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HEALTHCARE: Lonza Group (LONNVX: BBB+ S&P): FY24 Preview

HEALTHCARE
BulletCredit BulletsCEEMEASwitzerland

First quarterly numbers following the Vacaville acquisition. Guidance matters.

• Lonza has been guiding for close to 20% sales growth in 2025 and margin c.30% The market will be keen to hear confirmation of this
• Vacaville is hoped to contribute around CHF 500m of extra sales
• FY24 Sales are expected to be broadly flat on 2023 with Core EBITDA Margin c.28%
• Divestment of the Capsule & Health Ingredients is expected at a time when the price is right
• Any M&A is likely to be bolt-on and opportunistic. The company is targeting ND/E 1.5-2.0x
• The company suffered from reduced Moderna Covid demand in 2023 but has moved on from that

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First quarterly numbers following the Vacaville acquisition. Guidance matters.

• Lonza has been guiding for close to 20% sales growth in 2025 and margin c.30% The market will be keen to hear confirmation of this
• Vacaville is hoped to contribute around CHF 500m of extra sales
• FY24 Sales are expected to be broadly flat on 2023 with Core EBITDA Margin c.28%
• Divestment of the Capsule & Health Ingredients is expected at a time when the price is right
• Any M&A is likely to be bolt-on and opportunistic. The company is targeting ND/E 1.5-2.0x
• The company suffered from reduced Moderna Covid demand in 2023 but has moved on from that