Bachem stock falls 2.11 percent as investment weighs on margins

Bachem stock traded at CHF 81.30 on the SIX Swiss Exchange on September 27, 2026, down 2.11 percent from the previous session. The move came as the peptide manufacturer balances rapid capacity expansion against weaker profitability in the first half of 2026.

Investment weighs on first-half margins

According to Boerse Express on September 2, 2026, Bachem reported first-half revenue of CHF 326.4 million, up 4.3 percent from the prior-year period. EBITDA fell 9.0 percent to CHF 82.8 million, leaving an EBITDA margin of 25.4 percent.

Peptide and Protein News reported on September 3, 2026, that Bachem invested CHF 148.4 million in capacity during the first half. Clinical CMC development sales rose 35.4 percent to CHF 167.5 million, while commercial API sales fell 21.0 percent to CHF 133.0 million.

JPMorgan lifts target to CHF 90

As Swissquote reported on September 11, 2026, JPMorgan raised its Bachem price target to CHF 90 from CHF 85 and maintained an Overweight rating. The revision places the target CHF 8.70 above the September 27 market price, a 10.70 percent premium.

The contrast is clear: first-half sales continued to grow, but investment and ramp-up costs compressed earnings power. Bachem has also refined its 2026 revenue-growth target to 35 percent to 40 percent, according to Boerse Express.

Stock value remains near recent high

Bachem's market capitalization stood at CHF 6.1 billion on September 27, 2026. The same SIX snapshot showed an intraday range of CHF 80.65 to CHF 83.90, with 74,061 shares changing hands.

Bachem stock stays under pressure

Bachem stock was last at CHF 81.30 on the SIX Swiss Exchange on September 27, 2026. The next market test is whether new capacity can convert the 35 percent to 40 percent 2026 growth target into higher EBITDA after the 25.4 percent first-half margin.