Oxford Nanopore Technologies PLC: H1'26 Trading Update Review

研报英文原文证据摘录

Oxford Nanopore Technologies PLC: H1'26 Trading Update Review

omberg

growth acceleration (from 16.5% to 21.1%) supported by self-help and easier comps in China

along with conversion of Clinical and Biopharma revenues across EMEAI and AMR. We forecast Price Performance Exchange-LSE

21% constant currency growth 2025-2028E, and see potential upside to our forecasts from 52 Week range GBP 2.25-0.96

Biopharma. Management has indicated Biopharma could account for 20% of Group sales by

2027; however, our risk-adjusted estimates see Biopharma at just 14% of sales by 2028

(Guidance cut a clearing event?, 25 March). Despite a slew of guidance cuts, we believe

valuation does not accurately reflect the growth opportunity relative to peers and reiterate our

Overweight rating, whilst reducing our price target to 160 GBp (from 172 GBp).

Key takes from CFO meeting: 1) 2026 revenue expectations: Confidence in H2 growth comes

from converted, ramping business. AMRs and APAC ex-China are expected to be swing factors Source: IDC

Link to Barclays Live for interactive charting

between the 16-20% guide, with EMEAI and China expectations relatively fixed. New

opportunities that could push them back into the 21-25% range are to be discussed in more

detail once signed. Revenue at the mid-point of new guide is slightly more H2 weighted than the European Medical Technology &

previously communicated 45:55 split, but not drastically. 2) 2027+ growth: Management do not Services

see a fundamental issue that changes their view on continuing growth rate of the business; Jonathon Unwin

+44 (0)20 7773 0354they can see a reacceleration of growth to 21-25% in 2027. China comp will be easier. 3)

jonathon.unwin@barclays.com