Aptargroup Inc (ATR) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2025 first quarter results conference call. At this time, all participants are in a listen-only mode. (Operator Instructions) Introducing today's conference call is Mrs. Mary Skafidas, Senior Vice President, Investor Relations and Communications. Please go ahead.

女士們、先生們，感謝你們的支持。歡迎參加 Aptar 2025 年第一季業績電話會議。此時，所有參與者都處於只聽模式。（操作員指示）主持今天電話會議的是投資者關係和傳播高級副總裁 Mary Skafidas 女士。請繼續。

Thank you. Hello, everyone, and thanks for being with us today. Our speakers for the call are Stephan Tanda, our President and CEO; and Vanessa Kanu, our Executive Vice President and CFO. A press release and accompanying slide deck have been posted on our website under the investor relations page.

謝謝。大家好，感謝大家今天與我們同在。本次電話會議的發言人是我們的總裁兼執行長 Stephan Tanda 和我們的執行副總裁兼財務長 Vanessa Kanu。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上。

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. Please refer to the press release disseminated yesterday for reconciliation of non-GAAP measures to the most comparable GAAP measures discussed during this earnings call.

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 GAAP 財務指標相協調，並在新聞稿中進行了說明。請參閱昨天發布的新聞稿，以了解非公認會計準則指標與本次收益電話會議中討論的最具可比性的公認會計準則指標的對帳情況。

As always, we will also post a replay of this call on our website. I would now like to turn the call over to Stephan. Stephan, over to you.

與往常一樣，我們也將在我們的網站上發布此通話的重播。現在我想把電話轉給史蒂芬。史蒂芬，交給你了。

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

謝謝你，瑪麗，大家早安。感謝您今天參加我們的電話會議。我首先要介紹一下我們第一季的業績。在電話會議的後期，我們的財務長 Vanessa Kanu 將提供有關本季關鍵驅動因素的更多詳細資訊。

Starting on slide 3, for the first quarter, we delivered adjusted earnings per share of $1.20 neutralizing for currency effects and tax, earnings per share would have increased approximately 5% over the prior year period.

從投影片 3 開始，第一季度，我們公佈的調整後每股收益為 1.20 美元，扣除貨幣影響和稅收後，每股收益比去年同期增長約 5%。

We saw solid demand for our pharma segments, proprietary drug delivery systems, especially technologies for emergency medicines, central nervous system, therapeutics, asthma, COPD, and ophthalmic treatments. Additionally, strong active material sales in diabetes solutions and royalties contributed positively to our quarterly results.

我們看到製藥部門、專有藥物傳輸系統，尤其是急救藥物、中樞神經系統、治療、氣喘、慢性阻塞性肺病和眼科治療技術的需求強勁。此外，糖尿病解決方案和特許權使用費的強勁活性物質銷售對我們的季度業績做出了積極貢獻。

Core sales for our proprietary drug delivery systems grew 4% in the quarter following high single digit core sales growth in the prior year period. As we expected, quarter one 2025 was impacted by softer demand for dispensing technologies in nasal saline and nasal decongestions.

繼去年同期核心銷售額實現個位數高成長之後，本季我們專有的藥物輸送系統的核心銷售額成長了 4%。正如我們預期的那樣，2025 年第一季受到鼻腔鹽水和鼻塞緩解劑分配技術需求疲軟的影響。

The strong cold and flu season is helping to deplete some of the inventory buildup. At this time, aside from the US, we are not yet seeing an inflection point in our order book, indicating that there is still inventory in the system. Our proprietary drug delivery systems reported sales have grown over the prior year period for 12 quarters in a row, growing double digits in six of those quarters.

嚴重的感冒和流感季節正在幫助消耗部分庫存。目前，除美國外，我們的訂單簿尚未出現轉折點，這表明系統中仍有庫存。我們的專有藥物輸送系統報告稱，其銷售額已連續 12 個季度比去年同期增長，其中 6 個季度實現了兩位數增長。

We are very proud of the success of the team, fueled by record launchers, new innovations, and the quality and the reliability of our products essential in administering life-saving medications and while we anticipate there will be phases of rapid growth and more moderate growth, we remain confident in our growth prospects.

我們為團隊的成功感到非常自豪，這得益於創紀錄的推出、新的創新以及我們在管理救命藥物方面至關重要的產品的質量和可靠性，雖然我們預計會有快速增長和更溫和的增長階段，但我們仍然對我們的增長前景充滿信心。

Our long-term growth is driven by strong macro trends such as the decentralization of healthcare, growth of generic medicines, the switch of drugs to over the counter markets, and always worsening allergies. The injectable division had a challenging comparison over the prior year period. Our order book for injectables in 2025 is robust, and we expect to continue to see good demand from GLP-1 and biologics.

我們的長期成長受到強勁的宏觀趨勢的推動，例如醫療保健的分散化、仿製藥的成長、藥品轉向非處方市場以及日益惡化的過敏症。與去年同期相比，注射部門面臨挑戰。我們 2025 年的注射劑訂單量很大，我們預計 GLP-1 和生物製劑的需求將繼續保持良好。

We continue to ramp up equipment capacities and our validation efforts to service the attractive growth in this market. In our beauty segment, prestige fragrance and facial skincare and markets remain challenged. However, we saw sequential improvements in sales, including in Europe from certain fragrance companies and progressive improvement in China.

我們將持續提高設備產能和驗證力度，以滿足該市場誘人的成長需求。在我們的美容領域，高端香水和臉部保養品市場仍面臨挑戰。然而，我們看到銷售額連續成長，包括某些香水公司在歐洲的銷售額以及中國市場的逐步改善。

Turning to the closure segment, the solid product sales results in the quarter were offset primarily by meaningfully lower tuning sales and the discontinuation of activities in Argentina. Improving utilization rates and continuous cost management efforts, coupled with our strong innovation pipeline, are contributing to top line and bottom-line results.

談到封閉式產品部門，本季穩健的產品銷售業績主要被調音銷售額的大幅下降和阿根廷業務的停止所抵銷。提高利用率和持續的成本管理努力，加上我們強大的創新管道，正在為營收和利潤做出貢獻。

Moving to slide 4, I am proud to highlight recent corporate awards and recognitions. We believe operating in a sustainable manner and developing more sustainable product solutions is an important competitive advantage for Aptar.

轉到投影片 4，我很自豪地專注於公司最近獲得的獎項和認可。我們相信，以可持續的方式運作並開發更永續的產品解決方案是 Aptar 的重要競爭優勢。

As a reflection of our progress during the quarter, we were named one of Byron's most sustainable US companies for the seventh consecutive year. We also achieved the coveted Ecorate platinum level rating in recognition of our sustainability efforts for the fifth consecutive year. The platinum rating places us among the top 1% of more than 150,000 companies rated by EcoVadis across all industries.

作為我們本季取得進展的體現，我們連續第七年被評為拜倫最具永續發展能力的美國公司之一。我們還獲得了令人垂涎的 Ecorate 白金級評級，以表彰我們連續第五年在永續發展方面所做的努力。憑藉白金評級，我們在 EcoVadis 評選的各行各業 150,000 多家公司中位列前 1%。

Turning to innovation, I want to highlight a few recent technologies and product launches as shown on slide 5. Starting with our former segment, our nasal delivery system is the solution for nasal saline rinse in Germany. In China, our ophthalmic squeeze dispenser is the solution for the multi-dose preservative free drops by VisionX lab.

談到創新，我想重點介紹幻燈片 5 中展示的一些最新技術和產品發布。從我們之前的部分開始，我們的鼻腔輸送系統是德國鼻腔鹽水沖洗的解決方案。在中國，我們的眼科擠壓式分配器是 VisionX 實驗室的多劑量無防腐劑滴劑的解決方案。

Last but not least, we recently announced a clinical validation study for our SmartTrack services platform. After almost a decade of development, aiming to reduce the need for clinical trials in generic inhaled drug approvals by leveraging in vitro in silicone methods to predict clinical outcomes.

最後但同樣重要的一點是，我們最近宣布了針對我們的 SmartTrack 服務平台的臨床驗證研究。經過近十年的發展，旨在透過利用體外矽膠方法預測臨床結果，減少仿製吸入藥物審批中臨床試驗的需要。

The validation study is scheduled for the second quarter of 2025 and is a key step forward in proving the platform's effectiveness. We expect that SmartTrack will help our customers speed up ANDA approvals and make generic inhaled medicines more accessible to patients.

驗證研究計劃於 2025 年第二季進行，這是證明平台有效性的關鍵一步。我們期望 SmartTrack 能夠幫助我們的客戶加快 ANDA 審批，並使仿製吸入藥物更容易為患者所用。

We anticipate the study to also support efforts such as creating low global warming potential powder meter dose inhaler formulations, developing new drug combinations, repurposing drugs, and advancing new chemical entities.

我們預計這項研究還將支持諸如創造低全球暖化潛能值粉末劑量吸入器配方、開發新的藥物組合、重新利用藥物和推進新的化學實體等努力。

In beauty, our refillable fragrance pump is the dispensing solution for L'Oreal's new Yves Saint Laurent fragrance in Europe. In Latin America, O Boticario has selected a pump for a new men's fragrance, and our custom dispensing pump is on the Beiersdorf Eucerin brand lotion.

在美容領域，我們的可再填充香水幫浦是歐萊雅在歐洲推出的新款 Yves Saint Laurent 香水的分配解決方案。在拉丁美洲，O Boticario 為新的男士香水選擇了一款泵，而我們的客製化分配泵則用在拜爾斯道夫優色林品牌乳液上。

In Asia, our customized cosmetics pump is used on PNG's or layer on facial skincare products. Our buildable drop by drop dispenser is featured on the Boima Suncare brand in the US. Moving the closures, Hidden Valley Ranch, inverted salad dressing features our new lightweight closure with fully recyclable valve, now on the grocery store shelves in North America.

在亞洲，我們客製化的化妝品幫浦用於 PNG 或臉部護膚產品層。我們的可建構式滴劑分配器是美國 Boima Suncare 品牌的特色產品。移動封蓋，Hidden Valley Ranch 倒置沙拉醬採用我們新的輕質封蓋，配有完全可回收的閥門，現已在北美的雜貨店貨架上銷售。

In Latin America, L'Oreal is featuring a fully recyclable, e-commerce capable desktop solution on its Garnier practice hair care products. And in China, our sports closure is featured on the New Lean brand sports drink.

在拉丁美洲，歐萊雅在其卡尼爾護髮產品上推出了完全可回收、支援電子商務的桌面解決方案。在中國，我們的運動封蓋已應用於新精益品牌運動飲料。

Before I turn the call over to Vanessa to share further details on the quarter, I want to highlight that we ramped up our share repurchases in the first quarter, repurchasing more than $500,000 shares for about $80 million. Our share repurchases underscore our belief in the future trajectory of the company. Now, I will turn the call over to Vanessa.

在我將電話轉給 Vanessa 分享本季的更多細節之前，我想強調一下，我們在第一季加大了股票回購力度，回購了超過 50 萬股股票，總價值約為 8,000 萬美元。我們的股票回購凸顯了我們對公司未來發展方向的信心。現在，我將把電話轉給 Vanessa。

Thank you, Stephan, and good morning, everyone. Let me begin by summarizing the highlights for the quarter. Starting on slide 6, our reported sales decreased 3%, which included the foreign currency translation headwind of approximately 3%. Therefore, course sales were flat compared to the prior year period.

謝謝你，史蒂芬，大家早安。首先，我來總結一下本季的亮點。從第 6 張投影片開始，我們報告的銷售額下降了 3%，其中包括約 3% 的外幣折算逆風。因此，課程銷售額與去年同期相比持平。

As shown on slide 7, we achieved adjusted EBITDA of $183 million an increase of 3% from the prior year period. We reported adjusted deleted earnings per share of $1.20 versus the prior year $1.22 at comparable exchange rates. The effective tax rate for the first quarter was 25.8% compared to 20.5% in the year prior.

如投影片 7 所示，我們的調整後 EBITDA 達到 1.83 億美元，較去年同期成長 3%。我們報告的調整後每股收益為 1.20 美元，以可比匯率計算，上年為 1.22 美元。第一季有效稅率為 25.8%，去年同期為 20.5%。

The higher effective tax rate reflects the estimated impact of the temporary 2025 surtax enacted in France during the quarter. Lower tax benefits from share-based compensation and certain non-recurring incentives received in the prior year quarter. If we were to adjust Q1 2024 earnings per share, keeping tax rates constant, the comparable adjusted EPS would be $1.14.

更高的有效稅率反映了本季法國頒布的 2025 年臨時附加稅的預期影響。去年同期獲得的股權激勵和某些非經常性激勵帶來的稅收優惠較低。如果我們調整 2024 年第一季每股收益，保持稅率不變，則可比調整後每股收益將為 1.14 美元。

Neutralizing for currency effects and tax, EPS would have increased 5% over the prior year quarter. With those high-level comments, let's take a closer look at segment performance. Our pharma segments core sales increased 3%. Let me break that down by market, starting with our proprietary drug delivery system.

扣除貨幣和稅收的影響，每股收益將比去年同期增加 5%。透過這些高層評論，讓我們仔細看看各個細分市場的表現。我們的製藥部門核心銷售額成長了 3%。讓我按市場來細分一下，首先從我們的專有藥物輸送系統開始。

Prescription course sales increased 10%, primarily due to continued strong demand for dosing and dispensing technologies for emergency medicines, as well as central nervous system, asthma, and COPD therapeutics.

處方藥銷售額成長了 10%，這主要歸因於對急救藥物以及中樞神經系統、氣喘和 COPD 治療藥物的劑量和調藥技術持續強勁的需求。

Consumer healthcare core sales decreased 10%, driven by softer demand for nasal decongestants, nasal saline solutions, as well as cough and cold medicines, as inventory management continued at the customer level. The continued growth in sales for ophthalmic solutions could not offset this decline.

由於客戶層面的庫存管理持續進行，鼻減充血劑、鼻腔鹽水以及咳嗽和感冒藥的需求疲軟，導致消費者保健核心銷售下降了 10%。眼科溶液銷售額的持續成長無法抵消這一下降。

Injectable core sales decreased 8% due to a tough comparison from the prior year quarter, a catch-up quarter post the division's implementation of its enterprise resource planning system. And for our active material science solutions, core sales increased to 11%, driven by increased demand for our diabetes and probiotic solutions. In addition, we benefited from higher tooling sales in the quarter.

由於與去年同期相比業績不佳，注射芯銷售額下降了 8%，這是該部門實施企業資源規劃系統後的追趕季度。對於我們的活性材料科學解決方案，由於對我們的糖尿病和益生菌解決方案的需求增加，核心銷售額增加了 11%。此外，我們也受惠於本季工具銷售額的成長。

Farmers adjusted EBITDA margin for the quarter was 34.8%, a 230 basis point improvement from the prior year. The marginal improvement was driven by increased sales of higher value products and services, including royalties and continued cost efficiency initiatives. Moving to our beauty segment, core sales decreased 3% in the quarter.

本季農民調整後的 EBITDA 利潤率為 34.8%，比前一年提高 230 個基點。這一邊際改善是由高價值產品和服務銷售額的成長（包括特許權使用費）和持續的成本效率措施所推動的。轉向我們的美容部門，本季核心銷售額下降了 3%。

Looking at the beauty segment by market, fragrance, facial skincare and color cosmetics, core sales decreased 11%, due largely to lower sales of higher value prestige fragrance products, particularly in Europe. While coarse sales of Masstige fragrance grew double digits, it could not offset the softer demand for dispensing solutions in prestige fragrance and facial skin care.

從美容市場來看，香水、臉部保養品和彩妝的核心銷售額下降了 11%，這主要是由於高價值高檔香水產品的銷售額下降，尤其是在歐洲。雖然大眾香水的粗調銷售額實現了兩位數成長，但卻無法抵銷高檔香水和臉部保養品分配解決方案需求的疲軟。

Although we do believe that sales for dispensing technologies in these end markets should start to improve progressively. Personal care core sales increased to 9%, with continued demand for body care and hair care applications. Homecare course sales increased 15%, primarily due to continued growth of air care applications and surface cleaning products.

儘管我們確實相信這些終端市場的分配技術銷售應該會開始逐步改善。個人護理核心銷售額成長 9%，身體護理和頭髮護理產品的需求持續成長。居家護理課程銷售額成長了 15%，這主要得益於空氣護理應用和表面清潔產品的持續成長。

This segment adjusted EBITDA margin for the quarter was 12.1%, a decline of 50 basis points largely driven by lower prestige fragrance volumes. In the closure segment, horse sales decreased by 2% compared with the prior year. The segment saw product sales growth in virtually all end markets.

本季該部門調整後的 EBITDA 利潤率為 12.1%，下降 50 個基點，主要原因是高檔香水銷售下降。在關閉部分，馬匹銷售額與前一年相比下降了 2%。該部門在幾乎所有終端市場的產品銷售均實現成長。

These positive results were offset by lower tooling sales and unprofitable sales that the company chose to no longer service. Without these headwinds, core sales would have increased by 3%. When looking at the market fields for closures, food court sales were flat. Higher product sales were offset by significantly lower tooling sales compared to the prior year period.

這些正面的結果被公司選擇不再提供服務的工具銷售下降和無利可圖的銷售所抵消。如果沒有這些不利因素，核心銷售額將成長 3%。當查看關閉的市場領域時，美食廣場的銷售額持平。與去年同期相比，產品銷售額的增加被工具銷售的大幅下降所抵銷。

Product sales for food were driven by increased demand for granular powder, Asian sauces, and salad dressing, somewhat offset by a decline in sales for food protection. Beverage core sales were flat. As with food, the higher beverage product sales were offset by significantly lower tooling sales compared to the prior year.

食品產品銷售受到顆粒粉末、亞洲醬料和沙拉醬需求增加的推動，但食品保護產品銷售的下降在一定程度上抵消了這一增長。飲料核心銷售持平。與食品一樣，飲料產品銷售額的增加被與前一年相比大幅下降的工具銷售所抵消。

Product sales growth was driven by increased demand for functional drinks and concentrates. Personal care course sales decreased 15% due to softer demand in two of its larger categories, body skin care and hair care products. While in our other category, which includes beauty, home care, and healthcare, core sales increased 7%, driven by higher sales for dish care and laundry care solutions.

產品銷售的成長是由於功能性飲料和濃縮液的需求增加所致。個人護理課程的銷售額下降了 15%，因為身體皮膚護理和頭髮護理兩大類別產品的需求疲軟。而在我們的其他類別中，包括美容、家庭護理和醫療保健，核心銷售額增長了 7%，這得益於餐具護理和洗衣護理解決方案銷售額的增長。

This segment, adjusted EBITDA margin was 15.8%, representing an 80 basis points improvement over the prior year primarily due to product volume growth and continuing cost management. The contribution from our segments resulted in our consolidated growth margins expanding by 160 basis points, while consolidated adjusted EBITDA margins expanded by 120 basis points to 20.7% compared to 19.5% in the prior year period.

該部門調整後的 EBITDA 利潤率為 15.8%，比前一年提高了 80 個基點，這主要歸功於產品銷售成長和持續的成本管理。我們各部門的貢獻使我們的綜合成長利潤率擴大了 160 個基點，而綜合調整後 EBITDA 利潤率擴大了 120 個基點，達到 20.7%，而去年同期為 19.5%。

Indeed, driven by improved revenue mix and the positive impact from our ongoing cost improvement and productivity efforts. Moving over to cash flow. Free cash flow of $26 million for the quarter, resulting from cash from operations of $83 million net of capital expenditures of $57 million. Free cash flow increased by $9 million from the prior year quarter.

確實，這是由收入結構改善以及我們持續的成本改進和生產力努力帶來的正面影響所推動的。轉向現金流。本季自由現金流為 2,600 萬美元，來自 8,300 萬美元的經營現金扣除 5,700 萬美元的資本支出。自由現金流較去年同期增加了 900 萬美元。

As Stephan mentioned, we stepped up our share repurchases in the quarter, and we returned approximately $110 million to shareholders in the form of roughly $30 million in dividends and $80 million in share repurchases. You may recall that in October of 2024, our board authorized the repurchase of up to $500 million of common stock.

正如史蒂芬所提到的，我們在本季加強了股票回購力度，並以約 3,000 萬美元的股息和 8,000 萬美元的股票回購形式向股東返還了約 1.1 億美元。您可能還記得，2024 年 10 月，我們的董事會批准回購高達 5 億美元的普通股。

As of the end of Q1, there was approximately $383 million of authorized share repurchases remaining under the existing authorization. Finally, we ended the quarter with a strong balance sheet once again, reflecting a cash balance of $126 million as of March 31, net debt of $870 million and a leverage ratio of 1.16.

截至第一季末，現有授權下剩餘的授權股票回購金額約為 3.83 億美元。最後，我們再次以強勁的資產負債表結束了本季度，截至 3 月 31 日的現金餘額為 1.26 億美元，淨債務為 8.7 億美元，槓桿率為 1.16。

Now moving on to outlook.

現在轉向展望。

Slide 8 summarizes our outlook for the second quarter. We anticipate second quarter adjusted earnings per share, which is a reminder, excludes any restructuring expenses, acquisition costs, and changes in the unrealized share value of equity investments to be in the range of $1.56 to $1.64 per share.

投影片 8 總結了我們對第二季的展望。我們預計第二季調整後的每股盈餘（提醒一下，不包括任何重組費用、收購成本以及股權投資未實現股本價值的變化）將在每股 1.56 美元至 1.64 美元之間。

Our effective tax rate range for the second quarter is 19% to 21%, primarily due to a one-time tax benefit as well as ongoing tax optimization planning. Additionally, I wanted to touch on tariffs before handing over the call to Stephan. With the evolving terrorist situation, we are closely monitoring potential impacts.

我們第二季的有效稅率範圍為 19% 至 21%，這主要歸功於一次性稅收優惠以及持續的稅收優化計劃。此外，在將電話交給史蒂芬之前，我想談談關稅問題。隨著恐怖主義局勢的不斷發展，我們正在密切監視潛在的影響。

At this point in time, the net effect is expected to be limited. In our portfolio, we have some pharma products exported from Europe, while our beauty and closure segments have more exposure to Mexico, both in terms of manufacturing and material sourcing.

目前來看，預計淨效應有限。在我們的產品組合中，有一些醫藥產品從歐洲出口，而我們的美容和封蓋部門在製造和材料採購方面更依賴墨西哥。

Given how quickly things are changing, it's difficult to draw definitive conclusions at this stage. Once the landscape settles, we expect supply chains will adapt as they have in the past. What positions us well is our truly global footprint, operating in 20 countries with around 49 manufacturing sites. Giving us the flexibility to shift and respond as needed.

鑑於事態變化如此之快，現階段很難得出明確的結論。一旦情況穩定下來，我們預計供應鏈將像過去一樣適應。我們的優勢在於我們真正的全球業務，在 20 個國家/地區擁有約 49 個製造基地。讓我們能夠根據需要靈活地轉變和回應。

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

這次，在我們進入問答環節之前，Stefan 會給出一些結束語。

Thank you, Vanessa. In times of economic uncertainty, our resilience becomes our greatest asset. At Aptar, we are dedicated to providing the essential products that keep our community strong and healthy. Our position as a leader in dosing, dispensing, and protection technologies across a number of resilient and markets, including medications to treat chronic conditions and consumer staples that are relied on by millions of people every day underpin our business.

謝謝你，凡妮莎。在經濟不確定時期，我們的韌性成為我們最大的財富。在 Aptar，我們致力於提供維持社區強大和健康的基本產品。我們在多個彈性市場中的劑量、分配和保護技術領域處於領先地位，其中包括治療慢性病的藥物和數百萬人每天依賴的消費必需品，這些都支撐著我們的業務。

Additionally, our robust, largely in region, four region supply chain structure that we adopted decades ago allows us to adapt with agility and flexibility to the changing needs of our customers. Regarding tariffs, well, we need to remain watchful, changing dynamics also bring opportunities, especially with our strong North American footprints.

此外，我們幾十年前採用的強大的、主要在區域的四大區域供應鏈結構使我們能夠靈活地適應客戶不斷變化的需求。關於關稅，我們需要保持警惕，不斷變化的動態也帶來了機遇，特別是考慮到我們在北美的強大影響力。

As a reminder, we have 11 plants in North America, nine of those in the US and two in Mexico, giving us a competitive edge in production capacity across each of our segments. Our large and unique North American footprint strengthens our reliability and responsiveness.

提醒一下，我們在北美有 11 家工廠，其中 9 家在美國，2 家在墨西哥，這使我們在每個領域的生產能力方面都具有競爭優勢。我們龐大而獨特的北美業務增強了我們的可靠性和回應能力。

Additionally, we are expanding distribution opportunities for our beauty segment as market demand increases, particularly in response to tariff related concerns, leading to a notable rise in sample requests. And when it comes to our closure segment, our mostly localized approach ensures proximity to customers, enhancing service and efficiency.

此外，隨著市場需求的增長，特別是為了應對關稅相關的擔憂，我們正在擴大美容部門的分銷機會，導致樣品請求顯著增加。當談到我們的關閉部分時，我們主要採用本地化的方法來確保與客戶的密切聯繫，從而提高服務和效率。

The environment around us continues to change almost daily, and while we will remain vigilant, we are also aware of the opportunities that this disruption will bring. Looking ahead, we expect a strong second quarter with positive contributions from all three segments. In addition to the contribution from our strong farmer franchise, we anticipate a stronger quarter two for beauty and foreclosures.

我們周圍的環境幾乎每天都在變化，雖然我們會保持警惕，但我們也意​​識到這種顛覆將帶來的機會。展望未來，我們預計第二季將表現強勁，三個部門都將做出積極貢獻。除了我們強大的農場特許經營權的貢獻之外，我們預計第二季度美容和止贖業務的表現也將更加強勁。

We are excited and encouraged by the order book and by our innovations that are winning the hearts and minds of our customers, patients, and consumers. As we navigate the challenges and opportunities ahead, we remain committed to supporting and investing in these fundamental needs that have propelled our company's growth. With that, I would like to open up the call for your questions.

我們對訂單量以及贏得客戶、患者和消費者青睞的創新感到興奮和鼓舞。在我們應對未來的挑戰和機會時，我們將繼續致力於支持和投資推動公司發展的這些基本需求。現在，我想開始回答大家的提問。

(Operator Instructions)

（操作員指示）

George Staphos, Bank of America

喬治‧斯塔福斯（George Staphos），美國銀行

Hi everyone, good morning. Hope you're doing well, thanks for the details. I guess first question I had, Stephan, if you can give us, a little bit more color in terms of what you're seeing in terms of order patterns and inventory levels. You mentioned that you haven't gotten past perhaps the inflection point, in farming restocking, on CHC add and, amend as you wish there just appreciate a bit more color there.

大家好，早安。希望你一切都好，謝謝你的詳細資料。我想我的第一個問題是，史蒂芬，您是否可以向我們詳細介紹您所看到的訂單模式和庫存水準。您提到，您可能還沒有越過拐點，在農業補給方面，在 CHC 上添加並修改，如您所願，只是在那裡欣賞更多的顏色。

And then can you give us a bit more color in terms of what's happening with GLP ones and how that's helping injectables? I don't know if you're going to be in a position to quantify, but if you can give a bit more color there, that would be helpful too. And they had one follow on.

然後您能否向我們詳細介紹 GLP 的發展以及它對注射劑有何幫助？我不知道您是否能夠量化，但如果您能提供更多細節，那也會有所幫助。他們還有後續行動。

Great, good morning, George. The General senses that the companies after a somewhat slow Q4 and Q1 are re accelerating into Q2 across a broad range of end users. So we see good poise and new orders and new projects in beauty, we see good strong demanding closures.

太好了，早安，喬治。通用汽車感覺到，在經歷了第四季和第一季的緩慢成長之後，各大公司在第二季將在廣泛的終端用戶範圍內重新加速成長。因此，我們看到了美容領域的良好態勢、新訂單和新項目，也看到了強勁的需求。

And on the farmer side, the price of drug delivery engine is coming along; injectables is doing well, good demand. Frankly, it's more about us ramping up our capability and validating equipment, and then as he saw active material is doing well. Indeed, the notable exception is cold and cough.

從農民方面來看，藥物輸送引擎的價格正在上漲；注射表現良好，需求旺盛。坦白說，這更多的是我們提高能力和驗證設備，然後他看到活性材料表現良好。事實上，值得注意的例外是感冒和咳嗽。

We certainly see that US inventories have been not depleted but come to more normal level based on the strong US cold flu season. We have not seen that yet in other areas and it's at this point, we probably see another quarter of the talking visibility is not great. We'll know more as the in the next quarter.

我們當然看到，由於美國感冒流感季節強勁，美國的庫存並沒有耗盡，反而恢復到了更正常的水平。我們還沒有在其他領域看到這種情況，就目前而言，我們可能看到另一個季度的談話可見性並不好。下個季度我們將了解更多。

Having said all that, when we get in the inventory build up and then destalking cycles, it's a non-trivial exercise to tease apart all the variables and just for argument's sake, let's say, we are sure to particular SKU and cannot meet demand for customer and short shift the customer, then next time the customer places an order, they add a little extra for good measure.

話雖如此，當我們進入庫存累積和庫存清退週期時，梳理所有變數並非易事，僅出於論證的目的，假設我們確定特定的 SKU 無法滿足客戶需求，並縮短了客戶的交貨時間，那麼下次客戶下訂單時，他們會額外增加一點數量。

We didn't expect the additional demand, so we again cannot meet. And then the story keeps going on until the customer is hoarded a bunch, without obviously telling us, otherwise they're concerned that we short shift them even more. And then you have this multiplied by four levels in the value chain.

我們沒有預料到會有額外的需求，所以我們再次無法滿足。然後故事一直持續下去，直到客戶囤積了一大堆，卻沒有明顯地告訴我們，否則他們會擔心我們進一步虧待他們。然後將其乘以價值鏈中的四個層級。

So, of course we track retail sales in the US, but we don't see a IQVIA comes out as a significant lag and so it's not a non-trivial exercise. We're not trying to be evasive here or there is an excuse, but more of an explanation. Usually the supply chains are pretty steady, but here with the cold and cough, it's a little tricky.

因此，我們當然會追蹤美國的零售額，但我們並沒有發現 IQVIA 有明顯的滯後，因此這並不是一項簡單的工作。我們並不是想在這裡迴避問題或找藉口，而更多的是提供解釋。通常情況下，供應鏈相當穩定，但這裡出現了感冒和咳嗽，情況變得有點棘手。

Now, coming on the GLP-one, we see very strong demand and continue to ramp up capability. I think you've seen one of our lines run, see that run in Les Boudreaux, so we continue to meet that demand. We get good attraction with customers. And yeah, generally positive on that.

現在，談到 GLP-one，我們看到了非常強勁的需求，並且將繼續提升產能。我想您已經看到我們的一條生產線在運行，看到它在 Les Boudreaux 的運行，所以我們會繼續滿足這一需求。我們對客戶具有良好的吸引力。是的，總體來說，我對此持積極態度。

Yeah. Point of clarification, you said other areas haven't seen it yet, so meaning outside of the US, you haven't seen cough and cold inventories necessarily depleted. You don't have to go into detail. I just want to make sure I got that right. And then Vanessa, I know tax rates kind of circular.

是的。需要澄清的是，您說其他地區還沒有出現這種情況，這意味著在美國以外，您還沒有看到咳嗽和感冒庫存必然耗盡。你不必講得那麼詳細。我只是想確保我理解正確。然後瓦妮莎，我知道稅率有點循環。

Oh, thank you so much. I know tax rates circular because it relies on the full year and you don't go on the full year, but. If you're in our seats and we need to model after what tax rate would you use broadly for the second half of the year? Thank you.

噢，非常感謝。我知道稅率是循環的，因為它依賴全年，而你不需要全年計算，但是。如果您處於我們的立場，我們需要模仿您在下半年廣泛使用的稅率嗎？謝謝。

So George. Thank you, George. Thanks for the question. Maybe before I dive into that, I'll just quickly touch on the Q2 guide tax rate then because I'm certain somebody would ask, what's driving the Q2 guide. We did guide 19% to 21%, so 20% at the midpoint, and we did mention that that was largely due to a one-time expected tax benefit.

所以喬治。謝謝你，喬治。謝謝你的提問。也許在我深入探討這個問題之前，我會快速談談第二季的指導稅率，因為我確信有人會問，是什麼推動了第二季的指導稅率。我們確實指導了 19% 到 21% 的成長率，所以中間值為 20%，我們確實提到這主要是由於一次性預期稅收優惠。

And really where that's coming from is, the expected realization of deferred tax assets that was previously not recognized and so we're now in a position through all the work that we've been doing around increasing profitability, etc. And certain of our entities that were previously lost making, we can now recognize that tax assets.

而這其實源自於先前未確認的遞延所得稅資產的預期實現，因此，透過我們為提高獲利能力等所做的所有工作，我們現在能夠確認先前虧損的某些實體的稅務資產。

So that's really what is driving that for Q2 and that is a big anomaly. If I think about, the balance of the year and sort of isolate this one-time impact, but also other ongoing tax planning work that we're doing, I would expect, somewhere in the sort of, 22% to 24% ETR range.

所以這才是推動第二季業績的真正原因，這是一個很大的異常現象。如果我考慮今年的餘額，並將這種一次性影響隔離開來，但也包括我們正在進行的其他持續的稅務規劃工作，我預計 ETR 會在 22% 到 24% 的範圍內。

Thank you very much

非常感謝

Ghansham Panjabi, Baird

甘沙姆·潘賈比，貝爾德

Thank you, operator. Good morning, everybody. Just following up on George's questions, on the cold and cough, where do you think the inventory lies? Is it in distribution? Is it in, the upstream in terms of production at the pharmaceutical level? Just any color there, and what is the realistic sort of timeline for that inflection if you kind of look at parallels in the past with the company's gone through these before as well.

謝謝您，接線生。大家早安。繼續回答喬治的問題，關於感冒和咳嗽，您認為庫存在哪裡？它在分佈中嗎？它是否處於製藥級生產的上游？那裡只是任何顏色，如果你回顧過去的情況，你會發現公司以前也經歷過這些，那麼這種轉變的現實時間表是什麼。

It's very hard to tell. I think the color we can give you is that in terms of our order book, we've seen the inflection happen in the US. We have not seen it yet outside the US, and as you can imagine, the visibility of the different levels of the supply chain is even lower outside of the US.

這很難說。我認為我們可以告訴你的是，就我們的訂單而言，我們已經看到美國發生了變化。我們還沒有在美國以外看到這種情況，你可以想像，在美國以外，供應鏈不同層級的可見度甚至更低。

So our best to call right now is that we extend it for another quarter and we'll give you an update at the next queue. I mean, even when it was extreme, I think we rarely had this extend for more than a year. So we are now, but, by the by the summer we'll be three quarters into it.

因此，我們現在最好的方法是將其延長一個季度，並在下次排隊時向您提供最新消息。我的意思是，即使情況極端，我認為我們很少會將這種情況持續一年以上。現在我們就是這樣，但是到夏天我們就會完成四分之三了。

And so the US was how many quarters? You mentioned an inflection, how many quarters was the correction you think?

那麼美國有多少個季度？您提到了轉折點，您認為調整持續了多少個季度？

Well, I would say two quarters in the US, so quarter four and quarter one, and I think now we, yeah.

嗯，我想說在美國是兩個季度，也就是第四季度和第一季度，我想現在我們，是的。

Got it. Okay, thank you for that. And then in terms of GLP-1 and your targets you outlined a couple of years ago at your analyst meeting about, doubling the sales base, etc. How does the potential for an oral pill change the calculus of that, if at all?

知道了。好的，謝謝你。然後就 GLP-1 而言，您在幾年前的分析師會議上概述了目標，例如將銷售基數翻倍等。口服藥的潛力如何改變這個計算呢？

Yes, certainly, the way we think about this is this is not a short-term prospect. You have a lot of capacity going in for auto injectors, for CMO cap capacity. There's a lot of consumer adaptation to do the auto injectors. So I don't think anybody will abandon these investments and in the end it's a decision by customers to launch, not to launch and in addition, you've seen distribution growing for some of these auto injectors with de novo telehealth investment.

是的，當然，我們認為這不是一個短期前景。您有大量產能用於自動注射器和 CMO 蓋產能。很多消費者都已經適應了自動注射器。因此，我認為沒有人會放棄這些投資，最終由客戶決定是否推出，此外，您已經看到一些自動注射器的分銷隨著新的遠距醫療投資而成長。

So, for the next few years, I would not look at that and then personally I would expect it to be maybe more of a sequential thing first, you get the weight off with the auto injector and then the oral will be more of a maintenance regime, but I'm speculating at this point, but certainly nothing that our customers flag in the foreseeable future.

因此，在接下來的幾年裡，我不會考慮這一點，然後我個人預計它可能首先是一個連續的過程，你可以透過自動注射器減輕體重，然後口服將更多的是一種維持方案，但我現在只是推測，但在可預見的未來，我們的客戶肯定不會有任何反應。

Got it. And just one final one, the divergence in sales between mass fragrances and prestige. Is that just a bit more color on that in terms of your share position, is it obviously different one versus the other, or is it just the market conditions and maybe customer mix?

知道了。最後一個問題，大眾香水和高端香水的銷售量有差異。就你們的份額狀況而言，這是否只是稍微詳細一點，彼此之間是否明顯不同，還是僅僅是市場條件和客戶組合不同？

Well, it's more what our customers' decisions went to do launches and clearly coming out of COVID, the first big swing was with the prestige fragrances, and we're almost laughing at where it came later. Of course, it's always a question are you on the launches that are successful in terms of share position, we feel very good.

嗯，更重要的是我們的客戶決定推出新產品，顯然在擺脫 COVID 之後，第一個大動作是推出高端香水，而我們幾乎在嘲笑它後來的表現。當然，我們總是會問，就市場佔有率而言，這些產品的發布是否成功，我們感覺非常好。

So, certainly if you ask our teams, they are positive and maybe even saying that they're gaining share, you're talking to sales people, no disrespect, but we have a pretty sophisticated tracking. So I'm confident that we are certainly gaining a bit of ground there.

因此，如果你問我們的團隊，他們肯定是積極的，甚至可能說他們正在獲得市場份額，你在和銷售人員交談，沒有不尊重的意思，但我們有一個相當複雜的跟踪。因此我相信我們肯定會在那裡取得一些進展。

And as we indicated, going into the second quarter, we think some of the prestige model is coming back, especially also in Europe, and on the broader beauty picture, we also see the Chinese consumer coming back. The overall sense has been quite positive there, who knows what the whole trade and negotiations will do to that, but for now it looks pretty good.

正如我們所指出的，進入第二季度，我們認為一些高端品牌正在回歸，尤其是在歐洲，從更廣泛的美容領域來看，我們也看到中國消費者正在回歸。那裡的整體感覺相當積極，誰知道整個貿易和談判將對此產生什麼影響，但目前看起來相當不錯。

Okay, perfect. Thank you so much.

好的，完美。太感謝了。

Matt Roberts, Raymond James

馬特羅伯茲、雷蒙詹姆斯

Hey Stefan, Vanessa. Good morning, everybody. If I could first expand on Ghansham's question there on the prestige fragrance, I believe you said it was isolated to Europe, but are you seeing the early impacts of lower discretionary spending amongst that prestige income cohort, or are your customers passing along tariff related price already that is being absorbed? And if so, would Aptar or have to share in any of that cost?

嘿，史蒂芬，凡妮莎。大家早安。如果我可以先擴展 Ghansham 關於高端香水的問題，我相信您說過它僅限於歐洲，但您是否看到了高端收入群體中可自由支配支出減少的早期影響，或者您的客戶是否已經將正在吸收的關稅相關價格轉嫁出去了？如果是這樣，Aptar 是否需要分擔其中的部分成本？

And let's start with the second part of the question. When it comes to tariffs, we are mainly in region for region in terms of our supply chain set up. So while we have some tariff exposure, for example, for aluminum and for some isolated cases, our region for reaching supply chain setup makes us pretty resilient here plus whatever tariff we encounter we pass on.

讓我們從問題的第二部分開始。說到關稅，我們主要根據我們供應鏈的設定按地區進行。因此，儘管我們面臨一些關稅風險，例如鋁和一些個別情況，但我們所在的地區能夠建立供應鏈，這讓我們在這裡具有相當強的韌性，無論遇到什麼關稅，我們都會轉嫁。

We see a bit more muted engagement in terms of new launches based on just the uncertainty that we may have compared to what we have would have expected three months ago, but nevertheless, we see a solid increase compared to prior year and that's why we are confident about the Q2 contribution of beauty to growth.

與三個月前的預期相比，由於不確定性，我們看到新品發布會的參與度略低，但儘管如此，與去年同期相比，我們看到了穩步增長，這也是我們對第二季度美妝對增長的貢獻充滿信心的原因。

Now, when it comes to what our customers do, in terms of their sourcing decisions and where they send products, those are secondary and tertiary effects and that will take some time. More kind of CEO mass, the prestige products probably have the biggest room to pass on things. Remember the selling price is not a transfer price and there's a lot of room in absorbing or passing on tariffs in the short term.

現在，談到我們的客戶做什麼，就他們的採購決策和他們將產品發送到哪裡而言，這些都是次要和第三級影響，這需要一些時間。更多類型的CEO群體，聲望產品可能具有最大的傳承空間。請記住，銷售價格不是轉移價格，短期內吸收或轉嫁關稅的空間很大。

That's so fun, thank you. Maybe if I could if I have to ask a more holistic question, because I can't keep up with regulatory agent headlines and whether the odds or pace of drug approvals is any better or worse, and I'm not sure you can make that easier for me, but when you think about the longer term 7% to 11% core growth in pharma.

太有趣了，謝謝。也許我可以問一個更全面的問題，因為我無法跟上監管機構的頭條新聞，也不知道藥品審批的幾率或速度是好是壞，我不確定你能否讓我更容易地回答這個問題，但是當你考慮到製藥業長期 7% 到 11% 的核心增長時。

How does the evolving approach of regulatory change your conviction on that here in the medium term, maybe in the next two to three years, or are there certain areas you're more or less comfortable with in the pipeline, given your customers and spend small biotech companies to very large pharma companies and how is each end of that customer range approaching their respective pipelines. Thanks for taking the questions.

監管方式的演變如何在中期（可能是未來兩到三年）改變您對此的信念，或者考慮到您的客戶從小型生物技術公司到大型製藥公司，您是否對某些領域或多或少感到滿意，以及每個客戶範圍的末端如何處理各自的管道。感謝您回答這些問題。

Yeah, so, as you know our average project is about a decade. So if an approval process gets pushed out by 6 to 12 months, I'm not sure we will find it in the P&L. Most of our medications are treatment of chronic diseases that whether it's diabetes, whether it's COPD or asthma, and so we see that continue ongoing.

是的，如你所知，我們的平均專案週期約為十年。因此，如果審批流程被推遲 6 到 12 個月，我不確定我們是否會在損益表中找到它。我們的藥物大多是治療慢性疾病的，無論是糖尿病、慢性阻塞性肺病或氣喘，所以我們看到這種治療仍在持續進行中。

Clearly, customers are concerned if the FDA is not as responsive as it used to be in in in terms of getting on cases, but so far we have not really seen a lot of evidence of that. I think that right now it's more concerns.

顯然，消費者擔心 FDA 在處理案件方面是否不再像以前那樣積極回應，但到目前為止，我們還沒有看到很多這方面的證據。我認為現在更令人擔憂的是。

Overall, pharma R&D budgets were up in 2024. So, we and our pipeline continues to grow. So I would like the dust settle here for a little bit before making any calls. We feel very good about the pipeline and the long-term trends I referred to are really good.

整體而言，2024 年製藥研發預算將會增加。因此，我們和我們的管道將繼續成長。因此，我希望在做出任何決定之前，這裡的塵埃能夠稍微平息下來。我們對這條管道感到非常滿意，而且我提到的長期趨勢也非常好。

I wanted to come back on your earlier point on beauty though, and the tariffs. I would also like to point out again that giving our local presence in the US and here in the US is particularly impacted, we see a lot more requests.

不過，我想回到你之前關於美麗和關稅的觀點。我還想再次指出，由於我們在美國的本地業務和美國這裡受到的影響特別大，我們看到了更多的請求。

In fact our requests for new quotations are up 30% for people who need to switch away or want to switch away from having things coming from China. So for us the terrorist situation is as much an opportunity as it is keeping us busy with passing on things.

事實上，對於那些需要或想要停止購買中國產品的人來說，我們對新報價的需求增加了 30%。因此，對我們來說，恐怖主義局勢既是一個機遇，也讓我們忙於傳遞訊息。

Appreciate that and for providing a little comfort going over the weekend. Thank you, Stephan.

非常感謝，也感謝您在周末為我提供的一些安慰。謝謝你，史蒂芬。

Daniel Rizzo, Jefferies

丹尼爾·里佐（Daniel Rizzo），傑富瑞

Hey, thank you for taking my question. And just to kind of -- how are you doing? Just to kind of go with the tariff thing. Is it also possible that the tariffs could have a benefit for, I mean, from my understanding in beauty, you produce in Europe or your end products are in Europe and they are shipped to China.

嘿，謝謝你回答我的問題。只是想問——你還好嗎？只是為了解決關稅問題。關稅是否也可能帶來好處，我的意思是，根據我對美容產品的理解，你在歐洲生產，或者你的最終產品在歐洲，然後運往中國。

Are we seeing or can we see that demand go up because of issues between the US and the rest of the world if you kind of follow what I'm saying?

如果您明白我的意思，我們是否看到或能夠看到由於美國和世界其他國家之間的問題而導致需求上升？

Sure. Hi, Dan. China, the Chinese market is evolving, I would say we certainly see more confidence, but we also see more patriotism given geopolitics. So, there is a gaining of market share of local brands, since we are in China and producing for China, we are quite happy to supplying the local brands and some of the multinationals have local operations there like L’Oreal, a big footprint in China.

當然。你好，丹。中國，中國市場正在不斷發展，我想說我們當然看到了更多的信心，但考慮到地緣政治，我們也看到了更多的愛國主義。因此，本土品牌的市場份額正在不斷增長，因為我們在中國並為中國生產產品，所以我們很樂意為本土品牌供貨，而且一些跨國公司在中國也有本地業務，例如歐萊雅，它在中國的業務規模很大。

Whether there's some rerouting from of luxury products rather than shipping them to the US, ship them to China. I think it's a good hypothesis. I think it's too early to have data on that.

是否有一些奢侈品被轉運到中國而不是美國。我認為這是一個很好的假設。我認為現在獲得這方面的數據還為時過早。

Okay. And then you mentioned tough comps and injectables. I was wondering, I think in Q1, I was wondering if that's something that's going to be kind of an issue or just something that's highlighted for the remainder of the year.

好的。然後你提到了強效藥物和注射劑。我想知道，我認為在第一季度，這是否會成為一個問題，或者只是今年剩餘時間內突出的問題。

No, I know it's some time ago, but remember we had this ERP deployment where the entire year we were almost not able to ship for I think half the quarter and then last quarter one, we caught up with all of that and the comparison was, I think we were like 56%. So we shipped for a quarter and a half last year.

不，我知道那是一段時間前的事了，但請記住，我們部署了 ERP，全年我們幾乎無法發貨，我想有一半的季度都無法發貨，然後在上個季度，我們趕上了所有的進度，相比之下，我想我們的完成率大概是 56%。因此，我們去年出貨量為一個半季。

So when you compare to that, it starts to show growth, but demand is not an issue and injectables. It's for the demand is there. We, we're catching our breath or our little window catching up with it. They're getting equipment and it's still getting equipment validated.

因此，當你與之相比時，它開始顯示增長，但需求不是問題，注射劑也是如此。這是因為需求是存在的。我們，我們正在喘口氣，或者我們的小窗戶正在趕上它。他們正在獲取設備，並且仍在對設備進行驗證。

Okay. And then finally, with FX, you guided to 1.14. What was, I guess, the average rate in Q1? Was it like 108 or 109? What, what's the kind of the change or that, that's what's expected versus what was?

好的。最後，關於外匯，您預測匯率為1.14。請問第一季的平均匯率是多少？是 108 還是 109？什麼，什麼樣的變化，或者，與過去相比，這是預期的變化嗎？

Yeah, so, if you're thinking of, where we guided at the end of when we guided, Q1, that was about $1.04. There's a little bit of an update, so January, February we're pretty consistent with that. March came in at about $1.08 and current spot rates are about $1.14.So that's what we're guiding at right now, so the impact of that if you're thinking about sort of year over year is roughly about $0.04.

是的，所以，如果你想想，我們在第一季末的預期是1.04美元左右。之後會有一些更新，所以一月和二月的預期基本上與此一致。3 月的價格約為 1.08 美元，而目前的現貨價格約為 1.14 美元。這就是我們目前的指導價格，因此，如果以同比計算，其影響約為 0.04 美元。

That's perfect. That's exactly what I was looking for. Thank you.

那很完美。這正是我所尋找的。謝謝。

Matt Larew, William Blair & Company

馬特·拉魯（Matt Larew），威廉·布萊爾公司

Good morning. I wanted to follow up on growth in pharma. Obviously, you've called out the, sort of the cough and cold destock. But you've, we also referenced on the call continued strength on the emergency med NARCAN side. If I think about the last decade here, you, the CAGR is around 9%, sort of right in that 7% to 11% range, but the quarters themselves, particularly over the last couple of years have been much choppier.

早安.我想追蹤製藥業的發展。顯然，您已經呼籲減少因咳嗽和感冒引起的庫存。但是，我們在電話會議上也提到了緊急醫療 NARCAN 方面的持續強勢。如果我回顧過去十年，複合年增長率約為 9%，大致在 7% 到 11% 的範圍內，但各個季度本身，尤其是過去幾年，波動性更大。

Maybe if we think about the next few quarters as the destock ends, do we get back to a more normal, cadence, maybe as part of that answer would be good to hear an update on where emergency medicine stands as a percentage of sales. Thanks.

也許如果我們考慮接下來的幾個季度，隨著去庫存的結束，我們是否會回到更正常的節奏，也許作為答案的一部分，最好聽到急救藥品在銷售額中所佔百分比的最新情況。謝謝。

Hi Matt. Emergency medicines today are about 5% of overall company revenue. That's not only NARCAN, but NARCAN is an important part of that. And yeah, I can only agree with you. This is much more of a choppy business, distribution chains are non-traditional, you dealing with states harm reduction agencies. In addition to that, you had, after emerging coming in a bunch of generics to fight for share and stock up these stock and so on.

你好，馬特。目前急救藥品約占公司總收入的 5%。這不僅是 NARCAN，而且 NARCAN 是其中的重要組成部分。是的，我完全同意你的看法。這是一個更不穩定的行業，分銷鍊是非傳統的，你需要與國家減害機構打交道。除此之外，在出現之後，你還需要引進一批仿製藥來爭取市場份額並囤積這些庫存等等。

So it's a much more choppy business, a lumpy business, but overall, as we mentioned before, with deaths from opioid overdoses being clearly reduced through the availability and wide availability of NARCAN and this having bipartisan support. We continue to expect this business to develop nicely, but I think it's also reasonable to expect that at some point it will kind of resume a more normal growth trajectory.

所以這是一個更加不穩定、更加坎坷的行業，但總體而言，正如我們之前提到的，由於 NARCAN 的普及和廣泛使用，以及兩黨的支持，阿片類藥物過量導致的死亡人數明顯減少。我們繼續期待這項業務能夠良好發展，但我認為，預期它在某個時候會恢復更正常的成長軌跡也是合理的。

Beyond that, of course, if you look at the last five years, we had a tremendous whiplash with the COVID supply chain. So, I think I would be prudent to say we don't get for future quarters of the year, but we do stand by our long term targets we feel very good about the long term growth trajectory, and as you mentioned, we will not hit it every quarter.

當然，除此之外，如果你回顧過去五年，你會發現我們在 COVID 供應鏈方面遭受了巨大的衝擊。因此，我認為我應該謹慎地說，我們不會在未來幾季實現目標，但我們確實堅持我們的長期目標，我們對長期成長軌跡感到非常滿意，正如你所提到的，我們不會每個季度都實現目標。

We'll maybe not even hit it every year, but we feel good about the 7% to 11% and over the longer period of time, we have shown that we do that and if anything, it's driven by our by our pipeline and our pipeline is in good shape.

我們也許不會每年都達到這個目標，但我們對 7% 到 11% 的增長感到滿意，而且在較長時期內，我們已經證明我們做到了這一點，如果有的話，這是由我們的管道推動的，而我們的管道狀況良好。

Okay, very good. And then, Vanessa, I just wanted to make sure on tariffs you referenced that the net effect is expected to be limited. Does your guidance or at least what you're thinking about the year incorporate that net effect or does it incorporate sort of a gross effect with an expectation you might mitigate?

好的，非常好。然後，瓦妮莎，我只是想確保你提到的關稅的淨效應預計是有限的。您的指導意見或至少您對今年的考慮是否包含了這種淨效應，或者是否包含了某種總體效應和您可能會減輕的預期？

Then this year, I think that each company seems to be thinking about it differently in terms of the impact they expect versus what they incorporate into their outlook. So I want to make sure we're clear about that.

那麼今年，我認為每家公司似乎對他們預期的影響以及他們將其納入前景的內容有不同的看法。所以我想確保我們清楚這一點。

Yeah, thanks, Matt. So we saw little to no impact in the Q1 results. In Q2, we are, our guidance does incorporate the limited net effect, and for the balance of the year we expect that to essentially be the same. Stephan mentioned earlier that. where we are seeing, an increase in terrorists, we are already passing it on.

是的，謝謝，馬特。因此，我們認為第一季的業績幾乎沒有受到影響。在第二季度，我們的指導確實包含了有限的淨效應，對於今年的剩餘時間，我們預計情況基本上相同。史蒂芬之前提到過，我們看到恐怖分子數量在增加，我們已經將這種趨勢傳遞下去。

And he also talks about the fact that it's not only a potential headwind, but it's also a potential benefits as well as there are other opportunities available to us depending on how all of this unfolds. So, at this point in time we're expecting the net impact to be limited.

他也談到，這不僅是一個潛在的阻力，也是一個潛在的好處，而且根據這一切如何展開，我們還可以獲得其他機會。因此，目前我們預期淨影響將是有限的。

Okay, very good. Thank you for the questions.

好的，非常好。謝謝您的提問。

Gabe Hajde, Wells Fargo

哈傑德（Gabe Hajde），富國銀行

Stefan, Vanessa, good morning. Just one quick point of clarification. Oh, a point of clarification and, maybe a little data point for us. Consumer health care, you talked about some destocking and we've, you were very transparent about it.

史蒂芬、凡妮莎，早安。只需簡單澄清一點。哦，需要澄清一點，也許對我們來說是一個小數據點。在消費者保健方面，您談到了一些去庫存問題，我們對此非常透明。

But I think I'm on your prepared remarks you said US was actually starting to get back to normal in terms of order patterns, rest of the world maybe not so much. Again, we could probably sit here and speculate all day about how things move around and what the inventory supply chain looks like, but how big is that piece of business relative to the US?

但我認為我同意您準備好的發言，您說美國實際上已經開始在訂單模式方面恢復正常，而世界其他地區可能還沒有恢復那麼多。再說一次，我們可能整天坐在這裡猜測事情如何發展以及庫存供應鏈是什麼樣子，但相對於美國而言，這部分業務有多大？

Yeah, I don't think we give you that detail, but you wouldn't be wrong to have the US share at or maybe less than the company average, which is about 30% of the business, yeah, might be even a little bit less than that, yeah.

是的，我認為我們沒有向您提供這些細節，但如果美國的份額等於或低於公司平均水平，也就是約佔業務的 30%，那就沒錯了，甚至可能比這還要低一點，是的。

Okay, got it. And then I guess in pharma, maybe what we're all trying to understand is it feels like there's been a little bit of noise across a couple of different product lines. And Vanessa, did you give us specifically the number and I apologize if I missed it, injectable, what the volume was in Q1.

好的，明白了。然後我想，在製藥業，也許我們都試圖理解的是，感覺好像在幾個不同的產品線上出現了一些噪音。瓦妮莎，您是否給了我們具體的數字？如果我錯過了，我很抱歉。第一季的注射量是多少？

But if I'm hearing you correct, we get through sort of this destock and OTC slash consumer healthcare. And is it fair to say, Stephan, that there's nothing that you see sort of over the next 12 to 18 months that would kind of prohibit you from being in that long term window?

但如果我沒聽錯的話，我們已經完成了去庫存和 OTC 削減消費者保健的流程。史蒂芬，是否可以這樣說，您認為未來 12 到 18 個月內不會出現任何阻礙您長期發展的因素？

Well, Vanessa looks at that information from injectable. Again, we don't guide for the year. In the last five years have taught us anything, it would be a fool, but we feel comfortable about the long-term targets and have demonstrated that. I'm not going to get into, okay, it will be there in 18 months or it will be there in 8.5 months.

好吧，瓦妮莎從注射劑中查看了這些資訊。再次強調，我們不提供年度指導。過去五年教會了我們任何事情，那都是愚蠢的，但我們對長期目標感到滿意，並且已經證明了這一點。我不想說，好吧，它會在 18 個月內出現，或在 8.5 個月內出現。

I do want to remind you next to the regional split of consumer healthcare that you talked about. Also remind the consumer healthcare itself is maybe a bit over 20% of our total pharma sales. So that's why RX up 10%, consumer healthcare down 10%. It doesn't even, we still have growth because RX is a much bigger part of the proprietary drug delivery systems.

我確實想提醒您您談到的消費者醫療保健的地區分歧。還要記住，消費者保健本身可能占我們藥品總銷售額的 20% 多一點。這就是為什麼 RX 上漲 10%，而消費者保健品下跌 10% 的原因。我們甚至沒有，我們仍然有成長，因為 RX 是專有藥物傳輸系統中更大的一部分。

And Gabe, we did not talk about Inductible volume.

加布，我們還沒有談到可誘導體積。

Got it. Thank you.

知道了。謝謝。

But again, demand is not an issue and injectables. They are ramping up and validating of supplies.

但同樣，需求和注射不是問題。他們正在加強供應並驗證供應情況。

George Staphos, Bank of America

喬治‧斯塔福斯（George Staphos），美國銀行

Thanks so much. Two quick follow-ons for me. Stefan, to the extent that you have any view on this, I realize it'd be very difficult to have one with the pressure on the consumer that we keep, hearing about, reading about, obviously, tariff considerations and what that might mean for supply chains and cost material. recognizing On that latter point, Material costs usually aren't that big of a deal for you anyway.

非常感謝。對我來說有兩個快速的後續行動。史蒂芬，就您對此的任何看法而言，我意識到，考慮到我們不斷聽到、讀到的有關關稅考慮以及這對供應鏈和成本材料意味著什麼，消費者承受著巨大的壓力，因此很難做出決定。認識到後一點，材料成本通常對您來說不是什麼大問題。

Are you seeing any emerging trends in terms of the types of constructions that your customers are looking for across any of the key segments, may be less of an issue in pharma, but, perhaps in beauty and or enclosures.

您是否看到客戶在任何關鍵領域尋求的結構類型方面出現任何新興趨勢，這在製藥領域可能不是什麼大問題，但在美容和/或外殼領域可能是一個大問題。

And then second question, and I'll turn it over. Overall, what's the outlook over the next quarter, two quarters. If you had a view for '25, we'd obviously love to hear it on sort of tooling and for the appetite for, new products, new opportunities for you as measured by your tool and activity. Thanks and good luck in the quarter.

接下來是第二個問題，我再來談談。整體而言，下一季、未來兩季的前景如何？如果您對 25 年有什麼看法，我們很願意聽聽您對工具的看法，以及您對新產品、新機會的興趣，這些都可以透過您的工具和活動來衡量。謝謝，祝本季好運。

Thanks George. Maybe best is to first say in terms of recessions or lower consumer confidence, in general, Aptar is very well positioned. I mean, just as a reminder, we supply patients with their everyday medications to treat chronic diseases, asthma, COPD, allergic rhinitis and diabetes and so on, plus food staples, personal care, home care staples. Those are not the things people come back on.

謝謝喬治。也許最好的辦法是先就經濟衰退或消費者信心下降而言，總體而言，Aptar 處於非常有利的地位。我的意思是，提醒一下，我們為患者提供日常治療慢性疾病、氣喘、慢性阻塞性肺病、過敏性鼻炎和糖尿病等的藥物，還有主食、個人護理、家庭護理必需品。這些都不是人們所依賴的東西。

They may go to a private label brand, they may go to smaller sizes, all of those things are neutral to net positive for us. So we are not that concerned about a garden variety recession, if that's even a thing that is possible, and those who go back to 2008, 2009, remember a farmer was about 20% of the company at that time.

他們可能會選擇自有品牌，也可能會選擇較小尺寸的產品，所有這些對我們來說都是中性甚至淨利好的。因此，我們並不擔心普通的經濟衰退，如果這真的可能發生的話，回顧 2008 年、2009 年的人會記得，當時農民約占公司的 20%。

Today it's almost half. So, the consumer pressure, while clearly something that some people are forecasting in the US, is not causing deep concern for us. And at the same time, the situation is pretty unique to the US. Of course, the US will impact the rest of the world in in certain ways, but that recession talk is not as strong in other parts of the world.

如今已接近一半。因此，儘管有些人明確預測美國將會出現消費者壓力，但這並沒有引起我們的深切擔憂。同時，這種情況在美國也相當獨特。當然，美國會在某些方面對世界其他地區產生影響，但世界其他地區對經濟衰退的討論卻不那麼強烈。

Latin America is doing really nicely. As I said, China is much more on the front foot. Let's see how things develop over the next few months. Europe will invest a lot more in its defense, which means that it's a lot more government spending that will stimulate the economy. So I'm not so negative about the world at large. And having said that, even then in the recessionary environment, very well positioned.

拉丁美洲的表現確實很好。正如我所說，中國處於更主動的地位。讓我們看看未來幾個月情況如何發展。歐洲將在國防方面投入更多資金，這意味著更多的政府支出將刺激經濟。所以我對整個世界並不是那麼消極。話雖如此，即使在經濟衰退的環境下，我們的定位仍然非常有利。

Second, at the end of the day, our customers pay for our innovation and they look to differentiate themselves and what that way of differentiating is might be a little bit different when the consumer money is a bit more tight but clearly customers look to continue to differentiate themselves and sometimes that's having a more lightweight product or having changing product format.

其次，歸根結底，我們的客戶為我們的創新買單，他們希望使自己與眾不同，當消費者資金緊張時，這種與眾不同的方式可能會有所不同，但顯然客戶希望繼續使自己與眾不同，有時那就是擁有更輕量級的產品或改變產品格式。

In the end of the day, that's innovation, that's project activity and that is good for us. Yeah, we don't get for the year, we don't guide for the quarter, but everything I just said, tells me, the votes are going to end after the quarter too.

歸根結底，這就是創新，這就是專案活動，這對我們有好處。是的，我們沒有全年的預測，也沒有本季的預測，但我剛才說的一切都告訴我，投票也將在本季結束後結束。

I'm sorry, what was that, Stephan? So everything we just said means that tooling activity is probably doing fairly well given customers are exploring different ways of continuing to differentiate but in in a very sort of quickly evolving world. Would that be a fair summary?

抱歉，那是什麼，史蒂芬？因此，我們剛才所說的一切都意味著，鑑於客戶正在探索繼續差異化的不同方式，但在一個快速發展的世界中，工具活動可能做得相當好。這是一個公正的總結嗎？

Yeah, that's fair and we certainly see tooling on the way up in Quarter two.

是的，這很公平，我們確實看到第二季工具的使用量正在上升。

Thank you very much.

非常感謝。

Thank you. Just as a quick reminder that I start if I want to ask any further questions today. I can confirm that does conclude the question and answer session and I'd like to hand it back to Mr. Stefan Tanda for some closing comments.

謝謝。只是想快速提醒一下，如果我今天想問任何其他問題，我就會開始。我可以確認問答環節已經結束，我想將其交還給 Stefan Tanda 先生進行一些總結發言。

Very good. Thanks for all your questions. Let me end the call by attempting to cut through the noise and remind us all of the bigger picture here. Our teams have delivered a very solid start to the year. While we started the year with softness in demand in certain markets, as well as tax headwinds and foreign exchange headwinds, we now head into the second quarter with confidence based on the viewpoints.

非常好。感謝您提出的所有問題。在通話結束時，請允許我嘗試消除乾擾，並提醒大家注意更大的情況。我們的團隊今年取得了非常好的開端。儘管今年年初某些市場的需求疲軟，以及稅收和外匯逆風，但基於這些觀點，我們現在滿懷信心地進入第二季。

First, we see a re-acceleration of demand in several end markets and geographies across all segments. albeit with the temporary exception of cough and cold. The profit engine and proprietary drug delivery systems is humming along smoothly and the demand picture in injectables and active materials is solid. And as we discussed, our long-term pharma and market trends are solid and the pipeline is solid.

首先，我們看到各領域的多個終端市場和地區的需求再次加速成長，儘管咳嗽和感冒是暫時的例外。獲利引擎和專有藥物傳輸系統運作順暢，注射劑和活性材料的需求前景穩固。正如我們所討論的，我們的長期製藥和市場趨勢是穩固的，並且通路也是穩固的。

Our teams have found some innovative ways to mitigate the tax headwinds somewhat and the effects have been largely abated, at least for the moment. And then importantly, our longstanding local for local supply chain structure allows us to deal with the tariffs and supply chain uncertainty with agility and equally important at the same time, they also it allows us to take advantage of opportunities as customers rethink their regional sourcing strategies.

我們的團隊已經找到了一些創新的方法來減輕稅收阻力，其影響至少目前已大大減輕。重要的是，我們長期以來的本地供應鏈結構使我們能夠靈活地應對關稅和供應鏈的不確定性，同時同樣重要的是，當客戶重新考慮其區域採購策略時，它還使我們能夠抓住機會。

We didn't talk about it as much in the call today, but our teams are proudly focused on delivering productivity gains in all areas of the company through execution of ongoing projects, increasing automation, and developing additional ideas for future measures.

我們在今天的電話會議中沒有談論太多，但我們的團隊自豪地致力於透過執行正在進行的專案、提高自動化程度以及為未來措施開發更多想法來提高公司各個領域的生產力。

Last but not least, as we just discussed, if you're forecasting for the US or even a global recession, it's important to remember that Aptar is well positioned across a number of resilient and markets, including medications for chronic diseases such as allergy, diabetes, asthma, COPD, emergency treatments that patients want to have it already, and consumer tables that people consume and use every day.

最後但同樣重要的一點是，正如我們剛才討論的那樣，如果您預測美國或全球經濟衰退，請務必記住，Aptar 在許多具有彈性的市場中都佔據著有利地位，包括過敏、糖尿病、哮喘、慢性阻塞性肺病等慢性疾病的藥物，患者希望已經擁有的緊急治療藥物，以及人們每天消費和使用的消費表。

In times of economic uncertainty, our resilience becomes our greatest asset. Lastly, given the strength of our business, we accelerated returns to shareholders in quarter one, while of course retaining the strategic optionality of our balance sheet. With that, thanks for attending the call, and we look forward to follow up discussions.

在經濟不確定時期，我們的韌性成為我們最大的財富。最後，鑑於我們業務的實力，我們在第一季加快了對股東的回報，同時當然保留了資產負債表的策略性可選性。感謝您參加電話會議，我們期待後續討論。

Thank you all for joining. I can confirm that that includes today's conference call with Aptar. You may now disconnect and please enjoy the rest of your day.

感謝大家的加入。我可以確認，其中包括今天與 Aptar 的電話會議。您現在可以斷開連接並享受剩餘的一天。