Stevanato reported record revenue due to strong growth in engineering sectors as well as high value solutions.

The Italian company is a global provider for pharmaceutical and healthcare industry headquartered in Padua, Italy.

For the fourth quarter, revenue increased 12.5% to €232.6 million over last year driven by both segments and was better than expected due to strong growth in the engineering segment where customers are investing in global expansion.

For the fiscal year 2021 revenue grew 27.5% to €843.9 million driven by increases in both segments, an increasing mix of high value solutions and Covid; for the full year, Covid accounted for approximately 14.7% of revenue.

Revenue from high value solutions increased to 28.5% and 24.6% of total revenue for the fourth quarter and full year, respectively.

Franco Moro, Stevanato CEO, said: “Within our primary packaging business, trends towards superior performance and higher quality products helped boost our revenue from high value solutions and we expect these trends will continue.

"We enter 2022 with a sharp focus on executing against our operational priorities of increasing capacity in Italy, expanding our global industrial footprint in the U.S. and China, investing in R&D, and growing our pipeline of integrated high value solutions.”