Lonza Group AG LZAGY

Health CareBiotechnology & Medical ResearchSwitzerland

Last close 79.31 USD on Nov 2, 2026, +19.3% year to date

Quant rating

Quant rating C Rank 98 of 211 in Health Care

Growth D 187 of 211
Valuation C 136 of 211
Quality C 118 of 211
Revisions B 59 of 211
Momentum A 22 of 211

Wall Street consensus Buy (2.50)Average target 84.50 USD +6.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 55.2B
Enterprise value: 60.2B
52-week range: 58.53 – 79.48
3-year range: 35.42 – 79.48
Dividend yield: 0.81%
Beta (5 years): 1.03
Shares outstanding: 70.2M
Next earnings: Aug 14, 2026

About the company

Lonza Group AG (Lonza) is a Switzerland-based holding company and a supplier to the pharmaceutical, healthcare and life science industries. The Company's offerings include custom development and manufacturing of drugs and drug delivery systems, as well as development of anti-microbial solutions for commercial applications. The Company divides its activities into two segments: Pharma&Biotech and Specialty Ingredients. The Pharma&Biotech comprises the Company's Biologics, Small-Molecule, and Consumables and Research Tools businesses. The segment includes mammalian, microbial, chemical, bioconjugates, cell and gene therapy technology platforms. The Specialty Ingredients segment focuses on anti-microbial applications within Consumer Health division, which covers hygiene, nutrition and personal care products, as well as preservatives, capsules and food supplements, among others, and Consumer & Resources Protection division, which includes coatings and composites, and agro ingredients.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,243	6,041	7,982	6,732	5,930	–
Revenue growth	36.5%	−24.3%	18.6%	13.5%	16.4%	10.1%
EPS (basic, normalized)	19.67	1.66	1.44	–	–	–
EPS growth	1,087.9%	15.1%	–	–	–	–
Gross margin	55.0%	36.9%	35.8%	39.2%	39.0%	41.2%
Net margin	13.9%	11.0%	9.7%	19.5%	12.5%	13.3%
ROE	10.5%	6.4%	6.5%	11.9%	8.1%	8.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	8,243	+36.5%	7.3x	2,702	+28.4%	22.3x	19.67	+1,087.9%	4.0x
2026	8,625	+4.6%	7.0x	2,893	+7.1%	20.8x	21.80	+10.8%	3.6x
2027	9,626	+11.6%	6.2x	3,262	+12.8%	18.4x	26.01	+19.3%	3.0x
2028	10,779	+12.0%	5.6x	3,702	+13.5%	16.3x	30.67	+17.9%	2.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	8,625	+0.2%	+0.1%	−0.4%	21.80	0.0%	0.0%	−0.8%
2027	9,626	+0.4%	+0.2%	−0.8%	26.01	+0.4%	+0.4%	−1.2%
2028	10,779	+0.3%	+0.3%	−1.4%	30.67	+0.6%	+0.6%	−3.8%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	Dec 2024	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	3,480	–	3,006	–	3,541	–	3,378	–	3,977
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	0.80	–	–	–	–
EPS mean	–	6.93	–	4.33	–	5.51	–	7.63	–	8.94
Surprise	–	–	–	–	–	−85.5%	–	–	–	–

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LZAGY Lonza Group AG	55.2B	–	13.9%	5.58x	3.6x	3.0x	20.8x	18.4x
TECH Bio-Techne Corporation	11.4B	−0.15x	15.0%	5.38x	35.7x	31.4x	25.0x	22.2x
ADPT Adaptive Biotechnologies Corporation	4.0B	−0.13x	−21.5%	27.89x	−46.1x	−150.4x	−547.7x	92.9x
ABCL AbCellera Biologics Inc.	3.6B	2.77x	−194.9%	3.80x	−16.6x	−14.9x	−14.3x	−13.1x
MRVI Maravai Lifesciences Holdings, Inc.	1.9B	−8.26x	−70.4%	9.12x	−66.7x	−72.2x	63.0x	48.9x
AZTA Azenta, Inc.	1.6B	−4.92x	4.1%	1.03x	112.9x	67.6x	21.9x	15.8x
Mean		−2.14x	−42.3%	8.80x	3.8x	−22.6x	−71.9x	30.8x
Median		−0.15x	−8.7%	5.48x	−6.5x	−5.9x	21.4x	20.3x

Technical analysis

1M+16.3%
3M+14.0%
1Y+16.2%
3Y+129.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lonza Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,243	6,041	7,982	6,732	5,930	5,093
Cost of revenue	3,712	3,812	5,123	4,095	3,617	2,988
Gross profit	4,531	2,229	2,859	2,637	2,313	2,105
Selling, general & administrative expenses	966	769	993	888	779	732
Research & development	141	112	125	103	98.7	88.1
Depreciation/amortization	59.3	37.5	157	149	192	210
Interest expense (income), operating	–	–	–	–	0	−1.1
Unusual expense (income)	1,767	230	536	−199	−26.3	81.3
Other operating expenses	34.1	78.3	2.4	29.2	337	−23.7
Operating income	1,564	1,001	1,046	1,667	933	1,018
Net interest income (expense)	−235	−101	−102	−84.4	−91.0	−106
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	60.6	−119	−4.8	−16.2	−8.8	−4.5
Net income before taxes	1,390	780	939	1,566	833	907
Provision for taxes	242	117	160	249	91.0	80.2
Minority interest	0	−1.1	−1.2	−3.2	−3.3	−2.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,147	662	777	1,314	739	825
Extraordinary items	−1,494	38.6	–	0	2,488	157
Net income	−347	701	777	1,314	3,227	982
EBIT, normalized	3,449	1,346	1,629	1,497	1,242	1,098
EBITDA, normalized	4,474	2,059	2,367	2,141	1,814	1,692
Basic EPS, normalized	19.67	1.66	1.44	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lonza Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	907	1,886	1,982	2,406	3,490	559
Receivables	2,045	1,979	1,679	1,616	1,276	942
Total inventory	2,120	1,904	1,884	1,968	1,645	1,283
Prepaid expenses	122	107	113	88.7	71.3	316
Other current assets	3,431	121	168	106	44.9	2,323
Total current assets	8,626	5,996	5,825	6,185	6,528	5,424
Property, plant & equipment	10,481	9,405	7,863	6,621	5,146	4,057
Goodwill	2,474	3,715	3,270	3,097	3,273	3,471
Intangibles	414	2,207	2,362	2,413	2,690	2,983
Long-term investments	64.4	108	120	107	114	101
Note receivable	230	218	398	282	229	216
Other long-term assets	313	103	182	70.3	62.5	50.8
Total assets	22,601	21,752	20,021	18,775	18,043	16,302
Liabilities
Accounts payable	649	519	556	516	529	348
Payable/accrued	–	–	–	–	–	–
Accrued expenses	674	774	766	765	558	497
Short-term debt	0	0	0	0	0	6.8
Current portion of long-term debt	433	564	270	792	240	920
Other current liabilities	2,820	2,088	1,691	1,259	1,271	1,727
Total current liabilities	4,575	3,945	3,283	3,332	2,598	3,499
Long-term debt	5,297	5,079	3,452	2,007	2,774	3,383
Minority interest	66.9	66.1	71.3	73.6	80.0	78.0
Other liabilities	2,674	2,379	1,982	1,900	1,903	1,643
Total liabilities	12,614	11,469	8,789	7,312	7,355	8,602
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	88.4	79.4	87.9	80.1	81.1	83.6
Additional paid-in capital	1,478	1,998	2,914	2,793	2,952	3,168
Retained earnings (accumulated deficit)	10,972	10,462	11,273	9,781	8,743	5,632
Treasury stock	−278	−852	−1,257	−123	−194	−113
Other equity	−2,273	−1,405	−1,785	−1,068	−893	−1,071
Total equity	9,987	10,282	11,232	11,464	10,688	7,700
Total liabilities & shareholders' equity	22,601	21,752	20,021	18,775	18,043	16,302

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lonza Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−347	702	778	1,318	3,231	984
Depreciation, depletion & amortization	1,026	713	738	645	572	594
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,643	468	399	80.1	−1,913	358
Changes in working capital	−863	−479	−266	−939	−556	−660
Cash from operations	1,459	1,404	1,649	1,103	1,334	1,277
Investing activities
Capital expenditures	−1,735	−1,562	−1,999	−2,025	−1,470	−1,099
Other investing cash flows	829	−1,652	696	971	2,589	−131
Cash from investing	−906	−3,214	−1,302	−1,054	1,119	−1,230
Financing activities
Financing cash flow items	615	495	575	219	378	355
Cash dividends paid	−356	−314	−309	−241	−244	−230
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,213	1,233	−447	−285	−1,540	−19.2
Cash from financing	−954	1,414	−181	−307	−1,406	105
Foreign exchange effects	−10.1	2.2	−13.1	−5.4	8.8	−22.6
Net change in cash	−411	−394	153	−263	1,056	129
Free cash flow	−276	−158	−349	−922	−136	177

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.