Eckert & Ziegler (EUZ) German Equity Forum 2025 summary

Strategy and business model

• Operates a recurring consumables business split evenly between Industry Products and Pharma, with long-term customer relationships established over 30 years.

• Industry segment produces radioactive isotopes for diverse applications, generating €150 million annually.

• Medical segment focuses on radiopharmaceuticals, with gallium generators as the leading product, used globally for cancer diagnostics and therapy.

• Market leadership in gallium generators, with hundreds produced and sold annually, and expansion into new markets like Japan and China through Novartis partnership.

• Offers contract manufacturing (CDMO/CMO) services, including new agreements for PSMA-targeted compounds and combining radioisotopes with pharma peptides.

Industry trends and growth outlook

• Radioligand therapy and radiotherapeutics are key growth areas, with major pharma companies investing and acquiring smaller players.

• Nuclear medicine market projected to reach $30 billion by 2030, driven by new therapies, diagnostics, and demographic shifts.

• Nearly 200 clinical studies underway for lutetium and 29 for actinium isotopes, with commercial launches expected from 2026 to 2028.

• Multiple new radiopharmaceuticals in late-stage clinical trials, with several expected market entries between 2026 and 2032.

• Expansion in China with a new factory in Jintan, operational from 2027, to serve the growing Asian market.

Financial performance and guidance

• Revenue split is 50/50 between Industry and Pharma, with Pharma delivering higher margins and driving profitability.

• Medical segment grew net sales by 15% and EBIT adjusted by nearly 30%, fueled by generator demand and new market entries.

• Group revenue for 9M 2025 was €224.1M (+4% vs. prior year), with EBIT adjusted up 9% to €50.8M; Medical segment outperformed with 16% FX-adjusted sales growth.

• Cash and cash equivalents increased to €121M, loan liabilities decreased to €15M, equity ratio stable at 52%, and over 2,000 employees worldwide.

• 2023 guidance: €320 million revenue and €78 million EBIT adjusted; 2025 guidance remains unchanged, reflecting optimism.