Quarterly Financial Report Q1 2025 (IFRS)
Quarterly Financial Report Q1 2025 (IFRS)
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Fresenius today announced that its operating company, Fresenius Kabi, is now offering Epinephrine Injection, USP, in 30 mg per 30 mL multi-dose vials in the United States. Following the introduction of the first generic version of Epinephrine, USP, in a 1 mg per mL vial for U.S. customers in December 2024, the product launch expands Fresenius’ offerings of Epinephrine Injection.
Epinephrine Injection 30 mg per 30 mL is a prescription medicine used for emergency treatment of allergic reactions (Type 1), including anaphylaxis, in adults and pediatric patients and to increase mean arterial blood pressure in adult patients with hypotension associated with septic shock.
In line with #FutureFresenius, Fresenius Kabi has invested more than $1 billion to expand and modernize advanced U.S. pharmaceutical production and distribution facilities. Epinephrine Injection is manufactured in the U.S., reflecting the company’s commitment to domestic production. More than 70% of the pharmaceuticals that Fresenius Kabi sells to U.S. customers are formulated, filled and packaged in the U.S.
Fresenius today announced that its operating company, Fresenius Kabi, is now offering Epinephrine Injection, USP, in 30 mg per 30 mL multi-dose vials in the United States. Following the introduction of the first generic version of Epinephrine, USP, in a 1 mg per mL vial for U.S. customers in December 2024, the product launch expands Fresenius’ offerings of Epinephrine Injection.
Epinephrine Injection 30 mg per 30 mL is a prescription medicine used for emergency treatment of allergic reactions (Type 1), including anaphylaxis, in adults and pediatric patients and to increase mean arterial blood pressure in adult patients with hypotension associated with septic shock.
In line with #FutureFresenius, Fresenius Kabi has invested more than $1 billion to expand and modernize advanced U.S. pharmaceutical production and distribution facilities. Epinephrine Injection is manufactured in the U.S., reflecting the company’s commitment to domestic production. More than 70% of the pharmaceuticals that Fresenius Kabi sells to U.S. customers are formulated, filled and packaged in the U.S.
The Fresenius healthcare group and the Else Kröner-Fresenius Foundation are today paying tribute to the impressive legacy of Else Kröner, née Fernau (1925–1988), with a commemorative event. Around 170 guests representing science, politics, business, and society have been invited to the Städel Museum in Frankfurt. Among them are Nobel Prize winner for Medicine, Prof. Dr. Craig Mello; the Hessian Minister for Science and Research, Art and Culture, Timon Gremmels; the Lord Mayor of Bad Homburg v. d. Höhe, Alexander Hetjes; and the Chairman of Fresenius Supervisory Board, Wolfgang Kirsch.
Else Kröner was born in Frankfurt am Main exactly 100 years ago, on May 15, 1925. As long-time Managing Director and later Chairwoman of the Supervisory Board, she laid the foundations for Fresenius’ success as a leading global healthcare group. The Else Kröner-Fresenius Foundation (EKFS), which she established in 1983, is today Germany’s largest foundation dedicated to the advancement of medicine.
“Else Kröner was one of Germany’s most successful female entrepreneurs. She shaped the global healthcare company that Fresenius is today and in doing so, she wrote business history. On the occasion of her 100th birthday, we would like to pay tribute to her remarkable legacy. Throughout her life, Else Kröner demonstrated great foresight and entrepreneurial courage. These qualities are today needed more than ever to secure Germany’s growth and prosperity as a business location. My 176,000 colleagues at Fresenius and I have taken over the task of building on the legacy she left behind. With #FutureFresenius, we are doing precisely this so that we can continue to fulfil our mission: To save and improve human lives. We are Committed to Life,” says Fresenius CEO Michael Sen.
“Else Kröner was both an outstanding entrepreneur and a passionate advocate of medical research and education. Her unwavering commitment and vision have made the Else Kröner-Fresenius Foundation what it is today – a driving force in the advancement of science and health. Since its founding, the Else Kröner-Fresenius Foundation has contributed more than 700 million euros to around 2,800 medical, scientific, and humanitarian projects. Her extraordinary lifework is a lasting source of inspiration for us all,” says Dr. Dieter Schenk, Chairman of the Board of the Else Kröner-Fresenius Foundation.
From pharmacy to global enterprise that sets industry standards
When Else Kröner, the foster daughter of company founder Dr. Eduard Fresenius, officially took over management of the Hirsch Pharmacy in Frankfurt and “Dr. Eduard Fresenius chemisch-pharmazeutische Industrie KG” in 1952, the family business only had around 40 employees. The qualified pharmacist used her entrepreneurial vision to transform the company into a global healthcare group. She did this by expanding the product range, developing dialysis machines in- house, accessing international markets, and making targeted company acquisitions.Under her leadership, and that of her husband Dr. Hans Kröner, Fresenius researchers developed important medical innovations for the European market. These include infusion solutions in plastic bottles, which are still the industry standard today, and the first liquid food for diabetics.
Else Kröner’s legacy
Else Kröner’s achievements and commitment still shape Fresenius today. The company stands for access to affordable and innovative medical products and clinical care of the highest quality. Every year, Fresenius treats around 26 million patients and improves the lives of around 450 million people worldwide. With the current Rejuvenate phase of its #FutureFresenius program, the company is consistently focusing on the healthcare of tomorrow. Else Kröner’s values are reflected in the Fresenius Principles and are lived every day by employees in more than 80 countries.
Else Kröner Fresenius Prize for Medical Research
The Else Kröner-Fresenius Foundation will confer the Else Kröner Fresenius Prize for Medical Research during today’s ceremony. Endowed with 2.5 million euros, it will go to US researcher Prof. Dr. Anastasia Khvorova for her pioneering work in the field of RNA-based therapies. The foundation will also present a new biographical film about the life and work of Else Kröner.
For more information on Else Kröner, see www.fresenius.com/100YearsOfElseKroener
Fresenius SE & Co. KGaA (Frankfurt/Xetra: FRE) is a global healthcare company headquartered in Bad Homburg v. d. Höhe, Germany. In the 2024 fiscal year, Fresenius generated €21.5 billion in annual revenue. Fresenius currently counts over 176,000 employees. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care. With around 140 hospitals and countless outpatient facilities, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 26 million patients every year. Fresenius Kabi’s product portfolio touches the lives of 450 million patients annually and includes a range of highly complex biopharmaceuticals, clinical nutrition, medical technology, and intravenous generic drugs and fluids. Fresenius was established in 1912 by the Frankfurt pharmacist Dr. Eduard Fresenius. After his death, Else Kröner took over management of the company in 1952. She laid the foundations for a global enterprise that today pursues the goal of improving people’s health. The largest shareholder is the non-profit Else Kröner-Fresenius Foundation, which is dedicated to advancing medical research and supporting humanitarian projects.
For more information visit the Company’s website at www.fresenius.com.
Visit our media center: www.fresenius.com/media-center
But what experiences influenced Else Kröner and what private and professional decisions made her who she was? Her biography provides some insights:
When the company founder Dr. Eduard Fresenius passes away in 1946, his company “Dr. Eduard Fresenius chemisch-pharmazeutische Industrie KG” is scarred by the war. It brings in just enough to cover the outstanding debts and there are only a few staff left. The Hirsch Pharmacy out of which the company is born is destroyed in early 1944 during a bombing raid. Else Fernau, the foster daughter and heiress of Dr. Eduard Fresenius, writes of this in a letter to a friend: “Nothing more than a forlorn pile of rubble remains. I struggle to even make out what it used to be.”
Else Fernau is just 20 years old when Dr. Eduard Fresenius passes away. She knows how challenging rebuilding the company will be. She manages it, though – and even far more: She creates a successful, globally active healthcare enterprise.
Else Fernau is born in Frankfurt in 1925. Medicine plays a role in her life earlier than it should: Her father passes away when she is just four years old during an appendectomy, which is actually already a routine procedure back in those days. The cause is undiagnosed diabetes. Both professionally and privately, Else Fernau (later Else Kröner) remains committed to advancing medicine and ensuring broad access to therapies. Together with her husband, Dr. Hans Kröner, she supports medical and humanitarian projects in Germany and worldwide. In 1972, she establishes a foundation for the advancement of medical research and education, which among others publishes specialist magazines.
Else Fernau’s mother is already the housekeeper in the Fresenius household before Else’s father passes away. The two families subsequently grow even closer.
Else Fernau officially takes over management of the company in Bad Homburg in 1952. She had previously completed an internship at the Hirsch Pharmacy – a prerequisite for her pharmacy degree. Consolidating the company without laying off employees proves particularly challenging. Every day, she works more than twelve hours, helping out wherever she is most needed. Her employees appreciate her and feel reassured: “Els’chen is here, we’re up and running.” And after a while, the company really does get “running” again. During her first years as an entrepreneur, Else Fernau systematically gains business skills to complement her pharmaceutical expertise.
Else Fernau marries Dr. Hans Gottfried Noël Kröner in 1964, after which she goes by the name of Else Kröner. Though the pair already met in the early 1950s, Else Fernau initially only occasionally seeks legal advice from him. Over time, she begins to also ask him for his opinion on business matters. Dr. Hans Kröner officially joins the company in 1957. The company, which is still small at the time, grows rapidly in the 1960s. The number of employees rises sharply from around 40 to 400, and turnover increases thirteen-fold. Under the Kröner couple’s leadership, Fresenius develops numerous pioneering medical innovations such as infusion solutions in plastic bottles, which are still considered the industry standard today, and the first liquid nutrition for diabetics.
In 1982, Else Kröner converts the company into a public limited company and becomes Chairwoman of the Supervisory Board. Her husband Dr. Hans Kröner acts as Chairman of the Management Board. It soon becomes clear that the conversion, the associated increase in capital, and the subsequent structural changes were the right strategic decision: Fresenius’ revenue increases from 290 million euros in 1982 to 465 million euros in 1986.
Throughout her lifetime, Else Kröner remains immensely grateful to the Fresenius family for their support and the opportunity to continue the business of Dr. Fresenius. This sense of gratitude is her driving force and motivation to further advance the Fresenius legacy. In doing so, she always remains true to herself: Despite all her successes, she lives modestly and, even as Chairwoman of the Supervisory Board of the Fresenius Group, rarely seeks the spotlight, preferring instead to engage directly with the workforce. Hence she remains little known to the wider public to this day.
In 1983, Else Kröner founds the Else Kröner-Fresenius Foundation (EKFS), dedicated to advancing medical research and supporting humanitarian projects. When she dies unexpectedly on June 5, 1988, her entire estate passes to the foundation – as per her testament. Today, it is one of the largest foundations in Germany championing the field of medicine. Else Kröner’s legacy and values thus live on to this day.
Since its founding, the Else Kröner-Fresenius Foundation has contributed more than 700 million euros to around 2,800 medical, scientific, and humanitarian projects. They are almost exclusively funded from the income gained from the foundation’s shares in Fresenius of which it is the majority shareholder, holding more than 26 percent of the shares.
Fresenius currently employs around 176,000 people and generates annual revenue exceeding 21 billion euros.
Else Kröner’s values continue to shape the corporate culture at Fresenius to this day and are lived in the company daily through the Fresenius Principles. This is not least reflected in the internal Else Kröner Award, which Fresenius presented for the first time in 2025.
The Else Kröner Award recognizes outstanding, innovative, and exceptional initiatives of Fresenius teams that put the Fresenius Principles into practice and thus uphold Else Kröner’s legacy.
Quarterly Financial Report Q1 2025 (IFRS)
Conference Call Q1/2025 Presentation
An overview of key financial figures is available at the end of the release.
Q1/2025: Strong top line and excellent EPS growth, outlook confirmed
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
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, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond.
Michael Sen, CEO of Fresenius: “We've kick-started 2025 with an excellent performance across the business and confirm our full-year guidance. Organic revenue increased by 7% driven by the consistent delivery of Fresenius Kabi and Fresenius Helios. This along with continued improvements in operations and lower interest costs led to an impressive EPS growth of 12%. Following the reduction of our stake in Fresenius Medical Care, a first and pivotal milestone in our history, we now start the Rejuvenate phase of #FutureFresenius from an even stronger position; this step underscores our commitment to creating long-term value. With a strengthened balance sheet and capital allocation priorities to further invest in our growth platforms, while also increasing our US presence, Fresenius is well positioned to deliver future profitable growth and innovation.”
Outlook confirmed for Fiscal Year 20251
Fresenius Group2: organic revenue growth3 of 4% to 6%, constant currency EBIT growth4 in the range of 3% to 7%
Fresenius Kabi5: organic revenue growth3 in the mid- to high-single-digit percentage range; EBIT margin of 16.0% to 16.5%
Fresenius Helios6: organic revenue growth in the mid-single-digit percentage range; EBIT margin around 10%
Assumptions to guidance: When Fresenius gave guidance in February, the company acknowledged the fast-moving macro-economic and geopolitical environment, resulting in a higher level of operational uncertainty. Fresenius’ guidance continues to reflect current factors and known uncertainties such as potential impacts from tariffs to the extend they can currently be assessed. The guidance does not take into account potential extreme scenarios that could affect the company, its peers, and the healthcare sector as a whole.
1 Before special items
2 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
4 Growth rate adjusted for Argentina hyperinflation
5 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
6 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
Fresenius Group – Business development Q1/25
Fresenius entered with excellent momentum into the year with strong organic growth above the top-end of the 2025 guidance. The consistent positive delivery of Fresenius Kabi and the strong performance at Fresenius Helios drove a 7%1 Group organic revenue2 increase to €5.63 billion. Due to a continued strong operating performance, Group EBIT before special items increased 4%3 in constant currency to €654 million despite the high prior-year quarter which included energy relief fundings at Helios Germany. Particularly, a strong performance at Kabi and Helios in Spain contributed to the EBIT growth. The Helios Performance Programme delivers some first contributions with more significant contributions expected in the second half of the year. Earnings per share2,4 rose by an excellent 12%3 in constant currency to €0.74, driven by a broad-based operational strength and improved interest costs against the backdrop of a strong cash flow development and successful deleveraging.
In Q1/25, Fresenius reached a pivotal milestone in #FutureFresenius with the reduction of participation in Fresenius Medical Care and the issuance of an exchangeable bond with Fresenius Medical Care shares underlying. These transactions underline Fresenius' clear commitment to long-term value creation and were the first visible signs of the Rejuvenate phase, which will focus on three key aspects in the coming years:
Scale Platforms: By strategically scaling its (Bio)Pharma, MedTech, and Care Provision platforms, Fresenius can make an important contribution to meeting the challenges facing healthcare systems around the world. The priorities are:
Driving innovation at (Bio-)Pharma
Expand MedTech to provide and connect technology solutions for critical clinical areas such as emergency rooms, operating rooms and intensive care units.
Accelerate digitization of care provision
Elevate Performance: Overall, Rejuvenate is designed to help the company achieve higher levels of performance and make Fresenius even more innovative and relevant.
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
Operating Companies – Business development Q1/25
Fresenius Kabi delivered a strong start to the year, Biopharma moving close to structural EBIT margin band
Growth vectors with strong organic revenue1 increase of 11%: MedTech 7%, Nutrition 7%, Biopharma 40%.
Nutrition revenue: €612 million, benefited from positive pricing effects in Argentina and the good development in Europe; in the U.S. ongoing successful roll-out of lipid emulsions.
Biopharma revenue: €190 million, mainly driven by the growth of Tyenne in Europe and the U.S.; launch of Ustekinumab biosimilar Otulfi® in EU and the U.S.; denosumab biosimilars Conexxence® (denosumab-bnht) and Bomyntra® (denosumab-bnht) approved by FDA.
MedTech revenue: €399 million, driven by strong growth related to the Ivenix pump rollout in the U.S, and broad-based positive development across most regions.
Pharma revenue: €946 million, flat organic revenue development1 against a high prior-year base; positive pricing development in Europe was offset by a softer development in the U.S. and China.
China business continued to be impacted by a general economic weakness, price declines in connection with tenders, and hospital budget controls.
EBIT2 of Fresenius Kabi with 16%3 constant currency increase to €360 million, driven by the strong revenue development of the Growth vectors and ongoing improvements in the cost base. The EBIT-margin2 was very strong at 16.8%, a 170 bps yoy expansion.
EBIT2 of the Growth Vectors increased 45%3 in constant currency to €184 million against the backdrop of a broad-based positive development; EBIT margin2 at 15.3% increased by 390 bps year-on-year, Biopharma moving close to structural EBIT margin band.
1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation
Fresenius Helios with excellent organic revenue growth; Helios Performance Programme evolving in-line with expectations.
EBIT1 of Fresenius Helios declined 4% to €333 million as the support from energy relief funds phased out by the end of Q3/24. This expected softness was partially compensated by excellent profitability at Helios Spain. EBIT margin1 was solid at 9.8% driven by Helios Spain with a margin of 13.1% and 23% EBIT growth.
EBIT1 of Helios Germany decreased by 23% to €157 million against the high prior-year base which included energy relief funds; EBIT margin at 7.7% improved by 110 bps sequentially (Q4/24: 6.6%).
Helios performance programme delivers some first contributions; ramp-up in H2/25 with more significant EBIT contributions, as some of the levers are process-related and will take time to deliver and realize benefits.
1 Before special items
2 Growth rate adjusted for Argentina hyperinflation
Note on the presentation of financial figures
* * *
Conference call and Audio webcast
As part of the publication First Quarter 2025 results, a conference call will be held on May 7, 2025 at 1:30 p.m. CET (7:30 a.m. EST). All investors are cordially invited to follow the conference call in a live audio webcast at www.fresenius.com/investors. Following the call, a replay will be available on our website.
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Robert Möller, Dr. Michael Moser
Chairman of the Supervisory Board: Wolfgang Kirsch
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
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, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond.
Michael Sen, CEO of Fresenius: “We've kick-started 2025 with an excellent performance across the business and confirm our full-year guidance. Organic revenue increased by 7% driven by the consistent delivery of Fresenius Kabi and Fresenius Helios. This along with continued improvements in operations and lower interest costs led to an impressive EPS growth of 12%. Following the reduction of our stake in Fresenius Medical Care, a first and pivotal milestone in our history, we now start the REJUVENATE phase of #FutureFresenius from an even stronger position; this step underscores our commitment to creating long-term value. With a strengthened balance sheet and capital allocation priorities to further invest in our growth platforms, while also increasing our US presence, Fresenius is well positioned to deliver future profitable growth and innovation.”
Outlook confirmed for Fiscal Year 20251
Fresenius Group2: organic revenue growth3 of 4% to 6%,
constant currency EBIT growth in the range of 3% to 7%
Fresenius Kabi5: organic revenue growth3 in the mid- to high-single-digit percentage range; EBIT margin of 16.0% to 16.5%
Fresenius Helios6: organic revenue growth in the mid-single-digit percentage range; EBIT margin around 10%
Assumptions to guidance: When Fresenius gave guidance in February, the company acknowledged the fast-moving macro-economic and geopolitical environment, resulting in a higher level of operational uncertainty. Fresenius’ guidance continues to reflect current factors and known uncertainties such as potential impacts from tariffs to the extent they can currently be assessed. The guidance does not take into account potential extreme scenarios that could affect the company, its peers, and the healthcare sector as a whole.
1 Before special items
2 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)
3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
4 Growth rate adjusted for Argentina hyperinflation
5 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
6 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
Fresenius entered with excellent momentum into the year with strong organic growth above the top-end of the 2025 guidance. The consistent positive delivery of Fresenius Kabi and the strong performance at Fresenius Helios drove a 7%1 Group organic revenue2 increase to €5.63 billion. Due to a continued strong operating performance, Group EBIT before special items increased 4%3 in constant currency to €654 million despite the high prior-year quarter which included energy relief fundings at Helios Germany. Particularly, a strong performance at Kabi and Helios in Spain contributed to the EBIT growth. The Helios Performance Programme delivers some first contributions with more significant contributions expected in the second half of the year. Earnings per share2,4 rose by an excellent 12%3 in constant currency to €0.74, driven by a broad-based operational strength and improved interest costs against the backdrop of a strong cash flow development and successful deleveraging.
In Q1/25, Fresenius reached a pivotal milestone in #FutureFresenius with the reduction of participation in Fresenius Medical Care and the issuance of an exchangeable bond with Fresenius Medical Care shares underlying. These transactions underline Fresenius' clear commitment to long-term value creation and were the first visible signs of the REJUVENATE phase, which will focus on three key aspects in the coming years:
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
Fresenius Kabi delivered a strong start to the year, Biopharma moving close to structural EBIT margin band
1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation.
Fresenius Helios with excellent organic revenue growth; Helios Performance Programme evolving in-line with expectations.
1 Before special items
2 Growth rate adjusted for Argentina hyperinflation.
Conference call and Audio webcast
As part of the publication First Quarter 2025 results, a conference call will be held on May 7, 2025 at 1:30 p.m. CEST / 7:30 a.m. EST. All investors are cordially invited to follow the conference call in a live audio webcast at https://www.fresenius.com/investors. Following the call, a replay will be available on our website.
Contact for shareholders
Investor Relations
Telephone: + 49 61 72 6 08-24 87
Telefax: + 49 61 72 6 08-24 88
E-mail: ir-fre@fresenius.com
Information on Fresenius share and ADRs
Note on the presentation of financial figures
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.