In 2025, we delivered strong financial results, with CHF 6.5 billion sales and +21.7% CER sales growth (+19.2% AER). This outcome exceeded our upgraded guidance and reflected strong operational execution across our network. The Vacaville site contributed approximately CHF 0.6 billion in sales, slightly above expectations, while underlying organic sales excluding Vacaville grew in the low teens at an improved CORE EBITDA margin, in line with our CDMO Organic Growth Model.
CORE EBITDA reached a margin of 31.6%, representing an improvement of +1.4 percentage points versus 2024. Margin expansion was driven by operating leverage from strong top line growth, increasing utilization of maturing growth projects, and targeted productivity initiatives across the organization. FX headwinds of approximately 2.5 percentage points on sales and CORE EBITDA, mainly due to the weaker US dollar, had a limited impact on margins due to Lonza’s natural hedge and financial hedging program.
Overall, performance across our Business Platforms was strong. Integrated Biologics delivered robust sales and margins, and benefitted from higher utilization across Mammalian and Drug Product. Advanced Synthesis delivered exceptional organic growth, supported by strong momentum in Bioconjugates and Small Molecules. These contributions were partially offset by Specialized Modalities, with a softer performance in Cell & Gene and phasing in the Microbial business.
We made significant progress in executing our ongoing organic investment program to enable future growth across technologies, while maintaining a focus on capital discipline. We invested CHF 1.3 billion in CapEx, equivalent to 19.6% of sales, with around 60% allocated to growth. Free cash flow (FCF) increased to CHF 545 million, nearly doubled against 2024, supported by disciplined CapEx execution and effective working capital management. Our capital allocation priorities remain unchanged with maintaining our infrastructure, sustaining a progressive dividend and investing discretionary cash in organic and inorganic growth.
Chief Financial Officer
Our focus on high‑quality assets and disciplined cost management delivered strong growth and improved profitability in 2025. Driven by sustained customer demand, the progress in our growth project portfolio is the foundation for future profitable growth. Guided by a balanced capital allocation approach, we are committed to delivering long‑term value for our shareholders, our customers and the patients they serve.
Million CHF
In %
Million CHF
In %
Million CHF
In %
CHF
Ratio
For 2024 and 2025, financials were reflected based on Lonza continuing operations excluding Capsules & Health Ingredients business that is classified as discontinued operations.
Refer to section “Alternative Performance Measures” of the Financial Report for more details on the calculation methodology.
Lonza total group including Capsules & Health Ingredients business that is reclassified as discontinued operations.
“Net debt”, “Net debt / CORE EBITDA” reflect for 2023-2025 total group including Capsules & Health Ingredients business that is reclassified as discontinued operations. For 2021 and 2022, financials were reflected based on Lonza continuing operations basis (excluding Lonza Specialty Ingredients business).
| million CHF | 2016 | 20172 | 20183 | 2019 | 2020 | 2021 | 2022 | 2023 | 20247 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,132 | 4,548 | 5,542 | 4,207 | 4,508 | 5,409 | 6,223 | 6,717 | 5,480 | 6,531 |
| CORE EBITDA 1 | 918 | 1,196 | 1,511 | 1,334 | 1,3344 | 1,665 | 1,995 | 1,999 | 1,653 | 2,064 |
| Margin in % | 22.2 | 26.5 | 27.3 | 31.7 | 30.6 | 30.8 | 32.1 | 29.8 | 30.2 | 31.6 |
| EBITDA | 848 | 1,084 | 1,429 | 1,264 | 1,378 | 1,365 | 2,139 | 1,940 | 1,452 | 1,970 |
| ROIC in % 1 | n.a. | 8.4 | 8.0 | 9.2 | 9.14 | 10.7 | 11.4 | 8.7 | 10.9 | 11.9 |
| CORE EPS in CHF | 7.81 | 10.87 | 12.03 | 13.67 | 11.734,6 | 14.366 | 16.306 | 13.896 | 13.12 | 15.08 |
| EPS in CHF | 5.31 | 9.78 | 8.80 | 10.28 | 9.81 | 9.08 | 16.37 | 8.88 | 8.51 | 13.04 |
| Operational free cash flow (bef. acquisitions and divestitures) | 638 | 658 | 884 | 371 | 504 | 4126 | (420)6 | 3746 | 473 | 674 |
| Net debt / (net cash) 5 | 1,584 | 3,762 | 3,534 | 2,961 | 2,813 | (958) | (186) | 922 | 2,859 | 3,258 |
| Net debt / CORE EBITDA 5 | 1.7 | 2.7 | 2.3 | 1.8 | 1.7 | (0.6) | (0.1) | 0.5 | 1.7 | 1.6 |
| Number of employees (Full-Time Equivalent) | 10,130 | 14,618 | 15,375 | 15,468 | 14,062 | 16,218 | 17,494 | 18,000 | 15,734 | 16,866 |
Refer to section “Alternative Performance Measures” of the Financial Report for more details on the calculation methodology
Until 2017, Lonza including the Water Care business. From 2018, Lonza excluding the Water Care business.
Until 2018, Lonza including the Specialty Ingredients business (reported as discontinued operations until effective disposal 1 July 2021). From 2019, Lonza excluding the Specialty Ingredients business.
CORE results for the Full-year 2020 (CORE EBITDA, ROIC, CORE EPS) were restated to reflect the changes from the revised Alternative Performance Measures policy that was introduced on 1 January 2021.
“Net debt”, “Net debt / CORE EBITDA” reflect total group including discontinued operations. For 2021 and 2022, financials were reflected based on Lonza continuing operations basis (excluding Lonza Specialty Ingredients business).
In 2024, Lonza revised the definitions of several Performance Measures. As a result, the Operational Free Cash Flow and CORE EPS were restated for 2021, 2022 and 2023. Refer to section “Alternative Performance Measures” of the Financial Report for more details on the calculation methodology.
Restated to reflect the classification of the Capsules & Health Ingredients business as discontinued operations (see note 4). Until 2023, Lonza including Capsules & Health Ingredients business. From 2024, Lonza excluding Capsules & Health Ingredients business.
