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Gerresheimer in H1 2025: Bormioli Pharma boosts revenues and earnings, continued market influences in operating business

  • H1 2025: Revenue +15.7%, adjusted EBITDA +11.8%
  • Return to organic revenue growth in Q2
  • Organic development compared to pro forma figures for H1 2024:
    Revenue -2.1%, adjusted EBITDA -6.4%
  • Subdued demand in the cosmetics and oral liquids market
  • Long-term growth outlook remains positive

Gerresheimer, an innovative system and solution provider and global partner to the pharma, biotech, and cosmetics industries, once again recorded a jump in revenues and earnings in the first half of 2025 thanks to the inclusion of Bormioli Pharma, which was acquired in 2024. Revenue in the first half of the year rose by 15.7% to EUR 1,120.7 million (H1 2024: EUR 968.5 million), while adjusted EBITDA increased by 11.8% to EUR 210.4 million (H1 2024: EUR 188.2 million). The organic development compared with the pro forma figures for the same period of the previous year reflects subdued demand in the cosmetics market and a decline in demand in containment solutions for oral liquid medications, which the company considers to be temporary. Organic revenues declined by 2.1% in the first half of the year, while adjusted EBITDA fell by 6.4%. The organic adjusted EBITDA margin was 18.8% (H1 2024: 19.7%). In the second half of 2025, Gerresheimer expects stronger growth again based on production ramp-ups and a good order intake, and anticipates organic revenue growth of 0 to 2% compared to the previous year and an adjusted EBITDA margin of around 20% for the full year.

“Gerresheimer is a strong, resilient company,” said Dietmar Siemssen, CEO of Gerresheimer AG. “Despite a challenging market environment, we already returned to organic growth in the second quarter, even though growth momentum in the first half of the year overall was below our expectations. With our strategic transformation into a system and solution provider, the acquisition of Bormioli Pharma, and the expansion of our product portfolio to include solutions for biologics, we will once again grow significantly faster than the overall market in the medium and long term.”

Plastics & Devices: Drug delivery systems drive organic growth

The Plastics & Devices division generated revenues of EUR 648.6 million in the first half of 2025 (H1 2024: EUR 541.5 million). In absolute terms, revenues rose by 19.8% due to the inclusion of Bormioli Pharma. Organic revenues also grew by 2.6% compared with the pro forma figures for the first half of 2024. Strong demand for drug delivery systems offset the temporary market weakness in plastic containment solutions for oral liquids.

Adjusted EBITDA grew by 9.3% to EUR 151.0 million (H1 2024: EUR 138.1 million). In organic terms, adjusted EBITDA was 6.4% below the pro forma figures for the same period of the previous year. The adjusted EBITDA margin of 23.3% (H1 2024: 25.5%) reflects the temporary change in the product mix.

Primary Packaging Glass: Subdued demand for cosmetics and oral liquids

The Primary Packaging Glass division generated revenues of EUR 474.9 million in the first half of 2025 (H1 2024: EUR 426.5 million). In absolute terms, revenues rose by 11.3% due to the inclusion of Bormioli Pharma. Organic revenues declined by 7.6% compared with the pro forma figures for the first half of 2024. This was due to subdued demand in the cosmetics market and in the market for oral liquids.

Adjusted EBITDA rose by 14.7% to EUR 85.2 million (H1 2024: EUR 74.2 million). In organic terms, adjusted EBITDA was 3.3% below the pro forma figures for the same period of the previous year. The adjusted EBITDA margin reached 17.9% (H1 2024: 17.4%). The margin expansion is attributable to a higher share of high value solutions in the product mix, including ready-to-fill injection vials, for example.

Stronger second half

Gerresheimer expects stronger growth again in the second half of 2025.

The strongest driver will be the ramp-up of new production lines for Medical Devices. In addition, the expanded portfolio of high-value solutions will contribute to growth, particularly systems and solutions for biologics. The resumption of full production at the Lohr (Germany) and Morganton (USA) sites will also have a positive impact. For the full year 2025, the company is widening the range for expected organic revenue growth to 0–2% (previously 1–2%) due to ongoing uncertainties in the cosmetics and oral liquids markets. The organic adjusted EBITDA margin is expected to be around 20%.

Mid- and long-term outlook remains positive

Gerresheimer's mid- and long-term outlook remains positive. The Group has a broad portfolio of systems and solutions for the pharma and biotech industries, with a growing share of specific solutions for biologics and other high-value solutions. The acquisition of Bormioli Pharma has further expanded the portfolio and opened up new opportunities for system integration.

Against the backdrop of the adjusted guidance for the 2025 financial year and a stronger focus on free cash flow, the company has adjusted its investment planning and now expects mid-term revenue growth of 6-9% and a margin of 23-25%.

Guidance for FY 2025

  • Revenue growth: 0 – 2% (organic)
  • Adjusted EBITDA margin: ~ 20% (organic)
  • Adjusted EPS growth: decline in the low double-digit percentage range
    (currency-adjusted)

Mid-term guidance (organic)

  • Revenue growth: 6 – 9%
  • Adjusted EBITDA margin: 23 – 25%
  • Adjusted EPS growth: ≥ 10%

The Half-year Financial Report 2025 is available on the Gerresheimer website at: www.gerresheimer.com/en/company/investor-relations/reports


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