Are you seeing broad growth across non-GLP-1 biologics, or is GLP-1 still the primary growth driver for high-value solutions?

While GLP-1s are a strong, long-term tailwind, Stevanato is laser-focused on the broader biologics market, which represents a phenomenal opportunity with over 9,000 injectable assets in the pipeline, 60%+ being biologics. Biologics revenue is 42% of BDS, growing 6% in Q2, with many programs in early stages, indicating a larger, more spread-out future opportunity than GLP-1s alone. “Biologics is a phenomenal opportunity for Stevanato. Just to give you some number, in the industry, there are more than 9,000 injectable assets in the global drug pipeline and more than 60% are going to be with -- in biologics to injection administration.”

Which products are considered premium within high-value solutions, and what is the size of the opportunity for Alina following its recent liraglutide approval?

Alina is a premium product, developed over 8 years, now validated in Europe for diabetes and weight loss, and is expected to generate double-digit revenue growth in future years. The approval opens doors for more validations globally, especially in the biosimilar space. Alba syringes, used for ophthalmic and monoclonal antibody applications, are also considered premium. Alina revenue is already captured in the 2026 guidance. “So the fact that now we were validated in Europe in many countries for this Alina product, both for diabetes and for weight loss management treatment, is going to recognize that Stevanato today plays in what we so-call Champions League because we are not serving any more the product through the CMO business model, but we are serving our IP product and the difference at Stevanato is that we don't sell only the drug delivery system, we are selling what we so-call integrated system approach where there are always our glass cartridges inside.”

What capacity utilization will Fishers and Latina operate at this year, and can you provide an update on the Engineering centers of excellence program?

Demand for syringes (Nexa, Alba) and cartridges (bulk, ready-to-fill) is strong in Fishers and Latina, with investments planned to maintain free capacity for future validations. Fishers is expected to be fully ramped up by the end of 2028. In Engineering, the optimization plan is yielding positive results, with centers in Italy (visual inspection, assembly) and Denmark (high-speed assembly) showing progress in winning new orders and improving margins. “So today, the demand that we have in Fishers and Latina is quite -- in 2026 in particular for syringes, in Nexa, Alba and cartridges, bulk cartridges, ready-to-fill is quite strong and robust for both plants. The way that we plan our investments are dedicated with capacity program that we have with customers.”

STVN

Stevanato Group (STVN) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Aug 4, 2026

Source: earnings call transcript

Executive summary

Stevanato Group Q2 FY26 — Strong Biologics & HVS Growth, Alina Pen Approval

Stevanato Group delivered solid Q2 FY26 results, driven by strong growth in Biopharmaceutical and Diagnostic Solutions and high-value solutions, particularly in biologics and GLP-1 therapies. The company completed the divestiture of Balda C. Brewer to optimize its footprint and focus on integrated drug delivery systems, highlighted by the European regulatory approval of its Alina variable dose pen platform. While the Engineering segment showed margin improvement, sales cycles remain elongated, and the company continues to invest heavily in capacity expansion in Fishers and Latina to support future growth in premium offerings.

Highlights

Revenue grew 8% year-over-year to EUR 302 million, both reported and at constant currency.
High-value solutions (HVS) revenue increased 16% and represented 45% of total company revenue.
Adjusted EBITDA increased 21% to EUR 78.7 million, with adjusted EBITDA margin expanding 280 basis points to 26%.
Biopharmaceutical and Diagnostic Solutions (BDS) segment revenue increased 9% to EUR 266.2 million.
Engineering segment gross profit margin improved by 540 basis points to 12%, and operating profit margin increased 370 basis points to 2.9%.

Concerns

Engineering segment revenue decreased 2% to EUR 35.8 million due to lower sales in pharma visual inspection and glass converting.
One-time expenses of EUR 12.2 million were recorded in connection with the sale of Balda C. Brewer.
The company reported negative free cash flow of EUR 32 million for the second quarter of 2026.
The full-year 2026 effective tax rate is expected to be higher at approximately 28.2%, due to the absence of a prior-year tax incentive and no tax benefit on the divestiture.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year 2026 Revenue	EUR 1.260 billion to EUR 1.280 billion high materiality	FY26	High
Full-year 2026 Adjusted EBITDA	EUR 335 million to EUR 345.2 million high materiality	FY26	High
Full-year 2026 Adjusted Diluted EPS	EUR 0.60 to EUR 0.62 high materiality	FY26	High
Full-year 2026 BDS Segment Revenue Growth	High single digits medium materiality	FY26	High
Full-year 2026 Engineering Segment Revenue Growth	Mid-single digits to low double digits decline medium materiality	FY26	Medium
Full-year 2026 High-Value Solutions as % of Total Revenue	47% to 48% medium materiality	FY26	High
Full-year 2026 Free Cash Flow	Breakeven to positive EUR 20 million medium materiality	FY26	Medium
Full-year 2026 Tax Rate	Approximately 28.2% medium materiality	FY26	High
Alina Product Revenue Growth	Double-digit revenue growth medium materiality	Next years	High
Fishers Plant Ramp-up	Fully ramp up medium materiality	End of 2028 · FY28	High
Latina RTU 400 Cartridge Line Commercial Production	Expected in 2027 medium materiality	CY27	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Biopharmaceutical and Diagnostic Solutions (BDS) Strong growth in premium Nexa syringes and, to a lesser extent, Alba syringes and EZ-fill vials led to a 16% increase in revenue from high-value solutions. Gross profit margin decreased 10 basis points due to higher depreciation, increased utilities costs, and currency headwinds, partially offset by improvements in new plants. Operating profit margin was impacted by the sale of Balda C. Brewer. Revenue growth constant currency: 10%High-value solutions revenue: EUR 135.9 millionHigh-value solutions as % of segment revenue: 51%Revenue from other containment and delivery solutions: EUR 130.3 millionOther containment and delivery solutions growth: 3%	EUR 266.2 million	9%	—	Gross profit margin: 31.1%; Operating profit margin: 15.8%
Engineering Revenue decrease due to lower sales in pharma visual inspection and glass converting, offset by growth in assembly lines and aftersales. Gross profit margin improved by 540 basis points and operating profit margin increased by 370 basis points, reflecting ongoing efforts under the business optimization plan and improved operating results from newly secured projects. Lower sales in pharma visual inspection and glass convertingGrowth in assembly lines and aftersales activities	EUR 35.8 million	-2%	—	Gross profit margin: 12%; Operating profit margin: 2.9%

Product announcements

Product	Type	Timeline	Details
Alina variable dose pen platform	launch	Approved in several European countries
Deora	launch	Will take time to get to commercial stage

Deals & partnerships

Balda C. Brewer Sale of California-based subsidiary specializing in contract manufacturing services for consumables and point-of-care diagnostic applications.

The divestiture represents a step consistent with the long-term goal to optimize the company's footprint and accelerate the transition towards more complex, differentiated, and integrated drug delivery systems. The subsidiary was no longer strategic for serving the biologics market.

Risks & headwinds

Elongated sales cycles and project phasing in Engineering segment Q2 FY26, ongoing

Engineering segment revenue decreased 2% YoY

Mitigation:Continued focus on sales and marketing efforts, progress in winning new orders, refreshing backlog and pipeline.

Higher utility costs Q2 FY26

Impacted gross profit margin in BDS segment

Currency headwinds FY26

EUR 9 million in H1 FY26; expected EUR 10 million total for FY26

Mitigation:Better-than-anticipated currency translation partially offset revenue reduction from divestiture.

Expected increase in depreciation Q2 FY26

Impacted gross profit margin in BDS segment

Higher effective tax rate FY26

Approximately 28.2% for FY26

Mitigation:Expected to be offset by lower-than-anticipated depreciation and amortization and financial expenses.

What to watch in Q3 FY26

Fishers EZ-fill vial line customer validation

Near term

Current Initial performance qualification completed

Target Launch customer validation

Why it matters

This is a key step for new capacity utilization and revenue generation from significant growth investments in the U.S.

Starting from Fishers, we recently completed the initial performance qualification on the first EZ-fill vial line, and we expect to launch customer validation in the near term.

Find out whether STVN delivers this. Inve re-checks your case every morning.

Q&A highlights

Can you explain the change in BDS growth outlook from low double digits to high single digits, and what factors (divestiture, FX, organic) contributed to this change?

The updated BDS guidance to high single digits on a reported basis reflects a EUR 15 million reduction from the Balda divestiture, offset by EUR 8 million favorable currency translation. The underlying organic growth for BDS remains double-digit, with a couple of million increase in core organic growth.

“The updated guidance on a reported basis, we have stated to high single digit. Nevertheless, the organic growth is still double digit because we reduced by approximately EUR 15 million related to the divestiture. And on the other side, we increased for approximately EUR 8 million related to the lower currency headwind.”

asked by Avantika Dhabaria · answered by Marco Dal Lago

3 min read 6 chapters

Detailed narrative

Strategic Focus on Biologics and High-Value Solutions

Stevanato Group is strategically focused on the higher-value subsets of the market, particularly biologics and GLP-1 therapies, which are reshaping pharmaceutical product development and commercialization. The company's strategy is anchored in integrated solutions combining device innovation, manufacturing expertise, and supply chain reliability.

High-value solutions represented 45% of total revenue in Q2 FY26, driven by a 30% increase in revenue from biologics, the fastest-growing end market. GLP-1 related revenue was approximately 22-23% of total company revenue, with biologics representing 42% of the BDS segment revenue.

Alina Pen Platform Commercial Milestone and Product Innovation

The company achieved a significant commercial milestone with regulatory approval in several European countries for a liraglutide-based therapy incorporating its proprietary Alina variable dose pen platform. This approval includes two Alina variants for diabetes and weight management, leveraging the company's integrated capabilities with its world-class cartridge technology.

This product, developed over eight years, is manufactured in Germany and is expected to generate double-digit revenue growth in the coming years. Additionally, Stevanato introduced Deora, a novel multi-use fixed-dose pen injector system compatible with prefilled cartridges up to 3ml, addressing the need for strict patient adherence.

Engineering Segment Optimization Progress

The Engineering segment showed continued operational and financial progress, with Q2 results demonstrating positive outcomes from the optimization plan initiated over a year ago. Gross profit margin improved by 540 basis points to 12%, and operating profit margin increased 370 basis points to 2.9%.

These improvements were driven by better operating results and a favorable mix from newly secured projects in the Danish operations. The company is making good progress in winning new orders, particularly for visual inspection machines in Europe and Asia, and assembly technology for drug delivery systems in Europe and the United States, despite elongated sales cycles.

Growth Investments and Capacity Expansion

Stevanato Group is scaling and executing growth investments in its facilities in Fishers, U.S., and Latina, Italy. In Fishers, initial performance qualification on the first EZ-fill vial line has been completed, with customer validation expected in the near term, and the first device program remains on track for commercial production later this year.

In Latina, the syringe ramp-up is ongoing with continued customer validation. The next-generation RTU 400 cartridge line is expected to be completed and installed in the next couple of months, with commercial production anticipated in 2027. The Fishers plant is planned to be fully ramped up by the end of 2028.

Divestiture of Balda C. Brewer

The company completed the divestiture of its California-based subsidiary, Balda C. Brewer, which specialized in contract manufacturing services for consumables and point-of-care diagnostic applications. This initiative aligns with Stevanato's long-term goal of optimizing its footprint and accelerating the transition towards more complex, differentiated, and integrated drug delivery systems.

The divested subsidiary was expected to generate approximately EUR 30 million in revenue for fiscal year 2026 and the transaction is expected to be accretive on the full-year margins, despite incurring one-time expenses of EUR 12.2 million related to the sale.

GLP-1 and Biologics Market Opportunity

GLP-1 therapies represent a significant and growing market opportunity, with less than 10% patient penetration of a potential 1.5 billion addressable patients globally. Stevanato expects this to be a strong, long-term tailwind, driving double-digit revenue growth for the company in GLP-1 products over the next 5-10 years.

Beyond GLP-1s, the broader biologics market is a phenomenal opportunity, with over 9,000 injectable assets in the global drug pipeline, more than 60% of which are biologics. The company is heavily investing in capacity and proprietary devices to maximize its leadership position across various therapeutic areas within biologics.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.