Fresenius Medical Care: Initiating at Market-Perform - Promising product launch but near-term margin headwinds

研报英文原文证据摘录

Fresenius Medical Care: Initiating at Market-Perform - Promising product launch but near-term margin headwinds

16 July 2026

Initiation

Susannah Ludwig

+41 582 723 127

European Medical Technologies & Services susannah.ludwig@bernsteinsg.com

Estelle Pang, CFAFresenius Medical Care AG +44 20 7676 7646

Rating estelle.pang@bernsteinsg.com

Market-Perform Richard Hombach

+44 20 7762 1858

Price Target richard.hombach@bernsteinsg.com

FME.GR 44.65 EUR Specialist Sales

FMS 25.50 USD Christian Moore

+1 917 344 8555

christian.moore@bernsteinsg.com

Fresenius Medical Care: Initiating at Market-Perform - Promising

product launch but near-term margin headwinds

We are initiating on Fresenius Medical Care (“FMC”), the global leader in dialysis Close Date 14 Jul 2026

services and products with a Market-Perform (PT, EUR 44.65). Dialysis, particularly in

FME.GR Close Price (EUR) 42.23

the U.S., where FMC is over-indexed, has been a challenged end-market. COVID-19 and

Price Target (EUR) 44.65

its aftermath increased mortality in the vulnerable dialysis and precursor Chronic Kidney

Upside/(Downside) 6%

Disease (“CKD”) populations, while drugs like SGLT-2s and GLP-1s have slowed progression

52-Week Range 47.86/34.57

from CKD into end-stage renal disease (“ESRD”). Against this backdrop of significant

EDME 1,595.42

external headwinds, FMC has been executing well on a transformation program, which

FYE Dec

has helped deliver +340bps in margin improvement over the past 3 years. While we see

Div Yield 3.5%

some improvement in the end-market driven by FMC’s own high volume hemodiafiltration

Market Cap (EUR) (M) 11,282

(“HVHDF”) product rollout, we see the margin progress stalling with regulatory and inflation

EV (EUR) (M) 21,651