Stevanato Group Reports Second Quarter 2023 Financial Results
- Reiterates Full Year 2023 Revenue and Adjusted Diluted Earnings per Share Guidance; Increases Adjusted EBITDA Guidance -
PIOMBINO DESE,
Second Quarter 2023 Highlights (compared with the same period last year)
-
Second quarter revenue increased
9% to€255.3 million . -
Revenue from high-value solutions increased to
33% of total revenue. -
Diluted earnings per share were
€0.13 ; adjusted diluted earnings per share were€0.14 . -
Adjusted EBITDA margin increased 30 basis points to
26.7% . -
The Company is reiterating its full year 2023 guidance of revenue in the range of
€1.08 5 billion to€1.11 5 billion, and adjusted diluted EPS between€0.58 and€0.62 ; and raising its adjusted EBITDA guidance to range between€291.8 million to€303.8 million .
Second Quarter 2023 Results
Revenue for the second quarter of 2023 increased
For the second quarter of 2023, gross profit margin decreased 90 basis points to
For the second quarter of 2023, adjusted EBITDA margin increased 30 basis points to
The Company delivered net profit of
Franco Moro, Chief Executive Officer, stated, “We currently see strong secular tailwinds, notably in biologics, which are creating downstream demand for high-value solutions. In response to customer demand for high-performance, integrated solutions, we are investing in growth platforms to expand our capacity for high-value solutions. The continued advancements in biologics, including mRNA applications, monoclonal antibodies, GLP-1s, and biosimilars are expected to help drive durable, long-term organic revenue growth in the range of high single-digits to low double-digits."
Biopharmaceutical and Diagnostic Solutions Segment (BDS)
For the second quarter of 2023, Biopharmaceutical and Diagnostic Solutions (BDS) Segment revenue grew
Margins in the segment were tempered, as expected, by the start-up of the Company's new EZ-fill® manufacturing plants, which was partially offset by the increased mix of more accretive high-value solutions. This led to gross profit margin of
Engineering Segment
Revenue from the Engineering Segment increased
For the second quarter of 2023, gross profit margin for the Engineering Segment increased 20 basis points to
Balance Sheet and Cash Flow
As of June 30, 2023, the Company had net debt of
For the second quarter of 2023, cash generated from operating activities was
New Order Intake and Backlog
For the second quarter of 2023, new order intake totaled approximately
2023 Guidance
The Company is reiterating its full year 2023 revenue and adjusted diluted earnings per share guidance and still expects:
-
Revenue in the range of
€1.08 5 billion to€1.11 5 billion, -
Adjusted diluted EPS in the range of
€0.58 t o€0.62 .
The Company is increasing its adjusted EBITDA guidance and now expects adjusted EBITDA in the range of
The Company continues to expect capital expenditures in the range of
Executive Chairman, Franco Stevanato, concluded, "We are pleased with another quarter of solid operational and financial performance as we continue to build on our track record and execute against our long-term growth objectives. We are successfully responding to market demand which is driving our mix shift to high-value solutions. Our growth investments are on track as we expand capacity in high-value solutions to meet strong customer demand. With our diverse product portfolio, we believe we are well positioned to capitalize on favorable secular trends such as the projected growth in biologics."
Conference Call
The Company will host a conference call and webcast at 8:30 a.m. (ET) on Friday, July 28, 2023 to discuss financial results. During the call, management will refer to a slide presentation which will be available on the day of the call on the “Financial Results” page under the Company's Investor Relations section of its 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 call using the following link: http://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=4544003&linkSecurityString=514976446
Webcast: A live, listen-only webcast of the call will be available at the following link: https://87399.choruscall.eu/links/stevanato230728.html
Dial in: Those who are unable to pre-register may dial in by calling:
Replay: The webcast will be archived for three months on the Company’s Investor Relations section of its website at:
https://ir.stevanatogroup.com/financial-results.
Forward-Looking Statements
This press release may include forward-looking statements. The words "expects," "see," "reiterating,” “strong,” “are creating,” “are investing,” “expected,” “raising,” “are responding," “increasing,” "driving," "continues," "continued," "believe," “well positioned,” “favorable,” "growth," "durable," 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, investments the Company expects to make or receive, the expansion of manufacturing capacity, the Company’s plans regarding its presence in the
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, 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) (Unaudited) |
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For the three months |
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For the six months |
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ended June 30, |
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ended June 30, |
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2023 |
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% |
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2022 |
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% |
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2023 |
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% |
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2022 |
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% |
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Revenue |
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255.3 |
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100.0 |
% |
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234.2 |
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100.0 |
% |
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493.3 |
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100.0 |
% |
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446.3 |
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100.0 |
% |
Costs of sales |
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176.4 |
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69.1 |
% |
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159.7 |
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68.2 |
% |
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338.1 |
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68.5 |
% |
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304.3 |
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68.2 |
% |
Gross Profit |
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78.9 |
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30.9 |
% |
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74.6 |
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31.8 |
% |
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155.2 |
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31.5 |
% |
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142.0 |
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31.8 |
% |
Other operating Income |
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4.0 |
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1.6 |
% |
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7.1 |
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3.1 |
% |
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5.2 |
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1.1 |
% |
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8.7 |
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1.9 |
% |
Selling and Marketing Expenses |
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6.8 |
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2.7 |
% |
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7.0 |
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3.0 |
% |
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12.8 |
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2.6 |
% |
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11.9 |
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2.7 |
% |
Research and Development Expenses |
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8.4 |
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3.3 |
% |
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8.5 |
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3.6 |
% |
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16.9 |
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|
3.4 |
% |
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16.2 |
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3.6 |
% |
General and Administrative Expenses |
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22.9 |
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9.0 |
% |
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22.3 |
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|
9.5 |
% |
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|
45.1 |
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9.1 |
% |
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40.8 |
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|
9.1 |
% |
Operating Profit |
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44.9 |
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17.6 |
% |
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43.9 |
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|
18.7 |
% |
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|
85.5 |
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|
17.3 |
% |
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|
81.8 |
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|
18.3 |
% |
Finance Income |
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6.7 |
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|
2.6 |
% |
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7.5 |
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3.2 |
% |
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11.1 |
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2.3 |
% |
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10.5 |
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|
2.4 |
% |
Finance Expense |
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|
7.3 |
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|
2.9 |
% |
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|
9.9 |
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|
4.2 |
% |
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|
16.3 |
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|
3.3 |
% |
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|
14.5 |
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|
3.2 |
% |
Profit Before Tax |
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44.3 |
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17.4 |
% |
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41.5 |
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17.7 |
% |
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80.4 |
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16.3 |
% |
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77.8 |
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|
17.4 |
% |
Income Taxes |
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10.0 |
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3.9 |
% |
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10.9 |
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|
4.7 |
% |
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17.8 |
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3.6 |
% |
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19.4 |
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4.3 |
% |
Net Profit |
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34.3 |
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13.4 |
% |
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30.6 |
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13.1 |
% |
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62.6 |
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12.7 |
% |
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58.4 |
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13.1 |
% |
Earnings per share |
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Basic earnings per common share |
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0.13 |
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0.12 |
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0.24 |
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0.22 |
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Diluted earnings per common share |
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0.13 |
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0.12 |
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0.24 |
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0.22 |
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Average common shares outstanding |
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264.7 |
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264.7 |
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264.7 |
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264.7 |
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Average shares assuming dilution |
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265.4 |
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264.7 |
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265.4 |
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264.7 |
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Reported Segment Information (Amounts in € millions) (Unaudited) |
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For the three months ended June 30, 2023
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Biopharmaceutical
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Engineering |
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Adjustments,
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Consolidated |
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External Customers |
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204.8 |
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50.5 |
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— |
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255.3 |
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Inter-Segment |
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0.4 |
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|
43.0 |
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(43.4 |
) |
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— |
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Revenue |
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205.2 |
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93.5 |
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(43.4 |
) |
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255.3 |
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Gross Profit |
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64.9 |
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|
21.0 |
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(7.0 |
) |
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|
78.9 |
|
Gross Profit Margin |
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|
31.6 |
% |
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|
22.5 |
% |
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|
30.9 |
% |
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Operating Profit |
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|
40.6 |
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|
14.5 |
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(10.2 |
) |
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|
44.9 |
|
Operating Profit Margin |
|
|
19.8 |
% |
|
|
15.5 |
% |
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|
|
|
|
17.6 |
% |
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|
For the three months ended June 30, 2022
|
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|||||||||||||
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Biopharmaceutical
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|
Engineering |
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|
Adjustments,
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Consolidated |
|
||||
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|
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External Customers |
|
|
188.6 |
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|
45.6 |
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|
— |
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|
234.2 |
|
Inter-Segment |
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|
0.3 |
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|
27.7 |
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|
(28.0 |
) |
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|
— |
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Revenue |
|
|
188.9 |
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|
73.3 |
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|
|
(28.0 |
) |
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|
234.2 |
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Gross Profit |
|
|
63.6 |
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|
|
16.3 |
|
|
|
(5.4 |
) |
|
|
74.6 |
|
Gross Profit Margin |
|
|
33.7 |
% |
|
|
22.3 |
% |
|
|
|
|
|
31.8 |
% |
|
|
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|
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|
||||
Operating Profit |
|
|
44.6 |
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|
|
11.4 |
|
|
|
(12.1 |
) |
|
|
43.9 |
|
Operating Profit Margin |
|
|
23.6 |
% |
|
|
15.5 |
% |
|
|
|
|
|
18.7 |
% |
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|
For the six months ended June 30, 2023
|
|
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Biopharmaceutical
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Engineering |
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Adjustments,
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Consolidated |
|
||||
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|
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External Customers |
|
|
400.4 |
|
|
|
92.9 |
|
|
|
— |
|
|
|
493.3 |
|
Inter-Segment |
|
|
0.8 |
|
|
|
92.3 |
|
|
|
(93.2 |
) |
|
|
— |
|
Revenue |
|
|
401.2 |
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|
185.3 |
|
|
|
(93.2 |
) |
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|
493.3 |
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|
|
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|
||||
Gross Profit |
|
|
130.9 |
|
|
|
40.9 |
|
|
|
(16.6 |
) |
|
|
155.2 |
|
Gross Profit Margin |
|
|
32.6 |
% |
|
|
22.1 |
% |
|
|
|
|
|
31.5 |
% |
|
|
|
|
|
|
|
|
|
|
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|
||||
Operating Profit |
|
|
79.3 |
|
|
|
28.5 |
|
|
|
(22.3 |
) |
|
|
85.5 |
|
Operating Profit Margin |
|
|
19.8 |
% |
|
|
15.4 |
% |
|
|
|
|
|
17.3 |
% |
|
|
For the six months ended June 30, 2022
|
|
|||||||||||||
|
|
Biopharmaceutical
|
|
|
Engineering |
|
|
Adjustments,
|
|
|
Consolidated |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Customers |
|
|
361.0 |
|
|
|
85.3 |
|
|
|
— |
|
|
|
446.3 |
|
Inter-Segment |
|
|
0.6 |
|
|
|
51.2 |
|
|
|
(51.8 |
) |
|
|
— |
|
Revenue |
|
|
361.6 |
|
|
|
136.5 |
|
|
|
(51.8 |
) |
|
|
446.3 |
|
|
|
|
|
|
|
|
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|
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|
||||
Gross Profit |
|
|
120.4 |
|
|
|
29.8 |
|
|
|
(8.2 |
) |
|
|
142.0 |
|
Gross Profit Margin |
|
|
33.3 |
% |
|
|
21.8 |
% |
|
|
|
|
|
31.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||
Operating Profit |
|
|
80.3 |
|
|
|
20.1 |
|
|
|
(18.6 |
) |
|
|
81.8 |
|
Operating Profit Margin |
|
|
22.2 |
% |
|
|
14.7 |
% |
|
|
|
|
|
18.3 |
% |
Cash Flow (Amounts in € millions) (Unaudited) |
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For the three months
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|
For the six months
|
|
||||||||||
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|
2023 |
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|
2022 |
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|
2023 |
|
|
2022 |
|
||||
Cash flow from operating activities |
|
|
24.4 |
|
|
|
42.2 |
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|
|
61.5 |
|
|
|
47.4 |
|
Cash flow used in investing activities |
|
|
(95.9 |
) |
|
|
(76.2 |
) |
|
|
(224.7 |
) |
|
|
(130.9 |
) |
Cash flow used in financing activities |
|
|
(25.4 |
) |
|
|
(19.1 |
) |
|
|
(3.4 |
) |
|
|
(16.0 |
) |
Net change in cash and cash equivalents |
|
|
(96.9 |
) |
|
|
(53.1 |
) |
|
|
(166.5 |
) |
|
|
(99.5 |
) |
Non-
This press release contains non-
Reconciliation of Revenue to Constant Currency Revenue (Amounts in € millions) (Unaudited) |
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Three months ended June 30, 2023 |
|
Biopharmaceutical
|
|
|
Engineering |
|
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Reported Revenue (IFRS GAAP) |
|
|
204.8 |
|
|
|
50.5 |
|
Effect of changes in currency translation rates |
|
|
1.5 |
|
|
|
0.1 |
|
Organic Revenue (Non-IFRS GAAP) |
|
|
206.3 |
|
|
|
50.5 |
|
Six months ended June 30, 2023 |
|
Biopharmaceutical
|
|
|
Engineering |
|
||
Reported Revenue (IFRS GAAP) |
|
|
400.4 |
|
|
|
92.9 |
|
Effect of changes in currency translation rates |
|
|
(0.7 |
) |
|
|
0.1 |
|
Organic Revenue (Non-IFRS GAAP) |
|
|
399.7 |
|
|
|
93.0 |
|
Reconciliation of EBITDA (Amounts in € millions) (Unaudited) |
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|
|
For the three months
|
|
|
Change |
|
|
For the six months
|
|
|
Change |
|
||||||||||||
|
|
2023 |
|
|
2022 |
|
|
% |
|
|
2023 |
|
|
2022 |
|
|
% |
|
||||||
Net Profit |
|
|
34.3 |
|
|
|
30.6 |
|
|
|
12.1 |
% |
|
|
62.6 |
|
|
|
58.4 |
|
|
|
7.2 |
% |
Income Taxes |
|
|
10.0 |
|
|
|
10.9 |
|
|
|
(8.3 |
)% |
|
|
17.8 |
|
|
|
19.4 |
|
|
|
(8.2 |
)% |
Finance Income |
|
|
(6.7 |
) |
|
|
(7.5 |
) |
|
|
(11.3 |
)% |
|
|
(11.1 |
) |
|
|
(10.5 |
) |
|
|
5.7 |
% |
Finance Expenses |
|
|
7.3 |
|
|
|
9.9 |
|
|
|
(26.3 |
)% |
|
|
16.3 |
|
|
|
14.5 |
|
|
|
12.4 |
% |
Operating Profit |
|
|
44.9 |
|
|
|
43.9 |
|
|
|
2.6 |
% |
|
|
85.5 |
|
|
|
81.8 |
|
|
|
4.5 |
% |
Depreciation and Amortization |
|
|
19.5 |
|
|
|
15.9 |
|
|
|
22.6 |
% |
|
|
37.9 |
|
|
|
31.1 |
|
|
|
21.9 |
% |
EBITDA |
|
|
64.4 |
|
|
|
59.8 |
|
|
|
7.7 |
% |
|
|
123.4 |
|
|
|
112.9 |
|
|
|
9.3 |
% |
Reconciliation of Reported and Adjusted EBITDA, Operating Profit, Income Taxes, Net Profit, and Diluted EPS (Amounts in € millions, except per share data) (Unaudited) |
||||||||||||||||||||
Three months ended June 30, 2023 |
|
EBITDA |
|
|
Operating
|
|
|
Income
|
|
|
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 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Three months ended June 30, 2022 |
|
EBITDA |
|
|
Operating
|
|
|
Income
|
|
|
Net Profit |
|
|
Diluted EPS |
|
|||||
Reported |
|
|
59.8 |
|
|
|
43.9 |
|
|
|
10.9 |
|
|
|
30.6 |
|
|
|
0.12 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
2.0 |
|
|
|
2.0 |
|
|
|
0.7 |
|
|
|
1.3 |
|
|
|
0.00 |
|
Adjusted |
|
|
61.8 |
|
|
|
45.9 |
|
|
|
11.6 |
|
|
|
31.9 |
|
|
|
0.12 |
|
Adjusted Margin |
|
|
26.4 |
% |
|
|
19.6 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Six months ended June 30, 2023 |
|
EBITDA |
|
|
Operating
|
|
|
Income
|
|
|
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 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Six months ended June 30, 2022 |
|
EBITDA |
|
|
Operating
|
|
|
Income
|
|
|
Net Profit |
|
|
Diluted EPS |
|
|||||
Reported |
|
|
112.9 |
|
|
|
81.8 |
|
|
|
19.4 |
|
|
|
58.4 |
|
|
|
0.22 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
2.9 |
|
|
|
2.9 |
|
|
|
0.8 |
|
|
|
2.1 |
|
|
|
0.01 |
|
Adjusted |
|
|
115.8 |
|
|
|
84.7 |
|
|
|
20.2 |
|
|
|
60.5 |
|
|
|
0.23 |
|
Adjusted Margin |
|
|
26.0 |
% |
|
|
19.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
-
During the three and the 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 inFishers, Indiana ,United States , and inLatina, Italy . During the three months and six months ended June 30, 2022, the Group recorded€2.0 million and€2.9 million , respectively, of start-up costs for the new plants inFishers, Indiana ,United States , in Zhangjiagang,China , and inLatina, Italy . -
During the three and the six months ended June 30, 2023, the Group recorded
€0.1 million of restructuring and related charges among general and administrative expenses.
Capital Employed (Amounts in € millions) (Unaudited) |
||||||||
|
|
As of June 30,
|
|
|
As of December 31,
|
|
||
|
|
|
|
|
|
|
||
- Goodwill and Other intangible assets |
|
|
77.1 |
|
|
|
79.4 |
|
- Right of Use assets |
|
|
17.0 |
|
|
|
19.3 |
|
- Property, plant and equipment |
|
|
861.7 |
|
|
|
641.4 |
|
- Financial assets - investments FVTPL |
|
|
0.7 |
|
|
|
0.8 |
|
- Other non-current financial assets |
|
|
3.2 |
|
|
|
1.0 |
|
- Deferred tax assets |
|
|
77.0 |
|
|
|
69.2 |
|
Non-current assets |
|
|
1,036.7 |
|
|
|
811.1 |
|
|
|
|
|
|
|
|
||
- Inventories |
|
|
269.3 |
|
|
|
213.3 |
|
- Contract Assets |
|
|
133.9 |
|
|
|
103.4 |
|
- Trade receivables |
|
|
229.4 |
|
|
|
212.7 |
|
- Trade payables |
|
|
(267.2 |
) |
|
|
(239.2 |
) |
- Advances from customers |
|
|
(54.1 |
) |
|
|
(26.6 |
) |
- Contract Liabilities |
|
|
(11.2 |
) |
|
|
(14.8 |
) |
Trade working capital |
|
|
300.2 |
|
|
|
248.8 |
|
|
|
|
|
|
|
|
||
- Tax receivables and Other receivables |
|
|
70.5 |
|
|
|
54.0 |
|
- Tax payables and Other liabilities |
|
|
(165.3 |
) |
|
|
(111.1 |
) |
Net working capital |
|
|
205.4 |
|
|
|
191.7 |
|
|
|
|
|
|
|
|
||
- Deferred tax liabilities |
|
|
(21.2 |
) |
|
|
(21.0 |
) |
- Employees benefits |
|
|
(6.8 |
) |
|
|
(8.3 |
) |
- Provisions |
|
|
(6.1 |
) |
|
|
(5.5 |
) |
- Other non-current liabilities |
|
|
(34.0 |
) |
|
|
(18.1 |
) |
Total non-current liabilities and provisions |
|
|
(68.0 |
) |
|
|
(52.9 |
) |
|
|
|
|
|
|
|
||
Capital employed |
|
|
1,174.2 |
|
|
|
949.9 |
|
|
|
|
|
|
|
|
||
Net cash/ (debt) |
|
|
(120.4 |
) |
|
|
46.0 |
|
|
|
|
|
|
|
|
||
Equity |
|
|
(1,053.8 |
) |
|
|
(995.9 |
) |
|
|
|
|
|
|
|
||
Total equity and net debt |
|
|
(1,174.2 |
) |
|
|
(949.9 |
) |
|
|
|
|
|
|
|
Free Cash Flow (Amounts in € millions) (Unaudited) |
||||||||||||||||
|
|
For the three months
|
|
|
For the six months
|
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Cash Flow from Operating Activities |
|
|
24.4 |
|
|
|
42.2 |
|
|
|
61.5 |
|
|
|
47.4 |
|
Interest paid |
|
|
0.5 |
|
|
|
1.0 |
|
|
|
1.4 |
|
|
|
1.8 |
|
Interest received |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
(0.4 |
) |
Purchase of property, plant and equipment |
|
|
(92.2 |
) |
|
|
(74.0 |
) |
|
|
(219.9 |
) |
|
|
(126.7 |
) |
Proceeds from sale of property, plant and equipment |
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
0.5 |
|
Purchase of intangible assets |
|
|
(1.5 |
) |
|
|
(3.2 |
) |
|
|
(2.6 |
) |
|
|
(5.1 |
) |
Free Cash Flow |
|
|
(69.1 |
) |
|
|
(33.7 |
) |
|
|
(160.1 |
) |
|
|
(82.5 |
) |
Net Cash / (Net Debt) (Amounts in € millions) (Unaudited) |
||||||||
|
|
As of June 30, |
|
|
As of December 31, |
|
||
|
|
2023 |
|
|
2022 |
|
||
Non-current financial liabilities |
|
|
(120.9 |
) |
|
|
(148.4 |
) |
Current financial liabilities |
|
|
(68.3 |
) |
|
|
(70.7 |
) |
Other non-current financial assets - Derivatives |
|
|
2.4 |
|
|
|
2.8 |
|
Other current financial assets |
|
|
5.1 |
|
|
|
33.6 |
|
Cash and cash equivalents |
|
|
61.2 |
|
|
|
228.7 |
|
Net Cash/ (Debt) |
|
|
(120.4 |
) |
|
|
46.0 |
|
CAPEX (Amounts in € millions) (Unaudited) |
||||||||||||||||||||||||
|
|
For the three months
|
|
|
Change |
|
|
For the six months
|
|
|
Change |
|
||||||||||||
|
|
2023 |
|
|
2022 |
|
|
€ |
|
|
2023 |
|
|
2022 |
|
|
€ |
|
||||||
Addition to Property, plants and equipment |
|
|
136.7 |
|
|
|
74.3 |
|
|
|
62.4 |
|
|
|
248.8 |
|
|
|
126.2 |
|
|
|
122.6 |
|
Addition to Intangible Assets |
|
|
1.5 |
|
|
|
3.2 |
|
|
|
(1.7 |
) |
|
|
2.6 |
|
|
|
5.1 |
|
|
|
(2.5 |
) |
CAPEX |
|
|
138.2 |
|
|
|
77.5 |
|
|
|
60.7 |
|
|
|
251.4 |
|
|
|
131.3 |
|
|
|
120.1 |
|
Reconciliation of 2023 Guidance (Updated) Reported and Adjusted EBITDA, Operating Profit, Net Profit, Diluted EPS (Amounts in € millions, except per share data) (Unaudited) |
||||||||||
|
|
Revenue |
|
EBITDA |
|
Operating Profit |
|
Net Profit |
|
Diluted EPS * |
Reported |
|
1,085.0 - 1,115.0 |
|
281.3 - 293.3 |
|
201.3 - 213.3 |
|
145.8 - 155.7 |
|
0.55 - 0.59 |
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
Start-up costs new plants |
|
|
|
10.5 |
|
10.5 |
|
8.0 |
|
0.03 |
Adjusted |
|
1,085.0 - 1,115.0 |
|
291.8 - 303.8 |
|
211.8 - 223.8 |
|
153.8 - 163.7 |
|
0.58 - 0.62 |
*May not add due to rounding
View source version on businesswire.com: https://www.businesswire.com/news/home/20230728480286/en/
Media
Stevanato Group
media@stevanatogroup.com
Investor Relations
Lisa Miles
lisa.miles@stevanatogroup.com
Source: Stevanato Group S.p.A.