Fresenius Medical Care AG
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A maker of kidney-dialysis machines, filters, and clinics, Fresenius Medical Care helps people with kidney failure get life-sustaining dialysis treatment at its Fresenius Kidney Care centers and at home. Its roots go back to a German pharmacy founded in 1912, and the company was born in 1996 when that firm's dialysis business merged with the American care provider National Medical Care. The Fresenius name itself comes from the pharmacist Eduard Fresenius, who started the original company from the historic Hirsch (Deer) Pharmacy in Frankfurt.
American Depositary Shares (ADS), each representing one ordinary share, listed on NYSE
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Fresenius Medical Care's turnaround took hold in 2025. rose 14.8% to $23.1 billion and widened 2.2 points to 7.7%, driven by cost savings from the FME25+ program and a 28% increase in Value-Based Care revenue. The company enters 2026 with its highest annual since 2020 and a new program, but faces a major U.S. policy risk from legislated Medicaid cuts.
Market risk is disclosed by reference to Note 26 and includes interest rate, foreign exchange, and reimbursement-rate exposures managed with non-speculative derivatives.
Regulatory, reimbursement, and operational risks—including U.S. healthcare reform, payor mix shifts, and global macroeconomic pressures—could materially impact the business.
Fresenius Medical Care is the world's leading vertically integrated provider of kidney disease products and services, operating through Care Delivery, Value-Based Care, and Care Enablement segments.
FY2025 revenue grew 2% to €19.6B, operating income rose 31% to €1.8B driven by FME25+ savings and business growth.