Aptargroup Inc (ATR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2025 third quarter results conference call. (Operator Instructions) Introducing today's conference call is Ms. Mary Skafidas, Senior Vice President, Investor Relations and Communications. Please go ahead.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Aptar 2025 年第三季業績電話會議。（操作員說明）今天主持電話會議的是投資者關係和傳播高級副總裁瑪麗·斯卡菲達斯女士。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. Our press release and accompanying slide deck have been posted on our website under the Investor Relations page. During this call, we will be discussing certain non-GAAP financial measures.

謝謝。大家好，感謝各位今天收看我們的節目。本次電話會議的發言人是我們的總裁兼執行長 Stephan Tanda，以及我們的執行副總裁兼財務長 Vanessa Kanu。我們的新聞稿和配套幻燈片已發佈在公司網站的「投資者關係」頁面上。在本次電話會議中，我們將討論一些非GAAP財務指標。

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.

這些指標已與最直接可比較的 GAAP 財務指標進行核對，核對情況已在新聞稿中列出。有關本次財報電話會議中討論的非GAAP指標與最可比較GAAP指標的調節表，請參閱昨天發布的新聞稿。像往常一樣，我們也會在網站上發布本次通話的錄音。

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

現在我想把電話交給史蒂芬。史蒂芬，該你了。

Thank you, Mary, and good morning, everyone. We appreciate you joining us on the call today. I will begin my remarks by highlighting our third 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。我將首先重點介紹我們第三季的業績。在稍後的電話會議中，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 third quarter, we delivered adjusted earnings per share of $1.62. During the quarter, growth in our Pharma segment was driven by solid demand for proprietary drug delivery systems for central nervous system therapeutics, asthma, COPD and ophthalmic treatments. We saw moderating demand for emergency medicine dispensing systems. We also captured significant growth in injectables during the quarter from increased demand for elastomeric components for GLP-1 medications and solid growth in our Active Materials Science division.

從第3張投影片開始。第三季度，我們調整後的每股盈餘為 1.62 美元。本季度，我們製藥業務的成長得益於對中樞神經系統治療、氣喘、慢性阻塞性肺病和眼科治療的專有藥物傳輸系統的強勁需求。我們看到對急救藥品發放系統的需求有所緩和。本季度，由於 GLP-1 藥物對彈性體成分的需求增加，以及活性材料科學部門的穩健成長，注射劑業務也實現了顯著成長。

When you step back and look at our Pharma segment performance for the first 9 months of the year, prescription has a 7% core sales increase, injectables at 6% and growing and active Material science is up 8%. Consumer Health care continues to be affected by the destocking and is down 11%. Additionally, royalties continued to contribute positively to our top and bottom line results.

回顧今年前 9 個月的醫藥業務表現，處方藥核心銷售額增長了 7%，注射劑增長了 6% 且仍在增長，活性材料科學增長了 8%。消費者保健品產業持續受到去庫存的影響，下降了 11%。此外，版稅收入繼續對我們的營收和利潤做出積極貢獻。

And we're continuing to invest in the ongoing growth and innovation within pharma. To that end, we have signed an agreement to acquire Soma Plus, a Brazil-based provider of oral dosing pharma packaging solutions including droppers, dispensers and dosing cups. Aptar has been manufacturing in Brazil for 25 years, and this acquisition, which is subject to regulatory approvals and anticipated to close later this year is expected to further reinforce our footprint in the region. It also helps position us to capitalize on growth in Brazil's oral dosing over-the-counter and nutraceutical markets which are projected to grow at mid- to high single digits through 2030. This growth is driven by an expanding population, rising middle class and aging demographic.

我們將繼續投資於製藥業的持續成長和創新。為此，我們簽署了一項協議，收購總部位於巴西的 Soma Plus 公司，該公司提供口服給藥藥物包裝解決方案，包括滴管、分配器和劑量杯。Aptar 在巴西已有 25 年的生產歷史，此次收購尚需獲得監管部門的批准，預計將於今年稍後完成，預計將進一步鞏固我們在該地區的地位。這也有助於我們掌握巴西口服非處方藥和營養保健品市場的成長機會，預計到 2030 年，這些市場將以中高個位數的速度成長。人口成長、中產階級崛起和人口老化是推動這一成長的主要因素。

In our Beauty segment, for the quarter, we saw revenue growth in a number of regions over the previous year quarter, such as Asia, Latin America and certain end markets in North America. At the same time, in Europe, our largest region, sales were flat as we continue to see softness in our higher-value products such as facial skin care and in certain prestige fragrance end markets. Our prestige fragrance pumps did have modest volume growth in the quarter.

在我們的美容業務板塊，本季度我們在多個地區實現了收入成長，與去年同期相比，例如亞洲、拉丁美洲和北美某些終端市場。同時，在歐洲（我們最大的地區），銷售額持平，因為我們繼續看到高價值產品（如臉部護膚品）和某些高檔香水終端市場疲軟。本季我們的高端香水幫浦銷量略有成長。

Additionally, we saw lower sales for our full pack solutions that service the India market in the US due to the challenges at one of our larger customers. In the first 9 months, Beauty reported sales rose 2%, while core sales held steady overall. Strong 11% growth in Personal Care helped balance softer demand in prestige fragrance and facial skin care.

此外，由於我們的一位大客戶遇到了一些挑戰，我們在美國的面向印度市場的全套解決方案的銷售量有所下降。前 9 個月，美容產品銷售額成長了 2%，而核心銷售額整體維持穩定。個人護理用品強勁成長 11%，有助於平衡高檔香水和臉部保養品需求的疲軟。

Turning to the closure segment for the quarter, while product volumes were up, lower tooling sales and pass-throughs of lower resin pricing impacted core sales growth. For the first 9 months, closures reported and core sales rose 1%, driven by a 5% increase in product sales, partially offset by lower tooling sales in the pass-through of lower resin pricing. Food and beverage markets saw solid growth in Personal Care declined.

就本季的封蓋業務而言，雖然產品銷量有所成長，但模具銷售額下降以及樹脂價格下降帶來的轉嫁影響了核心銷售成長。前 9 個月，報告的關店數量和核心銷售額增長了 1%，這主要得益於產品銷售額增長了 5%，但由於樹脂價格下降導致模具銷售額下降，部分抵消了產品銷售額的增長。食品飲料市場成長穩健，而個人護理市場則出現下滑。

Turning to innovation. I'd like to highlight recent technology launches in key news as shown on slide 4. Starting with the Pharma segment, our Unidose liquid system is used in the newly FDA-approved Enbumyst by Corstasis Therapeutics, the first intranasal loop diuretic for treating edema linked to heart failure, liver and kidney disease. This approval underscores the growing role of nasal drug delivery in systemic treatment and our commitment to patient-centric solutions.

轉向創新。我想重點介紹一下投影片 4 所示的近期技術發布。先從製藥領域說起，我們的 Unidose 液體系統被 Corstasis Therapeutics 公司用於其新近獲得 FDA 批准的 Enbumyst 中，Enbumyst 是首個用於治療與心臟衰竭、肝臟和腎臟疾病相關的水腫的鼻內袢利尿劑。這項批准凸顯了鼻腔給藥在全身性治療中日益重要的作用，以及我們對以患者為中心的解決方案的承諾。

And after proprietary nasal system is also used in the Phase I clinical trial for a powder nasal spray managing Parkinson's Off periods. Managing Parkinson's Off episodes means treating periods when medication wears off and symptoms like stiffness or tremors return, often by adjusting medication timing, or using fast-acting rescue treatments for on-demand relief.

此外，專有的鼻腔系統也被用於 I 期臨床試驗，以測試一種用於控制帕金森氏症「關期」的粉末鼻噴劑。控制帕金森氏症「關期」意味著治療藥物失效、僵硬或震顫等症狀復發的時期，通常透過調整服藥時間或使用快速起效的急救藥物來按需緩解。

During the quarter, we signed an exclusive partnership with French biotech company, Dianosic to develop a bioresorbable intranasal insert for long-term local drug delivery in chronic allergic rhinitis and rhinosinusitis. This collaboration also explores nose to brain delivery for neuropsychiatric and neurodegenerative diseases.

本季度，我們與法國生物技術公司 Dianosic 簽署了獨家合作協議，開發一種可生物吸收的鼻內植入物，用於長期局部給藥治療慢性過敏性鼻炎和鼻竇炎。此次合作也探索了透過鼻腔向大腦輸送藥物治療神經精神疾病和神經退化性疾病的方法。

Next, our HeroTracker Sense technology has also received FDA 510(k) clearance as a Class II medical device. This Bluetooth-enabled sensor transforms traditional inhalers into smart data-driven tools for patients and providers.

其次，我們的 HeroTracker Sense 技術也獲得了 FDA 510(k) 認證，屬於 II 類醫療器材。這款支援藍牙功能的感測器將傳統的吸入器轉變為患者和醫護人員的智慧數據驅動工具。

Finally, we inaugurated our expanded pharma research and development center in France, which helps boost capabilities across our proprietary drug delivery business. It's one of Aptar's 11 global innovation centers. Over 10% of our pharma workforce is dedicated to research and development, supported by nearly 4,700 active and pending patents. The center integrates advanced technologies, digital simulation rapid prototyping, predictive modeling, data utilization and artificial intelligence. It is aimed at accelerating and derisking development of next-generation drug delivery solutions.

最後，我們在法國啟用了擴建後的醫藥研發中心，有助於提升我們專有藥物輸送業務的能力。它是 Aptar 的 11 個全球創新中心之一。我們超過 10% 的製藥員工致力於研發工作，並擁有近 4700 項有效和待批專利。該中心整合了先進技術、數位模擬快速原型製作、預測建模、數據利用和人工智慧。其目的是加速和降低下一代藥物輸送解決方案的開發風險。

Turning to our Beauty segment. During our recent Investor Day, we showcased our award-winning technology for the Clarins reloadable Total Eye Lift serum, featuring our patented ALS packaging, with a highly recyclable reload and double tamper seal system. In fragrance, Christian Dior is using our Prestige Fragrance Pump for its new launch, Miss Dior, Essence perfume.

接下來是美容板塊。在最近的投資者日上，我們展示了我們屢獲殊榮的嬌韻詩可重複使用眼部精華液技術，該產品採用我們獲得專利的ALS包裝，具有高度可回收的重複使用方式和雙重防篡改密封系統。在香水領域，克莉絲汀‧迪奧 (Christian Dior) 為其新推出的 Miss Dior Essence 香水使用了我們的 Prestige 香水幫浦。

Finally, our precise dropper technology used for the controlled and targeted application of liquid formulas is a dispensing solution for the India brand basic app in Europe.

最後，我們用於控制和精準施用液體配方的精確滴管技術，是歐洲印度品牌基礎應用程式的分配解決方案。

Lastly, in closures, -- Buffalo Wild Wings sauces in the US, feature our Pour Spot Closure and more Lightweight sustainable solution that delivers convenience. In the beverage concentrate market, our flip-top non-VIP solution was chosen by PepsiCo for their soda stream syrups.

最後，在封口方面，美國 Buffalo Wild Wings 的醬料採用我們的傾倒點封口，以及更輕、更永續的解決方案，帶來便利。在飲料濃縮液市場，百事公司選擇我們的翻蓋式非VIP解決方案用於其蘇打水糖漿。

Moving to slide 5. All of this would not be possible without tremendous teams around the world. We take great pride in the numerous recognitions we have earned, including being named among the top 100 of the world's best companies for women by Forbes. This honor highlights our ongoing efforts to build an inclusive culture that empowers individuals to grow, connect and reach their full potential through meaningful development opportunities and inclusive initiatives.

切換到第5張投影片。如果沒有世界各地優秀團隊的努力，這一切都不可能實現。我們為獲得的眾多榮譽感到非常自豪，其中包括被《福布斯》評為全球最適合女性工作的100家公司之一。這項榮譽彰顯了我們為建構包容性文化而持續做出的努力，這種文化透過有意義的發展機會和包容性舉措，使個人能夠成長、建立聯繫並充分發揮自身潛力。

Before I turn the call over to Vanessa to share further details on the quarter, I want to highlight that we continue to focus on returning capital to shareholders through share repurchases and by increasing our dividend. To date, 2025 has been a banner year for share repurchases and we plan to lean in more.

在將電話交給 Vanessa 分享本季度更多細節之前，我想強調，我們將繼續專注於透過股票回購和提高股息來向股東返還資本。迄今為止，2025 年是股票回購的豐收年，我們計劃加強回購力道。

In addition, we recently announced an increase to our quarterly dividend by nearly 7% to $0.48 a share. This underscores the strength and resilience of our business model as well as our confidence in APTA's long-term growth prospects. We are very proud of having paid an increasing annual dividend for the last 32 years.

此外，我們最近宣布將季度股息提高近 7%，至每股 0.48 美元。這凸顯了我們商業模式的實力和韌性，以及我們對 APTA 長期成長前景的信心。我們非常自豪地宣布，過去 32 年來，我們每年都支付不斷增長的股息。

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

現在我想把電話交給Vanessa。

Thank you, Stephan, and good morning, everyone. Let me begin by summarizing the highlights for the quarter on slide 6 and 7. Our reported sales increased 6% and core sales, which adjust for currency effects and acquisitions, grew 1% compared to the prior year period.

謝謝你，史蒂芬，大家早安。首先，讓我在第 6 張和第 7 張投影片上總結一下本季的重點內容。我們公佈的銷售額成長了 6%，經匯率和收購調整後的核心銷售額與去年同期相比成長了 1%。

Before moving further, I want to call out that this quarter, we had a couple of atypical items impacting our reported net income. First, as a result of the BTY transaction that closed this quarter, we recorded a gain on the remeasurement of the previously held minority interest of approximately $27 million, which increased our net income. And as this gain is nontax impacting, it reduced our reported effective tax rate for the quarter to 17.1%.

在繼續討論之前，我想指出，本季我們有一些非典型項目影響了我們報告的淨收入。首先，由於本季完成的 BTY 交易，我們對先前持有的少數股權進行了重新計量，確認了約 2,700 萬美元的收益，這增加了我們的淨收入。由於這項收益不涉及稅收，因此本季報告的實際稅率降至 17.1%。

Our adjusted effective tax rate, which excludes the impact of this item, was 20.8%, in line with expectations. Second, as we mentioned on our prior quarter call and in our recent Investor Day, we are engaged in litigation to actively and vigorously defend our pharma IP portfolio and products. This resulted in a typical litigation costs of approximately $4 million that impacted our net income.

剔除該項目的影響後，我們的調整後實際稅率為 20.8%，符合預期。其次，正如我們在上一季度電話會議和最近的投資者日所提到的，我們正在積極積極地進行訴訟，以捍衛我們的醫藥智慧財產權組合和產品。這導致了約 400 萬美元的典型訴訟費用，影響了我們的淨收入。

As the gain on remeasurement of our equity investment and the litigation costs incurred in the quarter are both atypical and not indicative of operational earnings of our business. We have excluded both of these items from our adjusted EBITDA and adjusted earnings per share for the quarter. All references that I now make to adjusted EBITDA and adjusted earnings per share exclude these items. A full reconciliation is provided in our earnings press release and in our 10-Q. With those high-level comments, let's take a closer look at segment performance.

由於本季股權投資重新計量所得收益和訴訟費用均屬非典型情況，無法反映我們業務的經營收益。我們已將這兩項內容從本季的調整後 EBITDA 和調整後每股盈餘中剔除。我目前所有提及的調整後 EBITDA 和調整後每股盈餘均不包括這些項目。我們的獲利新聞稿和 10-Q 文件中提供了完整的對帳資訊。在了解了這些高層次的評論之後，讓我們更仔細地看一下各個細分市場的表現。

Turning to slide 8. Our Pharma segment's core sales increased 2%. Let me break that down by market, starting with our proprietary drug delivery systems. Prescription core sales increased 3%, and driven by strong year-over-year demand for dosing and dispensing technologies for central nervous system applications, asthma and COPD therapeutics.

翻到第8張幻燈片。我們的醫藥業務核心銷售額成長了2%。讓我按市場來詳細分析一下，先從我們專有的藥物輸送系統開始。處方核心銷售成長了 3%，這主要得益於中樞神經系統應用、氣喘和 COPD 治療的劑量和分發技術的強勁同比增長需求。

We also saw growth for emergency medicine, albeit at a slower rate. And royalty payments continued to contribute positively to revenue in the quarter. Consumer Healthcare core sales decreased 11%, primarily due to lower sales of nasal decongestants and nasal saline. Sales for ophthalmic solutions continued to grow in the quarter, but could not offset the overall decline in cough and cold volumes. Injectables core sales increased 18% and with strong demand for elastomeric components used for biologics, GLP-1 and regulatory-driven NX-1 requirements.

我們也看到急診醫學領域有所成長，儘管成長較慢。本季度，版稅收入繼續為營收做出積極貢獻。消費者保健核心銷售額下降了 11%，主要原因是鼻腔減充血劑和鼻腔鹽水的銷售額下降。本季眼科溶液的銷售額持續成長，但未能抵消咳嗽和感冒藥銷售的整體下降。注射劑核心銷售額成長了 18%，其中對用於生物製劑、GLP-1 和監管驅動的 NX-1 要求的彈性體組件的需求強勁。

Services also contributed positively in the quarter.

服務業在本季也做出了積極貢獻。

And for our active material science solutions, core sales increased 3%, driven by continued strong demand for active material size technologies for diabetes treatments. Pharma's adjusted EBITDA margin for the quarter which excludes the impact of nonordinary course litigation costs referenced earlier, was 37.2%, a 120 basis point improvement from the prior year. The margin improvement was driven by increased sales of higher-value proprietary drug delivery systems, services and royalties.

而我們的活性材料科學解決方案核心銷售額成長了 3%，這主要得益於市場對用於糖尿病治療的活性材料尺寸技術的持續強勁需求。製藥公司本季調整後的 EBITDA 利潤率（不包括前面提到的非常規訴訟成本的影響）為 37.2%，比去年同期提高了 120 個基點。利潤率的提高主要得益於高價值專有藥物輸送系統、服務和特許權使用費的銷售成長。

Moving to our beauty segments on slide 9. Core sales were flat in the quarter. While increased tooling revenues provided a left, these gains were offset by a decline in product sales.

接下來，請看第 9 張投影片，進入美容板塊。本季核心銷售額持平。雖然工具收入的成長帶來了一線生機，但這些收益被產品銷售的下降所抵消。

Looking at the beauty segment by market. Fragrance, facial skin care and color cosmetics core sales decreased 5%, primarily due to lower sales of skincare dispensing products for Indie brands in North America. Personal Care core sales increased 13% and driven by continued strong demand for body care and hair care applications. And core sales for Home Care, the smallest end market in our beauty portfolio decreased 18% in the quarter due to the timing of some nonrecurring service fees in the previous year. This segment's adjusted EBITDA margin for the quarter was 12.1%, a decline of 120 basis points.

按市場分析美容細分市場。香水、臉部保養品和彩妝的核心銷售量下降了 5%，主要是因為北美獨立品牌保養品分裝產品的銷售額下降所致。個人護理核心銷售額成長了 13%，主要得益於身體護理和頭髮護理產品的持續強勁需求。由於前一年一些非經常性服務費的支付時間，我們美容產品組合中最小的終端市場——家庭護理的核心銷售額在本季度下降了 18%。該業務部門本季的調整後 EBITDA 利潤率為 12.1%，下降了 120 個基點。

The decline in Beauty margins primarily reflects less favorable sales mix and lower-margin tooling sales.

美容業務利潤率下降主要反映了銷售組合不太有利以及工具銷售利潤率較低。

Moving to slide 10. Our closure segment core sales decreased by 1% compared with the prior year. While product sales were up 2%, this growth was more than offset by lower tooling sales and pass-throughs of lower resin pricing. When looking at the market feels for closures, food core sales decreased 4%, primarily due to lower tooling sales, while volumes increased across a number of categories.

切換到第10張投影片。與前一年相比，我們的封口業務核心銷售額下降了 1%。雖然產品銷售額成長了 2%，但這一成長被模具銷售額下降和樹脂價格下降帶來的轉嫁損失所抵消。從市場對關店的感受來看，食品核心銷售額下降了 4%，主要是由於工具銷售額下降，而多個類別的銷量均有所增長。

Beverage core sales increased 9%, primarily driven by increased sales for functional drinks and bottled water. Personal Care core sales decreased 8% and while in our other category, which includes beauty, home care and health care, core sales were flat. This segment's adjusted EBITDA margin was 16.1%, representing a 110 basis point decline over the prior year primarily due to unscheduled equipment movements that impacted production.

飲料核心銷售額成長了 9%，主要得益於功能性飲料和瓶裝水的銷售成長。個人護理核心銷售額下降了 8%，而包括美容、家居護理和健康護理在內的其他類別的核心銷售額則持平。此業務板塊調整後的 EBITDA 利潤率為 16.1%，較上年下降 110 個基點，主要原因是計劃外的設備搬遷影響了生產。

At the total company level, consolidated gross margins declined by 80 basis points year-over-year while SG&A as a percentage of sales declined from 15.6% to 15.5%, a 10 basis point reduction. SG&A expense in absolute dollars increased largely due to the aforementioned nonordinary course litigation costs incurred in the quarter.

從公司整體層面來看，合併毛利率年減了 80 個基點，而銷售、一般及行政費用佔銷售額的百分比從 15.6% 下降到 15.5%，減少了 10 個基點。銷售、一般及行政費用（SG&A）絕對值增加主要是由於本季發生的上述非常規訴訟費用。

Overall, consolidated adjusted EBITDA margins increased by 30 basis points to 23.2% compared to 22.9% in the prior year period. and adjusted earnings per share was $1.62, up 4% year-over-year on comparable foreign exchange rates.

整體而言，經調整後的合併 EBITDA 利潤率較上年同期成長 30 個基點至 23.2%，而上年同期為 22.9%。調整後的每股收益為 1.62 美元，以可比匯率計算年增 4%。

Slides 11 and 12 cover our year-to-date performance and show that reported sales increased 3% and core sales increased 1%. Our reported earnings per share increased 17% to $4.75, and adjusted earnings per share increased 7% to $4.48 compared to the prior year including comparable exchange rates. The current year had a reported effective tax rate of 20.4% and an adjusted effective tax rate of 21.9% compared to the prior year reported an adjusted effective tax rate of 22.7% and 22.8% respectively.

第 11 和 12 頁涵蓋了我們今年迄今為止的業績，並顯示報告銷售額增長了 3%，核心銷售額增長了 1%。我們公佈的每股收益增長了 17%，達到 4.75 美元；經調整後的每股收益增長了 7%，達到 4.48 美元，與去年同期相比（包括可比匯率）。本年度報告的實際稅率為 20.4%，調整後的實際稅率為 21.9%，而上年度報告的調整後實際稅率分別為 22.7% 和 22.8%。

Neutralizing both the effective tax and exchange rates for the year ago period, adjusted earnings per share would have been up 6%. Additionally, adjusted EBITDA increased 8% to $624 million, and the adjusted EBITDA margin increased by 100 basis points to 22.2%. In the first 9 months, free cash flow was $206 million, comprising cash from operations of $386 million, less capital expenditures net of government grants of $180 million. The year-over-year decline in free cash flow was largely due to higher working capital and higher pension contributions in 2025. These were partially offset by lower capital expenditures.

如果將上年同期實際稅率和匯率的影響消除，調整後的每股盈餘將成長 6%。此外，調整後的 EBITDA 成長 8% 至 6.24 億美元，調整後的 EBITDA 利潤率成長 100 個基點至 22.2%。前 9 個月，自由現金流為 2.06 億美元，其中包括經營活動產生的現金 3.86 億美元，減去扣除政府撥款後的資本支出 1.8 億美元。2025 年自由現金流年減主要是因為營運資本增加和退休金繳款增加所致。這些損失部分被較低的資本支出所抵銷。

Finally, we ended September with a strong balance sheet, once again, reflecting cash and short-term investments of $265 million, net debt of $936 million and a leverage ratio of 1.22. Over the past 9 months, the company has returned $279 million to shareholders through share repurchases and dividends. So far this year, we have repurchased 1.3 million shares for $190 million, the highest repurchase amount in a decade.

最後，我們在9月底維持了強勁的資產負債表，現金及短期投資為2.65億美元，淨負債為9.36億美元，槓桿比率為1.22。在過去的9個月裡，公司透過股票回購和分紅向股東返還了2.79億美元。今年到目前為止，我們已經回購了 130 萬股股票，金額達 1.9 億美元，這是十年來最高的回購金額。

Of the $500 million authorized by our Board of Directors for repurchases, approximately $270 million remains available as of the end of September. Given the recent trends and the strength of our balance sheet, we expect to fully utilize this remaining authorization over the next couple of quarters.

截至9月底，董事會批准的5億美元股票回購資金中，約有2.7億美元仍然可用。鑑於近期的趨勢和我們強勁的資產負債表，我們預計將在未來幾季內充分利用剩餘的授權額度。

Before we move on to outlook, I'd like to provide a brief update on our emergency medicine portfolio, where we continue to see strong underlying demand, but we anticipate near-term headwinds in this end market that we expect will impact Q4 and at least the first half of FY '26.

在展望未來之前，我想簡要介紹一下我們的急診醫學產品組合，我們繼續看到強勁的潛在需求，但我們預計該終端市場近期將面臨不利因素，預計這將影響 2026 財年第四季度以及至少上半年。

To help with your modeling, as we previously shared, in 2024, emergency use delivery systems represented approximately 5% of total company sales. For the first half of 2025, this end market accounted for 7% of Aptar's total sales. Revenue for the first half of 2025 grew roughly 50% year-over-year while Q3 showed more modest growth.

為了幫助您進行建模，正如我們之前分享的那樣，到 2024 年，緊急使用配送系統約占公司總銷售額的 5%。2025 年上半年，該終端市場佔 Aptar 總銷售額的 7%。2025 年上半年的營收年增約 50%，而第三季的成長則較為溫和。

For Q4 2025, we expect a more pronounced deceleration mainly due to elevated inventory levels at a large customer. and expect revenue contribution for the full year 2025 to be about 5% of total sales.

我們預計2025年第四季成長速度將明顯放緩，主要原因是某大客戶庫存水準較高。預計2025年全年營收貢獻約為總銷售額的5%。

While demand from other customers remains healthy. We expect this inventory normalization to extend into 2026. Based on what we currently know about end market demand, funding dynamics and customer inventory positions, we anticipate 2026 revenues from this end market to be approximately 35% lower than 2025. Given the high-value nature of this portfolio, this will have a compressing effect on overall margins prior to any mitigation actions.

其他客戶的需求依然強勁。我們預計這種庫存正常化趨勢將持續到 2026 年。根據我們目前對終端市場需求、資金動態和客戶庫存狀況的了解，我們預計 2026 年該終端市場的收入將比 2025 年下降約 35%。鑑於該投資組合的高價值性質，在採取任何緩解措施之前，這將對整體利潤率產生壓縮效應。

Now on to outlook for Q4 summarized on slide 13. We expect continued strength across the majority of our pharma businesses in Q4, particularly injectables, driven by rising demand for higher value elastomeric components fueled by growth in biologics, GLP-1 therapies and NX-1 compliance requirements. Partially offsetting the growth in injectables is softer demand for emergency medicine that I just spoke about.

接下來是第四季展望總結，詳見第13頁。我們預計第四季度我們大部分製藥業務將繼續保持強勁勢頭，尤其是注射劑業務，這主要得益於生物製劑、GLP-1 療法和 NX-1 合規要求的增長，從而帶動了對更高價值彈性體組件的需求上升。注射劑需求的成長部分被我剛才提到的急診用藥需求疲軟所抵消。

For the consumer businesses, we anticipate beauty will have positive core sales growth in Q4 and product sales volumes for closures will also continue to grow. In terms of earnings per share, we anticipate fourth quarter adjusted earnings per share to be in the range of $1.20 to $1.28 per share. Our effective tax rate range for the fourth quarter is 19.5% to 21.5%.

對於消費品業務，我們預期第四季美容產品核心銷售將實現正成長，門市產品的銷售量也將持續成長。就每股收益而言，我們預計第四季度調整後每股收益將在 1.20 美元至 1.28 美元之間。我們第四季的實際稅率範圍為 19.5% 至 21.5%。

Our guidance for the quarter is assuming a EUR 1.17 to USD exchange rate. Additionally, as you will model depreciation and amortization, -- due to the closing of the BTI transaction and other timing and FX impact, we expect fourth quarter depreciation and amortization expense to be between $75 million and $80 million.

我們對本季業績的預測是基於歐元兌美元匯率為 1.17 的假設。此外，由於 BTI 交易的完成以及其他時間因素和匯率影響，您將對折舊和攤銷進行建模，我們預計第四季度折舊和攤銷費用將在 7,500 萬美元至 8,000 萬美元之間。

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

接下來，我將把發言權交給史蒂芬，請他做一些總結性發言，之後我們將進入問答環節。

Thank you, Vanessa, for the review of our Emergency Use Delivery Systems business. Now let me step back and share the bigger picture. In the short term, we faced some headwinds due to tough comparables from the exceptionally steep onetime ramp-up of the unique naloxone distribution channels as well as uncertain and evolving landscape around government funding.

Vanessa，感謝你對我們緊急使用配送系統業務的評價。現在讓我退後一步，從更宏觀的角度來談談這個問題。短期內，由於獨特的納洛酮分銷管道一次性異常迅速的增長，以及政府資助方面不確定且不斷變化的環境，我們面臨著一些不利因素，導致可比數據較為嚴峻。

Steady state, our customers expect this market to grow in the low to mid-single digits. Over the past three years, our prescription division serving this market has grown at brisk double-digit rates. After a period of destocking, we anticipate more stable sales of our dispensing systems.

在穩定狀態下，我們的客戶預計該市場將以個位數低至中等的速度成長。過去三年，我們服務於該市場的處方藥部門實現了兩位數的快速成長。經過一段時間的清倉後，我們預計我們的分配系統銷售將更加穩定。

Looking ahead, we expect our pharma pipeline to continue to be strong and robust. As I shared during the Investor Day, it has been contributing 7% to 10% of revenue annually. What is important is that our revenue stream in pharma is largely based on the treatment of chronic diseases with the help of our proprietary solutions, resulting in a long-term stable to growing business with new launches layered on top of that base.

展望未來，我們預計我們的醫藥產品線將繼續保持強勁和穩健的發展勢頭。正如我在投資者日上分享的那樣，它每年貢獻了 7% 到 10% 的收入。重要的是，我們在製藥領域的收入主要來自利用我們專有的解決方案治療慢性疾病，從而實現了長期穩定成長的業務，並在這一基礎上不斷推出新產品。

We believe this is possible because together with the molecule, our dispensing system, former combination medicine, which is part of the regulatory filing and remains embedded in the drug master file.

我們相信這是可能的，因為分子、我們的配藥系統、先前的組合藥物，都是監管申報的一部分，並且仍然嵌入在藥物主文件中。

When I touch on injectables, I want to highlight that we are seeing good and strong growth in the very areas where we have invested, GLP-1, NX1 and Biologics. Our investments in added capacity and capabilities in high-value products are paying off. Closures is performing well. The reorganization we started two years ago has delivered solid growth and innovation traction. Beauty has lowered its cost base and breakeven point, which we believe is giving it a competitive footprint.

談到注射劑，我想強調的是，我們在我們投資的領域，即 GLP-1、NX1 和生物製劑領域，都看到了良好而強勁的成長。我們在高價值產品產能和能力方面的投資正在取得成效。封頂效果良好。我們兩年前啟動的重組帶來了穩健的成長和創新動力。美容產業降低了成本基礎和損益平衡點，我們認為這將使其獲得競爭優勢。

We have reinforced operational efficiency and cost discipline is an important part of our culture. And these efforts sharpen our execution.

我們加強了營運效率，成本控制是我們企業文化的重要組成部分。這些努力提高了我們的執行力。

We also keep a close eye on shareholder returns, strategic capital allocation and bolt-on acquisitions. Bolt-ons are a core strength take our Brazilian pharma packaging acquisition as just the most recent example.

我們也密切關注股東回報、策略資本配置和補充收購。收購是核心優勢，以我們最近收購的巴西醫藥包裝公司為例。

As we look to the future, we remain confident in our ability to deliver sustainable, profitable growth. We believe our business model is resilient, our pipeline is robust, and our teams are focused. With the right mix of innovation, operational discipline and strategic investments, we think we are well positioned to continue creating value for our customers, our employees and our shareholders.

展望未來，我們依然對實現永續獲利成長的能力充滿信心。我們相信我們的商業模式具有韌性，我們的產品線強大，我們的團隊專注且有效率。我們相信，透過創新、營運紀律和策略投資的合理結合，我們能夠繼續為我們的客戶、員工和股東創造價值。

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

接下來，我想接受大家的提問。

(Operator Instructions) Ghansham Panjabi with -- your line is open. Please go ahead.

（操作員說明）Ghansham Panjabi 您的線路已開通。請繼續。

Hi, good morning. Can you hear me okay?

您好，早安。你聽得清楚我說話嗎？

Yeah. Hang on, sir.

是的。稍等，先生。

Okay, good morning, -- Vanessa just so I can understand your comments specific to 26 for pharma. So is it -- is it right to assume that you're assuming 7% to 10% growth just from the new product pipeline, et cetera? And then emergency medicine is roughly 11% of pharma, and that's going to be down 35%, and that's how we should calibrate as it relates to the growth expectation for next year? And then related to that, where are we on the cough and cold specific to Europe in terms of the destock?

好的，早安，——Vanessa，我只是想了解一下你關於製藥業第 26 號的具體評論。那麼，假設僅靠新產品線等就能實現 7% 到 10% 的成長，這種假設是否正確呢？急診醫學約佔製藥業的 11%，預計會下降 35%，這就是我們應該如何根據這項數據來調整明年的成長預期嗎？與此相關的是，就歐洲咳嗽和感冒的庫存減少而言，我們目前的情況如何？

Is it going to drag into 4Q? And yes, where are we on that?

這種情況會持續到第四季嗎？那麼，我們目前進展如何？

Yes. Let me start and then one, Vanessa please chime in. The 7% to 10% comment was just to reiterate what we covered at Investor Day that we have a stable growing business. And on top of that is innovation, and that supports our long-term target. It was not meant to give you a guidance for '26.

是的。我先開始，然後，Vanessa 請插話。提到 7% 到 10% 的成長率，只是為了重申我們在投資者日上所表達的觀點，即我們擁有一個穩定成長的業務。此外，創新也至關重要，它支撐著我們的長期目標。它並非旨在為 2026 年提供指導。

So when we look at -- out to '26, of course, we don't give guidance for 26. We made an exception for emergency medicines for the obvious reasons, and Vanessa went through that in quite some detail. Assuming out we expect injection to grow very nicely, high single digit, low double-digit rates for the coming period, we expect Consumer Healthcare to return to growth.

所以當我們展望 2026 年時，當然，我們不會給出 2026 年的指導意見。出於顯而易見的原因，我們對緊急藥品破例了，Vanessa 對此進行了相當詳細的解釋。假設我們預期注射業務在未來一段時間內將保持良好的成長勢頭，達到高個位數或低兩位數的成長率，我們預期消費者保健業務將恢復成長。

To your second question, we believe that had largely run its course with quarter four potentially returning to growth admittedly versus a lower base. and also active material returning to growth. So the key impact will be emergency medicines and we can reiterate some of that, if you'd like.

關於你的第二個問題，我們認為這種情況已基本結束，第四季有望恢復成長（誠然，基數較低），而且活躍物料也將恢復成長。因此，關鍵影響將體現在急救藥品方面，如果您願意，我們可以重申其中的一些內容。

Yes. No, absolutely. But I think, Ghansham, you got the number. It is -- again, we expect for the full year to be roughly 5% of the total company. And so for the pharma business, specifically, it will be in that 10%, 11% range of revenue. So that goes down about 35%.

是的。不，絕對的。但我認為，甘沙姆，你已經掌握了訣竅。再次強調，我們預計全年將占公司總收入的約 5%。因此，具體到製藥業，其收入佔比將在 10% 到 11% 之間。所以下降了大約 35%。

And then European cold and cough or cough and cold.

然後是歐洲感冒和咳嗽，或是咳嗽和感冒。

Yes. That's what I was referring to, sorry, that has largely run its course. We expect quarter four to potentially be growing again and certainly growing into next year.

是的。我指的就是這個，抱歉，這件事基本上已經過去了。我們預計第四季度可能會再次成長，而且明年肯定會繼續成長。

Okay, thank you. Okay. And then for my second question, so for the initial 3Q guidance, you did include the litigation cost of $0.67 and then you've changed that going forward? And just give us a reason as to why that is?

好的，謝謝。好的。我的第二個問題是，在最初的第三季業績指引中，你們包含了0.67美元的訴訟成本，但之後你們改變了這個做法嗎？請解釋一下原因？

Yes. We did Ghansham. So we did give the estimates. We said it would be roughly $5 million to $6 million a quarter, roughly $0.06 to $0.07 of EPS impact. You will see in our disclosure that the actuals for Q3 came in at about $4.4 million.

是的。我們去了甘沙姆。所以我們確實給了估算值。我們曾表示，每季大約會損失 500 萬至 600 萬美元，對每股盈餘的影響約為 0.06 至 0.07 美元。您將在我們的揭露文件中看到，第三季的實際收入約為 440 萬美元。

We did disclose that. But this is litigation. This is litigation. The timing of the litigation is always uncertain, and we discover things through as the progresses.

我們確實披露了這一點。但這涉及到訴訟。這是訴訟。訴訟的時間總是難以預料，我們會在訴訟過程中不斷發現問題。

And as we looked at the business, I mean these are elevated litigation costs, very atypical. You know Aptar, you have a very long history with the company. We don't typically do this. So these are very atypical costs. And when you look at the underlying performance, the underlying operating performance of the business from a management perspective, this is not indicated of the underlying performance of the business.

當我們審視這家公司時，我發現這些訴訟費用很高，非常不尋常。你認識 Aptar，你和這家公司有著深深的淵源。我們通常不會這樣做。所以這些都是非常不尋常的費用。當你從管理角度審視企業的實際業績，也就是企業的實際營運績效時，這並不能反映企業的實際績效。

And so we certainly provided all the transparency that we need to, but we wanted to make sure that we called out what the underlying operating performance was of the business. .

因此，我們當然提供了所有必要的透明度，但我們也想確保指出企業的實際經營績效。。

Well, you're quite right. It was when we gave the guidance.

嗯，你說得完全正確。正是在我們給予指導的時候。

Okay, thank you.

好的，謝謝。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Hi, can you talk to the GLP-1 marketplace and NX1, what level of contribution to growth do you think those two markets represent? Is it 100, 200, 300 basis points of additional organic growth? Or can you quantify it as the first question?

您好，能否請您談談 GLP-1 市場和 NX1，您認為這兩個市場對成長的貢獻程度如何？是100、200還是300個基點的額外有機成長？或者，你能把它量化成第一個問題嗎？

Yes. Paul, we don't break it out in that detail. But clearly, GLP-1 is a solid driver probably in the quarter and, let's say, in the couple of quarters to come, top one driver of growth. NX1 closely behind. And then obviously, Biologics continues to fill the pipeline.

是的。保羅，我們不會把細節都分解出來。但顯然，GLP-1 是一個強勁的成長驅動力，很可能在本季度，甚至在接下來的幾個季度裡，都會成為成長的首要驅動力。NX1緊隨其後。很顯然，生物製劑也將繼續豐富產品線。

Now we are on all the auto injectors. And remember, there is always two SKUs on an auto-injector, plunger and needle shield and two companies can say they're on the same auto injector and it may very well be true. And on the plunger side, I think there's even some double sourcing.

現在我們已經全部安裝好自動噴油嘴了。請記住，自動注射器、柱塞和針頭護罩總是有兩種 SKU，兩家公司可能會說它們是同一款自動注射器，而且很可能是真的。而就活塞部分而言，我認為甚至存在雙重採購的情況。

So we had lower growth rates in the beginning of the year quite simply because we were still validating some of our capital investments and some of the equipment. Now as of, let's say, middle of the year, early quarter three. Everything has been fully validated and we can catch up with demand. So the growth rate you're seeing is reflective of the market demand, but also a certain catch-up that's why we feel we're going to have a very strong finish of the year.

所以年初我們的成長率較低，原因很簡單，因為我們仍在驗證一些資本投資和一些設備。現在，比如說，到了年中，第三季初。一切都已充分驗證，我們可以滿足市場需求。所以你看到的成長率反映了市場需求，但也反映了一定的追趕效應，這就是為什麼我們認為今年將會有一個非常強勁的收官階段。

The other question, of course, that people often ask a, what about our oral is there going to crimp demand. We don't see that at the moment, one is still quite a bit away to from everything we hear, it's more intended to serve markets that don't have cold chain capability. But pricing will be such that it will not obsolete existing investments by our clients. That's our best read.

當然，人們經常問的另一個問題是，我們的口服產品會受到什麼影響，這是否會抑制需求。我們目前還沒有看到這種情況，從我們聽到的所有消息來看，距離實現這一目標還有相當長的時間，它更適合服務那些沒有冷鏈能力的市場。但定價策略將確保不會使客戶現有的投資過時。這是我們能找到的最佳解讀。

And maybe the only other thing I'll add just because you did mention GLP-1 specifically, Paul, we continue to see really healthy year-over-year growth rate. For September year-to-date, we were up over 40% compared to the prior year. So to Stephan's point, really seeing some very healthy growth there.

保羅，因為你特別提到了 GLP-1，我可能還要補充一點，我們繼續看到其年增長率非常健康。截至9月份，我們比去年同期成長了40%以上。所以正如史蒂芬所說，確實看到了非常健康的成長。

And then lastly, NX1 with your large French operations, are you seeing what -- is that number two or number three.

最後，NX1 在法國的大規模營運中，您看到的是第二名還是第三名？

Correct. Correct. Now I don't want to make too light of it, but they basically say no, you need to provide sterile products. Well, it's not change of the world. It's just some customers, as a result, decide to go more towards higher-value solutions.

正確的。正確的。我不想輕描淡寫，但他們基本上是說不行，你需要提供無菌產品。嗯，這不算是天翻地覆的變化。因此，部分客戶決定更多地選擇更高價值的解決方案。

Okay, thank you.

好的，謝謝。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Hi, everyone. Good morning. Thanks for the details. My two questions. First of all, certainly, you've had progress in your non-pharma business operationally over the years you've been doing really quite well and closures better than we would have expected a couple of years ago.

大家好。早安.謝謝你提供的詳細資訊。我有兩個問題。首先，可以肯定的是，這些年來你們的非醫藥業務在營運方面取得了進步，你們做得非常好，而且關店情況也比我們幾年前預期的要好。

props to you on that. Beauty, we certainly recognize the challenges that you've been managing against yet the margin still seems to be slow to come around, what is the next two or three steps that are going to drive higher margin in beauty?

這點值得稱讚。美容產業，我們當然了解你們一直在應對的挑戰，但利潤率似乎仍然增長緩慢，接下來兩三個步驟是什麼才能推動美容行業獲得更高的利潤率？

When should we expect that inflection? And then Separate question. Just as we think about the pharma business and the product side and recognizing you love all of your kids and you have a tremendous suite of products, and that's the reason why you've been able to grow 7% or better over the years. Should we expect that unit dose has been where you're seeing most of the product activity recently. Just seems like that's the case from your slides even today and some of the commentary the last couple of quarters.

我們應該何時預期會出現這種轉折點？然後是另一個問題。正如我們在思考製藥業務和產品方面時所認識到的，您熱愛您的所有產品，並且您擁有一系列非常棒的產品，這就是您多年來能夠實現 7% 或更高增長的原因。我們是否可以預期，最近以單劑量包裝的產品活動最為活躍？從你今天的幻燈片以及過去幾季的評論來看，情況似乎確實如此。

How should we think about that? Thank you guys.

我們該如何看待這個問題？謝謝大家。

Sure. Thanks for recognizing the progress, George. I take any complement I can get. And especially for closures, I would say that number one, two and three for beauty is volume. But clearly, we're never done with the productivity story.

當然。謝謝你認可我的進步，喬治。任何讚美我都欣然接受。尤其是對於髮型來說，我認為美觀的第一、第二、第三點就是蓬鬆度。但很顯然，關於生產力的故事永遠不會結束。

We have significantly strengthened the competitiveness of the footprint. We see that now flowing into project activity, including leveraging our very agile China footprint for rapid prototyping, small volume launches and so on. So that makes us quite confident that the volume is going to come.

我們顯著提升了業務佈局的競爭力。我們看到，這種趨勢現在正在融入專案活動中，包括利用我們在中國非常靈活的佈局進行快速原型製作、小批量發布等等。因此，我們相當有信心銷量會成長。

Number two, it's a regional story. As we've discussed, Europe is already well in its target range. Of course, it's a global target, not a regional target, but nevertheless, China is also doing well, where we currently held back is North America. We talked about -- essence, our Fusion PKG business that serves India brands with a significant customer having issues.

第二，這是一個區域性事件。正如我們之前討論過的，歐洲已經很好地達到了目標範圍。當然，這是一個全球目標，而不是區域目標，但儘管如此，中國也做得很好，而我們目前落後的地方是北美。我們討論了——本質上，我們的 Fusion PKG 業務為印度品牌提供服務，而我們的一位重要客戶遇到了問題。

And then overall, of course, innovation continues to be a key driver in that business. And again, with a more competitive infrastructure. that gives us confidence that, that business will grow.

當然，總體而言，創新仍然是該行業發展的關鍵驅動力。而且，隨著基礎設施的日益完善，我們有信心這項業務將會成長。

Now on your second question regarding our kids, yes, units is important. So especially also for a lot of those things in the pipeline, for additional indications. I mean, I mentioned the one to treat edema. And I think tachycardia is not much far behind. But we also have other formats.

關於你提出的第二個問題，也就是關於我們孩子的問題，是的，單位很重要。所以，對於許多正在研發中的項目來說，也需要更多的適應症。我是說，我提到了治療水腫的那種藥。我認為心動過速也指日可待了。但我們還有其他格式。

Of course, SPRAVATO is a good example. It's the Bidose that supports J&J's ramp up. And we have large-volume powder inhalers and many other formats. But clearly, emergency medicines, which is primarily Unidose relatedly grow in the last couple of years.

當然，SPRAVATO 就是一個很好的例子。正是 Bidose 為強生公司的產能提升提供了支持。我們還有大容量粉末吸入器和許多其他劑型。但很明顯，急救藥品（主要與 Unidose 相關）在過去幾年成長迅速。

Stephan, if I could just get a clarification point on volume in beauty. Did you see signs of destocking in your customer base in the quarter or looking at the fourth quarter, you don't have to go into great detail. Just curious, yes or no?

史蒂芬，請您幫我澄清一下美容中的「豐盈」概念。在本季或第四季度，您是否發現客戶群出現去庫存的跡象？無需詳細說明。只是好奇問，是或否？

Not really. I think there's more of -- keeping the powder drive for next year. Customers really managed their year-end inventories. We actually see the encouraging signs for quarter one order entry as opposed to destocking.

並不真地。我認為更多的是——把粉雪運動留到明年。客戶們很好地管理了他們的年終庫存。實際上，我們看到第一季訂單量出現了令人鼓舞的跡象，而不是庫存減少。

Very good. Thanks so much.

非常好。非常感謝。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Hi, good morning. I wanted to ask about I wanted to ask about growth expectations for the Pharma segment. So over the last kind of 12 months, core sales growth has been about 3%. Obviously, you've been dealing with the cough and cold destock, but it sounds like you've had a benefit from higher Narcan sales given that, that was 7% -- medicine as a class was 7% in the first half of the year.

您好，早安。我想詢問一下醫藥行業的成長預期。因此，在過去的12個月裡，核心銷售額成長了約3%。顯然，你們一直在應對咳嗽和感冒藥的庫存減少，但聽起來你們從納洛酮（Narcan）的銷售增長中受益，因為納洛酮的銷售額增長了 7%——今年上半年，藥品整體的銷售額增長了 7%。

So as you think about kind of the more medium-term period, understanding you're not giving guidance, what's the level of confidence that 7% to 11% absent the right moving part is still the right range given that, again, it's been several quarters now since you've been at the low end of that range?

所以，在考慮中期前景時，考慮到您沒有給出業績指引，您有多大把握認為，在沒有合適的變動因素的情況下，7%到11%仍然是合適的範圍？畢竟，您已經好幾個季度沒有處於這個範圍的下限了。

Well, first, let's acknowledge 7 to 11 is our long-term target range. It's not a quarterly conceptually not in the yearly number, so a long-term target range. We've been in that range for many, many years. There were some years where we have not been in that range, but I think everything we went through in September, what we have in the pipeline, the growth that we see coming out of the pipeline with launches, the injectable growth, active material growth, the lapping of consumer health care, European cough and cold as Ghansham calls it. All of these things are contributed to growth.

首先，我們要先明確7到11是我們的長期目標區間。它不是季度性的，概念上也不是年度數字，而是長期目標範圍。多年來，我們一直處於這個範圍內。有些年份我們並沒有達到這個水平，但我認為我們在九月份經歷的一切，我們正在進行的項目，我們看到的隨著產品上市而帶來的增長，注射劑的增長，活性物質的增長，消費者保健品的擴張，以及 Ghansham 所說的歐洲咳嗽和感冒。所有這些因素都有助於成長。

Of course, the emergency medicine situation we described this basis we could -- can get us the visibility perhaps into the middle of next year. So nothing has changed about the attractiveness of our pharma pipeline, about our pharma business, the pharma markets. And yes, we just reaffirmed the 7% to 11% growth rate in the Investor Day as the long-term target. So no reason to change that.

當然，根據我們所描述的這種緊急醫療狀況，我們或許可以──或許可以讓我們了解到明年年中的情況。所以，我們的醫藥產品線、醫藥業務和醫藥市場的吸引力都沒有改變。是的，我們在投資者日上重申了7%至11%的成長率作為長期目標。所以沒有理由改變這一點。

Okay. Very good. And then, obviously, from a capital allocation standpoint, the balance has been towards pharma in recent years. And Stephan, you alluded to the validation of some equipment bringing on new capacity. As you're starting to ramp your injectables capacity and now thinking about the next level of capital investment, what are the areas that you think are most interesting? And at what point do you think from an injectable standpoint, you will need to start to think about broadening capacity again?

好的。非常好。然後，很顯然，從資本配置的角度來看，近年來資金的重心已經向製藥業傾斜。史蒂芬，你提到了一些設備的驗證，這些設備帶來了新的產能。隨著您開始提高注射劑產能，並開始考慮下一階段的資本投資，您認為哪些領域最有趣？那麼，從注射的角度來看，您認為在什麼情況下需要再次考慮擴大容量呢？

I think we have quite some time with injectables. You may remember, I just respectfully called the large boxes. We've built three large boxes. There's a lot of equipment we can put in that box in injectables, and to creep capacity as needed, and those are much lower increments. So we don't foresee a next large increment for quite some time, certainly not on the books.

我認為我們還有相當長一段時間可以使用注射劑。你可能還記得，我只是禮貌地稱呼那些大箱子。我們建造了三個大箱子。我們可以把很多設備裝進那個盒子裡，進行注射，並根據需要進行蠕變，而且這些增量要小得多。因此，我們預計在相當長的一段時間內不會出現下一次大幅成長，至少帳面上不會。

Daniel Rizzo, Jefferies.

Daniel Rizzo，傑富瑞集團。

Sorry about that. I was muted. Hi, thanks for taking my question. Just with the Narcan with the emergency medicine, is there a significant margin difference between that product and others? Or is it kind of just along with the rest. I was just wondering how we should think about that effect on hopefully this year?

抱歉。我被靜音了。您好，感謝您回答我的問題。單就急救藥品納洛酮而言，該產品與其他產品之間是否有顯著的利潤差異？或者它只是和其他東西一樣而已？我只是在想我們該如何看待這件事對今年可能產生的影響？

Hi, Dan. Thanks for calling that out. I did mention that in my remarks, there is a significant margin differential. I mean, as you can imagine, emergency medicine being a high-value, life-saving product with high regulatory requirements, quality requirements, et cetera. These are very high-value products to us. So certainly amongst the highest of our margin products within our overall pharma portfolio.

嗨，丹。謝謝你指出這一點。我在發言中確實提到過，利潤率有顯著差異。我的意思是，正如你所想，急救醫學是一種高價值、能挽救生命的產品，有著很高的監管要求、品質要求等等。這些產品對我們來說價值非常高。因此，它無疑是我們整個醫藥產品組合中利潤率最高的產品之一。

I can't give you specifics. As you can imagine, we've got competitive reasons not to share that publicly, but you kind of think about our overall pharma portfolio, this is amongst the highest of the margins.

我無法提供具體細節。可以想像，出於競爭原因，我們不便公開分享這一訊息，但從我們整體的製藥產品組合來看，該產品的利潤率位居前列。

Eight I'm sorry. I must have missed that. I understand you talked about volume and mix. How does pricing work on an annual basis? Is it generally like a 100 to 200 basis points tailwind -- just -- I mean, across the board, I'm just wondering how that kind of plays into the things versus -- also versus -- I mean, some of your costs, which are generally not kind of called out, but I was just wondering how we should think about price versus cost?

八，對不起。我肯定錯過了。我明白你們談到了音量和混音。年度定價是如何運作的？總體而言，這是否像是一個 100 到 200 個基點的順風？我的意思是，就整體而言，我只是想知道這會如何影響價格與成本之間的關係，以及與某些成本之間的關係——這些成本通常不會被明確指出，但我只是想知道我們應該如何看待價格與成本之間的關係？

Yes. Clearly, pharma is about value and use pricing. So price is not very much related to cost. -- the material content is in relation to the other value added, whether it's quality systems, whether it's data packages, additional services completely different mix than in our consumer-facing business.

是的。顯然，醫藥產業講究的是價值和使用定價。所以價格與成本關係不大——材料含量與附加價值有關，無論是品質系統、資料包或其他服務，這與我們面向消費者的業務完全不同。

So the one addition I would want to add to Mary -- to Vanessa, sorry is that -- it's really our Unidose system that is quite attractive. It's not just limited to Narcan, -- it's across the board in our Unidose system, as our Bidosystem, clearly, anything that is life-saving and central nervous system targeting is more profitable than an allergic unites business, of course. Great thanks.

所以，我想補充給瑪麗——抱歉，是給凡妮莎——的一點是——我們的 Unidose 系統確實很有吸引力。這不僅限於納洛酮，——在我們的單劑量系統中，就像在我們的雙劑量系統中一樣，顯然，任何能夠挽救生命並針對中樞神經系統的產品都比過敏性藥物更有利可圖，當然。非常感謝。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Hey, good morning. Can you all hear me?

嘿，早安。你們都能聽到我說話嗎？

Yes.

是的。

Okay, great. Good morning, Staphan, morning, Vanessa. On the emergency medicine again, I'm just trying to square some of that commentary with a customer and emergency medicine. It seemed like Narcan was down, but sequentially improving, and I noted some international potential and broader market growth. So are there other categories within the emergency medicine that are still growing? And if so, how much specifically is Naloxone expected to be down and maybe into '26. What gives confidence in the second half recovery and any market share changes or shifts in that category at all?

好的，太好了。早上好，Staphan；早安，Vanessa。關於急診醫學，我只是想把一些評論與顧客和急診醫學連結起來。Narcan 的銷量似乎有所下降，但正在逐步好轉，我注意到它在國際市場上具有一定的潛力，並且市場成長前景廣闊。那麼，急診醫學領域還有哪些類別仍在發展壯大呢？如果是這樣，納洛酮預計會下降多少？這種情況可能會持續到 2026 年嗎？是什麼因素讓人對下半年的經濟復甦以及該類別市場份額的任何變化或轉移充滿信心？

Yes. Matt, we don't break down different indications or SKUs within the emerging amazing category, but things like neffy, things like hypoglycemia, vaccine are also in the category. The I don't know what customer you referred to, but maybe there's one publicly traded customer is pretty important. You could look at the balance sheet and the inventory. I think that will be a big part of the reconciliation you're looking for.

是的。Matt，我們不會細分新興的神奇類別中的不同適應症或 SKU，但像 Neffy、低血糖、疫苗之類的東西也屬於這個類別。我不知道你指的是哪位客戶，但也許其中有一位上市客戶非常重要。你可以查看資產負債表和存貨。我認為這將是你們所尋求的和解的重要組成部分。

Yes. Yes, that's exactly right, Matt. They are -- they did express some optimism going forward, which I think actually validates that things will improve. But as we said in our commentary, there is inventory in the system. So they'll have to work through -- customers will have to work through that inventory situation.

是的。是的，你說得完全正確，馬特。他們的確對未來表達了一些樂觀態度，我認為這實際上證實了情況會有所改善。但正如我們在評論中所說，系統中是有庫存的。所以他們——或者說客戶——必須想辦法解決庫存問題。

All right. That makes sense. And maybe on Personal Care, that's seen mix. It was up in beauty, closures was down. Home Care, I think it was down.

好的。這很有道理。或許在個人護理領域，情況比較複雜。美容產業蓬勃發展，房屋關閉數量下降。家庭護理服務好像宕機了。

So given some mixed signals there and another publicly traded peer recently called out sudden inventory corrections in those categories. maybe just broadly, what are you seeing in those categories? Or what are customers saying in regard to inventory levels heading into 4Q, recognizing that they are smaller contributors overall in Beauty and closures?

鑑於目前市場訊號喜憂參半，而且另一家上市同行最近也指出這些品類出現了突然的庫存調整，那麼，從整體來看，您在這些品類中觀察到了什麼情況？或者，客戶對於第四季度的庫存水準有何看法？他們意識到，美容產品和門市關閉對整體銷售額的貢獻較小。

Sure. I mean we obviously separate what is accounted for in beauty versus what is accounted for enclosures. Those are different formats and sometimes customers switch between these two formats, and we try to catch as much of that as possible. I don't hear a lot of noise around inventory or destocking in personal care. It's more of a rotation in format and sometimes the pulp side wins and sometimes the closure side wins.

當然。我的意思是，我們顯然要區分美感所包含的因素和圍牆所包含的因素。這些是不同的格式，有時客戶會在這兩種格式之間切換，我們會盡可能地捕捉這種情況。我沒聽到太多關於個人護理用品庫存或清倉方面的消息。這是一種形式上的輪換，有時通俗小說會勝出，有時結局會勝出。

It's different by customer. I'm not sure if we can call out a trend there. Okay, thank you.

因客戶而異。我不確定我們是否可以從中得出某種趨勢。好的，謝謝。

Gabe Hajde, Wells Fargo.

Gabe Hajde，富國銀行。

Good morning, Staphan, Vanessa. I just want to make sure I'm doing my math right. Are we sort of implying maybe a $40 million to $45 million revenue headwind associated with what you called out specific to the emergency response medicines in H1 '26?

早上好，Staphan，Vanessa。我只是想確認一下我的計算是否正確。我們是否在暗示，由於您提到的具體原因，2026 年上半年緊急應變藥物可能會面臨 4,000 萬至 4,500 萬美元的收入逆風？

Well, we gave you a lot of data points. And I think if you sort of work through the math, again, if you think about 10%, 11% of pharma, 5% of the company, 11% of pharma, declining 35% year-over-year. It's a slightly bigger number than you're coming up with, but I think you can get to the same ZIP code -- 11% declines at 35%.

我們已經提供了大量數據點。而且我認為，如果你仔細算算，再想想，如果製藥業佔10%、11%，公司佔5%，製藥業佔11%，比去年同期下降35%。這個數字比你算出來的要稍微大一些，但我認為你可以得到相同的郵遞區號——11% 的下降幅度為 35%。

Got it. I guess I appreciate it's tough. I don't open mic like this. But -- as it relates to the, you called it out Stephan, is that a product line that you're currently supplying to? Or does the litigation prevent any sort of outside sales of that product? Like is it sort of progressing as normal commercially until there's a resolution.

知道了。我想我能理解這很艱難。我不會這樣打開麥克風。但是——正如史蒂芬你所提到的，那是你目前正在供應的產品線嗎？或者說，該訴訟是否阻止了該產品的任何形式的外部銷售？就像在問題解決之前，商業上會像往常一樣繼續發展。

The best of our knowledge, we are supplying all of that product. It's the only one that has the 99.999% proven reliability. And of course, we serve our customers with that, and in this case, ARS, absolutely.

據我們所知，我們供應所有這些產品。它是唯一一款擁有 99.999% 可靠性認證的產品。當然，我們就是這樣為我們的客戶服務的，就此而言，ARS 絕對是如此。

George Staphos, Bank of America. Please go ahead.

喬治‧斯塔福斯，美國銀行。請繼續。

First of all, on DNA, Vanessa, you called out the 75% to 80%. Just from a modeling standpoint, should we be carrying that forward for the next number of quarters? Or is that just a onetime kind of step up because of...

首先，關於DNA，Vanessa，你提到了75%到80%。僅從建模的角度來看，我們是否應該將這種做法延續到接下來的幾季？或者這只是因為…而獲得的一次性晉升？

Yes. So the thanks for the question, George. And we would as we put out our future quarters, we'll provide more clarity around some of this. But you did see a bit of a step up because we're now going to be amortizing or we are now amortizing the intangibles from BTY. So that was the reason for the step up.

是的。謝謝你的提問，喬治。隨著我們發布未來幾季的業績報告，我們將對其中一些問題做出更清晰的說明。但你確實看到了一些進步，因為我們現在要攤提 BTY 的無形資產。這就是我晉升的原因。

So it's essentially a new run rate. So if you take sort of the midpoint of the guide and annualize that, I think you should get pretty close.

所以這本質上是一個新的運行率。所以，如果你取指南的中間值並將其年化，我認為你應該可以得到相當接近的結果。

Okay. Very good. The other question I had for you just back to emergency medicines, and we appreciate all the detail that you've given us. No guarantees, no guarantees in life. But if it plays out as you expect -- are we back to sort of the more normal growth rate into 27 after the step-down in '26.

好的。非常好。我還有一個關於急救藥物的問題想問您，非常感謝您提供的所有詳細資訊。人生沒有保障，沒有什麼是絕對的。但如果事情如你預期的那樣發展——在 2026 年下降之後，我們是否會在 2027 年恢復到更正常的成長率？

And I think you said low single-digit growth on a going forward basis. I just want to confirm that.

我想你說過，未來幾年將維持個位數低成長率。我只是想確認一下。

Yes. We don't guide for '26, we are sure don't guide for '27. But based on what we've said, I think that is a fair interpretation George.

是的。我們不提供 2026 年的指導，我們肯定也不提供 2027 年的指導。但根據我們剛才的討論，我認為喬治，這是一個合理的解釋。

Yes, Stephan, I wasn't asking you to guide. I was saying -- I just want -- are you -- is the assumption that you're done with the destocking in '26, no guarantees and then it's more normal going forward. And you said -- and would you say the growth rate normal.

是的，史蒂芬，我不是叫你做指導。我剛才說的是——我只是想知道——你——假設你在 2026 年完成了去庫存，沒有保證，然後以後會更正常一些。你說過－你認為這個成長率正常嗎？

Yes, I said low to mid-single digits. In my opening remarks, the one additional uncertainty that I hate to throw on you is, of course, that's assuming normal government funding levels. Now we've just -- the reconfirmation in September that this is a supported product by the government. And of course, the opioid overdose settlement money is readily available. So of course, those funding sources are turned off, then it will be more difficult environment.

是的，我說的是個位數低到中位數。在開場白中，我最不願意向大家提出的一個不確定因素當然是，這假設政府的資金投入水準正常。現在我們剛剛——9 月再次確認，這是政府支持的產品。當然，阿片類藥物過量賠償金也唾手可得。所以，如果這些資金來源斷絕，環境當然會更艱難。

But I wouldn't expect that for a light saving intervention that has been proven so successfully. And then do interpretation would be my interpretation of what we're seeing.

但我認為，對於一項已被證明如此成功的節能措施來說，不應該出現這種情況。然後，我所做的解釋就是我對我們所看到事物的解釋。

There are no further questions at this time. I will now turn the call back to Mr. Tanda for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給坦達先生，請他作總結發言。

Thank you, operator, and let me just summarize and zoon out of it. Our teams delivered another solid quarter with adjusted EBITDA growth of 7%, continuing our well-established record of expanding the bottom line at a faster pace than the top line.

謝謝接線員，我這就總結一下，然後縮小畫面。我們的團隊又取得了穩健的季度業績，調整後 EBITDA 成長 7%，延續了我們一貫的業績成長速度快於營收成長速度的良好記錄。

While we do face the uncertainty, we discussed at length on the sales trajectory of emergency medicine, we hopefully were able to give you progressive insights that we gained ourselves since Investor Day that confirm the temporary nature of this headwind.

儘管我們面臨著不確定性，我們也詳細討論了急診醫學的銷售軌跡，但我們希望能夠向您提供自投資者日以來我們自己獲得的進步見解，這些見解證實了這種不利因素的暫時性。

The fundamentals of our pharma business remain highly favorable with an attractive and growing project pipeline, a steady stream of new launches, leveraging the nasal delivery route for exciting new indications. We talked about edema. And at the same time, of course, our injectable business is now taking full advantage of a booming market with our state-of-the-art capabilities.

我們的製藥業務基本面依然非常有利，擁有極具吸引力且不斷增長的專案儲備，持續推出新產品，並利用鼻腔給藥途徑開發令人興奮的新適應症。我們討論了水腫問題。同時，我們的注射劑業務也憑藉著我們最先進的技術，充分利用了蓬勃發展的市場。

Our novel innovations and decades of experience drive a significant body of intellectual property, including patents know-how and trade securities, which we protect vigorously.

我們憑藉創新技術和數十年的經驗累積了大量的智慧財產權，包括專利、專有技術和商業證券，我們會積極保護這些智慧財產權。

Now as we look towards 2026, beyond the emergency medicine topic, we see solid growth in the other parts of our Franna business and are receiving some encouraging signals from our consumer goods customers, including in fragrance and beauty at large. So given the strength of our performance and our strong balance sheet, we have and we will further accelerate capital returns to shareholders, underscoring our confidence in the business while retaining the strategic optionality of our capital structure.

現在，展望 2026 年，除了急診醫學領域，我們看到 Franna 業務的其他部分也實現了穩健增長，並且從消費品客戶（包括香水和美容行業）那裡收到了一些令人鼓舞的信號。鑑於我們強勁的業績和穩健的資產負債表，我們已經並將繼續加快向股東返還資本，這凸顯了我們對業務的信心，同時保持了我們資本結構的戰略靈活性。

With that, I look forward to speaking with many of you in the coming weeks. And should we not speak before then, let me wish you already now a restful Thanksgiving in the US and the holiday season around the world.

因此，我期待在接下來的幾週與大家交流。如果在那之前我們沒有機會交談，那麼現在就讓我祝福美國人民感恩節快樂，也祝福世界各地的人們節日快樂。

With that, operator, we can now close the call.

好了，接線生，我們可以結束通話了。

This concludes today's call. Thank you for attending. You may now disconnect. Have a wonderful day.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。祝您有美好的一天。