Milan, March 5, 2026, 15:17 CET
- Stevanato forecasts 2026 revenue of €1.26 bln-€1.29 bln and adjusted EBITDA of €331.8 mln-€346.9 mln
- Company says GLP-1-related products made up about 19%-20% of 2025 revenue
- U.S.-listed shares closed up about 19% after the update
Stevanato Group S.p.A. (NYSE: STVN) set its first targets for 2026 on Wednesday, forecasting revenue of €1.26 billion to €1.29 billion and adjusted EBITDA of €331.8 million to €346.9 million — a profit measure before interest, taxes, depreciation and amortization, adjusted for some items. The Italian drug-packaging supplier said GLP-1 products — a class of diabetes and weight-loss drugs — made up about 19% to 20% of 2025 revenue, which rose 7% to €1.186 billion. 1
The guidance matters now because packaging has become a pressure point for injectable medicines, from vaccines to the new wave of obesity and diabetes shots. Drugmakers want more ready-to-use components to keep filling lines moving and avoid stoppages.
For Stevanato, the next question is execution. It has been investing heavily in new capacity, and the returns are tied to how quickly those lines fill and how fast start-up costs fade from the margin picture.
U.S.-listed shares closed up 18.81% at $17.50 on Wednesday. 2
In the fourth quarter, revenue increased 5% to €346.5 million and net profit was €47.6 million, the company said. High-value solutions — its higher-margin products — represented 49% of revenue, with CEO Franco Stevanato saying the group was “winning our fair share of the GLP1 market” and entering 2026 with “positive momentum and a clear focus on disciplined execution.” 3
On the earnings call, CFO Marco Dal Lago said Stevanato had built in an €18 million headwind from currency translation — the drag that comes when foreign sales are converted back into euros. He also said the company expected capital spending (capex) of €270 million to €290 million before customer contributions and was aiming for free cash flow “breakeven to positive” at about €20 million, with adjusted EBITDA margin “expanding for approximately 150 basis points,” or 1.5 percentage points. 4
Stevanato’s adjusted diluted EPS guidance implied a midpoint of €0.61, slightly below the analyst consensus of €0.64, while the revenue midpoint was essentially in line with the €1.28 billion consensus estimate, Investing.com reported. 5
The company’s pivot toward premium vials, syringes and cartridges puts it in the same lane as rivals such as Gerresheimer, Schott Pharma and West Pharmaceutical Services, as drugmakers lock in suppliers for longer production runs of biologic medicines.
But a lot can still go wrong. A softer-than-expected path for GLP-1 injections, delays in customer qualifications, or a slower ramp at new plants would make it harder to lift margins and turn higher sales into cash, while the engineering unit can swing with project timing and order intake.
Stevanato operates in two segments — Biopharmaceutical and Diagnostic Solutions, and Engineering — supplying drug containment and delivery systems as well as equipment used in pharma manufacturing. 6
