Gerresheimer records 13% revenue growth, profit decline for second quarter of FY22

GERMANY – Gerresheimer AG, a maker of medical packaging products has recorded a 13% revenue growth and a decline in profit for the second quarter of FY22.

According to the company, the second-quarter net income attributable to shareholders declined to €25.16 million from last year’s €28.13 million.

In the second quarter of its 2022 financial year, Gerresheimer generated revenues of EUR €445 million, representing organic growth of 13%.

The focus on investing in key growth drivers, such as High-Value Solutions in pharma and beauty, regional expansion and contract manufacturing, is delivering results with sustainable, profitable growth across all divisions.

Revenue growth was also supported by the current dynamic pricing environment, with contractual pass-through and sustainable price increases.

Adjusted EBITDA rose to €90 million, an organic increase of 5.1 %. Adjusted earnings per share (EPS) increased from €1.28 to €1.34.

Gerresheimer has been implementing a broad range of measures to manage inflationary impacts and to ensure continuity of supply of its system-critical solutions and services.

This includes long-term supply agreements, hedging contracts against energy price increases and passing on price increases.

Looking forward, Gerresheimer will further improve its energy mix through the rigorous implementation of its sustainability strategy.

Gerresheimer also rearranged its financial position to support the execution of its strategy. In addition to the €150 million promissory note issued in November 2021, the company signed a three-year €150 million revolving credit facility on July 1, which addresses its refinancing requirements for 2022 in the amount of €306 million, securing improved terms with enhanced flexibility.

The Primary Packaging Glass Division showed impressive organic growth of 19.4%. This was driven by strong demand for both tubular and molded glass with a particular focus on High-Value Solutions such as Gx® ELITE Glass.

Adjusted EBITDA rose organically by 8.3% and was in particular influenced by higher energy costs.

Plastics & Devices Division revenues grew organically by 8.0%, again benefitting from pass-through effects.

Following a strong comparable period, the syringes business was restrained by phasing effects.

Adjusted EBITDA decreased organically by 4.2%, impacted especially by temporary unfavorable product mix effects, mainly due to the phasing in syringes.

Gerresheimer Advanced Technologies Division (GAT) continues to lay the foundations for its future growth.

In the second quarter, Gerresheimer entered into strategic participation with Portal Instruments Inc to develop a needle-free autoinjector and with Adamant Health Oy to revolutionize the treatment of Parkinson’s disease.

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