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.
Gerresheimer is an internationally leading manufacturer of high-quality specialty products made of glass and plastic for the global pharma and healthcare industry. Our comprehensive portfolio of products extends from pharmaceutical vials to complex drug delivery systems such as syringe systems, insulin pens and inhalers for safe medication dosage and application. Together with our partners, we develop solutions which set standards and have role model status in their respective market sectors.
Our Group realizes revenues of around one billion Euros and has around 10,000 employees at 45 locations in Europe, North and South America and Asia. We use first-rate technologies, convincing innovations and targeted investments to systematically consolidate our strong market position.