Sartorius Cuts 2023 Guidance on Lower Preliminary Sales Results

By Andrea Figueras

Sartorius downgraded its 2023 outlook after it posted preliminary lower sales and earnings for the first nine months of the year.

The German life science group now expects sales to fall around 17%, while it previously forecast a decline in the low to mid-teens percentage range, the company said late Thursday.

It also cut its estimates for the underlying earnings before interest, taxes, depreciation and amortization margin to slightly above 28%, after previously forecasting a margin of around 30%, it said.

For next year, it expects profitable growth and will issue a quantitative guidance with the 2023 full-year results in January, when it will also update its midterm targets.

Consolidated revenue fell around 16% to 2.5 million euros ($2.6 million) in constant currencies, according to the company's preliminary results for the first nine months of the year.

The underlying Ebitda margin dropped to EUR733 million due to volume and product mix effects, from EUR1.05 billion during the same period last year, it said.

Sartorius will publish its nine-month results on Oct. 19.

Write to Andrea Figueras at [e-mail]

(END) Dow Jones Newswires

October 13, 2023 01:45 ET (05:45 GMT)

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