1251 GMT - Lonza's prolonging of its sales-growth outlook to 2024 from 2023 at its capital markets day is an upside to most expectations, Jefferies says. The Swiss biotech and chemical company's upgraded growth outlook to "low teens" from double digit was widely anticipated, but the extension to 2024 is a positive, the bank says. Lonza moving back its 33%-35% Ebitda-margin target by a year is reasonable, with the company shifting capital expenditure to focus on higher value creation, the bank says. Management also sees better underlying growth rates for its biologics segment, around 48% of 2020 sales, which is expected to grow by mid-teens 2021-24, from previous guidance of "low double-digit" for 2020-23, Jefferies adds. The bank maintains its buy rating on the stock. Shares rise 1.2% at CHF703.60. (ed.frankl@dowjones.com)
Lonza's Extension of Sales-Growth Guidance Is an Upside -- Market Talk
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