Gerresheimer, a leading provider of healthcare and beauty solutions and drug delivery systems for pharma, biotech and cosmetics, confirms guidance for its financial year 2022 (FY22) after another quarter of strong and profitable growth. Revenue rose organically by 17.4% in the third quarter, reflecting strong customer demand, leading market positions and the ongoing success of its High-Value Solutions. Adjusted EBITDA grew organically by 13.3%.
“Gerresheimer continues on its profitable growth path across all our divisions, business segments and regions reflecting our strong market positions. While steering successfully through a challenging environment, we are consistently pursuing our growth strategy and are boosting our transformation process to become a solution provider and system integrator”, said Dietmar Siemssen, CEO of Gerresheimer. “We are on track to deliver on our FY22 guidance, and we are clearly committed to our mid-term targets”, he affirmed.
In the third quarter of its FY22, Gerresheimer generated revenues of €473m, representing organic growth of 17.4%. Both the Plastics & Devices and Primary Packaging Glass divisions contributed profitable double-digit revenue growth as the investments in key growth drivers, such as High-Value Solutions, capacity and regional expansion, as well as contract manufacturing, are paying off as envisaged.
Due to strong growth in High-Value Solutions, along with rigorous price adjustments, the adjusted EBITDA grew from €75m by €16m to €91m. Currency-adjusted, this represents an organic growth of 13.3%. Adjusted earnings per share (EPS) rose from €0.97 to €1.15, showing an organic growth of 10.1%. Gerresheimer reaffirms its guidance for FY22 for organic revenue growth of at least 10% and high single-digit organic growth in adjusted EBITDA and adjusted EPS.
Gerresheimer has been implementing a broad range of measures to manage inflationary impacts and to ensure continuity of the supply of its system-relevant solutions and services. It has long-term energy supply agreements in place which offer a very competitive cost position. Gerresheimer also continues to improve its energy mix through the consistent implementation of its sustainability strategy.
The Plastics & Devices Division’s revenues grew organically by 11.3% supported by pass-through effects, together with strong demand for plastic packaging solutions and injectors, as well as the engineering and tooling business. Adjusted EBITDA increased organically by 9.3%.
The Primary Packaging Glass Division further accelerated its organic growth with a significant increase of 24.5%. This excellent performance was driven by the continued strong demand for High-Value Solutions such as Gx® RTF Vials and Gx® Elite Glass as well as sustainable price increases. Adjusted EBITDA rose organically by 18.9%.
The Advanced Technologies Division pushes forward with projects and investments in its future growth. This included ongoing projects for the development of a new pump for a US biotech customer, as well as a micro pump for chronic heart failure treatment with SQ Innovation.
Gerresheimer continues to execute consistently on its formula G strategy process with highly attractive growth projects, including global capacity expansion and new partnerships. In recent months, Gerresheimer has announced, for example, a strategic partnership with Zollner Elektronik (Zandt/Germany) to develop electronically controlled medtech systems, a government-backed investment in additional vial production capacity in the United States and an initiative to implement a new industry standard for high-end ready-to-fill (RTF) vials. At the same time, the order book in contract manufacturing is growing significantly.
Guidance for FY22 (For group level, FXN):
Mid-term guidance (For group level, FXN)