Gerresheimer, a leading global partner to the pharma and healthcare industry, has reported a strong performance in the first quarter of 2024, showcasing organic revenue growth of 2.8 percent and a notable increase in adjusted EBITDA of 5.9 percent.
This positive momentum was primarily driven by the outstanding performance of the Plastics & Devices Division, contributing to total revenues of EUR 466.1 million, up from EUR 457.8 million in Q1 2023, and an adjusted EBITDA of EUR 80.9 million, compared to EUR 78.0 million in the same period last year.
One of the key highlights of Gerresheimer’s Q1 2024 results is the organic improvement in the adjusted EBITDA margin, which rose by 50 basis points to 17.3 percent year on year, reflecting a favorable product mix with an increased focus on innovative and customized solutions. The company’s global capacity expansion initiatives, particularly in syringes, pens, and auto-injectors, are progressing as planned, further supporting its growth strategy.
Looking ahead, Gerresheimer’s Management Board has reaffirmed its guidance for the financial years 2024 and 2025, as well as the mid-term outlook. The company anticipates organic revenue growth of between 5 and 10 percent in 2024, with adjusted EBITDA expected to range between EUR 430 and 450 million. CEO Dietmar Siemssen expressed confidence in the company’s trajectory, stating, “We will ramp-up new lines for long-term orders in the next months as planned, which will positively impact our growth momentum. We are fully on track and are therefore confirming our full-year guidance.”
However, the Primary Packaging Glass Division faced challenges in Q1 2024, with revenues declining by 7.2 percent to EUR 208.4 million, primarily due to decreased demand in the pharma business resulting from customer inventory effects. Despite this, the division reported an adjusted EBITDA of EUR 34.8 million, with an adjusted EBITDA margin of 16.7 percent.
With a strong order backlog in place, Gerresheimer is well-positioned to sustain its profitable growth in 2024 and beyond. The company’s guidance for the full year includes organic revenue growth of 5–10 percent, adjusted EBITDA in the range of EUR 430–450 million, and adjusted EPS growth of 8–12 percent.
In conclusion, Gerresheimer’s performance in Q1 2024 underscores its resilience and strategic focus on delivering innovative solutions to the pharma and healthcare industry. With a clear growth trajectory and strong leadership, the company is poised for continued success in the coming years.
Source:Gerresheimer with additional information added by GlassBalkan
