Bachem (BANB) H1 2026 earnings summary

Executive summary

• Sales reached CHF 326.4 million in H1 2026, up 4.3% year-over-year (7.3% in local currencies), driven by CMC Development and clinical project demand.

• EBITDA was CHF 82.8 million, margin 25.4%, down from 29.1% due to higher costs, product mix, and ramp-up investments.

• Net income was CHF 50.3 million, stable or slightly up year-over-year, with EPS at CHF 0.67.

• Major capacity expansions underway, including Building K ramp-up and Sisslerfeld project launch.

• Workforce expanded by 214 FTEs to 2,725 to support growth.

Financial highlights

• Operating cash flow at CHF 104.7 million, up 21.7% year-over-year; CapEx of CHF 148.4 million in H1, mainly for capacity.

• EBIT was CHF 54.1 million, margin 16.6%, down 19.1% year-over-year.

• Net income margin at 15.4% (prior year: 16.0%).

• Cash and cash equivalents rose to CHF 51.6 million as of June 30, 2026.

• Equity ratio at 61.7% as of June 30, 2026, reflecting increased financial liabilities.

Outlook and guidance

• Full-year 2026 sales growth expected at 35–40% in local currencies.

• EBITDA margin guidance unchanged in the low thirties.

• CapEx for 2026 guided at CHF 350–400 million.

• Higher contribution anticipated in H2 2026, supported by strong peptide development pipeline.

• All 2026 orders secured; focus on execution and quality delivery.