While maintaining its 'neutral' opinion on bioMérieux, Oddo BHF has raised its price target from €105 to €113, the day after the presentation of a medium-term roadmap that 'would be rather above or at the top end of consensus expectations'.
'We found the company rather confident and explicit, in short rather convincing, on its growth levers and efficiency measures', the analyst judges, noting also 'a surprisingly willing message on M&A'.
All in all, Oddo BHF believes that bioMérieux 'offers a medium-term plan and visibility, and addresses issues that the market has been waiting for, presents a solid trajectory and manages to demonstrate that scale effects will finally become material'.
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bioMérieux designs, develops, produces, and sells systems used in clinical practice to diagnose infectious diseases (including HIV, tuberculosis, and respiratory infections), cancers, and cardiovascular pathologies based on a biological sample (blood, saliva, urine, etc.). Net sales break down by sector of application as follows:
- medical applications (84.4%): in industry, microbiological testing of samples from finished products, materials during the manufacturing process, or the environment, primarily in the food-processing, pharmaceutical, and cosmetics sectors;
- industrial applications (15.6%).
The group's diagnostic systems consist of three elements with related services: reagents, instruments (or platforms or analyzers), software, and services.
Net sales are distributed geographically as follows: Europe/Middle East/Africa (32.4%), North America (44.1), Asia/Pacific (17.3%) and Latin America (6.2%).