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 | H1 2021 Results 

  • Order intake up 82.4 percent; sales revenue up 60.1 percent; underlying EBITDA margin 34.1 percent
  • Dynamic organic growth in the core businesses of both divisions, bolstered by added momentum from pandemic-related activity and gains contributed by acquisitions
  • Forecast for 2021 raised yet again at the beginning of July

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Investors Presentation H1|2021 Results

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Half-Year Report H1|2021

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Annual Report 2020

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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.

As early as 2018, management presented its strategy and long-term targets for the period of 2020 to 2025. The targets for 2025 have now been updated and partly raised, given the results achieved in the Bioprocess Solutions Division in 2020 and the resulting increase in the baseline values, as well as expectations of future organic growth in this segment.

Accordingly, Sartorius now plans to increase its consolidated sales revenue to about 5 billion euros in the five-year period up to 2025 (previous target: around 4 billion euros). The company intends to achieve this increase in both divisions primarily through organic growth as well as additionally by acquisitions. The Group’s underlying EBITDA1 margin is forecasted to rise to around 32 percent (former guidance: around 28 percent). For the Bioprocess Solutions Division, the company now projects sales revenue of around 3.8 billion euros (former guidance: approximately 2.8 billion euros), with an underlying EBITDA1 margin of around 34 percent (former guidance: around 30 percent). The outlook for the Lab Products & Services Division remains unchanged, with sales revenue forecasted at around 1.2 billion euros and an underlying EBITDA1 margin at about 25 percent.

These projections are based on the assumption that on average the margins of future acquisitions will initially be somewhat below and, after integration, at a level comparable to those of the Group’s existing businesses, and that there will be no relevant changes in the key currency exchange rates.

Management points out that the dynamics and volatilities in the life science and biopharma sectors have increased over the past years and the coronavirus pandemic has further amplified this trend, so that multi-year forecasts show even higher uncertainties than usual.

1 Sartorius publishes alternative performance measures that are not defined by international accounting standards. These are determined with the aim of improving the comparability of business performance over time and within the industry.

  • Order intake: all customer orders contractually concluded and booked during the respective reporting period
  • Relevant / underlying EBITDA: earnings before interest, taxes, depreciation and amortization and adjusted for extraordinary items
  • Relevant net profit: profit for the period after non-controlling interest, adjusted for extraordinary items and non-cash amortization, as well as based on the normalized financial result and the normalized tax rate
  • Ratio of net debt to underlying EBITDA: quotient of net debt and underlying EBITDA over the past 12 months, including the pro forma amount contributed by acquisitions for this period
  • CAPEX ratio: investment payments in relation to sales revenue for the same period


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 the dynamic performance of business in the first half, strong order intake, and on expanded production capacities, management raised its full-year growth forecast again at the beginning of July for fiscal 2021.

At the same time, management points out that this guidance continues to be subject to higher uncertainty than usual due to the pandemic and is particularly based on the assumptions that supply chains will remain stable and production lines will stay up and running.


Management now projects consolidated sales growth of around 45% (previously around 35%), with businesses related to the coronavirus pandemic expected to contribute about 17 percentage points (previously about 16  percentage points). Overall, the acquisitions made in the previous year developed slightly better than expected though the corresponding sales revenues in the Bioprocess Solutions Division are now likely to be generated predominantly in the second half and, therefore, around 4.5 percentage points of non-organic growth are estimated to be reported (previously 5.5 percentage points). The Group’s underlying EBITDA margin is forecasted at about 34% (previously about 32%).

The investment program for 2021 is to remain unchanged at around 400 million euros. Due to sales revenue that is now expected to be higher, the corresponding ratio of capital expenditures (CAPEX) to sales revenue for the Group is projected at about 12% (previously about 14%). The focus of the substantial investments is on the partly extended and accelerated expansion of production capacities, primarily at sites in Germany, Puerto Rico, China, and South Korea. Net debt to underlying EBITDA is expected to be slightly below 2.0 at year‑end 2021 (previously about 2.0). Possible acquisitions are not considered in these projections.


For the Bioprocess Solutions Division, sales are projected to grow by about 50% (previously about 40%) of which about 20 percentage points are expected to be contributed by business related to the coronavirus pandemic (previously about 18 percentage points). Overall, the acquisitions made in the previous year developed slightly better than expected. However, their contribution of non-organic revenue growth is estimated to be around 4 percentage points (previously 6 percentage points) due to overproportionate revenue expansion in the second half. The division’s underlying EBITDA margin is estimated to increase to about 36% (previously about 34%).

For the Lab Products & Services Division, the previous sales growth projection of about 20% has now been raised to 30%. The acquisition of the Octet business closed in the previous year developed very well and is expected to account for around 6 percentage points of this increase (previously 5 percentage points). Sales related to the coronavirus pandemic is continued to be projected at about 5 percentage points. The division’s underlying EBITDA margin is forecasted at about 26% (previously about 24%).

Medium-Term Forecast Unchanged

The mid-range targets updated in January 2021 remain unchanged and assume that for 2025, consolidated sales revenue will increase to around €5 billion at an underlying EBITDA margin of around 32%.

All forecasts are based on constant currencies as in the past years. Furthermore, the company assumes that the global economy will increasingly recover as the year progresses and that supply chains will remain stable.

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.


Half-Year Report January to June 2021

July 21, 2021

First-Quarter Results January to March 2021

April 21, 2021

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

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