Q3 Forecast for Eckert & Ziegler SE: Anticipated Growth in Isotope Sales

Eckert & Ziegler SE (EUZ) anticipates stronger earnings momentum in Q3 2026. The company expects an improvement in Isotope Products, driven by increased Lu-177 sales and licensing income. Despite recent share price declines, the stock is trading at approximately 7 times FY26e EV/EBITDA, reflecting no expected growth. This is noteworthy, considering EUZ's position in the expanding radiopharma market.

The therapeutic isotope sector shows potential, with market forecasts from Telix estimating compound annual growth rates of 23% for Lu-177 and 45% for Ac-225 through 2035. This suggests significant market values, enhancing EUZ's growth prospects. The company projects €25 million in sales for each isotope by 2030.

Telix's acquisition of ITM highlights the importance of independent isotope suppliers. While some large pharma groups may keep production internal, acquisitions can integrate established suppliers into major supply chains, as seen with Lilly's acquisition of POINT.

In medical growth, particularly in Lu-177 sales, Lilly is expected to drive significant revenue increases. EUZ foresees a rise in generator growth supported by Ga-68 diagnostics. The company's Q3 is expected to demonstrate adjusted EBIT growth, marking an increase in group sales by 4.6% to €78.8 million.