Fagron Solid 1Q26 results, Strong Brands Performance
Fagron reported 1Q26 revenues 1% above CSS expectations. Organic revenue growth of 3.2% at CER was supported by all regions, driven in particular by DD growth in Latin America. Despite losing the GLP-1 tailwind, North America still delivered positive organic growth. The continued focus on Brands is clearly paying off, with 22.6% organic revenue growth at CER y/y. Acquisition integrations are progressing as planned. FY26 guidance for MDS to HSD organic revenue growth at CER is reiterated, Fagron expects a REBITDA margin of c. 20.0%, in line with both our and CSS expectations. A solid set of res...