Revenue at September 30, 2025
Return to growth in Q3 2025
- 9-month revenue: €586.5 million, down 2.8% at CER1 and on a like-for-like basis2, largely due to the fall in activity in France
- An increase in Q3 of 2.6% at CER and on a like-for-like basis, underpinned by the acceleration of EluciremTM sales and good momentum on Lipiodol®
Confirmation of all financial targets for 2025
Villepinte, October 23, 2025, 5.45 p.m.: Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, is publishing its revenue for the first nine months of 2025.
At September 30, 2025, Group sales totaled €586.5 million, representing a decrease of 5.5%. At constant exchange rates (CER)1, sales fell by 3.1%, incorporating a negative foreign exchange effect of €14.6 million, mainly due to the depreciation of the currencies of Latin America and Asia. At CER and on a like-for-like basis2, sales decreased by 2.8%.
This reflects a steady sequential improvement throughout the year: after falling by 7.1% in the first quarter and 3.9% in the second quarter, Guerbet saw a resumption of growth in the third quarter to +2.6% at CER and on a like-for-like basis. This acceleration, which is in line with the Group’s forecast, is expected to continue in the fourth quarter of 2025.
| Q3 | 9 months | ||||||||
| In millions of euros | 2024 | 2025 | % chg. | % chg. at CER | 2024 | 2025 | % chg. | % chg. at CER | |
| EMEA sales | 78.2 | 86.2 | +10.2% | +10.2% | 261.4 | 255.8 | -2.2% | -2.3% | |
| Americas sales | 65.8 | 58.8 | -10.7% | -5.7% | 190.4 | 176.5 | -7.3% | -2.2% | |
| Asia sales | 56.2 | 53.7 | -4.4% | +1.5% | 164.6 | 152.4 | -7.5% | -4.3% | |
| Total like-for- like | 200.2 | 198.7 | -0.7% | +2.6% | 616.5 | 584.7 | -5.2% | -2.8% | |
| Divested businesses* | 1.2 | 0.0 | - | - | 4.0 | 1.8 | - | - | |
| Total | 201.3 | 198.7 | -1.3% | +2.0% | 620.5 | 586.5 | -5.5% | -3.1% | |
*Divested businesses: Accurate and urology
In the EMEA region, revenue came to €255.8 million at September 30, 2025, down 2.3% at CER and on a like-for-like basis. These first nine months were negatively affected by sales in France and difficulty in winning back the market share lost during the switch from single dose to larger vials, following the supply chain reform. In the third quarter alone, revenue rose by 10.2% at CER and on a like-for-like basis (+25.7% excluding France), benefiting from the performance of indirect sales (distributors).
In the Americas, revenue came to €176.5 million at September 30, 2025, down 2.2% at CER and on a like-for-like basis; the solid increase in volumes only partially offset the pressure on prices linked to the increased weight of distributors in the customer mix. In the third quarter of 2025, the fall in revenue (-5.7% at CER and on a like-for-like basis) can be explained in particular by a weaker performance in Latin America following the technical incident at our Raleigh plant.
In Asia, revenue totaled €152.4 million at September 30, 2025, down 4.3% at CER and on a like-for-like basis, linked to the loss of a customer by our distributor in Vietnam and the discontinuation of deliveries to one of our distributors in South Korea. In the third quarter alone, the trend was positive (+1.5%), driven by strong sales in Japan.
| Q3 | 9 months | ||||||||
| In millions of euros | 2024 | 2025 | % chg. | % chg. at CER | 2024 | 2025 | % chg. | % chg. at CER | |
| Diagnostic Imaging | 176.5 | 174.0 | -1.4% | +1.7% | 542.6 | 508.0 | -6.4% | -4.0% | |
| MRI | 60.7 | 65.0 | +7.1% | +9.6% | 191.9 | 192.5 | +0.3% | +2.0% | |
| X-ray | 115.7 | 108.9 | -5.9% | -2.4% | 350.8 | 315.4 | -10.1% | -7.3% | |
| Interventional Imaging | 23.7 | 24.8 | +4.4% | +8.8% | 73.9 | 76.7 | +3.8% | +6.0% | |
| Total like-for- like | 200.2 | 198.7 | -0.7% | +2.6% | 616.5 | 584.7 | -5.2% | -2.8% | |
| Divested businesses* | 1.2 | 0.0 | - | - | 4.0 | 1.8 | - | - | |
| Total | 201.3 | 198.7 | -1.3% | +2.0% | 620.5 | 586.5 | -5.5% | -3.1% | |
*Divested businesses: Accurate and urology
In Diagnostic Imaging, revenue totaled €508.0 million at September 30, 2025, down 4.0% at CER and on a like-for-like basis, with a return to growth in the third quarter alone (+1.7%).
- 9-month sales of the IRM division were up 2.0% at CER and on a like-for-like basis, incorporating an increase of 9.6% in the third quarter, driven by an acceleration in the ramp-up of EluciremTM in both the United States and Europe.
- 9-month sales of the X-ray division were down 7.3% at CER and on a like-for-like basis (-2.4% in the third quarter), linked to the fall in volumes for Xenetix® and Optiray®, mainly due to activity in France.
In Interventional Imaging, sales reached €76.7 million in the first nine months of the year, representing an increase at CER and on a like-for-like basis of 6.0%, of which +8.8% in the third quarter alone. This performance was fueled by the solid trajectory of Lipiodol® (volumes and prices), particularly in vascular embolization.
Confirmation of financial targets for 2025
At the end of this third quarter marked by a return to growth, Guerbet is confident it will see an acceleration in the fourth quarter of 2025. This will be supported by the continued ramp-up of EluciremTM, expectations of a further acceleration for Lipiodol® (vascular embolization, Go Direct in China), and positive momentum in indirect sales in several countries in Latin America, Europe and Asia.
In this context, Guerbet confirms all of the financial targets announced on September 15th. For 2025, the Group anticipates a slight decline in revenue at CER and on a like-for-like basis of around -1%, together with a restated EBITDA margin3 of between 12-13%. Free cash flow, meanwhile, is still expected to be slightly negative for the year.
Next event:
2025 full-year sales
February 5, 2026, after market close
About Guerbet
At Guerbet, we build lasting relationships so that we enable people to live better. That is our purpose. We are a global leader in medical imaging, offering a comprehensive range of pharmaceutical products, medical devices, and digital and AI solutions for diagnostic and interventional imaging. As pioneers in contrast products for 98 years, with more than 2,905 employees worldwide, we continuously innovate and devote 9% of our revenue to Research and Development in four centers in France and the United States. Guerbet (GBT) is listed in compartment B of Euronext Paris and generated revenue of €841m in 2024. For more information, please visit www.guerbet.com.
Forward-looking statements
Certain information contained in this press release is not historical data but constitutes forward-looking statements. These forward-looking statements are based on estimates, forecasts and assumptions including, without limitation, assumptions regarding the Group’s current and future strategy and the economic environment in which the Group operates. They involve known and unknown risks, uncertainties and other factors, which may result in a significant difference between the Group’s actual performance and results and those presented explicitly or implicitly in these forward-looking statements.
These forward-looking statements are only valid as of the date of this press release and the Group expressly disclaims any obligation or commitment to issue an update or revision of the forward-looking statements contained in this press release to reflect changes in the assumptions, events, conditions or circumstances on which such forward-looking statements are based. Forward-looking statements contained in this press release are for illustrative purposes only. Forward-looking statements and information are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and generally beyond the control of the Group.
These risks and uncertainties include, but are not limited to, uncertainties inherent in research and development, future clinical data and analyses, including post-marketing analyses, decisions by regulatory authorities, such as the Food and Drug Administration or the European Medicines Agency, whether or not to approve, and when, the application for a drug, process or biological product for one of these candidate products, as well as their labeling decisions and other factors that may affect the availability or commercial potential of these candidate products. A detailed description of the risks and uncertainties related to the Group’s activities can be found in chapter 4.8 “Risk factors” of the Group’s Universal Registration Document registered by the AMF under number D.25-0220 on April 3, 2025, available on the Group’s website (www.guerbet.com).
1 At constant exchange rates: the impact of exchange rates was eliminated by recalculating sales for the period based on the exchange rates used for the previous financial year.
2 Excluding the urology and Accurate businesses, which were sold in July 2024 and January 2025 respectively.
3 Excluding non-recurring costs related to the optimization of the operational framework and changes to the sales model.
Contacts:
Guerbet
Christine Allard, SVP Public Affairs and Corporate Communications +33 6 30 11 57 82 / christine.allard@guerbet.com
Seitosei.Actifin
Marianne Py, Financial Communication + 33 6 85 52 76 93 / marianne.py@seitosei-actifin.com
Anne-Claire Taton, Press +33 6 02 12 25 18 / anne-claire.taton@seitosei-actifin.com
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