Guerbet Reports 2.2% Decline in First Nine Months Revenue

Guerbet, a global specialist in contrast agents and solutions for medical imaging, reported its revenue for the first nine months of 2026 on October 22, 2026. The company's revenue stood at €573.8 million, a 2.2% decrease from the €588.6 million reported in the same period of 2025. Adjusting for exchange rates, the decline was 1.3%, with the negative effect of €4.8 million confined to the first six months of the year, largely due to the depreciation of the Japanese yen.

In the third quarter alone, revenue fell by 3.6% at constant exchange rates (CER) and like-for-like, but was stable when excluding China. The company's geographical breakdown showed that in EMEA, revenue was €259.0 million, up 1.0% at CER and like-for-like. This growth was driven by a continuous recovery in activity in France and a decrease in indirect sales (distributors). In the Americas, sales reached €178.5 million, up 0.9% at CER and like-for-like, with the third quarter being stable despite a difficult comparison base.

In Asia, revenue amounted to €134.7 million for the first nine months, down 7.9% at CER and like-for-like, with a decline of -13.0% in the third quarter alone. This decline is attributed to the ongoing contraction in sales in China, where the policy to sharply reduce healthcare spending is leading to a profound market recomposition, linked to a gradual elimination of intermediaries (CSO business model) and a more widespread use of volume-based tenders (VBP business model).

By business, revenue in Diagnostic Imaging came to €492.1 million in the first nine months, down 2.5% at CER and like-for-like, including a 5.7% decline in the third quarter alone. Sales of the IRM division amounted to €185.8 million, down 2.7% at CER and like-for-like. The decline in the third quarter (-5.8%) was due entirely to the contraction in sales to third parties, linked to the planned slowdown in subcontracting activities at Gadopiclenol, which will take place in two stages: end-2026 for Fill & Finish and end-2028 at the earliest for the production of active pharmaceutical ingredients (API). Meanwhile, sales of Elucirem™ remained very dynamic over the period.

Revenue in the X-ray division came to €306.3 million, down 2.4% at CER and like-for-like (-5.6% in the third quarter). The favourable price effect over the period was not enough to offset the fall in volumes of Optiray® and Xenetix®, largely due to the contraction of sales in China.

In Interventional Radiology, revenue came to €80.0 million in the first nine months, up 6.6% at CER and on a like-for-like basis. Growth accelerated in the third quarter (+10.7%), still driven by momentum in sales of Lipiodol® in the vascular embolization market.

Guerbet reiterated all of its financial targets for 2026, confirming that revenue would be stable or showing a slight decrease at constant exchange rates and like-for-like. The company also restated its EBITDA margin rate at around 8%, including around €35 million related to the costs of the remediation plan at the Raleigh site. The Group projected a strongly negative free cash flow of between -€50 million and -€70 million, due to the expected decrease in restated EBITDA, the increase in the CAPEX plan, and non-recurring restructuring costs linked to the Group’s transformation plan, including in particular the redundancy plan in France.

The company is continuing its discussions with its financial partners on its refinancing, as mentioned in its recent communications. As of the end of the third quarter, Guerbet reiterated its financial targets for 2026, maintaining its focus on innovation and market adaptation despite the challenges faced in the Chinese market.