Bachem Holding AG

Bachem Holding AG refined its full-year 2026 sales growth guidance to 35-40% in local currencies, down from a prior range of 35-45%, citing improved visibility into its detailed production schedule. The company reported 4% sales growth in the first half of 2026, or 7.3% in local currencies, with no contribution yet from its new Building K facility, which produced its first commercial GMP material during the period and is expected to drive significant second-half growth. Bachem also signed a strategic agreement with a partner for large-volume peptide supply at its Sislerfeld site, committing to an investment of more than 500 million Swiss francs and securing a major anchor customer. The EBITDA margin diluted by 370 basis points to 25.4% in the first half, mainly due to higher costs in COGS from hiring, maintenance, and capacity optimization, while the company maintained a strong financial position with a 62% equity ratio, a leverage ratio of 0.8 times, and customer prepayments of 455 million Swiss francs. CapEx guidance for 2026 was reduced to 350-400 million Swiss francs due to a delay in the Sislerfeld project, and the company expects to be free cash flow positive in 2029.

Bachem announced it will invest more than CHF 500 million in a large-scale production facility in Sisslerfeld, Switzerland, as part of a strategic collaboration to supply large volumes of peptides. The agreement includes pre-payments and long-term commitments, with commercial production expected to begin in 2030. CEO Dr. Anne-Kathrin Stoller said the deal strengthens planning security beyond 2030 and supports disciplined capacity expansion across Bachem's global manufacturing network, which includes sites in Switzerland, the US, and the UK.