reports
Lonza Prices EUR 1 Billion Straight Bond with a 3.875% Coupon
Lonza Group AG / Key word(s): Bond/Financing Lonza Prices EUR 1 Billion Straight Bond with a 3.875% Coupon 17.04.2024 / 19:00 CET/CEST Basel, Switzerland, 17 April 2024 – Lonza Finance International NV, a wholly owned company of Lonza Group Ltd, Basel (“Lonza”), announced today the pricing of a EUR 1 billion straight bond. The Eurobond marks Lonza’s second drawdown under its EMTN program. The bond has a maturity of 12 years and an annual coupon of 3.875%. The issuer is Lonza Finance International NV and the bonds will be guaranteed by Lonza. Lonza will apply for the listing of the...
- Dominic Rose
- Naresh Chouhan
Lonza - Upside from Market Disruption (BUY, TP CHF610 [500], 13 pgs)
New analysis of the upcoming disruptions to the biologic CDMO market lead us to upgrade our 2027 Lonza revenues by 10% & our PT to CHF610 (28% upside). We show that recent disruptions to Wuxi & Catalent’s ability to supply the market could mean that 20% of global market CDMO share could be up for grabs. We also show that Lonza inventories have normalised, suggesting a return to normal ordering in 2024. Our AI-derived biologic demand model shows that volume growth should be 12% in 2024 & 2025 and...
- Charlotte Vaisse
- Oliver Metzger
- Stephan Wulf
Lonza : Benefiting from the ongoing outsourcing trend in the healthcar...
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant ...
- Dominic Rose
- Naresh Chouhan
CDMO - Long Lonza, Short Stedim (LONN: BUY, TP CHF500 [465]; DIM: SELL...
With multiple datapoints, management commentary and peer reporting, we now have a better picture of the H124 outlook and more importantly of how the shares may trade. Whilst company commentary is cautiously optimistic on an H2 revenue recovery, the bottoming of order books and modest growth in sequential sales has led to the market becoming increasingly positive on the Life Science Tools space and CDMO’s. While we believe the risks are still significant, we believe the margin risk is now more ma...
Lonza Prices CHF 400 Million Dual-Tranche Straight Bonds
Lonza Group AG / Key word(s): Bond/Financing Lonza Prices CHF 400 Million Dual-Tranche Straight Bonds 06.11.2023 / 18:30 CET/CEST Basel, Switzerland, 06 November 2023 – Lonza Swiss Finance Ltd, a wholly owned company of Lonza Group Ltd, Basel (“Lonza”), announced today the pricing of a CHF 400 million dual-tranche straight-bond issuance in line with its financing plan for 2023. The bonds have a maturity of 4.5 years and 7.5 years respectively with coupons of 2.250% and 2.600%. The issuer is Lonza Swiss Finance Ltd, Basel, and the bonds will be guaranteed by Lonza. Lonza wi...
Lonza Group AG: 1 director
A director at Lonza Group AG bought 300 shares at 319.760CHF and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
Lonza Announces New Filling Line for Commercial Supply of Antibody-Dru...
Lonza Group AG / Key word(s): Expansion Lonza Announces New Filling Line for Commercial Supply of Antibody-Drug Conjugates for a Dedicated Customer 13.10.2023 / 08:00 CET/CEST The new cGMP filling line at Lonza’s Stein (CH) site will enable handling and filling of bioconjugates for commercial supply Expansion of filling capacity will enhance Lonza's end-to-end integrated offering for manufacturing antibody-drug conjugates (ADCs) drug substance and drug product Approximately 115 new jobs anticipated at Lonza Stein (CH), with operations starting in 2027 Basel, Switzerland, 1...
- Dominic Rose
- Naresh Chouhan
Lonza - UPGRADE to Hold (TP CHF465, 12 pgs)
With Lonza shares having fallen 18% since July 31st & now closer to reflecting the issues we highlighted in our d/grade note, we upgrade Lonza to Hold. Whilst we are cognisant of further downside risks to consensus, we believe the shares largely reflect this & anticipate the CMD could be a clearing event with consensus falling to reflect our concerns. We see downside risks to revenues in mRNA, Nutraceuticals and Cell & Gene into 2024 and beyond. However, our biggest concern remains on the margin...
- Dominic Rose
- Naresh Chouhan
Lonza - Reset Largely Done, What Multiple? (SELL, TP CHF465 [490], 8 p...
Consensus earnings forecasts are likely to fall 10-15% for the coming years, in our view, & whilst today’s share price move largely encapsulates the d/grade, the question for us is, what price do you pay for this outlook and lack of visibility? We see further risks in Cell & Gene which could be a drag until 2025, especially on the margin. The additional capacity in Early Discovery Services is also likely to be a drag given the biotech funding outlook, as is the Nutraceuticals recovery given depr...
- Dominic Rose
- Naresh Chouhan
Lonza - Downgrade to Sell (TP CHF490 [500], 13 pgs)
Whilst investor expectations already account for a potential profit warning at H1 results on Friday, we believe that a cut to consensus 2024 EBITDA forecasts (currently 20% EBITDA growth), will be the driver of share price downside for Lonza as investors de-rate the shares to reflect a slower (but still attractive) growth profile. We show that the risks are skewed to the downside for 2023 on revenues and the Cell & Gene division pressures will play a big factor in how far numbers may fall. The C...
- Dominic Rose
- Naresh Chouhan
Global CDMOs - Overcapacity is Coming (Thematic Research)
We have calculated the significant supply about to enter the biologics manufacturing space & analysed demand growth. Whilst the market assumes an improvement in utilisation from 2024, we forecast there will be significant overcapacity in the coming years resulting in even lower utilisation at an industry level. Our detailed bottom-up analysis shows that total mammalian cell supply is set to grow by 11% p.a. 2023-26 but demand is set to grow just 8% p.a. over the same period. However, much more c...
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EVT EVOTEC AG
AVTR AVANTOR INC.
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Lonza to Acquire Synaffix and Strengthen Antibody-Drug Conjugates Offe...
Lonza Group AG / Key word(s): Acquisition/Mergers & Acquisitions Lonza to Acquire Synaffix and Strengthen Antibody-Drug Conjugates Offering 01.06.2023 / 07:00 CET/CEST Lonza to acquire Synaffix B.V., an innovative biotech company focused on antibody-drug conjugates (ADCs) Acquisition will further strengthen Lonza’s bioconjugates offering through the integration of the industry-leading proprietary Synaffix technology platform and R&D capabilities, including payload and site-specific linker technology Lonza and Synaffix will continue to expand their Center of Excellenc...
Lonza Increases Straight Bond by CHF 150 Million
Lonza Group AG / Key word(s): Bond/Financing Lonza Increases Straight Bond by CHF 150 Million 20.04.2023 / 18:30 CET/CEST Basel, Switzerland, 20 April 2023 – Lonza Swiss Finance Ltd, a wholly owned company of Lonza Group Ltd, Basel (“Lonza”), announced today the increase of the Straight Bond issued on by CHF 150 million, in line with its financing plan for 2023. The increment has the same maturity (6.5 years) and coupon (2.100%) as the initial issuance. The issuer is Lonza Swiss Finance Ltd, Basel, and the bonds will be guaranteed by Lonza. Lonza will apply for the listing...
Lonza Launches Share Buyback Program of up to CHF 2 Billion
Lonza Group AG / Key word(s): Corporate Action Lonza Launches Share Buyback Program of up to CHF 2 Billion 31.03.2023 / 07:00 CET/CEST Basel, Switzerland, 31 March 2023 – On 3 April 2023, Lonza will launch a share buyback program of up to CHF 2 billion, as on 25 January 2023. Enabled by Lonza’s strong balance sheet and positive outlook, the share buyback program aims to return excess capital to shareholders without impacting the company’s capability to invest in organic growth and bolt-on M&A. At the same time, Lonza remains committed to maintaining its strong investment gr...
Lonza Completes Clinical and Commercial Drug Product Manufacturing Lin...
Lonza Group AG / Key word(s): Expansion Lonza Completes Clinical and Commercial Drug Product Manufacturing Line in Visp (CH) 29.03.2023 / 09:00 CET/CEST Lonza increases capacity and capabilities in Visp (CH) with the completion of a new line for cGMP clinical and commercial drug product manufacturing The line is fully operational, and the first customer batches will be filled in April 2023 This expansion follows the groundbreaking of a large-scale commercial drug product facility in Stein (CH), in another milestone for Lonza’s Drug Product Services (DPS) offering Bas...
Lonza Completes Expansion of Conjugation Facility in Visp (CH)
Lonza Group AG / Key word(s): Expansion Lonza Completes Expansion of Conjugation Facility in Visp (CH) 16.02.2023 / 14:00 CET/CEST Expansion adds development and manufacturing capacity for pre-clinical, clinical and commercial supply of bioconjugates and antibody-drug conjugates The Visp (CH) investment includes two manufacturing suites and supporting infrastructure Additional manufacturing suites complement recent investments in Visp (CH) across small molecules and biologics development and manufacturing, including drug product Basel, Switzerland, 16 February 2023 – Lonza...
Lonza Prices CHF 300 Million Straight Bond with a 2.100% Coupon
Lonza Group AG / Key word(s): Bond/Financing Lonza Prices CHF 300 Million Straight Bond with a 2.100% Coupon 08.02.2023 / 18:30 CET/CEST Basel, Switzerland, 08 February 2023 – Lonza Swiss Finance Ltd, a wholly owned company of Lonza Group Ltd, Basel (“Lonza”), announced today the pricing of a CHF 300 million straight-bond issue in line with its financing plan for 2023. The bond has a maturity of 6.5 years and an annual coupon of 2.100%. The issuer is Lonza Swiss Finance Ltd, Basel, and the bonds will be guaranteed by Lonza. Lonza will apply for the listing of the bonds ...
- Dominic Rose
- Naresh Chouhan
Material Downgrade Risk For CDMO's & Suppliers (17 pgs)
Following recent news from Catalent & Polypeptide, our deep dive on the state of the CDMO and Bioprocessing Supplier industry shows that inventories have soared as sales were pulled forward & slow biotech funding will likely diminish demand for 1H23. At the same time, supply has expanded and energy, input & labour costs are all going up. We believe that book-to-bill ratios will likely stay below 1.0 until at least Q123 for many co’s. As a result, margins will come under pressure from softer pric...
Lonza Launches New Capsule to Deliver Acid-Sensitive Active Pharmaceut...
Lonza Group AG / Key word(s): Product Launch Lonza Launches New Capsule to Deliver Acid-Sensitive Active Pharmaceutical Ingredients to the Intestine 01.11.2022 / 07:00 CET/CEST Lonza meets pressing market need by launching first ever coating-free capsule to support intestinal delivery of acid-sensitive APIs Innovative Capsugel® Enprotect™ capsule can simplify the manufacturing process to accelerate drug development and expedite first-in-human timelines Basel, Switzerland, 1 November 2022 – Lonza, a preferred partner to the pharmaceutical, biotech and nutraceutical markets, ...
Lonza Appoints Daniel Palmacci as President of the Cell & Gene Divisio...
Lonza Group AG / Key word(s): Personnel Lonza Appoints Daniel Palmacci as President of the Cell & Gene Division 12.09.2022 / 07:00 CET/CEST Daniel Palmacci joins Lonza as President of the Cell & Gene Division and member of the Executive Committee Daniel will commence his tenure with Lonza Group on 1 November 2022, bringing deep industry knowledge, international experience and expertise in leading cross-functional teams Daniel takes over leadership of Cell & Gene from Jean-Christophe Hyvert, who will continue to serve as President of Biologics Basel, Switzerland, 12 Septemb...
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