Stevanato Group’s GLP-1 revenue grows more than 50% in 2025

Italy-based Stevanato Group on Wednesday reported financial results for the fourth quarter and full year 2025, with strong growth from its glucagon-like peptide-1 (GLP-1) business. The company’s revenue last year from GLP-1s grew more than 50% compared with 2024, and its Nexa syringe was the fastest-growing product — driven primarily by GLP-1 demand.

“Biologics remain an important tailwind and in 2025 GLP-1s represented approximately 19% to 20% of total company revenue,” CEO Franco Stevanato said in a statement. “There’s no doubt that we have been successful in winning our fair share of the GLP-1 market.”

Asked in the company’s earnings call about expectations for 2026, he said that GLP-1 growth will be “in the range of mid-teens” with Nexa syringes continuing to play an important role this year, adding that GLP-1s in the next decade will remain a “powerful tailwind” thanks to a “massive preparation of the supply chain” in 2025.

Ongoing investments in its Fishers, Indiana and Latina, Italy sites are expanding capacity for high-value products, while the company pivots away from other product categories. For the full year 2025, capital expenditures totaled €294.9 million with approximately 89% of that amount deployed for growth projects to support customer demand.

At the Latina site in Italy, Stevanato said the past year was “dedicated to the installation and production of syringe capacity and customer validations, all of which will continue in 2026.” He noted that the next phase will focus on increasing capacity for EZ-fill cartridges to meet rising global demand.

Investing in Indiana site

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

In 2025, the Fishers teams were focused on core activities including the ongoing line installations. At the same time, customer validations and audits continued last year. In 2026, line installations and customer validation activities at Fishers are planned.

Stevanato continues its build-out for contract manufacturing activities at the site in support of a couple of large device programs for a key U.S. customer.

“Nearly all of the injection molding machines are installed, and we started producing components for qualification activities,” according to Stevanato. “The first phase of new cleanroom is completed. We still expect the commercial activities to begin at the end of 2026 or early 2027 for the first device program.”

The site, located in a booming life sciences hub near Indianapolis, is designed to bring together Stevanato’s drug containment solutions and device manufacturing capabilities to offer customers an integrated offering with localized production in the U.S.

The Fishers plant is “being positioned as the company’s comprehensive North American manufacturing hub for high value solutions, including the production of prefilled syringes and vials,” according to a recent report by William Blair analysts, who described Stevanato as looking to “capitalize on the strong and growing underlying trends in biologics” — such as antibody-drug conjugates, GLP-1s, and monoclonal antibodies.

On Wednesday, Stevanato said there are over 9,000 injectable assets in the global drug pipeline undergoing clinical evaluation or being registered — and more than 60% are biologics.

“We believe we are well positioned to serve this demand,” he told analysts. “Biologics, our fast and growing segment, is expected to remain a key driver of top line growth and margin expansion as we continue to move up the value chain.”

Asked about the split between injectables and orals for GLP-1s, Stevanato indicated that injectables will remain the majority at approximately 70% while orals will be in the range of about 30%.

“With the launch of the Wegovy pill, patients now have more options for GLP treatments,” he said. “The general consensus among industry experts and our customers is that injectables are expected to be the preferred format for treatment.”