Gerresheimer AG: Gerresheimer with strong second quarter
DGAP-News: Gerresheimer AG
/ Key word(s): Half Year Results/Quarter Results
Duesseldorf, July 14, 2020 - Gerresheimer AG delivered profitable growth in the second quarter of 2020. "As a key supplier to the pharma and healthcare industry, we have significant responsibility for ensuring patients worldwide to receive the medication they need. We have guaranteed this over the past few months and maintained our own delivery capacity at all times. New growth opportunities are now opening up for us in the pharma business. We are prepared for the strong demand for injection vials for the forthcoming vaccination campaigns and are additionally expanding capacity. As planned, our aim is to maintain the growth which we saw in the second quarter. We are working continuously to implement our strategy for profitable and sustainable growth. To that end, we are investing in quality, capacity, digitalization, new markets and smart new drug delivery products," said Dietmar Siemssen, CEO of Gerresheimer AG.
Gerresheimer generated revenues of EUR 363m in the second quarter of 2020, marking 4.6% organic growth in the core business compared to the same quarter of the prior year. The global pharma business has developed well in the current Covid-19 pandemic. This benefited Gerresheimer, too, with its primary packaging for liquid and solid drugs, syringes and drug delivery devices such as insulin pens and asthma inhalers. There is currently demand from many pharma companies, in particular for injection vials for future vaccination campaigns against Covid-19. Gerresheimer has already invested heavily in quality and capacity in this business in 2019 and 2020 and will continue to do so. This means the Company will be very well prepared to support the vaccination campaigns. Gerresheimer sees additional medium-term to long-term opportunities in the pharma business as a result of the pandemic. Temporarily reduced demand for high-quality perfume flacons has been more than offset by increased demand for drug packaging and drug delivery devices.
The second quarter of 2020 saw adjusted EBITDA increase on an organic basis by 6.9% to EUR 84m. Adjusted net income came to EUR 38m in the second quarter of 2020. In the same period adjusted earnings per share after non-controlling interests amounted to EUR 1.18. The strong second-quarter free cash flow of EUR 45m was used to reduce net debt relative to the first quarter. Adjusted EBITDA leverage decreased from 3.4x at the end of the first quarter to 3.2x as of May 31, 2020.
Guidance for 2020
Indications for subsequent years
The quarterly statement for the second quarter of 2020 is available here:
Press contact Investor Relations contact
2 Adjusted net income: Net income before amortization/impairment losses of fair value adjustments, restructuring expenses, portfolio adjustments, the balance of one-off income and expenses, and the related tax effects.
3 Adjusted earnings per share after non-controlling interests divided by 31.4m shares.
4 Adjusted EBITDA leverage: The relation of net financial debt to adjusted EBITDA of the last twelve months according to the credit agreement currently in place.
5 Change calculated on a EUR k basis.
6 Without the changeover effects from the accounting standard IFRS 16 'Leases', which will be applicable for us from December 1, 2019.
14.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1092765|
|End of News||DGAP News Service|