Gerresheimer on track to deliver record financial year 2022

Organic revenue growth of 13.0% in Q2 builds on strong Q1 performance

July 18, 2022

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Gerresheimer AG, a provider of healthcare and beauty solutions and drug delivery systems for pharma, biotech and cosmetics, reaffirms its guidance for its financial year 2022 after delivering a solid second quarter in line with plan. This rounded off the best first half performance with organic revenue growth of 15.7%. Adjusted EBITDA grew by 7.3%.

“I am particularly pleased with the strong performance we have delivered in the first half of the year, which is further evidence of our successful transformation into a solution provider and system integrator with higher, sustainable and profitable growth”, said Dietmar Siemssen, chief executive officer of Gerresheimer AG. “We continue to successfully navigate the challenges of the inflationary environment utilizing its benefits from long-term energy supply agreements, hedges against energy price increases and its pricing power. We are seeing strong demand from our customers across our entire portfolio and are on track for another record year in 2022 as well as delivering for our mid-term guidance.”

Gerresheimer reaffirms its guidance for its financial year 2022 with double-digit organic revenue growth and high single-digit organic growth in adjusted EBITDA and adjusted EPS. In the second quarter of its 2022 financial year, Gerresheimer generated revenues of Euro 445 million, representing an 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 Euro 90 million, an organic increase of 5.1 %. Adjusted earnings per share (EPS) increased from Euro 1.28 to Euro 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 Euro 150 million promissory note issued in November 2021, the company signed a three-year Euro 150 million revolving credit facility on 1 July, which addresses its refinancing requirements for 2022 in the amount of Euro 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 cost.

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 participations with Portal Instruments Inc to develop a needle-free autoinjector and with Adamant Health Oy to revolutionize the treatment of Parkinson’s disease.

Guidance for FY 2022 (For group level, FXN):

– Organic revenue growth: at least 10%

– Organic adjusted EBITDA growth: high single-digit

– Adjusted EPS growth: high single-digit

Mid-term Guidance (For group level, FXN)

– Organic revenue growth: high single-digit

– Organic adjusted EBITDA margin: of 23-25%

– Adjusted EPS growth: at least 10% p.a.

The report is available here:

https://www.gerresheimer.com/en/company/investor-relations/reports

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