Gene Therapy Sentiment Better than Headlines Suggest? Implications for DHR, SRT3, LONN, OXB, etc.

研报英文原文证据摘录

Gene Therapy Sentiment Better than Headlines Suggest? Implications for DHR, SRT3, LONN, OXB, etc.

RBC Capital Markets, LLC

Dan Leonard (Analyst)

(212) 858-7065,

dan.leonard@rbccm.com

RBC Europe Limited

Charles Weston, CFA

(Analyst)

+44 20 7429 8425,

June 29, 2026 charles.weston@rbccm.com

Gene Therapy Sentiment Better than HeadlinesRESEARCH Suggest? Implications for DHR, SRT3, LONN, OXB,

etc.

Our view: Our post-BIO expert call on gene therapy CDMO trends surfaced a constructively bullish

read on the AAV space, with more optimism than we expected given the narrative around oversupply

and CDMO closures. The expert called out Danaher's (DHR) Aldevron as a beneficiary, important

to the growth rebound story underlying our Outperform rating. The RFP (Request-For-Proposal)EQUITY environment, while not characterized by splashy press releases, is quietly growing when normalized for

how capital is deployed today vs. the 2020 bubble era. Danaher (DHR) and Sartorius (SRT3) were named

the usual suspects in bioprocessing equipment, while Lonza (LONN), Thermo (TMO), Catalent (owned

by Novo) and Oxford Biomedica (OXB) were called out as key members of the competitive landscape.

Gene therapy sentiment better than the closure headlines suggest. The mood on the floor of the

BIO International Convention last week was constructively positive, with the expert noting meaningful

interest around AAV CDMOs this year. While a wave of newer CDMOs have exited the market, the expert

separated durable commercial-track-record shops from those that rode Sarepta/Zolgensma tailwinds

without the process depth to sustain. Innovation at the vector level (new AI-developed AAV capsids,

non-viral approaches) is driving a broader program set toward CDMOs with the analytical infrastructure

to handle them.