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Today, Fresenius published its 2025 Annual Report. As announced in late February 2026, 2025 marked another strong year of performance and the launch of the current phase of the #FutureFresenius strategy: Rejuvenate. Despite headwinds, the healthcare group achieved its outlook, which was raised twice during the year. Group revenue before special items rose to €22.6 billion, with organic growth of 7%, while constant currency Core EPS (excluding FMC) increased by 12%. “Over the past three years, we have successfully implemented our #FutureFresenius strategy and created a new Fresenius that is innovative, relevant, resilient, and adaptable. At the same time, we have significantly bolstered our company’s economic strength. We aim to build on this strong foundation,” said Michael Sen, Chairman of the Management Board of Fresenius. The 2025 Annual Report demonstrates how Fresenius is creating sustainable value for all stakeholders by executing its #FutureFresenius strategy. It includes the Sustainability Statement in accordance with the European Sustainability Reporting Standards (ESRS), and is available as a PDF and as an interactive online version in German and English. The online report features additional business stories and includes a video statement from CEO Michael Sen.

Fresenius Kabi, an operating company of Fresenius, has entered a first-of-its-kind partnership with U.S. manufacturer Phlow Corp. to establish a fully domestic, end-to-end supply chain for Epinephrine Injection, USP — an FDA designated essential medicine frequently at risk of shortage in the United States. Under the collaboration, Phlow will produce the U.S.-based API, while Fresenius Kabi manufactures the finished doses for hospitals and clinics across the country. With this initiative, Fresenius advances its local-for-local manufacturing strategy and supports national efforts to strengthen pharmaceutical security. The partnership reinforces the ambitions of #FutureFresenius as it expands Fresenius’ role as a leading global provider of lifesaving therapies, advancing resilient manufacturing that improves patient care and health-system stability. Pending regulatory approvals, epinephrine produced through this collaboration could be available to U.S. hospitals in 2027.

Fresenius has entered into a strategic development agreement with TQ Therapeutics to support the scalable and efficient manufacturing of cell and gene therapies, strengthening its role in advancing next generation treatments. Under the agreement, operating company Fresenius Kabi receives an exclusive license to integrate TQ Therapeutics’ proprietary cell selection technology into its Cue® Cell Processing System. The combined solution aims to isolate high purity T cells in less than two hours, helping therapy developers streamline processes and accelerate development. The collaboration is in line with Fresenius’ #FutureFresenius strategy to focus on high value healthcare platforms, strengthen core technologies, and improve patient access through operational excellence and innovation. By enabling more automated, robust, and scalable cell therapy manufacturing, Fresenius Kabi and TQ Therapeutics aim to support the broader adoption of cell and gene therapies, including applications closer to the point of care.

The sale of the Austrian project business and spa operations of VAMED Vitality World to PORR, announced by Fresenius in October 2025, has received the necessary approvals and will be completed on December 31, 2025. 

mAbxience, a Fresenius entity, has entered into a collaboration with HP Inc. to develop an artificial intelligence (AI) solution aimed at making biomanufacturing more efficient and reliable.The joint project uses AI and digital-twin technology to model and optimize key steps in the production of monoclonal antibodies and biosimilars. By simulating critical cell-culture parameters and predicting process outcomes, the system is designed to support more consistent yields, faster development cycles, and better control of large-scale manufacturing environments. This is a showcase of Fresenius’ pathway in leveraging AI and digital solutions, from production and supply-chain to care delivery, improving treatment quality, and expanding access to state-of-the-art therapies. Both partners view the technology as a significant step toward more data-driven and tightly managed bioproduction. The prototype, developed with real manufacturing data and validated in an industrial setting, enables teams to test scenarios virtually before applying them on the shop floor.This initiative is the first project under a broader strategic framework between HP and mAbxience at its manufacturing facility in Leon, Spain, and has the potential to be rolled out across additional sites. It represents another milestone in advancing Fresenius’ (Bio)Pharma platform and supports the goals of #FutureFresenius.Fresenius in SpainThe global healthcare company Fresenius is deeply rooted in Spain. With Quirónsalud, the country’s leading hospital operator, and Fresenius Kabi, offering essential medicines and technologies for critically and chronically ill patients, the company makes a decisive difference in the life-quality of Spanish citizens. With the majority acquisition of mAbxience in 2022, Fresenius created a dedicated and vertically integrated biosimilars development and manufacturing platform. In line with its #FutureFresenius strategy, the company is further scaling in (Bio)Pharma to deliver simplification and drive efficiencies, underscoring its commitment to offering accessible, innovative, and high-quality healthcare solutions.

Fresenius announced today the launch of its denosumab biosimilars, Conexxence®1 (denosumab) and Bomyntra®2 (denosumab), in Europe. These biosimilars received approval from the European Commission in July 2025 for all indications of the reference products Prolia®3 (denosumab) and Xgeva®4 (denosumab), respectively. “Being the first biosimilar company with a pre-filled syringe for the denosumab oncology indication in Europe, showcases our commitment to offering new treatment options that support patient care and affordability across Europe,” said Dr. Sang Jin Pak, President Biopharma. This milestone marks the next step in the company’s ambition to drive accessibility to high-quality biosimilar therapies, with multiple molecules in early and late-stage development. By continuing its successful track record in the biosimilars space, Fresenius further strengthens its (Bio)Pharma platform, a key pillar of the #FutureFresenius strategy. 1. Conexxence® is a registered trademark of Fresenius Kabi Deutschland GmbH in selected countries.  2. Bomyntra® is a registered trademark of Fresenius Kabi Deutschland GmbH in selected countries.  3. Prolia® is a registered trademarks of Amgen Inc.  4. Xgeva® is a registered trademarks of Amgen Inc.

The German Association for Financial Analysis and Asset Management (DVFA) Scorecard for Corporate Governance serves as an important benchmark for assessing governance standards among DAX 40 companies in Germany. Fresenius has reached 2nd place in this year’s ranking – a significant leap from last year and thus the largest climb of all companies evaluated. This recognition reflects the significant progress made to further strengthen the company’s governance structures as part of the #FutureFresenius strategy.

Sale in two independent steps simplifies and accelerates divestment of Vamed’s Austrian activities Fresenius and Porr signed an agreement today on the sale of Austrian project business and the thermal spas operations of VAMED Vitality WorldIn-depth talks ongoing with Strabag on sale of Vienna General Hospital (AKH Wien) operations business The healthcare group Fresenius is accelerating and simplifying the divestment of Vamed's Austrian activities by a sale in two independent steps. The original agreement to sell to an Austrian consortium consisting of the construction companies Porr and Strabag has now been replaced by a direct contract with Porr for the sale of the Austrian project business and the thermal spas operations of VAMED Vitality World. The new agreement is subject to regulatory approval. In-depth talks are also ongoing with Strabag regarding remaining parts of Vamed's Austrian activities – primarily the operations business of the Vienna General Hospital (AKH Wien). The sale of the Austrian activities is another step in Fresenius' structured exit from its investment company Vamed, enabling Fresenius to further increase focus on the ongoing progress of Fresenius Kabi and Fresenius Helios in line with #FutureFresenius.

Fresenius Kabi, part of the global healthcare company Fresenius, announced today it has received two awards for supply and service excellence from Vizient®, the largest provider-driven healthcare performance improvement company in the U.S. The Supplier of the Year Awards recognize outstanding suppliers by category that support Vizient’s mission to strengthen providers’ delivery of better, more affordable care. “These awards from Vizient are an important acknowledgment of the company’s commitment to long-term, sustainable drug supply,” said Arun Verma, president, Fresenius Kabi USA and a member of the Executive Leadership Team at Fresenius Kabi AG. “The Vizient Supply Assurance award is especially gratifying as it recognizes our efforts to assure continuity of supply for essential medicines and technologies."

The rate of change, a key parameter for determining the price increase for the reimbursement of hospital treatments in 2026 in Germany, has been set at 5.17%. The change in hospital costs is the other parameter used in the annual determination of the reimbursement increase. The final DRG inflator should be determined at the latest by the end of the year.