Diasorin S.P.A: Feedback from 2026 CMD; MDx Pivot De-Risks Sales, Margins the Real Test

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Diasorin S.P.A: Feedback from 2026 CMD; MDx Pivot De-Risks Sales, Margins the Real Test

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

20 May 2026

Diasorin S.P.A

Feedback from 2026 CMD; MDx

Pivot De-Risks Sales, Margins the

DIAS.MI/DIA IM UNDERWEIGHTReal Test

European Pharmaceuticals,

CMD reinforced DIA’s MDx-led growth pivot (NES/PLEX), BiotechnologySciences & Life NEUTRAL

underpinning the low end of FY26–30 sales guidance. We Price Target EUR 60.00

Price (19-May-26) EUR 69.70

come away more positive as NES targets look conservative, Potential Upside/Downside -13.9%

but +200bps margin expansion and PLEX execution appear Source: Bloomberg, Barclays Research

stretched. We remain cautious near term as FY26 relies on

2H26-weighted growth Biotechnology & Life Sciences

Charles Pitman-King, CFA

+44 (0)20 3134 6023Today we attended Diasorin’s Capital Markets Day in person in Milan where management

charles.pitman-king@barclays.com

expanded on the top-line mid-term (FY26-30) sales and EBITDA margin guidance announced this Barclays, UK

morning (BARCe first take). Detailing divisional (Immuno +MSD%, MDx +High-teens%, LTG +L-

MSD%) and key product launch (NES >$150m in FY30, PLEX >€180m) sales targets, analyst James Gordon

+44 (0)20 7116 2784questions focused on details and management assumptions behind these targets and what the

james.gordon@barclays.com

new CFO Alberto Doanti's guidance philosophy was ("achievable but ambitious"). Meeting with Barclays, UK

Marketing leads of Immunoadiagnostics (Immuno) and Molecular Diagnostics (MDx), we were

also able to better understand DIA's product suite, from the LIAISON XL to the new point-of-care Shirley Chen, PhD

+44 (0)20 7773 2109Dx solution LIAISON NES.

shirley.chen@barclays.com