Stifel reaffirms its 'buy' recommendation and raises its target price for bioMérieux from €108 to €110, explaining that it appreciated the 'fresh and confident tone' of the in vitro diagnostics group's new CEO during a meeting.
In the short term, the broker sees the potential of recent product launches as 'undervalued' in current consensus figures and management targets, 'which historically err on the side of caution'.
Stifel is adjusting its estimates to incorporate stronger-than-expected sales growth in 2023/2024, a slight improvement in profit margin in 2023, and a more cautious approach for 2024 to take account of certain marketing campaigns.
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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%).
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BIOMÉRIEUX 
