Siegfried Holding Ltd reported first-half revenue of 633 million Swiss francs, exceeding the 621 million franc consensus estimate as organic growth reached 4.8% at constant exchange rates. Drug substance revenue rose 5.6% to 431 million francs, outpacing the 408 million franc forecast, while drug product revenue declined to 202 million francs, missing the 212 million franc expectation.
Adjusted EBITDA totaled 142 million francs, topping the 137 million franc consensus, with the adjusted EBITDA margin expanding to 22.4% from 22.0% expected. Net profit matched the consensus at 68 million francs. The company reiterated its full-year 2026 guidance, projecting high-single-digit organic revenue growth at constant exchange rates, above the 8.5% consensus estimate. Both drug products and drug substance segments are guided for high-single-digit expansion.
Siegfried maintained its adjusted EBITDA margin guidance of above 23%, compared with a 23.9% consensus, and reaffirmed expectations for "continued profitable above-market growth" with "stepwise expanding profitability." Jefferies analysts noted the guidance implies a more heavily weighted second half, driven by production phasing and new product ramp-ups in the drug product segment.
