Lonza1 reported sales of CHF 3.4 billion in H1 2026, reflecting a strong H1-weighted CER sales growth of +16.0% (+11.2% AER3) due to favorable phasing and a lower H1 2025 base. A CORE EBITDA of CHF 1.2 billion (+27.4% versus H1 2025) resulted in a margin increase of +4.4ppts to 34.8%. This was achieved by strong operational execution coupled with maturing growth projects, and operating leverage. A favorable product mix and phasing further contributed to margin expansion. The FCF improved to CHF 0.4 billion in H1 2026 (+CHF 0.3 billion versus H1 2025) mainly driven by higher earnings and lower CapEx spend, the latter due to a continuing normalization and expected phasing between 2026 and 2027.
Lonza continues to see healthy momentum in strategic outsourcing activities across both large pharma and biotech customers, supported by the long-term value of partnering with high-quality, broad-capability CDMOs. This is reflected in Lonza‘s resilience against a backdrop of evolving macroeconomic dynamics. Continued robust demand across technologies and geographies drove H1 2026 performance, with all Business Platforms contributing to the overall success of One Lonza and each delivering double-digit CER sales growth. Mammalian provided for the largest absolute growth2 increment while Bioconjugates, Microbial, Drug Product, Bioscience and Small Molecules delivered particularly high growth rates.
Wolfgang Wienand, CEO, Lonza, commented: “As macroeconomic and geopolitical volatility continues, Lonza’s strong H1 2026 performance once again demonstrates the resilience and attractiveness of our unique business model, underpinned by the Lonza Engine and its distinctive set of strengths. Through our focus on quality and operational excellence, the global Lonza team has converted the trust of our customers and high demand for our services into strong profitable growth and further progress in cash generation. With the agreement to divest our Capsules & Health Ingredients (CHI) business, we continued to execute our One Lonza strategy and advance on our transformation journey as the world’s leading CDMO at pace. Supported by sustained business momentum across technologies and geographies, together with the structural improvements across our organization, we confirm our sales outlook and raise our CORE EBITDA margin commitment for the full year.”
One Lonza strategy advances at pace through a focus on its core, execution of existing – and the addition of – new growth projects
Alongside the other recent divestments, the agreement to sell CHI represents an important milestone in Lonza’s transformation into a pure-play CDMO, focusing on those areas where it can create the greatest sustainable value for all stakeholders. Following the expected closing of the transaction before year-end 2026, Lonza will return CHF 500 million of near-term surplus capital through an expedited share buyback program. The remaining proceeds further strengthen the company’s financial flexibility and ability to pursue disciplined, value-accretive organic investments and M&A opportunities in line with the One Lonza strategy and its defined capital allocation framework.
With CHF 0.5 billion of CapEx in H1 2026 (15.7% of sales), Lonza made good progress in executing its ongoing organic investment program. For 2026, Lonza expects CapEx intensity as a percentage of sales to be in the middle of the mid-to-high-teens range of its CDMO Organic Growth Model, with some phasing from 2026 to 2027.
Strategic growth projects are progressing well across Mammalian, including the CDMO readiness measures at the Vacaville site, Drug Product, Bioconjugates and Cell & Gene. These will provide the capabilities and capacities needed to deliver Lonza’s future growth targets. The large-scale mammalian asset in Visp commenced commercial operations in H1 2026 as planned.
Lonza recently announced the expansion of its payload-linker manufacturing capacity in Visp (CH) to support the rapidly growing antibody-drug conjugate (ADC) market. Today, Lonza announces the expansion of its aseptic drug product capacity in Stein (CH) with the addition of another commercial-scale multi-purpose filling line for ADCs, expected to be operational in 2030. This new growth investment is supported by a long-term collaboration agreement with a major pharmaceutical company for clinical and commercial ADC supply. This investment marks another milestone in the continued expansion of Lonza’s integrated end-to-end offering and complements the dedicated commercial-scale aseptic ADC and the large-scale multi-purpose aseptic drug product facility in Stein (CH), both currently under construction. To further enhance the strategic scope of the large-scale drug product facility, Lonza has decided to expand its capabilities to high-value small molecule drug products for a small additional CapEx. Operations are now expected to start in 2028.
Upgraded Outlook 2026
For 2026, Lonza upgrades its CORE EBITDA margin outlook to 33-34% (previously: above 32%) and confirms its expectation for CER sales growth of 11-12%. In line with this updated Outlook 2026 and prior communication, Lonza expects the performance in H1 2026 to support another strong full-year result, with growth and profitability in H2 reflecting the planned phasing of business activities, particularly within Advanced Synthesis, and a higher prior-year base.
Assuming the spot rates of mid-July 2026 prevail through H2, Lonza anticipates a FX4 growth headwind of approximately -2 to -3% on sales in 2026. This is largely driven by the full-year effect of the weakening of the US Dollar in 2025, which mainly affected H1 2026. With a robust natural hedge and Lonza’s financial hedging program, margins will only be minimally impacted.
Broad-based business platform performance underpins strong profitable growth in H1 2026
All three Business Platforms contributed to the overall performance, each delivering double-digit CER sales growth at high profitability:
• Integrated Biologics reported healthy CER sales growth of +10.0% versus H1 2025, driven by maturing growth projects and robust growth in the base business. Vacaville showed an H1-weighted sales phasing, while Full-Year 2026 sales are expected to be flat versus Full-Year 2025. The CORE EBITDA margin remained flat at 36.0%, with margin improvements in the growth business from project ramp-ups being offset by a weaker portfolio mix in the base business. Lonza expanded its strategic long-term collaboration agreement with a leading US biopharmaceutical company for the manufacturing of a broad portfolio of clinical and commercial biologics. Manufacturing will be provided at all of Lonza’s US commercial-scale mammalian sites, supported by development and manufacturing activities in Europe. Integrated Biologics is also seeing strong customer interest in its integrated offering.
• Advanced Synthesis reported exceptionally strong CER sales growth of +27.7% versus H1 2025, driven by continued strong demand across both Small Molecules and Bioconjugates, supported by good operational execution at increased asset utilization, a favorable portfolio mix and a low prior year base. A strong operational execution, operating leverage and product mix led to an exceptional CORE EBITDA margin improvement of +6.8ppts to 48.1% versus H1 2025. While H2 sales are expected to be higher than H1 in absolute terms, growth in H2 versus prior year will moderate due to a significantly higher prior-year base and a favorable H1 phasing. Underlying business momentum remains robust and the pipeline healthy. Similarly, margins will normalize in the second half from a less favorable product mix.
• Specialized Modalities returned to strong CER sales growth of +22.6% versus H1 2025. Microbial experienced exceptional growth from a lower prior year base, favorable phasing and a successful customer-related plant adaptation. Bioscience sustained healthy growth and Cell & Gene showed a strengthened operational performance towards the end of H1 2026, which is expected to support growth in H2. Driven by its return to growth, a favorable mix and cost discipline, the CORE EBITDA margin improved materially by +10.7ppts to 28.0%. Specialized Modalities continues to see healthy business momentum for development and commercial services, with a sixth commercial therapy approved within the Cell & Gene Technology Platform.
H1 2026 performance of discontinued operations and 2026 Full-Year expectation on track
The CHI business delivered a good performance in H1 2026 in line with the expected full-year trajectory. CER sales growth of +6.3% resulted in sales of CHF 541 million (flat in AER) and an improved CORE EBITDA margin by +1.5ppts to 26.8%. For Full-Year 2026, Lonza confirms its expectation of mid-single-digit percentage CER sales growth and a further CORE EBITDA margin expansion against prior year.
Group Financial Summary for H1 2026: Continuing Business
For more details, please refer to the Half-Year 2026 Presentation, Half-Year 2026 Reportand Alternative Performance Measures (APM) Half-Year 2026 Report.
1 Financial information presented for “Lonza” reflects Lonza’s continuing Contract Development & Manufacturing (CDMO) business without the Capsules & Health Ingredients (CHI) business.
2 At Constant Exchange Rates (CER).
3 At Actual Exchange Rates (AER).
4 Foreign Exchange.
