Gerresheimer, a global partner to the pharma, biotech, and cosmetics industries, today released its 2025 annual and consolidated financial statements, which received an unqualified audit opinion after being postponed due to internal investigations. The company reported revenue of EUR 2.3 billion, an increase of 16.6% from the previous year, largely driven by the first-time consolidation of Bormioli Pharma. On a currency-adjusted pro forma basis, organic revenue grew by 0.3%. Adjusted EBITDA reached EUR 384 million, with a margin of 16.8%, down from 19.4% in the prior year on an adjusted pro forma basis.
The investigation, conducted by an independent law firm and a second auditing firm, identified incorrect revenue recognition from bill and hold agreements and other accounting practices in fiscal years 2024 and 2025. As a result, adjustments were made in accordance with IAS 8, totaling EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA for 2024. Gerresheimer has ceased recognizing revenue from bill and hold agreements, taken personnel actions, and strengthened its compliance and internal audit departments.
In the Plastics & Devices division, revenue rose 5.2% on a currency-adjusted pro forma basis to EUR 1.346 billion, driven by strong demand for drug delivery devices and syringes, partially offset by subdued demand for primary plastic packaging for oral liquids. Adjusted EBITDA margin in the division was 23.5%, down from 24.7% in the prior year. The Primary Packaging Glass division saw a 5.5% decline in revenue to EUR 983.5 million, impacted by weak demand in cosmetics and pharmaceutical oral liquids, though demand for sterile and ready-to-use Gx RTF vials was positive. Adjusted EBITDA margin in this division fell to 13.1% from 17.6%.
Consolidated net income was negative EUR 318.7 million, affected by non-cash impairments of approximately EUR 521.5 million, including write-downs on technology projects at Sensile Medical AG, goodwill, and assets at the Gerresheimer Moulded Glass plant in Chicago Heights, which will close at the end of fiscal 2026. Restructuring costs totaled EUR 71.8 million. No dividend will be paid for 2025 due to the negative net income.
Looking ahead, Gerresheimer expects revenue in the lower half of the EUR 2.3 to 2.4 billion range for fiscal 2026, with an adjusted EBITDA margin of 17% to 18%. The sale of its U.S. subsidiary Centor is progressing well, with closing expected before year-end, and a comprehensive debt refinancing is planned. The company anticipates improved financial performance in the second half of 2026, supported by the Gerresheimer Transformation Offensive (gto). The 2025 Annual Report is available on the Gerresheimer website at www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
