Financial Results
Q2/2024 Results
Fresenius with excellent performance in Q2 – Major progress on deleveraging on the back of strong cash flow: Entering target ratio corridor – Outlook confirmed and optimistic about second half
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Strong organic growth in Group revenue of 8%1 to €5.4 billion2; excellent Group EBIT2 increase in constant currency of 15% to €660 million reflects strong operating performance and group-wide cost savings progressing ahead of plan.
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Strong bottom-line delivery: 15%2,3,4 EPS growth in constant currency.
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Major progress on deleveraging: Leverage ratio at 3.43x2,5 and therefore within the target corridor, in particular due to operating strength and the excellent cash flow.
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Structural productivity improvements ahead of plan.
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Strong operating cash flow development driven by working capital efficiencies and the increased focus on cash generation as well as excellent operating performance.
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Group outlook for fiscal 2024 confirmed based on excellent first half; Optimistic to get Group EBIT growth2,6 into upper half of 6 to 10% range.
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Fresenius Kabi clearly above the top-end of the structural growth band with very strong organic revenue growth of 11%1; excellent EBIT margin at 15.9%2.
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Growth Vectors at Kabi pacing performance: very strong organic growth of 19%1; EBIT margin of 14.7%2 within structural margin band.
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Biopharma accelerating momentum: very strong revenue growth and yet again positive EBIT in Q2 driven by the licensing business at mAbxience and ongoing ramp up of Tyenne.
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Fresenius Helios with strong organic revenue growth of 6%; EBIT margin of 11.1%2 driven by an excellent operating performance in Spain.
1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation
4 Excluding Fresenius Medical Care
5 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including Fresenius Medical Care dividend
6 Constant currency
Selected Key Figures Q2/2024
GROUP REVENUE
€ 5414 m
+ 8% 1
Q2/23: €5,113 m
GROUP EBIT 2
€ 660 m
+15% 3
Q2/23: €571 m
NET INCOME 2, 4
€ 457 m
+15% 3
Q2/23: €393 m
EPS 2, 4
€ 0.81
+15% 3
Q2/23: €0.69
1 Organic growth; adjusted for the divestment of the fertility services group Eugin, the hospital stake in Peru, effects related to hyperinflation in Argentina, and the announced Vamed exit
2 Before special items
3 Growth rate adjusted for effects related to hyperinflation in Argentina
4 Net income attributable to shareholders of Fresenius SE & Co. KGaA
Revenue by business segment
| € in millions | Q2/24 | Q2/23 | Growth at actual rates | Growth at constant rates | Organic growth | Acquisitions | Divestitures | % of total revenue |
|---|---|---|---|---|---|---|---|---|
Fresenius Kabi | 2,101 | 2,001 | 5% | 10% | 11% | 0% | -1% | 39% |
Fresenius Helios | 3,230 | 3,020 | 7% | 6% | 6% | 0% | 0% | 60% |
Total | 5,414 | 5,113 | 6% | 8% | 8% | 0% | -0% | 100%2 |
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1 Organic growth; rate adjusted for the divestment of the fertility services group Eugin, the hospital stake in Peru, and accounting effects related toeffects related to hyperinflation in Argentina hyperinflation, and the announced Vamed exit.
2 Remaining 1% Corporate/Other revenue