Eckert & Ziegler: Q3 Earnings Set to Rise 18.2%

Eckert & Ziegler SE is poised for an 18.2% year-over-year increase in adjusted EBIT, reaching EUR 18.2 million for the third quarter, according to a new report from NuWays AG. The anticipated growth is fueled by a recovery in Isotope Products profitability, particularly driven by increasing sales of Lutetium-177 (Lu-177) and forthcoming license income.

Group sales are forecast to rise 4.6% year-over-year to EUR 78.8 million, with the adjusted EBIT margin expanding by 2.6 percentage points to 23.1%. The Medical segment is projected to contribute significantly, with sales of approximately EUR 40 million, up 2% year-over-year, and a substantial 43% increase in adjusted EBIT to EUR 11 million. Isotope Products sales are expected to reach EUR 39 million, a 7.5% year-over-year increase, with adjusted EBIT recovering 23% quarter-over-quarter to EUR 8 million.

Demand for therapeutic isotopes like Lu-177 and Actinium-225 (Ac-225) is a key growth driver, with market forecasts predicting compound annual growth rates of 23% and 45% respectively through 2035. NuWays AG models EUR 25 million in sales for each isotope by 2030. Lilly’s acquisition of POINT, including a ten-year Lu-177 supply agreement with Eckert & Ziegler, is highlighted as a positive signal for the company’s position in the market.

Notably, the Q3 estimates do not currently include any license revenues, suggesting potential for further earnings growth in the fourth quarter, with NuWays AG anticipating at least EUR 3 million in license income, potentially reaching EUR 5.6 million. These figures build upon a base of low single-digit EUR millions in Lu-177 and Ac-225 sales in 2025, excluding license fees.

These results suggest a positive trajectory for Eckert & Ziegler, driven by increasing demand in the radiopharma market and the strategic positioning of its isotope products. The projected increase in adjusted EBIT and expanding margins indicate improving operational efficiency and a favorable market environment, despite broader macroeconomic uncertainties and potential margin compression pressures in the wider manufacturing sector.