Stevanato Group S.p.A. (NYSE: STVN), a leading global provider
of drug containment, drug delivery, and diagnostic solutions to the
pharmaceutical, biotechnology, and life sciences industries, today
announced its financial results for the second quarter of 2024.
Second Quarter 2024 Highlights
- Revenue for the second quarter of 2024 increased 2% to €259.6
million, compared with the same period last year, and high-value
solutions represented 40% of total revenue.
- For the second quarter, diluted earnings per share were €0.08
and adjusted diluted earnings per share were €0.09.
- Adjusted EBITDA margin for the second quarter was 20.8%.
- The Company is updating its fiscal year 2024 guidance to
reflect a revised outlook primarily in the Engineering Segment. The
Company now expects revenue in the range of €1,090 million to
€1,110 million, adjusted EBITDA in the range of €264 million to
€272 million, and adjusted diluted EPS between €0.48 and
€0.50.
Second Quarter 2024 Results
For the second quarter of 2024, revenue increased 2% (2% on a
constant currency basis), compared with the same period last year,
to €259.6 million, driven by a 9% increase in the Biopharmaceutical
and Diagnostic Solutions (BDS) Segment, which offset a 26% decline
in the Engineering Segment.
Revenue from high-value solutions increased to 40% of total
revenue in the second quarter of 2024, compared with 33% for the
same period last year, driven primarily by strong demand in
high-performance syringes. As expected, lower revenue from EZ-fill®
vials unfavorably impacted the mix within high-value solutions in
the second quarter of 2024.
Gross profit margin for the second quarter of 2024 decreased to
26%, compared with 30.9% for the same period last year, primarily
due to (i) higher-than-expected costs in the Engineering Segment
due to ongoing project delays, (ii) customers' vial destocking
resulting in lower revenue from more accretive EZ-fill® vials and
the underutilization of vial lines, and (iii) the expected
temporary inefficiencies related to the start-up of the Company's
new manufacturing facilities in Italy and the United States.
For the second quarter of 2024, operating profit margin
decreased to 10.8%, compared with 17.6% for the same period last
year, driven primarily by lower gross profit.
Franco Stevanato, Executive Chairman and Chief Executive
Officer, stated, "Our guidance revision is principally due to the
ongoing challenges in the Engineering Segment. Over the last four
years, the Engineering Segment has experienced significant growth,
more than doubling its revenue. We scaled up operations to support
this large volume of work, but persistent delays in electronic
components hindered our ability to advance projects, many of which
were highly customized, complex manufacturing lines. The challenges
within the segment are mostly limited to our Denmark operations,
and we have taken many actions that we believe will help the
segment achieve a more optimized operational structure to maximize
efficiencies and secure the success of projects going forward. Our
number one priority today is to advance this large volume of work
in progress and bring these projects to completion."
Biopharmaceutical and Diagnostic Solutions Segment
(BDS)
In the second quarter of 2024, revenue from the BDS Segment grew
9% to €222.4 million (9% on a constant currency basis), compared
with the same period last year. Revenue from high-value solutions
increased 23% to €103.4 million, while revenue from other
containment and delivery solutions declined 1% to €119.0 million,
compared with the same period last year.
As expected, gross profit margin for the BDS Segment decreased
to 27.7% in the second quarter of 2024. While the Segment benefited
from the favorable mix shift to high-value solutions, the growth
was offset by (i) customers' vial destocking, resulting in lower
revenue from more accretive EZ-fill® vials and the underutilization
of vial lines, and (ii) the expected temporary inefficiencies tied
to the start-up phase of the Company's new manufacturing facilities
in Italy and the United States.
Engineering Segment
For the second quarter of 2024, revenue from the Engineering
Segment decreased 26% to €37.2 million, compared with the same
period last year.
The Company remains focused on executing a large volume of work
currently in progress. During the second quarter of 2024, delays on
highly customized projects, coupled with immediate actions that
were launched in the quarter, led to higher-than-expected costs.
The Company has increased resources, consolidated operations in
Denmark, streamlined processes, and assigned technical experts from
Italy to support the team in Denmark.
As a result of these challenges, gross profit margin decreased
to 10.3% in the second quarter of 2024, compared with 22.5% in the
same period last year.
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had cash and cash equivalents
of €78.1 million and net debt of €238.2 million. The Company
believes that it has adequate liquidity to fund its strategic
priorities over the next twelve months through a combination of
cash on hand, available credit, cash generated from operations, and
the ability to access additional financing.
As expected, capital expenditures for the second quarter of 2024
totaled €75.9 million, as the Company continues to ramp-up capacity
in response to customer demand for high-value solutions in Fishers,
Indiana and Latina, Italy.
For the second quarter of 2024, cash flow from operating
activities was €22.3 million. During the second quarter, the
Company received proceeds of €3 million from the sale of a building
in Denmark. This sale was part of the Company's ongoing initiatives
to optimize its industrial footprint, and gain efficiencies in its
global operations. Cash flow used for the purchase of property,
plant, and equipment, and intangible assets totaled €72.1 million,
driven primarily by capital expenditures supporting strategic
initiatives. This resulted in negative free cash flow of €46.1
million in the second quarter of 2024.
2024 Guidance
The Company is updating its full year 2024 guidance and now
expects:
- Revenue in the range of €1,090 million to €1,110 million,
- Adjusted EBITDA in the range of €264 million to €272 million,
and
- Adjusted diluted EPS in the range of €0.48 to €0.50.
Executive Chairman and Chief Executive Officer, Franco
Stevanato, concluded, "We are focused on solid execution across our
main priorities, including the ongoing expansion in Latina, our
ramp-up activities in Fishers and improving our overall performance
in the Engineering Segment. The core fundamentals of our business
have not changed. The end-markets we serve are healthy and growing.
Demand for our products remains strong, our integrated solutions
resonate with our customers, and we are operating in an environment
with favorable secular tailwinds. We continue to see a durable,
profitable growth path ahead of us, with biologics driving strong
demand, especially in high-value solutions. We remain well
positioned to capitalize on favorable long-term trends to drive
growth, expand margins and create shareholder value."
Conference call: The Company will host a conference call
and webcast at 8:30 a.m. (ET) on Tuesday, August 6, 2024, to
discuss financial results. During the call, management will refer
to a slide presentation which will be available on the morning of
the call on the “Financial Results” page under the Investor
Relations section of the Company's website.
Pre-registration: Participants who pre-register will be
given a conference passcode and unique PIN to gain immediate access
to the call and bypass the live operator. We encourage participants
to pre-register for the conference call using the following link:
STVN conference call pre-registration.
Webcast: A live, listen-only webcast of the call will be
available at the following link: STVN webcast.
Dial in: Those who are unable to pre-register may dial in
by calling:
Italy:
+39 02 802 09 11
United Kingdom:
+44 1 212 818004
United States:
+1 718 705 8796
United States Toll Free:
+1 855 265 6958
Questions during the call: Participants who wish to ask
questions during the call should use the HD webphone link:
https://hditalia.choruscall.com/?$Y2FsbHR5cGU9MiZpbmZvPWNvbXBhbnk=.
Replay:
The webcast will be archived for three months on the Company’s
Investor Relations section of its website.
Forward-Looking Statements
This press release may include forward-looking statements. The
words "temporary," "expects," "ongoing," "are," "believe," "will,"
"drive," "driving," "achieve," "growth," "progress," "remains,"
"continues," "expected," "improving," "growing," "favorable,"
"continue," "see," "durable," "strong," "remain," "well
positioned," "expand," "create," and similar expressions (or their
negative) identify certain of these forward-looking statements.
These forward-looking statements are statements regarding the
Company's intentions, beliefs or current expectations concerning,
among other things, the Company's future financial performance,
including revenue, operating expenses and ability to maintain
profitability and operational and commercial capabilities; the
Company's expectations regarding the development of the industry
and the competitive environment in which it operates; the expansion
of the Company's plants and its expectations to increase production
capacity; the global supply chain and the Company's committed
orders; customer demand and customers' ability to destock higher
inventories accumulated during the COVID-19 pandemic; the success
of the Company's initiatives to optimize the industrial footprint,
harmonize processes and enhance supply chain and logistics
strategies; the Company's geographical and industrial footprint;
and the Company's goals, strategies and investment plans. The
forward-looking statements in this press release are based on
numerous assumptions regarding the Company’s present and future
business strategies and the environment in which the Company will
operate in the future. Forward-looking statements involve inherent
known and unknown risks, uncertainties and contingencies because
they relate to events and depend on circumstances that may or may
not occur in the future and may cause the actual results,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward looking
statements. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate
precisely, such as conditions in the U.S. capital markets, negative
global economic conditions, inflation, the impact of the conflict
between Russia and the Ukraine, the evolving events in Israel and
Gaza, supply chain and logistical challenges and other factors such
as the Company's ability to continue to obtain financing to meet
its liquidity needs, changes in the geopolitical, social and
regulatory framework in which the Company operates or in economic
or technological trends or conditions. For a description of the
risks that could cause the Company’s future results to differ from
those expressed in any such forward looking statements, refer to
the risk factors discussed in our most recent annual report on Form
20-F filed and our most recent filings with the U.S. Securities and
Exchange Commission. Readers should therefore not place undue
reliance on these statements, particularly not in connection with
any contract or investment decision. Except as required by law, the
company assumes no obligation to update any such forward-looking
statements.
Non-GAAP Financial Information
This press release contains non-GAAP financial measures. Please
refer to the tables included in this press release for a
reconciliation of non-GAAP financial measures.
Management monitors and evaluates our operating and financial
performance using several non-GAAP financial measures, including
Constant Currency Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Operating Profit, Adjusted Operating Profit
Margin, Adjusted Income Taxes, Adjusted Net Profit, Adjusted
Diluted EPS, Capital Employed, Net Cash/Net Debt, Free Cash Flow,
and CAPEX. We believe that these non-GAAP financial measures
provide useful and relevant information regarding our performance
and improve our ability to assess our financial condition. While
similar measures are widely used in the industry in which we
operate, the financial measures we use may not be comparable to
other similarly titled measures used by other companies, nor are
they intended to be substitutes for measures of financial
performance or financial position as prepared in accordance with
IFRS.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of
drug containment, drug delivery and diagnostic solutions to the
pharmaceutical, biotechnology and life sciences industries. The
Group delivers an 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. Stevanato Group’s core capabilities in
scientific research and development, its commitment to technical
innovation, and its engineering excellence are central to its
ability to offer value added solutions to clients. To learn more,
visit: www.stevanatogroup.com.
Consolidated Income
Statement
(Amounts in € millions, except
per share data)
For the three months
For the six months
ended June 30,
ended June 30,
2024
%
2023
%
2024
%
2023
%
Revenue
259.6
100.0
%
255.3
100.0
%
495.6
100.0
%
493.3
100.0
%
Costs of sales
192.1
74.0
%
176.4
69.1
%
365.9
73.8
%
338.1
68.5
%
Gross Profit
67.5
26.0
%
78.9
30.9
%
129.7
26.2
%
155.2
31.5
%
Other operating Income
1.0
0.4
%
4.0
1.6
%
2.3
0.5
%
5.2
1.1
%
Selling and Marketing Expenses
7.4
2.8
%
6.8
2.7
%
13.2
2.7
%
12.8
2.6
%
Research and Development Expenses
8.8
3.4
%
8.4
3.3
%
19.5
3.9
%
16.9
3.4
%
General and Administrative Expenses
24.4
9.4
%
22.9
9.0
%
46.1
9.3
%
45.1
9.1
%
Operating Profit
28.0
10.8
%
44.9
17.6
%
53.3
10.7
%
85.5
17.3
%
Finance Income
2.7
1.0
%
6.7
2.6
%
6.8
1.4
%
11.1
2.3
%
Finance Expense
1.5
0.6
%
7.3
2.9
%
5.3
1.1
%
16.3
3.3
%
Profit Before Tax
29.2
11.2
%
44.3
17.4
%
54.8
11.1
%
80.4
16.3
%
Income Taxes
8.5
3.3
%
10.0
3.9
%
15.4
3.1
%
17.8
3.6
%
Net Profit
20.6
7.9
%
34.3
13.4
%
39.4
8.0
%
62.6
12.7
%
Earnings per share
Basic earnings per ordinary share
0.08
0.13
0.15
0.24
Diluted earnings per ordinary share
0.08
0.13
0.15
0.24
Average shares outstanding
272.8
264.7
269.4
264.7
Average shares assuming dilution
272.8
265.4
269.4
265.4
Reported Segment
Information
(Amounts in €
millions)
For the three months ended
June 30, 2024
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
222.4
37.2
—
259.6
Inter-Segment
0.6
42.4
(43.0
)
—
Revenue
223.0
79.6
(43.0
)
259.6
Gross Profit
61.7
8.2
(2.4
)
67.5
Gross Profit Margin
27.7
%
10.3
%
26.0
%
Operating Profit
32.3
2.1
(6.4
)
28.0
Operating Profit Margin
14.5
%
2.6
%
10.8
%
For the three months ended
June 30, 2023
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
204.8
50.5
—
255.3
Inter-Segment
0.4
43.0
(43.4
)
—
Revenue
205.2
93.5
(43.4
)
255.3
Gross Profit
64.9
21.0
(7.0
)
78.9
Gross Profit Margin
31.6
%
22.5
%
30.9
%
Operating Profit
40.6
14.5
(10.2
)
44.9
Operating Profit Margin
19.8
%
15.5
%
17.6
%
For the six months ended June
30, 2024
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
421.3
74.3
—
495.6
Inter-Segment
1.2
82.6
(83.8
)
—
Revenue
422.5
156.9
(83.8
)
495.6
Gross Profit
115.8
21.6
(7.6
)
129.7
Gross Profit Margin
27.4
%
13.8
%
26.2
%
Operating Profit
60.5
7.3
(14.5
)
53.3
Operating Profit Margin
14.3
%
4.6
%
10.7
%
For the six months ended June
30, 2023
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
400.4
92.9
—
493.3
Inter-Segment
0.8
92.3
(93.2
)
—
Revenue
401.2
185.3
(93.2
)
493.3
Gross Profit
130.9
40.9
(16.6
)
155.2
Gross Profit Margin
32.6
%
22.1
%
31.5
%
Operating Profit
79.3
28.5
(22.3
)
85.5
Operating Profit Margin
19.8
%
15.4
%
17.3
%
(Amounts in €
millions)
Cash Flow
For the three months ended
June 30,
For the six months ended June
30,
2024
2023
2024
2023
Cash flow from operating activities
22.3
24.4
93.8
61.5
Cash flow used in investing activities
(69.5
)
(81.9
)
(171.6
)
(196.8
)
Cash flow (used in)/ from financing
activities
(59.4
)
(39.3
)
87.5
(31.3
)
Net change in cash and cash
equivalents
(106.6
)
(96.9
)
9.7
(166.5
)
Non GAAP Financial Information
This press release contains non-GAAP financial measures. Please
refer to "Non-GAAP Financial Information" on page 4 and the tables
included in this press release for a reconciliation of non-GAAP
financial measures.
Reconciliation of Revenue to
Constant Currency Revenue
(Amounts in €
millions)
Three months ended June 30,
2024
Biopharmaceutical and
Diagnostic Solutions
Engineering
Reported Revenue (IFRS GAAP)
222.4
37.2
Effect of changes in currency translation
rates
(0.1
)
—
Organic Revenue (Non-IFRS GAAP)
222.3
37.2
Six months ended June 30, 2024
Biopharmaceutical and
Diagnostic Solutions
Engineering
Reported Revenue (IFRS GAAP)
421.3
74.3
Effect of changes in currency translation
rates
1.0
—
Organic Revenue (Non-IFRS GAAP)
422.3
74.3
Reconciliation of
EBITDA
(Amounts in €
millions)
For the three months ended
June 30,
Change
For the six months ended June
30,
Change
2024
2023
%
2024
2023
%
Net Profit
20.6
34.3
(39.8
)%
39.4
62.6
(37.0
)%
Income Taxes
8.5
10.0
(14.8
)%
15.4
17.8
(13.4
)%
Finance Income
(2.7
)
(6.7
)
(59.9
)%
(6.8
)
(11.1
)
(38.5
)%
Finance Expenses
1.5
7.3
(79.5
)%
5.3
16.3
(67.7
)%
Operating Profit
28.0
44.9
(37.7
)%
53.3
85.5
(37.7
)%
Depreciation and Amortization and
Impairment of PPE
20.8
19.5
6.8
%
42.5
37.9
12.2
%
EBITDA
48.8
64.4
(24.2
)%
95.8
123.4
(22.4
)%
Calculation of Net Profit
margin, Operating Profit Margin, Adjusted EBITDA Margin and
Adjusted Operating Profit Margin
(Amounts in €
millions)
For the three months ended
June 30,
For the six months ended June
30,
2024
2023
2024
2023
Revenue
259.6
255.3
495.6
493.3
Net Profit Margin (Net Profit/
Revenue)
7.9
%
13.4
%
8.0
%
12.7
%
Operating Profit Margin (Operating Profit/
Revenue)
10.8
%
17.6
%
10.7
%
17.3
%
Adjusted EBITDA Margin (Adjusted EBITDA/
Revenue)
20.8
%
26.7
%
21.1
%
26.4
%
Adjusted Operating Profit Margin (Adjusted
Operating Profit/ Revenue)
12.8
%
19.1
%
12.5
%
18.7
%
Reconciliation of Reported and
Adjusted EBITDA, Operating Profit, Income Taxes, Net Profit, and
Diluted EPS
(Amounts in € millions, except
per share data)
Three months ended June 30,
2024
EBITDA
Operating Profit
Income Taxes(3)
Net Profit
Diluted EPS
Reported
48.8
28.0
8.5
20.6
0.08
Adjusting items:
Start-up costs new plants (1)
3.0
3.0
0.8
2.2
0.01
Restructuring and related charges (2)
2.2
2.2
0.5
1.7
0.00
Adjusted
54.0
33.2
9.9
24.5
0.09
Adjusted Margin
20.8
%
12.8
%
Three months ended June 30,
2023
EBITDA
Operating Profit
Income Taxes(3)
Net Profit
Diluted EPS
Reported
64.4
44.9
10.0
34.3
0.13
Adjusting items:
Start-up costs new plants (1)
3.7
3.7
1.0
2.8
0.01
Restructuring and related charges (2)
0.1
0.1
0.0
0.1
0.00
Adjusted
68.2
48.7
11.0
37.0
0.14
Adjusted Margin
26.7
%
19.1
%
Six months ended June 30, 2024
EBITDA
Operating Profit
Income Taxes(3)
Net Profit
Diluted EPS
Reported
95.8
53.3
15.4
39.4
0.15
Adjusting items:
Start-up costs new plants (1)
5.7
5.7
1.5
4.2
0.02
Restructuring and related charges (2)
3.1
3.1
0.8
2.4
0.01
Adjusted
104.6
62.1
17.7
46.0
0.17
Adjusted Margin
21.1
%
12.5
%
Six months ended June 30, 2023
EBITDA
Operating Profit
Income Taxes(3)
Net Profit
Diluted EPS
Reported
123.4
85.5
17.8
62.6
0.24
Adjusting items:
Start-up costs new plants (1)
6.6
6.6
1.8
4.8
0.01
Restructuring and related charges (2)
0.1
0.1
0.0
0.1
0.00
Adjusted
130.1
92.2
19.6
67.4
0.25
Adjusted Margin
26.4
%
18.7
%
(1) During the three and six months ended June 30, 2024, the
Group recorded € 3.0 million and € 5.7 million, respectively, of
start-up costs for the new plants in Fishers, Indiana, United
States, and in Latina, Italy. During the three and six months ended
June 30, 2023, the Group recorded € 3.7 million and € 6.6 million,
respectively, of start-up costs for the new plants in Fishers,
Indiana, United States, and in Latina, Italy. These costs are
primarily related to labor costs incurred prior to the commencement
of commercial operations that are associated with recruiting,
hiring, training and travel expenses of personnel.
(2) During the three and six months ended June 30, 2024, the
Group recorded € 2.2 million and € 3.1 million, respectively, of
restructuring and related charges among general and administrative
expenses and research and development expenses. During the three
and six months ended June 30, 2023, the Group recorded € 0.1
million of restructuring and related charges among general and
administrative expenses. These charges are mainly employee costs
related to the reorganization of certain business functions.
(3) The income tax adjustment is calculated by multiplying the
applicable nominal tax rate to the adjusting items.
Capital Employed
(Amounts in €
millions)
As of June 30, 2024
As of December 31, 2023
- Goodwill and intangible assets
82.2
81.0
- Right of Use assets
16.9
18.2
- Property, plant and equipment
1,139.5
1,028.5
- Financial assets - investments FVTPL
0.4
0.7
- Other non-current financial assets
5.4
4.5
- Deferred tax assets
82.8
76.3
Non-current assets excluding FV of
derivative financial instruments
1,327.1
1,209.2
- Inventories
302.8
255.3
- Contract Assets
176.0
172.6
- Trade receivables
237.0
301.8
- Trade payables
(256.9
)
(277.8
)
- Advances from customers
(11.1
)
(22.9
)
- Non-current advances from customers
(47.7
)
(39.4
)
- Contract Liabilities
(23.5
)
(22.3
)
Trade working capital
376.6
367.2
- Tax receivables and Other
receivables
73.5
58.2
- Tax payables and Other current
liabilities
(140.0
)
(107.0
)
- Current provisions
(1.5
)
(1.1
)
Net working capital
308.6
317.4
- Deferred tax liabilities
(10.6
)
(9.6
)
- Employees benefits
(7.2
)
(7.4
)
- Non-current provisions
(4.1
)
(4.0
)
- Other non-current liabilities
(51.3
)
(48.5
)
Total non-current liabilities and
provisions
(73.2
)
(69.5
)
Capital employed
1,562.4
1,457.1
Net (debt) /cash
(238.2
)
(324.4
)
Total Equity
(1,324.2
)
(1,132.6
)
Total equity and net (debt)/
cash
(1,562.4
)
(1,457.1
)
Free Cash Flow
(Amounts in €
millions)
For the three months ended
June 30,
For the six months ended June
30,
2024
2023
2024
2023
Net cash flow from operating
activities
22.3
24.4
93.8
61.5
Interest paid
1.7
0.5
2.3
1.4
Interest received
(1.0
)
(0.3
)
(1.2
)
(0.5
)
Purchase of property, plant and
equipment
(68.7
)
(92.2
)
(169.2
)
(219.9
)
Proceeds from sale of property, plant and
equipment
3.0
—
3.0
—
Purchase of intangible assets
(3.4
)
(1.5
)
(5.5
)
(2.6
)
Free Cash Flow
(46.1
)
(69.1
)
(76.8
)
(160.1
)
(Net Debt) / Net Cash
(Amounts in €
millions)
As of June 30,
As of December 31,
2024
2023
Non-current financial liabilities
(252.4
)
(255.6
)
Current financial liabilities
(66.5
)
(143.3
)
Other non-current financial assets - Fair
value of derivatives financial instruments
0.3
0.6
Other current financial assets
2.3
4.4
Cash and cash equivalents
78.1
69.6
Net (Debt)/ Cash
(238.2
)
(324.4
)
CAPEX
(Amounts in €
millions)
For the three months ended
June 30,
Change
For the six months ended June
30,
Change
2024
2023
€
2024
2023
€
Addition to Property, plants and
equipment
72.6
136.7
(64.1
)
142.3
248.8
(106.5
)
Addition to Intangible Assets
3.3
1.5
1.8
5.5
2.6
2.9
CAPEX
75.9
138.2
(62.3
)
147.8
251.4
(103.6
)
Reconciliation of 2024
Guidance (Updated)
Reported and Adjusted EBITDA,
Operating Profit, Net Profit, Diluted EPS
(Amounts in € millions, except
per share data)
Revenue
EBITDA
Operating Profit
Net Profit
Diluted EPS
Reported
1,090.0 - 1,110.0
248.9 - 256.9
162.9 - 170.9
119.5 - 125.5
0.44 - 0.46
Adjusting items
—
15.1
15.1
11.3
0.04
Adjusted
1,090.0 - 1,110.0
264.0 - 272.0
178.0 - 186.0
130.8 - 136.8
0.48 - 0.50
*Amounts may not add due to rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806167819/en/
Media Stevanato Group media@stevanatogroup.com
Investor Relations Lisa Miles
lisa.miles@stevanatogroup.com
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