Gerresheimer publishes preliminary figures for Q3 and first nine months of the 2024 financial year

"Revenue growth in 2024 will be lower than just recently anticipated due to a lower demand in our Tubular Glass business. We had expected a much stronger pick-up in growth" says Dietmar Siemssen, CEO of Gerresheimer AG. "Our growth prospects in the coming years remain positive despite the temporary market weakness in one of our sub-markets. We are currently experiencing particularly strong growth in our product solutions for large molecule biologics such as GLP-1. Here, the successful transformation of our company through our ‘formula g’ corporate strategy with an increased focus on these high-growth, high-margin markets is paying off.”

Plastics & Devices: Significant revenue growth with improved margin

The Plastics & Devices business unit generated revenues of EUR 820.1 million in the first nine months of the 2024 financial year (9M 2023: EUR 754.8 million). Organically, revenues grew by 9.2%. The main driver of this positive development was the strong demand for drug delivery systems. Demand for plastic containment solutions also remained at a high level. 

Adjusted EBITDA reached EUR 208.5 million (9M 2023: EUR 179.7 million). Organically, adjusted EBITDA grew by a strong 15.7% compared to the same period last year. The business unit also increased its adjusted EBITDA margin by 160 basis points to 25.4% (9M 2023: 23.8%).   

This was mainly due to the change in the product mix, with a higher proportion of customized solutions for biopharmaceuticals, including GLP-1 preparations for the treatment of obesity.

Primary Packaging Glass: Slower recovery in market demand 
Even though the first signs of a market recovery became visible in Q3 2024, business development in the Primary Packaging Glass business unit in the first nine months of the fiscal year was significantly impacted by destocking effects at pharmaceutical customers, especially in the area of standard injection vials ("bulk vials"). At EUR 648.0 million, revenue was organically below the same period of the previous year (9M 2023: EUR 689.7 million).

Adjusted EBITDA amounted to EUR 119.7 million (9M 2023: EUR 139.2 million). Organically, adjusted EBITDA was 12.8%  below the prior-year period. As a result of the revenue development, the margin fell by 170 basis points to 18.5% (9M 2023: 20.2%).

Gerresheimer now expects demand for injection vials to return to normal in the course of 2025. 

Stronger final quarter expected
Gerresheimer anticipates a stronger final quarter in the 2024 financial year as new production lines ramp up as planned and the effects of destocking continue to fade out. Gerresheimer expects to continue its profitable growth in the coming years, thanks to the high order backlog and capacity expansions for long-term customer orders.

Guidance for FY 2024 (organic)

• Revenue growth: 3 – 4% (previously 5 – 10%)
• Adjusted EBITDA: EUR 415 – 430 million (previously: EUR 430 – 450 million)
• Adjusted EPS growth: 2 – 8% (previously 8 – 12%) 

Guidance for FY 2025 (organic) 

• Revenue growth: 7 – 10% (previously: 10 – 15%)
• Adjusted EBITDA margin: around 22% (previously ≥ 22%)
• Adjusted EPS growth: ≥ 10% (update with publication of full-year results 2024 in February 2025)

Mid-term guidance (organic)

• Revenue growth: ≥ 10% CAGR
• Adjusted EBITDA margin: 23 – 25%
• Adjusted EPS growth: ≥ 10% CAGR

Gerresheimer will hold a conference call today, September 30, 2024 at 5:30 pm CEST 

Registration Telephone Conference: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=2350002&linkSecurityString=5694d72a4 

Registration Webcast: https://www.webcast-eqs.com/gerresheimer-2024-09-30 

The quarterly statement with the final figures for Q3 2024 will be published on the Gerresheimer website on October 10, 2024 here.

Preliminary key figures Gerresheimer (Group)

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, dropper bottles, other 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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