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Sartorius AG
Earnings Release • Oct 17, 2025
366_rns_2025-10-17_45ef745e-12c9-4d51-8844-f076e8b03fea.pdf
Earnings Release
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Göttingen, Germany | October 16, 2025
Sartorius sharpens guidance after significantly profitable sales revenue growth in the first nine months
- Group sales revenue up 7.5 percent in the first nine months
- Significant growth in recurring business with consumables continues
- Bioprocess Solutions Division grows by around 10 percent, lab division recovering gradually
- Double-digit increase of underlying EBITDA1 by around 13 percent; underlying EBITDA margin rises by 2 percentage points to 29.7 percent
- Management specifies full-year guidance for Group and divisions: Sales revenue growth of around 7 percent and EBITDA margin of slightly above 29.5 percent expected for the Group
The life science group Sartorius continued its profitable growth course and considerably increased both sales revenue and profitability in the first nine months of fiscal 2025.
"We are very positive about our progress this year so far. With double-digit growth, our high-margin consumables business remains our key growth driver. Even though customers are still cautious about investing in equipment and instruments, this business is stabilizing. It is equally encouraging to see that the lab division is proving resilient in a persistently challenging market environment and keeps catching up. Against this backdrop, we are sharpening the full-year forecast and expect Group sales revenue to reach the upper half of the previously defined range," said CEO Dr. Michael Grosse. "The biopharmaceutical market is evolving dynamically, fueled by innovation and rising global demand for novel drugs. Our customers face the urgent challenge of accelerating the development and manufacturing of these new therapeutics while managing increased cost pressures. With our technologies, we are directly addressing this need and contribute to better access to innovative medicine."
Business development of the Group1
In the first nine months of the fiscal year, the Sartorius Group achieved considerable sales revenue growth of 7.5 percent in constant currencies, compared with the prior-year period, reaching 2,611 million euros. Reported growth was 5.5 percent, mainly due to the weakness of the US dollar. All business regions contributed to this increase: The Americas region recorded an 8.2 percent rise in constant currencies, while Asia/Pacific achieved an 8.7 percent growth in constant currencies. In the EMEA2 region, where business recovery had already begun earlier, sales revenue was up by 6.3 percent.
Underlying EBITDA significantly outpaced sales revenue growth and rose by 12.8 percent to 774 million euros between January and September, with volume, product mix, and economies of scale more than offsetting negative currency effects. The corresponding margin rose by 2 percentage points to 29.7 percent, compared with 27.7 percent in the prior-year period.
Underlying net profit grew even more strongly, up 17.0 percent to 244 million euros, compared with 208 million euros in the same period of the previous year. Underlying earnings per ordinary share increased to 3.52 euros (PY 3.01 euros) and underlying earnings per preference share to 3.53 euros (PY 3.02 euros).
As of September 30, 2025, Sartorius employed 13,878 people – an increase of 350 employees compared to the end of 2024, – 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 September 30, 2025, grew to 39.7 percent (December 31, 2024: 38.6 percent). As planned, the ratio of net debt to underlying EBITDA was reduced further and stood at 3.7 (December 31, 2024: 4.0). Investments in the company's global research and production infrastructure amounted to 305 million euros, after 319 million euros in the prior-year period. The ratio of capital expenditures to sales revenue increased as planned over the year, reaching 11.7 percent by the end of September (PY 12.9 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 wide range of innovative technologies for the efficient and sustainable manufacture of biopharmaceuticals, once again recorded significant growth: Between January and September, the division's sales revenue increased by 9.9 percent in constant currencies (reported: 7.8 percent) to 2,115 million euros. The development was driven by the high-margin business with consumables for the manufacture of biopharmaceuticals, which continued its strong growth trend. While remaining soft due to the industry-wide reluctance of customers to invest, business with bioprocess equipment and systems is stabilizing.
Underlying EBITDA rose even more substantially than sales revenue, up 17.3 percent to 667 million euros (PY 568 million euros) due to volume and product mix effects as well as economies of scale. The margin grew significantly to 31.5 percent, compared with 28.9 percent in the same period of the previous year.
In the first nine months of the fiscal year, the bioprocess division expanded its product portfolio to further enhance productivity in drug manufacturing, including new offerings for process intensification. Additionally, in the third quarter, an advanced filtration solution for monoclonal antibodies, which enables shorter processes and reduces water consumption, as well as new software solutions for bioprocesses, were launched. The division also entered into a new collaboration with the US start-up Nanotein Technologies to advance the commercialization and development of innovative reagents that promote cell activation and expansion in cell therapy manufacturing.
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, proved resilient in a persistently challenging market environment: Business recovered gradually in the first nine months and as expected showed a slightly positive growth rate in the third quarter.
Between January and September, sales revenue was down only slightly, with - 1.3 percent in constant currencies (reported: - 3.2 percent) to 495 million euros. MATTEK, the microtissue specialist acquired at the beginning of July, contributed almost 1 percentage point to sales revenue growth. Business with consumables for laboratories and services continued to grow significantly. While remaining soft, business with lab instruments is stabilizing – supported by recent positive momentum in the bioanalytics portfolio, to which the product launches of the first half of the year contributed.
Underlying EBITDA amounted to 108 million euros, down from 118 million euros in the same period of the previous year, mainly due to volume and product mix effects. The corresponding margin reached 21.7 percent (PY 23.2 percent).
In terms of its product portfolio, in addition to the new bioanalytics offerings introduced in the first half of the year, the division recently launched an advancement in the field of weighing technology that enables faster calibration of pipettes in accordance with ISO standards.
Guidance for fiscal 2025 specified
Based on the year-to-date results and taking into account the anticipated impact of existing tariffs, the contributions from the MATTEK acquisition, as well as the strong basis for comparison in the fourth quarter of 2024, management further sharpens its full-year guidance for the Group and both divisions.
The company now expects sales revenue growth at Group level of around 7 percent (previously: around 6 percent organic growth with a forecast range of about plus/minus two percentage points). This includes an inorganic growth contribution of around 0.3 percent. The Bioprocess Solutions Division is anticipated to reach the upper end of the previously defined bandwidth and grow by around 9 percent (previously: around 7 percent organic growth with a forecast range of around plus/minus two percentage points). The Lab Products & Services Division should reach approximately the sales revenue level of the previous year, with a growth contribution of a good 1 percentage point from the acquisition of MATTEK (previously: around 1 percent organic growth with a forecast range of about plus/minus two percentage points).
In terms of profitability, management expects an underlying EBITDA margin at Group level of slightly above 29.5 percent (previously: around 29 to 30 percent), with the margin of the Bioprocess Solutions Division rising to slightly above 31.5 percent (previously: around 31 to 32 percent) and that of the lab division reaching around 21.5 percent (previously: around 22 to 23 percent).
The guidance for the ratio of capital expenditures to sales revenue remains unchanged and is expected to be around 12.5 percent; the ratio of net debt to underlying EBITDA1 is still anticipated to decrease to approximately 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 as well as the trade policy framework conditions, are playing a greater role. This results in higher uncertainty when forecasting business figures.
Explanation of the business results
In the conference call for investors on October 16, 2025, at 1:00 p.m. CEST, CEO Dr. Michael Grosse and CFO Dr. Florian Funck will explain the business figures for the first nine months of 2025. To register: https://sar.to/9M\_2025\_IR\_Call
Sartorius at a glance
Sartorius is a leading international partner to the biopharmaceutical research and manufacturing industries. The Lab Products & Services Division focuses on innovative laboratory instruments and consumables for research and quality assurance laboratories in pharmaceutical and biopharmaceutical companies as well as academic research institutions. The Bioprocess Solutions Division supports customers with a broad product portfolio focused on single-use solutions for the safer, faster, and more sustainable production of biotech drugs, vaccines, and cell and gene therapies. With around 60 production and sales locations worldwide, the Göttingen-based company has a strong global presence. Sartorius regularly supplements its portfolio with acquisitions of complementary technologies. In 2024, the company generated sales revenue of around 3.4 billion euros. More than 13,500 employees serve customers around the globe.
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Contact
Petra Müller Head of Investor Relations +49 (0)551.308.6035 [email protected]
Key Performance Indicators for Nine Months 2025
| Group | В | Bioprocess Solutions | Lab Products & Services | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in millions of € unless otherwise specified |
9 mon. 2025 |
∆in% | $\Delta$ in % $cc^1$ | 9 mon. 2025 |
9 mon. 2024 |
∆in% | $\Delta$ in % $cc^1$ | 9 mon. 2025 |
9 mon. 2024 |
∆in% | $\Delta$ in % cc 1 | |
| Sales Revenue | ||||||||||||
| Sales revenue | 2,610.5 | 2,473.9 | 5.5 | 7.5 | 2,115.3 | 1,962.4 | 7.8 | 9.9 | 495.2 | 511.5 | -3.2 | -1.3 |
| ■ EMEA 2 | 1,084.1 | 1,020.1 | 6.3 | 6.3 | 886.6 | 813.6 | 9.0 | 9.1 | 197.5 | 206.4 | -4.3 | -4.4 |
| ■ America 2 | 924.8 | 879.4 | 5.2 | 8.2 | 762.7 | 713.6 | 6.9 | 9.9 | 162.1 | 165.8 | -2.2 | 0.7 |
| ■ Asia Pacific² | 601.6 | 574.4 | 4.7 | 8.7 | 466.0 | 435.2 | 7.1 | 11.3 | 135.6 | 139.3 | -2.6 | 0.8 |
| Results | ||||||||||||
| Underlying EBITDA 3 | 774.2 | 686.5 | 12.8 | 666.5 | 568.0 | 17.3 | 107.7 | 118.5 | -9.1 | |||
| Underlying EBITDA- Margin 3 in % |
29.7 | 27.7 | 31.5 | 28.9 | 21.7 | 23.2 | ||||||
| Underlying net profit 4 | 243.6 | 208.2 | 17.0 | |||||||||
| Net profit 5 | 124.7 | 75.1 | 66.0 |
| Cash flow from operating activities | 511.0 | 612.9 | -16.6 |
|---|---|---|---|
| Free Cashflow 6 | 199.7 | 280.5 | -28.8 |
Financial data per share
| Earnings per | 2.52 | 2.01 | 1/0 |
|---|---|---|---|
| ord. share⁴ in € | 3.52 | 3.01 | 16.9 |
| Earnings per pref. share⁴ in € |
3.53 | 3.02 | 16.8 |
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.
Key Performance Indicators for the Third Quarter of 2025
| Gro | up | В | ioprocess | Solution | s | Lab | Product | s & Servic | es | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in millions of € unless otherwise specified |
Q3 2025 |
Q3 2024 |
Δin % | $\Delta$ in % wb 1 | Q3 2025 |
Q3 2024 |
Δin % | $\Delta$ in % wb 1 | Q3 2025 |
Q3 2024 |
Δin % | $\Delta$ in % wb $^1$ |
| Sales Revenue | ||||||||||||
| Sales revenue | 843.2 | 793.6 | 6.2 | 10.6 | 680.4 | 631.4 | 7.8 | 12.1 | 162.8 | 162.2 | 0.3 | 4.4 |
| ■ EMEA 2 | 352.3 | 329.3 | 7.0 | 285.0 | 263.6 | 8.1 | 67.3 | 65.7 | 2.4 | |||
|
286.4 | 276.8 | 3.5 | 233.4 | 222.3 | 5.0 | 53.0 | 54.5 | -2.7 | |||
| Asia Pacific 2 | 204.5 | 187.6 | 9.0 | 162.0 | 145.5 | 11.3 | 42.5 | 42.1 | 1.0 | |||
| Results | ||||||||||||
| Underlying EBITDA 3 | 246.9 | 215.1 | 14.8 | 213.2 | 179.0 | 19.1 | 33.6 | 36.0 | -6.7 | |||
| Underlying EBITDA- Margin 3 in % |
29.3 | 27.1 | 31.3 | 28.4 | 20.7 | 22.2 | ||||||
| Underlying net profit 4 | 74.9 | 59.8 | 25.3 | |||||||||
| Net profit 5 | 43.8 | 14.2 | 207.8 |
Financial Data per Share
| Earnings per ord. share 4 in € | 1.08 | 0.87 | 25.3 |
|---|---|---|---|
| Earnings per pref. share⁴ in € | 1.08 | 0.87 | 25.3 |
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
Statement of Profit or Loss
| € in millions | Q3 2025 | Q3 2024 | 9 mon. 2025 | 9 mon. 2024 |
|---|---|---|---|---|
| Sales revenue | 843.2 | 793.6 | 2,610.5 | 2,473.9 |
| Cost of sales | –450.0 | –448.5 | –1,370.1 | –1,344.1 |
| Gross profit on sales | 393.3 | 345.1 | 1,240.5 | 1,129.8 |
| Selling and distribution costs | –163.3 | –163.9 | –497.0 | –499.8 |
| Research and development expenses | –40.4 | –46.8 | –131.8 | –137.4 |
| General administrative expenses | –55.4 | –52.8 | –178.8 | –165.9 |
| Other operating income | 15.0 | 14.3 | 38.5 | 32.4 |
| Other operating expenses | –19.5 | –27.7 | –72.4 | –61.9 |
| Earnings before interest and taxes (EBIT) | 129.7 | 68.2 | 399.0 | 297.2 |
| Financial income | 4.8 | 11.6 | 45.7 | 44.3 |
| Financial expenses | –49.5 | –48.9 | –189.4 | –184.6 |
| Financial result | –44.7 | –37.3 | –143.6 | –140.3 |
| Profit before tax | 85.0 | 30.9 | 255.3 | 156.8 |
| Income taxes | –22.9 | –8.3 | –68.9 | –42.1 |
| Net profit for the period | 62.0 | 22.5 | 186.4 | 114.7 |
| Attributable to: | ||||
| Equity holders of Sartorius AG | 43.8 | 14.2 | 124.7 | 75.1 |
| Non-controlling interest | 18.3 | 8.3 | 61.7 | 39.6 |
| Earnings per ordinary share (€) (basic diluted ) | 0.63 | 0.21 | 1.80 | 1.08 |
| Earnings per preference share (€) (basic diluted) ▪ |
0.63 ▪ |
0.21 ▪ |
1.81 ▪ |
1.09 ▪ |
Statement of Comprehensive Income
| € in millions | Q3 2025 | Q3 2024 | 9 mon. 2025 | 9 mon. 2024 |
|---|---|---|---|---|
| Net profit for the period | 62.0 | 22.5 | 186.4 | 114.7 |
| Cash flow hedges | –6.0 | 8.2 | 43.2 | –2.2 |
| - of which effective portion of the change in fair value | 0.0 | 9.3 | 45.5 | 1.1 |
| - of which reclassified to profit or loss | –6.0 | –1.1 | –2.3 | –3.2 |
| Income tax on cash flow hedges | 1.8 | –1.4 | –13.0 | 0.9 |
| Net investment in a foreign operation (currency translation) |
0.2 | –27.6 | –44.2 | –12.4 |
| Currency translation differences | –26.6 | –38.6 | –181.1 | 9.4 |
| Items that may be reclassified to the profit or loss statement, net of tax |
–30.6 | –59.4 | –195.0 | –4.2 |
| Remeasurements of the net defined benefit liabilities | 0.0 | 0.0 | 2.1 | 1.9 |
| Income tax on remeasurements of the net defined benefits liabilities |
0.0 | 0.0 | –0.6 | –0.6 |
| Equity Instruments at FVOCI | –9.8 | 0.3 | –6.8 | –8.6 |
| Items that will not be reclassified to the profit or loss statement, net of tax |
–9.8 | 0.3 | –5.3 | –7.2 |
| Other comprehensive income after tax | –40.4 | –59.1 | –200.3 | –11.4 |
| Total comprehensive income | 21.7 | –36.6 | –13.9 | 103.3 |
| Attributable to: | ||||
| Equity holders of Sartorius AG | 11.9 | –40.8 | –46.1 | 60.3 |
| Non-controlling interest | 9.8 | 4.3 | 32.2 | 43.0 |
Statement of Financial Position
| € in millions | Sept. 30, 20251 | Dec. 31, 2024 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 3,466.7 | 3,502.1 |
| Other intangible assets | 1,840.0 | 1,967.2 |
| Property, plant and equipment | 2,409.4 | 2,347.2 |
| Financial assets | 77.7 | 82.1 |
| Other assets | 4.9 | 4.4 |
| Deferred tax assets | 97.0 | 86.3 |
| 7,895.8 | 7,989.3 | |
| Current assets | ||
| Inventories | 827.9 | 788.5 |
| Trade receivables | 278.3 | 317.9 |
| Other financial assets | 40.7 | 27.1 |
| Current tax assets | 66.4 | 62.5 |
| Other assets | 114.7 | 104.2 |
| Cash and cash equivalents | 389.9 | 813.4 |
| 1,718.0 | 2,113.7 | |
| Total assets | 9,613.8 | 10,103.0 |
| € in millions | Sept. 30, 20251 | Dec. 31, 2024 |
| Equity | ||
| Equity attributable to Sartorius AG shareholders | 2,668.2 | 2,764.8 |
| Issued capital | 69.1 | 69.0 |
| Capital reserves | 245.9 | 244.9 |
| Other reserves and retained earnings | 2,353.2 | 2,450.9 |
| Non-controlling interest | 1,145.3 | 1,133.0 |
| 3,813.5 | 3,897.8 | |
| Non-current liabilities | ||
| Pension provisions | 59.2 | 59.7 |
| Other provisions | 23.1 | 22.8 |
| Loans and borrowings | 3,237.1 | 4,022.1 |
| Lease liabilities | 168.8 | 144.6 |
| Other financial liabilities | 101.8 | 106.2 |
| Deferred tax liabilities | 401.9 | 405.3 |
| 3,991.8 | 4,760.6 | |
| Current liabilities | ||
| Provisions | 36.0 | 42.8 |
| Trade payables | 323.2 | 344.1 |
| Contract liabilities | 210.1 | 254.0 |
| Loans and borrowings | 828.2 | 356.5 |
| Lease liabilities | 35.2 | 36.6 |
| Employee benefits | 148.9 | 122.1 |
| Other financial liabilities | 62.6 | 83.4 |
| Current tax liabilities | 107.2 | 144.0 |
| Other liabilities | 56.9 | 61.1 |
| 1,808.4 | 1,444.6 | |
| Total equity and liabilities | 9,613.8 | 10,103.0 |
1 Figures are not audited or reviewed
Statement of Cash Flows
| € in millions | 9 mon. 2025 | 9 mon. 2024 |
|---|---|---|
| Profit before tax | 255.3 | 156.8 |
| Financial result | 143.6 | 140.3 |
| Depreciation amortization of intangible and tangible assets | 309.6 | 296.9 |
| Change in provisions | –4.6 | –4.8 |
| Change in receivables and other assets | 4.9 | 14.3 |
| Change in inventories | –87.1 | 161.0 |
| Change in liabilities (without loans and borrowings) | –2.4 | –64.1 |
| Interest received | 19.1 | 20.8 |
| Income taxes paid | –131.6 | –115.5 |
| Other non-cash transactions | 4.3 | 7.2 |
| Cash flow from operating activities | 511.0 | 612.9 |
| Investments in intangible and tangible assets | –305.0 | –319.2 |
| Investments in financial assets | –6.3 | –13.3 |
| Acquisitions of subsidiaries and other business operations | –67.1 | 0.0 |
| Cash flow used in investing activities | –378.4 | –332.4 |
| Capital increase | 0.0 | 197.7 |
| Interest paid | –162.8 | –186.5 |
| Dividends paid to: | ||
| - Shareholders of Sartorius AG | –50.7 | –50.7 |
| - Non-controlling interest | –20.0 | –20.0 |
| Changes in non-controlling interest | –4.0 | 788.9 |
| Loans and borrowings repaid | –315.2 | –824.4 |
| Loans and borrowings raised | 0.0 | 12.6 |
| Cash flow from used in financing activities | –552.8 | –82.5 |
| Net increase decrease in cash and cash equivalents | –420.2 | 198.0 |
| Cash and cash equivalents at the beginning of the period | 813.4 | 379.2 |
| Net effect of currency translation on cash and cash equivalents | –3.3 | 2.0 |
| Cash and cash equivalents at the end of the period | 389.9 ▪ ▪ |
579.2 ▪ |
Reconciliation
| in millions of € | 9 mon. 2025 | 9 mon. 2024 |
|---|---|---|
| EBIT | 399.0 | 297.2 |
| Extraordinary items | 65.6 | 92.4 |
| Amortization | 116.6 | 119.4 |
| Normalized financial result1 | –123.0 | –127.1 |
| Normalized income tax2 | –123.7 | –103.1 |
| Underlying net result after tax | 334.5 | 278.8 |
| Non-controlling interest | –90.9 | –70.6 |
| Underlying earnings after taxes and non-controlling interest | 243.6 | 208.2 |
| Underlying earnings per share | ||
| per ordinary share in € | 3.52 | 3.01 |
| per preference share in € | 3.53 | 3.02 |
1 Financial result adjusted for valuation effects from the subsequent measurement of contingent purchase price liabilities as well as for effects of foreign currency translation and hedging
2 Income tax considering the average expected Group tax rate, based on the underlying profit before tax