Gerresheimer Faces Mounting Pressure as Accounting Crisis Deepens

Gerresheimer faces multiple probes, 240M euro asset impairments, and a liquidity fire sale. Its 2026 outlook hinges on credit talks and a BaFin investigation.

The fallout from Gerresheimer's accounting scandal continues to intensify, drawing scrutiny from multiple regulatory and legal fronts. In addition to the ongoing investigation by Germany's Federal Financial Supervisory Authority (BaFin), the Auditor Oversight Body (APAS) has now initiated professional misconduct proceedings against the company's auditor, KPMG. Concurrently, the shareholder protection association DSW is exploring damage claims against former executive board members.

Asset Write-Downs and a Liquidity Fire Sale

In response to the crisis, Gerresheimer has announced substantial asset impairments totaling between 220 and 240 million euros. The adjustments primarily affect technology and development projects at Sensile Medical, a company acquired in 2018, as well as assets at a glass plant in Chicago. To shore up its liquidity position, the company has put its US drug packaging division, Centor, up for sale through Morgan Stanley. That unit was last valued on the books at 292 million euros.

The company's published revenue forecast of 2.3 to 2.4 billion euros for 2026 comes with a significant caveat. Management states this outlook is contingent upon achieving a viable outcome in both its credit negotiations and the BaFin investigation.

A Cascade of Investigations and Legal Threats

The core allegation against KPMG is specific: the auditor issued an unqualified opinion on the 2024 annual financial statements despite those documents containing erroneous revenue bookings worth 35 million euros. The situation is particularly notable given that KPMG only replaced the previous auditor, Deloitte, in 2024, and promptly certified flawed accounts. A second audit firm, Grant Thornton, is now separately examining the books for both 2024 and 2025.

For their part, the DSW is focusing on former CEO Dietmar Siemssen and former CFO Bernd Metzner. The shareholder association is scrutinizing valuation issues related to goodwill of approximately 676 million euros and the book value of technology assets within the Advanced Technologies division, estimated at 196 million euros. What originated as an examination of so-called "bill-and-hold" agreements—where Gerresheimer prematurely recognized revenue in violation of IFRS rules—has expanded to include faulty lease accounting, potentially impermissible capitalization of development costs, and omitted impairment charges.

Operational Paralysis and a Race Against Time

The absence of audited financials has brought Gerresheimer's entire reporting schedule to a halt. The publication of the 2025 annual report is postponed until an anticipated date in June 2026. The first-quarter report for 2026 and the ordinary annual general meeting have been suspended indefinitely.

This failure to meet contractual reporting obligations has placed the company in technical default on its credit agreements. Management is currently in negotiations with lenders to secure deadline extensions and prevent the termination of its credit facilities.

Despite the unresolved situation, some institutional investors are beginning to see value at the heavily discounted share price. CastleKnight and Deka Investment have recently reported new stakes in the company. Gerresheimer's stock currently trades approximately 67 percent lower than its level a year ago.

All eyes are now on June 2026 as the critical milestone. The delivery of the audited financial statements will be the moment management must simultaneously prove that its credit lines are secure and its revenue forecast is achievable. Without this evidence, potential takeover scenarios will also remain blocked. According to the financial calendar, the half-year report is scheduled to follow on July 14, 2026.