2025-05-29-Jefferies-邀请_全球生物生产炉边谈话系列-第二部分_6页_83kb

Equity Research
USA • Life Science Tools & Diagnostics
May 29, 2025

Global Bioproduction Fireside Chat Series Part 2

This report examines the Life Science Tools & Diagnostics sector, focusing on the second part of a series dedicated to bioproduction. Following sessions with Sartorius and Ecolab, the series now shifts attention back to the long-term fundamentals of the industry, as COVID- related volatility subsides. The upcoming sessions include:

Session #3
Monday, June 9th at 11 a.m. ET featuring Avantor (AVTR). Speaker: CEO Michael Stubblefield. Registrations required.

Session #4
Wednesday, June 11th at 1 p.m. ET featuring Maravai (MRVI). Speakers: GMs of GMP Operations and Discovery at TriLink, Head of Enzyme Division. Registrations required.

Session #5
Tuesday, June 24th at 9 a.m.ET featuring Mettler Toledo (MTD). Speakers: Patrick Kaltenbach (CEO) and Shawn Vadala (CFO). Registrations required.

Session #6
Friday, June 27th at 3 p.m.ET featuring Merck KGaA. Speaker to be confirmed. Registrations required.

Replays of prior sessions with Sartorius and Ecolab are available upon request.

Company Valuation/Risks
A formal valuation methodology is presented, outlining how Jefferies assigns ratings (Buy/Hold/Underperform), covering aspects like market capitalization, growth, value, volatility, and expected total return. Price targets are based on multiple factors including market risk, growth rate, DCF, EBITDA, P/E, etc. Risks in achieving price targets are acknowledged, including regulatory constraints, discretionary compensation of analysts, and general investment risks.

Analyst Certification
Seven Equity Analysts and three Equity Associates, including Tycho Peterson, Matthew Stanton, James Vane-Tempest, Jack Melick, Priya Patel, Noah Kava, and Lauren Timmins, certify that all views expressed in the report reflect their personal views about the subject securities and companies, and that no part of their compensation was, is, or will be related to the recommendations or views expressed in the research report.

Investment Recommendations
Jefferies provides ratings (Buy/Hold/Underperform) with specific criteria for each. A list of companies includes Avantor (AVTR: $13.03, BUY), Ecolab (ECL: $262.75, BUY), Maravai (MRVI: $2.21, BUY), Merck&Co (MRK: $76.17, BUY), Merck KGaA (MRK GR: €115.35, BUY), Mettler Toledo (MTD: $1,157.50, HOLD), and Sartorius (SRT3 GR: €220.30, HOLD). A count of firms receiving each rating (BUY/HOLD/UNDERPERFORM) is also detailed.

Disclosure Summary
This report contains forward-looking statements, potential conflicts of interest due to client relationships, and various regulatory disclosures applicable across different jurisdictions (Canada, UK, Germany, HK, Singapore, Japan, India, Australia, Dubai). It explicitly states that this report is intended for Jefferies clients only and may not be suitable for all investors. A monetary disclaimer covers transmission to or distribution in the United States or other markets by certain non-US entities, respecting Regulation S, AFSL, DFSA, etc., and sets limitations on the use of this information (no resale or redistribution without written consent).