Italy-headquartered Stevanato Group on Tuesday reported financial results for the third quarter of 2026, including a drop in revenue from glucagon-like peptide-1 (GLP-1) business while revenue from non-GLP-1 biologics jumped more than 30% in Q3.

Revenue from non-GLP-1 biologics was up 13% on a year-to-date basis, according to the company which provides drug containment, drug delivery, and diagnostic products to the pharmaceutical, biotechnology, and life sciences industries.

While Stevanato’s revenue last year from GLP-1s grew more than 50% compared with 2024, the company said on Tuesday that it now expects lower volumes and revenue from GLP-1s in 2027. Stevanato has made efforts to mitigate the financial impact through increased demand in non-GLP biologics and other high-value products.

“Within our GLP-1 portfolio, we now expect lower volumes than previously anticipated for 2027,” CEO Franco Stevanato told analysts in an earnings call, adding that the temporary headwind next year is tied to one customer. “This was not entirely unexpected, and we started taking action several months ago to offset this impact.”

He pointed to the flexibility of Stevanato’s global operations, which allowed it to move some capacity to different regions to accommodate higher demand from other customers. The company expects “consistent, strong” demand in non-GLP-1 biologics in 2027.

Looking ahead, Stevanato said GLP-1s “remain a phenomenal drug class” and the company expects to continue to benefit in the long term, as it works with more than 30 global customers for multiple programs in various stages of clinical development.

“These new customer programs are expected to play an important role in future growth and they utilize high-value products, including our EZ-fill platform and proprietary delivery devices,” the CEO said. “Today, the global patient penetration is well below 10%, and the opportunity remains significant and largely untapped. The overall demand environment for injectable biologics remains structurally strong, underpinned by long-term durable tailwinds.”

Latina, Italy and Fishers, Indiana sites

At Stevanato’s Latina, Italy manufacturing site, commercial operations for EZ-fill syringes are running smoothly and the company continues to work on customer audit and validation activities, according to executives. Stevanato is preparing the facility for the next phase of expansion, which will be dedicated to EZ-fill ready-to-use cartridges.

Stevanato’s investment in a new manufacturing plant in Fishers, Indiana is meant to better serve U.S. biopharmaceutical customers by boosting production capabilities, as the company targets the growing market for biologics.

CFO Marco Delago told analysts on Tuesday that the plan is to keep on expanding profitability in Latina and Fishers. The company has installed approximately 50% of the capacity at Fishers, and Stevanato expects the site to fully ramp up at the end of 2028.

“We are installing, there, capacity with the large majority for high-value solutions where the gross profit margin is from 40% to 70% depending on the type of products,” Delago said. “We expect Fishers to be accretive for the segment when fully ramped up.”

The Fishers site broke even at the gross profit margin level in Q3 and recently shipped the first commercial EZ-fill vial order, while customer audit and validation continue alongside ongoing line installations, according to Stevanato.

“During the third quarter, we completed the build-out of a device manufacturing cleanroom,” the CEO said. “We remain on track to launch commercial volumes in the next couple of months.”

He also noted that Stevanato is in the early phase of commercialization for its device programs, and over the next 18 months the company’s facilities in Fishers and Germany will be focused on a “significant commercial scale-up” for contract manufacturing and a proprietary Alina pen injector. 

“The overall demand environment for injectable biologics remains solid, driven by strong secular tailwinds such as aging population, scientific innovation, and the rising trend of self-administration of medicine,” the CEO observed. “Robust market demand in biologics and biosimilars give us the confidence that we can backfill the lower GLP-1 revenue and still grow low-single-digits in 2027.”