Bachem: 1H‘26 Consensus Comparison: JPMe 4% below on EBITDA, expectation for mid-single digit CER Sales growth implies a demanding 2H ramp

研报英文原文证据摘录

Bachem: 1H‘26 Consensus Comparison: JPMe 4% below on EBITDA, expectation for mid-single digit CER Sales growth implies a demanding 2H ramp

J P M O R G A N Europe Equity Research

15 July 2026

Bachem

1H’26 Consensus Comparison: JPMe 4% below on Overweight

EBITDA, expectation for mid-single digit CER Sales BANB.S, BANB SW

growth implies a demanding 2H ramp Price (14 Jul 26):CHF75.15

Price Target (Jun-27):CHF85.00

Bachem will report 1H’26 results on Thursday, July 30th at 6am UK (7am CET, 1am European Pharmaceuticals &

ET), followed by a conference call on the same day (details TBD). Ahead of that, Biotechnology

and following our 1H 2026 preview (here), we provide a comparison to latest Zain Ebrahim AC

Company Consensus. For 1H 2026, our 5% CER Sales growth forecast to SFr313m (44-20) 3493-1163

is c. 3% below Company Consensus, while on EBITDA, our forecast of SFr72m zain.ebrahim@jpmorgan.com

is c. 4% below Company Consensus. For 2026, we expect a reiteration of the J.P. Morgan Securities plc

midpoint of the existing guide which at 40% CER Sales growth with a 3% FX Richard Vosser

headwind implies Sales of SFr944m, c. 1% below Company Consensus, and a Core (44-20) 7742-6652

richard.vosser@jpmorgan.com

EBITDA of SFr72m, also c. 1% below Company Consensus. Overall, we J.P. Morgan Securities plc

continue to expect a weak 1H for Bachem with our EBITDA forecast c. 4% Sophia Graeff Buhl Nielsen

below Company Consensus and with our expectation for 5% CER Sales (44-20) 7742-3918

growth in 1H implying a significant acceleration in 2H (70% CER Sales sophia.graeffbuhlnielsen@jpmorgan.com

growth) to achieve the midpoint of the guide so we anticipate further detail on J.P. Morgan Securities plc

the drivers for this acceleration (Building K ramp and underlying business) Dhitee Goel