Our business is developing well. We continue to focus on the field of pharma and healthcare. Doing so we are achieving solid and profitable growth,” says Uwe Röhrhoff, CEO of Gerresheimer AG.
In the third quarter of 2010, Gerresheimer further strengthened its revenues. In the period from June to August 2010 the company increased its revenues (excluding the Technical Plastic Systems business which has been sold) by 9.5% to EUR 259.4m (prior year EUR 236.9m). At constant exchange rates, revenues grew by 5.8% in the third quarter. In the first three quarters, Gerresheimer achieved revenue growth of 4.4% at constant exchange rates to EUR 753.0m (prior year excluding Technical Plastic Systems: EUR 714.9m). The main growth generators in the pharma business were insulin pens, asthma inhalers and prefillable syringes. Additionally, a resurgence of demand for cosmetics packaging and economic recovery in the laboratory glassware segment had a positive impact on the business trend.
Gerresheimer also achieved a further rise in earnings. For the third quarter of the financial year the company reports operating earnings (Adjusted EBITDA) of EUR 53.3m, 28.1% up on the prior-year period (third quarter 2009 excluding Technical Plastic Systems: EUR 41.6m). In the third quarter of 2010 the operating margin (Adjusted EBITDA margin) improved by 3.2 percentage points in comparison with the prior year to 20.5% (first three quarters 2010: 19.6%). Adjusted earnings per share improved substantially from EUR 0.20 to EUR 0.52. As a result of the positive business trend, Gerresheimer was able to reduce net financial debt by EUR 74.1m to EUR 356.6m (prior year: EUR 430.7m)
“The combination of organically generated growth and targeted acquisitions forms the foundation for the further successful development of our company. We concentrate on profitable markets and continuously expand our position as a market leader globally. Our presence in the emerging markets is therefore more important than ever,” says Röhrhoff.
For the current financial year 2010, Gerresheimer continues to expect revenue growth of 3% to 4% at constant exchange rates, excluding Technical Plastic Systems. This is equivalent to nominal sales growth of 5% to 6%. The company also stands by its forecast EBITDA margin of 19.5% to 20%. In 2010 the company expects to invest a total of EUR 75- 80m.
Gerresheimer is an internationally leading manufacturer of high-quality specialty products made of glass and plastic for the global pharma & healthcare industry. Our wide product spectrum ranges from pharmaceutical vials to complex drug delivery systems, such as syringe systems, insulin pens and inhalers, for safe dosage and application. Together with our partners we develop solutions which set standards and have role-model status throughout their respective business sectors. Our Group of companies achieves in Europe, North and South America and Asia sales of about EUR 1 billion and employs around 9,500 people. Through top-class technologies, convincing innovations and targeted investments we are systematically expanding our strong market position.
The full version of the interim report can be found under: http://www.gerresheimer.com/en/investor-relations/reports.html