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Germany's Gerresheimer sees revenue boost from vaccine demand

·1-min read
FILE PHOTO: Small bottles labeled with a "Vaccine COVID-19" sticker and a medical syringe are seen in this illustration
FILE PHOTO: Small bottles labeled with a "Vaccine COVID-19" sticker and a medical syringe are seen in this illustration

BERLIN (Reuters) - German drugs-packaging maker Gerresheimer <GXIG.DE> expects buying of vials to bottle COVID-19 vaccines to boost revenues over the next two years, with the company hoping to meet a third of additional global demand, it said on Tuesday

Of the two to three billion additional vials it estimates will be needed in the next two years, Gerresheimer expects to supply around one in three, or 700 million to 1 billion, Chief Executive Dietmar Siemssen told an earnings call.

At a unit price of 4-5 cents per bottle, Gerresheimer could expect to receive additional revenues of around 25 million euros ($29.5 million) per year, he said.

More than 40 experimental COVID-19 vaccines are currently being tested on humans, and the head of Germany's vaccine regulator has said he expects the first approvals in Europe in early 2021.

Gerresheimer said it expects a strong fourth quarter after revenue in the July-September period fell 2.6% to 349 million euros as higher revenues from drugs packaging failed to completely offset lower demand for high-quality perfume flacons.

The company confirmed its full-year forecast for sales to rise by mid-single digits in 2020 and for an adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 21%.

Shares in Gerresheimer, which have more than doubled in value since mid-March, were trading down 3.8% at 96.5 euros by 0943.

(Reporting by Anneli Palmen; Writing by Caroline Copley; Editing by Jan Harvey)