Growth in Biopharmaceutical and Diagnostic Solutions
The Biopharmaceutical and Diagnostic Solutions (BDS) segment grew by 6% in 2024, driven by robust demand for high-value syringes. Revenue from injectable biologics increased by 24% year-over-year and represented 34% of BDS revenue compared to 30% last year.
High-Value Solutions Revenue Increase
Revenue from high-value solutions grew by 9% to a record €131 million in Q4 2024, representing approximately 40% of total revenue. This was driven by growth in premium performance syringes and other product categories.
Progress in Expansion Projects
The company generated its first commercial revenue in Fishers, Indiana, and the Latina project in Italy turned profitable at a gross profit margin level in Q3 2024. These projects are expected to continue scaling and contribute to future growth.
Improved Free Cash Flow
Free cash flow improved significantly from a negative €333.9 million in 2023 to a negative €148.5 million in 2024, driven by increased cash flow from operations and lower capital expenditures.