[바이오사 리포트] 삼성바이오에피스, 이익률 회복...주목받은 회계조정

Samsung Bioepis demonstrated its underlying profitability by restoring a 30% operating margin, yet the gap between its separate performance and consolidated accounting adjustments reveals the complex financial structure following its integration into Samsung Biologics. Investors should focus on whether the shift toward Direct Sales in Europe and the expansion of the US biosimilar portfolio can drive sustained product revenue growth to fund its ambitious pivot toward original drug discovery.