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H126 results: mix surprise, profit guidance upgrade

发布日期: 2026-07-22研究机构: Morgan Stanley公司 / 股票: LONN.S报告页数: 8原文语言: English证据页码: 1

研报英文原文证据摘录

Update

July 22, 2026 06:53 AM GMT

Morgan Stanley & Co. International plc+MLonza Group AG | Europe Thibault Boutherin

Equity Analyst

H1'26 results: mix surprise, profit Thibault.Boutherin@morganstanley.comSarita Kapila +44 20 7425-9688

Sarita.Kapila@morganstanley.com +44 20 7425-1320

guidance upgrade Adithya Venkat

Research Associate

Adithya.Venkat@morganstanley.com +44 20 7425-2216

AlphaSignals Earnings Reaction

Lonza Group AG (LONN.S, LONN SE)

Unchanged Modest upside Modest revision higher

Pharmaceuticals | Switzerland

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target SFr 650.00

Shr price, close (Jul 21, 2026) SFr 564.00

Key Takeaways 52-WeekMkt cap, currRange(mn) SFr 594.80-SFr 454.6039,476

Net debt (12/26e) (mn)* SFr 3,191

We expect Lonza shares to outperform with an EBITDA beat and profit guide EV, curr (mn)* SFr 42,995

upgrade with strong Advanced Synthesis and Advanced modalities

* = GAAP or approximated based on GAAP

FY26 CDMO guidance upgraded for core EBITDA margin (from >32% to 33-34%),

sales guidance unchanged (+11-12% sales growth CER)

The core EBITDA guidance upgrade implies 4% uplift to consensus FY26 core

EBITDA

H1'26 benefit from phasing but this was anticipated somewhat by consensus and

the guidance raise confirms an underlying margin improvement beyond phasing

Integrated Biologics H1 sales were below consensus, but the business should see

a more consistent growth through the year (+/-10% CER)

H1'26 key takeaways: 1% miss on sales, 4% beat on core EBITDA. As previously

communicated by the company, H1'26 sales benefited from positive phasing (+16%

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