First Read: Bachem Holding AG "Large volume peptide agreement signed for..."

研报英文原文证据摘录

First Read: Bachem Holding AG "Large volume peptide agreement signed for..."

Global Research

21 July 2026ab

First Read

EquitiesBachem Holding AG

Large volume peptide agreement signed for Switzerland

Sisslerfeld expansion Biotechnology

12-month rating Buy

12m price target CHF80.00

Large volume peptide supply agreement for Sisslerfeld

Bachem announced today the signing of a supply agreement for large volumes of

peptides, which supports the next phase of production expansion with its Sisslerfeld Price (20 Jul 2026) CHF70.25

greenfield project. Bachem will invest more than CHF500m into the site, with RIC: BANB.S BBG: BANB SW

commercial production to start in 2030. The strategic collaboration includes pre-

Trading data and key metrics

payments and long-term commitments, while the collaboration partner and further

details were not disclosed. Management stated that the agreement strengthens 52-wk range CHF81.85-48.72

planning security beyond 2030 and supports coordinated investments across the Market cap. CHF5.18b/US$6.40b

manufacturing network. Shares o/s 73.8m (REGB)

Free float 42%

Our view Avg. daily volume ('000) 135

We see this as a positive development for Bachem, as it moves Sisslerfeld from a Avg. daily value (m) CHF9.9

demand-dependent future option toward a customer-backed capacity expansion, Common s/h equity (12/26E) CHF1.56b

strengthens visibility beyond 2030 and supports disciplined, stepwise capacity build- P/BV (12/26E) 3.4x

outs. It is also consistent with the prior investment case that Sisslerfeld would require Net debt to EBITDA (12/26E) 1.3x

meaningful customer commitment, including prepayments and long-term contracts,

EPS (UBS, diluted) (CHF)

before proceeding.

UBS Cons.

12/26E 2.24 2.23

Valuation: 18.5x EV/EBITDA

12/27E 2.88 2.87