Overview Key strengths Key risks Leading contract development and manufacturing organization that provides complete solutions to the entire pharmaceutical and biopharmaceutical industry. Capital-intensive business model, with sizable upfront investments to support clients? needs. This can weigh on profitability and cash flow over the short term due to the medium- to long-term payback on those investments. Broad product and geographical diversification, supported by manufacturing and regulatory expertise across all types of technological platform. The partial link between the group's pipeline and revenues, and its customers? ability to bring to market new drugs fit for commercial success and large-scale production. Predictability of earnings and cash flow linked to long-term contracts with key pharmaceutical companies that enjoy strong creditworthiness. The potential for important
