Published by Global Banking & Finance Review®
Posted on November 5, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleSiemens Healthineers' Q4 sales fell short of expectations due to U.S. tariffs, leading to a disappointing earnings outlook and a 9% drop in shares.
By Marleen Kaesebier and Alexander Hübner
(Reuters) -Siemens Healthineers on Wednesday reported fourth-quarter sales that were below analysts' consensus, hit by higher U.S. import tariffs, and issued an earnings outlook that disappointed investors.
The company's shares fell 12% in opening trade before paring some losses. They were down 9% at 0809 GMT, set for their biggest intraday loss ever.
The German medical technology company said that it expects comparable revenue growth to be between 5% to 6% in 2026 compared with 2025 and adjusted basic earnings per share (EPS) to be between 2.20 euros and 2.40 euros.
One local trader described the earnings outlook as "very weak" and said it would likely hurt the company's shares.
For this year, the group's comparable revenue growth of 5.9% came in at the top end of its annual guidance of 5.5% to 6%, but missed analysts' expectations of 6.3%.
Its fourth quarter revenues at 6.32 billion euros ($7.37 billion) meanwhile compared to 6.45 billion euros expected by analysts polled by Vara Research.
TARIFF IMPACTS AND MITIGATION
"Higher tariffs had a negative effect in all segments," the company said in a statement, saying these were offset by revenue development and cost reductions in the diagnostics business.
The group said it expects to face tariff-related costs of around 200 million euros this year and around 400 million euros in 2026.
In July Siemens Healthineers said it expected U.S. tariffs to have an impact between 400-500 million euros in 2026.
The company's chief finance officer Jochen Schmitz said in a call with analysts that the company was raising prices to combat the tariff impact.
"We expect tariffs to be fully mitigated over the medium term," Schmitz said, "The three main mitigation levers are market adaptive pricing, tight cost control, and if this is not sufficient, shifting value add".
($1 = 0.8575 euros)
(Reporting by Alexander Huebner in Munich and Marleen Kaesebier in Gdansk; editing by Milla Nissi-Prussak and Matt Scuffham)
Comparable revenue growth refers to the increase in revenue over a specific period, adjusted for factors such as acquisitions or divestitures, allowing for a clearer comparison of performance.
Adjusted basic earnings per share (EPS) is a company's profit divided by the number of outstanding shares, adjusted for non-recurring items, providing a clearer view of profitability.
A financial outlook is a projection of a company's future financial performance, including expected revenues, expenses, and profitability, often based on current trends and market conditions.
Cost control involves managing and regulating expenses to ensure that a company operates within its budget and maximizes profitability, often through efficiency improvements and strategic planning.
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