BACHEM HOLDING LTD

Latest Results (16.07.2026):

BACHEM HOLDING LTD — Q4 2025 / Full-year 2025: Bachem reported a strong 2025 financial year with sales of CHF 695.1m (+14.8% reported; +19.2% in local currencies), EBITDA CHF 214.7m (margin 30.9%), EBIT CHF 167.3m and net income CHF 148.8m. Earnings per share rose to CHF 1.98 (2024: CHF 1.60). The company generated CHF 271.6m of operating cash flow, ended the year with cash and cash equivalents of CHF 31.0m and net debt of CHF 26.4m, and proposes an increased dividend of CHF 0.90 per share.

Key financials

Full-year 2025 sales CHF 695.1m (reported +14.8%; +19.2% LC). EBITDA CHF 214.7m (+21.8%; LC +32.6%) with a 30.9% margin. EBIT CHF 167.3m (+25.7%; LC +39.8%). Net income CHF 148.8m (+23.7%); EPS CHF 1.98 (up from CHF 1.60).

Profitability and margins

EBITDA margin improved to 30.9% (2024: 29.1%). Gross profit was CHF 199.7m (28.7% of sales, down vs 30.2% prior year in % terms), with efficiency gains and operational excellence supporting margin expansion despite cost and FX effects.

Cash flow, balance sheet and capital structure

Operating cash flow CHF 271.6m (up ~85.6%). Year-end cash CHF 31.0m; net debt CHF 26.4m. Equity CHF 1,458m with an equity ratio of 69.2%. Prepayments from customers stood at CHF 368.7m.

Investments and CAPEX

2025 total investment (CAPEX) CHF 332.6m. Bachem plans >CHF 400m CAPEX in 2026 to expand production capacity (including Sisslerfeld and U.S. sites) and to support the ramp-up of Building K.

Outlook for 2026

Company guidance: sales growth in 2026 of +35% to +45% in local currencies; EBITDA margin in local currencies expected in the low thirties. Ramp-up of high-volume production planned to start in 2026.

Dividend and shareholder return

Board proposes raising the dividend to CHF 0.90 per share (previous CHF 0.85), to be decided at the 2026 Annual General Meeting; partial distribution intended from capital contribution reserves.

Operational milestones

Regulatory inspection of the first phase of Building K completed (enabling commercial ramp-up). Capacity expansions in the U.S. (Vista, Torrance) and infrastructure steps for Sisslerfeld (Eiken) progressed; Vionnaz reconstruction completed after 2023 fire.

Drivers, costs and one‑off effects

Growth driven by sustained demand for peptides and oligonucleotides and operational improvements. One-offs in 2025 include CHF 13.8m payment related to Sisslerfeld and CHF 2.3m from a property sale. Financial result included a CHF ~10.7m FX valuation loss on intra‑group USD loans; tax rate in 2025 was 4.9% (tax expense CHF 7.6m).

People and capacity

Workforce: 2,511 full‑time equivalents (up from 2,207). Sales per employee ~CHF 301k. Continued focus on scaling manufacturing capacity and operational excellence to meet high-volume demand.