Sartorius Shares Drop on Outlook Cut
19 Juni 2023 - 10:07AM
Dow Jones News
By Giulia Petroni
Shares in Sartorius dropped Monday after the company cut its
outlook for the full year on the back of shrinking demand.
At 0724 GMT shares were down 13.5% at EUR307.50.
The German pharmaceutical company said late Friday that it
expects sales to decline in the low to mid-teens percentage range
in 2023, while the margin of underlying earnings before interest,
taxes, depreciation and amortization is seen at around 30% from
33.8% last year.
The cut is due to lingering reductions in customer inventories
following the Covid-19 pandemic as well as reduced production
capacity, it said.
"While our recent investor discussions suggested that an FY23
target downgrade was reasonably priced in, these new targets appear
to fall notably short of buy-side expectations," Berenberg's
Odysseas Manesiotis said in a research note.
The analyst added that, while Sartorius has reiterated mid-term
targets, the market may not be convinced until they see order
growth. "Orders in 4Q should be a key figure to back management's
confidence in its mid-term targets," Manesiotis said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
June 19, 2023 03:52 ET (07:52 GMT)
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