(Boursier.com) — According to preliminary figures, Sartorius Stedim Biotech recorded a consolidated turnover of around 2,069 million euros during the first nine months of 2023, a decline of almost 19% to constant exchange rate compared to the figures of the previous financial year of 2,603 million euros.
“The main reasons are linked to a longer than expected decline in inventories after the end of the Covid-19 pandemic, low production levels at certain customers, the cessation of activities in Russia and an overall level of investment slowing from customers, mainly in China and the United States,” explains the company.
Preliminary current EBITDA declined due to volume developments and product mix effects to €594 million (previous year: €912 million). The corresponding margin stands at 29% (previous year: 35%).
Based on current estimates of business development until the end of the year, Sartorius Stedim Biotech is adjusting its forecasts and now expects a drop in turnover of almost 19%; if we exclude items related to Covid-19, a drop of around 14%. Previously Sartorius expected a drop in turnover “of a percentage between the low and mid-tens”; excluding Covid-19-related activities, revenue would decline by a percentage between the high single-digit range and the low tens range.
Acquisitions are expected to contribute around 2 percentage points to revenue growth.
Due to lower volume forecasts and product mix effects, the current EBITDA margin is now expected to be slightly above 28% (compared to around 30% and last year: 35%).
Management expects profitable growth in 2024 and will give quantitative indications when publishing the figures for the year 2023 in January 2024. Its medium-term ambition until 2025 is currently under study and an update update will also be provided in January 2024.
Sartorius Stedim Biotech will publish these figures for the first 9 months of 2023 on October 19.
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