Gerresheimer with positive start to the financial year 2021

Rhea-AI Summary

Gerresheimer AG reported a strong start to 2021, achieving revenues of EUR 303 million in Q1, a 3.1% increase year-on-year. Growth was driven by the Plastics & Devices Division, with a notable demand for syringes and pharmaceutical packaging. Adjusted EBITDA rose to EUR 54 million, reflecting a 29.3% year-on-year increase in adjusted earnings per share at EUR 0.57. The company forecasts mid single-digit revenue growth for 2021 and aims for an adjusted EBITDA margin of 22-23%. Gerresheimer is expanding production for Covid-19 vaccine vials, reinforcing its role in the pandemic response.

Positive

• Q1 2021 revenues of EUR 303 million, up 3.1% YoY.
• Adjusted EBITDA increased to EUR 54 million, with a 29.3% rise in adjusted EPS to EUR 0.57.
• Strong growth in the Plastics & Devices Division, especially syringes.
• Forecasts mid single-digit revenue growth for 2021, with an adjusted EBITDA margin of 22-23%.
• Continued production expansion for Covid-19 vaccine vials.

Negative

• Cosmetics business in Moulded Glass continues to be impacted by Covid-19.
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DUESSELDORF, Germany, April 8, 2021 /PRNewswire/ --  "We got off to a good start in the financial year," said Dietmar Siemssen, CEO of Gerresheimer AG. "Our high value products and solutions for biotech and pharma companies saw significant growth in the first quarter. The order books are full. We are well on our way to achieving our targets for 2021. The achievements which are now becoming visible, confirm the effectiveness of our growth strategy, which will continue to roll out systematically."

In the first quarter of 2021, Gerresheimer Group generated  revenues of EUR 303m. Revenues in core business increased organically by 3.1% year on year. The Plastics & Devices Division grew organically by 3.0% in the first quarter of 2021, thanks in particular to the syringes business and the demand for pharmaceutical plastic packaging. Currency-adjusted sales were up 3.2% year on year in the Primary Packaging Glass Division, even though the cosmetics business in the Moulded Glass Business Unit continued to feel the negative effects of the Covid-19 pandemic. The pharma business benefited in the first quarter from growing demand for high value solutions and products such as Gx RTF syringe systems, Gx Elite Glass and Gx RTF Vials, particularly for biopharmaceuticals.

The Company continued to expand its production capacities for manufacturing injection vials for Covid-19 vaccines in the first quarter of 2021. By doing so, the Company is reaffirming its responsibility and making an important contribution to combating the pandemic by supplying glass vials to be filled with vaccines.

Adjusted EBITDA stood at EUR 54m in the first quarter of 2021. In the core business, adjusted EBITDA rose organically by 7.0% year on year to EUR 57m. The adjusted EBITDA margin in the core business amounted to 19.0%. The adjusted net income was EUR 18m, resulting in adjusted earnings per share of EUR 0.57 with an increase of organically 29.3% (32.6 % as reported) compared to the same quarter in the prior year.

Forecast

Outlook for the financial year 2021 (core business, currency-adjusted):

• Revenues growth in the mid single-digit percentage range
• Adjusted EBITDA margin between 22% and 23%
• Adjusted earnings per share in euros to increase by at least 10%

Medium term (core business, net of currency effects):

• Revenues growth in the high single-digit percentage range
• Adjusted EBITDA margin of around 23%
• Adjusted earnings per share in euros to increase by at least 10% per year

The Quarterly Statement for the first quarter of 2021 is available here:

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

For further information: http://www.presseportal.de/nr/9072/dokument?langid=2

Contact:
Jens Kürten
Group Senior Director Communication & Marketing
Phone   +49 211 6181-250
Telefax +49 211 6181-241
jens.kuerten@gerresheimer.com

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SOURCE Gerresheimer AG

FAQ

What were Gerresheimer's revenues for Q1 2021?

Gerresheimer reported revenues of EUR 303 million for Q1 2021.

How much did Gerresheimer's adjusted EBITDA increase in Q1 2021?

Adjusted EBITDA rose to EUR 54 million in Q1 2021.

What is Gerresheimer's EPS for Q1 2021?

Adjusted earnings per share for Q1 2021 was EUR 0.57.

What is Gerresheimer's revenue growth forecast for 2021?

The company forecasts mid single-digit revenue growth for 2021.

What adjustments has Gerresheimer made for Covid-19?

Gerresheimer is expanding its production capacities for manufacturing injection vials for Covid-19 vaccines.