Fresenius Economic Profit Margins Should Rise Along With Improvement in Both Operating Segments

Fresenius Medical Care treats end-stage renal disease, or ESRD, patients primarily through its dialysis clinic network and related medical technology. Its strengths in these related areas help Fresenius maintain the leading global position in this market. Even with the threat of obesity drug expansion in the long run, we expect the company to benefit from decent demand in developed markets, such as the US, and even faster expansion in emerging markets in the long run. With global ESRD patient growth expected to remain in the low to mid-single digits in the long run, with a slight increase per patient, we expect top-line growth for Fresenius to grow in the midsingle digits during the next five years.