According to Gerresheimer, revenues reached €2,035.9m (2023: €1,990.5m), while adjusted EBITDA amounted to €419.4m (2023: €404.5m).
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Organic sales grew by +2.9% and adjusted EBITDA by +4.1%. The adjusted EBITDA margin improved to 20.6% (2023: 20.3%).
The Plastics & Devices Division benefited from the strong growth in medical devices, partially offsetting the destocking effects in the vial business in the Primary Packaging Glass Division. The first signs of a market recovery in the vial business were seen in the fourth quarter of 2024, but destocking effects at customers weighed on the results of the Primary Packaging Glass Division in the full year 2024.
Bormioli Pharma will contribute significantly to the Group’s revenues and Adjusted EBITDA from the financial year 2025 while the integration into the Gerresheimer Group is well underway. For the financial year 2025, the combined group of companies including Bormioli Pharma now expects organic revenue growth of 3-5% compared to combined pro forma figures of the previous year. The adjusted EBITDA margin is expected to improve further to around 22%. The Group anticipates profitable growth in the coming years through the consistent execution of its growth strategy.
"2024 was characterised by temporary market effects in one of our submarkets," said Dietmar Siemssen, CEO of Gerresheimer. "Our long-term growth prospects remain positive. We are growing strongly in systems and solutions for large-molecule biologics for which we are systematically expanding our production capacities. With the acquisition of Bormioli Pharma, we have expanded our product portfolio and created the basis for new, integrated high value plastic solutions. All of this will help us to continue our profitable growth in the coming years.”
Plastics & Devices: Significant growth with improved margin
The Plastics & Devices Division generated revenue of €1,141.3m in the financial year 2024 (2023: €1,065.1m). Organic revenue growth amounted to 8.0%. The main driver of this positive development was the strong demand for drug delivery systems. Demand for plastic containment solutions also remained at a high level.
Adjusted EBITDA reached EUR 293.7m (2023: €270.0m). Adjusted EBITDA grew organically by 8.8% compared to the same period of the previous year. The division also increased its Adjusted EBITDA margin to 25.7% (2023: 25.3%). The positive development was driven by a higher proportion of specially tailored solutions for biologics, including GLP-1 products for the treatment of obesity.
Primary Packaging Glass: Destocking effects moderating
The first signs of a market recovery became visible in the fourth quarter of 2024, but business development in the Primary Packaging Glass Division in the financial year 2024 was still significantly influenced by destocking effects at pharmaceutical customers, particularly in the area of standard vials ("bulk vials"). Sales revenues reached €898.6 million (2023: €927.3 million). In organic terms, they were thus 2.6% below the same period of the previous year. Adjusted EBITDA amounted to €177.2m (2023: €182.5m). In organic terms, adjusted EBITDA was 2.4% below the prior-year period. The adjusted EBITDA margin remained stable at 19.7% (2023: 19.7%). Gerresheimer expects that destocking effects for standard vials will continue to moderate in the course of 2025.
High dividend continuity - dividend proposal of €1.25
Gerresheimer's adjusted net income increased to €164.6m in the financial year 2024 (2023: €158.0m). Adjusted EPS at constant currency rose to €4.67 (2023: €4.62). The Executive Board and Supervisory Board will therefore once again propose a dividend of €1.25 per share for the financial year 2024 at the Annual General Meeting. This corresponds to a payout ratio of 26.0%. The proposed dividend is therefore within the payout range of 20% to 30%.
Bormioli Pharma - new category of high value plastic solutions through system integration
At the beginning of December 2024, Gerresheimer successfully completed the acquisition of the Bormioli Pharma Group. Bormioli Pharma will thus be fully consolidated in the Gerresheimer Group from the financial year 2025. The integration of the company is one of Gerresheimer's focus topics of the financial year 2025 in order to seize the opportunities of the expanded product portfolio and the possibilities of system integration for new high-value plastic solutions. The acquisition also enables the formation of a stand-alone global moulded glass powerhouse.
Profitable growth expected in subsequent years
In view of the strong growth in systems and solutions for biologics, the successful execution of the growth projects in this area and the expanded portfolio of high value solutions, Gerresheimer expects profitable growth in the coming years.
Guidance for FY 2025 (organic)
- Revenue growth: 3-5%
- Adjusted EBITDA margin: around 22%
- Adjusted EPS growth: high single-digit percentage range
Mid-term guidance (organic)
- Revenue growth: 8-10 % CAGR
- Adjusted EBITDA margin: 23 - 25%
- Adjusted EPS growth: ≥ 10% CAGR
The Annual Report 2024 is available on the Gerresheimer website here.