Lonza Group (LONN.S): 1H26 First take: Solid beat and raise but with some pushes/pulls

研报英文原文证据摘录

Lonza Group (LONN.S): 1H26 First take: Solid beat and raise but with some pushes/pulls

Equity Research

22 July 2026 | 7:14AM BST

Lonza Group (LONN.S): 1H26 First take: Solid beat and raise but with

some pushes/pulls

Lonza published 1H26 results this morning (22nd July), with 1H26 CDMO sales of James Quigley

+44(20)7051-3800 |

CHF 3,374mn (16% CER growth) which was c.1% below company-compiled james.quigley@gs.com

Goldman Sachs International

consensus of CHF 3,415m (GSe CHF 3,411m). CDMO Core EBITDA came in at CHF

Theodora Rowe Beadle

1,175mn, c.4% above company-compiled consensus of CHF 1,132m, with a margin +44(20)7552-0177 |

of 34.8% vs. consensus at 33.1% (GSe CHF 1,153mn and 33.8% margin), supported theodora.beadle@gs.comGoldman Sachs International

by strong execution, favourable product mix and phasing. The miss on top-line was Shyam Kotadia

driven by the Integrated Biologics segment (in line with Lonza’s plan - the company +44(20)7051-6153shyam.kotadia@gs.com|

did not flag any key drivers of the miss), whilst the beat on bottom-line was Goldman Sachs International

Ganesansupported by both Advanced Synthesis (strong demand across both Small Molecules Kaaviya | +1(332)245-7519

and Bioconjugates, with good operational execution, operating leverage and product kaaviya.ganesan@gs.com Goldman Sachs India SPL

mix) and Specialised Modalities (supported by Microbial, mix and cost discipline),

partly offsetting the miss in Integrated Biologics (margin improvements in the growth

business being offset by a weaker portfolio mix in the base business).

Lonza upgraded its guidance for 2026, and now guides for CDMO CER sales growth

of 11-12% (unchanged), and core EBITDA margin of 33-34% (>32%). Overall, the

guidance implies c.3% upside risk to consensus Core EBITDA expectations.