SCHOTT PHARMA (+) : Q2 sales/EBITDA in-line, but EBITDA >10% ahead ex-one offs

研报英文原文证据摘录

SCHOTT PHARMA (+) : Q2 sales/EBITDA in-line, but EBITDA >10% ahead ex-one offs

EQUITIES

MEDTECH & SERVICES

SCHOTT PHARMA OUTPERFORMPRICE* EUR15.7  TARGET PRICE EUR20 (UPSIDE 27%)

FLASH NOTE

Q2 sales/EBITDA in-line, but EBITDA >10% ahead ex-one offs

13 MAY 2026 Securities Research Report Production time: 07:19* (London time)

Research Analyst & Publishing Entities

Odysseas Manesiotis BNP Paribas London Branch (+44) 203 430 8485 odysseas.manesiotis@uk.bnpparibas.com

SCHOTT Pharma reported a strong 2Q 25/26 with EBITDA c13% ahead of VARA consensus if adjusted for one-off

inventory impairments linked to the downsized vaccine contract flagged by the company in the prior quarter. Reported

numbers were largely in-line with expectations and FY25/26 guide was re-iterated, with DCS Sales/EBITDA coming

ahead of expectations due to strength in ADC-specialized vials and GLP-1 cartridges, and DDS a touch below because

of the cancelled vaccine contract and continued mRNA weakness. Now that the vaccine client‑driven Q2 weakness

overhang is behind us, encouraging order book visibility flagged by the company points to accelerating growth and

margin momentum in Q3, which we think will likely support the shares this morning.

Revenue in-line with cons, DCS above, DDS below. SCHOTT Pharma reported 2Q26 revenue of EUR248m (-

1.5%cc), largely in-line with consensus and weighed down by the Vaccine contract cancellation the group flagged in

Q1 (we estimate a c5ppt impact). DCS drove growth in the quarter due to strong demand for HVS products such as

GLP-1 cartridges and specialty vials (we think partly related to their ADC contracts), with revenue of EUR149m (+4%

yoy), coming 3% ahead of consensus. DDS sales of EUR99m (-8% yoy), were 3% below consensus, as the cancelled