Eurobio Scientific H1 2026 Revenue Rises 4.5% to €84.5M
Fazen Markets Editorial Desk
Collective editorial team · methodology
Eurobio Scientific (ALERS) reported first-half fiscal 2026 revenue of €84.5 million, up 4.5% from €80.8 million a year earlier, with net income doubling to €4.7 million from €2.4 million, the company announced on 24 September 2026. EBITDA rose 20% to €15.8 million and the gross margin rate reached 47.5%. Proprietary products generated €31.3 million, or 37% of group revenue, and €39.1 million of sales came from outside France. Eurobio closed the acquisition of CareDx's Lab Solutions transplant diagnostics business on 30 June 2026.
Context — Why Eurobio Scientific's H1 2026 Results Matter Now
The result lands in the middle of two structural shifts for the Paris-listed diagnostics group. The first is the €164.7 million shareholder loan from majority owner EB Development, which funded the CareDx purchase and pushed total funding from that entity from €12.4 million at end-2025 to €164.7 million at 30 June 2026.
The second is the announced exit of South Korean partner Seegene from the French market. Seegene's distribution agreement generated roughly €48 million for Eurobio in fiscal 2025 and €25.6 million in the first half of 2026, a 12% year-on-year increase. Seegene intends to sell directly in France from 1 January 2027.
Comparable European diagnostics deals set the scale. When CareDx itself acquired the transplant diagnostics assets that now form Lab Solutions, it paid a reported nine-figure sum to build a franchise in HLA typing and chimerism monitoring. Eurobio's purchase folds the AlloSeq and QTYPE product lines into a group that already sells transplant testing through GenDx, acquired earlier.
Macro conditions are supportive but not generous. The European Central Bank has held rates through 2026, keeping mid-single-digit financing costs relevant for a company carrying €15.0 million of loans and finance leases. Eurobio's cash position of €26.3 million leaves positive net cash of €17.3 million before the EB Development funding, which sits in other liabilities rather than financial debt.
Data — What the Numbers Show
Revenue of €84.5 million versus €80.8 million is a €3.6 million increase. On a pro forma basis, stripping out acquisitions, revenue was flat, the company said. The Voden Medical Instruments Life Sciences unit in Italy added €3.8 million.
Gross margin improved 0.2 points to 47.5%. Operating expenses fell €0.4 million to €29.7 million, or 35.1% of revenue from 37.2%. Sales and marketing dropped €1.6 million to €16.6 million after the EndoPredict and Prolaris oncology reorganization. Operating income jumped 45% to €8.5 million.
Proprietary products grew 10% to €31.3 million, or 7% excluding scope changes. Distributed products reached €53.2 million, up 2% reported but down 5% organically after One Lambda tenders expired. International revenue of €39.1 million was 46% of the total, versus 41% a year earlier.
Net financial expense narrowed to €1.2 million from €2.1 million. Taxes rose 76% to €2.5 million. Net operating cash flow was €7.5 million against €5.4 million, with €3.5 million of capital expenditure and a €5.0 million working capital drag producing about €4.0 million of free cash flow.
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | €84.5M | €80.8M | +4.5% |
| EBITDA | €15.8M | €13.2M | +20% |
| Operating income | €8.5M | €5.8M | +45% |
| Net income | €4.7M | €2.4M | +96% |
Analysis — What It Means for Diagnostics Peers and Tickers
The CareDx deal changes Eurobio's growth math. Lab Solutions contributed nothing to first-half revenue because it closed on 30 June, so the transplant franchise is a pure second-half addition. GenDx plus Lab Solutions puts Eurobio in direct competition with CareDx (CDNA) in HLA typing, Thermo Fisher (TMO) in transplant assays, and Werfen in chimerism monitoring.
The Seegene transition is the larger risk. Roughly €48 million of 2025 revenue came from that single agreement, and the company has not disclosed how much of it carries over under the private-contract tail, which runs up to three years, or public tenders, which run their awarded term. If Seegene recaptures most of that book, organic growth turns negative regardless of transplant gains.
Minority shareholders face a separate question. EB Development holds 90.14% after cancelling 180,592 treasury shares on 16 September 2026 and has proposed €25.30 per share in a voluntary tender offer. Ledouble, represented by Olivier Cretté and Jonathan Nilly, will produce a fairness opinion. Because minorities hold under 10%, a mandatory buyout follows, paying the same €25.30.
Positioning is narrow. Eurobio is a €200 million-scale Euronext Growth name in the PEA-PME 150 and Next Biotech indices, so flow is dominated by French small-cap and biotech funds rather than pan-European diagnostics mandates. Institutional investors considering the offer price against the €4.7 million half-year profit are effectively underwriting the transplant ramp, not the legacy distribution business.
Outlook — What to Watch Next
The tender offer documentation goes to the AMF for review, with no date disclosed for the compliance decision. That clearance, plus Ledouble's fairness opinion, are the two triggers before the offer opens.
The second-half consolidation of Lab Solutions is the first hard test of the €154.4 million outlay. Revenue and EBITDA contribution will show in the fiscal 2026 annual results, expected in early 2027.
The Seegene transition terms remain unresolved. Watch for any disclosed figure on how much of the €48 million annual book transfers to Eurobio after January 2027, and for the AMF's ruling on the €25.30 offer price.
Frequently Asked Questions
What does the Seegene exit mean for Eurobio Scientific revenue in 2027?
Seegene's distribution agreement generated about €48 million in 2025 and €25.6 million in H1 2026. Seegene intends to sell directly in France from 1 January 2027. Eurobio can keep servicing private contracts signed before expiry for up to three years and public tenders for their awarded duration, so some revenue persists into 2027 and 2028. The company has not disclosed how much.
Why did Eurobio Scientific net income double if revenue only rose 4.5%?
Operating use did the work. Operating expenses fell €0.4 million to €29.7 million, dropping from 37.2% to 35.1% of revenue after the oncology sales reorganization. Net financial expense narrowed to €1.2 million from €2.1 million. Operating income rose 45% to €8.5 million, and net income more than doubled to €4.7 million from €2.4 million.
How does the €25.30 EB Development offer compare to recent Eurobio trading?
The report does not disclose a market price or premium calculation. EB Development, holding 90.14% of capital and voting rights after the 16 September 2026 treasury share cancellation, proposed €25.30 per share. Ledouble will publish a fairness opinion on those terms. Because minorities hold under 10%, a mandatory buyout follows at the same price.
Bottom Line
Eurobio's profit doubled on cost control, but the €48 million Seegene book and the €25.30 buyout price are what determine 2027.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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