Coloplast: Key themes to keep in mind for 9M 2026E results on August 18th

研报英文原文证据摘录

Coloplast: Key themes to keep in mind for 9M 2026E results on August 18th

30 June 2026

Coloplast: Key themes to keep in mind for 9M 2026E results on

August 18th

Susannah Ludwig +41 582 723 127 susannah.ludwig@bernsteinsg.com

Estelle Pang, CFA +44 20 7676 7646 estelle.pang@bernsteinsg.com

Richard Hombach +44 20 7762 1858 richard.hombach@bernsteinsg.com

Specialist Sales

Christian Moore +1 917 344 8555 christian.moore@bernsteinsg.com

We regularly hold calls with companies towards the end of each quarter, making sure we are up-to-date with their latest communications

ahead of any “quiet period”. We comment on these discussions soon after holding these calls, even if they are simply a re-iteration of previous

messages. We held a call with Coloplast today ahead of them entering their quiet period on July 3rd leading up to their 9M 2026 results on

August 18th. We rate Coloplast Market-Perform with a target price of DKK 450.

Coloplast publishes a pre-close brief ahead of each quarterly results, which can be found here.

Below please find key themes from our discussion.

Advanced Wound Care

In Kerecis, Coloplast reiterated the expectation for a negative H2 performance given the flat FY divisional guidance and H1 growth of +5%.

In the outpatient setting, they continue to see a challenging market with no visibility on improvement. They reiterated that the weaker than

expected performance this year has been the fact that they have a 100% loss on their higher cost Shield product in the outpatient setting,

and they are not converting doctors to Marigen as they hoped. Instead, given the disruption and uncertainty, doctors are simply holding

off purchases altogether. On the inpatient side, they noted they had called out some slowing of momentum at Q2, which they attributed to