Tear Sheet: Fresenius SE&Co. KGaA

This report does not constitute a rating action. Fresenius SE&Co. KGaA (Fresenius) reported a solid start in the first quarter of 2025 with Kabi benefitting from the Tyenne rollout, positive pricing, and new launches offsetting the flat organic growth of their generic pharma segment. Kabi?s growth vectors, MedTech, and Nutrition increased by 7% and Biopharma by 40% organically. We view Helios? growth so far to be above expectations at 8% driven both by Helios Germany and Helios Spain on the back of positive price effects and a good admission and activity growth. Operating leverage and improvements on Kabi?s cost base, with Biopharma closing in on the group?s overall margin range, drove its EBIT margin expanding by 170 basis

...June 19, 2025 This report does not constitute a rating action. Consistent solid trajectory of Kabi and Helios will deliver operational results in line with our expectations for 2025. Fresenius SE & Co. KGaA (Fresenius) reported a solid start in the first quarter of 2025 with Kabi benefitting from the Tyenne rollout, positive pricing, and new launches offsetting the flat organic growth of their generic pharma segment. Kabi's growth vectors, MedTech, and Nutrition increased by 7% and Biopharma by 40% organically. We view Helios' growth so far to be above expectations at 8% driven both by Helios Germany and Helios Spain on the back of positive price effects and a good admission and activity growth. Operating leverage and improvements on Kabi's cost base, with Biopharma closing in on the group's overall margin range, drove its EBIT margin expanding by 170 basis points (bps) to about 16.8% (company reported). Helios' EBIT margin of about 9.8% (company reported) was affected by the absence of...

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