纵横研报
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#Life Science Tools

02Reports
BIO.US logo
·生命科学工具 ·内部研究

Bio-Rad Laboratories: A Company in Transition, Priced Without a Margin of Safety

Bio-Rad is a diversified life-science tools and clinical-diagnostics supplier whose core operations generated 2.58 billion USD of 2025 sales, complicated by an unusually large Sartorius AG stake that dominates its GAAP earnings. Q1 2026 brought a 527.1 million USD net loss driven by a 727.7 million USD fair-value drop on the Sartorius stake, even as the operating business still produced 108.1 million USD of operating cash flow, and management cut full-year currency-neutral revenue guidance to a range of -3.0% to +0.5%. Rating Hold: durable niche assets and real asset backing, but at 297.09 USD the price already assumes the 2026 slowdown is manageable and leaves no margin of safety.

BIO.US Bio-Rad Laboratories, Inc. #Life Science Tools#Clinical Diagnostics#ddPCR#Sartorius Stake#Sum-of-the-Parts#Turnaround
Hold
MRK.XETRA logo
·生命科学工具 ·In-house Research

Merck KGaA: A Diversified Science Platform in Transition

Merck KGaA, Darmstadt is a family-controlled German science-and-technology group whose €21.1 billion of 2025 sales come from three very different engines: a patent-exposed Healthcare arm, a high-quality Life Science tools franchise and a semiconductor-materials Electronics business. The 2026 stock is a tug of war, because a known Mavenclad U.S. patent cliff drags Healthcare while Process Solutions compounds near 10% organically and Electronics rides advanced-node AI demand, leaving the shares near 15.9 times 2025 EPS pre and a 3.5% free-cash-flow yield after a May rebound to €133.05. Rating Hold: genuinely strong Life Science and semiconductor-materials engines offset a credibility-damaged Healthcare arm, but a permanent KGaA governance discount and only-fair valuation keep upside limited.

MRK.XETRA Merck KGaA, Darmstadt, Germany #Life Science Tools#Semiconductor Materials#Pharmaceuticals#KGaA Governance#Conglomerate Discount#Valuation
Hold