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(Bloomberg) — Fresenius SE reported quarterly results that narrowly missed expectations as pricing pressure in China weighed on its clinical nutrition business.
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First-quarter earnings rose by 6% to €678 million ($795 million) before interest and taxes and on constant currency terms, the German company said Wednesday. That was below the €686 million average of analyst estimates compiled by Bloomberg.
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Revenue also grew slightly less than expected, even as strong performance in its Helios hospital business and intravenous drug unit Kabi supported overall growth. Fresenius confirmed its outlook for the year.
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Chief Executive Officer Michael Sen has been reshaping the company’s once-sprawling portfolio and is trying to drive profit by focusing on two units — Kabi, which makes biosimilars, medical devices and intravenous drugs, and the Helios hospital business. He reduced the company’s stake in dialysis provider Fresenius Medical Care AG last year.
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The hospital business, which is active in Spain and Germany, saw steady patient activity and benefited from surcharges on publicly insured patients in Germany. The unit has implemented an efficiency program that generated roughly €100 million in cost savings in 2025, following the end of energy-relief funding last year.
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Kabi, the more profitable unit, was supported by its biosimilar portfolio — copy-cat versions of off-patent drugs. The rheumatoid arthritis treatment Tyenne was a key driver, with strong uptake in the US and Europe.
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However, the unit was weighed down by pricing pressure in China, where a state tender reduced revenues for medical nutrition product Ketosteril.
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Helios could face headwinds from planned German healthcare reforms, which aim to curb cost growth across the system. While Fresenius acknowledged the sector pressure, it sees Helios as well positioned due to discipline on costs and investments in artificial intelligence.
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Fresenius also said it’s investing in Avelios Medical together with SAP SE, Europe’s largest software company, to develop an AI-powered digital healthcare platform for Germany and Europe. It didn’t provide financial details.
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