- July 23, 2021
- Posted by: Stratford Team
- Category: Business
By John Revill
ZURICH (Reuters) – Swiss contract drugmaker Lonza lifted its 2021 outlook on Friday after sales for the first half of the year beat analyst expectations as it benefits from a booming business making ingredients for COVID-19 vaccines.
The company, which has intensified agreements with vaccine producer Moderna, posted a 13.3% jump in sales to 2.54 billion Swiss francs ($2.76 billion), beating analyst forecasts for 2.47 billion francs.
Lonza now expects sales to increase in constant exchange rates towards the mid-teens percentage level for 2021, up from its previous forecast for sales growth in the low double-digit range.
Core earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13% to 847 million francs, beating the 787 million francs forecast in a company-gathered poll of analysts.
The margin dipped to 33.3% from 33.4% a year earlier, but Lonza said it still expected to improve it this year.
Lonza shares, which have…
