Original-Research: Eckert & Ziegler SE (von NuWays AG): BUY

Original-Research: Eckert & Ziegler SE - from NuWays AG

23.07.2026 / 09:01 CET/CEST

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Classification of NuWays AG to Eckert & Ziegler SE

Company Name: Eckert & Ziegler SE

ISIN: DE0005659700

Reason for the research: Update

Recommendation: BUY

Target price: EUR 21.5

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Strong Ga-68 outlook attracts competition; chg. est. & PT

The prostate theranostics market is expanding fast. Novartis reported

Pluvicto Q2 2026 sales up c. 43% yoy. Stronger therapy volumes relate to

more Ga-68 PSMA PET diagnostics, often utilizing EUZ's Ga-68 generator. EUZ

is benefitting from the demand, currently accounting for an estimated 60-80%

of the Ga-68 generator market with its product GalliaPharm (c. 20% of group

revenues).

The opportunity has not gone unnoticed. Curium, a global radiopharma player,

received an EU-wide marketing authorisation for GalenVita in early 2026, its

own Ga-68 generator, and we expect commercial entry in H2 2026. Curium

gained access to the generator production through its acquisition of

Istanbul-based Monrol in 2025, a deal primarily made to expand Lu-177

capacity for Curium's own therapy pipeline in prostate cancer and NETs.

GalenVita is produced at Monrol's base in Istanbul, and Curium has said it

intends to roll it out globally.

Despite the new competition, we still expect EUZ to grow its Ga-68 franchise,

even as its market share is likely to decline. As the incumbent, EUZ

benefits from existing supply agreements, a track record of proven

deliveries and scale, which should help it defend its position even if the

products are otherwise broadly comparable. The market has so far been a

duopoly, with EUZ the clear leader. Curium holds the EU approval, but given

the operational complexity of scaling output, we see its production ramping

only gradually. Over the mid-term we expect it to capture c. 30% of the

market (eNuW) with pricing remaining rational. With the market roughly

doubling by 2030 (eNuW, c. 15% CAGR), market growth looks set to more than

offsets the share EUZ cedes. From a c. EUR 60-65m Ga-68 base in 2025 (eNuW),

we therefore see EUZ's Ga-68 sales to grow at c. 10% CAGR to reach c. EUR 100m

by 2030.

Potential Lu-177 upside in H2 for EUZ. Lantheus' PNT2003, a radioequivalent

to Lutathera, may be nearing launch after the 30-month regulatory stay

expired in June and a court invalidated Novartis' asserted Lutathera

patents. While discussions around a potential acquisition of Lantheus by

Curium add some uncertainty regarding the launch and the eventual supply

setup, a commercial launch could provide a meaningful boost to EUZ's Lu-177

volumes through its more than EUR 100m supply agreement with POINT (now Eli

Lilly), the expected manufacturer of PNT2003.

Q2 preview: margin resilience despite revenue normalisation. Q2 sales are

seen to decline c. 4% yoy to EUR 77m (eCons: EUR 76.6m), with diverging trends

across the two segments. Medical revenues should soften against a demanding

comparison base, as Q2 2025 benefited from catch-up deliveries following the

cyberattack-related disruptions in Q1 2025. By contrast, Isotope Products is

expected to recover from a subdued start to the year. Group adj. EBIT is

seen declining by c. 3% yoy to EUR 17.9m (eCons: EUR 18.5m), still implying a

0.3pp yoy margin improvement to 23.3%.

To conclude, EUZ offers picks-and-shovels exposure to the structural growth

of radiopharma, supported by its established Ga-68 franchise, emerging

Lu-177 contribution and growing exposure to Ac-225 and Pb-212. While

near-term sentiment may be subdued due to softer Q2 growth and uncertainty

around new competition, the current valuation looks increasingly appealing.

At c. 8x 2026e EV/EBITDA (eNuW), compared with a three-year average of c.

12.5x, we regard the risk/reward as attractive and reiterate BUY with a new

PT of EUR 21.50 (old: EUR 23.00), based on DCF, with the reduction mainly

reflecting more conservative Ga-68 growth assumptions.

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