Lonza Group AG

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Lonza Group AG

J P M O R G A N Europe Equity Research

23 July 2026

FY26 guide looks well underpinned with FY27 expected Overweight

to see low double digit CER Sales growth and margin LONN.S, LONN SW

expansion implying upside to Consensus Core EBITDA Price (22 Jul 26):CHF541.00

Price Target (Dec-27):CHF675.00

Following the 1H 2026 results (see our take here), we make modest <1% changes European Pharmaceuticals &

to our 2026-30 Revenue forecasts and 0-4% upgrades to our 2026-30 Core Biotechnology

EBITDA forecasts, underpinned by the better-than-expected 2026 Core EBITDA Zain Ebrahim AC

margin guidance raise to 33-34%. We see the FY26 guidance as well underpinned (44-20) 3493-1163

by the 1H performance on both Sales and Core EBITDA and expect Lonza to zain.ebrahim@jpmorgan.com

continue to deliver low double digit CER Sales growth, in-line with their organic J.P. Morgan Securities plc

growth model, in 2027 and beyond, with consistent Core EBITDA margin Richard Vosser

expansion. For 2027, our Sales forecast for 11.5% CER growth is in-line with (44-20) 7742-6652

richard.vosser@jpmorgan.com

Consensus while our Core EBITDA forecast of SFr2,723m is c. 3% ahead of J.P. Morgan Securities plc

Consensus. While the weakness yesterday was due to the lack of a Sales guidance Sophia Graeff Buhl Nielsen

raise and the 1H modest Sales miss, we see the weakness as overdone and a buying (44-20) 7742-3918

opportunity into the Capital Markets Day on October 14th where we expect Lonza sophia.graeffbuhlnielsen@jpmorgan.com

to outline growth opportunities for the mid-to-long term, supported by the strong J.P. Morgan Securities plc

Vacaville contracting execution seen to date as well as increasing demand for James D Wantling