Sartorius Stedim reports nine-month sales and profit growth

Sartorius Stedim Biotech reported sales revenue of €2.289 billion for the first nine months of 2026, up 4.3% as reported and 6.5% at constant currencies when customer tariff compensation is included. Excluding that compensation, operational sales growth at constant currencies was 7.8%. The company said recurring consumables remained the main growth driver, while bioprocess equipment also expanded.

The compensation affected how revenue was recorded. During the third quarter, Sartorius Stedim received refunds for U.S. levies invalidated by the Supreme Court and passed related tariff surcharges back to customers. The €28 million compensation after nine months was recognized as a reduction in sales revenue and cost of sales. With the surcharge and refund offsetting on a net basis, the company said they did not affect profitability.

Regional sales also grew at constant exchange rates. EMEA revenue was €982 million, up 6.5%; the Americas generated €783 million, growing 7.6% excluding customer compensation and 3.9% including it; Asia-Pacific rose 10.6% to €524 million, with China contributing positively. The Americas comparison was particularly affected by tariff compensation, so the two growth rates describe different revenue bases.

Underlying EBITDA increased 4.8% to €716 million, and its margin rose from 31.1% to 31.3%. Sartorius Stedim attributed the improvement to positive volume effects and economies of scale more than offsetting product mix. Net profit rose 26.7% to €277 million; underlying net profit increased 9.4% to €350 million. These underlying measures are company-defined alternatives to standard financial measures.

Cash generation strengthened: operating cash flow advanced 11.6% to €498 million and free cash flow rose 58.5% to €264 million. The company linked operating cash flow to earnings and tariff refunds; lower investment spending also supported free cash flow. Capital expenditure was €232 million, or 10.1% of sales, compared with €276 million and 12.6% a year earlier. Net debt was €2.138 billion, with net debt to underlying EBITDA at 2.26.

The company reported 10,483 employees at 30 September, up from 10,265 at the end of 2025. It also introduced an improved single-use bioreactor bag designed to increase oxygen transfer, and added ready-to-use cytokines in closed sterile bags and an animal-component-free cell-culture medium for advanced therapies. These launches broaden the portfolio in bioprocessing and cell and gene therapy manufacturing.

Sartorius Stedim confirmed its full-year 2026 sales and profitability guidance and refined its capital-spending ratio. Revenue growth at constant currencies is expected at 6% to 10%; operational growth excluding tariff effects is expected near the midpoint, while growth including planned customer compensation is expected in the lower half. Compensation could reduce revenue by up to €35 million against initial assumptions. The underlying EBITDA margin is expected to be slightly above 31%.

Capital expenditure is now projected at around 13% of revenue, and the net-debt-to-underlying-EBITDA ratio is expected to fall to slightly above 2. Management said forecasts use constant currencies and noted greater industry, geopolitical and trade-policy uncertainty. The figures cover nine months ending 30 September and include alternative performance measures; the company says these measures are not defined by international accounting standards and its release was unaudited.