2022 Annual Report
Sartorius Group

Key Figures
All figures are stated in millions of € according
to IFRS, unless otherwise specified
2022
Δ in %
2021
2020
2019
2018
Order intake, sales revenue and earnings
Order intake
4,007.3
-6.1
4,267.9
2,836.3
1,939.5
1,662.5
Sales revenue
4,174.7
21.0
3,449.2
2,335.7
1,827.0
1,566.0
Underlying EBITDA1
1,410.4
20.0
1,175.0
692.2
495.8
405.0
Underlying EBITDA1 as a % of sales revenue
33.8
-0.3pp
34.1
29.6
27.1
25.9
Relevant net profit2
655.4
18.4
553.4
299.3
209.4
175.6
Earnings per ordinary share2 (in €)
9.57
18.4
8.08
4.37
3.06
2.56
Earnings per preference share2 (in €)
9.58
18.4
8.09
4.38
3.07
2.57
Dividend per ordinary share (in €)
1.43³
14.4
1.25
0.70
0.35
0.61
Dividend per preference share (in €)
1.44³
14.3
1.26
0.71
0.36
0.62
Net worth and financial position
Cash flow from operating activities4
734.2
-15.9
873.2 
511.5
377.2
244.5
Capital expenditures as a % of sales
12.5
0.7pp
11.8
10.3
12.3
15.2
Net debt
2,375.3
37.1
1,732.7
1,883.9
1,014.0
959.5
Ratio of net debt to underlying EBITDA5
1.7
1.5
2.6
2.0
2.4
Equity ratio (in %)
38.1
7.9pp
30.2
30.8
38.1
38.5
Total number of employees as of December 31
15,942
15.3
13,832
10,637
9,036
8,125
Bioprocess Solutions Division
Order intake
3,122.7
-10.4
3,483.5
2,238.1
1,457.6
1,233.7
Sales revenue
3,326.5
22.0
2,727.0
1,782.6
1,350.5
1,143.1
Underlying EBITDA1
1,188.4
20.5
986.3
575.9
393.1
326.9
Underlying EBITDA1 as a % of sales revenue
35.7
-0.5pp
36.2
32.3
29.1
28.6
Lab Products & Services Division
Order intake
884.6
12.8
784.4
598.2
481.9
428.8
Sales revenue
848.2
17.4
722.2
553.0
476.5
423.0
Underlying EBITDA1
222.0
17.6
188.8
116.3
102.7
78.1
Underlying EBITDA1 as a % of sales revenue
26.2
0.1pp
26.1
21.0
21.6
18.5
1 	 Underlying = excluding extraordinary items
2 	 After non-controlling interest, adjusted for extraordinary items and amortization, as well as based on a normalized financial result and a  
	
normalized tax rate
3 	 Amounts suggested by the Supervisory Board and the Executive Board of Sartorius AG
4 	 Interest received are reported under cash flows from operating activities since fiscal 2022. The prior year figure was restated accordingly. 
5 	 EBITDA includes underlying pro forma EBITDA contributed by acquisitions for this period
Sartorius Shares in Comparison to the DAX (indexed)
0
200
400
600
800
1,000
1,200
Preference Share
DAX
Ordinary Share
2022
2018

Strong Presence in All Major Biopharma Markets
Sales revenue 
Employees	
1870
60+
>15,900
~18%
+13.7pp
~€24.1bn
Founded by Florenz Sartorius,
headquartered in Göttingen, Germany
Production and sales sites worldwide
Sartorius AG market capitalization; 
listed on the DAX and TecDAX
Employees
Change in underlying  
EBITDA margin 2012-2022
Sales CAGR 2012-2022
Sales growth for continued operations, at constant exchange rates; underlying = excluding extraordinary items
Americas
21%
37%
Asia | Pacific 
14%
26%
EMEA
65%
37%

Innovative Solutions for Better Medications
With its pioneering spirit and a profound understanding of customer requirements, Sartorius has 
evolved throughout its 150-year history into a key partner for biopharmaceutical research and 
the industry. Our goal is to make complex and expensive development of biotech medicines 
and their production safer and more efficient. We cover the entire value-added chain of the 
biopharmaceutical industry and help with our products and services to ensure that novel therapies 
and vaccines reach the market faster and are accessible to more people worldwide.
See page 26, Sartorius Group at a Glance 
Mission
We empower scientists and engineers 
to simplify and accelerate progress 
in life science and bioprocessing, 
enabling the development of new  
and better therapies and more 
affordable medicine.
Vision
We are a magnet and dynamic platform 
for pioneers and leading experts in our 
field. We bring creative minds together 
for a common goal: technological 
breakthroughs that lead to better health 
for more people.

Bioprocess Solutions 
In the Bioprocess Solutions Division,  
Sartorius offers a broad product portfolio 
that covers all steps in the production of 
a biopharmaceutical. The company has 
held leading market positions for years 
in its core technologies, such as filtration, 
fermentation, cell cultivation and fluid 
management.
The Lab Products & Services Division  
of­fers laboratories in the pharmaceutical 
and biopharmaceutical industries as 
well as at academic research institutes 
innovative solutions for bioanalytics, in 
addition to premium laboratory products, 
consumables and services. Sartorius is 
among the market leaders in laboratory 
balances, pipettes and lab consumables.
Lab Products 
& Services
~85%
with life science customers
Sales 2022
~€4.17bn 
We Operate in Two Divisions With a Clear Focus on the Life Science Industry
20% 
Lab Products & Services Division
80%
Bioprocess Solutions Division

Inhalt
Mission & Vision	
4
To Our Shareholders 	
7
Report of the Executive Board	
8
Executive Board	
10
Report of the Supervisory Board	
11
Sartorius Shares	
16
Combined Group Management Report	
22
Structure and Management of the Group	
23
Business Model, Strategy and Goals	
26
Research and Development	
32
Macroeconomic Environment 	
33
and Conditions in the Sectors
Group Business Development	
38 
Net Worth and Financial Position	
49
Business Development of	
54
Bioprocess Solutions	
Business Development of	
59
Lab Products & Services 
Assessment of Economic Position	
64
Annual Financial Statement of	
66
Sartorius AG
Opportunity and Risk Report	
70
Forecast Report	
83
Description of the Key Features of the 	
88
Internal Control System
Explanatory Report of the Executive	
91
Board on the Disclosures Pursuant to
Section 289a and 315a of the German
den Angaben gem. §§ 289a, 315a HGB
Commercial Code (HGB)
Corporate Governance Report  	
93
Sustainability	
104
Non-financial Group Statement	
106			
107			
109				
122			
130		
Sustainability Management 
Development of the  
Strategic Sustainability Topics 
EU Taxonomy Regulation 
Notes on the Calculation  
of GHG Emissions 
Independent assurance 
practitioner's report 		
133
Remuneration Report	
137
Report of the Independent Auditor	
164
Consolidated Financial Statements	
166
and Notes	
Statement of Profit or Loss |	
167 
Other Comprehensive Income
Statement of Comprehensive Income	
168
Statement of Financial Position	
169
Statement of Cash Flows	
170
Statement of Changes in Equity	
171
Notes to the Financial Statements	
174
Notes to the Statement of Profit or Loss	
189
Notes to the Statement of Financial Position	
194
Other Disclosures	
229
Independent Auditors´ Report	
232
Executive Board and Supervisory Board	
240
Declaration of the Executive Board	
249
Supplementary Information	
250
Glossary	
251
Financial Schedule	
257
Sartorius
Geschäftsbericht 2022   Inhalt     6

To Our Shareholders

Sartorius
To Our Shareholders   Report of the Executive Board
8
 
 
Start
Report of the Executive Board 
 
Dear Shareholders and Business Partners, 
 
With its products and solutions for more efficient development and production of medicines and vaccines, 
Sartorius is directly addressing the third Sustainable Development Goal of the United Nations: “Ensure healthy 
lives and promote well-being for all at all ages.” Our focus on the biopharmaceutical industry is also one reason 
why we again performed strongly in 2022 following two exceptionally dynamic years. Sales revenue rose  
15 percent in constant currencies to almost 4.2 billion euros, with broad-based growth across our portfolio and 
all geographies in a challenging environment, and we currently see ourselves as being a good year ahead of 
our mid-term plan. While growth in the lab division was even slightly stronger than forecast, the bioprocess 
division was influenced by the expected normalization of demand. At 33.8 percent, the underlying EBITDA 
margin achieved in 2022 was close to the high prior-year level, even though we saw the expected significant 
increase in costs. 
We continued to substantially invest in new capacities last year and spent more than half a billion euros in 
capital expenditures, primarily to expand production across all geographies, in particular in Germany, Puerto 
Rico, the United States, France and China. We also completed three acquisitions that add innovative and 
complementary products to our portfolio. We expanded our bioanalytics offering by acquiring a majority stake 
in ALS Automated Lab Solutions and strengthened our downstream business with the purchase of Novasep’s 
chromatography division. Albumedix adds a critical component for the manufacture of innovative 
biopharmaceuticals to our portfolio, particularly for modalities such as cell therapies, viral therapies, and 
vaccines. We also expect the partnership with the BICO Group agreed upon in December to provide valuable 
input for innovative applications in research and development, for example in the field of 3D cell printing. 
Along with the continued expansion and sales revenue growth came an increase in the number of employees 
by more than 2,100 to around 16,000 at the end of December 2022. In light of the normalizing demand 
situation, we have adjusted the pace of recruitment, setting the focus on training and fully integrating the 
many new employees who have joined us, as well as on consolidating our organization and its processes. 
Due to the significant political and economic uncertainties, the capital market sentiment was negative overall 
last year. Shares of growth companies were also burdened by interest rate increases. On top of this, there was 
a certain level of uncertainty among investors around the short-term growth prospects of biopharma suppliers 
in the context of the transition into a post-pandemic phase. In light of this challenging environment, the 
Sartorius preference share ended 2022 at a price of 369.40 euros, down around 38 percent year over year. The 
ordinary share closed 33 percent lower at 334.50 euros.

Sartorius
To Our Shareholders   Report of the Executive Board
9
 
 
Start
 
 
 
 
 
In the two previous years, the pandemic had led to high demand from coronavirus vaccine manufacturers. In 
addition, customers placed their orders earlier and, in some cases, increased their inventories in view of the 
strained supply chains. In 2022, the expected normalization of demand set in, and Covid-19-related sales 
revenues experienced significant declines; similarly, some customers have started to reduce their inventories 
again. We expect the normalization of demand to continue for some time and thus anticipate sales revenue 
growth in the low single-digit percentage range for the current year. Excluding the Covid-19-related business, 
the increase should be in the high single-digit range. We aim to maintain our profit margin at around the high 
prior-year level. The investment level will also remain high; we expect the CAPEX ratio to be around  
12.5 percent again in 2023. 
The fundamental growth drivers in our markets are fully intact. Demand for biopharmaceuticals is increasing 
in all indication areas and regions, and at the same time, the biotech industry is in an extraordinarily innovative 
phase. We are excellently positioned to support our customers in their endeavors and to seize the 
opportunities that arise from this. Substantial investments in capacities and acquisitions that expand our 
capabilities will therefore remain part of our growth strategy.  
While our basic assessment of medium-term market growth remains unchanged, we have raised our sales 
revenue forecast for 2025 to around 5.5 billion euros to reflect higher price levels caused by inflation. At the 
same time, we have confirmed our 2025 profitability expectation of an underlying EBITDA margin of around 
34 percent.  
The peak phases of the pandemic posed a considerable challenge to everyone. At the same time, our 
employees experienced what kind of extraordinary challenges we can master as a team. On behalf of the 
Executive Board, I would like to express my sincere thanks and appreciation for the exceptional performance 
the global Sartorius team continued to deliver in 2022. 
I would also like to sincerely thank you, our valued customers, business partners, and shareholders. The trust 
you have placed in Sartorius, often for many years, has been a fundamental driver of the company’s positive 
performance. It would be our great pleasure to have you continue to accompany us on our journey in 2023 
and beyond. 
Sincerely,  
 
 
 
Dr. Joachim Kreuzburg 
Chief Executive Officer

Sartorius
To Our Shareholders   Report of the Executive Board 10
Executive Board
The Group’s central management entity is the Executive Board of Sartorius AG. It defines the strategy, is 
responsible for the operational management of the Group and controls the distribution of resources within the 
organization.
Joachim Kreuzburg
CEO
Group Strategy, Human Resources, Corporate  
Research, Legal & Compliance, Communications, 
Sustainability
Board member since 2002
Rainer Lehmann
Member of the Board
Finance, Information Technology,  
Data Management, Corporate Sourcing
Board member since 2017
René Fáber
Member of the Board
Head of Bioprocess Solutions
Board member since 2019
Gerry Mackay
Member of the Board
Head of Lab Products & Services
Board member since 2019

Sartorius
To Our Shareholders   Report of the Supervisory Board
11
 
 
Start
Report of the Supervisory Board 
 
Dear Shareholders and Business Partners, 
Here at Sartorius, we can once again look back on another extremely successful year. With consolidated sales 
revenue of approximately 4.2 billion euros, the company grew profitably in both divisions, despite demand 
normalizing after many countries recovered from the COVID-19 pandemic as well as the difficult new 
challenges posed by a markedly different environment, both geopolitically and macroeconomically.  
In 2022, the Supervisory Board intensively dealt with the situation and prospects of the company. We advised 
the Executive Board on corporate management and performed the tasks assigned by German corporate law 
and the company’s Articles of Association. The Executive Board informed us regularly by providing prompt 
and comprehensive reports, both written and verbal, about all relevant corporate planning and strategic 
development issues, the progress of business in the divisions, the situation of the Group, including its risk 
situation, risk management and internal control systems, as well as about compliance. The health situation 
among the workforce and measures to safeguard supply chains and a stable energy supply were also on the 
agenda. The company’s significant transactions were discussed in depth by the respective committees 
responsible as well as by the full Supervisory Board, on the basis of the reports provided by the Executive 
Board. Following thorough review of the Executive Board’s reports and proposed resolutions, we voted on 
these to the extent that our vote was required. 
Our cooperation with the Executive Board was always characterized by openness, constructive dialogue,  
and trust. 
Focus of the Supervisory Board’s Conferences 
The Supervisory Board held six meetings in the reporting year, all six of which were attended by all of its 
members. Four meetings were held as in-person meetings, and two were held in the form of a 
videoconference. A list of the participants that attended the Supervisory Board meetings and the meetings of 
the Supervisory Board committees can be found on the company’s website and on page 14  of this report. The 
Executive Board attended the majority of our meetings; where matters relating to the Executive Board, 
internal Supervisory Board matters, or selected special topics were discussed, we met to discuss the relevant 
agenda items without the participation of the Executive Board.  
At our meeting on February 10, 2022, we comprehensively discussed the annual and consolidated financial 
statements for fiscal 2021 and endorsed them based on the reports given by the Audit Committee and the 
independent auditors who were present during this item of the agenda. After the independent auditors’ report 
and deliberations were held, we also endorsed the Non-Financial Group Statement for the reporting year.

Sartorius
To Our Shareholders   Report of the Supervisory Board
12
 
 
Start
 
 
 
 
 
 
Beyond this, we conferred about and approved the agenda, along with the proposed resolutions, for the 2022 
Annual General Meeting, including the proposal for appropriation of the annual profit, as well as the 
remuneration policy for the Executive Board members. In view of the pandemic that was still ongoing at the 
time, we decided together with the Executive Board to hold the Annual General Meeting virtually again and 
conferred in detail regarding how the rights of shareholders, in particular the right to ask questions, could be 
considered in the best possible way. Corresponding principles were adopted. A discussion of various 
acquisition opportunities was also on the agenda.  
Following the preceding regular elections of employee and shareholder representatives in March 2022, the 
new Supervisory Board held its first meeting on March 25, 2022 and elected the chair, vice-chair, and members 
of the committees. Furthermore, in light of the war in Ukraine and its consequences, the company’s senior 
management informed us about various aid measures taken by Sartorius, the restriction of business activities 
in Russia, and how the company was preparing for a possible energy shortage, especially at its sites in Germany. 
We also received an overview of various financing matters and, in this context, we approved the conclusion of 
a new syndicated loan agreement and further loan agreements. Another area of discussion was the 
involvement of external expertise in the self-assessment of the Supervisory Board’s work and in reviewing 
whether the compensation paid to the Executive Board and Supervisory Board is appropriate.  
At our meeting on July 12, 2022, the Executive Board provided us with an overview of the status of various 
strategic initiatives and projects. Among other projects, the potential acquisition of the British company 
Albumedix was presented and discussed. We also received a detailed status report on the sustainability 
strategy and various sustainability initiatives implemented by the company.  
At a meeting on August 3, 2022, the Supervisory Board adopted a resolution, after renewed thorough 
consideration, to approve the acquisition of Albumedix, which will significantly expand the portfolio of the 
Bioprocess Solutions Division, particularly for applications in advanced therapies.   
At a further Supervisory Board meeting on September 15, 2022, which was also attended by a number of senior 
executives from Business Development, Marketing, and Sales, we discussed corporate strategy issues, 
potential portfolio additions in both divisions, and selected regional focus topics in detail. In addition, the 
Executive Board briefed us on matters relating to human resources strategy and employee development and 
retention programs, as well as succession planning. The results of the Executive Board and Supervisory Board 
compensation benchmarking were another point of discussion.  
At the Supervisory Board meeting on December 8, 2022, we discussed the results of the self-assessment of 
the Supervisory Board’s work and modifications to our Board’s competence profile and rules of procedure. We 
also adopted the Declaration of Compliance for 2022 and discussed recommendations by the Executive Task 
Committee on the target agreements for the members of the Executive Board in 2023, which were 
subsequently adopted outside of a meeting in writing. In addition, we discussed matters relating to succession 
planning on the Executive Board, Executive Board compensation, and selected companies for the peer group

Sartorius
To Our Shareholders   Report of the Supervisory Board
13
 
 
Start
comparison for Executive Board compensation. Beyond this, we obtained information on progress being 
made with respect to our sustainability strategy and programs. We approved the Executive Board’s plan to 
acquire an equity interest in the Swedish company BICO Group AB in connection with a sales and 
development partnership. We also approved the budget for 2023, which we had previously discussed in 
depth.   
Activity Report of the Committees 
Four committees support the work of the Supervisory Board. These prepare topics for discussion by the full 
Supervisory Board and, where permissible, make decisions in individual cases instead of the full Supervisory 
Board. The committee chairpersons reported regularly to the Supervisory Board on the details of their 
committee work. 
The Executive Task Committee held three meetings in the reporting year, all of which were held in person. Its 
discussions primarily focused on the company’s various strategic actions as well as on Executive Board 
matters, particularly on preparation of resolutions on Executive Board remuneration. In addition, the 
committee dealt with the system on promotion of managers, succession planning for selected functions, as 
well as the topics of risk management and compliance. In addition, the committee conferred on the 
implementation of various regulatory changes to prepare for the discussions and the resolutions to be taken 
by the full Supervisory Board. 
The Audit Committee held four meetings during the reporting year, two of which were held in person and two 
in the form of a videoconference. The committee prepared for the full Supervisory Board’s conference on 
endorsement and approval of the consolidated annual financial statements for fiscal 2021 and discussed the 
quarterly results and the first-half financial report of 2022. Additional focal points were monitoring the 
effectiveness of the Group-wide risk management and internal control system. The committee also discussed 
matters relating to Group financing, IT security, and the company’s sustainability management. 
Beyond these items, the committee reviewed the Internal Auditing Department report, which did not indicate 
any material discrepancies in business transactions, and also considered the department’s plans for the 
upcoming months. With respect to the audit of the annual financial statements for fiscal 2022, the committee 
confirmed the independence of the auditors and deliberated in detail on selecting auditors to recommend at 
the Annual General Meeting for appointment and commissioning to perform an audit review, as well as on 
defining and monitoring the audit procedure and the focal points of the audit. 
The Nomination Committee and Conciliation Committee did not meet in 2022.

Sartorius
To Our Shareholders   Report of the Supervisory Board
14
 
 
Start
Individual Meeting Attendance of the Supervisory Board Members 2022 
 
 
 
Supervisory Board Member 
Meetings
Executive Task 
Committee
Audit Committee
Lothar Kappich 
6/6
3/3
4/4
Manfred Zaffke 
6/6
3/3
4/4
Annette Becker  
6/6
3/3
--
David Raymond Ebsworth 
6/6
--
--
Daniela Favoccia 
6/6
--
--
Petra Kirchhoff 
6/6
--
--
Dietmar Müller  
6/6
--
4/4
Ilke Hildegard Panzer 
6/6
--
--
Hermann-Jens Ritzau 
6/6
--
--
Klaus Rüdiger Trützschler 
6/6
3/3
4/4
Frank Riemensperger (member since March 25, 2022) 
5/6
--
--
Sabrina Wirth (member since March 25, 2022) 
5/6
--
--
Karoline Kleinschmidt (member until March 25, 2022) 
1/6
--
--
Thomas Scheper (member until March 25, 2022) 
1/6
--
--
 
Training and Further Education Measures 
As a matter of principle, the members of the Supervisory Board proactively undertake the training and further 
education measures required for their duties. To the extent necessary, the company provides organizational 
support and assumes the costs. When new members join the Board, they are provided extensive 
documentation to help them familiarize themselves with their new position, and onboarding meetings are also 
held to familiarize them with the company’s business model and organizational structures. During the 
reporting year, the members of the Audit Committee also attended a training seminar on legal innovations 
resulting 
from 
Germany’s 
Financial 
Market 
Integrity 
Strengthening 
Act 
(Finanzmarktintegritätsstärkungsgesetz) and on the EU taxonomy.  
Audit of the Annual and Consolidated Financial Statements; Review of 
the Non-Financial Group Statement 
The annual and consolidated financial statements prepared by the Executive Board for fiscal 2022 and the 
management report of Sartorius AG were reviewed by the independent auditing company KPMG AG 
Wirtschaftsprüfungsgesellschaft based in Hanover, Germany. This company had been commissioned by the 
Audit Committee of the Supervisory Board pursuant to the resolution passed at the Annual General Meeting  
on March 25, 2022. The independent auditors issued an unqualified audit certificate.  
The auditors attended the Audit Committee meeting on February 9, 2023, and the Supervisory Board 
Meeting on February 10, 2023, and reported on the essential results of their audits.  
Sufficient time was allotted for discussion of all issues with the auditors. Written information and audit reports 
had been sent to all Supervisory Board members on time and were discussed in detail during the meetings 
mentioned. On the basis of its own examination of the annual Sartorius AG and consolidated financial 
statements, the Sartorius AG management report and the Group management report, the Supervisory Board 
concurred with the results of the audit conducted by KPMG and, at the meeting on February 10, 2023, 
endorsed the financial statements of Sartorius AG and the Group on recommendation by the Audit 
Committee. The annual financial statements were thus approved. The Supervisory Board and the Executive

Sartorius
To Our Shareholders   Report of the Supervisory Board
15
 
 
Start
Board will submit a proposal at the Annual General Meeting on March 29, 2023, to pay dividends of €1.44 per 
preference share and €1.43 per ordinary share to shareholders from the retained profit. 
Furthermore, the Executive Board submitted a Non-Financial Group Statement based on the German Law to 
Strengthen Companies’ Non-Financial Reporting to implement the EU CSR Directive. The content of this 
statement was submitted to a voluntary review by KPMG AG Wirtschaftsprüfungsgesellschaft based on a 
limited assurance engagement. On the basis of this review, KPMG issued an unqualified opinion. The auditing 
company attended the Supervisory Board meeting on February 10, 2023, and reported on the results of its 
audit review. Following intensive discussions and examination, the Non-Financial Group Statement was also 
endorsed by the Supervisory Board members. 
Composition of the Supervisory Board and the Executive Board 
In fiscal 2022, new elections were held for the shareholder and employee representatives on the Supervisory 
Board. On the shareholders’ side, Professor Dr. Thomas Scheper, and on the employees’ side, Karoline 
Kleinschmidt, both stepped down from the Supervisory Board at the end of the Annual General Meeting on 
March 25, 2022. We would like to thank Professor Scheper and Ms. Kleinschmidt for their many years of 
dedicated service on our Board. Frank Riemensperger and Sabrina Wirth from the Sartorius workforce were 
elected as their successors by the Annual General Meeting, and they took office at the Supervisory Board 
meeting on March 25, 2022. The other shareholder and employee representatives were all reelected. The 
composition of the Executive Board did not change in 2022.  
We would like to express our sincere thanks to the Executive Board and all Sartorius employees worldwide for 
their extremely dedicated and successful work in the past fiscal year. We would also like to thank our 
shareholders for the confidence they have once again shown in the company. 
Hamburg, February 2023 
On Behalf of the Supervisory Board 
 
 
 
 
Dr. Lothar Kappich 
Chairman

Sartorius
To Our Shareholders   Sartorius Shares
16
 
 
Start
Sartorius Shares 
Downturn in Global Stock Markets 
International stock markets recorded price declines the reporting year in the face of significant political and 
economic uncertainties. In addition to the war in Ukraine and the ongoing coronavirus pandemic, high inflation 
rates, rising interest rates, the slowdown in economic growth, and an increased risk of recession weighed on 
stock market sentiment. In this environment, almost all major benchmark indices experienced a downturn. The 
Dow Jones ended the year at 33,147 points and down 8.8%. The MSCI Europe closed out the year 
approximately 10.9% lower at 1,723 points. Germany’s benchmark index DAX and the technology index 
TecDAX, which both include Sartorius preference shares, also posted losses of 12.3% to 13,924 points and 
25.5% to 2,921 points, respectively. 
Price of Sartorius Shares Declines 
The two classes of Sartorius AG shares, which generated significant gains in 2021, lost considerable ground in 
this market environment. Influencing factors included rising key interest rates, which led to capital outflows 
from the equity markets and weighed particularly heavily on the prices of growth and biotech stocks. In 
addition, investors faced a degree of uncertainty, particularly with regard to the short-term growth prospects 
of biopharma suppliers, triggered by the decline in pandemic-related business and the anticipated reduction 
in customer inventories. The company’s preference share closed the 2022 stock-market year at €369.4 – down 
37.9% year over year. The ordinary share closed around 33.0% lower at €334.5. 
Sartorius AG preference shares have been listed in the German DAX share index since 2021, and are also 
included in the TecDAX. The preference shares ranked 33 in the DAX and 6th in the TecDAX at year-end based 
on the free float market capitalization criterion.  
Facts about the Shares 
 
ISIN 
DE0007165607 (ordinary shares)
  
DE0007165631 (preference shares)
Designated sponsor 
Oddo Seydler Bank AG | M.M. Warburg & Co. (AG & Co.) KGaA
Market segment 
Prime Standard
Indexes 
DAX | TecDAX | MSCI Germany Index | CDAX | Prime All Share-Index | Technology All Share-
Index | NISAX20 | STOXX Europe 600 | DAX 50 ESG
Stock exchanges 
XETRA | Frankfurt Main | Hanover | Hamburg | Berlin | Munich | Düsseldorf | Stuttgart | Tradegate
Number of shares 
74,880,000 no-par individual share certificates with a calculated par value of €1 per share
Of which 
37,440,000 ordinary shares
  
37,440,000 preference shares
Of which shares outstanding 
34,226,009 ordinary shares
  
34,189,853 preference shares

Sartorius
To Our Shareholders   Sartorius Shares
17
 
 
Start
 
 
 
 
Source: Nasdaq 
 
400
600
800
January 1, 2018 to December 31, 2022
Sartorius Shares in €
0
200
Preference Share
2018
2022
2021
2020
2019
Ordinary Share
1,000
January 1, 2022 to December 31, 2022
Sartorius Shares in Comparison to DAX and MSCI Europe Index (indexed)
Preference Share
Ordinary Share
January
December
September
June
March
DAX
MSCI Europe Index
50
75
100
0
25
125

Sartorius
To Our Shareholders   Sartorius Shares
18
 
 
Start
Market Capitalization and Trading Volume 
The market capitalization of Sartorius AG based on the number of ordinary and preference shares outstanding 
fell in the reporting year by around 35.7% to €24.1 billion as of December 31, 2022, compared with €37.4 billion 
a year earlier.  
The average number of preference shares traded daily on the Frankfurt Stock Exchange (Xetra and trading 
floor) was 89,710 during the reporting period, compared with 65,581 in the previous year. The trading volume 
was €8.9 billion (2021: €7.9 billion).  
Due to the low free float of Sartorius’ ordinary shares, they are traded only to a limited extent. Thus, the average 
number of ordinary shares traded daily was 5,070 compared with 4,244 in the previous year. The 
corresponding trading volume was around €433.5 million (2021: €577.7 million).  
Investor Relations 
Sartorius, investor relations activities follow the objective of making the current and future development of the 
company transparent for its shareholders and other interested parties. To achieve this objective, Sartorius 
maintains an ongoing, open dialogue with shareholders, potential investors, and financial analysts.  
Aside from providing quarterly, first-half, and annual reports, the company informs the capital market and the 
interested public at quarterly teleconferences and in regularly published press releases about the current 
development of the business and other material events at the company. Moreover, Group management and 
the IR team were available to communicate with capital market participants at conferences and roadshows. A 
virtual capital market tutorial was also held during the reporting year, in which the Group provided participants 
with in-depth information on specific product areas. 
Further information and publications about the Sartorius Group and its shares are available online at 
www.sartorius.com.

Sartorius
To Our Shareholders   Sartorius Shares
19
 
 
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Analysts 
The assessments and recommendations of financial analysts serve as an important foundation for the 
decisions of private and institutional investors when acquiring shares. During the reporting year, Sartorius 
maintained an ongoing dialogue with a total of 23 institutes.  
Research Coverage 
 
Date 
Institute
Price target in €
Recommendation
January 27, 2023 
LBBW
500.00
Buy
January 27, 2023 
M.M. Warburg
466.00
Buy
January 27, 2023 
Société Générale
483.00
Hold
January 27, 2023 
Metzler 
588.00
Buy
January 27, 2023 
J.P. Morgan
530.00
Buy
January 27, 2023 
Eaxne BNP Paribas
440.00
Hold
January 26, 2023 
UBS
460.00
Buy
January 26, 2023 
SRH AlsterResearch
295.00
Sell
January 26, 2023 
ODDO BHF
455.00
Buy
January 26, 2023 
Morningstar
267.00
--
January 26, 2023 
Morgan Stanley
465.00
Buy
January 26, 2023 
KeyBanc
--
Hold
January 26, 2023 
Kepler Cheuvreux
500.00
Buy
January 26, 2023 
HSBC
350.00
Hold
January 26, 2023 
Deutsche Bank
530.00
Buy
January 26, 2023 
Berenberg
493.00
Buy
January 23, 2023 
Credit Suisse
450.00
Hold
November 18, 2022 
AlphaValue
474.00
Buy
October 20, 2022 
EQUI.TS
--
Buy
October 20, 2022 
DZ Bank
315.00
Hold
October 19, 2022 
Bank of America Merrill Lynch
561.00
Buy
July 21, 2022 
Stifel
500.00
Buy
February 10, 2022 
Redburn
449.00
Buy
 
Dividends  
The total return generated by Sartorius shares has generally been based almost entirely on the positive 
development of the share price and only to a very small extent on dividend payments. In line with the rapid and 
highly innovation-driven development of the industry, the main focus of company’s management is on 
successfully continuing on our dynamic profitable growth track and on making the extensive investments in 
capacity expansions, innovations and acquisitions that are constantly required for this purpose. Yet within this 
context, Sartorius strives to enable its shareholders to participate appropriately in the company’s success 
through dividends.  
The Executive Board and the Supervisory Board will submit a proposal to the Annual General Meeting on 
March 29, 2023, to pay dividends of €1.44 per preference share and €1.43 per ordinary share for fiscal 2022. If 
this proposal is approved, the total profit distributed would be €98.2 million, up 14.3% from the year-earlier 
sum of €85.9 million. The corresponding payout ratio lies within the general dividend policy, at 15.0% (previous 
year: 15.5 %).

Sartorius
To Our Shareholders   Sartorius Shares
20
 
 
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1 The original dividend proposal of €0.71 per preference share and €0.70 per ordinary share was adjusted in light of the  
   pandemic crisis 
2 Amounts suggested by the Supervisory Board and the Executive Board of Sartorius AG 
Total Shareholder Return 
Total shareholder return (TSR) considers both the dividends paid out and any share price increases over a 
certain period, and thus reflects the entire performance of an investment. In 2021, Sartorius preference shares 
delivered a TSR of -37.7% (previous year: 73.4%), and its ordinary shares a TSR of -37.7% (previous year: 44.8%).  
Shareholder Structure 
Sartorius AG’s issued capital comprises 37,440,000 million ordinary shares and the same number of 
preference shares, each with a calculated par value of €1 per share. Some of both classes of share are held by 
the company itself. Minus these treasury shares, the number of ordinary shares outstanding is 34,226,009 and 
the number of preference shares outstanding is 34,189,853. A good 55% of the ordinary shares outstanding 
are under the management of an executor. According to the most recent information available, the U.S. 
company Bio-Rad Laboratories Inc. holds around 38% of the ordinary shares outstanding. To our knowledge, 
the remaining approximately 7% are in free float.  
According to the information currently available, around 28% of the preference shares outstanding are held 
by Bio-Rad Laboratories Inc.; 72% are in free float. 
0.00
0.40
0.80
1.20
1.60
2018
2019¹
2020
2021
2022²
Preference Share
Ordinary Share
in €
Dividends
0.62
0.71/0.36
0.71
1.26
1.44
0.61
0.70/0.35
0.70
1.25
1.43

Sartorius
To Our Shareholders   Sartorius Shares
21
 
 
Start
Information on shareholdings and shares in free float pursuant to Sections 33 et seq. of the German Securities Trading Act (WpHG) 
and the shareholders’ own disclosures. Reporting obligations refer only to ordinary shares and not to non-voting preference shares. 
Key Figures for Sartorius Shares 
 
 
 
 
 
 
  
 
2022
2021
2020
2019
2018
Ordinary shares1 in € 
Reporting 
date6 
369.40
499.00
345.00
175.00
96.00
  
High
595.20
827.00
362.00
176.00
139.00
  
Low
302.40
329.00
156.50
92.60
76.80
Ordinary shares1 in € 
Reporting 
date6 
334.50
595.20
343.60
190.80
108.90
  
High
499.00
607.00
404.20
195.00
158.60
  
Low
264.00
343.60
174.20
104.00
80.15
  
 
 
 
 
 
 
Market capitalization2 in millions of € 
 
24,078.3
37,428.6
23,555.6
12,507.9
7,006.1
Average daily trading volume of preference shares 
 
89,710
65,581
80,572
65,810
107,761
Average daily trading volume of ordinary shares 
 
5,070
4,244
2,774
1,238
2,153
Trading volume of preference shares in millions of € 
 
8,932.3
7,949.1
5,937.9
2,682.6
3,571.1
Trading volume of ordinary shares in millions of € 
 
433.5
577.7
179.6
45.7
61.3
Total trading volume in millions of € 
  
9,365.8
8,526.8
6,117.6
2,728.3
3,632.4
  
 
 
 
 
 
 
Dividend per ordinary share3 in € 
 
1.43
1.25
0.70
0.35
0.61
Dividend per preference share3 in € 
 
1.44
1.26
0.71
0.36
0.62
Total dividends3, 4 in millions of € 
 
85.9
85.9
48.2
24.3
42.1
Dividend yield per ordinary share5 in % 
 
0.4
0.3
0.2
0.2
0.6
Dividend yield per preference share5 in % 
 
0.4
0.2
0.2
0.2
0.6
1 Xetra daily closing price 
2 Without treasury shares 
3 For 2022, amounts suggested by the Supervisory Board and the Executive Board of Sartorius AG 
4 Calculated on the basis of the number of shares entitled to dividends 
5 In relation to the closing price in the year concerned 
6 As of December 31 of the respective year 
                                                                                                                                                                                                                                                                                  
Sources: NASDAQ, Bloomberg 
 
Shareholder Structure: Ordinary Shares
in %, related to ~34.2 million shares outstanding
Administered by an 
Executor
Bio-Rad
Laboratories Inc.
Free float
~ 55
~ 38
~ 7
Shareholder Structure: Preference Shares
in %, related to ~34.2 million shares outstanding
Free float ~ 72
~ 28
Bio-Rad
Laboratories Inc.

Combined Group 
Management Report

Sartorius
Combined Group Management Report    Structure and Management of the Group
23
 
 
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Structure and Management of the Group 
 
 
 
 
 
 
 
 
 
Group Legal Structure 
Sartorius 
is 
a 
globally 
operating 
company 
with 
subsidiaries 
in 
more 
than 
30 countries.  
The holding company Sartorius AG is the parent corporation of the Sartorius Group. The corporation is 
headquartered in Göttingen, Germany, and is listed on the German Stock Exchange. 
Sartorius manages its bioprocess business as a legally independent subgroup whose parent corporation is 
Sartorius Stedim Biotech S.A., which is listed on Euronext Paris. As of December 31, 2022, Sartorius AG held 
around 74% of the shares of Sartorius Stedim Biotech S.A. The Group’s lab business is legally combined in a 
further subgroup whose parent company is Sartorius Lab Holding GmbH, in which Sartorius AG holds a 100% 
stake.  
The consolidated financial statements include Sartorius AG and all major affiliates in which Sartorius AG has a 
controlling interest pursuant to IFRS 10. 
Organization and Management of the Group 
The Group’s central management entity is the Executive Board of Sartorius AG. In collaboration with the 
Supervisory Board, the Executive Board defines the Group's strategy, is responsible for the operational 
management of the Group and controls the distribution of resources within the organization.  
The Sartorius Group conducts its operating business in two divisions: Bioprocess Solutions and Lab 
Products & Services. The divisions each combine their respective businesses for the same fields of application 
and customer groups, and share part of the infrastructure and central services.  
To align the business as closely as possible with customers’ needs, the company’s organizational structure is 
tailored based on the two divisions. All operational functions, such as Sales and Marketing and Production, 
including production-related functions, as well as Product Development, are organized by division. 
Administrative functions, support functions, and the Corporate Research unit operate across divisions.

Sartorius
Combined Group Management Report    Structure and Management of the Group
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Implementing the Group’s various strategies and projects at the local level is the responsibility of the national 
affiliates. The management bodies of the local companies run their organizations in accordance with the 
applicable statutory provisions, Articles of Association and rules of procedure and in keeping with the 
principles of corporate governance that apply throughout the Sartorius Group worldwide. 
Changes in the Group Portfolio 
Sartorius expanded its product portfolio in both divisions by making three acquisitions in the reporting year. 
Effective January 3, 2022, the company acquired a majority stake in ALS Automated Lab Solutions, expanding 
its bioanalytics portfolio. This laboratory technology company based in Jena, Germany, has more than 30 
employees and develops, manufactures, and markets solutions for the automated analysis, selection, and 
isolation of cells. Sartorius initially purchased 62.5% of the shares in ALS and plans to acquire the remaining 
37.5% in 2026.  
In February 2022, Sartorius, through its subgroup Sartorius Stedim Biotech, completed the acquisition of the 
chromatography process equipment division of Novasep with approximately 100 employees in France, the 
United States, China, and India. The acquired business, headquartered in the city of Pompey in eastern France, 
specializes in innovative resin-based intensified chromatography systems and complements the Group’s 
existing chromatography offering. 
The acquisition of 100% of the shares in Albumedix Ltd., which was completed at the end of September also 
via the Sartorius Stedim Biotech subgroup, strengthens Sartorius’ portfolio of innovative solutions for the field 
of advanced therapies. Founded in 1984 and based in Nottingham, England, the company has more than 100 
employees and is a leading provider of solutions based on recombinant human albumin, a key component in 
the manufacture of innovative biopharmaceuticals.  
Financial Controlling and Key Performance Indicators 
The Sartorius Group is managed using a number of key performance indicators, which are also decisive for the 
determination of the variable remuneration component for the Executive Board and managers.  
A key management parameter that Sartorius uses to measure the development of its size is currency-adjusted 
growth of sales revenue, i.e., sales in constant currencies. The key indicator for managing profitability is the 
adjusted EBITDA margin, which is based on EBITDA adjusted for extraordinary items, i.e., underlying EBITDA.  
With regard to the Sartorius Group’s debt financing capacity, the ratio of net debt to underlying EBITDA serves 
as the key metric. It is calculated as the ratio of net debt to underlying EBITDA for the last twelve months, 
including the pro forma amount contributed by acquisitions for this period. Furthermore, the CAPEX ratio, i.e., 
capital expenditures in proportion to sales revenue, represents a key control parameter. 
In addition, the following financial and non-financial indicators are reported on a regular basis: 
 Order intake 
 Relevant net profit | Earnings per share 
 Annual net profit | Earnings per share 
 Equity ratio

Sartorius
Combined Group Management Report    Structure and Management of the Group
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 Net working capital  
 Net cash flow from operating activities  
 Number of employees  
 Employee Net Promoter Score (ENPS) 
 Reduction of CO2 emission intensity 
The Employee Net Promoter Score and the reduction in CO2 emission intensity have been part of the 
compensation system for the Executive Board since 2022 and have therefore been newly included in this list.  
The annual financial forecast that is published at the beginning of a fiscal year for the Group and the divisions 
refers, as a rule, to the development of sales revenue and of the underlying EBITDA margin. The expected 
CAPEX ratio, as well as a directional forecast for the ratio of net debt to underlying EBITDA, is additionally 
indicated for the Group.

Sartorius
Combined Group Management Report    Business Model, Strategy and Goals
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Business Model, Strategy and Goals 
As a leading partner of life science research and the biopharmaceutical industry, Sartorius helps its customers 
in the development and manufacture of biotech medications and vaccines – from the initial idea in the lab to 
commercial-scale production. 
Biopharmaceuticals are integral components of advanced medicine and are used to treat many illnesses, 
mostly of a serious nature. However, long development times and complex production make these 
medications very expensive. This leads to high healthcare costs in industrialized countries and to the situation 
that patients in less developed countries are often excluded from treatment with such drugs. The 
development of a biopharmaceutical medication is a long haul: It takes more than ten years on average to 
bring a new drug out on the market, costing more than two billion euros. On top of this, biotechnological 
manufacturing processes for such high-tech medications are demanding and must be developed individually 
for each biologic compound. As a pioneer and technology leader in the biopharma sector, Sartorius with its 
products and services is enabling its customers to make their research, development, and production 
processes easier and more efficient so that advanced therapeutics can reach the market faster and become 
accessible for more people worldwide. Therefore, the United Nations’ sustainability goal “Good Health and 
Well Being” is an integral component of Sartorius’ business model. 
The maturity and intensity of competition in this comparably young industry are successively increasing. To 
support customers in meeting this challenge, Sartorius is constantly developing its portfolio further. A key 
competitive advantage is the broad understanding of applications based on its clear focus on the sector. The 
company is thoroughly familiar with customers’ value-added chains and understands the interaction of the 
employed systems particularly well. A further success factor of the company is offering highly differentiating 
technologies. The innovative power rests on three pillars: the company´s own specialized product 
development, alliances with partners, and the integration of innovations through acquisitions.  
With the biopharma industry, Sartorius is focusing on an attractive market that is characterized by strong 
growth momentum in view of long-term trends and significant innovative strength. Medical progress provides 
positive impetus, leading to the discovery and approval of new biopharmaceuticals. The biopharmaceutical 
industry is thus increasingly relying on advanced therapies, such as cell and gene therapeutics and biotech 
tissue products. Further primary growth drivers are a growing world population and an increase in age-related 
diseases in industrialized countries. In addition, rising incomes in emerging countries are leading to improved 
access to healthcare and rising demand for medications. Biosimilars, the generic versions of reference 
biologics that have lost their patent protection, account for a share of the biopharma market that is currently 
still small, but especially fast-growing. As a result of these factors, the volumes of biotech medications and the 
demand for the appropriate production technologies are steadily increasing, with market growth largely 
independent of business cycles. 
In the following, the positioning and strategy of the company’s two divisions, Bioprocess Solutions and Lab 
Products & Services, is outlined.

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Combined Group Management Report    Business Model, Strategy and Goals
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Strategic Focus on Biopharma Applications from Molecule Development to Production of 
Biopharmaceuticals 
 
 
 
 
 
 
 
 
Bioprocess Solutions  
In the Bioprocess Solutions Division, Sartorius offers a broad portfolio of products that focuses on all major 
steps in the manufacture of a biopharmaceutical, as well as in process development as prerequisite 
procedures. The product range includes cell lines, cell culture media, bioreactors, a wide range of products for 
the separation, purification, and concentration of biological intermediates and finished products, as well as 
solutions for their storage and transportation. Sartorius also offers data analytics software for modeling and 
optimizing processes of biopharmaceutical development and production. In its core technologies, the 
company has leading market positions with high double-digit market shares. 
The breadth of the company’s product portfolio is one of the key factors that differentiates it from its 
competitors. Sartorius can provide customers with complete process solutions from a single source, as well as 
assist with preceding project planning, process integration, and subsequent validation. The company’s 
products are used in manufacturing all classes of medical drugs, from vaccines and monoclonal antibodies to 
advanced viral vector-based gene therapeutics.  
Recurring business with sterile single-use products accounts for about three-quarters of the division’s sales 
revenue. These offer customers cost advantages, flexibility, and less resource usage, and thus a better 
ecological footprint compared with conventional processes employing reusable stainless steel components. 
The high share of recurring revenues is also bolstered by the strict regulatory requirements on the part of the 
customers. Because health authorities validate production processes as an integral part of an application for 
approval of a new medical drug, the components initially validated can be replaced only at considerable 
expense once they have been approved. Beyond this, the company’s broad and stable customer base that is 
primarily addressed directly through a specialized sales force also contributes to this favorable risk profile.  
The division’s strong strategic positioning and the above-average expansion of the sector are a good 
foundation for profitable growth in the future as well.  
Information on the business development of this division is given in the chapter, Business Development of 
Bioprocess Solutions.

Sartorius
Combined Group Management Report    Business Model, Strategy and Goals
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Innovative Technologies for All Phases of Biopharmaceutical Drug Production 
 
 
 
 
 
 
 
 
Lab Products & Services 
Over the past years, the Lab Products & Services Division has increasingly concentrated on the high-growth 
biopharmaceutical industry. With its products, the division addresses pharmaceutical and biotech research 
laboratories as well as academic research institutes. Sartorius supplies scientists and laboratory staff with the 
instruments and consumables they need to make their research and quality control easier and faster. For 
example, the company provides life science customers with innovative systems for bioanalytics to enable them 
to automate key analytical steps in the development of molecules, cell lines and processes: steps which earlier 
were mostly carried out manually. In this way, considerably larger quantities of samples can be examined and 
extensive sets of data generated and evaluated within a short time, substantially accelerating the identification 
of suitable drug candidates or cell clones. This contributes to the acceleration of the protracted timelines of 
drug development and increases the efficiency of R&D labs in the biopharmaceutical industry.  
Beyond this, the division offers a wide range of premium laboratory instruments for sample preparation – such 
as laboratory balances, pipettes, and lab water systems – as well as consumables, such as filters and 
microbiological test kits. In these product categories, Sartorius has leading market positions and significant 
market shares. The company’s solutions are designed to boost the efficiency and productivity of routine yet 
quality-critical lab processes and industry-specific workflows. Aside from serving the needs of the 
biopharmaceutical industry, this portfolio is also tailored to quality control labs in the chemical and food 
industries.  
With its innovative technology platforms for bioanalytics and its comprehensive portfolio for sample 
preparation, the Lab Products & Services Division has a strong foundation for further significant organic 
growth. Due to economies of scale and product mix effects, growth is projected to be accompanied by a 
continuous increase in profitability.  
Information on the business development of this division in 2022 is provided in the section entitled “Business 
Development of the Lab Products & Services Division.”.

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Combined Group Management Report    Business Model, Strategy and Goals
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Focus on Solutions to Improve the Protracted, Expensive and Inefficient Process of Medical  
Drug Development 
 
 
 
 
 
 
 
 
 
Based on the data of the Tufts Center for the Study of Drug Development and the Association of the British Pharmaceutical Industry 
Sartorius 2025 Strategy 
In 2018, management presented its strategy and long-term targets up to 2025. The consolidated sales 
revenue target was again significantly raised at the beginning of 2021 and so was the profitability target at the 
start of 2022. At the beginning of 2023, Sartorius confirmed its fundamental growth projections based on the 
unchanged strong fundamental growth trends in its markets and the resulting positive prospects for the 
company. In light of increased inflation and associated price adjustments, the company therefore made a 
mathematical adjustment to its medium-term sales revenue forecast and now expects sales revenue of around 
€5.5bn in 2025 (previously around €5bn). For the Bioprocess Solutions Division, the company now projects 
sales revenue of around €4.2bn in 2025 (previously around €3.8bn) and for Lab Products & Services of around 
€1.3bn euros (previously around €1.2bn). 
The forecast for the Group’s underlying EBITDA margin in 2025 remains unchanged at around 34%. For the 
Bioprocess Solutions Division, the company continues to expect an underlying EBITDA margin of around 36% 
in 2025. The margin forecast for Lab Products & Services also remains unchanged at around 28%.  
The mid-term targets for 2025 do not include any pandemic-related business, as management considers such 
estimates to be too uncertain.  
The margin targets include expenses for measures to reduce the company’s CO2 emission intensity. Sartorius 
aims to reduce its CO2 emission intensity by around 10% annually on average until 2030, spending over time 
around 1% of its sales revenue annually on corresponding measures. Moreover, these projections assume that, 
on average, the margins of future acquisitions will initially be somewhat below the levels of the Group’s existing 
businesses and, after integration, at levels comparable to these, and that there will be no relevant changes in 
the key currency exchange rates.

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Combined Group Management Report    Business Model, Strategy and Goals
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Management points out that the dynamics and volatilities in the life science and biopharma sectors have 
increased over the past years, and the coronavirus pandemic has further amplified these trends. Moreover, the 
forecasts are based on the assumption of no deterioration in the geopolitical and global economic situation, 
supply chains, inflation, or energy supply, and no new relevant restrictions in connection with the coronavirus 
pandemic. Accordingly, current forecasts show higher uncertainties than usual.  
Sartorius 2025 Targets 
 
 
 
 
 
 
These targets are being implemented by various growth initiatives with the following focal points: 
Expansion of the Product Portfolio 
Sartorius has a broad product portfolio that is aligned with the value chain of the biopharma industry, and 
which the company is continuously expanding. The focus is on products that offer solutions for customers’ 
needs and make the company’s offering even more attractive from the customer’s perspective. Aside from its 
own research and development activities and strategic partnerships, acquisitions that are complementary to 
or extend the company’s strengths appropriately will remain part of the portfolio strategy of both divisions. 
Due to high innovation dynamics, the company considers further additions to be possible on an ongoing basis 
across the entire breadth of the product portfolio. When identifying suitable companies, Sartorius considers 
the following criteria in particular: complementarity of technologies to its existing portfolio; strong market 
positioning, for example, through innovative products with unique selling propositions; integration capability; 
appropriate valuation; and growth and profitability profile. 
Regional Growth Initiatives 
Sartorius invested substantially in expanding its production capacity during the reporting year. Capital 
expenditures totaled approximately €523 million in 2022 and were used to expand sites in Germany, France, 
Puerto Rico, the USA, South Korea, and China, among other countries. 
North America and Asia are the key focal areas of the regional growth strategy. The USA is the world's largest 
market for bioprocess equipment and laboratory products. Yet because it is home to the main competitors for 
both company divisions, Sartorius formerly had lower market share in this region than in Europe and Asia. By 
systematically strengthening its sales and service capacities, Sartorius has gained market share in the USA in 
recent years. 
In Asia, one focus is on expanding production capacity in China, particularly for the Chinese market, which 
offers significant growth potential due to rising private and government health care spending and the rapid 
establishment of regional biopharmaceutical plants. In South Korea, which offers excellent growth prospects

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Combined Group Management Report    Business Model, Strategy and Goals
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with its dynamically expanding biopharma market, Sartorius started initial work to build a new production 
facility at the beginning of 2023. 
A detailed presentation of all investments can be found in the corresponding section starting on page 46. 
Optimization of Work Processes 
Sufficient production capacity and a powerful supply chain are an essential foundation for future growth. In 
recent years, Sartorius has substantially expanded its capacities for nearly all product groups at various Group 
sites in order to optimize delivery times and reliably maintain delivery capability, even in the event of local 
transport restrictions.  
Sartorius is driving forward digitalization and automation in many areas to further accelerate and enhance 
processes and, wherever meaningful, to standardize such processes throughout the Group. 
This also includes extending the company’s activities in the areas of e-commerce, digital marketing, and 
analytics, as well as on the topic of IT security.

Sartorius
Combined Group Management Report    Research and Development
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Research and Development 
The Sartorius Group conducts its product development in its two divisions, Bioprocess Solutions and  
Lab Products & Services. A more detailed explanation of the focal points of product development can be 
found in the sections on the divisions on pages 58 and 63. Further related information, for example on the 
amount of expenditure for research and development in the reporting year, can be found on page 45. 
The Group-wide Corporate Research function conducts cross-divisional research and development with a 
view to long-term technological topics and works in close cooperation with external partners. Its most 
important task and objective consists of identifying and developing key technologies and application fields of 
the future. In addition to collaborating closely with customers, research institutes, and startups, Corporate 
Research pursues its own research activities in selected fields. These include, for instance, innovative 
technologies in live cell analysis, materials with new functionalities and improved properties, and data analysis.

Sartorius
Combined Group Management Report    Macroeconomic Environment and Conditions in the Sectors
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Macroeconomic Environment and 
Conditions in the Sectors 
Sartorius Group is active in sectors that differ in their dependence on the economy. The Bioprocess Solutions 
Division, for instance, operates in an environment that is largely independent of economic fluctuations. The 
Lab Products & Services Division, in contrast, is partly active in sectors whose development is more strongly 
affected by economic factors.  
Global Economy on the Road to Recovery 
In addition to the easing yet still ongoing coronavirus pandemic, 2022 was characterized by significant political 
and economic uncertainties as a result of the war in Ukraine and high inflation rates. Uncertain supplies of key 
raw materials led to a substantial increase in prices, and the sanctions imposed on Russia and extensive 
lockdowns in key economic centers in China caused additional tensions in supply chains. High inflation 
prompted central banks around the world to intensify and accelerate the tightening of their previously 
expansionary monetary policy. At the same time, the reduction in government fiscal support measures and 
deteriorating sentiment indicators among consumers and companies had a negative impact on global 
economic activity, leading to multiple downward revisions of growth forecasts during the year.  
Despite a significant deterioration in underlying conditions, global gross domestic product increased by 3.2% 
in 2022, according to IMF estimates. Economic activity in industrialized countries increased by 2.4%, and 
growth in emerging and developing countries stood at 3.7%.  
Source: International Monetary Fund 
According to the IMF, the European Union’s economic output increased by 3.2% (2021: +5.4%). While the 
increase in Germany stood at 1.5% (2021: +2.6%), the economy in France picked up by 2.5% (2021: +6.8%). The 
United Kingdom, another core European market, grew by 3.6% (previous year: +7.4%).  
The United States, the world’s largest economy, posted a 1.6% increase in GDP in the first quarter (2021: +5.7%). 
Global Development GDP (2018 to 2022)
in %
2018
2019
2020
2021
2022
-6.0
-3.0
0
3.0
6.0
3.8
2.8
-3.1
6.0
3.2
Global
EU
USA
Asien|Paz.
-8.0
-4.0
0
4.0
8.0
2022
2021
in %
Gross Domestic Product by Region
3.2
3.2
1.6
4.0
6.0
5.4
5.7
6.5
Asia | Pacific

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Combined Group Management Report    Macroeconomic Environment and Conditions in the Sectors
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In the Asia | Pacific economic region, GDP grew by 4.0% (2021: +6.5%). India recorded the sharpest increase in 
this region in the reporting year, with growth of 6.8% (2021: +8.7%). Other countries important to Sartorius also 
posted gains, although growth in China slowed to 3.2% (2021: +8.1%). South Korean economic output rose by 
2.6% (2021: +4.1%), and economic activity in Japan increased by 1.7% (2021: +1.7%). 
Exchange Rate and Interest Rate Trends 
In addition to the euro, the currencies relevant to the Sartorius Group include the U.S. dollar in particular, as 
well as a number of other currencies, such as the British pound, the Singapore dollar, the South Korean won, 
the Japanese yen, the Chinese renminbi, and the Swiss franc. 
Exchange Rates Against the Euro 
 
 
 
 
  
Year-end Exchange Rates
Average Exchange Rate
  
2022
2021
2022
2021
U.S. dollar 
1.06695
1.13245
1.05351
1.18270
British pound 
0.88584
0.83902
0.85265
0.85972
Singapore dollar 
1.43060
1.52820
1.45160
1.58913
South Korean won 
1,344.77000
1,347.69000
1,357.87961
1,353.74171
Japanese yen 
140.73000
130.36000
138.04150
129.87475
Chinese renminbi 
7.36960
7.18870
7.08120
7.62740
Swiss franc 
0.98370
1.03336
1.00486
1.08106
 
Interest rates rose on average in the reporting year, having previously remained at a very low level in the 
preceding years. The European Central Bank gradually raised its key interest rate to 2.50% by the end of 2022. 
The 3-month EURIBOR – i.e., the rate of interest on fixed-term deposits denominated in euros in interbank 
business – stood at 2.1% as of December 31, 2022 (December 31, 2021: -0.57%). 
Conditions in the Sectors 
Sartorius’ key customer groups include the biopharmaceutical and pharmaceutical industries as well as public 
research institutions. In addition, the company’s customers include quality control laboratories in the chemical 
and food industries. Accordingly, the progress of the Group’s business depends on developments in these 
industries. 
Further Growth in the Biopharmaceutical Market  
The global pharmaceutical market grew by around 7% in 2022. Revenue generated with biopharmaceuticals 
increased by around 4% year over year to €365 billion, somewhat slower than the average of previous years. 
This was partly due to lower sales of coronavirus vaccines and antibody-based COVID-19 therapeutics. 
Biopharma accounted for 37% of the total pharmaceutical market, compared with 38% in 2021.

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The leading manufacturers of products for the development and production of biopharmaceuticals recorded 
further growth in 2022, although the reported growth rates were lower, as expected, given the exceptionally 
high base of comparison in 2021. In particular, expected revenue from pandemic-related business was 
reduced significantly during the year. All leading bioprocess technology suppliers also invested heavily in 
capacity expansions in 2022, some of which were completed and brought on stream. This helped normalize 
lead times for certain product categories, some of which had increased significantly in 2021 due to strained 
supply chains and capacity bottlenecks. 
The growth of the biopharma market fundamentally depends more on medium- to long-term trends than on 
short-term economic developments. In addition to the market launch of innovative biopharmaceuticals, 
significant impetus is provided by the globally increasing demand for drugs and the extension of the range of 
indications for already approved medications and their further market penetration. The approval process for 
new drugs requires clinical trials to be conducted, and the coronavirus pandemic meant that some of these 
had to be interrupted or could not be resumed. However, a resulting delay in the approval of new drugs for 
non-coronavirus-related indications has not been apparent to date, and the number of new 
biopharmaceutical approvals by the U.S. Food and Drug Administration (FDA) remained high in 2022, at 31 
(2021: 30). 
The growing significance and acceptance of biologics is reflected not only in their increasing share of sales 
revenue within the global pharmaceutical market but also in the development activities of the pharmaceutical 
industry. For example, biopharmaceutical compounds account for more than 40% of the R&D pipeline. A 
growing number of active substances manufactured using biotech production methods is being approved for 
the treatment of rare illnesses that have been incurable so far. In this context, the pharmaceutical industry is 
increasingly focusing on advanced therapies, such as cell and gene therapeutics and biotechnologically 
processed tissue products. In 2022, more than 2,000 clinical trials with such treatment approaches were 
conducted, meaning that this area offers significant growth potential over the medium to long term. The rising 
number of approved biopharmaceuticals and an increasing variety of therapy types and substance classes, 
coupled with growing demand for medications, are the main drivers for the worldwide increase in production 
capacities for biopharmaceuticals. 
Biosimilars, the generic versions of reference biologics that have lost their patent protection, are also playing 
an increasingly important role in the biotechnology market. According to market studies, their sales volume in 
2022 remained modest at an estimated €19 billion, but the market is expected to grow strongly during the 
years to come, owing to the expiration of several patents for high-selling biopharmaceuticals and an increasing 
number of new approvals of biosimilars and market launches. Particularly in the USA, where development has 
been comparatively slow due to regulatory, patent-law-related, and marketing hurdles, market penetration is 
expected to accelerate significantly in the next few years. A compound annual growth rate of around 20% to 
30% is expected globally through 2026.

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Attractive Market Environment with Good Growth Prospects 
 
 
 
 
 
 
 
Laboratory Market Continues to Grow 
The global laboratory market had a total value of around €69 billion in the reporting year and, according to 
estimates by various market observers, is growing at an average annual rate of around 4% to 5% over the long 
term. Market growth is related, among other things, to the levels of research and development spending in the 
individual end markets, which is partly linked to economic development.  
Labs in the pharmaceutical and biopharma industries are the leading customer groups for laboratory 
instruments and consumables. Against the backdrop of globally rising demand for medications, the industry is 
continuously investing in research to find new active pharmaceutical ingredients and in laboratory equipment 
needed to perform this drug discovery. The focus is on the automation of process workflows and innovative 
analytical instruments that are equipped with enhanced or novel functionalities. Products from the field of 
bioanalytics, for example, have above-average growth rates within the laboratory market, and demand in the 
life science sector is generally growing faster than in other industries. According to EvaluatePharma, research 
spending in this particular sector remained at the previous year’s high level of around €210 billion. In contrast, 
the funding environment for small and medium-sized biotech companies deteriorated after high inflows in the 
previous two years, but this has not yet had a negative impact on demand from leading laboratory equipment 
suppliers. 
Research and quality-assurance labs in the chemical and food industry are another customer group. This 
segment’s demand for laboratory products depends in part on economic trends. Additional momentum can 
also be generated in this sector by regulatory changes, such as stricter requirements for quality control tests 
in the food industry. Demand from industrial end markets was generally robust in 2022 according to several 
leading laboratory product manufacturers, despite a gloomy economic outlook. 
Academic and public-sector research institutions also use laboratory instruments and consumables 
manufactured by Sartorius. Growth in demand is related to such factors as government budgets and funding 
programs, all of which can vary from one country to another. In the United States, the National Institutes of 
Health (NIH) is the leading government agency for biomedical research and also the world’s largest research 
funding agency. The NIH’s budget has increased steadily over the past nine years, rising again by about 4.9% 
to $45 billion in 2022. The proposed budget for 2023 also includes a further increase. The NIH is also slated to 
receive an additional approximately $12 billion over the next five years to prepare for future pandemics, 
meaning the scientific funding environment remains positive. The European Union has likewise continuously 
scaled up its research spending in past budget cycles. Around €95.5 billion of research and innovation funding 
is to be provided in the period from 2021 to 2027, an increase of 19% compared with the previous program. In 
recent years, China has sharply increased government R&D funding, a trend that has fueled dynamic growth

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in the local laboratory market. Many manufacturers of laboratory products recorded robust demand from 
academic and public research institutions in the reporting year. 
Competitive Position  
The competitive environment of the Bioprocess Solutions Division is characterized by relatively high entry 
barriers arising in part from the biopharmaceutical industry’s strong degree of regulation and its technological 
complexity. In this environment, the Bioprocess Solutions Division operates as a total solutions provider, 
covering the core process steps in biopharmaceutical production and preceding process development. It has 
leading market positions in key technologies, especially in the areas of bioreactors, filtration, and the 
transportation and storage of liquids. The Bioprocess Solutions Division’s principal competitors are certain 
business units of Merck KGaA, Thermo Fisher Scientific Inc., and Danaher Corporation. 
The Lab Products & Services Division is positioned as a premium provider of laboratory instruments. It serves 
both R&D laboratories and quality control laboratories with a focus on the biopharmaceutical industry. The 
division’s product range includes laboratory balances, pipettes, and instruments for bioanalytics, as well as a 
wide range of lab consumables. The division ranks among the leading providers worldwide in most of these 
areas. Major competitors include certain divisions at Thermo Fisher Inc., Merck KGaA, and Danaher 
Corporation. Among these competitors are also Mettler-Toledo Intl. Inc. for laboratory balances in particular; 
Eppendorf AG for pipettes; and companies such as Agilent Technologies Inc., Becton Dickinson Co., and 
PerkinElmer Inc. for cell analytics. 
Sources: BioPlan: 19th Annual Report and Survey of Biopharmaceutical Manufacturing Capacity and Production, April 2022; Evaluate 
Pharma: World Preview 2022, Outlook to 2028, October 2022; SDi: Global Assessment Report 2022, June 2022; www.fda.gov

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Group Business Development 
Sales Revenue and Order Intake 
In the reporting year, sales revenue of the Sartorius Group rose 15.0% in constant currencies to €4,174.7 million 
(reported: + 21.0%). Thus, the company again grew at double-digit rates in a challenging and volatile 
environment and following the exceptionally high growth rates in 2020 and 2021. The main driver of this very 
robust development was organic1 growth in the laboratory as well as in the bioprocess division. Recent 
acquisitions also developed positively and contributed close to 2 percentage points to the increase in sales. 
Significantly lower business with coronavirus vaccine manufacturers compared to the previous year had a 
dampening effect. The restrictions in China caused by the pandemic as well as the strong reduction of the 
business in Russia also impacted growth to a relatively minor extent. 
As expected, order intake declined in 2022, after Sartorius had posted exceptionally high growth rates in the 
previous two years, particularly in the Bioprocess Solutions Division. In addition to a very good base business, 
there had been significant additional demand from coronavirus vaccine manufacturers and a changed 
ordering pattern by some customers, who had placed orders larger in size and further in advance than usual 
due to pandemic-related uncertainties and strained supply chains. As expected, the situation has increasingly 
normalized as the pandemic has subsided and supply chains have eased from mid-2022 onwards. The 
temporary decline in demand is due to lower production of coronavirus vaccines and the reduction of partially 
increased inventories at some customers. Order intake for the full year declined by 10.1% in constant currencies 
to €4,007.3 million (reported: -6.1%). Excluding the dampening effect of the declining Covid-19 -related 
business, order intake would have increased slightly. 
For a full comparison of the Group’s business development with its forecast, see page 64. 
Sales Revenue and Order Intake 
 
€ in millions 
2022
2021
in %
reported
in %
cc2
Sales revenue 
4,174.7
3,449.2
21.0
15.0
Order intake 
4,007.3
4,267.9
– 6.1
– 10.1
1 The revenue contributed by acquired companies is not included in the calculation of organic revenue growth in the first 12 months 
after acquisition. 
2 In constant currencies 
2018
2019
2020
2021
2022
0
1,250
2,500
3,750
5,000
Sales Revenue 2018 to 2022
1,566.0 1,827.0
2,335.7 3,449.2
4,174.47
€ in millions
2018
2019
2020
2021
2022
0
1,250
2,500
3,750
5,000
Order Intake 2018 to 2022
1,662.5
1,939.5
2,836.3
4,267.9
4,007.3
€ in millions

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Double-digit growth in both divisions 
Both divisions and all business regions contributed to growth in fiscal 2022. The Bioprocess Solutions Division, 
which offers a wide array of innovative technologies for the manufacture of biopharmaceuticals and vaccines, 
expanded - despite the high prior-year base and a sharp decline in Covid-19 -related business - by 15.9% in 
constant currencies to €3,326.5 million (reported: + 22.0%). This includes about 2 percentage points of non-
organic growth from acquisitions. 
The Lab Products & Services Division, which specializes in life science research and pharmaceutical 
laboratories, recorded a very dynamic development, increasing by 11.5% in constant currencies to 
€848.2 million (reported: + 17.4%). Around 1 percentage point came from non-organic growth. The 
bioanalytical instruments business showed a particularly strong expansion, whereas the decline in Covid-19-
related business had a somewhat dampening effect on the increase in sales of the laboratory division. 
Sales by Division 
 
€ in millions 
2022
2021
in %
reported
in %
cc
Bioprocess Solutions 
3,326.5
2,727.0
22.0
15.9
Lab Products & Services 
848.2
722.2
17.4
11.5
 
Further information on the business development of the Group divisions is given on pages 54 et seq. for the 
Bioprocess Solutions Division and on pages 59 et seq. for the Lab Products & Services Division. 
Gains in All Regions 
1 In constant currencies 
2 Acc. to customers' location 
 
 
Sales Revenue and Growth1 by Region2
€ in millions, unless otherwise specified
EMEA
Americas
Asia | Pacific
1,543.8 | +21.4%
1,550.6 | +9.0%
1,080.3 | 16.2%

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Sartorius increased its sales revenue in all three business regions.  
Sales in the EMEA region recorded an increase of 9.0% to €1,550.6 million, representing a share of 37% of total 
Group revenue. The considerable business limitations in Russia dampened growth by close to 2 percentage 
points in the reporting year. While the Bioprocess Solutions Division grew by 10.6% compared to a high prior-
year base, the Lab Products & Services Division increased moderately by 2.5%.   
Sales in the Americas region saw very dynamic development, so that for the first time the share of total Group 
sales was on a par with the EMEA region at 37%. Growth amounted to 21.4% to €1,543.8 million and was based 
on a strong development of both the bioprocess division (+ 22.0%) and the laboratory division (+ 19.0%). 
Business in the Asia | Pacific region, which accounted for around 26% of total Group revenue in 2022, achieved 
growth of 16.2% to €1,080.3 million in the reporting year, with pandemic-related restrictions in China having a 
slightly dampening effect, particularly in the first half of the year. The Bioprocess Solutions Division expanded by 
16.5% and the Lab Products & Services Division by 15.5%.  
All growth rates for the regional development are in constant currencies unless otherwise stated. 
Sales by Region 
 
€ in millions 
2022
2021
in %
reported
in %
cc
EMEA 
1,550.6
1,411.0
9.9
9.0
Americas 
1,543.8
1,141.2
35.3
21.4
Asia | Pacific 
1,080.3
897.0
20.4
16.2
 
Costs and Earnings 
In 2022, cost of sales rose by 22.9% to €1,978.3 million in connection with the growth in sales revenue. The 
respective cost of sales ratio was 47.4% compared to 46.7% in the previous year. 
Selling and distribution costs rose at an underproportionate rate with respect to sales revenue due to 
economies of scale by 8.2% to €628.5 million, so the ratio of these costs to sales revenue fell year over year to 
15.1% (previous year: 16.8%). Research and development expenses rose by 27.1% to €177.8 million. The 
corresponding ratio of R&D expenses to sales revenue was 4.3% (previous year: 4.1%). General administrative 
expenses increased by 21.5% to €200.5 million, and the administrative expense ratio in 2022 was unchanged 
at 4.8%.   
The balance of other operating income and expenses in 2022 was - €124.8 million (previous year:  
- €50.2 million), and essentially covered extraordinary items of - €60.4 million (previous year: - €40.7 million). 
These extraordinary items consisted primarily of expenses in connection with the most recent acquisitions as 
well as of expenses for various corporate projects and structuring measures. The realized currency hedges and 
valuation effects included in the balance of other operating income and expenses resulted in an expense of 
€51.0 million, particularly due to the development of the dollar exchange rate in 2022, following income of 
€10.5 million in the previous year. 
EBIT increased by 17.9% to €1,064.8 million; the respective EBIT margin was 25.5% (previous year: 26.2%).

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The financial result was €116.9 million in 2022 compared to - €234.7 million in 2021. This includes non-cash-
effective income of €148.9 million, predominantly from the reporting date valuation of the share-based earn-
out liability in connection with the acquisition of BIA Separations, which had resulted in an expense of 
€207.8 million in the previous year. 
In 2022, tax expenses amounted to €268.6 million (previous year: €241.4 million). In relation to the reported 
earnings before taxes, the tax rate is 22.7% (previous year: 36.1%). However, taking into account that the above-
mentioned valuation effect in the financial result has no subsequent tax impact, the tax rate amounts to 26.0% 
(previous year: 27.6%). 
Net profit for the period increased by 113.8% to €913.1 million (2021: €427.0 million).  
Net profit attributable to shareholders of Sartorius AG rose to €678.1 million in the reporting year, up from 
€318.9 million in 2021. Non-controlling interest stood at €235.0 million (previous year: €108.1 million), which 
essentially reflected shares in Sartorius Stedim Biotech S.A. not held by the Sartorius Group. 
Statement of Profit or Loss 
 
 
€ in millions 
2022
2021
∆ in %
Sales revenue 
4,174.7
3,449.2
21.0
Cost of sales 
– 1,978.3
– 1,610.3
– 22.9
Gross profit on sales 
2,196.5
1,838.9
19.4
Selling and distribution costs 
– 628.5
– 580.7
– 8.2
Research and development costs 
– 177.8
– 139.9
– 27.1
General administrative expenses 
– 200.5
– 165.0
– 21.5
Other operating income and expenses 
– 124.8
– 50.2
– 148.8
Earnings before interest and taxes (EBIT) 
1,064.8
903.2
17.9
Financial income 
198.2
29.3
576.7
Financial expenses 
– 81.3
– 264.0
69.2
Financial result 
116.9
– 234.7
149.8
Profit before tax 
1,181.7
668.4
76.8
Income taxes 
– 268.6
– 241.4
– 11.2
Net profit for the period 
913.1
427.0
113.8
Attributable to: 
 
 
 
Equity holders of Sartorius AG 
678.1
318.9
112.6
Non-controlling interest 
235.0
108.1
117.4

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Underlying EBITDA 
The Sartorius Group uses underlying EBITDA – earnings before interest, taxes, depreciation and amortization 
and adjusted for extraordinary items – as its key profitability indicator to provide a better picture of its operating 
development, also in an international comparison. More information on extraordinary items is provided on 
page 178. 
Reconciliation from EBIT to Underlying EBITDA  
 
€ in millions 
2022
2021
EBIT 
1,064.8
903.2
Extraordinary items 
60.4
40.7
Amortization | depreciation 
285.3
231.1
Underlying EBITDA 
1,410.4
1,175.0
 
Extraordinary items 
 
 
€ in millions 
2022
2021
M&A projects | Integration costs 
– 16.1
– 22.5
Structuring measures 
– 29.6
– 10.4
Other 
– 14.7
– 7.8
Total 
– 60.4
– 40.7
 
In fiscal 2022, the Sartorius Group increased its earnings and achieved high profit margins despite a significant rise 
in inflation rates. Underlying EBITDA increased by 20.0% to €1,410.4 million. The corresponding margin of 33.8% 
was close to the high level of the prior-year period of 34.1%. The 2021 margin had been positively influenced by 
a partially delayed cost development, for example, as a result of deferred new hires in relation to sales revenue 
growth because of the pandemic and low business travel activity. As planned, these cost positions normalized 
in 2022 and, in addition to the dilution caused by currency effects, had a dampening effect on profitability. Price 
effects on the procurement and customer sides largely offset each other.  
1 Underlying = excluding extraordinary items 
20.00
25.00
30.00
35.00
40.00
2018
2019
2020
2021
2022
0
400
800
1,200
1,600
Underlying EBITDA in millions of €
Underlying EBITDA margin in %
Underlying EBITDA1 and Margin
405.0
495.8
692.2
1,175.0
1,410.4
25.9
27.1
29.6
34.1
33.8
20
25
30
35
40

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Underlying EBITDA by Division 
 
  
Underlying EBITDA
€ in millions
Underlying EBITDA margin 
in %
Group 
1,410.4
33.8
Bioprocess Solutions 
1,188.4
35.7
Lab Products & Services 
222.0
26.2
 
Underlying EBITDA of the Bioprocess Solutions Division rose by 20.5% to €1,188.4 million. The resulting margin 
of 35.7% was close to the high prior-year level of 36.2% and was dampened by higher costs, as planned, for 
example due to the growth in the number of employees as well as other normalized cost positions. 
In the Lab Products & Services Division, underlying EBITDA increased by 17.6% to €222.0 million; the 
corresponding margin increased slightly to 26.2% (previous year: 26.1%). A positive product mix, mainly due to 
strong growth in the bioanalytics business, and economies of scale compensated for negative currency effects 
and planned higher costs. 
Relevant Net Profit 
The relevant net profit attributable to the shareholders of Sartorius AG rose compared to the previous year by 
18.4% to €655.4 million. This figure is the basis for determining the profit to be appropriated, is calculated by 
adjusting for extraordinary items and eliminating amortization, and is based on the normalized financial result 
and the normalized tax rate. Underlying earnings per ordinary share grew 18.4% to €9.57, up from €8.08 a year 
earlier, and by 18.4% per preference share to €9.58, up from €8.09 a year ago. 
€ in millions 
2022
2021
EBIT 
1,064.8
903.2
Extraordinary items 
60.4
40.7
Amortization 
104.5
88.4
Normalized financial result1 
– 38.7
– 28.1
Normalized income tax (27%)2 
– 321.6
– 271.1
Underlying earnings 
869.4
733.1
Non-controlling interest 
– 214.0
– 179.7
Underlying earnings after taxes and non-controlling interest 
655.4
553.4
Underlying earnings per share 
 
 
per ordinary share (in €) 
9.57
8.08
per preference share (in €) 
9.58
8.09
1 Financial result adjusted for valuation effects from the subsequent measurement of contingent purchase price liabilities as well as  
   for effects of foreign currency translation and hedging. 
2 Income tax considering the average expected Group tax rate, based on the underlying profit before tax.

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1 After non-controlling interest, adjusted for extraordinary items and amortization, as well as based on the normalized financial result 
and the normalized tax rate. 
Further information on earnings development and extraordinary items for the Group divisions is given on 
pages 56 et seq. and 61 et seq. 
 
2018
2019
2020
2021
2022
0.00
2.50
5.00
7.50
10.00
Preference Share
Ordinary Share
in €
Underlying Earnings per Share1
2.57
3.07
4.38
8.09
9.58
2.56
3.06
4.37
8.08
9.57

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Research and Development 
Sartorius continuously expands its product portfolio by investing in both the new and further development of 
its products, as well as in the integration of new technologies through alliances. In 2022, the Sartorius Group 
spent €177.8 million on R&D, corresponding to an increase of 27.1% compared to the previous year. The ratio of 
R&D costs to sales revenue stood at 4.3% (previous year: 4.1%). 
The International Financial Reporting Standards (IFRS) require certain development costs to be capitalized on 
the statement of financial position and then to be amortized over subsequent years. In the reporting year, 
these development investments increased in connection with the growth in sales revenue to €81.7 million 
compared with €50.9 million the year before. This equates to a share of 31.5% (previous year: 26.7%) of the 
Group’s total R&D expenses. Scheduled amortization related to capitalized development costs totaled 
€23.9 million in 2022 (previous year: €24.3 million). These expenses were disclosed in the cost of sales. At 6.2%, 
the gross capital expenditure ratio, which is even more meaningful for assessment of innovation-related 
expenses and includes capitalized development costs, was higher than the previous year's figure of 5.5%. 
At Sartorius, we pursue a strategic intellectual and industrial property rights policy across our divisions to 
protect our expertise. The Group systematically monitors compliance with these rights on a cost | benefit basis 
to determine which specific individual rights are to be maintained. 
In 2022, Sartorius filed a total of 261 applications for intellectual and industrial property rights (previous year: 
155). As a result of these applications, including those of prior years, we were issued 353 patents and 
trademarks during the reporting year (previous year: 298). As of the reporting date, we had a total of 6,421 
patents and trademarks in our portfolio (previous year: 5,479). 
Further information is provided in the sections covering the individual divisions on pages 54 et seq. and 59 et seq.

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Investments 
Against the backdrop of strong growth, Sartorius invested considerably in building up new capacities in all 
regions in the reporting year. In addition to significantly expanding production capacities, the investment 
program aims to further diversify the production network and make it more flexible. In line with the company’s 
expansion plans, some expansion projects were completed in 2022 and have contributed to meeting strong 
demand. Further projects will be completed in the current year. 
At €522.6 million, capital expenditures in 2022 were significantly higher than the previous year’s figure of 
€407.2 million. The corresponding CAPEX ratio was 12.5% (previous year: 11.8%). 
The company’s largest investment projects in the reporting year included the expansion of membrane 
manufacturing capacities and new laboratory space for product development in Göttingen, Germany. 
At its site in Yauco, Puerto Rico, Sartorius is expanding its clean room capacity for the manufacture of 
separation and fluid management products. In addition, a production facility for cell culture media will be 
established there for the first time, and is scheduled to come on stream in 2023.  
In the reporting year, Sartorius also made substantial investments in additional clean room space for the 
production of sterile disposables at its site in Aubagne, France. 
In Ann Arbor, Michigan, USA, Sartorius invested in the construction of a new center of excellence in the field 
of bioanalytics, including research laboratories and production capacity.  
In the Asia | Pacific region, the company invested heavily in Songdo, South Korea, in addition to China. After 
acquiring the necessary plots of land, the company began construction of a plant for cell culture media 
production and sterile consumables processing. In addition, Sartorius plans to build a technology center for 
customer consulting and product demonstrations as well as laboratory space at the new site, which is located 
in the middle of a biopharma park.   
Production capacities were also expanded at other locations. For example, the company carried out expansion 
projects at other sites in Germany as well as in Finland, Great Britain, and Slovenia.

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Employees 
The following employee figures include all employees of the Sartorius Group except for vocational trainees, 
interns, permanent absent employees, and employees in partial retirement. Employee figures are shown as 
headcount.  
As of the reporting date of December 31, 2022, the Sartorius Group had 15,942 employees in 36 countries 
worldwide: 2,110 or 15.3% more than a year earlier. This figure includes 245 employees who joined the Group 
as a result of acquisitions in the reporting year. Due to the renewed sharp increase in the size of the workforce 
during the reporting year, the number of employees working for the Sartorius Group has nearly doubled since 
2018.  
Employees 
 
 
 
  
2022
2021
Increase in %
Group 
15,942
13,832
15.3
Bioprocess Solutions 
12,560
10,745
16.9
Lab Products & Services 
3,382
3,087
9.6
 
The Bioprocess Solutions Division had 12,560 employees at the end of the reporting year (previous year: 
10,745). The Lab Products & Services Division had 3,382 employees (previous year: 3,087). 
The employees of the central administrative functions were allocated to the divisions on the basis of their 
activities.  
 
The number of employees in the EMEA region grew by 1,311, an increase of 14.5%. In Germany, Sartorius had 
5,391 employees at the end of the reporting year, which corresponds to 33.8% of the total workforce. 
With an increase of 18.2% or 509 employees, the Americas region recorded the strongest increase in 
percentage terms. In the Asia | Pacific region, the number of employees increased by 14.4% or 290.  
EMEA
America
Asia | Pacific
0
2,750
5,500
8,250
11,000
2022
2021
Employees by Region
10,341
3,301
2,300
9,030
2,792
2,010
0
2,750
5,500
8,250
11,000
2022
2021
Employees by Function
9,299
3,610
1,418
1,616
8,155
3,139
1,198
1,341
Production
Sales &
Marketing
R&D
Admin.

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At the end of 2022, approximately 58% of all Sartorius employees worked in production. At 9,299, the number 
of employees in this area increased by 14.0% year over year.  
At the end of the year, 3,610 people were employed in marketing and sales, representing an increase of 15.0% 
and a share of around 23% of the total workforce.  
A good 9% of all employees worked in R&D. This corresponded to an increase by 220 individuals or 18.4% more 
than in the previous year, bringing the total number of employees to 1,418. 
As of the reporting date, 1,616 people worked in administrative positions. This corresponds to an increase of 
20.5% compared with the same date last year and to 10% of all Sartorius employees. 
Further information on employees can be found in the Group’s Non-Financial Statement starting on page 106.

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Net Worth and Financial Position 
Cash Flow 
Cash flow from operating activities amounted to €734.2 million in 2022, compared with €873.2 million in the 
previous year, a decrease of 15.9%. Higher earnings were offset by cash outflows in connection with the 
growth-related increase in working capital. Inventories were in particular built up to safeguard supply security 
in view of the continuing tensions in some supply chains. Recently, however, the focus has shifted back to 
optimizing inventories, as the supply chain situation for many product groups has improved significantly and 
shortages in these areas have become unlikely. In addition, increased tax payments had an impact. 
Due to high demand, Sartorius had been driving the expansion of its production capacities full speed ahead. 
Cash outflows from investing activities increased in the reporting period by 38.8% to €593.8 million. Because 
of expenses of €536.1 million (previous year: €141.7 million) in connection with the most recent acquisitions, 
cash flow from investing activities and acquisitions rose to - €1,129.9 million compared with - €569.6 million in 
the previous year. 
Primarily driven by the placement of a new note loan (“Schuldscheindarlehen”), cash flow from financing 
activities amounted to €209.9 million in 2022 (previous year: - €172.6 million). This also included dividend 
payments for the 2021 financial year of €118.1 million (previous year: €65.8 million).  
Cash Flow Statement 
 
 
€ in millions 
2022
20211
Cash flow from operating activities 
734.2
873.2
- thereof change in working capital 
-300.1
-217.8
Cash flow from investing activities and acquisitions 
– 1,129.9
– 569.6
Cash flow from financing activities 
209.9
– 172.6
Cash and cash equivalents 
165.9
342.8
Gross debt  
2,541.2
2,075.5
Net debt 
2,375.3
1,732.7
1 Interest received are reported under cash flows from operating activities since fiscal 2022. Prior year figures were restated 
accordingly. 
Consolidated Statement of Financial Position 
The balance sheet total of the Sartorius Group was €6,977.7 million as of the end of fiscal 2022 and thus 
€1,279.8 million higher than the prior-year level. This increase is largely due to the rise in non-current assets by 
€1,053.4 million to €4,954.6 million, predominantly driven by the recent acquisitions and by the continuation 
of the extensive investment program. In addition, current assets rose by €226.4 million year over year to 
€2,023.2 million, mainly as a result of the increase in working capital and, in particular, the build-up of 
inventories as a risk provision to ensure supply security in the event of interrupted supply chains. Working 
capital amounted to €1,663.5 million as of December 31, 2022 (previous year: €1,316.8 million).

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Key Figures for Working Capital 
 
in days 
 
2022
2021
Days inventory outstanding 
 
 
 
Inventories | Sales revenue1 
x 360
101
93
  
 
 
 
Days sales outstanding 
 
 
 
Trade receivables | Sales revenue1 
x 360
41
44
  
 
 
 
Days payables outstanding 
 
 
 
Trade payables | Sales revenue1 
x 360
47
54
  
 
 
 
Net working capital days 
 
 
 
Net working capital2 | Sales revenue1 
x 360
95
83
1 Including pro forma sales of recent acquisitions 
2 Sum of inventories and trade receivables less the trade payables 
Equity grew by €938.7 million to €2,658.9 million as of year-end. The equity ratio was 38.1% (previous year: 
30.2%).  
In the reporting year, current and non-current liabilities for the Sartorius Group of €4,318.8 million were higher 
than the previous year's figure of €3,977.7 million. The increase resulted, among other things, from the 
financing of recent acquisitions and the build-up of working capital. 
1 Quotient of net debt and underlying EBITDA over the past 12 months, including the pro forma amount contributed by acquisitions  
   for this period  
At the end of fiscal 2022, gross debt stood at €2,541.2 million relative to €2,075.5 million in fiscal 2021 and is 
comprised of liabilities to banks, including note loans (“Schuldscheindarlehen”), as well as lease liabilities. The 
increase is essentially due to the placement of a new note loan, which was mainly used to refinance the 
acquisition of Albumedix completed at the end of September 2022. Net debt, defined as gross debt less cash 
and cash equivalents, was €1,732.7 million compared to €2,375.3 million a year ago.   
0
50
100
Current assets
Non-current assets
in  %
Balance Sheet Structure
68.5
71.0
31.5
29.0
Non-current liabilities
Equity
Current liabilities
30.2
38.1
42.7
36.0
27.2
25.8
Assets
Equity & Liabilities
2021
2022
2021
2022
2018
2019
2020
2021
2022
0.0
1.0
2.0
3.0
4.0
Ratio of Net Debt to Underlying EBITDA1
2.4
2.0
2.6
1.5
1.7

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In relation to the debt financing capacity of the Sartorius Group, the ratio of net debt to underlying EBITDA is 
a key metric. It is defined as the quotient of net debt and underlying EBITDA over the past 12 months, including 
the pro forma amount contributed by acquisitions for this period. At 1.7 as of December 31, 2022, this ratio was 
only slightly higher than the prior-year figure of 1.5, despite extensive investments and the acquisitions made 
in the reporting year. 
Reconciliation 
 
 
€ in millions 
2022
2021
Gross debt  
2,541.2
2,075.5
- Cash & cash equivalents 
165.9
342.8
Net debt 
2,375.3
1,732.7
  
 
 
Underlying EBITDA (12 months) 
1,410.4
1,175.0
+ Pro forma EBITDA from acquisitions (12 months) 
11.7
6.1
Pro forma underlying EBITDA 
1,422.1
1,181.1
Ratio of net debt to underlying EBITDA 
1.7
1.5
 
Impact of War in Ukraine 
Since the beginning of Russia's attack on Ukraine, Sartorius has suspended all business activities in Russia that 
are not related to humanitarian medical products. This has been done in compliance with all applicable 
sanctions and in line with the practice of other companies in the pharmaceutical and healthcare sectors. In 
2021, Russia had accounted for a good 2% of Group sales. In fiscal 2022, sales were significantly below this 
level and a further decline is expected in 2023. 
Further explanations on the impact of the war in Ukraine on Sartorius can be found on pages 73 and 177 et seq.

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Financing | Treasury 
Sartorius covers its operational and strategic financing needs through a combination of operating cash flows 
and the assumption of short-, medium- and long-term financial liabilities. The major debt financing 
instruments are shown in the graphic below. 
 
 
A major pillar in the financing mix is a syndicated credit line with a term of five years and extension options, 
which was refinanced in the reporting year and increased from €600 million to €800 million. In addition, 
Sartorius has diverse short-term credit lines totaling around €475 million. As of December 31, 2022, the total 
volume of all available credit lines amounted to €1,275 million, of which around €180 million was used. Thus, 
the available credit lines unused as of the end of 2022 was €1,095 million. 
Corporate financing was supplemented in the reporting year by the placement of new note loans 
("Schuldscheindarlehen") with a volume of €650 million and maturities of 3, 5, 7, 10 and 13 years. Around 
€210 million of this placement will be paid out in the first quarter of 2023. The funds were mainly used to 
refinance the acquisition of Albumedix completed at the end of September 2022. The total volume of all 
outstanding note loans amounted to around €1,550 million at the end of the year. In addition, the company 
has several short- and long-term loans in place that total around €665 million and are being used in part for 
the expansion of production capacities.  
The financing instruments mentioned above comprise those with both fixed and variable interest rates. The 
maturity profile of the Group’s financing instruments is broadly and appropriately diversified.  
Main Financing Instruments
€ in millions
Note loans
Syndicated credit line
Long-term loans
Short-term loans
~ 1,550
~ 800
~ 665
~ 475

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1 As of December 31, 2022, major financing instruments 
Due to its global business activities, Sartorius is exposed to the usual fluctuations in foreign exchange rates, 
which it hedges by forward contracts. At the end of 2022, foreign exchange contracts amounted to a volume 
of €585 million on a reported basis, with a market value of -€3.3 million.  
 
Maturity Profile of the FinancingFacilities1
€ in millions
521.0
203.0 542.0
541.0
473.0
185.0
0
150
300
750
600
450
2023
2024
2025
2026
2027
>2028

Business Development of 
Bioprocess Solutions
Strong increase in sales and earnings  
Growth driven by all product areas and regions 
Expected normalization of demand as of mid-2022
Division sales
€3,326.5m 
In constant FX: +15.9%
Underlying EBITDA margin
35.7%
-0.5 percentage points
Order intake
€3,122.7m
In constant FX: -14.0%

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Sales Revenue and Order Intake 
Following the exceptionally high growth rates in 2020 and 2021, the Bioprocess Solutions Division again grew 
at a double-digit rate in the reporting year by 15.9% in constant currencies to €3,326.5 million (reported: 
+22.0%). This includes around 2 percentage points of non-organic growth from acquisitions. All product areas 
contributed to this good development, while the Covid-19 -related business declined significantly compared 
to the previous year. 
 
Sales Revenue and Order Intake 
 
€ in millions 
2022
2021
in %
reported
in %
cc1
Sales revenue 
3,326.5
2,727.0
22.0
15.9
Order intake 
3,122.7
3,483.5
– 10.4
– 14.0
1 In constant currencies  
In 2022, the Bioprocess Solutions Division increased its sales revenues in all business regions. In the EMEA 
region, which accounted for around 38% of the division's sales, revenues increased by 10.6% to €1,260.5 million 
compared with a strong prior-year base. The Americas region again showed particularly strong growth, with an 
increase of 22.0% to €1,240.8 million. The region accounted for 37% of total sales. The Asia | Pacific region, 
which accounted for 25% of the division's sales, also posted significant double-digit growth of 16.5% to 
€825.2 million. (All growth rates for the regional development are in constant currencies unless otherwise 
stated.) 
As expected, order intake declined year over year against the backdrop of noticeable demand normalization 
and significantly lower Covid-19 -related business, reaching €3,122.7 million (in constant currencies: -14.0%; 
reported: -10.4%). Excluding the Covid-19-related business, order intake would have grown slightly. In the two 
previous years, the division had recorded exceptionally high growth rates due to changed ordering patterns 
and strong demand from coronavirus vaccine manufacturers.  
 
2018
2019
2020
2021
2022
0
1,000
2,000
3,000
4,000
Sales Revenue 2018 to 2022
1,143.1
1,350.5
1,782.6
2,727.0
3,326.5
€ in millions
2018
2019
2020
2021
2022
0
1,000
2,000
3,000
4,000
Order Intake 2018 to 2022
1,233.7
1,457.6
2,238.1
3,483.5
3,122.7
€ in millions

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Sales by Region 
 
€ in millions 
2022
2021
in %
reported
in %
cc
EMEA 
1,260.5
1,130.5
11.5
10.6
Americas 
1,240.8
913.1
35.9
22.0
Asia | Pacific 
825.2
683.5
20.7
16.5
 
Earnings 
Underlying EBITDA of the Bioprocess Solutions Division increased by 20.5% to €1,188.4 million. The 
corresponding margin of 35.7% was close to the high level of the prior-year period of 36.2%. The 2021 margin 
had been positively influenced by a partially delayed cost development, for example, as a result of deferred 
new hires in relation to sales revenue growth because of the pandemic and low business travel activity. As 
planned, these cost positions normalized in 2022 and had a dampening effect on profitability. Price effects on 
the procurement and customer sides largely offset each other.  
Underlying EBITDA and EBITDA Margin  
 
  
2022
2021
Underlying EBITDA in millions of € 
1,188.4
986.3
Underlying EBITDA margin in % 
35.7
36.2
 
In the year under review, the Bioprocess Solutions Division recorded extraordinary items of -€46.5 million 
relative to -€32.1 million a year earlier. These items predominantly consisted of expenses in connection with 
the most recent acquisitions as well as for various cross-divisional projects.

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Products and Sales 
The Bioprocess Solutions Division markets products and services for the entire added-value chain in 
biopharmaceutical production and preceding process development. The division’s portfolio includes cell lines, 
cell culture media, bioreactors, a wide range of products for separation, purification and concentration, and 
products and systems for storage and transportation of intermediate and finished biological products. 
 
 
 
 
 
 
 
 
Sartorius expanded its product portfolio in the Bioprocess Solutions Division by making two acquisitions  
in 2022: 
 By acquiring the business from Novasep in February 2022, Sartorius added a complementary 
offering to its chromatography portfolio. The acquired portfolio includes chromatography 
systems primarily suited for small biomolecules such as oligonucleotides, peptides, and insulin, 
as well as innovative systems for the continuous production of biopharmaceuticals. 
 The acquisition of Albumedix, a leading provider of solutions based on recombinant human 
albumin, completed at the end of September 2022, adds an important component to Sartorius’ 
portfolio in the production of innovative biopharmaceuticals, especially for modalities such as 
cell therapies, viral therapies, and vaccines.  
During 2022, the Bioprocess Solutions Division launched a scalable and ready-to-use disposable membrane 
for separating monoclonal antibodies as an alternative to classical resin-based column chromatography for 
the affinity purification step. Furthermore, the division introduced a computer-based application for 
optimizing cell culture development that enables substantial time and cost savings. The application is part of 
a cloud-based software ecosystem for analyzing and managing data along the biopharma value chain and 
makes it possible to maximize insights from in vitro experiments by using simulations in virtual bioreactors. 
Sales Activities  
The Bioprocess Solutions Division markets its product portfolio directly. Sales activities for key accounts are 
coordinated and supported by global key account management.  
After the gradual lifting of pandemic-related travel and contact restrictions, sales representatives continued 
to interact directly with many customers using digital communication tools. Video conferencing and

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augmented reality continue to be used for such direct interactions, for example, when demonstrating 
products, conducting training sessions, and bringing systems into service. One focus aimed at strengthening 
the sales force is on expanding the company’s international presence. A further focus is on the ongoing 
enhancement of sales effectiveness, for example, through specialized training for employees. 
Product Development 
Development activities at Sartorius essentially focus on technology areas such as membranes, which are the 
core component of the filter products; various technology platforms, such as single-use containers for fluid 
management in biopharmaceutical processes and sensors; and control technologies for processes such as 
fermentation and cell cultivation. Additional focal areas comprise developments in materials and components 
that include plastics, elastomers, and intelligent polymers; expanded data analysis; and cell line development.  
The largest product development site is located in Göttingen, Germany, where a new product development 
building is scheduled to begin operations in the first quarter of 2023. Further important activities take place in 
France, India, the USA, and the UK, as well as in Sweden, Israel, Slovenia, and other locations in Germany. 
Production and Supply Chain Management 
Bioprocess Solutions has a very well developed global production network that was expanded at many sites in 
2022. The largest production facilities are located in Germany, France, and Puerto Rico. Beyond these 
locations, this division also manufactures in the UK., Switzerland, Tunisia, India, the United States, China, Israel, 
and in Slovenia. Recent acquisitions have added sites in France and the UK. 
The supply chain situation remained challenging in 2022, but has eased somewhat overall compared with 
2021. Delivery times for most products have normalized, and the availability of electronic components and 
some chemical raw materials also improved over the course of the year. The prices of many primary products 
used by Sartorius did increase, however, in some cases significantly.  
With regard to its energy supply, the company has taken extensive measures in Germany in order to become 
as independent as possible from the availability of gas, if necessary.  
Sartorius has expanded production capacity in all business regions, such as China, Tunisia, and Puerto Rico. 
Additional production employees were hired for this purpose.  
To meet the growing demand for consumables in China, the expansion of the clean room in Beijing was 
brought into operation in 2022. This significantly expanded the local production capacity for sterile disposable 
bags. In addition to bags, the company has recently started producing other types of filters in the expanded 
clean rooms. 
Following the opening of a significantly expanded application, validation, and service center for biopharma 
customers at the Shanghai site in 2021, the company opened new application centers in Yantai, China, and 
Bangalore, India, in the reporting year. These enable customers to test complex systems at a Sartorius site first 
before they are delivered to and set up at their plant facilities.

Business Development of 
Lab Products & Services
Significant sales growth following strong prior-year performance
The bioanalytical instruments business showed a particularly strong expansion
Profit margin rises slightly above the already high prior-year level
Division sales
€848.2m
In constant FX: +11.5%
Underlying EBITDA margin
26.2%
+0.1 percentage points
Order intake
€884.6m
In constant FX: +7.4%

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Sales Revenue and Order Intake 
The Lab Products & Services Division recorded a very dynamic development against a high prior year base, 
growing by 11.5% in constant currencies to €848.2 million (reported: +17.4%). The major part of this growth was 
organic, and recent acquisitions contributed around 1 percentage points to the increase in sales. Business with 
bioanalytical instruments, which life science customers use to develop medications and cell lines, continued 
to develop particularly positively across all regions. In contrast, the decline in Covid-19-related business had a 
somewhat dampening effect on growth.   
 
Sales Revenue and Order Intake 
 
€ in millions 
2022
2021
in %
reported
in %
cc1
Sales revenue 
848.2
722.2
17.4
11.5
Order intake 
884.6
784.4
12.8
7.4
1 In constant currencies 
Following the strong development in the previous year, sales in the Americas region again grew significantly 
by 19.0% to €303.0 million in 2022, so that this region accounted for the largest share of the division’s sales for 
the first time at 36%. Sales in the EMEA region, which accounted for around 34% of the division’s sales,  
grew moderately by 2.5% to €290.1 million. The Asia | Pacific region, which contributed 30% to the Lab 
Products & Services Division's business, expanded by 15.5% to €255.1 million. (All growth rates for the regional 
development are in constant currencies unless otherwise stated.) 
Order intake rose 7.4% in constant currencies to €884.6 million (reported: + 12.8%). 
Sales by Region 
 
€ in millions 
2022
2021
in %
reported
in %
cc
EMEA 
290.1
280.5
3.4
2.5
Americas 
303.0
228.2
32.8
19.0
Asia | Pacific 
255.1
213.5
19.5
15.5
 
2018
2019
2020
2021
2022
0
250
500
750
1,000
Sales Revenue 2018 to 2022
423.0
476.5
553.0
722.2
848.2
€ in millions
2018
2019
2020
2021
2022
0
250
500
750
1,000
Order Intake 2018 to 2022
428.8
481.9
598.2
784.4
884.6
€ in millions

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Earnings 
The underlying EBITDA of the Lab Products & Services Division increased by 17.6% to €222.0 million in the 
reporting year. The corresponding margin slightly increased to 26.2% (previous year: 26.1%). The above-
average growth contribution of the bioanalytics business and economies of scale more than compensated for 
negative currency effects and planned higher costs. 
Underlying EBITDA and EBITDA Margin  
 
  
2022
2021
Underlying EBITDA in millions of € 
222.0
188.8
Underlying EBITDA margin in % 
26.2
26.1
 
The Lab Products & Services Division recorded extraordinary items of –€13.9 million in the reporting year 
relative to –€8.7 million a year ago. These were predominantly related to the most recent acquisitions as well 
as to expenses for various cross-divisional projects.

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Products and Sales 
The Lab Products & Services Division focuses with its products on research laboratories in the pharmaceutical 
and biopharmaceutical industries as well as on academic research institutes. 
In the area of bioanalytics, the division offers life science customers innovative systems for cell analysis. These 
greatly accelerate the otherwise time-intensive discovery of medical drug candidates by automating and 
digitalizing core steps in analysis. Sartorius expanded its bioanalytics portfolio by acquiring a majority stake in 
ALS Automated Lab Solutions on January 3, 2022. ALS develops, manufactures, and markets solutions for 
automated analysis, selection, and isolation of cells. With these solutions, the company enables life science 
customers to significantly reduce time to result as well as cost in cell line development and antibody discovery. 
Furthermore, the division introduced a new version of its system for label-free, real-time analysis of 
biomolecular interactions.  
Since the end of the year, Sartorius has been holding around 10% of the shares and 8.5% of the voting rights in 
the Swedish BICO Group, a provider of instruments and consumables for bioprinting, biosciences, and 
bioautomation applications. In addition, the partners have agreed on a comprehensive technology, as well as 
sales and marketing cooperation. 
 
In addition, the product range of the Lab Products & Services Division includes a broad array of premium 
laboratory instruments for sample preparation, such as laboratory balances, pipettes, and lab water systems, 
as well as lab consumables, such as filters and microbiological test kits. This Sartorius portfolio is tailored to the 
biopharmaceutical industry and additionally focuses on research and quality control labs in the chemical and 
food industries. The division expanded its product array by launching new vacuum filtration systems and 
dosing stations for lab water. 
 
 
 
 
 
 
 
 
The services offered by the Lab Products & Services Division cover the entire life cycle of laboratory 
instruments, from device installation and commissioning to validation, calibration, verification, and regular 
maintenance to repair. These services are not limited to Sartorius instruments alone; they are offered to a 
partial extent for devices from other manufacturers as well. This extensive range enables customers to 
minimize the number of service providers they use and to reduce complexity and costs. 
Beyond this, Sartorius application laboratories in all regions offer customers the opportunity to test Sartorius 
products, even using their own samples, and to take training courses. New laboratories were opened in China 
and India, among other places, during the reporting year.

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Sales Activities 
The division sells its products directly and through laboratory distributors, focusing on direct sales that are 
continuously being expanded along with the company’s alignment with the needs of life science customers. 
In aligning its activities, the division is increasing using digital channels.  
Aside from extending sales structures, the company also concentrates on the ongoing enhancement of sales 
efficiency, in part through the creation of synergies between the two divisions. This gives the Lab Products & 
Services Division access to customers of the Bioprocess Solutions Division, which in turn can also open up new 
sales opportunities. 
Product Development 
The division has extensive technological expertise in the areas of bioanalytics, laboratory instruments, and 
laboratory consumables. Software and hardware advancements in the company’s cell analysis products create 
many new evaluation opportunities for our customers. They are the foundation for the development of new 
tools capable of processing and visualizing vast quantities of data appropriately based on specific applications. 
Sartorius expects that such software solutions will become increasingly important. 
Compliance with regulatory requirements is critical for the company’s customers. Product development 
priorities for Sartorius therefore include data management, connectivity, and process automation.  
Most of the research and development for the Lab Products & Services Division is conducted at Group 
headquarters in Göttingen, Germany, where a new product development building is scheduled to open in the 
first quarter of 2023. Sartorius also carries out R&D activities at its sites in Finland and the UK, as well as in the 
USA. 
Production and Supply Chain Management 
The Lab Products & Services Division operates plants in Germany, China, Finland, the UK, and the USA. These 
plants serve as centers of competence and tend to focus on one product group or a small set of product 
groups. In 2022, for example, laboratory balances were manufactured in Germany and China, pipettes in 
Finland, and bioanalytical systems in the USA and China. Microbiological test kits are produced in the UK, and 
most membrane-based products in Germany.  
The overall supply chain situation has eased somewhat in 2022 compared with the previous year. The 
availability of electronic components continued to pose a challenge, but improved over the course of the year. 
The prices of many of Sartorius’ preliminary products did increase, however, in some cases significantly. In 
response to high demand, the company significantly ramped up the production of individual bioanalytical 
systems by making changes to the production process.

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Assessment of Economic Position 
Following the company’s exceptionally high growth rates in 2020 and 2021, and in a geopolitically as well as 
macroeconomically challenging environment, Sartorius achieved double-digit growth rates again in the 
reporting year. This good development was predominantly based on organic growth in both divisions. The 
Bioprocess Solutions Division reported significant sales revenue growth in 2022, and at the same time, as 
expected, a noticable normalization of demand following two years influenced by strong special effects due to 
the pandemic. The Lab Products & Services Division once again grew dynamically in the reporting year, 
primarily driven by the strong performance of the bioanalytical instruments business. Despite high inflation, 
profit margins remained at the high levels of the previous year, as cost increases incurred by the company and 
price increases at customers largely offset each other.  
Consolidated sales revenue in 2022 rose by 15.0% in constant currencies to €4,174.7 million. The Group’s 
earnings margin, measured on the basis of underlying EBITDA, stood at 33.8%. This means that both the 
forecast for revenue growth specified in October 2022 (lower half of the range of around 15% – 19%) and the 
profitability target of approximately 34% communicated at the beginning of the year were achieved.  
The Bioprocess Solutions Division grew its sales revenue by 15.9% in constant currencies to €3,326.5 million 
and achieved an underlying EBITDA margin of 35.7%. Consequently, sales revenue growth was slightly below 
the range specified in October of the reporting year (lower half of the range of around 17% – 21%), mainly due 
to the stronger than expected decline in Covid-19-related business, which reduced growth by approximately 
2 percentage points on a full-year basis. The division’s earnings margin was in line with the forecast of 
approximately 36% published in January 2022.  
With an increase in sales revenue of 11.5% in constant currencies to €848.2 million, the Lab Products & Services 
Division slightly exceeded the forecast for sales revenue growth specified in the publication of the nine-month 
2022 figures (upper half of the range of around 6% – 10%) and, with an earnings margin of 26.2%, also achieved 
the profitability target of approximately 26% set at the beginning of the year. 
At €220 million, the Covid-19-related business was slightly below the forecast of €250 million that was 
adjusted at mid-year 2022. At the beginning of 2022, the company had expected around €500 million. 
The ratio of net debt to underlying EBITDA stood at 1.7 as of December 31, 2022, in line with the forecast of 
approximately 1.6, which was revised in October 2022 following the completion of the acquisition of 
Albumedix. 
In line with its ambitious growth targets through 2025, Sartorius continued to expand its production capacity 
in the reporting year. At 12.5%, the ratio of capital expenditures (CAPEX) to sales revenue remained high, but 
stood slightly below the forecast of approximately 14% published at the beginning of the year.

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Projected | Actual Comparison for the Year 2022 
 
 
  
Actual
Guidance
Guidance
Actual
  
2021
January 2022
October 2022
2022
Sartorius Group 
 
 
 
 
Sales growth1 
49.3%
~15% - 19%
lower end ~15% - 19%
15.0%
Underlying EBITDA margin in % 
34.1%
~34%
~34%
33.8%
Net debt to underlying EBITDA 
1.5
~1.12
~1.62
1.7
CAPEX ratio 
11.8%
~14%
~14%
12.5%
  
 
 
 
 
Sartorius Divisions 
 
 
 
 
Bioprocess Solutions 
 
 
 
 
Sales growth1 
54.7%
~17% - 21%
lower end ~17% - 21%
15.9%
Underlying EBITDA margin in % 
36.2%
~36%
~36%
35.7%
Lab Products & Services 
 
 
 
 
Sales growth1 
32.0%
~6% - 10%
upper end ~6% - 10%
11.5%
Underlying EBITDA margin in % 
26.1%
~26%
~26%
26.2%
1 In constant currencies 
2 Possible acquisitions are not considered

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Annual Financial Statements of 
Sartorius AG 
Whereas the Sartorius Group financial statements are drawn up according to the International Financial 
Reporting Standards (IFRS), the annual financial statements for Sartorius AG are prepared by applying the 
rules and regulations of the German Commercial Code (HGB). In this context, the reported retained profit is 
used to determine the dividend payment to our shareholders. 
The Management Report of Sartorius AG and the Group Management Report for fiscal 2022 are combined. 
The annual financial statements of Sartorius AG prepared according to the HGB and the combined 
management report are published simultaneously in the German Federal Gazette (Bundesanzeiger). 
Business Operations, Corporate Strategy, Corporate 
Management and Oversight, Overview of Business 
Development 
Sartorius AG has exercised only the functions of the strategic, group-leading management holding entity for 
the Sartorius Group since the beginning of fiscal 2011, and we refer in this connection to the explanatory 
reports concerning business operations, corporate strategy, corporate management and oversight, as well as 
the overview of business development, presented on pages 23 et seq. of the combined management report 
of Sartorius AG and the Group. 
Earnings Situation 
Sales revenue of Sartorius AG essentially consists of cost transfers to affiliated companies within the Group for 
management services rendered as well as of the rental of buildings on the Sartorius Campus and in the 
Sartorius Quarter. 
Other operating income in the fiscal year includes book profits from asset disposals totaling €67.3 million. 
These resulted from the transfer of shares in Sartorius Stedim Biotech S.A. to the sellers of BIA Separations as 
part of the transaction structure agreed upon in 2020. 
Income from investments of €85.5 million relative to €46.3 million in the previous year concerns dividends paid 
out for the French subsidiary Sartorius Stedim Biotech S.A. 
Due to profit and loss transfer agreements, Sartorius AG received a profit of €11.9 million from Sartorius 
Corporate Administration GmbH (previous year: €16.1 million). In addition, Sartorius Lab Holding GmbH 
transferred a profit of €7.6 million (previous year: loss of €2.5 million).

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Net Worth and Financial Position 
The balance sheet total of Sartorius AG increased in the reporting year by €516.4 million to €2,874.1 million. 
The balance sheet structure of Sartorius AG reflects its function as the management holding entity for the 
Sartorius Group. Fixed assets consist primarily of financial assets and, in the reporting year, stood at 
€2,748.4 million (previous year: €2,226.8 million). Accordingly, fixed assets accounted for 95.6% of the balance 
sheet total (previous year: 94.4%). The equity ratio stood at 14.1%, compared with 14.2% in the previous year. 
Financing of the Sartorius Group is carried out centrally by Sartorius AG. Internal Group financing is provided 
by granting corresponding short-term and long-term loans. Long-term loans are reported under financial 
assets as loans to affiliated companies, which totaled €2,158.9 million in the fiscal year (previous year: 
€1,658.9 million). This increase as well as the increase in liabilities is primarily due to the acquisitions made by 
the Sartorius Group in the fiscal year. 
 
Statement of Profit and Loss of Sartorius AG 
Based on the total cost accounting method according to Section 275, Subsection 2, of HGB 1 
 
 
In millions of € 
2022
2021
1. Sales revenue 
20.0
16.3
2. Other operating income 
67.7
1.4
3. Employee benefits expense 
– 7.2
– 8.7
4. Depreciation and amortization 
– 9.9
– 9.4
5. Other operating expenses 
– 18.9
– 14.9
6. Income from investments 
85.5
46.3
7. Income from long term loans 
21.7
16.8
8. Profit received under a profit and loss transfer agreement 
19.5
16.1
9. Loss accepted under a profit and loss transfer agreement 
0.0
– 2.5
10. Interest and similar income 
2.7
1.1
11. Interest and similar expenses 
– 26.4
– 23.0
12. Income tax expense 
– 0.1
1.1
13. Profit after tax 
154.6
40.6
14. Other taxes 
– 0.1
– 0.1
15. Net profit for the period 
154.5
40.5
16. Profit brought forward 
112.6
158.0
17. Retained profits incl. net profit for the period 
267.1
198.5

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Balance Sheet of Sartorius AG 
According to HGB 1, in millions of € 
 
 
Assets 
Dec. 31, 2022
Dec. 31, 2021
A. Fixed Assets 
 
 
I. Intangible assets 
12.9
18.5
II. Property, plant and equipment 
133.0
105.7
III. Financial assets 
2,602.5
2,102.6
  
2,748.4
2,226.8
B. Current Assets 
 
 
I. Trade and other receivables 
117.8
113.6
II. Cash on hand, deposits in banks 
4.4
14.5
  
122.2
128.1
C. Prepaid Expenses 
3.5
2.8
  
2,874.1
2,357.7
 
Equity and Liabilities 
Dec. 31, 2022
Dec. 31, 2021
A. Equity 
 
 
I. Subscribed capital 
74.9
74.9
 
Nominal value of treasury shares 
– 6.5
– 6.5
 
Issued capital 
68.4
68.4
II. Capital reserves 
59.0
57.7
III. Earnings reserves 
10.9
10.9
IV. Retained profits incl. net profit for the period 
267.1
198.5
  
405.4
335.5
B. Provisions 
37.0
37.4
C. Liabilities 
2,431.7
1,984.8
  
2,874.1
2,357.7
1 HGB = German Commercial Code 
Proposal for Appropriation of Profits 
The Executive Board and the Supervisory Board propose to the Annual General Meeting that the retained 
earnings of Sartorius AG reported as of December 31, 2022, in the amount of €267.109.441,57 be appropriated 
as follows: 
in € 
 
Payment of a dividend of €1.43 per ordinary share 
48,943,192.87
Payment of a dividend of €1.44 per preference share 
49,233,388.32
Unappropriated profit carried forward 
168,932,860.38
  
267,109,441.57
 
Research and Development 
Detailed information on the research and development activities of the Sartorius Group and its divisions is 
provided on pages 32, 58, and 63.

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Employees 
As a holding company, Sartorius AG does not employ any staff to be disclosed pursuant to Section 285, No. 7, 
of HGB. 
Risks and Opportunities 
The opportunities and risks affecting the business development of Sartorius AG as the management holding 
entity are essentially equivalent to those of the Sartorius Group. Sartorius AG shares in the risks to which its 
investments and subsidiaries are exposed in proportion to the extent of its investment. For all identifiable risks 
to Sartorius AG that could have a negative impact on its net assets, financial position, and results of operations, 
countermeasures were taken and/or balance sheet provisions formed in the reporting year, insofar as this was 
reasonable and possible. 
A detailed Opportunity and Risk Report for the Sartorius Group is provided on pages 70 to 82; a description of 
the internal control and risk management system, on page 88. 
Forecast Report 
Earnings trends for Sartorius AG depend substantially on the performance of its subsidiaries and, as such, on 
the Sartorius Group. 
With respect to the individual financial statements of Sartorius AG, a slightly higher annual profit is expected 
due to the anticipated increase in dividend income from Sartorius Stedim Biotech S.A. 
The Sartorius Group’s business performance is discussed in the Forecast Report on pages 83 to 86.

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Opportunity and Risk Report  
Principles 
Every business activity entails opportunities and risks, which have to be managed. The skill with which this is 
done is a decisive success factor in determining the future development of a company's shareholder value.  
The point of risk management is not to always eliminate every risk possible; rather, Sartorius’s approach is to 
intentionally take a certain measure of risk in its business activities in order to be successful in unlocking 
opportunities. In this endeavor, it is important to keep risks contained within acceptable limits and to control 
them carefully. Through appropriate guidelines, the company ensures that risk assessments are taken into 
account in the decision-making processes from the very beginning. 
At Sartorius, identification and management of opportunities and risks is a cross-functional component of 
Group management. To this extent, the risk management organization reflects a global functional organization 
in the two divisions of Bioprocess Solutions and Lab Products & Services, and in the supporting functions as 
well. Individuals heading a functional area of the Group companies are each responsible for their own 
management of opportunities and risks. In addition, the Finance Department assumes responsibility for 
central risk management and is responsible for regular reporting and the further development of the risk 
management system as a whole.  
Managing Opportunities 
Opportunity management centers on the analysis of target markets and sector environments, as well as the 
assessment of trends, both of which give strong indications as to future business opportunities. One of the key 
roles of the relevant managers is to identify potential for development, which initially takes place at the local 
rather than the central level. Particularly the market-facing functions, such as strategic marketing and product 
management in each of the two divisions, play a leading role in this respect. These areas are supported by the 
central Business Development unit with market monitoring, data analysis, and the implementation of strategic 
projects.  
As a partner to the biopharmaceutical and laboratory industries, Sartorius operates in future-oriented and 
high-growth sectors. The significant opportunities generated by the various market and technology trends are 
described in detail in the sections entitled “Sector Conditions” and “Outlook for the Sectors” on pages 34 and 
84, respectively.  
The company´s own assessments rank Sartorius as one of the global market leaders in many subsegments and 
product areas. Based on its quality products, high degree of brand awareness, and established customer 
relationships, the company has excellent opportunities to stabilize and further expand its leading market 
position. The corresponding divisional strategies, as well as growth opportunities and initiatives based on them 
are outlined in the sections “Strategy of the Bioprocess Solutions Division” on page 27 and “Strategy of the Lab 
Products & Services Division” on page 28.

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Risk Management 
Organization 
Overall responsibility for an effective risk management system lies with the Executive Board. Coordinating and 
developing this system and combined risk reporting are the responsibilities of the Finance Department, while 
the particular functional areas are responsible for identifying and reporting individual risks, as well as for 
assessing their potential impact and for taking the appropriate countermeasures. 
The Supervisory Board of Sartorius AG monitors the effectiveness of the risk management system, with the 
preparatory work being performed by the Audit Committee of this board. While carrying out their statutory 
audit mandate for the annual financial statements and consolidated financial statements, the independent 
auditors assess whether the early warning system in place is capable of prompt identification of risks that could 
jeopardize the future of the company. Finally, the Internal Audit Department regularly reviews the 
effectiveness of the risk management system. The key results of these audits are discussed by the Executive 
Board, Supervisory Board, and Audit Committee. Any adjustments to the risk management system are then 
implemented by the central risk management team.  
Insurance 
To the extent possible and financially reasonable, Sartorius has taken out insurance policies to cover a large 
number of risks. These insurance policies include coverage against product liability, property damage, 
business interruption, transport, material and pecuniary damages and other risks, and provide comprehensive 
coverage for legal costs. An independent department working in conjunction with an external insurance 
broker regularly reviews the nature and extent of the insurance protection and makes any adjustments as 
necessary. 
When choosing insurers, the company particularly considers the credit rating of these entities as potential 
contractual partners, and aims to achieve a high degree of diversity in order to mitigate the related risks. 
Risk Management System and Risk Reporting 
The risk management system of the Sartorius Group is documented in a Risk Management Handbook that 
applies throughout the entire Group and includes definitions of the framework, the structural organization, 
processes, risk reporting and monitoring, and controls of the effectiveness of the risk management system. 
This Handbook is based as a whole on the ISO 31000 "Risk management – Guidelines" standard and the 
COSO standard (COSO = Committee of Sponsoring Organizations of the Treadway Commission). There are 
also a number of other sources that contain stipulations for handling risks, including the Articles of Association 
and rules of procedure of the Group companies and other guidelines. The Group’s strong growth over the past 
few years as well as increasing regulatory and customer requirements necessitate the ongoing refinement of 
these guidelines and specifications.  
The prescribed reporting process in the risk categories subsequently described establishes the rules for the 
ongoing review of reporting of information regarding risk situations. If any specific risks are discernible, these 
are documented with respect to their assessment, probability of occurrence, and measures to be taken to 
eliminate such risks or to mitigate their impact. In addition, as soon as these risks reach defined size criteria, 
they are reported to the central risk management system. As a matter of policy, assessment of risks is governed 
by the remaining net risk, i.e., taking any risk-mitigating measures into account. The central risk management

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system aggregates the risk reports and provides regular reports to the Executive Board and the Supervisory 
Board on the risk situation of the Group. This reporting also includes a comparison of the risk portfolio with the 
Group’s risk-bearing capacity as determined on the basis of rolling liquidity planning. An urgent reporting 
procedure is in place to ensure that the Executive Board of Sartorius AG receives all of the necessary details 
without delay when a new or emerging significant risk to the Group’s net worth, financial position, and/or 
profitability is identified. 
In order to provide a logical structure, Sartorius has defined four main risk categories: external risks, operating 
risks, financial risks, and compliance risks. Each main category is divided into several subcategories that are 
described in the following sections. 
Moreover, a risk matrix has been created that categorizes the probability of occurrence and potential impact 
on net profit into specific classes as follows: 
Probability of Occurrence 
Remote 
< 10%
Possible 
10% - 50%
Probable 
50% – 75%
Very likely 
> 75%
 
Significance 
in millions of € 
Impact on Earnings
Insignificant 
< 10
Moderate 
10 – 50
Significant 
50 – 100
Critical 
> 100
 
These two elements are combined to form the following matrix that indicates the importance of the individual 
risks for the Group: 
> 75% 
Low
Medium
High
High
50% – 75% 
Low
Medium
Medium
High
10% – 50% 
Low
Medium
Medium
Medium
< 10% 
Low
Low
Medium
Medium
Probability of occurrence | Impact 
< €10 million
€10 – €50 million 
€50 – €100 million
> €100 million
 
External Risks 
General Risks 
In principle, the ability to foresee and mitigate direct or indirect effects of general existential risks, such as 
natural disasters, pandemics, armed conflicts, or force majeure, and the resulting damage to economically 
relevant or even critical infrastructure, is limited. Yet Sartorius proactively takes measures, whenever feasible, 
to ensure that the Group can respond appropriately and at short notice is insured against any damage entailed 
in such risks.

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The effects of the coronavirus pandemic also had a significant impact on Sartorius’ business performance. 
Overall, as one of the leading bioprocess technology providers, the Group was able to help manage the 
pandemic by supplying products used in the manufacture of coronavirus vaccines and testing methods. 
Revenue generated in this context, however, fell significantly short of the previous year’s level. At the same 
time, the temporary lockdown in China had a slightly adverse effect on the Group’s business. Pandemic-
related travel and contact restrictions were largely phased out in the reporting year and therefore had less of 
an impact than in previous years. Sartorius currently assumes that the additional business in connection with 
the coronavirus pandemic will no longer have a significant impact on the Group’s business performance in the 
future. The supply chain situation remained challenging in 2022, but has eased somewhat overall compared 
with the previous year.  
The war in Ukraine, which has been ongoing since February 2022, had no significant direct impact on the 
Group as a whole in 2022. The countries affected accounted for just over 2% of consolidated revenues in 2021. 
Since the beginning of the war, Sartorius has discontinued all business activities in Russia that are not related 
to humanitarian medical products. These activities are carried out in compliance with the applicable sanctions 
and in line with the practices of other companies in the pharmaceutical and health sectors. In 2022, however, 
revenues fell significantly short of the previous year’s level, and a further decline is expected in 2023. 
From the perspective of the Group as a whole, Sartorius does not hold any significant non-current assets in 
Russia, Belarus, or Ukraine. The risk of default in connection with accounts receivable in Russia is limited due 
to an insignificant amount of receivables as of the reporting date, intensive receivables management, and 
changes in payment terms (e.g., delivery of products only after receiving payment in advance). 
While the direct effects of the war on the Sartorius Group’s financial situation were limited overall, there were 
noticeable indirect effects. For example, although the Group does not do business with any major suppliers in 
the countries concerned, it saw an increase in logistics and energy costs as well as a rise in procurement costs 
for primary products and raw materials. In addition, some countries, particularly Germany, are highly 
dependent on natural gas from Russia, which means that there is a risk of massive repercussions, including 
production stoppages, at the Group’s own sites and those of key suppliers in the event of a gas shortage. 
The Group has been implementing a wide range of measures to mitigate these risks since the beginning of the 
crisis. Extensive price increases were introduced to compensate for the rise in procurement costs. The Group's 
German sites have largely succeeded in making themselves independent of Russian gas supplies, e.g., by 
creating the technical conditions necessary in order to switch to oil. Safety stocks from suppliers with energy-
intensive production processes were increased significantly.  
Overall, the direct and indirect effects of the war in Ukraine are not currently having a material impact on the 
Group’s business performance. As the war is ongoing and it is impossible to reliably assess the further 
development of the conflict as well as its indirect effects, this situation is subject to a relatively high degree of 
uncertainty.  
The Group’s largest sites in Germany and France do not face any major risks from natural catastrophes, while 
the production plants in Puerto Rico and in Fremont, California, are exposed to the risks of severe hurricanes 
or earthquakes and could be impacted accordingly. To mitigate the associated risks, Sartorius applies the 
highest possible safety standards when constructing buildings and explicitly takes potential risk scenarios into 
account when defining strategies with regard to warehousing and the international production network.  
In 2022, Hurricane Fiona caused significant damage in the Caribbean and Canada. Sartorius had to 
temporarily halt production at its site in Yauco, Puerto Rico, but there was no lasting impact on the Group’s 
ability to supply its customers, and production was fully resumed within a few days.

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Furthermore, political developments such as changes in the foreign trade policy of various countries can have 
an impact on the Group’s business. 
Since the Group companies operate globally and have international interdependencies, punitive tariffs and 
trade conflicts can have negative effects on the Group’s business activities. To reduce any possible impacts, 
various measures are currently being reviewed, such as an extension of our supplier network.  
Overall, the relevance of geopolitical risks to the Group’s business activities has increased significantly in 
recent years. The Group monitors developments in this regard and, where possible, initiates risk mitigation 
measures at an early stage. 
Business Cycle Risks 
Owing to the concentration of its business activities in the life science sector, the effect of general economic 
developments on Sartorius is lower than average. The Lab Products & Services Division is susceptible to 
business cycles in certain areas that can pose a risk to its growth. This division’s increasing focus on the 
biopharma sector, however, significantly reduces these risks. 
Operating Risks and Opportunities 
At Sartorius, value creation extends from procurement through production to distribution. Problems within 
this workflow can have consequential effects, including delays in deliveries. The Group’s supply chain 
management system ensures that all of the processes along the entire value chain are analyzed and managed 
in order to largely minimize the risks in this context. On the other hand, the Group’s high level of 
internationalization unlocks a number of opportunities. The individual risks and opportunities within the value 
chain are presented in detail below. 
Procurement Risks and Opportunities 
Sartorius purchases a wide range of raw materials, components, parts, and services from suppliers and is 
consequently exposed to the risks of unexpected delivery bottlenecks and/or price increases.  
In the field of supplier management, powerful tools and robust processes have been implemented in recent 
years to manage risks and ensure supply continuity. Important measures to reduce potential supply 
bottlenecks include maintaining safety stock levels and identifying alternative materials or suppliers. In 
addition, the Group regularly conducts supplier audits and carefully monitors the delivery status and inventory 
levels of critical raw materials.  
Sartorius actively manages procurement risks due to the current shortage of raw materials on the market. By 
concluding binding purchase agreements with suppliers and/or by seeking alternatives within the supplier 
network, Sartorius can reduce their impact and secure continuous supply. Due to the strained market for 
electronic components, there is currently an increased risk of product counterfeiting in this area. To keep this 
risk as low as possible, the Group has implemented additional internal and external test cycles. 
In addition, Sartorius identifies and evaluates its supplier base with respect to compliance with sustainability 
standards. In the event of deviations, the process provides for a variety of measures that are coordinated with 
the suppliers in question.

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Opportunities in the field of procurement may arise if order volumes increase, thereby strengthening the 
Group’s position with key suppliers.  
Production Risks and Opportunities 
On the basis of its core technological expertise, Sartorius manufactures a significant share of its products in-
house with a high degree of vertical integration, for example, filters and laboratory balances. For other 
products, such as reusable fermenters, the Group works with suppliers, which means that some of the 
production risks can be shifted to external third parties. Where Sartorius manufactures products itself, the 
Group also bears the associated risks of capacity bottlenecks or overcapacity, production downtimes, 
excessive reject rates, and high levels of tied-up working capital, as well as dependency on individual 
manufacturing sites.  
Carefully planning of production capacities, using versatile machines, and semi-automated individual 
workstations in conjunction with flextime work schedules, and continuously monitoring of production 
processes, can significantly limit these risks. Moreover, Sartorius’ global manufacturing network enables the 
Group to compensate for any capacity bottlenecks by shifting production to other regional plants as well as to 
limit the Group’s dependency on individual local manufacturing sites. Furthermore, the Group has taken out 
business interruption insurance policies to compensate for any possible losses due to production downtimes. 
Highly flammable or explosive substances are used in some production areas. The improper handling of such 
materials can result in significant damage to property and business interruptions. The Group has taken all 
necessary organizational and structural measures at the affected locations to mitigate this risk as much as 
possible. 
Sartorius considers it an opportunity that investments in infrastructure and production resources have 
afforded the Group a high degree of flexibility in manufacturing operations and that the Group is capable of 
meeting customer requirements and regulatory standards with respect to business continuity concepts. In 
addition, this approach ensures that international production sites can concentrate on specific manufacturing 
technologies, leveraging regional cost advantages as a result. Continuous improvements in manufacturing, 
such as the simplification of processes, as well as increased automation and digitalization, also help to further 
increase efficiency. 
Sales and Distribution Risks and Opportunities 
The Group uses a variety of channels to sell and distribute products around the world. Possible risks include 
unexpected changes in the demand structure, for example, due to consolidations in the markets served by 
Sartorius, increasing price pressure, or failure to comply with supply agreements entered into with customers. 
Sartorius uses targeted market analyses to try to identify trends in demand in individual submarkets at an early 
stage so that it can react accordingly. Technical innovations and the fact that a large number of our products 
are used in validated production processes in the biopharmaceutical industry reduce the Group’s exposure to 
the risk of growing price pressure. Distribution logistics have been optimized in recent years through the 
establishment and use of central warehouses, thus limiting the corresponding risks. 
Opportunities arise in the area of sales and distribution when the increasing breadth of the product range – in 
both the bioprocess and lab segments – puts the Group in a position to sell new products to existing 
customers. Furthermore, opportunities arise for Sartorius from its generally long-term business relationships 
and its global presence. Finally, through acquisitions in cell analysis, Sartorius offers customers in the 
biopharmaceutical industry, a key sector for the Group, comprehensive product solutions to address needs 
ranging from research laboratories all the way to production processes.

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Sartorius sources its key customers from the pharmaceutical, chemical, and food industries and from research 
and educational institutions in the public sector. These customers are usually relatively large organizations that 
have been in existence for some time and have strong credit ratings. Most of the Group’s business areas have 
a highly diversified customer base, so the Group as a whole is not dependent on individual key accounts to any 
significant degree. 
Competitive Risks and Opportunities 
Sartorius has a leading competitive position in its core technologies and competes with mainly larger rivals 
sharing its status as a globally operating company. As the Groups serves a large number of customers from 
highly regulated sectors, such as the pharmaceutical and food industries, and the technology barriers to 
market entry are fairly high, Sartorius regards the probability of new competitors emerging the short term as 
relatively low. 
The fact that many of the Group’s products are used in validated processes, especially those in the 
biopharmaceutical industry, reduces the risk of losing significant market share within a short time frame. 
Conversely, the hurdles faced by Sartorius in winning clients from competitors in this industry are also higher. 
Further risks could arise from a change in the competitive environment, such as further consolidation in the 
markets or new competitors, for example in China. Sartorius has been continuously making acquisitions in 
recent years, thus further strengthening its market position and opening up new potential synergies. 
Quality Risks and Opportunities 
Customers use Sartorius products in a wide range of critical production processes, including the manufacture 
of medications, foods, and chemicals, and in research and development laboratories. Risks in this context 
primarily involve the failure to meet defined quality criteria, affecting the performance of the supplied products 
and, in the worst case, lead to losses on the part of customers, for which Sartorius may be held liable in the form 
of damages. 
Through extensive quality controls and the use of modern manufacturing techniques in a classified clean room 
environment, Sartorius ensures that all of its products meet the highest standards of quality and the stringent 
regulatory requirements. Furthermore, these manufacturing methods and processes are subject to constant 
review as part of continuous improvement processes and are optimized as requirements evolve. Quality 
controls are carried out both within the manufacturing processes and as part of test procedures on the end 
products. This ensures that critical or essential product specifications are continuously achieved. A rigorous 
product release process also ensures that only products that meet agreed upon specifications are actually 
shipped.  
The effectiveness of the existing quality systems has been confirmed by the successful completion of regular 
customer audits, as well as by certifications to ISO 9001 and, where applicable, to ISO 13485. Irrespective 
thereof, product liability risks are insured to a significant extent.  
In addition, Sartorius has established a traceability system that enables the Group to efficiently identify and, if 
required, recall an entire production batch immediately. This minimizes the consequences if a defect or 
nonconforming component is discovered in a product. A complaint management system is used to process 
and systematically document customer feedback in a timely manner, ensuring that Sartorius efficiently 
analyzes reported cases and initiates the necessary measures.

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In the sectors in which the Group is active, quality requirements are growing more and more stringent all the 
time, not least as a result of increasing requirements regarding protection of medical patients and on product 
safety by regulatory authorities. There is a risk that new regulations may be overlooked or be difficult to 
implement. For Sartorius, this also unlocks opportunities by putting up further barriers to entry for potential 
market players. The reason is that challenging quality demands represent a considerable barrier to entry for 
potential new competitors and provide stimulus for further technical innovation. Moreover, through the 
Group’s work on professional committees and membership in industry associations and standards 
committees, Sartorius actively takes part in drafting new standards and guidelines and is able to identify these 
emerging requirements at an early stage and prepare accordingly. 
Research and Development Risks and Opportunities 
Sartorius devotes a considerable share of its resources to research and development. Potential risks in this area 
may arise from development results that diverge from market needs or application requirements and from 
exceeding planned development deadlines and budgets. The Group mitigates these risks by continuously 
monitoring trends and proof-of-concept activities on the one hand, and through project management, 
intensive development controlling, and the early involvement of customers in the development process on 
the other. In particular, Sartorius ensures that proofs-of-concepts and product designs are always reviewed 
promptly with regard to how well they meet customers’ needs so products can be adapted accordingly as 
required. Continuously tracking technology trends and competitive activities, as well as filing patents at an 
early stage ensures that the Group has an appropriate technology and marketing position. 
Intensive collaboration with partners who are among the global market and opinion leaders in their fields 
enables Sartorius to develop particularly innovative products. In areas such as membrane technology and 
plastics technology, sensors and biopharmaceutical process engineering, and analytic technologies for 
laboratory applications, the expertise of Sartorius specialists puts the Group at the very forefront of global 
research and development worldwide, presenting Sartorius with an opportunity to turn this technical 
knowledge into potential sales and an even stronger market position. The combination of different innovative 
activities in a separate Corporate Research Department enables the Group to identify promising 
developments at universities, startups and at customers’ plants and ensure that all relevant IP positions are 
secured in advance. 
Acquisition Risks and Opportunities 
By nature, acquisitions provide many opportunities, such as sales growth, extension of the product portfolio, 
and development of new markets. By contrast, the purchase and sale of companies or parts of companies 
entail a number of typical risks, such as incorrect valuation assumptions or insufficient usage of anticipated 
synergy effects.  
The Group takes a number of measures to mitigate these risks. These include performing a thorough due 
diligence review of important areas and carrying out comprehensive analysis of the market concerned. 
Furthermore, external consultants and experts are integrated into the purchase or sales processes as required. 
Sartorius especially focuses on drafting transaction contracts so that they adequately counter such risks, 
especially by incorporating clauses assuring specific characteristics or by including contractual warranty or 
guarantee provisions, as well as agreements regarding mechanisms for adjustment of the purchase price or 
liability clauses. Appropriate insurance policies are taken out when necessary. Immediately after an acquisition 
has taken place, an integration phase is initiated in which any potential risks can likewise be detected as early 
as possible and prevented or minimized by taking the appropriate counteractions. A Post Merger Integration 
(PMI) Office was established as an independent function in the Business Process Management Department 
to ensure the efficiency of the integration process and minimization of the associated risks.

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Personnel Risks and Opportunities 
As an innovative technology group, Sartorius employs a large percentage of highly qualified people. This 
entails the risk that Sartorius may not be able to hire a sufficient number of highly qualified employees in the 
future or may lose high performers currently working for the company. The strong growth of the Group and 
the associated expansion of its workforce also pose sizable challenges in connection with the integration and 
familiarization of new employees with the company, and thus also harbor risks. 
Sartorius strives to retain employees in key positions and talented individuals over the long term by offering 
performance-based compensation models, targeted training opportunities, attractive fringe benefits, and by 
highlighting interesting development prospects. In this context, the Group particularly continued to enhance 
staff development initiatives and management programs. The success of these measures is reflected in the 
low attrition rates seen in recent years. In certain cases, employment contracts contain a clause prohibiting any 
move to a direct competitor. 
Sartorius is countering demographic change primarily by training junior employees and promoting continuous 
learning for every employee, accompanied by appropriate performance development processes. This, in turn, 
creates opportunities for the Group, as training its own employees ensures that Sartorius can meet its own 
demand for qualified personnel. 
In order to smoothly onboard new employees and ensure an appropriate transfer of knowledge, the Group has 
developed and implemented specific onboarding processes for employees and managers. In addition, 
Sartorius uses a digital HR platform that supports secure and stable processes and enables decisions to be 
made on the basis of high-quality data. 
IT Risks and Opportunities 
The Sartorius Group’s business processes are supported by a wide array of specific software applications and 
IT systems. A failure or significant impairment of the business-critical IT systems and the supporting technical 
infrastructure due to cyberattacks or other threats, could significantly hamper the smooth functioning of the 
company’s business processes and lead to manipulation, uncontrolled loss, or outflow of data. 
Sartorius mitigates these risks by continuously investing in the implementation and operation of secure IT 
systems and applications and by continually developing and applying concepts and security measures on the 
basis of the international ISO 27001 Standard for Information Security Management Systems, among others. 
In addition, the Group incorporates the results of regular audits and vulnerability assessments by external 
companies specializing in IT security.  
Safeguarding data, systems, and applications from misuse and other threats is managed via the uniform risk 
management system at Group level and implemented via the governance structure and IT risk management 
through appropriate IT security policies and effective communication and practices. Fundamental principles 
such as secure configuration, user training and security awareness, network security, malware prevention, 
privilege management, and incident response are fundamental to the security organization and procedures.  
The Group continues to expect the threat of cyberattacks to increase worldwide, both in number and intensity. 
For this reason, the corresponding measures and activities were further expanded in the past fiscal year. 
Sartorius has strengthened the Group-wide IT security organization in terms of personnel and expertise, 
established a round-the-clock security control and defense team, and set up further systems and services to 
monitor, detect, and defend against cyberattacks.

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The IT Department actively provides targeted information across the Group on potential cyberthreats and 
risks, and engages employees by giving them simple but effective ways to defend themselves in a 
decentralized manner and report suspicious incidents for review. 
Financial Risks and Opportunities 
The global nature of the Sartorius Group’s operations entails that its business activities are inevitably exposed 
to financial risks. The most significant of these are exchange rate risks, interest rate risks, liquidity risks, and tax 
risks. Conversely, financial risks, most notably exchange rate risks and interest rate risks, are balanced by 
opportunities of approximately equal magnitude. 
Exchange Rate Risks and Opportunities 
As a consequence of its global business activities, Sartorius is exposed to risks arising from fluctuations in 
foreign exchange rates. Since around two-thirds of the Group’s consolidated sales revenue is generated in 
foreign currencies and, in turn, approximately two-thirds of this total revenue in foreign currencies is in U.S. 
dollars or in currencies pegged to the U.S. dollar, Sartorius is positively or negatively impacted by currency 
effects when converting the currencies of balance sheet items and profit or loss items, respectively. Other 
currencies relevant to the Sartorius Group are the British pound, the Singapore dollar, the South Korean won, 
the Japanese yen, the Chinese renminbi, and the Swiss franc. 
The Group’s global production network enables Sartorius to offset the majority of sales revenues generated in 
foreign currencies within the Group against costs likewise incurred in foreign currency. For example, Sartorius 
manufactures many products for the North American market locally, and is not disadvantaged on the cost side 
in competing with U.S. rivals, insofar as this risk is concerned.  
Sartorius continuously calculates its risk exposure with a cash flow at-risk model in order to evaluate and steer 
the remaining risk based on the expected net exposure for the next 12 months and to take into consideration 
hedging transactions already executed. This is the basis used to decide whether to employ additional 
derivative financial instruments, especially spot, forward, and swap transactions, to adjust for maximum loss.  
Interest Rate Risks and Opportunities  
Sartorius has concluded fixed interest agreements for more than 70% of its loans outstanding so that any 
changes in the interest rate will not have any meaningful effects on consolidated earnings. The remaining 
portion of the financing instruments outstanding as of the reporting date is subject to variable interest rates 
on the basis of a short-term money market rate. Sartorius constantly monitors interest rate trends and the 
Group’s interest rate exposure and arranges for hedging transactions where it is considered necessary and 
financially advisable to do so for individual loans. The Group did not hold any interest rate derivatives as of 
December 31, 2022.  
Liquidity Risks and Opportunities 
Sartorius operates an active central liquidity management system in order to minimize the liquidity risks in the 
individual Group companies on the one hand and to optimize the Group’s net interest income on the other. A 
variety of long-term and short-term financing instruments are used for this purpose. With regard to the 
maturities of loans, Sartorius generally adopts a risk-averse approach.

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A syndicated credit line of 800 million euros, which can be drawn down and repaid at short notice , and several 
smaller bilateral credit lines at individual Group companies are used to secure short-term liquidity. 
Furthermore, cash pooling agreements between selected Group companies are primarily used to manage 
liquidity across the Group, ensuring that available liquidity is used efficiently.  
Tax Risks 
Sartorius and its subsidiaries do business across the globe and are therefore subject to the tax laws and 
regimes of various countries. Changes in tax laws, rulings by the courts, and interpretation of the law by the 
fiscal authorities or courts in these countries can result in additional tax expenses and payments and thus also 
affect the corresponding tax items in the statements of financial position and profit or loss. The central Group 
Tax Department, which is supported by external consultants in the respective countries, continuously 
monitors and analyzes the tax environment in order to manage the resulting risks.  
Compliance Risks 
Regulatory Risks  
As a partner to the biopharmaceutical and healthcare industries, Sartorius is also affected by regulatory 
changes in these sectors. The primary risk in this context is the possibility of regulatory authorities, such as the 
U.S. Food & Drug Administration (FDA), the European Medicines Agency (EMA), or other national or 
international bodies, taking a more restrictive approach to the approval of new drugs or medical devices of our 
customers. In addition, adherence to the regulations of other relevant authorities like the Environmental 
Protection Agency or the Department of Agriculture in the USA is important to contain local or global 
regulatory risks.  
Failure on the part of Sartorius’ customers to adequately comply with the regulations in force at any given time 
could delay approval processes or even reduce the number of newly approved drugs and thus also worsen the 
Group’s future prospects in the medium term. With regard to its own products, the Group is also subject to 
extensive approval, registration, and reporting obligations in numerous countries. Failure to comply with the 
often complex requirements could result in sales or import bans as well as penalties. The functions responsible 
for regulatory affairs at Sartorius monitor the affected markets and assess whether the Group needs to make 
any changes to its processes. 
Environmental Risks 
Sartorius purchases a wide range of raw materials: consumables, and supplies, for example, plastic, metal, and 
electronic components, as well as packaging. In addition, some production processes generate waste due to 
the use of solvents, which is subject to special recycling and disposal regulations. In this context, there is a risk 
that the Group will fail to comply with the applicable legal requirements. 
The Environmental Protection, Health, and Safety Department is responsible for ensuring that the Group 
complies with all applicable regulations. In order to manage environmental issues and mitigate risks, Sartorius 
has established environmental management systems (according to ISO 14001:2015 for both divisions. In 
addition, most of the Group’s large production sites have been certified according to ISO 14001:2015, 
including the sites in France, India, Puerto Rico, and China. Appropriate functions exist at these locations to 
ensure compliance with legal and internal requirements and the ongoing implementation of sustainable 
technical innovations to improve environmental aspects in production processes. Environmental and

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sustainability aspects are playing an increasingly important role in many business processes at Sartorius. The 
aspect of environmentally sustainable business activities has thus become a central element of how suppliers 
are selected.  
For more information on these topics, please see the non-financial Group statement.  
Litigation Risks 
Litigation risks for Sartorius can arise from pending or forthcoming legal disputes or from administrative 
proceedings. All judicial or extrajudicial disputes are attended to by the company’s own attorneys and legal 
experts, who engage external lawyers as needed. 
At present, there are no pending or discernible legal disputes or proceedings that lack any cost coverage 
allowances in the statement of financial position or that could have a substantial negative impact on the Group.  
Assessment of the Overall Risk Situation and Risk Outlook  
Where feasible, the Group adopted countermeasures and/or made risk provisions in the balance sheet during 
the reporting year to cover all discernible risks within the Sartorius Group, and specifically those risks that had 
a defined probability of occurrence, and the potential to materially affect the Group’s net assets, financial 
position, and/or results of operations. 
For the purposes of this report, Sartorius has assessed the probability of occurrence of risks as shown below 
and, in the adjacent columns, classified their particular significance for the entire Group. There were no 
material changes in comparison with the prior year.

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Risk Category 
Probability of 
Occurrence
Significance
Total Impact
Total Impact
(Previous Year)
External risks 
General risks 
Probable
Moderate
Medium
Medium
Business cycle risks 
Possible
Moderate
Medium
Medium
Operating risks 
Procurement risks 
Possible
Significant
Medium
Medium
Production risks 
Possible
Significant
Medium
Medium
Sales and distribution 
risks 
Possible
Moderate
Medium
Medium
Competitive risks 
Possible
Moderate
Medium
Low
Quality risks 
Remote
Significant
Medium
Medium
Research and 
development risks 
Possible
Significant
Medium
Medium
Acquisition risks 
Possible
Significant
Medium
Medium
Personnel risks 
Possible
Significant
Medium
Medium
IT risks 
Possible
Significant
Medium
Medium
Financial risks 
Exchange rate risks 
Probable
Moderate
Medium
Medium
Interest rate risks 
Probable
Moderate
Medium
Low
Liquidity risks 
Remote
Moderate
Low
Low
Tax risks 
Possible
Moderate
Medium
Medium
Compliance risks 
Regulatory risks 
Possible
Significant
Medium
Medium
Environmental risks 
Remote
Moderate
Low
Low
Litigation risks 
Possible
Moderate
Medium
Medium
 
Following a detailed analysis of the overall risk situation, there are no risks discernible from today’s perspective 
that could jeopardize the Group’s continued existence as a going concern.  
Furthermore, from today’s perspective, there are no foreseeable risks that could jeopardize the Group’s 
continued existence as a going concern in the future.

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Forecast Report 
Future Macroeconomic Environment 
According to a forecast by the International Monetary Fund (IMF), the global economy is expected to 
continue growing in the current year, albeit at a slower pace. Global GDP is expected to grow globally by 2.7% 
in 2023 (2022: +3.2%), with an increase of 1.1% expected for industrialized countries (2022: +2.4%) and 3.7% for 
emerging and developing countries (2022: +3.7%). The economic environment continues to be characterized 
by numerous risk factors that are negatively impacting consumer and business sentiment. Inflation rates and 
the cost of living remain high and are weighing on consumer spending, while rising interest rates and a 
gloomier economic outlook are dampening corporate investments. At the same time, rising debt levels mean 
that national governments have fewer funds available for fiscal policy support measures, so that the risks of a 
global recession or stagflation have increased overall.  
The IMF expects growth of 0.7% for the EU in 2023, compared with 3.2% in 2022. In Germany, Europe’s largest 
economy, economic output is expected to contract by 0.3% (2022: +1.5%), while other European economies 
that are important for Sartorius, such as France and the United Kingdom, are likely to remain virtually stagnant, 
with growth rates of +0.7% (2022: +2.5%) and +0.3% (2022: +3.6%), respectively. 
Source: International Monetary Fund 
According to the latest estimates, the United States is expected to grow by 1.0% in 2023, compared with 1.6% 
in the previous year.  
The Asia | Pacific economic region is forecast to grow by around 4.3% (2022: +4.0%), with GDP in China 
expected to increase by 4.4% (2022: +3.2%) and in India by 6.1% (2022: +6.8%). Other countries in this region 
that are important for Sartorius are also expected to grow. South Korea is expected to grow by 2.0% (2022: 
+2.6%) and Japan by 1.6% (2021: +1.7%). 
Global Development GDP
in %
2019
2020
2021
2022
2023
-6.0
-3.0
0
3.0
6.0
2.8
-3.1
6.0
3.2
2.7
Global
EU
USA
Asia|Pacific
-6.0
-3.0
0
3.0
6.0
2023
2022
in %
Gross Domestic Product by Region
2.7
0.7
1.0
4.3
3.2
3.2
1.6
4.0

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Exchange and Interest Rate Trends 
Based on experts’ estimates, base interest rates in the European Economic and Monetary Union are expected 
to increase from 2.50% at the end of 2022 to up to 3.00% in 2023. The U.S. Federal Reserve is also expected 
to initially raise the base rate further before making rate cuts in the second half of the year, to an estimated 
4.65% by the end of 2023. 
Inflation expectations for the euro area in 2023 are 6.2%, whereas the U.S. inflation rate is expected to be 3.2%. 
The market consensus on the exchange rate of the euro to the U.S. dollar for the course of 2023 is that it will 
range between 0.95 euros to the U.S. dollar and 1.10 euros to the U.S. dollar. 
Sources: International Monetary Fund, World Economic Outlook, October 2022; Bloomberg, UBS, November 2022. 
Outlook for the Sectors 
Biopharmaceutical Industry Maintains Dynamic Growth 
Strong, long-term trends drive growth in the pharmaceutical industry, which is almost entirely independent of 
business cycles. EvaluatePharma estimates that the global pharmaceutical market will grow by around 6% 
annually for the period up to 2028. Within the pharmaceutical market, the biopharma segment has been 
enjoying particularly strong performance for years and will continue to outperform the market according to 
various forecasts. Average annual growth is expected to range between 8% and 11% in the coming years. The 
market is expected to have a total value of around €575 billion in 2028, which means that the share of 
biological medications and vaccines as a percentage of total revenue in the global pharmaceutical market 
could rise from the current 37% to 41%. 
From a regional perspective, China is still expected to be the most dynamic market. Positive regulatory and 
political conditions, a constantly rising number of local biotech companies, and increasing demand for 
advanced biopharmaceuticals have been fueling above-average growth for several years now. This trend 
could continue as a result of the huge amount of catch-up potential in the market and the improved availability 
of biotech medications. 
Considerable growth in the United States and Europe is also anticipated, driven in particular by a growing need 
for medications for aging societies as well as the rising number of patients. In addition, the number of approved 
biopharmaceutical medications is steadily increasing. Of the estimated 10,000+ medications in R&D pipelines, 
over 40% are based on biological manufacturing processes. For example, biopharmaceuticals are increasingly 
being used in yet-to-be fully explored therapeutic areas and in the treatment of rare diseases that have so far 
been incurable. The pharma industry is increasingly concentrating on advanced therapies such as cell and 
gene therapeutics or biotechnologically processed tissue products. In 2022, more than 2,000 clinical trials 
with such treatment approaches were conducted, meaning that this area offers significant growth potential 
over the medium-to-long term. Innovative types of therapy for regenerative medicine and new substance 
classes, such as antibody-drug conjugates (ADCs) or mRNA-based drugs, are increasing the number and 
range of approved biopharmaceuticals in the long term and necessitating investments in innovative 
production technologies. As a result, they are key growth drivers. 
Biosimilars, i.e., generic versions of reference biologics with comparable or better efficacy or fewer side effects 
than the original compounds, are also playing an increasingly important role in the growth of the 
biotechnology market. Current estimates indicate that by 2026, the market could grow by an annual average

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of 20% to 30% and reach a total value of approximately €42 billion. The significantly lower prices of biosimilars, 
particularly in emerging and developing countries, are creating new, affordable therapy options and are 
projected to result in increased demand and rising production volume. The development of national 
production capacities to meet the growing demand for medications is receiving political support in these 
countries and is fueling the establishment of local biotech companies. The biosimilars market in industrialized 
countries is also likely to expand considerably in the coming years due to the expiration of patents for high-
selling biopharmaceuticals and an increasing number of approved biosimilars. While such generic 
medications have been widely used in Europe for many years and have been able to gain significant market 
share in some areas, progress in the USA has been rather slow until now due to regulatory, patent-law-related, 
and marketing hurdles. In the next few years, however, the development of increasing usage of biosimilars is 
likely to accelerate.  
Biopharmaceuticals Are Gaining Importance – Growing Share of Sales in the Global Pharmaceutical Market 
 
 
 
 
 
 
 
 
 
The biopharmaceutical industry must meet growing demand for medications while producing an increasing 
number of approved medications and ensuring new types of therapy. Therefore, industry observers expect 
that worldwide bioreactor capacities will continue to expand in the years to come. At the same time, the 
industry faces rising cost pressure. This increases the significance of innovations for boosting flexibility and 
efficiency in biopharmaceutical research and production. In the future, the biopharmaceutical market will shift 
away from a low number of especially high-selling medications that account for a majority of total production 
volume towards an expanding range of products for smaller groups of patients. Technological progress leads 
to ongoing improvements in the productivity of biopharmaceutical production processes. Therefore, 
according to the research and consulting institute BioPlan, many manufacturers will likely rely increasingly on 
flexibly usable single-use technologies for the commercial production of many new medications. Particularly 
in the case of relatively small batches, single-use technologies already ensure more cost-effective production 
than conventional stainless-steel units and have a better environmental footprint. To master these challenges, 
more and more pharmaceutical companies are relying on digitalization and automation as well as innovative 
software solutions for controlling and optimizing their processes. A further trend is process intensification, in 
which several process steps, called unit operations, are interconnected, which, among other things, enables 
greater product quantities to be manufactured faster while achieving higher quality.

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Further Growth Expected in the Laboratory Market 
Various market observers expect the market for laboratory instruments and consumables to grow by about 4% 
to 5% annually in the next few years and to reach a total value of around €85 billion in 2026.  
Regarding end markets, the greatest dynamics will probably continue to be generated by the pharmaceutical 
and biopharma industries, in particular, as a result of continuous research into and approval of new 
medications, the high momentum of scientific and technological innovations, and strong growth in China. For 
instance, EvaluatePharma expects sector-specific research spending to climb annually by 3.0% during the 
period from 2022 to 2028. According to market studies, the product area of bioanalytical instruments should 
particularly benefit from this and further grow at an above-average rate within the laboratory market.  
Budget increases for academic and public-sector research institutions should also act as a growth driver in 
some countries. On the other hand, the pandemic and potential lockdowns or temporary production 
shutdowns, as well as the projected slowdown in global economic growth, pose risks to demand from industrial 
end markets. Market observers continue to expect China and India to generate the highest growth rates. 
Stricter regulatory requirements in a range of industries are also stimulating increased demand for instruments 
used in sample analysis and quality control. In addition, investments in laboratory infrastructure are becoming 
more attractive, especially in China, as a result of government-supported efforts to promote innovativeness in 
several key industries. The country invested more in research and development than the USA for the first time 
in 2021, as a result of which its share of R&D spending further increased. 
Sources: BioPlan: 19th Annual Report and Survey of Biopharmaceutical Manufacturing Capacity and Production, April 2022; Evaluate 
Pharma: World Preview 2022, Outlook to 2028, October 2022; SDi: Global Assessment Report 2022, June 2022; www.fda.gov

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Outlook for 2023 
Following the exceptionally strong previous years, Sartorius expects further growth in 2023 despite demand 
normalization and anticipated further declines in the Covid-19-related business. Consolidated sales revenue 
is expected to increase by an amount in the low single-digit percentage range. Excluding the Covid-19-related 
business, the increase would be in the high single-digit percentage range. Acquisitions are anticipated to 
contribute around 1 percentage point to growth. The Group’s underlying EBITDA margin should be around 
the level of the prior year (33.8%). 
For the Bioprocess Solutions Division, the company anticipates sales revenue growth in the low single-digit 
percentage range. Excluding the Covid-19-related business, the increase would be in the high single-digit 
percentage range. Acquisitions are expected to contribute around 1 percentage point to growth. The division’s 
underlying EBITDA margin is anticipated to be around the level reached in 2022 (35.7%). 
Sales revenue growth in the Lab Products & Services Division is expected to be in the mid single-digit 
percentage range. Excluding the Covid-19-related business, the increase would be in the high single-digit 
percentage range. This division’s underlying EBITDA margin is also expected to be around the level of the prior 
year (26.2%). 
The company will continue its comprehensive capacity expansion program in 2023. The CAPEX ratio should 
be at roughly 12.5% and the ratio of net debt to underlying EBITDA at about 1.5. Possible acquisitions are not 
included in this projection. 
All forecasts are based on constant currencies, as in the past years. In addition, management points out that 
the dynamics and volatilities in the life science and biopharma sectors have increased over the past years and 
the coronavirus pandemic has further amplified these trends. Moreover, the forecasts are based on the 
assumption of no deterioration in the geopolitical and global economic situation, supply chains, inflation, and 
energy supply, and no new relevant restrictions in connection with the coronavirus pandemic. Accordingly, 
current forecasts show higher uncertainties than usual.

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Description of the Key Features of the 
Internal Control System  
In relation to the Group Accounting Process (Section 289(4) and Section 315(4) of the German Commercial 
Code [HGB]) 
Definitions and Elements of the Internal Control 
System at the Sartorius Group 
The internal control system (ICS) of Sartorius AG and the Sartorius Group encompasses all of the principles, 
procedures, and measures adopted to ensure the organizational implementation of management decisions. 
The main priority of the system as it relates to Sartorius AG’s and the Group’s accounting process is to verify 
that accounting is cost-efficient and formally correct and that it complies with the applicable legal provisions. 
The internal control system of Sartorius AG and of the Sartorius Group consists of a combination of process-
integrated and non-process-integrated monitoring measures. The process-integrated safeguarding 
measures are organizational measures, on the one hand, and control measures, on the other. The Supervisory 
Board, specifically in this case the Audit Committee of Sartorius AG, and the Group Auditing Department are 
involved in the Sartorius Group’s internal control system through their non-process-integrated audit activities. 
The Audit Committee regularly reviews quarterly reports in addition to the annual financial statements of the 
parent corporation and the consolidated annual financial statements.  
Moreover, to ensure systematic, early identification of risks across the entire Group, a “monitoring system for 
early group-wide detection of risks with the potential to jeopardize the company’s continued existence” as 
defined in Section 91(2), of the German Stock Corporation Law (AktG) is in place at the Sartorius Group. The 
efficacy of the early risk detection system, which the Sartorius Group adapts promptly in response to any 
relevant changes in circumstances, is assessed by the independent auditors of Sartorius AG in accordance 
with Section 317(4), of the German Commercial Code (HGB). An integral component of this system is also 
operational risk management, which involves activities such as the transfer of risk to insurance companies 
through coverage for damage and liability risks, and the arrangement of suitable hedges to limit currency risks 
and interest rate risks.  
Organizational Measures 
Accounting processes are strictly organized according to the principle of segregation of functions and comply 
with the "four-eyes" principle – i.e., review by at least two individuals, also referred to as the dual-review or 
multiple-review principle. Duties and responsibilities are clearly assigned to different specialized departments 
and companies. The separation of administrative, executive, settlement, and approval functions reduces the 
possibility of fraud. It also continues to play a significant role in ensuring that any possible errors are discovered 
early and any potential misconduct is prevented.  
The IT applications used in the company’s accounting processes have access restrictions, which allow only 
authorized persons to have controlled access to the accounting system and data. Each access right is assigned 
specifically according to the tasks to be performed and is subject to annual review. Furthermore, the dual-
review principle is also applied in IT process design and the assignment of access rights.

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In addition, defined written local and global operating procedures exist that are regularly updated and 
communicated throughout the Group. The scope of regulation of the Group accounting guidelines extends 
to the central definition of valuation rules and parameters, among other aspects. Additional data for the 
presentation of external information in the notes to the financial statements and in the Group management 
report is also prepared and aggregated at Group level. 
Continuous coordination of internal accounting during the year for planning and control with external 
accounting contributes significantly to the quality of Group financial reporting. Reporting itself is done 
through a standardized reporting system implemented throughout the Group. This system visualizes all 
consolidation processes. Internal controls, on the one hand, and the Group auditors of Sartorius AG, on the 
other hand, ensure that Group financial reports are accurately generated from the consolidated Group 
companies’ financial statements.  
The employees involved in the accounting process meet qualitative standards and receive regular training. 
The Group Financial Reporting Department assists the local units in resolving complex accounting issues, 
such as measuring fair value, to ensure consistent and accurate reporting in the consolidated financial 
statements. Complex evaluations, such as actuarial calculations and company valuations or purchase price 
allocations, are assigned to specialized service providers who involve the respectively qualified in-house staff.  
Control Measures 
Comprehensive control activities are performed by managers and staff to ensure effective and reliable 
accounting. As a result, this ensures compliance with legal requirements and internal guidelines as well as 
properly conducted business transactions. Examples of such control activities include the analysis of situations 
and developments with reference to specific key indicators. Moreover, every month individual reporting units 
comment on and explain special characteristics or variances using Group-wide standardized analytical tools 
as the basis. Further specific control activities performed to ensure effective and reliable Group accounting 
encompass the analysis and, where applicable, correction of the individual financial statements submitted by 
the Sartorius Group companies. A large number of automated control mechanisms already incorporated into 
the consolidated reporting system enable erroneous information to be identified and corrected at Group level. 
Impairment tests are conducted centrally for assets and/or cash-generating units considered material from 
the Group's perspective in order to ensure that consistent, standardized evaluation criteria are applied. 
The Group Auditing Department draws up a risk-based audit plan annually and reviews in spot checks whether 
basic legal requirements and internal group guidelines are complied with for the entire control and risk 
management system of the Group. This monitoring function covers, in particular, audits of the functional 
efficiency and effectiveness of defined control measures. The results of these audits are reported directly to 
the audited departments and units, making it possible to efficiently remedy any identified deficiencies and to 
further enhance the company’s internal control system (ICS). The Executive Board and the Supervisory Board 
regularly receive reports on audit activities. 
The main rules governing the organization of the internal control system are defined in a manual based on 
business processes. This manual combines all ICS-relevant requirements that Group management considers 
of material importance into one standardized document and will be supplemented by further appropriate rules 
as necessary.

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Qualifying Statements 
The internal control and risk management system enables the complete recording, processing, and evaluation 
of company-related matters on the basis of the organizational, control, and monitoring structures defined in 
the Sartorius Group, as well as their accurate presentation in Group accounting. Yet it must be considered that 
an internal control system, regardless of its design, cannot guarantee absolute certainty with regard to the 
correct and complete recording of facts in the consolidated financial statements. 
The statements made relate solely to the subsidiaries included in the consolidated financial statements of 
Sartorius AG, provided that this parent company has direct or indirect control over such subsidiaries within the 
meaning of the international accounting standards.

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Explanatory Report of the Executive 
Board on the Disclosures Pursuant to 
Sections 289a and 315a of the German 
Commercial Code (HGB) 
Composition of the Issued  
Capital | Limitations to Voting Rights 
Sartorius AG’s capital stock totals €74,880,000. It comprises 74,880,000 no par value individual bearer 
shares, 37,440,000 of which are ordinary shares and 37,440,000 of which are non-voting preference shares. 
Each share certificate represents a calculated proportion of €1 of the issued capital. 
The rights and obligations associated with these shares are governed by the provisions of the German Stock 
Corporation Law (Aktiengesetz, abbreviated “AktG”). According to the company’s Articles of Association, 
preference shares are entitled to a dividend payment that is one euro cent higher per share than that for 
ordinary shares. However, this entitlement to receive dividends shall be at least two euro cents per preference 
share. Apart from the cases provided for in sections 140 and 141 AktG, preference shares are non-voting. 
Beyond this, preference shares grant all other rights to which every shareholder is entitled. 
The company holds 3,213,991 ordinary shares and 3,250,147 preference shares; these do not entitle the 
company to any membership rights. 
Direct or Indirect Equity Ownership  
Exceeding 10% of Voting Rights 
According to voting rights notifications, the community of heirs of Horst Sartorius holds 18,754,160 ordinary 
shares of Sartorius AG (approx. 50.1% of all ordinary shares issued and approximately 54.8% of all ordinary 
shares outstanding) and thus just over 50% of the voting rights in the company or just over 25.0% of the total 
capital stock of Sartorius AG. The members of this community of heirs currently include the following: Karin 
Sartorius-Herbst, Sartorius-Herbst Beteiligungen I GmbH, Sartorius-Herbst Beteiligungen II GmbH (both of 
the aforementioned companies are controlled by Karin Sartorius-Herbst according to the voting rights 
notification), Christine Franken and LifeScience Holding SCSp (indirectly controlled by Alexander Schemann 
via the chain of subsidiaries, starting with the ultimate controlling company, Armira Partners Verwaltungs 
GmbH, Armira Partners GmbH & Co. KG, Armira HC Holding GmbH, and LSH Management GP S.à r.l., 
according to the voting rights notification); Karin Sartorius-Herbst has also disclosed that she directly holds a 
further 855,673 ordinary shares in the company outside the community of heirs (approximately 2.3% of all 
issued ordinary shares and approximately 2.5% of all outstanding ordinary shares). The decedent Horst 
Sartorius ordered that his will be administered by an executor. Dr. Lothar Kappich is the appointed executor of 
Horst Sartorius’ estate and exercises the specified voting rights at his own discretion as defined by 
section 34(1)(1)(6) of the German Securities Trading Act (Wertpapierhandelsgesetz, abbreviated “WpHG”).

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According to a voting rights notification, more than 30% of the issued ordinary shares of Sartorius AG are held 
by Bio-Rad Laboratories GmbH (indirectly controlled by Alice N. Schwartz through the chain of subsidiaries, 
starting with the top controlling company, David Schwartz Non-Exempt Marital Trust, Blue Raven Partners, 
L.P., Bio-Rad Laboratories, Inc., Bio-Rad Luxembourg S.à r.l., and Bio-Rad France Holding SAS, according to 
the voting rights notification). According to the company’s own quarterly report dated October 28, 2022, the 
number of Sartorius AG shares held or ascribed to Bio-Rad Laboratories Inc. is specifically 12,987,900 ordinary 
shares (approximately 34.7% of all ordinary shares issued and approximately 37.9% of all ordinary shares 
outstanding) as well as a further 9,588,908 preference shares (approximately 25.6% of all preference shares 
issued and approximately 28.0% of all preference shares outstanding), thus approximately 30.2% of the entire 
capital stock of Sartorius AG. 
Appointment and Dismissal of Executive Board 
Members | Amendment to the Articles of Association 
Executive Board members of Sartorius AG are nominated and / or appointed as well as removed from office in 
accordance with sections 84 et seq. of the German Stock Corporation Law (AktG) and sections 31 and 33 of 
the German Codetermination Law (Mitbestimmungsgesetz, abbreviated “MitBestG”). Amendments to 
Sartorius AG’s Articles of Association are regulated by sections 133 and 179 of the German Stock Corporation 
Law (AktG). 
Powers of the Executive Board to Issue Shares 
Subject to approval by the Supervisory Board, the Executive Board is authorized to sell treasury shares held by 
the corporation, including selling them through channels other than the stock exchange or by tendering an 
offer to all shareholders in proportion to their participation in the company, provided that these shares are 
transferred to third parties as contribution in kind, particularly in the (indirect) acquisition of companies, in 
return. Under these circumstances, the preemptive rights of the shareholders are excluded.  
Material Agreements with Clauses Regulating the 
Event of a Change of Control  
The majority of the loan agreements contain customary market clauses regulating the possible event of a 
change of control and giving participating lenders the option of demanding complete repayment of the 
outstanding loan.  
These primarily consist of the outstanding note loans (“Schuldscheindarlehen”), a number of bilateral credit 
agreements, and the syndicated credit line. The repayment sum outstanding for these loan agreements stands 
at €2,393 million as of December 31, 2022.

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Corporate Governance Report 
These contents were not part of the audit of the Group management report and the non-financial Group-
statement. 
Corporate governance aligned with the interests of stakeholders, lawful and responsible conduct, and 
constructive cooperation between the managerial bodies and within the company in a spirit of mutual trust 
constitute the essential cornerstones of Sartorius’ corporate culture. 
The Executive Board and the Supervisory Board report in the following declaration on the key aspects of 
corporate management and governance pursuant to Section 289f of the German Commercial Code (“HGB”) 
and to Article 3.10 of the German Corporate Governance Code.  
Declaration of Compliance with Corporate Governance 
Declaration of the Executive Board and of the Supervisory Board of Sartorius AG Concerning the 
Recommendations of the Government Commission on the German Corporate Governance Code Pursuant 
to Section 161 of the German Stock Corporation Law (“Aktiengesetz”): 
The Executive Board and the Supervisory Board declare that Sartorius AG complied with the 
recommendations promulgated by the Government Commission on the German Corporate Governance 
Code (GCGC) in the period since issuing last year’s Declaration of Compliance dated December 9, 2021, with 
the following exception, and will continue to comply in the future: 
In divergence from the recommendation pursuant to G.10(1) of the GCGC, the variable compensation paid to 
the members of the Executive Board – except for that of the Executive Board Chairman – consists only to a 
minor extent of share-based compensation components. The Supervisory Board is of the opinion that the 
existing structure of the variable compensation, which corresponds to the compensation system approved by 
the Annual General Meeting, also achieves an incentive structure that is geared towards the sustainable and 
long-term development of the Company.  
For the period prior to June 27, 2022, the above declaration refers to the GCGC as amended on December 
16, 2019, and for subsequent periods to the GCGC as amended on April 28, 2022, as published by the Federal 
Ministry of Justice in the official section of Germany’s Federal Gazette (“Bundesanzeiger”) on June 27, 2022. 
Göttingen, December 8, 2022 
For the Supervisory Board 
 
For the Executive Board 
  
 
 
Dr. Lothar Kappich 
 
 
Dr. Joachim Kreuzburg

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Further Remarks Concerning Corporate Governance 
Sartorius AG is a joint stock corporation founded under German law and headquartered in Göttingen, 
Germany. With the Annual General Meeting, Supervisory Board; and Executive Board, it has three corporate 
managerial bodies whose tasks and powers are essentially derived from the German Stock Corporation Law 
(“Aktiengesetz”, abbreviated in German as “AktG”) and the company’s Articles of Association.  
As owners of the company, the shareholders exercise their rights at its Annual General Meeting, where they 
decide, in particular, on the appropriation of profits, measures concerning share capital, amendments to the 
Articles of Association, formal approval of the actions taken by the Supervisory Board and the Executive Board, 
and the appointment of statutory auditors, as well as electing shareholder representatives to the Supervisory 
Board. The Annual General Meeting meeting is held at least once a year within the first eight months of the 
respective fiscal year.  
In managing the company, the Supervisory Board and the Executive Board perform their tasks in a dual 
management system, each with separate duties and powers.  
The Supervisory Board appoints members to the Executive Board, determines their compensation and 
monitors and advises the Executive Board in its management of the company. The Supervisory Board is not 
authorized to take any operational management measures for the business. The Supervisory Board’s rules of 
procedure are published on the company’s website. 
The Executive Board is responsible for independently managing the company. In particular, it defines 
corporate strategy, coordinates and agrees on this approach with the Supervisory Board, and implements such 
corporate strategy. In line with established reporting obligations, the Executive Board regularly informs the 
Supervisory Board promptly and comprehensively, and requests the latter's approval for certain key business 
transactions. 
Composition and Operating Mode of the Supervisory 
Board and Its Committees 
The Supervisory Board has an equal number of shareholder representatives and employee representatives: six 
shareholder representatives elected by the Annual General Meeting and six employee representatives 
elected according to the German Codetermination Law (“Mitbestimmungsgesetz”). The members serve a 
regular term of office of five years. Members can be reelected. Details on the members of the Supervisory 
Board and its committees are provided on pages 240 to 243.  
The Supervisory Board Chairman coordinates the work of the Supervisory Board, convenes the meetings, and 
chairs them. Furthermore, he is the first individual for the Executive Board to contact and externally represents 
the matters of the Supervisory Board.  
The Supervisory Board holds at least two meetings every six months. This board has established four 
committees: the Executive Task Committee, the Audit Committee, the Conciliation Committee, and the 
Nomination Committee. The Executive Task Committee, Audit Committee, and Conciliation Committee each 
have four members, consisting of an equal number of shareholder representatives and employee 
representatives. The Executive Task Committee and Audit Committee hold regular meetings; the Conciliation 
Committee and the Nomination Committee meet only as necessary.

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Audit Committee 
 
Chair: 
Prof. Dr. Klaus Rüdiger Trützschler 
 
Other members: 
Dr. Lothar Kappich 
Dietmar Müller 
Manfred Zaffke 
 
Duties: 
The Audit Committee supports the Supervisory Board in performing its supervisory function.  
It must include at least one member of the Supervisory Board with expertise in the field of accounting and at 
least one other member with expertise in the field of auditing.  
The Chairman of the Audit Committee, Prof. Dr. Klaus Trützschler, is independent and has expertise in the 
fields of accounting, auditing, and risk management thanks to his many years of service as Chief Financial 
Officer, Audit Committee member, and professor of business administration. In addition, Professor Trützschler 
actively follows current developments in the field of sustainability reporting and contributes this expertise to 
the Audit Committee and the Supervisory Board of Sartorius AG. 
As a further member of the Audit Committee, Dr. Lothar Kappich has particular knowledge and experience in 
the application of accounting principles and internal control procedures from his professional practice as a 
controller, general manager, and management consultant. Dr. Kappich also possesses expertise in the fields of 
sustainability reporting and auditing. 
Executive Task Committee 
Chair: 
Dr. Lothar Kappich 
 
Other members: 
Annette Becker 
Prof. Dr. Klaus Rüdiger Trützschler 
Manfred Zaffke 
 
Duties: 
The Executive Task Committee carries out preparatory work for resolutions and issues to be addressed in the 
meetings of the Supervisory Board. It also oversees the preparations for appointments, including the 
compensation and employment contract conditions of members of the Executive Board. The Executive Task 
Committee regularly discusses long-term succession planning for the Executive Board. 
Nomination Committee 
Members: 
Dr. Lothar Kappich 
Dr. Daniela Favoccia 
Prof. Dr. Klaus Rüdiger Trützschler

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Duties: 
The Nomination Committee consists of three members representing the shareholders. Its task is to suggest 
suitable candidates to the Supervisory Board for its election proposals to the Annual General Meeting for the 
shareholder representatives on the Supervisory Board. In doing so, it takes into account the goals regarding 
the Board’s composition. 
 
Conciliation Committee 
Chairman: 
Dr. Lothar Kappich 
 
Other members: 
Annette Becker 
Prof. Dr. Klaus Rüdiger Trützschler 
Manfred Zaffke 
 
Duties: 
The Conciliation Committee meets if the majority required in connection with the appointment of members 
to the bodies authorized to represent the company for legal purposes is not reached.  
Further information on the number and agenda of the individual meetings of the Supervisory Board and its 
committees as well as individual meeting attendance in the reporting year can be found in the Supervisory 
Board's report on pages 11 to 15.  
The Supervisory Board carries out an assessment annually to determine how effectively the board as a whole 
and its committees fulfill their tasks. In the reporting year, this self-assessment was completed with external 
support on the basis of a questionnaire that was filled out by the Supervisory Board members. The results of 
this survey were presented in anonymized form in December 2022 and discussed within the Supervisory 
Board. 
Appointment Objectives for the Supervisory Board in terms of Areas of 
Expertise and Diversity 
Members of the Supervisory Board of Sartorius AG are to be appointed such that they, on the whole, have the 
knowledge, skills, and experience that are necessary to perform the Board’s duties properly.  
For this purpose and based on the recommendations of the German Corporate Governance Code, the 
Supervisory Board decided on the following appointment objectives: 
 Diversity: The members of the Supervisory Board should have complementary professional 
profiles and international experience. In view of achieving an appropriate gender balance, the 
legal quotas of at least 30% women and at least 30% men apply to the Sartorius Supervisory 
Board. The shareholder representatives and the employee representatives decided to fulfill 
these legal targets separately. Further details can be found in the Supervisory Board’s 
competence profile. 
 Age limit: A fundamental age limit of 70 applies to members of the Supervisory Board at the time 
they are elected. The age limit may be waived in individual cases, provided there are no 
reservations about the suitability of the persons proposed and their election is expedient to the 
interests of the company in spite of the age limit being exceeded.

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 Maximum number of mandates / time resources: A Supervisory Board member who is not a 
member of the management board of a listed company is not to hold more than five Supervisory 
Board positions at external listed companies or perform comparable functions; in this regard, the 
chairmanship of a Supervisory Board counts twice. A Supervisory Board member who is a 
member of the management board of a listed company must not hold more than two 
Supervisory Board positions at external listed companies or perform comparable functions, and 
must not chair the Supervisory Board at an external listed company. Regardless of other 
mandates held, care must be taken that every member has enough time to fulfill his or her 
mandate in the Supervisory Board of Sartorius AG.  
 Independence: According to the GCGC, the Supervisory Board should include an appropriate 
number of shareholder representatives, but no less than four independent members. The 
ownership structure is to be taken into account. In the opinion of the shareholder 
representatives on the Supervisory Board, Prof. Dr. David Ebsworth, Dr. Daniela Favoccia, Ilke 
Hildegard Panzer, Frank Riemensperger, and Prof. Dr. Klaus Rüdiger Trützschler are 
independent members of the Supervisory Board. As the executor for the community of heirs of 
Horst Sartorius, Dr. Lothar Kappich is to be regarded as dependent upon the controlling 
shareholder. However, despite the fact that Dr. Kappich has served on the Supervisory Board 
since April 2007 and has thus been a member for more than 12 years, the shareholders on the 
Supervisory Board regard him as independent of the company and its Executive Board. Thus, a 
Supervisory Board membership of many years alone would not constitute the grounds for the 
existence of any significant, or not merely temporary, conflict of interest. In particular, the fact 
that Dr. Kappich represents the majority of the voting rights in the company counters the 
presumption of his dependence on the company and its Executive Board. 
 Former members of the Executive Board: No more than two former members of the Sartorius 
Executive Board are to serve simultaneously on the Supervisory Board. 
 Function at competitor companies: Members of the Supervisory Board should not hold any 
board function or consulting mandate at companies that are important competitors of 
Sartorius AG, and should not be in a personal relationship to an important competitor. 
 In addition, the Supervisory Board has defined a competence profile. The members of the 
Supervisory Board should have experience in the life science sector as well as knowledge of key 
competitors and a basic understanding of marketing and sales strategies. 
 Members of the Supervisory Board should have knowledge of technologies and products 
relevant to the Group as well as experience in the fields of innovation processes and research & 
product development, especially in the biopharmaceutical sector. 
 Members of the Supervisory Board should have expertise in the international markets relevant 
to the Sartorius Group.  
 Members of the Supervisory Board need to have in-depth knowledge of financial business 
processes and competences in financial controlling and risk management; at least one member 
of the Supervisory Board must have expert knowledge of accounting and at least one further 
member of the Supervisory Board expert knowledge of auditing (Section 100, Subsection 5 of 
AktG). Accounting and auditing activities also include sustainability reporting and its audit. 
 Members of the Supervisory Board should have in-depth knowledge of law and compliance, in 
particular expertise in the areas of capital markets and corporate law. In addition, members 
should have knowledge and experience in the field of corporate governance.

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 The Board should have in-depth knowledge of and experience in human resources issues, in 
particular in the fields of international human resources planning as well as executive 
recruitment and succession planning. 
 The Supervisory Board should have in-depth knowledge of the Sartorius organizational structure 
and processes in order to be able to take the employees’ perspective into account. 
 Members of the Supervisory Board should have experience in the areas of digitalization and 
data-based business models. 
 Furthermore, there should be sufficient sustainability/ESG and CSR expertise on the Board.  
 The Supervisory Board should also always include members with international experience or backgrounds. 
According to the Supervisory Board’s self-assessment, the members on its board meet the diversity and 
competency requirements. In addition, the board meets the appointment objectives described above. 
Competency profile 
 
  
L. Kappich
M. Zaffke
A. Becker D. Ebsworth D. Favoccia
P. Kirchhoff
Corporate governance and strategy development 
X
X
 
X
X
 
Customer-specific perspectives 
 
 
 
X
 
 
Technology and product development 
 
 
 
X
 
 
International markets 
 
 
 
X
 
X
Financial economy 
X
X
 
X
 
X
Corporate and capital market law 
 
 
 
 
X
X
Human resources 
 
X
X
X
 
 
Employee-specific perspectives 
 
X
X
 
 
X
Digitalization 
 
 
X
 
 
 
Competence sustainability and regulatory affairs 
X
 
 
 
X
X
International experience or life backgrounds 
 
 
 
X
X
 
 
  
D. Müller 
I. Panzer H. Ritzau K. Trützschler F. Riemensperger 
S. Wirth 
Corporate governance and strategy development 
 
X
 
X
X
X
Customer-specific perspectives 
X
X
X
 
 
 
Technology and product development 
 
X
 
 
X
 
International markets 
 
X
 
 
X
 
Financial economy 
X
 
 
X
 
 
Corporate and capital market law 
 
 
 
X
 
 
Human resources 
 
X
 
X
X
X
Employee-specific perspectives 
X
 
X
 
 
X
Digitalization 
 
X
X
 
X
 
Competence sustainability and regulatory affairs 
 
 
 
X
 
 
International experience or life backgrounds 
 
X
 
 
X
 
 
With a view to achieving an equal gender balance, the Supervisory Board meets the quota of 30% set for the 
underrepresented gender. The Supervisory Board includes a total of seven men (around 58%), of whom four 
are shareholder representatives and three are employee representatives. In addition, five women (around

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42%) are members of this board, among them two representatives of the share owners and three 
representatives of the employees. As a result, the gender quota requirements are met on both sides of 
Supervisory Board representation and on the full Supervisory Board itself. 
To facilitate comparison of the appointment objectives, brief resumés of the Supervisory Board members are 
available on the Sartorius website. 
Composition and Operating Mode of the Executive 
Board  
The Executive Board of Sartorius AG manages the company under its own responsibility, with the goal of 
increasing the company’s value over the long term. It develops the company’s strategy, coordinates it with the 
Supervisory Board, and ensures that this strategy is implemented effectively. Beyond that, the rules of 
procedure for the Executive Board define the legal transactions requiring approval by the Supervisory Board 
in order for such transactions to be affected. The Executive Board is responsible for compliance with all 
provisions of the law and the company’s internal policies, as well as for appropriate risk management.  
Decision-making by the Executive Board is done at its regular meetings, which are convoked and conducted 
by the Chairman. Other specialists and managers are invited as necessary to provide advice.  
The Executive Board members are jointly responsible as a collegiate body for matters of special significance. 
In all other respects, each member independently manages the area of the company to which he or she has 
been assigned in accordance with the distribution-of-business plan, and the Chairman must be informed of 
all material transactions and events.  
Composition of the Executive Board, Diversity and Competency 
Requirements 
In the opinion of the Supervisory Board, the basic qualification criteria for appointments to positions on the 
Executive Board are professional qualifications for heading each particular area of responsibility, a proven 
track record along the individual’s career path, and impressive managerial skills. In addition, the Supervisory 
Board also considers the aspect of diversity in its appointment decisions. Therefore, the Supervisory Board 
strives to appoint people with complementary profiles, professional and personal life experiences and in 
different age brackets to the Executive Board. Moreover, the latter board is required to have broad 
international experience.  
The Supervisory Board deals regularly with succession planning for the Executive Board in its Executive Task 
Committee and in its plenary sessions. To identify special talent within the company, promising junior staff are 
invited to make presentations to the Supervisory Board on specific topics. 
An Executive Board member must not be older than 65 years of age at the time of his or her appointment. This age 
limit can be waived in individual cases, provided there are no reservations about the suitability of the person proposed 
and his or her appointment is expedient to the interests of the company in spite of the age limit being exceeded. 
Currently, the Executive Board of Sartorius AG consists of four men and, since January 1, 2019, with the same 
personnel composition.

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Name 
Ressort
Year of birth
Initial order
End of current 
ordering period
Dr. Joachim Kreuzburg (Chairman) 
Chairman of the Board
1965
2002
November 10, 2025
René Fáber 
Full member, responsible for the 
BPS division
1975
2019
December 31, 2026
Rainer Lehmann 
Chief Financial Officer
1975
2017
February 28, 2025
John Gerard Mackay 
Full member, responsible for the
 LPS division
1962
2019
December 31, 2023
 
Further information, including information on memberships of supervisory boards and other comparable 
domestic and foreign supervisory bodies of business enterprises, is published on page 244 of this report. 
The statutory participation requirement pursuant to Section 76(3a) AktG, which came into force in 
August 2022, applies to the number of women on the Executive Board. The statutory participation 
requirement will be implemented with the next new appointment to the Executive Board. 
Regarding the appointment of women to the Executive Board of Sartorius AG as well, the Supervisory Board 
supports the activities of the Executive Board to further increase the percentage of female executives at the 
management levels subordinate to the Executive Board in the company. The Executive Task Committee and 
the full Supervisory Board regularly receive reports on the development of the proportions of women in senior-
level management positions.  
First and Second Management Levels Below the Executive Board 
Over the past years, the percentage of women at the first two management levels below the Executive Board 
has considerably increased on the whole and is already at a comparably high level.  
The Executive Board resolved in 2017 to increase the percentage of women at both levels of management 
below this Board to around 30% by the next deadline of June 30, 2022. The target was clearly exceeded, with 
the percentage of women at the first level standing at 50% (N-1: 9 women / 9 men), while at the second level it 
was roughly achieved at around 29% (N-2: 25 women / 61 men).  
A target of one-third women was set for both management levels in March 2022, to be achieved by the 
deadline of December 31, 2025. 
It should be noted that owing to the relatively small number of managers at the first level, even individual 
personnel changes can lead to sizable swings in this percentage. Moreover, the integration of acquired 
companies has frequently led to fluctuations in the past, and this effect cannot be ruled out for the future.  
Remuneration Report | Remuneration Policy  
The remuneration report for fiscal 2022 and the auditor’s notice in accordance with Section 162 of AktG, the 
compensation policy currently in place as approved by the Annual General Meeting on March 26, 2021, 
pursuant to Section 87a, Subsections 1 and 2, sentence 1, of AktG, and the resolution approved by the Annual 
General Meeting on March 26, 2021, on the remuneration pursuant to Section 113, Subsection 3, of AktG are 
publicly accessible at www.sartorius.de/Compliance.

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Further Corporate Governance Practices  
Risk Management, Internal Monitoring System and Compliance 
Management System 
Conscientious management of commercial risks is a key principle of good corporate governance. Sartorius AG 
and the Group have at their disposal enterprise-wide and company-specific reporting and control systems 
designed to facilitate the recording, assessment and management of commercial risks. These systems are 
developed and adapted continuously as conditions evolve. The Executive Board informs the Supervisory 
Board regularly of existing risks and their development. The Audit Committee is concerned, in particular, with 
monitoring of the following: the accounting process including reporting; the efficacy of the internal control 
system; risk management and the internal auditing system; compliance; and the independent statutory audit. 
Details on risk management are presented in the Opportunity and Risk Report. 
The internal control system (ICS) is based on the principles, guidelines, and measures introduced by the 
Executive Board that are aimed at the organizational implementation of the Executive Board’s decisions. They 
include the management of risks and opportunities relating to the achievement of business objectives, 
ensuring that internal and external accounting is accurate and reliable, and compliance with the legal rules and 
regulations relevant to Sartorius. This also includes sustainability aspects, which are continuously refined and 
updated on the basis of regulatory requirements. 
All of the Sartorius Group’s functions are integrated into a global matrix organization and are part of the ICS. 
The scope of activities each function is responsible for performing varies and depends, among other aspects, 
on the specific risks associated with the function. Each function’s management is required to implement an 
appropriate and effective ICS in its area of responsibility, based on the methodology that is mandatory 
throughout the Group. 
Overall responsibility for the ICS lies with the Executive Board. The Sartorius Group’s individual functions 
support the Executive Board in creating and maintaining appropriate and effective processes for 
implementing, monitoring, and reporting on internal control activities. 
Extensive control activities are carried out by managers and employees within each function’s individually 
defined processes to ensure that the processes are reliable and effective. As a result, this ensures compliance 
with legal requirements and internal guidelines as well as properly conducted business transactions. Examples 
of such control activities include the analysis of situations and developments with reference to specific key 
indicators. Based on the defined control mechanisms, errors can be identified and corrected at the Group 
level. In addition, the Group Auditing Department draws up a risk-based audit plan each year and reviews in 
spot checks whether basic legal requirements and internal group guidelines are complied with for the Group’s 
entire control and risk management system. This monitoring function covers, in particular, audits of the 
functional efficiency and effectiveness of defined control measures. The results of these audits are reported 
directly to the audited functions, making it possible to efficiently remedy any identified deficiencies and to 
further enhance the company’s internal control system (ICS). The Executive Board and the Supervisory Board 
regularly receive reports on audit activities. The main rules governing the organization of the ICS are defined 
in a manual based on business processes. This manual combines all ICS-relevant requirements that Group 
management considers of material importance into one standardized document and will be supplemented by 
further appropriate rules as necessary. 
Part of the ICS is also a compliance management system that is valid worldwide. With this, Sartorius ensures 
that the members of its individual boards, executives and employees comply with all legal regulations and

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codes, and perform their activities in accordance with the company’s internal rules and guidelines. Targeted 
training and awareness-raising prevent any misconduct, as well as economic damage and loss of image. 
Sartorius makes every effort to ensure optimal risk management by using a combination of approaches: a 
preventive compliance approach designed to proactively stop any potential breaches before they occur and 
a repressive compliance approach intended to continuously monitor compliance with the company's rules. 
These processes are closely intermeshed, creating a standardized compliance management system that aims 
to offer the best possible protection against potential violations of rules and regulations. Sartorius has 
developed a Code of Conduct as a preventive component of its compliance management system and has 
committed to an Anti-Corruption Code. An internal system is available for reporting any suspicious 
circumstances involving potential compliance violations. 
The Executive Board is not aware of any circumstances that would speak against the suitability and 
effectiveness of the risk management system and the ICS. 
Further information can be found in the “Description of the Key Features of the Internal Control System” 
section on pages 88 et seq. and on the company’s website at www.sartorius.com. 
Transparency 
Sartorius AG places great importance on disclosing consistent and complete information promptly. 
Information about the economic position of the Group and new developments is consequently released 
regularly, without delay, as it becomes known in order to inform participants in the capital market and 
interested members of the public at large. The annual report, first-half financial report, and quarterly reports 
are published within the time frames specified for this purpose. Current developments and material events are 
publicized as press releases and, where appropriate, ad hoc announcements. This information is usually made 
available in German and English simultaneously and published via suitable media and on the internet. Capital 
market participants remain in close contact with the company’s investor relations team. Investors and analysts 
are provided information on current and future business performance in conference calls held in conjunction 
with the respective quarterly reporting. Sartorius regularly participates in roadshows and investor conferences 
and holds its own capital market events. 
The chief recurring events and publications, such as the Annual General Meeting, the annual report and the 
interim reports, are listed on a financial calendar that may be viewed at any time on the Group website. 
Share Trading Activities of Supervisory and Executive Board Members 
We have been notified of the following transactions involving Sartorius AG shares or related financial 
instruments by members of the Executive Board and Supervisory Board or other persons with management 
responsibilities, as well as by persons closely related to them: The Chairman of the Executive Board, Dr. 
Joachim Kreuzburg, sold a total of 20,000 preference shares on November 14, 2022. Reported transactions 
are published on the Sartorius AG website. 
The Chairman of the Executive Board, Dr. Joachim Kreuzburg, holds 113,785 ordinary shares and 93,785 
preference shares in the company. They were transferred to him as components of his compensation on the 
basis of corresponding agreements in his employment contracts dated December 18, 2015, and November 26, 
2020, each with a minimum holding period of four years from the beginning of the respective contract. For 
further information on this transfer, please see the Remuneration Report on pp. 137 et seq.

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As executor of the estate of Horst Sartorius, the Supervisory Board Chairman, Dr. Lothar Kappich, holds 
around 50.1% of the ordinary shares issued by the company. Beyond this, there is no notifiable possession of 
shares or financial instruments by members of the Executive Board or Supervisory Board consisting directly or 
indirectly of more than 1% of the shares issued by the company. 
Accounting and Independent Statutory Audit 
The consolidated financial statements and the Group Management Report, as well as the consolidated interim 
financial statements and reports, are prepared in accordance with the International Financial Reporting 
Standards (IFRS) as they are to be applied within the EU, and according to the commercial law regulations to 
be applied under Section 315e, Subsection 1, of the German Commercial Code, HGB. The annual financial 
statements of Sartorius AG are prepared in accordance with German commercial law, HGB. The consolidated 
financial statements and the annual financial statements are prepared by the Executive Board, audited by the 
independent 
auditors 
elected 
by 
the 
Annual 
General 
Meeting, 
and 
approved 
by 
the  
Supervisory Board. 
It has been agreed with the independent auditors that they will notify the Supervisory Board directly of any 
potential disqualification or bias issues and any material findings and incidents identified during the audit. This 
also encompasses the corporate governance reporting duties pursuant to Section 161 of the German Stock 
Corporation Law (Aktiengesetz). 
 
The Supervisory Board | The Executive Board

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Sustainability 
The following content was not included in the audit of the Group Management Report and the Non-financial 
Group Statement. 
The Business Model and its Contribution of to Good 
Health and Well-Being 
In 2016, the United Nations Sustainable Development Goals (abbreviated “SDGs”) came into force – also 
known as the 2030 Agenda. The 17 political goals are intended to promote sustainable development 
worldwide at the economic, social, and environmental levels and are aimed not only at governments 
worldwide, but also at civil society, the private sector, and academia.  
Through its business activities, Sartorius particularly contributes to the achievement of nine of the global 
sustainability goals. The focus is on goal number 3 for “good health and well-being,” which is addressed by the 
company’s business model.  
Sartorius operates in the life science sector – more precisely, in the field of medical biotechnology. As a partner 
to the biopharmaceutical industry, the Group manufactures products and process technologies that are used 
in the development and production of biological medicines and vaccines. In this context, the Group places a 
particular focus on innovations that make it possible to increase the safety, speed, and efficiency of the 
development and production process for such active ingredients. This allows new therapies to be made 
available to patients earlier, at lower prices, and to a larger number of patients.  
The biopharmaceutical industry plays a crucial role in the development of new drugs and vaccines to prevent 
and treat diseases, some of which were previously incurable. In this way, it improves the lives of patients 
worldwide. For example, the use of recombinant antibodies has reduced mortality in patients with non-
Hodgkin’s lymphoma by approximately one quarter and doubled the survival rate among patients with 
metastatic skin cancer.  
The industry invested about 198 billion US dollars in biopharmaceutical research in 2020, and more than 
9,000 compounds were in various stages of development in 2021. The main areas of focus were therapies for 
the treatment of cancer, autoimmune, and neurological diseases, as well as the development of vaccines for 
infectious diseases. 
Vaccines have proven to be one of the most effective preventive technologies, protecting against more than 
30 infectious diseases today, with nearly unprecedented public health impact. Diseases such as smallpox, 
polio, measles, diphtheria, and rubella – that once claimed millions of lives – have been largely eradicated. 
Currently, vaccines save the lives of over 2.5 million children each year (source: IFPMA, The pharmaceutical 
industry and global health. Facts and figures 2015, p. 15). 
Vaccines also played a central role in overcoming the coronavirus pandemic. The development of the novel 
mRNA vaccine within the span of one year was only possible due to intensive research activities and 
collaboration within the biopharmaceutical and biotechnology industry. More than 13 billion vaccine doses 
have been administered worldwide (source: WHO COVID-19 Dashboard, January 24, 2023), saving 
approximately 20 million lives (source: The Lancet Infectious Diseases, Vol. 22, September 2022). 
In this way, vaccines also contribute to the sustainability of health systems by reducing the number of 
hospitalized patients, thereby reducing the costs of hospitalization, follow-up treatments, and care.

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In developing and emerging countries, the availability and affordability of healthcare stands well below the 
standards in industrialized nations – more than half the world’s population has either no or inadequate access 
to medical care.  
Innovative technologies for the development and manufacture of biopharmaceutical therapeutics and 
vaccines will continue to play an important role in achieving medical progress in the future. That is why 
Sartorius, through its business activities in this important sector, is playing a key role in improving health for a 
greater number of people. As a result, Sartorius also supports the implementation of the human right to good 
health and well-being from the United Nations Universal Declaration of Human Rights, which has also been 
prioritized in global policy terms in the 2030 Agenda for Sustainable Development with respect to access to 
effective, high-quality, and affordable medicines and vaccines.  
Contribution to the Achievement of UN Sustainable 
Development Goals 
The following overview shows the Sustainable Development Goals relevant to Sartorius and references the 
relevant pages in this Annual Report for corresponding descriptions of the company’s contribution to their 
achievement in fiscal 2022.  
Goal  
  
Reference 
 
Good Health and Well-Being 
Page 104 
 
Quality Education 
NFS1 > Development of Strategic Sustainability Topics 
> Social Responsibility, p. 116 
 
Gender Equality 
NFS > Development of Strategic Sustainability Topics > 
Social Responsibility, p. 116 
 
 
Clean Water and Sanitation 
NFS > Development of Strategic Sustainability Topics > 
Water and Wastewater, p. 115 
 
 
Decent Work and Economic Growth 
NFS > Development of Strategic Sustainability Topics > 
Social Responsibility, p. 116 and Sustainability in the 
Supply Chain, p. 121 
 
Industry, Innovation and Infrastructure 
NFS > Development of Strategic Sustainability Topics > 
Social Responsibility, p. 116 
 
 
Responsible Consumption and Production 
NFS > Development of Strategic Sustainability Topics > 
Materials and Circularity, p. 113 
 
 
Climate Action 
NFS > Development of Strategic Sustainability Topics > 
Climate, p. 109 
 
 
Partnerships for the Goals 
NFS > Development of Strategic Sustainability Topics > 
Climate, p. 109 and Materials and Circularity, p. 113 
1 Non-financial Group Statement

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Non-financial Group Statement 
The following section presents the Non-financial Statement of Sartorius AG for the Sartorius Group for fiscal 
2022, hereinafter referred to as the “Non-financial Statement.” The Sartorius Stedim Biotech S.A. subgroup is 
exempt from the obligation to prepare its own non-financial statement upon submission of this Non-financial 
Statement. 
The information presented herein did not form part of the audit of the Group Management Report, as it was 
subject 
to 
a 
separate 
limited 
assurance 
engagement 
performed 
by 
KPMG 
AG 
Wirtschaftsprüfungsgesellschaft. The independent auditor’s report can be found on page 133 et seq. of this 
Annual Report.  
Notes on Reporting  
Framework 
This statement was prepared in accordance with sections 315b and 315c in conjunction with 289c to 289e of 
the German Commercial Code (“HGB”). International frameworks such as the GRI and Greenhouse Gas 
Protocol (GHG) Protocol were used to prepare the indicators.  
Material Topics Subject to Reporting Requirements 
The topics subject to reporting requirements are derived directly from the strategic sustainability topics 
defined in fiscal 2022, which are described in the Sustainability Management section.  
Consolidation 
The concepts requiring presentation under Section 289c(3) of the German Commercial Code (HGB) for the 
main sustainability issues, including due diligence processes and the results of the concepts, relate to the 
entire Group in accordance with the scope of consolidation for financial reporting (see page 184 et seq. of this 
Annual Report), unless otherwise stated at the respective point.  
Further Information  
The key performance indicators provided in this statement serve to quantify the Group’s performance and do 
not constitute performance indicators relevant to company management within the meaning of Section 
289c(3) of the German Commercial Code (HGB).  
The presentation of indicators in this statement has been largely restructured and expanded compared with 
the previous year. Where available, the values for fiscal 2021 were taken from the 2021 Non-financial 
Statement or calculated and expanded retrospectively. Subsequent calculations and additions have been 
indicated at the respective points.  
Where new data concepts and calculation methods are used as well as in the case of identified errors in the 
data reports, the values for fiscal 2021 have been restated in this Non-financial Statement. This applies to the

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greenhouse gas emissions reported in the “Climate” section and the work-related injuries reported in the 
“Social Responsibility” section. Data restatements are indicated at the respective points.  
Detailed explanations on greenhouse gas accounting can be found on page 130 et seq. of this Non-financial 
Statement. 
Sustainability reporting in this Non-financial Statement is supplemented by the Sustainability Report of the 
Sartorius Group, which is prepared based on the GRI Standards. This will be published in the first quarter of 
2023 for fiscal 2022.  
Sustainability Management  
Business Model 
Sartorius operates in the life science sector – more precisely, in the field of medical biotechnology. As a partner 
to the biopharmaceutical industry, the Group manufactures products and process technologies that are used 
in the development and production of biological medicines and vaccines. In this context, the Group places a 
particular focus on innovations that make it possible to increase the safety, speed, and efficiency of the 
development and production process for such active ingredients. This allows new therapies to be made 
available to patients earlier, at lower prices, and to a larger number of patients.  
For further information on the Group’s business model, strategy, and objectives, please refer to the section 
“Business Model, Strategy, and Goals” on page 26 et seq. of this Annual Report.  
Ambition and Strategic Sustainability Topics 
As a signatory to the United Nations Global Compact, the Group is committed to complying with certain social 
and environmental standards when conducting its business activities. This includes identifying and preventing, 
or mitigating, adverse impacts on the environment and society that may arise throughout the upstream and 
downstream value chain as a result of business operations and provide remediation.  
Sartorius maintains a close, ongoing dialogue with its stakeholders in this regard. We define stakeholders as 
those individuals, companies, institutions, and interest groups that are able to influence the success of the 
Sartorius Group or are affected by the company’s activities. This particularly includes customers, employees, 
investors, suppliers, and business partners as well as local residents. During the reporting year, Sartorius 
continued engaging and interacting with its customers in a variety of formats. Major interactive events in the 
fiscal year included an ESG investor conference, a supplier day focusing on sustainability, and an internal 
dialogue on the new Sartorius climate action strategy, in which nearly 3,000 Group employees actively 
participated. 
In fiscal 2022, Sartorius defined the following strategic sustainability topics for the Group, taking its 
stakeholders’ concerns into account: 
 Climate  
 Materials and circularity  
 Water and wastewater

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 Social responsibility  
 Corporate governance 
 Sustainability in the supply chains  
Dedicated ambitions, Group-level objectives, and operational targets as well as implementation plans are now 
gradually being developed and implemented or further refined for these sustainability topics.  
Steering 
In fiscal 2022, Sartorius established the Corporate Sustainability Department to systematically advance the 
issue of sustainability within the Group. The Chairman of the Executive Board is responsible for this 
department, which reports directly to him. The department’s job is Group sustainability management and 
therefore the development of strategic sustainability topics and corresponding targets at the Group level. 
Identifying and coordinating necessary initiatives to achieve these goals, sustainability reporting, and 
overseeing the Corporate Sustainability Committee are also the responsibility of the Corporate Sustainability 
Department. 
Under the leadership of the Chairman of the Executive Board, the entire Executive Board and the heads of the 
relevant departments meet on an ad hoc basis as the Corporate Sustainability Committee to discuss the 
further advancement of strategic sustainability topics with respect to targets and concepts. The committee 
did not meet in the reporting year and is planned to meet in 2023.  
In fiscal 2022, the Corporate Sustainability Department focused on developing a comprehensive greenhouse 
gas (GHG) reporting system as a basis for managing sustainability topics. In this context, numerous alignment 
meetings in consultation with the Executive Board took place. In addition, the department made progress with 
the implementation of the Group's climate strategy and the implementation of Germany’s Supply Chain Due 
Diligence Act within the framework of steering groups.  
Risks  
The required disclosures on risks pursuant to Section 289c(3) of the German Commercial Code (HGB) can be 
found in the Opportunities and Risks section of the Annual Report on page 70 et seq. The Group did not 
identify any risks within the meaning of Section 289c(3) of the HGB in the 2022 fiscal year.

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Combined Group Management Report    Non-financial Group Statement
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External Evaluations of Sustainability Performance and Capital Market 
Indices  
Sartorius’ sustainability performance is evaluated on a regular basis. An overview of the most recent 
evaluations of sustainability performance can be found in the following table. The results are incorporated into 
the concepts aimed at continuously improving sustainability performance.  
Latest Company Ratings 
Company 
Rating
Publication
Results
Sartorius AG 
EcoVadis 
10.11.2021 60/100 (83th percentile) – silver
Sartorius AG 
CDP
14.12.2022
B
Sartorius AG 
MSCI
27.09.2022
A
Sartorius Stedim Biotech S.A. 
MSCI
05.12.2022
BBB
 
In addition, Sartorius AG is listed in Deutsche Börse’s DAX ESG 50 sustainability index. This index includes the 
leading 50 companies based on ESG (environmental, social, governance) performance, market capitalization, 
and turnover.  
Development of the Strategic Sustainability Topics 
Climate 
Ambition 
Sartorius aims to reduce greenhouse gas (GHG) emissions in relation to turnover and thus gradually decouple 
them from Group growth.  
Concept and Due Diligence Processes  
Against this background, the Group set a target of reducing CO2 emission intensity by an average of 10% per 
year, measured against the base year of 2019. Sartorius has defined this indicator as adjusted gross GHG 
intensity per net turnover by market-based calculation in gCO2e/€ based on the Accounting and Reporting 
Standards of the Greenhouse Gas (GHG) Protocol. However, it accounts for instead of the purchased goods 
and services in the GHG category “Purchased goods and services”, only for the goods and services actually 
consumed for the manufacture of Sartorius’ products and services sold during the fiscal year. This indicator 
was included in the Executive Board’s and management’s long-term variable compensation components in 
fiscal 2022.  
To achieve the targeted reduction, Sartorius is focusing on avoiding emissions and improving process 
efficiency – at its own sites and in the upstream and downstream value chain. An implementation plan is 
currently being drawn up for the specific levers already identified at the end of the 2021 fiscal year. For 
example, the Group aims to reduce Scope 1 and Scope 2 emissions, in particular by switching to renewable 
energy sources at its own sites. When it comes to reducing Scope 3 emissions, the focus is initially on measures 
that address the upstream value chain. This includes, for example, an adapted supplier strategy as well as the 
optimization of shipping and logistics processes and the use of resources. Sartorius expects to spend around 
1% of its annual turnover on reducing CO2 emissions intensity.

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To achieve its target for CO2 emissions intensity, the Group has defined the following absolute targets with 
respect to Scope 1 and Scope 2 GHG emissions: 
 Avoidable Scope 1 GHG emissions reduced to zero by 2030. Process emissions generated 
during membrane production are currently deemed unavoidable based on the technology 
available at present  
 Scope 2 GHG emissions reduced to zero by 2030. This goal is subject to the availability of 
renewable energy at global locations.  
Results of the Concept  
GHG balance sheet 
Sartorius published a comprehensive GHG balance sheet for the first time in fiscal 2022 that includes all 17 
GHG categories based on the GHG Protocol. Detailed explanations on greenhouse gas accounting can be 
found on page 130 et seq. of this Non-financial Statement. 
Total gross GHG emissions (Scope 1, 2, and 3) according to a market-based calculation amounted to 1,137,703 
tCO2e in fiscal 2022 (previous year: 914,731 tCO2e; base year: 573,539 tCO2e). This represents an increase of 
24.4% over the prior year and 98.4% over the 2019 base year. This increase was primarily due to the Group’s 
significant growth. Since no negative GHG emissions, known as carbon removals, could be offset, gross GHG 
emissions correspond to net GHG emissions. Carbon removal is the process of permanently removing GHG 
emissions from the atmosphere using biological, chemical, and physical methods.  
Gross Scope 1 GHG emissions amounted to 17,939 tCO2e (previous year: 13,841 tCO2e, base year: 13,529 
tCO2e), equal to an increase of 29.6% compared with the previous year and 32.6% compared with the base 
year. Gross Scope 2 GHG emissions amounted to 28,714 tCO2e (previous year: 20,885 tCO2e, base year: 25,777 
tCO2e), equal to an increase of 37.5% compared with the previous year and 11.4% compared with the base year. 
The respective increases are due to the growth-related increase in energy consumption and emissions 
generated during the membrane production process.  
Gross GHG intensity per net turnover according to a market-based calculation stood at 0.000273 tCO2e 
(previous year: 0.000265 tCO2e, base year: 0.000314 tCO2e). This represents a 2.6% increase over the prior 
year and a 13.2% reduction from the 2019 base year, respectively.

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GHG Balance Sheet1, 2 
  
FY 2022
FY 2021 
Base year: 
FY 2019
Gross GHG emissions - scope 1 in t CO2e3, 4, 5 
17,939
13,8416
13,529
Share of Scope 1 GHG emissions under regulated emission trading 
schemes in % 
0
0
0
Gross GHG emissions - scope 2 - location-based calculation  
in t CO2e3, 4, 5 
53,886
42,066
30,689
Gross GHG emissions - scope 2 - market-based calculation in t CO2e3, 7  
28,714
20,885
25,777
Gross GHG emissions - scope 3 in t CO2e 
1,091,050
880,006
534.233
Category 1: Purchased goods and services in t CO2e 
521,912
447,894
238,446
Category 2: Capital goods in t CO2e 
95,492
69,759
36,892
Category 3: Fuel- and energy-related activities (not included in scope 
1 and 2) in t CO2e3 
11,323
9,067
6,553
Category 4: Upstream transportation and distribution in t CO2e 
128,734
98,358
57,426
Category 5: Waste generated in operations in t CO2e3 
9,235
7,876
4,021
Category 6: Business travel in t CO2e 
21,067
6,318
26,093
Category 7: Employee commuting in t CO2e8 
22,053
19,134
15,019
Category 8: Upstream leased assets in t CO2e  
0
0
0
Category 9: Downstream transportation and distribution in t CO2e 
10,942
8,360
4,881
Category 10: Processing of sold products in t CO2e 
09
09
09
Category 11: Use of sold products in t CO2e10 
222,138
165,654
108,626
Category 12: End-of-life treatment of sold products in t CO2e 
48,153
47,584
36,276
Category 13: Downstream leased assets in t CO2e 
0
0
0
Category 14: Franchises in t CO2e 
0
0
0
Category 15: Investments in t CO2e 
09
09
09
Total gross GHG emissions (scope 1, 2 and 3) - location-based 
calculation in t CO2e 
1,162,875
935,913
578,451
Total gross GHG emissions (scope 1, 2 and 3) - market-based 
calculation in t CO2e7 
1,137,703
914,731
573,539
Total GHG removals in t CO2e 
0
0
0
Total net GHG emissions (scope 1, 2 and 3) - location-based calculation 
in t CO2e 
1,162,875
935,913
578,451
Total net GHG emissions (scope 1, 2 and 3) - market-based calculation 
in t CO2e7 
1,137,703
914,731
573,539
Gross GHG intensity - location-based calculation per net turnover in t 
CO2e/€ 
    0.000279 
 0.000271 
 0.000317 
Gross GHG intensity - market-based calculation per net turnover in t 
CO2e/€7 
   0.000273 
 0.000265 
  0.000314 
1 The data presented contain uncertainties and should currently be seen as an indication with respect to Scope 3 emissions. 
Explanations on greenhouse gas accounting, including the data concepts and calculation methods applied, can be found on page 130 
et seq. of this Non-financial Statement. 
2 Preparation based on the GHG Protocol (Corporate Accounting and Reporting Standard 2004 and the Corporate Value Chain 
(Scope 3) Accounting and Reporting Standard 2011). 
3 Based on data reported by production sites and some administrative sites; excluding companies newly acquired in the reporting 
year.  
4 Excluding GHG emissions from fleet fuel consumption.  
5 Fugitive emissions data currently only collected in Göttingen and Yauco.  
6 The data for fiscal 2021 was restated in fiscal 2022 based on the application of new and complemented data concepts. 
7 If a contract-specific emission factor was not available for the market-based calculation method, the location-based emission factor 
was used in accordance with the GHG Protocol.  
8 Excluding GHG emissions from commuting by trainees, interns, and contingent workers.

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9 In accordance with the GHG Protocol, this category is reported with zero GHG emissions because Sartorius cannot currently 
account for it appropriately due to the wide range of options available for further processing the Group’s products, each of which has 
its own specific GHG profile, and because, according to one estimate, it is also not material to the Group’s overall GHG accounting.  
10 GHG accounting currently covers only products that require electricity to use.  
11 This category is reported with zero GHG emissions, as the most relevant shareholding from a GHG perspective has been classified 
as not material in the financial reporting for fiscal 2022, and the GHG emissions related to this shareholding have also been assessed 
as not material to the Group’s overall GHG accounting, according to an estimate. 
CO2 Emission Intensity 
In fiscal 2022, the Group’s CO2 emission intensity, i.e., the adjusted gross GHG intensity per net turnover, 
stood at 256 gCO2e/€ (previous year: 245 gCO2e/€). The value for the base year of 2019 defined for the 
climate strategy was restated in fiscal year 2022 from 250 gCO2e/€ to 308 gCO2e/€ due to the application of 
new and complemented data concepts. The average annual reduction in CO2 emission intensity from the base 
year therefore amounted to 6.0% in fiscal 2022. Sartorius plans to further improve and refine its GHG 
accounting in the coming years, which is why the company will continue to make restatements to previously 
reported indicators in the future, if necessary. Explanations on greenhouse gas accounting, including the data 
concepts and calculation methods applied, can be found on page 130 et seq. of this Non-financial Statement. 
CO2  Emission Intensity 
  
FY 2022
FY 2021
Base year: 
FYJ 2019
Adjusted gross GHG intensity - market-based calculation per net 
turnover in t CO2e/€1  
256
245
3082
Average annual reduction in % 
6.0 
10.8
n. r.
1 The “Adjusted gross GHG intensity per euro of net turnover – market-based calculation,” accounts for instead of the purchased 
goods and services in the GHG category “Purchased goods and services”, only for the goods and services actually consumed for the 
manufacture of Sartorius’ products and services sold during the fiscal year This means that the data has been adjusted for warehouse 
inventories.  
2 The data for fiscal 2021 and the base year of 2019 was restated in fiscal 2022 based on the application of new and complemented 
data concepts.  
Energy Consumption 
Total energy consumption increased by 23.6% to 200,715 MWh in fiscal 2022 (previous year: 162,340 MWh). 
In this context, renewable energy sources accounted for 31.7% of total energy consumption, roughly the same 
level as in the previous year (30.9%). The Group-wide degree of coverage with certified energy management 
systems in accordance with ISO 50001 as of December 31, measured against the number of employees, stood 
at 27.1% (previous year: n.a.). Within the scope of the site-specific energy management systems in accordance 
with ISO 50001, energy flows such as the energy sources used and energy consumers as well as the energy 
efficiency status of the largest energy-consuming systems/facilities and processes/activities are systematically 
identified and evaluated. The data collected can then be used to develop measures that support Scope 1 and 
Scope 2 emission reductions and to measure their success.  
At the Göttingen site, which accounts for almost 50% of total energy consumption and is therefore by far the 
largest energy consumer in the Group, work was carried out to expand the use of geothermal energy during 
the fiscal year. The goal is to secure the energy supply and operate a carbon-neutral campus as early as 2030.

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Indicators Energy 
  
FY 2022
FY 20211
Total energy consumption in MWh2, 3 
200,715
162,340
Renewable energy consumption in MWh 
63,546
50,151
Purchased certified renewable electricity in MWh 
62,256
48,669
Self-generated solar energy in MWh 
697
775
Purchased geothermal energy in MWh 
594
707
Other renewable energy in MWh 
0
0
Non-renewable energy consumption in MWh 
137,169
112,189
Purchased heating oil in MWh 
60,774
52,466
Purchased non-renewable electricity in MWh 
53,422
45,094
Purchased district heating in MWh 
10,653
6,262
Purchased diesel in MWh 
8,797
4,957
Purchased heating oil in MWh 
2,490
1,130
Purchased district cooling in MWh 
815
1,530
Purchased LPG in MWh 
218
751
Total share of renewable energy in % 
31.7
30.9
Certified management systems according to ISO 50001  
- Employee coverage as of 31.12. in % 
27.1
n.a.
1 Total energy consumption for the 2021 fiscal year was taken from the 2021 Non-financial Statement and the breakdown into 
renewable and non-renewable energy consumption as well as the total share of renewable energy was calculated and added 
retroactively. 
2 Preparation of the indicator based on the GRI Standards. 
3 Based on data reported by production sites and some administrative sites; excluding companies newly acquired in the reporting 
year.  
Materials and Circularity 
Ambition 
Sartorius sources a wide range of raw materials, consumables, and supplies in order to manufacture its 
products and product packaging. This includes, in particular, plastic, metal, and electronic components as well 
as packaging materials.  
The aim of a circular economy is to decouple economic growth from environmental pollution by recycling 
materials, i.e., not only reducing the consumption of resources but also simultaneously reducing the 
generation of waste, pollution, and greenhouse gas emissions.  
For this reason, Sartorius aims to continuously optimize the selection and use of materials along the value 
chain, thereby improving its products’ environmental footprint. This applies to the materials the company uses 
in terms of type and quantity at the beginning of a product’s life, the material intensity on the part of the 
customer, and how materials are handled at the end of a product’s life. To underscore its commitment, 
Sartorius has also been a signatory of the European Plastics Pact since 2019.  
Concept and Due Diligence Processes  
Closed-loop operations pose significant challenges to the specialized biopharmaceutical industry in which 
Sartorius operates. This is mainly due to the high standards of quality the products must meet, as they are used 
in the medical field.  
Sartorius generates a large share of its turnover with presterilized products made predominantly of plastic, 
which are often used by customers to manufacture a single production batch. The overall environmental

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footprint of these plastic products is often better because less energy and water are required to produce the 
production batch. As such, the use of these plastic products can help customers improve their environmental 
footprint.  
Nevertheless, Sartorius believes there is potential for improvement and, in particular, is looking for ways to 
increase the circularity of plastics along the product life cycle in line with the “New Plastics Economy Global 
Commitment” vision. The aim here is to reduce the resources required to a minimum and to promote effective 
and practicable recycling or to increase production output using the same amount of resources.  
In this context, a holistic understanding of products that encompasses, for example, their material 
composition, manufacturing, transportation, use, and end-of-life handling is essential. Starting fiscal 2023, the 
Group intends to conduct life cycle assessments (LCAs) in accordance with recognized standards and 
industry practices as a decision-making tool during the course of developing or updating products, packaging, 
and processes in order to analyze and evaluate the relevant environmental impacts.  
To optimize the use of materials and improve circularity, the divisions and business units have launched various 
initiatives, projects, individual measures, and collaborations for which a number of different functions are 
responsible.  
With respect to waste management, Sartorius is working along the a five-step approach to the waste hierarchy, 
particularly on waste avoidance and recycling. To this end, Sartorius already makes efforts to reduce waste 
during the production process. This primarily applies to bag, membrane, and cartridge production. At the 
Aubagne site, plastic waste is sorted directly on the factory premises in order to recycle the scraps for reuse in 
other processes. The Environment, Health, and Safety (EHS) Department is responsible for waste 
management. 
Results of the Concept 
The total volume of waste generated increased by 64.5% to 18,581 tons (previous year: 11,295 tons). This was 
due to the generation of captured process wastewater and its appropriate disposal at our Yauco site. The 
volume of waste classified as hazardous under local legislation increased by 11.1% to 3,593 tons (previous year: 
3,235 tons). Hazardous waste is primarily generated in membrane production due to the use of solvents. The 
total waste recycling rate stood at 28.8%, and therefore decreased due to the overall increase in the volume of 
waste (previous year: 44.2%).  
The Group continued its initiative to reduce the use of plastics in fiscal 2022, along with various projects 
focused on reducing packaging waste, recycling production waste, and product end-of-life strategies. Plastic 
waste increased by 1.3% to 2.113 t (previous year: 2.087 t). At the same time, the plastic recycling rate increased 
by 0.8 percentage points to 75.4% (previous year: 74.5%).

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Indicators Waste Generation 
  
FY 2022
FY 20211
Total waste generation in t2, 3 
18,581
11,295
Hazardous waste in t 
3,593
3,235
Recycled hazardous waste in t4, 5 
456
527
Non-hazardous waste in t 
14,988
8,060
Recycled non-hazardous waste in t4, 5 
4,894
4,464
Total waste recycling quota in %3, 4 
28.8
44.2
1 The data for fiscal 2021 was taken from the 2021 Non-financial Statement. 
2 Preparation of the indicator based on the GRI Standards. 
3 Based on data reported by production sites and some administrative sites; excluding companies newly acquired in the reporting 
year.  
4 Waste recycling is defined as the processing of products, components, and materials for reuse.  
5 Waste is classified as hazardous in accordance with the respective local legislation.  
Indicators plastic waste 
  
FY 2022
FY 20211
Plastic waste in t2 
2,113
2,087
Recycled plastic waste in t2 
1,593
1,555
Plastic recycling quota in %2 
75.4
74.5
1 The data for fiscal 2021 was taken from the 2021 Non-financial Statement, and the quantity of recycled plastic waste and plastic 
waste recycling rate were calculated and added retroactively.  
2 Based on data reported by production sites and some administrative sites; excluding companies newly acquired in the reporting 
year.  
Water and Wastewater 
Ambition 
At Sartorius, water is primarily used in the Bioprocess Solutions Division for membrane production and 
modification. The manufacturing processes for membranes and membrane products are optimized to 
minimize the use of rinsing water. Organic solvents are processed and for the most part, recycled. The goal is 
to ensure compliance with applicable regulations during the use and handling of hazardous materials. The 
company aims to avoid the use of critical substances when developing new products.  
Concept and Due Diligence Processes  
Distillation plants have been installed at the relevant consumption sites, such as Göttingen and Yauco, and are 
intended to ensure an almost closed solvent cycle. In addition, the Yauco and Bangalore sites have a cistern 
system that harnesses collected rainwater for various applications. 
The company monitors its use of hazardous substances, for example on the basis of the REACH candidate list 
and comparable other lists of substances.  
The Environment, Health, and Safety (EHS) Department is responsible for managing the use of water and 
hazardous substances throughout the Group. EHS managers at the sites are responsible for local 
environmental management. Within the framework of the local environmental management systems, the 
company evaluates environmental aspects such as water and wastewater loads, and initiates and follows up 
on improvement measures.

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Results of the Concept 
As of December 31, the degree of coverage with certified energy management systems in accordance with 
ISO 14001, measured against the number of employees, stood at 53.6% (previous year: n.a.).  
Water withdrawals for fiscal 2022 totaled 701,568 m3 (previous year: 692,672 m3). Of this total, the majority, 
95.9% (previous year: 95.7%), came from public water supplies and 67.6% from areas suffering from water stress 
(previous year: 69.7%).  
Indicators Water and Waste Water 
  
FY 2022
FY 20211
Total water withdrawal in m3 2, 3 
701,568
692,672
Third-party water in m3 
672,630
663,156
Ground water in m3 
19,119
18,979
Surface water m3 
9,820
10,536
Total water withdrawal from water stress areas in %4 
67.6
69.7
Certified management systems according to ISO 14001  
- Employee coverage as of 31.12. in % 
53.6
n.a.
1 The data for fiscal 2021 was taken from the 2021 Non-financial Statement. 
2 Preparation of indicator based on the GRI Standards. 
3 Based on data reported by production sites and some administrative sites; excluding companies newly acquired in the reporting 
year.  
4 Water withdrawals from areas under water stress are defined as those from areas where the level of water stress has been classified 
as “high” (40 – 80%) or “very high” (>80%) according to the Aqueduct Water Risk Atlas published by the World Resources Institute 
(WRI).  
Social Responsibility 
Ambition 
In light of the Group’s intention to continue growing, recruiting new employees and retaining existing ones is 
a strategic priority for Sartorius. To this end, creating an attractive, fair, and safe working environment is key. As 
a signatory to the UN Global Compact, the Group is also committed to respecting fundamental human rights 
within its own sphere of influence. 
Concept and Due Diligence Processes  
Human Rights and Labor Standards 
The Group has made a policy statement on respect for human rights and a position statement on labor and 
social standards and occupational health and safety available to all employees worldwide on the intranet. 
Sartorius is committed to upholding human rights and labor standards that include the UN Guiding Principles 
on Business and Human Rights, the International Bill of Human Rights, in particular the Universal Declaration 
of Human Rights, the UN International Covenant on Civil and Political Rights and the UN International 
Covenant on Economic, Social and Cultural Rights, the International Labor Organization (ILO) Declaration on 
Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises. The 
Sartorius Code of Conduct sets binding minimum standards for law-abiding and ethical conduct throughout 
the Group, which also include binding labor standards.  
These labor standards are overseen by various functions at different levels at Sartorius. For example, the 
Environment, Health, and Safety (EHS) Department coordinates the global concepts in the field of 
occupational health and safety. Individual sites have also introduced specific management systems in 
accordance with ISO 45001.

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The company monitors compliance with the provisions of the Code as part of its compliance management 
system, for example through regular audits by the Group Auditing Department. Once a year, a report is 
submitted to the responsible Supervisory Board committee or, if this committee does not include employee 
representatives, to the local employee representative body. Further information on the compliance 
management system can be found in the corporate governance statement on page 101 et seq. of this annual 
report. 
In addition, a centralized process for assessing the sustainability of the sites was introduced in fiscal 2022 that 
is also used to review compliance with the human rights requirements set out in the Sartorius Code of 
Conduct. For this purpose, the sites are externally audited by an accredited organization in accordance with 
Pharmaceutical Supply Chain Initiative (PSCI) standards. The PSCI has established itself as an initiative in the 
pharmaceutical industry to promote sustainability throughout the value chain. In a rolling process, a defined 
number of sites selected on the basis of risk are reviewed each year.  
Employees also have the ability to report human rights and labor standards violations at any time to the 
appropriate manager, employee representatives, compliance officer, or via the compliance or whistleblower 
hotline.  
Diversity  
As a signatory to the Diversity Charter, Sartorius is committed to promoting workforce diversity beyond these 
basic labor standards and has established company-wide networks to this end, such as an LGBTQ Alliance and 
the Sartorius Business Women Association (SBWA) to achieve gender parity in management positions.  
Employability 
Furthermore, Sartorius is committed to promoting its employees’ ongoing personal and professional 
development and has also enshrined this in its management guidelines.  
Annual performance reviews between employees and their managers provide a forum for discussing 
performance, targets, and individual development opportunities. Various training opportunities exist 
throughout the Group, such as self-learning opportunities, targeted management development and 
mentoring programs, and also opportunities to work abroad.  
Satisfaction  
Within the framework of a global employee survey conducted twice a year, the Group regularly determines its 
employees’ overall opinion of the company and its leadership culture, the workplace, and job satisfaction in 
general, for example.  
In fiscal 2022, the employee net promoter score, which measures the extent to which employees would 
recommend Sartorius as an employer, was included as a target in the Executive Board’s and management’s 
short-term variable compensation components. Sartorius has set itself the goal of achieving an average annual 
score of 35, which is considered good in HR circles. 
Results of the Concept 
In fiscal 2022, Sartorius had 15,942 employees, 15.3% more than in the previous year (13,832). Similar to the 
previous year, 38.9% of the workforce were women (previous year: 39.3%) and the majority of employees were 
between the ages of 30 and 49, accounting for 58.8% of the workforce (previous year: 57.2%). The average age 
and length of employment were almost unchanged from the previous year, at 39.2 years (previous year: 39.1 
years) and 6.6 years (previous year: 6.7 years), respectively. A total of 5.6% of employees worked part-time 
(previous year: 7.0%).

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In fiscal 2022, five external sustainability-related site audits were carried out in accordance with PSCI 
standards, which included an assessment of compliance with human rights. The percentage of employees 
covered by site audits stood at 38.5% (previous year: n.a.).  
Certified occupational safety management systems covered 6.9% of employees (previous year: n.a.). Across 
the Group, 5.8 work-related injuries occurred per million hours worked. The previous year’s figure was restated 
from 6.3 to 4.4 due to a significant internal reporting error by a Group company. This means that 31.8% more 
injuries occurred per million hours worked than in the previous year. Three work-related injuries with serious 
consequences were documented in fiscal 2022 (previous year: 0). These are defined as work-related injuries 
that cause, or are likely to cause, more than six months of lost time. Similar to the previous year, none of the 
work-related injuries were fatal (previous year: 0).  
A total of 232,699 training hours (previous year: 167,600 hours) was invested. This is equivalent to an average 
of 14.8 training hours per employee (previous year: 12.2 hours). 
The fluctuation rate increased to 9.2% (previous year: 8.4%) and new hires rate decreased to 22.9% (previous 
year: 31.7%). 
The employee net promoter score for the year stood at 29.2 on average, an increase over the previous year 
(previous year: 27.4). The score therefore is trending towards the defined target of 35. This was also due to the 
implementation of measures at the team level which employees had indicated were necessary in the survey.

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Indicators Social Responsibility  
  
FY 2022
FY 20211
Total employees as of 31.12. 
15,942
13,832
Women in % 
38.9
39.3
Age group ≤ 29 years in % 
20.8
22.2
Age group 30 - 49 years in % 
58.8
57.2
Age group ≥ 50 years in % 
20.4
20.6
Part-time in % 
5.6
7.0
Average age 
39.2
39.1
Women in management positions in %  
32.9
32.2
Average years of tenure as of 31.12. 
6.6
6.7
Women 
6.1
6.2
Men  
6.8
7.0
≤ 4 years in % 
61.1
59.0
5 -14 years in % 
25.5
27.0
≥ 15 years in % 
13.4
14.0
External sustainability-related site audits (PSCI audits) 
5
n.a.
Employee coverage in % 
38.5
n.a.
Certified management systems according to ISO 45001  
- Employee coverage as of 31.12. in % 
6.9
n.a.
Work-related injuries 2, 3, 4, 5 
159
104 5
Work-related injuries per million hours worked, 3, 4, 5 
5.8
4.4 5 
Work-related injuries with a serious outcome 2, 3, 4, 6 
3
0
Fatal work-related injuries 2, 3, 4 
0
0
Total training hours4 
232,699
167,600
Total average training hours per employee4 
14.8
12.2
Women4 
15.2
12.5
Men4 
14.5
12.1
Total fluctuation rate in % 
9.2
8.4
Women  
10.1
9.6
Men 
8.5
7.6
Age group ≤ 29 years in % 
13.3
13.3
Age group 30 - 49 years in % 
7.8
6.7
Age group ≥ 50 years in % 
8.9
7.9
Total new hires rate in % 
22.9
31.7
Women  
24.2
33.4
Men 
22.1
30.5
Age group ≤ 29 years in % 
44.2
65.2
Age group 30 - 49 years in % 
20.1
25.5
Age group ≥ 50 years in % 
9.4
12.7
Employee Net Promoter Score 
29.2
27.4
1 The data for fiscal 2021 was taken from the 2021 Non-financial Statement. This does not apply to total employees broken down by 
age group, average age, and women in management positions, and employee net promoter score. This data was calculated and 
added retroactively.  
2 Preparation of indicator based on the GRI Standards. 
3 This figure includes all work-related injuries that go beyond requiring basic first aid, i.e., requiring a visit to the doctor; it does not 
include commuting injuries; it does not include work-related injuries of trainees, interns, and contingent workers. 
4 Excluding the companies newly acquired in the reporting year.  
5 Due to a significant reporting error by a Group company, the data for fiscal 2021 has been restated. Fewer work-related injuries 
occurred than previously reported. 
6 Serious work-related injuries are those that have caused or will cause 6 months of lost time.

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Corporate Governance 
Ambition 
Corporate governance aligned with the interests of stakeholders, lawful and responsible conduct, and 
constructive collaboration between the managerial bodies and within the company in a spirit of mutual trust 
constitute the essential cornerstones of Sartorius’ corporate culture.  
Concept and Due Diligence Processes  
Corporate governance is based on the requirements defined in the German Corporate Governance Code. 
The corporate governance statement and declaration of compliance can be found on page 93 et seq. of this 
annual report. 
Through its global compliance management system, Sartorius aims to ensure that the members of its 
individual boards, executives, and employees comply with all legal regulations and codes and perform their 
activities in accordance with the company’s internal guidelines. The basic principles of the compliance 
management system, which, in essence, is based on Sartorius’ global Code of Conduct, are also explained in 
the corporate governance statement on page 101 et seq.  
The issue of anti-corruption is also a central component of the compliance management system. The related 
requirements employees must comply with are laid out in a dedicated Anti-Corruption Code, and employees 
regularly receive training focused specifically on the contents of the Code.  
Results of the Concept 
In fiscal 2022, 11,883 employees (previous year: 9,143 employees) completed the Code of Conduct training 
and 12,154 employees (previous year: 9,341 employees) completed the Anti-Corruption Code training. This 
represents 75.6% and 77.4% of the total employees, respectively.  
Indicators corporate governance 
  
FY 2022
FY 20211
Employees who completed training on Code of Conduct2 
11.883
9,143
Employee coverage in %2 
75.6
66.8
Employees who completed training on anti-corruption code2 
12,154
9,341
Employee coverage in %2 
77.4
68.2
1 The data for fiscal 2021 was taken from the 2021 Non-financial Statement. This does not apply to the employee coverage rate. This 
was calculated and added retroactively.  
2 Excluding the companies newly acquired in the reporting year.

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Sustainability in the Supply Chain 
Ambition 
With roughly 8,000 suppliers from more than 40 countries and a purchasing volume equivalent to more than 
40% of turnover, Sartorius’ supply chain plays a significant role in the company’s sustainability transformation. 
For this reason, the Group expects suppliers and their suppliers to comply with sustainability standards and to 
promote sustainability.  
Concept and Due Diligence Processes  
Our fundamental sustainability requirements were laid out in our Code of Conduct for Business Partners, 
which was updated in September 2022 with respect to some human rights issues in the context of the 
implementation of Germany’s Supply Chain Due Diligence Act (LkSG) and published in a new version.  
This Code of Conduct has been binding for new suppliers since 2019. Both new and existing suppliers are 
required to sign the updated Code of Conduct.  
In fiscal 2022, Sartorius introduced a standardized, multi-stage process to assess supplier sustainability. This is 
based on internal and external information and requires corrective measures to be taken in the event of non-
compliance. In order to discuss the results, the Bioprocess Solutions Division has already set up a risk 
committee in the current fiscal year, and the results are reported to this committee on a regular basis.  
The new supplier evaluation process involves reviewing compliance with sustainability requirements using 
self-assessments based on standardized questionnaires via recognized sustainability platforms. For selected 
suppliers, Sartorius engages independent on-site sustainability audits by external third parties. Furthermore, 
sustainability aspects are also part of the on-site quality audits conducted by Sartorius itself. 
The sourcing departments are responsible for ensuring that suppliers are bound by the Code of Conduct and 
for verifying compliance with the requirements. The quality departments are responsible for carrying out the 
quality audits.  
In addition, Sartorius maintains a continuous dialogue with suppliers to promote their commitment to 
sustainability issues. 
Results of the Concept 
In November 2022, the Bioprocess Solutions Division held a workshop with more than 50 selected, 
international suppliers at its main site in Göttingen to discuss, among other issues, the topics of climate change 
mitigation and the implementation of Germany’s Supply Chain Due Diligence Act (LkSG) and thereby make 
further progress in these areas.  
As of December 31, 2022, 441 suppliers had signed the updated 2022 Code of Conduct for Business Partners 
(previous year: n.a.). This means that suppliers that have signed the 2022 Code of Conduct account for 12% of 
Sartorius’ total purchasing volume (previous year: n.a.). In addition, the company has received a total of 654 
valid sustainability-related supplier self-assessments (previous year: 110). This means that suppliers that have 
submitted a self-assessment account for 49% of Sartorius’ total purchasing volume (previous year: n.a.). 
Furthermore, the company carried out 125 of its own quality-related supplier audits that included sustainability 
aspects (previous year: 107). External sustainability audits have not yet been carried out at any suppliers’ sites, 
as the process was newly introduced in fiscal 2022.  
The Bioprocess Solutions Division already completed the sustainability assessment for strategic suppliers in 
fiscal 2022. The company has since analyzed the results and, on this basis, defined corrective measures that 
are currently being implemented. In addition, Sartorius has begun the assessment of its nonstrategic suppliers.

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Indicators Supply Chain 
  
FY 2022
FY 20211
Suppliers having signed the Code of Conduct for Business Partners 2022 
441
n.a.
Coverage purchasing volume in % 
12
n.a.
Sustainability-related supplier self-assessments as of 31.12.2 
654
110
Coverage purchasing volume in %2 
49
n.a.
External sustainability-related supplier audits 
0
n.a.
Coverage purchasing volume in % 
0
n.a.
Own quality-related supplier audits, which include sustainability aspects 
125
107
1 The data for fiscal 2021 was taken from the 2021 Non-financial Statement.  
2 Includes the available sustainability-related self-assessments via recognized sustainability platforms which, according to the 
platform, are valid as of the reporting date or whose validity date is not older than two years.  
 
Disclosures Pursuant to the EU Taxonomy Regulation  
The EU taxonomy is a classification system for determining environmentally sustainable economic activities in 
the real economy, combined with specific disclosure requirements for companies.  
These relate to taxonomy-eligible and taxonomy-aligned turnover, capital expenditures, and operating 
expenditures with respect to the EU’s six environmental objectives: climate change mitigation, climate change 
adaptation, the sustainable use and protection of water and marine resources, the transition to a circular 
economy, pollution prevention and control, and the protection and restoration of biodiversity and ecosystems. 
In accordance with the simplified procedure granted by the EU Commission, the disclosure requirement for 
fiscal 2021 was initially limited to taxonomy-eligible turnover, capital expenditures, and operating expenditures 
for the environmental objectives of climate change mitigation and climate change adaptation. In this context, 
the economic activities described in the Delegated Acts are considered to be taxonomy-eligible, as they make 
a substantial contribution to the achievement of the EU’s environmental objectives. Companies are required 
to disclose taxonomy-aligned turnover, capital expenditures, and operating expenditures for the first time for 
fiscal year 2022. Economic activities that meet the technical screening criteria and the minimum safeguards 
criteria are considered to be taxonomy-aligned.  
The following disclosures constitute the mandatory disclosures required of the Sartorius Group in accordance 
Article 8 of the EU Taxonomy Regulation 2020/852 for fiscal 2022.  
Special Notes on Reporting  
Legal Framework  
Preparation of the required disclosures was fundamentally associated with uncertainties for Sartorius, in 
particular because a number of unanswered questions currently still exist regarding the definition of 
taxonomy-eligible economic activities, the interpretation of the technical screening criteria and the minimum 
safeguard criteria, which have not yet been conclusively answered by the EU Commission. The company has 
taken information into account that was available through January 31, 2023.

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Materiality approach 
Capital expenditures and operating expenditures were disclosed on the basis of materiality thresholds. 
Economic activities that accounted for less than 1% of total taxonomy-eligible capital expenditures and 
operating expenditures were qualitatively assessed in terms of their significance for Sartorius. Amounts 
classified as immaterial have been reported as not taxonomy-eligible and therefore were not subject to further 
assessment for taxonomy alignment. This applies to capital expenditures and operating expenditures related 
to activities 4.1 “Electricity generation using solar photovoltaic technology”, 7.4 “Installation, maintenance and 
repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)”, and 8.1 
“Data processing, hosting and related activities”.  
Since Sartorius did not recognize any capital expenditures and only immaterial operating expenditures related 
to fossil gas in fiscal 2022 for the economic activities described in EU Commission Delegated Regulation 
2022/1214 and in Annex XII, the reporting pursuant to Annex XII of EU Commission Delegated Regulation 
2021/2178 does not apply. 
Procedure for Determining Taxonomy Alignment (“Compliance Assessment”) 
 
Sartorius used a three-step process to determine which turnover, capital expenditures, and operating 
expenditures were taxonomy-aligned:  
 Determination of Basically Taxonomy-Eligible Economic Activities: The process of 
determining the Group’s economic activities that are basically taxonomy-eligible was carried out 
separately for the breakdown of turnover as well as capital expenditures and operating 
expenditures. The results are each described in the following sections on taxonomy-aligned 
turnover, capital expenditures, and operating expenditures, respectively. 
 Assessment of Compliance with the Technical Screening Criteria: Compliance with the 
technical screening criteria, which include assessing whether the contribution to an EU 
environmental objective is substantial (“Substantial contribution” – SC) and whether the other EU 
environmental objectives are not significantly harmed (“Do no significant harm” – DNSH), was 
determined by means of a survey of the relevant Group companies. The results are described in 
each of the following sections. With respect to the EU environmental objective “adaptation to 
climate change”, the company’s economic activities were generally not found to make a 
significant contribution.  
 Assessment of Compliance with the Minimum Safeguards: Sartorius assessed and determined 
compliance with the minimum safeguards criteria based on the recommendations contained in 
the Final Report on Minimum Safeguards published by the European Platform on Sustainable 
Finance in October 2022 for the following four topics as follows:  
Taxes: In this regard, the Group particularly refers to the existing Group-wide risk management 
system, which is described in the “Risk and Opportunities” section of this Annual Report starting 
on page 70 et seq. Responsibility for tax compliance generally lies with the local management of 
the individual Group companies. These are supported by both local tax consulting firms and the 
central Group Tax Department. A system of various measures, such as monitoring local 
regulations (filing deadlines, tax rates, etc.) and tax risks, ensures that information is collected 
within the Group and reported to the Executive Board accordingly.  
Corruption and Bribery: In this regard, the Group to refers to the existing Group-wide 
compliance management system, which is described in the “Corporate Governance Report” 
section of this Annual Report starting on page 102 et seq.

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Fair Competition: In this regard, the Group would like to refer to the existing Group-wide 
compliance management system, which is described in the “Corporate Governance Report” 
section of this Annual Report starting on page 101 et seq. 
Human Rights: With respect to the required human rights due diligence system in accordance 
with the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for 
Multinational Enterprises, the Group refers to the existing measures for its own sites and direct 
and indirect suppliers described in this Non-financial Statement, which can be found in the 
“Social Responsibility” and “Sustainability in the Supply Chain” sections, respectively. Sartorius’ 
human rights due diligence system does not extend to customer relationships, as the Group has 
not identified any relevant areas of risk stemming from Sartorius’ products and services. Since 
the taxonomy-aligned capital expenditures and operating expenditures reported below for 
fiscal 2022 relate to Germany, Sartorius has assessed and determined the effectiveness of the 
system exclusively within this framework. 
Avoiding Double Counting  
Sartorius currently allocates the amounts listed below exclusively to the environmental objective of climate 
change mitigation. Furthermore, the individual economic activities reported for capital expenditures and 
operating expenditures are not interrelated. This approach eliminates double counting.

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Turnover from Taxonomy-Eligible and Taxonomy-Aligned Economic 
Activities 
The turnover pursuant to Section 1.1.1. of the Delegated Act on Article 8 of the EU Taxonomy Regulation 
corresponds to the figure reported on the Statement of Profit or Loss for the fiscal year in question on p. 168 
of this Annual Report, which was determined on the basis of the International Financial Reporting Standards 
(IFRS) applicable to the consolidated financial statements.  
In fiscal 2022, the Sartorius Group did not generate any turnover from the economic activities specified in the 
Delegated Acts for climate change mitigation and climate change adaptation. So far, the legislation only 
addresses particularly relevant economic activities for the achievement of the environmental objectives in the 
field of climate change mitigation and climate change adaptation, meaning that only a limited range of 
industries is covered. As a result, Sartorius does not have any taxonomy-eligible economic activities for which 
it would currently have been possible to assess compliance with the technical screening criteria.  
Accordingly, taxonomy-aligned turnover accounted for 0% of total consolidated turnover in fiscal 2022 
(previous year: n.a.).  
  
 
 
 
SC1
DNSH2 
 
Taxonomy-
aligned 
proportion of 
turnover 
 
Economic activities 
NACE code 
Turnover 
Proportion of 
turnover  
Climate 
protection 
Climate 
protection 
Climate 
adaptation  
Water 
protection  
Pollution 
Circularity  
Biodiversity 
Minimum 
safeguards 
FY 2022 
FY 2021 
Category  
  
 
€ in 
million
in %
in %
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
in %
in %
E/T3
A. Taxonomy-eligible economic activities  
A.1. Environmentally sustainable activities (taxonomy-aligned) 
Turnover of environmentally 
sustainable activities 
(taxonomy-aligned) (A.1.) 
n.a.
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0
n.a.
n.a.
A.2. Taxonomy-eligible, but not environmentally sustainable activities (not taxonomy-aligned activities) 
Turnover of taxonomy-eligible, 
but not environmentally 
sustainable activities (not 
taxonomy-aligned activities) 
(A.2) 
n.a.
0
0
Total (A.1. + A.2.) 
n.a.
0
0
B. Taxonomy-non-eligible economic activities 
Turnover of taxonomy-non-
eligible activities (B) 
n.a. 4,174.7
100
 
 
 
 
 
 
 
 
 
 
 
Total (A + B) 
n.a. 4,174.7
100
 
 
 
 
 
 
 
 
 
 
 
1 SC stands for “substantial contribution” 
2 DNSH stands for “do no significant harm” 
3 E stands for “enabling”; T stands for “transitional”

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Capital Expenditures for Taxonomy-Eligible and Taxonomy-Aligned 
Economic Activities  
Capital expenditures in accordance with Section 1.1.2. of the Delegated Act on Article 8 of the EU Taxonomy 
Regulation consisted of gross additions to tangible and intangible fixed assets in the reporting year, including 
additions from business acquisitions. In this context, goodwill is not taken into account. Capital expenditures 
were measured on the basis of the International Financial Reporting Standards (IFRS) applicable to the 
consolidated financial statements. Capital expenditures correspond to the sum of the amounts recognized in 
the notes to the consolidated financial statements from investments and additions from acquisitions, in the 
sections “15. Other intangible assets” on page 197, “16. Property, plant and equipment” on page 200 et seq., 
and “17. Leases” on page 201 et seq.  
The analysis of these capital expenditures revealed that the Sartorius Group incurs such expenditures that 
relate to the purchase of products or services (letter c under Section 1.1.2.2 of the Delegated Act on Article 8 
of the EU Taxonomy Regulation) from the following taxonomy-eligible economic activities: 
 Activity 6.5: Transport by motorbikes, passenger cars and light commercial vehicles 
 Activity 7.7: Acquisition and ownership of buildings 
Sartorius’ assessment of compliance with the technical screening criteria for these taxonomy-eligible 
economic activities resulted in the conclusion that the taxonomy-eligible amounts for Activity 6.5 cannot be 
designated as taxonomy-aligned due to a lack of information supporting compliance with the DNSH criteria 
for the EU environmental objective “pollution prevention and control.” Capital expenditures on vehicles 
already include numerous e-cars. This means that the company has met key EU taxonomy criteria, for example 
with regard to CO2 emissions. Sartorius could not, however, provide full evidence that other requirements, 
including the mandatory EU tire labels, had been met. 
With respect to Activity 7.7, compliance with the technical screening criteria could only be determined for the 
company’s buildings in Germany. This assessment was carried out on the basis of existing and planned 
certifications by the German Sustainable Building Council (DGNB) and energy performance certificates, 
among other data. Sartorius was able to successfully evaluate the SC and DNSH criteria for most of the 
buildings in Germany. 
As such, taxonomy-aligned capital expenditures accounted for 13% of all capital expenditures in fiscal 2022 
(previous year: n.a.).  
100% of the company’s capital expenditures consist of additions recognized in accordance with IAS 16, IAS 38, 
IAS 40, and IFRS 16.

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SC1 
DNSH2 
Taxonomy-
aligned 
proportion of 
capital 
expenditures
Economic activities 
NACE code 
Capital 
expenditures 
Proportion of 
capital 
expenditures 
Climate 
protection 
Climate 
protection 
Climate 
adaptation  
Water 
protection  
Pollution 
Circularity  
Biodiversity 
Minimum 
safeguards 
FY 2022 
FY 2021 
Category  
€ in 
million
in %
in %
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
in %
in %
E/T3
A. Taxonomy-eligible economic activities 
A.1. Environmentally sustainable activities (taxonomy-aligned) 
7.7. Acquisition and ownership 
of buildings 
n.a.
110.5
13
100
Ja
Ja
Ja
Ja
Ja
Ja
Ja
13
n.a.
E
Capital expenditures of 
environmentally sustainable 
activities (taxonomy-aligned) 
(A.1.) 
n.a.
110.5
13
100
13
n.a.
A.2. Taxonomy-eligible, but not environmentally sustainable activities (not taxonomy-aligned activities) 
6.5. Transport by motorbikes, 
passenger cars and light 
commercial vehicles 
n.a.
7.8
1
7.7. Acquisition and ownership 
of buildings 
n.a.
180.2
21
Capital expenditures for 
taxonomy-eligible, but not 
environmentally sustainable 
activities (not taxonomy-
aligned activities) (A.2) 
n.a.
188.0
22
Total (A.1. + A.2.) 
n.a.
298.5
344
B. Taxonomy-non-eligible economic activities 
Capital expenditures for 
taxonomy-non-eligible 
activities (B) 
569.6
66
Total (A + B) 
868.1
100
1 SC stands for “substantial contribution” 
2 DNSH stands for “do no significant harm” 
3 E stands for “enabling”; T stands for “transitional” 
4 Figure rounded down due to mathematical constraints

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Operating expenditures for Taxonomy-Eligible and Taxonomy-Aligned 
Economic Activities 
Operating expenditures as defined in Section 1.1.3. of the Delegated Act on Article 8 of the EU Taxonomy 
Regulation include all direct, non-capitalized costs associated with research and development, renovation 
measures, short-term leases, and maintenance and repair. 
The analysis of these operating expenditures revealed that the Sartorius Group incurs such expenses that 
relate to the purchase of products or services (letter c under Section 1.1.3.2 of the Delegated Act on Article 8 
of the EU Taxonomy Regulation) from the following taxonomy-eligible economic activities: 
Activity 6.5: Transport by motorbikes, passenger cars and light commercial vehicles 
Activity 7.7: Acquisition and ownership of buildings
The associated operating expenditures were allocated based on the capital expenditures determined to be 
taxonomy-aligned. At Sartorius, this only includes the costs associated with renovating and maintaining 
buildings. 
As such, taxonomy-aligned operating expenditures accounted for 1% of all operating expenditures in fiscal 
2022 (previous year: n.a.).

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SC1 
DNSH2 
Taxonomy-
aligned 
proportion of 
operating 
expenditures
Economic activities 
NACE code 
Operational 
expenditures 
Proportion of 
operating 
expenditures 
Climate 
protection 
Climate 
protection 
Climate 
adaptation  
Water 
protection  
Pollution 
Circularity  
Biodiversity 
Minimum 
safeguards 
FY 2022 
FY 2021 
Category  
€ in 
million
in %
in %
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
Yes / 
no
in %
in %
E/T3
A. Taxonomy-eligible economic activities 
A.1. Environmentally sustainable activities (taxonomy-aligned) 
7.7. Acquisition and ownership 
of buildings 
n.a.
2.1
1
100
Ja
Ja
Ja
Ja
Ja
Ja
Ja
1
n.a.
E
Operating expenditures of 
environmentally sustainable 
activities (taxonomy-aligned) 
(A.1.) 
n.a.
2.1
1
100
1
n.a.
A.2. Taxonomy-eligible, but not environmentally sustainable activities (not taxonomy-aligned activities) 
6.5. Transport by motorbikes, 
passenger cars and light 
commercial vehicles 
n.a.
3.4
2
7.7. Acquisition and ownership 
of buildings 
n.a.
27.5
16
Operating expenditures for 
taxonomy-eligible, but not 
environmentally sustainable 
activities (not taxonomy-
aligned activities) (A.2) 
n.a.
30.9
18
Total (A.1. + A.2.) 
n.a.
33.0
19
B. Taxonomy-non-eligible economic activities 
Operating expenditures for 
taxonomy-non-eligible 
activities (B) 
141.3
81
Total (A + B) 
174.3
100
1 SC stands for “substantial contribution” 
2 DNSH stands for “do no significant harm” 
3 E stands for “enabling”; T stands for “transitional”

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Notes on the Calculation of GHG Emissions 
Applied Standards 
GHG emissions are accounted for and reported based on the mandatory disclosures set out in the GHG 
Protocol’s 2004 Corporate Accounting and Reporting Standard and 2011 Corporate Value Chain (Scope 3) 
Accounting and Reporting Standard. Operational control was selected as the consolidation approach.  
Data Concepts 
Accounting of Scope 1 and 2 GHG emissions and Scope 3 categories in the upstream value chain is carried out 
on the basis of calculations. Accounting of Scope 3 categories in the downstream value chain is carried out on 
the basis of models that include a number of assumptions and estimates. The company’s own data was used 
for most of these calculations and models. Accounting for the GHG categories “Upstream transportation and 
distribution” and “Downstream transportation and distribution” was based on data reported by carriers. The 
data concepts used for fiscal 2022 accounting are described in more detail below for each GHG category.  
Scope 1  
Fuel consumption and fugitive emissions for solvents and refrigerants were multiplied by a specific emission 
factor. 
Scope 2 
The consumption of electricity, heating, and cooling was multiplied by a specific emission factor. 
Scope 3 
Category 1: “Purchased goods and services”
The weight or grouped operating expenditures for purchased goods and services was 
multiplied by a specific emission factor. 
The “Adjusted gross GHG intensity per euro of net turnover – market-based calculation” (also 
referred to as “CO2 emission intensity,” see “Climate” section), accounts for instead of the 
purchased goods and services in the GHG category “Purchased goods and services”, only for 
the goods and services actually consumed for the manufacture of Sartorius’ products and 
services sold during the fiscal year This means that the data has been adjusted for warehouse 
inventories.  
Category 2: “Capital goods”
The grouped capital expenditures for goods and services were multiplied by a specific 
emission factor.

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Category 3: “Fuel- and energy-related activities (not included in Scope 1 and 2)”
The fuel and energy consumption used to calculate Scope 1 and 2 GHG emissions was each 
multiplied by specific emission factors. 
Category 4: “Upstream transportation and distribution”
GHG emissions reported by the largest carriers were accounted for and logistics expenditures
not covered by this method were multiplied by an average spend-based emission factor. 
Category 5: “Waste generated in operations”
The amount of waste generated was multiplied by emission factors specific to each material
and method of disposal. 
Category 6: “Business travel”
The recorded train, airplane, and rental car routes as well as the number of nights spent in 
hotels were each multiplied by specific emission factors. Routes and nights spent in hotels that 
were not recorded were estimated in each case and also multiplied by a specific emission 
factor.  
Category 7: “Employee commuting”
The average distance employees commuted per day was extrapolated based on the number of 
employees and scaled using on-site attendance days and estimated work weeks, and the 
result was multiplied by emission factors specific to each method of transportation.  
Category 8: “Upstream leased assets”
No GHG emissions were accounted for in the category “Upstream leased assets” because
energy consumption is fully controlled by Sartorius and the corresponding emissions are 
therefore already presented in Scope 1 and 2.  
Category 9: “Downstream transportation and distribution”
GHG emissions accounted for in the “Upstream transportation and distribution” category were 
multiplied by an estimated factor for the ratio of paid to unpaid transportation activities to 
customers in a warehouse selected based on data availability.  
Category 10: “Processing of sold products”
In accordance with the GHG Protocol, this category is reported with zero GHG emissions 
because Sartorius cannot currently account for it appropriately due to the wide range of 
options available for further processing the Group’s products, each of which has its own 
specific GHG profile, and because, according to one estimate, it is also not material to the 
Group’s overall GHG accounting.

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Category 11: “Use of sold products”
Turnover generated with energy-consuming product groups was multiplied by specific energy 
factors determined on the basis of representative products. The resulting total energy 
consumption of the products sold was multiplied by a global emission factor for electricity.  
Category 12: “End-of-life treatment of sold products”
Sartorius applied the global disposal method mix to the estimated weight of products sold (see 
the “What a waste 2.0” study, 2018 World Bank Report) and multiplied each by emission 
factors specific to the material and the disposal method.  
Category 13: “Downstream leased assets”
No GHG emissions were accounted for in the category “Downstream leased assets” because
energy consumption is fully controlled by Sartorius and the corresponding emissions are 
therefore already presented in Scope 1 and 2.  
Category 14: “Franchises”
No GHG emissions were accounted for in the “Franchises” category because Sartorius does 
not currently distribute its products through franchises. 
Category 15: “Investments”
This category is reported with zero GHG emissions, as the most relevant shareholding from a 
GHG perspective has been classified as not material in the financial reporting for fiscal 2022, 
and the GHG emissions related to this shareholding have also been assessed as not material to 
the Group’s overall GHG accounting, according to an estimate. 
Emission Factors 
For GHG accounting, emission factors from Defra (version 10.0, 09/2021), Gabi (version 13.0, 12/2020), 
Ecometrica (version 2022), Ecoinvent (version 3.9, 2022), the EPA (US Environmental Protection Agency, 
version 3.0, 12/2021), VfU (Verein für Umweltmanagement und Nachhaltigkeit in Finanzinstituten e. V., Version 
04/2016), the GHG Protocol/IEA (Version 15.0, 05/2021), and other factors such as self-calculated average 
factors were applied.  
Outlook 
Sartorius has set itself the goal of strategically managing GHG emissions. To this end, the company plans to 
further improve and refine its GHG accounting in the coming years. The factors for internal steering shall be 
better reflected in the current calculation approaches. For this purpose, Sartorius particularly intends to 
change the data collection concepts in the largest GHG categories for the upstream value chain, in particular 
the categories “Purchased goods and services” and “Upstream transportation and distribution,” from the 
spend-based calculation method to a impact-based calculation method. It is likely that GHG emissions are 
currently being overestimated using the spend-based method. This switch will therefore increasingly 
eliminate the current uncertainties in the data.

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Independent Assurance Practitioner´s Report1 
To Sartorius AG, Göttingen 
We have performed an independent limited assurance engagement on the Non-financial Group Statement 
of Sartorius AG, Göttingen (further „Sartorius“ or the “Group”) as well as the by reference qualified parts 
“Business Model, Strategy and Targets” and “Opportunities and Risks” of the group management report 
(further: „Non-Financial Statement“) for the business year from January 1, 2022 to December 31, 2022. 
In the Non-Financial Statement Sartorius refers to the corporate governance statement and the declaration 
of compliance. The adequacy of these declarations and the accuracy of the conclusions drawn therefrom were 
not part of our limited assurance engagement. 
Responsibility of the Legal Representatives 
The legal representatives of Sartorius AG are responsible for the preparation of the Non-Financial Statement 
for the business year from January 1, 2022 to December 31, 2022 in accordance with Sections 315c in 
conjunction with 289c to 289e HGB [Handelsgesetzbuch: German Commercial Code] and with Article 8 of 
REGULATION (EU) 2020/852 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of June 18, 2020 
on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 
2019/2088 (further „EU Taxonomy Regulation “) and the supplementing Delegated Acts as well as the 
interpretation of the wording and terms contained in the EU Taxonomy Regulation and in the supplementing 
Delegated Acts by the Company as disclosed in Section “Disclosures Pursuant to the EU Taxonomy 
Regulation” of the Non-Financial Statement.  
This responsibility of the legal representatives includes the selection and application of appropriate methods 
to prepare the Non-Financial Statement and the use of assumptions and estimates for individual disclosures 
which are reasonable under the given circumstances. Furthermore, the legal representatives are responsible 
for such internal control as they consider necessary to enable the preparation of the Non-Financial Statement 
in a way that is free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and 
misappropriation of assets) or error.  
The EU Taxonomy Regulation and the supplementing Delegated Acts contain wording and terms that are still 
subject to substantial uncertainties regarding their interpretation and for which not all clarifications have been 
published yet. Therefore, the legal representatives have included a description of their interpretation in 
Section “Disclosures Pursuant to the EU Taxonomy Regulation” of the Non-Financial Statement. They are 
responsible for its tenability. Due to the immanent risk that indeterminate legal terms may be interpreted 
differently, the legal conformity of the interpretation is subject to uncertainties. 
 
 
1  Our engagement applied to the German version of the Report. This text is a translation of the Independent Assurance Report  
    issued in German language, whereas the German text is authoritative.

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Independence and Quality Assurance  
of the Assurance Practitioner’s firm 
We have complied with the independence and quality assurance requirements set out in the national legal 
provisions and professional pronouncements, in particular the Professional Code for German Public Auditors 
and Chartered Accountants (in Germany) and the quality assurance standard of the German Institute of Public 
Auditors (Institut der Wirtschaftsprüfer, IDW) regarding quality assurance requirements in audit practice 
(IDW QS 1). 
Responsibility of the Assurance Practitioner 
Our responsibility is to express a conclusion with limited assurance on the non-financial statement based on 
our assurance engagement. 
We conducted our assurance engagement in accordance with the International Standard on Assurance 
Engagements (ISAE) 3000 (Revised): “Assurance Engagements other than Audits or Reviews of Historical 
Financial Information” issued by the IAASB. This standard requires that we plan and perform the assurance 
engagement to obtain limited assurance about whether any matters have come to our attention that cause us 
to believe that the Non-Financial Statement of the Group for the business year from January 1, 2022 to 
December 31, 2022 has not been prepared, in all material respects, in accordance with Sections 315c in 
conjunction with 289c to 289e HGB and with the EU Taxonomy Regulation and the supplementing Delegated 
Acts as well as the interpretation of the wording and terms contained in the EU Taxonomy Regulation and in 
the supplementing Delegated Acts by the legal representatives as disclosed in Section “Disclosures Pursuant 
to the EU Taxonomy Regulation” of the Non-Financial Statement. 
In a limited assurance engagement the procedures performed are less extensive than in a reasonable 
assurance engagement and accordingly, a substantially lower level of assurance is obtained. The selection of 
the assurance procedures is subject to the professional judgment of the assurance practitioner. 
In the course of our assurance engagement we have, among other things, performed the following assurance 
procedures and other activities: 
 
Obtaining an understanding of the structure of the Group's sustainability organization and 
stakeholder engagement. 
 
A risk assessment, including a media analysis, of relevant information about the Group's 
sustainability performance during the reporting period. 
 
Inquiries of the legal representatives and relevant employees involved in the preparation  
of the Non-Financial Statement about the preparation process, about the internal control 
system related to this process, and about disclosures in the Non-Financial Statement. 
 
Identification of probable risks of material misstatement in the Non-Financial Statement. 
 
Reconciliation of selected disclosures with the corresponding data in the consolidated 
financial statements and the group management report. 
 
Analytical assessment of the data and trends of the quantitative disclosures reported for 
consolidation at Group level by all entities included in the scope of the Non-Financial 
Statement. 
 
Evaluation of local data collection, validation and reporting processes as well as the reliability of 
reported data based on a sample of the sites at The Automation Partnership (Cambridge) Ltd.,

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Royston (UK), Sartorius Stedim Biotech GmbH, Sartorius Lab Instruments GmbH & Co. KG and 
Sartorius Corporate Administration GmbH, Göttingen (GER). 
 
Assessment of the overall presentation of the disclosures in the Non-Financial Statement. 
With regard to the audit of the non-financial information on the EU Taxonomy, the following audit procedures 
and other activities were performed, among others: 
 
Interviewing responsible employees at the Group level to obtain an understanding of the 
procedures for identifying taxonomy-eligible and -compliant economic activities in 
accordance with the EU Taxonomy. 
 
Assessment of the design and implementation of systems, processes and measures for  
the identification, processing and monitoring of data on sales, capital expenditures and 
operating expenses for the taxonomy-eligible and -compliant economic activities. 
 
Interviewing staff at the corporate level responsible for identifying disclosures of concepts, due 
diligence processes, results, and risks, performing internal control actions, and consolidating 
the disclosures. 
 
Assessing the process for identifying taxonomy-eligible and -compliant business activities and 
the corresponding disclosures in the Non-Financial Statement. 
 
Assessing the overall presentation of the EU Taxonomy disclosures. 
In determining the disclosures in accordance with Article 8 of the EU Taxonomy Regulation, the legal 
representatives are required to interpret undefined legal terms. Due to the immanent risk that undefined legal 
terms may be interpreted differently, the legal conformity of their interpretation and, accordingly, our 
assurance engagement thereon are subject to uncertainties. 
Assurance Opinion 
Based on the assurance procedures performed and the evidence obtained, nothing has come to our attention 
that causes us to believe that the Non-Financial Statement of Sartorius AG for the business year from 
January 1, 2022 to December 31, 2022 has not been prepared, in all material respects, in accordance with 
Sections 315c in conjunction with 289c to 289e HGB and with the EU Taxonomy Regulation and the 
supplementing Delegated Acts as well as the interpretation disclosed in Section “Disclosures Pursuant to the 
EU Taxonomy Regulation” of the Non-Financial Statement. 
We do not express an opinion on the corporate governance statement referred to in the Non-Financial 
Statement or on the declaration of compliance, which were not part of our assurance engagement.

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Restriction of Use/Clause on General Engagement Terms 
This assurance report is solely addressed to Sartorius AG, Göttingen. 
Our assignment for the Supervisory Board of Sartorius AG, Göttingen and professional liability is governed by 
the General Engagement Terms for Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften (Allgemeine 
Auftragsbedingungen für Wirtschaftsprüfer  und Wirtschaftsprüfungsgesellschaften) in the version dated 
January 1, 2017 (https://www.kpmg.de/bescheinigungen/lib/aab_english.pdf). By reading and using the 
information contained in this report, each recipient confirms notice of provisions of the General Engagement 
Terms (including the limitation of our liability for negligence to EUR 4 Mio as stipulated in No. 9) and accepts 
the validity of the General Engagement Terms with respect to us. 
 
Hanover, February 8, 2023 
KPMG AG 
Wirtschaftsprüfungsgesellschaft  
 
Krause  
 
 
 
ppa. Matthias

Remuneration Report

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Remuneration Report 
1. Main Features of the Remuneration Policy for the 
Executive Board 
A. Main Features of the Remuneration Policy and Contribution Toward 
Promoting the Corporate Strategy and Long-Term Development of the 
Company 
The remuneration policy for the Executive Board was revised by the Supervisory Board and approved by the 
Annual General Meeting on March 25, 2022. It aims to remunerate the members of the Executive Board 
appropriately in line with their tasks and responsibilities and to directly consider the performance of each 
member of the Executive Board and the success of the company. For this reason, the remuneration policy 
includes both short-term and long-term variable remuneration components in addition to fixed remuneration 
components.  
The company strategy seeks to achieve profitable growth and a sustained, long-term increase in the value of 
the company. This strategy is the basis from which the structure of the remuneration policy is derived for the 
Executive Board of Sartorius AG: The short-term variable remuneration depends on annual corporate targets 
that are aligned with key performance indicators for profitable growth of the company. Long-term 
remuneration is based on corporate objectives that reflect the sustainable long-term growth of the Group and 
the long-term performance of the share price, which directly mirrors the development of the company’s value. 
As a result, the company’s remuneration policy creates incentives to promote the long-term and positive 
sustainable development of the company. 
The policy for remuneration of the Executive Board members is designed to be simple, clear and 
understandable. It meets the requirements of the German Stock Corporation Law (“Aktiengesetz” 
abbreviated as “AktG”) as well as the recommendations of the German Corporate Governance Code 
(“GCGC”) with the exception of any divergences explained in the Declaration of Compliance with the 
Recommendations of the GCGC as amended from time to time. The existing divergences in the reporting year 
from the recommendations of the applicable GCGC in the area of remuneration are given below.

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B. Details of the Remuneration Policy 
 
 
 
 
 
 
 
 
 
 
 
I. Remuneration Components 
1. Overview of the Individual Remuneration Components 
Remuneration consists of fixed and variable components. The fixed components are the fixed annual salary 
and fringe benefits. The variable performance-based components are comprised of short-term components 
with a one-year assessment basis and of long-term components with a multi-year assessment basis. In 
addition, there are pension commitments, which depend, among other things, on the amount of the own 
contribution made by the respective Executive Board member in the form of deferred compensation for 
variable remuneration components, and which are therefore also variable. 
2. Fixed Remuneration Components 
a) Fixed Annual Remuneration 
Fixed annual remuneration is cash compensation related to a specific fiscal year, and is based in particular on 
the area of duties and responsibilities of the respective Executive Board member. This fixed annual 
remuneration is paid in twelve monthly installments. 
b) Fringe Benefits 
Beyond the remuneration components stated above, the members of the Executive Board receive the 
following fringe benefits: each member is entitled to use a company car that can also be utilized for private 
purposes and to be covered by accident insurance taken out in the respective Executive Board member’s 
name as a beneficiary. Moreover, for Executive Board members residing outside Germany – namely Rainer 
Lehmann and John Gerard Mackay in the 2022 reporting year – the costs for taking flights home and running 
two households as well as the costs associated with said activities are also paid by the company as fringe 
benefits.  
In addition, the company maintains a D&O insurance policy concluded for Executive Board members as 
beneficiaries. The respective insurance premiums are not of a remunerative nature and are therefore not 
recognized as salary expenses.

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3. Variable Performance-Based Remuneration Components 
a) Short-Term Variable Remuneration with a One-Year Assessment Basis 
In addition to the fixed remuneration components, all Executive Board members are entitled to receive short-
term variable remuneration with a one-year assessment basis. 
Target Parameters 
The short-term variable remuneration with a one-year assessment basis consists of four individual 
components that relate to the subordinate financial targets of average sales revenue and order intake, 
underlying EBITDA, ratio of net debt to underlying EBITDA, and the employee net promoter score (ENPS), a 
measure of how likely employees would recommend Sartorius to others as an employer.  
These subordinate targets are key control elements for profitable growth as well as for a sustainable and long-
term increase in the value of the company and serve to implement the overarching strategic goals of the 
Group. 
Measurement of Target Achievement and Payment 
For each target parameter, the Supervisory Board has defined a formula that is used to calculate the amount 
to be paid out according to the degree of target achievement for the associated individual component. For 
each of these components, the Supervisory Board also sets (i) a minimum target to be achieved below which 
the amount that will be paid out is zero, and (ii) a maximum target to be achieved above which the amount that 
will be paid out will no longer increase. Therefore, the amount paid out for each subordinate target is capped 
at the maximum percentage of the individual target amount. This cap is currently 120% for all subordinate 
targets. 
For each of the individual components of short term variable remuneration with a one year assessment basis, 
the Supervisory Board sets a separate individual target amount for every Executive Board member before the 
beginning of a fiscal year. This target amount is used as the basis to determine the specific amount to be paid 
out according to the particular target achievement of the relevant subordinate target for the fiscal year in 
question. The targets are weighted for the individual Executive Board members according to their area of 
responsibility and relate to the divisions and/or to the Group, respectively.  
The Supervisory Board derives each target value of the subordinate financial targets from the approved annual 
budget for a respective fiscal year and determines the degree of target achievement by comparing it with the 
actual result reported in the company’s consolidated financial statements audited and approved for the 
respective fiscal year. When it comes to the non-financial target parameters, the degree of target achievement 
is determined by comparing the target values set by the Supervisory Board with the respective actual results. 
The Supervisory Board may make adjustments to the actual figures to take account of non-recurring, 
exceptional circumstances or non-operating effects resulting, for example, from acquisitions or divestments 
during the year. 
Annual short-term variable remuneration is calculated for a fiscal year ended and paid in the following fiscal 
year.

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The subordinate targets within the short-term variable remuneration are weighted for the Executive Board 
members as follows: 
Subordinate Target 
Executive Board Chairman |  
Chief Financial Officer
Executive Board Members with 
Division Responsibility
Related to the Sartorius Group 
 
 
Average calculated from sales revenue | order intake 
40%
10%
Underlying EBITDA 
40%
10%
Ratio of net debt to underlying EBITDA 
10%
10%
Employee Net Promoter Score (ENPS) 
10%
3%
Related to the particular division 
 
Average calculated from sales revenue | order intake 
--
30%
Underlying EBITDA 
--
30%
Employee Net Promoter Score (ENPS) 
--
7%
 
Subordinate Target “Average of Sales Revenue | Order Intake” 
The subordinate target “Average of Sales Revenue | Order Intake” is a key performance indicator of growth and 
is derived from the budget for the Group or division, respectively. The minimum target achievement is 90% of 
the target amount, and this amount is capped at 104%. If 90% of the target amount is achieved, 50% of the 
associated individual target sum will be paid out; if the target is achieved at less than 90%, no payment is 
rendered for this sub-target. If 104% of the target amount is achieved, an amount equal to 120% of the 
corresponding individual target amount will be paid out; if the target is achieved in excess of this percentage, 
this will not further increase the amount to be paid out. Intermediate values are interpolated linearly. Target 
achievement is measured on the basis of actual sales and order intake in constant currencies, as reported in 
the company’s consolidated financial statements audited according to the defined audit focal points and 
approved, as well as adjusted for the amounts contributed by businesses acquired or divested during the 
respective reporting year to the extent that such businesses are not part of the target amount. 
Sales revenue | Order intake 
 
 
 
 
 
 
 
Due to the company’s performance in 2022, achievement of the subordinate target “Average of Sales 
Revenue | Order Intake” differed between the Group and division level. At the Group level, target achievement 
stood at 90.18% of the target value, resulting in a payout rate of 50.9% for the Chairman of the Executive Board 
and the Chief Financial Officer. In the Bioprocess Solutions Division, target achievement stood at 87.49% of 
the target value, corresponding to a payout rate of 0%, and in the Lab Products & Services Division at 101.67%,

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corresponding to a payout rate of 108.4%, resulting in the corresponding payout to the respective board 
member responsible for the division. 
Subordinate Target “Underlying EBITDA” 
The subordinate target “Underlying EBITDA” is a key indicator of the Group’s profitability, which can also be 
used to present the Group’s operating performance in a more comparable way internationally. Underlying 
EBITDA represents earnings before interest, taxes, depreciation, and amortization adjusted for extraordinary 
effects. The target is derived from the budget and is defined by the Supervisory Board for the Group or division, 
respectively. The minimum target achievement is 70% of the target amount, and this amount is capped at 
120%. The level of the bonus payment is linear to the level of target achievement; i.e., if 70% of the subordinate 
target is achieved, 70% of the related individual target amount will be paid out, or if 120% of the target is 
achieved, 120% of the related individual target amount will be paid out. If the target is achieved at less than 
70%, no payment will be made for this subordinate target. By contrast, if the target is achieved by 120% or 
more, this will not further increase the amount to be paid out. Target achievement is measured on the basis of 
the actual underlying EBITDA figure, as reported in the company’s consolidated financial statements audited 
according to the defined audit focal points and approved, as well as by taking into account current exchange 
rates. 
Underlying EBITDA 
 
 
 
 
 
 
 
In fiscal 2022, target achievement for the subordinate target "Underlying EBITDA" stood at 95.59% of the 
respective target value for the Group as a whole, 94.14% for the Bioprocess Solutions Division and 104.12% for 
the Lab Products & Services Division, which translate into payout rates of 95.6% for the Group, 94.1% for the 
Bioprocess Solutions Division and 104.1% for the Lab Products & Services Division and are paid out to the 
members of the Executive Board in accordance with the respective weighting of the subordinate targets.

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Subordinate Target "Ratio of Net Debt to Underlying EBITDA" 
The subordinate target “ratio of net debt to underlying EBITDA” is a key financial ratio regarding the Group’s 
debt financing capacity. This ratio is calculated as the quotient of net debt and underlying EBITDA. It is derived 
from the budget and is defined by the Supervisory Board for the Group. The level of the bonus paid lies 
between 50% and 120% of the respective subordinate target amount. If the target ratio is reached, the bonus 
level to be paid is 100%. If net debt to underlying EBITDA is above the target ratio, the bonus level will decrease 
proportionately down to 50% if the maximum amount defined by the Supervisory Board for the ratio of net 
debt to underlying EBITDA is reached. If the ratio exceeds this maximum amount, no bonus will be paid for this 
subordinate target. By contrast, if net debt to underlying EBITDA is below the target ratio, the bonus amount 
is capped at 120%, with the associated ratio of net debt to underlying EBITDA derived mathematically on a 
linear proportional basis from the maximum and target values for this ratio as defined by the Supervisory Board. 
Target achievement is measured on the basis of the actual ratio of net debt to underlying EBITDA in constant 
currencies, as reported in the company’s consolidated financial statements audited according to the defined 
audit focal points and approved, as well as adjusted for inflows and outflows entailed by strategic (capital) 
measures, such as acquisitions, provided that such inflows and outflows are not included in the target ratio. 
Ratio of Net Debt to Underlying EBITDA 
 
 
 
 
 
 
 
 
In fiscal 2022, target achievement for the subordinate target “Ratio of Net Debt to Underlying EBITDA” stood 
at 77.0%, resulting in a corresponding payout for this subordinate target. 
Subordinate Target “Employee Net Promoter Score (ENPS)” 
The subordinate target “Employee Net Promoter Score (ENPS)” refers to the non-financial component of 
employee satisfaction. The focus is on a high or competitive recommendation rate, which is currently polled 
twice a year within the scope of global employee surveys. The target is defined by the Supervisory Board for 
the Group or division, respectively. The minimum target achievement is 70% of the target amount, and this 
amount is capped at 120%. The level of the bonus payment is linear to the level of target achievement; i.e., if 
70% of the subordinate target is achieved, 50% of the related individual target amount will be paid out, or if 
112% of the target is achieved, 120% of the related individual target amount will be paid out. If the target is 
achieved at less than 70%, no payment will be made for this subordinate target. By contrast, if the target is 
achieved by 112% or more, this will not further increase the amount to be paid out. Target achievement is 
measured on the basis of the actual value achieved.

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Employee Net Promoter Score (ENPS) 
 
 
 
 
 
 
 
 
In fiscal 2022, target achievement for the subordinate target "Employee Net Promoter Score (ENPS)" stood 
at 83.50% of the target value for the Group, as a whole, 71.43% for the Bioprocess Solutions Division, and 
105.26% for the Lab Products & Services Division. This target achievement results in payout amounts of 72.5% 
for the Group, 52.4% for the Bioprocess Solutions Division, and 108.8% for the Lab Products & Services Division, 
so that each member of the Executive Board is paid an amount corresponding to the respective weighting of 
the individual target amount for this subordinate target. 
b) Long-Term Variable Remuneration Components 
In the reporting year, the long-term variable remuneration components for all members of the Executive 
Board consisted of the following three individual components: Each individual component is based on the 
development of consolidated net profit, the reduction in CO2 emissions intensity and the development of the 
Sartorius AG preference share price over a four-year assessment period. As a result, the long-term variable 
remuneration components are also aligned with target parameters that measure profitable growth and a 
sustainable and long-term increase in the value of the company and the achievement of the climate targets 
derived from the company’s sustainability strategy, and thus serve to implement the company’s overarching 
strategic objectives. 
The aforementioned long-term variable remuneration components are weighted as follows: 25% each for 
consolidated net profit and reduction in CO2-equivalent emission intensity and 50% for the phantom stock 
plan. For each of the individual components, a separate individual target amount is set for each Executive 
Board member, on the basis of which the specific payment amount is determined in each case based on the 
level at which the associated targets were achieved for the relevant fiscal years. 
The Executive Board Chairman Dr. Joachim Kreuzburg was additionally granted share-based compensation 
as a further long-term variable remuneration component. The long-term increase in the value of the company 
as an overriding strategic objective of the company is also promoted by this share-based compensation and 
participation provided by this in the development of the price of the company’s shares. The respective long-
term variable remuneration components together generally represent the majority of the variable 
compensation components for each Executive Board member. 
The “consolidated net profit” and “reduction in CO2-equivalent emissions intensity” components of long-term 
variable remuneration are each weighted at 25%. In contrast, the “development of preference share price” 
component of long-term variable remuneration is weighted at 50%. As a result, the share-based portion of 
variable remuneration, in deviation from Recommendation G.10, sentence 1 of the GCGC, does not, in

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principle, constitute the predominant portion of Executive Board members’ variable remuneration. The 
Supervisory Board believes that even with the current weighting, an incentive structure is achieved which is 
geared to the sustainable and long-term development of the company. In the case of the Chairman of the 
Executive Board, however, his variable remuneration is predominantly share-based in view of the additional 
share bonus granted, in line with this Recommendation. 
Consolidated Net Profit 
The individual component based on consolidated net profit has an assessment period of four consecutive 
fiscal years (until 2021: three consecutive fiscal years) and begins with the fiscal year in which the tranche in 
question is granted. A new tranche is granted on a rolling basis for each fiscal year. The payout amount for the 
respective tranche is based on the total target achievement for the respective measurement period, which 
corresponds to the average target achievement for each of the four fiscal years of the relevant measurement 
period. For each fiscal year, the Supervisory Board annually defines a target for consolidated net profit in euros. 
To determine the level of target achievement for a fiscal year, the consolidated net profit (up to and including 
the 2020 amount granted, after deduction of non-controlling interest) that is reported in the company’s 
consolidated financial statements audited according to the defined audit focal points and approved and 
excludes amortization (impairment of the value of intangible assets due to business combinations pursuant to 
IFRS 3) is compared with the respective target set by the Supervisory Board. In individual cases, the 
Supervisory Board may make adjustments to the actual value to account for non-recurring extraordinary or 
non-operating items (such as acquisitions). 
The amount paid out is determined on the basis of the individual target amount and the formula defined by 
the Supervisory Board. It establishes (i) a minimum target achievement level of 50%, below which the payout 
is zero, and (ii) a maximum target achievement level, above which the payout amount no longer increases. 
Therefore, the amount paid out for this remuneration target is capped at the maximum percentage of the 
individual target amount. This cap currently stands at 120% for all individual target amounts and is reached at 
a target achievement level of 120%. This remuneration component is generally paid after the end of the last 
fiscal year of the assessment period for the tranche in question, which was four years for tranches granted in 
the reporting year and three years for tranches granted in previous years. 
Average net profit 
 
 
 
 
 
 
 
 
In order to balance out the payout amounts over time, in the past a partial payment was paid out in the amount 
of 50% of the payout amount, determined on the basis of the level of target achievement for the first fiscal year 
of the assessment period of a tranche in each case, based on the individual subordinate target amount. This 
partial payment only applies to Rainer Lehmann, whose contract predates the new remuneration policy 
coming into effect as it pertains to this component. Such a partial amount is calculated and paid out at the end 
of the first fiscal year of a respective assessment period based on the company’s consolidated financial

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statements audited according to the defined audit focal points and approved. Any overpayment as a result of 
these partial payments will be offset against other remuneration components once the total target 
achievement level has been determined after the third or fourth fiscal year of the relevant assessment period.  
The target for the “consolidated net profit” component for fiscal 2022 was achieved at 96.8% of the target 
value. For the 2020 to 2022 multi-year assessment period, the target achievement level stands at 118%, 
meaning that a payout of 118% less the partial payment granted in 2020 will apply for this three-year period. 
The complete target achievement for the multi-year assessment period beginning in 2022 cannot be 
determined until the consolidated financial statements audited and approved for 2025 are available. 
Reduction in CO2 emission intensity 
The individual component related to the reduction in CO2 emission intensity has an assessment period of four 
fiscal years and begins with the fiscal year in which the tranche in question is granted. A new tranche is granted 
on a rolling basis for each fiscal year. The amount paid out for a particular tranche depends on the individual 
target amount and target achievement for the respective assessment period. Each year, the Supervisory Board 
sets a target value for each tranche for the average annual reduction in CO2 emission intensity during the 
assessment period, which corresponds to the current target value of the company’s sustainability strategy for 
this period (currently 10% reduction per fiscal year measured against the baseline value for 2019) and whose 
starting value is derived from the audited Non-financial Group Statement for the previous year. To determine 
the target achievement of this parameter, the final value used is based on the actual value of the CO2 emission 
intensity reached in the last fiscal year of the respective four-year assessment period for the corresponding 
tranche, as reported in the respective audited Group Non-financial Statement. If specific reasons exist, the 
Supervisory Board will make appropriate corrections to base effects and recording inaccuracies.  
The amount paid out is determined on the basis of the individual target amount and the formula defined by 
the Supervisory Board. It establishes (i) a minimum target achievement level of 50%, below which the payout 
is zero, and (ii) a maximum target achievement level, above which the payout amount no longer increases. 
Therefore, the amount paid out for this remuneration target is capped at the maximum percentage of the 
individual target amount. This cap stands at 120% and is reached at a target achievement level of 120%.  
This remuneration component is paid out after the end of the fourth fiscal year of the assessment period for 
the tranche in question. 
CO2 emission intensity 
 
 
 
 
 
 
 
Target achievement for the multi-year assessment period beginning in 2022 cannot be determined until the 
audited and approved consolidated financial statements for 2025 are available.

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Development of the Preference Share Price (Phantom Stock Plan) 
As the third individual component of long-term variable compensation, Executive Board members receive 
virtual shares, known as phantom stock units. Through the issue of such phantom shares, Executive Board 
members are treated as if they were owners of a certain number of preference shares in Sartorius AG, without, 
however, being entitled to receive dividends. The development of the value of these phantom stocks is linked 
with the development of the Sartorius preference share; both increases and decreases in the share price are 
taken into account. Later, the value of these phantom stocks are assessed based on the share price at the time, 
and its equivalent is paid out in cash, provided that the associated conditions are met. Phantom stocks cannot 
be traded and do not confer any rights to purchase shares.  
According to the Sartorius phantom stock plan, each Executive Board member is credited at the beginning of 
every year with phantom stock units valued at an agreed monetary value. The value of these phantom stocks 
can be paid out only as an entire annual tranche. Payment can be requested at the earliest after a period of 
four years and no later than after eight years. If a member is appointed to the Executive Board during a year, 
this member will be assigned phantom stock units retroactively as of the beginning of this fiscal year (pro rata 
temporis, if applicable). 
An Executive Board member is entitled to receive payment for phantom stock units only if the share price at 
the time of such payment request has appreciated at least 7.5% per year relative to the time the phantom stock 
units were assigned or if the share price outperformed the TecDAX as a comparative index. In addition, the 
value of the phantom stock units must be at least 50% of the grant value. The phantom stock plan rules out 
subsequent changes to the parameters used for comparative stock valuation. 
Assignment of these phantom stock units and later payment of their monetary equivalent depend on the 
mean value calculated from the average prices of the Sartorius AG preference share, with said prices quoted 
in the closing auction of Xetra trading on the Frankfurt Stock Exchange (or a corresponding successor trading 
system) over the last 20 days of trading of the previous year (in the case of granting) or over the last 20 days of 
trading prior to submission of a payment request (in the case of payment). This serves to compensate for any 
short-term fluctuations in the share prices.  
The payout amount is capped at a maximum of 2.5 times the share price at the time the phantom stock units 
were granted, based in each case on the individual annual tranche. 
Under the current terms of the phantom stock plan, payment for phantom stock is blocked for the four weeks 
preceding the scheduled publication date of quarterly results and for the 30 calendar days before the 
scheduled publication of the half-year results and preliminary year-end results, as well as for 20 days of trading 
on the stock exchange following the actual publication of quarterly and preliminary year-end results. These 
black-out periods are intended to ensure that payments are only made during periods in which the most 
recent business results have already been processed in the capital market and the regular publication of 
further business results is still sufficiently far in the future. 
The fair value grant price for this remuneration component is €574.61 for 2022. Target achievement for this 
subordinate target is reported in the remuneration report after vesting or exercise by the Executive Board 
members; i.e., between 2026 and 2030. 
Share-Based Payment 
In December 2019, Executive Board Chairman Dr. Kreuzburg was additionally granted share-based payment 
in connection with the fourth extension of his appointment as a member and Chairman of the Executive Board 
as well as CEO. This was in the form of company shares with a grant date fair value totaling €5.0 million (based 
on the share price as of December 5, 2019, as the grant date); this corresponds to a proportional grant date fair 
value of €1.0 million for each year of his new five-year term of appointment. For this purpose, a corresponding 
number of treasury shares (27,570 treasury shares in total), consisting of equal proportions of the company’s

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own preference shares and own ordinary shares, were transferred to Dr. Kreuzburg at the beginning of his new 
term in November 2020. The shares granted are subject to a holding period that will end on November 10, 
2024. Should Dr. Kreuzburg leave the company prior to November 11, 2022, at his own request, his 
entitlements to be granted said shares by transfer shall lapse in their entirety. If Dr. Kreuzburg leaves the 
company after November 10, 2022, and before November 11, 2024, at his own request, half of his entitlements 
to be granted said shares shall lapse. For the purpose of the target total remuneration, the shares granted for 
Dr. Kreuzburg’s current five-year term of appointment are recognized at their pro-rated grant date fair value 
for each year of his term of appointment. Dr. Kreuzburg sold a total of 20,000 preference shares on November 
14, 2022. This reported transaction was published on the Sartorius AG website. 
4. Pension Commitments 
The members of the Executive Board generally receive pension commitments as defined-benefit plans for 
their first reappointment. At the request of the Executive Board member concerned, the company will take 
out an insurance policy for the term of their employment contract and pay the particular benefit contributions 
into this insurance policy. The pension contribution consists of a base amount of 14% of the respective 
member’s annual fixed remuneration. If desired, the Executive Board member in question can pay in an 
additional 7% of the gross amount paid to the Executive Board member in the fiscal year in question as short-
term variable compensation and as long-term variable compensation attributable to net profit as a personal 
contribution by way of deferred compensation. If a member of the Executive Board exercises this right, the 
company will in turn make an additional contribution in the same amount (known as a matching contribution 
benefit). For the purpose of determining the target total compensation and the relative share of the pension 
commitments in a member’s target total remuneration, only the basic amount to be paid by the company and 
the matching benefit contribution were taken into account (based on 100% target achievement of the 
relevant variable remuneration components). 
Pursuant to the insurance terms and conditions, the pension benefit can be granted in the form of a retirement 
pension or a lump-sum payment for reaching the regular retirement age or needing to retire due to disability, 
as well as in the form of surviving dependents’ benefits for widows and orphans, according to which particular 
option an Executive Board member elects. The company does not guarantee the paid-in capital or an annual 
interest rate. 
Furthermore, an earlier pension agreement granted to Dr. Kreuzburg provides that he will receive a monthly 
pension dependent on the basic salary of a German federal civil servant classified as grade 10 of salary class B 
for ministry officials according to the Federal Civil Service Remuneration Act (“Bundesbesoldungsgesetz”) in 
the respective version applicable. With each full year of service on the Executive Board, 5% of his full pension 
will be vested until his fully vested pension will have been reached after 20 years. In this case, these retirement 
benefits will have been fully vested, taking his years of service on the Executive Board into account, at the end 
of December 31, 2021. His retirement benefits will be granted in the form of a pension in the cases where he 
reaches the regular retirement age or needs to retire due to disability, as well as in the form of a pension for 
widows and orphans and shall correspond to 70% of the monthly pension benefits of a German federal civil 
servant classified as grade 10 of salary class B for ministry officials according to the Federal Civil Service 
Remuneration Act (“Bundesbesoldungsgesetz”). These additional pension commitments are considered in 
the determination of Dr. Kreuzburg’s target total remuneration and of the relative proportion of his pension 
commitments in his target total remuneration along with the respective employee benefit expense 
attributable thereto. 
The regular retirement age for all pension commitments is 65. There are no early retirement regulations, except 
in the case of disability.

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5. Other Remuneration Components 
The remuneration policy provides that the Supervisory Board may grant special compensation at its 
reasonable discretion for extraordinary performance by a member of the Executive Board. This option was not 
used in the reporting year. 
II. Target Total Remuneration; Relative Percentages of Fixed and Variable Remuneration Components 
The Supervisory Board determines a specific target total remuneration for each Executive Board member. The 
target total remuneration is the sum of all remuneration components relevant for total remuneration. For the 
variable components, the target amount is taken as a basis in each case of 100% target achievement, provided 
that a target is measured. In the case of share-based compensation, which is granted as an additional variable 
remuneration component only to the Executive Board Chairman, the prorated grant date fair value (= 
€1.0 million annually) is recognized for each year of the Chairman’s associated contract term to ensure 
transparent and traceable reporting for the purposes of target total remuneration. Regarding pension 
commitments, it is further assumed that the Executive Board members will exercise their right to receive 
deferred compensation of their variable remuneration components (based on 100% achievement of targets) 
to the maximum extent permitted and that the company will therefore also pay each member a corresponding 
additional amount as a matching contribution.  
For the Executive Board Chairman, the relative percentage of fixed remuneration components (fixed annual 
salary and fringe benefits) is roughly 29% and the percentage of the variable remuneration components on 
the whole roughly 65% of his target total remuneration. The percentage of the short-term (target) 
compensation of his target total remuneration is roughly 17%; that of the long-term compensation of his target 
total remuneration, roughly 48%. The percentage of pension commitments for the Executive Board Chairman 
is currently roughly 6% of his target total remuneration. 
For the other Executive Board members, the relative percentage of the fixed remuneration components (fixed 
annual salary and fringe benefits) is between 37% and 43% of their respective total target remuneration and 
the percentage of all variable remuneration components between roughly 50% and 55% of their 
corresponding target total remuneration. In this context, short-term (target) compensation accounts for 
between roughly 21% and 23% of total target compensation, while long-term (target) compensation accounts 
for between roughly 29% and 32% of total target compensation. Pension commitments currently account for 
between 7% and roughly 8% of total target compensation. 
The defined relative proportions of the remuneration components correspond in their respective amounts to 
the requirements of the relevant remuneration policy. 
III. Reclaiming or Reducing Variable Remuneration (Clawback) 
All Executive Board employment contracts contain provisions specifying that the company is entitled to 
reclaim from Executive Board members variable remuneration components already paid out to them in the 
following cases described: 
1. Performance Clawback 
If the entitlement to payment of annual short-term variable remuneration and of remuneration with a multi-
year assessment basis in relation to the individual component of consolidated net profit is based on audited 
and approved consolidated financial statements that were objectively incorrect and therefore had to be 
subsequently corrected in accordance with the relevant accounting standards, and if no or a lower entitlement 
to payment of variable remuneration components would have arisen based on the corrected audited 
consolidated financial statements, the company may reclaim the corresponding amount of overpayment from 
the respective Executive Board member.

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2. Compliance Clawback 
If an Executive Board member commits, either through gross negligence or willful intent, any dereliction of the 
duty to exercise the skill and care of a prudent manager faithfully complying with his duties in accordance with 
Section 93, Subsection 1, of the German Stock Corporation Law “AktG,” the company shall be entitled to 
reclaim from the respective Executive Board member the full or partial repayment of the annual short-term 
variable remuneration paid out to him for the respective assessment period in which the breach of duty 
occurred, the remuneration with a multi-year assessment basis related to the individual component of the 
consolidated net profit, and of the liquidated phantom stock units and/or to declare that member’s forfeiture 
with respect to tranches of phantom stock units yet to be granted. 
The Executive Board member shall not be obligated to reimburse the company if more than three years have 
elapsed as counted from the payment of the respective variable remuneration components up to the time a 
claim against said member for reimbursement is asserted. The objection of disenrichment in accordance with 
Section 818, Subsection 3, of the German Civil Code “BGB” is excluded under the remuneration policy. The 
right to claim damages pursuant to Section 93 of the German Stock Corporation Law “AktG” shall remain 
unaffected. 
3. Exercise 
In fiscal 2022, none of the conditions for reclaiming or reducing remuneration under these clawback 
provisions existed. Accordingly, no use was made of this right to exercise a clawback option. 
IV. Remuneration-Related Legal Transactions 
1. Terms and Prerequisites for Termination of Remuneration-Related Legal Transactions 
The employment contracts of Executive Board members are concluded for the term of their respective 
appointments. Initial appointments are each for a maximum of three years; extensions of an appointment term 
are for up to five years.  
The current terms of the employment contracts of the incumbent members of the Executive Board are as 
follows: 
 Dr. Joachim Kreuzburg: November 10, 2025 
 Dr. René Fáber: December 31, 2026 
 Rainer Lehmann: February 28, 2025 
 John Gerard Mackay: December 31, 2023 
Termination of their employment contracts by giving due and proper notice is excluded. For this reason, an 
employment contract of an Executive Board member can only be terminated by mutual agreement based on 
a termination agreement or by termination for good cause with immediate effect. The company may terminate 
an Executive Board member’s employment contract for good cause defined by the German Stock 
Corporation Law “AktG” as “grave cause,” particularly in the event that the Supervisory Board revokes this 
member’s appointment for said grave cause pursuant to Section 84, Subsection 3, of AktG. In this case, the 
statutory periods of notice pursuant to Section 622 of the German Civil Code “BGB” shall apply, unless there 
is also a compelling reason (“good cause”) for termination without notice pursuant to Section 626 of BGB. 
2. Severance Payments 
The employment contracts for Executive Board members provide that a member will receive a severance 
payment in the event the company terminates the employment contract of said member with immediate 
effect, provided that said member is not responsible for any grave cause or compelling reason warranting said 
termination ahead of the regular contract expiration date. The maximum severance payment equals two years’

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remuneration (including variable components), but no more than the amount of remuneration that would be 
payable until the end of the contract term. 
Furthermore, in the event of early termination of employment on the Executive Board by mutual agreement, 
the company may also grant, or agree to grant, severance payments, the amount of which shall be limited, in 
turn, to a maximum of two years’ remuneration and shall not compensate for more than the remaining term of 
the member’s employment contract. 
3. Non-Competition Clause 
The Executive Board employment contracts provide for a post-contractual non-competition clause for a 
duration of up to two years upon termination of employment with the company. In the event that this non-
competition clause is not waived or is nullified, half of the remuneration last paid by the company shall be 
granted to the respective Executive Board member as compensation for non-competition throughout the 
non-competition period. Any severance to be paid in connection with the termination of an employment 
contract to an Executive Board member shall be deducted in full from said compensation for non-competition 
in accordance with Recommendation G.13 of the GCGC dated December 16, 2019, provided that the 
employment contracts concerned have been extended after the GCGC had entered into force. This does not 
apply to Rainer Lehmann’s employment contract, the term of which was extended at an earlier date and which 
does not currently contain a corresponding offsetting provision. 
V. Procedure for Establishing and Implementing as well as Reviewing the Remuneration Policy 
The Supervisory Board establishes and regularly reviews the remuneration policy for the Executive Board. The 
Executive Task Committee of the Supervisory Board prepares the remuneration policy for approval by the full 
Supervisory Board and makes the respective suggestions. 
In the process, the Supervisory Board also reviews the appropriateness of such remuneration in comparison 
to the remuneration of the Executive Board within the peer group of the company (horizontal 
appropriateness). The peer group is defined by the Supervisory Board and/or its Executive Task Committee 
and is adapted as necessary. During the reporting year, the Supervisory Board conducted a benchmarking 
analysis of Executive Board remuneration with the assistance of a neutral external remuneration consultant 
and, in this context, reviewed and reconstituted the peer group. In determining the composition of the peer 
group, the Supervisory Board identified domestic and foreign companies that are comparable to the company 
in terms of industry, size, and sales. This updated peer group currently includes the following companies: 
Beiersdorf, Carl Zeiss Meditec, Drägerwerk, Gerresheimer, Qiagen, Symrise, SYNLAB, bioMérieux, Coloplast, 
Eurofins Scientific, Lonza Group, Smith&Nephew, Steris, and UCB.  
In establishing the remuneration for the Executive Board members, the Supervisory Board further considers 
both the compensation of senior management and that of the remaining workforce in relation to the German 
Group companies (vertical appropriateness). For these purposes, the Supervisory Board defines senior 
management as the group of executives of the first two management levels below the Executive Board. The 
Supervisory Board looks not only at the current compensation ratio, but also at how it has developed over time. 
If necessary, the Supervisory Board will engage an independent compensation consultant to review vertical 
and horizontal appropriateness; this was last carried out in the reporting year. Furthermore, the Supervisory 
Board also considers the requirements of the German Corporate Governance Code when determining and 
reviewing the remuneration of the Executive Board. 
Any conflict of interest in the establishment, implementation and review of the remuneration policy shall be 
treated by the Supervisory Board in the same way as other conflicts of interest in the person of a Supervisory 
Board member. The Supervisory Board member concerned is therefore required to disclose any conflict of 
interest to the Chairman of the Supervisory Board and will not participate in the adoption of resolutions or in

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the deliberations concerned. Disclosure of any conflicts of interest at an early stage ensures that the decisions 
of the Supervisory Board are not influenced by inappropriate considerations. 
The current Executive Board members’ employment contracts already complied with the new remuneration 
system in the reporting year, with only a few deviations as explained above. Insofar as discrepancies between 
the Executive Board employment contracts and the Executive Board remuneration policy still exist beyond 
the current year – this relates only to the partial payment for the consolidated net profit component of long-
term variable remuneration and the lack of offsetting of the severance payment in the case of Rainer Lehmann 
– the Supervisory Board will examine, in consultation with the Executive Board member concerned, to what 
extent and, if applicable, from what period onwards an adjustment can be made. As long as such discrepancies 
continue to exist, they will be presented in the company’s Remuneration Report. 
VI. Compliance with the Maximum Remuneration Limits for the Executive Board 
Executive Board remuneration is capped in two respects. Under the new remuneration policy, the total 
remuneration consisting of a fixed salary including fringe benefits, employee benefit expense, and the short-
term and long-term variable remuneration components for a fiscal year – irrespective of whether it is paid in 
the fiscal year in question or at another time – is limited to a maximum gross amount of €4.5 million for the 
Executive Board Chairman and €2.25 million for each of the other Executive Board members. The maximum 
remuneration covers the maximum possible non-performance-related fixed and performance-related 
variable remuneration components, including employee benefit expense. Benefits in kind granted as fringe 
benefits are recognized at their value for income tax purposes. Regarding the share-based compensation of 
the Executive Board Chairman, this compensation paid as part of his maximum remuneration is calculated 
based on the pro-rated grant value attributable to one year.  
For all current Executive Board members, the individual components of their remuneration are already 
structured so that the total remuneration granted to each respective Executive Board member for a fiscal year 
– regardless of whether it is paid in the fiscal year in question or at another time – does not exceed the maximum 
remuneration established in the new remuneration policy. For this purpose, a separate maximum amount is 
set for each of the variable remuneration components. This maximum amount is currently 120% of the target 
amount in the case of short-term variable compensation with a one-year assessment basis and 120% of the 
target amount in the case of the component of long-term variable compensation based on consolidated net 
profit, and 250% of the granted amount in the case of participation in the phantom stock program; for the 
purposes of calculating maximum remuneration, the Executive Board Chairman’s share-based compensation 
is taken into account at the prorated grant value attributable to one year and thus at an amount fixed from the 
outset (see above).  
The following table shows the maximum limits for the variable remuneration components and the shares 
granted. Compliance with the maximum limits for short-term variable remuneration and for the shares granted 
can be reviewed already for fiscal 2022. For multi-year variable remuneration, compliance with the maximum 
limits can only be reviewed retroactively as soon as these are vested or phantom stock units are exercised.

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Dr. Joachim Kreuzburg 
Dr. René Fáber
 
 
€ in K 
Target
remuneration
Maximum
remuneration
Receipts
Target
remuneration
Maximum
remuneration
Receipts
Short-term variable remuneration 
600
720
442
300
360
169
Long-term variable remuneration 
 
 
 
 
 
 
Consolidated net result 2022 (3 years) 
163
195
-
105
126
-
Reduction CO2-emission intensity  
(3 years) 
163
195
-
105
126
 
Phantom stock plan 2022  
(exercisable from 2025) 
325
813
-
210
525
-
Shares granted 
1,000
1,000
1,000
-
-
-
 
  
Rainer Lehmann 
John Gerard Mackay 
€ in K 
Target
remuneration
Maximum
remuneration
Receipts
Target
remuneration
Maximum
remuneration
Receipts
Short-term variable remuneration 
288
345
212
300
360
288
Long-term variable remuneration 
 
 
 
 
 
 
Consolidated net result 2022 (3 years) 
101
121
-
105
126
-
Reduction CO2-emission intensity  
(3 years) 
101
121
-
105
126
 
Phantom stock plan 2022  
(exercisable from 2025) 
201
503
-
210
525
-
Shares granted 
-
-
-
-
-
-
 
The amount of the fixed remuneration components and the target and/or grant date amounts of the variable 
remuneration components for fiscal 2022 were selected for all Executive Board members so that even if the 
maximum amounts of the variable remuneration components are reached, the total gross amount of fixed and 
variable remuneration components of each Executive Board member will not exceed the highest sum defined 
by the maximum remuneration for this reporting year. The following table shows the maximum achievable 
amounts of the individual compensation components for 2022 and clearly shows that the maximum 
achievable compensation falls short of the defined maximum compensation of the Supervisory Board 
pursuant to Section 87a, Subsection 2, sentence 2, item no. 1 of the German Stock Corporation Law (AktG).

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€ in K 
Dr. Joachim 
Kreuzburg
Dr. René Fáber
Rainer Lehmann
John Gerard 
Mackay
Fixed remuneration 
1,000
480
460
480
Fringe benefits 
15
13
124
50
Total non-performance-based remuneration 
1,015
493
584
530
Variable performance-based remuneration (1 year) 
720
360
345
360
Short-term variable remuneration 
720
360
345
360
Consolidated net result (3 years) 
195
126
121
126
Reduction CO2-emission intensity (3 years) 
195
126
121
126
Phantom stock plan (4-8 years) 
813
525
503
525
Long-term variable remuneration 
1,203
777
745
777
Shares granted 
1,000
0
0
0
Other remuneration component 
0
0
0
0
Post-employment benefits 
367
247
96
67
Maximum achievable remuneration 
4,304
1,877
1,770
1,734
Maximum remuneration in accordance with 
Section 87a para. 1 sent. 2 No. 1 of the German 
Stock Corporation Act 
4,500
2,250
2,250
2,250
 
The final review of compliance with the maximum remuneration for fiscal 2022 will be presented in the 
remuneration report for the fiscal year in which the last long-term remuneration component was vested and/or 
exercised. As Sartorius did not have any comparable policy for maximum remuneration in the past, no 
disclosures on compliance with maximum remuneration can be provided for an earlier business year.

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2. Remuneration of the Executive Board Members in 
the Reporting Year  
Total remuneration granted and owed for the active service of all Executive Board members together 
amounted to €5,901 K in 2022, compared with €5,750 K in the previous year. The details of the individual 
remuneration components are described in the following.  
Remuneration Granted and Owed to the Executive Board Pursuant to 
Section 162 of AktG  
The following table shows the remuneration granted and owed to the Executive Board pursuant to Section 162 
of the German Stock Corporation Act (AktG). Remuneration is deemed to be owed if it is due but has not yet 
been paid. In this case, remuneration granted is assumed already at the time service is performed and not only 
at the point in time of payment. The figures stated for variable remuneration components are the amounts 
"vested" in the respective fiscal year. 
  
Dr. Joachim Kreuzburg 
Dr. René Fáber 
€ in K 
2022
in %
2021
in %
2022
in %
2021
in %
Fixed remuneration 
1,000
44%
1,000
39%
480
45%
440
49%
Fringe benefits 1 
15
1%
15
1%
13
1%
13
1%
Fixed remuneration 
1,015
44%
1,015
39%
493
47%
453
51%
Variable performance-based remuneration (1 year) 2
442
19%
720
28%
169
16%
264
30%
Consolidated net profit (3 years) 3 
278
12%
266
10%
130
12%
128
14%
Phantom stock plan (4-8 years) 4 
555
24%
539
21%
266
25%
0
0%
Components with a long-term incentive effect 
833
36%
805
31%
396
37%
128
14%
Other remuneration component 
0
0%
45
2%
0
0%
45
5%
Defined contribution plans 5 
0
0%
0
0%
0
0%
0
0%
Total remuneration 
2,290
100%
2,585
100%
1,058
100%
890
100%
 
  
Rainer Lehmann 
John Gerard Mackay 
€ in K 
2022
in %
2021
in %
2022
in %
2021
in %
Fixed remuneration 
460
36%
440
34%
480
37%
440
44%
Fringe benefits 1 
124
10%
83
6%
50
4%
29
3%
Fixed remuneration 
584
46%
523
41%
530
41%
469
47%
Variable performance-based remuneration (1 year) 2
212
17%
330
26%
288
22%
264
27%
Consolidated net profit (3 years) 3 
210
17%
128
10%
130
10%
128
13%
Phantom stock plan (4-8 years) 4 
266
21%
259
20%
266
21%
0
0%
Components with a long-term incentive effect 
476
37%
387
30%
396
31%
128
13%
Other remuneration component 
0
0%
45
4%
0
0%
45
5%
Defined contribution plans 5 
0
0%
0
0%
67
5%
84
8%
Total remuneration 
1,272
100%
1,285
100%
1,281
100%
990
100%
1 The amounts contributed to D&O insurance totaling €871 K (2021: €470 K) are not included, as these refer to the executive bodies of 
all companies of the Sartorius Group and are not allocated to the individual insurees. 
2 Recognized amount corresponds to actual target achievement. 
3 Recognized amount corresponds to actual target achievement of the plan in which a fiscal year ended; i.e., for 2022, consolidated 
net profits for 2020 – 2022 (2021: consolidated net profits for 2019 - 2021). 
4 Fair value at the time granted. 
5 Payments for a pension plan.

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As part of the remuneration component based on the consolidated net profit of three consecutive fiscal years, 
each Executive Board member receives a partial compensation payment of 50% of their respective target 
achievement for the first fiscal year under review. Once the total target achievement has been determined 
after the third fiscal year, final payment is then effected by deducting the particular partial payment already 
made. The amounts of the partial payments made in total at the end of the reporting year are shown as follows: 
€ in K 
2022
2021
Balance as of Jan. 1 of a fiscal year 
607
470
Partial payments deducted 
– 280
– 190
Partial payments effected 
442
327
Balance as of Dec. 31 of a fiscal year 
769
607
 
Remuneration Granted and Owed to Former Executive Board Members 
  
Reinhard Vogt 
(until Dec. 31, 2018)
Other
€ in K 
2022
2021
2022
2021
Phantom stock plan (4-8 years) 1 
188
336
0
0
Annuity 
0
0
526
517
Total remuneration 
188
336
526
517
 
1 Fair value at the time granted.

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3. Disclosures on Share-Based Payments | Phantom 
Stock Units 
  
Number of 
phantom 
stock units
Price on 
assignment
in €
Fair value 
when granted 
on Jan. 1 of 
the particular 
year
€ in K
Fair value at 
year-end on 
Dec. 31, 2021
€ in K
Fair value at 
year-end
on Dec. 31, 
2022
€ in K
Paid 
in 
fiscal 
2022
€ in K
Change 
in value 
in fiscal 
2022
€ in K
Status
Dr. Joachim Kreuzburg 
 
 
 
 
 
 
 
 
Tranche for fiscal 2018 
2,685
80.32
216
539
0
539
0 Paid out in 2022
Tranche for fiscal 2019 
1,950
113.78
222
555
555
0
0
Exercisable
Tranche for fiscal 2020 
1,240
190.30
236
590
455
0
– 135
Not exercisable
Tranche for fiscal 2021 
918
354.13
325
500
315
0
– 185
Not exercisable
Sum of the tranches 
from the previous years 
6,793
 
999
2,184
1,325
539
– 320
 
Tranche for fiscal 2022 
566
574.61
325
0
179
0
– 146
Not exercisable
Total sum of tranches 
7,359
 
1,324
2,184
1,504
539
– 466
 
  
 
 
 
 
 
 
 
 
Dr. René Fáber 
 
 
 
 
 
 
 
 
Tranche for fiscal 2019 
934
113.78
106
266
266
0
0
Exercisable
Tranche for fiscal 2020 
578
190.30
110
275
212
0
– 63
Not exercisable
Tranche for fiscal 2021 
311
354.13
110
169
106
0
– 63
Not exercisable
Sum of the tranches 
from the previous years 
1,823
 
326
710
584
0
– 126
 
Tranche for fiscal 2022 
365
574.61
210
0
116
0
– 94
Not exercisable
Total sum of tranches 
2,188
 
536
710
700
0
– 220
 
  
 
 
 
 
 
 
 
 
Rainer Lehmann 
 
 
 
 
 
 
 
 
Tranche for fiscal 2018 
1,289
80.32
104
259
0
259
0 Paid out in 2022
Tranche for fiscal 2019 
934
113.78
106
266
266
0
0
Exercisable
Tranche for fiscal 2020 
936
190.30
178
445
344
0
– 101
Not exercisable
Tranche for fiscal 2021 
544
354.13
193
297
186
0
– 111
Not exercisable
Sum of the tranches 
from the previous years 
3,703
 
581
1,267
796
259
– 212
 
Tranche for fiscal 2022 
350
574.61
201
0
111
0
– 90
Not exercisable
Total sum of tranches 
4,053
 
782
1,267
907
259
– 302
 
  
 
 
 
 
 
 
 
 
John Gerard Mackay 
 
 
 
 
 
 
 
 
Tranche for fiscal 2019 
934
113.78
106
266
266
0
0
Exercisable
Tranche for fiscal 2020 
578
190.30
110
275
212
0
– 63
Not exercisable
Tranche for fiscal 2021 
311
354.13
110
169
106
0
– 63
Not exercisable
Sum of the tranches 
from the previous years 
1,823
 
326
710
584
0
– 126
 
Tranche for fiscal 2022 
365
574.61
210
0
116
0
– 94
Not exercisable
Total sum of tranches 
2,188
 
536
710
700
0
– 220
 
  
 
 
 
 
 
 
 
 
Reinhard Vogt (until Dec. 31, 2018) 
 
 
 
 
 
 
 
Tranche for fiscal 2018 
1,673
80.32
134
336
0
336
0 Paid out in 2022
Tranche for fiscal 2019 
661
113.78
75
188
188
0
0
Exercisable
Sum of the tranches 
from the previous years 
2,334
 
209
524
188
336
0

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4. Pension Commitments 
The projected pension payments, the present value of pension obligations and service cost are shown in the 
following table: 
  
Projected pension 
payment
Present value of the obligation (IFRS)
Service cost (IFRS)
€ in K 
p.a.
Dec. 31, 2022
Dec. 31, 2021
2022
2021
Dr. Joachim Kreuzburg 
283
3,959
4,941
113
177
Dr. René Fáber 
44
236
0
0
0
Rainer Lehmann 
89
523
391
0
0
  
416
4,718
5,332
113
177
 
In addition, a pension contribution of €189 K (2021: €138 K) was recognized in 2022 for Dr. Joachim Kreuzburg, 
a pension contribution of €247 K (2021: €0 K) for Dr. René Fáber, and a pension contribution of €96 K (2021: 
€91 K) for Rainer Lehmann. The pension contribution for Dr. René Fáber includes a lump-sum payment with 
an amount of €180 K. 
5. Comparative Table 
€ in K 
2022
Change in %
2021
in %
2020
Managing Board Members 
 
 
 
 
 
Dr. Joachim Kreuzburg 
2,290
– 11%
2,585
17%
2,202
Dr. René Fáber 
1,058
19%
890
25%
714
Rainer Lehmann 
1,272
– 1%
1,285
13%
1,138
John Gerard Mackay 
1,281
29%
990
27%
777
Former Managing Board Members 
 
 
 
 
 
Reinhard Vogt 
188
– 44%
336
– 73%
1,246
Other 
526
2%
517
3%
501
Earnings Development 
 
 
 
 
 
Underlying EBITDA in millions of € 
1,410
20%
1,175
70%
692
Net profit of Sartorius AG in millions of € 
155
277%
41
– 64%
113
Average Remuneration of Employees 
 
 
 
 
 
Group employees in Germany only 
85
– 4%
89
1%
88
 
In the presentation of the average remuneration of employees, all people employed by the German 
companies of the Sartorius Group (except for the Executive Board members) were included. In addition to 
wages and salaries, average remuneration also includes social security contributions and pension expenses. If 
employees simultaneously receive remuneration as members of the Supervisory Board of Sartorius AG, this 
compensation was not considered. Remuneration of part-time employees was extrapolated to full-time 
equivalents.

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6. Main Features of the Remuneration Plan for the 
Supervisory Board 
The remuneration for Supervisory Board members is defined in the Articles of Association of Sartorius AG and 
comprises fixed remuneration, meeting attendance fees, and reimbursement of out-of-pocket expenses. 
Members serving as chairperson and vice chairperson of the Supervisory Board receive higher fixed 
remuneration.  
Members and chairpersons of Supervisory Board committees, except for those of Nomination Committee or 
the committee pursuant to Section 27, Subsection 3, of the German Codetermination Law (MitBestG), are 
entitled to receive additional annual fixed amounts and meeting attendance fees as well as reimbursement of 
their out-of-pocket expenses. 
In addition, the members of the Supervisory Board are included in a directors and officers (D&O) liability 
insurance policy taken out by the company, the premiums for which are paid by Sartorius Aktiengesellschaft. 
This D&O insurance policy covers the legal liability arising from Supervisory Board activities and is taken out at 
standard market terms and conditions.  
In line with prevailing market practice at listed companies in Germany, the remuneration of Supervisory Board 
members is strictly fixed compensation along with meeting attendance fees and does not include any 
performance-related components. The Executive Board and Supervisory Board are of the opinion that strictly 
fixed remuneration for Supervisory Board members is best suited to strengthening the independence of the 
Supervisory Board and fulfilling the latter’s advisory and supervisory functions, which are to be performed 
independently of the company’s success. The amount and structure of Supervisory Board remuneration 
ensure that the company is able to attract qualified candidates for membership in the company’s Supervisory 
Board; in this way, Supervisory Board remuneration helps sustainably promote the business strategy and the 
long-term development of the company. The existing remuneration policy especially takes into account 
Recommendation G.17 and the Suggestion G.18, sentence 1, of the German Corporate Governance Code in 
the current version as amended.

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7. Remuneration Granted and Owed to the 
Supervisory Board Members 
€ in K 
2022
2021
Remuneration for the Supervisory Board Members 
 
 
Total remuneration 
1,017
1,057
Fixed remuneration 
675
675
Compensation for committee work 
120
121
Meeting attendance fee 
154
192
Total remuneration for the Sartorius Stedim Biotech subgroup 
68
69
Remuneration from Sartorius Stedim Biotech S.A., Aubagne 
68
69
 
€ in K 
2022
2021
Dr. Lothar Kappich (Chairman) 
 
 
Total remuneration 
256
261
Fixed remuneration 
135
135
Compensation for committee work 
33
33
Meeting attendance fee 
20
24
Remuneration from Sartorius Stedim Biotech S.A., Aubagne 
68
69
 
€ in K 
2022
2021
Manfred Zaffke (Vice Chairman) 1 
 
 
Total remuneration 
134
137
Fixed remuneration 
90
90
Compensation for committee work 
24
24
Meeting attendance fee 
20
23
 
€ in K 
2022
2021
Annette Becker 1 
 
 
Total remuneration 
68
70
Fixed remuneration 
45
45
Compensation for committee work 
9
8
Meeting attendance fee 
14
17
 
€ in K 
2022
2021
Prof. David Raymond Ebsworth, Ph.D. 
 
 
Total remuneration 
54
57
Fixed remuneration 
45
45
Meeting attendance fee 
9
12
 
€ in K 
2022
2021
Dr. Daniela Favoccia 
 
 
Total remuneration 
54
57
Fixed remuneration 
45
45
Meeting attendance fee 
9
12

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€ in K 
2022
2021
Petra Kirchhoff 
 
 
Total remuneration 
54
57
Fixed remuneration 
45
45
Meeting attendance fee 
9
12
 
€ in K 
2022
2021
Dietmar Müller 1 
 
 
Total remuneration 
75
75
Fixed remuneration 
45
45
Compensation for committee work 
15
13
Meeting attendance fee 
15
17
 
€ in K 
2022
2021
Ilke Hildegard Panzer 
 
 
Total remuneration 
54
57
Fixed remuneration 
45
45
Meeting attendance fee 
9
12
 
€ in K 
2022
2021
Frank Riemensperger (as of Mar. 25, 2022) 
 
 
Total remuneration 
43
0
Fixed remuneration 
35
0
Meeting attendance fee 
8
0
 
€ in K 
2022
2021
Hermann Jens Ritzau (as of Mar. 1, 2021) 1 
 
 
Total remuneration 
54
49
Fixed remuneration 
45
38
Meeting attendance fee 
9
11
 
€ in K 
2022
2021
Prof. Dr. Klaus Rüdiger Trützschler 
 
 
Total remuneration 
104
108
Fixed remuneration 
45
45
Compensation for committee work 
39
39
Meeting attendance fee 
20
24
 
€ in K 
2022
2021
Sabrina Wirth (as of Mar. 25, 2022) 1 
 
 
Total remuneration 
43
0
Fixed remuneration 
35
0
Meeting attendance fee 
8
0

Sartorius
Remuneration Report    Remuneration Report
162
 
 
Start
Former Supervisory Board Members  
€ in K 
2022
2021
Uwe Bretthauer (until Feb. 28, 2021) 1 
 
 
Total remuneration 
0
16
Fixed remuneration 
0
7
Compensation for committee work 
0
4
Meeting attendance fee 
0
5
 
€ in K 
2022
2021
Karoline Kleinschmidt (until Mar. 25, 2022) 1 
 
 
Total remuneration 
12
57
Fixed remuneration 
10
45
Meeting attendance fee 
2
12
 
€ in K 
2022
2021
Prof. Dr. Thomas Scheper (until Mar. 25, 2022) 
 
 
Total remuneration 
12
56
Fixed remuneration 
10
45
Meeting attendance fee 
2
11
1 The employee representatives declared that they donate their Supervisory Board remuneration to the foundation Hans-Böckler-
Stiftung according to the guidelines of the German Trade Union Association. 
Beyond their Supervisory Board remuneration, the employee representatives who are employees within the 
Sartorius Group receive compensation that is not related to their service on the Supervisory Board.

Sartorius
Remuneration Report    Remuneration Report
163
 
 
Start
8. Comparative Table 
€ in K 
2022 Change in %
2021
in %
2020
Supervisory Board Members 
 
 
 
 
 
Dr. Lothar Kappich (Chairman) 
256
– 2%
261
0%
262
Manfred Zaffke (Vice Chairman) 
134
– 2%
137
– 2%
140
Annette Becker 
68
– 3%
70
30%
54
Prof. David Raymond Ebsworth, Ph.D. 
54
– 5%
57
2%
56
Dr. Daniela Favoccia 
54
– 5%
57
2%
56
Petra Kirchhoff 
54
– 5%
57
2%
56
Dietmar Müller 
75
0%
75
142%
31
Ilke Hildegard Panzer 
54
– 5%
57
2%
56
Frank Riemensperger (as of Mar. 25, 2022) 
43
 
0
 
0
Hermann Jens Ritzau (as of Mar. 1, 2021) 
54
10%
49
 
0
Prof. Dr. Klaus Rüdiger Trützschler 
104
– 4%
108
0%
108
Sabrina Wirth (as of Mar. 25, 2022) 
43
 
0
 
0
Former Supervisory Board Members 
 
 
 
 
 
Karoline Kleinschmidt (until Mar. 25, 2022) 
12
– 79%
57
2%
56
Prof. Dr. Thomas Scheper (until Mar. 25, 2022) 
12
– 79%
56
0%
56
Uwe Bretthauer (until Feb. 28, 2021) 
0
– 100%
16
– 83%
95
Earnings Development 
 
 
 
 
 
Underlying EBITDA in millions of € 
1,410
20%
1,175
70%
692
Net profit of Sartorius AG in millions of € 
155
277%
41
– 64%
113
Average Remuneration of Employees 
 
 
 
 
 
Group employees in Germany only 
85
– 4%
89
1%
88
 
In the presentation of the average remuneration of employees, all people employed by the German 
companies of the Sartorius Group (except for the Executive Board members) were included. In addition to 
wages and salaries, average remuneration also includes social security contributions and pension expenses. If 
employees simultaneously receive remuneration as members of the Supervisory Board of Sartorius AG, this 
compensation was not considered. Remuneration of part-time employees was extrapolated to full-time 
equivalents. 
 
9. Requirements pursuant to Section 162, Subsection 1, 
Sentence 2, No. 6 of the German Stock Corporation 
Act (AktG) 
The Annual General Meeting approved the Remuneration Report for fiscal 2021 at the Annual General 
Meeting on March 25, 2022 with 99.56% of the votes cast.

Sartorius
Remuneration Report    Report of the Independent Auditor
164
 
 
Start
Report of the Independent Auditor 
NOTE ON THE AUDIT OF THE REMUNERATION REPORT 
We have audited the attached Remuneration Report of Sartorius AG, Göttingen, Germany, for the fiscal year 
from January 1 to December 31, 2022, including the related disclosures, which was prepared to comply with 
Section 162 of the German Stock Corporation Law (AktG).  
Responsibility of the Legal Representatives and the Supervisory Board 
The legal representatives and the Supervisory Board of Sartorius AG, Göttingen, are responsible for the 
preparation of the Remuneration Report, including the related disclosures, which complies with the 
requirements of Section 162 of the German Stock Corporation Act (AktG). In addition, the legal 
representatives and the Supervisory Board are responsible for such internal control as they consider necessary 
to enable the preparation of a Remuneration Report, including the related disclosures, that is free from 
material misstatements, whether due to fraud or error. 
Auditor’s Responsibility 
Our responsibility is to express an opinion on this Remuneration Report, including the related disclosures, 
based on our audit. We conducted our audit in accordance with German Generally Accepted Standards for 
Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in 
Germany] (IDW). Those standards require that we comply with ethical requirements and plan and perform the 
audit to obtain reasonable assurance about whether the Remuneration Report, including the related 
disclosures, is free from material misstatements. 
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the 
Remuneration Report. The selection of audit procedures is at the discretion of the auditor. This includes 
assessing the risks of material misstatement – whether due to fraud or error – in the Remuneration Report, 
including in relation to the accompanying disclosures. When evaluating those risks, the auditor considers the 
internal control system relevant to the preparation of the Remuneration Report, including the related 
disclosures. The objective of this is to plan and perform audit procedures that are appropriate under the 
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal 
control system. Such an audit also includes an assessment of the accounting policies used and whether the 
accounting estimates made by the legal representatives and the Supervisory Board are reasonable, as well as 
evaluating the overall presentation of the Remuneration Report, including the related disclosures.  
In our opinion, we obtained sufficient and appropriate evidence to provide a basis for our audit opinion. 
Opinion 
In our opinion, based on the findings of our audit, the Remuneration Report for the fiscal year from January 1 
to December 31, 2022, including the related disclosures, complies in all material respects with the accounting 
provisions of Section 162 of the German Stock Corporation Act (AktG).  
Other Matters – Formal Audit of the Remuneration Report 
The substantive review of the Remuneration Report described in this Auditor's Report comprises the formal 
review of the Remuneration Report required by Section 1623 of the German Stock Corporation Act (AktG), 
including the issuance of an opinion on such review. As we expressed an unqualified opinion on the content 
of the Remuneration Report, this opinion includes the conclusion that the required disclosures pursuant to 
Section 162(1) and (2) of the German Stock Corporation Act (AktG) have, in all material respects, been included 
in the Remuneration Report.

Sartorius
Remuneration Report    Report of the Independent Auditor
165
Start
Note on Limitation of Liability 
The engagement, in the performance of which we rendered the aforementioned services for Sartorius AG, 
Göttingen, Germany, was based on the General Terms and Conditions of Engagement for Auditors and 
Auditing Firms in the version dated January 1, 2017. By acknowledging and using the information contained in 
this Auditor’s Report, each recipient confirms that it has taken note of the provisions contained therein 
(including the limitation of liability to 4 million euros for negligence in Section 9 of the General Engagement 
Terms) and acknowledges their validity in relation to us. 
Hanover, February 10, 2023 
KPMG AG  
Wirtschaftsprüfungsgesellschaft 
Schmidt 
Hartke 
German Public Auditor 
German Public Auditor

Sartorius
Consolidated Financial Statements and Notes    Statement of Profit or Loss | Other Comprehensive Income
169
 
 
 
Consolidated Financial Statements 
and Notes

Sartorius
Consolidated Financial Statements and Notes    Statement of Profit or Loss | Other Comprehensive Income
167
 
 
Start
Statement of Profit or 
Loss | Other Comprehensive Income 
In millions of € 
Notes
2022
2021
Sales revenue 
[9]
4,174.7
3,449.2
Cost of sales 
[10]
– 1,978.3
– 1,610.3
Gross profit on sales 
 
2,196.5
1,838.9
Selling and distribution expenses 
[10]
– 628.5
– 580.7
Research and development expenses 
[10]
– 177.8
– 139.9
General administrative expenses 
[10]
– 200.5
– 165.0
Other operating income 
[11]
94.3
59.3
Other operating expenses 
[11]
– 219.1
– 109.4
Earnings before interest and taxes (EBIT) 
 
1,064.8
903.2
Financial income 
[12]
198.2
29.3
Financial expenses 
[12]
– 81.3
– 264.0
Financial result 
 
116.9
– 234.7
Profit before tax 
 
1,181.7
668.4
Income taxes 
[13]
– 268.6
– 241.4
Net profit for the period 
 
913.1
427.0
Attributable to: 
 
 
 
Equity holders of Sartorius AG 
 
678.1
318.9
Non-controlling interest 
 
235.0
108.1
  
 
 
 
Earnings per share 
[14]
 
 
Earnings per ordinary share (€) (basic) 
 
9.91
4.66
Earnings per ordinary share (€) (diluted) 
 
9.91
4.66
Earnings per preference share (€) (basic) 
 
9.92
4.67
Earnings per preference share (€) (diluted) 
 
9.92
4.67
 
Other operating income and expenses are reported separately since fiscal 2022. Prior year figures were 
restated accordingly. 
The Notes to the Consolidated Financial Statements are an integral part of these statements.

Sartorius
Consolidated Financial Statements and Notes    Statement of Comprehensive Income
168
 
 
Start
Statement of Comprehensive Income 
In millions of € 
2022
2021
Net profit for the period 
913.1
427.0
Cash flow hedges 
– 5.9
– 23.7
   Of which effective portion of the changes in fair value 
– 56.2
– 17.2
   Of which reclassified to profit or loss 
50.3
– 6.5
Income tax on cash flow hedges 
1.8
7.1
Net investment in a foreign operation 
29.6
38.3
Income tax on net investment in a foreign operation 
2.0
– 10.3
Currency translation differences 
13.8
85.5
Items that may be reclassified to profit or loss, net of tax 
41.3
97.0
Remeasurements of the net defined benefit liability 
19.6
3.7
Income tax on remeasurements of the net defined benefit liability 
– 3.6
– 1.2
Equity instruments at FVOCI 
16.3
0.0
Items that will not be reclassified to profit or loss, net of tax 
32.3
2.5
Other comprehensive income after tax 
73.5
99.5
Total comprehensive income 
986.6
526.4
  
 
 
Attributable to: 
 
 
Equity holders of Sartorius AG 
753.1
405.8
Non-controlling interest 
233.5
120.7

Sartorius
Consolidated Financial Statements and Notes    Statement of Financial Position
169
 
 
Start
Statement of Financial Position 
In millions of € 
Notes
Dec. 31, 2022
Dec. 31, 2021
Non-current assets 
 
 
 
Goodwill 
[15]
1,718.9
1,362.0
Other intangible assets 
[15]
1,283.1
1,095.6
Property, plant and equipment 
[16][17]
1,714.8
1,305.8
Financial assets 
[35]
150.9
60.8
Other assets 
 
3.3
1.6
Deferred tax assets 
[18]
83.6
75.2
  
 
4,954.6
3,901.1
Current assets 
 
 
 
Inventories 
[19]
1,179.1
892.8
Trade receivables 
[29]
484.5
424.0
Other financial assets 
[30]
47.4
24.9
Current tax assets 
 
30.8
29.0
Other assets 
 
115.6
83.3
Cash and cash equivalents 
[28]
165.9
342.8
  
 
2,023.2
1,796.8
  
 
6,977.7
5,697.9
  
 
 
 
In millions of € 
Notes
Dec. 31, 2022
Dec. 31, 2021
Equity 
 
 
 
Equity attributable to Sartorius AG shareholders 
 
1,989.8
1,260.3
Issued capital 
[20]
68.4
68.4
Capital reserves 
[21]
44.6
43.3
Other reserves and retained earnings  
[21]
1,876.7
1,148.6
Non-controlling interest 
[22]
669.1
459.9
  
 
2,658.9
1,720.2
Non-current liabilities 
 
 
 
Pension provisions 
[23]
57.5
75.4
Other provisions 
[24]
20.2
13.3
Loans and borrowings 
[31]
1,873.8
1,649.1
Lease liabilities 
[17][31]
112.4
88.9
Other financial liabilities 
[32]
216.3
421.8
Deferred tax liabilities 
[18]
235.2
182.0
  
 
2,515.5
2,430.6
Current liabilities 
 
 
 
Provisions 
[24]
66.4
58.4
Trade payables 
[33]
551.9
515.0
Loans and borrowings 
[31]
523.8
311.3
Lease liabilities 
[17][31]
31.2
26.1
Employee benefits 
[26]
114.3
153.9
Other financial liabilities 
[34]
144.2
169.0
Current tax liabilities 
 
222.0
178.7
Other liabilities 
[25]
149.5
134.7
  
 
1,803.4
1,547.2
  
 
6,977.7
5,697.9

Sartorius
Consolidated Financial Statements and Notes    Statement of Cash Flows
170
 
 
Start
Statement of Cash Flows 
In millions of € 
Notes
2022
2021
Profit before tax 
 
1,181.7
668.4
Financial result 
[12]
– 116.9
234.7
Depreciation | amortization of intangible and tangible assets 
[15][16][17]
287.1
231.2
Change in provisions 
[23][24]
16.0
29.7
Change in receivables 
[29][30]
– 86.6
– 99.1
Change in inventories 
[19]
– 261.6
– 294.4
Change in liabilities 
[25][33][34]
– 57.3
281.6
Interest received 
[12]
7.2
7.4
Income taxes paid 
[13]
– 239.4
– 189.4
Other non-cash transactions 
 
4.0
3.1
Cash flow from operating activities 
 
734.2
873.2
Capital expenditures 
[15][16]
– 522.6
– 407.2
Other payments 
 
– 71.2
– 20.8
Cash flow from investing activities before acquisitions 
 
– 593.8
– 427.9
Acquisitions of subsidiaries and other business operations 
[8]
– 536.1
– 141.7
Cash flow from investing activities 
 
– 1,129.9
– 569.6
Interest paid  and other financial charges 
[12]
– 35.6
– 31.5
Dividends paid to: 
 
 
 
 - Shareholders of Sartorius AG 
 
– 85.9
– 48.2
 - Non-controlling interest 
 
– 32.3
– 17.5
Changes in non-controlling interest 
[8][22]
– 41.3
– 0.6
Loans and borrowings raised 
[6][31]
1,648.1
137.0
Loans and borrowings repaid 
[6][31]
– 1,243.3
– 211.7
Cash flow from financing activities 
 
209.9
– 172.6
Change in cash and cash equivalents 
 
– 185.8
131.0
Cash and cash equivalents at the beginning of the period 
 
342.8
203.4
Changes in scope of consolidation 
 
0.0
0.3
Net effect of currency translation on cash and cash equivalents 
 
8.9
8.0
Cash and cash equivalents at the end of the period 
[28]
165.9
342.8
 
Interest received are reported under cash flows from operating activities since fiscal 2022. Prior year figures 
were restated accordingly.

Sartorius
Consolidated Financial Statements and Notes    Statement of Changes in Equity
171
 
 
Start
Statement of Changes in Equity 
In millions of € 
Issued
capital
Capital
reserves
Cash flow hedging
reserves
Pension
reserves
Balance at Jan. 1, 2021 
68.4
42.0
8.3
– 30.2
Net profit for the period 
0.0
0.0
0.0
0.0
Cash flow hedges 
0.0
0.0
– 19.1
0.0
Remeasurements of the net defined benefit liability 
0.0
0.0
0.0
3.1
Currency translation differences 
0.0
0.0
0.0
0.0
Net investment in a foreign operation 
0.0
0.0
0.0
0.0
Tax effects  
0.0
0.0
5.7
– 1.0
Other comprehensive income after tax 
0.0
0.0
– 13.4
2.1
Total comprehensive income 
0.0
0.0
– 13.4
2.1
Share-based payments 
0.0
1.3
 
 
Dividends 
 
 
 
 
Purchase price liabilities BI Israel / CellGenix 
 
 
 
 
Change in non-controlling interest 
 
 
 
 
Other changes in equity 
 
 
 
 
Balance at Dec. 31, 2021 
68.4
43.3
– 5.1
– 28.1
Balance at Jan. 1, 2022 
68.4
43.3
– 5.1
– 28.1
Net profit for the period 
0.0
0.0
0.0
0.0
Cash flow hedges 
0.0
0.0
– 3.4
0.0
Remeasurements of the net defined benefit liability 
0.0
0.0
0.0
15.9
Currency translation differences 
0.0
0.0
0.0
0.0
Net investment in a foreign operation 
0.0
0.0
0.0
0.0
Equity instruments at FVOCI 
0.0
0.0
0.0
0.0
Tax effects  
0.0
0.0
1.0
– 2.6
Other comprehensive income after tax 
0.0
0.0
– 2.3
13.3
Total comprehensive income 
0.0
0.0
– 2.3
13.3
Share-based payments 
0.0
1.3
 
 
Dividends 
 
 
 
 
Issue of treasury shares for the purchase of BIA 
Separations 
 
 
 
 
Purchase price liabilities ALS / BI Israel / CellGenix 
 
 
 
 
Reclassification of purchase price hedge Albumedix 
 
 
18.1
 
Non-controlling interest ALS 
 
 
 
 
Purchase of additional shares in subsidiaries 
 
 
 
 
Change in non-controlling interest 
 
 
 
 
Other changes in equity 
 
 
 
 
Balance at Dec. 31, 2022 
68.4
44.6
10.7
– 14.8
 
Foreign currency effects from loans that are part of the Group’s net investment in a foreign operation are 
reported within foreign currency translation reserves since fiscal 2022. Prior year figures were adjusted. An 
amount of €66.9 million was reclassified from retained earnings to foreign currency translation reserves in the 
opening balance as of January 1, 2021.

Sartorius
Consolidated Financial Statements and Notes    Statement of Changes in Equity
172
 
 
Start
 
Retained earnings 
Foreign currency 
translation 
reserves
Equity attribu-
table to 
Sartorius AG 
shareholders
Non-controlling 
interest
Total equity
1,064.2 
– 121.2
1,031.4
348.9
1,380.3
318.9 
0.0
318.9
108.1
427.0
0.0 
0.0
– 19.1
– 4.6
– 23.7
0.0 
0.0
3.1
0.6
3.7
0.0 
70.0
70.0
15.5
85.5
0.0 
38.3
38.3
0.0
38.3
0.0 
– 10.3
– 5.5
1.1
– 4.4
0.0 
98.1
86.9
12.6
99.5
318.9 
98.1
405.8
120.7
526.4
0.0 
 
1.3
0.0
1.3
– 48.2 
 
– 48.2
– 17.5
– 65.8
– 130.3 
 
– 130.3
– 46.2
– 176.5
0.0 
 
0.0
54.4
54.4
0.3 
 
0.3
– 0.3
0.0
1,204.9 
– 23.1
1,260.3
459.9
1,720.2
1,204.9 
– 23.1
1,260.3
459.9
1,720.2
678.1 
0.0
678.1
235.0
913.1
0.0 
0.0
– 3.4
– 2.5
– 5.9
0.0 
0.0
15.9
3.7
19.6
0.0 
14.9
14.9
– 1.1
13.8
0.0 
29.6
29.6
0.0
29.6
16.3 
0.0
16.3
0.0
16.3
0.0 
3.3
1.7
– 1.5
0.2
16.3 
47.8
75.0
– 1.5
73.5
694.3 
47.8
753.1
233.5
986.6
0.0 
 
1.3
0.0
1.3
– 85.9 
 
– 85.9
– 32.3
– 118.1
64.5 
 
64.5
3.6
68.1
4.7 
 
4.7
13.0
17.6
0.0 
 
18.1
0.0
18.1
0.0 
 
0.0
7.3
7.3
– 30.4 
 
– 30.4
– 8.7
– 39.1
4.0 
 
4.0
– 7.2
– 3.2
0.0 
 
0.0
0.0
0.0
1,856.2 
24.7
1,989.8
669.1
2,658.9

Sartorius
Consolidated Financial Statements and Notes    Statement of Changes in Equity
173
 
 
Start
The dividends paid per share are as follows: 
  
Per share
in €
2022
total
in millions of €
Per share
in €
2021
total
in millions of €
Dividend for ordinary shares 
1.25
42.8
0.70
24.0
Dividend for preference shares 
1.26
43.1
0.71
24.3
  
 
85.9
 
48.2

Sartorius
Consolidated Financial Statements and Notes    Notes to the Financial Statements
174
 
 
Start
Notes to the Financial Statements 
1. General Information 
Sartorius AG is a listed joint stock corporation established in accordance with German law and is the ultimate 
parent company of the Sartorius Group. The company is recorded in the German Commercial Register of the 
District Court of Göttingen (HRB 1970) and has its registered office at Otto-Brenner-Str. 20 in Göttingen, 
Federal Republic of Germany. 
The Sartorius Group is a leading international partner of biopharmaceutical research and the industry. With 
innovative laboratory instruments and consumables, the Group’s Lab Products & Services Division (LPS) 
concentrates on serving the needs of laboratories performing research and quality control at pharma and 
biopharma companies and those of academic research institutes. The Bioprocess Solutions Division (BPS), 
with its broad product portfolio focusing on single-use solutions, helps customers manufacture biotech 
medications and vaccines safely and efficiently. 
In accordance with Section 315e (1) of the German Commercial Code (HGB) in conjunction with Article 4 of 
Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of July 19, 2002 (OJ L243 p. 1), 
the consolidated financial statements of the Sartorius Group for the year ended December 31, 2022, were 
prepared in accordance with the IFRS and IFRIC Standards and Interpretations of the International 
Accounting Standards Board (IASB) as required to be applied by the European Union. These are available on 
the following website: 
https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-
reporting/financial-reporting_en#ifrs-financial-statements 
The consolidated financial statements are prepared in euros. Unless otherwise specified, all amounts are 
disclosed in millions of euros (abbreviated as € in millions). In some cases, the sums of the figures given in this 
report may not precisely equal the stated totals, and percentages may not be exact due to rounding. 
The Executive Board is scheduled to submit the consolidated financial statements to the Supervisory Board 
on February 10, 2023. 
2. Effects of New or Amended Standards 
Standards to Be Applied for the First Time in 2022 
The following new accounting rules were applicable for the first time and had no material impact on the 
consolidated financial statements: 
 Amendments to IFRS 3, IAS 16, and IAS 37, as well as Annual Improvements to IFRSs: 2018 -2020 
cycle (published in May 2020) with amendments to IFRS 1, IFRS 9, IAS 41, and IFRS 16 
The amendments relate to minor changes to the standards mentioned: With the amendments to IFRS 3, a 
reference to the conceptual framework for financial reporting was updated. The amendments to IAS 16 require 
that proceeds from the sale of products that were already produced before the completion of a production 
plant are recognized as revenue rather than deducted from the acquisition and production costs of the plant. 
The amendments to IAS 37 clarify which costs are to be taken into account when the existence of an onerous 
contract is assessed. The amendments to IFRS 1 affect subsidiaries that prepare financial statements in 
accordance with IFRS for the first time. The amendments to IFRS 9 relate to the fees to be included in the "10%

Sartorius
Consolidated Financial Statements and Notes    Notes to the Financial Statements
175
 
 
Start
test" when assessing the derecognition of financial liabilities. The amendments to IAS 41 relate to the 
consideration of tax payments when measuring biological assets. The amendments to IFRS 16 concern an 
example of the standard and are intended to eliminate possible ambiguity regarding the accounting for 
incentives by the lessor. 
New Standards and Interpretations Not Yet Applied 
The following Standards, Interpretations, and Amendments to Standards were not yet applied to the 
consolidated financial statements of the reporting year, as they had not yet been adopted by the EU, or their 
application was not mandatory for 2022: 
Standard | Interpretation 
Title
Applicable 
for financial 
years from 1
Endorsement 
by the 
EU Commission
Amendments to IAS 8 
Definition of Accounting Estimates
January 1, 2023
Yes
Amendments to IAS 1 and IFRS 
Practice Statement 2 
Disclosure of Accounting Policies
January 1, 2023
Yes
Amendments to IAS 12 
Deferred Tax related to Assets and Liabilities arising 
from a Single Transaction
January 1, 2023
Yes
IFRS 17 
Insurance Contracts
January 1, 2023
Yes
Amendments to IFRS 17 
Initial Application of IFRS 17 and IFRS 9 – 
Comparative Information
January 1, 2023
Yes
Amendments to IAS 1 
Classification of Liabilities as Current or Non-Current,
Classification of Liabilities as Current or Non-Current 
- Deferral of Effective Date,
Non-current Liabilities with Covenants
January 1, 2024
No
Amendments to IFRS 16 
Lease Liability in a Sale and Leaseback
January 1, 2024
No
Amendments to IFRS 10 and IAS 28 
Sale or Contribution of Assets between an Investor 
and its Associate or Joint Venture
n/a
No
1 Mandatory application according to EU endorsement or the Standards. The Group does not plan to apply any Standard early. 
To date, the Group does not expect the changes to have a material impact on its consolidated financial 
statements. 
3. Significant Accounting Policies 
Significant accounting policies are described in the notes in which the respective positions of the consolidated 
financial statements are further explained if they relate to specific positions. Significant general accounting 
policies are described below. 
Basis of Preparation 
The consolidated financial statements of the Group are based on the principle of the historical cost of 
acquisition, construction, or production, with the exception of items measured at fair value, such as derivative 
financial instruments or financial liabilities resulting from contingent consideration agreements. 
Foreign Currency Translation 
Subsidiaries’ annual financial statements prepared in foreign currencies have been translated pursuant to 
IAS 21, The Effects of Changes in Foreign Exchange Rates, in accordance with the concept of functional 
currency. Foreign subsidiaries are regarded as independent subdivisions of the Sartorius Group. Items in the 
statement of financial position are generally translated at the exchange rates on the reporting date. An 
exception to this is the equity of consolidated subsidiaries, which is translated at historical cost. Income and 
expense items are converted at average rates. Any translation differences resulting from the use of different

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exchange rates for items in the statement of financial position and the statement of profit or loss are 
recognized in the other comprehensive income in shareholders’ equity. 
In the individual financial statements of the consolidated companies, transactions in foreign currencies are 
translated into the functional currency of the company at the exchange rate on the date of the transaction. 
Monetary assets and liabilities denominated in a foreign currency are translated at the closing rate on the 
reporting date. Gains and losses on foreign currency transactions are generally recognized in other operating 
income or expenses. By contrast, currency gains and losses in connection with financing activities, such as 
loans in a foreign currency, are recognized in the financial result. 
For certain defined loans granted on a long-term basis and for which repayment is neither planned nor 
probable, the Group applies the principle of “net investments in a foreign operation.” The foreign currency 
translation differences resulting from these loans are recognized in other comprehensive income according 
to IAS 21.32.  
The exchange rates for major currencies against the euro were applied as follows: 
  
Year-end exchange rates
Average annual exchange rates
  
2022
2021
2022
2021
USD 
1.06695
1.13245
1.05351
1.18270
GBP 
0.88584
0.83902
0.85265
0.85972
CHF 
0.98370
1.03336
1.00486
1.08106
JPY 
140.73000
130.36000
138.04150
129.87475
SGD 
1.43060
1.52820
1.45160
1.58913
KRW 
1,344.77000
1,347.69000
1,357.87961
1,353.74171
CNY 
7.36960
7.18870
7.08120
7.62740
 
4. Critical Accounting Judgment and Accounting Estimates 
During the preparation of consolidated financial statements, management uses estimates and assumptions 
based on their best knowledge of the current situation, including expectations of future developments. 
However, actual results may differ from these estimates. Therefore, these estimates and assumptions are 
revised on a regular basis, and the impact of all changes is immediately recognized in the statement of profit 
or loss for the period. 
Management has observed that the general uncertainty inherent in accounting estimates and assumptions 
remains on a higher level than usual due to the ongoing Covid-19 pandemic crisis and, especially, due to the 
escalation of the conflict between Russia and Ukraine since February 2022. However, in fiscal 2022, the Group 
again achieved double-digit revenue growth. Despite the geopolitical developments, the Group did not 
experience severe difficulties on the supply side, and continuity of production operations has been secured. 
The biopharma industry, which is of particular importance to the Group, is largely independent of economic 
fluctuations. This was demonstrated once again in the reporting period and is especially valid for the 
Bioprocess Solutions Division, a total solutions provider for the biopharma industry, which continued to 
experience demand in connection with the production of coronavirus vaccines and Covid-19 therapeutics, 
although on a lower level in comparison with the prior year reporting period. The Lab Products & Services 
Division also achieved double-digit revenue growth in fiscal 2022. 
In addition, Group management exercises its judgment in defining the accounting treatment of specific 
transactions when the existing standards and interpretations do not explicitly treat the accounting problems 
concerned.

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Significant judgments and estimates are especially relevant to the business combinations described in Note 8 
and the contingent consideration liabilities recognized in connection with prior acquisitions; the values may 
vary due to their complex subsequent accounting at fair value (see Note 35). 
Other significant judgments and estimates are described in the notes, which provide explanations to the 
positions of the consolidated financial statements if they relate to specific positions. The general assumptions 
and estimates primarily concern the following topics: 
Impact of Conflict between Russia and Ukraine 
In February 2022, the conflict between Russia and Ukraine escalated, and this conflict is still ongoing. The 
European nations and the Western world condemn this war. Since the beginning of the war, the EU and the 
US have imposed sanctions on Russia that restrict reciprocal trade. The war has also caused distortions in 
markets, especially markets for energy and raw materials, the prices of which have increased significantly in 
2022. Furthermore, the transportation and logistics sector is seriously affected by the consequences of the 
conflict. 
The Group currently employs some 130 employees in Russia. No employees are located in Belarus or Ukraine. 
Since the beginning of the war, Sartorius has suspended all business activities in Russia that are not related to 
humanitarian medical products. This is done in compliance with the sanctions in force and in line with the 
practice of other companies in the pharmaceutical and health sector. The Group’s sales revenue in Russia 
decreased as a result of the unexpected developments and was significantly below prior-year level in 2022. 
The extent of the future mid-term impact depends on further geopolitical developments and is currently not 
readily quantifiable. However, it needs to be emphasized that the Group’s business in Russia, Belarus and 
Ukraine was already not of a critical size in relation to the Group before the escalation of the conflict, as it 
accounted for only a good 2% of total sales in 2021. Furthermore, no critical suppliers are located in Russia, 
Belarus, or Ukraine. The Group is therefore primarily affected by the indirect consequences of the conflict, for 
example, increasing energy prices and the impact on the worldwide transportation and logistics sector. The 
Group is monitoring these indirect consequences and currently assumes that it will be able to maintain its 
profitability at the current level through appropriate countermeasures, such as price increases. 
The Group does not own material non-current assets in Russia, Belarus, or Ukraine. The default risks in relation 
to trade receivables in Russia are limited due to the immaterial volume of trade receivables on the reporting 
date. Cash held in Russia of a single-digit-million euro value is currently subject to restrictions regarding its use 
outside Russia. In particular, distributions of cash are currently impossible. 
To date, the direct and indirect consequences of the conflict between Russia and Ukraine have not led to 
changes in the material accounting estimates and assumptions and are not affecting the consolidated 
financial statements, apart from the lower business volume. In particular, no indications of impairment of non-
current assets were identified as of December 31, 2022. 
Impairment of Assets 
The carrying amounts of property, plant, and equipment (see Notes 16 and 17) and intangible assets including 
goodwill (Note 15) are examined to determine whether there is any indication that an asset might be impaired, 
pursuant to IAS 36, Impairment of Assets. If there is any indication that an asset is impaired, the recoverable 
amount of the asset is estimated. The recoverable amount of an asset or cash-generating unit is the higher of 
its fair value – less costs of disposal – and its value in use. If the individual asset’s recoverable amount cannot 
be estimated, the recoverable amount of the asset’s cash-generating unit (CGU) is estimated. 
The calculation of the value in use is generally based on discounted cash flow methods, which use cash flow 
projections of up to five years. These projections take into account past experience and represent 
management's best estimate about future sales revenue and cost developments. Cash flows after the 
planning period are extrapolated using individual growth rates. Key assumptions on which management has

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
178
 
 
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based its determination of the value in use include estimated growth rates, weighted average cost of capital, 
and tax rates. These estimates can have a material impact on the respective values and ultimately on the 
amount of any impairment. 
Fair Value Measurement 
A number of the Group’s accounting policies and disclosures require the measurement of fair values for both 
financial and non-financial assets and liabilities, including Level 3 fair values. 
If third-party information, such as broker quotes or pricing services, is used to measure fair values, then 
management assesses the evidence obtained from the third parties to support the conclusion that these 
valuations meet the requirements of IFRSs, including the level in the fair value hierarchy at which the valuations 
should be classified. 
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as 
possible. 
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value 
hierarchy, then the fair value measurement is categorized in its entirety at the same level of the fair value 
hierarchy as the lowest-level input that is significant to the entire measurement. 
Fair value measurement is especially relevant to business combinations (Note 8), financial instruments 
(Note 35), and share-based payments (Note 42). 
Climate-related matters 
Sustainability is one of the core values of the Group. Accordingly, the Group has announced long-term plans 
to reduce its CO2 emission intensity (for further details, see the Non-Financial Group Statement). The goal is 
predominantly to reduce actual emissions in relation to the Group’s sales revenues. No compensation 
payments are planned to date. The future costs for the reduction measures are considered in the financial 
forecasts of the management and are therefore also considered in valuations made for financial reporting 
purposes. To date, the assets and liabilities of the Group are not affected. 
5. Operating Segments 
According to IFRS 8, Operating Segments, the identification of reportable operating segments is based on the 
“management approach”; i.e., the segments are defined in accordance with the internal control and reporting 
structure of an entity. Therefore, an area of activity is to be considered an operating segment if its business 
activities may result in revenues and expenses, its operating results are regularly reviewed by the entity’s chief 
operating decision maker (= the Executive Board of Sartorius AG) for the purposes of performance 
management and resource allocation, and discrete financial information is available in its internal reporting. 
Consequently, the divisions Bioprocess Solutions (BPS) and Lab Products & Services (LPS) are considered 
operating segments. Essential criteria for their definition are the products sold in the divisions. 
“Underlying EBITDA” is the key performance indicator of the operating segments of the Group, as 
management uses this performance measure to control the Group and segments. EBITDA corresponds to 
earnings before interest (financial result), taxes, depreciation, and amortization. “Underlying EBITDA” is an 
operating result adjusted for extraordinary items. Extraordinary items are expenses and income in connection 
with acquisitions, structural measures (e.g., restructuring activities, large Group projects), and other income 
and expenses that distort the sustainable profitability of a segment, such as gains or losses from the disposal 
of fixed assets and investments.

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
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“Underlying EBITDA” is not a defined performance measure in IFRSs. The Group’s definition of underlying 
EBITDA may not be comparable with similarly titled performance measures and disclosures by other entities. 
Apart from that, the recognition and measurement methods for the reportable segments conform to the 
general Group accounting principles. 
For intersegment transactions, internal transfer prices are set at prices corresponding to those that would have 
been agreed with external third parties in the particular situation and under the given framework conditions. 
Essentially, these prices are calculated by applying the cost-plus method and the resale price method or a 
combination of the two methods. The methods for determining the internal transfer prices are documented 
promptly and updated continuously. The volume of such intersegment transactions is immaterial. 
Segment assets and segment liabilities are not reported to the Executive Board as chief operating decision 
maker on a regular basis and are therefore not part of the segment report. 
  
Sales revenue
Underlying EBITDA
In millions of € 
2022
2021
2022
2021
Bioprocess Solutions 
3,326.5
2,727.0
1,188.4
986.3
Lab Products & Services 
848.2
722.2
222.0
188.8
Total 
4,174.7
3,449.2
1,410.4
1,175.0
Reconciliation to the profit before tax 
 
 
 
 
Depreciation and amortization (excl. extraordinary 
items) 
 
 
– 285.3
– 231.1
Extraordinary items 
 
 
– 60.4
– 40.7
Earnings before interest and taxes (EBIT) 
 
 
1,064.8
903.2
Financial result 
 
 
116.9
– 234.7
Profit before tax 
 
 
1,181.7
668.4
 
  
Depreciation and amortization
In millions of € 
2022
2021
Bioprocess Solutions 
– 191.0
– 150.6
Lab Products & Services 
– 96.1
– 80.6
Total 
– 287.1
– 231.2
 
Extraordinary items are as follows: 
  
Extraordinary items
In millions of € 
2022
2021
M&A projects | Integration costs 
– 16.1
– 22.5
Structuring measures 
– 29.6
– 10.4
Other 
– 14.7
– 7.8
Total 
– 60.4
– 40.7

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
180
 
 
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Geographical Information 
External revenue and non-current assets are regionally distributed as follows: 
  
Sales revenue
Non-current assets
In millions of € 
2022
2021
2022
2021
EMEA 
1,550.6
1,411.0
3,313.4
2,531.5
Of which Germany 
350.5
318.0
1,369.6
1,176.6
Of which France 
144.7
125.7
511.5
432.8
Americas 
1,543.8
1,141.2
1,280.3
1,141.8
Of which USA 
1,442.0
1,061.7
1,277.8
1,139.3
Asia | Pacific 
1,080.3
897.0
123.1
90.2
Of which China 
470.6
378.7
58.2
45.3
Of which South Korea 
197.5
161.9
25.2
15.9
Group 
4,174.7
3,449.2
4,716.8
3,763.5
 
The regional allocation of non-current assets refers to the particular company location; sales revenue is 
reported according to the customers’ location. The non-current assets correspond to property, plant and 
equipment as well as to intangible assets (including goodwill). 
In fiscal 2022 and the prior year, none of our customers accounted for more than 5% of sales revenue. 
6. Statement of Cash Flows 
The statement of cash flows shows the impact of cash inflows and outflows on the cash and cash equivalents 
of the Group. The cash flows are classified by operating, investing, and financing activities according to IAS 7, 
Statement of Cash Flows. 
In this context, cash and cash equivalents are assets that can be converted into cash in the short term 
(generally within three months). The amount disclosed in the statement of cash flows primarily includes cash 
on hand, bank balances, and similar items; it equals the amount presented in the statement of financial 
position. 
The following non-cash transactions were concluded that are not presented in the statement of cash flows: 
 Additions to non-current assets related to leases according to IFRS 16 are presented in Note 17. 
 The expenses incurred by granting shares to the CEO and Executive Board Chairman totaled 
€1.3 million in 2022 and €1.3 million in 2021. 
 In fiscal 2022, the first tranche of the contingent consideration in connection with the 
acquisition of BIA Separations was settled in shares of Sartorius Stedim Biotech S.A. At the 
settlement date, the value of the obligation amounted to €68.1 million. For further details about 
this contingent consideration, see Note 35. 
 In connection with the acquisition of ALS Automated Lab Solutions GmbH, the holders of the 
non-controlling interest were granted the right to sell their remaining shares to the Group. 
Therefore, a financial liability of €30.9 million was recognized at the acquisition date (see 
Note 8).

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
181
 
 
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Financial liabilities resulting from financing activities changed as follows: 
  
Balance at
Dec. 31, 2020
in millions of €
Cash flows
Currency effects
Other non-cash 
changes
Balance at
Dec. 31, 2021
in millions of €
Loans and borrowings 
2,001.8
– 51.0
0.0
9.6
1,960.4
Lease liabilities 
85.6
– 23.7
3.9
49.3
115.0
Liabilities for the acquisition of 
non-controlling interests 
41.5
0.0
0.0
176.5
218.0
Contingent considerations 
0.7
0.0
0.1
3.8
4.6
Total financial liabilities from 
financing activities 
2,129.6
– 74.7
4.1
239.1
2,298.1
 
  
Balance at
Dec. 31, 2021
in millions of €
Cash flows
Currency effects
Other non-cash 
changes
Balance at
Dec. 31, 2022
in millions of €
Loans and borrowings 
1,960.4
434.7
0.0
2.5
2,397.6
Lease liabilities 
115.0
– 29.9
0.3
58.1
143.6
Liabilities for the acquisition of 
non-controlling interests 
218.0
– 39.1
0.0
21.5
200.4
Contingent considerations 
4.6
0.0
0.2
– 0.6
4.1
Total financial liabilities from 
financing activities 
2,298.1
365.8
0.5
81.4
2,745.7
 
7. Scope of Consolidation 
Scope of Consolidated Financial Statements 
The consolidated financial statements of Sartorius AG include the annual financial statements of all major 
companies controlled directly or indirectly via its subsidiaries by Sartorius AG. Under IFRS 10, Consolidated 
Financial Statements, control exists if the following criteria are met: 
 Power, i.e., an investor must have existing rights that give it the current ability to direct the 
relevant activities of an investee that affect the latter's returns; 
 Exposure, or rights, to variable returns from the involvement with an investee; 
 Ability to use power in a way that significantly affects the investor’s returns from the investee. 
Such investees are included in the consolidated financial statements from the time when Sartorius AG or its 
subsidiaries acquire such control. They are no longer included as of the time control is lost, e.g., due to a sale 
to an entity outside the Group. 
Subsidiaries are included on the basis of their annual financial statements for the same reporting period as the 
parent company, using uniform Group-wide accounting policies. 
All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between 
members of the Group are eliminated in full on consolidation.

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
182
 
 
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Ownership
in %
Consolidated
Sartorius AG, Göttingen, Germany 
Parent company
X
Sartorius Stedim Biotech S.A., Aubagne, France, along with its subsidiaries: 
73.6
X
EMEA 
 
 
Sartorius Stedim Belgium SA, Woluwe-Saint-Lambert, Belgium 
100.0
X
Sartorius Xell GmbH, Schloß Holte-Stukenbrock, Germany 
100.0
X
Sartorius Stedim Biotech GmbH, Göttingen, Germany 
100.0
X
Sartorius Stedim Plastics GmbH, Göttingen, Germany 
100.0
X
Sartorius Stedim North America Holding GmbH, Göttingen, Germany 
100.0
X
Sartorius Stedim Systems GmbH, Guxhagen, Germany 
100.0
X
Sartorius CellGenix GmbH, Fribourg i. B., Germany 
51.0
X
Metreon Bioproducts GmbH, Fribourg i. B., Germany 
100.0
 
Sartorius Stedim Cellca GmbH, Ulm, Germany 
100.0
X
Sartorius Stedim Nordic Oy, Helsinki, Finland 
100.0
X
Sartorius Stedim FMT S.A.S., Aubagne, France 
100.0
X
Sartorius Stedim France S.A.S., Aubagne, France 
100.0
X
Sartorius Stedim Chromatography Resins S.A.S., Cergy, France 
100.0
X
Sartorius Stedim Aseptics S.A.S., Lourdes, France 
100.0
X
Sartorius Chromatography Equipment S.A.S., Pompey, France 
100.0
X
Sartorius Stedim Ireland Ltd., Dublin, Ireland 
100.0
X
Biological Industries Israel Beit Haemek Ltd., Kibbutz Beit Haemek, Israel 
100.0
X
Sartorius Stedim Italy S.p.A., Florence, Italy 
100.0
X
Sartorius Stedim Netherlands B.V., Amersfoort, Netherlands 
100.0
X
Sartorius Stedim Austria GmbH, Vienna, Austria 
100.0
X
Sartorius Stedim Poland Sp. z o.o., Kostrzyn, Poland  
100.0
X
LLC Sartorius Stedim RUS, St. Petersburg, Russia 
100.0
X
Sartorius Stedim Data Analytics AB, Umeå, Sweden 
100.0
X
Sartorius Stedim Switzerland AG, Tagelswangen, Switzerland 
100.0
X
Sartorius BIA Separations, separacijske tehnologije, d.o.o., Ajdovščina, Slovenia 
100.0
X
Sartorius Stedim Spain S.A., Madrid, Spain 
100.0
X
Sartorius Stedim Bioprocess S.A.R.L., M'Hamdia, Tunisia 
100.0
X
Sartorius Stedim Hungária Kft., Budapest, Hungary 
100.0
X
Sartorius Stedim BioOutsource Ltd., Glasgow, UK 
100.0
X
Sartorius Stedim UK Ltd., Epsom, UK 
100.0
X
Sartorius Stedim Lab Ltd., Stonehouse, UK 
100.0
X
Sartorius Stedim Chromatography Systems Ltd., Royston, UK 
100.0
X
TAP Biosystems Group Ltd., Royston, UK 
100.0
X
The Automation Partnership (Cambridge) Ltd., Royston, UK 
100.0
X
Albumedix Ltd., Nottingham, UK 
100.0
X
Americas 
 
 
Sartorius Stedim Filters Inc., Yauco, Puerto Rico 
100.0
X
CellGenix Inc., Wilmington, Delaware, USA 
100.0
 
WaterSep BioSeparations LLC, Boston, Massachusetts, USA 
100.0
X
Sartorius Stedim North America Inc., Dova, Delaware, USA 
100.0
X
Asia | Pacific 
 
 
Sartorius Stedim Australia Pty. Ltd., Dandenong South, Victoria, Australia 
100.0
X

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
183
 
 
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Sartorius Stedim Biotech (Beijing) Co. Ltd., Beijing, China 
100.0
X
Sartorius Stedim (Shanghai) Trading Co. Ltd., Shanghai, China 
100.0
X
Biological Industries Hong Kong Ltd., Kowloon, Hong Kong 
100.0
X
Sartorius Stedim India Pvt. Ltd., Bangalore, India 
100.0
X
Sartorius Stedim Japan K.K., Tokyo, Japan 
100.0
X
Sartorius Stedim Malaysia Sdn. Bhd., Kuala Lumpur, Malaysia 
100.0
X
Sartorius Stedim Singapore Pte. Ltd., Singapore, Singapore 
100.0
X
Sartorius Korea Biotech LLC, Seoul, South Korea 
69.0
X
Sartorius Korea Operations LLC, Seoul, South Korea 
100.0
X
Sartorius Stedim Taiwan Inc., New Taipei City, Taiwan 
100.0
X
EMEA 
 
 
Sartorius Belgium SA, Woluwe-Saint-Lambert, Belgium 
100.0
X
Sartorius Weighing Technology GmbH, Göttingen, Germany 
100.0
X
Sartorius Corporate Administration GmbH, Göttingen, Germany 
100.0
X
SI Weende-Verwaltungs-GmbH, Göttingen, Germany 
100.0
X
SIV Weende GmbH & Co. KG, Göttingen, Germany 
100.0
X
SI Grone 1 -Verwaltungs-GmbH, Göttingen, Germany 
100.0
X
SIV Grone 1 GmbH & Co. KG, Göttingen, Germany 
100.0
X
SIV Grone 2 GmbH, Göttingen, Germany 
100.0
X
SWT Treuhand GmbH, Göttingen, Germany 
100.0
X
Sartorius Ventures GmbH, Göttingen, Germany 
100.0
X
LabTwin GmbH, Berlin, Germany 
94.0
 
Life Science Factory gGmbH, Göttingen, Germany 
100.0
 
Life Science Factory Management GmbH, Göttingen, Germany 
100.0
 
Life Science Valley GmbH, Göttingen, Deutschland 
80.0
 
Sartorius Lab Holding GmbH, Göttingen, Germany 
100.0
X
Sartorius Lab Instruments GmbH & Co. KG, Göttingen, Germany 
100.0
X
ALS Automated Lab Solutions GmbH, Jena, Germany 
62.5
X
Sartorius Biohit Liquid Handling Oy, Helsinki, Finland 
100.0
X
Sartorius Nordic Oy, Helsinki, Finland 
100.0
X
Sartorius France S.A.S., Dourdan, France 
100.0
X
Sartorius Ireland Ltd., Dublin, Ireland 
100.0
X
Sartorius Israel Ltd., Kibbutz Beit Haemek, Israel 
100.0
X
Sartorius Italy S.r.l., Florence, Italy 
100.0
X
Sartorius Netherlands B.V., Amersfoort, Netherlands 
100.0
X
Sartorius Austria GmbH, Vienna, Austria 
100.0
X
Sartorius Poland Sp. z o.o., Kostrzyn, Poland   
100.0
X
LLC Sartogosm, St. Petersburg, Russia  
100.0
X
LLC Sartorius RUS, St. Petersburg, Russia 
100.0
X
Sartorius Spain S.A., Madrid, Spain 
100.0
X
Sartorius South Africa (Pty) Ltd., Midrand, South Africa 
100.0
X
Sartorius Hungária Kft., Budapest, Hungary 
100.0
X
Essen BioScience Ltd., Royston, UK 
100.0
X
Sartorius UK Ltd., Epsom, UK 
100.0
X
Americas 
 
 
Sartorius Argentina S.A., Buenos Aires, Argentina  
100.0
X
Sartorius do Brasil Ltda., São Paulo, Brazil  
100.0
X
Sartorius Canada Inc., Oakville, Canada 
100.0
X

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
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Sartorius de México S.A. de C.V.,  Tepotzotlán, Mexico 
100.0
X
Sartorius BioAnalytical Instruments Inc., Dover, Delaware, USA 
100.0
X
Sartorius North America Inc., Dover, Delaware, USA 
100.0
X
Sartorius Corporation, Dover, Delaware, Delaware, USA 
100.0
X
Asia | Pacific 
 
 
Sartorius Australia Pty. Ltd., Dandenong South, Victoria, Australia 
100.0
X
Sartorius Scientific Instruments (Beijing) Co. Ltd., Beijing, China 
100.0
X
Sartorius ForteBio (Shanghai) Co. Ltd., Shanghai, China 
100.0
X
Sartorius (Shanghai) Trading Co. Ltd., Shanghai, China 
100.0
X
Sartorius Hong Kong Ltd., Kowloon, Hong Kong 
100.0
X
Sartorius India Pvt. Ltd., Bangalore, India 
100.0
X
Sartorius Japan K.K., Tokyo, Japan 
100.0
X
Sartorius Malaysia Sdn. Bhd., Kuala Lumpur, Malaysia 
100.0
X
Sartorius Singapore Pte. Ltd., Singapore, Singapore 
100.0
X
Sartorius Korea LLC, Seoul, South Korea 
100.0
X
Sartorius (Thailand) Co. Ltd., Bangkok, Thailand 1 
32.7
X
Sartorius Vietnam Co. Ltd., Ho Chi Minh City, Vietnam 
100.0
X
1 Sartorius Thailand is included in the scope of consolidation due to contractual agreements (see also Note 22). 
The companies marked as “non-consolidated” in the above table were not included in the scope of 
consolidation because the figures were of minor importance for assessing the actual net worth, financial 
position, and profitability of the Sartorius Group. The sales revenue and total assets of the non-consolidated 
companies taken together account for less than 2% of the Group figures. All companies identified with an “X” 
are fully consolidated. 
The following companies were included in the scope of consolidation for the first time in fiscal 2022: 
 ALS Automated Lab Solutions GmbH, Jena, Germany 
 Novasep Equipment Solutions S.A.S., Pompey, France 
 Albumedix Ltd., Nottingham, United Kingdom 
Control over ALS Automated Lab Solutions GmbH was obtained on January 3, 2022 through a business 
combination. The entity Novasep Equipment Solutions S.A.S. was acquired on February 7, 2022 in the course 
of the acquisition of the chromatograph business from Novasep. The entity was renamed Sartorius 
Chromatography Equipment S.A.S. immediately after the acquisition. Albuemdix Ltd. was acquired on 
September 30, 2022 through a business combination, too. See Note 8 for details on these acquisitions. 
In the reporting period, the remaining 30% of the shares in Biological Israel Beit Haemek Ltd. were acquired 
from the owner of the non-controlling interest (see Note 22). 
In fiscal 2022, Essen Instruments Inc., Michigan, USA was merged with and into Sartorius BioAnalytical 
Instruments Inc., Delaware, USA. Furthermore, Essen BioScience K.K., Tokyo, Japan was liquidated in the 
reporting period. The names of the entities Sartorius Korea Biotech Co., Ltd. and Sartorius Korea Ltd. were 
changed in fiscal 2022 to Sartorius Korea Biotech LLC and Sartorius Korea LLC, respectively, in the course of 
changes in the legal form of the entities.

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
185
 
 
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For materiality reasons, the equity method was not applied to the investment in Distribo GmbH (ownership 
percentage: 26%). 
8. Business Combinations 
Business combinations are accounted for using the acquisition method. The identifiable assets acquired and 
liabilities assumed by the Group, as well as the consideration transferred are recognized at fair value at the 
acquisition date. Expenses directly related to business combinations are reported in profit or loss of the period. 
Accounting for acquisitions requires certain estimates and assumptions to be made, especially about the fair 
value of the consideration transferred, as well as the fair values of intangible assets and of the property, plant, 
and equipment acquired, liabilities assumed at the acquisition date, as well as the useful lives of intangible 
assets and property, plant, and equipment acquired. Their measurement is largely based on projected cash 
flows. Differences between the expected and actual cash flows may have a material impact on future Group 
results. 
For significant acquisitions, purchase price allocation is generally carried out with the assistance of 
independent third-party valuation specialists. The valuations are based on the information available at the 
acquisition date. 
If there is a non-controlling interest in an acquiree subsequent to an acquisition, and the Group is committed 
to acquiring this remaining interest in the future on the basis of written put options, the Group assesses 
whether substantially all of the risks and rewards of ownership of this interest had been transferred to the 
Group by the acquisition date. In case material risks and rewards remain with the non-controlling shareholders, 
the Group decided to continue to present the non-controlling interest in the acquiree. The liability that needs 
to be recognized for such obligations is recognized against retained earnings at the acquisition date. The 
Group decided to recognize any changes in connection with the subsequent accounting directly in equity. 
Acquisition ALS Automated Lab Solutions 
On January 3, 2022, the Group acquired the majority of shares and voting rights in ALS Automated Lab 
Solutions GmbH, thereby strengthening its bioanalytics portfolio of the LPS Division with an additional 
complementary element. This laboratory technology company based in Jena, Germany, develops, 
manufactures, and markets solutions for the automated analysis, selection, and isolation of cells. With these 
solutions, ALS enables life science customers to significantly reduce time to result and cost in cell line 
development and antibody discovery. Other application areas are the development of cell and gene 
therapeutics as well as rare single-cell molecular diagnostics in cancer and prenatal research. The company 
employed some 30 employees as of the acquisition date.

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
186
 
 
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The purchase price allocation is as follows: 
In millions of € 
Final purchase 
price allocation
Other intangible assets 
19.2
Property, plant and equipment 
5.4
Inventories 
1.5
Trade receivables 
0.4
Other assets 
0.1
Cash and cash equivalents 
5.0
Deferred taxes - net 
– 7.1
Loans and borrowings 
– 2.5
Other liabilities 
– 2.7
Net assets acquired 
19.3
  
 
Purchase price 
25.6
Non-controlling interest 
7.3
Goodwill 
13.5
 
The purchase price for the acquired stake of 62.5% of ALS Automated Lab Solutions GmbH amounted to 
€25.6 million and was paid in cash. Expenses of €0.1 million directly attributable to the acquisition were already 
recognized as other expenses in profit or loss in 2021. Non-controlling interests are measured at their 
proportionate share of the net assets. 
The material intangible assets to be recognized separately relate to technologies with limited useful life 
(€18.1 million). Goodwill is attributable to synergies, e.g., from the integration of the acquired business into the 
sales and distribution network of the Group and the expansion of the bioanalytics portfolio of the Lab 
Products & Services Division, as well as intangible assets not recognizable separately, such as the know-how of 
the workforce acquired. Goodwill is not deductible for tax purposes. 
The parties agreed on put and call options according to which the acquisition of the remaining 37.5% of the 
shares is planned in 2026. The exercise price of the options depends on the future sales revenues of the 
acquired business. The significant risks and rewards in relation to the ownership of these shares are not yet 
transferred to the Group. For its obligation to purchase the remaining shares, the Group recognized a financial 
liability amounting to €30.9 million at the acquisition date. Subsequent to the acquisition, the liability is 
measured according to the effective interest rate method with changes directly recognized in equity. At the 
reporting date of December 31, 2022, the liability was measured at €31.5 million. Assuming 10% higher (lower) 
sales revenues in each of the remaining relevant years of the plan period would result in an increase in the 
liability to be reported at the reporting date of approximately €1.7 million (decrease of approximately 
€2.3 million). 
Acquisition of chromatography business of Novasep 
On February 7, 2022, the Group closed the acquisition of the Novasep chromatography division. As of the 
acquisition date, approximately 100 employees were taken on as part of the Group workforce. The majority of 
these currently work at the site in Pompey in northern France, with some in the USA, China, and India. The 
chromatography business acquired comprises batch and intensified chromatography systems, and primarily 
focuses on applications for smaller molecules, such as oligonucleotides, peptides, and insulin. It is 
complementary to the Group’s chromatography offering and will be integrated into the Bioprocess Solutions 
Division.

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
187
 
 
Start
The purchase price allocation is as follows: 
In millions of € 
Final purchase 
price allocation
Other intangible assets 
26.9
Property, plant and equipment 
1.0
Inventories 
7.5
Trade receivables 
12.0
Other assets 
0.8
Cash and cash equivalents 
8.1
Deferred taxes - net 
0.9
Trade payables and payments received for orders 
– 14.2
Other liabilities 
– 4.3
Net assets acquired 
38.6
  
 
Purchase price 
53.0
Goodwill 
14.4
 
The purchase price for the acquired chromatography business amounted to approx. €53.0 million and was 
paid in cash. Expenses directly attributable to the acquisition of €6.3 million were recognized in other expenses 
through profit or loss, mostly in prior years. The intangible assets relate mainly to technologies (€17.0 million) 
and customer relationships (€9.4 million) with limited useful lives. Goodwill is attributable to synergies, e.g., 
from the integration of the acquired business into the Bioprocess Solutions Division and the expansion of the 
product portfolio in the field of chromatography, as well as intangible assets not recognizable separately, such 
as the know-how of the acquired workforce. Goodwill is not deductible for tax purposes. 
Acquisition of Albumedix 
On September 30, 2022, the Group acquired 100% of the shares and voting rights in Albumedix Ltd. based in 
Nottingham, UK. The company founded in 1984 is a leader in the field of recombinant albumin-based 
solutions. Recombinant human albumin is an important component for the biopharmaceutical industry and is 
required for various applications, for example as an animal-free additive to cell culture media and for the 
stabilization of vaccines and viral therapies. The company employed some 120 employees as of the acquisition 
date.

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Consolidated Financial Statements and Notes    Notes to the Financial Statements
188
 
 
Start
The purchase price allocation is as follows: 
In millions of € 
Final purchase 
price allocation
Other intangible assets 
190.4
Property, plant and equipment 
30.0
Inventories 
12.1
Trade receivables 
4.4
Other assets 
3.0
Cash and cash equivalents 
7.8
Deferred taxes - net 
– 47.8
Employee benefits liabilities (short-term) 
– 18.6
Provisions 
– 3.2
Other liabilities 
– 8.1
Net assets acquired 
170.1
  
 
Purchase price 
460.3
Effective portion of hedge of purchase price 
18.1
Goodwill 
308.3
 
The purchase price amounting to approx. €460.3 million was paid in cash. The Group hedged the foreign 
currency exchange rate risk in relation to the purchase price denominated in GBP almost completely with a 
forward transaction executed on the acquisition date and designated the spot component of this forward and 
the purchase price up to an amount of 400 million GBP as a hedging relationship in accordance with IFRS 9. 
Accordingly, the value change of the spot component (approx. - €18.1 million) recognized in other 
comprehensive income was removed from equity and included in the consideration transferred in the course 
of the business combination on the acquisition date. The value change of the forward component was 
recognized within the financial result in profit or loss (€1.1 million). The directly attributable acquisition-related 
costs totaled €3.7 million and were recognized in other expenses. 
The intangible assets recognized separately are related to technologies (€148.7 million) with useful lives of up 
to 16 years, customer relationships (€36.5 million), and brands (€5.1 million) with limited useful lives. The 
resulting goodwill reflects synergies, e.g., those realized by the acquiree's access to the Group's global sales 
and distribution network and the combination of the acquired business with the Group’s existing 
competencies and capacities in the field of Advanced Therapies (esp. with the cell culture media business), 
the expansion of the product offering of the Bioprocess Solutions Division, and intangible assets that are not 
recognizable separately, such as the know-how of the acquired workforce. Goodwill is not deductible for tax 
purposes. 
Effects of the Acquisitions on the Group’s Sales Revenue and Net Result in 2022 
Since their first-time consolidation, the companies acquired in 2022 contributed sales revenue of €6.2 million 
(ALS), €30.3 million (chromatography business of Novasep), and €10.3 million (Albumedix) to the sales of the 
Group. Excluding one-time items from the purchase price allocations, the impact on the Group’s net result is 
immaterial. If the acquisitions closed in the reporting period had all taken place as of January 1, 2022, sales 
revenue of the Group for 2022 would have amounted to around €4,199.4 million. The impact on the Group’s 
net result would have been immaterial.

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Consolidated Financial Statements and Notes    Notes to the Statement of Profit or Loss
189
 
 
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Notes to the Statement of Profit or Loss 
9. Sales Revenue 
Revenue is recognized according to IFRS 15, Revenue from Contracts with Customers. Revenue is 
disaggregated into the categories of “nature of products” and “geographical regions” as shown in the following 
table. The categorization by “nature of products” corresponds to the reportable segments, as the identification 
of the reportable segments is based in particular on the different products sold. Regional disaggregation of 
revenue is based on the customers’ location. 
  
2022
2021
In millions of € 
Group
Bioprocess 
Solutions
Lab 
Products &
Services
Group
Bioprocess 
Solutions
Lab 
Products &
Services
Sales revenue 
4,174.7
3,326.5
848.2
3,449.2
2,727.0
722.2
EMEA 
1,550.6
1,260.5
290.1
1,411.0
1,130.5
280.5
Americas 
1,543.8
1,240.8
303.0
1,141.2
913.1
228.2
Asia | Pacific 
1,080.3
825.2
255.1
897.0
683.5
213.5
 
The Group produces and sells instruments and consumables as well as related services in its two segments 
BPS and LPS. The Group satisfies its performance obligations depending on the goods to be transferred and 
the services promised. Most of the revenues from the sale of products are recognized at the point in time 
where the customer obtains control over the goods. Typically, this is when the significant risks and rewards of 
ownership of the goods are transferred to the customer. Therefore, the point in time may vary depending on 
the agreement with the individual customer. 
For complex products that require installation at the customer’s site, revenue is recognized upon formal 
customer acceptance. To a low extent, revenue is recognized over time in the customer-specific project 
business. In these cases, revenue is recognized according to project progress, which is measured based on the 
percentage of costs to date compared to total estimated contract costs. The amount of actual costs incurred 
to date appropriately reflects the progress and the transfer of control to the customer, as the Group has a right 
to reimbursement of costs to date plus an appropriate margin if the project is cancelled by the customer 
without cause. Revenue from services is generally recognized when the services are performed or have been 
performed. If the services are performed continuously over a period of time, the Group recognizes the related 
revenue over time. In this case, revenue is generally recognized pro rata in relation to the total contract period. 
Product sales are typically accompanied by the legally required warranty. Any material extended warranties 
are accounted for as separate performance obligations. 
According to the general payment terms, customer payments are due in the short term, typically within 30 to 
60 days. To some extent, the Group obtains advance payments, e.g., to avoid credit risks. Therefore, the Group 
regularly has contract liabilities (payments received on account of orders). In addition, the Group recognizes 
contract liabilities in connection with service contracts (deferred revenues) when customers pay in advance. 
The contracts typically do not contain significant financing components. The Group uses the practical 
expedient provided by IFRS 15 regarding the existence of a significant financing component. This means that 
a financing component is only taken into consideration when the length of time between the transfer of goods 
or services and the receipt of consideration is expected to exceed one year and the effect is material.

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Consolidated Financial Statements and Notes    Notes to the Statement of Profit or Loss
190
 
 
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The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied 
(or partially unsatisfied) at the end of the reporting period amounted to €1,998.3 million (2021: 
€2,057.7 million). The Group expects that these unsatisfied performance obligations will, for the most part, be 
satisfied in 2023. 
There were no extraordinary changes in the carrying amounts of the contract liabilities and contract assets in 
the reporting period. Revenue in the amount of €249.1 million was recognized in the reporting period that was 
included in the contract liability balance at the beginning of the reporting period (2021: €134.0 million). 
The balances of trade receivables and contract assets are presented in Note 29. For details on the impairment 
losses on trade receivables and contract assets recognized in the reporting period, see Note 40. The following 
table shows the balances of the Group’s contract liabilities. 
In millions of € 
Line item in statement of financial 
position
Carrying amount 
Dec. 31, 2022
Carrying amount 
Dec. 31, 2021
Deferred revenue 
Other liabilities
76.5
73.9
Payments received on account of orders 
Trade payables
247.1
232.0
Total contract liabilities 
 
323.5
306.0
 
10. Functional Costs 
The statement of profit or loss is prepared according to the function of expense method, also known as “cost 
of sales.” The expenses are allocated to the respective functional areas of production, sales and distribution, 
research and development, as well as to general administration. 
Expenses relating to cross-functional initiatives or projects are assigned to the respective functional costs 
based on an appropriate allocation principle. 
The “Cost of sales” item includes the cost of products sold and the cost of merchandise sold. In addition to 
directly attributable expenses, such as raw materials and supplies, employee benefits expenses, and energy 
expenses, cost of sales also includes overheads that can be attributed to the manufacturing area, and the 
corresponding depreciation and amortization. 
The selling and distribution expenses relate in particular to the costs of the sales organization, distribution, and 
marketing. 
Research and development expenses comprise the cost of research and product and process development, 
provided they are not capitalized. 
The “General administrative expenses” item primarily comprises employee benefits expense and the cost of 
materials of the general administrative area. 
All profit and loss items that cannot be allocated to one of the functional areas mentioned are recognized as 
other operating income and expenses. These essentially include effects from currency translation, disposal of 
non-current assets, allowances on trade receivables, and extraordinary income and expenses. Income from 
grants related to expenses is recognized as other income when there is reasonable assurance that the 
conditions associated with the grants will be complied with and the grants will be received.

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Consolidated Financial Statements and Notes    Notes to the Statement of Profit or Loss
191
 
 
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The total expenses incurred by the functional areas for materials and employee benefits are as follows: 
Raw Materials and Supplies 
 
 
In millions of € 
2022
2021
Expenses for raw materials and supplies and for purchased goods (incl. changes in 
inventories) 
774.7
620.3
Cost of purchased services 
294.9
236.9
  
1,069.7
857.2
 
Employee benefits can be broken down as follows: 
Employee Benefits 
 
 
In millions of € 
2022
2021
Wages and salaries 
912.3
789.5
Social security 
198.2
158.3
Expenses for retirement benefits and pensions 
23.4
17.7
  
1,133.9
965.5
 
11. Other Operating Income and Expenses 
In millions of € 
2022
2021
Currency translation gains 
74.4
45.9
Income from the decrease in allowances for bad debts 
6.2
5.3
Income from grants 
3.9
1.7
Other income 
9.8
6.4
Other operating income 
94.3
59.3
Extraordinary expenses 
– 60.4
– 40.7
Currency translation losses 
– 125.4
– 35.3
Allowances for bad debts 
– 7.6
– 4.7
Other expenses 
– 25.8
– 28.6
Other operating expenses 
– 219.1
– 109.4
  
 
 
Other operating income and expenses 
– 124.8
– 50.2
 
The item reported as income from grants discloses the grants for expenses (essentially related to research and 
development projects), which are recognized as income as soon as there are sufficiently reliable indications 
that the necessary prerequisites have been met. 
For details about the extraordinary expenses see Note 5. 
In 2022, currency translation gains include €50.3 million (2021: - €6.5 million) from the reclassification of 
amounts in relation to hedging relationships that had previously been recognized in equity (see Note 37).

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Consolidated Financial Statements and Notes    Notes to the Statement of Profit or Loss
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12. Financial Result 
In millions of € 
2022
2021
Interest and similar income 
1.0
0.4
Income from derivative financial instruments 
5.3
6.1
Income from valuation of contingent considerations and similar agreements 
148.9
0.0
Other financial income 
42.9
22.8
Financial income 
198.2
29.3
Interest and similar expenses 
– 34.5
– 26.6
Expenses for derivative financial instruments 
– 12.5
– 5.9
Interest for pensions and other retirement benefits 
– 0.7
– 0.4
Expenses from valuation of contingent considerations and similar agreements 
– 0.3
– 212.3
Other financial charges 
– 33.4
– 19.0
Financial expenses 
– 81.3
– 264.0
  
 
 
Financial result 
116.9
– 234.7
 
Other financial expenses and income include the effects of compound interest and the measurement of loans 
and other financial liabilities denominated in foreign currencies. The income from the valuation of contingent 
considerations results to the extent of €148.0 million from the remeasurement of the contingent consideration 
in connection with the acquisition of BIA Separations (prior year: - €207.7 million). See Note 35 for details 
about this liability. 
13. Income Taxes 
In millions of € 
2022
2021
Current income taxes 
– 278.1
– 260.9
Deferred taxes 
9.5
19.4
   Of which from tax losses 
– 7.2
– 1.7
   Of which from temporary differences 
16.7
21.1
  
– 268.6
– 241.4
 
Current income taxes are calculated based on the particular national taxable income for the year, as well as 
according to national tax regulations. In addition, current taxes may contain adjusted amounts to cover any tax 
payments or refunds for years not yet assessed.  
The following table explains the differences between the tax expense expected and the income tax expenses 
reported for the particular fiscal year. The expected tax rate is determined based on a weighted average tax 
rate applied to the pre-tax income of the Group.

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Consolidated Financial Statements and Notes    Notes to the Statement of Profit or Loss
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In millions of € 
2022
2021
Expected tax rate 
25.7%
22.7%
Expected tax expense  
– 304.1
– 152.0
Effects from intragroup dividends and other non-deductible expenses 
– 11.4
– 75.1
Tax-free income and tax credits 
58.6
5.7
Deductible temporary differences and tax losses not capitalized 
– 7.0
– 3.2
Taxes from previous years 
 
 
    thereof deferred taxes 
– 7.8
– 14.1
    thereof current taxes 
6.2
1.9
Withholding and other income taxes with different tax base 
– 2.6
– 3.9
Other 
– 0.6
– 0.8
Income taxes 
– 268.6
– 241.4
Effective tax rate 
22.7%
36.1%
 
The decrease in the effective tax rate is particularly due to the effect from the remeasurement of the 
contingent consideration in connection with the acquisition of BIA Separations (see Notes 12 and 35). The 
corresponding income is not taxable and, therefore, results in a decrease in the tax rate in relation to the 
profit before tax reported in these consolidated financial statements. 
14. Earnings per Share 
IAS 33, Earnings per Share, requires earnings per share to be calculated separately for each class of share. The 
undiluted earnings per share (basic EPS) are calculated based on the number of shares outstanding during 
the period. Treasury shares are not included in the calculation of the average number of shares outstanding. 
  
2022
2021
Ordinary shares 
 
 
Basis for calculating basic earnings per ordinary share 
(net profit after non-controlling interest), in millions of € 
339.0
159.4
Weighted average number of shares outstanding 
34,226,009
34,226,009
Basic earnings per ordinary share in € 
9.91
4.66
Weighted average number of shares outstanding for calculating the diluted earnings per 
share 
34,226,009
34,226,009
Diluted earnings per ordinary share, in € 
9.91
4.66
Preference shares 
 
 
Basis for calculating basic earnings per preference share  
(net profit after non-controlling interest), in millions of € 
339.0
159.5
Weighted average number of shares outstanding 
34,189,853
34,189,853
Basic earnings per preference share in € 
9.92
4.67
Weighted average number of shares outstanding for calculating the diluted earnings per 
share 
34,189,853
34,189,853
Diluted earnings per preference share, in € 
9.92
4.67

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
194
 
 
Start
Notes to the Statement of 
Financial Position 
15. Goodwill and Intangible Assets 
Goodwill 
 
In millions of € 
Goodwill
Gross book values at Jan. 1, 2021 
1,231.4
Currency translation 
45.4
Acquisitions through business combinations 
85.3
Gross book values at Dec. 31, 2021 
1,362.0
Impairment losses at Jan. 1, 2021 
0.0
Currency translation 
0.0
Impairment losses 2021 
0.0
Impairment losses at Dec. 31, 2021 
0.0
Net book values at Dec. 31, 2021 
1,362.0
  
 
Gross book values at Jan. 1, 2022 
1,362.0
Currency translation 
20.7
Acquisitions through business combinations 
336.2
Gross book values at Dec. 31, 2022 
1,718.9
Impairment losses at Jan. 1, 2022 
0.0
Currency translation 
0.0
Impairment losses 2022 
0.0
Impairment losses at Dec. 31, 2022 
0.0
Net book values at Dec. 31, 2022 
1,718.9
 
The additions in fiscal 2022 were attributable to the acquisitions of ALS Automated Lab Solutions GmbH, the 
Chromatography business of Novasep, and Albumedix Ltd. (see Note 8). The additions in the prior period were 
attributable to the acquisitions of CellGenix GmbH and Xell AG. 
Owing to the integration of our businesses in the Bioprocess Solutions and Lab Products & Services divisions 
and our respective positioning as a total solutions provider, goodwill is monitored at the level of these cash-
generating units and tested annually for impairment according to IAS 36 (impairment test). 
Thus, goodwill is allocated to the segments as follows: 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Bioprocess Solutions 
1,339.2
1,010.9
Lab Products & Services 
379.7
351.1
  
1,718.9
1,362.0
 
The impairment tests for fiscal 2022 were conducted as of November 30, as in prior periods. The calculations 
measure the recoverable amount on the basis of the value in use of the particular cash-generating unit. The 
cash flow forecasts consider previous experience and are generally based on the current projections of Group

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
195
 
 
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management for a period of four years. For the Bioprocess Solutions Division, calculations were based on an 
average terminal growth rate of 2.5% for the fiscal years after 2026. This terminal growth rate is derived from 
market expectations, which forecast medium-term growth rates in the high upper single-digit to double-digit 
range for the biopharmaceutical market targeted by the division. The major growth drivers will include the 
aging population, the increase in population, and improved access to pharmaceuticals in emerging-market 
countries, as well as the ongoing paradigm shift toward the utilization of single-use products in the 
manufacture of biopharmaceuticals. For the Lab Products & Services Division, a terminal growth rate of 1.5% 
was used for fiscal years after 2026. 
The discount rates of the cash-generating units correspond to their weighted average cost of capital (WACC) 
and were determined as follows: 
  
Before tax
2022
After tax
Before tax
2021
After tax
Bioprocess Solutions 
10.6%
8.4%
7.8%
6.3%
Lab Products & Services 
10.9%
8.3%
8.4%
6.4%
 
In fiscal 2022, these impairment tests did not result in the recognition of impairment losses. Even realistic 
changes in the basic assumptions on which measurement of value in use is based would not result in the 
carrying amount of the cash-generating units exceeding their value in use. 
Other Intangible Assets 
In millions of € 
Patents, 
licenses, 
technologies 
and similar 
rights
Brand names
Customer 
relationships
Capitalized
development 
costs
Payments on 
account
Total
Gross book values at Jan. 1, 2021 
807.1
50.1
334.2
234.1
0.2
1,425.7
Currency translation 
33.2
2.8
14.7
3.5
0.0
54.2
Acquisitions through business 
combinations 
89.6
5.2
35.2
0.0
0.0
130.1
Capital expenditures 
8.1
0.0
0.0
50.9
0.2
59.2
Disposals 
– 0.1
0.0
0.0
0.0
0.0
– 0.1
Transfers 
0.1
– 0.4
0.4
0.0
0.0
0.1
Gross book values at Dec. 31, 2021 
938.0
57.7
384.6
288.4
0.4
1,669.1
Amortization and impairment losses 
at Jan. 1, 2021 
– 170.8
– 10.5
– 152.4
– 100.2
0.0
– 433.9
Currency translation 
– 7.0
– 0.6
– 5.0
– 1.0
0.0
– 13.7
Amortization and impairment losses 
in 2021 
– 66.6
– 3.3
– 30.8
– 25.2
0.0
– 126.0
Disposals 
0.0
0.0
0.0
0.0
0.0
0.0
Transfers 
0.0
0.0
0.0
0.0
0.0
0.0
Amortization and impairment losses 
at Dec. 31, 2021 
– 244.4
– 14.4
– 188.3
– 126.4
0.0
– 573.5
Net book values at Dec. 31, 2021 
693.6
43.3
196.3
162.0
0.4
1,095.6

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In millions of € 
Patents, 
licenses, 
technologies 
and similar 
rights
Brand names
Customer 
relationships
Capitalized
development 
costs
Payments on 
account
Total
Gross book values at Jan. 1, 2022 
938.0
57.7
384.6
288.4
0.4
1,669.1
Currency translation 
17.1
1.7
1.8
– 0.8
0.0
19.9
Acquisitions through business 
combinations 
181.5
5.8
46.6
2.7
0.0
236.5
Capital expenditures 
3.1
0.0
0.3
81.7
0.3
85.4
Disposals 
– 12.8
– 0.6
– 6.5
– 2.3
– 0.1
– 22.3
Transfers 
0.2
0.0
0.0
0.0
– 0.2
0.0
Gross book values at Dec. 31, 2022 
1,127.1
64.7
426.7
369.6
0.5
1,988.7
Amortization and impairment losses 
at Jan. 1, 2022 
– 244.4
– 14.4
– 188.3
– 126.4
0.0
– 573.5
Currency translation 
– 3.8
– 0.4
0.0
0.3
0.0
– 3.9
Amortization and impairment losses 
in 2022 
– 81.8
– 3.2
– 31.8
– 33.8
0.0
– 150.6
Disposals 
12.8
0.6
6.5
2.5
0.0
22.4
Transfers 
0.0
0.0
0.0
0.0
0.0
0.0
Amortization and impairment losses 
at Dec. 31, 2022 
– 317.2
– 17.5
– 213.5
– 157.4
0.0
– 705.6
Net book values at Dec. 31, 2022 
809.9
47.2
213.2
212.2
0.5
1,283.1
 
Intangible assets acquired are reported at cost less accumulated, regular amortization calculated according 
to the straight-line method. The useful life of an intangible asset is the period over which this asset is expected 
to contribute directly or indirectly to the cash flows of the entity. 
Costs incurred within the scope of the development of new products and methods are capitalized as internally 
generated intangible assets only if the criteria according to IAS 38.57 are met. The capitalization of internally-
generated intangible assets includes a certain level of estimates and assumptions, e.g., the assessment of the 
technical feasibility of a development project, its expected market prospects, and the determination of useful 
lives. 
The capitalized development costs essentially cover the costs attributable to the staff involved in R&D, raw 
materials and supplies, external services, and directly attributable overheads. Internally-generated intangible 
assets are amortized over their useful lives on a straight-line basis. 
If an internally-generated intangible asset cannot be capitalized, the development costs are recognized as 
expenses in the period in which they are incurred. Costs for research activities are reported as expenses in the 
period in which they are incurred. 
Amortization of intangible assets is based on the following periods of useful life: 
Software 
2 to 10 years
Technologies 
3 to 20 years
Capitalized development expenses 
4 to 6 years
Customer relationship 
1 to 20 years
Brand name 
2 years to an indefinite period

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The brand name acquired in the Stedim transaction (carrying amount: €10.8 million) is considered to have an 
indefinite useful life as there is no foreseeable limit to the period over which it is expected to generate net cash 
inflows for the company. However, because of the integration of the “Stedim” brand into the name of the 
“Sartorius Stedim Biotech” sub-group and the name of that sub-group’s parent entity, the relevant cash flows 
cannot be measured separately. The recoverability of the brand name was considered at the next-higher level 
of the cash-generating unit (CGU), i.e., the Bioprocess Solutions Division. 
The useful lives of the remaining brand names acquired through business combinations are estimated at up 
to 20 years. 
Amortization of intangible assets is allocated to the corresponding functions in the statement of profit or loss. 
For capitalized development costs, amortization is reported in the cost of sales. 
In fiscal 2022, impairment losses of €9.9 million (thereof LPS: €6.0 million, BPS: €3.9 million) were recognized 
in relation to capitalized development costs (prior year: €0.9 million). 
16. Property, Plant and Equipment 
In millions of € 
Land, buildings 
and 
improvements
Technical 
machinery and 
equipment
Factory and office 
equipment and 
other equipment
Payments on account 
and construction in 
progress
Total
Gross book values at Jan. 1, 2021 
596.0
297.9
211.5
167.8
1,273.1
Currency translation 
12.7
8.4
2.7
5.1
29.0
Acquisitions through business 
combinations 
13.0
5.6
1.0
0.1
19.7
Capital expenditures 
45.5
44.2
35.0
222.4
347.1
Disposals 
– 0.4
– 5.3
– 5.3
0.0
– 11.1
Transfers 
55.2
17.1
3.2
– 75.6
– 0.1
Gross book values at Dec. 31, 2021 
722.0
367.9
248.1
319.8
1,657.7
Depreciation and impairment 
losses at Jan. 1, 2021 
– 111.0
– 145.9
– 126.4
0.0
– 383.3
Currency translation 
– 2.3
– 3.3
– 1.9
0.0
– 7.6
Amortization and impairment 
losses in 2021 
– 26.4
– 30.1
– 22.9
0.0
– 79.5
Disposals 
0.6
4.1
5.0
0.0
9.7
Transfers 
0.1
0.1
– 0.1
0.0
0.0
Depreciation and impairment 
losses at Dec. 31, 2021 
– 139.1
– 175.1
– 146.4
0.0
– 460.6
Net book values at Dec. 31, 2021 
582.9
192.8
101.7
319.8
1,196.9
Net book values of right-of-use 
assets at Dec. 31, 2021 
95.3
1.9
11.5
0.0
108.7
Total book values property, plant & 
equipment at Dec. 31, 2021 
678.2
194.7
113.2
319.8
1,305.8

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In millions of € 
Land, buildings 
and improvements
Technical 
machinery and 
equipment
Factory and office 
equipment and 
other equipment
Payments on account 
and construction in 
progress
Total
Gross book values at Jan. 1, 2022 
722.0
367.9
248.1
319.8
1,657.7
Currency translation 
2.4
1.0
– 0.7
3.0
5.7
Acquisitions through business 
combinations 
10.7
17.4
1.0
3.7
32.8
Capital expenditures 
45.5
45.6
47.7
312.1
450.9
Disposals 
– 1.6
– 10.1
– 33.1
– 0.1
– 44.9
Transfers 
56.9
46.2
14.4
– 115.5
2.0
Gross book values at Dec. 31, 2022 
835.9
468.0
277.5
522.9
2,104.2
Depreciation and impairment losses 
at Jan. 1, 2022 
– 139.1
– 175.1
– 146.4
0.0
– 460.6
Currency translation 
0.2
– 0.1
0.5
0.0
0.6
Amortization and impairment losses 
in 2022 
– 33.7
– 41.5
– 29.5
0.0
– 104.8
Disposals 
1.1
9.2
31.8
0.0
42.1
Transfers 
– 1.7
0.9
– 0.8
0.0
– 1.7
Depreciation and impairment losses 
at Dec. 31, 2022 
– 173.3
– 206.6
– 144.4
0.0
– 524.4
Net book values at Dec. 31, 2022 
662.5
261.4
133.0
522.9
1,579.9
Net book values of right-of-use 
assets at Dec. 31, 2022 
121.9
1.9
11.2
0.0
134.9
Total book values property, plant & 
equipment at Dec. 31, 2022 
784.4
263.3
144.2
522.9
1,714.8
 
The “Property, plant and equipment” item is reported at cost and, if subject to depreciation, reduced by regular 
depreciation. Impairment tests are conducted when impairment indicators are identified. The straight-line 
method is applied to depreciation reported in the consolidated financial statements. 
Depreciation of property, plant and equipment is based on the economic useful life. The following 
assumptions for the useful life are typically applied: 
Buildings 
15 to 50 years
Machinery 
5 to 15 years
Factory and office equipment 
3 to 13 years
 
Depreciation is presented in the statement of profit or loss according to how the assets are used: in the cost of 
sales, selling and distribution expenses, research and development expenses, administrative expenses, or 
other operating expenses. 
Borrowing costs are expensed as incurred unless they are directly attributable to the acquisition, construction, 
or production of a qualifying asset and are therefore part of the cost of that asset. 
Grants related to assets are generally deducted from the cost of assets. 
17. Leases 
Lease accounting follows IFRS 16, Leases. For the financing structure of the Sartorius Group, leases are not of 
high relevance. In fiscal 2022 and in the past, the Group invested heavily in its sites. The main considerations 
for leases are therefore generally of a practical nature, for example, with regard to the company’s management 
of IT hardware or fleet management. Accordingly, leases of IT hardware and cars represent the major number

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
199
 
 
Start
of the Group’s lease contracts. The lease term of such leases is generally fixed, typically extending to between 
three and five years. 
Furthermore, at some sites, the Group has leases of buildings, which are negotiated and managed locally. 
These contracts may contain extension options, which are included in the lease term according to IFRS 16 
when the Group is reasonably certain that the option will be exercised. The Group does not act as a lessor to a 
material extent.  
According to IFRS 16, a lessee generally recognizes a right-of-use asset as well as a lease liability, which 
represents its obligation to make lease payments. The Group makes use of the exemptions for short-term 
leases and leases of low-value assets and recognizes the corresponding lease payments as an expense 
generally on a straight-line basis over the particular lease term. Accordingly, no right-of-use assets and no 
lease liabilities are recognized for these leases. Furthermore, taking IFRS 16 under consideration, no right-of-
use assets and no liabilities are recognized for leases between Group entities. The Group does not apply this 
Standard to leases of intangible assets. 
In the statement of financial position, the Group presents right-of-use assets according to the nature of the 
underlying lease assets under “Property, plant and equipment.” Right-of-use assets are recognized at cost less 
accumulated depreciation and any impairment losses. The cost of the right-of-use assets comprises the 
present value of the future lease payments, any payments paid upon or before commencement of the lease, 
any initial direct costs, and costs for dismantling or removing the lease asset. The right-of-use assets are 
typically depreciated over the lease term. If the transfer of legal ownership of a lease asset is planned at the 
end of the lease term, the right-of-use asset is depreciated over the economic useful life of the lease asset. In 
the statement of profit or loss, depreciation is recognized within functional costs.  
The lease liabilities are disclosed separately on the face of the statement of financial position. Lease liabilities 
are initially recognized at an amount equal to the present value of the future lease payments. The lease 
payments generally do not include any payments in relation to non-lease components. In general, the specific 
applicable incremental borrowing rate of the Group is used for discounting. Subsequently, the carrying 
amount of the lease liabilities is increased by interest expenses and reduced by lease payments. Interest 
expenses are reported in the financial result and, to the extent they are paid, in the financing section of the 
cash flow statement together with “Interest paid.”

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As of December 31, 2022, lease liabilities stood at €144 million (2021: €115 million). The maturities of the future 
lease payments are presented in Note 39. The composition of the right-of-use assets included in “Property, 
plant and equipment” as of December 31, 2022, as well as of the preceding reporting date and the main 
changes, are presented in the table below. 
In millions of € 
Land, buildings 
and improvements
Technical 
machinery and 
equipment
Factory and office 
equipment and 
other equipment
Total
Gross book values at Jan. 1, 2021 
98.9
3.1
21.6
123.7
Currency translation 
5.3
0.0
0.4
5.7
Acquisitions through business combinations 
3.3
1.0
0.1
4.4
Additions 
39.4
0.3
7.3
47.1
Disposals 
– 5.0
– 0.1
– 2.5
– 7.7
Transfers 
0.0
0.0
– 0.1
– 0.1
Gross book values at Dec. 31, 2021 
141.9
4.4
26.8
173.1
Depreciation and impairment losses at Jan. 1, 2021 
– 30.6
– 1.8
– 9.9
– 42.3
Currency translation 
– 1.7
0.0
– 0.2
– 1.9
Amortization and impairment losses in 2021 
– 18.3
– 0.8
– 6.6
– 25.7
Disposals 
4.1
0.0
1.4
5.5
Transfers 
0.0
0.0
0.0
0.0
Depreciation and impairment losses at Dec. 31, 2021 
– 46.6
– 2.5
– 15.3
– 64.4
Net book values at Dec. 31, 2021 
95.3
1.9
11.5
108.5
 
In millions of € 
Land, buildings 
and improvements
Technical 
machinery and 
equipment
Factory and office 
equipment and 
other equipment
Total
Gross book values at Jan. 1, 2022 
141.9
4.4
26.8
173.1
Currency translation 
0.1
0.0
0.0
0.1
Acquisitions through business combinations 
3.6
0.0
0.0
3.6
Additions 
50.4
0.8
7.6
58.8
Disposals 
– 4.3
0.0
– 1.6
– 5.9
Transfers 
– 2.4
0.4
0.0
– 2.0
Gross book values at Dec. 31, 2022 
189.4
5.5
32.8
227.8
Depreciation and impairment losses at Jan. 1, 2022 
– 46.6
– 2.5
– 15.3
– 64.4
Currency translation 
0.1
0.0
0.1
0.1
Amortization and impairment losses in 2022 
– 23.7
– 1.0
– 6.9
– 31.7
Disposals 
1.0
0.0
0.5
1.5
Transfers 
1.7
– 0.1
0.0
1.6
Depreciation and impairment losses at Dec. 31, 2022
– 67.6
– 3.6
– 21.6
– 92.8
Net book values at Dec. 31, 2022 
121.9
1.9
11.2
134.9

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The table below shows the interest expenses presented in the financial result, the total cash outflows for 
existing leases, and expenses recognized for short-term leases and leases of low-value assets during the 
reporting period. No material expenses were recognized for variable lease payments in the reporting period. 
In millions of € 
2022
2021
Interest expenses for leases 
3.8
3.1
Expenses for short-term leases 
4.0
2.7
Expenses for leases of low value assets 
7.8
7.1
Repayment of lease liabilities 
29.9
23.7
Total cash outflows for leases 
45.5
36.5
 
18. Deferred Taxes 
  
Deferred tax assets
Deferred tax liabilities
Changes 
recognized in 
profit or loss
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
 
Other intangible assets 
4.5
2.1
221.8
174.2
8.9
Tangible assets 
0.0
0.0
24.0
18.1
– 1.2
Inventories 
52.6
31.8
0.0
5.8
28.0
Receivables and other current 
assets 
2.3
5.4
1.7
0.0
– 4.3
Provisions 
13.6
17.3
0.0
0.0
– 0.5
Liabilities 
23.3
28.5
0.0
0.0
– 14.1
Taxable losses carried forward 
5.3
11.8
0.0
0.0
– 7.2
Interest carry-forwards 
0.0
0.0
0.0
0.0
0.0
Tax on investments 
in subsidiaries 
0.0
0.0
5.7
5.7
0.0
Total 
101.5
96.9
253.1
203.8
9.5
Offset 
– 18.0
– 21.7
– 18.0
– 21.7
 
Total (net) 
83.6
75.2
235.2
182.0
 
 
Deferred tax assets and liabilities are determined based on temporary differences between the carrying 
amounts and the tax bases of assets and liabilities, including differences from consolidation. In addition, loss 
and interest carry-forwards and tax credits are considered. Measurement is based on the tax rates expected 
to be effective in the period in which the asset is realized, the liability is settled, or the loss or interest carry-
forwards are used. Changes in deferred tax assets and liabilities are reflected in income taxes in the statement 
of profit or loss. The exceptions are changes that are to be recognized in other comprehensive income directly 
in equity, as well as effects from acquisitions. 
In principle, tax rates and tax rules are used that have been enacted or substantively enacted at the reporting 
date. Deferred tax assets are recognized to the extent that it is probable that taxable profit at the level of the 
relevant tax authority will be available for the utilization of the deductible temporary differences or losses 
carried forward. 
The Group operates in various tax jurisdictions and therefore has to determine tax positions under respective 
local tax laws and tax authorities’ views, which can be complex and subject to different interpretations by

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
202
 
 
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taxpayers and local tax authorities. The amount of uncertain tax positions is determined on the basis of the 
best estimate of expected tax payments. 
In 2021, more than 130 countries agreed on the introduction of a minimum taxation (so-called Pillar Two) for 
multinational groups with global sales revenues exceeding €750 million. The aim of minimum taxation is that 
the companies concerned pay an effective corporate tax rate of 15%. As soon as the changes in the tax laws in 
the countries in which the Group operates come into effect, the Group may be subject to the minimum tax. At 
the time these consolidated financial statements are authorized for issue, tax legislation relating to the 
minimum tax does not apply in any of the countries where the Group operates. As of December 31, 2022, the 
Group had no sufficient information to determine the potential quantitative impact. 
Deferred tax assets have to be recognized for all deductible temporary differences and unused tax losses to 
the extent that it is probable that future taxable profit will be available against which the deductible temporary 
differences and unused tax losses can be utilized. As future developments are uncertain and partly beyond 
management’s control, assumptions are necessary to estimate future taxable profits as well as the period in 
which deferred tax assets will be recovered. 
Estimates are revised in the period in which there is sufficient evidence to revise the assumption. If 
management considers it probable that all or a portion of a deferred tax asset cannot be realized, a 
corresponding valuation allowance is taken into account. 
Deferred Tax Assets 
For losses of €141 million to be carried forward (prior year: €128 million), no deferred tax amounts were 
recognized because of the lack of foreseeability of future taxable profits. Of these unused tax losses, 
€6.0 million can still be carried forward for a limited time (prior year: €7.1 million), of which €4.1 million will expire 
in the next five years (prior year: €5.2 million). In addition, the Group had unused interest carry-forwards in the 
amount of €3.0 million (prior year: €2.1 million). No deferred tax assets were considered for these carry-
forwards in the reporting year as in the prior year. Furthermore, no deferred tax assets were recognized for 
deductible temporary differences amounting to €20 million (prior year: €30 million). 
Deferred tax assets of about €3 million (prior year: about €1 million) relate to companies that reported losses 
in the year under review or in the prior reporting period. These losses carried forward were reported as assets 
to the extent that it is assumed that taxable profits will be available in the future, against which the unused tax 
losses and the deductible temporary differences can be offset. 
Deferred Tax Liabilities 
The deferred tax liabilities in connection with intangible assets essentially relate to assets acquired in business 
combinations and, consequently, are mainly linked to customer relationships and technologies. 
For temporary differences in connection with shares in subsidiaries, which amounted to €87 million (prior year: 
€55 million), deferred tax liabilities were not recognized on these differences, as the Group controls the 
development of the temporary differences and the realization of such liabilities is not expected within the 
foreseeable future.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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The income taxes recognized in other comprehensive income are disclosed in the following table: 
In millions of € 
2022
2021
Cash flow hedges 
1.8
7.1
Remeasurements of the net defined benefit liability 
– 3.6
– 1.2
Net investment in a foreign operation 
2.0
– 10.3
Currency translation 
– 0.2
– 2.3
Total 
0.0
– 6.7
 
19. Inventories 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Raw materials and supplies 
454.8
307.1
Work in progress 
239.9
210.8
Finished goods and merchandise 
466.1
356.2
Payments on account 
18.3
18.8
  
1,179.1
892.8
 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Gross amount of inventories 
1,278.8
961.5
Write-downs 
– 99.7
– 68.7
Net amount of inventories 
1,179.1
892.8
 
Raw materials and supplies, including merchandise, are reported under “Inventories” at average cost. In 
principle, finished goods and work in progress are reported at cost of conversion. This cost includes direct 
costs attributable to these materials and the appropriate portion of production and material handling 
overheads, general administrative expenses, and depreciation and/or amortization of non-current assets, 
provided that these expenses are caused by production.  
Inventories must be measured at the lower of cost and the net realizable value. The net realizable value is the 
estimated selling price in the ordinary course of business less the estimated costs of completion and the 
estimated costs necessary for marketing, sales, and distribution. Where inventory risks exist, such as the risk of 
reduced shelf life as a result of storage periods or limited usability, inventories are marked down accordingly. 
20. Issued Capital 
The issued capital of Sartorius AG is divided into 37,440,000 bearer ordinary shares and 37,440,000 non-
voting preference shares, each with a calculated par value of €1.00. Preference share owners receive an 
increased dividend (surplus dividend) of €0.01 per preference share from the distributable profit; however, the 
dividend must amount to at least €0.02 per preference share. All shares are fully paid up. 
Sartorius AG exercised the authority granted at the Annual General Meeting on June 21, 2000, to repurchase 
treasury shares in the amount of €16,082 K pursuant to Section 71 (1), no. 8 of the German Stock Corporation 
Act (AktG). As required by IAS 32, treasury shares were deducted from equity and capital reserves.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
204
 
 
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These shares are held in particular as currency for future acquisitions of companies. From October 27, 2000, 
to the reporting date, a total of 831,944 ordinary shares were repurchased at an average price of €11.27 and a 
total of 840,983 preference shares at an average price of €7.98. In December 2015, 25,000 ordinary shares 
and 25,000 preference shares were issued to the CEO and Executive Board Charmain Dr. Joachim Kreuzburg 
in accordance with his 2014 remuneration agreement. In November 2020, 13,785 ordinary shares and 13,785 
preference shares were issued to the CEO and Executive Board Chairman Dr. Joachim Kreuzburg in 
accordance with his 2019 remuneration agreement. 
Following the stock split carried out in 2016, 3,213,991 ordinary shares and 3,250,147 preference shares remain 
as treasury stock, representing a proportion of €6,464 K (8.6%) of the share capital. 
As in the prior year, no treasury shares were purchased in fiscal 2022. 
21. Reserves 
Capital Reserves 
Capital reserves include the amounts generated above the nominal amount in previous years, when 
Sartorius AG issued shares. As part of the stock split, an amount of €51.3 million was reclassified from capital 
reserves to issued capital. 
In fiscal 2022, capital reserves rose by €1.3 million (prior year: €1.3 million) due to the employee benefits 
expense to be offset in connection with the share-based remuneration agreement with Dr. Kreuzburg. 
Cash Flow Hedging Reserves 
Amounts recognized in other comprehensive income as part of an effective hedging relationship are 
transferred to the cash flow hedging reserves. In particular, these are fluctuations in the fair value of currency 
hedges as well as their respective tax effects. The cumulative amount transferred to other comprehensive 
income as of the reporting date stands at - €15.2 million (prior year: - €9.3 million). 
Pension Reserves 
Actuarial gains and losses from defined benefit plan commitments, including their respective tax effects, are 
included in pension reserves. For further details, see Note 23. 
22. Non-Controlling Interest 
The Sartorius Stedim Biotech subgroup headquartered in Aubagne, France, accounts for the majority of non-
controlling interest in the Sartorius Group. The latter holds approximately 74% of the capital and 85% of the 
voting rights in this subgroup. The following subsidiaries account for further non-controlling interest amounts: 
 ALS Automated Lab Solutions GmbH, Jena, Germany (share capital of the Group: 62.5%) 
 Sartorius CellGenix GmbH, Fribourg i. B., Germany (51%) 
 Sartorius Korea Biotech, Seoul, South Korea (69%) 
 Sartorius Thailand, Bangkok, Thailand (33%) 
In 2022, the Group purchased the remaining interest of about 30% in Biological Industries Israel Beit Haemek 
Ltd. for a purchase price of approximately €39.1 million in cash. The corresponding cash flow is presented 
within cash flow from financing activities. The financial liability that had been recognized for the corresponding

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205
 
 
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put option of the non-controlling interest amounting to €44.5 million has been reclassified to retained 
earnings. The impact on the non-controlling interest and the equity attributable to the owners of the parent is 
presented in the statement of changes in equity. 
Sartorius Thailand is consolidated due to contractual arrangements over the exercise of voting rights that 
ensure control. 
In millions of € 
2022
2021
Cumulative non-controlling interest as of Dec. 31 
 
 
Sartorius Stedim Biotech 
597.2
384.2
Sartorius CellGenix GmbH 
52.0
50.7
Other 
19.9
25.0
  
669.1
459.9
Profit or loss allocated to non-controlling interest 
 
 
Sartorius Stedim Biotech 
231.3
108.5
Sartorius CellGenix GmbH 
1.3
– 3.7
Other 
2.3
3.3
  
235.0
108.1
Dividends paid to non-controlling interest 
 
 
Sartorius Stedim Biotech 
30.6
16.4
Sartorius CellGenix GmbH 
0.0
0.0
Other 
1.6
1.1
  
32.3
17.5
 
The following condensed financial information refers to the Sartorius Stedim Biotech Group: 
Condensed Statement of Financial Position 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Non-current assets 
3,394.2
2,495.5
Current assets 
1,671.2
1,455.6
  
5,065.4
3,951.1
  
 
 
Equity 
2,514.2
1,733.2
Non-current liabilities 
1,515.3
1,180.8
Current liabilities 
1,035.9
1,037.1
  
5,065.4
3,951.1
 
Condensed Statement of Profit or Loss and Other Comprehensive Income 
In millions of € 
2022
2021
Sales revenue 
3,492.7
2,887.0
Profit before tax 
1,130.4
646.7
Income taxes 
– 250.5
– 232.4
Net profit for the period 
879.9
414.3
Other comprehensive income after tax 
– 6.2
42.9
Total comprehensive income 
873.7
457.2

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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Condensed Statement of Cash Flows 
In millions of € 
2022
2021
Cash flow from operating activities 
612.3
701.9
Cash flow from investing activities 
– 957.5
– 465.2
Cash flow from financing activities 
220.7
– 77.7
Change in cash and cash equivalents 
– 124.5
159.0
Cash and cash equivalents at the beginning of the period 
223.6
59.8
Net effect of currency translation on cash and cash equivalents 
8.0
4.8
Cash and cash equivalents at the end of the period 
107.1
223.6
 
The following condensed financial information refer to Sartorius CellGenix GmbH: 
Condensed Statement of Financial Position 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Non-current assets 
98.4
111.2
Current assets 
47.3
33.1
  
145.7
144.3
  
 
 
Equity 
106.2
103.4
Non-current liabilities 
31.1
36.0
Current liabilities 
8.5
4.8
  
145.7
144.3
 
Condensed Statement of Profit or Loss and Other Comprehensive Income 
In millions of € 
2022
2021
Sales revenue 
32.0
12.5
Net profit for the period 
2.8
– 7.6
 
The prior year's figures relate to the period since the acquisition of the company on July 2, 2021. 
23. Pension and Employee Benefits Provisions 
Defined Contribution Plans 
Most companies in the Group have defined contribution plans, frequently in the form of government-backed 
retirement insurances. In fiscal 2022, an amount of €60.6 million was recognized for defined contribution 
plans (prior year: €51.9 million). 
Defined Benefit Plans 
Pension provisions and similar obligations are recognized in accordance with IAS 19, Employee Benefits, 
applying the projected unit credit method. Under this method, obligations for pensions and other post-
employment benefits are determined in accordance with actuarial valuations. In addition to known pensions 
and entitlements, these valuations rely on certain assumptions including discount rates, future salary and 
pension increases, and mortality rates. 
The assumed discount factors reflect the interest rates that were paid on the reporting date for prime 
corporate (industrial) bonds with matching maturities and denominated in the relevant currencies. If such

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207
 
 
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corporate bonds are not available with matching long-term maturities or are insufficiently available, their 
matching interest rates are determined by extrapolation. 
Due to changing market and economic conditions, the underlying key assumptions may differ from actual 
developments and may lead to significant changes in pension and other post-employment benefit 
obligations. All resulting differences are shown directly in other comprehensive income of the respective 
period according to IAS 19 and do therefore not affect profit or loss. The actuarial losses, which were 
transferred to the pension reserves, essentially resulted from a change in the discount rate and totaled  
- €21.2 million (prior year: - €40.8 million). 
An amount of €44.1 million (prior year: €57.4 million) relates in particular to the net amount of pension 
provisions for retirement pension plans in Germany. These provisions are based on direct commitments to 
employees under defined benefit pension plans. Under these commitments, the employees earn benefits for 
each year of service rendered to the company. The pension benefits are generally not funded by assets. A 
substantial portion of these provisions relates to Sartorius AG. In this case, the obligations measured pertain, 
firstly, to the General Pension Plan (“Allgemeine Versorgungsordnung”) for employees whose employment 
commenced prior to January 1, 1983. Secondly, individual commitments have been made to current and 
former Executive Board members and executives. 
Measurement of the post-employment benefit obligations of the German Group companies is based on the 
following actuarial assumptions: 
  
2022
2021
Discount rate 
3.16%
0.90%
Future salary increases 
3.00%
3.00%
Future pension increases 
2.10%
2.00%
 
Concerning the assumptions on mortality and invalidity, the actuarial tables (RT) 2018 G compiled by Klaus 
Heubeck were used. 
The following parameters were used for the French companies: 
  
2022
2021
Discount rate 
3.60%
0.90%
Future salary increases 
2.25%
2.00%
 
The amounts reported in the statement of profit or loss and in the statement of comprehensive income consist 
of the following: 
In millions of € 
2022
2021
Service cost 
2.6
2.2
Net interest cost 
0.6
0.3
Components of defined benefit costs recognized in profit or loss 
3.2
2.5
Return on plan assets (excl. interest) 
– 0.2
0.0
Actuarial gains | losses 
– 19.4
– 3.7
Components of defined benefit costs recognized in other comprehensive income 
– 19.6
– 3.7
Total defined benefit costs 
– 16.4
– 1.2

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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In the statement of profit or loss, the current service cost is disclosed according to the assignment of 
employees to the respective functions.  
The net amount or present value included in the consolidated statement of financial position arising from the 
Group's obligation in respect of defined benefit plans is as follows: 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Present value of obligations 
79.3
97.4
Fair value of the plan assets 
21.8
22.0
Net liability 
57.5
75.4
 
Defined Benefit Obligation 
In millions of € 
2022
2021
Present value of obligations as of Jan. 1 
97.4
98.4
Current service cost 
3.5
3.4
Past service cost 
– 0.9
– 1.2
Interest cost 
0.9
0.5
Actuarial gains | losses 
– 19.5
– 3.8
Currency translation differences 
0.9
0.8
Retirement benefits paid in the reporting year 
– 8.3
– 2.6
Employer contributions 
0.6
0.3
Employee contributions 
0.8
0.5
Change in the scope of consolidation 
0.0
0.0
Contributions by the plan participants 
3.1
2.5
Other changes 
0.7
– 1.5
Present value of obligations as of Dec. 31 
79.3
97.4
 
The actuarial gains and losses of the defined benefit obligation are allocated as follows: 
In millions of € 
2022
2021
Experience adjustments 
4.0
2.2
Changes in demographic assumptions 
– 5.5
– 1.0
Changes in financial assumptions 
– 18.0
– 5.0
Total 
– 19.5
– 3.8

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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Plan Assets 
In millions of € 
2022
2021
Plan assets at Jan. 1 
22.0
18.1
Interest income 
0.3
0.2
Return on plan assets (excl. interest) 
0.2
0.0
Actuarial gains | losses 
– 0.1
– 0.1
Group contribution & payments 
– 6.9
– 2.0
Employee contributions 
0.8
0.5
Currency translation differences 
0.7
0.6
Employer contributions 
3.3
2.2
Contributions by the plan participants 
3.2
2.5
Other changes 
– 1.7
0.0
Plan assets as of Dec. 31 
21.8
22.0
 
Composition of Plan Assets 
Plan assets essentially consist of insurance contracts with insurance companies in Germany and Switzerland. 
An amount of €6.3 million (prior year: €7.6 million) is held by local banks as securities for subsidiaries in South 
Korea. 
Risks 
The defined benefit plans do not entail any significant entity-specific or plan-specific risks. Due to the rather 
low coverage of the defined benefit obligation by plan assets, liquidity risks arise in principle, which are 
immaterial for the Group due to their low monetary amount. 
Sensitivity Analysis 
An increase or a decrease in the actuarial assumptions would have the following impacts on the defined 
benefit obligations for the year ended December 31, 2022 (a plus sign before the number indicates an increase 
in the obligation): 
Demographic assumptions 
 
 
Change in life expectancy 
– 1 year
+ 1 year
Effect 
– 2.9 
3.0 
Financial assumptions 
 
 
Change in discount rate 
– 100 bps
+ 100 bps
Effect 
9.1 
– 7.3 
Change in future salary increase 
– 50 bps
+ 50 bps
Effect 
– 2.1 
2.3 
Change in future pension increase 
– 25 bps
+ 25 bps
Effect 
– 2.4 
2.5

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
210
 
 
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Present value of the defined benefit obligations for the year ended December 31, 2021: 
Demographic assumptions 
 
 
Change in life expectancy 
– 1 year
+ 1 year
Effect 
– 3.9 
4.0 
Financial assumptions 
 
 
Change in discount rate 
– 100 bps
+ 100 bps
Effect 
12.9 
– 11.2 
Change in future salary increase 
– 50 bps
+ 50 bps
Effect 
– 2.6 
2.7 
Change in future pension increase 
– 25 bps
+ 25 bps
Effect 
– 3.2 
3.4 
 
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit 
obligation, as it is unlikely that changes in assumptions occur in isolation. Furthermore, the present value of 
the defined benefit obligation was calculated using the same method that was applied in calculating the 
defined benefit obligation liability recognized in the statement of financial position (projected unit credit 
method). 
Maturity Analysis 
The undiscounted cash flows from defined benefit obligations can be allocated to maturities as follows: 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
< 1 year 
4.8
4.3
1 -5 years 
18.4
17.0
6 -10 years 
28.9
27.0
>10 years 
145.3
138.0
 
The weighted average duration of the defined benefit obligations is 13.8 years (prior year: 15.4 years).  
For fiscal 2023, payments of €6.2 million for defined benefit plan commitments are expected (prior year: 
€5.8 million). These cover contributions to plan assets and payment of retirement benefits. 
24. Other Provisions 
Provisions are recognized if a legal or constructive obligation or liability to third parties exists and if an outflow 
of resources is probable and the expected obligation can be reliably estimated. The amount recognized for a 
provision represents the best estimate of the obligation at the reporting date. 
To determine the amount of the obligations, certain estimates and assumptions need to be applied, including 
an evaluation of the probability that such an obligation could occur, and the amount of costs incurred. 
Typically, significant uncertainties are involved in the determination of provisions related to onerous contracts, 
warranty costs, closure of business locations, asset retirement obligations, and legal proceedings.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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Non-Current Provisions 
In millions of € 
Payments to employees on
early retirement plan
Other
Total
Balance at Jan. 1, 2021 
5.1
6.8
11.9
Change in the scope of consolidation 
0.0
0.0
0.0
Currency translation 
0.0
0.0
0.0
Consumption 
– 2.4
– 0.4
– 2.8
Reversals | Utilization 
0.0
– 0.1
– 0.1
Additions 
3.7
0.7
4.3
Balance at Dec. 31, 2021 
6.3
7.0
13.3
 
In millions of € 
Payments to employees on
early retirement plan
Other
Total
Balance at Jan. 1, 2022 
6.3
7.0
13.3
Change in the scope of consolidation 
0.0
3.2
3.2
Currency translation 
0.0
– 0.2
– 0.2
Consumption 
– 2.9
– 0.4
– 3.3
Reclassifications 
0.0
2.4
2.4
Reversals | Utilization 
0.0
– 1.2
– 1.2
Additions 
3.4
2.5
6.0
Balance at Dec. 31, 2022 
6.8
13.4
20.2
 
The non-current provisions comprise mainly provisions for partial retirement agreements, a type of early 
retirement plan, and employee bonuses for their company anniversaries. These obligations arise mainly at 
German Group companies. In addition, the long-term obligations in connection with the newly introduced so-
called Long-Term Incentive Program (“LTI Program”, see Note 42) are also reported under this position since 
fiscal 2022.  
The early retirement plans are partial retirement plans that permit employees to work part-time for 3 to 5 years 
directly before they are due to retire at the legal retirement age and that are financially supported by the 
company. According to IAS 19, the expenses related to severance payments to be earned in future periods 
must be spread over the active employee's respective remaining period of service. Actuarial gains and losses, 
as well as past service costs, are to be recognized in profit or loss. 
Bonuses for service anniversaries are generally granted to employees who have completed 20, 25, 30, and 40 
years of service and cover additional special vacation as well as relatively small amounts of money. 
Non-current provisions are reported at their present value on the reporting date. The discount rate is -2.9% 
(prior year: -0.2%) for employees on the early retirement plan and 3.16% (prior year: 0.77%) for provisions 
recognized for service anniversaries. In fiscal 2021 and 2022, the effect of compounding non-current 
provisions, including the effects of changes in the interest rate, were immaterial.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
212
 
 
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Current Provisions 
In millions of € 
Warranties
Other
Total
Balance at Jan. 1, 2021 
13.2
16.3
29.5
Currency translation 
0.8
0.1
0.9
Consumption 
– 1.1
– 1.1
– 2.2
Reversals 
– 4.0
– 3.6
– 7.6
Additions 
25.7
11.6
37.3
Balance at Dec. 31, 2021 
34.7
23.7
58.4
 
In millions of € 
Warranties
Other
Total
Balance at Jan. 1, 2022 
34.7
23.7
58.4
Currency translation 
0.6
– 0.1
0.5
Consumption 
– 1.9
– 1.6
– 3.5
Reversals 
– 11.0
– 7.2
– 18.2
Additions 
23.9
5.3
29.2
Balance at Dec. 31, 2022 
48.5
17.9
66.4
 
Provisions for warranties cover expected replacement deliveries and repairs. Such provisions are recognized 
to cover individual risks, provided that their occurrence is more likely than not, as well as to cover general 
warranty risks based on past experience.  
Other provisions include those for pending losses on onerous contracts and for uncertain obligations 
concerning employee benefits, as well as provisions for interest in connection with tax risks. 
25. Other Liabilities 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Tax and social security 
52.2
54.5
Other 
97.3
80.2
Other liabilities 
149.5
134.7
 
26. Employee Benefits 
The liabilities for employee benefits reflect the following accruals for personnel expenses: 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Variable benefits 
67.9
108.2
Vacation and overtime 
25.0
17.0
Other 
21.5
28.7
Employee benefits 
114.3
153.9

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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Financial Instruments | Financial Risks 
Financial instruments are any contracts that give rise to a financial asset of one entity and a financial liability or 
equity instrument of another entity. Such financial instruments are recognized on the trade date. The following 
sections provide a comprehensive overview of the relevance of financial instruments to Sartorius and 
additional information on the items of the statement of financial position that include financial instruments. 
Financial assets are primarily comprised of cash and cash equivalents, trade receivables, as well as derivatives 
with a positive fair value. 
Financial liabilities of the Group mainly comprise loans from banks, trade payables, lease liabilities, and 
derivative financial instruments with a negative fair value. Furthermore, material financial liabilities result from 
contingent consideration according to IFRS 3 and from written put options over non-controlling interests. 
Except for derivative financial instruments and contingent consideration, financial liabilities are measured at 
amortized cost using the effective interest method. 
27. Financial Instruments: Significant Accounting Policies 
Financial instruments are accounted for according to IFRS 9, Financial Instruments. Under IFRS 9, the 
classification and measurement approach for financial assets reflects both the entity’s business model (held-
to-collect, held-to-collect-and-sell, other) within the scope of which assets are held and the contractual cash 
flow characteristics (“SPPI” criterion: solely payments of principal and interest). There were no reclassifications 
of financial instruments during the reporting period. 
With regard to the impairment of financial assets, IFRS 9 sets out an expected-loss model. Financial assets are 
generally regarded as credit-impaired when there are objective indications that cast doubt on the probability 
of fully collecting the cash flows of the respective financial assets. With regard to the financial assets of the 
Group, the simplified approach applied to trade receivables is of particular importance. 
Aside from trade receivables, cash and cash equivalents are the most material financial assets on the Group’s 
statement of financial position as of the reporting date, December 31, 2022. No impairment is recognized for 
these financial assets due to materiality considerations. As on the last reporting date, for the remaining 
financial assets that are measured at amortized cost, no impairment is recognized as of December 31, 2022, for 
the 12 -month expected credit losses, given the Group’s immaterial historical losses. 
Derivatives such as forward contracts on foreign currencies are measured at fair value. In this context, the 
derivatives are recognized at fair value calculated applying recognized mathematical methods. The fair values 
are based on the market data available at the time the value of these derivatives is calculated. Instruments that 
are not designated as hedging instruments and to which no hedge accounting is applied are classified as held 
for trading. Changes in the fair values of derivative financial instruments are either recognized in profit or loss 
or, in the case of hedging relationships, in other comprehensive income. 
The Group applies the hedge accounting rules of IFRS 9. The Group uses forward transactions to hedge cash 
flow risks that result from changes in foreign exchange rates in relation to sales of products and the production 
activities, and designates only the spot element of the hedging instrument.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
214
 
 
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Financial Assets 
28. Cash and Cash Equivalents 
The Group considers all highly liquid investments with up to three months‘ maturity from the date of 
acquisition to be cash or cash equivalents. These mainly comprise deposits in banks. Cash and cash 
equivalents are measured at cost. As of the reporting date on December 31, 2022, cash and cash equivalents 
stood at around €165.9 million (prior year: €342.8 million). 
29. Current Trade and Other Receivables 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Trade receivables from third parties 
470.3
419.9
Contract assets (IFRS 15) 
13.8
4.1
Receivables from non-consolidated affiliates 
0.4
0.0
Trade receivables 
484.5
424.0
 
The carrying amounts of trade receivables approximate the receivables’ fair value due to their short maturities. 
Contract assets result from customer-specific construction contracts that meet the criteria for recognition of 
revenue over time in accordance with IFRS 15 (see Note 9). The amount of trade receivables presented as of 
December 31, 2022, is reduced by €240.0 million as a result of factoring because substantially all risks and 
rewards in relation to the financial assets sold were transferred to the buyer (prior year: €168.1 million). In 
particular, credit risk and any foreign exchange rate risks were transferred completely. 
Impairment losses on trade and other receivables are recognized using separate allowance accounts. For 
information on how these allowances were determined, see Note 40. 
30. Other Financial Assets 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Derivative financial instruments 
8.1
1.5
Loan receivables from affiliates 
8.4
5.3
Miscellaneous other financial assets 
30.9
18.2
Other financial assets 
47.4
24.9
 
The carrying amount of derivatives represents the positive market values of currency hedges. The remaining 
other financial assets are measured at amortized cost, less any impairment losses, by application of the 
effective interest method.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
215
 
 
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Financial Liabilities 
31. Loans and Borrowings and Lease Liabilities 
In millions of € 
Balance at
Dec. 31, 2022
Of which non-
current
Balance at
Dec. 31, 2021
Of which non-
current
Loans and borrowings 
2,397.6
1,873.8
1,960.4
1,649.1
Lease liabilities 
143.6
112.4
115.0
88.9
  
2,541.2
1,986.2
2,075.5
1,738.0
 
A major pillar of financing for the Sartorius Group is the syndicated credit line of €800 million concluded in 
May 2022 with a minimum maturity up to 2027, which can be extended in spring 2023 and in spring 2024 for 
one year each upon unanimous agreement of the parties. On the reporting date, this credit line is utilized to 
the extent of €80 million (prior year: €0 million). Further elements of the company’s financing are various note 
loans (“Schuldscheindarlehen”) placed in 2016, 2017, 2020, and 2022, respectively, with a total volume on the 
reporting date of approximately €1,550 million and original maturities of up to 13 years. An additional amount 
of €210 million of the note loans issued in 2022 will be paid out in the first quarter of 2023. Furthermore, the 
company has several current and non-current loans totaling around €665 million. 
These predominantly long-term financing instruments are supplemented by various short-term credit lines 
totaling around €475 million. 
32. Other Non-Current Liabilities 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Liabilities for the acquisition of non-controlling interests 
134.2
211.7
Contingent considerations 
76.2
194.9
Liability for phantom stock units in connection with the AllPure acquisition 
0.0
7.8
Other liabilities 
5.8
7.4
Total 
216.2
421.8
 
For the liabilities resulting from the contingent consideration agreements in connection with the acquisitions 
of BIA Separations, WaterSep BioSeparations, and Xell, as well as for the liabilities in connection with the 
potential acquisition of the remaining non-controlling interest in Sartorius CellGenix and ALS Automated Lab 
Solutions GmbH due to the put options of the owners, see Notes 8 and 35. The liability in connection with the 
acquisition of AllPure was settled in advance in the reporting period. 
Furthermore, the Group agreed with the former non-controlling shareholders of Biological Industries to acquire 
the remaining 30% of the shares in the entity earlier and acquired these shares already in fiscal 2022 (see 
Note 22).

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
216
 
 
Start
33. Trade Payables 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Payments received on account of orders 1 
247.1
232.0
Trade payables to third parties 
303.1
281.9
Payables to affiliated companies 
1.8
1.1
Trade payables 
551.9
515.0
1 Contract liabilities according to IFRS 15 (see Note 9). 
34. Other Current Financial Liabilities 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Derivative financial instruments 
11.3
11.5
Liabilities for the acquisition of non-controlling interests 
66.1
6.3
Refund liabilities (IFRS 15) 
29.5
21.9
Other 
37.3
129.3
Other financial liabilities 
144.2
169.0
 
In the reporting period, the liabilities for the potential acquisition of non-controlling interests include the 
current portion of the liability for the potential acquisition of the remaining shares in Sartorius CellGenix (prior 
year: Biological Industries). On the preceding reporting date, the position “Other” included the current portion 
of the contingent consideration in connection with the acquisition of BIA Separations (€97.9 million). For the 
acquisition of the non-controlling interest in Biological Industries in 2022, see Note 22. For the settlement of 
the first tranche of the contingent consideration in connection with the acquisition of BIA Separations in fiscal 
2022, see Note 35.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
217
 
 
Start
35. Carrying Amounts and Fair Values 
The following table shows the carrying amounts and fair values of the Group’s financial instruments according 
to IFRS 9 as of December 31, 2022, and as of December 31, 2021: 
In millions of € 
Category acc. to IFRS 9
Carrying 
amount
Dec. 31, 2022
Fair value
Dec. 31, 2022
Carrying 
amount
Dec. 31, 2021
Fair value
Dec. 31, 2021
Investments in non-consolidated 
subsidiaries 
n/a
45.4
45.4
31.6
31.6
Financial investments 
Equity instruments at fair 
value 
through profit or loss
4.4
4.4
4.5
4.5
Financial investments 
Equity instruments at fair 
value through other 
comprehensive income
67.7
67.7
0.0
0.0
Financial investments 
Debt instruments at fair 
value through profit or loss
26.4
26.4
17.3
17.3
Financial assets 
Measured at amortized cost
7.0
7.0
7.4
7.4
Financial assets (non-current) 
 
150.9
150.9
60.8
60.8
Amounts due from customers for 
contract work (contract assets) 
n/a
13.8
13.8
4.1
4.1
Trade receivables 
Debt instruments at fair 
value through other 
comprehensive income
213.9
213.9
180.9
180.9
Trade receivables 
Measured at amortized cost
256.7
256.7
239.0
239.0
Trade receivables 
 
484.5
484.5
424.0
424.0
Receivables and other assets 
Measured at amortized cost
39.3
39.3
23.4
23.4
Derivative financial instruments 
in hedge relationships 1 
n/a
8.1
8.1
1.5
1.5
Other financial assets (current) 
 
47.4
47.4
24.9
24.9
Cash and cash equivalents 
Measured at amortized cost
165.9
165.9
342.8
342.8
Loans and borrowings 
Financial liabilities at cost
2,397.6
2,241.5
1,960.4
1,986.6
Trade payables 
Financial liabilities at cost
304.9
304.9
283.0
283.0
Trade payables | payments 
received for orders (contract 
liabilities) 
n/a
247.1
247.1
232.0
232.0
Trade payables 
 
551.9
551.9
515.0
515.0
Derivative financial instruments 
in hedge relationships 1 
n/a
11.4
11.4
11.5
11.5
Other financial liabilities 
Financial liabilities at fair 
value through profit or loss
76.2
76.2
292.8
292.8
Other financial liabilities 
Financial liabilities at cost
273.0
258.6
286.5
286.1
Other financial liabilities 
 
360.5
346.2
590.8
590.4
1 The amounts include the non-designated portion of the derivatives with a total amount of - €6.2 million (prior year: - €0.6 million). 
The fair values of the financial instruments were determined on the basis of the market information available 
on the reporting date, and are to be allocated to one of the three levels of the fair value hierarchy in accordance 
with IFRS 13. 
Level 1 financial instruments are measured on the basis of prices quoted on active markets for identical assets 
and liabilities. In Level 2, financial instruments are measured on the basis of input factors that can be derived

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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from observable market data or on the basis of market prices for similar instruments. Level 3 financial 
instruments are measured on the basis of input factors that cannot be derived from observable market data.  
The financial instruments recognized at fair value as at December 31, 2022, relate especially to the contingent 
considerations in connection with the acquisitions of BIA Separations, WaterSep BioSeparations, and Xell. 
Since the valuations depend, among other factors, on the predicted sales performance of the acquired 
businesses, the valuations are regarded as Level 3 inputs. The valuations are performed using updated 
valuation parameters on the reporting date. 
In connection with the acquisition of BIA Separations, the parties agreed on three tranches of earn-out 
payments based on the sales performance of BIA Separations over the five fiscal years subsequent to the 
acquisition. Depending on this sales performance, the sellers are entitled to receive additional shares in 
Sartorius Stedim Biotech S.A. The valuation of this liability considers the expected future sales performance 
and the assumed number of shares to be transferred, as well as the present value of the expected future share 
prices at the expected settlement dates. As of the reporting date on December 31, 2022, the fair value of the 
remaining contingent consideration liability was measured at €72.1 million. The change since December 31, 
2021 (value: €288.2 million; thereof current: €97.9 million) mainly reflects the decline of the share price of 
Sartorius Stedim Biotech S.A. as well as the settlement of the first tranche that was reported as a current liability 
in the 2021 consolidated financial statements (value upon settlement in first half of 2022: €68.1 million). 
Furthermore, the discount rates applied to calculate the present value of the future obligation were adjusted 
to reflect the market rates on December 31, 2022. The difference between the valuation as of December 31, 
2021, and the reporting date that is not related to the settlement amount described above amounts to 
€148.0 million and was recognized in the financial result. 
The key input parameters for the valuation of the financial liability are the sales revenue expectations for the 
next plan years as well as the share price of Sartorius Stedim Biotech S.A. at the respective valuation date. The 
valuation results are less sensitive to realistic changes in other valuation parameters, e.g., the discount rates 
applied. Assuming 20% higher (lower) sales revenues in each of the remaining relevant years of the plan period 
would result in an increase in the liability to be reported at the reporting date by approximately €29.5 million 
(decrease by approximately €26.9 million). If the share price had been 20% higher (lower) at the reporting date, 
the liability would have been €14.4 million higher (€14.4 million lower). The actual future outcomes may differ 
from these sensitivities, which are determined by changing only the respective key input parameter in 
isolation. The lower end of the bandwidth of possible outcomes of the remaining tranches of this contingent 
consideration is zero, while the upper limit cannot be quantified due to settlement in shares. 
In connection with the acquisition of WaterSep BioSeparations, the parties agreed on an earn-out component, 
which depends on the future sales revenue in the years of 2021 to 2023 and is due in 2024. The lower (upper) 
end of the bandwidth of possible outcomes of this contingent consideration remains zero (US$9 million). This 
contingent consideration was measured at a fair value of €3.0 million on the reporting date of December 31, 
2022. The change since December 31, 2021 (value: €2.6 million) amounting to €0.4 million was recognized 
within the financial result. 
In connection with the acquisition of Xell AG, the sellers were granted two additional earn-out components, 
which are due in 2024 and 2026 and depend on future sales revenues in the years 2022 to 2025. On the 
reporting date of December 31, 2022, the fair value of the financial liability amounts to €1.1 million. The change 
since December 31, 2021 (value: €2.0 million) amounting to €0.9 million was recognized within the financial 
result. Assuming 10% higher (lower) sales revenues in each of the remaining years of the plan period would 
result in an increase in the liability to be reported at the reporting date of approximately €0.9 million (decrease 
of approximately €0.6 million). The lower (upper) end of the bandwidth of possible outcomes of this 
contingent considerations remains zero (€25.6 million).

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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The remaining financial instruments recognized at fair value on the reporting date are mainly trade receivables 
of the entities participating in the factoring program that are therefore part of a portfolio that is “held-to-
collect-and-sell,” as well as derivatives in the form of forward contracts. These trade receivables are valued in 
the same way as trade receivables measured at amortized cost due to their short contractual maturities and 
immaterial credit risks. The derivatives were measured on the basis of their quoted exchange rates and market 
yield curves (Level 2). 
The investment in the Swedish BICO Group AB (shareholding of about 10%) acquired in December 2022 is 
measured at fair value according to IFRS 9. Due to the stock exchange listing on Nasdaq Stockholm, the fair 
value is measured regularly on the basis of the current share price on the reporting date (Level 1). The value 
changes of this investment are recognized in other comprehensive income in accordance with the policy 
choice provided by IFRS 9 due to the volatility resulting from the stock exchange listing. On the reporting date, 
the fair value of the investment amounted to €67.7 million. The value change recognized in other 
comprehensive income amounts to about €16.5 million. 
The remaining “financial investments” measured at fair value are measured on the basis of the most recent 
reliable indicators available as of the reporting date, e.g., on the basis of the most recent financing round, the 
latest investor’s updates, or at historical cost of acquisition (Level 3). 
The fair values disclosed for financial liabilities recognized at amortized cost, especially liabilities to banks and 
those related to note loans (“Schuldscheindarlehen”), were measured on the basis of the yield curve, taking 
the current indicative credit spreads into account (Level 2). The liabilities for the acquisitions of the remaining 
non-controlling interests in ALS Automated Lab Solutions GmbH (see Note 8) and Sartorius CellGenix GmbH 
are reported under “Other financial liabilities” and are measured using the effective interest rate method, with 
any changes recognized directly in equity. The liability in relation to the latter entity is divided into a current 
amount of €66.1 million and a non-current amount of €102.8 million on the reporting date of December 31, 
2022. The non-current portion is variable and depends on the future sales of the CellGenix business in the 
next three years. Assuming 10% higher (lower) sales revenues compared to the current plan in each of the 
remaining relevant years of the plan period would result in an increase in the liability to be reported at the 
reporting date of approximately €6.2 million (decrease of approximately €6.7 million). 
The fair values of the remaining financial assets and liabilities to be disclosed approximate the carrying 
amounts because of their predominantly short maturities. The maximum default risk is reflected by the 
carrying amounts of the financial assets recognized in the statement of financial position. 
The Group recognizes transfers between the levels of the fair value hierarchies at the end of the reporting 
period during which the change has occurred. In the current reporting period, there were no transfers between 
the levels. 
36. Net Result for Financial Instruments 
The net gains and losses of the various categories of financial instruments are presented in the following table:  
Category acc. to IFRS 9 
in millions of € 
2022
2021
Financial assets at amortized cost 
19.3
17.7
Financial assets and liabilities at fair value through profit or loss 
151.3
– 207.5
Debt instruments at fair value through other comprehensive income 
– 2.4
1.8
Equity instruments at fair value through other comprehensive income 
16.5
0.0
Financial liabilities at cost 
– 16.2
– 14.1

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
220
 
 
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The net result of financial assets measured at amortized cost primarily consists of currency translation effects 
as well as changes in allowances. 
The net result of financial assets and liabilities measured at fair value through profit or loss consists primarily of 
changes in the fair value of derivative financial instruments as well as of interest income and expenses for these 
instruments, and of changes in the value of contingent consideration in connection with business 
combinations (see Note 35). 
The valuation gains for the investment in BICO Group AB recognized in other comprehensive income is 
separately presented under equity instruments at fair value through other comprehensive income (see 
Note 35). The net result of the remaining financial instruments at fair value through other comprehensive 
income consists of income and expenses in connection with trade receivables that are not solely held to collect 
contractual cash flows, but may also be sold under the factoring program. 
The net result of liabilities measured at amortized cost mainly consists of the effects of foreign currency 
translation. 
The total interest income and expenses for financial assets and liabilities that are not recognized at fair value 
through profit and loss are as follows: 
In millions of € 
2022
2021
Interest income 
2.5
1.7
Interest expenses 
– 27.7
– 22.7
 
Capital and Financial Risk Management 
Capital Management 
In the Sartorius Group, capital is managed in order to maximize earnings of the company’s stakeholders by 
optimizing the ratio of equity to liabilities.  
Furthermore, we ensure that all Group companies operate under the premise of the going-concern principle. 
The financial liabilities described in Note 31 are regarded as managed capital, as are the cash and cash 
equivalents and equity capital. 
Goals of Financial Risk Management 
The Treasury Management unit of the Group coordinates access to national and international financial 
markets. In addition, the Treasury Management unit monitors and controls financial risks, which essentially 
entail currency, interest rate, liquidity, and credit risks. 
The Sartorius Group strives to minimize the impact of currency and interest rate risks using (derivative) 
financial instruments. Hedging transactions and their control are carried out by different staff members. 
Moreover, the Group’s Internal Auditing Department regularly monitors the use of such financial instruments. 
Derivative financial instruments are traded for hedging purposes only.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
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37. Management of Exchange Rate Risks and Hedge Accounting 
Management of Exchange Rate Risks 
The Group is exposed to currency risks, as approximately two-thirds of its sales revenue is generated in foreign 
currencies and, of this amount, approximately two-thirds is generated in U.S. dollars. At the same time, 
Sartorius’ global manufacturing network enables the company to offset the lion’s share of sales revenues 
received in foreign currency within the Group against costs likewise incurred in foreign currency. The 
remaining net currency exposures are hedged according to a cash flow at risk (CfaR) model within the limits 
of a risk budget with derivative financial instruments. The resulting hedge ratios reach up to 80% for the 
relevant currencies, respectively. The Group generally follows a rolling hedging strategy of up to 12 months in 
advance. These hedging measures are reviewed at regular intervals in the light of current market risk 
parameters and adapted where necessary. 
On the basis of the material forward contracts concluded by the end of the reporting date, we secure the right, 
and simultaneously create the obligation, to sell an established foreign currency amount on the exercise date 
at a specific exchange rate against the euro, independently of the actual exchange rate on that date. The profit 
or loss resulting from the difference between the current and the previously agreed exchange rate is generally 
recognized as income or expense in the statement of profit or loss. 
The following table shows the forward transactions as of the reporting date: 
December 31, 2021 
 
Currency
Volume
in millions
Maturity
Fair value
in millions of €
Forward contract 
USD
426.7
2022
– 10.2
  
USD
426.7
 
– 10.2
Forward contract 
JPY
3,750.0
2022
0.2
  
JPY
3,750.0
 
0.2
Forward contract 
CHF
– 5.0
2022
0.0
  
CHF
– 5.0
 
0.0
Forward contract 
GBP
93.8
2022
0.2
  
GBP
93.8
 
0.2
Forward contract 
SEK
120.0
2022
– 0.1
  
SEK
120.0
 
– 0.1
 
December 31, 2022 
Currency
Volume
in millions
Maturity
Fair value
in millions of €
Forward contract 
USD
549.1
2023
– 3.3
  
USD
549.1
 
– 3.3
Forward contract 
JPY
6,690.0
2023
0.7
  
JPY
450.0
2024
– 0.1
  
JPY
7,140.0
 
0.6
Forward contract 
CHF
8.0
2023
0.0
  
CHF
8.0
 
0.0
Forward contract 
GBP
5.0
2023
– 0.1
  
GBP
5.0
 
– 0.1
Forward contract 
SEK
87.0
2023
– 0.5
  
SEK
87.0
 
– 0.5

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
222
 
 
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Sartorius uses a cash flow at risk (CfaR) model to measure foreign currency risk. The basis for the analysis of 
foreign currency risks are the expected cash inflows and outflows in foreign currencies (so-called net 
exposures). The total foreign currency risk to which all absolute values of the net exposures are aggregated is 
as follows at the reporting date for the following 12 months: 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Foreign currency exposure 
1,100.4
1,056.0
Of which short positions 
189.9
58.0
 
The risk position of the Group is reflected by the CfaR that remains after considering all hedging activities of 
the Group. The CfaR approach takes into account the impact of possible currency fluctuations on the cash 
flows in foreign currencies (against the euro) on the basis of probability distributions. In this context, the 
covariances of the foreign currencies weighted with the net exposures serve as input factors for the estimation 
of portfolio volatility, which is decisive for determining the CfaR. Correlations between the currencies are taken 
into account in this method as risk is reduced in the risk aggregation. 
The possible negative impact on EBITDA is determined for each currency based on actual exchange rates and 
net exposures with a confidence level of 95% for the next 12 months. The following table presents the possible 
negative impact for the Group as determined by the CfaR approach for the following 12 months: 
In millions of € 
Dec. 31, 2022
Dec. 31, 2021
Cashflow-at-Risk 
32.7
37.0
 
Hedge Accounting 
Derivative financial instruments are measured at the time of acquisition at cost and at fair value on subsequent 
reporting dates. The changes in value of the derivative financial instruments are generally recognized in the 
statement of profit or loss on the reporting date. 
If the derivative financial instruments are used to hedge cash flow risks arising from exchange rate risks and a 
qualifying hedging relationship exists based on the criteria of IFRS 9, the valuation adjustments for the 
effective portion are recognized in other comprehensive income. Only the change in the spot element of the 
forward contracts used as cash flow hedges are regularly designated. Amounts accumulated in equity are 
reclassified to profit or loss in other income and other expenses (see Note 11) in the same periods in which the 
hedged items affect profit or loss. The changes in the cash flow hedging reserves are shown in the statement 
of changes in equity and in the statement of comprehensive income. The non-designated or ineffective part 
is recognized immediately in profit or loss in the financial result. 
The critical terms match method is used to test the effectiveness of a hedging relationship; in other words, the 
economic relationship between the hedging instrument and the underlying hedged item is determined based 
on the consistency of the significant contractual features of the transactions. To this extent, the Group 
conducts a qualitative assessment. Hedge ineffectiveness may possibly arise if the timing of future 
transactions deviates from the original assumptions or the credit risk of the counterparties of the forward 
contract changes.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
223
 
 
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The following table shows the impact of foreign currency hedges on the net worth, financial position, and 
earnings of the Group: 
Currency
Carrying 
amount 
(assets)
Dec. 31, 
2021
in millions of 
€
Carrying 
amount 
(liabilities)
Dec. 31, 
2021
in millions of 
€ Hedge ratio
Change in 
value of 
hedging 
instruments
in millions of 
€
Change in 
value of 
hedged 
items
in millions of 
€
Nominal 
amount
in each 
foreign 
currency in 
millions
Maturity: 1 - 
6 months
Maturity: 7 - 
12 months
Average 
exercise 
price
USD 
0.2
9.6
100%
– 9.4
– 9.4
426.7
253.4
173.3
1.17
CHF 
0.0
0.0
100%
0.0
0.0
5.0
5.0
0.0
1.04
JPY 
0.2
0.0
100%
0.2
0.2
3,750.0
1,420.0
2,330.0
130.28
GBP 
0.9
0.8
100%
0.1
0.1
93.8
88.8
5.0
0.86
SEK 
0.0
0.1
100%
– 0.1
– 0.1
120.0
49.0
71.0
10.22
 
Currency 
Carrying 
amount 
(assets)
Dec. 31, 
2022
in millions 
of €
Carrying 
amount 
(liabilities)
Dec. 31, 
2022
in millions 
of €
Hedge 
ratio
Change in 
value of 
hedging 
instrumen
ts
in millions 
of €
Change in 
value of 
hedged 
items
in millions 
of €
Nominal 
amount
in each 
foreign 
currency 
in millions
Maturity: 
1 - 6 
months
Maturity: 
7 - 12 
months
 Maturity 
after one 
year
Average 
exercise 
price
USD 
10.3
7.4
100%
2.8
2.8
549.1
390.4
158.7
0.0
1.09
CHF 
0.0
0.0
100%
0.0
0.0
8.0
8.0
0.0
0.0
0.99
JPY 
1.2
0.5
100%
0.7
0.7
7,140.0
5,490.0
1,200.0
450.0
138.90
GBP 
0.0
0.1
100%
– 0.1
– 0.1
5.0
5.0
0.0
0.0
0.88
SEK 
0.0
0.5
100%
– 0.5
– 0.5
87.0
87.0
0.0
0.0
10.52
 
In the statement of financial position, hedging instruments with a positive fair value are disclosed under 
“Financial assets (non-current)” and “Other financial assets (current),” while instruments with a negative fair 
value are reported under “Other financial liabilities (non-current)” and “Other financial liabilities (current).” 
38. Interest Risk Management 
The entire Sartorius Group is generally financed through Sartorius AG, which uses internal Group loans to 
ensure the financing of all Group companies. The Sartorius Group is exposed to interest rate risks, as some 
loans are taken out at variable interest rates. As of December 31, 2022, the Group predominantly obtained 
financing at fixed interest rates (approx. 80%), meaning that interest rate risk is of minor significance for the 
Group’s net worth, financial position, and earnings. As in the prior year, the interest rate hedges concluded by 
the Group in the past to hedge against increasing interest rates are not currently being used. The Group is 
again not materially affected by the IBOR reform. 
As of December 31, 2022, the volume of variable interest loans was around €439 million (prior year: 
€140 million). For the financial instruments held as of the reporting date, a sensitivity analysis yields the 
following results: if the market interest rate had been 1.0 percentage point higher on the reporting date, this 
would have had an impact on annual profit before taxes of - €3.3 million resulting from the variable interest 
loans (prior year: - €1.1 million). If the market interest rate had been lower by 1.0 percentage point, the impact 
from the variable interest rate loans on the profit before taxes would have been €0.9 million (prior year: 
€0.3 million, with an assumed base rate of 0%).

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
224
 
 
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39. Liquidity Risk Management 
The following table shows the liquidity analysis for financial liabilities, excluding derivatives, in the form of 
contractually agreed undiscounted cash flows based on conditions as of the reporting date: 
In millions of € 
Carrying amount
Dec. 31, 2021
Cash flow
Dec. 31, 2021
< 1 year
1 to 5 years
> 5 years
Loans and borrowings 
1,960.4
2,043.0
330.0
1,065.7
647.3
Lease liabilities 
115.0
133.8
29.1
66.9
37.7
Trade payables 
283.0
283.0
283.0
0.0
0.0
Other liabilities  
(excluding derivatives) 
579.3
585.2
167.7
307.1
110.4
Financial liabilities 
2,937.8
3,045.0
809.8
1,439.8
795.4
 
In millions of € 
Carrying amount
Dec. 31, 2022
Cash flow
Dec. 31, 2022
< 1 year
1 to 5 years
> 5 years
Loans and borrowings 
2,397.6
2,598.3
564.0
1,504.4
529.8
Lease liabilities 
143.6
171.5
36.3
77.4
57.8
Trade payables 
304.9
304.9
304.9
0.0
0.0
Other liabilities  
(excluding derivatives) 
349.2
357.7
133.0
224.7
0.1
Financial liabilities 
3,195.3
3,432.4
1,038.2
1,806.5
587.7
 
The carrying amounts and cash flows for the derivatives are shown as follows: 
In millions of € 
Carrying amount
Dec. 31, 2021
Cash flow
Dec. 31, 2021
< 1 year
1 to 5 years
> 5 years
Gross fulfillment 
 
 
 
 
 
Forward contracts 
11.5
11.5
11.5
0.0
0.0
Payment obligation 
 
 
395.7
0.0
0.0
Payment claim 
 
 
– 384.3
0.0
0.0
Derivatives 
11.5
11.5
11.5
0.0
0.0
 
In millions of € 
Carrying amount 
Dec. 31, 2022
Cash flow
Dec. 31, 2022
< 1 year
1 to 5 years
> 5 years
Gross fulfillment 
 
 
 
 
 
Forward contracts 
11.4
11.4
11.3
0.1
0.0
Payment obligation 
 
 
294.5
3.3
0.0
Payment claim 
 
 
– 283.2
– 3.2
0.0
Derivatives 
11.4
11.4
11.3
0.1
0.0
 
The Group controls liquidity risks by maintaining credit lines and additional facilities with banks, continuously 
tracking the forecasted and actual cash flows, and managing the maturity profiles of financial assets and 
liabilities.

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Consolidated Financial Statements and Notes    Notes to the Statement of Financial Position
225
 
 
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It is not expected that cash outflows will occur at materially different reporting dates or in materially different 
amounts. 
Local cash funds in certain countries (e.g., China and India) are only available to the Group for cross-border 
transactions subject to exchange controls. For the restrictions regarding local cash funds in Russia, see Note 4. 
As in the previous year, all derivative financial instruments of the Group are subject to the German Master 
Agreement for Financial Futures with regard to offsetting of the cash flows. 
The syndicated credit line amounting to €800 million at variable interest rates was used to the extent of 
€80 million as of December 31, 2022 (utilization prior year: €0 million). In addition, the Group had further 
bilateral credit lines at variable interest rates available amounting to €475 million as of December 31, 2022 
(prior year: €270 million), of which approximately €100 million had been drawn at the reporting date (prior 
year: €33 million). 
As of December 31, 2022, there were no financing agreements that require the Group to comply with financial 
key ratios, so-called financial covenants. 
40. Credit Risk Management 
Credit risk is the risk of financial loss to the Sartorius Group if a counterparty to a financial instrument fails to 
meet its contractual obligations. Credit risks arise in particular from trade receivables as well as from cash and 
cash equivalents and bank deposits. Moreover, the Group is exposed to credit risks arising from derivatives 
with a positive fair value and, to a low degree, to other contractual cash flows from debt securities. 
Credit risk is managed centrally for the Group by the Treasury Management unit. The creditworthiness of 
banks and financial institutions as counterparties of the Group is continuously monitored in order to detect 
increases in credit risks at an early stage. If no new information is obtained, the Group assumes that its related 
financial assets still have only a low credit risk. 
Customers are assigned to different risk limits, which are essentially based on business volume, past 
experience, and the net worth and financial situation of these customers. The management responsible for 
these customers regularly reviews compliance of their assigned customers with these credit limits. In some 
cases, advance payments are required for deliveries to avoid credit risks. There are no significant 
concentrations of credit risks arising from individual customers or regions. 
For some trade receivables, the Group has collateral, such as guarantees, financial securities, and suretyship 
contracts to which the Group can resort under the contractual arrangements should a counterparty default 
on its payment obligations. 
Impairment of Financial Assets 
Trade Receivables and Contract Assets 
Trade receivables and contract assets, in particular, are required to be measured according to the model for 
recognition of expected credit losses.  
The Sartorius Group applies the simplified impairment approach according to IFRS 9 for trade receivables and 
contract assets, thus taking lifetime expected credit losses into account. The impairment model starts with an 
analysis of the actual historical credit loss rates. These are adjusted, taking into consideration forward-looking 
information and the effects of current changes in the macroeconomic environment, if significant. Because of 
the Group’s focus on the biopharma industry that has presented itself largely stable and independent of 
macroeconomic developments, the Group does currently not see material impact from macroeconomic

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226
 
 
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developments and forward-looking information on the expected credit losses (see also Note 4). Due to the 
immaterial level of historical credit losses, the Group continues to determine the expected credit losses for its 
portfolio of trade receivables as a whole. However, historical loss rates are analyzed regularly in more detail in 
order to apply different loss rates to different portfolios if necessary. Contract assets relate to projects for 
typical Sartorius customers so that the Group assumes that the loss rates applied to trade receivables 
appropriately approximate the loss rates of the contract assets. Accordingly, there is no further differentiation 
between trade receivables and contract assets. 
On this basis, the allowances for trade receivables and contract assets were determined as follows for the year 
ended December 31, 2022, and as of the previous reporting date on December 31, 2021: 
Dec. 31, 2021 
in millions of € 
Not due
1 - 30 days 
overdue
31 - 60 days 
overdue
61 - 90 days 
overdue
More than 
90 days 
overdue
Total
Gross carrying amount of trade receivables 
324.6
29.4
26.3
18.6
36.6
435.4
Gross carrying amount of contract assets 
4.1
0.0
0.0
0.0
0.0
4.1
Impairment loss allowance 
0.7
0.1
0.6
0.1
14.0
15.5
 
Dec. 31, 2022 
in millions of € 
Not due
1 - 30 days 
overdue
31 - 60 days 
overdue
61 - 90 days 
overdue
More than 
90 days 
overdue
Total
Gross carrying amount of trade receivables 
367.6
9.8
22.8
19.0
66.9
486.2
Gross carrying amount of contract assets 
13.8
0.0
0.0
0.0
0.0
13.8
Impairment loss allowance 
0.2
0.0
0.0
0.3
15.0
15.6
The impairments in fiscal 2022 include those related to trade receivables measured at fair value though other comprehensive income, 
which amount to approximately €4.1 million (prior year: €3.4 million). 
The expected credit losses are determined based on a loss rate of 0.05%. In addition, impairments are 
determined on the basis of individual assessments. Days overdue are one essential criterion in this context. A 
default is generally presumed when there is no longer any reasonable expectation of recovering a financial 
asset. In such a case, the respective receivables are derecognized. 
The movements in the allowance for impairment losses on trade receivables and contract assets are presented 
below: 
In millions of € 
2022
2021
Valuation allowances at January 1 
– 15.5
– 15.9
Net remeasurement of loss allowance recognized in profit or loss 
– 7.6
– 4.7
Derecognition and consumption 
1.4
0.4
Recoveries of amounts previously impaired 
6.3
5.3
Currency effects 
– 0.1
– 0.5
Changes in scope of consolidation 
0.0
– 0.1
Valuation allowances at December 31 
– 15.6
– 15.5
 
Cash and Cash Equivalents 
Besides trade receivables, cash and cash equivalents were the most significant financial assets in the Group’s 
statement of financial position as of December 31, 2022, as was the case in the previous year. The expected 
credit losses are monitored at regular intervals. Due to the high creditworthiness of the counterparties and the 
short maturities or contract terms, which are short by definition, any impairment that would theoretically have

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to be recognized for these financial assets is immaterial. Therefore, no impairment is recognized for cash and 
cash equivalents. 
Other Financial Assets 
For the other financial assets measured at amortized cost, as in the previous year, no impairment was 
recognized as of December 31, 2022, for the twelve months of expected credit losses due to immaterial 
historical credit losses. In the event of a significant increase in credit risk, which is generally presumed when a 
payment is more than 30 days past due, the lifetime expected credit losses are recognized for the respective 
financial asset. A default is generally presumed if there is no longer any reasonable expectation of recovering 
a financial asset. This is generally presumed when payments are more than 90 days past due. As of the 
reporting date, there are no indications of increases in credit risk to a material extent. The carrying amounts of 
the financial assets reflect the maximum credit loss for these assets at the end of the fiscal year. 
41. Other Risks Associated with Financial Instruments 
As of the reporting date, the Sartorius Group was exposed to risks arising from the volatility of the share price 
of Sartorius Stedim Biotech S.A. because of the contingent consideration in connection with the acquisition 
of BIA Separations. As of the reporting date, there were no other significant risks of volatility in share prices; 
only vested portions of share-based payments are linked directly to the price development of Sartorius stock. 
For details on other types of risk, please refer to the Group Management Report. 
42. Share-based Payments 
Within the Sartorius Group, share-based payments are made in the form of so-called phantom stock units at 
Sartorius AG as well as in the context of the so-called Long-Term Incentive Program (LTI Program). 
In fiscal 2022, the Group introduced a new long-term remuneration component for selected employees on 
the higher management levels, the so-called LTI Program. At the beginning of a calendar year, each participant 
of this program is granted virtual preference shares of Sartorius AG that will be paid out in cash after four years. 
Accordingly, the payment for the tranche of virtual shares granted in 2022 is planned for the first quarter of 
2026. The number of virtual shares varies with the performance achieved over the four years preceding the 
payout period. Goals are defined for the dimensions organic sales growth, underlying EBITDA margin, and CO2 
emission intensity, which are equally weighted. The measurement of the share-based payment obligations is 
based on the performance achieved to date, assumptions about future performance in the remaining years 
until payment, and the current share price. The personnel expenses related to the LTI Program, including 
effects from fair value measurement, and the fair value of the obligation on the reporting date of December 31, 
2022, amounted to €0.6 million. This obligation is reported under “Other non-current provisions” (see 
Note 24).

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The phantom stock units are virtual options on the shares of Sartorius AG. Specifically, the company’s phantom 
stock plan credits each member of the Executive Board at the beginning of every year with phantom stock 
units valued at an agreed amount. These phantom stock options may be exercised no earlier than four years 
after this sum has been credited and only if certain conditions with respect to the performance of Sartorius AG 
shares are met. If an Executive Board member exercises an option, the number of phantom stock units granted 
is evaluated at the current stock exchange price. The amount paid out is capped at 2.5 times the grant price. 
The fair value of the phantom stock units was measured using a Black-Scholes model and is disclosed as 
follows: 
Components with a long-term incentive effect 
Number
of phantom stock 
units
Fair value
at year-end on
Dec. 31, 2022
in millions of €
Fair value
at year-end on
Dec. 31, 2021
in millions of €
Paid out
in millions of €
Tranche for fiscal 2018 
5,647
0.0
1.1
1.1
Tranche for fiscal 2019 
5,413
1.5
1.5
0.0
Tranche for fiscal 2020 
3,332
1.2
1.6
0.0
Tranche for fiscal 2021 
2,084
0.7
1.1
0.0
Tranche for fiscal 2022 
1,646
0.5
0.0
0.0
  
18,122
4.0
5.4
1.1
 
In fiscal 2022, expenses relating to granting and measuring phantom stock units amounted to -€0.3 million 
(prior year: €1.8 million). As in the prior year, no phantom stock units were exercisable on the reporting date. All 
phantom stock units granted in the reporting year were attributable to members of the Executive Board. 
Based on resolutions of the Supervisory Board on December 5, 2019, Dr. Kreuzburg was granted a 
supplementary compensation component, which provides for transferring shares of the company to him. 
These share-based payments are subject to the rules of IFRS 2. Based on the agreed conditions, the resulting 
amounts are to be spread as an employee benefits expense from the respective grant date over the full vesting 
period of the respective plan. In fiscal 2022, an amount of €1.3 million (prior year: €1.3 million) was therefore 
recognized as an employee benefits expense resulting from the grant of shares. For further details on the 
phantom stocks and the share-based remuneration of Dr. Kreuzburg, please refer to the Remuneration 
Report.

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Other Disclosures 
The consolidated financial statements were prepared on a going-concern basis. 
The exemption options provided by Section 264 (3) of the German Commercial Code (HGB) were applied to 
the annual financial statements reported by Sartorius Lab Holding GmbH, Sartorius Weighing Technology 
GmbH, and Sartorius Corporate Administration GmbH, all based in Göttingen, Germany, for the year ended 
December 31, 2022. 
The exemption options provided by Section 264b of the HGB were applied to the annual financial statements 
reported by SIV Weende GmbH & Co. KG, SIV Grone 1 GmbH & Co. KG, and Sartorius Lab Instruments GmbH 
& Co. KG, all based in Göttingen, Germany, for the year ended December 31, 2022. 
Material Events after the Reporting Date 
No material events occurred up to the end of the preparation of these consolidated financial statements. 
Declaration According to Section 314 (1) No. 8 of the 
German Commercial Code (HGB) 
The declaration prescribed by Section 161 of the German Stock Corporation Act (AktG) was submitted on 
December 8, 2022, and made available to the shareholders of Sartorius AG on the company’s website at 
www.sartorius.com. 
Members of the Supervisory Board and the Executive 
Board 
The members of the Supervisory Board and the Executive Board are listed at the end of this section, as are the 
further additional disclosures pursuant to Section 285 no. 10 of the German Commerical Code (HGB). 
Number of Employees 
This table shows the average workforce employed during the fiscal year: 
  
2022
2021
Bioprocess Solutions 
12,434
9,536
Lab Products & Services 
3,272
2,974
Total 
15,707
12,510

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Auditors' Fee 
In fiscal 2021 and 2022, the following fees were incurred by the Group for the auditors, KPMG AG: 
In millions of € 
2022
2021
Audits 
1.0
0.9
Tax consultation services 
0.0
0.0
Other attestation services 
0.1
0.1
Other services 
0.0
0.0
  
1.2
1.0
 
The fees for statutory audits include the audit review fee of €0.1 million (prior year: €0.1 million) for the first-half 
financial report pursuant to Section 115 (5) of the German Securities Trading Act (WpHG), as well as other 
services directly prompted by the audit. 
Related Companies and Persons  
The Group companies included in the consolidated financial statements carry out business activities and 
transactions in related party relationships as defined by IAS 24. In particular, this concerns transactions with 
non-consolidated subsidiaries that are generally entered into on an arm’s length basis. A long-term service 
contract exists with an affiliated company. For this contract, expenses of €15.7 million were incurred and 
reported in the statement of profit or loss in the reporting year (prior year: €11.7 million). Details on the 
transactions completed in the reporting year and the balances outstanding on the reporting date are provided 
in the relevant sections of these Notes to the Financial Statements, specifically in Note 29. 
According to IAS 24, related persons are those individuals responsible for the planning, management, and 
control of a reporting entity. In particular, such persons include the members of the Executive Board and of 
the Supervisory Board of Sartorius AG. In the reporting year, the total remuneration of the Supervisory Board 
members was €1.0 million (prior year: €1.1 million); that of the Executive Board members amounted to 
€5.9 million (prior year: €5.8 million). The remuneration of former managing directors and members of the 
Executive Board and their surviving dependents was €0.7 million (prior year: €0.9 million). The pension 
obligations to former managing directors and members of the Executive Board and their surviving dependents 
totaled €9.0 million (prior year: €9.1 million). For details on remuneration, please refer to the Remuneration 
Report. In addition to their Supervisory Board remuneration, the employee representatives who are 
employees of the Sartorius Group receive compensation that is not related to their service on the Supervisory 
Board. 
The total remuneration of the Executive Board members according to IFRS is shown in the following table: 
In millions of € 
2022
2021
Short-term benefits (excl. share-based remuneration) 
3.7
4.2
Post-employment benefits 
0.7
0.5
Other long-term benefits 
0.7
0.7
Share-based payments 
1.1
3.0
Total remuneration 
6.3
8.3

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Partial payments on multi-year variable remuneration of the Executive Board members: 
In millions of € 
2022
2021
Balance as of Jan. 1 of a fiscal year 
0.6
0.5
Partial payments deducted 
– 0.3
– 0.2
Partial payments effected 
0.4
0.3
Balance as of Dec. 31 of a fiscal year 
0.8
0.6
 
The total remuneration of the Supervisory Board members is as follows: 
In millions of € 
2022
2021
Short-term benefits (excl. share-based remuneration) 
1.0
1.1
Post-employment benefits 
0.0
0.0
Other long-term benefits 
0.0
0.0
Share-based payments 
0.0
0.0
Total remuneration 
1.0
1.1
 
Proposal for Appropriation of Profit 
The Supervisory Board and the Executive Board will submit a proposal to the Annual General Meeting to 
appropriate the retained profit of €267,109,441.57 reported by Sartorius AG for the year ended December 31, 
2022, for dividend payments in the amount of €98,176,581.19 (€1.43 per ordinary share, €1.44 per preference 
share): 
  
€
Payment of a dividend of €1.43 per ordinary share 
48,943,192.87 
Payment of a dividend of €1.44 per preference share 
49,233,388.32 
Unappropriated profit carried forward 
168,932,860.38 
  
267,109,441.57

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Independent Auditors’ Report 
Report on the Audit of the Consolidated Financial 
Statements and of the Group Management Report 
Opinions 
We have audited the consolidated financial statements of Sartorius Aktiengesellschaft, Göttingen, Germany, 
and its subsidiaries (the Group) – which comprise the consolidated statement of financial position as of 
December 31, 2022, the consolidated statement of profit and loss, the consolidated statement of 
comprehensive income, consolidated statement of cash flows and the consolidated statement of changes in 
equity for the fiscal year from January 1 until December 31, 2022 and the notes to the consolidated financial 
statements, including a summary of significant accounting policies. In addition, we have audited the report on 
the position of the company and the Group (hereinafter referred to as the “group management report”) of 
Sartorius Aktiengesellschaft for the fiscal year from January 1 to December 31, 2022. 
In accordance with the German legal requirements, we have not audited the content of the parts of the group 
management report mentioned in the section on “Other Information” of our independent auditor’s report. 
In our opinion, on the basis of the knowledge obtained in the audit, 
 the accompanying consolidated financial statements comply, in all material respects, with the 
IFRSs as adopted by the EU, and the additional requirements of German commercial law 
pursuant to Section 315e(1) HGB [Handelsgesetzbuch: German Commercial Code] and, in 
compliance with these requirements, with these requirements, give a true and fair view of the 
assets, liabilities, and financial position of the Group as of December 31, 2022 as well as of the 
results of its operations for the fiscal year from January 1 to December 31, 2022 and 
 the accompanying group management report as a whole provides an appropriate view of the 
Group’s position. In all material respects, this group management report is consistent with the 
consolidated financial statements, complies with German legal requirements, and appropriately 
presents the opportunities of and risks to future performance. Our opinion on the group 
management report does not cover the content of the group management report mentioned in 
the section “Other Information.” 
Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating 
to the legal compliance of the consolidated financial statements and the group management report. 
Basis for the Opinions 
We conducted our audit of the consolidated financial statements and of the group management report in 
accordance with Section 317 HGB and the EU Audit Regulation No. 537/2014 (referred to subsequently as “EU 
Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement 
Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our 
responsibilities under those requirements and principles are further described in the “Auditor’s 
Responsibilities for the Audit of the Consolidated Financial Statements and of the group management report” 
section of our auditor’s report. We are independent of the group entities in accordance with the requirements

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of European law and German commercial and professional law, and we have fulfilled our other German 
professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 
(2) point (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited 
under Article 5 (1) of the EU Audit Regulation. We believe that the evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinions on the consolidated financial statements and on the group 
management report. 
Key Audit Matters in the Audit of the Consolidated Financial Statements 
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit 
of the consolidated financial statements for the fiscal year from January 1 to December 31, 2022. These matters 
were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming 
our opinion thereon, we do not provide a separate opinion on these matters. 
Recoverability of the Carrying Amount of Goodwill 
The accounting policies as well as the assumptions made are disclosed in the notes to the consolidated 
financial statements in note 15. Disclosure of the amount of goodwill is provided in the notes to the 
consolidated financial statements in note 15. 
The Financial Statement Risk 
Goodwill totaled 1,719 million euros as of December 31, 2022, and represents a significant share of assets at 
25% of total assets. 
Goodwill is tested for impairment annually at the level of the Bioprocess Solutions Division (carrying amount 
of goodwill as of December 31, 2022: 1,339 million euros) and the Lab Products & Services Division (carrying 
amount of goodwill as of December 31, 2022: 380 million euros). If impairment triggers occur during the year 
that indicate goodwill impairment, a trigger-based impairment test is also performed during the year. For the 
purpose of testing goodwill for impairment, the carrying amount is compared with the recoverable amount of 
the respective operating segment. If the carrying amount exceeds the recoverable amount of the respective 
operating segment, an impairment is recorded. The recoverable amount is the higher of the operating 
segment’s fair value less costs to sell and its value in use. The impairment test was carried out on  
November 30, 2022. 
Testing goodwill for impairment is a complex process and is based on a number of discretionary assumptions. 
These include, among others, the expected business and earnings performance of the operating segments for 
the upcoming four years, the assumed long-term growth rates, and the discount rate used. 
There is a risk for the consolidated financial statements that an impairment loss existing as of the reporting 
date has not been recognized in an appropriate amount. There is also a risk that the related disclosures in the 
notes are not appropriate. 
Our Audit Approach 
With the support of our valuation specialists, we assessed, among other aspects, the appropriateness of the 
significant assumptions as well as the Company’s valuation model. To this end, we discussed the expected 
development of business and earnings and the assumed long-term growth rate with those responsible for 
planning. We also performed reconciliations with other internally available forecasts, e.g., the 2023 budget 
prepared by the Executive Board and approved by the Supervisory Board, as well as the plan prepared by the 
Executive Board for the years 2024 to 2026. Furthermore, we assessed the consistency of the assumptions 
with external market assessments.

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We also examined the company’s past forecasting performance by comparing forecasts from previous fiscal 
years with actual results and analyzing deviations. We compared the assumptions and data underlying the 
discount rate with our own assumptions and publicly available data. 
To reflect the existing uncertainty with respect to forecasts as well as the earlier valuation date for the 
impairment test, we have assessed the effect of possible changes in the discount rate, sales revenue, and 
earnings development and the long-term growth rate on the recoverable amount by calculating alternative 
scenarios and comparing these with the company’s valuation results (sensitivity analysis). 
We have updated our findings from the impairment test as of November 30, 2022, to December 31, 2022, by 
considering our findings from further audit work. 
In order to assess the methodologically and mathematically appropriate implementation of the valuation 
method, we replicated the valuation performed by the company using our own calculations and analyzed 
deviations. 
Finally, we assessed whether the disclosures in the notes with respect to the recoverability of the carrying 
amount of the goodwill are appropriate. This also included assessing the appropriateness of the disclosures in 
the notes to the financial statements in accordance with IAS 36.134(f) on sensitivities in the event of a deemed 
possible change in significant assumptions underlying the measurement. 
Our Conclusion 
The underlying valuation model used in the impairment test of goodwill is appropriate and consistent with the 
applicable accounting principles. 
The company’s assumptions and data underlying the valuation are appropriate. 
The related disclosures in the notes are appropriate. 
Other Information 
The legal representatives and/or the Supervisory Board are responsible for the other information. Other 
information comprises the following parts of the group management report, the content of which has not been 
audited: 
 The information contained in the “Sustainability” section of the group management report, 
 The non-financial group statement which is included in the section of the same name in the 
group management report, and 
 The corporate governance statement, contained in the section of the same name in the group 
management report 
The other information additionally covers the remaining parts of the annual report.  
Other information does not encompass the consolidated financial statements, the content of the audited 
group management report disclosures, or our associated auditor’s report. 
Our opinions on the consolidated financial statements and on the group management report do not cover the 
other information, and consequently we do not express an opinion or any other form of audit conclusion 
thereon.

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In connection with our audit, our responsibility is to read the other information and, in so doing, to consider 
whether the other information: 
 Is materially inconsistent with the consolidated financial statements, with the group 
management report, or our knowledge obtained in the audit 
 Otherwise appears to be materially misstated 
Responsibilities of Management and the Supervisory 
Board for the Consolidated Financial Statements and 
the Group Management Report 
The legal representatives are responsible for the preparation of the consolidated financial statements that 
company, in all material respects, with IFRSs as adopted by the EU and the additional requirements of German 
commercial law pursuant to Section 315e(1) HGB and that the consolidated financial statements, in 
compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, and 
results of operations of the Group. Furthermore, the legal representatives are responsible for the internal 
controls that they have determined are necessary to enable the preparation of consolidated financial 
statements that are free from material misstatements, whether due to fraud or error (i.e., manipulation of the 
financial statements and misstatement of assets). 
In preparing the consolidated financial statements, the legal representatives are responsible for assessing the 
Group’s ability to continue as a going concern. In addition, they have the responsibility for disclosing, as 
applicable, matters related to continuing as a going concern. Furthermore, they are responsible for financial 
reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group 
or to cease operations, or there is no realistic alternative but to do so. 
Furthermore, the legal representatives are responsible for the preparation of the group management report 
that, as a whole, provides an appropriate view of the position of the Group and is, in all material respects, 
consistent with the consolidated financial statements, complies with German legal requirements, and 
appropriately presents the opportunities and risks to future performance. In addition, the legal representatives 
are responsible for such arrangements and measures (systems) they have deemed necessary to enable the 
preparation of a group management report that is in accordance with the applicable German legal 
requirements, and to be able to provide sufficient appropriate evidence for the assertions in the group 
management report. 
The Supervisory Board is responsible for overseeing the financial reporting process used by the Group to 
prepare the consolidated financial statements and the group management report. 
Auditor’s Responsibilities for the Audit of the Consolidated Financial 
Statements and of the Group Management Report 
Our objective is to obtain reasonable assurance about whether the consolidated financial statements as a 
whole are free from material misstatements, whether due to fraud or error, and whether the group 
management report as a whole provides a suitable view of the position of the Group and is consistent, in all 
material respects, with the consolidated financial statements and the audit findings, complies with German 
legal requirements, and suitably presents the opportunities and risks to future performance, and to issue an

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auditor’s report that includes our audit opinion on the consolidated financial statements and the group 
management report. 
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally 
Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) 
will always detect a material misstatement. Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence financial decisions 
made on the basis of these consolidated financial statements and the group management report. 
During the audit, we exercise professional judgment and maintain a critical attitude. We also: 
 Identify and assess the risks of material misstatements in the consolidated financial statements 
and in the group management report, whether due to fraud or error; plan and perform audit 
procedures responsive to those risks; and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our audit opinion. The risk that material misstatements 
resulting from fraudulent activities will not be detected is higher than the risk that material 
misstatements resulting from errors will not be detected, as fraudulent activities may involve 
collusion, forgery, intentional omissions, misleading representations, or the override of internal 
controls. 
 Obtain an understanding of internal control relevant to the audit of the consolidated financial 
statements and of arrangements and measures (systems) relevant to the audit of the group 
management report in order to design audit procedures that are appropriate in the 
circumstances, but not for the purpose of expressing an opinion on the effectiveness of these 
systems.   
 Evaluate the appropriateness of the of accounting policies used by the legal representatives and 
the reasonableness of estimates made by the legal representatives and related disclosures. 
 Conclude on the appropriateness of the legal representatives’ use of the going concern basis of 
accounting and, based on the audit evidence obtained, whether a material uncertainty exists 
related to events or conditions that may cast significant doubt on the Group’s ability to continue 
as a going concern. If we conclude that a material uncertainty exists, we are required to draw 
attention in the auditor’s report to the related disclosures in the consolidated financial 
statements and in the group management report or, if such disclosures are inadequate, to 
modify our respective opinions. Our conclusions are based on the audit evidence obtained up to 
the date of our auditor’s report. However, future events or conditions may cause the Group to 
cease to be able to continue as a going concern. 
 Evaluate the overall presentation, structure, and content of the consolidated financial 
statements, including the disclosures, and whether the consolidated financial statements 
present the underlying transactions and events in a manner that the consolidated financial 
statements give a true and fair view of the assets, liabilities, financial position and results of 
operations of the Group in compliance with in compliance with IFRSs as adopted by the EU and 
the additional requirements of German commercial law pursuant to Section 315e (1) HGB. 
 Obtain sufficient appropriate audit evidence regarding the financial information of the entities 
or business activities within the Group to express opinions on the consolidated financial 
statements and on the group management report. We are responsible for the direction, 
supervision, and performance of the group audit. We remain solely responsible for our opinions.

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 Evaluate the consistency of the group management report with the consolidated financial 
statements, its conformity with German law, and the view of the position of the Group that it 
provides. 
 Perform audit procedures on the prospective information presented by the legal 
representatives in the group management report. On the basis of sufficient appropriate audit 
evidence we evaluate, in particular, the significant assumptions used by the legal representatives 
as a basis for the prospective information, and evaluate the proper derivation of the prospective 
information from these assumptions. We do not express a separate opinion on the prospective 
information and on the assumptions used as a basis. There is a substantial unavoidable risk that 
future events will differ materially from the prospective information. 
We communicate with those charged with governance regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in internal control 
that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with the relevant 
independence requirements, and discuss with them all relationships and other matters that may reasonably 
be thought to bear on our independence and, where relevant, the actions taken or safeguards implemented 
to address threats to our independence. 
From the matters communicated with those charged with governance, we determine those matters that were 
of most significance in the audit of the consolidated financial statements of the current period and are 
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation 
precludes public disclosure about the matter. 
Other Legal and Regulatory Requirements 
Report on the Assurance Engagement for the Electronic Reproductions 
of the Consolidated Financial Statements and the Group Management 
Report Prepared for the Purposes of Disclosure Pursuant to 
Section 317(3a) of the German Commercial Code (HGB) 
In accordance with Section 317(3a) of the German Commercial Code (HGB), we have performed a reasonable 
assurance engagement to determine whether the reproductions of the consolidated financial statements and 
the group management report (hereinafter also referred to as “ESEF documents”) contained in the file 
"sartoriusag.zip" (SHA256 -hash value: 08f2ab8e04784b2bee1aa65f4639f6134b82707ec0753eb4288f2b88c 
7625627) and prepared for disclosure purposes comply in all material respects with the requirements of 
Section 328(1) of the German Commercial Code regarding the electronic reporting format (“ESEF format”). In 
accordance with German legal requirements, this assurance engagement only extends to the conversion of 
the information contained in the consolidated financial statements and the group management report into 
the ESEF format and therefore relates neither to the information contained in this reproduction nor any other 
information contained in the above-mentioned electronic file. 
In our opinion, the reproduction of the consolidated financial statements and the group management report 
contained in the aforementioned electronic file and prepared for publication purposes complies in all material 
respects with the requirements of Section 328(1) HGB for the electronic reporting format. We do not express 
any opinion on the information contained in this reproduction nor on any other information contained in the 
aforementioned file beyond this reasonable assurance conclusion and our audit opinion on the accompanying

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consolidated financial statements and the accompanying group management report for the fiscal year from 
January 1 to December 31, 2022 contained in the “Report on the Audit of the Consolidated Financial 
Statements and of the Group Management Report” above. 
We conducted our audit of the reproductions of the consolidated financial statements and the group 
management report contained in the aforementioned provided file in accordance with Section 317 (3a) of the 
German Commercial Code (HGB) and in compliance with the IDW Auditing Standard: Audit of Electronic 
Reproductions of Financial Statements and Management Reports Prepared for Disclosure Purposes in 
Accordance with Section 317 (3a) of the HGB (IDW PS 410 (06.2022)) and the International Standard on 
Assurance Engagements 3000 (Revised). Accordingly, our responsibilities are further described below. Our 
auditing practice has applied the quality assurance system requirements stipulated in the IDW Quality 
Assurance Standard: Requirements for Quality Assurance in the Auditing Practice (IDW QS 1). 
The company’s legal representatives are responsible for the preparation of the ESEF documents including the 
electronic reproduction of the consolidated financial statements and the group management report in 
accordance with Section 328(1) sentence 4 item 1 of the German Commercial Code (HGB) and for the tagging 
of the consolidated financial statements in accordance with Section 328 (1) sentence 4 item 2 of the German 
Commercial Code (HGB). 
In addition, the company’s legal representatives are responsible for the internal controls they consider 
necessary to enable the preparation of ESEF documents that are free from material intentional or 
unintentional non-compliance with the requirements of Section 328(1) of the German Commercial Code 
(HGB) for the electronic reporting format. 
The Supervisory Board is responsible for overseeing the process of preparation of the ESEF documents as part 
of the financial reporting process. 
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material 
non-compliance with the requirements of Section 328(1) HGB, whether due to fraud or error. During the audit, 
we exercise professional judgment and maintain a critical attitude. We also: 
 Identify and assess the risks of material non-compliance with the requirements of Section 328(1) 
HGB, whether due to fraud or error, design and perform assurance procedures responsive to 
those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis 
for our assurance conclusion 
 Obtain an understanding of internal control relevant to the assessment of the ESEF documents 
in order to design assurance procedures that are appropriate in the circumstances, but not for 
the purpose of expressing a conclusion on the effectiveness of these controls 
 Evaluate the technical validity of the ESEF documents, i.e. whether the electronic file containing 
the ESEF documents meets the requirements of Commission Delegated Regulation (EU) 
2019/815 in the version applicable on the reporting date relating to the technical specification 
for this electronic file 
 Evaluate whether the ESEF documents enable an XHTML reproduction with content equivalent 
to the audited consolidated financial statements and the audited group management report 
 Evaluate whether tagging the ESEF documents with Inline XBRL technology (iXBRL) in 
accordance with Articles 4 and 6 of Commission Delegated Regulation (EU) 2019/815 in the 
version applicable on the reporting date provides an appropriate and complete machine-
readable XBRL copy of the XHTML reproduction

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Further Information pursuant to Article 10 of the EU Audit Regulation 
We were elected as group auditor by the annual general meeting on March 25, 2022. We were engaged by 
the Supervisory Board on December 8, 2022. We have been the group auditor of Sartorius AG without 
interruption since the 2015 fiscal year. 
We declare that the opinions expressed in this auditor’s report are consistent with the additional report to the 
audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report). 
In addition to the consolidated financial statements, we audited the annual financial statements of Sartorius 
Aktiengesellschaft and carried out various audits of annual financial statements of subsidiaries. In addition, we 
audited interim financial statements. Furthermore, contractual audits were performed, such as the review of 
the Non-financial Group Statement as well as the audit of the Remuneration Report 
Other Matters – Use of the Auditor’s Report 
Our auditor’s report must always be read in connection with the audited consolidated financial statements, 
the audited group management report, and the audited ESEF documents. The consolidated financial 
statements and the group management report converted into the ESEF format – including the versions to be 
entered in Germany’s Company Register – are merely electronic reproductions of the audited consolidated 
financial statements and the audited group management report and do not replace them. In particular, the 
ESEF report and our opinion in it must be used only in conjunction with the audited ESEF documents provided 
in electronic form. 
German Public Auditor Responsible for the Engagement 
Haiko Schmidt is the German Public Auditor (Wirtschaftsprüfer) responsible for conducting the audit. 
 
 
Hanover, February 8, 2023 
KPMG AG 
Wirtschaftsprüfungsgesellschaft 
 
 
SchmidtError! Reference 
source not found. 
(German Public Auditor) 
 
Hartke 
(German Public Auditor)

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Executive Board and Supervisory Board 
During Fiscal 2022 
Executive Board 
Dr. Joachim Kreuzburg 
Dipl.-Ingenieur (Graduate Engineer)  
CEO and Chairman 
Executive for Labor Relations   
Corporate Strategy, Human Resources, Corporate Research, Legal Affairs & Compliance  
and Corporate Communications 
Born April 22, 1965 
Resident of Göttingen, Germany 
Member since November 11, 2002 
“Sprecher” (Spokesman) from May 1, 2003, to November 10, 2005 
Chairman since November 11, 2005 
Appointed until November 10, 2025 
Dr. René Fáber 
Dipl.-Chemiker (Graduate Chemical Engineer) 
Bioprocess Solutions Division 
Born July 18, 1975 
Resident of Göttingen, Germany 
Member since January 1, 2019 
Appointed until December 31, 2026 
Rainer Lehmann 
Dipl.-Kaufmann (Graduate in Business Administration)  
Finance, IT and Business Processes 
Born March 2, 1975 
Resident of Brightwaters, New York, USA 
Member since March 1, 2017  
Appointed until February 28, 2025 
John Gerard Mackay 
B.Sc. Honors Degree in Biochemistry 
Master of Education 
Lab Products & Services Division 
Born May 11, 1962 
Resident of Glasgow, Scotland, UK 
Member since January 1, 2019 
Appointed until December 31, 2023

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Supervisory Board 
Dr. Lothar Kappich 
Dipl.-Ökonom (Graduate Economist) 
Chairman  
Freelance Consultant, formerly Managing Director of ECE Projektmanagement GmbH & Co. KG 
in Hamburg, Germany 
Resident of Hamburg, Germany 
Manfred Zaffke 
Dipl.-Volkswirt (Graduate Political Economist) 
Vice Chairman 
Project Secretary responsible for special tasks at the German Metalworkers’ Union (IG Metall) branch office  
of the southern Lower Saxony/Harz region in Northeim, Germany 
Resident of Osterode am Harz, Germany 
Annette Becker 
Personalfachkauffrau (HR Specialist) 
Chairwoman of the Employees' Council of Sartorius Corporate Administration GmbH 
in Göttingen, Germany 
Vice Chairwoman of the Group Employees' Council of Sartorius AG in Göttingen, Germany 
Resident of Göttingen, Germany 
Professor David Raymond Ebsworth, Ph.D. 
B.Sc. in Chemistry and German; Ph.D. in Comparative Industrial Relations 
Consultant, especially in the Healthcare and Financial Investment Industry 
Resident of Overath, Germany 
Dr. Daniela Favoccia 
Attorney and Partner of the Hengeler Mueller partnership of lawyers in Frankfurt am Main, Germany 
Resident of Frankfurt am Main, Germany 
Petra Kirchhoff 
Dipl.-Volkswirtin (Graduate Political Economist) 
Head of Corporate Communications and Investor Relations 
Sartorius Corporate Administration GmbH in Göttingen, Germany  
Resident of Göttingen, Germany 
Dietmar Müller 
Betriebswirt (VWA Göttingen) (Business Economist) 
Chairman of the Employees’ Council of Sartorius Stedim Biotech GmbH in Göttingen, Germany 
Chairman of the Group Employees' Council of Sartorius AG in Göttingen, Germany 
Resident of Gleichen, Germany 
Ilke Hildegard Panzer 
M.Sc. in Engineering, Computer and Systems Engineering 
Freelance Consultant in the Healthcare Innovation Industry 
Resident of Fredonia, Wisconsin, USA

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Frank Riemensperger 
Dipl.-Informatiker (Graduate Degree in Computer Science)                                                                                                                                    
Founder and Managing Director of 440.digital GmbH in Dietzenbach, Germany 
Consultant and Investor in Digital Companies 
Member since March 25, 2022 
Resident of Dietzenbach, Germany 
 
Hermann Jens Ritzau 
Chairman of the Employees' Council of Sartorius Lab Instruments GmbH & Co. KG in Göttingen, Germany 
Member of the Group Employees' Council of Sartorius AG in Göttingen, Germany 
Resident of Katlenburg-Lindau, Germany 
Prof. Dr. Klaus Rüdiger Trützschler 
Dipl.-Wirtschaftsmathematiker (Graduate Business Mathematician)  
and Dipl.-Mathematiker (Graduate Mathematician)  
Freelance Business Consultant 
Resident of Essen, Germany 
Sabrina Wirth 
B.A. in Social Science 
Political Secretary for Organizational Policy in the District Management of the German Metalworkers’ Union 
(IG Metall) District of Lower Saxony and Saxony-Anhalt in Hanover, Germany 
Member since March 25, 2022 
Resident of Nienburg/Weser, Germany 
 
Exited during fiscal 2022: 
Karoline Kleinschmidt 
Dipl.-Sozialwirtin (Graduate Social Economist) 
Secretary and First Authorized Representative of the  
German Metalworkers’ Union (IG Metall) in the Alfeld-Hameln-Hildesheim region in Hameln, Germany 
Member until March 25, 2022 
Resident of Hanover, Germany 
Prof. Dr. Thomas Scheper 
Dipl.-Chemiker (Graduate Chemical Engineer) 
University professor and deputy director of the Institute of  
Technical Chemistry, Gottfried Wilhelm Leibnitz University in Hanover, Germany  
Member until March 25, 2022 
Resident of Hanover, Germany

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Consolidated Financial Statements and Notes    Executive Board and Supervisory Board
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Committees of the Supervisory Board 
Executive Task Committee 
Dr. Lothar Kappich (Chairman) 
Annette Becker  
Prof. Dr. Klaus Rüdiger Trützschler                                                                                                                                                                                                
Manfred Zaffke  
 
Audit Committee 
Prof. Dr. Klaus Rüdiger Trützschler (Chairman)  
Dr. Lothar Kappich 
Dietmar Müller  
Manfred Zaffke  
 
Conciliation Committee 
Dr. Lothar Kappich (Chairman)  
Annette Becker  
Prof. Dr. Klaus Rüdiger Trützschler  
Manfred Zaffke  
 
Nomination Committee  
Dr. Daniela Favoccia 
Dr. Lothar Kappich 
Prof. Dr. Klaus Rüdiger Trützschler

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Positions Held by the Members of the Executive Board as of 
December 31, 2022 
 
Dr. Joachim Kreuzburg 
Positions held within the Group: 
On the Conseil d’Administration (Board of Directors) of: 
 Sartorius Stedim Biotech S.A.1, France, Chairman (Président-Directeur Général) 
On the Beirat (Advisory Board) of: 
 LabTwin GmbH, Germany, Chairman 
On the Board of Directors of: 
 Sartorius North America, Inc., USA, Chairman 
External positions: 
On the Supervisory Board of: 
 Carl Zeiss AG, Germany 
On the Verwaltungsrat (Administrative Board) of: 
 Ottobock Management SE, Germany 
On the Wirtschaftsbeirat (Economic Advisory Board) of: 
 Norddeutsche Landesbank, Germany 
 
Dr. René Fáber 
Positions held within the Group: 
On the Conseil d’Administration (Board of Directors) of: 
 Sartorius Stedim Biotech S.A.1, France (Directeur Général Délégué) 
On the Supervisory Board of: 
 Sartorius Stedim Biotech GmbH, Germany, Chairman 
 
On the Beirat (Advisory Board) of: 
Sartorius CellGenix GmbH, Germany, Chairman 
 
 
 
 
 
1 public listed

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On the Board of Directors of: 
 Sartorius Stedim (Shanghai) Trading Co., Ltd., China 
 Sartorius Stedim Japan K.K, Japan 
 Albumedix Ltd., UK 
 Sartorius Korea Biotech LLC, South Korea                                                                                             
 Sartorius Korea Operations LLC, South Korea 
 
On the Comité Exécutif (Executive Committee) of: 
 Sartorius Stedim FMT S.A.S., France, Chairman 
On the Advisory Board of: 
 Sartorius BIA Separations d.o.o., Slovenia, Chairman 
External positions: 
On the Beirat (Advisory Board) of: 
 Curexsys GmbH, Germany 
 
Rainer Lehmann 
Positions held within the Group:  
On the Board of Directors of: 
 Sartorius Corporation, USA 
 Sartorius North America, Inc., USA 
 Sartorius Stedim North America, Inc., USA 
 Sartorius BioAnalytical Instruments, Inc., USA 
 Sartorius Stedim Filters, Inc., Puerto Rico 
 
External positions: 
On the Unternehmerbeirat (Employers’ Advisory Board) of: 
 Gothaer Versicherungsbank VVaG, Germany 
On the Regionalbeirat (Regional Advisory Board) of: 
 Commerzbank AG1, Germany 
 
 
  
 
 
 
 
 
 
 
 
1 public listed

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John Gerard Mackay 
Positions held within the Group: 
On the Board of Directors of: 
 Sartorius BioAnalytical Instruments, Inc., USA 
 Sartorius Biohit Liquid Handling Oy, Finland 
 Sartorius Stedim BioOutsource Ltd., Scotland, UK 
 Sartorius Scientific Instruments (Beijing) Co., Ltd., China, Vice Chairman 
 Sartorius Hong Kong Ltd., China 
 Sartorius ForteBio (Shanghai) Co., Ltd., China 
 Sartorius (Shanghai) Trading Co., Ltd., China 
 Sartorius Japan K.K, Japan 
 Sartorius Korea LLC, South Korea 
 
External positions: 
None

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Positions Held by the Members of the Supervisory Board as of 
December 31, 2022 
Dr. Lothar Kappich 
Positions held within the Group: 
On the Conseil d’Administration (Board of Directors) of: 
 Sartorius Stedim Biotech S.A.1, France 
External positions: 
None 
Manfred Zaffke 
Positions held within the Group: 
None 
External positions: 
On the Supervisory Board of:  
 Demag Cranes & Components GmbH, Germany 
 Konecranes Holding GmbH, Germany 
Annette Becker 
None 
Professor David Raymond Ebsworth, Ph.D. 
Positions held within the Group: 
None 
External positions: 
On the Board of Directors of:  
 Verona Pharma plc1, UK, Chairman 
 Actimed Therapeutics Ltd., UK, Chairman 
 Kyowa Kirin International plc, UK 
 Interpharma Investments Ltd., British Virgin Islands 
On the Supervisory Board of: 
 
 Synlab AG1, Germany, Chairman 
On the Verwaltungsrat (Administrative Board) of: 
 
 Opterion Health AG, Switzerland, Chairman 
Dr. Daniela Favoccia 
None 
 
 
1 public listed

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Petra Kirchhoff 
Positions held within the Group: 
None 
External positions: 
On the Stock Exchange Council (Börsenrat) of:  
 The Hanover Stock Exchange of Lower Saxony (Niedersächsiche Börse zu Hannover), Germany 
Dietmar Müller 
Positions held within the Group: 
None 
 
External positions: 
Deputy member of the General Assembly of:  
 Gesellschaft für Gemeindeentwicklung und Wirtschaftsförderung Gleichen mbH (company for 
community and business development), Germany 
Ilke Hildegard Panzer 
None 
Frank Riemensperger 
Positions held within the Group: 
None 
External positions: 
On the Supervisory Board of:  
 DRM Datenraum Mobilität GmbH, Germany 
Hermann Jens Ritzau 
None 
Prof. Dr. Klaus Rüdiger Trützschler 
Positions held within the Group: 
None 
External positions: 
On the Supervisory Board of: 
 Zwiesel Kristallglas AG, Germany, Chairman 
On the Beirat (Advisory Board) of: 
 Odenwald Faserplatten GmbH, Germany 
Sabrina Wirth 
None

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Consolidated Financial Statements and Notes    Declaration of the Executive Board
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Declaration of the Executive Board 
We declare to the best of our knowledge that the consolidated financial statements for fiscal 2022 present a 
true and fair view of the actual net worth, financial situation and profitability of the Group in accordance with 
the accounting standards used in preparing these statements. We also certify that the progress of the Group’s 
business, including its business performance and its situation, are represented accurately in the Group 
Management Report in all material respects and present the most important opportunities and risks of the 
Group’s future development during the fiscal year. 
Göttingen, February 7, 2023 
Sartorius Aktiengesellschaft 
The Executive Board 
Dr. Joachim Kreuzburg 
Rainer Lehmann 
Dr. René Fáber 
John Gerard Mackay

Start
 
 
 
 
 
 
Supplementary Information

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Supplementary Information    Glossary
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Glossary 
Industrial | Product-specific Terms 
Antibody drug conjugates (ADC)  
New class of highly potent biological drugs built by attaching a small molecule anticancer drug or another 
therapeutic agent to an antibody, with either a permanent or a labile linker 
Bags, single-use 
Plastic disposable bag used in bioreactors and for storing liquids, such as culture media, intermediate products 
and biopharmaceuticals 
Bioanalytics, also bioanalysis  
Covers analytical methods for investigating biological macromolecules and their changes. In pharmaceutical 
research, bioanalytical methods are used particularly for identification, quantification and characterization of 
biomolecules 
Biopharmaceuticals, also biologics or biological medical drugs  
Any pharmaceutical drug products manufactured using biotech means and genetically modified organisms 
Bioprocessing technology  
Covers the process engineering aspects of biotech manufacturing operations. Such aspects include general 
planning and implementation of a production process, its monitoring and control, and all technologies 
required for these purposes 
Bioreactor 
In English-speaking countries, a bioreactor is a vessel used for cultivating animal or human cells in a culture 
medium. In non-English-speaking countries, the term bioreactor is also used synonymously with the term 
fermenter to denote a system used to multiply microorganisms. In either case, the vessel is used to obtain cells, 
parts of these or one of their metabolites 
CAR T cells  
New class of highly effective biopharmaceuticals used in cell and gene therapy in which the patient’s own  
T cells are collected from the blood and genetically modified so that they can identify and destroy cancer cells 
Cell analysis  
Covers powerful methods for the analysis of cells and permits deeper insights into cell biological processes for 
medical and biotechnological applications 
Cell clone  
A population of genetically identical cells obtained by cellular division of one specific cell 
Cell culture media  
Growth media that provide cells and organisms the nutrients needed to support their propagation in cultures 
Cell line technology  
Covers various technologies used within the scope of analytical and process steps to develop stable and 
productive cell lines

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Chromatography  
A key process step for downstream processing of active pharmaceutical ingredients of biopharmaceuticals; 
this step isolates the product from fermentation or cell culture broth (known as “capture“) and covers 
subsequent purification steps (referred to as “polishing”) 
Downstream processing 
Collective term for the various steps that follow fermentation or cell cultivation (upstream processing) in the 
production of biopharmaceuticals; for example, separation, purification and concentration 
EMA – European Medicines Agency 
Agency of the European Union for evaluating and monitoring pharmaceuticals  
FDA - Food and Drug Administration 
U.S. regulatory agency responsible for ensuring the safety and efficacy of human and veterinary 
pharmaceuticals, biological products, medical devices and foods 
Fermentation 
Technical process used to produce or transform intra- or extra-cellular substances with the help of 
microorganisms 
Life sciences  
Collective term for all natural sciences dealing with the study of processes or structures of living organisms or 
in which such organisms are involved. This term is often commonly used in relation with application-oriented 
fields of science that focus on manufacturing pharmaceuticals using biotechnology. 
Membrane chromatography 
Selective separation of mixtures of substances by adsorption to specifically modified membranes (membrane 
adsorbers) in a flowing system 
Membrane (filter) 
Thin film or foil made of polymers; because of the porous structure, this film is suitable for filtration applications. 
Monoclonal antibodies 
Synthetic antibodies used, in particular, in the treatment of cancer, HIV and autoimmune diseases 
Purification 
In downstream processing, a step covering all process technologies used after cell harvesting to further 
separate an active pharmaceutical compound from other components present in fermentation or cell culture 
broth in order to obtain a pure and concentrated final product  
Single-use | Reusable product 
In biopharmaceutical production, the term “single-use” defines an item intended to be used only one time. 
Such an item consists of plastic and is disposed of after use. By contrast, reusable products are made of 
stainless steel or glass and entail time and effort to clean them afterwards for repeated use. 
Upstream processing 
In the manufacture of biopharmaceuticals, designates the various steps that take place for seeding and 
propagating cells that produce an active pharmaceutical ingredient 
Validation 
Documented verification that systems, devices and processes reproducibly deliver the desired result

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Business | Economic Terms 
Amortization  
Amortization relates exclusively to potential reductions in the value of goodwill and the allocation of the 
purchase price to intangible assets acquired as carried out according to IFRS 3 
CAPEX ratio  
Investment payments in relation to sales revenue for the same period 
Cash flow 
The amount of cash earned after paying all expenses and taxes; i.e., the cash balance of inflows and outflows of 
funds 
Cash pooling agreements  
The term “cash pooling” or “liquidity bundling” refers to intra-group liquidity balancing by a central financial 
management system, usually assumed by the parent company of a group, which withdraws excess liquidity 
from the group companies or offsets liquidity shortfalls by loans. It is an element of cash management. 
Compliance 
Observance of applicable laws, codes and other relevant rules and regulations 
Constant currencies; currency-adjusted 
In the presentation of figures, identical exchange rates are used for each of the comparative periods.  
Covenants  
Collective term for additional contractual clauses or collateral contracts in loan agreements or bond 
agreements with companies. Such agreements on covenants impose certain obligations on borrowing parties 
or debtors 
D&O insurance 
Directors’ and Officers’ liability insurance that covers Supervisory and Executive Board members and 
managerial employees 
EBITDA 
Earnings before interest, taxes, depreciation and amortization; in this context, amortization refers exclusively 
to the purchase price allocation (PPA) to intangible assets acquired according to IFRS 3 
EBITDA margin 
The ratio of EBITDA (earnings before interest, taxes, depreciation and amortization) to sales  
Equity ratio 
The ratio of equity to the balance sheet total 
Extraordinary items 
Exceptional or one-time expenses and income, such as acquisition costs, restructuring costs and other non-
operating expenses 
Factoring program  
Sale of trade receivables to a bank or a financial service institute

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Fixed assets 
The sum of intangible assets, property, plant and equipment and financial assets 
Goodwill 
The difference between the price paid for a company or business and its net assets; a form of intangible asset 
Holding company 
A parent company that exists for the purpose of owning a controlling interest or shares in several legally 
independent subsidiaries that are subordinate within the organizational hierarchy; this holding company 
conducts its business exclusively through these subsidiaries 
Market capitalization  
The total number of shares outstanding of both classes issued by the company, multiplied by the 
corresponding share price 
Net debt  
Liabilities to banks, including note loans (“Schuldscheindarlehen”), as well as lease liabilities less cash and cash 
equivalents 
Normalized financial result 
Financial result excluding fair value adjustments of hedging instruments, as well as excluding non-periodic 
expenses and income 
Normalized income tax 
Underlying income tax, based on underlying profit before tax and on non-cash amortization. 
Order intake  
All customer orders contractually concluded and booked during the respective reporting period 
Prime Standard 
Market segment of the Frankfurt Stock Exchange with high, internationally accepted transparency 
requirements to meet the needs of companies seeking to attract international investors 
Ratio of net debt to underlying EBITDA  
Quotient of net debt and underlying EBITDA over the past 12 months, including the pro forma amount 
contributed by acquisitions for this period 
Supply chain management 
Setup and coordination of integrated flows of materials, information and finances (supply chains) over the 
entire value-added process 
Treasury 
Short- and medium-term liquidity management 
Underlying 
Adjusted to eliminate extraordinary items (see definition extraordinary item) 
Working capital  
Inventories, including trade receivables, minus trade payables

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Other Terms 
CSR (Corporate responsibility) 
CSR refers to the social responsibility of companies. Their operations can affect economic, social and 
environmental conditions all over the world 
CSR Directive Implementation Act (German abbreviation CSR-RUG) 
 A German law that became effective in April 2017 to change the German Commercial Code with the aim of 
strengthening non-financial reporting by certain major capital market companies in their (group) 
management report in order to comply with the European Corporate Social Responsibility Directive 
Designated sponsor  
Banks, brokerage firms, security trading organizations or other financial service providers who furnish binding 
quotes in electronic trading for the purchase or sale of stocks to increase their liquidity 
EcoVadis  
A provider of business sustainability ratings, EcoVadis analyzes companies with regard to the fulfillment of their 
corporate social responsibility (CSR) and makes these results available to other companies. The EcoVadis 
Rating covers a broad range of non-financial management systems including environmental, labor and human 
rights, ethics and sustainable procurement impacts. 
EMEA 
The region comprising Europe, the Middle East and Africa; one of the three reporting regions in the 
geographical allocation of the Sartorius Group besides the Americas and Asia | Pacific  
ERP 
Stands for "Enterprise Resource Planning"; IT-based resource planning system  
ESG 
Abbreviation for “Environment, Social and Governance”; refers to the three major factors of sustainable 
corporate management 
GHG 
The Greenhouse Gas Protocol, used by many companies in different sectors as well as non-governmental 
organizations (NGOs) and governments, is a globally recognized standard to quantify and manage 
greenhouse gas emissions. The reporting standards and recommendations for implementing projects to 
reduce emissions are jointly developed by companies, NGOs and governments under the guidance of the 
World Resources Institute and the World Business Council for Sustainable Development 
GRI (Global Reporting Initiative) 
The GRI has defined guidelines for sustainability reporting. Companies as well as governments and non-
governmental organizations worldwide report on their economic, environmental and social strategy based on 
these data and indicators 
ISIN (International Securities Identification Number) 
This is a code consisting of a 12 character combination of letters and numbers and uniquely identifies a security 
traded on the stock exchange 
ISO  
International Organization for Standardization

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IFRS (International Financial Reporting Standards)  
These are the accounting standards issued by the International Accounting Standards Board (IASB) 
Materiality analysis 
A materiality analysis is used to identify and assess sustainability topics. This takes into account the 
expectations and demands of external stakeholders, as well as the expertise of members of management and 
the assessments of employees. An analysis of various data sources expands on and verifies these findings 
OHSAS (Occupational Health and Safety Assessment Series 18001)  
The OHSAS includes the standard OHSAS 18001, which contains a framework for an occupational safety 
management system. This system can be integrated into an existing quality and environmental protection 
management system and certified accordingly.

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Supplementary Information    Financial Schedule
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Financial Schedule 
Annual General Meeting 
March 29, 2023
Payment of dividends1 
April 3, 2023
Publication of first-quarter figures January - March 2023 
April 20, 2023
Publication of first-half figures for January - June 2023 
July 21, 2023
Publication of nine-month figures for January - September 2023 
October 19, 2023
Publication of preliminary figures for fiscal 2023 
January 2024
Annual press conference  
February 2024
Annual General Meeting 
March 2024
Publication of first-quarter figures for 2024 
April 2024 
1 Subject to approval by the Annual General Meeting 
 
Contacts 
Petra Kirchhoff 
Head of Corporate Communications & IR 
Phone: 0551.308.1686 
petra.kirchhoff@sartorius.com 
Petra Müller 
Head of Investor Relations  
Phone: 0551.308.3065 
petra.mueller2@sartorius.com 
 
 
 
 
 
 
About This Publication 
Published by 
Sartorius AG 
Corporate Communications 
37070 Goettingen, Germany 
Editorial Deadline 
February 16, 2023 
Published on 
February 17, 2023 
Financial Reporting System firesys 
firesys GmbH, Frankfurt | Main, Germany 
Photography 
Peter Ginter, Lohmar, Germany 
Frank Stefan Kimmel, Goettingen, Germany 
 
 
 
This is a translation of the original German-language 
annual report.

Sartorius AG 
Otto-Brenner-Strasse 20 
37079 Göttingen Germany 
Phone: + 49.551.308.0 
Fax: + 49.551.308.3289 
info@sartorius.com 
www.sartorius.com