行业更新：第一季度板块回顾：复苏门槛较低

22 May 2026DateIndustry Update HealthcareMedical Technologies & Q1 Sector Recap: The Bar Is Low for a Falko FriedrichsResearch Analyst Takeaway Summary The Q1 earnings season was mixed for the European MedTech & Life Sciencessectors, and investor interest remains largely subdued based on our discussions.Most companies delivered revenue growth that was in line with or slightly belowexpectations. While adjusted EPS was often better than forecast, this wasfrequently aided by non-operational items such as lower interest expenses and Jan Koch, CFAResearch Analyst Fynn ScherzlerResearch Analyst Research Associate Given the low expectations and light investor positioning, it would likely take onlysmall improvements in consensus earnings to spark a recovery. This makes ushopeful that the trough in valuations may have been reached, though we note thata continuation of the conflict in the Middle East and any resulting increase ininflation would undoubtedly create another headwind. We also believe investors Top Picks Large caps Fresenius SE:Operational momentum remains positive across both the Helios andKabi segments, and the company has again provided conservative guidance for2026 that we believe is achievable and potentially beatable. Furthermore, webelieve concerns around German healthcare reform are more than priced into thestock, with the potential headwind likely to be much smaller than initially feared. Lonza:As a global CDMO leader, Lonza is well-positioned to continue its strongoperational performance in 2026, building on the double-digit top- and bottom-linegrowth it delivered in 2025 and having successfully re-established a track record ofreliable execution. The company benefits from robust end markets that are largelyinsulated from geopolitical headwinds and tariffs, and its recent qualitative Q1update pointed to a continuation of these strong operational trends. Despite this Sartorius:Global leader in bioprocessing equipment and consumables used for theproduction of biological drugs (and other modalities) that is benefitting fromnormalizing end markets following post-pandemic destocking and returning tosustainable double-digit adjusted EPS growth. The Q1 results were solid and put thecompany on track to deliver on its guidance for 2026, and we expect the upcoming SMID caps Ottobock:As a global leader in the prosthetics and orthotics industry, Ottobock isset to continue its strong operational momentum in 2026, despite an anticipatedslower start to the year. We expect to see accelerating growth and margins in thecoming quarters, and the company's conservative initial guidance creates thepotential for a "beat-and-raise" story to unfold. Combined with a strong balance Q1 Performance Recap Key Observations from the Recent Quarter While Q1 delivery was again mixed across the sector, the overall picture skewedmodestly positive at the bottom line. The majority of companies delivered EPS beats(average +7.0%, median +6.5%), although this was often supported by lower-than-expected interest expenses and taxes. By contrast, revenue performance remainedbroadly in line to slightly softer (average miss of 0.6%, median beat of 0.3%),pointing to continued mixed demand trends. The picture for full-year 2026 guidance Sub-Sector Performance Life Sciences Tools & Diagnostics Contract Development and Manufacturing Organizations (CDMO) Companies under coverage: Bachem (Buy), EuroAPI (Sell), Evotec (Hold), Lonza(Buy, top pick), Siegfried (Buy) The CDMO end markets remained robust in calendar Q1, a trend we expect tocontinue through 2026, yet stocks in the sector have continued to de-rate. We seea constructive backdrop for the industry, as it is largely insulated from geopoliticalturmoil and tariffs, has limited exposure to China, and stands to benefit from theanticipated multi-year tailwind of pharmaceutical production reshoring in the US.Furthermore, energy costs are mostly hedged for 2026, and CDMOs typically havethe ability to pass on price increases to customers. We view Lonza, Siegfried, and Life Sciences Tools Companies under coverage: Merck KGaA (Hold), Sartorius (Buy, top pick), Tecan The life sciences tools sector showed a continued normalization in Q1 2026.Bioprocessing consumables demand has stabilized and now appears to be firmlyback in a growth phase, supported by improving biopharma utilization rates. BothMerck KGaA and Sartorius reported strong consumables performance alongsiderobust order intake, pointing to a broad-based recovery in underlying activity. Incontrast, equipment demand is only gradually improving from depressed levels.While order trends are stabilizing, customers remain cautious on larger capital Diagnostics Companies under coverage: bioMérieux (Hold), Diasorin (Hold), Qiagen (Buy), The diagnostics sector has had a challenging start to the year, with nearly everycompany reporting disappointing Q1 results. The underwhelming operationalperformance was driven by a broad ran