BioMérieux (1K) | Buy (Not Rated) | Leadership at a discount

研报英文原文证据摘录

BioMérieux (1K) | Buy (Not Rated) | Leadership at a discount

#Initiation

This insert is part of a sector report, which is Release date: 24 June 2026

available here

Company research

Buy (Not Rated) BioMérieux

France | Medtech & services Beta Profile: MCap: EUR7.9bn

Target Price: EUR85.00 (none) Change in TP: none Bloomberg: BIM FP Reuters: BIOX.PA

Current Price: EUR66.60 Change in Sales: none 26E/none 27E Free float 30.0%

Avg. daily volume (EURm) 29.5 Up/downside: 27.6% Change in Adj EBIT: none 26E/none 27E

YTD abs performance -39.6%

Market data: 23 June 2026 Change in Adj. EPS: none 26E/none 27E

52-week high/low (EUR) 128.30/66.60

Leadership at a discount Price performance

Why this report?

Despite a still-soft near-term outlook amid weak Q2 respiratory epidemiology 150

(we are slightly below guidance for 2026), we initiate coverage with a Buy 140130

rating, as we believe BioMérieux offers the best combination of quality, 120

growth, and valuation in our diagnostics universe. Following a significant de- 110100

rating, driven by concerns around respiratory testing, pricing pressure in 90

China, and weaker near-term growth, we believe the stock now offers an 8070

attractive risk-reward profile. 2026 is likely to mark the earnings trough, with 60

Jun 25 Dec 25 Jun 26

growth set to reaccelerate thereafter, supported by a normalisation in

respiratory testing and increasing utilisation of the group’s BioFire and Price Stoxx Europe 600 (rebased)

SpotFire installed bases.

Key findings

▪In our view, BioMérieux offers the best combination of quality, growth, and FY to 31/12 (EUR) 12/26E 12/27E 12/28E

valuation within European diagnostics. Sales (m) 4,107 4,355 4,593

▪The key question is whether respiratory testing headwinds and weaker near-term EBITDA adj (m) 972 1,058 1,147