Gerresheimer AG, a system and solution provider and global partner for the pharma, biotech, and cosmetics industries, has adjusted its guidance for the 2025 financial year following preliminary third-quarter results and slower-than-expected market growth.
According to preliminary figures, revenues in the third quarter of 2025 declined organically by 1.2 per cent compared to the same period last year, with an organic adjusted EBITDA margin of 18.8 per cent. The company generated a positive free cash flow of EUR 21 million in the third quarter of 2025. Revenue growth and the adjusted EBITDA margin for the first nine months of 2025 were lower than expected. Although the company anticipates a stronger fourth quarter due to production ramp-ups for drug delivery systems, revenues for the full year are now expected to decline organically between 4 per cent and 2 per cent (previously growth of 0 per cent to 2 per cent), and the adjusted EBITDA margin is projected to be around 18.5 per cent to 19 per cent (previously around 20 per cent).
In the first nine months of the 2025 financial year, preliminary figures show that revenues increased by 14.6 per cent to EUR 1,681.4 million (9M 2024: EUR 1,467.0 million), while adjusted EBITDA rose by 7.2 per cent to EUR 313.9 million (9M 2024: EUR 292.7 million). Organic development compared with pro forma figures for the same period last year showed continued market influences, including subdued demand in the cosmetics market and in containment solutions for oral liquids. Organic revenues declined by 1.8 per cent in the first nine months, while adjusted EBITDA fell by 7.5 per cent. The organic adjusted EBITDA margin was 18.8 per cent (9M 2024: 19.9 per cent).
In response to slower market growth and 2025 business development, Gerresheimer has launched a transformation programme aimed at cost reduction and performance improvement. “The operative performance of our business in the first nine months is clearly below our expectations,” said Dietmar Siemssen, CEO of Gerresheimer AG. “Our goal is to grow faster than the overall market again in the medium and long term. The expansion of our product portfolio to include systems and solutions for biologics and the implementation of our growth projects will contribute considerably to this.”
In the Plastics & Devices division, preliminary figures show revenues of EUR 972.6 million in the first nine months of 2025 (9M 2024: EUR 820.1 million), representing an increase of 18.6 per cent, mainly due to the inclusion of Bormioli Pharma. Organic revenues grew by 2.6 per cent compared with pro forma figures for the same period last year, driven by strong demand for drug delivery systems, which offset market weakness in plastic containment solutions for oral liquids.
Adjusted EBITDA in this division increased by 6.8 per cent to EUR 222.6 million (9M 2024: EUR 208.5 million). On an organic basis, adjusted EBITDA was 6.6 per cent below the pro forma figures for the previous year. The organic adjusted EBITDA margin was 22.9 per cent (9M 2024: 25.2 per cent), reflecting lower capacity utilisation at Oral Liquids and start-up costs for new drug delivery system production lines.
In the Primary Packaging Glass division, preliminary results show revenues of EUR 714.4 million in the first nine months of 2025 (9M 2024: EUR 648.0 million), an increase of 10.3 per cent due to the inclusion of Bormioli Pharma. Organic revenues declined by 6.9 per cent compared with pro forma figures for the same period last year, mainly due to subdued demand in the cosmetics and oral liquid pharmaceutical segments. Demand for Gx RTF vials developed positively.
Adjusted EBITDA in the division rose by 6.2 per cent to EUR 127.2 million (9M 2024: EUR 119.7 million). On an organic basis, adjusted EBITDA was 7.2 per cent below the pro forma figures for the same period last year. The organic adjusted EBITDA margin remained unchanged at 18.0 per cent (9M 2024: 18.0 per cent).
Gerresheimer expects a stronger fourth quarter compared to the third quarter of 2025, driven by production ramp-ups for drug delivery systems. However, the company stated that organic growth in the fourth quarter will not fully offset the performance of the first nine months. Revenues for the full year are expected to decline organically between 4 per cent and 2 per cent, and the adjusted EBITDA margin is projected to be around 18.5 per cent to 19 per cent.
As part of its strategic realignment, Gerresheimer is progressing with the separation of its Moulded Glass business. The company has started to establish the combined Moulded Glass operations as a global, independent unit, headed by Hans-Norbert Topp. In August 2025, Gerresheimer announced its intention to separate the Moulded Glass business and initiate a sales process to focus on the pharma and biotech sectors. The separation process is proceeding as planned, and from the 2026 financial year, the Moulded Glass business will be managed as a separate division. Preparations for the sales process are underway for 2026.
In light of slower market growth and the adjusted 2025 guidance, Gerresheimer has implemented measures to reduce costs, enhance performance, and improve free cash flow. The company’s transformation programme includes selective investment planning with a focus on free cash flow, measures to increase operational and sales efficiency, and optimisation of the global production network. A newly established Transformation Office reporting directly to the CFO will oversee the programme’s implementation.