Stevanato Group (STVN) Jefferies London Healthcare Conference 2024 summary

Strategic growth targets and market outlook

• Aims for low double-digit revenue growth and 30% EBITDA by 2027, driven by investments in high-value solutions and capacity expansion in the US and Europe.

• Robust demand in biologics, especially GLP-1 and monoclonal antibodies, underpins long-term growth.

• Destocking in vials has impacted short-term demand, but normalization is expected by 2025, with double-digit growth resuming from 2026.

• Investments in Fishers, Indiana, and Latina, Italy, are designed to meet future demand and regulatory requirements.

• Macro trends like aging populations and biologics market expansion support confidence in achieving targets.

Destocking and recovery trends

• Vial destocking, triggered by COVID-19 inventory buildup, led to a 38% drop in demand in 2024.

• Small and mid-sized customers are returning to normal orders in late 2024, while global accounts are expected to recover in early 2025.

• Full normalization in the vial market is anticipated by 2025, with robust demand in syringes and cartridges continuing.

• Customers are using existing bulk vial inventory before placing new ready-to-fill orders.

High-value product momentum and alliances

• Syringes market is largely ready-to-fill, with customers upgrading to advanced products like Nexa for autoinjectors.

• Vial market is shifting toward easy fill and combi lines as customers renew production lines to meet higher quality and regulatory standards.

• An industry alliance was launched to promote adoption of advanced thermo process and product standards, receiving strong market feedback.