Gerresheimer AG shares rose 3.35% to €28.36 on Wednesday after the pharmaceutical packaging and drug-delivery group reported a sharp sequential improvement in second-quarter adjusted EBITDA. Revenue increased €55 million from the first quarter to €578 million but declined from €614 million a year earlier, while adjusted EBITDA rose more than 50% sequentially to €102 million, down €24 million year-on-year. The adjusted EBITDA margin improved to about 17.6% from the first quarter. Free cash flow before M&A was negative €92 million, while net financial debt was slightly above €2 billion and liquidity stood at €249 million. Gerresheimer expects stronger second-half performance and guided to full-year revenue in the lower half of a €2.3 billion-to-€2.4 billion range, an adjusted EBITDA margin of about 17% to 18% and free cash flow before M&A of negative €50 million to negative €100 million. Its transformation program targets €50 million to €70 million of annualized EBITDA improvement through 2027, with the full run-rate effect expected from 2028. The planned disposals of Centor and Primary Packaging Plastics, signed at the end of July, have a combined enterprise value of about $1.5 billion and are intended to support sustainable leverage of no more than three times net debt to EBITDA.