By Pierre Bertrand
Sartorius AG shares jumped Thursday after the company reported an increase in 2022 sales and earnings and said it was upbeat about 2023.
At 0849 GMT shared traded 4.8% higher to EUR427.30.
The German pharmaceutical and laboratory equipment supplier recorded after-tax profit of 655 million euros ($714.9 million) compared to EUR553.4 million for the prior year, on sales that grew 21% to EUR4.17 billion.
The company's 2022 orders declined 6.1% on a reported basis to EUR4.0 billion.
It said that for 2023 it expects further growth and profitability despite normalizing demand and anticipated declines at its Covid-19 business. Sales revenue growth is expected in the low single-digit percentage range while its underlying Ebitda margin is expected at around 33.8%.
Though the global political and economic conditions lead to high uncertainty, Sartorius fundamentally confirmed its 2025 targets. It increased its 2025 sales target to around EUR5.5 billion from around EUR5 billion to reflect inflation.
Its 2025 underlying Ebitda margin is expected at around 34%, the company said.
"We see that the strong fundamental growth drivers in our markets remain unchanged. Demand for biopharmaceuticals is on the rise in all indication areas and regions, and at the same time the biotech industry is in an extraordinarily innovative phase," the company said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
01-26-23 0416ET
