Stevanato Group has published its financial results for the third quarter of 2026, reporting eight per cent revenue growth and maintaining its full-year guidance — though it warned that lower GLP-1 volumes will moderate growth in 2027.
The Italy-based drug containment and delivery solutions provider posted revenue of €326.1m, up eight per cent on both a reported and organic basis.
Adjusted EBITDA rose 14% to €88.8m, with the margin up 150 basis points to 27.2%. Net profit increased 16% to €41.8m.
GLP-1 outlook tempers 2027 growth
GLP-1 therapies represented approximately 17% to 18% of Stevanato’s third-quarter revenue. Chair and CEO Franco Stevanato said the company now expects lower GLP-1 volumes and revenue in 2027 than previously anticipated, which will “temporarily moderate growth."
He added that Stevanato remains confident of low single-digit growth next year “based on what we know today."
A company spokesperson told Manufacturing Chemist the reduction relates to lower-than-expected volumes from one customer, calling it “a temporary headwind rather than a change in the long-term GLP-1 opportunity."
As new drugs reach the market, it is not uncommon to see fluctuations in customer forecasts, with volumes coming in above expectations in some cases and below expectations in others.
Stevanato supports more than 30 customers across approximately 50 GLP-1 programmes, including novel applications and biosimilars. “We therefore continue to view GLP-1s as a significant long-term growth opportunity for Stevanato Group,” they added.
Biologics demand backfills capacity
Non-GLP-1 biologics grew by more than 30% in the quarter. The spokesperson said the company has “already made significant progress in backfilling the majority of the affected 2027 volumes with new and incremental demand, primarily from other biologic applications."
On production planning, the spokesperson said that Stevanato has “already taken actions to reallocate the capacity associated with the lower expected GLP-1 volumes”.
Capacity is tight in key areas: the Alba industrial line is operating at approximately full capacity, RTU cartridge capacity is largely booked for 2027 and demand for high-value pre-filled syringe solutions is strong.
This gives us flexibility to redeploy capacity toward other biologic applications while continuing to maintain a disciplined approach to capacity investments.
Segment performance
Revenue in the company's Biopharmaceutical and Diagnostic Solutions (BDS) segment rose 10% to €294.0m, or 11% organically. High-value solutions, driven by EZ-fill syringes and cartridges, grew one per cent to €149.4m and made up 46% of group revenue.
Engineering segment revenue fell 12% to €32.0m, on lower pharma visual inspection and assembly and packaging revenue.
The spokesperson said visual inspection and assembly “are good businesses that provide value to our customers, but they currently remain dilutive to Group margins," adding that the benefits of the optimisation plan are “taking longer than originally anticipated."
They added that glass converting capabilities remain “strategic and instrumental” to the core BDS business and that Stevanato’s priority is a portfolio aligned with its “long-term strategy of moving up the value chain."
Margins and investment
The Group's gross margin slipped ten basis points to 29.1%, reflecting higher utility costs and depreciation. Capital expenditure totalled €44.8m, mainly for new plants in Italy and Indiana.
At the Fishers, Indiana site, the spokesperson said that the "current focus is on the operational ramp-up of these investments and on maintaining a disciplined approach to capital deployment."
Net debt stood at €353.7m and free cash flow was €21.7m. Stevanato said that it expects full-year revenue of €1.260bn to €1.280bn.
