Acquisition of Bormioli Pharma; Higher

Profitability Expected; Strategic Review of

New Moulded Glass

Dietmar Siemssen, CEO

Dr. Bernd Metzner, CFO

Düsseldorf, May 23, 2024


This publication can contain forward-looking statements relating to key issues as strategy, future financial results, events, competitive positions and product developments of the Company, the Gerresheimer group or the industry in which the Gerresheimer group operates. Such forward-looking statements are - like any entrepreneurial activity in a global environment - subject to a number of risks and uncertainties. They are subject to a large number of risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of the Gerresheimer group may vary materially from those described in the relevant forward-looking statements. These forward-looking statements may be identified by words such as "expect," "want," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Gerresheimer AG neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated.


Acquisition of Bormioli Pharma Strengthening Our Systems Integration - Strategic Review of New Moulded Glass - Accelerating our Transformation

  • Bormioli Pharma highly strategic and complementary with our existing portfolio and footprint
  • Profitable growth track record, attractive margins and cash generation - accretive to our margins and EPS trajectory
  • Substantial synergies accelerating value creation for shareholders
  • Initiating Strategic Review to explore options for Our New Moulded Glass Powerhouse
  • Delivering on our vision - Strengthening breadth of our platform - Accelerating our transformation journey


Transaction Summary


Italy based manufacturer of plastic and moulded glass solutions for pharma markets

Revenues of ~€370m with adj EBITDA margin of ~21%, per FY24E


60-70% normalized cash conversion1

Key Transaction Terms

  • Acquiring 100% of Bormioli Pharma Group from Triton Group
  • Transaction value of approximately €800m
  • Adj EBITDA multiple of c. 10x pre synergies, per FY24E
  • Attractive synergies reducing acquisition multiple
  • All cash acquisition
  • Funded by acquisition bridge
  • Closing expect in Q4 2024, subject to customary closing conditions and approvals

Key Financials

  • Outlook for Bormioli Pharma:
    • Mid single digit organic revenue CAGR
    • On track to achieve adj EBITDA margins of ~25% near to mid term
    • In addition attractive synergies of 3-5% of Bormioli Pharma revenues
  • Impact on Gx:
    • Adj EBITDA margin accretion of 50 - 100 bps near term
    • Adj EPS accretion of >10% already in first year after closing
    • Strong cash contributor
  • Leverage temporarily higher - mid to high 3s x adj EBITDA on closing
  • Quick deleveraging towards our target leverage of3.0x within one year from closing
  • Strategic review of our new Moulded Glass Powerhouse

4 Note: (1) Normalized cash conversion defined as 3yr average of adj EBITDA - Capex as % of adj EBITDA

Key Acquisition Highlights - Strong Strategic Fit Across Portfolio


Complementary Portfolio

Extending Integrated

Systems Offering and

Creating a One-Stop-Shop


Highly Attractive Financial Trajectory

Significant Synergies

  • Complementary offering of primary pharma plastic and moulded glass containment solutions
    • Enhancing Gx's Primary Plastics portfolio with full range of smart closures, rubber stoppers, accessories for containers and dual chamber solutions
    • Exposure to attractive parental pharma Type 1 and Type 2 markets in moulded glass
  • Southern European footprint complementing our Northern and Central European presence
  • Enabling integrated systems offering within containment solutions supporting High Value Solutions pipeline
    • Integrated primary pharma plastics container + smart closures supporting Container Closure Integrity (CCI)
    • Integrated vial + rubber stopper solutions offering for injectable customers
  • Creation of a one-stop-shop for PharmaCos globally by delivering the breadth of the Gx platform
  • Highly profitable with adj EBITDA margin of ~21%, per FY24E with ~25% near to mid term before synergies
  • Mid single digit organic revenue CAGR
  • Attractive cash generation with 60-70% normalized cash conversion1
  • Substantial synergies across portfolio given strategic fit and complementarity of our portfolio
  • Expected synergies of c. 3-5% of Bormioli Pharma revenues
  • Significant portion of synergies achieved within first 2 years after closing

5 Note: (1) Normalized cash conversion defined as 3yr average of adj EBITDA - Capex as % of adj EBITDA

Accelerating the Transformation of Gerresheimer

Accretive to Our Stated Financial Ambitions

New Moulded Glass Powerhouse - Strategic Review Initiated









Deleveraging Profile

Mid-term Guidance

≥ 10% CAGR

23-25% adj EBITDA


≥ 10% CAGR

<3x Net Debt/


Acquisition Impact


50 to 100 bps margin accretion near-term

Accretive in adj EPS >10% from year-1

≤3.0x within 1 year after closing, supported by strong cash conversion and synergies

  • Enables creation of a new global Pharma and Cosmetics Moulded Glass Powerhouse
  • Bormioli Pharma's parental Pharma exposure complementing Gerresheimer's Pharma and cosmetic / food & beverage exposure
  • Strong ~€750m revenue with adj EBITDA margin of ~21% pro forma per FY24E
  • On track to achieve mid 20s % adj EBITDA margin mid term
  • Mid single digit organic revenue growth profile
  • Greater size and scale - more diversified end-market exposure - attractive financial trajectory


The New Gerresheimer - Creation of Three Market Leading Platforms


Moulded Glass

  • Global Moulded Glass Powerhouse
  • Includes Pharma Type I, II, III, Cosmetics and Food & Beverage solutions
  • Mid single digit revenue growth
  • Margin upside opportunity

~30% Delivery Systems

  • Bring the drug into the patient
  • Integrated delivery systems including syringes and medical devices
  • Strong double digit organic growth profile

Strategic Review


~40% Containment Solutions

  • Bring the drug to the patient
  • Integrated containment solutions across plastics, tubular glass and
    US prescription vials
  • High single digit organic growth
  • Highly attractive margins and cash generation profile, further accelerated via High Value Solutions
  • Profitability turbo-charging with High Value Solutions pipeline ramp-up

% Pro Forma 2024E Sales


Bormioli Pharma - Business Overview

General Information

Established in 1825, Bormioli Pharma is a leading pharma primary packaging manufacturer

HQ: Italy

Product Overview

Leading Primary Pharma Solutions Provider with a Differentiated Offering

~1,500 employees


Global presence in over 100 countries

Well invested Southern European footprint, with 9 plants distributed across Italy (5), Germany (3) and France (1)

Serves a diversified blue-chip customer base

75% of top 20 customers with 20+ years relationship

Pharma Plastics




Solutions for oral solid and oral liquid

Patented active dual chamber systems


Full range of containers and jars for oral drug


Complete solutions for ophthalmic treatments

Products offered in multiple materials (PET,

Accessories &

HDPE, LDPE, PP, PEN, etc.) and in sustainable

Dosing Systems

polymers (recycled and bio-based)

Type l


FY24E (€m)





Near to mid term Adj

EBITDA margin1


Adj EBITDA Margin



Cash Conversion2






Full range of pharma-grade glass including type

Type ll

I, II and III glass vials and containers

Used for parenteral and oral formulations

Type lll

Glass vials and containers produced by


converting flint and amber glass tubing

Used to store and dispense a wide range of


Mid Single Digit

Organic revenue CAGR

% 2023A Sales

8 Note: (1) Before synergies of 3-5% of Bormioli Pharma revenues (2) Normalized cash conversion defined as 3yr average of adj EBITDA - Capex as % of adj EBITDA

Truly Complementary Portfolio Completing Solutions Offering to Pharma Customers






Child Proof /



Food &



Stoppers /





TE Closures



Type I

Type II

Type III

() ()

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

✓ ✓

() ✓ ✓ ✓

In Europe

Bormioli Pharma strong in smaller

containers and Gerresheimer in

Bormioli Pharma strong presence - Gerresheimer limited presence

larger with higher volume

Gerresheimer strong presence - Bormioli Pharma limited presence


Enabling Integrated Solutions Offering Supporting Differentiation and Value Add for Customers


Gx strong offering of

Bormioli Pharma offering

EZ-fill Smart™

in rubber stoppers

Integrated Vial + Stopper

System for Injectables


Gx strong presence

Integrated Primary

Bormioli Pharma

in bottles and

strong offering in

Pharma Plastics System


smart closures

Primary Plastics Product Database


Gx strong presence in

Bormioli Pharma strong

bottles and containers

offering in smart closures

Integrated Primary Pharma

Plastics System

One Source

  • One supplier
  • One supply chain
  • One contact
  • One technical documentation

Complete regulatory support for the integrated solutions

  • as the only one

Smooth registration process with all relevant information - just a click away

Supports internal documentation, testing and approval - complete system integration

Full regulatory support with up-to-date information on any product

One Solution

  • Qualified system with container closure integrity (CCI)
  • Ensured functionality
  • Regulatory support and knowledge transfer
  • Customized solutions through co-development expertise



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Gerresheimer AG published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 02:26:04 UTC.