Aptargroup Inc (ATR) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Aptar's 2025 second quarter results conference call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session.

女士們，先生們，感謝大家的支持，歡迎參加 Aptar 2025 年第二季業績電話會議。此時，所有參與者都處於只聽模式。稍後我們將進行問答環節。

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

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，瑪麗。

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

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。與往常一樣，我們也將在我們的網站上發布此通話的重播。。

I would now like to turn the call over to Stephan. Stephan, over to you.

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 second quarter results Later in the call, Vanessa Kanu, our CFO, will provide additional details on key drivers for the quarter. Starting on slide 3, we delivered a strong second quarter exceeding the high end of our guidance range, delivering an adjusted earnings per share of $1.66, an increase of 18% over the prior year quarter.

謝謝你，瑪麗，大家早安。感謝您今天參加我們的電話會議。我的演講首先將重點介紹我們的第二季業績。稍後，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。從幻燈片 3 開始，我們第二季度表現強勁，超出了預期範圍的高端，調整後每股收益為 1.66 美元，比去年同期增長 18%。

Each of our segments contributed to our growth in the quarter. Core sales increased driven by our Pharma and Closure segments. We saw solid demand for our Pharma segment's proprietary drug delivery systems used for emergency medicines, asthma, COPD and ophthalmic treatments. Additionally, strong sales of elastomeric components for injectables and active materials as well as royalties helped drive our strong results.

我們每個部門都為本季的成長做出了貢獻。核心銷售額的成長主要得益於製藥和封口部門。我們發現，製藥部門專有的藥物傳輸系統在急救藥物、氣喘、慢性阻塞性肺病和眼科治療方面有著強烈的需求。此外，注射劑和活性物質的彈性體成分以及特許權使用費的強勁銷售有助於推動我們取得強勁的業績。

Demand for dispensing closures for sauces, salad dressings and functional drinks also contributed positively to our quarterly results. Three of our divisions in Pharma showed robust core sales growth this quarter. Prescription delivered a core sales increase of 8%, injectables, 9% and Active Materials Science Solutions grew core sales by 11%. The exception was our Consumer Healthcare division, which continued to be impacted by softer demand for dispensing technologies in the nasal saline and nasal ingestions. Consumer Healthcare's two largest regions are Europe and North America, while sales in North America grew nicely, Europe has not yet recovered from the excess inventory due to a weaker cold and flu season. The visibility into future European demand for cold and cough medication has not improved meaningfully.

醬汁、沙拉醬和功能性飲料的分配封蓋的需求也對我們的季度業績產生了積極貢獻。本季度，我們製藥業的三個部門的核心銷售額均實現了強勁成長。處方藥核心銷售額成長 8%，注射劑核心銷售額成長 9%，活性材料科學解決方案核心銷售額成長 11%。例外的是我們的消費者保健部門，該部門繼續受到鼻腔鹽水和鼻腔攝入分配技術需求疲軟的影響。消費者保健業務最大的兩個地區是歐洲和北美，其中北美的銷售額增長良好，而歐洲由於感冒和流感季節較弱，尚未從過剩庫存中恢復過來。未來歐洲對感冒和咳嗽藥物的需求前景並未明顯改善。

A few weeks ago, we announced the acquisition of MOD Pharma's clinical trial manufacturing buisiness. This expands Aptar Pharma services into highly specific CDMO field supporting Phase I and Phase II GMP fill and finished services for orally inhaled needle drug products. an area we view as a significant unmet market need. We believe this added capability will help accelerate adoption of our proprietary drug delivery devices and further strengthen our position as a preferred partner in early-stage development. As a result of this acquisition we now operate an FDA-inspected state-of-the-art facility in New Jersey featuring cGMP clean rooms, high-potency API suites, biologic capabilities and advanced small-scale fill/finish technologies fully aligned with our drug delivery portfolio.

幾週前，我們宣布收購 MOD Pharma 的臨床試驗製造業務。這將 Aptar Pharma 的服務擴展到高度專業的 CDMO 領域，為口吸針藥物產品提供 I 期和 II 期 GMP 填充和成品服務。我們認為這是一個尚未滿足的龐大市場需求領域。我們相信，這項新增功能將有助於加速我們專有藥物輸送裝置的採用，並進一步鞏固我們作為早期開發首選合作夥伴的地位。此次收購的結果是，我們現在在新澤西州運營一家經 FDA 檢查的最先進的工廠，該工廠擁有 cGMP 潔淨室、高效 API 套件、生物製劑能力和先進的小規模灌裝/完成技術，與我們的藥物輸送產品組合完全一致。

The acquisition is also expected to enable future expansion into dermal, ophthalmic injectable and packaging solutions powered by our Active Materials Science division. Our closure segment had a great quarter. closures under one roof appears to be really paying off. Core sales have been spurred by a solid innovation pipeline, enabling the segment to grow faster than the industry while also improving utilization rates and managing costs to expand margins by the future of the segment and the opportunities ahead. Now let me touch on beauty.

此次收購還有望使我們未來能夠擴展到由我們的活性材料科學部門提供支援的皮膚、眼科注射劑和包裝解決方案。我們的關閉部門本季表現優異。同一屋簷下的關閉似乎確實獲得了回報。核心銷售受到堅實的創新管道的推動，使該部門的成長速度超過行業平均水平，同時還提高了利用率並管理了成本，以透過該部門的未來和未來的機會來擴大利潤率。現在讓我來談談美。

Cost management is a well-developed muscle in the segment, and the beauty industry remains resilient and poised for sustained growth, driven by regional expansion, product innovation and evolving consumer preferences. While prestige beauty has faced headwinds from trade uncertainties, which is lowering demand recovery despite a few encouraging signs, our growth in Masstige fragrance is helping to offset some of that softness. Additionally, continued momentum in Personal Care supported by a broad and globally relevant portfolio reinforces the resilience of the segment.

成本管理是該領域的一大優勢，在區域擴張、產品創新和不斷變化的消費者偏好的推動下，美容行業仍保持彈性並有望持續成長。儘管高端美容產品面臨貿易不確定性帶來的阻力，儘管出現了一些令人鼓舞的跡象，但需求復甦仍在放緩，而大眾香水業務的成長有助於抵消部分疲軟的影響。此外，在廣泛且全球相關的產品組合的支持下，個人護理業務持續成長的勢頭增強了該部門的韌性。

To further enhance the competitiveness of industrial footprint, earlier this week, we executed a previously agreed-upon call option to increase the ownership in our BTY joint venture to 80%. While the JV assets are based in China and serve the broader Asia region, BTY bringshighly specialized custom decoration capabilities that will also be leveraged at our flagship beauty facility in brands.

為了進一步增強工業足跡的競爭力，本週早些時候，我們執行了先前商定的看漲期權，將我們在BTY合資企業的所有權提高到80%。雖然合資資產位於中國並服務於更廣泛的亞洲地區，但比優特擁有高度專業化的客製化裝飾能力，這些能力也將在我們的品牌旗艦美容設施中得到利用。

Moving to slide 4. I'm proud to highlight recent corporate awards and recognitions. At the end of the quarter, Aptar was named one of Time Magazine's Worldmost Sustainable Companies second year in a row. For this recognition, over 5,000 of the world's largest and most influential companies are assessed based on revenue, market capitalization and public prominence. Only the top 10% were recognized with an award. Following the end of the quarter, Aptar was again named to CDP's Supplier Engagement Assessment A List for the 2024 disclosure cycle. This CDP assessment evaluates companies on their performance on governance, targets, Scope 3 emissions and value chain engagement.

移至幻燈片 4。我很自豪地強調公司最近獲得的獎項和認可。本季末，阿普塔連續第二年被《時代》雜誌評為全球最具永續發展能力的公司之一。為了獲得這項認可，我們根據收入、市值和公眾知名度對全球 5,000 多家最大、最具影響力的公司進行了評估。只有前 10% 的人才能獲得獎勵。本季結束後，Aptar 再次入選 CDP 2024 年揭露週期供應商參與度評估 A 名單。此 CDP 評估評估公司在治理、目標、範圍 3 排放和價值鏈參與方面的表現。

Turning to. I want to now highlight just a few recent technologies and product launches as shown on slide 5. Our recent innovation, the lateral control system with a shorter nozzle and easy one push button actuation for precise dosing is the dispensing solution of choice for Helion nasal Theraflu brand congestion relief in the US This is Theraflu's first natal decongestion product. I also wanted to cover a topic that spans both beauty and pharma markets. The combined dermacosmetics and medical aesthetics market has been growing double digits over the past five years. According to IQVIA, these markets are expected to keep growing 2 to 3 points above the beauty market average growth rate. We are addressing this fast rising market with a range of solutions tailored to the dermacosmetic brands.

轉向。現在我想重點介紹投影片 5 中展示的一些最新技術和產品發布。我們最近的創新是橫向控制系統，它具有更短的噴嘴和簡單的一鍵啟動功能，可實現精確劑量，是美國 Helion 鼻腔 Theraflu 品牌緩解鼻塞的首選分配解決方案。這是 Theraflu 的第一款天生的減充血產品。我還想討論一個涵蓋美容和製藥市場的話題。過去五年來，皮膚化妝品和醫學美容市場一直保持兩位數的成長。根據IQVIA預測，這些市場預計將維持比美容市場平均成長率高出2至3個百分點的成長速度。我們正在透過一系列針對皮膚化妝品品牌量身定制的解決方案來應對這個快速成長的市場。

Our recently launched Pharma, Beauty, Derma series features a curated selection of high-performance packaging and dispensing solutions adapted perfectly to the specifications of the dermacosmetic market. Before I turn the call over to Vanessa to share further details of the quarter, I want to highlight that we continue to ramp up share purchases. For the first six months of the year, we repurchased approximately 1 million shares for about $150 million and returned about $210 million to shareholders through both dividends and share repurchases.

我們最近推出的製藥、美容、皮膚科系列產品精選了一系列高性能包裝和分配解決方案，完美適應皮膚化妝品市場的規格。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，我們將繼續加大股票購買力度。今年前六個月，我們以約 1.5 億美元回購了約 100 萬股，並透過股利和股票回購向股東返還了約 2.1 億美元。

Now I would like to turn the call over to Vanessa.

現在我想把電話轉給 Vanessa。

Thank you, Stephan and good morning, everyone. Let me begin by summarizing the highlights for the quarter. Starting on Slide 6. Reported sales increased 6%, which included a foreign currency translation tailwind of approximately 3%. Therefore, core sales grew 3% compared to the prior year period. As shown on slide 7, we achieved adjusted EBITDA of $218 million, an increase of 13% from the prior year, reported adjusted earnings per share of $1.66 versus the prior year's $1.41 at comparable exchange rates. The effective tax rate for the second quarter was 20.0% compared to 23.5% in the prior year. The lower effective tax rate reflects the realization of previously unrecognized tax loss benefits as part of our ongoing tax planning as well as greater tax benefits from share-based compensation.

謝謝你，史蒂芬，大家早安。首先，我來總結一下本季的亮點。從投影片 6 開始。報告銷售額成長了 6%，其中包括約 3% 的外幣折算順風。因此，核心銷售額與去年同期相比成長了 3%。如投影片 7 所示，我們的調整後 EBITDA 達到 2.18 億美元，比上年增長 13%，報告的調整後每股收益為 1.66 美元，而上年以可比匯率計算為 1.41 美元。第二季有效稅率為 20.0%，去年同期為 23.5%。較低的有效稅率反映了我們正在進行的稅務規劃中先前未確認的稅務損失收益的實現，以及基於股票的薪酬帶來的更大的稅收收益。

Neutralizing for foreign currency effects and tax, adjusted earnings per share would have increased 13% over the prior year quarter. We should note that actual exchange rates and the effective tax rate for the quarter were comparable to the guidance provided on our last earnings call. With those high level, let's take a closer look at segment performance. Turning to slide 8. Our Pharma segment's core sales increased 3%. Let me break that down by market, starting with our drug delivery systems. Prescription core sales increased 8%, driven by strong demand for dosing and dispensing technologies for emergency medicine, asthma and COPD therapeutics and royalty payments. Consumer healthcare core sales increased 14%, primarily due to continued inventory management by customers in Europe, leading to softer demand for nasal decongestants and nasal saline solutions.

扣除外匯和稅收的影響，調整後的每股收益將比去年同期增加 13%。我們應該注意到，本季的實際匯率和有效稅率與我們上次收益電話會議上提供的指引相當。有了這些高水準的數據，讓我們仔細看看各個細分市場的表現。翻到第 8 張投影片。我們製藥部門的核心銷售額成長了 3%。讓我按市場來細分一下，首先從我們的藥物輸送系統開始。處方核心銷售額成長了 8%，這得益於急診醫學、氣喘和 COPD 治療的劑量和調劑技術以及特許權使用費的強勁需求。消費者保健核心銷售額增加了 14%，這主要是由於歐洲客戶持續進行庫存管理，導致對鼻減充血劑和鼻腔鹽水的需求減弱。

Sales for ophthalmic solutions continued to grow in the quarter, but could not offset the overall decline in cough and cold medicines. Ingestible's core sales increased 9% and with strong demand for elastomeric components used for biologics, GLP-1, small molecule and antithrombotic applications, contributing positively to the results. Services also contributed positively in the quarter. And for our active material science solutions, core sales increased 11%, driven by strong demand for our active film technology. Pharma's adjusted EBITDA margin for the quarter was 35.4%, a 130 basis points improvement from the prior year. The margin improvement was driven by increased sales of higher-value products, services and royalties as well as ongoing operational efficiency.

本季眼科溶液的銷售額持續成長，但無法抵消咳嗽和感冒藥物的整體下滑。Ingestible 的核心銷售成長了 9%，並且對用於生物製劑、GLP-1、小分子和抗血栓應用的彈性體組件的需求強勁，對業績產生了積極貢獻。服務業在本季也做出了積極貢獻。對於我們的活性材料科學解決方案，由於對我們的活性薄膜技術的強勁需求，核心銷售額成長了 11%。本季製藥業調整後的 EBITDA 利潤率為 35.4%，比去年同期提高了 130 個基點。利潤率的提高得益於高價值產品、服務和特許權使用費的銷售額成長以及持續的營運效率。

Moving to our Beauty segment on slide 9. Core sales increased in the quarter, primarily driven by stronger tooling sales. Looking at the beauty segment by market, Fragrance, facial skin care and color cosmetics core sales decreased 4%, primarily due to lower sales of skin care dispensing products for Indi brands as well as muted customer demand for our prestige fragrance dispensing technologies given tariff-related uncertainties. Core sales from masstige fragrance continued to show solid growth. Personal Care core sales increased 11%. About half of the core sales increase can be attributed to tooling sales, as well as continued strong demand for body care and hair care applications. And core sales for home care were flat in the quarter. The Beauty segment's adjusted EBITDA margin for the quarter was 14.1% and an improvement of 20 basis points, largely attributed to ongoing cost management efforts.

前往幻燈片 9 上的美容部分。本季核心銷售額有所成長，主要得益於工具銷售額的強勁成長。從美容市場來看，香水、臉部護膚和彩妝核心銷售額下降了 4%，這主要是由於 Indi 品牌的護膚品分配產品銷售額下降，以及由於關稅相關的不確定性，客戶對我們高端香水分配技術的需求低迷。大眾香水的核心銷售持續呈現穩健成長。個人護理核心銷售額成長11%。核心銷售成長的約一半可歸因於工具銷售，以及對身體護理和頭髮護理應用的持續強勁需求。本季度家庭護理核心銷售持平。美容部門本季調整後的 EBITDA 利潤率為 14.1%，提高了 20 個基點，這主要歸功於持續的成本管理工作。

Moving to slide 10. Our closure segment core sales increased by 7% compared to the prior year. The segment saw product sales growth in key end markets across nearly all regions. When looking at the market feels for closures, food core sales increased 13%. Product sales for food were driven by strong demand across nearly all end market categories, including sauces, condiments, salad dressing, spreads and jellies, as well as food protection.

移至投影片 10。我們的封蓋部分核心銷售額與前一年相比成長了 7%。該部門在幾乎所有地區的主要終端市場的產品銷售均實現成長。從市場對關閉的感覺來看，食品核心銷售額成長了 13%。食品產品銷售幾乎受到所有終端市場類別的強勁需求所推動，包括醬汁、調味品、沙拉醬、塗抹醬和果凍以及食品保護。

Beverage core sales increased 7%, primarily driven by increased sales of functional drinks and bottled water. Personal Care core sales decreased 4%, primarily due to lower tooling sales compared to the prior year. While in our other category, which includes beauty, home care and health care, core sales increased 1%, driven by higher sales for dish and laundry care solutions. Closures adjusted EBITDA margin was 16.9%, representing a solid 130 basis points improvement over the year, primarily due to volume growth and continued cost management.

飲料核心銷售額成長 7%，主要得益於功能性飲料和瓶裝水銷售額的成長。個人護理核心銷售額下降 4%，主要原因是工具銷售額與去年相比有所下降。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 1%，這得益於餐具和洗衣護理解決方案銷售額的增長。關閉調整後的 EBITDA 利潤率為 16.9%，較上年同期大幅提高 130 個基點，主要得益於銷售成長和持續的成本管理。

At the total company level, due to ongoing cost reduction efforts, increased volumes and improved revenue mix, consolidated gross margins expanded over 30 basis points in Q2 year-over-year while SG&A as a percentage of sales declined from 16.4% last year to 15.6% this year, an 80 basis point reduction year-over-year. One thing I will note on SG&A.

從整個公司層面來看，由於持續的成本削減、銷量的增加和收入結構的改善，第二季度綜合毛利率同比增長超過 30 個基點，而銷售、一般及行政費用佔銷售額的百分比從去年的 16.4% 下降到今年的 15.6%，同比下降了 80 個基點。關於銷售、一般和行政費用 (SG&A)，我想指出一件事。

Over the last few months, we happen to incur costs related to litigating our pharma intellectual property rights. While the costs in Q2 were not material to highlight, we do anticipate legal fees associated with this effort to increase significantly, which I will speak to you in the quarterly guidance section. Overall, with a strong gross margin and SG&A performance in Q2, consolidated adjusted EBITDA margins expanded by 140 basis points to 22.6%, compared to 21.2% in the prior year.

在過去的幾個月裡，我們恰好產生了與製藥智慧財產權訴訟相關的費用。雖然第二季的成本並不重要，但我們預計與此項工作相關的法律費用將大幅增加，我將在季度指導部分與您討論。整體而言，由於第二季毛利率及銷售、一般及行政費用表現強勁，合併調整後 EBITDA 利潤率擴大 140 個基點至 22.6%，而去年同期為 21.2%。

Slides 11 and 12 cover our year-to-date performance and show that both reported sales and core sales increased 2%. Our reported earnings per share increased 10% and adjusted earnings per share increased 8% compared to the prior year, including comparable exchange rates. The current year had an effective tax rate of 22.5% compared to the prior year's effective tax rate of 22.1%. Neutralizing both the effective tax rate and the exchange rate for the year ago period, adjusted earnings per share would have been up 9%. Additionally, during the six-month period, adjusted EBITDA margin increased by 130 basis points to 21.7%. In the first 6 months, free cash flow was $92 million, comprising cash from operations of $209 million, less capital expenditures net of government grants of $117 million. Free cash flow overall was in line with the prior year period.

幻燈片 11 和 12 涵蓋了我們今年迄今為止的業績，並顯示報告銷售額和核心銷售額均成長了 2%。根據可比匯率計算，我們的報告每股收益與上年相比增長了 10%，調整後每股收益增長了 8%。本年度有效稅率為 22.5%，而上年度有效稅率為 22.1%。中和去年同期的有效稅率和匯率，調整後的每股盈餘將成長 9%。此外，在六個月期間，調整後的 EBITDA 利潤率增加了 130 個基點，達到 21.7%。前 6 個月，自由現金流為 9,200 萬美元，其中包括 2.09 億美元的營運現金，減去扣除政府補助後的 1.17 億美元的資本支出。整體自由現金流與去年同期持平。

Finally, we ended with a strong balance sheet, once again, reflecting cash and short-term investments of nearly $170 million, net debt of $917 million and a leverage ratio of 1.19. Now moving on to outlook. Slide 13 summarizes our outlook for the third quarter. We anticipate third quarter adjusted earnings per share, which excludes any restructuring expenses, acquisition costs changes in the unrealized fair value of equity investments as well as an anticipated revaluation of our BTY investments to be in the range of $1.53 to $1.61 per share. EPS for Q3 2025 reflects a negative impact of approximately $0.06 to $0.07, driven by the elevated legal expenses that I mentioned previously associated with litigating our pharma intellectual property rights. The effective tax rate for the third quarter is anticipated to be in the range of 20.5% to 22.5%. Our guidance for the quarter is assuming a 1.15 euro to US dollar exchange rate.

最後，我們再次呈現了強勁的資產負債表，現金和短期投資近1.7億美元，淨債務9.17億美元，槓桿比率為1.19。現在我們來展望一下未來。投影片 13 總結了我們對第三季的展望。我們預計第三季調整後的每股盈餘（不包括任何重組費用、收購成本、未實現股權投資公允價值的變動以及 BTY 投資的預期重估）將在每股 1.53 美元至 1.61 美元之間。2025 年第三季的每股盈餘反映了約 0.06 美元至 0.07 美元的負面影響，這是由於我之前提到的與我們的製藥智慧財產權訴訟相關的法律費用增加所致。預計第三季有效稅率在20.5%至22.5%之間。我們對本季的預測是假設歐元兌美元匯率為 1.15。

With that, I will turn it over to Stephan to provide a few closing comments before we move to Q&A.

在我們進入問答環節之前，我會把時間交給 Stephan 來做最後的總結。

Continued product sales growth in closures is expected to be dampened somewhat by lower tooling sales.And the key question in beauty remains around the timing of the rebound in prestige fragrance dispensing systems. Our data and customer conversations indicate that some clients are operating at very low inventory levels awaiting clarity on tariffs. Last weekend's announcement of the US EU trade deal should provide the much-needed clarity to our European clients, but the development is recent to have been incorporated in our quarter three guidance. Across all segments, cost discipline remains a top priority. We continue to explore and execute initiatives that meaningfully enhance earnings per share.

預計封蓋產品銷售的持續成長將因工具銷售下降而受到一定抑制。而美容領域的關鍵問題仍然是高端香水分配系統反彈的時機。我們的數據和客戶對話表明，一些客戶的庫存水準非常低，正在等待關稅的明確。上週末宣布的美國與歐盟貿易協定應該會為我們的歐洲客戶提供急需的明確訊息，但這一進展最近才被納入我們第三季的指引中。在所有領域，成本控制仍然是重中之重。我們將繼續探索並執行能夠顯著提高每股盈餘的措施。

In summary, while macroeconomic supply chain and public policy factors may temper revenue in certain end markets, we anticipate continuing to build on the momentum we have established over the past two-plus years and are well posit for continued growth.

總而言之，儘管宏觀經濟供應鏈和公共政策因素可能會抑制某些終端市場的收入，但我們預計將繼續鞏固過去兩年多來建立的勢頭，並為持續成長做好準備。

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

現在，我想開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Yeah thanks thank you operator. Good morning everybody. I guess, Stephan, can you just give us more color on the naloxone I'm pronouncing that correctly. comment as it relates to sales beginning to normalize. How should we think about that dynamic impacting your core sales growth specific to pharma for the back half of the year and maybe into 2026 as well? And also, how will that impact margin mix?

是的，謝謝，謝謝接線生。大家早安。我想，史蒂芬，你能否給我們更多關於納洛酮的詳細資訊？我說的沒錯。評論與銷售開始正常化有關。我們該如何看待這種動態對您今年下半年乃至 2026 年製藥領域核心銷售成長的影響？而且，這將如何影響利潤組合？

Naloxone is part of emergency treatment, which clearly have grown nicely from about 2% of revenue a few years back to today 5%. Now Narcan and its generic versions that we also supply obviously, is applying to these nontraditional channels. We've called out several times that they are hard to track, and we believe there is inventory, but we can't track it.

納洛酮是緊急治療的一部分，其收入顯然已從幾年前的約 2% 增加到今天的 5%。現在，我們顯然也供應的 Narcan 及其仿製藥，正在應用於這些非傳統管道。我們已多次表示它們很難追踪，我們相信有庫存，但我們無法追踪。

Now, we start to hear from our customer uncertainty, rescheduling of orders and then this recent executive order on top of it. certainly makes us think that growth is going to be much more muted for naloxone at least for the next quarter or two. And clearly, that will have an impact on the overall farmer growth rate. Now having said that, there's a bit of a relay race going on, injectables is picking up the pace quite nicely with high single digit, maybe even low double-digit sales growth.

現在，我們開始聽到客戶表示不確定、重新安排訂單以及最近發布的行政命令。這無疑讓我們認為，至少在未來一、兩個季度，納洛酮的成長將會更加緩慢。顯然，這將對整體農民成長率產生影響。話雖如此，但正在進行一場接力賽，注射劑的步伐相當快，銷售額實現了高個位數增長，甚至可能是低兩位數的增長。

And Active Materials had a great quarter. And clearly, as of quarter four, we have different comparisons for the consumer health care. There will be a mix effect. At the same time, we have royalties kicking in continuously. So yes, we have grown anywhere from 1% to, I think, 12%, 13% in the pharma business and that growth will vary. And this is just a current iteration of these fluctuations. But as we said often, one single product doesn't make or break the business. We have thousands of products and thousands of customers. But clearly, naloxone is important enough that we wanted to call it out in this current state of extreme uncertainty.

活性材料部門本季表現優異。顯然，截至第四季度，我們對消費者醫療保健進行了不同的比較。會產生混合效應。同時，我們不斷獲得版稅。是的，我們的製藥業務成長率從 1% 到 12%、13% 不等，而且成長率還會有所不同。這只是這些波動的當前迭代。但正如我們經常說的那樣，單一產品不會成就或毀掉整個企業。我們有數千種產品和數千個客戶。但顯然，納洛酮非常重要，因此我們想在目前極度不確定的狀態下指出這一點。

Okay. And in terms of what you're embedding for pharma growth in the back half of the year versus the first half, I mean, obviously, you've had very strong years for pharma and the core sales is tracking about half of what it's averaged over the last three years. Is that going to look very different in the back half of the year? And then just 1 final clarification. I think you mentioned cough and cold inflected in the US during the quarter. What kind of an inflection did you see in terms of growth?

好的。至於您對今年下半年和上半年製藥業成長的預測，我的意思是，顯然，製藥業經歷了非常強勁的幾年，核心銷售額約為過去三年平均水平的一半。今年下半年的情況會有很大不同嗎？最後再澄清一點。我認為您提到了本季在美國發生的咳嗽和感冒。就成長而言，您看到了什麼樣的轉變？

We saw a nice growth in the US, let's say, mid-single digits. Europe, of course, is still a much bigger part of that .

我們看到美國的成長勢頭良好，可以說是中等個位數。當然，歐洲仍然是其中很大的一部分。

And pharma back half growth versus first half?

與上半年相比，製藥業下半年的成長如何？

Yeah, it will be slower but we don't guide by segment growth rate, as you know, it will continue to have growth in the second half.

是的，速度會慢一些，但我們不會根據細分市場的成長率來指導，正如你所知，下半年它將繼續成長。

Okay, thank you.

好的，謝謝。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Thanks. Hi everyone. Good morning. I hope you're doing well. Thanks for the details. My two questions. Maybe the first one, I'll piggy back off of Ghansham's question. So can you talk a little bit more about CHC, the consumer side. This is the deepest downturn and longest downturn in that end market for pharma that you reported since you've been reporting on the end market data back a number of years, Stephan. So I mean, we get it. There was too much inventory and now we're going through destocking. But what caused such a big buildup and in turn is causing such an extended period of downturn in that particular end market within pharma. Recognizing the comps get easy and hopefully fourth quarter or first quarter next year, it's a different story. But if you could give us a bit more color, that would be great.

謝謝。大家好。早安.我希望你一切都好。謝謝你的詳細資料。我的兩個問題。也許是第一個，我會借用 Ghansham 的問題。那麼，您能否再多談談 CHC 的消費者方面的情況？史蒂芬，這是您報告的製藥終端市場最嚴重、持續時間最長的一次衰退，自從您多年來一直報告終端市場數據以來。所以我的意思是，我們明白了。庫存太多，現在我們正在去庫存。但是是什麼原因導致如此大的成長，進而導致製藥業特定終端市場出現如此長時間的低迷呢？要體認到比較容易，希望明年第四季或第一季度，這是一個不同的故事。但如果您能給我們更多色彩，那就太好了。

Sure, George. And sorry for the butchering your last name. Coming back to the topic. So there are a number of factors involved here. Coming out of COVID, we had a very brisk pickup of growth. And when that happens, I think I mentioned before, sometimes we just can't supply the demand. And then customers take notes, oh, you can't supply. So let me put it in order. If you short shift me three orders, when I only need one, then I still get what I need and they start to build inventory.

當然，喬治。很抱歉弄錯了你的姓氏。回到正題。這裡涉及很多因素。走出新冠疫情後，我們的成長動能非常強勁。當這種情況發生時，我想我之前提到過，有時我們就是無法滿足需求。然後顧客記下來，哦，你無法供應。因此，讓我將其整理一下。如果您少給我三個訂單，而我只需要一個，那麼我仍然可以得到我需要的東西，然後他們就會開始建立庫存。

Of course, if you multiply this across the whole value chain, we believe that's what happened. So it's not just the cold and cough, good season, bad season upstream in demand and everybody is starting to hoard products, and now realize, okay, now there's plenty of supply, and let me work off the inventory. So I think that's part. Two, is the cold and cough season. And three, we talked about also is that we had to step back for a significant portion of the Russian market for obvious reasons. So those three things together really contribute to the development that you highlighted.

當然，如果你將其乘以整個價值鏈，我們相信就會發生這種情況。所以不僅僅是感冒和咳嗽，好季節、壞季節的需求都在上升，每個人都開始囤積產品，現在意識到，好吧，現在供應充足，讓我來消化庫存。所以我認為這是一部分。二是感冒咳嗽季節。第三，我們也談到，由於顯而易見的原因，我們不得不放棄很大一部分俄羅斯市場。所以這三件事確實促進了您所強調的發展。

Okay. Just a point of clarification there. And my second question, I'll ask as well. So from your vantage point, you have not lost share from what you track in that piece of the market within Europe and kind of what would be your proof points there? And then you brought it up, the legal expenditures can you I know it's legal, it's litigation, you can't say much, if anything. But what in particular has been have you been litigating around your intellectual property rights? Is it regionally centered? Is there anything else you can tell us? And based on what you know, is this going to continue past third quarter into fourth quarter and beyond.

好的。這只是一點澄清。我還要問第二個問題。那麼從您的角度來看，您在歐洲市場所追蹤到的份額並沒有遺失，您在那裡的證明點是什麼？然後你又提到了，法律費用，我知道這是合法的，這是訴訟，你不能說太多，如果有的話。但是，您圍繞著智慧財產權進行過哪些具體的訴訟？它是以區域為中心的嗎？您還有什麼可以告訴我們的嗎？根據您目前所了解的情況，這種情況是否會持續到第三季、第四季甚至更久？

Yeah. On the share question, with the exception of Russia, obviously, somebody take the business most likely Chinese with the exception of Russia, the best of our knowledge, we have not lost any share. And I'm actually quite excited with some developments that have come out. I spoke earlier about it's a very technical name, lateral actuation, But it's a nasal spray that now has a push button and you push the button and you get exact dose, and you can buy it in the US under Theraflu brand, I've already bought a dozen. We're actually very excited about the development in consumer health care, but we appreciate your patience as we work through this inventory mega cycle, let's call it that way. On the legal front, you've covered this a very long time.

是的。關於份額問題，除了俄羅斯以外，顯然有人拿走了業務，最有可能的是中國，但據我們所知，我們沒有損失任何份額。事實上，我對已經取得的一些進展感到非常興奮。我之前說過，這是一個非常技術性的名稱，橫向驅動，但它是一種鼻噴劑，現在有一個按鈕，你按下按鈕就可以得到精確的劑量，你可以在美國以 Theraflu 品牌購買，我已經買了一打了。我們實際上對消費者醫療保健的發展感到非常興奮，但我們感謝您的耐心，因為我們正在處理這個庫存超級週期，我們就這樣稱呼它。從法律角度來說，您已經報道這個問題很久了。

So you will remember that sometimes our customers forget their confidentiality obligations. We actually brought a lawsuit to one of our largest customer, Kraft Heinz, way back when. It was, of course, in a different Kraft Heinz, leadership. And in the end, we prevailed. And today, we receive customer awards from Kraft Heinz.

所以你會記住，有時我們的客戶會忘記他們的保密義務。事實上，很久以前我們就對我們最大的客戶之一卡夫亨氏提起了訴訟。當然，這是在不同的卡夫亨氏領導下發生的。最終，我們勝利了。今天，我們獲得了卡夫亨氏的客戶獎。

Sometimes you have to remind customers that they have obligations to safeguard our intellectual property, be it patents, be it, trade secrets that does apply to them under appropriate confidentiality agreements. And this is another case like that, indeed, because it's litigation, we can't comment on the details. But our business is founded on a decades-long experience, know-how and patents and when they are not observed, we defend them vigorously. This will be with us for a few quarters. It's not an ongoing part of our biz, but when it's required, of course, we defend what is important to our business.

有時你必須提醒客戶，他們有義務保護我們的智慧財產權，無論是專利還是商業機密，這些都根據適當的保密協議適用於他們。這確實是另一個類似的案例，因為這是訴訟，我們無法評論細節。但我們的業務建立在數十年的經驗、技術和專利之上，當它們不被重視時，我們堅決捍衛它們。這種情況將會持續數季。這不是我們業務的持續組成部分，但當需要時，我們當然會捍衛對我們的業務重要的東西。

Matthew Roberts, Raymond James.

馬修羅伯茲、雷蒙德詹姆斯。

Not to belabor the point on Mr. Staphos' question. That legal you did note some in 2Q -- sorry, George. So since our last call or even in June, what change or material to call out? I believe the response is due in June. So is there anything in the public docket that you could share? Or if you maybe try to frame scenarios, I don't know, win, lose, settle, what would that look like? I mean would it be monetary damages received or on the contrary, could there be any change in the pharma pipeline from this?

不必過多討論史塔福斯先生的問題。您在第二季度確實注意到了一些合法問題——抱歉，喬治。那麼，自我們上次通話以來，甚至自 6 月以來，有哪些變化或材料需要說明？我認為答覆將於六月公佈。那麼，公共記錄中還有什麼可以分享的嗎？或者如果你嘗試建立一些場景，我不知道，勝利、失敗、解決，那會是什麼樣子？我的意思是，這是否會是金錢賠償，或者相反，這會給製藥業帶來任何變化嗎？

So we do not expect any change. And in fact, other than the legal cost, there is no impact to our P&L at the moment, but we want to make sure it stays that way. So this is more of a preemptive move to safeguard our intellectual property. And yes, depending on your Googling skills, you may find something, but we'd rather not discuss it here .

所以我們並不期待任何改變。事實上，除了法律成本之外，目前對我們的損益沒有影響，但我們希望確保它保持這種狀態。所以這更像是一種保護我們智慧財產權的先發制人的舉措。是的，根據你的谷歌搜尋技能，你可能會發現一些東西，但我們不想在這裡討論它。

Fair enough. I'll work on my Southern District login. Switching topics. Maybe on the beauty side, fragrance skin care and cosmetics, I believe that was down 4%. What it all prestige markets see in 2Q? And we had wins really bound to a certain region and given now we have some more visibility on tariffs, any color on expected timing for rollout and what you expect for that category going into the second half?

很公平。我將處理我的南區登入。切換話題。也許在美容方面，香水護膚品和化妝品，我相信下降了 4%。所有高端市場在第二季將會出現什麼情況？我們的勝利確實與某個特定地區有關，鑑於現在我們對關稅有了更多的了解，您對預計推出的時間有什麼了解嗎？您對下半年該類別的期望是什麼？

Yes. we certainly take a lot of not comfort it's probably, but we're happy that the uncertainty for our European customers, which is the most important for prestige beauty, with respect to imports to the US has been resolved. Unfortunately, it comes too late for the third quarter. It's just last weekend. Most of you know, France is shut down in August and then pretty much the quarter is over. So I think in that moment, we will be able to give you much better color with quarter three.

是的，我們確實感到很不舒服，但我們很高興，對於我們的歐洲客戶來說，進口到美國的不確定性已經解決，這對於聲望美容來說是最重要的。不幸的是，對於第三季來說，這已經太晚了。就在上週末。大多數人都知道，法國在八月就關閉了，然後這個季度基本上就結束了。所以我認為在那一刻，我們將能夠在第三季為您提供更好的色彩。

And clearly, an increased launch activity on the prestige side will help us not only selling more pumps but also reinvigorating our sampling business that has really been depressed. Launch, they also don't need any samples to support the launch. So China, Asia is actually doing very well. This is more for local brands, and that has developed nicely. But of course, the European market that then reexport to the US into Asia is still much bigger for us. .

顯然，增加高端產品的發布活動不僅有助於我們銷售更多的泵，而且還能重振我們一直低迷的採樣業務。推出，他們也不需要任何樣品來支持推出。所以中國和亞洲其實表現得非常好。這主要針對本土品牌，而且發展良好。但當然，再出口到美國和亞洲的歐洲市場對我們來說仍然要大得多。。

Daniel Rizzo, Jefferies.

傑富瑞的丹尼爾·里佐 (Daniel Rizzo)。

Morning. Good morning. Thanks for taking my questions. Just to kind of belabor the point, with the nasal softness, was that always more of a European issue versus the US? Or has the US just gotten through it faster?

早晨。早安.感謝您回答我的問題。只是想強調一下，關於鼻音柔軟度，這是否一直是歐洲的問題，而不是美國的問題？還是美國只是更快地度過了難關？

Well, first, the European market for us is much bigger. It is historically more of a nasal spray kind of market. And indeed, the US has gotten through it much faster, didn't have as much inventory buildup in hindsight in 2020 in the supply chain. And then, of course, Russia is also a big nasal decon market.

首先，歐洲市場對我們來說要大得多。從歷史上看，它更像是一種鼻噴劑市場。事實上，美國已經更快度過了難關，事後看來，2020 年供應鏈中的庫存累積並不像現在那麼多。當然，俄羅斯也是一個龐大的鼻腔淨化市場。

And then in beverages, one of competitors called out on-the-go beverages being kind of overstocked, but it's not something that seems to be affecting you guys. I was wondering if that's not really a large market for you guys? Or are you just kind of weathered it better. I guess the quick question though is, have you seen like on-the-go cold beverages being an issue for you over the past quarter, seemingly now?

在飲料方面，一家競爭對手指出，便攜式飲料的庫存有點過剩，但這似乎並沒有影響到你們。我想知道這對你們來說是不是一個巨大的市場？或者你只是更好地度過了這段時期。我想問的問題是，在過去的一個季度裡，您是否發現隨時隨地喝冷飲已經成為您的一個問題？

No. Overall, our beverage business is up nicely. It's, of course, very diversified between bottled water, sports drink, energy drinks and also geographically diversified. So -- in addition, we continue to pump innovation into that market. So overall, we're quite happy with the beverage market.

不。總體而言，我們的飲料業務發展良好。當然，它的產品種類繁多，包括瓶裝水、運動飲料、能量飲料，而且地理分佈也很多樣化。因此—此外，我們將繼續向該市場注入創新。總體而言，我們對飲料市場非常滿意。

Gabe Hajde, Wells Fargo.

富國銀行的 Gabe Hajde。

I know it's probably challenging. But I think you mentioned the size of the Narcan business for you all at this point. Is there any way to discern where or who's buying those products? I know you mentioned some federal subsidization or funding that may impact the product line as well. Maybe just help us understand from your vantage point, how that could impact it.

我知道這可能很有挑戰性。但我想您此時已經提到了 Narcan 業務的規模。有什麼方法可以辨別在哪裡或誰在購買這些產品？我知道您提到一些聯邦補貼或資金也可能會影響產品線。也許只是幫助我們從您的角度理解這會對其產生什麼影響。

Yes. It's a very broad set of distribution what has accelerated it markedly, greatly, if you remember, when Narcan went over the counter, it wasn't the people lined up to go to CVS or Walgreens to buy it. It was that the state level harm reduction agencies could not buy it without prescription and just distribute it. And those state harm reduction agencies are funded not so much by federal funds, but by the settlement money from the opioid overdose crisis. So those funds are there. The question is their distribution points, whether it's fire stations, school buildings, libraries and all the nontraditional stuff being saturated.

是的。它的分銷範圍非常廣泛，這顯著地加速了它的銷售，如果你還記得的話，當 Narcan 在櫃檯上銷售時，並不是人們排隊去 CVS 或 Walgreens 購買它。州級的減害機構不能在沒有處方的情況下購買並分發它。這些州危害減少機構的資金主要不是來自聯邦資金，而是來自鴉片類藥物過量危機的和解金。所以那些資金就在那裡。問題在於他們的分發點，無論是消防局、學校建築、圖書館或所有非傳統的東西。

And depending on the color of the state, this executive order changed their priorities on what they spend on the settlement money on. They can spend it on other things. They don't have to spend it on or Narcan And certainly, there is enough noise in the system that we hear from our customers. The best signal we have is what our customers tell us and frankly, what they do with their orders. And when they start to get nervous and push orders out and say we're not sure about this and the order was x, now it's y. We see enough noise in the system that this is real. This is slowing down and that's the best we can tell you .

根據州的顏色，這項行政命令改變了他們對和解金的優先使用。他們可以將其花在其他事情上。他們不必花錢購買 Narcan，當然，我們從客戶那裡聽到的系統中已經有足夠的噪音。我們得到的最佳訊號是客戶告訴我們的訊息，坦白說，是他們如何處理訂單。當他們開始緊張並下訂單並說我們不確定這一點並且訂單是 x 時，現在是 y。我們在系統中看到了足夠的噪音，證明這是真實存在的。這種情況正在減緩，這是我們能告訴你的最好的訊息。

Fair enough. No, I appreciate that. It's always tough to track this stuff down to the end user. And I guess on the litigation, I just sort of want to make sure I heard you correctly. The legal expenses, $6 million, $7 million this quarter and probably persist into Q4. And then hopefully, there's some sort of resolution? Meaning the litigation costs of $6 million to $7 million.

很公平。不，我很感激。將這些內容追蹤到最終用戶總是很困難的。我想，關於訴訟，我只是想確保我聽清楚了您的意思。本季的法律費用為 600 萬美元至 700 萬美元，並可能持續到第四季。然後希望能有某種解決方案？這意味著訴訟費用為 600 萬至 700 萬美元。

Yeah, it's $0.06 to $0.07. Yes, which is about $5 million to $6 million a quarter. And as Stephan said, we would expect that for the next few quarters. And I think that's a good run rate for now. And of course, we don't expect this will be a long-term thing, and we'll update you as things progress.

是的，是0.06美元到0.07美元。也就是說，每季大約是500萬到600萬美元。正如史蒂芬所說，我們預計未來幾季會出現這種情況。我認為就目前而言這是一個很好的運行率。當然，我們不認為這會是長期現象，我們會隨著事態的進展向大家通報。

(Operator Instructions)

（操作員指示）

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Stephan, could you talk to us a little bit about the acquisition in New Jersey I know there's not going to be a single type of customer. I don't think there will be anyway. But can you talk to us about who the typical types of customers will be to go through a little bit more detail in terms of what services will be offered. One of the things that you said suggested you also might be doing contract filling. And I don't want to -- just if you could sort of confirm or correct that view? Just anything that you have on that acquisition would be interesting. And then I had a quick follow-on within Beauty.

史蒂芬，您能否向我們簡單介紹一下新澤西的收購？我知道不會只有單一類型的客戶。我認為無論如何都不會有。但您能否向我們介紹典型的客戶類型，以便更詳細地了解將提供的服務。您所說的其中一件事表明您可能也在做合約填寫工作。我不想——只是您是否可以確認或糾正該觀點？關於這次收購，您擁有的任何東西都會很有趣。然後我對 Beauty 進行了快速跟進。

Sure. So thanks for the clarification. No, we're not contract fillers. So we're not changing our -- scope of our business. This is a further build-out of our service capability in early-stage development. And as innovators need product that they can put in the clinic for Phase I and Phase II trials, that product needs to be filled. Now you're talking very low volumes, but you need to have the qualified clean rooms and see GMP facilities to do that, to support early-stage trials. And we just see the pipeline continue to expand and exposure is probably too much. But significantly expand in systemic nasal drug delivery, we'll give you more color at the upcoming Investor Day. But when you hear things like neurological drugs for Parkinson's, Alzheimer's and things like that, you really want to make sure that these innovators get everything they need to advance their projects. And this is really expanding that capability that they get in the clinic faster, that they get to do the trials. But we're not the contract manufacturing facility for large-scale filling.

當然。感謝您的澄清。不，我們不是合約填充者。所以我們不會改變我們的業務範圍。這是我們在早期開發階段服務能力的進一步增強。由於創新者需要可以在臨床上進行第一階段和第二階段試驗的產品，因此需要填充該產品。現在您談論的數量非常低，但您需要有合格的無塵室並查看 GMP 設施來做到這一點，以支援早期試驗。我們只是看到管道繼續擴大，而且曝光度可能太多了。但在全身鼻腔給藥方面有顯著擴展，我們將在即將到來的投資者日為您提供更多精彩內容。但是，當你聽到諸如治療帕金森症、阿茲海默症等神經系統藥物時，你真的希望確保這些創新者獲得推進其計畫所需的一切。這確實擴大了他們更快進入臨床、進行試驗的能力。但我們不是大規模灌裝的合約製造工廠。

Understood. Stephan, recognizing you just venturing it to now, is this something that you could see as perhaps a fourth or fifth leg to the pharma business, recognizing, yes, you've been developing the services component of your business for a few years now, but is this something that you expect you might even be able to broaden out? And if you did, what would it do to margins? What kind of multiples do these businesses trade at? Just curious there. And then back to beauty. Go ahead first with that one. Go ahead.

明白了。史蒂芬，我知道您現在才剛開始涉足這個領域，您是否可以將其視為製藥業務的第四或第五個支柱，是的，您幾年來一直在開發業務的服務部分，但您是否期望甚至可以擴大它？如果你這樣做了，會對利潤產生什麼影響？這些企業的本益比是多少？只是好奇。然後回到美麗。先從那一個開始吧。前進。

Yeah. So look, if you add all of our services, including digital, you get a few tens of millions, certainly less than $100 million, and we may have added a few more million here. At the end of the day, all of this is still to accelerate what's in the pipeline, broaden what's in the pipeline and ensure that we have more device sales at the end that, as you know, for us, to grow in perpetuity. And the more of these growing perpetuity you can start to stack on top of each other, the better off we'll be. But compared to device sales, it's still small. And I think we paid for this facility, some $7 million or so. So it's not a major change of our footprint.

是的。所以你看，如果把我們所有的服務（包括數位服務）加起來，你會得到幾千萬美元，肯定少於 1 億美元，而且我們可能在這裡又增加了幾百萬美元。歸根結底，所有這些仍然是為了加速正在進行的產品線，擴大產品線，並確保我們最終擁有更多的設備銷量，正如你所知，對我們來說，這將永遠增長。而且，這些不斷增長的永久性累積越多，我們就會越好。但與設備銷量相比，這一數字仍然很小。我認為我們為這個設施支付了大約 700 萬美元。所以這不會對我們的足跡造成重大改變。

Okay. I appreciate you going through that. Stephan, it's very helpful. In beauty, some of the other companies that have reported this reporting period have mentioned that they seem to be doing relatively well. I seem to remember a comment that sampling growth for some of the other players was doing fairly well I don't know if there's a way again that you can track share there. I know it's kind of a disparate market, but do you think you're losing share in beauty? Or is it just, hey, listen, it's customer mix and some customers have new products out in the market, yours might not have as many and this just sort of cycles back and forth like a pendulum? How would you have us think about that? And why?

好的。我很感激你經歷了這一切。史蒂芬，這非常有幫助。在美容領域，其他一些公佈本報告期業績的公司也提到，他們的表現似乎相對較好。我似乎記得有一條評論說，其他一些參與者的抽樣增長做得相當好，我不知道是否有辦法再次追蹤那裡的份額。我知道這是一個分散的市場，但您是否認為您在美容領域正在失去市場份額？或者只是，嘿，聽著，這是客戶組合，一些客戶在市場上推出了新產品，而你的產品可能沒有那麼多，而這就像鐘擺一樣來回循環？您希望我們怎麼看待這個問題？為什麼？

Yeah. I think you answered your own question, George. It's really the latter. We more on the the prestige on. So I'm not sure I can add a lot more and we have a geographic mix. We are not as much in the -- or not at all in the mass part of it. So before we can add more color than the way you answered it.

是的。我想你已經回答了你自己的問題，喬治。確實是後者。我們更重視的是威望。所以我不確定我是否可以添加更多內容，而且我們有一個地理組合。我們並沒有參與其中——或者說，我們根本沒有參與其中的大部分。因此，我們可以添加比您回答的方式更多的內容。

Okay. Yes, I thought the momentum was also in prestige and some of the other reports, but I'll double check.

好的。是的，我認為這種勢頭也體現在聲望和其他一些報告中，但我會再檢查一遍。

Gabe Hajde, Wells Fargo.

富國銀行的 Gabe Hajde。

I wanted to follow up on the active packaging press release that you all put out in terms of having a oral solid dose solution for GLP-1. I'm just curious maybe how far along testing is for that or just where we are and maybe it's probably too early, but help us understand what the opportunity set could look like for that?

我想跟進你們發布的有關 GLP-1 口服固體劑量溶液的活性包裝新聞稿。我只是好奇，也許測試進展到什麼程度了，或者我們處於什麼階段，也許現在還為時過早，但請您幫助我們了解一下這方面的機會是什麼樣的？

Yeah. Maybe backing up a little bit. So our active materials in oral solid dose that basically means there is a film in a blister that contains a pill and that film helps with the conditioning of the atmosphere inside the blister that helps with stability of a drug or reduces the production of nitrosamine. We also announced that we can reduce oxygen and moisture at the same time. So it's a very sophisticated offering for certain drugs, for example, Descovy is one of those. And now this GLP-1 drug is in Phase III. So we certainly don't want to speculate on approval time lines and commercialization time lines. But it's another proof point about how good the technology is.

是的。或許可以稍微後退一點。因此，我們的口服固體劑量中的活性物質基本上意味著泡罩中有一層薄膜，裡面裝有藥丸，該薄膜有助於調節泡罩內的氣氛，有助於藥物的穩定性或減少亞硝胺的產生。我們也宣布，我們可以同時減少氧氣和水分。因此，對於某些藥物來說，這是一種非常複雜的產品，例如 Descovy 就是其中之一。目前這款GLP-1藥物正處於III期臨床階段。所以我們當然不想猜測批准時間表和商業化時間表。但這從另一個方面證明了這項技術有多優秀。

Matthew Roberts, Raymond James.

馬修羅伯茲、雷蒙德詹姆斯。

Earlier you spent a good bit of time talking about emergency medicine and contribution in sales, but I want to ask about another medication. A customer an amazingly delivered depression medication was up 53%, again, I believe, in 2Q and sales are now exceeding $1 billion on that product. So could you give a little more color around depression medication and the growth you've seen there? And while those growth rates are certainly very impressive, it seems like it's coming off the peak as well.

之前您花了不少時間談論急救藥物和銷售貢獻，但我想問另一種藥物。一位客戶意外收到的抗憂鬱藥物銷售再次上漲了 53%，我相信，第二季該產品的銷售額已超過 10 億美元。那麼，您能否詳細介紹一下憂鬱症藥物以及您所看到的進展？雖然這些成長率確實非常令人印象深刻，但似乎也正在從高峰迴落。

Yes. I think you may be referring to Janssen or Johnson & Johnson and that is indeed enabled by our Bidose nasal delivery system. And indeed, it's not categorized as emergency treatment, but it's a great product. It's certainly contributing to our growth. And they also got approval in China, not too far back and continue to drive growth. So it's an exciting product. And we have other products for pression treatment in the pipeline that may have different treatment regimes or different molecules. So it's another example of systemic nasal drug delivery or central nervous system drug delivery.

是的。我想您可能指的是 Janssen 或 Johnson & Johnson，而這確實是透過我們的 Bidose 鼻腔給藥系統來實現的。確實，它不屬於緊急治療，但它是一款很棒的產品。這確實有助於我們的成長。不久前，他們也在中國獲得了批准，並繼續推動成長。所以這是一款令人興奮的產品。我們還有其他用於管道壓力處理的產品，可能有不同的處理方案或不同的分子。這是全身鼻腔給藥或中樞神經系統給藥的另一個例子。

That's helpful. And are you able to quantify how much depression medication is as a percentage of sales in a similar fashion as you've done for emergency medication. Basically of emergency medication is 5. Is there a quantitation for depression medication?

這很有幫助。您是否能夠像量化急救藥物一樣，量化憂鬱症藥物佔銷售額的百分比？急救藥品基本上是5種。憂鬱症藥物有定量嗎？

Okay.

好的。

Yeah, Matt, it's within our emergency medicine, which Stephan pointed out earlier, about 5% of it. Yes.

是的，馬特，它屬於我們的急診醫學，正如史蒂芬之前指出的，約佔 5%。是的。

Always better to get the numbers from the CFO.

最好從財務長那裡獲取數據。

We currently have no questions. So at this time, I'd like to hand back to Stephan Tanda for some closing remarks.

我們目前沒有問題。現在，我想請史蒂芬·坦達 (Stephan Tanda) 做最後發言。

Very good. So let me summarize the call by zooming out. I just want to say that, again, how proud I am of our teams. They really have executed with tremendous agility, perseverance the termination grid, whatever you want to say, delivering a very strong quarter across the board, exceeding the top end of our guidance range and we don't take that lightly, ending up with an 18% EPS growth. Just -- let's recall, April 2 was not that long ago, and it just created a lot of uncertainty for our customers, supply chains and consumers around the world. and our team has executed in the face of this and with tremendous agility.

非常好。因此，讓我透過縮小範圍來總結這次通話。我只是想再次說，我為我們的團隊感到多麼自豪。他們確實以極大的敏捷性和毅力執行了終止網格，無論您想說什麼，他們都在各個方面都表現出色，超出了我們指導範圍的最高端，我們對此並不掉以輕心，最終實現了 18% 的每股收益增長。只是——讓我們回想一下，4 月 2 日並不是很久以前，它給我們在世界各地的客戶、供應鏈和消費者帶來了很多不確定性。我們的團隊面對這種情況採取了極大的敏捷行動。

Our resilience is indeed rooted in our unique leadership positions across the critical end markets we operate. delivering dispensing solutions for chronic disease treatment and everyday consumer essentials. While we face the uncertainty around Naloxone sales and sales trajectory, let's remember the fundamentals of our pharma end markets remain highly favorable and our project pipeline continues to grow and we support the growing project pipeline.

我們的韌性確實植根於我們在營運的關鍵終端市場中獨特的領導地位，為慢性病治療和日常消費必需品提供分配解決方案。雖然我們面臨納洛酮銷售和銷售軌蹟的不確定性，但請記住，我們的製藥終端市場的基本面仍然非常有利，我們的專案管道繼續增長，我們支持不斷增長的專案管道。

We talked about the fact that our novel innovations and decades of experience drive a significant body of intellectual property, including patents know-how and secrets and we protect them vigorously. The consumer businesses are gaining traction with innovations and ongoing improvements in competitiveness driving both top line and bottom line in our region-for-region supply chain with more than 50 manufacturing sites allow us to execute that agility and operational flexibility.

我們談到，我們的創新和數十年的經驗推動了大量的智慧財產權，包括專利、專有技術和秘密，我們大力保護它們。消費品業務正透過創新和持續的競爭力提升而獲得發展，推動著我們區域間供應鏈的營收和利潤成長，我們擁有 50 多個製造基地，這使我們能夠實現敏捷性和營運靈活性。

Given all of that, we didn't talk much about it, but we've accelerated capital returns to shareholders. underscoring our confidence business. And with all that, let me wish you a good rest of the summer. We look forward to seeing you all at the Investor Day on September 9 in New York City where you can experience hands on some of our exciting innovations, But you have to be there for that.

考慮到所有這些，我們並沒有談論太多，但我們已經加快了對股東的資本回報。強調了我們的信心業務。最後，我祝福大家有個愉快的夏天。我們期待在 9 月 9 日於紐約舉行的投資者日上見到你們，屆時您可以親身體驗我們的一些令人興奮的創新，但您必須親自到現場才能體驗。

With that, operator, we can close the call.

接線員，這樣我們就可以結束通話了。

Thank you very much. This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

非常感謝。今天的電話會議到此結束。我們感謝大家的加入。現在您可以斷開線路了。