Lonza Shares Rise on Sales, Earnings Beat

By David Sachs

Lonza shares jumped Friday after the company posted consensus-beating sales and earnings.

At 0858 GMT, shares in the Swiss life-sciences company were up 13% at CHF419.30 after rising as high as CHF420.90.

Lonza's full-year sales of 6.72 billion Swiss francs ($7.75 billion) were 3% above the company-compiled consensus, while core earnings before interest, taxes, depreciation and amortization were 5% ahead at CHF2.00 billion, Jefferies analysts said in a note.

Jefferies said the stronger second half of last year should offset negative currency affects and could trigger small consensus updates, which is better than the downside risk feared by the analysts.

Lonza also nominated Jean-Marc Huet to replace Albert Baehny as chairman, but the move shouldn't disrupt the group's crucial search for a new chief executive, Jefferies said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

January 26, 2024 04:23 ET (09:23 GMT)

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