Positive Long-Term Outlook for Narrow-Moat Siegfried as Drug Outsourcing Demand Remains Strong

Siegfried is a leading global contract development and manufacturing organization. It was founded in 1873 as the first pharmacy wholesaler and has reinvented itself several times since, evolving into a global player with advanced manufacturing facilities and lengthy customer relationships. Siegfried's growth over the last 14 years has allowed it to become a leading CDMO. Since 2010, sales have quadrupled and the workforce has grown fivefold. The company has expanded from three manufacturing sites to 13 across seven countries, and this scale has allowed it to further develop its contract manufacturing business.