Biomerieux shares eye best day in 25 mths after better-than-expected Q1

Biomerieux SA

09/04/2024 08:55

** Shares in Biomerieux  BIOX.PA  rise 8%, set for best day
in 25 months if gains hold, after the company published Q1
organic growth above consensus, and presented new 5-year
strategic plan
    ** The French diagnostics specialist reports Q1 sales of
965.2 million euros ($1.05 billion), up 9.8% at constant
exchange rates, above the 7.2% consensus cited by Jefferies
    ** "1Q Molecular biology growth +18% better than we expected
(JEFe+11%) with non-respiratory panels +19% and respiratory
panel sales at +12% both ahead," Jefferies adds
    ** The company announces new "Go 28" mid-term strategic plan
which aims for "strong organic growth" and a "simplified
operating model" to increase efficiency and profitability
    ** Jefferies says organic sales growth aim is broadly
similar to current consensus but points out higher margin target
suggests 8%-11% potential upside to cons 2028 current EBIT
    ** Jefferies also flags the dividend payout ratio of about
25% is above its forecast
    ** Shares sit at the top of France's SBF120 index  .SBF120 

($1 = 0.9211 euros)

 (Reporting by Clement Martinot)
 ((Clement.martinot@tr.com))