Sartorius1H preview: Continuation of a solid dynamic ahead

研报英文原文证据摘录

Sartorius1H preview: Continuation of a solid dynamic ahead

29 June 2026

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Delphine Le Louet

+33 1 42 13 92 93

European Healthcare, Medtech and Biotech delphine.le-louet@bernsteinsg.com

Susannah LudwigSartorius Stedim Biotech

+41 582 723 127

Rating susannah.ludwig@bernsteinsg.com

Outperform Specialist Sales

Christian Moore

Price Target +1 917 344 8555

christian.moore@bernsteinsg.com

DIM.FP 245.00 EUR

We regularly organize calls to update on companies’ underlying business development. Our

Close Date 26 Jun 2026

call with Sartorius came at a very particular moment post Merck KGaA’s (covered by J. Smith)

DIM.FP Close Price (EUR) 175.20

Bio-Techne acquisition. We believe this transaction could materialize an inflection point for

Price Target (EUR) 245.00

the industry, in which Stedim is also active after 3 years of poor performance stemming from

Upside/(Downside) 40%

the COVID aftermath and biopharma pipeline rationalization and prioritization pressurizing top

52-Week Range 224.00/150.00

lines and margins.

EDME 1,580.77

The major themes developed were Biopharma’s underlying growth, new biotech projects, FYE Dec

instruments trends, China and more broadly APAC as well as some modeling considerations. Div Yield 0.4%

Market Cap (EUR) (M) 17,052

Solid current business dynamic. We are confident in our 8.5% org. sales growth for 2Q EV (EUR) (M) 19,154

(-2.5% forex) and believe Stedim should report it sixth quarter in a row of solid HSD/low-DD Performance YTD 1M 6M 12M

sales growth. All regions are doing well, including the US, after a low start in 1Q, but only due to Absolute (%) (16.6) 2.0 (14.9) (14.0)

a phasing effect that should not repeat in 2Q. The underlying dynamic in EUR and APAC is really EDME (%) 7.5 2.0 8.0 17.6