06.10.2011 – 07:30
Gerresheimer upgrades revenue guidance after strong burst of growth
- Group revenues climbed 9.9 percent in the third quarter of 2011 and 13.4 percent at constant exchange rates - Net income grew by 36 percent to EUR 19.2m - Revenue guidance was raised to 7 to 8 percent growth at constant exchange rates (previously 6 to 7 percent)
Gerresheimer AG, one of the leading worldwide suppliers to the pharma and healthcare industry, reports strong growth in the third quarter of the 2011 financial year. "With a strong burst of growth in the third quarter we gained ground and further developed our strong market position. Our medical plastics systems business did extremely well. As a result, we have raised our revenue guidance for the current year to 7 to 8 percent growth at constant exchange rates," said Uwe Röhrhoff, CEO of Gerresheimer AG.
Gerresheimer reports revenue growth of 9.9 percent to EUR 285.1m for the third quarter of the 2011 financial year (June 1, 2011 to August 31, 2011). At constant exchange rates, the growth rate compared to last year is 13.4 percent. In the Plastic Systems Division, the segments of insulin pen systems, inhalers and diagnostics experienced particularly dynamic growth. Vedat, the South American company that Gerresheimer acquired in March 2011, also contributed to this positive revenue development.
Gerresheimer reports adjusted EBITDA of EUR 57.1m (prior year: EUR 53.3m) in the third quarter of 2011. The adjusted EBITDA margin of 20.0 percent was slightly lower than the margin in the same quarter last year. Net income increased by EUR 5.1m to EUR 19.2m. Adjusted earnings per share rose by 35 percent to EUR 0.70. In the third quarter of 2010 adjusted EPS stood at EUR 0.52.
"The pharma market will continue to grow. However, the main growth drivers will change. In future, main growth drivers will be the emerging markets and the generic drugs, whilst complex drug delivery systems are gaining significance in Western industrialized nations. We are already in an excellent position to satisfy these changing requirements with our comprehensive product portfolio and our strong presence in South America and China and we are going to strengthen our position further," commented Röhrhoff.
Gerresheimer has raised its revenue guidance for 2011 from 6 to 7 percent to 7 to 8 percent growth at constant exchange rates. Guidance for the adjusted EBITDA margin remains unchanged at approximately 20.0 percent. Due to the strong project pipeline in the Plastic Systems Division and the associated prospect of lining up new business the capital expenditure in the financial year 2011 has been raised from EUR 80m to around EUR 85m.
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Original content of: Gerresheimer AG, transmitted by news aktuell