An Italian maker of the glass vials, syringes, cartridges, and ampoules that hold injectable medicines, along with the drug delivery devices and inspection systems used alongside them. It began in 1949 as Soffieria Stella, a small glass-blown workshop near Venice started by Giovanni Stevanato, whose name it now carries. A fun detail: the firm still builds its own high-precision glass-forming machines in-house.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Gross margin rebounded to 29.0% as high-value solutions rose 29.4% and new-plant operations improved.
The margin story turned — recovered to 29.0% after two years of decline. rose 7.4% to €1,186.3M, driven by a 29.4% increase in high-value solutions that now make up 46% of the business, while climbed 23.4% to €198.8M. The heavy investment cycle is still underway, but the plants it built are starting to earn their keep.
Key takeaways
expanded 1.6 points to 29.0%, reversing two years of contraction, as the product mix shifted toward high-value solutions and operating performance improved at the new Fishers, Indiana and Latina, Italy plants.
High-value solutions rose 29.4% to €546.4M, reaching 46% of total revenue, while other containment and delivery solutions declined 3.8% as post-pandemic vial destocking stabilized but weak demand for standard vials persisted.
increased 23.4% to €198.8M and widened to 16.8%, reflecting the higher and , despite €4.1M in restructuring charges and €6.5M in start-up costs for new facilities.
Net cash from operating activities rose to €286.1M from €155.8M, helped by a €91.2M from trade and advances, while remained elevated at €294.9M for capacity expansion.
The Engineering continued to weigh on results: fell 13.0% to €148.1M and declined to 11.0% from 15.7%, driven by lower volumes and an unfavorable project mix concentrated on complex legacy projects in Denmark.
GLP-1 related was estimated at 19-20% of total company revenue in 2025, representing a concentrated demand driver within the high-value solutions portfolio.
What changed
recovery materialized as earlier filings had flagged to watch: after falling from 32.5% in 2022 to 27.4% in 2024, margin rebounded to 29.0% as vial destocking abated and the Fishers and Latina plants moved toward commercial-scale production.
The Engineering margin trajectory worsened rather than stabilizing: fell to 11.0% from 15.7%, below the already-depressed 9.3% segment margin reported in 2024, as the optimization plan continued into 2026.
was not disclosed for 2025, leaving the conversion and order-intake trend flagged in 2024 unresolved.
What to watch
Whether can build on the 29.0% recovery as temporary ramp-up inefficiencies at the U.S. and Italian plants continue to abate and U.S. import tariffs persist.
The Engineering margin and trajectory as the optimization plan progresses into 2026 and the segment laps the 13.0% decline.
generation and levels as remain elevated at €294.9M and inflows may not repeat at the same scale.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Please refer to Note 38 “Qualitative and quantitative information of financial risks” to the Consolidated Financial Statements included elsewhere in this document for details on the market risks that the Group is exposed to. 150
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Please refer to Note 38 “Qualitative and quantitative information of financial risks” to the Consolidated Financial Statements included elsewhere in this document for details on the market risks that the Group is exposed to.
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Key risks include quality failures in complex products, geopolitical and tariff exposure, IT/cybersecurity threats, and reliance on key customers and suppliers.
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Material weaknesses in internal control over financial reporting remain outstanding as of December 31, 2025, with remediation now extending into 2026.
The heavy cycle continued at €294.9M, down from the €453.3M peak in 2023 but still well above pre-2022 levels, keeping the company in a .
Concentration risk around GLP-1 related , estimated at 19-20% of the total, and whether demand sustains as the obesity-drug market evolves.
Product quality or performance failures in highly complex drug containment and delivery systems could lead to lost sales, recalls, and reputational damage.
Geopolitical tensions, particularly U.S.-China relations and new U.S. tariffs, threaten supply chains, costs, and market access for the company's global operations.
The company identified material weaknesses in internal control over financial reporting as of December 31, 2025, with remediation extending into 2026.
A cyberattack or failure to protect data could result in significant fines, litigation, and operational disruption, especially given evolving AI-related threats.
Post-pandemic destocking by customers has stabilized but weak demand for standard vials may persist, impacting in the Biopharmaceutical .
Concentrated voting control by the Stevanato family and Italian government 'golden power' over strategic healthcare assets could deter or block takeovers and strategic transactions.
Stevanato Group is a global provider of integrated drug containment, delivery, and diagnostic solutions for the pharmaceutical and life sciences industries.
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The company operates in two segments: Biopharmaceutical and Diagnostic Solutions (88% of 2025 ) and Engineering (12% of 2025 revenue).
Its Biopharmaceutical includes drug containment solutions like EZ-fill® ready-to-use vials and syringes, drug delivery systems such as the Alina® pen injector, and in-vitro diagnostic consumables.
The Engineering produces pharmaceutical visual inspection, assembly, packaging, and glass converting equipment, along with after-sales support services.
Stevanato serves over 700 customers globally, including 23 of the top 25 pharmaceutical companies, and estimates its exceeds $14 billion in 2025.
The company is expanding manufacturing capacity in the U.S. (Fishers, Indiana) and Italy (Latina) to meet demand for high-value solutions, particularly EZ-fill® products.
Key competitive strengths include an integrated end-to-end platform, standardized global manufacturing, and high customer retention due to significant switching costs tied to regulatory filings.
Revenue grew 7.4% to €1,186.3M driven by high-value solutions, while gross margin expanded to 29.0% despite tariff and ramp-up headwinds.
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Consolidated rose 7.4% (9.1% ) to €1,186.3M, as a 29.4% surge in high-value solutions (to €546.4M) more than offset a 3.8% decline in other containment and delivery solutions.
margin improved to 29.0% from 27.4%, primarily due to a favorable product mix shift toward high-value solutions and operating improvements at new Fishers and Latina plants, partially offset by U.S. import tariffs.
Engineering fell 13.0% to €148.1M and its declined to 11.0% from 15.7%, driven by lower volumes and an unfavorable project mix weighted toward complex legacy projects in Denmark.
increased 23.4% to €198.8M, with expanding to 16.8%, reflecting improved and , despite €4.1M in restructuring charges and €6.5M in for new facilities.
Net cash from operating activities surged to €286.1M from €155.8M, driven by higher profit and a €91.2M inflow from trade and advances, while remained elevated at €294.9M for capacity expansion.
The Group expects temporary ramp-up inefficiencies at new U.S. and Italian plants to gradually abate, and continues to prioritize high-value solutions growth, with GLP-1 related estimated at 19-20% of total company revenue in 2025.