Gerresheimer reported a solid business performance in the first nine months of the 2024 financial year, according to preliminary results.
Revenue reached EUR 1,467.0 million (9M 2023: EUR 1,445.3 million), while adjusted EBITDA reached EUR 292.7 million (9M 2023: EUR 285.2 million). Organic revenues grew by +2.0 percent and adjusted EBITDA by +3.1 percent. The adjusted EBITDA margin was 20.0 percent (9M 2023: 19.8 percent). The profitable growth was driven by the Plastics & Devices division, which benefited from a higher share of innovative and customized solutions. Earnings in the Primary Packaging Glass division, on the other hand, were influenced by ongoing destocking effects.
Highlights
- Organic growth Q3 2024 (9M 2024): Revenue +2.6 percent (9M 2024: 2.0 percent), Adjusted EBITDA +3.5 percent (9M 2024: 3.1 percent)
- Plastics & Devices grows organically by +9.2% with further margin improvement
- Adjustment of growth guidance due lower growth in demand for injection vials and flooding in Morganton plant
The significantly slower than expected market recovery 2024 and lower anticipated market growth in 2025 in the vial market require an adjustment of the growth guidance for the 2024 and 2025 financial years. The guidance 2024 is also affected by the current flooding at the Morganton vial plant in the United States caused by Hurricane Helene, which will halt production for several weeks.
In the 2024 financial year, the company now expects organic revenue growth of between 3 and 4 percent compared to the previous year (previously: 5 to 10 percent). Adjusted EBITDA is expected to be between EUR 415 million and EUR 430 million (previously: EUR 430 million to EUR 450 million). Compared to the previous year, adjusted EPS for the financial year 2024 is expected to grow between 2 and 8 percent (previously 8 to 12 percent).
“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,” said 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.”
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)
