bioMérieux (BIM) H1 2026 earnings summary

Executive summary

• Q2 2026 delivered a strong rebound with 5% organic sales growth, offsetting a weak Q1 impacted by low respiratory epidemiology and confirming 2026 guidance.

• H1 2026 organic sales growth was +0.2% to €1,965 million, with CEBIT at €313 million (15.9% of sales), down 4.9% organically, and net income up 41% to €226 million.

• Free cash flow surged 76% year-over-year to €299 million, supporting a net cash position of €236 million.

• Multiple product launches, including revised BIOFIRE GI Panel, SPINCHIP approval, and Accellix acquisition, strengthened innovation and pharma quality control.

• 2027-2028 midterm outlook revised to 3%-6% annual organic sales growth, with CEBIT growth targeted above sales growth due to increased macroeconomic and geopolitical uncertainty.

Financial highlights

• H1 2026 net sales: €1,965 million (+0.2% organic, -3.9% reported), with Q2 organic sales growth at 5%.

• Gross margin declined to 55.9% (down from 57.1% in H1 2025) due to unfavorable product mix and higher manufacturing/transport costs.

• Adjusted EPS down 4% organically, reported EPS down 17% year-over-year; diluted EPS at €1.91.

• CapEx at 7.1% of sales, mainly for manufacturing automation and instrument placements.

• Net cash from operating activities rose 36.5% to €437 million.

Outlook and guidance

• 2026 guidance confirmed: organic sales growth of 3%-5% and CEBIT/EBIT growth of 0%-10%; currency effect on CEBIT expected at -€40 to -€50 million.

• If Q4 respiratory season matches 2025, sales growth expected at the lower end of guidance.

• 2027-2028 sales growth target revised to 3%-6% annually, with CEBIT growth above sales.

• CapEx guidance revised down to ~8% of sales.