Diasorin: We slightly lower Q2 molecular growth, still see risk to FY guidance

研报英文原文证据摘录

Diasorin: We slightly lower Q2 molecular growth, still see risk to FY guidance

J P M O R G A N Europe Equity Research

26 June 2026

Diasorin Underweight

DIAS.MI, DIA IM

We slightly lower Q2 molecular growth, still see risk to Price (25 Jun 26):€66.40

FY guidance Price Target (Jun-27):€58.00

Following a catch up with IR and ahead of Q2 results (31 July), we set out our latest European Medical Technologies &

thoughts. We make no changes to our full year estimates, but slightly lower Q2 Services

organic growth at the group level, to +2.4% (previously +2.8%), reflecting the David Adlington AC

subdued flu trends and subsequent impact to the molecular business. We leave all (44-20) 7134-5828

other divisions unchanged. We believe the balance of risk to FY26 guidance david.adlington@jpmorgan.com

remains to the downside given the implied acceleration required in H2 to hit FY26 Anchal Verma

guidance, and particularly the LDD% guidance for molecular (we forecast around (44-20) 3493-6144

-6% H1 growth implying mid-high twenties H2 growth). We also note that the anchal.verma@jpmorgan.com

significant reliance on the ramp-up of NES, which will not begin to appear in Philip S Omnou

(44-20) 3493-5648

revenues until at some point in Q3, makes the uplift difficult to underwrite at this philip.omnou@jpmorgan.com

stage. While consensus broadly reflects Q2 dynamics, we remain Underweight J.P. Morgan Securities plc

given the risk to FY guidance and lack of upside catalysts at Q2 results, all while

shares trade on 17x FY26e PER in a year of negative earnings growth. Specialist Sales contact details:

Marjan Daeipour - Specialist Sales -

• Immunodiagnostics. We expect sequentially higher organic growth in Q2 as European Healthcare