Lonza Kept at Buy as Berenberg Notes H1 Results

09:34 AM EDT, 07/23/2026 (MT Newswires) -- Berenberg maintained Lonza Group (LONN.SW) at buy, with the research firm noting the company's first-half performance as a "success, albeit a well-anticipated one." "Constant-currency sales growth of 16% was broadly in line with expectations, even if phasing means sales growth will slow in H2. Margins were better, however: a 4% H1 EBITDA beat was driven by antibody-drug conjugates ([where] Lonza has the leading position), as well as bioscience/cell and gene therapy, even as the Integrated Biologics segment did not grow quite as fast as anticipated," analysts said Thursday. "We believe that Lonza can achieve double-digit-percentage organic sales growth in the medium term, driven by the company's exposure to high-growth products like antibody-drug conjugates," the research firm added. Against this backdrop, Berenberg lowered its sales forecasts for 2026 through 2028. EPS estimates were also cut across the three-year period, reflecting a higher tax rate and slightly lower growth in biologics, but partly offset by stronger performance in antibody-drug conjugates and specialized modalities. Meanwhile, the EBITDA projection for 2026 was nudged up, while those for the remaining two years were revised downward. The stock's price target was raised to 640 francs from 630 francs.