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Gerresheimer Q2 revenues increased 7.2% to EUR 356.5m

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Christian Fernsby ▼ | July 11, 2019
Gerresheimer
Gerresheimer   The syringe business performed well in the second quarter of 2019

Gerresheimer closed the second quarter of the financial year 2019 (March 1, 2019 to May 31, 2019) with strong revenue growth.

Gerresheimer increased revenues 7.2% to EUR 356.5m in the second quarter of the financial year 2019, up from EUR 332.6m in the prior-year quarter.

The syringe business performed well in the second quarter of 2019.

Revenues with plastic primary pharmaceutical packaging also grew.

The medical plastic systems business was stable.

Moulded glass primary packaging revenues increased, mainly due to a rise in demand from cosmetics customers.

The injection vial, ampoule and cartridge business did particularly well in Europe and Asia.

Gerresheimer is pursuing a large number of projects for profitable growth and enhanced productivity.

These projects are being systematically implemented and are well on schedule.

They include the expansion of syringe production at the plant in Buende, Germany, and expansion of the pharmaceutical primary plastic packaging plant in Anapolis, Brazil.

The moulded glass plant in Essen, Germany, is to undergo a furnace overhaul in conjunction with capacity expansion and further automation.

In figures, capital expenditure of EUR 28.6m was incurred in the second quarter of 2019.

This was mainly directed at the continued expansion of inhaler production capacity at the Horsovsky Tyn plant in the Czech Republic together with other additions to production capacity and to the product portfolio.

Other capital expenditure in the quarter under review related to the prepayments for the furnace overhaul in Essen, Germany, as well as production plant modernization and automation at various plants.

Subsidiary Sensile Medical also made progress: The wearable micro infusion pump specially developed Sensile Medical for EVER Pharma has already been commercialized for Parkinson’s treatment in several European countries.

The micro pump allows Parkinson’s sufferers greater independence in their daily lives.

The broad application range of the micro pump and of its modular standard engineering is demonstrated a highly promising new project with great market potential.

The micro pump is to be used in the treatment of heart failure.

At present, the groundwork for this new project is being laid.

Adjusted EBITDA increased from EUR 71.1m in the prior-year quarter to EUR 74.2m in the second quarter of 2019.

This does not include the EUR 26.2m relating to the derecognition of contingent purchase price components from the Sensile Medical acquisition.

Net income in the second quarter of 2019 was EUR 47.1m, compared to EUR 19.3m in the prior-year quarter.

Adjusted net income after non-controlling interests amounted to EUR 58.7m, compared to a prior-year figure of EUR 26.0m.

The figure for the second quarter of 2019 was influenced the positive effect from the derecognition of contingent purchase price components.

Adjusted earnings per share after non-controlling interests came to EUR 1.87 in the second quarter of 2019, compared to a prior-year figure of EUR 0.83.

Adjusted EBITDA leverage (net financial debt to adjusted EBITDA over the last twelve months) temporarily decreased to 2.3x.

The decrease relates to the higher adjusted EBITDA.


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