Exane cuts Fresenius Medical Care, cites US volume concerns

Fresenius SE & Co. KGaA

28/07/2026 09:17

** Exane BNP Paribas downgrades Fresenius Medical Care FMEG.DE to "underperform" from "neutral", seeing risks to U.S. dialysis sales volumes
** Broker expects U.S. volumes to fall by 40 bps in Q2, and stay lower for longer likely prompting a cut to the German kidney dialisys provider's flat FY volume target
** "This combined with possible pushbacks for the HighVolumeHDF roll-out outside of FME's own clinic network, could put pressure on operating leverage", it says
** Exane BNP Paribas  stays below consensus on Fresenius' Q2 and FY adjusted operating income, flagging Affordable Care Act headwinds and potential Fresenius stake sale pressure
** The brokerage adds that recent share run looks unsupported by earnings
** Out of 23 analysts that cover Fresenius Medical Care AG, seven rate the stock "strong buy" or "buy,"​nine rate "hold" andseven​ rate the stock "strong sell" or "sell" - LSEG data 
     
     

(Reporting by Basile Day)
((Basile.Day@thomsonreuters.com))