Sartorius AG Investor Relations

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

With around 60 production and sales locations worldwide, Sartorius is represented in all major biopharma markets. As part of a long-term investment program that is now well advanced, the company has been investing in the expansion of its research and production infrastructure for several years. In addition to expanding capacity, these investments are aimed at further diversifying and increasing the flexibility of the production network, Sartorius is well positioned to capture strong organic growth.

North America and Asia are the key focal areas of the regional growth strategy. The USA is the world's largest market for bioprocess equipment and laboratory products. Yet because it is home to the company’s main competitors for both company divisions, Sartorius formerly had a lower market share in this region than in Europe and Asia. By systematically strengthening its sales and service capacities, Sartorius has gained market share in North America in recent years and intends to expand this further.

The Asian market also offers significant growth potential for Sartorius. The drivers here are demographic change, increasing prosperity, rising government spending on healthcare and the expansion of the regional biopharmaceutical industry. To benefit from this dynamic development, Sartorius has significantly strengthened its presence in this region.

Recurring business with sterile single-use products accounts for about 75% percent of the Group´s sales revenue. These offer customers cost advantages, flexibility, and less resource usage, and thus a better ecological footprint compared with conventional processes employing reusable stainless-steel components.

The high share of recurring revenues is also bolstered by the strict regulatory requirements on the part of the customers. Because health authorities validate production processes as an integral part of an application for approval of a new medical drug, the components initially validated can be replaced only at considerable expense once they have been approved.

Beyond this, the company’s broad and stable customer base that is primarily addressed directly through a specialized sales force also contributes to this favorable risk profile.
The bioprocess technology market is characterized by relatively high entry barriers arising in part from the biopharmaceutical industry’s strong degree of regulation and its technological complexity.

Acquisitions that are complementary to or extend the company’s strengths appropriately have been and will remain part of the portfolio strategy for both divisions. Due to high innovation dynamics, the company considers further additions to be possible on an ongoing basis across the entire breadth of the product portfolio.

Acquisition Criteria

• Complementarity of technologies to our existing portfolio
• Strong market positioning, for example, through innovative products with unique selling propositions
• Integration capability
• Appropriate valuation
• Growth and profitability profile

For many years, we have firmly embedded sustainability at many levels in our business. To us, it means operating responsibly and nurturing long term relationships – with respect to customers, employees, investors, business partners and society as a whole.

Based on the business performance in the first nine months of 2026 and the continued positive development of the relevant end markets, management confirms its full-year guidance for the Group and the Bioprocess Solutions Division. At the same time, management refines the guidance for the Lab Products & Services Division and the expected ratio of capital expenditure to sales revenue. 

Management continues to expect operational sales revenue growth in constant currencies, excluding tariff effects, to be around the midpoint of the respective guidance bandwidths of 5 to 9 percent for the Sartorius Group and 6 to 10 percent for Bioprocess Solutions, while growth in Lab Products & Services is now expected to be around the upper end of its 2 to 6 percent range (previously: upper half). These ranges include a growth contribution from the MATTEK acquisition of approximately 0.3 percentage points at Group level and approximately 1.5 percentage points in Lab Products & Services. 

Including the effects from the changed tariff environment and the intended customer compensation for unlawfully imposed U.S. tariffs, which could reduce Group revenue by up to 40 million euros compared with initial assumptions, sales revenue growth in constant currencies is expected to be in the lower half of the guidance range for the Group. Bioprocess Solutions is also expected to be in the lower half of its guidance range, while Lab Products & Services is expected to land around the upper end. 

With regard to profitability, management continues to project the Group’s underlying EBITDA margin to increase to slightly above 30 percent, the margin of the Bioprocess Solutions Division to grow slightly above 32 percent and the margin of the Lab Products & Services Division to be slightly above 21 percent (previously: slightly below 21 percent).

The ratio of capital expenditure to sales revenue is now expected to be around 12 percent and thus slightly below the previously expected prior-year level of 12.5 percent. The ratio of net debt to underlying EBITDA should decrease to slightly above 3 (PY: 3.55).

_{As in previous years, all forecast figures are based on constant currencies. Management notes that industry dynamics and volatility have increased significantly in recent years. In addition, uncertainties resulting from the changed geopolitical environment and related tariff measures continue to play an important role. Consequently, forecasting business performance continues to be subject to a high degree of uncertainty.}

Based on its assessment of future market development, Sartorius expects its addressable markets to grow at a rate of approximately 7 to 9 percent per year over the medium term. Within this, the market for Bioprocess Solutions is projected to grow by approximately 8 to 10 percent, the market for Lab Products & Services by approximately 4 to 6 percent annually. 

Against this backdrop and building on the company’s leading market position as well as focused strategy, Sartorius introduced a new medium-term ambition for the period from 2027 onwards. Management expects the company to consistently outgrow its addressable markets by around 100 to 200 basis points per year leading to an organic sales revenue growth in constant currencies of 8 to 11 percent per year at group level. This development is expected to be supported by above-market performance of both divisions. For the Bioprocess Solutions Division, Sartorius projects an annual sales revenue increase of 9 to 12 percent in constant currencies, while the Lab Products & Services Division is expected to grow by 5 to 7 percent per year in constant currencies. 

At the same time, Sartorius is committed to further expanding its profitability: The underlying EBITDA margin at group level is supposed to grow by approximately 50 to 75 basis points per year. Margin expansion is expected to be driven by scale effects, operational improvements, and a growing revenue share of high-margin consumables. For the Bioprocess Solutions Division, management anticipates the EBITDA margin to rise by approximately 60 to 85 basis points per year. For the Lab Products & Services Division margin improvement of approximately 20 to 30 basis points per year is expected, reflecting investments in innovation, digitalization, and future growth platforms. 

All forecasts are based on constant currencies, as in the past years. Management points out that the industry has become increasingly dynamic and volatile in recent years. In addition, uncertainties due to the shifting geopolitical situation, such as various countries’ nascent decoupling tendencies, are playing an increasing role. This results in increased uncertainty when forecasting business figures.

Sartorius is a globally operating company with subsidiaries in more than 30 countries. The holding company Sartorius AG is the parent company of the Sartorius Group. The corporation is headquartered in Göttingen, Germany, and listed on the German Stock Exchange with preference and ordinary shares.

Sartorius manages its bioprocess business as a legally independent subgroup whose parent corporation is Sartorius Stedim Biotech S.A., which is listed on Euronext Paris.