Aptargroup Inc (ATR) 2024 Q3 法說會逐字稿

Thank you all for your patience. Today's conference call with Aptar will be starting shortly.

感謝大家的耐心等待。今天與 Aptar 的電話會議即將開始。

Ladies and gentlemen, thank you all for standing by. Welcome to Aptar's 2024 third quarter conference call. (Operator Instructions)

女士們先生們，謝謝大家的支持。歡迎參加 Aptar 2024 年第三季電話會議。（操作員說明）

Introducing today's conference call is Mrs. Mary Skafidas, Senior Vice President, Investor Relations and Communications. Please go ahead.

今天的電話會議由投資者關係和通訊部高級副總裁 Mary Skafidas 女士介紹。請繼續。

Good morning. Hello, everyone and thanks for being with us today. Our speakers on the call today are Stephan Tanda, President and CEO; and Bob Kuhn, Executive Vice President and CFO. Also joining us on the call today is Vanessa Kanu, our CFO designate. Our press release and accompanying slide deck have been posted on our website under the investor relations page.

早安.大家好，感謝您今天和我們在一起。今天電話會議的發言人是總裁兼執行長 Stephan Tanda；以及執行副總裁兼財務長鮑伯‧庫恩 (Bob Kuhn)。今天加入我們電話會議的還有我們的候任財務長 Vanessa Kanu。我們的新聞稿和隨附的幻燈片已發佈在我們網站的投資者關係頁面下。

During this call, we will be discussing certain non-GAAP financial measures. These measures are reconciled to the most directly comparable GAAP financial measure and the reconciliations are set forth in the press release.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。這些指標與最直接可比較的公認會計準則財務指標進行了調節，並在新聞稿中列出了調節情況。

Please refer to the press release disseminated yesterday for reconciliations of non-GAAP measures to the most comparable GAAP measures discussed during the earnings call. As always, we will post a replay of this call on our website.

請參閱昨天發布的新聞稿，以了解非公認會計準則衡量標準與財報電話會議期間討論的最具可比性的公認會計準則衡量標準的對帳情況。像往常一樣，我們將在我們的網站上發布本次通話的重播。

I would now like to turn the conference call over to Stephan.

我現在想把電話會議轉給史蒂芬。

Thank you, Mary and good morning, everyone. We appreciate you joining us on the call today. I will begin my remarks by highlighting our third quarter results. Later on the call, Bob Kuhn, our CFO will provide additional details on key drivers for the quarter.

謝謝瑪麗，大家早安。我們感謝您今天加入我們的電話會議。我將首先強調我們第三季的業績。在稍後的電話會議上，我們的財務長 Bob Kuhn 將提供有關本季度關鍵驅動因素的更多詳細資訊。

Starting on slide 3, for the third quarter. I am pleased to report that after I achieved core sales growth of 2% and delivered adjusted EPS of a $1.49 per share, a 6% increase over the prior year's quarter. We grew adjusted EPS by 15% for the first nine months of the year and are well positioned to grow adjusted EPS double digits for the full year.

從投影片 3 開始，第三季。我很高興地向大家報告，我的核心銷售額成長了 2%，調整後每股收益達到 1.49 美元，比去年同期成長 6%。今年前 9 個月，我們的調整後每股盈餘成長了 15%，全年調整後每股盈餘成長兩位數。

The positive results in the quarter were driven by strong operational improvements, ongoing demand for our pharma proprietary drug delivery systems, growing pharma royalty revenues and increased demand for our food closures technologies. This quarter, Aptar's adjusted EBITDA margin was at the top end of our long term range at 23%.

本季度的積極業績得益於強勁的營運改善、對我們製藥專有給藥系統的持續需求、不斷增長的製藥特許權使用費收入以及對我們的食品密封技術的需求增加。本季度，Aptar 的調整後 EBITDA 利潤率為 23%，處於我們長期範圍的上限。

While our pharma segment has consistently performed within its long term target range for both core sales and adjusted EBITDA margins. Closures joins pharma this quarter with core sales of 4% and adjusted EBITDA margins of 17%.

我們的製藥部門的核心銷售額和調整後 EBITDA 利潤率始終保持在其長期目標範圍內。本季 Closures 加入製藥業，核心銷售額為 4%，調整後 EBITDA 利潤率為 17%。

The closure segment returned to its core sales long term target range was driven by increased demand around the world. A focus on converting end markets to higher value dispensing closures and the reinvigoration of innovation globally. All together delivering improved top line sales.

在全球需求增加的推動下，瓶蓋部分恢復到其核心銷售長期目標範圍。專注於將終端市場轉變為更高價值的分配瓶蓋以及全球創新的重振。所有這些共同提高了營收。

The segment increased margins were also driven by consistent focus on reducing costs including the recent plant closing in France, a steady improvement in plant utilization up about 10% over the past 18 months and an ongoing focus on efficiency.

該部門利潤率的成長也得益於對降低成本的持續關注，包括最近關閉了法國工廠、過去 18 個月工廠利用率穩步提高約 10% 以及對效率的持續關注。

Now, turning back to our pharm segment, we continue to see good demand for proprietary drug delivery system, especially for allergy sprays, central nervous system and emergency medicines with 12% core sales growth in the quarter following the 15% core sales growth in the third quarter of 2023.

現在，回到我們的製藥領域，我們繼續看到對專有藥物輸送系統的良好需求，特別是過敏噴霧劑、中樞神經系統和急救藥物，繼上一季度核心銷售額增長15% 後，本季度核心銷售額成長12%。

Pharma delivered adjusted EBITDA margins at the high end of the long term target range due to sales of higher value products and increasing royalty revenues. Royalties are a newer steadily growing revenue stream that may perhaps cause some lumpiness down the road.

由於銷售更高價值的產品和特許權使用費收入的增加，製藥公司的調整後 EBITDA 利潤率處於長期目標範圍的高端。特許權使用費是一種較新的穩定成長的收入來源，可能會導致未來出現一些波動。

We believe the growing revenue stream from royalties is a testament to the value of the regulatory expertise and services that we offer to our customers, especially in the early stages of the drug development process. Some smaller clients often start-up ventures choose to award Aptar royalties on final product sales in lieu of service fees.

我們相信，特許權使用費收入的成長證明了我們為客戶提供的監管專業知識和服務的價值，特別是在藥物開發過程的早期階段。一些規模較小的客戶經常選擇向 Aptar 支付最終產品銷售的特許權使用費來代替服務費。

In the quarter, we also had a number of exciting developments for our pharma business. As a reminder, one of the first nasally delivered emergency medicines approved by the FDA was Narcan, naloxone using a Aptar's Unidose device. About a year ago, this medicine was approved by the FDA for over the counter distribution to try to stem the tide of opioid deaths in the US.

本季度，我們的製藥業務也取得了許多令人興奮的進展。提醒一下，FDA 批准的首批經鼻給藥的緊急藥物之一是 Narcan，即使用 Aptar 的 Unidose 裝置的納洛酮。大約一年前，這種藥物被 FDA 批准在櫃檯銷售，以試圖遏制美國阿片類藥物死亡的浪潮。

And recently, the Centers for Disease Control and Prevention released preliminary data showing that drug overdose deaths fell by almost 13% in the last 12 months. We are extremely encouraged by the significant drop in drug overdose deaths.

最近，美國疾病管制與預防中心發布的初步數據顯示，過去 12 個月內藥物過量死亡人數下降了近 13%。藥物過量死亡人數的大幅下降令我們深受鼓舞。

Additionally, in August, the FDA and the European Commission approved another important nasally delivered emergency medicine, neffy and EURneffy nasally delivered epinephrine is now available on the market.

此外，今年8月，FDA和歐盟委員會批准了另一種重要的經鼻給藥急救藥物，neffy和EURneffy經鼻給藥腎上腺素現已上市。

We have been working on this project for about six years and it capitalizes on our delivery system, proven FDA required reliability of 99.999% for emergency medications. This reliability is backed by some 30 years of field data which is essential when you're dealing with the dosing and dispensing of life saving medications.

我們已經在這個專案上工作了大約六年，它利用了我們的輸送系統，經證明 FDA 要求緊急藥物的可靠性達到 99.999%。這種可靠性得到了大約 30 年現場數據的支持，這在您處理救生藥物的劑量和分配時至關重要。

As we have said, when a new medication is launched, it generally takes a few years to hit the steady sales trajectory. Over time, we believe we will see nasally delivered epinephrine become an exciting new application.

正如我們所說，當一種新藥推出時，通常需要幾年時間才能達到穩定的銷售軌跡。隨著時間的推移，我們相信我們將看到經鼻輸送的腎上腺素成為一種令人興奮的新應用。

Over the last few years, we have focused our capital allocation toward organic growth for our pharma business, but we are always exploring potential acquisitions that can strengthen our market position and deepen our moat.

在過去的幾年裡，我們將資本配置的重點放在製藥業務的有機成長上，但我們一直在探索可以加強我們的市場地位並加深我們的護城河的潛在收購。

So recently, we acquired all technology assets from the proprietary portfolio of SipNose, a company focused on intra nasal delivery platforms for local systemic and central nervous system indications, all growth areas for Aptar pharma.

因此，最近，我們收購了 SipNose 專有產品組合中的所有技術資產，SipNose 是一家專注於局部全身和中樞神經系統適應症鼻內給藥平台的公司，這些都是 Aptar Pharma 的成長領域。

This transaction offers additional intellectual property to fit a wide range of therapies and offers the opportunity to precisely target areas of the nasal cavity to enable enhanced systemic local or even direct nose to brain delivery.

這項交易提供了額外的智慧財產權來適應廣泛的治療方法，並提供了精確定位鼻腔區域的機會，以增強系統性局部甚至直接鼻到腦的輸送。

Acquiring the IP assets of the SipNose expands our patent product portfolio and supports new product development to further supplement internasal delivery applications and R&D innovation platforms.

收購SipNose的智慧財產權資產擴大了我們的專利產品組合，並支援新產品開發，以進一步補充內部輸送應用和研發創新平台。

Two weeks ago, our Board of Directors visited a new state of the art injectable facility in Grainville in Normandy in France. Just as some of our newly installed highly automated manufacturing lines were being tested.

兩週前，我們的董事會參觀了位於法國諾曼第格蘭維爾的一家最先進的新註射設施。正當我們新安裝的一些高度自動化生產線正在進行測試時。

We are bullish about the future of our injectables business. The majority of new drugs that come on the market are in injectable format and 50% of those are biologics. To meet this growing market needs, our Normandy, France and Congress New York facilities will be focused on higher value components and services including premium fill and premium code which are designed to optimize drug integrity and patient safety.

我們對注射劑業務的未來充滿信心。大多數上市新藥都是注射劑型，其中 50% 是生物製劑。為了滿足這一不斷增長的市場需求，我們在法國諾曼第和紐約國會的工廠將專注於更高價值的組件和服務，包括優質填充和優質程式碼，旨在優化藥物完整性和患者安全。

Requirements for ready to use components which are sterilized are only increasing with the launch of annex 1 in Europe in 2023. Looking ahead, we see a number of biologic projects filling our pipeline including GLP -1 and blood factor drugs developed from blood derivatives.

隨著附件 1 於 2023 年在歐洲推出，對已滅菌的即用型組件的要求只會不斷增加。展望未來，我們看到許多生物項目正在填補我們的管道，包括 GLP -1 和由血液衍生物開發的血液因子藥物。

As an aside, we recently celebrated a capacity expansion in our Congress New York facility. A key step in our global expansion program which supports growing proprietary drug delivery systems in our injectable business in North America. The building extension enhances warehousing cleanroom and manufacturing capabilities and adds an additional nearly 30,000 square feet of manufacturing footprint.

順便說一句，我們最近慶祝了紐約國會設施的產能擴張。這是我們全球擴張計畫的關鍵一步，該計畫支持我們在北美注射業務中不斷成長的專有給藥系統。建築擴建增強了倉儲潔淨室和製造能力，並額外增加了近 30,000 平方英尺的製造佔地面積。

I also want to touch on two exciting announcements from our active material science division. Earlier this week, we announced that we were awarded a contract from the US federal government to advance development of our ActivShield sterilization technology.

我還想談談我們的活性材料科學部門發布的兩個令人興奮的公告。本週早些時候，我們宣布獲得美國聯邦政府的合約，以推進 ActivShield 滅菌技術的開發。

This innovative solution sterilizes medical devices without the need for a power source, making it ideal for remote environments, military settings and health care facilities with limited or no current sterilization capabilities.

這種創新的解決方案無需電源即可對醫療設備進行消毒，非常適合當前消毒能力有限或無消毒能力的偏遠環境、軍事環境和醫療保健設施。

In September, we also announced that N-Sorb, a technology that mitigates nitrosamine impurities has been accepted into the FDA's Emerging Technology Program, which helps promote the adoption of innovative approaches to pharmaceutical product design and manufacturing.

9 月，我們也宣布 N-Sorb（一種減少亞硝胺雜質的技術）已被 FDA 的新興技術計畫接受，有助於促進採用創新方法進行藥品設計和製造。

Our ability to mitigate nitrosamine formation with active material science introduces a critical quality control element designed to ensure patient safety. We are eager to collaborate with the FDA to empower farmer brands with this innovative offering.

我們利用活性材料科學減少亞硝胺形成的能力引入了旨在確保患者安全的關鍵品質控制要素。我們渴望與 FDA 合作，為農民品牌提供這項創新產品。

Before I touch on recognition and new innovations for quarter three, I want to provide an update as we recently closed on the previously announced JV with a pump manufacturer in China, acquiring a 40% stake.

在談到第三季的認可和新創新之前，我想先介紹一下最新情況，因為我們最近關閉了先前宣布的與中國一家泵浦製造商的合資企業，收購了 40% 的股份。

As a reminder through this partnership, Aptar will have access to cost effective pump manufacturing, faster go to market agility and a more complete end to end local supply chain, all of which will further strengthen our competitiveness in the region and beyond.

透過此次合作，Aptar 將獲得具有成本效益的泵浦製造、更快的市場靈活性以及更完整的端到端本地供應鏈，所有這些都將進一步增強我們在該地區及其他地區的競爭力。

Additionally, we will have access to competitive mold and machine building capabilities that can be used globally and will provide us with high quality and lower cost capital investment alternatives. Finally, the partnership will also give us access to much needed analyzation capabilities used across our pharma and beauty segments.

此外，我們將獲得可在全球範圍內使用的具有競爭力的模具和機器製造能力，並將為我們提供高品質和低成本的資本投資替代方案。最後，此次合作也將使我們能夠獲得製藥和美容領域急需的分析功能。

Now turning to the recent recognitions received in the quarter. Time named Aptar among the world's best companies of 2024. This great recognition reflects our steadfast commitment to employee satisfaction and transparency in environment, social and governance data reporting. We were also recently named to 3BL's ranking of the 100 Best Corporate Citizens.

現在轉向本季最近收到的認可。《時代》雜誌將 Aptar 評為 2024 年全球最佳公司之一。這項巨大認可反映了我們對員工滿意度以及環境、社會和治理資料報告透明度的堅定承諾。我們最近也入選 3BL 100 家最佳企業公民排行榜。

This ranking evaluates Russell 1,000 companies based on 223 ESG factors across seven pillars. Now switching to new launches and innovation as shown on slide 4. For our pharma segment, our nasal spray and bag on valve technology was featured on new nasal saline launches in the US, including one for the brand Sudafed.

該排名根據七個支柱的 223 個 ESG 因素對 Russell 1,000 家公司進行了評估。現在切換到新的發布和創新，如投影片 4 所示。對於我們的製藥部門，我們的鼻噴劑和閥袋技術在美國推出的新鼻鹽水中得到了應用，其中包括 Sudafed 品牌的一個。

We have also entered into an exclusive collaboration agreement with PULMOTREE to lead the development and promotion of their core non propellant liquid inhaler platform. We are providing our robust support services and will be the main point of contact for customers.

我們也與 PULMOTREE 簽訂了獨家合作協議，領導其核心非推進劑液體吸入器平台的開發和推廣。我們正在提供強大的支援服務，並將成為客戶的主要聯絡點。

Now turning to our beauty business, Puig is featuring our prestige fragrance pump on its Paco Rabanne Lady Million fragrance in Europe. Our dispensing pumps are featured on TRESemmé hair care products by Unilever in Latin America and the Beiersdorf Eucerin brand cleansing gel in Europe. Finally, our Neo dropper technology for the controlled application of serums is featured with the Freda brand hair care product in Asia.

現在轉向我們的美容業務，Puig 在歐洲推出的 Paco Rabanne Lady Million 香水中採用了我們的著名香水泵。我們的分配泵在拉丁美洲聯合利華的 TRESemmé 護髮產品和歐洲的拜爾斯道夫優色林品牌清潔凝膠中得到應用。最後，我們用於控制精華液塗抹的 Neo 滴管技術在亞洲的 Freda 品牌護髮產品中得到了應用。

In closures, we continue to bring innovation to store out with our solutions. Campbell launched its Pace taco sauces in an easy squeeze inverted bottle using our closure with SimpliSqueeze valve. KraftHeinz and IHOP teamed up to launch a syrup with our pour spout closure.

在關閉方面，我們繼續透過我們的解決方案帶來創新。金寶湯 (Campbell) 在易於擠壓的倒置瓶中推出了 Pace taco 醬，使用我們的 SimpliSqueeze 閥門封蓋。卡夫亨氏 (KraftHeinz) 和 IHOP 聯手推出了一款配有倒嘴蓋的糖漿。

In personal care, our new lightweight disc top is the dispensing solution for Paul Mitchell’s Clean Beauty Shampoo and Conditioner.

在個人護理領域，我們的新型輕質圓盤頂部是 Paul Mitchell Clean Beauty 洗髮精和護髮素的分配解決方案。

Now, I would like to turn the call over to Bob.

現在，我想將電話轉給鮑伯。

Thank you, Stephan, and good morning, everyone. Starting on slide 5, I would like to summarize the quarter. Our reported and core sales increased 2% as currency and acquisition effects did not impact the quarter. Results for Q3 were driven by strong growth in pharma's proprietary drug delivery systems as well as strong closure sales worldwide.

謝謝你，史蒂芬，大家早安。從投影片 5 開始，我想總結一下這個季度。我們的報告銷售額和核心銷售額成長了 2%，因為貨幣和收購影響並未影響本季。第三季的業績受到製藥公司專有給藥系統的強勁成長以及全球瓶蓋銷售的強勁推動。

As shown on slide 6, we reported third quarter adjusted earnings per share of $1.49, which is a 6% increase over the prior year adjusted EPS. During the quarter, we achieved adjusted EBITDA of $208 million which increased from the prior year's third quarter by 8% driven by expanding margins.

如投影片 6 所示，我們報告第三季調整後每股收益為 1.49 美元，比上年調整後每股收益成長 6%。在本季度，由於利潤率不斷擴大，我們實現了調整後 EBITDA 2.08 億美元，比去年第三季度增長了 8%。

Free cash flow, more than doubled to $255 million for the nine months ended September 30 compared to $124 million in the prior year due to improved profitability and strides we've made in better managing our working capital.

截至9 月30 日的九個月，自由現金流增加了一倍多，達到2.55 億美元，而去年同期為1.24 億美元，這得益於盈利能力的提高以及我們在更好地管理營運資金方面取得的進展。

Turning to the details by segment for the quarter, our pharma segments core sales increased 7% due to volume growth, especially in our proprietary drug delivery systems and active material science solutions. Looking at sales in the pharma segment by end market, I will start by breaking out our proprietary drug delivery systems which performed well in the quarter.

轉向本季度按細分市場劃分的詳細信息，由於銷量增長，特別是在我們專有的藥物輸送系統和活性材料科學解決方案方面，我們的製藥細分市場核心銷售額增長了 7%。以終端市場分析製藥領域的銷售情況，我將首先介紹我們在本季表現良好的專有藥物傳輸系統。

Prescription core sales increased 20% driven by strong sales of emergency medicine and central nervous system therapeutics as well as allergy medications. Core sales for consumer health care decreased 6% due to non product revenue in the prior year that did not repeat in 2024.

在急診藥物、中樞神經系統治療藥物以及過敏藥物銷售強勁的推動下，處方藥核心銷售額成長了 20%。由於前一年的非產品收入在 2024 年沒有重複，消費者醫療保健的核心銷售額下降了 6%。

Injectables core sales decreased 12% over the prior year period. While revenue from the elastomeric components was down slightly. The division faced a difficult comparison due to substantial service revenue from a customer's product launch in the prior year quarter that did not repeat.

注射核心銷售額較上年同期下降 12%。而彈性體部件的收入則略有下降。該部門面臨困難的比較，因為上一季客戶產品發布帶來的大量服務收入沒有重複。

However, we continue to see demand for our higher value elastomeric components including those used for GLP-1 applications. For the first nine months of the year, sales of injectable components grew 13%.

然而，我們繼續看到對我們更高價值的彈性體組件的需求，包括用於 GLP-1 應用的組件。今年前 9 個月，可注射組件的銷售額成長了 13%。

Core sales for our active material science solutions improved in the quarter growing 10% with increased demand across a number of end markets, particularly probiotics. Pharm's adjusted EBITDA margin was 36%, a 1 point improvement from the prior year quarter due to increased sales of higher value products, increased royalties on customer sales and ongoing efforts around operational improvements.

隨著許多終端市場（尤其是益生菌）需求的增加，我們的活性材料科學解決方案的核心銷售額在本季增加了 10%。Pharm 調整後的 EBITDA 利潤率為 36%，比去年同期提高 1 個百分點，原因是高價值產品的銷售增加、客戶銷售特許權使用費增加以及圍繞營運改進的持續努力。

Moving to beauty, this segment's core sales decreased 6% in the quarter with approximately 4% of the decline attributed to lower tooling sales and 2% due to less favorable product mix. Prestige fragrance faced a difficult comparison this quarter up against double digit growth in the prior year period.

轉向美容領域，本季該細分市場的核心銷售額下降了 6%，其中約 4% 的下降歸因於工具銷售額下降，2% 的下降歸因於產品組合不佳。與去年同期的兩位數成長相比，本季的高級香水面臨艱難的比較。

Personal care and home care markets grew globally in the quarter with North America showing modest volume growth across all beauty end markets. As we look closer at the beauty end market, which includes fragrance, facial skin care and color cosmetics, core sales decreased by 14% in the quarter.

本季個人護理和家庭護理市場在全球範圍內實現增長，其中北美所有美容終端市場的銷量均出現小幅增長。當我們仔細觀察包括香水、臉部保養品和彩妝在內的美容終端市場時，本季核心銷售額下降了 14%。

Overall, softer demand for prestige fragrance dispensing solutions after a period of substantial growth and lower tooling sales drove the decline. Core sales for the personal care market increased 5% due to demand for body lotions and hair care products mainly in Europe and North America.

總體而言，經過一段時間的大幅增長後，對高端香精分配解決方案的需求疲軟以及工具銷售的下降推動了銷量的下降。由於主要在歐洲和北美市場對潤膚露和護髮產品的需求，個人護理市場的核心銷售增加了 5%。

Home care core sales increased 18% driven by rebounding sales in North America. Primarily for our products used on hair care applications. Beauty adjusted EBITDA margin for the quarter was approximately 13% more than a 0.5 point improvement over the prior year period even with lower core sales.

在北美銷售反彈的推動下，家庭護理核心銷售成長了 18%。主要針對我們用於護髮應用的產品。即使核心銷售額較低，本季美容調整後 EBITDA 利潤率仍較去年同期提高 0.5 個百分點，約 13%。

Turning to the closure segment, core sales increased 4% which is within the long term target range due to increased demand across each region. When looking at sales by end market for closures core sales to the food market increased 10% driven by strong sales growth in Europe, North America and Latin America for our products used on sauces and condiments.

至於瓶蓋部分，由於各地區需求增加，核心銷售額成長了 4%，處於長期目標範圍內。從瓶蓋終端市場的銷售來看，由於我們用於醬料和調味品的產品在歐洲、北美和拉丁美洲的強勁銷售成長，食品市場的核心銷售成長了 10%。

Beverage core sales increased 1% with sales of our products used on functional sports drinks contributing positively to the results. Sales grew across all regions with the exception of North America, which saw lower demand. Core sales for personal care closures decreased 3%, growth in Latin America and Asia could not offset the decline in Europe for the quarter.

飲料核心銷售額成長了 1%，其中用於功能性運動飲料的產品銷售額對業績做出了積極貢獻。除需求下降的北美地區外，所有地區的銷售額均有所成長。個人護理瓶蓋的核心銷售額下降了 3%，拉丁美洲和亞洲的成長無法抵銷本季歐洲的下降。

In our fourth category which includes beauty, home care and health care. Core sales decreased 3% due to large tooling sales in the prior year quarter. Product sales were up 10% driven by growth in home care. The segment suggested that the margin was 17% for the quarter, a nearly 2 point improvement compared to the prior year quarter.

第四類包括美容、家庭護理和保健。由於去年同期模具銷售量較大，核心銷售量下降了 3%。在家庭護理成長的推動下，產品銷售額成長了 10%。該部門表示，本季利潤率為 17%，與去年同期相比提高了近 2 個百分點。

In the third quarter of 2024, we had capital expenditures of approximately $66 million the majority being allocated to our pharma segment. Reported depreciation and amortization expense increased by almost $4 million over the prior year quarter to approximately $67 million or 7% of sales.

2024 年第三季度，我們的資本支出約為 6,600 萬美元，其中大部分分配給我們的製藥部門。報告的折舊和攤銷費用比去年同期增加了近 400 萬美元，達到約 6,700 萬美元，佔銷售額的 7%。

Slide 7 and 8 cover our year-to-date performance and show a core sales increase of 3% and our adjusted earnings per share which were $4.12 up 15% compared to $3.58 a year ago, including comparable exchange rates.

幻燈片 7 和 8 涵蓋了我們今年迄今為止的業績，並顯示核心銷售額增長了 3%，調整後每股收益為 4.12 美元，比一年前的 3.58 美元增長了 15%（包括可比匯率）。

Moving to slide 9, which summarizes our outlook for the fourth quarter. We anticipate our growth to continue and expect fourth quarter adjusted earnings per share excluding any restructuring expenses, acquisition costs and changes in the unrealized fair value of equity investments to be in the range of a $1.22 to a $1.30 per share.

轉到幻燈片 9，它總結了我們對第四季度的展望。我們預計我們的成長將持續，並預計第四季度調整後每股收益（不包括任何重組費用、收購成本和未實現股權投資公允價值的變化）將在每股 1.22 美元至 1.30 美元之間。

The estimated tax rate range for the fourth quarter of 20% to 22% includes a potential tax benefit as part of our ongoing tax planning which more than offsets anticipated retroactive tax rate increases in France with the comparable adjusted prior to your effective tax rate of 24%.

第四季的估計稅率範圍為 20% 至 22%，其中包括作為我們正在進行的稅務規劃的一部分的潛在稅收優惠，這足以抵消法國預期的追溯稅率增加與您的有效稅率 24 之前的可比調整% 。

Based on the fourth quarter guidance, full year adjusted EPS would be in the range of $5.34 to $5.42, a double digit increase over full year 2023. We currently estimate depreciation and amortization for 2024 to be between $260 million to $270 million. We expect our capital expenditures in 2024 to be between $280 million and $300 million with the majority of capital allocated to our pharma segment.

根據第四季指引，全年調整後每股收益將在 5.34 美元至 5.42 美元之間，比 2023 年全年增長兩位數。我們目前預計 2024 年的折舊和攤提將在 2.6 億美元至 2.7 億美元之間。我們預計 2024 年的資本支出將在 2.8 億至 3 億美元之間，其中大部分資本分配給我們的製藥部門。

In closing, we continue to have a strong balance sheet with a leverage ratio of approximately 1.1, which allows us to continue to invest in the business, pursue strategic opportunities and continue to return value to shareholders in the form of dividends and repurchases.

最後，我們繼續擁有強勁的資產負債表，槓桿率約為1.1，這使我們能夠繼續投資於業務，尋求策略機會，並繼續以股息和回購的形式向股東回報價值。

In addition to our cash dividend payments to shareholders which totaled approximately $30 million in the quarter. We repurchased about 95,000 shares for approximately $14 million. Over the last five years, we have returned more than $780 million to shareholders through dividends and share repurchases.

此外，本季我們也向股東支付了總計約 3,000 萬美元的現金股利。我們以約 1,400 萬美元的價格回購了約 95,000 股股票。過去五年，我們透過股利和股票回購向股東返還超過 7.8 億美元。

At this time, Stephan will provide a few closing comments before we move to Q&A.

此時，在我們進入問答環節之前，史蒂芬將提供一些結束語。

Thanks, Bob. Looking to the fourth quarter, we anticipate a solid finish to a strong year. The top line is expected to grow in the fourth quarter even with some customers having indicated seasonal inventory rightsizing in the beauty and cough and cold end markets.

謝謝，鮑伯。展望第四季度，我們預計將迎來強勁的一年。儘管一些客戶表示美容、咳嗽和感冒終端市場的季節性庫存調整，但第四季的營收預計仍將成長。

In pharma, we expect continued growth across a number of end markets especially for proprietary drug delivery systems for allergy, emergency medicines and central nervous system therapies.

在製藥領域，我們預計許多終端市場將持續成長，特別是用於過敏、急救藥物和中樞神經系統治療的專有藥物傳輸系統。

At the same time, we do see demand for cough and cold OTC remedies softening after week '23, '24 cold and flu season. On the other hand, initially indications from the southern hemisphere point to a stronger '24, '25 cold and flu season.

同時，我們確實看到咳嗽和感冒非處方藥的需求在 23、24 週感冒和流感季節之後有所減弱。另一方面，南半球的初步跡象表明「24」和「25」感冒和流感季節將會更加強勁。

The pharma segment will deliver solid double digit adjusted EBITDA growth in 2024 due in part to sales of higher value products and royalties. We anticipate 2025 to be another solid year for our pharma business. Our closure segment has returned to growth and we expect it to finish the year strong with healthy adjusted EBITDA margin improvements over the prior year.

製藥部門將在 2024 年實現兩位數的調整後 EBITDA 穩定成長，部分原因是高價值產品和特許權使用費的銷售。我們預計 2025 年將是我們製藥業務的另一個強勁一年。我們的封口部門已恢復成長，我們預計今年將表現強勁，調整後的 EBITDA 利潤率將比前一年有所改善。

Beauty is battling a tough macro environment with progressive market recovery in North America continued weakness in China and facing very challenging comparisons after substantial growth of fragrance dispensing solutions in 2023. Innovation cost mitigation, improved operational leverage and accelerating efficiencies remain key priorities for our teams.

美妝產業正在應對嚴峻的宏觀環境，北美市場逐步復甦，中國市場持續疲軟，並且在 2023 年香精分配解決方案大幅增長後，面臨著非常具有挑戰性的比較。降低創新成本、提高營運槓桿和提高效率仍然是我們團隊的首要任務。

Before we open the call for questions, I want to recognize that this will be Bob's last earnings call with Aptar as CFO certainly not as a shareholder. Bob has decided to retire after 37 years with Aptar 16 of those years as CFO. Bob has become a trusted friend and colleague and has been a strategic partner in driving the overall growth of the company over the years.

在我們開始提問之前，我想認識到，這將是鮑勃作為財務長（當然不是作為股東）與 Aptar 舉行的最後一次財報電話會議。Bob 在 Aptar 工作了 37 年，其中 16 年擔任財務官，他決定退休。鮑伯已成為值得信賴的朋友和同事，多年來一直是推動公司整體發展的策略夥伴。

I would also like to officially welcome Vanessa Kanu who has joined the CFO designate and will take on the role of CFO on January 1. I'm really pleased to welcome Vanessa to the Aptar team. She brings with her tremendous experience as CFO in financial reporting, global operations and cost management that Aptar and our shareholders will benefit from greatly.

我還要正式歡迎 Vanessa Kanu 加入 CFO 候補名單，並將於 1 月 1 日就任 CFO。我非常高興歡迎 Vanessa 加入 Aptar 團隊。她作為財務長在財務報告、全球營運和成本管理方面擁有豐富的經驗，Aptar 和我們的股東將從中受益匪淺。

Bob will stay in the CFO role through the end of the year and then will be available as an advisor through 2025 to ensure a smooth transition. Bob has always put what is best for a above all else and while he will be greatly missed, we are happy, he will have a bit more time for himself and his family in this next phase of life. Congratulations, Bob and welcome to the team Vanessa.

Bob 將繼續擔任財務長一職直至今年年底，然後將擔任顧問直至 2025 年，以確保順利過渡。鮑伯總是把最好的東西放在第一位，雖然我們會非常想念他，但我們很高興，在人生的下一個階段，他將有更多的時間陪伴自己和家人。恭喜鮑勃，歡迎瓦妮莎加入團隊。

I'm glad that some of our shareholders and sell side analysts had the opportunity to already meet Vanessa while touring our French beauty and pharma plant a few weeks ago. I look forward to introducing many more of you to her over the coming quarters.

我很高興幾週前我們的一些股東和賣方分析師在參觀我們的法國美容和製藥工廠時有機會見到了瓦妮莎。我期待在接下來的幾季向她介紹更多人。

With that, I would like to open up the call for questions.

至此，我想開始提問。

(Operator Instructions)

（操作員說明）

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Hi, thanks everyone. Good morning. I guess, I'll start Bob and I'm sure everybody is going to say this from the bottom of our heart. Thank you for everything you've done to support our research of Aptar in the industry over the years. We really, really appreciate it and we will miss you and we welcome Vanessa. Thanks, Bob.

你好，謝謝大家。早安.我想，我會從鮑伯開始，我相信每個人都會從心底這麼說。感謝您多年來為支持我們 Aptar 行業研究所做的一切。我們真的非常非常感謝，我們會想念你，我們歡迎瓦妮莎。謝謝，鮑伯。

Thanks.

謝謝。

I guess my first -- all of our baseball debates notwithstanding. I guess the first question I had for you, for the team, do you have given the macro holding everything else constant recognizing comparisons are tough and China is weak.

我想我的第一個——儘管我們所有的棒球辯論。我想我向你們、團隊提出的第一個問題是，你們是否已經讓宏觀經濟保持其他一切不變，並且認識到比較是艱難的，中國很弱。

Do you have the elements in place so that beauty which is making progress can be at 15% margin in 2025. What do you need to do, what needs to go right? Can you get there? Related question, how far off right now is China in beauty from normal if there's a way to dimensionalize that and then the follow on. Thank you.

您是否已具備適當的要素，以便在 2025 年取得進展的美容業利潤率可以達到 15%。你需要做什麼，什麼需要做對？你能到達那裡嗎？相關的問題是，如果有辦法將其維度化，然後繼續進行下去，那麼目前中國的美麗與正常水平還有多遠。謝謝。

Yeah, thanks, George and thanks for your nice words to Bob. Look, as you said, beauty is progressing, we had very strong fragrance launches and as we kind of the dust settled from that, the pipeline fill probably was more than 2x what the sell through was. So the comparisons in the fragrance is holding beauty back.

是的，謝謝喬治，也謝謝你對鮑伯說的好話。看，正如你所說，美容正在進步，我們推出了非常強勁的香水，當我們塵埃落定時，管道填充量可能是銷量的兩倍以上。因此，香水中的比較阻礙了美感。

At the same time, North America is coming back after a long period of negative sales growth. So I've learned better after many years than to paint myself in the corner. But if all regions fire, then I'm quite confident that beauty will do well.

與此同時，北美地區在經歷了長期的銷售負增長後正在復甦。所以多年後我學會了比把自己畫在角落更好的做法。但如果所有地區都火起來，那麼我很有信心美麗會做得很好。

On China, it's not so much a matter of decline. It's a matter of not growing, not rebounding with vigor from COVID as frankly, the whole industry had expected. So -- and that depresses not only our Asia sales, but also our sales in Europe because a lot of our beauty clients feel there and then sell their product to China.

對中國來說，這並不是衰退的問題。坦白說，問題是沒有成長，也沒有像整個產業所預期的那樣從新冠疫情中強勁反彈。因此，這不僅抑制了我們在亞洲的銷售，也抑制了我們在歐洲的銷售，因為我們的許多美容客戶感覺到那裡，然後將他們的產品賣到中國。

So it's the lack of growth, especially for Western clients, we actually see decent progress from our Chinese clients. This whole notion that you got to have a Western brand, it is gradually fading from the Chinese consumer, but the Chinese consumer is still staying much more on the sidelines than we would like.

所以這是缺乏成長，特別是對於西方客戶來說，我們實際上看到中國客戶取得了不錯的進展。必須擁有西方品牌的整個觀念正在逐漸從中國消費者中消失，但中國消費者仍然比我們希望的更加觀望。

I think there is some caution about the stimulus package and as we all know, confidence is lost in a hurry and needs to be rebuilt over time. So it's not a decline but it's a lack of bounce back from COVID. And that's really what needs to happen with China.

我認為人們對刺激計劃持謹慎態度，眾所周知，信心會很快喪失，需要隨著時間的推移而重建。因此，這並不是下降，而是缺乏從新冠疫情反彈的表現。這確實是中國需要發生的事。

Stephan, and I recognize that maybe kind of a point of clarification on that question and my follow on. So recognizing China beauty touches more than just China itself, obviously, it affects your production around the world and particularly in Europe.

史蒂芬，我認識到這可能是對這個問題和我的後續問題的澄清。因此，認識到中國之美不僅涉及中國本身，顯然，它還會影響您在世界各地，尤其是歐洲的生產。

Is there a way to say, okay, your level of activity as much as you can analyze is that X right now related to China beauty demand and it would be at X times some number or indexed in a normal environment. And then my follow on is a way to dimensionalize some of the inventory issues that you mentioned into fourth quarter for cough and cold. And I think you're all set for beauty. Thank you.

有沒有一種方法可以說，好吧，您可以分析的活動水平是 X 目前與中國的美容需求相關，並且在正常環境下它將是某個數字或指數的 X 倍。然後我的後續方法是對您提到的第四季度咳嗽和感冒的一些庫存問題進行維度化。我想你已經為美麗做好了一切準備。謝謝。

Yeah, on the first question, I'm sure we can run some analysis and the folks do but nothing that, I would like to share here. Again, solid top line in the regions with continued productivity work is what the track the beauty is on. A lot of the productivity work that has been done will continue to drop to the bottom line next year and we have additional ideas.

是的，關於第一個問題，我確信我們可以進行一些分析，人們會做一些分析，但我想在這裡分享。同樣，在持續生產力工作的地區，穩定的收入才是美麗的軌道。已經完成的許多生產力工作明年將繼續下降到底線，我們還有更多的想法。

On your second question, it’s a little broader. Look, if I start with consumer health care, a lot of these consumer health care companies that spun out of big pharma start to behave more like a package with companies. They're much more sharp in their working capital management than the pharma companies they used to be part of.

關於你的第二個問題，範圍更廣一些。看，如果我從消費者醫療保健開始，許多從大型製藥公司分拆出來的消費者醫療保健公司開始表現得更像是與公司的一攬子計劃。他們的營運資金管理比他們曾經所屬的製藥公司敏銳得多。

I think so that plays an element. Second, I think as people get ready for the '24, '25 flu (technical difficulty) we're anticipating so this is more of a seasonal, more stringent working capital management approach. Certainly, nothing like what we had back in '21 or '22. And I think with respect to beauty, it's the fragrance hangover of not having to sell through as much as we had in with the launches.

我認為這是一個因素。其次，我認為隨著人們為「24」、「25」流感（技術難度）做好準備，我們預計這更像是一種季節性的、更嚴格的營運資本管理方法。當然，這與我們 21 或 22 年的情況完全不同。我認為就美容而言，香水的後遺症是不必像我們在發佈時那樣銷售那麼多。

Okay, thank you. I'll turn it over.

好的，謝謝。我會把它翻過來。

Ghansham Panjabi, Baird.

甘沙姆‧潘嘉比 (Ghansham Panjabi)，貝爾德 (Baird)。

Thank you, operator. Good morning, everybody. And yeah, Bob, I just want to echo George's comments as well. I congratulate you and your family on, obviously a very successful career. You'll definitely be missed by all of us and also best questions to Vanessa in her new role as well.

謝謝你，接線生。大家早安。是的，鮑勃，我也想回應喬治的評論。我祝賀你和你的家人，顯然他們的職業生涯非常成功。我們所有人肯定都會想念您，同時也會向瓦妮莎提出關於她的新角色的最佳問題。

I guess, first off on the pharmaceutical side and the new products that you highlighted is that a higher new product cadence than is typical or is it just part of what underpins the aggregate growth of 7% to 11% for that segment? And I guess I'm thinking more specifically about the outlook for 2025.

我想，首先在製藥方面和您強調的新產品是，新產品節奏比典型情況要高，或者這只是支撐該細分市場 7% 至 11% 整體成長的一部分？我想我正在更具體地思考 2025 年的前景。

I didn't quite phonetically hear what you said. But I mean, the headline is we are quite confident in the continued growth of the pharma segment within its target range, even though we had kind of excessive growth for a couple of years in some of the segments. But when we kind of pull up the nets for next year, there's no reason that we think we should be outside that range.

我沒聽清楚你說的話。但我的意思是，標題是我們對製藥細分市場在其目標範圍內的持續成長充滿信心，儘管我們在某些​​細分市場中的幾年出現了過度增長。但當我們為明年拉起網子時，我們沒有理由認為我們應該超出這個範圍。

(multiple speakers) I was just maybe some, sorry -- I was just going to, I was just going to say that as we continue to come out with our devices on new products, those continue to grow and the categories that we're already in also continue to grow. So you get that kind of increase of the new therapies that we're on as well as the continuing growth in some of our core and in some of our core areas.

（多個發言者）我只是可能是一些，抱歉 - 我只是想說，我只是想說，隨著我們繼續推出新產品的設備，這些產品不斷增長，我們正在開發的類別也在不斷增長。在繼續成長。因此，我們正在使用的新療法增加，我們的一些核心和一些核心領域也持續成長。

Yeah. So I guess that's the point. So would that point towards a higher portion of that 7% to 11% range?

是的。所以我想這就是重點。那麼這是否意味著 7% 至 11% 範圍內的較高部分？

I don't think we're going to be very specific about that at this point. We're still going to --

我認為我們目前不會對此做出非常具體的說明。我們依然會去--

Your last call, it's your last call, you know.

你的最後一通電話，這是你的最後一通電話，你知道。

He's trying to get you on the last call.

他正試圖在最後一通電話中聯絡你。

All right. I will let that go for now. And then also in terms of, prestige fragrances and the volumes, I understand the comps are difficult and so on and so forth. But having covered the ingredients producers as well that make the molecules with the fragrances.

好的。我暫時就這樣吧。然後，就高級香水和銷售量而言，我知道比較很困難等等。但也涵蓋了製造香料分子的成分生產商。

I mean, they're still seeing decent growth there. Some of the major customers are also seeing, moderation but decent growth as well. So I'm wondering what specifically are you seeing as it relates to weaknesses that seems to be a little bit more disproportionate to you?

我的意思是，他們在那裡仍然看到了不錯的成長。一些主要客戶也看到了適度但良好的成長。所以我想知道你具體看到了什麼，因為它與你似乎有點不相稱的弱點有關？

Sure. I'll try to take that one, Ghansham. You're correct, I mean, the retail consumer sell through is still positive, right? It was strong single digits last year. But remember we were selling double digit growth of our products, right? And we have no visibility into what the inventory channel looked like at that time. It continues to grow in 2024, but we're down, right.

當然。我會嘗試接受那個，Ghansham。你是對的，我的意思是，零售消費者的銷售仍然是正面的，對吧？去年這一數字為強勁的個位數。但請記住，我們的產品銷量成長了兩位數，對吧？而且我們無法了解當時的庫存管道是什麼樣的。到 2024 年，它會繼續增長，但我們會下降，對吧。

So what that's telling us is that the consumer hasn't walked away from the prestige fragrance side. It's just that it's a normal channel, I would say the stocking and as we head into the holiday season and then quickly into Valentine's Day and Mother's Day, that then we'll be able to know better, where the rebound is going to come.

這告訴我們，消費者並沒有放棄名牌香水。只是這是一個正常的管道，我想說的是庫存，當我們進入假期季節，然後很快進入情人節和母親節時，我們將能夠更好地知道反彈將在哪裡發生。

But we're, we're still optimistic that it's going to bounce back that this is a short term issue. So it's not that consumers are walking away from fragrance products, it continues to sell through.

但我們仍然樂觀地認為，這是一個短期問題，它將會反彈。因此，消費者並沒有放棄香水產品，而是繼續暢銷。

Plus I would say we are encouraged by our win rate. So there's certainly nothing, there that concerns us with respect to share, maybe the opposite, but certainly not the other way.

另外我想說的是，我們的勝率讓我們深受鼓舞。因此，在分享方面肯定沒有什麼值得我們擔心的，也許是相反的，但肯定不是相反。

Okay. And then in terms of the $0.5 billion share repurchase authorization, which is a pretty substantial number. Is this sort of a new pivot towards, maybe returning capital to shareholders more directly through share buybacks or is it just an extension as it relates to optionality for yourselves?

好的。然後就 5 億美元的股票回購授權而言，這是一個相當可觀的數字。這是一種新的支點，也許可以透過股票回購更直接地將資本返還給股東，還是只是一種延伸，因為它與您自己的選擇權有關？

Sure. So the last authorization really dates back to pre-COVID, it was April of 2019. And you're right, at that time, it was $350 million, but we were a much smaller company at a much lower share price, right. So I wouldn't say that the outside $500 million is unusual or signals any change in philosophy, I think it's just more in line with where the current share price is.

當然。所以最後一次授權其實可以追溯到新冠疫情之前，也就是 2019 年 4 月。你是對的，當時是 3.5 億美元，但我們是一家規模小得多的公司，股價也低得多，對吧。因此，我不會說外部 5 億美元是不尋常的或標誌著理念的任何變化，我認為這更符合當前的股價。

Ideally, we want to use that as our discretionary lever with the low leverage that we have today at 1.1. And we'll use that to make sure that we don't go much lower than that. But at the same time, if there's actionable items that we can invest then we can always pull back as well. So I wouldn't think from your perspective, it signals anything different philosophically on what we're going to do.

理想情況下，我們希望將其用作我們目前的低槓桿（1.1）。我們將用它來確保我們的水平不會低於這個水平。但同時，如果有我們可以投資的可行項目，那麼我們也可以隨時撤回。所以我不認為從你的角度來看，它在哲學上對我們要做的事情沒有任何不同的訊號。

Okay. Very helpful. Congrats again, Bob.

好的。非常有幫助。再次恭喜，鮑伯。

Thank you, Ghansham. I appreciate it very much.

謝謝你，甘沙姆。我非常感激。

Daniel Rizzo, Jefferies.

丹尼爾·里佐，杰弗里斯。

Hi, everyone and thanks for taking my call -- my question. Excuse me. You mentioned in the -- I think in the prepared remarks or in the release that it takes a couple years, I think for new products to kind of ramp. I was wondering if OTC Narcan is like that too where we still haven't hit the kind of the run rate yet? Or is it a kind of a different product because of its unique use where it's already kind of ramped up?

大家好，感謝您接聽我的電話——我的問題。打擾一下。你在 - 我認為在準備好的評論或新聞稿中提到，我認為新產品需要幾年的時間才能成長。我想知道 OTC Narcan 是否也是這樣，我們還沒有達到那種運行率？或者它是一種不同的產品，因為它的獨特用途已經在某種程度上得到了提升？

Look, it is almost impossible to answer, Dan, because every product is different that we know for sure, but just to give a few data points. So take Spravato, Spravato we thought was going to be a huge blockbuster right out of the gate. I mean, saving lives and it launched just before COVID and it was dud for a while.

聽著，丹，這幾乎是不可能回答的，因為每種產品都是不同的，我們確實知道，但只是提供一些數據點。因此，以 Spravato 為例，我們認為 Spravato 一推出就會成為巨大的重磅炸彈。我的意思是，拯救生命，它在新冠疫情爆發之前推出，但有一段時間沒有發揮作用。

But you may have seen the Wall Street Journal article earlier the week. I mean, it's taking off like rocket ship now, five years later, as the doctors have gotten comfortable with it. Narcan, I don't think we're done at all, I'm really encouraged with the CDC data that opioid death are down for the first time ever I think it was 12%, 13%.

但您可能已經看過本週稍早《華爾街日報》的文章。我的意思是，五年後，它就像火箭一樣起飛，因為醫生們已經對此感到滿意。納洛酮，我認為我們還沒有完成，疾病預防控制中心的數據讓我深受鼓舞，阿片類藥物死亡人數有史以來第一次下降，我認為是 12%、13%。

We're not claiming this is a one-to-one relationship with Narcan, but certainly people say, hey, the broader availability of Narcan is one of the components to fight this scourge. And certainly here, anecdotally that the municipalities are even doubling down on distribution, making Narcan available, free vending machines and things like that. So I certainly don't think that has run its course.

我們並不是說這與納洛酮是一對一的關係，但人們肯定會說，嘿，納洛酮的更廣泛的可用性是對抗這一禍害的組成部分之一。當然，據傳聞，地方政府甚至加倍增加了分發力度，提供麻醉藥品、免費自動販賣機等。所以我當然不認為這種情況已經結束。

And neffy, we'll see, I think there's a good case for it. Certainly, our customer is very bullish on it. But it takes a few years for prescribers to get comfortable with the product, the consumers to pick up on it. So as we always say, no single product changes the trajectory of Aptar but collectively, we have built up quite ahead of steam here.

納菲，我們拭目以待，我認為這是有充分理由的。當然，我們的客戶對此非常看好。但處方醫生需要幾年時間才能適應產品，消費者也需要幾年時間才能接受它。正如我們常說的，沒有任何單一產品可以改變 Aptar 的發展軌跡，但總的來說，我們已經在這方面建立了相當領先的地位。

Thank you. That's helpful. And then you talked a little bit about cough and cold about consumer, your customers kind of managing inventory a little bit differently than they used to, has been spun out. But the rest was kind of garbled.

謝謝。這很有幫助。然後你談到了關於消費者的咳嗽和感冒，你的客戶管理庫存的方式與以前有點不同，已經被剝離了。但其餘部分有點亂碼。

Just in terms of just this winter, I mean, garbled in terms of what I heard because my phone. Is the cough and cold season starting off slower than expected? I mean, is it just been mild winter, winter being an issue yet or is it too soon to say that or how should we think about it.

我的意思是，就今年冬天而言，我在手機上聽到的內容是亂碼。咳嗽和感冒季節的到來是否比預期慢？我的意思是，現在只是溫和的冬天嗎，冬天仍然是一個問題，還是現在說這個還為時過早，或者我們應該如何考慮它。

Yeah, then I try to enunciate better. So that the point is that actually, -- no worries, I'm just talking. The point was that the '23, '24 cough and cold season turned out to be a lighter one. And as people know do their balance is getting ready for the '24, '25 cough and cold season, they have a bit more inventory than they would like.

是的，然後我嘗試更好地表達。所以重點是，實際上──不用擔心，我只是說說而已。關鍵是，23、24 年的咳嗽和感冒季節變得較輕。正如人們所知，他們的平衡正在為 24、25 年咳嗽和感冒季節做好準備，他們的庫存比他們想要的要多一些。

I think that's the long and short of it. Anecdotally, and our customers tell us who track this much more closely but in the southern hemisphere, the cough and cold season is stronger, meaning worse for people better for us, this year than it was last year. So for what that is worth. So we think this is a year-end effect and not much more.

我認為這就是它的長處和短處。有趣的是，我們的客戶告訴我們誰更密切地追蹤這種情況，但在南半球，咳嗽和感冒季節更嚴重，這意味著今年對我們來說比去年對人們來說更糟。所以這是值得的。所以我們認為這只是年終效應，僅此而已。

And for the record, it was my phone, not you that was garbled.

鄭重聲明，是我的手機出現了亂碼，而不是你。

No worries.

不用擔心。

I'm sorry, last question. What's the sales cycle for beauty products? How long does it take to get like a new product? I guess it kind of varies depending on what you're creating. But I was wondering as you kind of take back North America, so to speak, is there a couple years kind of ramp time? I'm just talking about from a from a revenue perspective?

抱歉，最後一個問題。美容產品的銷售週期是怎麼樣的？需要多長時間才能像新產品一樣？我想這會根據您所創建的內容而有所不同。但我想知道，當你收回北美時，可以這麼說，是否有幾年的過渡時間？我只是從收入角度談？

Yeah, that really ranges as you can imagine in China, it can be as quickly as four months. With Western clients it's usually more like 18 to 36 months with the Indies in North America it can be 6 to 8 months. So that kind of gives you a distribution. We certainly continue to do well with Indies in North America through our FusionPKG unit. And we certainly have all the capacity to react quickly to an uptick.

是的，這在中國確實是你能想像的範圍，最快可能是四個月。對於西方客戶來說，通常需要 18 到 36 個月，對於北美印度客戶來說，可能需要 6 到 8 個月。這樣就給了你一個分佈。當然，透過我們的 FusionPKG 部門，我們將繼續與北美的獨立遊戲公司保持良好的合作關係。我們當然有能力對經濟成長做出快速反應。

All right, thank you very much.

好的，非常感謝。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Hi, good morning. I wanted to ask about injectables obviously, up year-to-date here, but down in the quarter. Obviously, other peers that talked about destocking you'd referenced that it really hasn't been an issue for you. Just wanted to check to make sure that was still the case.

嗨，早安。顯然，我想詢問注射劑的情況，今年迄今有所上升，但本季有所下降。顯然，其他談論去庫存的同行也提到過，這對你來說確實不是問題。只是想檢查一下以確保情況仍然如此。

And then I guess thinking about or maybe asking about when we can get back to perhaps more regular cadence of growth and injectables. Obviously, in light of capacity coming online in Normandy and at Congress? Thanks.

然後我想考慮或可能詢問我們什麼時候可以恢復到更規律的生長和注射節奏。顯然，考慮到諾曼第和國會上線的能力？謝謝。

Yes. So fundamentally clearly, this is a little odd year given the comparisons versus last year, the ERP and so on. Plus some of the destocking and more in the anti-thrombotic area. But fundamentally, the pipeline continues to build.

是的。因此，從根本上來說，考慮到與去年、ERP 等的比較，今年是有點奇怪的一年。再加上抗血栓領域的一些去庫存和更多。但從根本上來說，管道仍在繼續建造。

We are quite bullish for next year. GLP-1 keeps growing, biologic projects keep coming in. So without giving an outlook for '25 certainly continue to see this business growing very nicely high single digits, low double digits in that range.

我們對明年非常樂觀。GLP-1不斷成長，生物計畫不斷湧現。因此，如果不給出 25 年的前景，該業務肯定會繼續以非常好的個位數成長，在該範圍內以低兩位數成長。

Okay. And then maybe just on profitability for the injectable side, obviously, you're nasal delivery business, much larger, more mature, you've recently added a lot of capacity for injectables. Would you give us a sense for sort of where you're seeing profitability right now and what the opportunity is improvement there as you scale?

好的。然後也許只是注射方面的獲利能力，顯然，你是鼻腔輸送業務，規模更大，更成熟，你最近增加了很多注射劑的產能。您能否讓我們了解您目前的獲利能力以及隨著規模擴大而有哪些改進機會？

Yeah. So the general sequence is, as you rightly say, our proprietary drug dispensing devices are far the most profitable followed by active materials and injectables kind of being when everything is steady state and good capacity utilization around in line with company profitability. So as that business grows the profitability will continue to improve. But if it goes much faster than the rest of the pharma portfolio, that will put a little lid on the overall profitability.

是的。因此，正如您所說，一般順序是，我們的專有藥物分配設備是最有利可圖的，其次是活性材料和注射劑，當一切都處於穩定狀態並且良好的產能利用率與公司盈利能力保持一致時。因此，隨著業務的成長，獲利能力將不斷提高。但如果它的發展速度比其他製藥公司快得多，那麼整體獲利能力就會受到一些限制。

Okay, thanks. I appreciate it. Bob, congrats.

好的，謝謝。我很感激。鮑勃，恭喜。

Thanks, Matt. Appreciate it very much.

謝謝，馬特。非常欣賞。

Gabe Hajde, Wells Fargo.

加布·哈吉德，富國銀行。

Stephan, Bob, Mary, good morning echo all the kind words to you, Mr. Kim. Stephan, you said it, you guys are kind of a story of kind of singles and doubles. I noticed this Sudafed kind of nasal product that you highlighted as a new item this quarter.

史蒂芬、鮑伯、瑪麗，早安，金先生，向你重複所有的善意之言。史蒂芬，你說過，你們是一個單打和雙打的故事。我注意到您在本季度重點介紹了這種 Sudafed 鼻腔產品作為新產品。

Can you talk about -- I guess at least in meetings, sometimes you talk about Europeans more inclined to use nasal cleansing and things like that as part of their daily routine. Based on sort of your dialogue with the customer here or -- and I know it's sensitive, but just is that sort of their intention to maybe bring some of that type of behavior here with a with a branded product?

你能談談嗎——我想至少在會議上，有時你會談到歐洲人更傾向於使用鼻腔清潔之類的東西作為他們日常生活的一部分。根據您與這裡的客戶的對話，或者——我知道這很敏感，但他們是否有意透過品牌產品帶來一些此類行為？

Just maybe again, it's over the counter is more accessible for consumers and you might get a bigger pop initially from over the counter versus maybe something like neffy. Just trying to dimensionalize the opportunity there.

也許再次強調，非處方藥對消費者來說更容易獲得，而且最初從非處方藥中購買可能會比像納菲這樣的產品更受歡迎。只是試圖將那裡的機會具體化。

Yeah, I think that the product I was referring to was the Sudafed nasal rinse. So it's just nice to have another strong US brand on the nasal rinse. It's not a breakthrough innovation but an additional adoption. On your larger point though, it is true that historically, when it comes to decongestions, when it comes to allergy sprays, Europe was a bit more ahead with the adoption of these nasal sprays whereas the US consumer was used to popping pills.

是的，我認為我指的產品是 Sudafed 鼻沖洗劑。因此，在鼻沖洗劑領域擁有另一個強大的美國品牌真是太好了。這不是突破性創新，而是額外的採用。不過，從更宏觀的角度來看，確實，從歷史上看，當談到緩解充血、過敏噴霧劑時，歐洲在採用這些鼻噴霧劑方面領先一些，而美國消費者則習慣於吃藥。

And that is gap is still there, but it's narrowing. We have high hopes for Haleon on with its site actuated nasal spray that they have launched with the Otrivin brand in Europe and they will bring in the US with a more US brand that will make further inroads, but I think it's too early to call that in terms of P&L impact. And remember Haleon is the spin out from GSK.

也就是說，差距仍然存在，但正在縮小。我們對 Haleon 寄予厚望，他們在歐洲推出了 Otrivin 品牌的現場驅動鼻噴霧劑，他們將在美國推出一個更美國化的品牌，進一步取得進展，但我認為現在說這個還為時過早損益影響而言。請記住，Haleon 是葛蘭素史克 (GSK) 的衍生品。

Okay. Thank you for that. And then you mentioned kind of working on neffy for six years, and I'm just going to try to get to Ghansham's question. You said good growth for '25 pharma. But just as you look across, the platform in pharma, we go into the presentation you guys provided in at the France site visit. I think, weighted value of pipeline is still up 41% which is pretty robust given a lot of the commercialization you've had.

好的。謝謝你。然後你提到在《neffy》上工作了六年，我將嘗試回答 Ghansham 的問題。您說 '25 製藥公司成長良好。但正如您所看到的製藥平台一樣，我們將討論您在法國現場訪問中提供的演示。我認為，管道的加權價值仍然增長了 41%，考慮到您已經實現的大量商業化，這是相當強勁的。

So just I know it's tough but, maybe from a stage gate perspective projects that you're working on, that you're excited about maybe over the next two or three years that we could be hearing about or just how to think about -- again, it's just, I guess, gives you confidence in the 7% to 11% growth. How should we think about it?

所以我知道這很困難，但是，也許從你正在從事的專案的階段來看，你很興奮，也許在接下來的兩三年裡，我們可能會聽到或只是如何思考——再說一次，我想這只是讓你對7% 到11% 的成長充滿信心。我們該如何思考呢？

Sure. And thanks for referring to that. Indeed, the pipeline keeps filling and if I walk through the pharma side of this, on the allergy side, more and more combination products where several active ingredients are combined with new launches. Then we've talked several times about the large increase in project for central nervous systems, keying off of the success of Spravato and Narcan and hypoglycemia, what was it?

當然。感謝您提到這一點。事實上，管道不斷填充，如果我仔細研究一下製藥方面，在過敏方面，越來越多的組合產品將幾種活性成分與新推出的產品相結合。然後我們多次談到中樞神經系統計畫的大幅增加，斯帕瓦托（Spravato）和納洛酮（Narcan）的成功以及低血糖的成功，是什麼？

Baqsimi and so on and pain management and there are many more of these types of programs in the pipeline. On the consumer health care ophthalmic continues to go from strength to strength with our ophthalmic dispenser that allows for no preservation in the solution. We just talked about the new site actuation that we think will be a long term growth driver for consumer health care, dermal and so on.

Baqsimi 等以及疼痛管理，還有更多這類專案正在醞釀中。在消費者保健方面，眼科繼續不斷發展壯大，我們的眼科分配器不允許在溶液中保存。我們剛剛談到了新網站的啟動，我們認為這將成為消費者醫療保健、皮膚等領域的長期成長動力。

And then we have mentioned on this call, but as you know within injectable, it's not just the volume story, it's also an upgrading of the product mix with much more high value products, whether that's for GLP-1s, whether that's for biologics, whether it's in response to annex 1 in Europe. So it's not only growing with the market, but mix and reaching and therefore boosting the margin.

然後我們在這次電話會議中提到，但正如您所知，在註射劑領域，這不僅僅是銷售故事，也是產品組合的升級，包括更多高價值產品，無論是 GLP-1 還是生物製劑，是否是對歐洲附件1的回應。因此，它不僅隨著市場的成長而成長，而且還進行混合併達到目標，從而提高利潤。

Active material, we mentioned the contract with the FDA. I mean, that's a pipeline frankly, that's an early stage ideation. But clearly another nod to the FDA recognizing the strength of our material science. It goes back If you remember in during COVID, we were working on sterilizing masks when we didn't have enough masks, we got a government contract to that and the FDA now also gives us an award for the what was that?

活性材料，我們提到了與 FDA 的合約。我的意思是，坦白說，這是一個管道，這是一個早期的構想。但這顯然是 FDA 認可我們材料科學實力的又一次認可。如果你還記得在新冠疫情期間，我們正在研究對口罩進行消毒，當時我們沒有足夠的口罩，我們獲得了一份政府合同，FDA 現在還給了我們一個獎項，那是什麼？

N-Sorb.

N-吸附劑。

N-Sorb, yeah, the nitrosamine, the nitrosamine mitigation. So that just shows you there's a lot of technology under the hoods that keeps feeding the pipeline. What I just talked about with sterilization and N-Sorb, those at very early stage.

N-Sorb，是的，亞硝胺，亞硝胺緩解。所以這只是向您展示了在幕後有很多技術不斷地為管道提供支援。我剛剛談到了滅菌和 N-Sorb，這些都處於非常早期的階段。

I'm not going to give any timeline but things would be extremely short. That's just the nature of the pharma business. It's a pipeline business we keep drilling the pipeline and great things come out of the pipeline.

我不會給出任何時間表，但事情會非常短。這就是製藥業的本質。這是一項管道業務，我們不斷鑽探管道，並從管道中產生了偉大的東西。

Great. Thank you. And Bob maybe one for you just so we can calibrate. I know Q1 you tend to have a little bit higher incentive or I should say stock based comp expense flowing through. Is there anything else that we should be mindful of when thinking about kind of the first half or the first quarter for '25?

偉大的。謝謝。鮑伯可能會為你準備一個，這樣我們就可以進行校準。我知道第一季你往往有更高的激勵措施，或者我應該說基於股票的補償費用流動。在考慮 25 年的上半場或第一季時，還有什麼我們應該注意的嗎？

No. Not that comes to mind, Gabe. You're right, with the substantive vesting the rules that we have, we do have a higher stock comp expense in Q1, but now that I'm leaving, that should go down a little bit. It's old people like myself but no, nothing else really comes to mind.

不。加布，我沒想到這一點。你是對的，根據我們所擁有的實質歸屬規則，我們在第一季的股票補償費用確實較高，但現在我要離開，這應該會下降一點。都是像我這樣的老人，但沒有，我真的沒有想到其他的事情。

That's material, I'd have to really scrub through to see if there's anything unusual. I mean, it's -- to me it's more the, some of these transient destocking things, how quickly they rebound and how quickly they come back but nothing else that I would mention.

那是材料，我得仔細檢查一下，看看是否有任何不尋常的地方。我的意思是，對我來說，更多的是一些暫時的去庫存事情，它們反彈的速度有多快以及它們回來的速度有多快，但我不會提及其他任何事情。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Thanks so much. Follow on question on pharma. When we were visiting you a few weeks ago, and then I think even on today's call, there was some reference to nasally delivered treatments, targeting the brain, Stephan.

非常感謝。關注有關製藥的問題。幾週前我們拜訪您時，我想即使在今天的電話中，也提到了針對大腦的經鼻治療，史蒂芬。

And so I was wondering if there's a way to, again recognizing it's not necessarily going to move next quarter, what that opportunity might look like. And if I misheard, please, correct me where you're going with the trends there and what that revenue opportunity might look like.

因此，我想知道是否有辦法再次認識到它不一定會在下個季度發生變化，這個機會可能會是什麼樣子。如果我聽錯了，請糾正我你的趨勢以及收入機會可能會是什麼樣子。

And does it come through your traditional devices? Does it come through powder? Any thoughts there that you can share would be great. Thank you and good luck in the quarter.

它是透過您的傳統設備實現的嗎？它是透過粉末來的嗎？您可以分享的任何想法都會很棒。謝謝您，祝本季好運。

Yeah. Thanks, George. We may be not too precise with our language, but it's basically any drug that you deliver through the nose for the purposes of crossing the blood barrier to the brain through the nasal cavities.

是的。謝謝，喬治。我們的語言可能不太精確，但它基本上是您透過鼻子輸送的任何藥物，目的是透過鼻腔穿過血液屏障到達大腦。

So sometimes we refer to it as the central nervous system drugs, sometimes we refer to as direct to the brain delivery method methods. This is extremely attractive for pharma clients for several reasons. One, often it's just a better delivery route.

所以有時我們稱它為中樞神經系統藥物的方法，有時我們稱它為直接向大腦傳遞的方法。出於多種原因，這對製藥客戶極具吸引力。第一，通常這只是一個更好的送貨路線。

Two, it gives a life cycle management opportunity to regain long periods of exclusivity from the FDA and repurposing old molecules. And many of the things we talked about from naloxone to epinephrine, those are old molecules that have a new lease of life with a much better delivery method.

第二，它提供了一個生命週期管理機會，可以重新獲得 FDA 的長期獨家經營權並重新利用舊分子。我們談論的許多東西，從納洛酮到腎上腺素，這些都是舊分子，透過更好的輸送方法獲得了新的生命。

But of course, there are also new treatments and that people are thinking about that can be more efficacious if they are delivered through the nasal cavity to the brain. That's why we're excited about that category of projects in our pipeline.

當然，也有新的治療方法，人們正在考慮如果它們通過鼻腔輸送到大腦，可能會更有效。這就是為什麼我們對我們正在開發的此類專案感到興奮。

Is there a way to -- I'm guessing it's going to be a reason why you think, comfortably about the, 7% to 11% growth, but is there a way that, that perhaps adds margin or incremental revenue beyond the trend line for pharma in the next three years.

有沒有辦法——我猜這將是你對 7% 到 11% 的增長感到滿意的一個原因，但是有沒有辦法可以增加利潤或增量收入超出趨勢線未來三年的製藥業。

And then, separate totally unrelated question to the extent that you've been successful and recognizing it's a challenging topic, it's never a happy topic about, rightsizing your footprint, closing facilities where you've needed to.

然後，將完全不相關的問題分開，直到你已經成功並認識到這是一個具有挑戰性的話題，它從來都不是一個令人愉快的話題，調整你的足跡，關閉你需要的設施。

Is there potentially more of that required to get to the margin that you need over the next couple of years in beauty or not necessarily, you just need the markets to do what they would normally do. Thank you and good luck again in the quarter.

是否可能需要更多的努力才能達到未來幾年美容行業所需的利潤，或者不一定，您只需要市場按照通常的方式行事。謝謝您，祝本季再次好運。

Yeah. On the first question, look, we don't break down the pipeline by sub category. I think, we've informed you that the emergency medications are around 6% of our total revenue, 5% of total revenue for the company and it's a rapidly growing area it's number one.

是的。關於第一個問題，我們不會按子類別細分管道。我想，我們已經告訴過您，緊急藥物約占我們總收入的 6%，占公司總收入的 5%，這是一個快速成長的領域，排名第一。

Number two, this is a sweet spot for us in terms of profitability, our proprietary drug delivery system. So if, you have very good traction. Not, not only in sales with things like Spravato, and Narcan and so on, but also in the most profitable part of the portfolio.

第二，就獲利能力而言，這對我們來說是一個最佳點，我們的專有藥物輸送系統。所以如果你有很好的牽引力。不僅是 Spravo 和 Narcan 等產品的銷售，而且是產品組合中最賺錢的部分。

And by the way, we haven't talked more about it. But if you go back to my -- the press release in my remarks, that's also the area that's generating more and more royalty revenue. So all of that certainly bodes well for the future. It's quite simple if your most profitable segment is growing fast and has a strong pipeline that will bode well.

順便說一句，我們還沒有更多地談論它。但如果你回到我的言論的新聞稿，這也是產生越來越多版稅收入的領域。因此，所有這一切無疑預示著未來。如果您最賺錢的細分市場正在快速成長並且擁有強大的管道，那麼這很簡單，這將是一個好兆頭。

On the second part, we have more ideas but I would not -- and we'll execute them once they're to fruition, but I would not characterize them as a prerequisite to get to the 15, it's too more like to get beyond that.

在第二部分，我們有更多的想法，但我不會——一旦它們實現，我們就會執行它們，但我不會將它們描述為達到 15 的先決條件，這更像是超越那。

Understood. Thank you so much.

明白了。太感謝了。

Thank you. I can confirm that does conclude today's Q&A session and I would like to hand it back to Mr. Tanda for some final closing remarks.

謝謝。我可以確認今天的問答環節確實結束了，我想將其交還給坦達先生做最後的總結發言。

Thank you. So let me end the call by zooming out. Quarter three was a very strong quarter and we are on track for solid finish to the year with good organic growth and double digit EPS growth for the full year. As we discussed, we execute quite a number of productivity actions that will continue to fall to the bottom line into '25 and beyond.

謝謝。因此，讓我透過縮小來結束通話。第三季度是一個非常強勁的季度，我們有望以良好的有機成長和全年兩位數的每股收益成長，為今年帶來堅實的收官。正如我們所討論的，我們執行了相當多的生產力行動，這些行動將繼續下降到 25 年及以後。

And we also have additional ideas to use that productivity, muscle or muscles that we have developed on an ongoing basis. And when you use those muscles, they trigger additional ideas and opportunities, especially in Europe and also in the US.

我們還有其他想法來利用我們不斷發展的生產力、肌肉或肌肉。當你使用這些肌肉時，它們會引發額外的想法和機會，尤其是在歐洲和美國。

Now, several of you have remarked, you were able to look a little bit under the hood, so to speak with the recent visit to some of our French and US facilities to judge the organization's capabilities and the ability to increase the depth and width of our moats.

現在，你們中的一些人已經說過，你們能夠看到一些幕後的情況，可以說，最近訪問了我們法國和美國的一些設施，以判斷該組織的能力以及增加深度和廣度的能力。護城河。

So even in a slowing economy, we are confident in the resilience of our portfolio. Of course, our pharma business is very strong. We are encouraged by the continuous filling of our pipeline, not only in pharma but also in beauty enclosures.

因此，即使在經濟放緩的情況下，我們對投資組合的彈性也充滿信心。當然，我們的製藥業務非常強勁。我們對我們的管道不斷填充感到鼓舞，不僅在製藥領域，而且在美容外殼領域。

Customers are engaging very positively with the more agile and the more competitive Aptar. Our customers recognize the innovations, the value we bring to their brands and the direct development from very early stage ideation to full scale global deployment.

客戶對更敏捷、更具競爭力的 Aptar 非常積極參與。我們的客戶認可我們為他們的品牌帶來的創新、價值以及從早期構思到全面全球部署的直接發展。

We are well positioned with increasingly competitive regional footprints around the world strengthened even further with the closing of the pump JV in China. And last but not least, our strong balance sheet affords us the strategic flexibility to pursue optionality. As you know, we are fans of right size, both on partnerships and acquisitions and have a track record of delivering on those.

隨著中國泵合資企業的關閉，我們在全球範圍內的區域業務競爭日益激烈，並進一步加強，我們處於有利地位。最後但並非最不重要的一點是，我們強大的資產負債表為我們提供了追求選擇性的策略靈活性。如您所知，我們在合作夥伴關係和收購方面都是規模適當的粉絲，並且在實現這些目標方面擁有良好的記錄。

So all this bodes well, not only for quarter four but '25 and beyond. One more time, a huge thanks to Bob and all the best. And Vanessa, Mary and I look forward to discussing more with you on the road and if we don't speak before, I wish you all the best for the holidays.

因此，這一切都是好兆頭，不僅是第四季度，而且是 25 年及以後。再次感謝鮑勃，祝一切順利。瓦妮莎、瑪麗和我期待在旅途中與你們進行更多討論，如果我們之前沒有說話，我祝你們假期一切順利。

Thank you all for joining. Thank you. That concludes the Aptar 2024 Q3 results earnings call. Please enjoy the rest of your day and you may now disconnect from the call.

感謝大家的加入。謝謝。Aptar 2024 年第三季業績財報電話會議到此結束。請享受您今天剩下的時間，您現在可以掛斷電話了。