Sartorius AG: Post view HY – not yet fully out of the woods but close to it

研报英文原文证据摘录

Sartorius AG: Post view HY – not yet fully out of the woods but close to it

29 July 2026

Estimate Change

Delphine Le Louet

+33 1 42 13 92 93

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

Susannah LudwigSartorius AG

+41 582 723 127

Rating susannah.ludwig@bernsteinsg.com

Outperform Specialist Sales

Christian Moore

Price Target +1 917 344 8555

christian.moore@bernsteinsg.com

SRT3.GY 273.00 EUR (284.00 OLD)

Sartorius AG: Post view HY — not yet fully out of the woods but

close to it

Solid underlying trends. With our post view out on Sartorius Stedim, and following our first Close Date 29 Jul 2026

view on SRT3 GR Sartorius AG: Solid start of the year confirmed, margin acceleration, we

SRT3.GY Close Price (EUR) 225.60

reiterate our positive view on the stock based on the buoyant underlying-market trends. Some

Price Target (EUR) 273.00

of these are still in the build-up phase - acceleration in China and equipment turnaround, while

Upside/(Downside) 21%

some are still nascent – the emerging biotech demand/early-stage pipeline. However, the bulk

52-Week Range 267.70/175.95

of the pharma demand has normalized and thus revenues are picking up to HSD: 8.3% for

EDME 1,606.72

Bioprocessing (BPS) and 5.3% for Lab Product Solutions (LPS), with a solid 7.7% organic sales

FYE Dec

growth rate at group level. We expect two market trends to materialize over the next 12 months,

Div Yield 0.3%

supporting our OP rating.

Market Cap (EUR) (M) 15,036

Guidance narrowed but solid operational leverage. Revenue acceleration was blurred by EV (EUR) (M) 19,969

the tariffs surcharge re-allocated to clients. This shaved 150bps off top-line growth, and Performance YTD 1M 6M 12M

while the margin impact was negligible, guidance was narrowed.