In This Article:
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Organic growth: Revenues +2.8%, adjusted EBITDA +5.9%
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Capacity expansion in the Americas, Europe and Asia progresses according to plan
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Guidance confirmed
DUSSELDORF, GERMANY / ACCESSWIRE / 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.