Gerresheimer, an innovative provider of systems and solutions and a global partner for the pharma and biotech industries, has continued its profitable growth, posting strong results for the first half of the year. Revenues grew organically, without foreign exchange rate effects, by 16.6% to reach €957.4m. Adjusted EBITDA was €185.2m. Following the successful realignment of its product mix, Gerresheimer benefited substantially from global megatrends in the pharma and biotech markets.
Gerresheimer offers a broad portfolio of solutions, especially for biopharmaceuticals (including the new medications for treating obesity based on glucagon-like peptide 1, or GLP-1), and has already succeeded in securing long-term orders. The company is currently expanding its production capacities in Europe, the US and Mexico to accommodate its growth plans, with a focus on medical systems such as syringes, pens, and auto-injectors, as well as high-value solutions.
“As a result of our focus on innovation, excellence, and sustainability, we are today the strategic partner of choice for the global pharma and biotech industry,” said Dietmar Siemssen, CEO of Gerresheimer. “We benefit from demand for both containment solutions and innovative drug delivery solutions for new biopharmaceuticals. We have the right systems, solutions, and services and are investing today in the profitable growth of tomorrow.”
Plastics & Devices: High demand for containment solutions, inhalers and pens
Gerresheimer’s Plastics & Devices Division generated revenues of €494.1m in the first half of 2023 (H1 2022: €414.0m) representing an organic increase of 18.2% (excluding foreign exchange rate effects). The demand for containment solutions made from plastic and for medical devices, especially inhalers and pens, played a particularly important role in the excellent performance.
Thanks to organic growth of 25.1%, adjusted EBITDA was significantly higher year on year. The adjusted EBITDA margin improved by 110 basis points to 23.5% (H1 2022: 22.4%). The increase in profitability is mainly attributable to an improved product mix.
Primary Packaging Glass benefits from positive market momentum
The Primary Packaging Glass Division generated a 15.5% increase in revenues in the first half of 2023 to €461.7m (H1 2022: €399.9m).
The division benefited from strong performances in both the Moulded Glass and Tubular Glass Business Units. Demand for high-value solutions remained robust.
Adjusted EBITDA rose sharply by 25.2% in organic terms compared to the same period in the prior year. The adjusted EBITDA margin improved by 120 basis points to 19.5% (H1 2022: 18.3%). The increase was due to the good overall performance of the business units and the improved product mix.
Outlook confirmed
Gerresheimer expects the positive business performance to continue in the second half of 2023 and confirms its guidance for the full year.
Guidance for FY 2023 (for group level, currency-adjusted):
- Organic revenue growth: at least 10%
- Organic adjusted EBITDA growth: at least 10%
- Adjusted EPS growth: low single-digit percentage
Medium-term guidance (for group level, currency-adjusted)
- Organic revenue growth: at least 10%
- Organic adjusted EBITDA margin: 23 – 25%
- Adjusted EPS growth: at least 10% a year