Guerbet Reports H1 2026 Revenue Down 2.2%

Guerbet, a global specialist in contrast agents and solutions for medical imaging, reported its H1 2026 financial results, which revealed a revenue of €379.2 million, down 2.2% from the same period last year. Excluding the currency effect of (-€8.0 million), mainly attributable to the depreciation of the yen and the dollar, the revenue at CER1 was down by a slight 0.2%. It was nearly stable at CER and on a like-for-like basis, in line with the Group's forecast for the full year. This resilience in revenue is attributed to the business's resilience despite the challenges at the Raleigh site (North Carolina) and disruptions on the Chinese market.

In EMEA, H1 revenue came to €172.9 million, up 1.8% at CER and like-for-like, with a strong growth in France (+9.0% over the period). The return of growth in France is due to the effects of the reform of contrast agent supply methods, which have now been fully absorbed. In the Americas, sales in the first half of 2026 amounted to €116.9 million, up 1.2% at CER and like-for-like, with a significant increase in the second quarter (+4.8%) thanks to a significant improvement in the batch release rate at the Raleigh site. In Asia, H1 revenue came to €87.7 million, down 5.0% at CER and like-for-like, with the decline concentrated in the second quarter (-14.0%), linked to the profound restructuring underway on the Chinese market associated with the authorities' policy of reducing healthcare spending.

Guerbet's H1 2026 EBITDA was €30.6 million, a decrease of €15.5 million from the same period last year. This decrease is attributed to the remediation plan at the Raleigh industrial site, which generated €14.3 million in exceptional costs over the period. The restated EBITDA margin for the period was 9.1%, down from 12.9% a year earlier, including €14.3 million in exceptional costs related to the remediation plan at the Raleigh site. Financial leverage for the period was 5.3x, with ongoing discussions with financial partners to agree a refinancing arrangement by October 31, 2026.

The Group's Raleigh industrial site confirmed the timeline for the normalization of activity, with the return to a normative batch release rate expected at the end of the 2026 fiscal year. The Group will also be preparing for a new FDA inspection from that date onward. The Group will be able to operate under normal conditions throughout the 2027 fiscal year.

The Group also announced the appointment of Océane Mignot as Chief Transformation Officer, who will be given a seat on the Executive Committee to support the accelerated execution of the transformation plan. Mignot, with a PhD in management sciences, has extensive experience in leading strategic, organizational, and digital transformations within major international groups. She has held management responsibilities at Servier, Naval Group, BNP Paribas Personal Finance, Orano-Areva, and Valeo, steering complex transformation, performance, and operational efficiency programs in close collaboration with the general management and executive committees.

Guerbet also announced that Jérôme Estampes, the Chief Financial Officer, has resigned for personal reasons, effective at the end of December. The Group expects its 12-month liquidity requirements to be covered by cash, and the total gross financial debt at June 30, 2026, was €488.1 million, with cash and cash equivalents of €132 million. The waivers obtained after June 30, 2026, were reclassified as current debt at €438.6 million.

In the second half of 2026, the Group expects continued positive trends in both EMEA and the Americas, supported by the confirmation of both the return to growth in France and the recovery in the United States. In China, the Group began to switch to a direct sales model in August 2026, due to the authorities' policy of reducing healthcare spending.