Gerresheimer Shares Plunge to New Low as BaFin Expands Accounting Probe

Gerresheimer AG shares were in freefall today, down 16.22% to €15.44, having made a fresh low for the beleaguered medical products manufacturer as Germany's financial regulator widened its investigation into the company's accounting practices. The share price touched an intraday low of €14.83, reflecting mounting market concerns over the scope and implications of the regulatory scrutiny.

The sharp decline followed Gerresheimer's announcement that BaFin has expanded its probe to include the company's 2024 financial statements, examining issues including potentially misstated lease liabilities and a failure to recognise impairments within its advanced technologies unit. The regulator has also launched a separate audit into the company's 2025 half-yearly report, citing concerns over outdated risk reporting, missing impairment charges, and misstated bill-and-hold revenue recognition.

The regulatory pressure forced Gerresheimer to delay publication of its 2024 annual results, originally scheduled for 26 February. The company stated it would continue to cooperate fully with BaFin to clarify the facts transparently, though the postponement adds another layer of uncertainty for markets already rattled by months of negative developments.

The current investigation represents a significant escalation from BaFin's initial audit launched in September 2025, which focused narrowly on bill-and-hold agreements in the 2024 fiscal year. Those arrangements, where revenue is recorded before goods are physically delivered, accounted for a low double-digit million euro figure representing less than 5% of total revenues. By December 2025, Gerresheimer had announced a €28 million revenue correction due to non-compliance with IFRS standards and pledged to discontinue the practice entirely.

The financial impact has been substantial and cascading. In February 2026, Gerresheimer warned that the expanded review would negatively affect 2025 results, lowering its revenue forecast to the weaker end of its minus 4% to minus 2% guidance range. The adjusted EBITDA margin forecast was slashed to between 16.5% and 17.5%, down from 18.5% to 19.0% previously. Perhaps most concerning, adjusted earnings per share were projected to fall in the high-double-digit percentage range and could potentially turn negative.

The accounting troubles have coincided with significant leadership upheaval. CEO Dietmar Siemssen departed following multiple profit warnings and the sharp share price decline, whilst CFO Bernd Metzner had resigned months earlier. The dual departures have raised questions about financial oversight and strategic direction at a critical juncture for the company.

The confluence of regulatory scrutiny, financial restatements, leadership changes, and weakened guidance has created a perfect storm for Gerresheimer shares. With BaFin's investigation now encompassing multiple fiscal periods and accounting areas, markets face prolonged uncertainty about the full extent of potential financial adjustments and their impact on the company's reported performance and balance sheet strength.