(Reuters) -Germany’s Gerresheimer posted second-quarter adjusted core profit in line with market expectations on Thursday, driven by the deal pipeline for its plastics and devices segment, which supplies makers of weight-loss drugs with autoinjector pens.
The packaging and medical equipment maker’s deals with weight loss drugs makers, such as Novo Nordisk’s Wegovy, are expected to bring at least 350 million euros ($379.19 million) of annual revenue over the next three years, despite lower demand in its primary packaging glass division.
“With our broad portfolio, we can offset market fluctuations in certain areas,” CEO Dietmas Siemssen said in a statement.
Adjusted core profit came in at 107.3 million euros in the quarter, impacted by destocking effects at their customers, but slightly above analysts’ average forecast of 104.7 million euros compiled by Vara Research, the company added.
The medical technology company also confirmed its earnings guidance for 2024.
($1 = 0.9230 euros)
(Reporting by Isabel Demetz; Editing by Kim Coghill and Rashmi Aich)
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