| By C. Bachelor, Pharmaceutical ManufacturingNews |
| Monday, 20 October 2008 |
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Dr. Axel Herberg, Chief Executive Officer of Gerresheimer AG, commented that: "by focusing on the markets of pharmaceuticals & life science we have again realized above-average growth this quarter. Gerresheimer is bucking the current negative trend in the global economy and shows that we are a strong company which continues to grow profitably even in difficult times". Against a backdrop of global economic uncertainty, Gerresheimer AG has achieved a substantial increase in sales and operating results in the third quarter of 2008. |
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Overall, sales by the globally operating manufacturer of special products for the pharmaceutical & life science industry rose to 268 Million Euros. In terms of growth, this is equivalent to an increased growth rate of 7.2%. On a like-for-like exchange-rate basis sales actually increased by 10.2%. Operating results improved by 14.1% to 50 Million Euros.
In the first three quarters of the current financial year Gerresheimer achieved sales of 783.4 Million Euros. This is equivalent to sales growth of 12.3%. Operating results improved by 18.1%. |
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The adjusted EBITDA margin was 1.0 percentage point higher than in the first nine months of the prior year and reached 18.8%.
Growth in all divisions
The main growth generator in this Division was RTF (Ready-to-Fill) syringe systems, sales of which rose by 54%. In order to cover the sustained high level of demand, a substantial investment is being made in this Division and a further production line will be commissioned in early 2009. Growth was also achieved by the Tubular Glass Division in the American market for pharma-ceutical vials and in the Chinese market. Operating results improved by 12.4%.
Sales by the Plastic Systems Division increased by 6.2%, or 5.5% on a like-for-like exchange-rate basis, to 87.8 Million Euros. A particularly strong contribution to this result was made by the segment of Medical Plastic Systems, with double-digit growth. Integration of the companies acquired at the beginning of 2008 in Spain and Brazil has been successfully completed. Both of the companies made a positive contribution to the Division's development. In parallel, the sales process for the segment of Technical Plastic Systems was commenced as |
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part of the company's concentration strategy, under which the Consumer Health Care segment which was also not part of the core business was already sold with effect on June 1, 2008.
Dr. Axel Herberg, further added that:"Supported by the sustained high level of demand for our products and the stable growth in our core markets of pharmaceuticals & life science, we confirm our outlook for the current financial year". It is forecasted by Gerresheimer that a continued sales growth of 9% to 11% is expected. In terms of operating results the company expects to achieve an adjusted EBITDA margin of approximately 19.5%. The company will at the same time continue its successful focus on the markets of pharmaceuticals & life science. A solid long-term financial structure will allow it to continue to invest in the core markets in the future.
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