Sartorius Stedim Biotech Lifts FY21 Outlook; Stock Up

(RTTNews) - Shares of Sartorius Stedim Biotech (SDMHF) were trading 8 percent higher on Paris trading as the pharmaceutical and laboratory equipment supplier on Thursday raised its growth forecast for fiscal 2021, citing higher orders and projected strong demand.

The company now expects consolidated sales growth of around 38 percent, higher than the earlier announced 20-26 percent. The company also now expects an underlying EBITDA margin of around 33 percent, up from the previously announced 32 percent.

The projected growth is at constant currency basis.

The company said that a majority of the projected growth in business is due to the COVID-19 pandemic as many of its products are used in the manufacturing of vaccines. Sartorius Stedim will report its first quarter earnings on April 21.

In Paris, the company shares were trading at 365.60 euros, up 8 percent.