Gerresheimer Raises Revenue Guidance for 2022 to Double-Digit Growth after Strong First Quarter
Gerresheimer AG, a leading provider of healthcare and beauty solutions and drug delivery systems for pharma, biotech and cosmetics, made a strong start to its 2022 fiscal year. The company delivered double-digit growth in both revenue and adjusted EBITDA in the first quarter and raises its 2022 revenue guidance. “We delivered an excellent first quarter demonstrating that our growth investments are paying off”, said Dietmar Siemssen, CEO of Gerresheimer.
In the first quarter, all divisions contributed double-digit revenue growth. “Gerresheimer is on-track to achieve another record year”, Siemssen added. “We have a strong order book and are experiencing increasing demand for existing as well as new products and solutions. The development gives us the confidence to raise our revenue guidance for 2022 to double-digit organic revenue growth.” Previously, Gerresheimer guided for high single-digit organic revenue growth in 2022.
In the first quarter of fiscal year 2022, Gerresheimer Group generated revenues of €371m with an organic growth rate of 19.1%. Our focus on investing in key growth drivers, such as High Value Solutions in pharma and beauty, Regional Expansion and Contract Manufacturing, paid off and all divisions achieved double-digit growth as a result. Revenue growth was also supported by the current dynamic pricing environment. Adjusted EBITDA rose to €62m. Without considering FX effects, organic growth was 10.6%. Adjusted earnings per share rose organically to €0.64 with an organic growth rate of 8.5%.
Gerresheimer continues to successfully navigate through the current inflationary business environment by making use of its pricing power and benefitting from its long-term hedging strategy against volatile energy prices. At the same time, Gerresheimer continues to improve the energy mix in its facilities in line with its sustainability strategy.
In the Primary Packaging Glass Division, sales were up by 21.8% organically, pushed by strong demand for our High Value Solutions and high-quality ready-to-fill vials. The adjusted EBITDA grew organically by 11.1%.
The Plastics & Devices Division revenues grew organically by 16.9%, based on a strong performance in all business units. The adjusted EBITDA increased organically by 15.3%.
The Advanced Technologies Division performed as expected, with a slight increase in revenues and adjusted EBITDA on the prior year’s levels. For this financial year, Gerresheimer expects support through the development of the new pump for a large US biotech company focussing on rare diseases, a contract announced in December 2021.
Based on the successful development in the first quarter and the strong order book, Gerresheimer has raised its guidance for organic revenue growth in 2022.
Guidance for FY 2022 (For group level, FXN):
- Organic revenue growth: double-digit (previously high single-digit)
- 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: >10% p.a.