Novonesis Shares Fall After Earnings, New Midterm Guidance Disappoint

Dow Jones08-21

By Nina Kienle

Novonesis shares fell on Thursday after second-quarter earnings missed market views and analysts said the biotechnology company disappointed with its new midterm guidance.

In morning trading, Copenhagen-listed shares were down 5.4% at 396 Danish kroner, and are 3.85% in the year to date.

For the second quarter, Novonesis posted adjusted earnings before interest, taxes, depreciation, and amortization at 370.6 million euros ($431.8 million) with a margin of 36.4%, missing analysts' forecasts of adjusted Ebitda at 388.5 million euros and a 37.7% margin, according to a company-compiled consensus.

Despite Novonesis confirming the full-year adjusted Ebitda margin guidance range of 37% to 38%, UBS analysts expect the miss to market expectations will lead to modest downside risks to estimates for the figure.

The 2030 strategy targets introduced by Novonesis on Wednesday were slightly light on the Ebitda margin guidance, the analysts wrote in a note.

The company is aiming for the adjusted Ebitda margin to reach around 39% by 2030, which is disappointing, Citi analyst Ranulf Orr said in a note.

"Many investors we have spoken to expect the pricing model transformation to catalyze strong margin expansion, but it appears increased spend on uncertain long-horizon growth projects will undermine this," he said.

Last year, the company-complied consensus showed 2029 margin expectations of 40.6%, he added.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

August 21, 2025 06:26 ET (10:26 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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