Gerresheimer Faces Deepening Accounting Crisis and Regulatory Scrutiny

Gerresheimer faces a severe accounting crisis with a delayed 2025 report, dual BaFin investigations, potential €240M write-downs, and possible SDAX exclusion, causing a major stock plunge.

The German pharmaceutical packaging specialist Gerresheimer is confronting a severe and escalating accounting crisis, marked by a delayed annual report, dual investigations by the national financial regulator, and the looming threat of substantial asset write-downs.

In a significant development, the Düsseldorf-based company was forced to issue an ad-hoc announcement on March 10, revealing it cannot publish its audited financial statements for 2025 by the end of March as originally scheduled. The release has now been postponed to June 2026. This delay stems from an ongoing special audit by a second external accounting firm, which is examining business transactions from 2024 and 2025 and is taking longer than anticipated.

Regulatory Pressure Intensifies

Germany's Federal Financial Supervisory Authority, BaFin, has compounded the situation by launching its own probes. The regulator is examining the consolidated interim financial reports for the period from December 2024 to May 2025, citing specific evidence of potential violations of accounting rules. The core allegation involves revenue being recognized before goods had left the company's facilities—a practice that breaches both internal guidelines and international accounting standards. Gerresheimer itself acknowledged in late 2025 that employees had engaged in such actions.

BaFin has now broadened its investigation to include incorrectly reported lease liabilities amounting to €65.5 million, as well as capitalized development costs.

Financial Fallout and Operational Consequences

The potential financial impact is coming into sharper focus. Possible write-downs on the Swiss subsidiary Sensile Medical and a facility in Chicago could total between €220 million and €240 million. Consequently, the adjusted EBITDA margin for 2025 will miss its targets, and earnings per share are facing a potential double-digit decline, with a loss not being ruled out. In an effort to shore up its balance sheet, Gerresheimer is planning the sale of its high-margin US subsidiary Centor, a move that would further weaken its earnings power.

The repercussions extend beyond the financial statements. The company anticipates being excluded from the SDAX index because it has violated the Deutsche Börse's transparency requirements. This would trigger forced rebalancing by index funds, creating additional selling pressure for the stock. Furthermore, the Annual General Meeting scheduled for June 3, 2026, cannot proceed as planned. Concurrently, management is in talks with its creditors to extend the contractually agreed deadlines for submitting its financial statements.

Market skeptics have taken note of the turmoil. One hedge fund increased its short position to 0.62% of the company's share capital on March 11.

Share Price Reflects Mounting Concerns

The severity of the crisis is starkly evident in the share price performance. Having reached a 52-week high of €80.55 in March 2025, the stock has since plummeted approximately 78% and is currently trading around €17.56—just above a recent low. Since the start of the year, the decline exceeds 36%.

Investors now face a prolonged period of uncertainty. The next concrete milestone for a potential reassessment of the company will be the planned publication of the audited annual report in June 2026. Until then, the ongoing BaFin investigations and the outcome of the lender negotiations will dominate the narrative, leaving a reliable foundation for restored confidence notably absent.