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US News Gerresheimer share falls into the red: Gerresheimer increases dividend after growth

13:36  18 february  2021
13:36  18 february  2021 Source:   finanzen.net

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A high demand from the pharmaceutical industry for glass ampoules and syringes gave the special packaging manufacturer Gerresheimer tailwind at the end of 2020.

SAEED KHAN/AFP/Getty Images © Provided by Finanz.net SAEED KHAN / AFP / Getty Images

"In the fourth quarter, Gerresheimer was able to post its first significant sales from the manufacture and delivery of injection vials for Covid-19 vaccines," it said on Thursday Announcement on the annual result. This also helped to balance the sluggish demand in the perfume industry for flacons, because the business with expensive perfumes and creams at airports, which collapsed during the Corona crisis, is causing problems for many cosmetic companies. The shareholders can look forward to a dividend increase of five cents to 1.25 euros per share. The morning saw moderate price gains for the papers.

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Thanks to strong sales growth in the final quarter, Gerresheimer managed to achieve a small increase in sales to 1.4 billion euros in the past financial year (until the end of November). On the basis of our own efforts, i.e. without the burden of currency effects and portfolio effects, as well as with a view to the core business, growth was slightly higher at 3.8 percent. When looking at the core business, the youngest and by far the smallest business area Advanced Technology is excluded.

This drug delivery device business, such as micropumps for the treatment of Parkinson's disease, achieved sales of less than 10 million euros in 2020. But that should soon be more, so the hope. Gerresheimer sees the area as a driver of innovation. For example, a partner is currently receiving approval in a project to develop a micropump for the treatment of heart disease, and work is being carried out on micropump technology for the dosing of large-molecule biological drugs.

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Before interest, taxes, depreciation and amortization (Ebitda) as well as before special effects, sales for the group in 2020 were 21.9 percent, in absolute terms around 310 million euros. That is more than a fifth less than in the previous year, but it was due to special effects in 2019. At that time, Gerresheimer had booked, among other things, special income from a subsequent purchase price reduction for the takeover of Sensile Medical. In the core business, the operating result increased by almost eight percent on its own. Sales and adjusted Ebitda were roughly at the level of the analysts' estimates. The bottom line is that Gerresheimer's shareholders have a profit of 89.9 million euros, an increase of almost nine percent.

Group boss Dietmar Siemssen, whose contract has now been extended until the end of October 2026, remains confident about the new year. Sales in the core business are expected to increase in the mid-single-digit percentage range after adjusting for currency effects. As Ebitda, sales between 22 and 23 percent operating profit should remain, in the medium term then around 23 percent. Adjusted earnings per share - which has recently become the key performance indicator for management - is expected to increase by ten percent after EUR 3.90 in the previous year.

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For example, Gerresheimer is investing quite a bit of money in expanding capacity for injectors, for example, and in the contract manufacturing of auto-injectors. This initially weighs on profitability, but should stimulate sales growth. Together with a focus on innovations, fast-growing regions and more complex products, sales growth before exchange rate effects in the high single-digit percentage range and an adjusted Ebitda margin of around 23 percent are to be achieved in the core business. The adjusted earnings per share should then grow by at least 10 percent annually.

analyst Sven Kürten from DZ Bank recently made positive comments on the business outlook. The most important driver is the trend towards biopharmaceutically produced drugs which, due to their sensitive structure, are mainly filled in glass packaging. "On the one hand, Gerresheimer benefits from its classic glass vials and ampoules. On the other hand, these drugs are often administered intravenously. Due to the numerous advantages of their administration, pre-filled glass syringes are very useful."

The Gerresheimer share initially rose via XETRA, but is now 3.24 percent down at 91.10 euros.

/ mis / zb / stkDÜSSELDORF (dpa-AFX)

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