SCHOTT Pharma: Q2’26 call feedback: Guidance reiterated on 2H acceleration

研报英文原文证据摘录

SCHOTT Pharma: Q2’26 call feedback: Guidance reiterated on 2H acceleration

Accessible version

SCHOTT Pharma

Q2’26 call feedback: Guidance reiterated

on 2H acceleration

Maintain Rating: UNDERPERFORM | PO: 13.00 EUR | Price: 15.80 EUR

No surprise in 2Q, FY26 transition continues 14 May 2026

Schott Pharma reported Q2 results broadly in line with consensus, with revenue flat at Equity

constant currency and EBITDA margin of 26.0%, c40bps below consensus. Management

reiterated FY26 guidance for 2–5% organic sales growth and an EBITDA margin of Julien Ouaddour >>

c27%, with broadly flat DDS and continued strong growth in DCS. The company Research Analyst

BofASE (France)

continues to be impacted by the ongoing normalisation in mRNA-related demand, which +33 1 8770 0614

has declined from HSD of revenue last year to MSD level currently. We continue to see julien.ouaddour@bofa.com

FY26 as a transition year, with management pointing to a recovery in both glass syringes Anna Ractliffe >>

Research Analyst

and polymer from FY27. We leave our estimates unchanged, and maintain our MLI (UK)

Underperform rating, as visibility remains low on Schott’s contract pipeline and broader +44anna.ractliffe@bofa.com020 7995 2591

demand in the drug-packaging market. James Nin >>

Key takes from the conference call: BofASEjames.nin@bofa.com(France)

1] DDS revenue declined 9.8% year-on-year, driven by lower polymer syringe demand.

Management expects momentum to improve in H2 for both glass and polymer syringes.

2] GLP-1 One GLP-1 customer now represents c10% of revenue. Management does not Stock Data

expect a material headwind from oral formulations near term and continues to see GLP-

1-related growth as more meaningful towards 2030. Price 15.80 EUR

Price Objective 13.00 EUR