Quarterly results slightly exceed expectations
In a note available Tuesday, October 27, Friedrichs described Sartorius' latest quarterly results as a modest positive surprise and noted that the company had reaffirmed its annual targets, according to dpa-AFX Analyser.
A Quartr earnings summary put third-quarter 2026 sales at EUR 926.3 million, a 9.9% increase on a reported basis. Underlying EBITDA rose 13.4% to EUR 279.9 million, producing a margin of 30.2%. These were the results behind Friedrichs' assessment.
For the first nine months, Sartorius recorded revenue of EUR 2,737.2 million. Growth was 4.9% on a reported basis and 8.1% operationally, measured in constant currencies and excluding tariff compensation. Underlying EBITDA increased 6.9% to EUR 827.8 million, with a 30.2% margin, while free cash flow rose 55.2% to EUR 310.0 million.
Annual guidance includes revised divisional targets
Sartorius retained its full-year 2026 guidance but adjusted several targets, according to its investor relations disclosures. Lab Products & Services now expects growth near the upper end of its 2% to 6% range, rather than in the upper half. The division's margin forecast moved from slightly below 21% to slightly above 21%.
The company also lowered its expected capital expenditure-to-sales ratio from 12.5% to around 12%. It expects net debt relative to underlying EBITDA to decline to slightly above 3x.
Sartorius said planned customer compensation for unlawfully imposed U.S. tariffs could lower group revenue by as much as EUR 40 million compared with its initial assumptions. Including that effect, constant-currency sales growth is expected in the lower half of the guidance ranges for both the group and Bioprocess Solutions. Lab Products & Services is still expected to finish near the upper end of its range.
Other analysts' targets range widely
Deutsche Bank's revision follows other recent broker updates compiled by MarketScreener Deutschland. Jefferies raised its target to EUR 315 and retained a "Buy" rating on October 26, 2026. RBC upgraded Sartorius to "Outperform" with a EUR 330 target on October 23.
Other targets included EUR 320 from Barclays with an "Overweight" rating, EUR 300 from UBS with "Buy," EUR 295 from JPMorgan with "Overweight," and EUR 258 from Goldman Sachs with "Neutral." Across 19 analysts, the mean target was EUR 286.37, with estimates ranging from EUR 200 to EUR 330.
The Ariva page carrying the Deutsche Bank report showed Sartorius preferred shares at EUR 288.50, down 0.35%. Deutsche Bank's original research was first distributed on October 27, 2026, at 7:56 a.m. CET; the study did not specify its own publication date or time.
Growth ambitions for 2027 onward
Sartorius also set out a medium-term ambition beginning in 2027. It aims for annual organic sales growth of 8% to 11% in constant currencies at the group level, exceeding growth in its addressable markets by around 100 to 200 basis points a year.
The corresponding annual growth ambitions are 9% to 12% for Bioprocess Solutions and 5% to 7% for Lab Products & Services. Sartorius also targets an annual increase of about 50 to 75 basis points in its group underlying EBITDA margin.
