Jefferies cuts Gerresheimer to 'hold' on Bormioli deal risks

Gerresheimer AG

19/05/2026 07:24

** Jefferies cuts Gerresheimer to "hold" from "buy", citing challenges tied to its Bormioli Pharma acquisition and after the German packaging firm delayed results to June

** The broker is cautious despite the recent share gains and support from the board and creditors, with execution risk around the Bormioli acquisition seen as a persistent overhang

** While the deal was positioned as strategically and financially accretive, new delays in ramping capacity across the broader portfolio highlight the challenges in delivering on these targets, the broker notes

** "We see a risk that the realisation of synergies is slower and hence more costly than initially envisaged, rendering the acquisition dilutive to the valuation multiple, particularly if end market demand remains subdued," it says

** The broker reiterates its "hold" for peer Schott Pharma 1SXP.DE as it sees its focus on high value solutions as insufficient to fully offset broader market headwinds over the medium term

** Of 14 analysts covering Gerresheimer, 3 rate it "buy", 5 "hold" and 6 rate it "sell" or "strong sell" - LSEG data

 (Reporting by Emanuele Berro)

 ((emanuele.berro@thomsonreuters.com))