Dassault Systèmes will publish its Q2 results on before the market opens on 24 July. Prior to this publication, the analyst is maintaining its "Outperform" recommendation but lowering its target price to €39 (from €42).

Oddo BHF expects revenue of €1,528m, up 5.3% at cer, in the middle of the quarterly guidance range (3% to 7% cer).

This 'correct' performance is an improvement on the Q1 (+4% cer). It should mainly come from accelerated growth in the Mainstream segment (Oddo BHF: +8% vs. +2% in Q1), the analyst said.

In line with recent management guidance, Medidata's growth is expected to remain sluggish, as in the first quarter (flat), with the improvement in subscriptions for pharmaceutical companies offset by lower clinical trial volumes, Oddo BHF explains in its daily report.

With growth in the middle of the guidance range, the analyst is confident in the group's ability to achieve its quarterly EBIT margin and EPS guidance.

Oddo BHF believes that the market should remain cautious even if second-quarter performance is decent and guidance is reiterated.

Ahead of this publication, we are slightly lowering our 2025 growth forecast (6.2% cer vs. 6.7% cer previously) to reflect delays in the signing of major contracts and low clinical trial volumes.

The analyst also lowered its 2026 growth forecast (8.0% cer vs. 9.5% cer previously; consensus: 7.5% cer).

However, we remain confident in Dassault Systèmes' ability to return to growth of around 9% in 2027, then close to 10% in the medium term thanks to the positive impact of the transition to subscriptions and AI, Oddo BHF concludes.


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