Siemens Healthineers Pours ÂŁ26m into UK Radiopharmacy as It Navigates Diagnostics Slump and Spin-Off
Published on 06/17/2026 at 15:42 | Redaktion boerse-global.de
Siemens Healthineers is placing a bold bet on high-end nuclear imaging even as the group wrestles with a deep downturn in its diagnostics business and prepares for a historic separation from parent Siemens AG. The Munich-based company announced a £26 million investment in a new radiopharmacy facility in Dunstable, England, designed to produce eight times the volume of earlier-generation plants. The move underscores management’s determination to defend its technological edge – a strategic gambit that stands in sharp contrast to the market’s punishing verdict on the stock.
Shares have shed roughly 21% since the start of the year, closing Tuesday at €35.11, a level nearly 30% below the 52-week high set last July. The equity now trades about 15% beneath its 200-day moving average, a clear signal that investor confidence remains badly shaken. Yet the recent price action hints at stabilisation: the stock has clawed back around 7% from its May trough and sits less than 1% below the 50-day average of €35.38, a break above which technicians say would mark a meaningful reversal.
The root of the bearishness lies in the diagnostics segment, which suffered a 12% revenue collapse to €985 million in the second quarter. Chief Executive Bernhard Montag called the period a “perfect storm” for the division, citing a structural slowdown in China, higher tariffs, and lingering transformation costs. The group cut its full-year guidance to comparable sales growth of 4.5–5% and sees adjusted earnings per share in a range of €2.20 to €2.30. CFO Jochen Schmitz has taken charge of carving out the diagnostics unit, an exercise designed to give it maximum strategic flexibility – whether through a sale or a standalone listing.
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At the same time, Siemens AG is pushing ahead with a plan to reduce its stake from roughly 67% to below 20%, transferring about 30% of Healthineers shares directly to its own shareholders under Germany’s Umwandlungsgesetz. Shareholders of both companies are expected to vote on the proposal at their respective annual general meetings in early 2027. A bank syndicate for the necessary debt refinancing has already been lined up, and Mr Schmitz expects interest costs to stay within the communicated band of €380 million to €420 million.
Away from the diagnostics turmoil, the core imaging and therapy businesses continue to fire. Imaging revenues rose 6.1% in the second quarter, while precision therapy climbed 4.7%, enabling group-wide comparable growth of 3.1% even as diagnostics dragged the headline figure down by 6.5 percentage points. The University Medical Center Hamburg-Eppendorf, for instance, has placed orders for the latest photon-counting CT systems, underscoring Healthineers’ privileged position among top-tier clinical centres. The company is also preparing for the potential long-term disruption posed by GLP-1 weight-loss drugs, which could alter diagnostic demand patterns, and this week appointed Nalan Abdullaho?lu to lead its Turkish operations.
To buttress the stock, the group is running a €230 million buyback programme that will run until January 2027 at the latest. In the week from 8–14 June alone, it repurchased nearly 453,000 shares on Xetra. The broader restructuring – both the diagnostics carve-out and the parent company spin-off – is intended to unlock value, but the market is demanding proof. Whether the twin strategy succeeds will become clear when AGM season arrives in 2027. Until then, the immediate focus is on execution in diagnostics, the Dunstable investment, and the company’s ability to nurse its share price back above the key moving averages.
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