gross margin
—
FY 2026
official guidance
FRESENIUS SE & CO. KGAA
Last · XETRA€43.49+0.695 (+1.62%)live · yahoo · 3h ago
Market cap€24.5B563.2M sh
P/E · TTM16.0fwd 11.0 · eps 2.71
Beta0.82vs S&P 500
Div yield2.43%annual · TTM
52w range
€35.11€52.96
Volume48.6Ksession
| Revenue | €22.9B |
|---|---|
| Operating income | €2.3B |
| Net income | €1.3B |
| Free cash flow | €1.5B |
| Operating margin | 10.1% |
| Net margin | 5.8% |
| Return on equity | 6.7% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong execution and upgraded earnings outlook outweigh near-term regulatory and phasing risks.
Buy. Fresenius delivered a broad-based Q2 beat:
organic revenue rose 6%, EBIT increased 10% at constant currency, EBIT margin expanded 60 bp to 12.3%, and core EPS grew 14%. Management raised FY2026 core EPS growth guidance to 10%-15%, supported by Kabi growth vectors, 38% Biopharma revenue growth and strong cash generation, but investors should discount the tough Q4 comparison, competitive biosimilar markets and unresolved Melrose Park remediation risk.
Themes
- Q2 2026 Results
- Guidance Upgrade
- Kabi Growth Vectors
- Biosimilars
- Ivenix Medtech
- Helios Reimbursement
Near term
Kabi growth vectors are now expected at the upper end of the 16.5%-17.0% FY2026 EBIT margin range; Q3 benefits from full Keto annualization and additional US launches.
Q4 faces a tough year-on-year comparison across Kabi and Helios, while Spain has normal Q3 seasonality.
Melrose Park's Official Action Indicated status is not expected to affect 2026 production or financial performance, but remediation and 2027 capacity implications remain watch items.
Helios Germany's temporary surcharge expires after October 2026; management expects mitigation from reimbursement, volume and efficiency measures.
Longer term
Biopharma is becoming a material growth engine: Tyenne reached 44% share in the top five EU markets and 30% in the US, while denosumab is ramping and the portfolio has 11 products across eight molecules.
Management targets doubling Biopharma sales and reaching approximately 20% EBIT margin by 2030, but intends to reinvest in pipeline, capacity and additional molecules rather than maximize near-term margins.
Ivenix installations create a potential recurring revenue base from infusion sets and software; the installed-base buildout is strategically important but still needs sustained execution.
Competitive intensity is rising: rituximab will enter a more crowded US market, and management acknowledged competitors are entering biosimilar markets. Fresenius's key-account approach and portfolio breadth are the proposed defenses.
Helios is positioned as a resilient, cash-generative base business rather than a major margin-expansion story; longer-term ROIC improvement therefore depends disproportionately on Kabi growth vectors and disciplined capital allocation.
Red flags
Management declined to quantify 2027 EPS phasing or confirm year-on-year Helios margin progression, leaving a meaningful part of the valuation dependent on execution beyond current guidance.
The Melrose Park OAI status was described as manageable, but management did not provide a remediation timetable, affected-product detail or quantified 2027 risk.
Biopharma's 38% Q2 growth must be sustained in absolute euros in Q3 and Q4, while competitors are entering and rituximab will launch late into a crowded market.
China Nutrition is expected to be flat in the second half because volume-based procurement is becoming stricter; further portfolio-wide tendering remains a structural risk.
Management retains flexibility to deploy capital into acquisitions or further investment, which could support growth but also reduce near-term margin and return expansion.
Forward outlook
operating margin
10–12 pct
FY 2027
management framework
operating margin
20 pct
FY 2030
management target
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.81
Est. revenue
5.8B
Earnings transcripts
Documents
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