Sartorius 9-month Preliminary Sales Revenue Down 18%; Cuts FY23 Outlook

Sartorius, a German pharmaceutical and laboratory equipment supplier, reported preliminary consolidated sales revenue of around 2.546 billion euros in the first nine months of 2023, representing a decline of around 16 percent in constant currencies basis or decline of 18 percent in reported basis.

The preliminary underlying EBITDA margin decreased mainly due to volume and product mix effects to 733 million euros compared to 1.05 billion euros in the prior year. The resulting margin reached around 29 percent compared with 33.8 percent in the
prior-year period.

Sartorius cut its guidance for fiscal 2023.

Group sales revenue is expected to decline by around 17 percent; excluding Covid-19-related business, revenue would decline by around 12 percent. Previously, it was expected that sales revenue would decline in the low to mid-teens percentage range; excluding Covid-19-related business, revenue would decline in the mid to high single-digit percentage range.

Due to lower volume expectations and product mix effects, Sartorius now expects an underlying EBITDA margin of slightly above 28 percent, after previously forecasting a margin of around 30 percent.

The company confirmed its fundamentally positive medium- and long-term market outlook and continues to see itself in a strong competitive position.

For 2024, the company expects profitable growth and will issue quantitative guidance with the release of the 2023 full-year figures next January. Its mid-term ambition is currently under review and an update will also be provided in January 2024.

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