- Total Revenue Growth: 2025 revenue rose 7% reported and 9% at constant currency, driven by BDS segment's 29% growth and high-value solutions up 31% to EUR 171M in Q4.
- GLP-1s Contribution: Revenue from GLP-1s accounted for 19-20% of total revenue in 2025, growing over 50% YoY, with mid-teens growth expected in 2026.
- High-Value Solutions Expansion: High-value solutions represented 49% of Q4 revenue and are projected to reach 47-48% of total revenue in 2026, with capacity expansions in Latina and Fishers.
- 2026 Guidance: Revenue targets EUR 1.260-1.290B, adjusted EBITDA of EUR 331.8-346.9M, and high-value solutions expected to remain 47-48% of revenue, alongside mid-teens GLP-1s growth.
Segment Performance
The BDS segment was a key driver of the company's growth, with revenue increasing 13% at constant currency and 10% on a reported basis in Q4 2025. High-value solutions revenue grew 31% to EUR 171 million, representing approximately 49% of total company revenue in the quarter. The company's strong performance in high-value solutions was driven by growing demand for GLP-1s, which accounted for approximately 19-20% of total company revenue in FY2025, growing more than 50% compared to FY2024.
Growth Prospects
The company expects GLP-1s to remain a meaningful tailwind in the future, driven by growing demand and the introduction of new pen injector formats. For FY2026, the company expects revenue to range from EUR 1.260 billion to EUR 1.290 billion, with adjusted EBITDA expected to range from EUR 331.8 million to EUR 346.9 million. The company's guidance implies mid-teens growth in GLP-1s, which is considered realistic given the initial surge in FY2025 and the normalization of growth in FY2026. As Franco Stevanato stated, "revenue from GLP-1s accounted for 19-20% of total revenue in 2025, with 50% growth compared to 2024."
Valuation
With the company's strong financial performance and growth prospects, we can analyze the valuation metrics to understand what's priced in. The current P/E Ratio is 29.81, indicating that the market is pricing in significant growth expectations. The P/S Ratio is 3.52, and the EV/EBITDA is 15.94, both of which suggest that the company's valuation is reasonable given its growth prospects and industry peers. The ROE is 9.94%, and the ROIC is 7.21%, indicating a decent return on equity and invested capital.
Outlook
The company's focus on building capacity for high-value products and its strong pipeline of biologics position it well for future growth. With the expected growth in GLP-1s and other biologics, Stevanato Group is likely to continue its strong financial performance. Analysts estimate next year's revenue growth at 9.9%, which is in line with the company's guidance. Overall, Stevanato Group's strong financial performance, growth prospects, and reasonable valuation make it an attractive investment opportunity.