Swiss contract drug manufacturer Lonza cut its full-year outlook on Friday, citing slower than expected growth, driven by lower demand for its biotech ingredients.
cut its full-year outlook on Friday, citing slower than expected growth, driven by lower demand for its biotech ingredients.
It noted a decrease in customer demand for nutraceutical capsules and lower biotech funding, which impacted early-stage demand. With rising interest rates in Lonza's key markets including the United States, European Union and Switzerland, it is increasingly difficult for biotech companies to finance new projects.
For 2023, the Basel-based company expects mid-to-high single-digit constant exchange rate sales growth and a 28%-29% core earnings before interest, taxes, depreciation, amortisation and special items margin in 2023. It previously said it expects high single-digit CER sales growth and CORE EBITDA margin of 30%-31% in the full year."Updated mid-term aims at 17 Oct CMD are now much needed to secure belief in the structural long-term growth story," Jefferies said in a note to investors.The company reported core EBITDA of 922 million Swiss francs for the first half of 2023, down 6.6% from a year earlier.Lonza noted its 2022 first-half sales set a high base due to COVID-related sales.
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