Tecan Signals Market Recovery with Return to Sales Growth in Late 2025
Männedorf, Friday, 9 January 2026.
Tecan posted a critical turnaround, with order entry rising 3.8% to CHF 900.9 million, indicating a robust recovery in pharmaceutical capital spending is finally underway.
Revenue Contraction Masks Underlying Stabilization
While the headline order entry figures suggest a pivot, the revenue picture for the full fiscal year 2025 reflects the persistent challenges of the past twelve months. Tecan reported preliminary total sales of CHF 882.5 million, a decrease of 1.6% in local currencies compared to the CHF 934.3 million generated in 2024 [1]. When converted to Swiss francs, the impact of currency fluctuation becomes clearly visible, resulting in a nominal decline of -5.544 percent [1]. However, the second half of the year offered a glimpse of the operational turnaround referenced in the order books; sales in this period inched up by 0.4% in local currencies, although they still contracted by 5.2% in Swiss francs to CHF 443.0 million [1]. It is worth noting that the full-year sales figure of CHF 882.5 million fell short of the IBES consensus estimate of CHF 913.4 million, indicating that the market recovery has been slightly slower than analysts anticipated [2].
A Tale of Two Segments
The recovery appears to be uneven across Tecan’s operational divisions, revealing a divergence between OEM partnerships and direct end-user sales. The Partnering Business, which provides OEM solutions to diagnostics and medical technology companies, demonstrated resilience in the latter half of the year. While full-year sales for this segment dipped by 2.0% in local currencies to CHF 505.4 million, the second half saw a rebound with growth of 3.3% in local currencies [1]. Conversely, the Life Sciences Business continues to face headwinds. Sales in this division fell to CHF 377.1 million for the year, marking a 1.0% decline in local currencies [1]. The second half did not bring relief here, as sales contracted further by 3.2% in local currencies [1], suggesting that end-user laboratories remain cautious with their immediate capital outlays.
Profitability and Future Outlook
Despite the mixed revenue performance, Tecan’s management has signaled confidence in the company’s operational efficiency. The group reaffirmed its adjusted EBITDA margin guidance for 2025, maintaining the outlook previously communicated in October 2025 [5]. Looking toward the future, CEO Monica Manotas emphasized that while 2025 revenue did not capture the company’s full potential, the strong order entry serves as an encouraging indicator [1]. For 2026, the company anticipates a return to average organic growth rates in the mid- to high-single-digit percentage range in local currencies [1]. However, investors should temper expectations for an immediate boom; Tecan has stated that a “full normalization” of the market is not expected within the coming year [1]. Detailed financial guidance for 2026 is scheduled for release on March 16, 2026, alongside the publication of the full audited results [1].