Gerresheimer, an innovative system and solution provider and a global partner for the pharma, biotech and cosmetic industries, decisively continued on its profitable growth course in the financial year 2023 with an organic revenue growth of 10.4% and a strong adjusted EBITDA growth of 17.5%. Revenues reached €1.99bn (2022: €1.82bn), the adjusted EBITDA €404.5m (2022: €354.2m).

The adjusted EBITDA margin improved organically by 120 basis points to 20.8% (2022: 19.6%) and reflects a higher share of innovative and customised solutions in the company’s product mix, including for sensitive biopharmaceuticals.

Gerresheimer’s high level of solution expertise and broad product portfolio allows it to benefit from global megatrends in the pharma and biotech markets. In 2023, for example, the company secured further orders for syringes, pens and auto-injectors for GLP-1 drugs. The positive development of the operating business, the high order backlog and the current expansion of international production capacities mean that Gerresheimer is ideally positioned to continue its profitable growth in the years ahead.

“Our strong results in 2023 underpin Gerresheimer’s successful transformation as part of our formula g strategy process,” says Dietmar Siemssen, CEO of Gerresheimer. “The market has recognised that Gerresheimer is positioned very differently today. Innovative systems and solutions have enabled us to gain new orders from existing customers and expand our customer base overall.”

Plastics & Devices: High demand for pens and favourable product mix

The Plastics & Devices Division generated revenues of €1,065.1m in the financial year 2023 (2022: € 945.4m). At 13.2%, organic revenue growth was driven primarily by demand for containment solutions and drug delivery systems.

Adjusted EBITDA reached €270.0m (2022: €232.1m). Organic growth compared to the previous year was a strong 17.9%. The adjusted EBITDA margin rose to 25.3% (2022: 24.5%). Organically the adjusted EBITDA margin expanded by 110 basis points. This reflects a favourable product mix, which includes a greater share of higher-value products.

Primary Packaging Glass: Stable pharma business, growth in cosmetics

In the financial year 2023, revenues in the Primary Packaging Glass Division reached € 927.3m (2022: € 870.6m). Organic revenue growth stood at 7.8%. While the pharma business in this division remained largely stable at a high level, the cosmetics business in particular saw an upward trend.

Adjusted EBITDA rose to €182.5m (2022: €161.7m). Organically the adjusted EBITDA recorded a significant increase of 17.7%. The Primary Packaging Glass Division also notably increased its margin to 19.7% in the financial year 2023 (2022: 18.6%) thanks to a favourable product mix featuring a greater proportion of higher-value products. Organically, the adjusted EBITDA margin showed a strong increase of 170 basis points.

Dividend proposal of €1.25

Gerresheimer’s adjusted net income rose to €158m in the financial year 2023 (2022: €151m). Adjusted earnings per share grew organically by 7.1% and reached €4.62. The Management Board and Supervisory Board will therefore propose a dividend of €1.25 per share for the 2023 financial year at the Annual General Meeting. This corresponds to a payout ratio of 28.0%. The proposed dividend is therefore once again at the upper end of the payout range of 20% to 30%.

Dynamic growth also expected in the years ahead

In view of the positive development of the operating business, the high order backlog and the current expansion of production capacities, Gerresheimer continues to expect profitable growth in the years ahead.

Guidance for FY 2024 (organic)

• Revenue growth: 5-10%
• Adjusted EBITDA: € 430-450m
• Adjusted EPS growth: 8-12%

Guidance for FY 2025 (organic)

• Revenue growth: 10-15%
• Adjusted EBITDA margin: ≥ 22%
• Adjusted EPS growth: ≥ 10%

Medium-term guidance (organic)

• Revenue growth: ≥10%
• Adjusted EBITDA margin: 23-25%
• Adjusted EPS growth: ≥10%