Prior to the release of its Half-Year 2026 results on 22 July, Lonza has published restated Half-Year 2025 financial information reflecting the classification of its CHI business as discontinued operations, in line with its Full-Year 2025 reporting. In December 2024, Lonza announced its intention to divest the CHI business. As a result, the CHI results were reported as discontinued operations for the Full-Year 2025. On 6 March 2026, Lonza entered into a definitive agreement to divest the CHI business to Lone Star Funds, with closing expected in Q3 2026. Lonza is the world's leading contract development and manufacturing organization (CDMO) dedicated to serving the healthcare industry. Lonza generated sales of CHF 6.5 billion with a CORE EBITDA of CHF 2.1 billion in Full-Year 2025.

The Swiss stock market closed slightly higher on Monday. The SMI gained 0.5 percent to 13,849 points. Pharmaceutical heavyweight Novartis and ABB shared the top spot on the SMI, each increasing by 1.7 percent. ABB is benefiting from strong demand for AI data centers, for which the company supplies key infrastructure. There was no specific news regarding Novartis. The two other heavyweights, Nestlé (+0.3%) and Roche (-0.4%), showed no consistent trend. Financial stocks were also in demand; they likely benefited from higher interest rates. UBS’s share price added 0.9 percent. Insurers Swiss Life, Swiss Re, and Zurich posted gains of up to 1.4 percent. In the construction sector, Holcim (-0.6%) and Geberit (-0.4%) were sold off. The sector was among the weakest across Europe. Sika closed virtually unchanged, while Amrize advanced 0.7 percent.

Europe
Most European stock markets closed higher on Monday as negotiations between Washington and Tehran over the weekend yielded concrete progress, particularly regarding Iranian oil. The Stoxx Europe 600 index rose 0.6% to 639.27 points. In Paris, the CAC 40 and the SBF 120 each fell 0.25%. In Frankfurt, the DAX 40 advanced 0.6%, while the FTSE 100 posted a gain of 0.7% in London. DANONE (+2.4%): The food and beverage group confirmed on Monday having entered into definitive agreements to acquire two assets in Australia, with the aim of strengthening its presence in the fast-growing healthy nutrition segments in the Asia-Pacific region. LISI (+2.5%): The French manufacturer of components and fasteners for the aerospace and automotive industries received a rating from Berenberg, which began coverage of the stock with a “Buy” recommendation and a price target of 81 euros. SANOFI (-2.2%): The pharmaceutical group revealed on Monday the appointment of Paulo Fontoura as head of research and development (R&D), effective September 1, 2026. He will succeed Houman Ashrafian, who has chosen to pursue a new opportunity outside the company.

United States
The New York Stock Exchange closed mostly in the red on Monday, weighed down by a pullback in tech stocks following their rebound on Thursday. The Dow Jones Industrial Average ended up 0.3% at 51,712.71 points, while the S&P 500 fell 0.4% to 7,472.79 points. The tech-heavy Nasdaq Composite closed down 1.3% at 26,166.60 points. APOGEE THERAPEUTICS (+47% to $132.55): AbbVie (+6.5%) announced Monday a friendly $10.9 billion takeover bid for the biotech company specializing in inflammatory diseases. AbbVie is offering $135.1 in cash for each Apogee share, representing a 60% premium over Thursday’s closing price. ALPHABET (-5%): The stock plunged as investors expressed concern over the recent departure of two top artificial intelligence experts from Google, who have joined Gemini’s two main competitors, Anthropic and OpenAI. SPACEX (-16.4%): The space company continued its sharp decline, falling back just below the $2,000 billion market capitalization mark after its spectacular debut. According to Bloomberg and Reuters, Elon Musk’s company is set to meet with investors this week to discuss a bond offering of at least $20 billion. Additionally, the American startup Reflection AI, which specializes in open-source AI models, has reached an agreement to lease computing capacity from SpaceX, after signing similar contracts with Anthropic and Google, the Wall Street Journal reported on Monday. The total value of the agreement through its term is estimated at $6.3 billion. TESLA (+1.1%): The National Highway Traffic Safety Administration, the U.S. road safety regulator, confirmed Monday the opening of an investigation into a fatal accident involving a Tesla Model 3, which crashed into a house Friday evening in Texas, killing one person who was inside.

Asia
Stocks in Asia mostly fell on Tuesday. South Korea’s Kospi has been steadily extending its losses throughout the session and is currently down 6 percent. Semiconductor heavyweights SK Hynix and Samsung Electronics are down 6 percent and 5.2 percent, respectively. In Japan, too, the Nikkei 225 has expanded its losses significantly during the session and is currently down 1.6 percent to 71,166 points. Chinese stock markets are also showing weakness: The Shanghai Composite shed 0.4 percent, and the HSI in Hong Kong gave up 1.1 percent—weighed down by technology and electric vehicle stocks.

Bonds
Long-dated U.S. government debt yields edged up on Monday. The 10-year Treasury note yield climbed 6 basis points to 4.51 percent. Reportedly, the markets continued to anticipate a tighter monetary policy from the Federal Reserve.

Analysis
Zehnder price target: Vontobel lowers to CHF 89 (91) - Buy
Georg Fischer price target: Oddo BHF reduces to CHF 60 (68) - Outperform
Idorsia price target: Deutsche Bank upgrades to CHF 4.50 (4) - Hold

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