BERLIN (Reuters) - Franco-German lab supplies maker Sartorius said on Thursday that 2022 full-year sales were on target but predicted growth in 2023 would not be as strong amid demand normalization and further declines in the COVID-19-related business.
Sales growth rose by 15% in constant currencies, according to preliminary figures, Sartorius said. In October, Sartorius predicted consolidated 2022 sales revenue growth would be in the lower half of the range of around 15% to 19%.
"While growth in the Lab division was even slightly stronger than forecast, the Bioprocess division was influenced by the expected normalization of demand, a process that is expected to continue for several quarters," said Chief Executive Joachim Kreuzberg.
The Bioprocess Solutions division, which supplies substances and gear to biopharmaceutical companies, saw a 15.9% increase. However, incoming orders dropped over 10% in the division that was particularly affected by the pandemic.
For 2023, the company expects sales revenue growth in the low single-digit percentage range; excluding the COVID-19-related business, the increase would be in the high single-digit range.
Citing inflation adjustments, the company slightly raised its medium-term sales revenue target on Thursday and now expects to hit around 5.5 billion euros ($6.01 billion) in 2025, from a previous 5 billion euros.
($1 = 0.9156 euros)
(Writing by Miranda Murray; Editing by Paul Carrel)