EQS-News: Sartorius continues growth course; earnings rise at a significantly overproportionate rate

Sartorius continues growth course; earnings rise at a significantly overproportionate rate
 

• Group sales revenue up 6.1 percent in the first six months

• As expected, continued positive trend in recurring business with consumables

• Bioprocess Solutions Division grows by almost 9 percent, lab division still muted as anticipated

• Double-digit rise of around 12 percent in underlying EBITDA; underlying EBITDA margin at almost 30 percent
• Group management confirms guidance for full year 2025

The life science group Sartorius continued its profitable growth path in the first six months of the fiscal year 2025 with significant increases in sales revenue and profitability.

”We are satisfied with the business results for the first half of the year; the upward trend is continuing. We saw the expected growth momentum in the particularly high-margin business with consumables for pharma, which is of greatest relevance to us,” said CEO Dr. Michael Grosse, who took over the helm of the company on July 1. “I think we are well on track to achieve our ambitious targets for the year despite the difficult global environment. We understand the current challenges our customers are facing and are well positioned to address them: With rising cost pressure in healthcare systems worldwide, customers are more focused than ever on making the development and production of new therapeutics even more efficient. Sartorius helps them achieve this with innovative technologies that deliver relevant research results faster and enhance productivity in manufacturing.”

Business development of the Group¹
In the first six months of the fiscal year, the company achieved year-on-year sales revenue growth of 6.1 percent in constant currencies (reported: 5.2 percent) to 1,767 million euros. All business regions contributed to this increase: The Americas region recorded a gain of 7.1 percent in constant currencies compared with the same period last year, the EMEA² region grew by 5.9 percent, and sales revenue in Asia/Pacific was up 5.0 percent.

Underlying EBITDA rose significantly by 11.9 percent to 527 million euros in the first half of the year, mainly due to volume and product mix effects as well as economies of scale. The corresponding margin increased by 1.7 percentage points to 29.8 percent.

Underlying net profit grew even more strongly, up by 13.7 percent to 169 million euros, compared with 148 million euros in the same period of last year. Underlying earnings per ordinary share amounted to 2.44 euros (PY: 2.15 euros), and underlying earnings per preference share to 2.45 euros (PY: 2.16 euros).

As of June 30, 2025, the company employed 13,685 people, slightly exceeding the number of employees at year-end 2024 by 157 (December 31, 2024: 13,528), mainly due to the hiring of additional production personnel.

Sartorius Group’s balance sheet and key financial indicators remain at robust levels. The equity ratio as of June 30, 2025, was 37.8 percent (December 31, 2024: 38.6 percent). The ratio of net debt to underlying EBITDA was reduced further as planned and stood at 3.8 (December 31, 2024: 4.0). Investments in the company’s global research and production infrastructure amounted to 161 million euros, after 228 million euros in the prior-year period, with a ratio of capital expenditures to sales revenue of 9.1 percent (PY: 13.6 percent).

Business development of the Bioprocess Solutions Division
The Bioprocess Solutions Division, which accounts for more than three-quarters of Group sales revenue and offers a broad range of innovative technologies for the efficient and sustainable manufacturing of biopharmaceuticals, continued its upward trend: In the first half of the year, the division’s sales revenue increased by 8.8 percent in constant currencies (reported: 7.8 percent) to 1,435 million euros. The main driver was the very positive development in the high-margin consumables business, while the industry-wide reluctance of customers to invest continued to impact the equipment and systems business as expected.

Underlying EBITDA grew even more significantly than sales revenue, increasing by 16.5 percent to 453 million euros due to positive volume and product mix effects as well as economies of scale. The corresponding margin increased to 31.6 percent, up from 29.2 percent in the same period of 2024.

In the first half of the year, the bioprocess division expanded its product portfolio to enable customers to further enhance the productivity of their drug manufacturing processes. This included two modules of a platform for continuous manufacturing processes that were launched in collaboration with a major customer. Delivering significantly higher efficiency, the system is also designed to reduce the use of resources in biopharma production.

Business development of the Lab Products & Services Division
The smaller of the two divisions, Lab Products & Services, which specializes in life science research and pharmaceutical laboratories, continued to be affected by weak end markets in the first half of 2025. Customers across the industry remained cautious about investing in laboratory instruments; at Sartorius this particularly impacted the bioanalytical instruments business. By contrast, recurring business with consumables for laboratories developed positively, as did the services business.

Between January and June, the division generated sales revenue of 332 million euros, down 4.0 percent in constant currencies (reported: - 4.8 percent), with an underlying EBITDA of 74 million euros (PY: 82 million euros) and a corresponding margin of 22.3 percent (PY: 23.6 percent). The sales revenue and earnings contributions of microtissue specialist MatTek, acquired at the beginning of July, will be included in the division's figures for the second half of the year.

With regard to new product launches, the lab division further expanded its bioanalytics portfolio in the first six months of the fiscal year to accelerate the development of new drugs by pharmaceutical customers. This included new generations of an imaging incubator for real-time cell observation, a high-throughput cytometer for detailed and rapid cell analysis, and a system for measuring biomolecular interactions.

Guidance for 2025 confirmed
Based on the results of the first half of the year and the expected continued positive market development, management confirms its guidance for the full year 2025 and projects organic sales revenue growth of around 6 percent for the Group, around 7 percent in the Bioprocess Solutions Division and around 1 percent for Lab Products & Services. Due to the continued above-average volatility, the company currently anticipates a forecast range of about plus/minus two percentage points respectively.

For earnings, the company expects an underlying EBITDA margin at Group level of around 29 to 30 percent (PY: 28.0 percent), with the margin for the Bioprocess Solutions Division rising to around 31 to 32 percent (PY: 29.3 percent) and the margin for the lab division reaching around 22 to 23 percent (PY: 22.9 percent).

The sales revenue and margin forecast does not include possible effects of tariffs or related mitigating and corrective measures, which, depending on their design, scope, and duration, could impact sales revenue and margin development temporarily to a certain extent. Management does not expect any influence on the strong market position and competitiveness of Sartorius.

The ratio of capital expenditure to sales revenue should be on par with the previous year at around 12.5 percent and the ratio of net debt to underlying EBITDA should decrease to around 3.5.

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.

• Underlying EBITDA: earnings before interest, taxes, depreciation, and amortization and adjusted for extraordinary items
• Underlying net profit: profit for the period after non-controlling interest, adjusted for extraordinary items and amortization, as well as based on the normalized financial result and the normalized tax rate
• Underlying earnings per share: underlying net profit in relation to the weighted-average number of outstanding ordinary or preference shares
• 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

2 EMEA = Europe, Middle East, Africa
This media release contains forward-looking statements about the future development of the Sartorius Group. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Sartorius assumes no liability for updating such statements in light of new information or future events. This is a translation of the original German-language media release. Sartorius shall not assume any liability for the correctness of this translation. The original German media release is the legally binding version.
All forecast figures are based on constant currencies, as in past years. Management points out that the dynamics and volatilities in the industry have increased significantly in recent years. In addition, uncertainties due to the changed geopolitical situation, such as the emerging decoupling tendencies of various countries, are playing a greater role. This results in higher uncertainty when forecasting business figures.
Conference call
CEO Dr. Michael Grosse and CFO Dr. Florian Funck will discuss the company’s half-year results with analysts and investors in a conference call on July 22, 2025 at 1 p.m. CEST.
Register here: https://sar.to/H1_2025_IR_Conference

Financial calendar
October 16, 2025             Publication of nine-month results (January to September 2025)

Key Performance Indicators for the First Half of 2025

	Group				Bioprocess Solutions				Lab Products & Services
in millions of € unless otherwise specified	6 mo. 2025	6 mo. 2024	? in %	? in % cc1	6 mo. 2025	6 mo. 2024	? in %	? in % cc1	6 mo. 2025	6 mo. 2024	? in %	? in % cc1
Sales Revenue
Sales revenue	1,767.3	1,680.3	5.2	6.1	1,434.9	1,331.1	7.8	8.8	332.4	349.2	–4.8	–4.0
EMEA2	731.8	690.8	5.9	5.9	601.6	550.1	9.4	9.4	130.2	140.7	–7.5	–7.8
America2	638.4	602.7	5.9	7.1	529.3	491.4	7.7	8.9	109.1	111.3	–2.0	–0.7
Asia | Pacific2	397.1	386.8	2.7	5.0	304.0	289.6	5.0	7.5	93.2	97.2	–4.1	–2.3
Results
Underlying EBITDA3	527.3	471.4	11.9		453.3	389.0	16.5		74.0	82.4	–10.2
Underlying EBITDA margin3 in %	29.8	28.1			31.6	29.2			22.3	23.6
Relevant net profit4	168.7	148.4	13.7
Net result5	81.0	60.9	33.0
Cashflow
Cash flow from operating activities	289.4	346.8	-16.6
Free cash flow6	121.9	107.9	13.0
Financial data per share
Earnings per ordinary share4 in €	2.44	2.15	13.5
Earnings per preference share4 in €	2.45	2.16	13.4

1 Figures given in constant currencies eliminate the impact of changes in exchange rates by applying the same exchange rate for the current and the previous period.
2 According to customers' location.
3 Earnings before interest, taxes, depreciation, and amortization and adjusted for extraordinary items.
4 Profit for the period after non-controlling interest, adjusted for extraordinary items and amortization, as well as based on the normalized financial result and the normalized tax rate.
5 After non-controlling interest.
6 Cash flow from operating activities minus cash flow from investing activities.
A Profile of Sartorius
Sartorius is a leading international partner to life sciences research and the biopharmaceutical industry. With innovative laboratory instruments and consumables, the Group’s Lab Products & Services Division focuses on laboratories performing research and quality control at pharmaceutical and biopharmaceutical companies as well as academic research institutes. The Bioprocess Solutions Division, with its broad product portfolio focusing on single-use solutions, helps customers manufacture biotech medications, vaccines, and cell and gene therapies more safely, rapidly, and sustainably. Based in Göttingen, Germany, the company has a strong global reach with around 60 production and sales sites worldwide. Sartorius regularly expands its portfolio through the acquisition of complementary technologies. In 2024, the company generated sales revenue of around 3.4 billion euros. More than 13,500 employees work for customers around the globe.

Visit our Newsroom or follow us on LinkedIn.

Contact
Leona Malorny
Head of External Communications
+49 551 308 4067
leona.malorny@sartorius.com