Gerresheimer off to a good start in the 2023 financial year: double-digit growth in revenue and adjusted EBITDA again

06.04.2023 – 07:00

Gerresheimer AG

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Düsseldorf (ots)

Revenue grows organically by 21.0% in the first quarter
Adjusted EBITDA increases organically by 24.8%
Gerresheimer confirms forecast for financial year 2023

Gerresheimer AG, a leading provider of healthcare & beauty solutions and drug delivery systems for pharma, biotech and cosmetics, started the 2023 financial year with a strong first quarter. The company posted double-digit percentage increases in revenue and Adjusted EBITDA in the first quarter and reiterated its revenue guidance for 2023.

“The good first quarter confirms how far we have pushed the transformation of Gerresheimer over the past four years. Our strategy is taking effect, we are growing in all business areas and are becoming more and more profitable quarter by quarter. Our broad product portfolio and our quality and innovation leadership make it possible , to pick up on new trends such as GLP-1 obesity and diabetes treatment and to support our customers with specific solutions such as auto-injectors and bypass syringes. This offers us excellent growth opportunities,” said Dietmar Siemssen, CEO of Gerresheimer AG. “Our order books are very healthy and we expect continued double-digit growth in revenue and Adjusted EBITDA with further improvement in margins year-on-year. We are on track for another record year,” he added.

The transformation process, which was initiated with the start of the formula g strategy process in 2019, has already changed the company significantly. The first quarter shows the success of the transformation. Today, Gerresheimer is a sustainably profitable growth company that acts as an innovation leader and solution provider. With a strong customer orientation and focus on the highest quality, the company has continuously improved its competitiveness and proven its resilience. The investments of the last few years are paying off, as evidenced by the significantly higher growth rates and, for the first time, double-digit increases in margins in the 1st quarter.

The Gerresheimer Group generated sales of EUR 457.8m in the first quarter of the 2023 financial year, after EUR 370.8m in the same quarter of the previous year. The organic growth rate, excluding currency effects, was 21.0%. All business areas grew at double-digit rates. Adjusted EBITDA rose by 26.7% to EUR 78.0 million, which corresponds to organic growth of 24.8%. At EUR 0.71, adjusted EPS was 12.7% higher than in the same quarter of the previous year. Organic growth was 13.4%.

In the Plastics & Devices division, sales revenues in the 1st quarter were 23.0% higher than in the same quarter of the previous year at EUR 228.7 million. Organically, sales increased by 20.0%. Increasing demand for plastic packaging, inhalers and pens was the main reason for the very good sales development compared to the same quarter of the previous year. Adjusted EBITDA was 17.4%, or organically 14.5%, well above the level of the prior-year quarter.

The Primary Packaging Glass Division increased sales in the first quarter by 23.5% to EUR 227.5 million. Adjusted for currency effects, sales were 21.6% above the prior-year quarter. The pharmaceutical business benefited from the strong development in both the Molded Glass and Tubular Glass business areas. In view of the strong business development, adjusted EBITDA rose sharply compared to the first quarter of the previous year by 34.3% or organically by 34.5%.

The Advanced Technologies division continued to drive projects and investments for future growth. These include ongoing projects to develop a new pump for a US biotech customer and a micropump to treat chronic heart failure.

Guidance for fiscal year 2023 (at group level, FXN):