DSM Integrated Annual Report 2022

Performance 2022 in Health, Nutrition & Care

The business had a good year, with strong organic sales growth of 9%, driven by strong price momentum through the year (+7%).

The dietary supplements market was soft predominantly in North America, as demand for immunity-boosting supplements moderated from the elevated levels seen during the COVID-19 pandemic. At the same time, demand for other dietary supplements for gut health and women’s health products (i-Health) remained resilient. Pharma and Medical Nutrition performed well, while Biomedical had a very strong performance.

Early Life Nutrition saw a good recovery after a soft 2021 with good interest in its human-milk oligosaccharide (HMO) products, buoyed by expectations of further regulatory approvals around the world.

Personal Care & Aroma delivered strong growth, driven by high demand for skin, sun and hair care as well as fine fragrances owing to greater international mobility and high demand for bio-based aroma ingredients.

Health, Nutrition & Care delivered €676 million Adjusted EBITDA with a full-year Adjusted EBITDA margin of 23%, which includes a dilutive mathematical effect from rising prices (higher sales and therefore relatively a lower margin percentage) and foreign exchange effects.

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Net sales from continuing operations



Adjusted EBITDA



Adjusted operating profit



Adjusted EBITDA margin (in %)



Earnings Before Interest, Taxes, Depreciation and Amortization