Stevanato Group (STVN) Jefferies London Healthcare Conference 2025 summary

Company overview and strategic focus

• Over 70 years in the industry, with the last 25 years focused on becoming a global leader in mission-critical injection products for pharmaceuticals.

• Provides an integrated platform for injection-related products, serving both originator and biosimilar drugs.

• Offers a full end-to-end value proposition through biopharmaceutical diagnostic solutions and engineering segments.

• Market leader in cartridges and vials, and second worldwide in syringes, with a strong reputation for quality and innovation.

• Built a global footprint and invested billions to mirror pharma clients' supply chains and ensure robust, safe delivery.

Growth, investments, and financial performance

• Doubled revenue and more than doubled EBITDA in the last five years, despite headwinds like destocking and forex.

• Raised $1.1 billion in the 2021 IPO, reinvesting in R&D and expanding capacity in Europe and the US.

• Major investment in Fisher, Indiana, expected to generate $0.5 billion in revenue by 2028.

• Focused on high-value products, with robust demand from biologics and GLP-1 therapies driving growth.

• Executing long-term contracts to support incremental demand and capacity expansion for key products.

Product and market trends

• High-value solutions revenue is growing faster than expected, with ongoing capacity additions in cartridges and syringes.

• GLP-1 therapies are a strong tailwind, but growth is balanced across multiple biologic programs to avoid overreliance.

• Biosimilars represent additional revenue, with similar economics to originators due to higher unit pricing and fast validation.

• Several hundred molecules are being filed with Stevanato products, reflecting deep integration with pharma clients.

• Vial segment recovering post-COVID, with 12% revenue growth expected in 2025 and normalization by 2026.