(Reuters) – Franco-German lab supplies maker Sartorius AG on Thursday lowered its full year forecast for sales and adjusted earnings margin on the back of lower volume expectations and product mix effects.
Full year group sales revenue is expected to decline by around 17%, excluding business related to COVID-19, it said in a statement, adding that, it expects an adjusted earnings margin slightly above 28% for 2023, compared to a previous forecast of around 30%.
Sartorius said its preliminary consolidated sales revenue declined 18% in the first nine months of 2023 to around 2,546 million euros ($2.68 billion).
Against the backdrop of a slow demand recovery, the company also cut its 2023 revenue forecast for its Bioprocess Solutions and Lab Products & Services division.
($1 = 0.9497 euros)
(Reporting by Dimpal Gulwani in Bengaluru; editing by Jonathan Oatis)
