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28.01.2025 07:04:54
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Sartorius Stedim Biotech publishes preliminary, unaudited results for fiscal 2024
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Sartorius Stedim Biotech SA
/ Key word(s): Annual Results/Quarter Results
Sartorius Stedim Biotech publishes preliminary, unaudited results for fiscal 2024
In a challenging environment, Sartorius Stedim Biotech, a leading provider of innovative technologies for the manufacture of biologics, closed the fiscal year with a solid performance. With sales revenue at prior-year level and high profitability, according to preliminary figures, the company fully achieved its financial targets3 as adjusted at mid-year. For 2025, management expects profitable, moderate growth above market level. “In 2024, Sartorius Stedim Biotech has successfully navigated the challenges that the entire life science industry continued to face: both inventory destocking and muted investment activities at customers continued for longer than anticipated. Under these conditions, Sartorius Stedim Biotech performed better than the market segment, proving its strong competitive position. While we shouldn’t focus too much on individual quarters, it’s encouraging to see an increasingly positive trend with business picking up significantly during the second half of the year and especially in the last quarter.,” said René Fáber, CEO of Sartorius Stedim Biotech. “The industry is gradually returning to its robust, structural growth trend. For 2025, however, we remain cautious and assume that market growth is still likely to be below the long-term average for now. Against this backdrop, we expect moderate revenue growth above market level and increasing profitability for our company.” Business development1 In 2024, Sartorius Stedim Biotech generated sales revenue of 2,780 million euros, reaching the prior-year level. This corresponds to a slight growth of 0.6 percent in constant currencies1 (reported: + 0.2 percent; organic: - 0.7 percent in constant currencies1). Sales revenue includes a non-organic contribution2 of 2.4 percent. Development in the consumables business was particularly positive, as most biopharma customers are reaching their target inventory levels and are gradually returning to an order level that corresponds to their production activities. Sales revenue from products for advanced therapies also continued to grow at an above-average rate, while business with bioprocessing equipment remained muted. Order intake1 developed even better than revenue, increasing by a double-digit 12.9 percent in constant currencies (reported: + 12.3 percent). As expected, business performance was particularly pronounced in the final quarter: between October and December, Sartorius Stedim Biotech achieved sales revenue of 751 million euros, an uptick of 6.1 percent in constant currencies1 (reported: + 6.3 percent) compared with the previous year, while order intake1 rose significantly by 23.8 percent in constant currencies. Regional business performance varied in fiscal 2024. In the EMEA4 region, which accounts for around 42 percent of the Group’s business, sales revenue increased by 5.9 percent to 1,159 million euros. Despite the ongoing weakness of the Chinese market, the Asia | Pacific region grew by 4.0 percent to 639 million euros, thereby accounting for 23 percent of Group revenue. In the Americas region, on the other hand, sales revenue decreased by 6.7 percent to 982 million euros due to the continued subdued investment activity by customers. This corresponds to a share of 35 percent of the Group’s business. The Group’s underlying EBITDA1 came in slightly below the prior year, down 0.8 percent to 779 million euros, with the resulting margin remaining at a high level of 28.0 percent (PY: 28.3 percent). Underlying net profit1 totaled 338 million euros, compared with 386 million euros in the prior year, while net profit amounted to 175 million euros (PY: 310 million euros). Underlying earnings per share were 3.49 euros (PY: 4.19 euros) and earnings per share 1.81 euros (PY: 3.37 euros). As of December 31, 2024, Sartorius Stedim Biotech employed 9,901 people worldwide, compared with 10,662 at the end of 2023. With regard to its portfolio, Sartorius Stedim Biotech again expanded its product offering for biologics process development and manufacturing with a series of market launches. In addition to new products for customers working on cell and gene therapies, new products were launched in the areas of fluid management and filtration. Furthermore, partnering with a major customer, the Group developed a platform for continuous manufacturing which will allow for significantly higher efficiency and thus reduced resource consumption. Key financial indicators Sartorius Stedim Biotech’s key financial indicators remain at highly robust levels. Equity was 4,024 million euros as of December 31, 2024; the equity ratio1 increased significantly to 48.7 percent (December 31, 2023: 2,674 million euros and 34.6 percent, respectively), mainly as a result of the capital increase successfully completed at the beginning of February 2024. Net operating cash flow was up by 9.2 percent to 815 million euros, compared with 746 million euros in the prior-year period, particularly due to the planned reduction of working capital1. Investments in research and the company’s global production infrastructure amounted to 340 million euros (PY: 474 million euros). The ratio of capital expenditures (capex) to sales revenue stood at 12.2 percent at year-end as projected (PY: 17.1 percent). Gross debt decreased to 2,869 million euros (December 31, 2023: 3,682 million euros), net debt to 2,191 million euros, and the ratio of net debt to underlying EBITDA1 to 2.8, as forecast (December 31, 2023: 3,565 million euros and 4.5, respectively). Deliberately cautious outlook for fiscal 2025: profitable growth targeted For fiscal 2025, Sartorius Stedim Biotech expects continuous demand recovery and growth in the life science market, albeit at a rate still below its long-term average. In this environment, the company intends to grow profitably above market level, and to achieve a moderate increase in sales revenue, which is likely to be driven primarily by recurring business with consumables. Based on the expected volume development, positive product mix effects and supported by the effects of the previous year’s efficiency program, the company forecasts that underlying EBITDA should increase over-proportionately compared with sales revenue. In 2025, Sartorius Stedim Biotech will continue its organic debt reduction course with a focus on working capital and managing investments. The company will provide a quantitative forecast after the first quarter of 2025. 1 Sartorius Stedim Biotech publishes alternative performance measures that are not defined by international accounting standards. These are determined with the aim of improving comparability of business performance over time and within the industry.
3 Forecast for fiscal year 2024 as of July 2024 4 EMEA = Europe, Middle East, Africa This media release contains forward-looking statements about the future development of the Sartorius Stedim Biotech 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 Stedim Biotech assumes no liability for updating such statements in light of new information or future events. Sartorius Stedim Biotech shall not assume any liability for the correctness of this release. The original French press release is the legally binding version. Management points out that 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 René Fáber, CEO of the Sartorius Stedim Biotech Group, will discuss the company’s business results with analysts and investors in a conference call at 1.00 p.m. CET on January 28, 2025. Register here: Conference Call on the Preliminary Results 2024 Financial calendar February 17, 2025 Publication of Annual Report March 25, 2025 Annual Shareholders’ Meeting April 16, 2025 Publication of the first quarter results January to March 2025 July 22, 2025 Publication of the half-year results January to June 2025 October 16, 2025 Publication of the nine-month results January to September 2025 Preliminary key figures for the full year of 2024
2 All customer orders contractually concluded and booked during the respective reporting period 3 According to customer location 4 Earnings before interest, taxes, depreciation and amortization, and adjusted for extraordinary items 5 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 6 After non-controlling interest 7 The previous year’s figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus Reconciliation of alternative performance measures Reconciliation between EBIT and underlying EBITDA
Reconciliation between EBIT and underlying net result
2 Normalized income tax based on the underlying profit before taxes and non-cash amortization The previous year’s figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus Calculation of net debt and ratio of net debt to underlying EBITDA
Calculation of the capital expenditures ratio
A profile of Sartorius Stedim Biotech Sartorius Stedim Biotech is a leading international partner of the biopharmaceutical industry. As a provider of innovative solutions, the company based in Aubagne, France, helps its customers to manufacture biotech medications, such as cell and gene therapies, safely, rapidly, and sustainably. The shares of Sartorius Stedim Biotech S.A. are quoted on the Euronext Paris. The company has a strong global reach with manufacturing and R&D sites as well as sales entities in Europe, North America, and Asia. Sartorius Stedim Biotech regularly expands its portfolio through acquisitions of complementary technologies. In 2024, the company generated sales revenue of around 2.8 billion euros, according to preliminary figures. Currently, more than 9,900 employees are working for customers around the globe. Visit our newsroom and follow us on LinkedIn. Contact Petra Kirchhoff Head of Corporate Communications & Investor Relations +49 (0)551.308.1686 petra.kirchhoff@sartorius.com Attachment File: Media Release Sartorius Stedim Biotech Preliminary Unaudited Results 2024
Dissemination of a Financial Wire News, transmitted by EQS Group. |
| Language: | English |
| Issuer: | Sartorius Stedim Biotech SA |
| Avenue de Jouques | |
| 13781 Aubagne | |
| France | |
| Phone: | +33 44 284 5600 |
| E-mail: | sartorius.presse@sartorius.com |
| Internet: | www.sartorius-stedim.com |
| ISIN: | FR0013154002 |
| EQS News ID: | 2075657 |
| End of Announcement - EQS News Service | |
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2075657 28-Jan-2025 CET/CEST
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Analysen zu Sartorius Stedim Biotech
| 13:20 | Sartorius Stedim Biotech Buy | Goldman Sachs Group Inc. | |
| 09:37 | Sartorius Stedim Biotech Buy | Jefferies & Company Inc. | |
| 29.01.25 | Sartorius Stedim Biotech Overweight | JP Morgan Chase & Co. | |
| 29.01.25 | Sartorius Stedim Biotech Neutral | UBS AG | |
| 24.01.25 | Sartorius Stedim Biotech Neutral | UBS AG |
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