Bachem Holding rallies on two new peptide contracts

BACHEM HOLDING AG

20/09/2022 08:29

(Updates share price)
    ** Shares of Bachem Holding  BANB.S  jump 13% and are on
track for their best day in two years after the Swiss biotech
supplier signs two new contracts for peptides  urn:newsml:reuters.com:*:nFWN30Q211
    ** Order volumes will amount to 25 million Swiss francs in
2023 and 150 million Swiss francs in 2024, the company says
    ** "This is positive but also important and was partly
expected as Bachem is investing strongly in capex," Vontobel
says, adding the size of the new contracts is higher than it was
expecting
    ** The brokerage says it is increasing its 2024 revenue
expectations by 6%, but keeps 2023 unchanged
    ** The stock is among top performers on pan-European STOXX
600  .STOXX  index

 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))