No Surprises From No-Moat Lonza in 1Q Qualitative Update
We don't foresee any changes to our forecast for Lonza following the firm's qualitative update for the first quarter, and we're maintaining our CHF 210 fair value estimate and no-moat rating. After the recently completed sale of the water-care business, Lonza has split its previous consumer health segment and reorganized its business into two segments: Lonza pharma, biotech, and nutrition, or LPBN, and Lonza specialty ingredients, or LSI. Marc Funk, the new CEO following Richard Ridinger's retir...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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