Sartorius Stedim anticipates slower growth in 2023 after two good years

Posted Jan 26, 2023, 8:20 AM

PARIS (Agefi-Dow Jones)–Pharmaceutical industry supplier Sartorius Stedim Biotech on Thursday released preliminary results for 2022 and targets for 2023 marked by the normalization of demand following two years of exceptional growth linked to the coronavirus pandemic. Covid-19.

“After extraordinary growth in 2020 and 2021, Sartorius Stedim Biotech continued to grow faster than the market as a whole in fiscal 2022,” the company commented in a statement. “Unsurprisingly, in 2023 the trend will be for a return to our basic growth pattern,” added Sartorius Stedim Biotech.

For the current year, Sartorius Stedim Biotech is thus expecting sales growth in the “low single digits”. Excluding Covid-19-related activities, “this increase should correspond to a single-digit percentage rate (in the mid-to-high range),” the group said.

The current gross operating surplus (Ebitda) margin should be of the same order as in 2022, i.e. close to 35%.

Sartorius Stedim Biotech has also raised its sales target for 2025 to approximately 4.4 billion euros, once morest 4 billion euros previously, due to the evolution of prices in the face of inflation. The group left its profitability target unchanged at more than 35%.

According to preliminary data provided by the company, Sartorius Stedim Biotech saw its revenue increase by 21% in reported data and by 15.1% at constant exchange rates in 2022, to 3.49 billion euros. Organic growth, ie at constant scope and exchange rates, was 13.2%.

Over the past year as a whole, acquisitions contributed around 2 percentage points to growth. All product categories recorded an increase in revenues, but Covid-19 related activities fell sharply compared to the previous year.

Current EBITDA stood at 1.2 billion euros, up 18.2% over one year. The corresponding margin stood at 35%, once morest 35.8% a year earlier.

Net current income increased by 15.8% over one year, to 797 million euros. The net current result per share was 8.64 euros, once morest 7.46 euros a year earlier.

Sartorius Stedim Biotech expected 2022 sales growth in the lower half of the 15% to 19% range at constant exchange rates and a current EBITDA margin of more than 35%.

Analysts polled by FactSet were expecting an average turnover of 3.5 billion euros and a net current result per share of 9.48 euros.

-Pierre-Jean Lepagnot, Agefi-Dow Jones [phone]; [email protected] ed: VLV

-FINANCIAL COMMUNICATIONS OF SARTORIUS STEDIM BIOTECH:

https://ir-reports.sartorius.com/fr/ssb/hy-2016/comptes-annuels-sartorius-stedim-biotech-sa-et-notes-annexes/

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January 26, 2023 02:20 ET (07:20 GMT)