Sartorius Shares Rise After Strong 1Q Results
21 April 2022 - 11:06AM
Dow Jones News
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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