Analyst Note| Rachel Elfman |
Lonza reported solid year-end results driven by continued growth in its biologics business. Fiscal 2021 revenue totaled CHF 5.4 billion, which represents a 20% increase year over year on an adjusted basis for Lonza’s continuing operations. After updating our valuation model, we maintain our fair value estimate of CHF 620 per share and view shares as fairly valued, currently trading in 3-star territory. We maintain our narrow economic moat rating and stable moat trend.