Lonza CEO Departs Amid Lowered Outlook, Raising Concerns Over COVID Vaccine Supplier's Earnings
-
Lonza CEO Pierre-Alain Ruffieux is departing by mutual agreement, raising concerns over the company's earnings outlook.
-
Lonza shares dropped 5.3% on the news, trading near an 8-month low.
-
Ruffieux oversaw Lonza's role in producing COVID-19 vaccines for Moderna during the pandemic.
-
He led investment in new facilities but profit margins are now unlikely to improve as hoped.
-
Analysts say higher interest rates are dampening biotech investment, impacting Lonza's business.