Gerresheimer makes solid start to the financial year 2024

Gerresheimer makes solid start to the financial year 2024

• Organic growth: Revenues +2.8%, adjusted EBITDA +5.9% 
• Capacity expansion in the Americas, Europe and Asia progresses according to plan
• Guidance confirmed

Düsseldorf, April 11, 2024 Gerresheimer, an innovative systems and solutions provider and a global partner for the pharma, biotech and cosmetic industries, continued its profitable growth trajectory in the first quarter of 2024 with organic revenue growth of 2.8% and an organic increase in adjusted EBITDA of 5.9%. This positive development was fueled primarily by the performance of the Plastics & Devices Division. Revenues came to EUR 466.1m (Q1 2023: EUR 457.8m), with adjusted EBITDA standing at EUR 80.9m (Q1 2023: EUR 78.0m). The adjusted EBITDA margin improved organically by 50 basis points to 17.3% year on year (Q1 2023: 16.8%). The margin expansion reflects a favorable product mix with a higher share of innovative and customized solutions. Global capacity expansion, including for syringes, pens and auto-injectors, is progressing according to plan. The Management Board has confirmed its guidance for the financial years 2024 and 2025, as well as the mid-term outlook. In 2024, Gerresheimer expects to generate organic revenue growth of between 5 and 10%, as well as adjusted EBITDA of between EUR 430m and 450m.
 
“We will ramp-up new lines for long-term orders in the next months as planned”, says Dietmar Siemssen, CEO of Gerresheimer AG. “This will have a positive impact on our growth momentum. We are fully on track and are therefore confirming our full-year guidance.” 

Plastics & Devices: Syringes, pens and inhalers in demand

The Plastics & Devices Division generated revenues of EUR 258.4m in the first quarter of 2024 (Q1 2023: EUR 228.7m). Organic revenue growth compared to the same quarter in the prior year was 13.7% and was driven primarily by demand for drug delivery systems such as syringes, pens and inhalers.

Adjusted EBITDA reached EUR 59.3m (Q1 2023: EUR 46.9m), with year-on-year organic growth standing at a robust 27.3%. The adjusted EBITDA margin rose to 22.9% (Q1 2023: 20.5%). In organic terms, the margin increased by 240 basis points. The margin expansion reflects a favorable product mix with a greater share of higher-value products.

Primary Packaging Glass: Pharma business impacted by inventory effects

In the first quarter of 2024, revenues in the Primary Packaging Glass Division reached EUR 208.4m (Q1 2023: EUR 227.5m), a decline of 7.2% year on year in organic terms. The decrease in revenues here is mainly due to the drop in demand in pharma business as a result of customer inventory effects.

Adjusted EBITDA amounted to EUR 34.8m (Q1 2023: EUR 40.7m), equating to a year-on-year fall of 11.4% in organic terms. The adjusted EBITDA margin came to 16.7%, down from 17.9% in the prior year. In organic terms, the margin declined by 80 basis points compared to the prior-year quarter.

Continuation of profitable growth

With its high order backlog Gerresheimer expects to continue its profitable growth both in 2024 and in subsequent years.

Guidance for FY 2024 (organic)
– Revenue growth: 5–10%
– Adjusted EBITDA: EUR 430m–450m
– Adjusted EPS growth: 8–12%

Guidance for FY 2025 (organic)
– Revenue growth: 10–15%
– Adjusted EBITDA margin: ≥ 22%
– Adjusted EPS growth: ≥ 10%

Mid-term guidance (organic)
– Revenue growth: ≥ 10%
– Adjusted EBITDA margin: 23–25%
– Adjusted EPS growth: ≥ 10%

The Quarterly Statement for the first quarter of 2024 is available on the Gerresheimer website here:
https://www.gerresheimer.com/en/company/investor-relations/reports

About Gerresheimer 
Gerresheimer is an innovative systems and solutions provider and a global partner for the pharma, biotech and cosmetic industries. The company offers a comprehensive portfolio of pharmaceutical containment solutions, drug delivery systems and medical devices as well as solutions for the health industry. The product range includes digital solutions for therapy support, medication pumps, syringes, pens, auto-injectors and inhalers as well as vials, ampoules, tablet containers, infusion, dropper and syrup bottles and more. Gerresheimer ensures the safe delivery and reliable administration of drugs to the patient.
With 35 production sites in 16 countries in Europe, America and Asia, Gerresheimer has a global presence and produces locally for regional markets. With around 12,000 employees, the company generated revenues of around €2bn in 2023. Gerresheimer AG is listed in the MDAX on the Frankfurt Stock Exchange (ISIN: DE000A0LD6E6).
www.gerresheimer.com 
 

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