Gerresheimer, a global partner to the pharma, biotech, and cosmetics industries, has published its 2025 annual and consolidated financial statements, which received an unqualified audit opinion. The release was delayed due to internal investigations into revenue recognition and accounting practices for fiscal years 2024 and 2025. The company reported revenues of €2.321 billion, a 16.6% increase from the prior year, largely driven by the first-time consolidation of Bormioli Pharma. Adjusted EBITDA reached €384 million, compared to €388 million in 2024. On a pro forma basis, organic revenue grew by 0.3%.
The Plastics & Devices division generated revenues of €1.346 billion, up 5.2% on a pro forma basis, fueled by strong demand for drug delivery devices. Adjusted EBITDA for the division was €315 million, with a margin of 23.5%. In contrast, the Primary Packaging Glass division saw revenues decline by 5.5% to €983.5 million, with adjusted EBITDA falling 29.9% to €126.2 million, impacted by subdued demand in cosmetics and oral liquids, as well as operational challenges at the Chicago Heights plant and ramp-up losses in Lohr.
The company reported a consolidated net loss of €318.7 million, mainly due to non-cash impairments of approximately €521.5 million and exceptional expenses of €71.8 million. Impairments were related to technology projects at Sensile Medical AG, goodwill, and the Chicago Heights glass plant, which is set to close by end of fiscal 2026 as part of the Gerresheimer Transformation Program (gto). No dividend will be paid for 2025 due to the negative net income.
Following investigations, adjustments were made under IAS 8, totaling €44.6 million in revenues and €31.4 million in adjusted EBITDA for 2024. Of these, €17.3 million in revenue and €5.5 million in EBITDA related to bill-and-hold agreements that were incorrectly recognized. The company will no longer recognize revenue from such agreements. Personnel actions have been taken, and the Code of Conduct has been revised. Compliance and Internal Audit departments have been strengthened.
For 2026, Gerresheimer expects revenues in the lower half of €2.3-2.4 billion and an adjusted EBITDA margin of 17-18%. The sale of its U.S. subsidiary Centor is progressing well, with closure expected before year-end. Combined with planned debt refinancing, this is expected to improve the company's financial situation. The financial calendar has been adjusted: Q1 2026 results will be released in July/August 2026, the Annual General Meeting is set for September 1, 2026, and the half-year report will follow in September/October 2026.
More details are available in the 2025 Annual Report on the Gerresheimer website. The original press release can be found on NewMediaWire.
