<p>Stevanato (STVN) makes the glass vials and pre-filled syringes that GLP-1 drugs ship in. The stock has sold off on fears that oral GLP-1s replace injectables, but Aurelian Research&#39;s Leo Trudel argues that&#39;s a misread: biologics demand keeps growing, the mix is shifting toward higher-margin &quot;high-value solutions,&quot; and switching costs in regulated drug delivery are real. We dig into the bull case, the oral-vs-injectable debate, capacity and oversupply risk, capital allocation, regulatory lock-in, and what would change Leo&#39;s view.</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY" target="_blank" rel="ugc noopener noreferrer">00:00:00</a>] Podcast intro and guest welcome</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=188s" target="_blank" rel="ugc noopener noreferrer">00:03:08</a>] Stevanato&#39;s business model: vials, syringes, high-value solutions[</p><p><a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=231s" target="_blank" rel="ugc noopener noreferrer">00:03:51</a>] COVID boom and the destocking cycle</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=399s" target="_blank" rel="ugc noopener noreferrer">00:06:39</a>] Why the stock sold off and what it implies</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=454s" target="_blank" rel="ugc noopener noreferrer">00:07:34</a>] Market expectations vs. reality</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=715s" target="_blank" rel="ugc noopener noreferrer">00:11:55</a>] Margin expansion from mix shift</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=880s" target="_blank" rel="ugc noopener noreferrer">00:14:40</a>] Oral vs. injectable GLP-1s: the real debate</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=1050s" target="_blank" rel="ugc noopener noreferrer">00:17:30</a>] Why oral and injectable aren&#39;t interchangeable</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=1184s" target="_blank" rel="ugc noopener noreferrer">00:19:44</a>] Capacity additions and oversupply risk</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=1260s" target="_blank" rel="ugc noopener noreferrer">00:21:00</a>] Biologics demand beyond GLP-1</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=1384s" target="_blank" rel="ugc noopener noreferrer">00:23:04</a>] Management trust and capital allocation</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=1612s" target="_blank" rel="ugc noopener noreferrer">00:26:52</a>] Regulatory lock-in: the real moat</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=1782s" target="_blank" rel="ugc noopener noreferrer">00:29:42</a>] What could break the bull case</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=1853s" target="_blank" rel="ugc noopener noreferrer">00:30:53</a>] Future capex and where it goes</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=1961s" target="_blank" rel="ugc noopener noreferrer">00:32:41</a>] Industry structure and M&amp;A outlook</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=2077s" target="_blank" rel="ugc noopener noreferrer">00:34:37</a>] AI tools in investment research</p><p>[<a href="https://www.youtube.com/watch?v=X64HYwo13fY&t=2289s" target="_blank" rel="ugc noopener noreferrer">00:38:09</a>] Closing thoughts and Leo&#39;s stance</p><p>Links:</p><p>Yet Another Value Blog - <a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbE13VkxrNXowWVh5T3AzUW5GQ0hfZlp3R2p6d3xBQ3Jtc0tsMG5Ucm5xeURDTktPekhpQ0xVb3FJeDEzTXY0V3BVZmNLTE5mZ1FzbjBobVU5NEJxVEZncXdZMHU1VlZUeExyaUcySDN0d2NzZHVncGJsX3ZTdVczLVpkSUs1UmdfZnd6QW42ZW9zdEpTYVl5WUl3NA&q=https%3A%2F%2Fwww.yetanothervalueblog.com%2F&v=X64HYwo13fY" target="_blank" rel="ugc noopener noreferrer">https:/</a><a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbE13VkxrNXowWVh5T3AzUW5GQ0hfZlp3R2p6d3xBQ3Jtc0tsMG5Ucm5xeURDTktPekhpQ0xVb3FJeDEzTXY0V3BVZmNLTE5mZ1FzbjBobVU5NEJxVEZncXdZMHU1VlZUeExyaUcySDN0d2NzZHVncGJsX3ZTdVczLVpkSUs1UmdfZnd6QW42ZW9zdEpTYVl5WUl3NA&q=https%3A%2F%2Fwww.yetanothervalueblog.com%2F&v=X64HYwo13fY" target="_blank" rel="ugc noopener noreferrer">/www.yetanothervalueblog.com</a></p><p>See our legal disclaimer here: <a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa2tmbTFRUnJfRFNScXBEVlRCdmlYakRtQzVRZ3xBQ3Jtc0tscmRDWC1HMy1vMURGZ3JVMHhwbWhrNjlRRy01ZmFwc256a3ptTFJzVzFFcXNRY3dpazBWbHl4NkJLaDB3SXY0WGJSaG5RMjh3TDNza0dEelFWVk9OT3N4NDhvT0xvS3hTdG5nVGdvVWFKQXhKeENrQQ&q=https%3A%2F%2Fwww.yetanothervalueblog.com%2Fp%2Flegal-and-disclaimer&v=X64HYwo13fY" target="_blank" rel="noopener noreferer">https://www.yetanothervalueblog.com/p...</a></p><p>Production and editing by The Podcast Consultant - <a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbl9aV3FpUUUtMkJ6SDQ2bHc4VnZiaXUzWHZRZ3xBQ3Jtc0tuYlYybVRSR1ozSkNVakhMdk5Db2oxQno5ek5ueDhOU2hyOUZGMl90M3FCMFo1RU1NQ29Jak5EVnZmNXd4RENBSHhJQTFsYlc2X3FGWmVOUnZWd2dQdTdpTGd0d0hvSUx0eWZMa0NHS3JYYmdDNml1WQ&q=https%3A%2F%2Fthepodcastconsultant.com%2F&v=X64HYwo13fY" target="_blank" rel="ugc noopener noreferrer">https://thepodcastconsultant.com/</a></p>