Gerresheimer AG (GRRMF.PK), a manufacturer of primary packaging products for medication and drug delivery devices, reported Friday a loss in its first quarter, compared to prior year's profit. However, adjusted EBITDA and revenues increased on the first-time consolidation of Bormioli Pharma, which was acquired in 2024.
Further, the company confirmed its fiscal 2025 outlook, and issued growth view for the mid term.
In the first quarter, net loss attributable to shareholders was 18.01 million euros, compared to prior year's profit of 13.01 million euros. Loss per share was 0.52 euro, compared to profit of 0.38 euro a year ago.
Adjusted attributable net income was 15.7 million euros or 0.46 euro per share, compared to 22.6 million euros or 0.65 euro per share last year.
Adjusted EBITDA, however, increased 13.1 percent to 91.5 million euros from prior year's 80.9 million euros.
Revenues in the first quarter rose 11.6 percent to 520.05 million euros from 466.14 million euros a year ago, driven by the consolidation of Bormioli Pharma.
In organic terms, adjusted EBITDA declined by 9.3 percent and revenues fell by 6.5 percent in the first quarter. The adjusted EBITDA margin was 17.6 percent, up from 17.4 percent a year ago.
The company noted that organic development compared to the pro forma figures for the prior-year quarter reflected a shift in revenues in the syringe business and subdued demand for moulded glass especially from the cosmetics sector.
Looking ahead, for fiscal 2025, Gerresheimer continues to expect organic revenue growth of 3 percent to 5 percent and adjusted EBITDA margin of around 22 percent. Adjusted earnings per share is projected to grow in high single-digit percentage range on a currency-adjusted basis.
Over the mid-term, the company projects organic revenue growth of 8 percent to 10 percent CAGR, adjusted EBITDA margin of 23 percent to 25 percent, and adjusted earnings per share growth of = 10 percent CAGR.
Dietmar Siemssen, CEO of Gerresheimer, said, "We will continue our profitable growth also on an organic basis from the second quarter onwards. Among other things, syringe revenues will contribute to this, which we now expect in the second and third quarter. The main growth drivers in 2025 will be our high value solutions for biologics and the start-up of new production lines from our growth projects."
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