Gerresheimer, a global partner to the pharma, biotech, and cosmetics industries, has published its 2025 annual and consolidated financial statements, which were delayed due to internal investigations into revenue recognition and accounting practices. The company reported revenues of EUR 2.3 billion, an increase of 16.6% from the previous year, largely due to the first-time consolidation of Bormioli Pharma. Adjusted EBITDA stood at EUR 384 million, slightly down from EUR 388 million in 2024. On a currency-adjusted pro forma basis, organic revenue growth was 0.3%, driven by strong demand for drug delivery devices in the Plastics & Devices division. However, the Primary Packaging Glass division experienced a decline in demand for cosmetics and pharmaceutical oral liquids.
The investigations into accounting practices for financial years 2024 and 2025 led to adjustments under IAS 8, with total adjustments of EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA for 2024. Incorrect entries related to bill-and-hold agreements and other accounting matters were corrected. Gerresheimer has since implemented measures to prevent future issues, including revising its Code of Conduct and strengthening compliance and internal audit departments. The company will no longer recognize revenue from bill-and-hold agreements.
For 2026, Gerresheimer expects revenues in the lower half of the EUR 2.3 to 2.4 billion range and an adjusted EBITDA margin between 17% and 18%. The company is progressing with the sale of its U.S. subsidiary Centor, which is expected to close by the end of the year, and plans comprehensive debt refinancing. These steps are part of the Gerresheimer Transformation Offensive (gto), aimed at gradual margin improvement. The Plastics & Devices division saw revenues of EUR 1.346 billion, with adjusted EBITDA of EUR 315 million, while the Primary Packaging Glass division reported revenues of EUR 983.5 million and adjusted EBITDA of EUR 126.2 million. The decline in the glass division's margin was attributed to lower revenues in Moulded Glass and operational challenges at plants in Chicago Heights and Lohr.
Consolidated net income was negative EUR 318.7 million, impacted by non-cash impairments and restructuring expenses. The company will not pay a dividend for 2025 due to the negative net income. Gerresheimer's full 2025 Annual Report is available on its website at www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
