Gerresheimer AG, a German pharmaceutical packaging and drug delivery devices manufacturer, has posted its first-quarter earnings. It reported a slight dip in net income to €13.43 million, down from €13.47 million the previous year. The earnings per share held steady at €0.38.
However, the company's adjusted net income stood at €23.0 million, or €0.65 per share, a decrease compared to the previous year's €23.7 million, or €0.71 per share. There was a 3.7% increase in adjusted EBITDA from the previous year to €80.9 million, improving the margin to 17.4% from 17%. There was also a 1.8% rise in revenues to €466.1 million, compared to €457.8 million in the preceding year.
The company's organic revenues increased by 2.8%, with adjusted EBITDA increasing by 5.9%. This was primarily driven by the successful performance of the Plastics & Devices Division. CEO Dietmar Siemssen stated that the implementation of new production lines for long-term orders would boost growth momentum.
Looking ahead to 2024, Gerresheimer anticipates organic revenue growth between 5 and 10%, and an adjusted EBITDA of between €430 million and €450 million. The company expects adjusted earnings per share to grow organically by 8 to 12%. Given its substantial order backlog, the company is poised for profitable growth in 2024 and beyond.
The fiscal projections for 2025 include organic growth in adjusted earnings per share of at least 10%, an adjusted EBITDA margin of at least 22%, and revenue growth of 10% to 15%. For the mid-term, Gerresheimer is aiming for at least 10% organic growth in adjusted earnings per share, an adjusted EBITDA margin between 23% and 25%, and revenue growth of at least 10%.
