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    Edward Hall • Stifel

    Edward Hall is a Vice President and equity research analyst at Stifel Nicolaus, known for his coverage across the General sector with a particular focus on three publicly listed companies. Hall has maintained a 40% success rate and is rated at 0.42 stars on TipRanks, reflecting his ongoing performance in the analyst community. Since joining Stifel, he has built expertise in equity analysis and previously gained experience in the finance industry before assuming his current role. Edward Hall holds the Chartered Financial Analyst (CFA) designation, further supported by his active FINRA registration and securities licensure.

    Edward Hall's questions to SCHOTT Pharma AG & Co KgaA (SHTPY) leadership

    Edward Hall's questions to SCHOTT Pharma AG & Co KgaA (SHTPY) leadership • Q1 2025

    Question

    Edward Hall of Stifel Financial Corp. asked about the cartridge market, including customer concentration, the switch to High-Value Solutions (HVS), the pricing delta for specialty cartridges, and whether increased order intake would lead to a faster P&L impact.

    Answer

    CEO Andreas Reisse confirmed the cartridge market is more concentrated than vials, focusing on diabetes and dental, with obesity as a growing application. He noted that order intake for specialty cartridges is 'enormous' and that the pricing premium is in the 5 to 15 times range compared to standard products, consistent with other HVS offerings.

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    Edward Hall's questions to SCHOTT Pharma AG & Co KgaA (SHTPY) leadership • Q4 2024

    Question

    Edward Hall of Stifel inquired about the expected absolute EBITDA decrease in the DDS segment for FY25, asking for a breakdown between product mix dynamics and Hungary ramp-up costs, and the timeline for that ramp-up. He also asked about current lead times in the DCS segment and the percentage of sales from short-term contracts.

    Answer

    CFO Dr. Almuth Steinkuhler confirmed a slight absolute EBITDA decrease is expected in the DDS segment for FY25, attributing it primarily to the product mix effect from lower demand for higher-margin polymer syringes, while noting ramp-up costs are expected to be at a similar level to the prior year. CEO Andreas Reisse explained that lead times for core products like vials and ampoules have returned to shorter, pre-COVID terms, whereas HVS products like ready-to-use cartridges typically involve more long-term contracts.

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    Edward Hall's questions to SCHOTT Pharma AG & Co KgaA (SHTPY) leadership • Q4 2024

    Question

    Asked for clarification on the expected absolute EBITDA decrease in the DDS segment for 2025, questioning the split between product mix and ramp-up costs. Also inquired about current lead times in the DCS segment and the proportion of sales from short-term contracts.

    Answer

    The company confirmed a slight absolute EBITDA decrease in the DDS segment, stating it is driven more by the negative product mix (less high-margin polymer syringes) than by ramp-up costs, which are at a similar level to the previous year. For DCS, lead times for core products are back to shorter, pre-COVID levels, while HVS products like ready-to-use cartridges are tied to more long-term contracts.

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