Fresenius Medical cuts 2026 profit outlook as US treatment decline deepens
FMS•Fresenius Medical Care narrowed its 2026 operating income outlook to flat to a mid-single-digit percentage decline, after US same-market treatments fell 1.1% in the third quarter. Operating income excluding special items fell 5% to €545 million, above consensus of €518 million.
1. Outlook narrowed
Fresenius Medical Care cut the upper end of its 2026 operating income outlook. It now expects income to range from flat to a mid-single-digit percentage decline, compared with its previous forecast for a mid-single-digit decline to a mid-single-digit increase.
2. US treatments decline
Third-quarter operating income excluding special items fell 5% to €545 million from €574 million a year earlier, above Vara Research consensus of €518 million. US same-market treatments declined 1.1%, following declines of 0.4% in the first quarter and 0.9% in the second. The US business accounts for more than half of company revenue.
3. Costs and market reaction
Reported earnings included €108 million in one-off costs related to the company's China strategy overhaul, including discontinuing a dialysis system and exiting peritoneal dialysis. Metzler analyst Victor Beyer said the US treatment decline was less severe than management had indicated, while the narrower outlook was largely expected.
