Reiterating our DIA/BIM ratings

研报英文原文证据摘录

Reiterating our DIA/BIM ratings

s and LTG forecasts

that already factor in key headwinds (RBCe +5% and +3% CAGRs, respectively), sales from the two new

Molecular platforms would have to reach only €280m sales by 2030E vs. >c.€310m guidance (Diasorin

targets >€180m multiplex sales (majority from PLEX) and >USD 150m NES sales by 2030E). Should the

company achieve this target, we see the top end of the guidance range (+8% CAGR) as achievable,

implying c.6% upside to 2030E VA consensus sales estimates (2% upside to RBCe). We expect to see more

evidence of platform placements and revenue ramp from H2, following the PLEX GI panel clearance

in May 2026 (providing a more complete panel menu), and the NES launch in April (with respiratory

reagent pull-through anticipated from late Q3).

bioMérieux: potential risks to 2028 guidance and consensus. Following 3 guidance downgrades in 9

months, we believe the GO28 targets are challenging, and sit 3-4% below consensus for 2026-2028

cEBIT. Key risks to 2028 guidance in our view include the following: 1. Spotfire ramp to c.€450m by

2028 following downgrades to FY25/26 expectations; 2. Microbiology reaching +6-8% guided CAGR

following China headwinds, cautious placements and slower VITEK Reveal uptake; 3. uncertainty around

instrument recovery; 4. potential downside from ongoing inflationary effects. Versus consensus, we sit

lower on Molecular sales and margins as we factor in lower operating leverage and mix into our cEBIT

growth estimates. We look for evidence of accelerated Spotfire placements/revenue, Microbiology

recovery and instrument normalisation in order to take a more positive stance.

Updates to forecasts and PTs. We make minor changes to our DIA estimates following its May CMD and