Stevanato Group S.p.A. (STVN) Company Report

Stevanato Group, a global leader in mission-critical products for the pharmaceutical industry, has doubled its revenue, high-value product revenue percentage, and EBITDA in the last five years.
The company is making significant investments, including over $500 million in a new US facility in Fisher, Indiana, projected to generate $500 million in revenue by the end of 2028.
Growth is driven by high-value products, biologics (contributing over 40% of BDS segment revenue in the first nine months), GLP-1, and biosimilars, with capacity being added across various product lines.
The vial segment is recovering, with +12% revenue in 2025 compared to 2024 (blended bulk and easy fill), and expects normalization for bulk vials (1-2% growth) and low double-digit growth for easy fill vials by 2026.
The engineering segment completed an operational upgrade, with a healthy pipeline of new opportunities, though conversion to confirmed orders is currently slower.

Nov 19, 2025, 11:00 AM

Transcript

Stevanato Group Discusses Growth, Investments, and Market Trends at Jefferies Conference

STVN

New Projects/Investments

Revenue Acceleration/Inflection

Stevanato Group, a global leader in mission-critical products for the pharmaceutical industry, has seen significant growth, doubling its revenue and more than doubling its EBITDA in the last year.
The company is making substantial investments, including $1.1 billion from its 2021 IPO and over $0.5 billion in a new facility in Fisher, Indiana, projected to generate $0.5 billion in revenue by the end of 2028, to boost R&D and expand capacity for high-value products.
The vial segment is recovering, with revenue up 12% in 2025 compared to 2024 (blended bulk and easy fill), and expects normalization for bulk vials (1%-2% growth) and low double-digit growth for easy-fill vials by 2026.
GLP-1 drugs are a strong tailwind, contributing to high-value product demand, with biologics accounting for over 40% of Biopharmaceutical and Diagnostic Solutions (BDS) segment revenue in the first nine months.

Nov 19, 2025, 11:00 AM

Transcript

Stevanato Group Discusses Growth Drivers, Strategic Investments, and Market Outlook

STVN

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Stevanato Group is a global leader in mission-critical products for the pharmaceutical industry, particularly for injection-related products, holding market leadership in cartridges and glass forming, and is the second-largest player in syringes.
The company has demonstrated strong financial growth, doubling revenue and more than doubling EBITDA in the last five years, while also doubling the percentage of revenue from high-value products.
Strategic investments include over $500 million in a new US facility in Fisher, expected to generate $500 million in revenue by the end of 2028, funded in part by $1.1 billion raised in its 2021 IPO.
GLP-1 drugs are a strong tailwind for the company, expected to contribute significantly to incremental revenue for the next 5-10 years, with biosimilars also representing additional revenue opportunities, often with higher unit pricing.
The vial segment is recovering, with revenue up 12% in 2025 compared to 2024, and normalization for bulk vials (1-2% growth) and low double-digit growth for easy fill vials anticipated by 2026.

Nov 19, 2025, 11:00 AM

Transcript

Stevanato Group Reports Strong Q3 2025 Results and Reiterates Full-Year Guidance

STVN

Earnings

Guidance Update

Revenue Acceleration/Inflection

Stevanato Group reported Q3 2025 revenue of €303.2 million, an increase of 9% year-over-year, driven by a 14% increase in the Biopharmaceutical and Diagnostic Solutions (BDS) segment.
High-value solutions revenue grew 47% in Q3 2025, representing 49% of total company revenue, with full-year expectations for high-value solutions revised upwards to 43% to 44% of total revenue.
The company reiterated its fiscal year 2025 guidance for revenue, adjusted EBITDA, and adjusted diluted EPS, despite anticipating a larger unfavorable impact from foreign currency.
Adjusted diluted EPS increased 17% to €0.14 in Q3 2025, and the adjusted EBITDA margin improved 280 basis points to 25.7%.
The Engineering Segment's revenue declined by 19% in Q3 2025, with its financial performance remaining below expectations, though operational improvements are underway.

Nov 18, 2025, 9:00 PM

6-K

Stevanato Group Highlights Strategic Investments and High-Value Product Growth

STVN

New Projects/Investments

Revenue Acceleration/Inflection

Demand Weakening

Stevanato Group is investing $500 million in a new plant in Fishers, Indiana, projected to be fully operational by 2028, and another in central Italy, both focused on high-performance syringes to meet market demand, with peak capital expenditures of $430 million in 2023.
The company is experiencing a significant shift towards high-value products, which offer substantially higher gross profit margins (40%-70% compared to 15%-35% for non-high-value products), with Q3 growth in these solutions reaching 50% year-over-year.
Management expects the vials market to normalize in 2026, with mid to high single-digit growth anticipated in 2025, and views policy developments like MFN and reshoring as positive tailwinds, particularly for its engineering business from 2027-2029.
GLP-1s and the broader biologics market, which accounted for 40% of the Biopharmaceutical and Diagnostic Solutions (BDS) segment revenue after nine months, are considered significant net positive drivers for increased container demand.
The engineering segment is currently facing delays in order intake, though management is confident in new orders for repetitive machines and is improving project execution.

Nov 17, 2025, 1:40 PM

Transcript

Stevanato Group Discusses Strong High-Value Solutions Growth and Future Tailwinds

STVN

New Projects/Investments

Revenue Acceleration/Inflection

Stevanato Group's high-value solutions revenue grew 50% in Q3 2025, with biologics contributing 40% of the Biopharmaceutical and Diagnostic Solutions (BDS) segment revenue after nine months. These products offer superior gross profit margins of 40%-70% compared to 15%-35% for non-high-value products.
The company has largely completed a significant CapEx cycle, with peak investments of $430 million in 2023 for new plants in Fishers, Indiana, and Latina, Italy, and anticipates a positive cash flow profile as these facilities ramp up, with the Fishers plant expected to be fully operational by 2028.
Management expects market normalization in 2026, with vials projected to achieve mid to high single-digit growth in 2025 following 2024's destocking. Significant future tailwinds are identified from GLP-1s, biosimilars, Annex One regulations, and reshoring, with reshoring's revenue impact anticipated primarily from 2027-2029.
The engineering segment faces current challenges from delayed customer order intake, but the company is improving project execution and gaining efficiency through an ongoing optimization plan.

Nov 17, 2025, 1:40 PM

Transcript

Stevanato Group Discusses Growth Drivers, Investments, and Market Dynamics

STVN

New Projects/Investments

Revenue Acceleration/Inflection

Policy Changes

Stevanato Group, a key pharmaceutical packaging and machinery supplier, is strategically positioned for growth in biologics, which accounted for 40% of its Pharmaceutical and Diagnostic Solutions (PDS) segment revenue after nine months.
The company has made significant investments, including a $500 million CapEx in a new plant in Fishers, Indiana, expected to fully ramp up by 2028, and another in Italy, both focusing on high-performance syringes and value products.
Management anticipates market normalization in 2026 following destocking, with expectations for mid to high single-digit growth in vials in 2025, particularly in sterile configurations.
High-value solutions, which saw 50% growth in Q3, offer significantly higher gross profit margins ranging from 40%-70%, compared to 15%-35% for non-high-value products, driving future revenue and margin expansion.
Policy dynamics such as reshoring, along with the growth of GLP-1s and biosimilars, are viewed as positive tailwinds, with the engineering business expected to benefit from reshoring in 2027-2029.

Nov 17, 2025, 1:40 PM

Transcript

Stevanato Group S.p.A. Announces Strong Q3 and Nine-Month 2025 Financial Results

STVN

Earnings

Revenue Acceleration/Inflection

Dividends

Stevanato Group S.p.A. reported a 9.1% increase in revenue to EUR 303.2 million for the three months ended September 30, 2025, and an 8.6% increase to EUR 839.8 million for the nine months ended September 30, 2025, compared to the same periods in the prior year.
Net Profit for the three months ended September 30, 2025, grew by 20.1% to EUR 36.1 million, with basic earnings per ordinary share increasing by 18.2% to EUR 0.13. For the nine months ended September 30, 2025, Net Profit rose by 32.9% to EUR 92.3 million, and basic EPS increased by 30.8% to EUR 0.34.
Operating Profit increased by 28.5% to EUR 52.7 million for Q3 2025 and by 36.5% to EUR 128.7 million for the nine months ended September 30, 2025. Adjusted EBITDA also saw significant growth, reaching EUR 77.8 million (up 22.3%) for Q3 2025 and EUR 200.3 million (up 19.0%) for the nine months ended September 30, 2025.
The Biopharmaceutical and Diagnostic Solutions segment was a primary driver of revenue growth, increasing by 14.5% to EUR 266.7 million in Q3 2025 and by 11.7% to EUR 731.1 million for the nine months ended September 30, 2025. Revenue from high-value solutions within this segment increased by 47.3% in Q3 2025 and 28.5% for the nine months ended September 30, 2025.
As of September 30, 2025, the company reported Total Equity of EUR 1,437.3 million and Net Debt of EUR 333.0 million. A dividend of EUR 0.054 per share was approved and paid on July 17, 2025.

Nov 6, 2025, 9:10 PM

6-K

Stevanato Group S.p.A. Reports Strong Q3 2025 Results and Maintains FY 2025 Guidance

STVN

Earnings

Guidance Update

New Projects/Investments

Stevanato Group S.p.A. reported Q3 2025 revenue of €303 million, an increase of 9% year-over-year (11% at constant currency), with adjusted diluted EPS of €0.14 and adjusted EBITDA of €77.8 million, representing a 25.7% margin.
The Biopharmaceutical and Diagnostic Solutions (BDS) Segment drove growth with a 14% revenue increase to €267 million, primarily fueled by 47% year-over-year growth in High-Value Solutions (HVS) to €147.9 million, which accounted for 49% of total revenue.
The company is maintaining its Fiscal Year 2025 guidance, projecting revenue between €1.160 billion and €1.190 billion, adjusted DEPS of €0.50 to €0.54, and adjusted EBITDA between €288.5 million and €301.8 million.
Strategic investments continue with capacity expansion projects in Latina, Italy, and Fishers, Indiana, U.S., to meet increasing demand for biologics, particularly for high-value Nexa® PFS and EZ-fill® cartridges.

Nov 6, 2025, 9:05 PM

6-K

Stevanato Group Announces Q3 2025 Financial Results

STVN

Earnings

Guidance Update

Stevanato Group reported revenue of €303.2 million for the third quarter of 2025, marking a 9% increase year-over-year.
High-value solutions represented a record 49% of total revenue, growing 47% year-over-year to €147.9 million.
The company achieved an adjusted diluted earnings per share of €0.14 and an adjusted EBITDA margin of 25.7%, which increased by 280 basis points compared to the prior-year period.
Stevanato Group is maintaining its fiscal year 2025 guidance, expecting revenue in the range of €1.160 billion to €1.190 billion, adjusted EBITDA between €288.5 million and €301.8 million, and adjusted diluted EPS between €0.50 and €0.54.