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Outlook 2022

  Results 2021 (€ M) Outlook 2022
Revenue1 €17,619  Constant currency growth at low-single digit percentage rate
Net income1,2 €1,018  Constant currency decline at around high-teens percentage range


1 Basis 2021 and Guidance 2022 are exclusive of special items; Guidance 2022 is subject to the outlined assumption
2 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

Revised Outlook 2022 is based on the assumptions outlined in the earnings release for the second quarter and first half year 2022 and excludes special items.

Special items include further costs related to the FME25 Program, Humacyte Investment Remeasurement, Hyperinflation in Turkiye, the Impacts Related to the War in Ukraine and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

The growth rates are based on the results 2021 excluding the costs related to the FME25 Program (€63 M for operating income and €49 M for net income).

Assumptions FY2022 operating income:

  • Macro-economic inflation and supply chain costs of around EUR 220 M
  • COVID-19: Impact of accumulated excess mortality of around EUR 100 M
  • U.S. labor costs are expected to be around EUR 100 m net of support from U.S. Provider Relief Fund in excess of the 3% base wage inflation assumption
  • U.S. ballot initiative expense of EUR 20 to 30 M
  • Business growth of EUR 70 M
  • Personal protective equipment cost reduction to be around EUR 20 M
  • FME25 savings of EUR 40 to 70 M
  • Remeasurement effects on the fair value of investments are expected to be volatile but neutral on a full year basis; for guidance relevant comparison, the Humacyte investment remeasurement is treated as special item
  • No meaningful further impact from natural gas shortages or suspension of gas supply to affect manufacturing sites


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