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, has announced its financial results for the first quarter of 2023 and maintained its fiscal 2023 guidance.
First Quarter 2023 Highlights (compared with the same period last year)
- First quarter revenue increased 12 percent to EUR 238 million.
- Revenue from high value solutions increased to 32 percent of total revenue.
- Diluted earnings per share of EUR 0.11 and adjusted diluted earnings per share of EUR 0.11.
- Adjusted EBITDA margin increased 50 basis points to 26 percent.
- The Company is reiterating its full year 2023 guidance of revenue in the range of EUR 1.085 billion to EUR 1.115 billion, adjusted diluted EPS between EUR 0.58 and EUR 0.62, and adjusted EBITDA in the range of EUR 290.5 million to EUR 302.5 million.
First Quarter Results
Revenue for the first quarter of 2023 increased 12 percent to EUR 238 million (approximately 11 percent on constant currency basis), compared with the same period last year, mainly driven by growth in both of the Company’s business segments, and the continuing shift to high value solutions. For the first quarter of 2023, revenue from high value solutions increased to 32 percent of total revenue, compared with 29 percent in the same period last year, driven by increased customer demand. For the first quarter of 2023, revenue related to Covid-19 decreased 57 percent and represented approximately 4 percent of revenue compared with approximately 10 percent of revenue in the first quarter of 2022.
For the first quarter of 2023, gross profit margin increased 20 basis points to 32 percent, compared with the same period last year, driven principally by the mix shift towards more accretive high value solutions, and to a lesser extent, improved gross profit margin in the Engineering Segment. As expected, this was offset by the increase in industrial costs and higher depreciation as the Company’s new plants come into service.
Operating profit margin for the first quarter of 2023 decreased 80 basis points to 17.1 percent mostly due to higher selling, general and administrative expenses to support growth initiatives. Excluding start-up expenses related to the Company’s new manufacturing plants, adjusted operating profit margin for the first quarter of 2023 was 18.3 percent and was consistent with the same period last year.
Franco Moro, Chief Executive Officer, stated, “We are investing in growth platforms to expand our capacity for more accretive high value solutions in order to satisfy customer demand. With the expected growth in biologics, we see ample opportunities in treatment classes such as GLP1s, monoclonal antibodies, mRNA applications as well as biosimilars, and we are well positioned to capitalize on favourable industry trends which we expect will drive durable, organic growth.”
To download the full report click here.