2025 was a strong year for the One Lonza team. In my first full year as CEO, we delivered significant revenue growth, expanded profitability and made tangible progress on our transformation journey. We executed our existing business with rigor and, at the same time, continued to lay the foundations for future growth. In the face of geopolitical and economic volatility, our business model proved resilient and delivered on our promise to effectively diversify risks across the broadest technology offering, commercial portfolio and global manufacturing footprint in the CDMO industry.
In 2025, Lonza reported sales of CHF 6.5 billion (+21.7% CER and +19.2% AER compared to the prior year). A CORE EBITDA of CHF 2.1 billion resulted in a robust margin of 31.6%, supported by maturing growth projects, strong operational execution and operating leverage. Excluding the business related to the Vacaville site, organic CER sales growth was in the low-teens at an improved CORE EBITDA margin, in line with our CDMO Organic Growth Model.
We continued to prioritize direct engagement with our investor community in 2025. Alongside the Full-Year 2024 and Half-Year 2025 reports, we hosted roadshows in New York, London, Zurich, Edinburgh, Chicago, Boston, Singapore, Seoul, Tokyo, Toronto, Montreal, Stockholm, Copenhagen and Paris, and attended industry conferences in San Francisco, New York and Frankfurt. In May, we hosted our Annual General Meeting (AGM) in Basel, where nearly 60% of our shareholder capital was represented.
Following the December 2024 announcement of our global One Lonza Strategy, we made significant progress during its first full year of implementation in 2025, while maintaining agility in an increasingly dynamic global environment. We successfully deployed our streamlined operating model in April with the introduction of our three CDMO Business Platforms – Integrated Biologics, Advanced Synthesis, and Specialized Modalities – designed to enhance customer experience, strengthen scalability, and support end-to-end multimodality solutions. This new structure has enhanced internal collaboration and reinforced our ability to deliver a seamless One Lonza customer experience.
Our plug-and-play investment and integration capabilities were further strengthened through both organic growth and the strategic acquisition of Redberry in 2025. We also secured several major customer contracts across diverse modalities, from mRNA to exosome-based therapies, demonstrating the strength of our scientific and technological expertise and the value of our customer partnerships. These achievements underscore how the One Lonza Strategy is strengthening our position as a trusted global partner to deliver technologies for complex treatments with high therapeutic and commercial potential across all stages of development and manufacturing.
We completed our transformation into a pure-play CDMO in March 2026 with the agreement to divest our Capsules & Health Ingredients (CHI) business for an enterprise value of CHF 2.3 billion (USD 3 billion) at closing. Moving forward, we are now fully focused on where we can create most value for our customers and their patients, our people and our shareholders.
Updates to the Executive Committee (EC) during the year were designed to enable and accelerate the implementation of our One Lonza strategy. In April, we realigned leaders’ responsibilities to our new Business Platform structure: Gordon Bates became Head of Integrated Biologics, Christian Seufert became Head of Advanced Synthesis, Daniel Palmacci became Head of Specialized Modalities, and Jean-Christophe Hyvert became Head of Capsules & Health Ingredients.
We also created two new EC level roles, underscoring areas of increasing strategic importance to Lonza. In July, Andreas Bohrer was appointed Chief Legal & Corporate Affairs Officer, bringing legal, governance, sustainability and public affairs oversight together at the EC level. In October, we elevated the Quality function with the appointment of Maria Soler Nunez as Chief Quality Officer, reflecting our heightened focus on quality, compliance and regulatory excellence. Jason Berndt succeeded Maria as Head of Group Operations in October, overseeing manufacturing, engineering and large CapEx projects with a mandate to further strengthen executional excellence.
We also established six dedicated EC committees covering Strategy & Innovation, Business Performance, Investment, Quality, Operations Performance and HR. Led by EC or Extended EC members and supported by leaders from across the organization, these committees provide focused forums for in‑depth discussion of mission‑critical topics, which are designed to support robust decision‑making by the EC. Together, these updated ways of working are designed to match the right leaders with the right roles while also aligning governance and execution with our long-term growth ambitions.
Our investment strategy remains focused on areas of sustained customer demand and market growth, capturing opportunities with attractive margins while maintaining disciplined risk management. In 2025, our capital expenditure totaled CHF 1.3 billion, supporting both organic growth projects and strategic bolt-on acquisitions to strengthen our end-to-end capabilities across biologics, bioconjugates, and emerging modalities.
A key milestone was the successful integration of our Vacaville (US) site, acquired in late 2024. The site expands our large-scale mammalian manufacturing capacity and plays a central role in delivering next-generation therapies, supported by deep manufacturing expertise. Meanwhile, at our Visp (CH) facilities, we progressed with the ramp-up and operations for our HPAPI and large-scale mammalian drug substance facilities and advanced expansion projects for bioconjugates, positioning us to meet growing market demand.
These targeted investments enable us to scale efficiently, deliver on customer commitments, and generate long-term value for both our shareholders and partners. By balancing strategic growth with operational excellence, we are reinforcing our leading position and laying strong foundations for continued innovation and growth.
Based on our strong financial performance and operational progress in 2025, we are well positioned to continue executing our strategy in 2026 and beyond – for the benefit of our customers and their patients, our shareholders and our people.
As I close, my sincere thanks go to our global One Lonza team for all their energy, passion and dedicated efforts throughout 2025. Across our global network, our teams worked hard to enable our One Lonza transformation and unlock future growth opportunities, while continuing to deliver a strong performance across our existing business. We delivered on the promises we made in 2025 and I look forward to achieving even greater success, together as One Lonza, in the year ahead.
Chief Executive Officer
