To your comment on Novo potentially being a big customer for Ez-Fill. I believe Novo purchased 3 manufacturing/fill-finish sites from Catalent at the end of 2024, to me this was an indication that maybe they were trying to take this work in-house. Curious as to your thoughts on that.
They are 100% trying to bring some of this in-house to ensure demand, cartridges has not historically been a HVP category but in the last earnings call STVN mentioned they won a large contract there too (if I am not mistaken)
Good Q, I do think the engineering department makes sense but definitely has been a laggard lately (due to extremely high demand during COVID). I'd say that's a good business to has as it will allow for more strategic partnerships regarding self delivery devices. So, if I had to choose today, I would like to have Stevanato with the engineering department. Don't think I would say the same for WST and contract manufacturing (for example)
If "Engineering" means "designing and bringing up a factory floor filled with Stevanato gear", then every dollar billed by Engineering represents, what, $200 in revenue of the next 10 years?
Hi Leandro,
To your comment on Novo potentially being a big customer for Ez-Fill. I believe Novo purchased 3 manufacturing/fill-finish sites from Catalent at the end of 2024, to me this was an indication that maybe they were trying to take this work in-house. Curious as to your thoughts on that.
They are 100% trying to bring some of this in-house to ensure demand, cartridges has not historically been a HVP category but in the last earnings call STVN mentioned they won a large contract there too (if I am not mistaken)
Great note. When you weigh up the pros and cons, do you think they should still have an engineering department?
Good Q, I do think the engineering department makes sense but definitely has been a laggard lately (due to extremely high demand during COVID). I'd say that's a good business to has as it will allow for more strategic partnerships regarding self delivery devices. So, if I had to choose today, I would like to have Stevanato with the engineering department. Don't think I would say the same for WST and contract manufacturing (for example)
Thanks! Why do you prefer them over Schott given similar growth drivers ex engineering?
Better alignment and much further along the Capex plan (especially in the US)
If "Engineering" means "designing and bringing up a factory floor filled with Stevanato gear", then every dollar billed by Engineering represents, what, $200 in revenue of the next 10 years?
Don't understand the comment, sorry