First Read Lonza Group AG: H126 earnings call feedback - focus on the growth algorithm rather than the lumpiness of segment performances

研报英文原文证据摘录

First Read Lonza Group AG: H126 earnings call feedback - focus on the growth algorithm rather than the lumpiness of segment performances

Global Research

22 July 2026ab

First Read

EquitiesLonza Group AG

H126 earnings call feedback - focus on the Switzerland

growth algorithm rather than the lumpiness of Biotechnology

12-month rating Buy

segment performances

12m price target CHF650.00

Industry fundamentals and growth outlook intact Price (21 Jul 2026) CHF564.00

At the H1 earnings call management conveyed reassuring messages on the industry RIC: LONN.S BBG: LONN SW

fundamentals (outsourcing trends intact, healthy customer interest across platforms and

modalities), execution on growth projects and cost control. The long term low-teens Trading data and key metrics

growth outlook is supported by large commercial assets such as the 6x 20kl biologics 52-wk range CHF588.60-466.70

asset (ramping as of H2) and Vacaville. The stated ambition remains to profitably grow Market cap. CHF39.6b/US$48.7b

the business with margins expanding further on growth project ramps and operating Shares o/s 70.2m (REG)

leverage. In reference to the lumpiness on the segment level, management pointed to Free float 97%

the benefits of the conscious risk diversification across platforms and modalities. Avg. daily volume ('000) 163

Avg. daily value (m) CHF83.5

Update on capex projects Common s/h equity (12/26E) CHF8.54b

Management updated investors on key ongoing and new growth projects. i/ The large P/BV (12/26E) 4.6x

scale mammalian facility in Visp will now ramp as of H2 and is expected to meaningfully Net debt to EBITDA (12/26E) 0.7x

contribute as of 2027 with peak sales by the early 2030s. ii/ The new multi-purpose