Stevanato Group at Jefferies Conference: Strategic Growth and Expansion

On Thursday, 05 June 2025, Stevanato Group (NYSE:STVN) presented at the Jefferies Global Healthcare Conference 2025, highlighting its strategic growth initiatives and operational advancements. The company, a key player in the pharmaceutical industry with a focus on injectable solutions and biologics, emphasized its robust financial performance and future growth strategies. While the company is poised for expansion, it also faces challenges such as potential tariff risks.

Key Takeaways

• Stevanato has doubled its revenue and increased EBITDA over the past five years.
• High-value products now contribute 38% of the company’s revenue.
• The Fisher plant in the U.S. is expected to significantly boost revenue from 2025.
• Stevanato is investing heavily in capacity expansion, particularly for syringes and cartridges.
• The company is targeting a 30% EBITDA margin by 2027.

Financial Results

• Revenue has more than doubled in the last five years, with a compound annual growth rate (CAGR) of 15%.
• EBITDA has seen a substantial increase, reflecting strong financial health.
• High-value products, which contributed 17% to revenue five years ago, now account for 38%.
• The Fisher plant is projected to generate 500 million euros in revenue at full capacity by the end of 2028.
• In the first quarter, the company outperformed revenue expectations, especially in the Biopharmaceutical Delivery Solutions (BDS) segment.

Operational Updates

• Stevanato is expanding its capacity in Italy (Latina) and the United States (Fisher).
• The Fisher plant is already operational 24/7 and is on track to contribute to revenue growth in 2025.
• The Latina plant is generating positive gross margins and will expand cartridge production by late 2026 or early 2027.
• The company is focusing on proprietary devices and selective contract manufacturing to become a major player in the device market within 5-10 years.
• Stevanato is addressing potential tariff impacts by collaborating with clients and suppliers.

Future Outlook

• The company aims to maintain double-digit growth in the coming years.
• Stevanato is targeting a 30% EBITDA margin by 2027 and aims to increase high-value product revenue to 45%.
• Expansion plans in China are paused to focus on ramping up operations at Fisher and Latina.
• The company’s debt-to-EBITDA ratio stands at 1.2x, with room to increase debt up to 2x EBITDA. Equity offerings may be considered for additional investments.

Q&A Highlights

• The Latina plant is expected to significantly contribute to revenue, especially with increased cartridge production.
• The Fisher plant aims to achieve positive gross margins by year-end.
• Stevanato is diversifying its device portfolio across multiple clients and drug classes.
• The vial market is normalizing after a period of destocking, with no significant changes in order patterns due to potential tariffs.

In conclusion, Stevanato Group’s strategic focus on biologics and integrated solutions positions it well for future growth. For further insights, readers are encouraged to refer to the full conference call transcript.

Full transcript - Jefferies Global Healthcare Conference 2025:

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Jeff there we go. Hi. Good morning. Dave Windley with Jefferies Healthcare Equity Research. Appreciate your attendance and and interest in our conference twenty twenty five.

We are on kind of the homestretch here on Thursday. Our presenting company for this session is Stevanato Group. Here to present for them is the company’s CEO, Franco Sveinato. So he has just a few slides and is going to give some prepared remarks to kick off and then we’ll jump into Q and A. But thank you Franco for being here and I’ll turn it over to you.

Thanks very much.

Franco Stevanato, CEO, Stevanato Group: Thank you, David and thank you, Jeffrey to host the Stefano Group at this event. So we have prepared three slide at high level in order to explain who is Stefano, what we do, where we are specialized, and even more what were the track record that we have done in term of number, even more of the future of Stevanato. In this slide, we try to summarize our value proposition. STEVENAT is a company that is present in the industry for more than seventy five years. Even more in the last thirty years, we have tried to focus our competence for only our pharma customer and biologic customer.

We try to put in place a particular, what we call integrated value proposition. At a high level, in Stefano, there are two main divisions. One is the BDS segment that cover approximately 85% of the revenue of Stefano Group, and the other division is the engineering division. What is important to underline that if you are going to look at the BDS segment, we put in place a product portfolio that is fully focused, dedicated for everything that is injectable for the pharma company, like the via, the cartridges, and the syringes. Also, more and more, we are developing particular IP through what is called the drug delivery system, like the pen, auto injector, and wearable devices.

On the top of this product, in the last years, we have had a lot of research and development and we have developed some particular IP that we are selling under the umbrella of all EasyFill or high value product in order to sell more value to our customer. For example, under the umbrella of EasyField platform, we sell the same cartridges via a syringe with already washing, siliconization, sterilization in order to enhance the client to outsource to Stefano what is not anymore core business for them. And also in parallel, we are going to develop some IP around the auto injector, the wearable devices in the pen in order to sell the full system where the client is going to purchase the cartridges or the syringes or the devices. If you are going more on the right side of the slide, you see also our competence of engineering. Stefano for our pharma client is not only focused to serve the container or the device, but also to serve the inspection machine and the technology for assembly.

Because there is more and more in the pharmaceutical industry, the requirement to upgrade what everything that is around inspection system, Even more, there is an increase in demand, thanks to what is related to biologics and is related to the self administration for high speed technology for assembly. In order to combine all these important ingredient to be perceived like one integrated solutions provider from the pharma customer, we have developed what we call tech center, the Sternato Group. We have one tech center in Europe and one tech center in Boston that is supporting the client at very early stage in order to file and develop the tailor made process, product and service for them. Even more, is very important for Stefano because we are filing in our FDA the drugs. So this is practically our position.

We are fully focused, laser focused in biologics, laser focused in injectable and also for what is related to the future molecule of our client. Number, we have a good track record. If you look in this slide, in the last five years, we were able to more than double more of our financial KPI. The revenue doubled in the last years. Also, the EBITDA increased.

Even more important KPI is the high value product. They moved from 17% to 38%. Also, the EBITDA reinforced us in percentage. Also, in a period inside of these five years where there was a big up and down of the COVID. But if you look at the CAGR, all overall, we are 15% CAGR on the company.

That is perfectly consistent with the last twenty five years of the company. And this is giving us a good indication, if you’re going to cross the investment that we have put in place in the next years compared to trajectory of the counter that we have in the customer can be a good indicator to prove that we can be we can stay in the double digit growth also in the next years. The starting of 2025, starting in a positive way, we have a good momentum because we see that the demand from outside is robust, practically not our product category. The pharmaceutical industry is very active. We see more and more that consolidation on the vial demand because we come from practically two years where there was this demand for vial was extremely soft due to the COVID because the client built more than €1 stock in the last year.

And we see consistent improvement and this signal of improvement in term of ordinary partners. Even more, what is important to underline and the reason why we have done the IPO in New York in 2021, the big investment that we are doing that we are heavily investing capacity in Italy even more with a big investment that we are doing in Fisher because we are investing more than €05,000,000,000 in order to become domestic for our U. S. Client. We are on track.

All the line that we are installing are on track. We are performing a very robust program of audit and validation from our client. The plant of Fisher is already working in five, seven working day, twenty four hour, is a visible contributor to the revenue growth in 2025 for Stefano. It started to generate positive gross margin in the second part of last year. Fischer’s, that is a little bit behind because we started the development practically three quarter behind compared to Fischer.

To Latina is on track. We have done approximately 12 positive audit in the first part of the year and this is strictly connected with the ramping up with the capacity. So this is a fundamental investment that we are doing that if we succeed, we change the DNA of the company and are on track. Last point, I was looking to show you the footprint, why it’s important to show the footprint. One of the reason why the client is looking to work with company like Stefano is because they want to have one quality in all the plants, they want to have the same technology, not compromise on investment for the quality of their product, maybe even more they want to have a very well spread footprint in a different region of the world.

It’s exactly what we are doing. We start from Europe, now we are starting to replicate all the capability that The States, even more now through the campus in Fisher in Indianapolis. We try to replicate to our client the full capability. From this campus in Fisher, we can serve not only syringe Nexa, we can serve also via rate of field. And now we are starting to introduce the competence from the device in order really to approach our client for in the holistic way.

So we try to really to be one spot shot for all what we’re looking for injectable. And exactly the approach that we are doing, we will do in the next years. Thank you.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Great. Sorry about the noise there. Thank you, Franco. So I wanted to start there on the capacity where you left off. So you talked about and have talked about Latina crossing breakeven in the second half of twenty four, Can you give us a sense of how productive is the Latina site?

How much revenue do you generate there? Or what is your relative level of utilization? How much growth room do you have in Latina to start?

Franco Stevanato, CEO, Stevanato Group: So today, Latina is a visible contributor to the growth of Stevanato in the first quarter. You will see during the year because we are starting to introduce this line. Practically, all the line that we are installing, they’re starting to work in twenty four hours, seven working day. And it’s also generating a lot of positive gross margin. David, it’s not still accretive to the EBITDA of the company.

We need maybe few quarter, maybe the second part of next year because we need to add other line in order to achieve a certain EBITDA target like what we have in Bio Mio Desi. But is on track and we have further space to expand the syringes. But on the top of this, I would like to share with you that we have approved a further expansion in Latina for adding the end of twenty twenty six to beginning of twenty twenty seven, a high level of production for cartridges, say, to fill. We win a big contract in order to install in the next years, several hundred million for capacity for cartridges, say, to fill for one big client, both in parallel, we see more and more a lot of attention and requirement from our pharma customer for cartridges, say, to fill is application between three, five and ten ml for what are what we call large volume on body devices. So today, Latina in 2025 is going to be a big contributor on revenue.

But in the next year, it will be one of the important contributor for all the BDS segment, thanks to the syringes and the cartridges production that we put in place.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay. I want to make sure I got a few details there. So cartridges that line capacity you said would come online at the end of twenty twenty six or early twenty seven?

Franco Stevanato, CEO, Stevanato Group: Will install it in ’26. We will do revenue in twenty beginning of twenty seven with a sort of ramp up phases.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay. And that to serve cartridges and for a contract that you won that you will supply $700,000,000 Several hundred And that is total or per year?

Franco Stevanato, CEO, Stevanato Group: It will be progressively because we will store several line year by year. When it will be upper running, it will be per year.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay. And so then zooming out on Latina, order of magnitude, you how many line you said all the lines that have been installed are operating. I think you said twenty four seven. Yes. How many how many lines is that and how many how much more room do you have?

How many more lines can you

Franco Stevanato, CEO, Stevanato Group: have further capacity to expand other high speed line for syringes. We don’t disclose, but there will be there is some good space to further increase the capacity on syringes.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay.

Franco Stevanato, CEO, Stevanato Group: Just to make you an example, fishers, when it will be up and running at the end of twenty twenty eight, we are talking about an estimation revenue of EUR 500,000,000. The combination between in Latina, between syringes and cartridges at the end of the game, at the end of twenty twenty eight, ’20 ’20 ’9 will be not so far in terms of size, a little bit smaller. But with this add on for cartridges to fill also Latina is going to be visible in term of revenue.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: That’s intriguing. So the $500,000,000 so are you willing to size what Latina will be at full ramp, smaller than $500,000,000

Franco Stevanato, CEO, Stevanato Group: So the Fisher, at the end of twenty twenty eight, we target that it will be €500,000,000 investment that will represent the €500,000,000 revenue. Latina is a smaller investment, but with add on of the Cartage, it will be not so far at the end of the cycle to Fisher. So it will be smaller than Fisher, but much more relevant to our original expectation. Yes.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay. So let’s transition to Fisher’s. I think you said, Fisher’s is approximately three quarters behind in its ramp relative to Latina.

Franco Stevanato, CEO, Stevanato Group: For syringes, Taking consideration, Fisher is much wider spectrum because we are going to add also vial and we are going to install device program. But on syringes per se, we are talking about three quarters behind. Today, we have installed a certain number of high speed line. They are ramping up. A certain line already started to be in let’s say, once they have done the validation, they’re starting to run more in a regular basis.

The other are still linked and connected to the validation and the ramp up with the client. Okay. And

Dave Windley, Analyst, Jefferies Healthcare Equity Research: because Fisher’s is so much bigger and you have these other product lines going in, can Fisher’s get to breakeven on syringes on these syringe lines that you’ve installed so far? Or will it take more build out of more lines

Franco Stevanato, CEO, Stevanato Group: would like to at the end of the year to start to be positive in terms of gross margin also in Fisher. This is the goal that we have more versus the end of the year.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay. The just in terms of longer term product strategy, I believe in fissures, in your original plans, you had contemplated putting Alba syringe in fissures. Is that still part of the plan or

Franco Stevanato, CEO, Stevanato Group: We are going to have we have already installed Nexa syringes technology. We will install syringe with double chamber bypass syringes. And we will install also ALBA technology in Fissures because we have a big pipeline of U. S. Clients that are going to adapt to the ALBA technology.

So we don’t want to serve ALBA only from Europe.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: We’re going to have also some high speed line here in Fissures. And so, ALBA double chamber as well as just ALBA single chamber?

Franco Stevanato, CEO, Stevanato Group: No, ALBA single chamber and NEXSA double chamber. Double

Dave Windley, Analyst, Jefferies Healthcare Equity Research: chamber, okay. Sorry about that. So let’s think then about your growth drivers certainly biologics broadly injectable drugs obviously, but biologics driving the high value demand. How much of that is GLP-one versus non GLP-one? Talk about how important GLP-one is to your

Franco Stevanato, CEO, Stevanato Group: future growth. So we don’t disclose the revenue related to GLP-one. We include the GLP-one inside of biologics. And for sure GLP-one, it will be inside of biologic, the star of biologics. And but it’s one of the big pipeline that we have inside of Biologics.

We are growing a lot in Biologics because inside of the BDS segment, Biologics have represented in Q1 approximately 43% of our revenue in the BDS segment. So and GLP-one is a big contributor factor. It will be a big contributor factor in the next years. It’s also true, David, that today we are engaged with a lot of our, in particular, international U. S.

Client with that they are validated our Nexa syringes, our ALBA syringes, our cartridges, say, to fill in all the pipeline of the product. Today, we see more and more requirement around U. S. Three ml syringes, where we propose or either Nexa or Alba technology. We see more and more requirement when there is going to be certain sort of devices for cartridges, three ml, five ml and ready to fill.

So the message is we have tried to maximize the success on GLP-one, but in parallel, we want to be validated in all the new program that our U. S. Client have in Phase II and Phase III and it’s a very rich pipeline that our customers are sharing with us.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: And while we’re on this subject, we’re really talking about so far I’m asking you about BDS drivers on biologics and GLP-1s. In your integrated, your first proposition slide, you talk about devices. You’re adding devices capabilities into Fisher’s. Where are you in the maturation of your device strategy and well, let me just stop there and keep it simple. So where are you in the maturation?

In other words, are you still just doing contract manufacturing of devices or have you landed some proprietary sales in devices?

Franco Stevanato, CEO, Stevanato Group: Our strategy on devices is we want to become in the next five, ten years a visible player for our client because the market is growing. We are talking that if you are going to combine the forecast of all our clients in next ten years, we’re talking about several hundreds of billions of additional capacity in devices. Stefano, through our R and D department in Milano, have already developed a patent, the device on pen through our Alina devices. And we have already some active client that we are building capacity for them in Germany. We already have a program around Adaptus.

It’s a partnership that we have with Owen Manforth for our auto injector. And we also have our IP on Vertiva, it’s our own body wearable devices. So our strategy is to own the patent and to propose to our client our patent for this type of drug delivery system. It’s also true that in a very selective way, David, when one or existing via syringes or cartridges customers want to engage Stevonato to assign to us some program on auto inject or append based on their IP, we are in a selective way, we are going to take some contract. For example, what we have done in Fisher, we are we started to serve Nexa syringes to this big U.

S. Client. Now we are starting also to build up capacity for them for two program OA2 injector, but they own the IP. Certain big client, they own their IP, they prefer to assign the construction in a CMO business model. So in that

Dave Windley, Analyst, Jefferies Healthcare Equity Research: particular area, in that device area, how much overlap, again going back to the GLP-one question, how much overlap do GLP-1s have and your client base have between BDS and your device activity? Is that a common driver between the two?

Franco Stevanato, CEO, Stevanato Group: In GLP-1s, we have only one client on auto injector. All the other client that we have in between PAN or auto injector both to our AP or CMR are outside of the GLP-one.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay. So then thinking about the ramp again of device I guess the GLP-1s, are you satisfied that your activity in devices has enough diversity to it that you’re not overly beholden to one or two clients or one or two classes of drugs?

Franco Stevanato, CEO, Stevanato Group: Absolutely. The original goal the original strategy for Stevanato on the device area is where there is a syringe, there is a cartridge, even more, the customer is going to do self administration with the device, we must be the partner of choice. The goal of Stevanato, you can see in this slide, is to be the full integrated solution provider for the customer, where it’s not going to assign to Stevanato contract in the single component but in the full system, where there is the combination between glass and devices. In selective way, David, we took this big program on GLP-one, but the real strategy for Stefano is to diversify the portfolio to many client on the device area. And where the priorities are through our IP.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Got it. So let’s focus a little bit on the current. Your first quarter outperformed revenue particularly on BDS relative to our expectations. Can you talk about the drivers of that And where are you seeing some uplift? Where does destocking stand?

Things of that sort.

Franco Stevanato, CEO, Stevanato Group: So starting from the market that is the positive news, demand outside is robust in all the product category. This is the right way. This is robust. I think it will be persistent also in the next years, not only 2025. The vial market, in particular, bulk market is starting to be versus a sort of normalization because we see more consistent order from all our clients, small, medium, big client.

And we think that throughout 2025, we will go through a normalization. Normalization means that the annual consumption for Bayer is around 13,000,000,000 unit per year, growing 1%, two %. Easy field technology for vial, that is much more an issue. We are in the range of a few hundred million, is growing double digit. We are starting to see again this track record, well spread to a lot of our customers.

This is another positive contributor. Also, the fact that the greenfield plants, they are starting to generate revenue and Latina, also positive gross margin, is helping to show more positive result in 2025 in order to go back to our trajectory, David, that we announced at the Market Capital Day in New York that the goal of Stevanato to have the double digit growth in the average next year and to target the 30% of EBITDA in 2027 and to target 45% of revenue on high value product. And we are going to confirm this trajectory.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Great. And so, sounds like the demand environment is improving. Given I don’t want to go into tariffs too deeply, but on this question, but given the environment and potential tariffs, are you seeing customers alter order patterns to try to move inventory in advance of tariffs around No.

Franco Stevanato, CEO, Stevanato Group: What we have seen from our client by the way, two months ago when we start to see this risk of tariff, we have proactively put in place a task force internally where we have people from procurement, from sales, from supply chain in order with the client to negotiate a surcharge or to negotiate a changement on the transport condition. And by the way, again, we see a very fair and professional approach to our client. They understand like what’s happened two years ago with the increase of price of gas that this is an external factor, and we don’t see issue to pass the surcharge. Also with our client, we start also when we can to replan production from one plant to another one in order to mitigate temporary this product. Also because, let’s say, in the next few years from now, the good news that the big plants in Fisher, he will fully mitigate practically all this risk of tariff.

Now we are not going to speculate on this Fisher Greenfield plants because the focus is to do the validation with a big client. When it will be up and running, if you hear pronounced, we can easily produce everything in The United States.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Got it. So but you’re not seeing like in I don’t know how easy it is to differentiate between these two, but as order patterns are improving, that is not being driven by pull forward of orders to avoid tariffs?

Franco Stevanato, CEO, Stevanato Group: No. We don’t see change in the weekly order in part and we do not see deviation. We see practically a sort of quarter by quarter normalization of the ordering. Got it.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: And then in terms of your task force on tariffs, your mitigation strategies, are those durable? So you can mitigate in the near term to those same mitigations. Can you continue to do that presuming the tariff?

Franco Stevanato, CEO, Stevanato Group: Absolutely. So today procurement department is looking with all the supplier to understand how to manage the situation also because our supplier that producing from several plants all around the world with our supply chain together with our client, we try to see how to put the production, for example, sometime insulin we produce from four, five plants in Stefano to group. And then automatically, our sales department is talking about surcharge. But I think it will be an activity that we continue to monitor through this task force also for the next few months since everything to be set. Got it.

Let’s move to

Dave Windley, Analyst, Jefferies Healthcare Equity Research: engineering. Your engineering business has been working through some large complicated projects. I believe your target to have those delivered is around the middle of this year, which is not too far away. How is your progress on that?

Franco Stevanato, CEO, Stevanato Group: We are on track. We have delivered many line in Q1 and Q2, practically the most what we call critical line. Why I say critical? Critical because where new technology for launch a new program for our client, and we’re after first prototype line is the reason why we delay because instead to deliver maybe in eighteen months, we deliver in twenty twenty four months. And this has created some tension to our client and also erosion to margin to Stefano.

So the goal in the first six months was to deliver all this line, and we are on track. Now also the goal in the second part of the year is also to recover marginality because once we will start to produce the second line, we have all the learning curve for the first prototype where we want to really to have the right marginality, the right efficiency. In parallel, we have done what we call right size optimization plan to our Italian and Denmark plants in order to put some internal center of excellence where each plant is going to be specialized in one product line, can be inspection, can be forming, easy field technology or assembly technology. Also this is on track.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: So a specialization by location of your engineering operations?

Franco Stevanato, CEO, Stevanato Group: Yes. Denmark had to be specialized for assembly, technology, a certain customized sophisticated line for certain big client. Italy had to become center of excellence for inspection machine and Bologna Center Of Excellence for easy fill technology. And all of these plants can apply like backup if there are in certain moments some extra demand from one client in order to always supply on time.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: And so, you mentioned, so the first prototype line, you’ll have learnings that you can apply to the second. Is there a third and a fourth and fifth?

Franco Stevanato, CEO, Stevanato Group: Usually was there was is a longer term contract where there was a first line that moved with a high output and there was a lot of customization is where we have delayed the delivery a few months. The second one is going to be a replication of the first one. And there will be several line in the next years to come, in particular for assembly technology for these devices.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay. Assembly technology and more lines for the same client? Or will you be able to resell this to more clients?

Franco Stevanato, CEO, Stevanato Group: Yes, for sure both to this customer, but we can sell this technology to other customers.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Okay. Maybe we’ve got a minute left. In terms of your capital position, how do you foresee your in terms of funding the business and the growth in the business, I guess there’s really two things. One, you had delayed or paused a decision about a greenfield plan in China and I think kind of continuing to evaluate that. So, where does that stand?

And then, do you believe that you have adequate capital currently, adequate access to capital currently to fund the business or will you need to go to the markets to raise capital?

Franco Stevanato, CEO, Stevanato Group: So in 2025, almost probably in 2026, we prefer to keep instant buy the greenfield plants in China and in parallel serve the easy field technology through the plants in Italy because we are going to we have increased the investment in Latina through these cartridges and also we are fully focused to ramp up Fisher. We don’t want to distract the organization. From financial point of view, today our debt is 1.2 times our EBITDA. So we have space to increase the loan with the banks up to two times our EBITDA. And if it’s necessary, together with the Board, if you need to apply in the next years additional investment that we don’t see in the horizon in next twenty four months, we will sell other share of the company in order to finance the growth of the Stevanato like we have done like what we have done in the last years.

So we have two ways to finance Stevanato, through debt with the banks or to eventually do other offering.

Dave Windley, Analyst, Jefferies Healthcare Equity Research: Excellent. That’s great. So that brings us to time. I didn’t mention at the top, Giacomo is with us today in the audience too and I’ll shout out to Lisa. We miss you.

Hope you’re well. Thanks to the thanks to the audience for listening in. Hope you enjoy the rest of the conference and feel free to reach out to my team. Thank you.

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