Gerresheimer Shares Gain Most in Two Years on Insulin Pen Sales

Gerresheimer AG (GXI) shares rose the most in more than two years in Frankfurt trading after the maker of inhalers and insulin pens reported second-quarter profit advanced 19 percent.

Gerresheimer rose as much as 8.7 percent to 35.25 euros, the biggest gain since April 2009 and the highest level since August 2008. The shares traded at 35.00 euros at 12:39 p.m. in Frankfurt, giving the company a market value of 1.1 billion euros ($1.6 billion).

The Dusseldorf, Germany-based company said net income in the three months through May rose to 13.3 million euros on higher sales of molded glass and plastic products, including inhalers and insulin pens. Revenue during the period increased 5.9 percent to 284.5 million euros.

“The plastics business clearly is the fastest growing because they have exposure to products for diabetes and inhalers, which grow quite rapidly,” Stephan Gasteyger, an analyst with Jefferies International Ltd. who rates Gerresheimer a “buy,” said by phone. “The molded glass business, which is more connected with their cosmetics products, is the more volatile one, which moves around more with the economy.”

To contact the reporter on this story: Charles Mead in London at cmead11@bloomberg.net.

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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