Sartorius : Laden Sie die aktuelle Investoren Präsentation herunter (Englisch) | Q1 2020 Results

Simplifying Progress

Investors Presentation

Q1 2020 Results

Disclaimer

This presentation contains statements concerning the future performance of the Sartorius Group. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarantee that they will actually materialize.

This is because our assumptions harbor risks and uncertainties that could lead to actual results diverging substantially from the expected ones. It is not planned to update our forward-looking statements.

Throughout this presentation, differences may be apparent as a result of rounding during addition.

2

Agenda

Overview | Strategy

Bioprocess Solutions Division

Lab Products & Services Division

FY 2020 Guidance | Q1 2020 Results

3

Partner of biopharmaceutical research and industry

We empower scientists and engineers to simplify and accelerate progress in life science and bioprocessing, enabling the development of new and better therapies and more affordable medicine.

4 Overview | Strategy

Sartorius at a glance

~€1.8bn

Sales revenue

~14%

Sales CAGR12014-2019

27.1%

EBITDA margin2

60+

Locations worldwide,

headquartered in Göttingen, Germany

9,016

Employees

High exposure to attractive biopharma and life science industry

Group sales revenue

€1,827m

€412m

Sales with life science customers

~35%~85%

2000

2019

Based on FY 2019 figures 1 For continued operations, in constant currencies 2 Excluding extraordinary items

5Overview | Strategy

Strategic focus of both divisions on the biopharma value chain

Bioprocess Solutions Division

	Molecule			Cell line and	Upstream &
development			process development	downstream production
								Quality | Testing | Validation

Lab Products & Services Division

6 Overview | Strategy

Attractive market environment with strong growth opportunities

Favorable	9bnpeople by 2050;
demographics	>2bn 60 yrs or older

Rise of	~30%CAGR for biosimilar
biosimilars	sales 2019-2022

Strong R&D pipeline;		>40%share of biologics in
advances in gene and
cell therapy		the pharma R&D pipeline

~8%

CAGR for biopharma

market 2019-2025

7 Overview | Strategy

Sales revenue has more than doubled over the last 5 years

										+14.8%
	Sales CAGR	~+13%	+13.2%
	~€1.8bn
1900	EBITDA-margin1	+7.4pp	+9.3%
1700			+18.2%
1500			+16.0%
		+12.6%
1300		+8.8%

1100	+13.6%

900								25.9	27.1
700	€733m				23.6	25.0	25.1
	~€650m
500			21.0
300	19.7	20.1	20.5
	2011	2012	2013	2014	2015	2016	2017	2018	2019

Sales revenue EBITDA1margin in % Intec Division; divested in 2|2015

Sales growth and CAGR 2011-19 for continued operations, in constant currencies 1 Excluding extraordinary items

39.5

37.5

35.5

33.5

31.5

29.5

27.5

25.5

23.5

21.5

19.5

17.5

8 Overview | Strategy

Regional balance better reflecting end-markets

	~€650m	CAGR	~€1.8bn	~€240bn
	22%	~+16%	25%	27%
Asia | Pacific	25%	~+16%	35%
Americas				51%
EMEA	53%	~+11%	40%
				22%
	Sales by region		Sales by region	Global biopharma market
	2011		2019	2019
CAGR for continued operations, in constant currencies

9 Overview | Strategy

Infrastructure prepared for further organic growth

CAPEX ratio									CAPEX composition 2020
in %						11.7	14.9	15.2	12.3
8.8	7.7		9.1	10.1					~10.0			~X%	Major projects
														~3%	Regular expansion
															Capitalized R&D
													~2%
	20121		20131								20202
			2014	2015	2016	2017	2018	2019				Maintenance
					~3%
1 Incl. discontinued operation 2 Based on 2020 guidance
	Expansion of fermenter								Expansion of R&D facilities
	production capacities									and headquarter

10 Overview | Strategy

M&A strategy - adding innovation, enhancing focus

							Divestment												Essen
							Intec Division	Intellicyt ViroCyt	BioScience			Acquisition of
																																selected assets
																																	from Danaher1
2013	2014	2015				2016				2017		2018		2019		2020

TAP	AllPure	Bio	Cellca	kSep	Umetrics	Biological
Biosystems	Technologies	Outsource				Industries

	Portfolio: Complementary products or technologies
Acquisition criteria	Market position: Either among the Top 3 or unique selling point
Integration: Management capacity; cultural fit

Price: Fair valuation; reach Sartorius' profitability level in 2-3 years

1 Announced in Oct. 2019; consolidation in May 2020

11 Overview | Strategy

Acquisition of Biological Industries in Q4 2019

• Developer and manufacturer of cell culture media
• Specializes in media for advanced therapies (cell and gene therapies)
• ~130 employees; headquartered in Beit Haemek, near Haifa (Israel)
• 2019 revenue €20m to €25m with healthy growth profile; slightly dilutive EBITDA margin
• Will be allocated to BPS and LPS Divisions; fully consolidated in Sartorius Stedim Biotech
• Complementary to cell culture media business
• Closing of transaction in Dec. 2019, total purchase price of approx. €45m for just over 50% of the shares

12 Overview | Strategy

Acquisition of selected life science assets from Danaher

• Acquisition includes bioanalytical tools for LPS; upstream and downstream technologies for BPS
• 2019 sales amounted to c. $170m; allocation of approx. $70m to LPS and approx. $100m to BPS; neutral impact on Group margin
• ~300 employees with production sites in the U.S., EMEA and China
• Purchase price of $825m of which approx. 2/3 to be allocated to LPS and approx. 1/3 to BPS; financing secured
• Announced in Q4 2019, deal closed after all regulatory approvals were received; consolidation in May 2020

13 Overview | Strategy

Acquisitions significantly strengthen positioning of both divisions

LPS: FortéBio highly synergetic with the bioanalytics portfolio; expands spectrum to include protein analysis

BPS: Acquisitions fit perfectly into the portfolio

iQue Screener (Sartorius) Identification of antibodies based oncell-basedcharacteristics

Octet (FortéBio)

Testing of the binding quality of antibodies to the target cell

IncuCyte | iQue Screener (Sartorius)

Analysis of the cell behaviour

Filtration

Fluid Management

Fermentation

Purification

Cell Culture Media

• Portfolio complemented by businesses from Danaher and BI
• Especially in chromatography and cell culture media

Pie charts indicate completeness of product offering

14 Overview | Strategy

Sartorius 2025 targets and initiatives

Strategic initiatives

2025 targets

Regional

• Participate in strong Chinese market growth
• Continue to outperform the important U.S. market

Portfolio

• Addhigh-impact innovation, e.g. digital tools
• Enhance process development capabilities
• Expand into adjacent applications

Operations

• Accelerate workflows across the organization through digitalization
• Extend manufacturing base in Asia

~€4bn

Sales revenue

~ 2/3	~ 1/3
Organic	Acquisitions

~28%

EBITDA margin

2025 targets are based on 2017 currency exchange rates; non-organic revenue growth is accounted for companies acquired from 2018 and onwards;

EBITDA excluding extraordinary items; around two-thirds of the growth in the period 2020-2025 expected to be achieved organically and around one-third by acquisitions

15 Overview | Strategy

Sartorius 2025 ambition per division

SSB | BPSLPSSartorius Group

~€2.8bn	~€1.2bn		~€4bn
	Sales revenue		Sales revenue		Sales revenue
~30%		~25%		~28%
EBITDA margin	EBITDA margin	EBITDA margin

2025 targets are based on 2017 currency exchange rates; EBITDA excluding extraordinary items

16 Overview | Strategy

Agenda

Overview | Strategy

Bioprocess Solutions Division

Lab Products & Services Division

FY 2020 Guidance | Q1 2020 Results

17

Snapshot of the Bioprocess Solutions Division

Total solution provider for biomanufacturing

Global footprint

Division sales by region	Asia|Pacific
	~24%

Americas

~37%

EMEA

~39%

Track record of dynamic growth
Sales revenue, € in millions; EBITDA margin1in %
+15.7%	1,350.5
CAGR
615.6	29.1
23.0
2014	2019

High share of recurring revenues
Division sales by category	Equipment
	~25%

Single-use

products

~75%

Based on FY 2019 figures; sales CAGR in constant currencies; FY 2019 figures restated, CAGR unchanged 1 Excluding extraordinary items

18 Bioprocess Solutions

Covering most steps of the biopharma process chain

• Production process design is inalterable for the lifetime of most drugs
• Individually customized production process required for all drugs
• Decisions for process design, and thus supplier selection, are typically made during clinical trials

Culture media

Seed

Scale-up

Fermentation

preparation cultivation

UPSTREAM

DOWNSTREAM

Final	Cryo-	Sterile	Concen-	Virus	Polishing	Viral	Clarification &
filling	preservation	filtration	tration	filtration		clearance	centrifugation

19 Bioprocess Solutions

Leading positions in key technology platforms

Sartorius1	Merck |			Danaher			Thermo	Top 3 Players
	Millipore		Pall	Cytiva2		Fisher
								1. Merck | Millipore
Filtration								2. Danaher | Pall
								3. Sartorius
Fluid								1. Sartorius
							2. Thermo Fisher
Management
							3. Merck | Millipore
								1. Sartorius
Fermentation								2. Thermo Fisher
								3. Danaher | Cytiva
								1. Danaher | Cytiva
Purification								2. Merck | Millipore
								3. Sartorius

Cell Culture	1. Thermo Fisher
2. Merck | Millipore
Media
3. Danaher | Cytiva
Pie charts indicate completeness of product offering
1 Sartorius with strengthened portfolio after acquisition of selected life science assets from Danaher; 2 Formerly GE Biopharma

20 Bioprocess Solutions

U.S. remains most important market; China with highest growth rates

Biologics market growth forecast

CAGR 2019 to 2023, € in billions

U.S.										U.S.
~110										~155
Europe				~+9% U.S.						Europe
~48											~61
					~+6% Europe
China	~€240bn		~€335bn			China
~35			~+15% China			~62
ROW									ROW
~47										~57

• Biologics market in China is at an early stage, but has strong growth potential
• Supportive regulatory environment and solid industry foundation; biopharma considered a priority sector
• Growth of fermentation capacity in China of 80% (2018 to 2022)

21 Bioprocess Solutions

Biosimilars: Strong growth, big opportunities

• Major blockbuster biologics are goingoff-patent
• Time-to-marketis key as only the first providers are most likely profitable
• Several approvals in Asia and Europe; U.S. at the beginning
• For now, relatively small market but with strong growth
• Single-useis the preferred platform for biosimilars

Biosimilars will outperform the biologics market	Growing number of biosimilar approvals
€ in billions	E.U. and U.S.

		~+30%
		CAGR
		~24
~9	~311			Biosimilars
~231			Other biologics
2019	2023

					22	20
							15
		3		7
0	0	1
2012	2013	2014	2015	2016	2017	2018	2019

22 Bioprocess Solutions

Leader in the growing single-use technology market

Single-use market penetration expected to increase from ~35% to ~75%

Single-use products offer advantages over conventional stainless-steel devices

• Capex|Opex reduction over entire lifecycle
• Reduced risk ofcross-contamination
• Higher flexibility; advantageous for biosimilars

-25-35%
	-30-50%
		-55-65%	-65-75%
Construction cost	Time-to-market	Energy cost	Water cost

Reference Single-use

23 Bioprocess Solutions

The biopharma market is not yet mature, but is maturing

... not mature because

• Underpenetrated global market
• Strong flow of innovation
• Time-consumingproduct development

... but maturing because

• Increasing importance of product costs and time to market
• Robustness and ease of use of tools are becoming more important
• Companies invest in market consolidation

Cumulative investment and absolute survival rate in drug development

		>10+ years
80	Absolute survival		1200
rate (in %; lhs)	Cumulative
60		investment	900
	(€ in millions; rhs)
40			600
20			300

Target to lead

Preclinical

Phase 1

Phase 2

Phase 3

Registration

Data adopted from: Paul (2010) Nature Rev DD & Association of the British Pharmaceutical Industry (2017)

24 Bioprocess Solutions

Digitalization is arriving in biopharma

Sartorius offers the leading software for bioprocess	Data
aggregation
data analytics

• Enhanced process control and robustness
• Improved product quality
• Predictive process control

Process	Monitoring
optimization	and control

• Powerful solutions for modeling and optimizing development and manufacturing
• Help to gain insights from complex data sets

Data analytics just at the beginning in
biomanufacturing and shows high potential	Data
	evaluation

25 Bioprocess Solutions

Limited dependence on individual accounts

Long-term business relationships with leading global (bio-) pharma companies

Limited dependence on individual accounts

Sales to Top 50 customers

in 2019, € in millions

350				~50%	~55%
300		~40%	~45%
250
			Cumulative
200	~25%
			share
150
100
50
0	Top 10	11 to 20	21 to 30	31 to 40	41 to 50

• More than half of 2019 BPS sales were generated with the Top 50 customers
• No individual customer accounts for more than 5% of BPS sales revenue
• No single drug accounts for more than 3% of BPS sales revenue

26 Bioprocess Solutions

Four strong pillars drive above-average growth

Pharma market

Biopharma market

Single-use penetration

Market share gains

CAGR 4-7%

CAGR ~8%

Double-digit growth

Esp. in North America

~+14%Organic CAGR1

2014

2015

2016

2017

2018

2019

20202

1 CAGR 2013 to 2020e, excluding FX effects and acquisitions 2 Midpoint of 2020 guidance

27 Bioprocess Solutions

Agenda

Overview | Strategy

Bioprocess Solutions Division

Lab Products & Services Division

FY 2020 Guidance | Q1 2020 Results

28

Snapshot of the Lab Products & Services Division

Premium vendor for laboratories			Division in transition to a new growth and
			profitability profile
			Sales revenue, € in millions; EBITDA margin1in %
					Build-up of		CAGR
		600			6003
					bioanalytics		+11.8%	29
		550			550
					portfolio since
		500			28		476.5	27
				2016
		CAGR		500
		450		26			25
		+3.8%		450
Global footprint		400		24		21.6
			400	325.3	23
Division sales by region	Asia|Pacific	350	268.9	305.5	35022		21
	~29%	300		20			19
Americas				300
	250	17.4		250	16.0
~27%		200	16.0	18		17
		200
		150			16			15
	EMEA			150
	100			10014			13
	~44%	2012	2015	2016	2019

Based on FY 2019 figures; sales growth and CAGR in constant currencies; FY 2019 figures restated, sales growth and CAGR unchanged 1 Excluding extraordinary items

29 Lab Products & Services

Our ambition: Reduce costly trial & error in drug discovery

Drug discovery	Testing &		Clinical trials
	improving
4 ½ years	1 year		5 ½ years
€490m	€110m		€640m

	1 in 10,000
~€500m	Chance for a candidate
to make it to the market
Average costs of drug
discovery

Drug approval

1 ½ years

€60m

>10 years

From drug discovery

to approval

Our approach

• Facilitate digitalization and automatization
• Decrease likelihood of failure
• Reduce time and costs in molecule development

Schematic example of biologic drug discovery with data from the Association of the British Pharmaceutical Industry

30 Lab Products & Services

Innovative bioanalytics for accelerated molecule development

Automated imaging for live cell analysis

• Analysis of cell health, morphology and movement by images and videos
• Deep insights into biological processes

High-throughput screening and selection

• Evaluation of cell health and functions
• Fast screening and characterization of molecule candidates

Considerable

acceleration of the

development of

medications, e.g., in

cancer research

31 Lab Products & Services

Bioanalytics portfolio with little competition and high value added

Richness of data

Microscopy		High content
	imaging1)

IntelliCyt

Flow

cytometry2)IncuCyte

Plate

readers3)

Sample throughput per plate

• IntelliCyt processes thousands of plates and generates large amounts of data for rapid and clear target identification
• IncuCyte deliversvideo-based insights and improved workflows for real-time quantitative analysis of living cells

Works on cells in suspension

Works on cells on 2D surface

Independent of cell attachment

1 Becton Dickinson, Merck Millipore, PerkinElmer, Thermo Fisher 2 Beckman Coulter, Becton Dickinson, Merck Millipore, Thermo Fisher 3 Agilent Technologies, Danaher, Merck Millipore, PerkinElmer

32 Lab Products & Services

FortéBio acquisition further strengthens positioning in bioanalytics

Innovative product portfolio with strong market position

• Instruments, consumables and software forreal-time,label-free measurement of biomolecular interactions
• Octet as the key product uses unique, patentedBio-Layer- Interferometry (BLI) technology
• Used to generate information on affinity, kinetics and concentration of proteins for selection, development &scale-up of biologics
• Highly complementary to existing bioanalytics portfolio

Application example: Cell line development

Octet

Identify high-producing clones in expression library

ambr15

Culture identified clones on small-scale

Octet | iQueScreener Analysis and characterization of cell line and antibodies

33 Lab Products & Services

Bioanalytics increases addressable market and changes growth profile

Addressable market of LPS
€ in billions
+8%
			CAGR
		~1.9
~1.2	+3.5%					Bioanalytics
			CAGR				LPS ex
		~4.3
			bioanalytics
~3.4

• Different growth rate of bioanalytics due to high exposure to biopharmaceutical R&D
• By 2025,two-thirds of the addressable market growth will come from bioanalytics
• Thus, growth and profitability profile of LPS is changing over time

20192025

34 Lab Products & Services

Strong market position in key product categories

• Leading positions in laboratory products used for research and quality control
• Average global market share of >10%
• High gross margins offer potential for economies of scale
• Growth potential especially in the U.S. and Asia

Lab balances		Microb. analysis		Lab filtration		Pipettes
#2	#2		#3	#4

35 Lab Products & Services

Scalable business with considerable growth and margin potential

Well established sample prep. portfolio

• Premium instruments and consumables offering with strong global positions
• Market share opportunities in certain regions to be addressed primarily by direct sales force

Unique bioanalytics portfolio established

• Innovative technologies added through recent acquisitions
• Combination with Sartorius' global reach provides significant growth potential

36 Lab Products & Services

Agenda

Overview | Strategy

Bioprocess Solutions Division

Lab Products & Services Division

FY 2020 Guidance | Q1 2020 Results

37

Dynamic top-line growth; further margin increase

Sartorius Group	Q1 2019	Q1 2020	in %	in % cc1
in millions of € unless otherwise specified
Sales revenue	435.7	509.9	+17.0	+16.5
Order intake	482.8	629.4	+30.4	+29.7
Underlying EBITDA2	114.0	137.9	+20.9
Underlying EBITDA2margin in %	26.2	27.0	+0.8pp
Underlying EPS3(ord.) in €	0.71	0.83	+17.6
Underlying EPS3(pref.)in €	0.72	0.84	+17.3

• Acquisition of cell culture media specialist Biological Industries contributed a good 1pp to sales growth, as expected
• Underlying EBITDA driven by economies of scale; slight negative impact by currencies
• 2019 OI, sales and margins of divisions restated due to changed allocation of two small product groups, no impact on Group

1 Constant currencies 2 Underlying = excluding extraordinary items 3 Underlying EPS = based on net profit after non-controlling interest; adjusted for extraordinary items as well as amortization and based on a normalized financial result and tax rate

38 FY 2020 Guidance | Q1 2020 Results

Double-digit growth in all geographies

Americas	EMEA	Asia|Pacific	Sales by Region
€ in millions	€ in millions	€ in millions	in %

+17.1 %	+16.1 %	+16.3 %	EMEA
			207.0			~ 41%	Americas
	180.7	178.0
152.4					~ 35%
			105.3	122.2
					€509.9m
Q1 2019	Q1 2020	Q1 2019	Q1 2020	Q1 2019	Q1 2020		Asia|Pacific

Americas: Strong momentum in BPS; LPS stable

~ 24%

• EMEA: BPS strong; LPS supported by demand for diagnostic test kits
• Asia|Pacific: BPS with most dynamic growth; LPS demand declined significantly in Jan. and Feb. due to standstill in China

Acc. to customers' location; growth in constant currencies

39 FY 2020 Guidance | Q1 2020 Results

BPS: Strong demand across all product categories and regions

Order Intake

• in millions

+39.6% cc

+40.3%

	506.2
360.7
Q1 20191	Q1 2020

Sales Revenue

• in millions

+22.4% cc +23.0%

320.7	394.3
Q1 20191	Q1 2020

Underlying EBITDA & Margin

• in millions

+31.9%

90.9	119.9
28.3%	30.4%
Q1 20191	Q1 2020

• Order intake driven by larger equipment orders from China andpull-forward effects due to stocking initiatives of customers
• Stocking initiatives had 2pp impact on sales growth;non-organic growth from Biological Industries consolidation close to 1pp
• Underlying EBITDA margin rose due to economies of scale, despite minor negative currency effects

1 Q1 2019 figures reported: Order intake €366m, sales €326m, underlying EBITDA €94.2m

40 FY 2020 Guidance | Q1 2020 Results

LPS: Strongly reduced demand in China

Order Intake

• in millions

+0.5% cc

+0.9%
122.1	123.3
Q1 20191	Q1 2020

Sales Revenue

• in millions

+0.1% cc +0.5%

115.0	115.6
Q1 20191	Q1 2020

Underlying EBITDA & Margin

• in millions

-22.3%

23.2	18.0
20.1%	15.6%
Q1 20191	Q1 2020

• Soft demand, especially for laboratory instruments in China; business picked up during March
• About 2.5ppnon-organic revenue growth contributed by Biological Industries
• Underl. EBITDA margin impacted by low capacity utilization due to economic standstill in China and FX (approx.-1.5pp)

1 Q1 2019 figures reported: Order intake €116.8m, sales €109.7m, underlying EBITDA €19.8m

41 FY 2020 Guidance | Q1 2020 Results

Operating cash flow increases

Sartorius Group	Q1 2019	Q1 2020	in %
in millions of € unless otherwise specified
Underlying EBITDA	114.0	137.9	+20.9
Extraordinary items	-5.0	-13.0	-159.9
Financial result	-7.4	0.4	n.m.
Underlying net profit1,2	48.6	57.1	+17.5
Reported net profit2	37.8	46.2	+22.3
Operating cash flow	105.9	113.9	+7.5
Investing cash flow3	-55.0	-46.1	+16.3
CAPEX ratio (in %)	12.9	8.8	-4.1pp

• Net operating cash flow mostly driven by higher earnings and factoring of receivables in the amount of ~€75m
• Extraordinary items influenced by rebranding and M&A expenses, among others
• Some investments postponed due to the pandemic crisis
• Review of dividend proposal for FY 2019 under consideration

1 Underlying net profit = net profit adjusted for extraordinary items, amortization and based on a normalized financial result and tax rate 2 After non-controlling interest 3 Net cash flow from investing activities and acquisitions

42 FY 2020 Guidance | Q1 2020 Results

Very sound balance sheet and financial base

Key Financial Indicators

Sartorius Group	Dec. 31,	Mar. 31,
2019	2020
Equity ratio in %	38.0	39.0
Net debt in millions of €	1,011.3	951.9
Net debt | underlying	2.0	1.8
EBITDA

• All financial indicators improved compared to last reporting

Net Debt and Net Debt to Underlying EBITDA

1,500						3.0
1,200						2.4
900						1.8
600						1.2
300						0.6
0						0.0
Q1-Q4Q1-Q4Q1-Q4	Q1-Q4	Q1-Q4	Q1-Q4	Q1
2014	2015	2016	2017	2018	2019	2020

Net debt in millions of € (lhs)		Net debt to underlying EBITDA (rhs)

43 FY 2020 Guidance | Q1 2020 Results

Outlook for 2020, higher uncertainty than usual

• Given the pandemic situation, forecast is subject to higher uncertainty than usual concerning both the development of existing businesses and the integration of acquisitions
• Guidance is based on the macroeconomic assumptions that China will continue ramping up its economy and Europe and the US will soon have reached the peak of the pandemic, and will ease economic restrictions
• The outlook further reflects the assumption of intact supply chains and largely unaffected production capacities in both divisions

44 FY 2020 Guidance | Q1 2020 Results

Outlook for 2020

FY 2020 Guidance1		Previous		New
	Sales Revenue	Underlying	Sales Revenue	Underlying
	Growth	EBITDA Margin	Growth	EBITDA Margin
Sartorius Group	~ 10% - 13%	~ 27.5%	~ 15% - 19%	~ 27.5%
- thereof Biological Industries	1.5pp	slightly dilutive	1.5pp	slightly dilutive
- thereof Danaher portfolio	-	-	5pp	neutral
Bioprocess Solutions	~ 11% - 14%	~ 30.0%	~ 17% - 21%	~ 30.0%
- thereof Biological Industries	1pp	slightly dilutive	1pp	slightly dilutive
- thereof Danaher portfolio	-	-	3.5pp	-0.5pp
Lab Products & Services	~ 7% - 10%	~ 20.0%	~ 10% - 14%	~ 20.0%
- thereof Biological Industries	2.5pp	slightly dilutive	2.5pp	slightly dilutive
- thereof Danaher portfolio	-	-	10pp	1.5pp

• CAPEX ratio ~10% (FY 2019: 12.3%); net debt to underlying EBITDA ~2.75 (FY 2019: 2.0)
• Biological Industries included for 12 months; life science portfolio from Danaher included for approx. 8 months

1 In constant currencies

45 FY 2020 Guidance | Q1 2020 Results

Appendix

46

Sartorius shares - an attractive investment

2	1	3

Biopharma market fueled	Leading market positions	Global presence with
by long-term growth	in key technologies and	strong base in growth
drivers	high brand awareness	regions

High entry barriers, low price-	Diversified revenue base	Proven growth track record:
sensitivity and consolidated	and high share of recurring	Sales CAGR of ~14% over
competitive landscape	revenues provide low	the last five years
	volatility

47 Appendix

Sartorius legal & operational structure

Sartorius Group Legal Setup

Sartorius AG

sharesOrdinary

>50%

Administered by executor

sharesPreference

~91% Free float

Stock market listed in Germany1

~34%

Bio-Rad Laboratories

~9% Treasury shares

~9%

Treasury shares

~5%

Family owned

~2%

Free float

~74%

100%

Sartorius Stedim Biotech S.A.

~74% Sartorius AG

Other Sartorius Subsidiaries

Stock market listed in France

~26% Free float

Bioprocess Solutions Division

Lab Products & Services Division

Sartorius Group Operational Setup

1 Information on shareholdings and shares in free float pursuant to Sections 33 et seq. of the German Securities Trading Act (WpHG). Reporting obligations refer only to ordinary shares and not to non-voting preference shares.

48 Appendix

Share price performance

450%

400%

350%

300%

250%

200%

150%

100%

50%

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

Sartorius (prefs.)

Sartorius (ord.)

Sartorius Stedim Biotech

DAX

MDAX

NASDAQ Biotech

Share key facts

ISIN	DE0007165631 (preference share) |
	DE0007165607 (ordinary share)
Ticker	SRT3 (preference share) | SRT (ordinary share)

Number of68,388,292 - thereof preference shares: 34,176,068

shares1

ordinary shares: 34,212,224

1 Excluding treasury shares held by Sartorius AG 2 As of April 20, 2020

IndicesDAX 50 ESG | MDAX | TecDAX | MSCI Germany Index | CDAX | Prime All Share Index | Technology All Share Index | STOXX Europe 600

Market cap.2€16.6bn

49 Appendix

A sampling of the Bioprocess Solutions' product portfolio

Filtration

Purification

Fermentation

Fluid management

50 Appendix

A sampling of the Lab Products and Services' product portfolio

Lab balances | Lab water systems

Bioanalytics

Lab filtration | Microb. analysis

Pipettes

51 Appendix

Recap 2020 targets and initiatives

Strategic initiatives

2020 targets

Regional

Gain share in North America

• Leverage strong market growth in Asia

~€2bn

Sales revenue

Portfolio
Complementary extensions through	~ 3/4	~ 1/4
alliances and acquisitions	Organic	Acquisitions

• Own product development

Operations

Expansion of production capacity

• Significant investments into IT infrastructure

~ 26-27%

EBITDA margin

2020 targets are based on 2015 currency exchange rates; EBITDA excluding extraordinary items; around three-quarters of the growth expected to be achieved organically and around one-quater by acquisitions

52 Appendix

Executive Board of Sartorius AG

Joachim Kreuzburg, CEO	René Fáber	Rainer Lehmann, CFO	Gerry Mackay
Joined Sartorius in 1999	Joined Sartorius in 2002	Joined Sartorius in 2005	Joined Sartorius in 2015
Member of the Board since 2003	Member of the Board since 2019	Member of the Board since 2017	Member of the Board since 2019
Group Strategy, Corporate	Bioprocess Solutions Division	Finance, Information Technology,	Lab Products & Services Division
Research, Human Resources,		Business Processes
Legal & Compliance,
Communications

53 Appendix

Financial calendar and contacts

• July 21, 2020
  Publication Half-Year Report 2020 | Göttingen
• October 20, 2020
  Publication Nine-Month Results 2020 | Göttingen

Petra Kirchhoff

Head of Corporate Communications & IR

Phone: [phone]

E-mail: [e-mail]

Ben Orzelek

Head of Investor Relations

Phone: [phone]

E-mail: [e-mail]

Sartorius Corporate Administration GmbH

Otto-Brenner-Straße 20

37079 Göttingen, Germany

54 Appendix

Visit our IR website