Stevanato Group S.p.A., a leading global provider of drug containment, drug delivery, and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries, announced its financial results for the second quarter 2021 and established full-year 2021 guidance.
Second Quarter 2021 Highlights (compared to the same period last year)
- Revenue grew 26% to 204.0 million EUR, all growth was organic
- Gross margins increased to 31.2%
- Net profit totaled 34.5 million EUR, or 0.14 EUR of diluted earnings per share (EPS) and included a non-recurring benefit of 4.4 million EUR net profit, or 0.02 EUR diluted EPS
- Excluding the one-time benefit, adjusted diluted EPS was 0.12 EUR
- EBITDA increased 52% to 61.0 million EUR, adjusted EBITDA grew 30% to 52.4 million EUR
- Backlog totaled 738.9 million EUR
- The Company is establishing fiscal-year 2021 guidance and expects revenue in the range of 820 million EUR to 830 million EUR, adjusted EPS in the range of 0.43 EUR to 0.47 EUR, and adjusted EBITDA in the range of 212 million EUR to 217 million EUR
- Subsequent to June 30, the Company raised net proceeds of approximately 453.5 million EUR from its initial public offering on the New York Stock Exchange, including a partial exercise of the underwriters’ over-allotment option.
Franco Moro, Chief Executive Officer of the Group, said, “Strong second-quarter operational results reflect the demand for our integrated, end-to-end portfolio of products, processes, and services that address customer needs across the entire drug life cycle at each of the development, clinical and commercial stages. We achieved double-digit revenue growth in both segments and across all geographies. Our financial results reflect solid demand in our core products, and, to a lesser extent, the ongoing need for our drug containment solutions that play a vital role in the global rollout of the Covid-19 vaccines. We estimate that approximately 15% of second-quarter 2021 revenue was attributable to Covid-19. Our strategic shift in prioritizing our high-value solutions helped boost gross margins by 100 basis points over the prior-year period. For the second quarter of 2021, high-value solutions accounted for approximately 24% of revenue, compared to 23% for the prior year.”
“The past few months have marked an exciting and important time for Stevanato Group,” said Franco Stevanato, Executive Chairman of the Board of Directors. “We are pleased to have successfully completed our initial public offering and, as a listed company, we look forward to continuing to drive long-term value for all of our stakeholders, including customers, patients, employees, partners, and our shareholders.”
To read the full Second Quarter 2021 financial results and the Full Year 2021 Guidance, click here.