Biotech & Contract Research Switzerland: 9–14× EBITDA, 334 Firms (2026)

1.0Market Snapshot

CHF 7.5B: Revenue of Swiss biotech companies in 2025, a record (2024: CHF 7.2 billion), Swiss Biotech Report 2026. Driven by more companies reaching the commercial stage and by demand for specialised contract development and manufacturing (CDMO).
334: Biotech companies active in R&D in Switzerland in 2025, ten more than in 2024 (Swiss Biotech Report 2026). BFS STATENT counts 306 enterprises in biotech R&D (NOGA 72.11) in 2024.
21,000+: Full-time equivalents at Swiss R&D biotech companies in 2025, a record (Swiss Biotech Report 2026). The narrower BFS class for biotech R&D (NOGA 72.11) counts 6,645 employees in 2024, up from 5,168 in 2020: many biotech companies are classified under pharma or other R&D.
+4%: Revenue growth of Swiss biotech companies in 2025, from CHF 7.2 to 7.5 billion (Swiss Biotech Report 2026). R&D spending eased from CHF 2.6 to 2.5 billion.
CHF 2.5B: R&D spending of Swiss biotech companies in 2025, down from CHF 2.6 billion in 2024 (Swiss Biotech Report 2026).

According to Val Index analysis of Swiss commercial-register and federal data (2026), the Swiss biotech & contract research market is worth CHF 7.5B — Revenue of Swiss biotech companies in 2025, a record (2024: CHF 7.2 billion), Swiss Biotech Report 2026. Driven by more companies reaching the commercial stage and by demand for specialised contract development and manufacturing (CDMO)..

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 334 biotech & contract research companies — Biotech companies active in R&D in Switzerland in 2025, ten more than in 2024 (Swiss Biotech Report 2026). BFS STATENT counts 306 enterprises in biotech R&D (NOGA 72.11) in 2024..

2.0Industry Overview

Market Scope

Swiss biotech had a record year in 2025. According to the Swiss Biotech Report 2026, published in May 2026, revenue reached CHF 7.5 billion (2024: CHF 7.2 billion), 334 companies were active in R&D (ten more than a year earlier) and employment passed 21,000 full-time equivalents, a new high. R&D spending eased slightly, from CHF 2.6 to 2.5 billion. Growth came from two sources: more companies with approved products on the market, and strong demand for contract development and manufacturing (CDMO), where Lonza and Bachem are among the world leaders.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Record revenue of CHF 7.5 billion and more than 21,000 full-time equivalents in 2025 (Swiss Biotech Report)

Weaknesses4

Clinical-stage companies depend on a few trial results

External factors

Opportunities4

Demand for CDMO capacity in peptides, oligonucleotides and biologics

Threats4

Failed trials and funding gaps, as with Spexis and AC Immune

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Record revenue, slightly lower R&D

CHF 7.5 b

Swiss biotech revenue reached CHF 7.5 billion in 2025 (2024: CHF 7.2 billion) and employment passed 21,000 full-time equivalents; R&D spending eased from CHF 2.6 to 2.5 billion (Swiss Biotech Report 2026, May 2026).

Private money overtakes public markets

CHF 1.15 b

Private companies raised a record CHF 1.15 billion in 2025, 38% more than in 2024 and 45% of the CHF 2.6 billion total. Windward Bio (CHF 186 million), GlycoEra (CHF 104 million) and Orbis Medicine (CHF 84 million) led the rounds.

CDMO demand

21.7%

Lonza grew sales by 21.7% at constant currency to CHF 6.5 billion in 2025, with a CORE EBITDA margin of 31.6%; Bachem grew 14.8% to CHF 695.1 million and is ramping up a new building in Bubendorf. Specialised manufacturing capacity is the most profitable part of the sector.

Licensing as financing

CHF 479 million

Partnerships with large pharma companies bring in upfront and milestone payments: BioVersys with Shionogi (CHF 479 million plus royalties), CDR-Life with Boehringer Ingelheim (up to USD 456 million) and Windward Bio with Qyuns Therapeutics (up to USD 700 million).

Winners and failures

50%

Idorsia more than doubled QUVIVIQ sales in 2025 and expects about 50% more in 2026. AC Immune cut its workforce by about 30%; Spexis (formerly Polyphor) was declared bankrupt on 24 July 2025 and its assets are being sold privately.

5.0Cost Structure Benchmark

45%

20%

12%

10%

Personnel45%: scientists, quality, production
Laboratory and production materials20%
Facilities, clean rooms and equipment12%
External services8%: clinical, regulatory
Administration5%
EBITDA margin10%

Indicative split for a Swiss contract research or development service company, not a measured figure. Measured references: Lonza reported a CORE EBITDA margin of 31.6% and Bachem an EBITDA margin of 30.9% in 2025 — large CDMOs are more profitable than small service firms. Clinical-stage biotech companies usually have no EBITDA margin at all.

6.0Top Biotech & Contract Research Companies in Switzerland

Name	Location	Key Facts
LonzaCHE-106.841.866	Basel BS / Visp VS	Lonza Group AG: the largest Swiss CDMO. 2025 sales CHF 6.5 billion (+21.7% at constant currency), CORE EBITDA margin 31.6%. Major sites in Visp and Stein.
BachemCHE-107.906.534	Bubendorf BL	Bachem Holding AG: specialist in peptides and oligonucleotides. 2025 sales CHF 695.1 million (+14.8%), EBITDA margin 30.9%; new building K in Bubendorf ramping up in 2026.
IdorsiaCHE-340.129.854	Allschwil BL	Idorsia Ltd: commercial-stage biopharma, spun off from Actelion in 2017. 2025 net revenue CHF 221 million (2024: CHF 113 million); sales of its insomnia drug QUVIVIQ more than doubled.
CRISPR TherapeuticsCHE-494.642.722	Zug ZG	CRISPR Therapeutics AG: gene-editing company headquartered in Zug; co-developed Casgevy with Vertex, the first approved CRISPR-based therapy. Listed on Nasdaq.
BioVersysCHE-114.512.761	Basel BS	BioVersys AG: develops antibiotics against multi-resistant bacteria. Listed on SIX since 7 February 2025 after an IPO of about CHF 80 million; licensing deal with Shionogi worth CHF 479 million plus royalties.
AC ImmuneCHE-109.878.825	Ecublens VD	AC Immune SA: clinical-stage company focused on neurodegenerative diseases, based at the EPFL Innovation Park in Ecublens. Cash CHF 91.4 million at the end of 2025; workforce cut by about 30%.

Lonza

CHE-106.841.866

Basel BS / Visp VS

Lonza Group AG: the largest Swiss CDMO. 2025 sales CHF 6.5 billion (+21.7% at constant currency), CORE EBITDA margin 31.6%. Major sites in Visp and Stein.

Bachem

CHE-107.906.534

Bubendorf BL

Bachem Holding AG: specialist in peptides and oligonucleotides. 2025 sales CHF 695.1 million (+14.8%), EBITDA margin 30.9%; new building K in Bubendorf ramping up in 2026.

Idorsia

CHE-340.129.854

Allschwil BL

Idorsia Ltd: commercial-stage biopharma, spun off from Actelion in 2017. 2025 net revenue CHF 221 million (2024: CHF 113 million); sales of its insomnia drug QUVIVIQ more than doubled.

CRISPR Therapeutics

CHE-494.642.722

Zug ZG

CRISPR Therapeutics AG: gene-editing company headquartered in Zug; co-developed Casgevy with Vertex, the first approved CRISPR-based therapy. Listed on Nasdaq.

BioVersys

CHE-114.512.761

Basel BS

BioVersys AG: develops antibiotics against multi-resistant bacteria. Listed on SIX since 7 February 2025 after an IPO of about CHF 80 million; licensing deal with Shionogi worth CHF 479 million plus royalties.

AC Immune

CHE-109.878.825

Ecublens VD

AC Immune SA: clinical-stage company focused on neurodegenerative diseases, based at the EPFL Innovation Park in Ecublens. Cash CHF 91.4 million at the end of 2025; workforce cut by about 30%.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Service firms sell to platforms; research companies sell their science

CHF 7.5B: revenue of Swiss biotech companies in 2025 (Swiss Biotech Report)
CHF 1.15B: raised by private biotech companies in 2025, +38% (Swiss Biotech Report)
334: biotech companies active in R&D in 2025 (Swiss Biotech Report)
9.0–14.0×: EBITDA deal multiples (ValIndex multiples table)

Two markets meet in this sector. Research companies are valued on their pipeline and usually exit by licensing or selling assets to large pharma, not through a classic succession. Service companies — contract research, analytical testing, specialised manufacturing — are valued on earnings, clients and quality systems; their buyers are CDMOs, international CROs and investors. For these owners, a GMP-certified site, a broad client base and qualified staff drive the price. ValIndex's multiples table puts biotech and contract research companies at 9.0–14.0× EBITDA in transactions and 7.0–10.0× on statutory valuations; only profitable service companies fit these ranges.

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Valuation Snapshot

Biotech & Contract Research business valuation in Switzerland

Statutory Multiple (EBITDA): 7.0 - 10.0×
Deal Multiple (EBITDA): 9.0 - 14.0×
Market Trend: Rising

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Basel area

BSBLAG

62 enterprises with 1,913 employees in biotech R&D in 2024 (BFS STATENT, NOGA 72.11). Home of Lonza, Bachem, Idorsia and BioVersys.

Zurich

60 enterprises with 1,381 employees — the largest canton by number of biotech R&D companies.

Lake Geneva region

VDGE

74 enterprises with 1,077 employees; Vaud alone has 50. AC Immune is based at the EPFL Innovation Park.

Central Switzerland

ZGLUSZ

29 enterprises with 537 employees; Zug hosts headquarters such as CRISPR Therapeutics.

Neuchâtel and Valais

NEVS

16 enterprises but 843 employees — larger units; Neuchâtel alone has 703.

Ticino

19 enterprises with 388 employees.

Sources

EY — Swiss Biotech Report 2026: strong performance with new records in revenues and investments in privately funded companies (15 May 2026): revenue CHF 7.5bn, R&D CHF 2.5bn, funding CHF 2.6bn, private CHF 1.15bn scienceindustries — Swiss Biotech Report 2026: new records in revenues and investments (334 companies, 21,000+ full-time equivalents)BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 721100 biotech R&D, 721900 other natural-science R&D)Lonza — Full-Year Results 2025 presentation (28 January 2026): sales CHF 6.5bn, CORE EBITDA margin 31.6%Bachem — media release on financial year 2025 (12 March 2026): sales CHF 695.1m, EBITDA margin 30.9%Idorsia — Idorsia reports strong 2025 results with QUVIVIQ sales more than doubling (26 February 2026)AC Immune — Full Year 2025 financial results (13 March 2026): cash CHF 91.4m, workforce cut ~30%SIX — Pioneering biotech company BioVersys opens IPO season at SIX Swiss Exchange (7 February 2025)Kanton Basel-Landschaft, Konkursamt — Schuldenruf Spexis AG (bankruptcy opened 24 July 2025)Wikipedia — CRISPR Therapeutics (headquarters Zug; Casgevy with Vertex)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|11 sources cited

9.0Frequently Asked Questions

▶How much is a biotech or contract research company worth in Switzerland?

ValIndex's multiples table puts Swiss biotech and contract research companies at 9.0–14.0× EBITDA in transactions and 7.0–10.0× EBITDA on statutory valuations. These ranges apply to profitable service companies such as contract research, testing and specialised manufacturing. Clinical-stage research companies have no EBITDA and are valued on their pipeline, usually through licensing or asset sales.

▶What drives the value of a Swiss biotech service company?

For service companies buyers price: (1) GMP and other quality certifications; (2) client concentration and contract length; (3) qualified scientific staff; (4) specialised capacity, such as peptides or biologics; (5) proximity to pharma clusters; (6) the owner's role in client relationships.

▶How big is the Swiss biotech sector?

According to the Swiss Biotech Report 2026, Swiss biotech companies earned a record CHF 7.5 billion in 2025, spent CHF 2.5 billion on R&D and employed more than 21,000 full-time equivalents; 334 companies were active in R&D. BFS STATENT counts 306 enterprises and 6,645 employees in the narrower class of biotech R&D (NOGA 72.11) in 2024.

▶Who are the main biotech and CDMO companies in Switzerland?

The largest are the CDMOs Lonza (CHF 6.5 billion sales in 2025) and Bachem (CHF 695.1 million). Other important companies include Idorsia (Allschwil, CHF 221 million net revenue), CRISPR Therapeutics (Zug), BioVersys (Basel, listed on SIX in 2025) and AC Immune (Ecublens).

▶What are the key trends in Swiss biotech?

Five trends: (1) record revenue with slightly lower R&D spending; (2) private financing overtakes public markets; (3) strong CDMO demand; (4) licensing deals as a source of financing; (5) a widening gap between commercial companies and clinical-stage ones, some of which fail.

▶What are the main risks when buying a Swiss biotech company?

The main risks are: (1) failed trials and funding gaps, as with Spexis, declared bankrupt in 2025; (2) dependence on a few pharma clients for service companies; (3) US tariffs and pricing policy affecting clients; (4) competition for talent; (5) regulatory and quality requirements. Due diligence should check certifications, client contracts and the funding runway.

▶How are Swiss biotech companies financed?

Swiss biotech companies raised CHF 2.6 billion in 2025. Private companies raised a record CHF 1.15 billion (45% of the total). Public companies used follow-on offerings (Moonlake CHF 490 million, Oculis CHF 274 million, Idorsia CHF 216 million), and BioVersys held Europe's largest biotech IPO in five years. Licensing deals with large pharma are a growing source of money.

▶Where are Swiss biotech companies located?

By biotech R&D employment (BFS STATENT, 2024): the Basel area (1,913 employees in 62 enterprises), Zurich (1,381 in 60), the Lake Geneva region (1,077 in 74), Neuchâtel and Valais (843 in 16), Central Switzerland (537 in 29) and Ticino (388 in 19).

Biotech & Contract Research