Shares of DiaSorin SpA plunged 17% on Monday after the Italian diagnostics company disclosed a 20% fall in full-year net profit and issued conservative margin guidance for 2026. The decline drove the stock to a new low in its 10-year trading history, slipping beneath the €58.36 trough recorded in 2025 and marking a 74% fall from its all-time high of €209.40 reached in May 2020.
Net profit for the period declined to €150 million from €187 million a year earlier. The company said results were hit by a €20 million charge linked to the planned closure of its Shanghai manufacturing plant and by higher taxes, which included non-recurring levies on dividends paid by subsidiaries.
Top-line performance was modestly positive. Reported revenue increased 1% to €1.20 billion, or 4% when adjusted for constant exchange rates. The group estimated foreign exchange headwinds trimmed revenue by €34 million. When excluding COVID-related sales, revenue growth came in at 5% at constant rates, which the company said was in line with its full-year guidance.
Profitability measures were mixed. Adjusted EBITDA was stable at €394 million, representing a 33% margin, while free cash flow decreased to €209 million from €241 million in the prior year.
Management highlighted divergent trends across product lines. Molecular diagnostics were flat year-on-year, which management attributed to an unusually weak flu season in 2025. Immunodiagnostics excluding COVID-related sales - the company’s largest segment, accounting for 69% of revenue - expanded 7% at constant exchange rates to €821 million, propelled by specialty CLIA test demand in the United States. Excluding China, that segment’s constant-rate growth was 8%.
Licensed Technologies revenue held steady at constant exchange rates at €165 million. The company said stronger demand from diagnostics customers was offset by lower Life Science sales, reflecting reductions in NIH funding in the United States.
On capital allocation, the Board proposed a dividend of €1.30 per share, an increase of 8.3% from 2024, and authorised a share repurchase programme of up to €250 million. The buyback may cover as many as 4.5 million shares, representing up to 8.04% of share capital; the company had already repurchased 1.84 million treasury shares as of March 19.
DiaSorin confirmed plans to close its Shanghai manufacturing plant by the end of 2026, an action the company expects will deliver roughly €6 million in annual cost savings and achieve a cash payback period of less than one year. Total restructuring charges related to the reorganisation are estimated at up to €22 million, of which about €20 million were recognised in 2025.
Looking ahead, the company set preliminary targets for 2026: revenue growth of 5% to 6% on a constant-exchange-rate basis and an adjusted EBITDA margin in the 32% to 33% range. DiaSorin noted that its guidance excludes any potential impact from the Middle East conflict, which it said could affect regional sales and supply chains.
Balance-sheet metrics at year-end showed net financial debt of €580 million as of December 31, down from €618 million a year earlier.
What moved the market
Investors reacted to the combination of a notable drop in net profit, the €20 million charge tied to Shanghai, and guidance that implies little margin expansion in 2026. Those elements together appear to have driven the steep share-price decline and the new multi-year low.
Contextual note on analytics
Some market services referenced by the company evaluate stocks using automated metrics and highlight past performance records for selected names when discussing investment ideas. The company’s own communications referenced such services in relation to investor interest, while the firm continues to pursue a mix of shareholder returns and operational savings.