Guerbet: Revenue down 1.3% over nine months, hampered by China
Guerbet published on October 22, 2026 revenue of 573.8 million euros for the first nine months of 2026, down 1.3% at constant exchange rates and on a comparable basis. Excluding China, activity would have grown by 1% over the period, with a positive contribution from the group's three regions (EMEA, Americas and Asia).
The publication thus isolates the main factor weighing on the trajectory of the contrast products specialist: the restructuring of the Chinese healthcare market. The third quarter accentuates this trend, with a decline of 3.6% at constant exchange rates and on a comparable basis, but stable activity outside China. The group confirmed all of its financial targets for 2026.
A decline of 1.3% over nine months and 3.6% in the third quarter
On a reported basis, revenue at the end of September declined by 2.2% compared to the first nine months of 2025. The difference from the change at constant exchange rates stems from a negative exchange rate effect of 4.8 million euros, concentrated in the first half and largely linked to the depreciation of the Japanese yen. With a minimal scope effect, the change on a comparable basis also stands at -1.3%.
For the third quarter alone, sales reached 194.6 million euros, compared to 198.7 million euros a year earlier. The EMEA zone, the group's leading region, totaled 259.0 million euros over nine months, up 1.0% at constant exchange rates, driven by the continued recovery in activity in France despite a decline in indirect sales to distributors. Its third quarter was nearly stable (-0.4%), facing a high comparison base (+10.2% in the third quarter of 2025).
The Americas reached 178.5 million euros, up 0.9%. After an increase of 4.8% in the second quarter, the third quarter was stable (+0.2%), in a context of gradual normalization of the Raleigh industrial site. The group still expects a return to normative levels of batch release at the end of the fiscal year.
Asia down 7.9%, interventional radiology up 6.6%
Asia accounts for the decline: 134.7 million euros over nine months, down 7.9% at constant exchange rates and on a comparable basis, including -13.0% for the third quarter alone. The group attributes this decline to the contraction of sales in China, where the policy of reducing healthcare spending is leading to a restructuring of the market. This is happening through the gradual elimination of intermediaries (CSO model) and wider use of volume-based tender offers (VBP model).
This effect is reflected in the activities. Diagnostic imaging, which represents the bulk of sales, stands at 492.1 million euros (-2.5% over nine months, -5.7% in the third quarter). In X-rays (306.3 million euros, -2.4%), the favorable price effect was not enough to offset the decline in volumes of Optiray and Xenetix, largely linked to China.
MRI (185.8 million euros, -2.7%) follows a different logic: its 5.8% decline in the third quarter stems entirely from the contraction of sales to third parties, linked to the expected slowdown in Gadopiclenol outsourcing. This withdrawal will occur in two phases: end of 2026 for filling and packaging, end of 2028 at the earliest for active ingredient production. Elucirem sales remained dynamic, according to the group. Conversely, interventional radiology reaches 80.0 million euros (+6.6%), with an acceleration in the third quarter (+10.7%) driven by Lipiodol in the vascular embolization market.
2026 targets maintained, refinancing under discussion
Guerbet reiterated all of its targets for 2026, already confirmed when publishing half-year results on September 29, 2026. The group targets an adjusted EBITDA margin rate of around 8%, incorporating approximately 35 million euros in costs related to the Raleigh site compliance plan.
Free cash flow is expected between -50 and -70 million euros, due to the expected decline in adjusted EBITDA, the increase in the investment plan and non-recurring restructuring costs related to the transformation plan, notably the redundancy plan in France. The group is also continuing discussions with its financial partners on its refinancing, after obtaining waivers on the leverage ratio tested on June 30, 2026, December 31, 2026 and June 30, 2027.
Annual revenue will be published on February 4, 2027 after the close of trading. For the full fiscal year, Guerbet targets revenue that is stable or slightly down at constant exchange rates and on a comparable basis, on a basis of 786 million euros achieved in 2025.
