Key figures |
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Change |
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€ million |
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2021 |
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2020 |
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€ million |
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% |
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Net sales |
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8,990 |
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7,515 |
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1,475 |
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19.6% |
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Operating result (EBIT)1 |
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2,479 |
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1,599 |
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880 |
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55.1% |
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Margin (% of net sales)1 |
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27.6% |
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21.3% |
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EBITDA2 |
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3,257 |
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2,387 |
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870 |
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36.4% |
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Margin (% of net sales)1 |
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36.2% |
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31.8% |
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EBITDA pre1 |
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3,286 |
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2,405 |
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881 |
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36.6% |
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Margin (% of net sales)1 |
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36.6% |
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32.0% |
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Development of sales and results of operations
In fiscal 2021, Life Science posted an organic sales growth of 21.3% with an unfavorable foreign exchange impact of -1.6%, resulting in a total growth of 19.6% compared to the previous year. All three business units contributed to the organic growth, with the by far largest contribution coming from Process Solutions and followed by Research Solutions. Overall, Life Science net sales increased to € 8,990 million (2020: € 7,515 million).
The development of sales in the individual quarters in comparison with 2020 as well as the respective organic growth rates are presented in the following graph:
Life Science
Net sales and organic growth1 by quarter2
€ million/organic growth in%
2 Quarterly breakdown unaudited.
Net sales by business unit1 |
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€ million |
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2021 |
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Share |
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Organic growth2 |
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Exchange rate effects |
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Acquisitions/ |
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Total change |
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2020 |
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Share |
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Process Solutions |
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4,645 |
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52% |
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31.0% |
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-1.8% |
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– |
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29.2% |
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3,595 |
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48% |
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Research Solutions |
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2,512 |
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28% |
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15.1% |
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-1.7% |
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– |
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13.4% |
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2,215 |
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29% |
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Applied Solutions |
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1,833 |
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20% |
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8.8% |
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-1.3% |
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– |
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7.5% |
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1,705 |
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23% |
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Life Science |
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8,990 |
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100% |
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21.3% |
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-1.6% |
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– |
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19.6% |
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7,515 |
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100% |
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The Process Solutions business unit, which markets products and services for the pharmaceutical production value chain, generated organic sales growth of 31.0%, which was the highest rate within the Life Science business sector. The business experienced strong demand in both core business and Covid-19- related product and service offerings. With an unfavorable foreign exchange effect of -1.8%, net sales resulted in € 4,645 million in fiscal 2021 (2020: € 3,595 million). Process Solutions thus accounted for 52% of Life Science total net sales (2020: 48%). All regions experienced double-digit organic sales growth within Process Solutions.
The Research Solutions business unit, which provides products and services to support life science research for pharmaceutical, biotechnology, and academic research laboratories, recorded an organic sales growth of 15.1% in 2021. This was mainly driven by strong demand in the core business. With an unfavorable foreign exchange effect of -1.7%, net sales totaled € 2,512 million (2020: € 2,215 million). Research Solutions thus accounted for 28% of Life Science total net sales (2020: 29%). Double-digit organic sales growth was reported for almost all regions with North America, Asia-Pacific and Europe leading the growth.
The Applied Solutions business unit with its broad range of products for researchers as well as scientific and industrial laboratories accounted for a 20% share of Life Science sales (2020: 23%). Applied Solutions recorded an organic sales growth of 8.8% in fiscal 2021. Including an unfavorable foreign exchange effect of -1.3%, sales totaled € 1,833 million (2020: € 1,705 million). From a regional perspective, the strongest growth drivers in Applied Solutions were North America and Latin America each with double-digit organic sales growth.
Net sales of the business sector by region developed as follows:
Net sales by region |
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€ million |
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2021 |
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Share |
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Organic growth1 |
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Exchange rate effects |
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Acquisitions/ divestments |
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Total change |
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2020 |
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Share |
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Europe |
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3,138 |
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35% |
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21.1% |
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0.3% |
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0.1% |
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21.5% |
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2,583 |
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35% |
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North America |
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3,187 |
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36% |
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22.0% |
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-4.0% |
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– |
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18.0% |
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2,701 |
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36% |
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Asia-Pacific (APAC) |
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2,286 |
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25% |
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21.0% |
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-0.7% |
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– |
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20.3% |
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1,900 |
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25% |
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Latin America |
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278 |
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3% |
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20.7% |
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-5.3% |
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– |
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15.3% |
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241 |
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3% |
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Middle East and Africa (MEA) |
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100 |
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1% |
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9.5% |
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2.6% |
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– |
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12.1% |
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89 |
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1% |
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Life Science |
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8,990 |
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100% |
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21.3% |
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-1.6% |
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– |
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19.6% |
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7,515 |
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100% |
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The following table presents the composition of EBITDA pre for 2021 in comparison with 2020. The International Financial Reporting Standards (IFRS) figures have been modified to reflect the elimination of adjustments included in the respective functional costs.
Reconciliation EBITDA pre1 |
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2021 |
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2020 |
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Change |
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€ million |
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IFRS |
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Elimination of adjustments |
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Pre1 |
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IFRS |
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Elimination of adjustments |
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Pre1 |
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Pre1 |
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Net sales |
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8,990 |
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– |
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8,990 |
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7,515 |
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– |
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7,515 |
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19.6% |
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Cost of sales |
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-3,577 |
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4 |
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-3,573 |
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-3,215 |
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5 |
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-3,210 |
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11.3% |
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Gross profit |
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5,413 |
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4 |
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5,417 |
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4,300 |
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5 |
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4,305 |
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25.8% |
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Marketing and selling expenses |
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-2,119 |
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5 |
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-2,114 |
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-1,995 |
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4 |
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-1,992 |
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6.1% |
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Administration expenses |
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-352 |
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22 |
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-331 |
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-354 |
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32 |
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-322 |
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2.9% |
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Research and development costs |
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-351 |
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1 |
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-349 |
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-313 |
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1 |
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-312 |
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11.8% |
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Impairment losses and reversals of impairment losses on financial assets (net) |
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-3 |
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– |
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-3 |
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-1 |
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– |
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-1 |
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>100.0% |
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Other operating income and expenses |
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-109 |
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7 |
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-102 |
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-38 |
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-21 |
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-59 |
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72.2% |
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Operating result (EBIT)1 |
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2,479 |
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1,599 |
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Depreciation/amortization/ impairment losses/reversals of impairment losses |
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778 |
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-11 |
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767 |
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789 |
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-3 |
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786 |
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-2.4% |
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EBITDA2 |
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3,257 |
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2,387 |
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Restructuring expenses |
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26 |
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-26 |
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– |
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16 |
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-16 |
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– |
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Integration expenses/IT expenses |
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21 |
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-21 |
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– |
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32 |
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-32 |
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– |
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Gains (-)/losses (+) on the divestment of businesses |
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– |
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– |
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– |
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– |
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– |
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– |
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Acquisition-related adjustments |
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-18 |
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18 |
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– |
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-30 |
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30 |
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– |
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Other adjustments |
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– |
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– |
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– |
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– |
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– |
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– |
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EBITDA pre1 |
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3,286 |
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– |
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3,286 |
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2,405 |
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– |
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2,405 |
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36.6% |
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of which: organic growth1 |
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37.7% |
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of which: exchange rate effects |
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-0.9% |
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of which: Acquisitions/ divestments |
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-0.2% |
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Adjusted gross profit increased by 25.8% to € 5,417 million (2020: € 4,305 million). The increase was mainly driven by a strong sales growth. Adjusted marketing and selling expenses increased by 6.1% to € 2,114 million (2020: € 1,992 million) due to higher logistics costs and increased personnel costs. Adjusted administration expenses increased by 2.9% to € 331 million (2020: € 322 million) and adjusted research and development costs increased by 11.8% to € 349 million (2020: € 312 million). EBITDA pre rose by 36.6% to € 3,286 million (2020: € 2,405 million) reflecting the strong performance of the Life Science business, both in the core business and from sales related to the Covid-19 pandemic. Organically, the EBITDA pre grew by 37.7% in 2021. The EBITDA pre margin, i.e. EBITDA pre as a percentage of net sales, improved to 36.6% (2020: 32.0%).
The development of EBITDA pre in the individual quarters in comparison with 2020 is presented in the following overview:
Life Science
EBITDA pre1 and change by quarter2
€ million/change in%
2 Quarterly breakdown unaudited.