Guerbet Reports a 6.5% Decline in 2025 Revenue, Raises Cash Flow Target
Medical imaging specialist Guerbet recorded an annual revenue of 786.4 million euros in 2025, down by 6.5% year-on-year. At constant exchange rates and comparable scope, the decline stands at 3.5%, incorporating an unfavorable currency effect of 22.8 million euros mainly due to the depreciation of the US dollar.
Annual Sales Overview
The group's sales amounted to 786.4 million euros, a decline of 6.5% in reported figures. At constant exchange rates, the decrease is limited to 3.8%, while at constant exchange rates and comparable scope, it reaches 3.5%. The year 2025 followed an uneven trajectory throughout. The first half saw a decline of 5.4% at constant exchange rates and comparable scope, mainly due to a contraction in sales in France following a supply reform favoring large bottles over single-dose units. The third quarter reversed the trend with a recovery of 2.6%, before a new decline of 5.6% in the fourth quarter, impacted by operational difficulties at the Raleigh industrial site in North Carolina. This performance is slightly above the range announced on December 2 (between minus 4% and minus 5%), incorporating the impact of American manufacturing difficulties.
Regional Sales Performance
In EMEA, annual sales reached 343.7 million euros, down by 2.5% at constant exchange rates and comparable scope. Excluding France, the region displayed a growth of 7.6%, while the French market suffered from a product mix change. In the Americas, revenue was 233.0 million euros, down by 3.8% at constant exchange rates and comparable scope, with a contraction of 8.6% in the fourth quarter alone due to the delay in releasing batches produced at Raleigh and the compliance plan required by the Food and Drug Administration. In Asia, annual sales stood at 207.9 million euros, down by 4.8% at constant exchange rates and comparable scope. By activity, Diagnostic Imaging generated 678.2 million euros, down by 5.3% at constant exchange rates and scope, while Interventional Imaging advanced to 106.3 million euros, up by 9.7% at constant exchange rates and comparable scope, driven by a 20.4% acceleration in the fourth quarter particularly on Lipiodol® in vascular embolization.
Financial Targets and Projections
Guerbet confirms targeting an adjusted EBITDA margin rate between 10.5% and 12% for the fiscal year 2025. The group has revised its free cash-flow objective upwards, now expected to be positive for the year, compared to a previous range between minus 5 million euros and minus 15 million euros. This improvement results from a significant improvement in the average customer payment period. Guerbet also obtained a waiver from its lenders in December 2025 on the maximum value of its debt ratio, with the net debt to EBITDA ratio ceiling raised to 4.8x at the end of December 2025. Looking ahead to 2026, the group anticipates a significant impact due to ongoing difficulties at the Raleigh site. The pace of batch releases remains below its normative level, which is expected to weigh on revenue, profitability, and cash generation. An initial estimate of the financial consequences will be communicated during the publication of the annual results 2025, on March 11, 2026.
