SARTORIUS AG 
Report by the CEO
Dr. Joachim Kreuzburg
Challenging year 2023 for the entire life science industry
Temporary demand normalization after the pandemic affects sales revenue and profitability
€3.4bn | -16.6%
Sales revenue
+87%
Sales growth 2023 compared to 2019
+94%
Und. EBITDA growth 2023
compared to 2019
€963mn | -31.7%
Underlying EBITDA
28.3%
1.8
4.2
3.43.4
2.3
Underlying EBITDA margin
2019 | 2020 | 2021 | 2022 | 2023 |
Sales revenue in € billion Underlying EBITDA margin
Sales revenue growth in constant currencies; underlying EBITDA = adjusted for extraordinary items
Strong performance during the pandemic; very high volatility in order intake; positive trend since Q3 2023
Sales revenue ex Covid Covid-19 related sales
Order intake
Fluctuation order intake
+91% Q1 2021 vs. Q1 2020 -34% Q2 2023 vs. Q2 2022
1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | 4 | Q1 | Q2 | Q3 | Q4 | Q1 | 2 | Q3 | Q4 | Q1 | Q2 | Q3 | 4 | ||
Q1 | Q3 | Q4 | Q1 | Q2 | Q4 | Q1 | Q4 | Q1 | Q2 | Q4 | Q1 | Q2 | Q4 | ||||||||
2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||||
BusinessSich wechselseitigperformanceverstärkendein 2023 characterizedF ktoren dämpfenby mutually reinforcing factorsGeschäftsentwicklung und erschweren Visibilität
Customers | Sector | Macro | Geopolitics |
Destocking | End of corona pandemic | Economic slowdown | Discontinued business | |||
in Russia | ||||||
%
Adjustment of target | Market weakness in China | Rising interest rates | Decoupling tendencies |
inventory levels | |||
Reluctance to invest | Muted biotech funding | ||||
environment | |||||
Both divisions impacted by temporarily weak demand
Sales revenue
Order Intake
Underlying EBITDA
Underlying EBITDA margin
Bioprocess Solutions | Lab Products & Services | |
€2,678mn | -18% | €718mn | -13% | |
€2,404mn | -21% | €663mn | -23% | |
€782mn | -34% | €180mn | -19% | |
29.2% | 25.1% | |
Sales revenue growth in constant currencies; underlying EBITDA = adjusted for extraordinary items
Strong headcount increase over 5 years; now moderate adjustment of capacities in line with business development
Focus on efficiency after strong team growth
Dynamic internal job market
55%
of employees with the company <5 years
~5,600
new jobs
13,832 | 15,942 | 14,614 | ||
9,036 | 10,637 | |||
2019 | 2020 | 2021 | 2022 | 2023 |
69%
of management
positions filled internally
As of December 31, 2023
Diverse and balanced employee structure
International team
113 Nationalities
70% Non-German managers
Balanced age structure
≤29 years | 16% |
30-39 years | 38% |
40-49 years | 24% |
≥50 years | 22% |
Current gender structure
39% | Share of women |
in total workforce | |
25% | Share of women |
in the Executive board | |
as of 01.04.24 | |
31% | Share of women |
on 1st and 2nd |
Average age: 40
management level Target 2025: 1/3
As of December 31, 2023
Sartorius share price declines in 2023; above-average development on a multi-year perspective
125
100
75
50
January 23 | June 23 | December 23 |
2023 | 2019-2023 | |
SAG pref. | -9.8% | +206.0% |
SAG ord. | -20.8% | +176.0% |
DAX | +20.3% | +58.6% |
NASDAQ Biotech | +3.7% | +43.6% |
S&P 500 Life | -3.4% | +80.7% |
Sciences Tools | ||
NASDAQ; indexed
Dividend development reflects business performance; payout ratio at prior-year level at around 15%
Relevant earnings per share in € 1 | Dividend per share in € | ||
9.57 | 9.58 | 1.43 | 1.44 |
4.94 | 4.95 | 0.73 | 0.74 |
Ordinary shares | Preference shares | Ordinary shares | Preference shares |
2022 2023
1
1 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.
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Disclaimer
Sartorius AG published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2024 07:46:03 UTC.
