Lonza reported a very strong set of 2022 figures and sees itself as well on track to attain the mid-term guidance. 2023 will mark a dip sandwiched between two stronger years. Our more cautious estimates were beaten (sales: +7.2%; EBITDA: +25.8%) as well as the consensus (sales: +0.1%; CORE EBITDA: +2.5%). The strong beat to our EBITDA was only partly explained by divestment gains (CHF202m). 2023 profitability will take a breather due to inflationary effects and a more negative mix yoy.