Lonza Reports Strong 2016 Results; CHF 140 Fair Value Unchanged After Incorporating Capsugel Deal
Lonza announced strong full-year results that were slightly above our 2016 top-line expectations. We do not plan on raising our CHF 140 fair value estimate for the company after incorporating Lonza’s $5.5 billion acquisition of Capsugel, a manufacturer of hard-capsule drug delivery, which is expected to close in the second quarter this year. Our near-term outlook aligns with management’s 2017 sales growth guidance in the midsingle digits, but we continue to believe the stock looks overvalued. We...Lonza supplies services and products that range from active pharmaceutical ingredients and stem-cell therapies to drinking water sanitizers, from vitamin B compounds and organic personal care ingredients to agricultural products, and from industrial preservatives to microbial control solutions. Co. operates in two segments: Lonza Pharma & Biotech, which clusters all of Co.'s offerings for pharmaceutical markets, focuses on providing custom development, custom manufacturing, cell therapy, viral therapeutics and bioscience solutions; and Lonza Specialty Ingredients, which includes offerings in its consumer care, agro ingredients, industrial solutions, wood protection and water treatment.
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