Siemens under investor pressure

Siemens Healthineers is trying to sell investors on growth while its stock faces a potential overhang from Siemens AG’s planned stake reduction. (siemens-healthineers.com) At its annual shareholders’ meeting on February 5, 2026, Siemens Healthineers said Siemens AG is preparing a possible deconsolidation and wants to cut its holding to a financial stake in the medium term. Siemens AG still held about 67% of Siemens Healthineers shares in recent shareholder data. (siemens-healthineers.com) (marketscreener.com) That matters in equity markets because a large parent-company sell-down can leave buyers waiting for cheaper stock, even when the operating business is still growing. Siemens Healthineers told investors the change could widen its shareholder base and simplify its capital-markets profile. (siemens-healthineers.com) The company is also trying to show it has more than one growth lever. On April 7, 2026, Radiopharm Theranostics said Siemens Healthineers signed a United States supply agreement to radiolabel and distribute RAD101, a Fluorine-18 positron emission tomography imaging agent for a planned Phase 3 brain-metastases trial. (company-announcements.afr.com) Positron emission tomography is a scan that follows a radioactive tracer through the body, like adding dye to water pipes to see where flow changes. Radiopharm said RAD101 is designed to help distinguish recurrent brain metastases from treatment effects, and its Phase 2b interim analysis showed 90% concordance with magnetic resonance imaging in 18 of 20 dosed patients. (company-announcements.afr.com) Siemens Healthineers said its advantage in that deal is not the drug itself but the delivery network behind it. Barry Scott, head of radiopharma at Siemens Healthineers, said the company’s United States radiopharmacy network can manufacture and distribute novel positron emission tomography tracers at national scale. (company-announcements.afr.com) The financial backdrop is mixed rather than weak. Siemens Healthineers reported fiscal 2025 comparable revenue growth of 5.9%, adjusted basic earnings per share of €2.39, free cash flow of about €2.7 billion, and a proposed dividend of €1.00 per share. (siemens-healthineers.com) The current year started with slower but still positive growth. For the quarter reported on February 5, 2026, Siemens Healthineers posted 3.8% comparable revenue growth, a 15.0% adjusted earnings-before-interest-and-tax margin, €0.49 in adjusted basic earnings per share, and €330 million in free cash flow, while confirming full-year guidance for 5% to 6% revenue growth. (siemens-healthineers.com) Management is also leaning on the Varian cancer-treatment business it bought in 2021. Chief Executive Bernd Montag said at the February meeting that Varian’s market share has risen by 10 percentage points since 2021 to above 60%. (siemens-healthineers.com) So the near-term question is not whether Siemens Healthineers has products to talk about. It is whether earnings growth, cash flow and a radiopharmacy network can keep investors engaged until Siemens AG decides how and when to reduce its stake. (siemens-healthineers.com 1) (siemens-healthineers.com 2)