Gerresheimer with a solid start to the 2024 financial year

2024-04-11 05:01:10

Düsseldorf (ots) – Gerresheimer, innovative system and solution provider and global partner for the pharmaceutical, biotech and cosmetics industries, is also in the first quarter of 2024 with an organic increase in sales of 2.8% and adjusted EBITDA of 5. Continued profitable growth of 9%. The growth was driven primarily by the good performance of the Plastics & Devices division. Sales reached 466.1 million euros (Q1 2023: 457.8 million euros), adjusted EBITDA reached 80.9 million euros (Q1 2023: 78.0 million euros). The adjusted EBITDA margin improved organically compared to the same quarter in the previous year by 0.5 percentage points to 17.3% (Q1 2023: 16.8%). The margin expansion reflects the changed product mix with a higher proportion of innovative and specially tailored solutions. Global capacity expansion, including for syringes, pens and auto-injectors, is progressing as planned. The Management Board confirms its forecast for the 2024 and 2025 financial years as well as the medium-term outlook. In 2024, Gerresheimer expects organic sales growth of between 5 and 10% and adjusted EBITDA of between 430 and 450 million euros.

Organic growth: Sales +2.8%, Adjusted EBITDA +5.9% Capacity expansion in America, Europe and Asia is progressing as planned Forecast confirmed

“In the next few months, further new lines for long-term large orders will be launched as planned,” explains 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 forecast for the full year.”

Plastics & Devices: High demand for syringes, pens and inhalers

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

Adjusted EBITDA reached EUR 59.3 million (Q1 2023: EUR 46.9 million). Organic growth compared to the same quarter last year was a strong 27.3%. The adjusted EBITDA margin rose to 22.9% (Q1 2023: 20.5%). Organically, the margin increased by 2.4 percentage points. The margin expansion reflects the changed product mix, with a higher proportion of higher quality products.

Primary Packaging Glass: Pharmaceutical business with inventory effects

In the first quarter of 2024, sales in the Primary Packaging Glass division reached 208.4 million euros (Q1 2023: 227.5 million euros). In organic terms, it was 7.2% below the same quarter of the previous year. The decline in sales can essentially be attributed to lower demand in the pharmaceutical business due to inventory effects among customers.

Adjusted EBITDA reached EUR 34.8 million (Q1 2023: EUR 40.7 million). Organically, Adjusted EBITDA was 11.4% below the same quarter of the previous year. The adjusted EBITDA margin was 16.7%, after 17.9% in the same quarter of the previous year. Organically, the margin fell by 0.8 percentage points compared to the same quarter of the previous year.

Continuation of profitable growth

Based on the high order backlog, Gerresheimer expects to continue profitable growth in both 2024 and the following years.

Forecast for the 2024 financial year (organic)

– Sales growth: 5-10%

– Adjusted EBITDA: 430-450 Mio. Euro

– Adjusted EPS growth: 8-12%

Forecast for the 2025 financial year (organic)

– Sales growth: 10-15%

– Adjusted EBITDA-Marge: >= 22 %

– Adjusted EPS growth: >= 10%

Medium-term forecast (organic)

– Sales growth: >= 10%