2026年第二季度：好于预期

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M

Update

July 31, 2026 12:11 PM GMT

Morgan Stanley & Co. International plc+

DiaSorin SpA | Europe

Aisyah Noor

Equity Analyst

2Q26: Better than expected

Alejandra Galindez

Research Associate

Jack Reynolds-Clark, CFA

AlphaSignals Earnings Reaction

Equity Analyst

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

DiaSorin SpA (DIAS.MI, DIA IM)

Medical Devices | Italy

FY26 guide reiterated. We expect the growth upside in 2Q to make the implied

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

2H ramp more manageable

* = GAAP or approximated based on GAAP

Key Takeaways

Expect positive market reaction to the result on better Immuno/LTG trends than

expected

Equal-weight

In-Line

€60.00

€68.96

€92.32-52.34

€3,990

€633

€4,589

2Q26 sales a +1% beat to cons driven by Immuno and LTG, offset by Molecular

miss

EBITDA a +6% beat or~1% beat excl tariff refunds (MSE)

MS view: all-in, a reassuring print from sales growth coming in ahead of both

consensus and DIA's own "low single digit" guide for the quarter, which may make

the path to the FY26 guide of 5-6% more achievable (albeit still strongly Q4weighted). Immuno surprised positively on US growth being +10% CER (in line with

peer acceleration in the quarter), and DD% growth in latent TB testing cited in US

and European hospitals. LTG also supported the beat on what DIA sees as a "partial

recovery" in the Life Sci segment; whereas Molecular missed due to a weak flu

season. EBITDA delivered a strong +6% beat to consensus, though we believe tariff

refunds may have helped the case here – assuming our estimate of ~€5m, the

underlying EBITDA would have been ~€100m or a ~1% beat to consensus, implying

margin of 31.7% (cons 31.6%). We also see the results as a positive read-across to

Qiagen on the recovery of latent TB sales and improving Life Sci demand in the

quarter.

FY26 outlook: reiterated at 5-6% sales growth at CER (cons +4.5%) and 32-33%

…