800686","title":"삼성바이오로직스 단일판매·공급계약 (위탁생산 증액)","title_en":"Samsung Biologics supply contract (CMO increase)","excerpt":"위탁생산 확정금액 USD 190,475,800(약 2,159억원), 계약상대 '아시아 소재 제약사'(비밀유지, 2037.12 공개 예정), 종료일 2037-12-31.","excerpt_en":"CMO firm value USD 190.5M (~KRW 216bn), counterparty 'an Asia-region pharma' (confidential, reveal 2037), term to 2037-12-31."},{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-05-15","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260515001658","title":"삼성바이오로직스 사업보고서 (2025.12)","title_en":"Samsung Biologics annual report (FY2025)","excerpt":"미국 소재 제약사 2조747억·1조8,001억·1조4,637억, 아시아 소재 제약사 1조7,028억, 유럽 소재 제약사 9,304억 위탁생산 계약. 지역별 매출 유럽 52%·미국 38%·국내 8.2%.","excerpt_en":"US-pharma CMO deals of KRW 2.07tn, 1.80tn, 1.46tn; Asia-pharma KRW 1.70tn; Europe-pharma KRW 0.93tn. Revenue Europe 52%, US 38%."},{"stance":"confirms","publisher":"Reuters","publisher_en":"Reuters","kind":"news","lang":"en","published_at":"2026-01-22","url":"https://www.reuters.com/business/healthcare-pharmaceuticals/samsung-biologics-cdmo-2025","title":"Samsung Biologics posts record CDMO orders, spins off Bioepis","title_en":"Samsung Biologics posts record CDMO orders, spins off Bioepis","excerpt":"Samsung Biologics reported record CDMO orders (~$21.4B cumulative) and spun off Samsung Bioepis to focus on pure-play CDMO.","excerpt_en":"Samsung Biologics reported record CDMO orders and spun off Bioepis for pure-play CDMO focus."},{"stance":"confirms","publisher":"약사공론","publisher_en":"KPA News","kind":"news","lang":"ko","published_at":"2026-01-15","url":"https://www.kpanews.co.kr/news/articleView.html?idxno=530934","title":"삼성바이오, 누적 수주 214억달러","title_en":"Samsung Biologics: $21.4B cumulative orders","excerpt":"누적 수주 CMO 112건·CDO 169건, 총 214억 달러.","excerpt_en":"Cumulative $21.4B across 112 CMO and 169 CDO deals."}]},{"direction":"revenue","counterparty":"글로벌 빅파마 (CMO·CDO 위탁생산)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-01","basis":"CMO 112·CDO 169건","value":21400000000,"period":"누적 수주","basis_en":"112 CMO, 169 CDO deals"},"note":"세계 최대 바이오의약품 CDMO(총 78.4만L, 5공장 가동) — 누적 수주 CMO 112건·CDO 169건, 총 214억달러. 2025년 신규 수주 6.6조원(역대 최대), 연매출 성장 가이던스 15~20%.","note_en":"The world's largest biologics CDMO (784,000L with plant 5 online): 112 CMO and 169 CDO cumulative deals worth $21.4B; record KRW 6.6tn of 2025 orders, guiding 15-20% revenue growth.","sources":[{"stance":"confirms","publisher":"약사공론","publisher_en":"KPA News","kind":"news","lang":"ko","published_at":"2026-01-15","url":"https://www.kpanews.co.kr/news/articleView.html?idxno=530934","title":"삼성바이오, 누적 수주 214억달러","title_en":"Samsung Biologics: $21.4B cumulative orders","excerpt":"누적 수주 CMO 112건·CDO 169건, 총액 214억 달러; 2025년 신규 수주 6조6295억원(역대 최대).","excerpt_en":"Cumulative $21.4B across 112 CMO and 169 CDO deals; record KRW 6.6tn 2025 orders."}]},{"direction":"revenue","counterparty":"리가켐바이오 (ADC 치료제 CDO 위탁개발)","counterparty_slug":"ligachem-biosciences","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"리가켐바이오사이언스의 ADC(항체약물접합체) 치료제 위탁개발(CDO) 계약 체결 — CDO 서비스의 대표 사례.","note_en":"Signed a CDO contract to develop LigaChem Biosciences' ADC therapeutic - a flagship CDO service engagement.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-05-15","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260515001658","title":"삼성바이오로직스 사업보고서 (2025.12)","title_en":"Samsung Biologics annual report (FY2025)","excerpt":"리가켐바이오사이언스 ADC 치료제 위탁개발 계약 체결.","excerpt_en":"Signed a CDO deal for LigaChem Biosciences' ADC therapeutic."}]},{"direction":"revenue","counterparty":"리가켐바이오 (ADC CDO·CMO 수주)","counterparty_slug":"ligachem-biosciences","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"리가켐바이오의 ADC 치료제 위탁개발·생산을 수주(2024.02 CDO 계약, 송도 ADC 전용시설).","note_en":"Won ADC development and manufacturing mandates from LigaChem Biosciences (Feb 2024 CDO deal, Songdo ADC facility).","sources":[{"stance":"confirms","publisher":"이데일리 팜","publisher_en":"Edaily Pharm","kind":"news","lang":"ko","published_at":"2024-06-17","url":"https://pharm.edaily.co.kr/news/read?newsId=03722806642038048","title":"리가켐 손잡은 삼성바이오로직스…ADC CDMO 협력","title_en":"Samsung Biologics deepens ADC CDMO tie-up with LigaChem","excerpt":"삼성바이오로직스가 리가켐바이오의 ADC 개발·생산을 수주.","excerpt_en":"Samsung Biologics secured LigaChem's ADC development and manufacturing."}]},{"direction":"cost","counterparty":"삼성E&A","counterparty_slug":"samsung-e-a","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"송도 바이오플랜트 1~5공장 시공사(삼성E&A) — 캐파 확장의 건설 파트너.","note_en":"Samsung E&A built Songdo bio plants 1-5, the construction partner for capacity expansion.","sources":[{"stance":"mentions","publisher":"약사공론","publisher_en":"KPA News","kind":"news","lang":"ko","published_at":"2026-01-15","url":"https://www.kpanews.co.kr/news/articleView.html?idxno=530934","title":"삼성바이오, 누적 수주 214억달러","title_en":"Samsung Biologics: $21.4B cumulative orders","excerpt":"5공장 18만L 가동으로 총 78.4만L 확보 — 삼성E&A가 1~5공장 시공.","excerpt_en":"Plant 5 (180kL) brings total to 784kL; Samsung E&A built plants 1-5."}]},{"direction":"cost","counterparty":"삼성E&A (송도 바이오플랜트 시공)","counterparty_slug":"samsung-e-a","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"송도 1~5공장(총 78.5만L) 캐파 확장의 EPC 시공 파트너로 삼성E&A(구 삼성엔지니어링) 참여.","note_en":"Samsung E&A (formerly Samsung Engineering) is the EPC partner building the Songdo plants 1-5 (785kL total).","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-05-15","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260515001658","title":"삼성바이오로직스 사업보고서 (2025.12)","title_en":"Samsung Biologics annual report (FY2025)","excerpt":"송도 5개 공장 총 78만5천리터 생산능력; 캐파 확장 시공.","excerpt_en":"Five Songdo plants totaling 785,000 liters; capacity build-out."}]},{"direction":"cost","counterparty":"바이오프로세싱 원부자재 (배지·레진·필터, 싸이티바·써모피셔)","counterparty_slug":"danaher","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"위탁생산에 세포배양 배지·크로마토그래피 레진·싱글유즈 필터 등 바이오프로세싱 소모품을 다나허(싸이티바)·써모피셔 등에서 조달.","note_en":"Sources bioprocessing consumables - cell-culture media, chromatography resins and single-use filters - from Danaher (Cytiva), Thermo Fisher and others for its CMO operations.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-05-15","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260515001658","title":"삼성바이오로직스 사업보고서 (2025.12)","title_en":"Samsung Biologics annual report (FY2025)","excerpt":"위탁생산 원부자재로 배지·레진·필터 등 바이오프로세싱 소모품 사용.","excerpt_en":"CMO uses bioprocessing consumables (media, resins, filters)."}]}]}