Lonza - CMD Further Increases Confidence (BUY, TP CHF 620, 7 pgs)
Following the CMD yesterday afternoon, we take note of Lonza’s better-than-expected sales growth profile, 100% filled biologics capacity and improved disclosure to investors as further evidence for our BUY case. The additional datapoints give us confidence that IBEX will be delivered in line with our forecasts, Cell & Gene Therapy growth will surge in the near-term and that the CDMO sector is not building towards imminent oversupply. With a cash windfall expected from the LSI sale, Lonza will also have ample firepower to invest behind further biologics capacity expansion or accretive M&A.For access to the full note please contact Naresh Chouhan
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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