Original-Research: Eckert & Ziegler SE (von NuWays AG): BUY

Original-Research: Eckert & Ziegler SE - from NuWays AG

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05.02.2026 / 09:00 CET/CEST

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Classification of NuWays AG to Eckert & Ziegler SE

Company Name: Eckert & Ziegler SE

ISIN: DE0005659700

Reason for the research: Update

Recommendation: BUY

Target price: EUR 23

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Picks and shovels play intact, chg.

Novo Nordisk's c.17% share price drop underscores how quickly sentiment can

turn in single product healthcare stories, especially when patent cycle

concerns resurface. In contrast, EUZ is "picks and shovels" by design,

supplying regulated radioisotopes and services across a broad set of nuclear

medicine applications. The moat is built on execution and regulatory

qualification, not a single patent protected product, implying limited

binary risks.

FY25 prelims underline this quality profile. In Q4 25, sales came in at EUR

87.9m (+9% yoy, eNuW: EUR 91.3m), with reported growth held back by c. 3-4pp

fx-headwinds (eNuW). Adj. EBIT rose 41% yoy to EUR 27.2m (eNuW: EUR 23.2m),

taking the adj. EBIT margin to 31% (+7pp yoy), likely reflecting a better

mix (e.g. c.EUR 10m license sales, vs. EUR 5m last year, eNuW). With this, Q4

confirms the strengthening earnings momentum, supporting confidence into

2026e, where we expect 7% yoy sales growth (adj. for license sales: 11%

yoy), driven by a 12% yoy improvement in radiopharma (eNuW, adj. for license

sales: 20% yoy).

Additional supportive newsflow from China: Telix has filed its PSMA PET

prostate cancer imaging product Illuccix, utilising Ga-68, and the dossier

has been accepted for review. While this is not an approval yet, it is a

tangible step toward opening up a large new market. This is supportive for

EUZ's Ga-68 growth leg (eNuW: c.21% of group sales). It also fits a broader

pattern of Ga-68 utilising players progressing in China, including Novartis,

where an approval decision is pending for their product, to our knowledge.

More broadly, driven by international expansion and earlier use in the

patient pathway, we expect the Ga-68 market to roughly double by 2030e

(eNuW), and see scope for EUZ's related revenues to scale accordingly.

Separately, EUZ quantified the growth runway in therapeutic isotopes for

prostate cancer and neuroendocrine tumours at recent conferences:

* Lu-177: EUZ sees treated patients rising to c.75k by 2030e (from c.20k

in 2025e), with the Lu-177 market potential scaling to EUR >600m (from EUR

>160m in 2025) over the same period.

* Ac-225: By 2034e, EUZ sees treated patients reaching c.13k, with the

implied Ac-225 market potential of EUR >205m.

These market potential figures reinforce the therapeutic isotope upside

embedded in EUZ. From a low base (eNuW: low single digit EURm in 2025e for

Lu-177 plus Ac-225 combined, excl. license fees), EUZ should participate as

volumes industrialise, given its proven supplier positioning. We model at

least EUR 25m sales each for Lu-177 and Ac-225 by 2030e, supporting the long

term growth angle. BUY, unchanged PT of EUR 23, based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=a3eb2469e11d377cb231791fc6f544e4

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: [email protected]

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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2271774 05.02.2026 CET/CEST

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