2025-06-11-Jefferies-肖特制药（1SXP）_首席财务官辞职_7页_99kb

Summary of SCHOTT Pharma Equity Research Report

Equity Research, Jefferies International Limited, June 11, 2025

CFO Announcement and Change

• Dr. Almuth Steinkühler, CFO, resigns voluntarily to pursue new opportunities; not seeking re-election.
• Reinhard Mayer appointed as new CFO to take effect August 1, 2025, with over 20 years of CFO experience.

Company Overview

• SCHOTT Pharma is a global leader in Drug Containment Solutions (DCS) and Drug Delivery Systems (DDS), holding approximately one-third of the global market share.
• Core business includes glass and polymer syringes, benefiting from a broad portfolio of injectable drug systems.
• Strong track record in quality, supply reliability, and innovation.

Valuation and Rating

• Current Rating: Hold
• Price Target: €24.30 (-18% from current price €29.55)
• Valuation Method: Based on Discounted Cash Flow (DCF) analysis.
• Key Risks: Competition, regulatory issues, market expansion challenges, dependence on partners, FX volatility, quality concerns, and dependence on SCHOTT AG shareholder.

Analyst Certification

• James Vane-Tempest and Christopher Richardson certify views are their own and not influenced by compensation.

Investment Recommendation

• Hold rating implies expected total return of -10% to +15% over 12 months.
• Franchise Picks include only Buy-rated stocks, but SCHOTT Pharma is not featured in that category.