Düsseldorf – German financial regulator BaFin is expanding its scrutiny of pharmaceutical and packaging company Gerresheimer AG, initiating a probe into its 2025 half-year financial report in addition to an ongoing audit of its 2024 consolidated financial statements. The move, announced February 25, 2026, comes amid concerns over accounting practices and potential misstatements related to leasing obligations, asset valuations, and revenue recognition. This expanded investigation signals a deepening of regulatory oversight for the Düsseldorf-based firm.
The initial audit, launched September 18, 2025, focused on the 2023/2024 consolidated financial statements. BaFin’s latest announcement broadens that scope and adds a review of the period from December 1, 2024, to May 31, 2025. The company itself has already flagged potential issues, anticipating non-cash impairments of roughly €220 to €240 million in its 2025 annual results, primarily related to technology and development projects within its Sensile Medical AG subsidiary, and assets at Gerresheimer Moulded Glass Chicago Inc.
Specifically, BaFin cited “concrete indications” that the company’s reported leasing liabilities of €65.5 million, and the corresponding non-discounted payment obligations detailed in its filings, may be inaccurate. The regulator is also questioning the useful lives assigned to intangible assets related to development costs, currently valued at €29.4 million. BaFin is investigating whether assets within the Advanced Technologies segment, valued at €196.5 million, may have been overvalued and require a write-down. These concerns center around Sensile Medical AG, based in Olten, Switzerland.
Concerns Over Risk Assessment and Revenue Recognition
The expanded investigation into the half-year report raises further questions about Gerresheimer’s financial reporting. BaFin believes the company’s assessment of certain risks related to the financing of its acquisition of Bormioli Pharma may no longer be accurate. The regulator also flagged concerns about the potential for unrecorded asset impairments and the handling of revenue and costs associated with “bill and hold” agreements – arrangements where goods are billed to customers but remain in the seller’s possession.
According to BaFin, Gerresheimer had previously classified the risks associated with acquisitions, divestitures, and collaborations, as well as liquidity risk, as low in its half-year report. The regulator now questions whether this assessment remains appropriate. The scrutiny of “bill and hold” agreements is particularly pointed, with BaFin examining whether revenue from these arrangements was recognized prematurely in the first half of 2025, potentially impacting inventory valuations as of May 31, 2025.
Gerresheimer had already announced in December 2025 its intention to comprehensively correct revenue related to bill-and-hold agreements, stating it would not recognize any new revenue from such arrangements in its 2025 consolidated financial statements and would discontinue the practice altogether. The company also pledged to adjust prior-year figures in subsequent interim financial reports to reflect these corrections.
Sale of Centor Inc. And Delayed Financial Results
The regulatory pressure comes as Gerresheimer navigates a period of strategic realignment. On February 10, 2026, the company announced it was deferring the publication of its 2025 annual and consolidated financial statements and initiating the sale of its US subsidiary, Centor Inc. The sale of Centor is intended to optimize the company’s capital and financing structure.
The delay in publishing the annual results is directly linked to the ongoing investigations. Gerresheimer has commissioned a second auditing firm to review revenue recognition and accounting practices for both 2024 and 2025, alongside the findings of an independent external law firm related to the BaFin proceedings. The company aims to ensure that prior-year figures are comprehensively corrected and that the 2025 financial statements meet all qualitative requirements. A new publication date for the annual results will be determined in consultation with its auditor.
Looking Ahead
Gerresheimer anticipates that BaFin will proceed with both the expanded audit of the 2024 consolidated financial statements and the audit of the first-half 2025 report. The company has pledged full cooperation with the regulator to ensure transparency and resolve the identified issues. The outcome of these investigations will be closely watched by investors and industry observers, as they could have significant implications for Gerresheimer’s financial position and future performance. The company currently expects revenues of €2.3 to €2.4 billion and moderately positive free cash flow in 2026.
Investors seeking further information are encouraged to consult Gerresheimer’s investor relations website and monitor official announcements from BaFin. The next key date for investors will be the announcement of a new publication date for the 2025 annual and consolidated financial statements, which will be determined in consultation with the company’s auditor.
This article provides information for general knowledge and informational purposes only, and does not constitute financial advice.
