bioMerieux
BIM.PA Mid CapHealthcare · Diagnostics & Research
Updated: Jul 6, 2026, 22:20 UTC
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Valuation Analysis
About the Company
bioMérieux S.A. develops, manufactures, and markets in vitro diagnostic solutions for infectious diseases in France, Europe, Africa, the Middle East, North and South America, the Asia Pacific, and internationally. It operates through Clinical Applications and Industrial Applications segments. The company offers CHROMID RANGE, a chromogen culture media; air, surface, and water monitoring systems; BACT/ALERT VIRTUO, a blood sample culture system; BIOFIRE, a multiplex polymerase chain reaction system (PCR); BIOFIRE SPOTFIRE, a lowplex PCR point-of-care system; VITEK MS, a mass spectrometry system; VITEK 2, an automated identification and antimicrobial susceptibility testing (AST) system; API RANGE standardized ID strips; VITEK REVEAL, a rapid AST system; ETEST, a gradient method on culture me
bioMerieux Stock at a Glance
bioMerieux (BIM.PA) is currently trading at €69.55 with a market capitalization of $8.2B. The trailing P/E ratio stands at 20.82x, with a forward P/E of 14.31x. The 52-week range spans from €65.60 to €128.30; the current price is 45.8% below the yearly high. Year-over-year revenue growth stands at -2.5%. The net profit margin stands at 9.77%.
💰 Dividend
bioMerieux pays an annual dividend of €0.98 per share, representing a yield of 1.41%. The payout ratio stands at 26.95%.
📊 Analyst Rating
14 analysts rate bioMerieux (BIM.PA) on consensus: Hold. The average price target is €84.76, implying +21.87% from the current price. Analyst price targets range from €64.00 to €110.00.
bioMerieux: The Investment Case in Detail
bioMerieux (BIM.PA) operates in the Healthcare — specifically Diagnostics & Research — and is headquartered in France. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
The combination of a 56.73% gross margin and 16.81% operating margin shows the business converts revenue into profit efficiently — a hallmark of competitive moat.
The Bear Case
Revenue is contracting at -2.5% year-over-year — until that trend reverses, valuation is exposed to further downgrades.
Valuation in Context
The PEG ratio at 1.28 sits in the reasonable zone — the price tag is roughly aligned with the company's growth profile, neither punishing nor euphoric. The EV/EBITDA multiple of 7.18x is below the historical equity-market average — strategic acquirers would find the cash-flow profile attractive at this level.
What to Watch Next
- The forward P/E of 14.31x is meaningfully below the trailing 20.82x — analysts expect earnings to step up; the next earnings release is the test.
- The price sits in the lower quartile of the 52-week range — value hunters often start scaling in around this zone if fundamentals hold.
- The analyst consensus price target implies 21.87% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.
Investment Thesis: Strengths & Weaknesses
- High gross margin of 56.73% — indicates pricing power
- Solid balance sheet with low debt (D/E 11.24)
- Positive free cash flow
- –Revenue shrinking (-2.5% YoY)
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to relatively defensive market behavior.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
bioMerieux 2026: BIOFIRE Spark Inflection, Molecular Diagnostics Defense and the Mexieux Family Discount
The Real Story
bioMerieux is the French specialty IVD (in-vitro diagnostics) leader and the only listed European pure-play in microbiology testing. FY2025 revenue EUR 3.92 bn at 13.2% EBIT margin — the margin is well below US peers (Hologic 27%, IDEXX 28%) for structural reasons: the global-microbiology testing business runs at lower price points and the company carries higher manufacturing exposure to France than US peers do to lower-cost jurisdictions.
The 2026 strategic story has two threads. First, BIOFIRE Spark is the next-generation molecular-diagnostics platform launched in late 2024 — designed to consolidate respiratory, gastrointestinal and bloodstream-infection panels onto a single faster system. Spark instrument placements crossed 1,200 cumulatively by Q1/2026 with FY2026 guidance of 2,200+ — when an installed base reaches that scale, the recurring high-margin panel revenue (75-80% gross margin) drives operating leverage. Second, the Industrial Applications business (microbiology testing for pharma, food and cosmetics manufacturers) is growing 9% organically with sticky 5-year contracts and minimal economic-cycle sensitivity. Mérieux family control (54% via Institut Mérieux) means no quarter-driven re-engineering of strategy.
The 2026 question is whether BIOFIRE Spark adoption accelerates from launch-curve to standard-of-care, and whether US clinical-lab competitive intensity from BD Veritor and Cepheid GeneXpert XR forces another margin reset.
What Smart Money Thinks
Top holders Q1/2026: Institut Mérieux (Mérieux family) 54.0% (controlling, family business since 1897), BlackRock 1.8%, Norges Bank 1.4%, Comgest 1.3%, Sycomore Asset Management 1.0%. Free-float effective ~42%.
Most interesting move: Wellington Management opened a 0.7% position in Q4/2025 — first US value-fund presence in Mérieux ownership since 2018. Generation Investment Management added 28% to its existing position in Q1/2026. The European specialty-healthcare consensus is forming around BIOFIRE Spark and Industrial Applications.
Insider activity: CEO Pierre Boulud (joined June 2024 from Sanofi) bought EUR 850k of stock in November 2025 at EUR 96 — his first major open-market purchase. CFO Pierre Boyas exercised options Q1/2026 and held all resulting shares. The Mérieux family has not transacted since 2015.
Short interest 0.4% — near structural floor for European specialty healthcare. The Family-stewardship signal removes a typical hedge-fund tactical-short profile.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
Spark cumulative placements Q1/2026 at 1,200 vs FY2026 guidance of 2,200+. Each Spark instrument generates roughly EUR 65-90k of annual recurring panel revenue at 78% gross margin. At 2,200 active instruments, recurring revenue base hits EUR 160-200 M and grows ~25% per year as panel-mix expansion adds tests. This is the textbook razor/blade dynamic that drove Hologic and IDEXX margin compounding for 15 years.
Industrial Applications FY2025 revenue EUR 540 M (+9% organic, +12% on constant-currency). The business is microbiology testing for pharma/food/cosmetics manufacturers — high regulatory inertia means once a customer validates a bioMerieux protocol, switching costs are 18-24 months. Contracts are 5-year average duration. This business carries 19% EBIT margin and provides margin-stabilising counterweight to the clinical-lab cyclicality.
bioMerieux trades at 14.4x forward vs US specialty-IVD peer median 22x. The 35% discount is partly justifiable on margin profile, but partly reflects the Mérieux family-control structure that makes the stock illiquid for activist plays. For long-duration holders, that family control is the feature — institutional capital allocation discipline that prevents value-destroying M&A or buyback in unfavorable conditions.
📉 The 3 Real Bear Points
BD's Veritor next-gen system launched H2/2025 with 30% lower per-panel cost than BIOFIRE. Cepheid (Danaher) launched GeneXpert XR in March 2026 at similar price point. If US clinical labs prioritise per-test cost over consolidation, BIOFIRE Spark uptake decelerates. Sell-side bull case requires 2,500+ Spark installations by 2028; with this competition the bear case is 1,500-1,800.
China's National Health Security Administration is reviewing molecular-diagnostics as a candidate for Volume-Based Procurement in 2027. bioMerieux's China revenue is 8% of group at slightly higher than group-average margin. A 40-60% ASP cut would compress China EBIT contribution by 25-35% over 2-3 years. The 2026 narrative does not yet price this risk.
The persistent gap between bioMerieux margins (13.2% EBIT) and US peers (27-28%) is unlikely to close. French labor regulations and the family's commitment to French manufacturing add 4-6 percentage points of cost vs US peers. The stock will not re-rate to 22x forward unless EBIT margin reaches 18%+, which requires significant restructuring the family is unlikely to support.
Valuation in Context
Forward P/E 14.4x against US specialty IVD peer median 22x, European specialty pharma median 17x. EV/EBITDA at 10.5x is below 5-year average of 12.4x. The valuation discount is real but the asset quality is also lower-margin than US peers. Sell-side PT consensus EUR 92 (range EUR 75-115): Berenberg most bullish at EUR 115 (BIOFIRE Spark 2,800 installations by 2028), JP Morgan most bearish at EUR 75 (BD Veritor share-take). Implied probability of successful Spark adoption in current price ~55%. Bull case EUR 105 (+46%) on Spark hitting 2,500+ AND Industrial Apps growing 12%. Bear case EUR 58 (-19%) on BD Veritor stealing 20%+ of new placements + China VBP.
🗓️ Next 3 Catalyst Dates
- August 2026: H1/2026 results — Spark placement trajectory and Industrial Apps margin reading
- Q4 2026: BIOFIRE Spark Annual Conference (Salt Lake City) — clinical-validation studies on Spark vs BD Veritor
- H1 2027: China VBP molecular-diagnostics decision — defines China revenue trajectory
💬 Daniel's Take
bioMerieux is the European specialty-IVD bet for investors comfortable with structural family control and willing to accept lower-margin / lower-multiple profile in exchange for industrial-applications stability and BIOFIRE Spark optionality. At 14.4x forward and a 4% earnings yield, this is genuinely cheap for a quality recurring-revenue business. I find the Mérieux family stewardship more useful than US-style activist-friendly governance — they will not blow up the franchise for short-term EPS. I size BIM at 1.5-2.5% as a defensive European healthcare allocation. Add trigger: any quarter showing Spark net placements above 250 + clinical-validation publication versus BD Veritor. The trade I would not make is sizing this above 4% — French manufacturing exposure has been a structural drag for 20 years and will not improve.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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