Stevanato Group Q4 Revenue Rises 7% to €346.5m with 30.9% Margin
Stevanato Group posted Q4 gross margin of 30.9% (up 120bps) and 7% constant-currency revenue growth to €346.5m, led by 13% BDS gains and 31% High-Value Solutions growth to €171m. It guided 2026 revenue €1.26–1.29bn, EPS $0.59–0.63, CapEx €270–290m; GLP-1 sales grew over 50% to ~20% of revenue despite capacity constraints.
1. Q4 Financial Performance
Stevanato Group delivered Q4 gross margin of 30.9% (up 120bps) and 7% constant-currency revenue growth to €346.5m. BDS segment grew 13%, while High-Value Solutions jumped 31% to €171m, offsetting a 23% decline in the engineering business and headwinds from tariffs and FX.
2. 2026 Guidance and Investment
The company forecast 2026 revenue of €1.26–1.29bn, adjusted EBITDA of €331.8–346.9m and diluted EPS of $0.59–0.63, with capital expenditures pegged at €270–290m and free cash flow projected breakeven to +€20m; Latina and Fishers ramps are expected to boost volumes in late 2026/early 2027.
3. GLP-1 Exposure and Capacity
GLP-1–related sales accounted for roughly 19–20% of 2025 revenue and grew over 50%, led by the Nexa syringe platform; preferred syringe and cartridge capacity ran near full, with management assuming mid-teens GLP-1 growth next year and a sustained ~70/30 injectable/oral split.
4. Facility Ramp Updates
In Latina, 2025 focused on syringe capacity installation and validations, with EZ-fill cartridge line validation slated for 2026 and commercial volumes in early 2027. In Fishers, the site doubled validated customers, completed clean room phase one and targets device program commercial activity by end-2026/early 2027.