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Gerresheimer Q2 Profit Down, Revenues Up On High Demand; Backs FY20 View

German drug delivery devices maker Gerresheimer AG (GRRMF.PK) reported Tuesday that its second-quarter net income fell to 29.5 million euros from last year's 47.1 million euros. Earnings per share were 0.92 euro, down from 1.48 euros last year.

Adjusted net income was 37.7 million euros or 1.18 euros per share, compared to 59.3 million euros or 1.87 euros per share a year ago.

Adjusted EBITDA fell 16.2 percent to 84.2 million euros., while it increased 6.9 percent on an organic basis.

Group revenues increased 1.8 percent to 362.9 million euros from 356.5 million euros a year ago. Group revenues grew 4.6 percent organically in core business.

The company noted that impacts of Covid-19 pandemic under control. The global pharma business has developed well in the current Covid-19 pandemic, benefiting Gerresheimer too.

There is currently demand from many pharma companies, in particular for injection vials for future vaccination campaigns against Covid-19.

Dietmar Siemssen, CEO of Gerresheimer, said, "New growth opportunities are now opening up for us in the pharma business. We are prepared for the strong demand for injection vials for the forthcoming vaccination campaigns and are additionally expanding capacity."

Looking ahead for fiscal 2020, the company confirmed revenue guidance in the mid-single-digit percentage range and adjusted EBITDA margin of around 21 percent.

For subsequent years, the company projects annual organic revenue growth in the mid single-digit percentage range and targeted medium-term adjusted EBITDA margin of 23 percent.

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