Bachem Holding AG: First Sisslerfeld customer to trigger capex >CHF500m; partly de-risks 2030+ growth, but near-term driven by Building K

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Bachem Holding AG: First Sisslerfeld customer to trigger capex >CHF500m; partly de-risks 2030+ growth, but near-term driven by Building K

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

21 July 2026

Bachem Holding AG

First Sisslerfeld customer to

trigger capex >CHF500m; partly First Look

BANB.S/BANB SE EQUAL WEIGHTde-risks 2030+ growth, but near-

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencesterm driven by Building K

Price Target CHF 70.00

Price (20-Jul-26) CHF 70.25Announcing the first Sisslerfeld customer (undisclosed size)

triggers initial Capex ~CHF500m needed to underpin its next PotentialSource: Bloomberg,Upside/DownsideBarclays Research -0.4%

major capacity expansion, this partially de-risks mid-term

2030+ growth. Near-term execution remains centred on European Pharmaceuticals,

Building K. Expect limited share upside. BiotechnologyCharles Pitman-King,& Life SciencesCFA

+44 (0)20 3134 6023

Bachem this morning announced a strategic collaboration to supply "large volumes of peptides, charles.pitman-king@barclays.com

Barclays, UKtriggering the next phase of development at its previously announced Sisslerfeld (Switzerland)

greenfield site." As part of the agreement, Bachem will invest >CHF500m in the facility, James Gordon

supported by customer pre-payments and long-term commitments. Commercial production is +44 (0)20 7116 2784

expected to commence in 2030. The company did not disclose the identity of the partner. james.gordon@barclays.com

Barclays, UK

In our view, this announcement de-risks BANB’s expected next phase of growth beyond the Yihan Li, PhD

current ramp-up of Building K, and should drive some fundamental upside to estimates, +44 (0)20 3555 3563