Fresenius’ reported adjusted figures beat the consensus at all levels. This does not make a perfect summer, but investors were quite happy. The cost cutting programme seems to be proceeding at full steam at Fresenius (different from FMC’s FME25 version), which immediately helped Kabi’s profitability after the trough in Q4 22.
The Q1 figures were above our cautious estimates (sales: +1.6%; EBIT: +9.7%) confirming our strong view on the company. Nevertheless, we still see some road work ahead fo ....
