FX.co ★ Sartorius Q1 Underlying Profit Declines, Sales Down 7.6% In Constant Currencies; Confirms Outlook

Sartorius, a global pharmaceutical and laboratory equipment supplier, reported a 13.8% decrease in its underlying EBITDA to 234 million euros in the first quarter of 2024 due to a fall in sales revenue. This resulted in a margin of 28.6%, compared to 30.1% in the same period last year. The net profit for this period was 70 million euros, a substantial drop from the 116 million euros reported in the previous year. Underlying earnings per ordinary share were 1.01 euros, compared to 1.69 euros the previous year.

In the first quarter, sales revenue was 820 million euros, representing a decline of 7.6% in constant currencies or a 9.3% reported decrease from the previous year. However, this figure includes a growth contribution from acquisitions equivalent to around 2%.

Notably, the Group's order intake increased by 9.8% in constant currencies or 8.0% reported to 826 million euros in the first three months of 2024.

Sartorius's management has confirmed its projections for the current fiscal year. They anticipate a moderate first half of the year but expect a surge business momentum later in the year. They also project an increase in Group sales revenue in the mid to high single-digit range, with acquisitions contributing around 1.5 percentage points. The company anticipates their underlying EBITDA margin to slightly exceed 30%.

The CEO of Sartorius, Joachim Kreuzburg, expressed contentment with the company's profitability outlook. He emphasized that the EBITDA margin remains strong and he expects further impacts from the company's efficiency programs in the upcoming months.