Peter DeYoung CEO PIRAMAL PHARMA
Could you highlight the main milestones and achievements of Piramal Pharma in 2023?
Firstly, we expanded our API and HPAPI (Highly Potent API) facilities in Riverview, Michigan, and Aurora, Ontario. These expansions were crucial to meet the growing demand in the market. Additionally, we made significant strides in our capacity expansion efforts, particularly in ADCs (antibody-drug conjugates) production at our Grangemouth, UK, location. This expansion enables us to stay at the forefront of emerging therapeutic areas. Another achievement is the enhancement of our discovery chemistry capabilities at our Ahmedabad, India, site. By adding in vitro biology capabilities, we now offer a comprehensive integrated package for early-stage discovery efforts. Furthermore, we initiated our first fully integrated program, starting with mAbs (monoclonal antibodies) and expanding into conjugation and fill-finish processes across three of our network sites. Lastly, securing multiple game-changing commercial projects signifies a significant leap forward for us. How does Piramal Pharma plan to boost its programs in oncology and ADC?
With the addition of the Lexington site to our network, we began offering integrated solutions, encompassing conjugation and fill-finish processes. Additionally, at our Aurora and Riverview sites, we have conducted linker or payload work for clients. However, one missing component for us was the mAb aspect. Recently, with our strategic investment inYapan Bio , we now offer this component as well. We have come to recognize the simplicity, speed, and supply chain certainty that integrated solutions offer compared to working with multiple parties. Hence, we have introduced a branded offering called ADCelerate, aimed at speeding up ADC efforts by combining all necessary components into a single, integrated package. Do you anticipate 2024 to be a strong year for CDMOs?
The underlying innovation in the industry is robust, with numerous scientifically strong drug ideas and projects targeting various therapeutic areas. As the funding market potentially opens up there is a strong likelihood of increased outsourcing.
Franco Stevanato Executive Chairman STEVANATO GROUP
Can you give an overview of Stevanato Group?
Today, Stevanato is the market leader worldwide in cartridges and EZ-fill vials, and the second-largest player globally in syringes. Over the past 25 years, the company has seen double-digit growth yearly.
From 2000, Stevanato Group’s strategy has been built around three main axes. The first is globalization, and we have built state-of-the-art greenfield plants in all major strategic regions with pharmaceutical companies. Today, we have 20 sites in nine different countries, and approximately 5,600 employees, serving a portfolio of nearly 700 customers. The second growth axis is continuously expanding our R&D capabilities. Thirdly, we are continuously on the lookout for M&A opportunities to expand our capabilities and become more vertically integrated. For example, over the years, we acquired companies specializing in injection molding, highly sophisticated engineering inspection systems, and technologies for the assembly of devices.
In 2023 the company’s revenue was €1,085 million with an adjusted EBITDA margin of 26.9%, and our expectations for 2024 are to continue to grow. How important is the US market for Stevanato, and what are the company’s expansion plans in the country?
The US market will be Stevanato Group’s main focus for the next 10 years. Today, we sell to the US market through our plants in Italy and Mexico, but we also have a facility in California specialized in plastic injection molding for medical devices, as well as an R&D Technology Excellence Center in Boston where we can support biotech customers and their developments from the early stages and select the right primary packaging around their molecule. In 2021, Stevanato invested in a state-of-the-art greenfield plant in Indiana to support the expansion and production of the company’s EZ-fill® solutions and pre-sterilized drug containment systems. This investment was connected with our IPO on the New York Stock Exchange in 2021.