$FMS

Germany’s DAX rose modestly in Thursday morning trading, reaching 26,210.50 before easing to 26,169.49 (+0.12%). Deutsche Telekom gained about 6% on Q2 operating profit of €6.863bn and a larger 2026 buyback. Merck rose 1.5% after upgrading full-year guidance. Other moves included Henkel (+4.3%) and Siemens (-6%).

Fresenius Medical Care reported Q2 2026 operating income up 23%, helped by EUR 67m FME25+ transformation savings. U.S. same-market treatment growth fell 0.9% due to referral capture and confirmation execution issues. The company exited about 100 underperforming clinics, revised 2026 outlook including a EUR 50m TDAPA headwind and EUR 150m to EUR 200m value-based care revenue decline, and launched a second EUR 1bn buyback.

European stocks closed higher on Tuesday. The pan-European Stoxx 600 rose 0.73%, with DAX up 0.77% and CAC 40 up 0.61%. Brent crude fell nearly 6% to $78.70. Company moves included Travis Perkins +18.5% on strong interim results, Smith & Nephew -6% after cutting its forecast, and Zalando -13.4% after lowering its 2026 outlook. HSBC reported $14.626B net income and announced a share buyback.

Fresenius Medical Care (NYSE:FMS) reported Q2 call highlights, including clinic closures of about 100 underperforming sites and rollout of high-volume hemodiafiltration. The company said U.S. same-market treatment growth for 2026 should stay around Q2 levels due to lower referrals. Care Delivery operating income rose 45% and FCF was EUR 625 million. It expects TDAPA to be a EUR 50 million full-year headwind and is buying back shares under a EUR 1 billion program.

German stocks rose for a fourth straight session, with the DAX hitting a record 26,267.62 before easing to 26,154.75 (+0.45%). Gains were supported by upbeat earnings and a U.S. ISM manufacturing PMI jump to 55.6. Bayer, Rheinmetall, and Infineon rose. Zalando cut its 2026 outlook, Fresenius Medical Care fell, and Lufthansa dropped on lower profit guidance.

Fresenius Medical Care shares fell 8.0% to about €41.29 after its Q2 2026 results. The company reported operating income excluding special items of €569 million and revenue of €4.861 billion, both above consensus, but U.S. same-market treatment volumes declined about 0.9% YoY. Analysts cited unchanged guidance and volume risk, reiterating lower price targets.

Fresenius Medical Care reported Q2 2026 organic revenue growth of 5% and operating income up 23% to a margin of 11.7%. Reported operating income rose 10%, while net income fell 3%. EPS increased 28% supported by share buybacks. The company said 227 U.S. clinics converted to its 5008X CAREsystem with 600,000+ treatments and reaffirmed its FY 2026 outlook.

Fresenius Medical Care AG appointed Cassie McLean to its Management Board effective Aug. 1, 2026. She becomes CEO of the Care Delivery segment, succeeding Craig Cordola. McLean joined in Aug. 2025 as President of Fresenius Kidney Care and will oversee global clinics, including U.S. and international. Fresenius said the move supports its Care Delivery strategy and mid-term financial goals.

Citi said Hikma Pharmaceuticals and Fresenius Medical Care could benefit from Donald Trump’s proposed US tariffs on imported generic drugs. Citi analyst Veronika Dubajova cited Hikma’s US-made volumes (over 75%) and Fresenius Kabi’s domestic production (over 70%). Tariffs are planned at 100% from Aug 2028 and 200% later. Both firms report soon.

Fresenius Medical Care said its multi-year restructuring is progressing and that 2023 results showed stabilization in earnings and cash flow, supported by cost measures and more disciplined capex. The company reported improved adjusted operating earnings versus 2022 and aims for further margin gains and incremental savings in 2024-2025. Shares trade on Xetra.