bioMérieux S.A.

bioMérieux reported 2025 organic sales growth of 6.2% and said that would have been 7.8% excluding China. Contributive EBIT grew 16% organically and the contributive EBIT margin reached 17.9%, up 100 basis points on a reported basis and 160 basis points on a like-for-like constant FX/scope basis. Gross margin increased 8% like-for-like, or 90 basis points on a like-for-like basis. Free cash flow was EUR 462 million, up 40% year over year, EBITDA was EUR 960 million, and the company ended the year with EUR 108 million in net cash. For 2026, management guided to sales growth of 5% to 7%, EBIT growth of at least 10%, BIOFIRE non-respiratory growth around 10%, SPOTFIRE sales growth of 40% to 60%, Microbiology growth of 3% to 5%, Industrial Applications growth of 7% to 9%, respiratory panels between minus 3% and plus 3%, and immunoassays between minus 5% and 0%. Management also estimated a EUR 50 million to EUR 60 million negative FX impact on CEBIT and a tariff impact of about EUR 20 million to EUR 24 million in 2026, versus about EUR 10 million to EUR 11 million in 2025.

Pierre Boulud framed 2025 as proof that GO.28 is working: he emphasized profitable growth, operating leverage, and stronger-than-market performance across the core businesses. He highlighted installed-base gains in BIOFIRE and SPOTFIRE, strong momentum in Microbiology and Pharma, and said the company is still early in its efficiency journey because manufacturing automation, R&D simplification, and customer-service transformation are ongoing. His tone was confident but measured, especially on China, respiratory seasonality, and the timing of new launches such as vaginitis and SpinChip.

Guillaume Bouhours focused on the mechanics behind the results: gross margin rose 90 basis points like-for-like thanks to mix, procurement savings, and transport savings, despite tariff pressure in H2. SG&A rose 4% and R&D 3% like-for-like, while adjusted net income and adjusted EPS were introduced for the first time and were up 9%; the dividend proposal is EUR 0.98 per share, also up 9%. He said free cash flow of EUR 462 million was helped by higher EBITDA, better collections, and a positive U.S. tax effect from accelerated R&D deductions, and he noted tariffs should rise to EUR 20 million to EUR 24 million in 2026. He also said pricing erosion stayed limited: below 2% for respiratory panels and below 1% for non-respiratory panels.

Analysts pressed management on whether the 2026 sales range is mainly dependent on flu season strength, and management said yes: the main variable inside the 5% to 7% range is respiratory demand, with Q1 especially set against a tough comparison. On margins, management said the at least 10% EBIT growth target remains achievable even at the low end of revenue guidance because GO.28 cost-efficiency actions should keep delivering. Questions on BIOFIRE installations, competition, and China drew similar answers: management said the 1,800 net installations reflect new customers and capacity expansion rather than customers coming back from a competitor, China weakness is mostly market-driven rather than share loss, and Microbiology in China is about 90% of local sales. Analysts also asked about SPOTFIRE, vaginitis, and GI panels; management said vaginitis is a differentiated opportunity but too early to quantify, and that the GI portfolio already includes both 11-target and 22-target panels.