Lonza Group AG

Vaxcyte has raised roughly US$1b through concurrent common stock, pre funded warrant and convertible note offerings, following positive Phase 3 data for its VAX 31 pneumococcal vaccine candidate. The financing came after the Phase 3 OPUS 1 readout, and the company's shares have traded at US$66.96, with a 7 day share price return of 17.68% and a year to date share price gain of 44.12%. The 1 year total shareholder return of 64.36% and 5 year total shareholder return of 175.56% reflect momentum reinforced by the OPUS 1 update and the US$1b mix of equity and convertible note financing completed this week. Vaxcyte is currently trading at 3.6x book value, compared with 2x for the wider US Biotechs group and 9.3x for closer peers, while a widely followed narrative framework anchors fair value closer to $75 using a 7.51% discount rate. Completion of a dedicated large scale manufacturing facility with Lonza, build out of a high volume fill finish line in North Carolina and plans to build commercial supply ahead of a possible VAX-31 launch could support stronger net margins, though OPUS-2 or OPUS-3 data or higher than modeled manufacturing costs could reset expectations.

Lonza Group reported higher first-half profit and sales and raised its fiscal 2026 CORE EBITDA margin outlook. Profit attributable to equity holders climbed to 591 million Swiss francs from 426 million francs a year earlier, while CORE EBITDA grew 27.4 percent to 1.18 billion francs with a margin of 34.8 percent. Sales rose 11.2 percent to 3.374 billion francs, representing 16.0 percent growth in constant currency, with all business platforms delivering double-digit CER sales growth. The company now expects its 2026 CORE EBITDA margin to reach 33 to 34 percent, up from a prior view of above 32 percent, and maintained its CER sales growth forecast of 11 to 12 percent.

The global stem cell culture media market is projected to grow from approximately USD 765 million in 2025 to around USD 2714 million by 2035, at a compound annual growth rate of about 13.5 percent during the forecast period from 2026 to 2035, according to a new report by Healthcare Foresights. The market was valued at roughly USD 765 million in 2025 and is expected to reach USD 868 million in 2026. Growth is driven by the shift toward serum-free, xeno-free, and chemically defined media, as well as increasing integration of stem cell technologies in drug discovery and cell and gene therapy programs. North America held the highest market share in 2025, while the Asia Pacific region is expected to register the highest growth rate. Key players include Thermo Fisher Scientific, Merck KGaA, Lonza Group, and Sartorius AG.

The global cell and gene therapy CDMO market is projected to grow from $8.3 billion in 2025 to $57.1 billion by 2034, at a compound annual growth rate of approximately 24%, according to a report by DelveInsight. North America held the largest share in 2025, accounting for roughly 40% of the global market, driven by an expanding pipeline of cell and gene therapies and substantial investments in innovative technologies. Key companies in the market include Catalent, Minaris Advanced Therapies, SCTbio, Cellex Cell Professionals, Mycenax Biotech, MedTherapy Biotech, ENCELL, Nucelion Biotechnologies, Charles River Laboratories, Lonza Group, Thermo Fisher Scientific, and WuXi AppTec. Recent developments include Catalent expanding its agreement with Cartherics for iPSC-derived CAR-NK cell therapies in April 2026, and Lonza expanding its manufacturing agreement with Genetix Biotherapeutics for ZYNTEGLO in March 2026. The market growth is fueled by rising numbers of cell and gene therapy candidates, increasing outsourcing trends, and advancements in manufacturing technologies.