Samsung Bio Acq. Offer, 1H26 Prelim. Results, & a Guidance Raise

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Samsung Bio Acq. Offer, 1H26 Prelim. Results, & a Guidance Raise

PolyPeptide Group AG (PPGN SW)

Equity Research

July 20, 2026

Company Description

PolyPeptide Group AG

PolyPeptide Group AG operates as a biotechnology company. The Company focuses on producing proprietary and generic GMP grade peptides

for the pharmaceutical and biotechnology industry. PolyPeptide Group serves customers worldwide.

Company Valuation/Risks

Valuation: Our group DCF results in a PT of CHF38.7 with an implied FY27E EV/EBITDA multiple 13.6x.

Execution Risk: Despite the PPGN portfolio of reactors being smaller scale, execution of the capacity expansion and ramp of the relevant sites

is the key hurdle to overcome. Should there be manufacturing delays or issues inserting the reactors and the initiation is delayed, MT guidance

would likely be unachievable.

Technical Process Risk: Despite committing to a smaller-scale reactor than some competitors, and there are risks to purification and yield

consistency, any aggregation, degradation, or prolonged hold times during processing, can cause notable yield loss, directly impacting supply

reliability and hence COGS.

Potential industry competition and market demand: The Peptide CDMO space is becoming more competitive as competitors expand, and

originators scale out internal capacity. Oversupply leads to price erosion and reduced market share. Maintaining a competitive edge requires

continuous process development to improve offering.

Pipeline interruption: PPGN hopes to gain future commercial revenues from its diverse pipeline of early-stage products. Hence, clinical failures

or funding issues causing a decrease in the number of candidates in the pipeline have the potential to impact longer-term growth.