Guerbet: First Quarter Up 2.6%, but Raleigh Slows Down the Americas
Guerbet reported a first-quarter revenue of 177.4 million euros for 2026, up 2.6% on a constant exchange rate and comparable scope basis. This growth, driven by EMEA and Asia, is limited by ongoing challenges at the Raleigh site and the initiation of a restructuring plan in France, while the company has postponed the communication of its financial targets to July.
Detailed Financial Performance
The consolidated revenue for the first quarter of 2026 stands at 177.4 million euros. On a comparable scope and constant exchange rate basis, it shows an increase of 2.6%. In reported data, the revenue has decreased by 1.5%; at constant exchange rates, it increased by 2.5%, with the group experiencing a negative currency impact of 7.2 million euros, mainly due to the depreciation of the dollar and some Asian currencies. EMEA, the group's leading region, generated 84.1 million euros in sales, up 4.5% CER, particularly driven by improved activity in France after a first quarter of 2025 marked by the impact of contrast supply reform. Asia contributed 42.9 million euros, up 6.0% CER, driven by volumes in Japan, South Korea, and Taiwan. Conversely, the Americas fell to 48.9 million euros, down 3.0% CER, entirely concentrated in North America due to the slowdown in the release rate of batches produced at the Raleigh site.
Performance by Business Segment
In terms of activities, Diagnostic Imaging, which represents the bulk of sales, amounted to 153.7 million euros, up 1.9% CER. The MRI segment showed a growth of 4.4% CER and comparable scope, supported by the geographic expansion of the product Elucirem™, launched during the quarter in Mexico, Portugal, and Belgium. The X-ray segment recorded 95.5 million euros, slightly up by 0.4% CER and comparable scope, benefiting from favorable price developments on Optiray® and Xenetix® products. Interventional Radiology confirmed a positive dynamic with 22.1 million euros, up 7.8% CER and comparable scope, driven by volumes of Lipiodol®. The Non-Scope Activities segment, consisting of stocks from the divested urology activity in July 2024, contributed 1.6 million euros to sales.
Operational Developments
Operationally, the group continues the compliance plan for the Raleigh site initiated in the fourth quarter of 2025 in response to FDA demands. Full normalization of the batch release rate is expected by the end of the fiscal year. Concurrently, Guerbet is implementing its transformation plan aimed at enhancing commercial dynamics and sustainably restoring profitability, with full effect expected in the 2027 fiscal year. At the end of March, the group initiated an information-consultation procedure with the Social and Economic Committee in France regarding a proposed Employment Safeguard Plan, the terms of which are currently under discussion. In a context of financial strain linked to the Raleigh situation, Guerbet continues discussions with its lenders and is exploring all possible financing options. The group confirms that it will communicate its 2026 financial targets no later than the publication of its first half-year revenue on July 23, 2026.
