Company Reports

Eurofins Scientific operates a global network of laboratories, making it one of the world’s largest testing, inspection, and certification companies, while also offering (bio)pharmaceutical research services and product testing, and clinical diagnostic testing. Eurofins has global leadership positions in food and feed, environmental, and pharmaceutical testing. By investing in organic expansion as well as external acquisitions, it has built decentralized “hub-and-spoke” lab networks that offer comprehensive testing solutions and short turnaround times. Customer relationships are often long-lasting, especially with large multinational customers who require a lab partner with a strong reputation and track record, broad testing capabilities that are accredited across many territories, and innovative testing solutions.

Eurofins reported first-half organic sales growth of 2.7%, with adjusted EBITDA margin expanding to 23.7% from 22.4% year over year. Management maintained its guidance. Shares are down 7% intraday July 23.

Eurofins Scientific operates a global network of laboratories, making it one of the world’s largest testing, inspection, and certification companies, while also offering (bio)pharmaceutical research services and product testing, and clinical diagnostic testing. Eurofins has global leadership positions in food and feed, environmental, and pharmaceutical testing. By investing in organic expansion as well as external acquisitions, it has built decentralized “hub-and-spoke” lab networks that offer comprehensive testing solutions and short turnaround times. Customer relationships are often long-lasting, especially with large multinational customers who require a lab partner with a strong reputation and track record, broad testing capabilities that are accredited across many territories, and innovative testing solutions.

Eurofins reported first-quarter organic growth of 2.6%. A 4.8% currency headwind reduced reported growth to 1.3%. Shares were down 11% in April 22 trading.

Eurofins Scientific operates a global network of laboratories, making it one of the world’s largest testing, inspection, and certification companies, while also offering (bio)pharmaceutical research services and product testing, and clinical diagnostic testing. Eurofins has global leadership positions in food and feed, environmental, and pharmaceutical testing. By investing in organic expansion as well as external acquisitions, it has built decentralized “hub-and-spoke” lab networks that offer comprehensive testing solutions and short turnaround times. Customer relationships are often long-lasting, especially with large multinational customers who require a lab partner with a strong reputation and track record, broad testing capabilities that are accredited across many territories, and innovative testing solutions.

Eurofins Scientific reported 3.7% organic sales growth during 2025, in line with PitchBook consensus, while growth accelerated to 4.7% in the fourth quarter. Adjusted EBITDA margin expanded to 22.5% from 22.3%.

Eurofins reported third-quarter results, with reported revenue increasing 4.6% and organic sales growth at 4.1%, continuing its current trend of mid-single-digit top-line growth. Shares are trading 6% lower.

Eurofins Scientific operates a global network of laboratories, making it one of the world’s largest testing, inspection, and certification companies, while also offering (bio)pharmaceutical research services and product testing, and clinical diagnostic testing. Eurofins has global leadership positions in food and feed, environmental, and pharmaceutical testing. By investing in organic expansion as well as external acquisitions, it has built decentralized “hub-and-spoke” lab networks that offer comprehensive testing solutions and short turnaround times. Customer relationships are often long-lasting, especially with large multinational customers who require a lab partner with a strong reputation and track record, broad testing capabilities that are accredited across many territories, and innovative testing solutions.

We are transferring coverage of Eurofins to a new analyst. Eurofins is a global operator of over 950 laboratories, active in various testing markets, including food, environment, biopharmaceuticals, clinical diagnostics, and consumer products.

Luxembourg-based Eurofins is one of the world’s largest testing, inspection, and certification, or TIC companies, with a focus on sample-based bioanalytical tests. Eurofins has global leadership positions in food and feed, environmental, and pharmaceutical testing. By investing in internal expansion as well as external acquisitions, it builds out decentralized “hub-and-spoke” lab networks that offer comprehensive testing solutions and short turnaround times. Customer relationships are often long-lasting, especially with large multinational customers who require a lab partner with a strong reputation and track record, broad testing capabilities that are accredited across many territories, and innovative testing solutions.

Eurofins reported first-half 2025 results, with sales growing 5.7% year on year and EBITDA increasing 8.3%. Shares are up 1.5% intraday.

Eurofins reported revenue of EUR 1.77 billion, slightly above PitchBook consensus, which translated into a 6.9% increase during first-quarter 2025, adjusted for public working days. Shares are trading 8% higher intraday.

For the third quarter of 2024, narrow-moat Eurofins reported revenue of EUR 1.72 billion, slightly below the consensus compiled by PitchBook, representing 4.4% organic growth in its core business on a year-over-year basis. The nine-month revenue progression is EUR 5.1 billion, which is 72% of the full-year guidance. However, management lowered its expectation for full-year 2024 revenue from the EUR 7.075 billion-EUR 7.175 billion range to EUR 7 billion. Investors reacted negatively to this earnings report, with the share price losing more than 10% after the market opened. We believe that investors have overreacted, as the lower guidance still suggests 7.5% revenue growth on a year-over-year basis, which is higher than the peer average. We maintain our fair value estimate at EUR 72 per share and view the shares as undervalued, with almost 50% upside potential.

Narrow-moat Eurofins' second-quarter results were better than expected, with reported revenue for the three months of EUR 1.77 billion or 8% year-on-year growth. The half-year revenue of EUR 3.42 billion represents 48% progress on our full-year forecast, which we think is positive given that the second half usually has higher revenue, especially in the fourth quarter. We maintain our fair value estimate of EUR 72 per share and view the stock as cheap after the recent price volatility.

Luxembourg-based Eurofins is one of the world’s largest testing, inspection, and certification, or TIC companies, with a focus on sample-based bioanalytical tests. Eurofins has global leadership positions in food and feed, environmental, and pharmaceutical testing. By investing in internal expansion as well as external acquisitions, it builds out decentralized “hub-and-spoke” lab networks that offer comprehensive testing solutions and short turnaround times. Customer relationships are often long-lasting, especially with large multinational customers who require a lab partner with a strong reputation and track record, broad testing capabilities that are accredited across many territories, and innovative testing solutions.

Luxembourg-based Eurofins is one of the world’s largest testing, inspection, and certification, or TIC companies, with a focus on sample-based bioanalytical tests. Eurofins has global leadership positions in food and feed, environmental, and pharmaceutical testing. By investing in internal expansion as well as external acquisitions, it builds out decentralized “hub-and-spoke” lab networks that offer comprehensive testing solutions and short turnaround times. Customer relationships are often long-lasting, especially with large multinational customers who require a lab partner with a strong reputation and track record, broad testing capabilities that are accredited across many territories, and innovative testing solutions.

Narrow-moat Eurofins’ first-quarter results were decent, with reported revenue growing 5% year on year despite a 1% foreign-exchange headwind and one less public working day. This is in line with our expectations and represents good progress on the company’s objective of approximately EUR 7.125 billion revenue for 2024. We maintain our fair value estimate of EUR 72 per share with the view that margins will improve over the next two to three years. Shares are currently trading at about a 20% discount to this, and we view shares as modestly undervalued.

Narrow-moat Eurofins reported full-year results and forward guidance that were in line with our expectations. However, we are reducing our fair value estimate to EUR 72 from EUR 75, driven mostly by adjustments to our assumptions on price/sales ratios for acquisitions over the next five years and minor tweaks to our growth assumptions. We continue to view shares as moderately undervalued and believe that Eurofins will be able to improve its profit margins over the next 2-3 years while maintaining mid-single-digit organic growth.

Luxembourg-based Eurofins is one of the world’s largest testing, inspection, and certification, or TIC companies, with a focus on sample-based bioanalytical tests. Eurofins has global leadership positions in food and feed, environmental, and pharmaceutical testing. By investing in internal expansion as well as external acquisitions, it builds out decentralized “hub-and-spoke” lab networks that offer comprehensive testing solutions and short turnaround times. Customer relationships are often long-lasting, especially with large multinational customers who require a lab partner with a strong reputation and track record, broad testing capabilities that are accredited across many territories, and innovative testing solutions.

We are refreshing our thoughts on Eurofins and reaffirming our narrow moat rating. Also, while we are revising our fair value estimate to EUR 75 from EUR 80 due to slightly lower growth assumptions, we continue to view shares as moderately cheap.