Gerresheimer, a systems and solutions provider and global partner to the pharmaceutical, biotechnology and cosmetics industries, again recorded a jump in revenue and profit in the first half of 2025 thanks to the inclusion of Bormioli Pharma, which was acquired in 2024.
Revenue for the first half of the year increased by 15,7% to €1.120,7 million (H1 2024: €968,5 million), while adjusted EBITDA increased by 11,8% to €210,4 million (H1 2024: €188,2 million). The organic performance compared to the pro forma figures for the same period last year reflects softening demand in the cosmetics market and a decline in demand for containment solutions for oral liquid medications, which the company considers temporary. Organic revenue decreased 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 percent year-over-year and an adjusted EBITDA margin of around 20 percent for the full year.
"Gerresheimer is a strong and resilient company," he said. Dietmar Siemssen, CEO of Gerresheimer AG. “Despite a challenging market environment, we already returned to organic growth in the second quarter, although the growth momentum in the first half of the year was generally below our expectations. With our strategic transformation into a systems and solutions 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 global market in the medium and long term.”
Plastics and Devices: Drug Delivery Systems Drive Organic Growth
The division Plastics & Devices generated revenue of €648,6 million in the first half of 2025 (H1 2024: €541,5 million). In absolute terms, revenue increased by 19,8% due to the inclusion of Bormioli Pharma. Organic revenue also grew by 2,6% compared to the pro forma figures for the first half of 2024. Strong demand for drug delivery systems offset the temporary weakness in the market for plastic containment solutions for oral liquids.
Adjusted EBITDA grew by 9,3% to €151,0 million (H1 2024: €138,1 million). In organic terms, adjusted EBITDA was 6,4% lower than the pro forma figures for the same period last year. The adjusted EBITDA margin of 23,3% (H1 2024: 25,5%) reflects the temporary change in the product mix.
Glass for primary packaging: declining demand for cosmetics and oral liquids
The division Primary packaging glass generated revenue of €474,9 million in the first half of 2025 (1H2024: €426,5 million). In absolute terms, revenue increased by 11,3% due to the inclusion of Bormioli Pharma. Organic revenue decreased by 7,6% compared to the pro forma figures for the first half of 2024. This was due to softening demand in the cosmetics and oral liquids markets.
A stronger second half of the year
Gerresheimer expects stronger growth again in the second half of 2025. The strongest driver will be the commissioning of new production lines for medical devicesIn addition, the expanded portfolio of high-value solutions will contribute to growth, particularly systems and solutions for biological products.
The resumption of production at the plants in Lohr (Germany) and Morganton (USA) will also have a positive impact. For the full year 2025, the company is expanding its expected organic revenue growth range to 0-2% (previously 1-2%) due to the ongoing uncertainties in the cosmetics and oral liquids markets. The adjusted organic EBITDA margin is expected to be around 20%.
