Sartorius sharpens guidance after significantly profitable sales revenue growth in the first nine months

Lab division recovering gradually

21-Oct-2025

Sartorius AG

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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 Group

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.

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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.

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