Gerresheimer extends business model and increases growth forecast
Düsseldorf (ots) -
- Querverweis: Ein Dokument liegt in der digitalen
Pressemappe zum Download vor und ist unter
http://www.presseportal.de/dokumente abrufbar -
- 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.
- Querverweis: Ein Dokument liegt in der digitalen
Pressemappe zum Download vor und ist unter
http://www.presseportal.de/dokumente abrufbar -
- 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
start-up/ramp-up.
- 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
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
start-up/ramp-up.
- 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
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