Guerbet's H1 revenue declines 5.4% amid French supply reforms and price pressures
Medical imaging specialist Guerbet reported a 5.4% decrease in first-half revenue to €387.8 million, primarily impacted by new supply reforms in France and ongoing global pricing pressures.
Guerbet, a global specialist in contrast agents and solutions for medical imaging, announced a decline in its first-half 2025 financial results. Group sales for the period reached €387.8 million, a 5.4% decrease compared to the same period in 2024 on a like-for-like basis. The company noted that the second quarter showed a lesser decline (-3.9%) than the first quarter (-7.1%).
The primary driver behind the revenue decrease was a contraction in sales within France. This was attributed to a supply reform implemented in March 2024, which required Guerbet to adapt its manufacturing chains and product mix, shifting from single doses to large bottles. The first half's performance was also compared against a strong growth period in 2024, which saw an 11.8% increase in revenue.
Geographically, the EMEA region saw a revenue decrease of 7.7%. Excluding France, revenue in EMEA grew by 6.9% due to volume increases. The Americas region reported stable revenue, while sales in Asia decreased by 7.3%, although the second quarter showed a positive trend.
The Diagnostic Imaging segment experienced a 6.8% decline in revenue. The X-ray division was particularly affected, with a 9.7% decrease, while the Interventional Imaging business saw a 4.6% increase, driven by strong performance from Lipiodol®.
Guerbet revised its full-year 2025 financial targets, now anticipating a slight decrease in revenue of approximately 1% and an adjusted EBITDA margin between 12% and 13%. The company also projects a slightly negative free cash flow for the full year.