Lonza cuts 2024 margin target again after CEO departure (updated)

Kodiak Sciences

17/10/2023 06:36

(Recasts)
    By Ludwig Burger
       Oct 17 (Reuters) - Swiss contract drug manufacturer
Lonza  LONN.S  cut its 2024 margin target again, following the
abrupt departure of its CEO last month, citing a decline in
business from vaccine maker Moderna  MRNA.O  and Kodiak Sciences
 KOD.O .
    In a statement on Tuesday, Lonza said that the margin of
earnings before interest, taxes, depreciation and amortisation
(EBITDA), adjusted for one-offs, over sales would be in the
"high 20s" next year.
        In July, the company had lowered its operating profit
margin target for 2024 to 31%-33% from 33-35% previously. 
  
        The company, which is holding a capital markets day on
Tuesday, added that it was targeting an improvement in the
operating profit margin to a range of 32% to 34% in 2028.

 (Reporting by Ludwig Burger, Editing by Rachel More)
 ((ludwig.burger@thomsonreuters.com; +49 30 220133634;))