Gerresheimer, an innovative systems and solutions provider and global partner to the pharma, biotech, and cosmetics industries, today published its 2025 annual and consolidated financial statements, which were issued with an unqualified audit opinion. The publication had been postponed due to internal investigations regarding revenues and accounting practices in financial years 2024 and 2025. Incorrect entries have been thoroughly reviewed and corrected in the financial statements now available.
The Gerresheimer Group’s revenues rose by 16.6% to EUR 2.321 billion in financial year 2025 due to the first-time consolidation of Bormioli Pharma. Adjusted EBITDA reached EUR 384.0 million. Taking currency adjustments into account, the adjusted EBITDA margin stood at 16.8%. Compared to the combined, currency-adjusted pro forma figures from the previous year, revenue grew by 0.3%. Organic growth was driven primarily by the Plastics & Devices division, particularly by strong demand for drug delivery devices. The Primary Packaging Glass division was impacted by a decline in demand for primary packaging for cosmetics and pharmaceutical oral liquids.
For the current financial year 2026, Gerresheimer expects revenues to be in the lower half of the EUR 2.3 to 2.4 billion range and an adjusted EBITDA margin between 17% and 18%. Wolf Lehmann, CFO of Gerresheimer AG, stated, “The publication of the audited 2025 annual and consolidated financial statements sends an important positive signal to our customers, financing partners, and investors. Transparency and compliance are our top priorities. With the sale of our U.S. subsidiary Centor proceeding well, the planned refinancing, and the continued consistent implementation of our transformation program, we will also be improving our financial situation step by step in the coming months.”
The Plastics & Devices division generated revenues of EUR 1.346 billion in financial year 2025, with Bormioli Pharma contributing approximately EUR 167 million. Adjusted EBITDA amounted to EUR 315 million. Taking currency adjustments into account, the adjusted EBITDA margin was 23.5%. Compared to the combined, currency-adjusted pro forma figures from the previous year, revenues grew by 5.2% and adjusted EBITDA by 0.2%. Strong demand for drug delivery devices and syringes offset subdued demand in the area of primary plastic packaging for oral liquids.
The Primary Packaging Glass division generated revenues of EUR 983.5 million, with Bormioli Pharma contributing revenues of EUR 168 million. Adjusted EBITDA amounted to EUR 126.2 million. Taking currency adjustments into account, the adjusted EBITDA margin fell to 13.1%. Compared to the combined, currency-adjusted pro forma figures from the previous year, revenues declined by 5.5% and adjusted EBITDA by 29.9%. The decline was attributable to continued subdued demand in the cosmetics business and pharmaceutical primary packaging for oral liquids in the Moulded Glass business. Demand for sterile and ready-to-use Gx RTF vials developed positively but was not sufficient to offset the decline in ampoules, vials, and cartridges.
Consolidated net income of -EUR 318.7 million was impacted by non-cash depreciation, amortization, and impairments totaling approximately EUR 521.5 million and exceptional expenses including restructuring costs totaling approximately EUR 71.8 million. The impairment losses mainly relate to technology and development projects at Sensile Medical AG, goodwill, and the assets of Gerresheimer Moulded Glass Chicago Inc. The moulded glass plant in Chicago Heights will be closed at the end of financial year 2026 as part of the Gerresheimer Transformation Program (gto). Due to the negative consolidated net income, no dividend will be paid for financial year 2025.
As a result of investigations into revenue recognition and accounting practices, adjustments were required in accordance with IAS 8. For financial year 2024, total adjustments amounted to EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA. EUR 17.3 million related to incorrectly recognized revenue from bill and hold agreements, while EUR 27.4 million related to other adjustments. Gerresheimer has responded by refraining from recognizing revenue from bill and hold agreements going forward, taking personnel actions, revising the Code of Conduct, and strengthening the Group Compliance and Internal Audit departments.
The 2025 Annual Report is available for download on the Gerresheimer website at https://www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
