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Price · 1Y
$92.05
Thesis
Bachem is the leading independent peptide CDMO — it manufactures the peptide-based active ingredients that the GLP-1 obesity and metabolic drugs depend on. It is the cleanest picks-and-shovels play on the GLP-1 supercycle: rather than betting on which drug wins, Bachem supplies the molecules behind many of them, and adds peptide developers as the supply chain to the directory.
The investment case is a profitable, scaled, hard-to-replicate manufacturer (roughly CHF 695M revenue, CHF 149M net income FY2025) riding structural peptide-demand growth. Risks: customer and end-drug concentration in GLP-1, large capacity-expansion capex, and competition from CMO peers (and customers in-sourcing). Swiss-listed; reports semi-annually.
Catalysts
- GLP-1 / peptide demand and customer capacity commitments
- Capacity-expansion ramp and utilization
- New modality (oligonucleotide) contribution
- Order book and customer-concentration trends