Bachem (BANB) H1 2025 earnings summary

Executive summary

• Sales reached CHF 313.0 million in H1 2025, up 30.2% year-over-year, driven by strong CMC Development and Commercial API segments, operational improvements, and network execution.

• EBITDA rose 64% to CHF 91.0 million, with margin improving to 29.1% from 23.1% in H1 2024, reflecting operational efficiencies and favorable product mix.

• Net income increased 38.6% to CHF 50.1 million, with EPS at CHF 0.67 and margin at 16.0%.

• CapEx investment of CHF 129.1 million in H1 2025 and workforce expansion support future growth and capacity.

• Building K project remains on track, with GMP production expected in 2025, supporting 2026 guidance.

Financial highlights

• EBIT increased 89.1% to CHF 66.9 million, with margin up to 21.4%.

• Operating cash flow for H1 was CHF 86.0 million, with CapEx at CHF 129.1 million and full-year 2025 expected above CHF 400 million.

• Net debt stood at CHF 95.2 million by June 2025; customer prepayments increased to CHF 303.9 million.

• Net income margin improved to 16.0%; equity ratio at 71% as of June 30, 2025.

• Net financial result: CHF -10.7 million, mainly due to foreign exchange losses.

Outlook and guidance

• 2025 full-year sales growth guidance raised to 13–18% in local currencies; EBITDA margin expected in the high twenties for 2025.

• 2026 guidance reaffirmed: sales over CHF 1 billion and EBITDA margin above 30%.

• CapEx for 2025 expected to exceed CHF 400 million, mainly for Building K and debottlenecking projects.

• Focus on concluding major capex projects, safe operation, and resilient supply logistics.

• Ongoing investments in capacity and innovation to meet robust market demand, especially in anti-obesity and oligonucleotide segments.