Sartorius: Q2 Results Pass the Test with a Solid In-Line Quarter

研报英文原文证据摘录

Sartorius: Q2 Results Pass the Test with a Solid In-Line Quarter

Deutsche Bank

Research

Rating Company Date

Buy Sartorius 23 July 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (EUR) 221.30

SATG_p.DE SRT3 GR GER SATG_p

Price Target (EUR) 284.00

Healthcare

265.30 -

Life Sciences Tools & 52-week range (EUR) 177.50

Diagnostics

Q2 Results Pass the Test with a Solid In-

Valuation & Risks Line Quarter

Falko Friedrichs

Takeaway Summary Research Analyst

Sartorius' underlying results were 0.5% ahead of consensus expectations on sales +49-69-910-36270

and 1% above on adjusted EBITDA, meeting the important buy-side bogey for the

Jan Koch, CFA

quarter. The results showed 7.9% constant currency growth for the group and 8.4% Research Analyst

for the key bioprocessing business, indicating the company was not materially +49-69-910-47428

affected by the customer purchasing delays reported by competitor Danaher this

Fynn Scherzler

week. Furthermore, and in line with our preview, Sartorius confirmed its full-year

Research Analyst

underlying guidance, although we note some investors had been hoping for a slight

+49-69-910-40764

raise. From an underlying perspective, we view the quarter as "good enough" and

expect the share price to recover after its steep fall following the Danaher warning. Sachin Gadilingappa

Research Associate

One additional moving part is a tariff refund; Sartorius received a €26 million

tranche in Q2 which it intends to pass on to customers. This will optically lower

Price/price relative

reported sales by that amount, but as there is an offsetting entry in the cost of goods

sold, the impact on operating profit should be neutral and is unlikely to cause 750

changes to consensus earnings estimates. 500

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