Gerresheimer recorded a jump in revenues and earnings due to the first-time consolidation of Bormioli Pharma, which was acquired in 2024.
Revenues in the first quarter of 2025 rose by 11.6 percent to EUR 520.1 million (Q1 2024: EUR 466.1 million), while adjusted EBITDA increased by 13.1 percent to EUR 91.5 million (Q1 2024: EUR 80.9 million).
The organic development compared to the pro forma figures for the prior-year quarter reflects a shift in revenues in the syringe business and subdued demand for moulded glass especially from the cosmetics sector. In organic terms, revenues fell by 6.5 percent in the first quarter of 2025 compared to the first quarter of 2024, while adjusted EBITDA declined by 9.3 percent.
The adjusted EBITDA margin was 17.6 percent (Q1 2024: 17.4 percent). Based on existing contracts with further production ramp-ups in the course of the year and the good order intake from the first quarter of 2025, Gerresheimer confirms its guidance for the financial year 2025. The Group, including Bormioli Pharma, expects organic revenue growth of 3-5 percent compared to the combined pro forma figures for 2024. The adjusted EBITDA margin is expected to improve further to around 22 percent.
Primary Packaging Glass: Margin expansion through change in product mix
The Primary Packaging Glass Division achieved revenues of EUR 227.1 million in the first quarter of 2025 (Q1 2024: EUR 208.4 million). In absolute terms, revenues increased by 9.0% due to the inclusion of Bormioli Pharma. In organic terms, revenues declined by 10.2% compared to the pro forma figures for Q1 2024. This was due to subdued demand for moulded glass especially in the Cosmetics sector.
Adjusted EBITDA increased by 15.4 percent to EUR 40.2 million (Q1 2024: EUR 34.8 million). In organic terms, adjusted EBITDA was 5.8 percent below the pro forma figures for the same quarter of the previous year. The adjusted EBITDA margin rose to 17.7 percent (Q1 2024: 16.7 percent). The margin expansion is due to a higher share of high value solutions.
Guidance confirmed
Based on existing contracts with further production ramp-ups in the course of the year and the good order intake from the first quarter of 2025, Gerresheimer confirms its guidance for the financial year 2025. Gerresheimer expects to see profitable growth in the coming years as well, driven by strong growth in systems and solutions for biologics, the successful implementation of growth projects and the expanded high value solutions portfolio.
The quarterly statement for the first quarter of 2025 is available on the Gerresheimer website here.