July 25, 2018 / 4:54 AM / 22 days ago

Lonza upgrades 2018 outlook, expects mid- to high-single digit growth

ZURICH, July 25 (Reuters) - Swiss drug ingredients maker Lonza upgraded its 2018 growth target saying its Capsugel acquisition had exceeded expectations and on “buoyant demand” from pharmaceutical and biotech customers.

The Basel-based company said first-half core earnings before interest and taxes were 626 million Swiss francs ($629.97 million), identical to the 626 million franc average forecast in a Reuters poll. Sales rose 33 percent to 3.1 billion francs, helped by the $5.5 billion acquisition of pill capsule maker Capsugel.

Lonza upgraded its expectations for full-year sales to mid- to high-single digit growth on a comparable basis, from the previous forecast of mid single-digit growth.

$1 = 0.9939 Swiss francs $1 = 0.9937 Swiss francs Reporting by John Miller, editing by John Revill

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