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Making the Medicines of Tomorrow Full-Year Results 2024Wolfgang Wienand, CEOPhilippe Deecke, CFO29 January 2025
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Disclaimer 2 Lonza Group Ltd has its headquarters in Basel, Switzerland, and is listed on the SIX Swiss Exchange. It has a secondary listing on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Lonza Group Ltd is not subject to the SGX-ST’s continuing listing requirements but remains subject to Rules 217 and 751 of the SGX-ST Listing Manual.Forward-looking statements contained herein are qualified in their entirety as there are certain factors that could cause results to differ materially from those anticipated. Any statements contained herein that are not statements of historical fact (including statements containing the words “outlook,” "guidance," “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should be considered to be forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty.There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the timing and strength of new product offerings; pricing strategies of competitors; the company’s ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; difficulty to maintain relationships with employees, customers and other business partners; and changes in the political, social and regulatory framework in which the company operates, or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis.In particular, the assumptions underlying the section “Outlook 2025" herein may not prove to be correct. The statements in the section“Outlook 2025"constitute forward-looking statements and are not guarantees of future financial performance.Lonza’s actual results of operations could deviate materially from those set forth in the section“Outlook 2025"as a result of the factors described above or other factors. Investors should not place undue reliance on the statements in the section “Outlook 2025". Except as otherwise required by law, Lonza disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after this presentation was published.
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33 Contents One Lonza1 Full-Year 2024Outlook 2025Q&A2 3 4
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Group performance 41. Lonza excluding Capsules & Health Ingredients (CHI). 2. Capsules & Health Ingredients. Sales of CHF 6.6 billion in line with prior year (-0.2% CER) CORE EBITDA of CHF 1.9 billion ata margin of 29.0% Continued investments into growth with CapEx at 22% of sales Strong free cash flow of CHF 473 million CDMO1 Outlook 2025: CER sales growth approaching 20% and CORE EBITDA margin approaching 30% CHI2 Outlook 2025: Low-to-mid-single-digit CER sales growth and a CORE EBITDA margin in the mid-twenties
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One Lonza 5
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6 We are the pioneer and world leader in the CDMO industry, setting the pace with cutting-edge science, smart technology and lean manufacturing OurVision
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The new vision provides strategic direction to create outstanding long-term value 77 Market leadership with outstanding long-term value creation requires a robust business model in an attractive market and a unique set of core competences – the Lonza Engine “pioneer… setting the pace”“world leader in the CDMO industry”“cutting-edge science, smart technology and lean manufacturing” •Pure-play CDMO for the biopharma industry – from small Biotechs to Big Pharma•World-leading across modalities, the biopharma value chain and product life-cycle – and in creating value•Pioneering the future with cutting-edge science, smart technology and lean manufacturing
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Sustainable high market growth and uniquely attractive characteristics 81. Citeline NCEs, Bio, CGT filters / Pinwheel SM (NCEs); PC-Filing. 2. Lonza analysis; publicly announced capacity expansions (2024). 3. Expected annual growth. •Non-cyclical underlying market•Growth captured through investments•Strong customer loyalty•Strong revenue visibility•Significant barriers to entry … with unique characteristicsPharma market growth Increase in outsourcing CDMO market growth Share of installed mammalian capacity2 8–10% Molecules in development growth, 2024–20291 CDMO sharePharma share20292019 35%65% 55%45% SMC&G4%Bio 6%9% Dynamic underlying market… 3
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9 The Lonza Engine: Our unique set of core competencies FOCUSExit CHI1 at the appropriate time while ensuring the business continues to operate and serve its customers EXPANDDouble down on strategic priorities and opportunitiesELEVATEIncrease excellence in constructing and operating our assets RESHAPERoll out simplified operating model best supporting our growth1. Capsules & Health Ingredients. High-performance teams Leading scientific, technological, digital ecosystemUnparalleled customer partnerships Plug-and-play investment & integration capabilities End-to-end execution excellence Tuning the Lonza Engine
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1. Including Licensing. 2. Including Personalized Medicine. Cell & Gene Technologies2 mRNAMicrobialBioscience Specialized Modalities 10 Small MoleculesBioconjugates Advanced SynthesisCombining leading hybrid solutions from chemistry and biologyPioneering and scaling cutting-edge technologiesMammalian Drug Product Services Integrated Biologics1 Advancing best-in-class integrated offerings One Lonza: Three CDMO Business Platforms will host eight technologies Three integrated synergistic Business Platforms Standardized structures and flattened organization (one layer removed) Strong functional oversight and steering Unified One Lonza strategy and go-to-market approach
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111. CDMO: Lonza excluding Capsules & Health Ingredients (CHI). 2. Excluding M&A. 3. Constant Exchange Rates. The Lonza Engine together with disciplined investments in growth will drive Lonza’s CDMO Organic Growth Model CDMO OrganicGrowth Model Mid-to-high-teens CapEx in % of sales: •Mid-to-high-single-digit % of sales investments in maintenance, infra-structure, and systems•Low-teens % of sales investments in organic growth Investments in growthLonza Engine •Organic CER3 sales growth of low-teens on average over time•CORE EBITDA growth ahead of sales growth CDMO1 organic2 growth +2-3% ahead of market at 8-10%
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1. Potential for accelerated and de-risked capacity delivery. Specialized ModalitiesStrategic imperativesKey investment areas Extend tech offering & create larger product portfolios Beyond TodaySecure long-term growth through new CDMO offerings Portfolio Expansion Capacity Technology Inorganic OrganicInorganic Organic Organic Opportunistically Assessment of new opportunities against Lonza Engine Team & organizationSci & tech ecosystemCustomersExecutionInvestment & integration 12 Integrated BiologicsExpand in capacity-constrained market & drive innovation Inorganic1 OrganicInorganic Organic Organic Opportunistically Advanced SynthesisDiversify footprint & double down on attractive niches Inorganic1 Inorganic Organic Inorganic Opportunistically Opportunistically Organic Double down on strategic priorities and opportunities
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… but Lonza is no longer best owner Exit CHI at the appropriate time and in the best interests of shareholders and stakeholders >1bn ~25% #1 CHI is a highly attractive business… 13 CHI is #1 in its markets with strong margins – Lonza no longer best owner Sales1 (in CHF) mainly driven by Hard Empty Capsules and supported by remaining portfolio Industry-leading profit margins1 due to proprietary technologies & premium offerings Innovator with strong brand – partner of choice for New Chemical Entity launches Positive Outlook for 2025 and beyond Different business modelCHI's product business differs from Lonza's long-term contracted service businessLimited synergiesDifferent manufacturing model, technologies & very limited actionable customer overlap Different market dynamics Overall lower growth than CDMO business, impacting Lonza’s mid-term sales growth (by ~1 ppt) 1. Sales and CORE EBITDA margin in FY 2024.
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The Lonza Engine is the key enabler to drive sustainable value creation 14 One Lonza is a place of unique opportunity We have a clear strategy – and a clear plan for value creation We have a unique set of strengths - Lonza Engine We do not waste time taking decisions As One Lonza, we are set up to deliver strong long-term profitable growth 14
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Full-Year 2024 Performance 15
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•Signed contracts with a total value of ~ CHF 10 billion•~ 15 new commercial products signed p.a.2 •Commercial supply agreement for Vertex’s CASGEVY® – first therapy using CRISPR / Cas9 for sickle cell disease and beta-thalassemia•Extended collaboration with a strategic customer for commercial-scale manufacture of ADCs including mAb3 •Extended collaboration with Acumen Pharmaceuticals on an integrated end-to-end offering•Multi-modality, DS-DP1 collaboration with a strategic customer for various clinical molecules 16 •High number of drug approvals in 2024 – biotech funding increasing again•Clinical pipeline at record levels – high share of biologics•Continued high demand for CDMOs – increasing outsourcing, tightening capacity•Increased interest in early-stagedevelopment services and integrated DS-DP1 offerings•Continuing preference for Western sources of supply – uncertainties around BIOSECURE … translated into business in 2024Attractive industry fundamentals… 1. Drug Substance-Drug Product. 2. Average over last three years. 3. Monoclonal antibody. Lonza continuously turns attractive market opportunities into strong commercial momentum: Selected highlights
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Organic investments are the key growth drivers for Lonza 17 22Growth projects9Modalities /technologies 90%invested in commercial / mixed assets70%of CapEx invested in growth 2020 - 2024 Ongoing growth projects 50%20% 30% In constructionIn ramp upIn operation
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Vacavillesiteintegrationfully on track Integration update2025 and beyond•No critical issues since Day 1 on 1 October 2024•Flawless continuation of production•Integration of operational and enabling functions on track•Strong quality track record maintained •2025 sales around CHF 0.5 billion – below group margin•Up to CHF 500 million mid-term CapEx for greater site flexibility and higher automation•Balance of continued production, new product introductions, and site investments 18 Customer update•Two new contracts signed •Strong customer interest with site visits and multiple contract negotiations ongoing
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1. Based on Q1-3 2024 data plus Q4 2024 estimates. Excluding Vacaville (US) site acquired in October 2024. Full-Year numbers will be published in the Lonza Sustainability Report in April 2025. Long-term commitment to ESG remains a top priority 19 GHG emissions intensity reduction1vs 2018 base year Spend from suppliers withsustainability evaluation -44% 30% 2030 Target: 50% reduction 80% Progress since 2021 •Progress on all key environmental metrics, including GHG emissions•Near-term GHG emissions reduction targets validated by the Science Based Targets initiative (SBTi)•Half of electricity from renewable sources, via Virtual Power Purchase Agreement for photovoltaic energy for all EU and CH sites•Progress on improving supply chain engagement and sustainability performance•Continued work on gender equality roadmap – percentage of women in leadership increasing Women in leadershiproles
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20 Full-Year 2024 Financials
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Engine Investment in growthStrong top-line growth Margin expansionCash generation The Lonza Engine drives growth-led value creation 1. CDMO: Lonza excluding Capsules & Health Ingredients (CHI). 2. Pay-out ratio of 35-45%. Organic and inorganic investments•Impartial to CapEx and bolt-on M&A•Alignment with Lonza Engine•Clear financial thresholds Shareholder returns•Maintain or increase dividend2 •Return of surplus capital Improving cash generation•Total CapEx normalizing to mid-to-high-teens as %of sales mid-term•Improved NWC Organic growth ahead of market•Low-teens organic growth1, +2-3% ahead of market•Growth projects with strong contracting as growth drivers Profit growth > Sales growth•Portfolio mgmt of base business•Growth projects maturing•Operating leverage21
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221. CDMO: Lonza excluding Capsules & Health Ingredients (CHI). 2. Pay-out ratio of 35-45%. 3. Net of interest expense and other non-operational items. Capital allocation decisions Cash from operating activities pre-CapEx Discretionary cash3 Based on balance sheet strength(i.e., Net Debt / CORE EBITDA of 1.5–2.0x), opportunity pipeline and macro environment Impartial approach to CapEx and bolt-on M&A; driven by market opportunity DividendCommitment to maintain or increase the dividend per share every year2-= Maintenance / infrastructure / systems CapExMid-to-high-single-digit % of sales1- Growth CapEx / M&A Surplus capital returned to shareholders Evolved priority Improving cash generation through focus on NWC management Evolved capital allocation framework underlines focus on growth investments
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1. All financial information for FY 2024 is unaudited. The auditreport on the 2024 consolidated financial statements of Lonza willbe published in April 2025 together with the publication ofLonza’s2024Annual Report.2. Constant Exchange Rates. 3. Actual Exchange Rates. Solid financial performance driven by CDMO business •Strong CDMO commercial performance•Market headwinds in Capsules & Health Ingredients, and Bioscience•∼7% CER sales growth excl. COVID-related mRNA business•FX CHF 0.1bn adverse impact on sales•Productivity efforts driving underlying margin 23 Financial performance summary AER1,3in CHF million H2 2024FY 2024Sales 3,5176,574CER2 growth -1.8%-0.2%AER3 growth -3.4%-2.1%CORE EBITDA1,0151,908Growth -5.8%-4.6%Margin 28.9%29.0%YoY margin change-0.8ppts-0.8ppts
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CDMO business with low-teens underlying growth in 2024 24 CER growth by division in %1 ~-7% +9.3%+1.1%3-6.6%-4.6%-0.2%~+13%2 •Around -7% sales headwind arising from 2023 COVID-related mRNA business•Strong underlying CER growth driven by commercial demand and operational execution in CDMO business•C&G and CHI with headwinds in product businesses•Low-teens underlying CER growth in CDMO business in 2024 6,574 -2.1%4 1. With the exception of COVID-related mRNA Sales and FX, for which the impact shown is on the overall Lonza growth in CER. 2. Biologics CER growth including COVID-related mRNA business at -0.5%.3. Including one-off from Codiak termination in 2023. 4. Growth in AER including FX impact. FY 2023COVIDUnderlying FY 2023Biologics excl. COVIDSmall MoleculesCell & GeneCapsules & Health IngredientsCorporateFY 2024 AER 6,717 6,574
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25 Highly diversified sales profile by customer, product and development stage 53%47%LargePharmaSmall- to mid-pharma CDMO sales by customer type1 30% 70% Commercial+ Phase 3 CDMO sales by phase of molecule 1. Top 30 largest pharma companies by revenue are attributed to large pharma. Pre-clinical toPhase 2 51%49%Top 10Customers CDMO sales for top customers 29% 71% CDMO sales for top products Top 10 Products
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CORE EBITDA margin driven by productivity measures and product mix 26 •Low-single-digit ppts underlying CORE EBITDA margin expansion (excluding COVID-related mRNA business in 2023)•Gross profit margin driven by productivity measures, better asset utilization and product mix•Margin headwind from CHI softness and lower Corporate EBITDA Core EBITDA margin contribution in ppts 29.0%29.8%-0.6%+0.5%+0.6%-0.7%-0.6% FY 2023BiologicsSmall MoleculesCell & GeneCapsules & Health IngredientsCorporateFY 2024 1,9081,999
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Continuing strategic investments to drive long-term growth •Around 60% of growth CapEx into a diversified project portfolio across modalities•Key CapEx for large Biologics projects in Mammalian, Drug Product and Bioconjugates 27 CapEx breakdown by division2024 project portfolio 82812919289179 BiologicsSmall MoleculesCell & GeneCapsules & Health IngredientsShared Infrastructure/Other 62%38% Growth CapexOther Capex 1,417 CHF m, 22% of Sales in % in CHF million
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Strong free cash flow generation with FCF at 21% of sales before growth CapEx •Lower CapEx allows for strong FCF generation•Higher NWC as % of sales driven by receivables level due to strong year-end sales and Vacaville inventories 28 FY 2024Change vs. FY 2023EBITDA 1,695-245Change of net working capital (NWC)-26545CapEx -1,417265Other 46034Operational FCF before acq./div.47399NWC as % sales 13.7%1.2pptsCapExas % sales21.6%-3.4ppts Operational Free Cash Flow (FCF)in CHF million
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Strong balance sheet with leverage back in target range 29 -0.1 0.5 1.5 FY 2022FY 2023FY 2024 Net debt / CORE EBITDA Up to CHF 2bnTwo-year commitment commenced in Q2 2023 86%Completed by 31 Dec 2024 Share buyback program update Leverage in line with BBB+ rating, leaving sufficient headroom for organic investments and bolt-on M&A
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Proposal to AGM to maintain dividend at CHF 4.00 per share •Proposed dividend of CHF 4.00 per share •Proposed pay-out of 44%, in-line with target pay-out ratio of 35-45% 30 Dividend per share1in CHF 1. Dividends relating to the indicated year, paid out in the following year. 2.152.502.502.752.753.003.003.504.004.00 2015201620172018201920202021202220232024
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31 Full-Year 2024 Divisions
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Biologics division update 32 3,676mSales(CHF) 1,266mCORE EBITDA(CHF)-3.8% 34.4%CORE EBITDAMargin-1.0ppt •Underlying low-teens CER sales growth and strong CORE EBITDA margin improvement•Growth mainly driven by strong performance in Mammalian and Bioconjugates•Lower margin vs. high base in 2023 from high-margin COVID-related mRNA contract termination•Strong commercial demand and initial signs of recovery in early-stage business -0.5%1+~13%2 Boarded figures are a comparison vs. Full-Year 2023.1. Sales growth at Constant Exchange Rates (CER). 2. Sales growth at Constant Exchange Rates (CER), adjusted for COVID-related mRNA business.
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Biologics business unit update 33 •Continued strong demand in large-scale with recovery in early-stage business•Vacaville (US) acquisition closed successfully in Q4 2024•Large-scale mammalian site in Visp (CH) on track to start GMP operations in H1 2025•First GMP batch produced at small-scale mammalian asset in Portsmouth (US)•Guangzhou (CN) divested1 and Hayward (US) decommissioning close to completionMammalian •Continued strong demand in commercial and clinical business •Ongoing ramp-up of two new commercial bioconjugation suites•Continued progress with large-scale capacity expansion plans•High level of integration with other modalities, including Mammalian, HPAPI, Drug Product and SynaffixBioconjugates 1. Divestment closed on 17 January 2025.
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Small Molecules division update 34 983mSales (CHF)+9.3%1 351mCORE EBITDA (CHF) 35.7%CORE EBITDA Margin+3.4ppts Boarded figures are a comparison vs. Full-Year 2023.1. Sales growth at Constant Exchange Rates (CER). •Sales and margin growth driven by strong operational execution, asset utilization, and product mix•Sustained commercial demand for high-value products and complex service offerings•Strong H2 2024 sales performance due to campaign timing•Highest number of new customers and programs signed in 2024 compared to prior years•Batch success rate of more than 99% in commercial manufacturing +20.6%
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Cell & Gene division update 35 689mSales(CHF) 108mCORE EBITDA(CHF)+58.8% 15.7%CORE EBITDAMargin+5.9ppts •~10% CER sales growth, excluding Codiakterminationin 2023•Cell & Gene Technologies (CGT) delivered strong operational execution in commercial manufacturing and volume catch-up from a weaker 2023•Early signs of recovery in early-stage business in CGT•Significantly improved profitability, with CGT surpassing break-even point•Long-term portfolio shift towards increased commercial manufacturing progressing•Bioscience with soft end-market demand, but margins protected by productivity initiatives +1.1%1 Boarded figures are a comparison vs. Full-Year 2023.1. Sales growth at Constant Exchange Rates (CER).
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Capsules & Health Ingredients division update 36 1,054mSales(CHF)-6.6%1 256mCORE EBITDA(CHF)-22.9% 24.3%CORE EBITDAMargin-4.3ppts •Maintaining leading positions in HEC2, Dosage Form Solutions and Health Ingredients in a challenging market environment•H2 2024 results impacted by soft pharma capsule demand, with signs of recovery in Q4 2024•Solid demand back at pre-pandemic level in nutra capsule market, with good demand for Dosage Form Solutions•Cost containment measures to partially offset margin headwinds•Positive early impact of newly-introduced superior proprietary D90 capsule manufacturing technology Boarded figures are a comparison vs. Full-Year 2023.1. Sales growth at Constant Exchange Rates (CER). 2. Hard Empty Capsules.
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Destocking[~9 Quarters] Future sales and margin recovery from market demand pick-up and higher asset utilization 37 Hard Empty Capsules demand evolutionMarket and business dynamics •US demand recovery since mid-2023•Following a period of excess capacity due to destocking, Lonza production returning to normal utilization levels •Demand recovery since mid-2024•Temporary lower demand translates into lower utilization and lower cost absorption NUTRAPHARMAPre-COVIDJan 2020 Pre-COVID 100%1 100%1 Mid-2023 Mid-2022End 2024Jan 2020 COVID-19 demand increase COVID-19 demand increase 1. Normalized overall volume demand at the point in time. Destocking[9 Quarters]
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38 Outlook 2025
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39 CDMO1 Outlook 2025 •CER2 sales growth approaching 20% (including around half a billion CHF sales from Vacaville site acquisition) – low-teens organic3 CER sales growth•CORE EBITDA margin approaching 30%•Sales and margin expected to be higher in H2 2025 versus H1 •Low-to-mid-single-digit CER2 sales growth•Mid-twenties CORE EBITDA margin CHI Outlook 2025 Positive Outlook for 2025: Strong growth of CDMO business – CHI on track to deliver growth 1. CDMO: Lonza excluding Capsules & Health Ingredients (CHI). 2. Constant Exchange Rates. 3. Excluding M&A.
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Concludingremarks 40 Solid resultsin 2024drivenbystrong CDMO performance–whichcompensatedforthesofter demandin Capsules& Health Ingredientsand thelossofthe2023 COVID-relatedmRNA business Strategic investments continueto drive long-term growth –around 60% of CapEx allocated to a diversified growth project portfolio across technologies, including Mammalian, Drug Product, and Bioconjugates Strong 2025 CDMO1Outlook with CER2salesgrowthapproaching20% and CORE EBITDA marginapproaching30% CDMO Organic Growth Model set to deliver low-teens organic3 CER sales growth on average over time, with CORE EBITDA growth ahead of sales growth 1. CDMO: Lonza excluding Capsules & Health Ingredients (CHI). 2. Constant Exchange Rates. 3. Excluding M&A.
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41 Q&A
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Event Calendar and Contacts 42Information about investor relations events is available on the website: https://www.lonza.com/investor-relations Victoria MorganHead of ExternalCommunications T+41 61 316 2283victoria.morgan@lonza.com Daniel Buchta Head of Investor RelationsT +41 61 316 2985daniel.buchta@lonza.com Investor inquiries: Media inquiries: Upcoming roadshows/conferences31 January 2025ZKB, Zurich (CH)3 February2025RBC, London (UK)4 February2025Barclays, Edinburgh (UK)11 -12 February2025Jeffries, Chicago and Boston (US)13 - 14 February 2025Goldman Sachs, New York (US)4 March 2025Morgan Stanley, London (UK)25 March 2025Bank of America, Singapore (SG)26 March 2025UBS, Seoul (KR)27 March 2025JP Morgan, Tokyo (JP)Upcoming announcements3 April 2025Publication of Annual and Sustainability Reports9 May 2025Q1 Qualitative Update9 May 2025Annual General Meeting15 May 2025Dividend-Payment Date23 July 2025Half-Year Results 2025
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43 Appendices
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Additional financial information for 2025 441. Based on FX rates as of early January 2025. FX Impact1 Group sales and CORE EBITDA impact of around 0.0 to -1.0ppt CapExLow-twenties as percentage of sales Effective tax rate17 to 19% Net financial result CHF -150 to -170 million
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Full-Year 2024 financial highlights (1/2) 45 CHF millionFY 2024FY 2023YoY (in %) Sales 6,574 6,717 -2.1CORE EBITDA1,908 1,999 -4.6Margin in %29.0 29.8 -0.8pptsEBITDA 1,695 1,940 -12.6Margin in %25.8 28.9 -3.1pptsEBIT 964 880 9.5Margin in %14.7 13.1 1.6pptsROIC in % 8.4 8.7 -0.3pptsNet Financial Result-209 -77 n/aTax Rate in % 15.6 17.1 -1.5pptsProfit for the Period637 655 -2.7
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CHF millionFY 2024FY 2023YoY (in %) CORE EPS basic (CHF)1 15.03 13.89 8.2EPS Basic (CHF)8.93 8.88 0.6CORE EPS Diluted (CHF)1 15.01 13.88 8.1EPS Diluted (CHF)8.92 8.88 0.5Change of Net Working Capital-265 -310 -14.5Capital Expenditures1,417 1,682 -15.8Operational Free Cash Flow1 473 374 26.5Number of Employees(Full-Time Equivalent)18,686 18,000 3.8Net debt / (net cash)2,859 922 n/aNet debt-equity ratio0.3 0.1 n/aNet Debt / CORE EBITDA ratio1.5 0.5 n/a Full-Year 2024 financial highlights (2/2) 461. In 2024 Lonza has made changes to the definition of certain Performance Measures (see Alternative Performance Measures Brochure 2024 for further details). As a result, comparative information for FY 2023 has been restated accordingly
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ROIC decrease driven by growing asset base •NOPAT increasing as PY impacted by customer driven impairments (Moderna and Codiak) •Higher Invested Capital driven by organic and inorganic investments (Vacaville)•Tax rate slightly below 16-18% guided range mostly from one-off tax effects 47 FY 2024YoY changeFY 2023 Net Operating Profit before taxes1,236561,180Taxesin % of Net Op. Profit before taxes-19315.6%9-1.5ppts-20217.1%NOPAT 1,04365978 Average InvestedCapital12,4341,19111,243 ROIC 8.4%-0.3ppts8.7% ROICContinuing businessin m CHF
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Enhancinggovernanceforsustainablegrowth •A number of changes to Board composition in 2024, designed to ensure robust succession planning, business stability and broad expertise•Updated committee structure divides the NCC into the Nomination and Governance Committee (NGC) and the Remuneration Committee (RemCo)•Juan Andres, Eric Drapé and David Meline havebeennominatedasIndependent Members oftheBoard forelectionat Lonza’sAnnual General Meeting in May 2025•Each nominee brings deep expertise in their field to Lonza, from technical operations and quality to finance, growth and innovation 48 David Meline Juan Andres Eric Drapé