Shares in Sartorius AG traded lower Wednesday after the company reported results for the nine months of 2022 and adjusted its sales outlook for the current year.
For the first nine months, the German pharmaceutical and laboratory equipment supplier recorded a net profit of 525.7 million euros ($518.3 million) compared with EUR307.8 million a year earlier, on sales that grew to EUR3.11 billion from EUR2.53 billion.
At 0808 GMT, shares were down 12% at EUR341.20.
Earnings before interest, taxes, depreciation, and amortization came in at EUR1.05 billion, up from EUR866.4 million in the same period a year earlier.
The company said it now expects consolidated sales revenue growth in the full year to reach the lower half of the previously guided range of around 15% to 19% , with non-organic growth from acquisitions anticipated to contribute about 2%. It still sees its underlying Ebitda margin reaching about 34%, Sartorius said.
"We are specifying our full-year outlook for 2022 within the range projected so far, but the global political and economic uncertainties remain high," Sartorius Chairman and CEO Joachim Kreuzburg said.
The group hasn't downgraded top-line guidance in quite some time, which is likely to send the stock lower this morning, analysts at Berenberg said in a note. "We remain confident on the underlying momentum of the bioprocess solutions division and note that this is a risk that the group has been actively highlighting since the start of 2022," they added.
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