Fresenius Witnesses Some Underlying Weakness in 1Q
Narrow-moat Fresenius reported first-quarter results with a number of unique cross currents, including IFRS 15 accounting rule changes, negative currency effects, a tougher comparison to last year’s Veterans Affairs settlement, shift in dialysis administration for calcimimetic drug Parsabiv, the sale of Sound Physician Group, and positive tax effects in the U.S. When accounting for these items, we found Fresenius’ underlying performance slightly worse than our expectations mainly from weak hemod...
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