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Based on the anticipated positive contributions from the cost and efficiency program as well as the attractive growth opportunities across all business segments, Fresenius expects Group earnings growth to meaningfully accelerate until 2023. The company hence confirms its medium-term targets set in 2019 despite the ongoing challenges posed by COVID-19. At the same time, Fresenius specifies its expectations and now anticipates Group organic sales growth to reach the bottom to middle of the targeted 4% to 7% compounded annual growth rate (CAGR) and Group organic net income1,2 growth to be at the bottom end of the 5% to 9% CAGR during 2020 to 2023. Due to the COVID-19 pandemic, Fresenius now expects small and medium-sized acquisitions to contribute an incremental CAGR of less than 1% to both sales and net income growth.

1 Before special items

2 Net income attributable to shareholders of Fresenius SE & Co. KGaA

Group Financial Medium-Term Targets

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  CAGR 2020 – 20231
Organic sales growth Bottom to middle of the range of 4% – 7%
Organic net income growth2 At the bottom of the range of 5% – 9%
1 Before special items
2 Net income attributable to shareholders of Fresenius SE & Co. KGaA

COVID-19 will continue to impact Fresenius’ operations in 2022. The extent of the impact on the Group is to a large degree dependent on the vaccination coverage in Fresenius’ relevant markets and the potential evolution of new virus mutants.

Fresenius closely monitors the development of COVID-19 case numbers and the associated various containment measures enacted in the Company’s relevant markets. Fresenius expects COVID-19 case numbers to decline from spring 2022 onwards and consequently the number of elective treatments and staff availability to improve. A possible significant deterioration of the situation associated with further containment measures that could have a significant and direct impact on the health care sector without any appropriate compensation is not reflected in the Group’s FY/22 guidance.

Headwinds from cost inflation are reflected. However, Fresenius expects no significant acceleration of inflation effects and supply chain challenges versus current environment. In its FY/22 forecast, the Management Board assumes an unchanged corporate tax rate in the United States.  

Furthermore, the following assumptions for Fresenius Medical Care's FY/22 guidance are also fully applicable to the Fresenius Group's FY/22 guidance:

  • COVID-19 related accumulated excess mortality is assumed to impact operating income (EBITEBIT (Earnings before Interest and Taxes)EBIT does include depreciation and write-ups on property, plant and equipment. EBIT is calculated by subtracting cost of sales, selling, general and administrative expenses, and research and development expenses from sales.) by €100 million compared to the level of 2021
  • COVID-19 related staff shortages are anticipated not to cause significant disruptions in production, distribution and dialysisDialysisForm of renal replacement therapy where a semipermeable membrane – in peritoneal dialysis the peritoneum of the patient, in hemo­ dialysis the membrane of the dialyzer – is used to clean a patient’s blood. operations
  • Macro-economic inflation and supply chain costs to impact operating income (EBIT) by €50 million
  • Labor costs for 2022 are expected to be around €100 million in excess of the 3% base wage inflation assumption
  • Any potential further government support is assumed to be applied to manage the unprecedented labor market situation to manage cost in excess of the above labor costs assumption
  • FME25 savings are expected to contribute €40 to €70 million to operating income (EBIT)
  • Remeasurement effects on the fair value of investments are expected to be volatile but neutral on a full year basis

All of these assumptions are subject to considerable uncertainty.

Group Financial Targets 2022

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  Targets 20221  Fiscal year 20212
Sales growth (in constant currency) Mid single-digit percentage growth €37,520 m
Net income3 growth (in constant currency) Low single-digit percentage growth €1,867 m
Dividend Continue profit-driven dividend policy Proposal + 5% per share
1 Before special items, including expected COVID-19 effects
2 Before special items, including COVID-19 effects 
3 Net income attributable to shareholders of Fresenius SE & Co. KGaA