Business Figures for the First Half of 2019: Sartorius Continues Double-Digit Growth

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Sartorius AG Investor Relations

A Trusted Partner for the Biopharmaceutical Industry and Laboratories

Sartorius is a leading international partner for the biopharma sector. Our solutions are supporting our customers to develop and produce drugs safely, timely and economically. The Group has been annually growing by double digits on average and has been regularly expanding its portfolio by acquisitions of complementary technologies.

Seven reasons to invest

  • Clear focus on the attractive biopharma sector
  • Long-term growth drivers and significant market entrance barriers
  • Market leading position in key technologies and recognized brand
  • High share of recurring revenue as well as diversified earnings base
  • Strong presence in growth regions
  • Proven track record with alliances and acquisitions
  • High continuity with respect to customer base, employees and management

Sartorius Group | Conference Call Nine-Month 2019 Results

The Sartorius Group will publish its nine-month 2019 results on October 22, 2019, at 7 a.m. CEST. Dr. Joachim Kreuzburg, CEO, and Rainer Lehmann, CFO, will discuss the results with analysts and investors at 3.30 p.m. CET.

To register for the teleconference, please use the following link:
Register Now

Alternatively, you can dial into the teleconference, without registering, at:
+49 (0) 69 566 03 7000

The presentation will be accessible through our website that day, 3.15 p.m. CEST, at:

Better Health for More People

Our Mission

Strategy and Targets for 2025

Sartorius’ goal is to continue its profitable growth and systematically expand its position as a leading international partner for biopharmaceutical research and the industry. We are pursuing various strategic initiatives to grow sustainably up to 2025 – and beyond.

  • Achieve consolidated sales revenue of around 4 billion euros with about two-thirds of this growth to be generated organically and about one third by acquisitions
  • Increase underlying EBITDA margin1) to around 28%
  • Expand sales in the Bioprocess Solutions Division to about 2.8 billion euros; increase the division’s underlying EBITDA margin to around 30%
  • Grow sales in the Lab Products & Services Division to about 1.2 billion euros; increase the division’s underlying EBITDA margin to around 25%

1) Sartorius uses underlying EBITDA (earnings before interest, taxes, depreciation and amortization; adjusted for extraordinary items) as the key profitability indicator.

We focus in both divisions on the attractive biopharmaceutical market characterized by long‑term and stable growth trends.

Key Growth Drivers

  • Growing world population
  • Increasing incomes and better access to healthcare services in emerging economies
  • Aging population and rise in age-related diseases in industrialized countries

Medical progress is also fueling growth, resulting in the ongoing development and approval of new biopharmaceuticals and in the improvement or expansion of indications for already existing active pharmaceutical ingredients. Therefore, a growing number of biotech medications are being approved for treatment of rare diseases considered incurable until now, and innovative cell and gene therapies are projected to further drive growth in the biopharma sector.

Sartorius has leading market positions in core technologies and is continuously expanding its portfolio by new, complementary technologies that help our biopharma customers develop and manufacture medications faster and more easily. Our strength in selecting suitable partners or acquisition candidates is based upon our in-depth understanding of applications. We are thoroughly familiar with our customers’ requirements and their entire value-added chains, and particularly understand the interactivity of the systems they use. Our innovation strategy is based on three pillars:

  • Integration of innovations through acquisitions
  • Alliances with partners
  • Own product development

North America and selected countries in Asia are at the focus of our growth strategy.

North America is the world’s largest market for both the development and the manufacture of biopharmaceuticals. Because North America is home to the main competitors for both company divisions, Sartorius has historically lower market shares in this region than in Europe and Asia. Accordingly, the company is striving to gain market share, primarily by strengthening its sales and service capacities.

Our second regional focus is on Asia, especially on China, South Korea and India. These markets have tremendous growth potential due to their increased healthcare spending by private households and governments. In these regions, Sartorius has invested in its sales infrastructure and is planning to expand its production capacities.

Moreover, Sartorius is investing in the digitalization of its processes. In addition, it has substantially expanded its production capacities, above all for filter and bag products.

Based on constant currencies, management now projects that Group sales revenue will grow by about 10% to 14%, up from its earlier growth forecast of about 7% to 11%. Regarding profitability, management still expects that the Group's underlying EBITDA margin will increase to slightly above 27.0%, with an operating gain of about half a percentage point and the remaining rise resulting from changes in an accounting rule.1) The ratio of capital expenditures (CAPEX) to sales revenue is expected to remain at around 12%, down from the year-earlier figure of 15.2%.2) In view of its financial position, management continues to project that the ratio of net debt to underlying EBITDA will be slightly below the prior-year figure of 2.4 by the end of fiscal 2019.

Given the higher-than-expected growth dynamics for the Bioprocess Solutions Division, management has raised its sales forecast for this division from its previous guidance of about 8% to 12% to about 13% to 17%. Management's forecast for the division's underlying EBITDA margin remains unchanged, with this margin projected to increase to slightly more than 29.5% relative to 28.6% reported in the prior-year period. The operating gain of this increase is expected to amount to about half of a  percentage point.1)

For the Lab Products & Services Division, management now anticipates that due to the growing economic uncertainties, the lower range of the division's sales forecast of about 5% to 9% will be reached. The division's underlying EBITDA margin is expected to be just below 20% (previous guidance: slightly above 20%; FY 2018: 18.5%), with the operating increase accounting for about half a percentage point.1)

All forecasts are based on constant currencies. 

A disorderly exit of the United Kingdom from the EU and exacerbation of international trade disputes could impact our supply chains in both divisions to a certain extent, despite the measures already taken to counteract this development. A reliable prognosis concerning possible effects cannot be made at the current time.

1) IFRS 16 required to be applied as of 2019 regulates accounting of lease contracts. Ultimately, this has resulted in reporting longer-term lease payments as depreciation and, accordingly, in a somewhat higher EBITDA.

2) As of 2019, CAPEX is based on cash flow instead of balance sheet computation; CAPEX ratio restated: 13.1% for H1 2018, 14.9% for FY 2018.

Sartorius is a globally operating company with two separately listed entities: Sartorius AG and Sartorius Stedim Biotech S.A.

Sartorius AG is the parent company of the Sartorius Group. It is headquartered in Göttingen, Germany, and listed on the Frankfurt Stock Exchange with preference and ordinary shares.

Sartorius AG holds approximately 74% of the share capital and around 85% of the voting rights of Sartorius Stedim Biotech S.A. Sartorius Stedim Biotech S.A is headquartered in Aubagne, France, and listed on the Euronext Paris. It is the parent company of the Group’s bioprocessing business.

In addition, Sartorius AG holds a 100% stake in Sartorius Lab Holding GmbH, which is the parent corporation of the subgroup comprising the Group’s lab Business.

Get in Touch

Head of Corporate Communications & Investor Relations
Petra Kirchhoff
Head of Investor Relations

About Sartorius

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Financial Calendar

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