Eurofins Scientific SE: Off the Call

研报英文原文证据摘录

Eurofins Scientific SE: Off the Call

Update

July 23, 2026 01:33 PM GMT

Morgan Stanley & Co. International plc+MEurofins Scientific SE | Europe Remi Grenu

Equity Analyst

Off the Call Remi.Grenu@morganstanley.comAnnelies Vermeulen +44 20 7425-0552

Annelies.Vermeulen@morganstanley.com +44 20 7425-4367

Key Takeaways Zachariah Al-Qaryooti

Q&A focused on organic growth momentum, biopharma outlook, drivers of Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

margin expansion, lower capex intensity and company activity portfolio.

Eurofins Scientific SE (EUFI.PA, ERF FP)

Shares are down 6% driven by concerns on organic growth deterioration, Business Services | Luxembourg

especially within biopharma, outweighing the margin beat. Stock Rating Equal-weight

Industry View Attractive

Price target €67.50

Organic growth. Management clarified that the businesses it previously flagged as Shr price, close (Jul 22, 2026) €70.58

52-Week Range €74.32-54.86

weather impacted in Jan/Feb were the ones that returned to MSD organic growth in

Mkt cap, curr (mn) €13,093

March/April, and not Biopharma, which has remained challenged. Eurofins has Net debt (12/26e) (mn)* €3,259

EV, curr (mn)* €16,385

historically delivered around 6.5% organic growth, in line with the midterm

guidance. Looking ahead, overall group growth is likely to be influenced by business * = GAAP or approximated based on GAAP

mix across the portfolio, but the objective remains to get back to 6.5%.

Biopharma. Trading conditions remain challenging. Discovery continues to show

weak demand, with limited visibility on the timing of any recovery. Product Testing

performance is uneven, with stronger trends in some geographies (US) offset by

weakness in markets such as France and Germany. The central lab business is