Slides
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Combined Annual Shareholders’ Meeting of Sartorius Stedim Biotech
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Opening of the meeting Dr. Joachim Kreuzburg, Chairman of the Board of Directors
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Board of Directors: Members and candidates standing for reelection or first-time appointment Dr. Joachim Kreuzburg Dr. René Fáber Pascale Boissel Dr. Lothar Kappich Cécile Dussart Christopher Nowers Mandate Chairman of the Board CEO Director Director Director Director Executive | Non-executive Non-executive Executive Non-executive Non-executive Non-executive Non-executive Independence x x ✓ x ✓ ✓ Age 59 49 58 67 60 61 Nationality German Slovak French German French British No. of mandates in non-Sartorius Group listed companies 0 0 2 0 1 0 Proposed term of office 2 years 4 years 4 years 4 years 3 years 3 years First Appointment 2007 2019 2019 2017 For election ‘25 For election ‘25 NewNew
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Cécile Dussart: Proposed for election to the Board of Directors ▪ Doctor of Pharmacy (PharmD.) ▪ Master’s degree, Marketing Pharmaceutique, ESCP Business School ▪ International Directors Programme, INSEAD Year of Birth: 1964 Nationality: French ▪ Strong industry expertise in biopharma ▪ Leadership in international enterprises and C-level experience ▪ Sustainability 30 years experience, e.g. in management roles at Swiss listed dermatology group Galderma and pharma companies Roche and Sanofi. Core CompetenciesEducation Professional Experience
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Christopher Nowers: Proposed for election to the Board of Directors ▪ BSc Hons degree in Biochemistry, University of Kent Year of Birth: 1963 Nationality: British Comprehensive experience in cell therapy and the broader pharma Industry incl. ONK Therapeutics, Autolus Therapeutics, Kite Pharma, Bristol Myers Squibb, Amgen and Zeneca Professional Experience Education Core Competencies ▪ Strong industry expertise in biopharma ▪ Leadership in international enterprises and C-level experience ▪ Strategy development and M&A ▪ Corporate Governance, compliance
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Agenda Ordinary Shareholders' Meeting ▪ Reading of the reports of the Board of Directors ▪ Reading of the reports of the Statutory Auditors ▪ Resolutions Nos. 3–18 02 Extraordinary Shareholders' Meeting ▪ Reading of the Reports of the Board of Directors ▪ Reading of the Special Report of the Statutory Auditors ▪ Resolutions Nos. 19–28 03 Extraordinary Shareholders' Meeting ▪ Reading of the report of the Board of Directors ▪ Resolutions Nos. 1–2 01
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Report of the CEO Dr. René Fáber
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Sartorius maintains a strong market position in a challenging industry environment
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Adjusted full-year targets achieved; profitability at robust level; significant business momentum in final quarter €2.8bn | 1% Sales revenue1 €2.8bn | +13% Order intake1 1.4 2.8 28.0% Underlying EBITDA margin 2019 2020 2021 2022 2023 2024 Sales revenue Ul EBITDA margin +85% ul. EBITDA growth 2024 vs. 2019 +93% Sales growth 2024 vs. 2019 1 Growth in constant currencies Underlying EBITDA: Earnings before interest, taxes, depreciation, and amortization and adjusted for extraordinary items
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Sich wechselseitig verstärkende Faktoren dämpfen Geschäftsentwicklung und erschweren Visibilität Industry gradually returning to its structural growth trend; successful efficiency measures Efficiency programSector | Macro Demand Market weakness in China Customers Consumables Equipment Biotech funding environment Geopolitics | Global economy ▪ Own inventories ▪ Purchasing ▪ Personnel capacities ▪ Stretched capacity expansion timeline >85 mio. € cost reduction
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An ambitious team of more than 9,900 people 99 Nationalities 6,223 9,901 2019 2020 2021 2022 2023 2024 ~3,700 new jobs 41% Academics Women in leadership 35% Internal management hires 77% As of December 31, 2024
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Significant investments in technologies and growth Customer proximity Global resilience Operational excellence Redundant capacity ~€340mn Capex in 2024 Opened 2024 Ongoing expansions Marlborough, USA Center for Bioprocess Innovation Göttingen, Germany Filters Freiburg, Germany Cell culture components Songdo, Südkorea Media, bags, filters Aubagne, Frankreich Bags | fluid management products
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Flexibility and resilience through 30+ production sites globally Göttingen Guxhagen Yauco Marlborough Aubagne Beijing Shanghai Bangalore Freiburg Strasbourg Stonehouse Mohamdia Beit HaemekNew Oxford Nottingham Glasgow Umeå Ajdovščina Bielefeld JenaUlm Songdo Sales revenue by region Asia | Pacific ~23% Americas ~35% EMEA ~42% As of December 31, 2024
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0.69 0.69 Dividend per share in € Dividend proposal 1 4.19 3.49 Underlying earnings per share in €1 2023 2024 1 Profit for the period after non-controlling interest, adjusted for extraordinary items and amortization, as well as based on t he normalized financial result and the normalized tax rate.
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Our mission Better Health for More People
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Biologics have revolutionized the treatment of serious diseases Improved survival rate in cancer patients Better quality of life for people with autoimmune diseases Treatment of genetic defects 1 https://pubmed.ncbi.nlm.nih.gov/26099745/ 2 https://dgn.org/junge-neurologie/multiple-sklerose/ 3 Verbesserung ohne permanente Atemunterstützung, https://www.zolgensma.com/zolgensma- studies/symptomatic-study-results Increase in the five-year survival rate from 75% to >90 % for HER2-positive breast cancer1 Reduction in relapses of >60 % in multiple sclerosis2 Increase in survival rate from 25 % to >90 % of infants with spinal muscular atrophy3
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But for most patients, these medications are not available https://wellcome.org/reports/expanding-access-monoclonal-antibodies 80% | 15% U.S., Canada and Europe 20% | 85% Rest of World Share of global sales of monoclonal antibodies | Share of world population
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The reason: biotech medications are highly effective, but expensive ~12,000 € Annual cost of treatment in Germany1 ~4.25 Mio. $ One-time treatment in the USA3 Blood cancer Leukodystrophy ~240,000 € One-time treatment in Germany2 CAR-T cell therapy Gene therapyMonoclonal antibodies Rheumatism 1 AOK, 2025 2 Charité, 2025 3 MIT Technology Review, 2024
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Long development times, complex production Drug discovery Process developmentProduct development Production >10 years Discovery to approval ~10% Probability of approval after successful phase I >€2bn ∅ development costs Schematic example of biological drug development using data from the Association of the British Pharmaceutical Industry
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Faster development of new drugs; higher efficiency in production Simplifying Progress Faster development of new drugs; higher efficiency in production
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Innovations for faster results, higher yields, less use of resources Single-use- technologies Process intensification Data analyticsAutomation
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2025 Pionic® Platform for continuous bioprocesses Intensified processes can halve costs and triple productivity Today Batch production Future Continuous production CO2 emissionen -20% Productivity x3 Process footprint -60% COGS -50% In collaboration with
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Enabling advanced therapies through dedicated solutions Immature processes of Advanced Therapies ▪ High manufacturing costs ▪ Platforms not yet established ▪ Low yields ▪ Lack of process robustness Media & reagents Up & downstream solutions Services Control Optimized conditions V g/mL (qPCR) ~15x Higher yields Example: Viral vector process development High need for innovation
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Pioneering sustainable materials: First PFAS-free filters as well as products made from non-fossil plastics Flexsafe® bags 71% Vivaflow® single-use filters 90% Sartopore® Evo filter PFAS-free Ambr® vessels 85% Share of renewable plastics
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Sartorius evaluates and adresses ESG impacts, risks and opportunities ▪ Sustainable input materials ▪ Miniaturization ▪ Design for recycling ▪ Packaging optimization, ... ▪ Supplier engagement ▪ Sustainable logistics, ... ▪ Renewable energy ▪ Resource management ▪ Sustainable construction, … ▪ Trainings, EHS & HR programs, ... Activities Design for sustainability Sustainability in supply chains Sustainable manufacturing Culture, Safety & Development Programs Net zero CO2-emissions by 2045 Improved resource use and circularity Reduced impacts on nature and biodiversity Good working conditions along the value chain Ambitions Climate Change Ressources & circularity Pollution (Own) Workforce Governance
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Sartorius Stedim Biotech is contributing to the implementation of the climate strategy of its parent company Sartorius AG Emission development Sartorius AGClimate strategy Sartorius AG ▪ Reduce CO2eq emission intensity by on average 10% per year by 2030 (g CO2eq / € revenue) ▪ Reduce avoidable scope 1 & 2 emissions to zero by 2030 ▪o 100% renewable electricity by 2030 ▪ Net-zero by 2045 297 g Co2eq /€ 205 g Co2eq /€ CO2-Emission intensity 536,232 t CO2eq 692,572 t CO2eq Total emissions 2019 20242019 2024 n/a -7.8% CAGR to 2019 CO2eq emission intensity 2019 2024 25,777 t CO2eq 28,691 t CO2eq Avoidable scope 2 emissions 2019 2024 12,359 t CO2eq 13,762 t CO2eq Avoidable scope 1 emissions 2019 2024
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Ambitious targets based on strong market trends
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Growing and aging population1 Biologics gaining in importance2 Health is and will remain one of the most relevant global topics 9.5bn World population in 2050 Significant market growth3 ~28% ~44% 2014 2024 Share biologics in R&D pipeline ~10% CAGR for the biopharma market 2023-2028 >1.6bn People over 65 years 1 United Nations: World Population Prospects, 2024 2 Citeline, 2024 3 Company estimates based on industry reports (e.g. IQVIA, Evaluate Pharma, GlobalData) 2024
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Greater diversity of modalities, rapid pace of innovation, attractive market growth 1 Global Data 2024 2 Includes CDER and CBER approvals 3 Own estimate based on EvaluatePharma 2023, IQVIA 2023, Global Data 2023, Roots Analysis 2021, Markets & Markets 2023 & Markets 2023 Increasingly innovative and diverse pipeline1 1 ▪ Record number of biologics approvals: 47 in 2024 (2023: 41) 2 ▪ Including 9 new cell and gene therapies (2023: 7) ~30% Advanced therapies ~70% Other biologics Pillars of growth CAGRs 2022–20273 Pharma market Biopharma market Biosimilars Single-use Cell & Gene therapies ~3-6% ~10% ~15% ~15% ~20%
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Deliberately cautious 2025 outlook Moderate, profitable sales growth above market level Growth mainly driven by consumables Further organic reduction of debt leverage Capex ratio approx. on prior-year level Sales revenue & profitability Leverage & Capex ratio Market Life Science market expected to grow, but yet remaining below long-term average
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Sartorius Stedim Biotech is very well positioned for further sustainable profitable growth Ambitious team, strong customer focus Strong fundamental growth drivers Competitive, differentiated product portfolio Clear strategy, consistent implementation High-performance, resilient production and R&D infrastructure 2 1 3 High share of recurring revenues
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Thank you for your attention