Lonza Group AG: Expands strategic collaboration, further de-risks capacity monetisation

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Lonza Group AG: Expands strategic collaboration, further de-risks capacity monetisation

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

1 July 2026

Lonza Group AG

Expands strategic collaboration,

further de-risks capacity First Look

LONN.S/LONN SW OVERWEIGHTmonetisation

European Pharmaceuticals,

Expanded collaboration with a US biopharma adds two BiotechnologySciences & Life NEUTRAL

commercial biologic programs of potential "multi-billion CHF Price Target CHF 670.00

Price (30-Jun-26) CHF 545.80

cumulative value". Evidence of demand materialising and Potential Upside/Downside +22.8%

supports utilisation ramp-up of recent investments. Reiterate Source: Bloomberg, Barclays Research

OW and PT CHF 670.

Biotechnology & Life Sciences

After announcing yesterday an expansion of payload-linker/HPAPI manufacturing capacity in Charles Pitman-King, CFA

Visp to support the rapidly growing ADC market, Lonza today announced an expanded +44 (0)20 3134 6023

strategic collaboration with "a leading US biopharmaceutical company", adding two charles.pitman-king@barclays.com

commercial biologic programs (with options for two more) and extending an existing Barclays, UK

multi-year partnership. The collaboration spans Lonza's US commercial-scale biologics James Gordon

network and European drug substance/drug product capabilities and forms part of a broader +44 (0)20 7116 2784

portfolio of contracts with the potential to deliver a “multi-billion cumulative CHF value” over james.gordon@barclays.com

time. The agreement includes commercial manufacturing, process intensification, process Barclays, UK

optimisation and drug product support, underscoring continued demand for Lonza's integrated Yihan Li, PhD

outsourcing offering. +44 (0)20 3555 3563

yihan.li@barclays.com