Stevanato Group (STVN) Q4 FY25 earnings call: guidance and Q&A

What is the company's assumption for GLP-1 growth in 2026, given 50% growth in 2025?

GLP-1 related revenue is expected to grow in the mid-teens range for 2026.

“If you do an estimation and look at our outlook on 2026, we think that will be a growth in the range of mid-teens.”

asked by Michael Ryskin · answered by Franco Stevanato

What factors are behind the slower order intake in the Engineering Segment, and how quickly can commercial momentum be regained?

The pharmaceutical market for inspection and assembly machines is robust, especially for biologics. The sales cycle for these technical lines is longer than expected, delaying order confirmations. The company focused on operational execution in 2025, doubling site acceptance rates, and the pipeline is healthy with repetitive orders.

“What was the big -- the nice KPI is the fact that there are repetitive orders with our historical big clients. So what was the pain point is the fact that the sales cycle because of the technicality of this line is take a little bit longer that was expected, translating what instead to maybe receive the order, the confirmation of the order in January, February can be easily postponed a few months.”

asked by Michael Ryskin · answered by Franco Stevanato

Are the Latina and Fishers facilities still capacity constrained for high-value solutions, and how does capacity compare to demand?

The company ran at approximately full capacity for pre-fillable syringes (Nexa, Alba) and cartridges in 2025. Demand remains robust, and capacity will continue to be a key factor in 2026.

“So capacity in Stevanato Group, in particular, for pre-fillable syringes through the format of Nexa syringes, Alba syringes and cartridges to play a role in 2025, practically, we run approximately full capacity in Stevanato Group.”

asked by Patrick Donnelly · answered by Franco Stevanato

What are the moving pieces for margin expansion and cash flow inflection in 2026?

Margin expansion is expected at the consolidated level (0-30 bps), operating profit (50 bps), and adjusted EBITDA (150 bps). Headwinds include higher depreciation (150-170 bps) and currency impact (30% of EUR 80M headwind). Tailwinds are from the ramp-up of Latina and Fishers facilities and an improved project mix in Engineering.

“About margin, we see margin expansion from 0 to 30 basis points on consolidated level. Operating profit margin expanded 50 basis points at the center point of our guidance and adjusted EBITDA margin expanding for approximately 150 basis points.”

asked by Patrick Donnelly · answered by Marco Dal Lago

What is the long-term growth outlook for GLP-1s beyond 2026, and how do the economics differ between formats like vials, cartridges, and syringes?

GLP-1s will be a powerful tailwind for the next decade, but the exact configuration (originator vs. biosimilar, pen vs. auto-injector) beyond 2026 is uncertain. Most GLP-1 products utilize high-value Nexa syringes, ready-to-fill cartridges, or Alina pens for biosimilars, all of which are high-value products for Stevanato.

“So the GLP-1 in the next decade, it will continue to be a powerful tailwind for Stevanato for all the industry, but it's a little bit too early to understand what will be the final configuration between originator, biosimilar, pen versus auto-injector.”

asked by Douglas Schenkel · answered by Franco Stevanato

How does the company view the market share split between oral and injectable GLP-1s, especially after the oral Wegovy launch?

The company maintains its expectation that injectables (cartridges and syringes) will represent approximately 70% of the market, with orals accounting for 30%. They do not foresee cannibalization, as oral and injectable forms target different patient needs, and significant global investment in injection capacity continues.

“Again, we are going to confirm that the share between injection spread between cartridges and syringes, which we represent the majority in the range of 70% and oral to be the minority in the range of 30%.”

asked by Matthew Larew · answered by Franco Stevanato

What is the confidence level that GLP-1s will continue to drive 10%+ top-line growth for Stevanato over the next 5 years?

GLP-1s are expected to be a long-term tailwind, helping to boost biologic revenue as patient numbers increase. While it will continue to be a significant contributor, it's uncertain if it will remain double-digit growth after 5 years due to rapid growth in other biologic therapies that Stevanato is also pursuing.

“So I can see that it will be a long-term tailwind for Stevanato that we help to further boost our biologic revenue. I don't know if after 5 years, it will continue to be in double digit because in parallel, Stevanato is also rapidly growing in other therapy that is so-called biologic.”

asked by Lawrence Solow · answered by Franco Stevanato