Gerresheimer cuts its 2025 revenue outlook for second time
It cut the lower end of its revenue growth forecast, now estimating a range of 0% to 2% growth in 2025, down from the previous range of 1-2%.
"Growth momentum in the first half of the year overall was below our expectations," Dietmar Siemssen, CEO of Gerresheimer, said in a statement.
While strong demand in drug delivery systems helped offset temporary market weakness for plastic containment solutions for oral liquids, boosting its plastics and devices business, its packaging glass business was hit by lower demand in moulded glass for cosmetics and in the market for oral liquids.
The moulded glass business, which produces glass packaging for the food and beverage and cosmetic industry, is seen to be reducing growth, margins and returns, analysts at J.P. Morgan said in a research note.
Following Gerresheimer's previous guidance cut in June, activist Asset Value Investor published an open letter in which it urged the company to take steps to improve its business. Those steps included potentially divesting its moulded glass business, a move supported by two other top 30 investors.
Gerresheimer on Thursday confirmed its outlook for an adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) margin of around 20%, as it expects a stronger second half of the year.
The medical packaging maker also cut its mid-term guidance, now expecting revenue growth in a range of 6-9%, down from a previous range of 8-10%, based on its outlook for 2025 and a stronger focus on cash flow, which led it to revise its investment planning.
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