Fresenius Group Overview

Outlook

Group Outlook 2021

Based on the Group’s good Q3/21 results and the progress to improve Group-wide efficiencies, Fresenius raises its sales guidance1 and improves its earnings guidance2,3. The Company now projects constant currency sales1 to grow in a mid single-digit range in FY/21. Previously, the Company projected sales1 growth in a low-to-mid single-digit percentage range in constant currency. Earnings2,3 growth in constant currency is now expected to be around the top-end of the low single-digit percentage range.

Implicitly, net income2 for the Group excluding Fresenius Medical Care is now expected to grow in a low double-digit percentage range in constant currency. Previously, Fresenius expected high single-digit percentage growth in constant currency.

The guidance implies ongoing COVID-19 related headwinds, primarily at Fresenius Medical Care, and increasingly noticeable cost inflation across selected markets in Q4/21. It also reflects negative pricing effects related to tender activity at Fresenius Kabi in China.

COVID-19 assumptions for guidance FY/21

Negative COVID-19 effects at Fresenius have increased sequentially in Q3/21, driven by significant excess patient mortality at Fresenius Medical Care. Fresenius expects also Q4/21 to be impacted by COVID-19 effects. Meaningfully rising COVID-19 case numbers, the further evolution of virus mutations as well as stalling vaccination progress could impact Fresenius’ ability to achieve its FY/21 guidance. Additionally, Fresenius expects headwinds from cost inflation including rising commodity and shipping prices, increasing energy costs, as well as supply chain constraints in Q4/21. Hence, Fresenius remains vigilant.

Whilst the risk of renewed far-reaching containment measures in one or more of Fresenius’ major markets cannot be excluded, it now appears unlikely. Any resulting significant and direct impact on the health care sector without appropriate compensation is not reflected in the Group’s FY / 21 guidance. These assumptions are subject to considerable uncertainty.

1 Net income attributable to shareholders of Fresenius SE & Co. KGaA
2 FY / 20 base: €1,796 million, before special items; FY / 21: before special items
3 FY / 20 base: €36,277 million

 

Fiscal year
20202

Guidance 20212
(Feb 23, 2021)

Updated Guidance2
(Nov 2, 2021)

Fresenius Group
Sales growth
(in constant currency)
€ 36,277 million Low-to-mid single-digit
percentage growth
Mid single-digit
percentage growth
Net income3 growth
(in constant currency)
€ 1,796 million At least broadly stable Around top-end of
low single-digit
perentage growth
Fresenius Medical Care4
Sales growth
(in constant currency)
€ 17,859 million Low-to-mid single-digit
percentage growth
confirmed; expecting to be at the lower end of the guidance range
Net income5 growth
(in constant currency)
€ 1,359 million High-teens to mid-twenties
percentage decline
confirmed; expecting to be at the lower end of the guidance range
Fresenius Kabi
Sales growth (organic) € 6,976 million Low-to-mid single-digit
percentage growth
confirmed
EBIT growth
(in constant currency)
€ 1,095 million Stable to low single-digit
percentage growth
around the top end of the low single-digit percentage guidance range
Fresenius Helios
Sales growth (organic) € 9,818 million Low-to-mid single-digit
percentage growth
confirmed
EBIT growth
(in constant currency)
€ 1,025 million Mid-to-high single-digit
percentage growth
confirmed
Fresenius Vamed
Sales growth (organic) € 2,068 million Mid-to-high single-digit
percentage growth
confirmed
EBIT € 29 million High double-digit € million amount confirmed

 

  • 1 Before special items, including COVID-19 effects
  • 2 Before special items, including expected COVID-19 effects
  • 3 Net income attributable to shareholders of Fresenius SE & Co. KGaA
  • 4 These targets are based on the 2020 results excluding the impairment of goodwill and trade names in the Latin America Segment of EUR 195 million. They are inclusive of anticipated COVID-19 effects, in constant currency and exclude special items. Special items include costs related to FME25 and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.
  • 5 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
  •  
  • As of November 2, 2021