Syntegon delivers record results in 2024
New strategy fuels accelerated growth following CEO transition in late 2023
The Syntegon Group reported record results for fiscal year 2024. Driven by its newly introduced corporate strategy focused on growth, operational excellence and long-term value creation, Syntegon achieved accelerated growth, strong profitability, and improved cash flow. Strategic initiatives launched in 2024 included targeted investments in portfolio expansion and innovation.
“In 2024, we embarked on a new chapter of accelerated growth and value creation,” says Torsten Türling, CEO of Syntegon. “We are building on the incredible talent of the people at Syntegon, and our customers highly value our lifecycle services and turnkey solution approach. With our new strategic focus, we are well positioned to capture the strong long-term growth fundamentals, in particular of the Pharma and Biotech sectors.”
Significant growth and results improved across the business
In 2024, Syntegon increased order intake by 11% to 1.8 billion EUR, while revenues grew by 7%, reaching 1.6 billion EUR. The Group’s strong revenue performance led to significant improvements in EBITDA and cash flow. Operational excellence initiatives contributed significantly to margin improvement in 2024. Adjusted EBITDA increased by 15% and reached 222 million EUR, corresponding to an EBITDA margin of 14%, a 100 basis points increase compared to the previous year. Focused working capital management has driven a strong increase in cash flow.
The Pharma business was the strongest contributor to growth, with order intake up by 17% and revenue up by 11%. Pharma accounted for 58% of total orders in 2024. The Food business grew orders by 4% and revenues by 2%, representing 42% of total orders. The high-margin service business recorded double-digit sales growth and accounted for 39% of total revenue.
Eros Carletti, CFO of Syntegon said: “At both the Group level and across most business units, we exceeded our financial targets. Our solid financial performance, strong cash flow, and robust balance sheet position us well to pursue further organic growth and strategic acquisitions, enabling us to continue expanding our capabilities.”
New strategy for accelerated growth with focus on Pharma sector and service business
Following the CEO transition in November 2023, Syntegon launched a growth-focused strategy in 2024 and further strengthened its leadership team. The strategy is designed to capture attractive opportunities in the pharmaceutical and biotech sectors while leveraging Syntegon’s strong position in the food solutions business. A simplified operating model built around four business units, enhanced decision-making and accelerated operational execution.
Syntegon’s Pharma Liquid business, powered by its world-leading aseptic cartridge filling line solutions, was the key driver of order intake growth in 2024 and opens attractive opportunities for future expansion. The solutions are critical in helping major pharmaceutical customers scale their production capacity to meet rising demand in the fast-growing anti-obesity drug market.
Value accretive acquisition enhancing turnkey Pharma solution portfolio
At the end of October 2024, Syntegon completed its acquisition of the Telstar Group. Telstar is a leading manufacturer of freeze-drying technologies in the pharmaceutical and biotech sectors. This acquisition further strengthens Syntegon’s world-leading position in turnkey aseptic filling solutions for large volume vial dosage format, crucial for healthcare applications such as vaccines and blood plasma products, serving patients worldwide.
Leverage high-performance automation solutions in Food business
Syntegon achieved record results in its Food business in 2024, driven by its Switzerland-based high-performance horizontal packaging division, which delivers end-to-end automated solutions to leading global food companies. To sharpen its focus on global scalable line solutions and related services, Syntegon divested its lower-margin Food Liquid business mid-2024. Additionally, the Group optimized its US footprint by consolidating manufacturing at its flagship plant in New Richmond, Wisconsin.
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