Diasorin: Not the reset we had hoped for; FY26 guidance significantly at risk

研报英文原文证据摘录

Diasorin: Not the reset we had hoped for; FY26 guidance significantly at risk

Deutsche Bank

Research

Rating Company Date

Hold Diasorin 13 May 2026

Company Update

Europe

Italy

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (EUR) 66.70

DIAS.MI DIA IM MIL DIAS

Price Target (EUR) 62.00

Healthcare

ADR ISIN 52-week range (EUR) 96.70 - 55.62

Life Sciences Tools &

DASOY US25283P1093

Diagnostics

Not the reset we had hoped for; FY26

Valuation & Risks guidance significantly at risk

Jan Koch, CFA

Summary takeaway Research Analyst

Diasorin's confirmation of its 2026 guidance, despite reporting a weak Q1 +49-69-910-47428

performance, surprised the market. The company projects a significant growth

Falko Friedrichs

acceleration, from a 3% organic sales decline in Q1 to slight growth in Q2 and an Research Analyst

ambitious 10-12% growth in H2. This trajectory hinges on several headwinds +49-69-910-36270

subsiding from Q2 onwards (detailed in this report), coupled with easier

Fynn Scherzler

comparables and substantial assumed contributions from the LIAISON PLEX and

Research Analyst

NES platforms. However, many of Diasorin's underlying assumptions for this rapid

+49-69-910-40764

H2 ramp-up contradict recent peer commentary, leading us to believe a guidance

cut is inevitable as these overly optimistic assumptions might prove unsustainable. Sachin Gadilingappa

Research Associate

All eyes on the upcoming Capital Markets Day

Diasorin is set to host its Capital Markets Day (CMD) on May 20th, when new Key changes

medium-term guidance through 2030 is expected. While we would ideally DB EPS (EUR) 3.76 to 3.84 ↑ 2.2%

anticipate a conservative outlook—projecting a high-single-digit organic sales

Revenue (EURm) - ↑ 0.0%