Company Reports

Siegfried reported half-yearly sales of CHF 633 million, up just over 2% on a reported basis, and core net profit of CHF 68 million, up nearly 4%. Management maintained its 2026 outlook of high-single-digit sales growth in local currencies.

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 16 across four continents, and this scale has allowed it to further develop its contract manufacturing business.

During the second quarter, Siegfried inaugurated its new large-scale drug substance facility in Minden, Germany. It also completed its previously announced acquisition of two small-molecule sites in the US and one in Australia. Siegfried reports half-yearly, with financial results due in August.

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 16 across four continents, and this scale has allowed it to further develop its contract manufacturing business.

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.

Siegfried delivered 2025 revenue of CHF 1.33 billion, up 2.6% from the prior year, and a core EBITDA margin of 23.5%. Management is guiding to low-single-digit sales growth in 2026, driven by low-single-digit growth in the drug substances division. Shares declined nearly 9% on Feb. 20.

Siegfried continues to strengthen its manufacturing capabilities in the rapidly growing cell and gene therapy market. Its completed facility, Dinamiqs, enables end-to-end manufacturing of viral vector gene therapies from molecule design to aseptic drug product filling.

Siegfried reported first-half net sales of CHF 619.5 million, representing a year-over-year decline of 0.1% on a reported basis. Investors sent the stock down 6% on Aug. 21.

Siegfried is tracking our expectations, and we maintain our positive outlook for the firm as drug manufacturing becomes more complex with novel therapeutics such as cell and gene therapies playing larger roles in the overall mix. We maintain our fair value estimate of CHF 102 per share, and shares are currently trading at a 13% discount to our fair value estimate.

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.

Siegfried reported solid year-end results in line with our expectations, highlighted by net sales of nearly CHF 1.29 billion, representing growth of 3.5% compared with the prior-year period. Drug substances accounted for nearly 70% of overall revenue and grew 4.5% from the prior-year period, which offset the impact of destocking. Drug products reported growth in line with the prior year, despite the phasing out of significant vaccine sales in 2024, which demonstrates healthy demand for Siegfried’s outsourced services even with these vaccine challenges. Siegfried is tracking our expectations, and we maintain our fair value estimate of CHF 1,020. We view shares as currently fairly valued, trading in 3-star territory.

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.

Narrow-moat Siegfried continues to track toward our expectations, and we maintain our fair value estimate of CHF 1,020 per share. Siegfried’s narrow economic moat rating is based on high customer switching costs, as the challenges associated with changing a drug's manufacturing process make customers unlikely to switch to a different contract development and manufacturing organization. We view the shares as currently fairly valued, trading in 3-star territory. We think investors should watch for a potential pullback in the shares since we have a positive long-term outlook for the firm, thanks to strong demand for outsourced drug manufacturing.

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.

Narrow-moat Siegfried reported solid half-yearly results, highlighted by net sales of nearly CHF 620 million, representing growth of 3.5% versus the prior-year period. Siegfried is tracking our expectations, and we retain our fair value estimate of CHF 1,020 per share.

We are launching coverage of Siegfried Holding, a leading global contract development and manufacturing organization, or CDMO. We assign Siegfried a fair value estimate of CHF 1,020 and a narrow economic moat rating based on high customer switching costs, as the challenges associated with changing a drug's manufacturing process make customers unlikely to switch to a different CDMO.

Siegfried Holding is a leading, global contract development and manufacturing organization, or CDMO. Siegfried was founded over 150 years ago in 1873 as the first pharmacy wholesaler, and it has reinvented itself several times over its history and evolved 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 the company to further develop its contract manufacturing business.