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Gerresheimer extends business model and increases growth forecast

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11.07.2018, 23:41  |  454   |   |   
Düsseldorf (ots) -

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- With the acquisition of Sensile Medical, Gerresheimer is
extending its business model in the direction of an Original
Equipment Manufacturer (OEM) for drug delivery platforms with digital
and electronic capabilities for pharmaceutical and biopharmaceutical
customers. The purchase price is a maximum of EUR 350m with an
initial payment of EUR 175m.

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- Gerresheimer has secured two major orders for the manufacture of
inhalers and prefillable syringes but lost a significantly smaller
order for inhalers resulting in restructuring affecting the plant in
Küssnacht, Switzerland.

- This will require higher capital expenditure - without
consideration of Sensile Medical - by a minimum of two and a maximum
of four percentage points of revenues at constant exchange rates in
the years 2019 and 2020. Among other things the higher expenditures
will be used for capacity expansion at Horsovsky Tyn (Czech
Republic), further investments in automation and a new plant in
Eastern Europe.

- For the financial years 2019 and 2020 - without consideration of
Sensile Medical - the adjusted EBITDA margin will therefore be
temporarily reduced by approximately one percentage point, compared
with the financial year 2017. This is a consequence of
proportionately higher revenues in the low margin engineering and
tooling business for the new major orders as well as increased
expenditures for relocation, employee training and production

- In the years 2021 and 2022, revenues - without consideration of
Sensile Medical - are expected to increase by two percentage points
beyond the usual rate of growth, as is the adjusted EBITDA margin.
Capital expenditure will then return to approximately 8%.

- For the current year, Gerresheimer anticipates a strong second
half without consideration of Sensile Medical and has narrowed its
revenue forecast to the upper end of the guidance range.

Gerresheimer is acquiring Swiss technology company Sensile Medical
AG and thus fundamentally extents its business model. The acquisition
enables Gerresheimer to offer drug delivery platforms with digital
and electronic capabilities for pharmaceutical and biopharmaceutical
customers. "We are accelerating our growth and laying vital
groundwork for the years ahead. For Gerresheimer, Sensile Medical is
a perfect fit, as it develops innovative products and platforms for
drug delivery, including digital connectivity. Sensile Medical is
already working with customers on highly successful projects dealing
with devices for diabetics and patients with heart complaints and
therapy areas such as Parkinson's disease. Sensile Medical lays the
foundation for a major extension of our business model in innovative
application areas. We have also secured two major orders in our
normal business, meaning that we can expect higher revenue growth and
increased profitability in the medium term. The first half of the
current financial year is going as expected, with earnings per share,
in particular, performing well. We anticipate a strong second half
year and have accordingly narrowed our revenue forecast to the upper
end of the range," said Rainer Beaujean, Speaker of the Management
Board and Chief Financial Officer.

Acquisition of Sensile Medical

By adhering to its four growth drivers-stronger growth with
existing and new customers, ongoing product development and
innovation, regional expansion, and additions to the service and
value portfolio-Gerresheimer has now succeeded in taking a further
major step forward: After the balance sheet date, the Company signed
an agreement for the acquisition of Sensile Medical AG
(Olten/Switzerland). The purchase price will be a maximum of EUR 350m
depending on the attainment of contractually specific milestones. The
initial payment is EUR 175m. By making this strategic acquisition,
Gerresheimer gains a highly innovative technology, thus enhancing its
capability and product portfolio. This is a building block in the
Company's long-term development toward an original equipment
manufacturer (OEM). Sensile Medical's leading position in micro pump
technology combined with drug delivery devices featuring electronic
and connected capabilities for medical applications progresses to
market readiness in specific customer projects with pharma companies.
By contrast to the contractual manufacturing model in the
Gerresheimer Business Unit Medical Plastic Systems, Sensile Medical
is involved at pharma producers in an earlier phase of drug and
therapy development. In an already well-advanced collaboration, for
example, pharma group Sanofi contributes its many years of experience
with insulin and solutions for the treatment of diabetes. A further
party to the same joint project is Verily, a company in the Alphabet
group, with its expertise in integrating microtechnology and digital
health technology. Sensile Medical holds a large number of patents
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