Gerresheimer expects more growth

By Katrina Megget

- Last updated on GMT

Related tags Cent increase Euro

A worldwide growth in the sales of pharmaceutical bottles, and in
the pharma sector in general, has had a positive impact on
packaging company Gerresheimer's financial results.

The German company announced its third quarter results this week with a 46 per cent increase in sales to €697m for the nine month period to August 31, and a six-fold growth in EBIT to €34.8m for the same period. Meanwhile, Adjusted EBITDA improved by 50 per cent to €124m. With a favourable background of worldwide growth in the sale of pharmaceutical bottles, perfume flacons and cream jars, Gerresheimer's moulded glass division showed a seven per cent increase in sales to €234.3m. Similar increases were seen across the company's other divisions as a result of strong growth in the sectors. Sales growth for RTF syringes and higher turnover of ampoules and vials led to a 10.1 per cent increase to €199m in the tubular glass division, while the plastic systems division saw a sales increase to €218.6m. The company put the strong growth in the division down to the acquisition of the Wilden Group and demand for pharmaceutical packaging. In the life science research division, the life-science business contributed by Thermo Fisher Scientific with sales of €7.5m for two months was consolidated for the first time as per July 2, 2007. "The gratifying operating development has completely fulfilled our expectations,"​ Gerresheimer chief executive Dr Axel Herberg said. "Looking at our target for the year to achieve organic growth of eight per cent to nine per cent and an EBITDA margin of close to 19 per cent, we are right on track. We will continue to work to expand our position as a globally active pharma and life science company." ​ According to the company, the recent upsets in the capital markets and the strength of the Euro over recent weeks and months have had little impact on Gerresheimer. Since almost all products for the important US market are manufactured by Gerresheimer in North America, the strong Euro exchange rate has had hardly any effect on results, the company said. The company has reduced its debt by using the proceeds from the IPO. During the third quarter, the company constructed a third RTF syringe line due to demand. This investment is being channelled into insulin pen production, a new growth segment for Gerresheimer, on the basis of a newly won long-term customer order.

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