LONN.SW

Lonza Group AG

GLP-1 Long '24: Peptide Producers/Designers MedTech Long '26: Life Science Tools & BioprocessingRegulatory Testing '26: Life Sciences & Lab Tests

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Overview

Lonza Group AG is a pure-play contract development and manufacturing organization (CDMO) for pharmaceutical and biotech companies worldwide. It operates through

Lonza Group AG is a pure-play contract development and manufacturing organization (CDMO) for pharmaceutical and biotech companies worldwide. It operates through Integrated Biologics, Advanced Synthesis, and Specialized Modalities segments, providing services from clinical development to commercial manufacturing for biologics, small molecules, and cell & gene therapies. Lonza serves a balanced portfolio of large pharmaceutical and small/medium biotech customers, focusing on complex manufacturing and strategic outsourcing.

What They Do (Plain English & Analogies): Lonza Group AG acts like a specialized, high-tech factory and laboratory for pharmaceutical and biotechnology companies. Instead of these drug companies building their own massive, expensive facilities and hiring all the scientists to develop and produce their medicines, they outsource this work to Lonza. Lonza handles everything from the early stages of drug development to manufacturing the drugs on a large scale. They focus on complex biological drugs, advanced chemical synthesis, and specialized therapies like cell and gene treatments. Essentially, Lonza helps bring new medicines to patients by providing the expertise and infrastructure for their creation and production.
Very Brief History: Lonza Group AG was founded in 1897 in Gampel, Switzerland, initially focusing on hydroelectric power and chemical manufacturing. Over the 20th century, the company diversified and gradually shifted its focus towards the life sciences and biopharmaceutical industries. A significant turning point came in 1999 when Lonza de-merged from Alusuisse to become an independent, publicly listed company. The transformation accelerated with strategic acquisitions like Capsugel in 2017 and Paragon Bioservices in 2019, expanding its capabilities in oral dosage forms and gene therapy. More recently, Lonza has undergone a rapid transformation, divesting non-core assets, including the Capsules & Health Ingredients business in H1 2026, to become a pure-play Contract Development and Manufacturing Organization (CDMO) focused on its three core business platforms: Integrated Biologics, Advanced Synthesis, and Specialized Modalities.
"Street Stereotype": Lonza is generally perceived by investors and analysts as the world's preeminent and leading pure-play CDMO in the biopharmaceutical industry. It is seen as a crucial partner for pharma companies outsourcing complex biologic manufacturing, particularly benefiting from the Western reshoring trend for commercial-scale monoclonal antibodies. The company is known for its strong track record of delivering on its promises, its unique 'One Lonza' business model, and its 'Lonza Engine' which represents its distinct strengths and competitive advantages in scientific expertise, quality, and manufacturing excellence.
Subsidiaries On Linked In*: {"subsidiaries":[]}
Customer Sectors & Example Clients: Lonza's customers are primarily in the pharmaceutical and biotechnology sectors, ranging from large pharmaceutical companies to small and medium-sized biotechs. They also serve academic institutions and government research organizations. While specific client names are not frequently disclosed in public earnings calls due to confidentiality, Lonza has long-standing strategic partnerships with leading U.S. biopharma companies. Historically, they have partnered with major players like Teva, GlaxoSmithKline, Bristol-Myers Squibb, Pharmacyclics (for Imbruvica), Celladon (for Mydicar), Alexion, and Sanofi for various manufacturing and development services.
New Customers / Segments They'Re Targeting: Lonza is targeting customers seeking comprehensive, end-to-end solutions for drug development and manufacturing, from early-stage clinical development through to large-scale commercial supply, and from drug substance to drug product. They are also expanding their addressable market by enhancing their large-scale aseptic fill-finish facility in Stein to include capabilities for high-value, small-molecule drug products, alongside its original focus on biologics. This diversification aims to attract a broader range of clients and programs, leveraging their integrated offering across various technologies.
Supply Chain And Sourcing Geographies: Lonza operates a global network of over 30 development and manufacturing sites across Europe, North America, and Asia. Key manufacturing locations mentioned include Visp and Stein in Switzerland, and Vacaville and Portsmouth in the United States. The company is adapting to an anticipated increased regionalization of supply and demand, with a particular focus on U.S. capacity due to high customer interest. While specific raw material sourcing geographies are not detailed, their global footprint and emphasis on a resilient business model suggest a diversified supply chain to support their worldwide operations.
Sales Geographies And Expansion Plans: Lonza currently sells its services globally, with a broad and well-diversified geographical footprint across Europe, North and Central America, Latin America, Asia, Australia, and New Zealand. The company's global network includes major facilities in Switzerland, the United States, and Singapore. While there are no explicit plans for expanding sales into entirely new geographies, Lonza is strengthening its presence and capabilities within existing key pharmaceutical markets, particularly in the U.S., to align with the trend of increased regionalization of supply and demand.
How Key Themes May Help/Hurt: The 'GLP-1 Long '24: Peptide Producers/Designers' theme is bullish for Lonza. As a CDMO, Lonza's Advanced Synthesis segment manufactures small molecules and bioconjugates, which includes peptides. The rising global prevalence of obesity is driving significant demand for GLP-1 drugs, which are peptides. This increased demand directly translates into a greater need for outsourcing peptide synthesis and manufacturing services, benefiting Lonza's Advanced Synthesis platform. Technological advancements in peptide synthesis, as highlighted in the theme, could also lead to more efficient and higher-margin production for Lonza. The company's investments in bioconjugates and highly potent payload linkers further align with the complex manufacturing needs of such therapeutic areas, positioning Lonza to capitalize on the growth in this market.

3 Main Long-Term Bull Details

Lonza's strategic transformation into a pure-play CDMO, coupled with its 'One Lonza' operating model, provides a clear strategic focus and disciplined capital allocation, positioning it as a global leader in the CDMO industry.
The company benefits from sustained, robust demand for outsourcing across the biopharma industry, driven by the increasing complexity of new modalities and the need for specialized manufacturing capabilities, which Lonza is uniquely positioned to provide through its diversified offering and global network.
Lonza's commitment to significant organic CapEx investments (over CHF 7 billion until 2030) in high-growth areas like mammalian, drug product, bioconjugates, and cell and gene therapies, with strict financial return criteria, ensures future capacity and capabilities to meet growing customer demand and drive long-term profitable growth.

3 Main Long-Term Bear Details

The execution risk associated with large-scale growth projects, such as the Vacaville site upgrade and the new ADC facilities in Visp and Stein, could impact profitability trajectories and timelines if not managed efficiently.
While Lonza aims for consistent growth, the inherent 'lumpiness' of complex, high-tech CDMO operations can lead to quarterly or half-yearly sales and margin phasing, potentially causing investor concern about short-term growth consistency.
The intensifying competitive landscape in the CDMO market, with new entrants and aggressive capacity expansions by rivals, could pressure Lonza's margins and market share over the long term, despite its strong differentiation.

Competitors And Differentiation: Lonza operates in the highly competitive CDMO market. Its main competitors include major players like Thermo Fisher Scientific (Patheon), Catalent, WuXi Biologics, Samsung Biologics, Fujifilm Diosynth Biotechnologies, Siegfried Holding AG, and Boehringer Ingelheim BioXcellence. Lonza differentiates itself through its 'unique One Lonza business model,' which emphasizes scientific expertise, a strong commitment to quality, manufacturing excellence, and the ability to support complex programs across the entire molecule life cycle globally. Key differentiators include its end-to-end capabilities, the ability to combine multiple sites and development services within a single strategic partnership, and its leadership in specialized areas like commercial cell and gene therapy manufacturing.
Recent Performance & What The Market'S Focused On: Lonza delivered a strong H1 2026 performance, with sales of CHF 3.4 billion and 16% CER sales growth compared to H1 2025. CORE EBITDA reached CHF 1.2 billion, representing a high margin of 34.8%, an increase of 4.4 percentage points year-over-year, and free cash flow improved by CHF 300 million. Based on this, Lonza upgraded its full-year 2026 CORE EBITDA margin outlook to 33%-34% and reconfirmed its 11%-12% CER sales growth expectation. All three business platforms (Integrated Biologics, Advanced Synthesis, Specialized Modalities) delivered double-digit CER sales growth. The company also completed its transformation into a pure-play CDMO with the divestment of the Capsules & Health Ingredients business. The market is currently focused on the H1/H2 phasing of growth and margins (stronger H1, normalizing H2), the successful execution and ramp-up of large-scale CapEx projects like Vacaville and the new ADC investments, and the sustainability of Lonza's growth trajectory into 2027 and beyond.

Revenue Segments And Estimated Mix: Integrated Biologics — Mix: ~55.0%; Source: H1 2026 earnings transcript; Trend: 10% CER sales growth in H1 2026; healthy momentum from growth projects ramping up and base business; H1-weighted sales at Vacaville due to planned H2 shutdown.
Advanced Synthesis — Mix: ~24.5%; Source: H1 2026 earnings transcript; Trend: 27.7% CER sales growth in H1 2026; exceptional growth driven by small molecules and bioconjugates; H2 sales expected to be higher in absolute terms but with moderated CER growth due to higher prior year base and less favorable phasing/mix.
Specialized Modalities — Mix: ~16.3%; Source: H1 2026 earnings transcript; Trend: 22.6% CER sales growth in H1 2026; strong growth driven by microbial and bioscience, with Cell & Gene showing strengthened operational performance towards end of H1.
Other/Corporate — Mix: ~4.2%; Source: Calculated difference from total H1 2026 sales of CHF 3.4 billion and reported segment sales.; Trend: n/m
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Bull / Bear Details

Lonza's investment thesis remains bullish as of July 23, 2026. The company has successfully transformed into a pure-play CDMO, demonstrating strong H1 2026 perf

Thesis

Lonza's investment thesis remains bullish as of July 23, 2026. The company has successfully transformed into a pure-play CDMO, demonstrating strong H1 2026 performance with significant sales growth and margin expansion, leading to an upgraded full-year CORE EBITDA margin outlook. Strategic investments in biologics, ADCs, and fill-finish capabilities, coupled with robust customer demand and operational discipline, position Lonza for sustained profitable growth and value creation within its diversified CDMO model.

Bull case

Lonza delivered robust H1 2026 results with 16% CER sales growth and a 34.8% CORE EBITDA margin, leading to an upgraded full-year margin outlook of 33-34%. This demonstrates effective operational execution and the ability to translate growth into expanding profitability and improved free cash flow, reinforcing confidence in its financial trajectory.
The successful divestment of the Capsules & Health Ingredients (CHI) business completes Lonza's transformation into a pure-play CDMO, sharpening its strategic focus. Concurrent investments in ADC payload linker capacity in Visp and a second commercial ADC filling line in Stein, alongside Vacaville's integration and broadened scope for Stein's fill-finish, secure future growth in high-demand areas.
Lonza benefits from sustained strong customer demand for outsourcing across technologies and geographies, particularly in the U.S. Its unique "One Lonza" business model, offering end-to-end capabilities from development to commercial supply across multiple sites and technologies, differentiates it within the CDMO industry and fosters long-standing strategic partnerships.

Bear case

While H1 2026 saw exceptional growth, particularly in Advanced Synthesis and Specialized Modalities, management anticipates a moderation in CER sales growth and margin normalization in H2 due to higher prior-year comparables and less favorable phasing. This could lead to investor concerns about the exit rate and growth sustainability into 2027, despite full-year guidance.
Key growth projects like Vacaville's full potential realization in the early 2030s and new ADC/fill-finish capacities ramping up from 2029-2030, involve significant capital expenditure and extended timelines. Delays or lower-than-expected utilization during these multi-year ramp-ups could impact short-to-medium-term profitability and return on invested capital.
The CDMO market remains competitive, with new entrants and evolving customer needs. While Lonza highlights its differentiation, sustained demand for outsourcing could attract more competition, potentially pressuring margins or market share. Macroeconomic uncertainties and geopolitical shifts could also introduce volatility in customer investment decisions or regional demand.

Bull / Bear Case

Bear Case: Despite strong H1 2026 growth, particularly in Advanced Synthesis and Specialized Modalities, management anticipates a moderation in CER sales growth and margin normalization in H2 due to higher prior-year comparables and less favorable phasing. This could lead to investor concerns about short-term growth consistency and the exit rate into 2027. Key growth projects, such as Vacaville's full potential realization in the early 2030s and new ADC/fill-finish capacities ramping up from 2029-2030, involve significant capital expenditure and extended timelines. Delays or lower-than-expected utilization during these multi-year ramp-ups could impact short-to-medium-term profitability and return on invested capital. The CDMO market remains competitive, with an insourcing trend from large biopharmas and evolving customer needs, potentially pressing Lonza's margins or market share despite its differentiation.
Bull Case: Lonza delivered a strong H1 2026 performance with 16% CER sales growth and a 34.8% CORE EBITDA margin, leading to an upgraded full-year margin outlook of 33-34%. This demonstrates effective operational execution and improved free cash flow. The company has successfully transformed into a pure-play CDMO by divesting non-core assets, sharpening its strategic focus on high-growth areas like biologics, ADCs, and cell & gene therapies. Lonza benefits from sustained strong customer demand for outsourcing across technologies and geographies, particularly in the U.S., driven by the increasing complexity of new modalities. Its "One Lonza" business model, offering end-to-end capabilities and long-standing strategic partnerships, differentiates it in a growing CDMO market. The global CDMO market is projected to grow at a CAGR of over 10% from 2026 to 2035, with strong demand for complex modalities.
More Compelling & Why: Bull. Lonza's strong H1 2026 results, upgraded full-year CORE EBITDA margin outlook, and successful transformation into a pure-play CDMO demonstrate robust execution and strategic clarity in a growing CDMO market. While its LTM EV/EBITDA of approximately 18-20x is still a premium, it is below its 5-year average, suggesting a more reasonable valuation for a market leader with significant long-term growth projects. The consensus analyst rating is a "Buy" or "Strong Buy" with substantial upside potential. A sustained failure to meet its upgraded full-year guidance or significant, unaddressed delays in its key growth projects would flip my view to bearish.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Vacaville Site Performance and Long-Term Growth Trajectory	Vacaville is a key strategic asset for Lonza's Integrated Biologics platform, crucial for future growth and capitalizing on U.S. bioprocessing demand and reshoring trends. Its successful integration and ramp-up are vital.	Full-year 2026 Vacaville sales (expected to be broadly flat versus CHF 0.6 billion in FY2025). Updates from the Capital Markets Day on October 14, 2026, regarding post-2028 growth drivers and new contract announcements.	If full-year 2026 Vacaville sales meet or exceed CHF 0.6 billion, and positive updates on post-2028 growth drivers are provided at the Capital Markets Day = bullish. If sales fall short or significant delays in future growth are announced = bearish.	Lonza's Q3/Q4 2026 earnings reports, Capital Markets Day presentation in October, company press releases.	Industry news on CDMO capacity utilization in the US, particularly for biologics.	Thinknum: Lonza job postings in Vacaville (indicating hiring for ramp-up)
Specialized Modalities (Cell & Gene) Operational Recovery and H2 Contribution	Cell & Gene is a high-growth, high-value area within Specialized Modalities. Its recovery from prior operational challenges and sustained growth are critical for the segment's overall performance and margin expansion.	Specialized Modalities' CER sales growth and CORE EBITDA margin in H2 2026. Specific commentary on Cell & Gene's contribution to growth.	If Specialized Modalities maintains strong double-digit CER sales growth and margin expansion in H2, driven by Cell & Gene = bullish. If Cell & Gene's contribution is weaker than expected or operational issues recur = bearish.	Lonza's Q3/Q4 2026 earnings reports and investor presentations.	Industry reports on Cell & Gene therapy market growth and manufacturing capacity.	EvaluatePharma: Clinical trial progression and approvals for Lonza-partnered cell & gene therapies
Completion of Capsules & Health Ingredients (CHI) Divestment	This divestment completes Lonza's transformation into a pure-play CDMO, sharpening its strategic focus, simplifying its portfolio, and allowing for disciplined capital allocation towards core CDMO growth opportunities.	Official announcement of the transaction closing before year-end 2026. The enterprise value is CHF 2.3 billion.	If the transaction closes as expected before year-end 2026 = bullish. If there are unexpected delays or complications in closing the divestment = bearish.	Lonza's press releases, regulatory filings, Q3/Q4 2026 earnings announcements.	Financial news outlets covering M&A in the pharmaceutical services sector.	Bloomberg Terminal: M&A transaction status for Lonza/Lone Star
Upgraded Full-Year 2026 CORE EBITDA Margin Outlook	This indicates stronger-than-expected operational performance, cost discipline, and favorable business phasing, reinforcing confidence in Lonza's profitability trajectory and management's execution of the One Lonza strategy.	Full-year 2026 CORE EBITDA margin. The upgraded outlook is 33%-34% (previously 'above 32%').	If actual full-year CORE EBITDA margin is within or exceeds the 33%-34% range = bullish. If it falls below 33% = bearish.	Lonza's Q3/Q4 2026 earnings reports and investor presentations, company press releases.	Industry analyst reports on CDMO sector profitability trends.	S&P Capital IQ: Consensus EBITDA margin estimates
Progress on New ADC-related Investments and Anchor Customer Engagement	These investments address strong customer demand in the high-potential bioconjugates market, securing future growth drivers and demonstrating Lonza's ability to attract strategic partnerships for new capacities.	Updates on construction timelines, ramp-up schedules (Visp payload linker: 2029, Stein ADC filling line: 2030), and any further details on the anchor customer or additional customer commitments for these new capacities.	If construction and ramp-up remain on schedule, and further customer commitments are announced = bullish. If there are delays in construction, ramp-up, or a lack of additional customer interest = bearish.	Lonza's future earnings calls, investor presentations, and Capital Markets Day updates.	Industry news on ADC market growth and CDMO capacity expansions.	Industrial data providers tracking construction projects in Switzerland (Visp, Stein)

Key Reported Metrics, Reratings Triggers & Results3 rows

A crucial profitability indicator, demonstrating operational efficiency, the impact of maturing growth projects, and the company's commitment to expanding margi

Key reported metrics
Metric	Last period	Why it matters
CORE EBITDA Margin	31.6%	A crucial profitability indicator, demonstrating operational efficiency, the impact of maturing growth projects, and the company's commitment to expanding margins ahead of sales.
Constant Exchange Rate Sales Growth	21.7%	This metric reflects Lonza's overall market demand and its ability to capitalize on outsourcing trends and new capacities, including the Vacaville acquisition, driving top-line expansion.
Integrated Biologics Sales Growth (CER)	32%	This segment is a significant growth driver, heavily influenced by the strategic Vacaville acquisition and the broader demand for biologics CDMO services, making its performance key.

Key Questions

Will Lonza successfully execute the planned H2 2026 shutdown and CDMO readiness changes at Vacaville, ensuring the site's operational ramp-up and profitability

Will Lonza successfully execute the planned H2 2026 shutdown and CDMO readiness changes at Vacaville, ensuring the site's operational ramp-up and profitability trajectory align with expectations for driving growth post-2028 and reaching its full potential in the early 2030s?

Question 2: Following the return to normal operations for Cell & Gene therapy towards the end of H1 2026, can Lonza sustain the strong growth and improved margins in its Specialized Modalities segment throughout H2 2026, demonstrating consistent operational execution and successful ramp-up of commercial products?
Question 3: Given the exceptionally strong H1 2026 performance, particularly in Advanced Synthesis, and the expected normalization of growth and margins in H2 2026 due to phasing and a higher prior-year base, can Lonza maintain its upgraded full-year CORE EBITDA margin outlook of 33%-34% while demonstrating continued operating leverage and disciplined cost management?

Earnings Transcript Summary2 rows

2026-07-22 · 2026H1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Executing the One Lonza strategy and transformation into a pure-play CDMO, including the divestment of the Capsules & Health Ingredients business. 2. Disciplined operational execution, productivity, cost discipline, and cash generation, driven by their new operating model. 3. Strategic growth investments and capacity expansion, particularly in ADCs, mammalian biologics, and small molecule drug products, to meet strong customer demand.	The overall takeaway is that Lonza delivered a strong H1 2026 performance with significant sales growth and margin expansion, exceeding expectations. The company is successfully executing its transformation into a pure-play CDMO and is confident in its upgraded full-year outlook for CORE EBITDA margin. Management emphasized disciplined operational execution, strategic growth investments, and robust customer demand. The tone was positive and confident, with management consistently reiterating their commitment to their 'One Lonza strategy' and 'organic growth model' for sustained profitable growth and value creation.	Integrated Biologics: 14.3% CER sales growth (H2 2025 vs H2 2024), Advanced Synthesis: 16.6% CER sales growth (H2 2025 vs H2 2024), Specialized Modalities: -1.5% CER sales growth (H2 2025 vs H2 2024)	1. CapEx programs and their impact on growth and margins: Analysts inquired about managing CapEx growth projects, especially with changes like the Stein facility's broadened scope, and their impact on midterm guidance and margins. Management responded that CapEx is 'lumpy' and they focus on an overall corridor of mid to high teens % of sales, reiterating commitment to low teens CER sales growth over time despite project timeline extensions. 2. Revenue outlook and guidance, particularly for H2 2026 and into 2027: Analysts expressed concern about a lower implied growth rate for H2 2026 and beyond. Management stated that visibility for the rest of the year is 'very good' and the H1/H2 phasing is a natural part of their complex operations, not a concern for continued strong, profitable growth in line with their organic growth model. 3. Midterm growth potential across different divisions, especially the strong growth in Advanced Synthesis: Analysts questioned the strong growth in Advanced Synthesis compared to the historical view of biologics being the fastest-growing. Management viewed this as a 'sign of strength' due to risk diversification across business platforms, emphasizing high growth expectations for all businesses and the lining up of large-scale assets in Biologics for future growth.	Integrated Biologics: 10% CER sales growth, Advanced Synthesis: 28% CER sales growth, Specialized Modalities: 23% CER sales growth

2026-01-28 · 2025FY Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Delivering strong profitable growth and expanding CORE EBITDA margins, with a commitment to grow CORE EBITDA ahead of sales. 2. Executing 23 growth CapEx projects globally and driving the M&A agenda, being agnostic to organic or inorganic growth. 3. Elevating the 'One Lonza' customer experience, driving operational excellence, and maintaining cost discipline to achieve constant margin expansion.	The overall tone of the call was highly positive and confident. Management expressed significant satisfaction with Lonza's strong profitable growth in 2025, which outperformed upgraded guidance, driven by the Vacaville acquisition and robust underlying business momentum. The key takeaway is that Lonza is well-prepared for continued profitable growth in 2026 and beyond, supported by significant ongoing CapEx projects, a clear strategy focused on customer experience, operational excellence, and disciplined capital allocation. The exit of the CHI business is progressing as planned.	Integrated Biologics: +39.3% CER (H1 2025); Advanced Synthesis: +18.3% CER (H1 2025); Specialized Modalities: -9.2% CER (H1 2025); Bioscience: returning to healthy growth (H1 2025); CHI (Capsules & Health Ingredients): 0.0% CER (H1 2025).	1. Vacaville sales stability and utilization: Analysts questioned the target of stable CHF 0.6 billion sales through 2028 and 30% utilization. Management confirmed stable revenue (plus/minus CHF 50 million) until 2028, with 5 contracts feeding growth beyond 2028, and utilization around 30%, with full potential expected in the early 2030s. 2. Cell & Gene therapy business improvement confidence: Analysts asked about the basis for confidence in 2026 improvement after a soft 2025. Management cited the resolution of operational challenges in one site and the continued ramp-up of commercial products across all Cell & Gene sites. 3. CORE EBITDA margin expansion: Analysts asked if confidence in hitting the upper end of the 2028 margin guidance increased given the strong 2025 performance. Management reiterated their commitment to grow CORE EBITDA ahead of sales and consistently expand margins, but would not re-guide specific margins for specific years, emphasizing the CDMO organic growth model as a trajectory.	Integrated Biologics: +32.2% CER growth; Advanced Synthesis (ADS): +22.4% CER growth; Specialized Modalities (SPM): -3.0% CER decline; Bioscience: robust CER sales growth throughout the year (no specific percentage provided); CHI (Capsules & Health Ingredients): +3.9% CER growth (reported as discontinued operation).

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