Swiss pharma supplier Lonza flags signs of recovery in biotech funding
May 14 (Reuters) -Swiss pharmaceutical supplier Lonza LONN.S confirmed its 2024 outlook on Tuesday, flagging early signs of recovery in biotech funding even as clinical demand in its biologics division remained soft in the first quarter.
It said commercial performance was positive across its biologics, small molecules, and cell & gene businesses in the quarter, while development in its capsules & health ingredients unit was weaker than it had expected.
WHY IT'S IMPORTANT
Lonza is the world's largest contract manufacturer of monoclonal antibodies, produced from genetically modified mammalian cells.
The technology is behind a new class of promising Alzheimer's drugs such donanemab by Eli Lilly LLY, and Leqembi by Eisai 4523.T and Biogen BIIB.O.
CONTEXT
Lonza's business was weighed down last year by drug developers pursuing fewer early stage ventures. Outgoing CEO Albert Baehny, who will be replaced by Wolfgang Wienand this summer, said the company had already seen signs of improvement, but would likely see a clear rebound only in 2025.
The contract drug manufacturer raised its 2024-2028 sales guidance to the range of 12-15% per year in March, after it said it would buy one of the world's largest manufacturing sites for biologic drugs in Vacaville, California from drugmaker Roche ROG.S for $1.2 billion.
Lonza's peer Sandoz SDZ.S reported a slight miss in first quarter sales as flat generics sales fell short of estimates.
WHAT'S NEXT
Lonza expects to close the acquisition of the Vacaville site in the second half of the year.
It expects 2024 sales growth to be flat at constant exchange rates, with a core earnings before interest, tax, depreciation and amortisation margin in a high twenties percentage.
Lonza does not provide detailed results in its first and third quarter updates. It is scheduled to report detailed financials for the first half of the year on July 25.
Reporting by Chiara Holzhaeuser and Tristan Veyet in Gdansk; Editing by Milla Nissi
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