By Maitane Sardon

 

Shares in Sartorius AG rose Thursday after the pharmaceutical and laboratory-equipment company posted strong first-quarter results and backed its guidance for the full-year.

Sartorius said net profit was EUR205.6 million ($223.2 million) for the first quarter of 2022, compared with EUR90.3 million in the same period a year ago. Sales rose 25% in constant currencies to EUR1.02 billion.

At 0820 GMT shares traded 5.5% higher at EUR402.30.

The company confirmed its 2022 guidance, which forecasts an increase in sales between 15% and 19% and an underlying margin on earnings before interest, taxes, depreciation and amortization of about 34%.

"This was a very strong update from Sartorius and showed impressive performance in the underlying business, leaving little doubt that this is a quality defensive growth story, despite a 35% underperformance in the shares year-to-date," Berenberg analysts Odysseas Manesiotis and Tom Jones said in a research note.

The strong results were mainly driven by a better-than-expected performance in the company's bioprocessing division, with sales 6% higher than what Berenberg had expected. That signals strong underlying dynamics in the division that should encourage the market to look past waning pandemic-related tailwinds, the analysts said.

 

Write to Maitane Sardon at maitane.sardon@wsj.com

 

(END) Dow Jones Newswires

April 21, 2022 04:51 ET (08:51 GMT)

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