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Shares of Gerresheimer AG fell 12% on Thursday after the manufacturing company on Wednesday lowered its 2025 full-year guidance, citing slower market growth and weaker-than-expected organic performance in cosmetics and oral liquids.
Preliminary results for the first nine months of 2025 show the company’s revenues rose 14.6% to €1.68 billion from €1.47 billion in 9M 2024, while adjusted EBITDA increased 7.2% to €313.9 million from €292.7 million.
On an organic basis, however, revenues fell 1.8% and adjusted EBITDA declined 7.5% compared with pro forma figures for the same period last year. The organic adjusted EBITDA margin was 18.8%, down from 19.9% a year earlier.
In the third quarter alone, the company reported organic revenue decline of 1.2% and an organic adjusted EBITDA margin of 18.8%.
Free cash flow for Q3 2025 was €21 million. Based on these trends, the company now expects full-year 2025 organic revenue to fall between 2% and 4%, compared with a previous forecast of 0% to 2% growth.
Adjusted EBITDA margin is projected around 18.5% to 19%, down from an earlier estimate of about 20%. The company said a stronger fourth quarter, driven by production ramp-ups for drug delivery systems, will not fully offset first-nine-month results.
The Plastics & Devices division reported revenues of €972.6 million in 9M 2025, up 18.6% from €820.1 million in 9M 2024, mainly due to the inclusion of Bormioli Pharma. On an organic basis, revenues grew 2.6%.
Adjusted EBITDA rose 6.8% to €222.6 million, while organic adjusted EBITDA fell 6.6% from pro forma figures.
The division’s organic adjusted EBITDA margin was 22.9%, down from 25.2%, reflecting lower capacity utilization at Oral Liquids and start-up costs for new drug delivery system lines.
The Primary Packaging Glass division generated revenues of €714.4 million, up 10.3% from €648 million in 9M 2024, primarily due to Bormioli Pharma.
Organically, revenues fell 6.9%. Adjusted EBITDA increased 6.2% to €127.2 million, while organic adjusted EBITDA declined 7.2%.
The organic margin remained at 18%. The decline was attributed to weaker demand in the Moulded Glass segment and ongoing subdued demand in cosmetics and oral liquids.
Gerresheimer is establishing the Moulded Glass business as a standalone division from 2026. Hans-Norbert Topp will lead the unit, and the company plans a sales process for the business next year.
The company has also launched a transformation program to reduce costs, improve performance, and increase free cash flow.
The initiative includes selective investment planning, measures to enhance operational and sales efficiency, and optimization of the global production network. A Transformation Office reporting directly to the CFO will oversee implementation.
Gerresheimer is a global provider of drug containment solutions, drug delivery systems, medical devices, and digital therapy support products.
Together with Bormioli Pharma, the company generated around €2.4 billion in revenues in 2024 and employs roughly 13,600 people across more than 40 production sites in 16 countries.