16 September 2025 | Tuesday | Company results
Pierre Boulud, Chief Executive Officer of bioMérieux, set the tone for the company’s first-half 2025 performance:
“With a strong increase in profitability in the first half of 2025, bioMérieux confirms the relevance of the GO∙28 plan in a complex economic and geopolitical environment. At the same time, we have continued to invest in preparing bioMérieux’s future growth through the acquisition of SpinChip Diagnostics – a promising Point-of-Care immunoassays technology – as well as the next-generation sequencing assets from Day Zero Diagnostics.”
This statement highlights two key themes: resilience amid headwinds and forward-looking investment to secure growth.
Sales Performance: Net sales reached €2,044 million in H1 2025, a +9.4% organic increase (+7.5% reported).
Profitability: Contributive operating income before non-recurring items (CEBIT) surged +24% like-for-like to €372 million, lifting the margin to 18.2%.
Cash Flow: Free cash flow more than tripled to €170 million.
Challenges: Net income declined -25% year-on-year due to a €146m impairment on the Reveal technology.
Geographic Dynamics: Strong growth in North America (+14.8% LFL) and Latin America (+16.5% LFL), but China dragged down Asia-Pacific (-2.2% LFL).
Strategic Moves: Acquisitions of SpinChip Diagnostics, Neoprospecta, and Day Zero Diagnostics bolstered bioMérieux’s capabilities in immunoassays and next-generation sequencing.
Guidance: Sales growth revised to +6% to +7.5% (from “at least +7%”), while CEBIT growth is upgraded to +12% to +18% (from “at least +10%”).
BIOFIRE® Panels – €795m H1 sales (+13% organic). Respiratory panels rose +12%, supported by high epidemiological activity in Q1. Non-respiratory panels delivered +10% organic growth across regions, proving their cross-selling momentum.
SPOTFIRE® – The standout performer, with €79m in H1 2025 sales (+143% organic). Its installed base surpassed 4,600 instruments, underlining rapid adoption.
Overall sales grew +3% organically, but performance was clouded by a double-digit decline in China. Ex-China, microbiology grew +6%, especially in VITEK® and BACT/ALERT®.
Sales contracted -9% organically, driven by the impact of China’s volume-based procurement policy and declining VIDAS® PCT sales. However, equipment sales offered a stabilising offset.
Posted +10% organic growth, with Pharma Quality Control (PQC) segment growing in the mid-teens. Molecular solutions and BACT/ALERT® supported momentum.
North America (44% of sales): +14.8% organic growth, led by BIOFIRE non-respiratory panels and SPOTFIRE, plus industrial applications strength.
Latin America (7%): +16.5% organic growth, broad-based across both clinical and industrial segments.
EMEA (34%): +4.2% organic growth. Gains in BIOFIRE non-respiratory panels and industrial applications offset softness in respiratory panels and immunoassays.
Asia-Pacific (15%): +2.3% organic growth, masking a -mid-teens decline in China. Ex-China, double-digit growth in BIOFIRE and SPOTFIRE adoption (notably Japan) plus ASEAN, India, and Australia strength.
CEBIT rose to €372m (+24% like-for-like), with margins improving 210bps to 18.2%.
Gross margin hit 57.1% of sales, up from 55.9%, fuelled by product mix (higher BIOFIRE share), favourable pricing, and lower logistics costs.
Operating income fell -27% to €209m due to the €146m impairment of Reveal technology. The solution, acquired via Specific Diagnostics in 2022, faced slower-than-expected market adoption and commercial ramp-up.
Group share net income dropped -25% to €161m. Excluding the impairment, it would have risen +45%, underlining the company’s robust underlying performance.
EBITDA: €495m (+17% year-on-year).
Free Cash Flow: €170m, more than three times H1 2024 levels, driven by EBITDA growth and disciplined working capital management.
CapEx: €153m (7.5% of sales), invested in manufacturing expansion in the US and France, automation, and placement of SPOTFIRE instruments.
Net Debt: Rose to €126m from €41m at end-2024, reflecting acquisition outflows (€137m combined for SpinChip, Neoprospecta, and Day Zero).
Full acquisition of the Point-of-Care immunoassay company for €112m.
Adds a disruptive technology platform with high potential in decentralised testing.
€6m acquisition. Focused on genomics and data solutions for food and pharma industries, strengthening industrial applications and microbiological risk prevention.
€19m acquisition of genome sequencing assets to tackle antibiotic resistance.
Strengthens bioMérieux’s next-generation sequencing portfolio and infectious disease leadership.
VETFIRE™: Rapid PCR kit for equine infectious respiratory diseases (under 20 minutes).
WATCHFIRE™: Wastewater testing panel detecting 22 pathogens, supporting public health surveillance.
LUMED™ APSS™: CE-marked antimicrobial stewardship software aiding clinicians and pharmacists in reducing antimicrobial misuse.
SPOTFIRE® R/ST Mini: FDA 510(k) clearance and CLIA waiver for anterior nasal swab specimens – improving patient comfort and broadening adoption.
Dividend of €106m (€0.90/share) paid in H1 2025, a +6% increase year-on-year.
Employee ownership strengthened via MyShare 2025 plan: 6,200 staff subscribed, acquiring ~200,000 shares with employer matching.
Equity base of €3.94bn, down slightly from €4.21bn at year-end 2024, mainly due to impairment charges.
Sales Growth: Revised to +6% to +7.5% organic (vs. “at least +7%”), reflecting weakness in China.
CEBIT Growth: Upgraded to +12%–18% organic (vs. “at least +10%”), thanks to operating leverage from GO∙28.
Currency Impact: Now expected at -€25m (improved from -€35m to -€40m).
This updated guidance balances short-term market headwinds with improved operational efficiency.
China Market Decline: Volume-based procurement policy pressure in immunoassays and reduced healthcare spending weigh heavily.
Reveal Impairment: Signals execution risk when integrating innovation-heavy acquisitions.
Currency Headwinds: FX devaluations (USD, MXN, ARS, TRY) cut €34m from sales in H1 2025.
Competitive Landscape: Heightened competition in rapid diagnostics and point-of-care solutions, particularly in molecular testing.
The GO∙28 plan, central to bioMérieux’s strategy, focuses on four growth drivers:
BIOFIRE® portfolio expansion.
SPOTFIRE® adoption acceleration.
Microbiology innovation, especially VITEK® and BACT/ALERT®.
Industrial Applications leadership, notably PQC.
With strong profitability, disciplined cash management, and high-impact acquisitions, the plan is proving resilient even against global headwinds.
bioMérieux’s H1 2025 results present a dual narrative: operational resilience and strategic foresight on one hand, and the stark reminder of execution risks (Reveal impairment, China slowdown) on the other.
CEO Pierre Boulud’s emphasis on both profitability gains and forward-looking investments encapsulates the company’s balancing act – delivering short-term performance while building long-term capabilities.
The next chapters will depend on how effectively bioMérieux can:
Navigate China’s policy-driven headwinds.
Convert its acquisition portfolio (SpinChip, Day Zero, Neoprospecta) into profitable growth engines.
Sustain double-digit growth in North America and Latin America.
Cement SPOTFIRE as a global diagnostics standard.
If these levers align, the GO∙28 plan could well carry bioMérieux into its next decade of leadership in in vitro diagnostics.
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