02.04.2009 – 07:29
Gerresheimer achieves solid growth in core markets - outlook confirmed
- Group sales in the first quarter of 2009 at prior year level; sales up almost 3% in the core business despite difficult market environment - Adjusted EBITDA margin of 17.1% in the core business, continued operating earnings strength - CEO Dr. Axel Herberg: "Despite the difficult overall economic environment we continue to aim for profitable sales growth of around 6% to 7% in our core business for 2009."
In the first quarter of 2009 (December 2008 to February 2009) Gerresheimer AG maintained its total sales figure of EUR 237.3m (Q1 2008: EUR 239.1m) almost at the prior year level despite the difficult overall situation in the world economy. In the core business, however, sales by the MDAX company actually rose by 2.8 % to EUR 228.7m
The operating result (adjusted EBITDA) fell in comparison with the prior year period from EUR 43.0m to EUR 38.3m. This is attributable to a slightly negative result in the segment of Technical Plastics and temporary capacity adjustments. The operating margin (adjusted EBITDA margin) of Gerresheimer AG came to 16.1 % for this period (Q1 2008: 18.0%), although in the core business it reached a solid 17.1 %. Adjusted net income for the Group in the first quarter of 2009 totaled E6.4m (Q1 2008: EUR 9.9m).
Despite the difficult overall economic environment Gerresheimer achieved profitable growth in its core markets in the first quarter. It is advantageous that the global pharma markets continue to be robust. "We still assume that we will achieve sales growth of 6% to 7% in the financial year 2009 with an adjusted EBITDA margin of 19.0% to 19.2% in our core business," says Dr. Axel Herberg, CEO of Gerresheimer AG.
Further growth in the core markets of pharma & life science
Sales by the core businesses increased again in the first quarter of 2009. This development highlights the strategic importance of Gerresheimer's focus on the markets of pharma & life science. In the first quarter 2009, 78% of Gerresheimer's total sales were attributable to this market segment. In contrast, sales for the Technical Plastics business, which is up for sale, halved in the first quarter to EUR 8.6m.
In the first quarter of 2009 some customers in the pharma & life science industry reduced their inventories as expected. In addition, demand for high-quality cosmetics was substantially lower. In contrast, the Tubular Glass and Plastic Systems Divisions further increased their sales in the months of December 2008 to February 2009. The business in RTF® syringe systems, inhalation devices and insulin pens again experienced a high level of demand. Thanks to the launch of the third RTF® syringe line and further investments in expansion of production for drug delivery systems Gerresheimer will generate further growth.
Gerresheimer consistently continues its growth strategy
Gerresheimer AG stands by its objective of further profitable growth in the financial year 2009. Gerresheimer will continue in 2009 to invest extensively in new product lines and capacity expansion. We are therefore fully on plan in implementing our growth strategy. As a leading partner for companies in the pharma & life science industry, Gerresheimer expects further increasing worldwide demand for safe and user-friendly medical treatment.
Gerresheimer employs 10,200 people in 42 locations in Europe, America and Asia. In the financial year 2008, worldwide sales totalled EUR 1.06bn. The product portfolio ranges from pharmaceutical vials made of glass and plastic through to complex drug-delivery systems for the pharma & life science industry. These include sterile syringes, inhalers and other system-based approaches for safe dosage and application of medications. The Group enjoys a leading position in markets which are characterised by high technical and regulatory barriers.
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Original content of: Gerresheimer AG, transmitted by news aktuell