Outlook

¹ Outlook 2024 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2023 and excludes special items. Special items include the costs related to the FME25 Program, the Legal Form Conversion Costs, the impacts from Legacy Portfolio Optimization, the Humacyte Remeasurements and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. The growth rates are based on the results 2023 excluding the costs related to the FME25 Program (EUR 153 M for operating income), the Legal Form Conversion Costs (EUR 30 M for operating income), the impacts from Legacy Portfolio Optimization (EUR 204 M for operating income) and the Humacyte Remeasurements (EUR -15 M for operating income). Additionally, the results 2023 were adjusted for the Tricare settlement (EUR -191 M for revenue and EUR -181 M for operating income) and for the business impacts from closed divestitures in 2023 (EUR  -214 M for revenue and EUR -20 M for operating income).