Aptargroup Inc (ATR) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2025 fourth-quarter and annual results conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。歡迎參加 Aptar 2025 年第四季及年度業績電話會議。（操作說明）

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

今天主持電話會議的是投資者關係與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.

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。

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. 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.

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。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.

現在我想把電話交給史蒂芬。

Thank you, Mary, and good morning, everyone. We appreciate you joining us on the call today. I will begin my remarks by highlighting our annual and fourth quarter results. And later in the call, our CFO, Vanessa Kanu, will provide additional details on the 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的年度和第四季業績。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。

For the quarter ending December 31, 2025, we delivered very strong top line performance. Reported sales grew 14% to $963 million, up from $848 million in the prior year. Core sales increased 5%, reflecting healthy underlying demand across our portfolio. Our adjusted EBITDA margin was approximately 20% impacted partially by a combination of higher-than-expected production costs in our Beauty and Closures segment as well as a shift in product mix, including the decline in demand for emergency medicine products that we discussed last quarter. Vigorous productivity measures will remain a major focus for us in 2026 and beyond.

截至 2025 年 12 月 31 日的季度，我們取得了非常強勁的營收業績。據報道，銷售額成長了 14%，達到 9.63 億美元，高於上年的 8.48 億美元。核心銷售額成長了 5%，反映出我們產品組合的整體需求良好。我們的調整後 EBITDA 利潤率約為 20%，部分原因是美容和發片部門的生產成本高於預期，以及產品組合的變化，包括我們上個季度討論過的急救藥品需求下降。2026年及以後，強而有力的生產力提升措施仍將是我們工作的重點。

We are continuing to lean into our cost reduction initiatives and push further on back office centralization through our global talent centers. Vanessa will speak in more detail about these dynamics in her remarks.

我們將繼續加大成本削減力度，並透過我們的全球人才中心進一步推進後台集中化。Vanessa將在演講中更詳細地談到這些動態。

Stepping back, our teams executed well. With all three segments delivering core sales growth this quarter. In Pharma, growth was led by continued strong demand for our last America components, ongoing momentum in our systemic nasal drug delivery technologies and a return to growth in our Consumer Healthcare division. Our Beauty segment delivered double-digit core sales growth with strong growth across each end market. Fragrance and facial skin care as well as personal and home care.

總的來說，我們的團隊執行得很好。本季三大業務部門均實現了核心銷售額成長。在製藥領域，成長主要得益於對我們最後美國組件的持續強勁需求、我們全身鼻腔給藥技術的持續發展勢頭以及我們消費者保健部門的恢復增長。我們的美容業務部門實現了兩位數的核心銷售成長，各個終端市場均實現了強勁成長。香水和臉部護膚品以及個人和家居護理用品。

Based on what we have heard from our customers, their holiday sales, especially the preholiday events such as 11/11 in China, and Black Friday in the US, very encouraging. And in Closures, we saw solid product volume growth, reinforcing the strength of our market positions. Vanessa will talk about the operational disruptions we experienced in Beauty and Closures which were clearly disappointing. Our teams are actively working through these issues.

根據我們從客戶那裡了解到的情況，他們的假日銷售情況，特別是節前促銷活動，如中國的“雙十一”和美國的“黑色星期五”，都非常令人鼓舞。在瓶蓋領域，我們看到了穩健的產品銷售成長，鞏固了我們的市場地位。Vanessa 將談到我們在美容和關店方面遇到的營運中斷，這顯然令人失望。我們的團隊正在積極解決這些問題。

Together, these results highlight though the resilience of our business the strength of our global technology platforms and the benefit of our innovation-led application portfolio.

這些結果共同突顯了我們業務的韌性、我們全球技術平台的實力以及我們以創新為主導的應用組合的優勢。

Let me now take a moment to review our full year performance. For the year ended December 31, 2025, reported sales increased 5% to $3.8 billion compared to $3.6 billion in the prior year. Core sales were up 2%, reflecting steady demand across key product categories.

現在請容許我花一點時間回顧我們全年的表現。截至 2025 年 12 月 31 日止年度，報告銷售額成長 5%，達到 38 億美元，而上年為 36 億美元。核心銷售額成長2%，反映主要產品類別的需求穩定。

On the bottom line, we also delivered growth for the full year. Reported net income increased 5% to $393 million, and reported earnings per share grew 7% to $5.89, up from $5.53 a year ago. Adjusted earnings per share were $5.74, a slight decline of 1% versus $5.81 in the prior year, including comparable exchange rates. We continue to take a disciplined and balanced approach to capital allocation.

總而言之，我們全年也實現了成長。報告顯示，淨利潤成長 5% 至 3.93 億美元，每股收益成長 7% 至 5.89 美元，高於一年前的 5.53 美元。調整後的每股收益為 5.74 美元，較上年同期的 5.81 美元略微下降 1%（包括可比匯率）。我們將繼續採取嚴謹平衡的資本配置方式。

In 2025, we returned $486 million, so almost $0.5 billion to shareholders through share repurchases and dividends. Capital expenditures decreased year-over-year and represented about 7% of sales which reflected our focus on efficiency and prioritization of high-return investments, a focus we fully intend to continue in 2026.

2025 年，我們透過股票回購和分紅向股東返還了 4.86 億美元，近 5 億美元。資本支出較去年同期下降，約佔銷售額的 7%，這反映了我們對效率的重視和對高回報投資的優先考慮，我們完全打算在 2026 年繼續保持這一重點。

Importantly, 2025 marked our 32nd consecutive year of paying an annually increasing dividend a milestone that speaks to our commitment to shareholders and the resilience of our business model. Overall, these results demonstrate our ability to deliver consistent performance, invest for long-term growth and return capital to shareholders, all while navigating a dynamic operating environment.

重要的是，2025 年是我們連續第 32 年支付逐年遞增的股息，這一里程碑體現了我們對股東的承諾以及我們商業模式的韌性。整體而言，這些結果證明了我們有能力在動態的經營環境中，持續取得優異業績，投資長期成長，並為股東帶來回報。

Before I turn the call over to Vanessa, let me turn to our very important pharma pipeline, where our core business continues to deliver. In 2025, systemic nasal drug delivery accelerated and injectables accounted for a greater portion of our opportunity set. Core sales for our Pharma segment, excluding emergency medicine, grew 10% in the fourth quarter compared to the same period in 2024. We fully expect our pipeline and recent launches to support our ability to deliver our long-term core sales targets of 7% to 11% growth with adjusted margins of 32% to 36%.

在將電話轉給 Vanessa 之前，我想談談我們非常重要的醫藥產品線，這是我們核心業務持續取得成果的領域。2025年，全身性鼻腔給藥加速發展，注射劑在我們的機會集中佔據了更大的比例。除急救藥品外，我們製藥業務的核心銷售額在第四季度比 2024 年同期成長了 10%。我們完全有信心，我們的產品線和最近推出的產品將支持我們實現長期核心銷售目標，成長 7% 至 11%，調整後利潤率為 32% 至 36%。

Our prescription drug pipeline spans a broad range of therapeutic areas across respiratory, injectable, ophthalmic and dermal drug delivery routes. The top therapeutic categories in our pipeline ranked by weighted value include respiratory, biologics in injectable formats, systemic nasal drug delivery, especially in central nervous system, pain management, emergency medicine, small molecule injectables, ophthalmology, allergic rhinitis and vaccines delivered both intranasally and via injection and dermatology.

我們的處方藥研發管線涵蓋了呼吸系統、注射、眼科和皮膚給藥途徑等廣泛的治療領域。我們研發管線中按加權價值排名的前幾大治療類別包括呼吸系統疾病、注射用生物製劑、全身性鼻腔給藥（尤其是在中樞神經系統）、疼痛管理、急診醫學、小分子注射劑、眼科疾病、過敏性鼻炎以及透過鼻內和注射方式給藥的疫苗和皮膚病學。

The key message here is that we continue to build on a very well-diversified portfolio of medical indications and delivery technologies. Injectables have taken an increasingly prominent role in the pipeline, and the systemic nasal drug delivery has expanded nasally delivered central nervous system therapies has represented the majority of opportunities, which we expect to continue.

這裡的關鍵訊息是，我們將繼續拓展非常多元化的醫療適應症和給藥技術組合。注射劑在研發管線中扮演著越來越重要的角色，全身性鼻腔給藥方式也得到了擴展，鼻腔給藥的中樞神經系統療法佔據了大部分機會，我們預計這種情況還會繼續下去。

Historically, our pipeline contributes about 10% of annual revenue while the remaining 90% is driven by repeat business. Within that repeat business, we anticipate pharma's primary growth engine continuing to be fueled by volume growth and mix enrichment.

從歷史上看，我們的潛在客戶貢獻了約 10% 的年收入，而其餘 90% 的收入則來自回頭客。在重複性業務中，我們預期製藥業的主要成長引擎將繼續由銷售成長和產品組合豐富化推動。

So overall, our core business performed very well in 2025. Systemic nasal drug delivery has accelerated and injectables represented a larger share of the pipeline. We see this supporting our sustained growth across multiple therapeutic areas.

總體而言，我們的核心業務在 2025 年表現非常出色。全身性鼻腔給藥技術發展迅速，注射劑在研發管線中所佔份額越來越大。我們認為這有助於我們在多個治療領域實現持續成長。

I would also like to highlight the exceptional progress across our pharma pipeline and the strong momentum we are seeing with our customers. Over the last few months, several important programs have advanced, many of which rely on Aptar's market-leading nasal drug delivery technologies.

我還想專注於我們在製藥產品線方面取得的卓越進展，以及我們與客戶之間展現出的強勁勢頭。在過去的幾個月裡，幾個重要的項目取得了進展，其中許多項目都依賴 Aptar 市場領先的鼻腔給藥技術。

Starting with Cartamist, Milestone Pharmaceuticals breakthrough first and only self-administered nasal spray delivered through our Bidose delivery system for adults with acute symptomatic PSVT for the experts that stands for proximal super ventricular tucker cardia or in layman terms, a fast heartbeat that starts and stops suddenly.

從 Cartamist 開始，Milestone Pharmaceuticals 推出了突破性的首款也是唯一一款透過 Bidose 給藥系統給藥的成人自用鼻噴霧劑，用於治療急性症狀性 PSVT。對專家來說，PSVT 代表近端超室性心搏過速，或者用通俗的話來說，就是心跳突然開始和停止。

This represents a major milestone for patients by offering rapid on-demand treatment that shift care from the emergency room to the home. The U.S. FDA approval in late 2025 makes this the first new PSVT treatment in decades and supports future development of AFib or ATL fibrillation with rapid ventricular rate. Piper Sandler also noted that with the U.S. launch expected in the first quarter of 2026, this product is projected to scale meaningfully over the next decade.

這代表著患者的一個重要里程碑，因為它提供了快速的按需治療，將護理從急診室轉移到了家中。美國 FDA 於 2025 年底批准該藥物，使其成為幾十年來首個新的 PSVT 治療方法，並支持未來開發治療快速心室率的心房顫動或 ATL 心房顫動。Piper Sandler 也指出，該產品預計將於 2026 年第一季在美國上市，預計未來十年內將實現顯著規模化成長。

Additionally, our Active Materials Science division designed the portable dual container system for [CardoMist] that safely housed 2 by-dose devices and prevents accidental activation at the moment of need.

此外，我們的活性材料科學部門為 [CardoMist] 設計了便攜式雙容器系統，該系統可安全容納 2 個分劑量裝置，並防止在需要時意外啟動。

In vaccines, our position as a partner of choice continues to grow. (inaudible) Phase II study of its intranasal COVID-19 vaccine is using Aptar's LuerVax and spray divider platforms to assess mucosal immunity in roughly 200 adults. This collaboration underscores our deep regulatory and technical strengths in nasal vaccine delivery.

在疫苗領域，我們作為首選合作夥伴的地位持續提升。（聽不清楚）其鼻內 COVID-19 疫苗的 II 期研究正在使用 Aptar 的 LuerVax 和噴霧分隔平台來評估大約 200 名成年人的黏膜免疫力。此次合作凸顯了我們在鼻腔疫苗遞送方面的深厚監管和技術實力。

In ophthalmology, we signed an exclusive agreement with (inaudible), for our beat the blink eye care delivery system, which delivers medication through a horizontal spray action. Internationally, regulatory milestones also validate our technologies. In Australia, for example, the Therapeutic Goods Administration, or TGA, approved nepi, the first needle-free epinephrine nasal spray for anaphylaxis, representing the most significant change in emergency allergy care in more than 20 years.

在眼科領域，我們與（聽不清楚）簽署了獨家協議，推廣我們的眨眼眼部護理傳遞系統，該系統透過水平噴霧作用輸送藥物。在國際上，監管里程碑也驗證了我們的技術。例如，在澳大利亞，藥品管理局（TGA）批准了 nepi，這是第一款用於治療過敏性休克的無針腎上腺素鼻噴霧劑，代表了 20 多年來緊急過敏護理領域最重大的變化。

And finally, LTR Pharma initiated its Phase II pharmacokinetic study of (inaudible), a rapid acting intranasal therapy for erectile dysfunction. The study includes both young and older adult cohorts, with data expected in the second quarter of 2026. This reinforces the broader shift towards fast, predictable intranasal delivery, an area we believe after is exceptionally well positioned.

最後，LTR Pharma 啟動了其 II 期藥物動力學研究，研究對象為（聽不清楚），一種用於治療勃起功能障礙的快速起效的鼻內療法。該研究包括青年人和老年人群體，預計將於 2026 年第二季獲得數據。這進一步鞏固了向快速、可預測的鼻內給藥方式轉變的趨勢，我們認為這一領域目前處於非常有利的地位。

Across all these examples, the message is clear. Aptar's innovation engine continues to enable major breakthroughs across pharma and our technologies are (inaudible) core of some of the most important and exciting new drug platforms in development today. During the quarter, we also enabled numerous new product launches in Beauty and Closures. In beauty, Unilever selected a new high dose, all plastic pump technology for their Nexus hair care launch for all of their 13.5 ounce and 33.8 ounce shampoo and conditioner lines in North America. We also developed a custom version of our premium airless beauty pump solution for Chanel's hydro beauty Microsarum in Europe.

所有這些例子都傳達了一個明確的訊息。Aptar 的創新引擎不斷推動製藥業的重大突破，我們的技術是當今一些最重要、最令人興奮的新藥平台的核心（聽不清楚）。本季度，我們也在美容和髮片領域推出了許多新產品。在美容領域，聯合利華為其在北美推出的 Nexus 護髮產品系列（包括 13.5 盎司和 33.8 盎司的洗髮精和護髮素）選擇了全新的高劑量全塑膠幫浦技術。我們也為香奈兒在歐洲的保濕美容產品Microsarum開發了客製化版的優質無氣美容幫浦解決方案。

And finally, a new skin care line from the Chinese beauty brand, Sibin features our ALS pump and reloadable solutions, providing also shipping durability. All of these recent examples are using higher-value technologies from our beauty portfolio.

最後，來自中國美妝品牌 Sibin 的全新護膚系列採用了我們的 ALS 泵和可補充裝溶液，同時也確保了運輸的耐用性。所有這些近期案例都運用了我們美容產品組合中的高價值技術。

Turning to Closures. McCormick launched a new condiment line called (inaudible) using our flip-top poor spot closure, which brings a new level of clean and controlled directional dispensing to their line of flavorful sauces in North America. And in Beverages, Coca-Cola and Bonacowater and energy drinks in South Africa feature our spout closure with tamper-evident technology. Unilever has partnered with us on a custom 100% or consumer recycled resin or PCR, dosing closure for their comfort concentrated line of fabric softness in Brazil.

轉至收尾工作。McCormick推出了名為（聽不清）的新調味品系列，採用了我們的翻蓋式密封設計，為北美地區的美味醬料系列帶來了更高水平的清潔和可控定向分配。在飲料領域，南非的可口可樂、博納可水和能量飲料都採用了我們帶有防篡改技術的瓶嘴蓋。聯合利華與我們合作，為其在巴西的舒適濃縮織物柔軟系列產品定制了 100% 消費回收樹脂或 PCR 計量封蓋。

And finally, let me touch on recent recognitions received in the quarter. We are pleased to continue our global leadership in sustainability by taking measurable actions on climate and demonstrating a strong commitment to transparency.

最後，我想談談本季獲得的一些榮譽。我們很高興能夠繼續在全球永續發展領域保持領先地位，採取可衡量的氣候行動，並展現出對透明度的堅定承諾。

In 2025, over 22,000 companies disclosed environmental data through CDP. These companies represent more than half of the global market cap. And we are, again, part of the CDP Climate A List, placing among the top 4% of the companies with the highest score from CDP.

到 2025 年，將有超過 22,000 家公司透過 CDP 揭露環境資料。這些公司佔全球市值的一半以上。我們再次榮登 CDP 氣候 A 級榜單，躋身 CDP 評分最高的 4% 公司。

In addition, for the seventh consecutive year, we are named one of America's most responders by Newsweek, ranking 56 out of 600 US companies.

此外，我們連續第七年被《新聞周刊》評為美國響應速度最快的公司之一，在 600 家美國公司中排名第 56 位。

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. As Stephan noted, our reported sales increased 14%, and core sales, which adjust for currency effects and acquisitions, grew 5% compared to the prior year. We achieved adjusted EBITDA of $191 million, a decrease of 2% from the prior year. and adjusted EBITDA margin of 19.8% compared to 23% in the prior year due to a combination of less favorable product mix and higher than anticipated production costs in our Beauty and Closure segments. I will touch on these factors momentarily.

謝謝你，史蒂芬，大家早安。首先，讓我總結一下本季的主要內容。正如史蒂芬所指出的，我們報告的銷售額成長了 14%，而經匯率影響和收購調整後的核心銷售額與前一年相比成長了 5%。我們實現的調整後 EBITDA 為 1.91 億美元，比上年下降 2%。由於美容和閉合業務部門的產品組合較不理想以及生產成本高於預期，調整後 EBITDA 利潤率為 19.8%，而上年為 23%。我稍後會談到這些因素。

Adjusted earnings per share were $1.25 compared to the prior year's adjusted earnings per share of $1.62 at comparable exchange rates. With those high-level comments, let's take a closer look at segment performance. Our Pharma segment's core sales increased 4%.

以可比匯率計算，經調整後的每股收益為 1.25 美元，而去年同期經調整後的每股收益為 1.62 美元。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。我們的醫藥業務核心銷售額成長了 4%。

Let me break that down by market, starting with our proprietary drug delivery systems. Prescription core sales increased 1%, driven by strong year-over-year demand for dosing and dispensing technologies for systemic nasal drug delivery, especially for central nervous system and pain applications asthma and COPD therapeutics. This growth, coupled with growing royalty payments more than offset lower emergency medicine sales. Excluding emergency medicines, which declined 36%, prescription core sales increased 10% in the quarter.

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。處方藥核心銷售額成長了 1%，這主要得益於全身鼻腔給藥的劑量和分發技術的強勁同比增長需求，尤其是針對中樞神經系統和疼痛應用、氣喘和 COPD 治療的藥物。這一增長，加上不斷增長的專利費，足以抵消急診藥品銷售額的下降。剔除下降 36% 的急救藥品，本季處方藥核心銷售成長了 10%。

Consumer Healthcare core sales increased 3% and primarily due to an increase in sales for nasal decongestant and cough and cold solutions. This marks a shift back to positive growth in this division after a period of inventory normalization at the customer level.

消費者保健核心銷售額成長了 3%，主要原因是鼻塞緩解劑和咳嗽感冒藥的銷售額成長。這標誌著該部門在經歷了客戶層面的庫存正常化時期後，重新恢復了正成長。

Injectables core sales increased 24%, with strong demand primarily for elastomeric components used for GLP-1, antithrombotics and small molecules. Services also contributed positively in the quarter, and we continue to see strong pipeline build for (inaudible) and biologics projects. And for our active material science solutions, core sales decreased 10%, driven by a challenging comparison from a large tooling sale in Q4 2024 that did not repeat.

注射劑核心銷售額成長了 24%，主要得益於對用於 GLP-1、抗血栓藥物和小分子藥物的彈性體成分的強勁需求。服務業務在本季也做出了積極貢獻，我們繼續看到（聽不清楚）和生物製劑專案強勁的研發管線建設。而對於我們的活性材料科學解決方案，核心銷售額下降了 10%，這是由於 2024 年第四季的一筆大型模具銷售未能重現，導致基數較高。

Pharma's adjusted EBITDA margin for the quarter was 32.4% a 330 basis point decline from the prior year. The margin decline was driven by product mix and volume due primarily to a decline in demand for emergency medicine.

該季度製藥業務的調整後 EBITDA 利潤率為 32.4%，比去年同期下降了 330 個基點。利潤率下降主要是由於產品組合和銷售下降，而這主要是由於急診藥品的需求下降所致。

Moving to our Beauty segment. Core sales increased 10% in the quarter, of which 1/4 of the growth was tooling. The double-digit growth in core sales provided a strong top line lift despite some operational disruptions.

接下來進入美容板塊。本季核心銷售額成長了 10%，其中 1/4 的成長來自模具銷售。儘管營運方面受到一些幹擾，但核心銷售額的兩位數成長仍然為營收帶來了強勁的成長。

Looking at the two largest end markets for beauty, fragrance, facial skin care and color cosmetics core sales increased 7%, primarily due to higher sales from both masstige and prestige fragrance pumps as well as color cosmetics. Personal care core sales increased 17% with broad-based growth across all regions.

從美容、香水、臉部護膚和彩妝的兩大終端市場來看，核心銷售額增長了 7%，這主要是由於輕奢和高檔香水泵以及彩妝的銷售增長所致。個人護理核心銷售額成長17%，所有地區均實現全面成長。

Applications for body, hair and sun care continued to show strong demand. Beauty's adjusted EBITDA margin for the quarter was 10.2%, a decline of 220 basis points. The decline in beauty's margin primarily reflects certain customer projects, including tooling at lower margins.

身體護理、頭髮護理和防曬護理類應用的需求持續強勁。美容業務本季調整後的 EBITDA 利潤率為 10.2%，下降了 220 個基點。美容行業利潤率的下降主要反映了某些客戶項目，包括利潤率較低的工具製造項目。

Additional impacts included required environmental upgrades at one of our metal anodization plants. As well as operational disruptions at an existing supplier that required us to qualify a new supplier and perform additional quality testing. These impacts will abate through the first half of 2026 and we expect to see steady improvement in beauty's margin quarter-by-quarter.

其他影響包括我們的金屬陽極氧化廠需要進行環境升級改造。此外，現有供應商的營運中斷也導致我們需要對新供應商進行資格認證並進行額外的品質測試。這些影響將在 2026 年上半年逐漸減弱，我們預計美容產業的利潤率將逐季穩定提高。

Moving to the closure segment. Core sales increased by 1% compared with the prior year period. While volumes were up, core sales were impacted by the pass-through of lower resin pricing. Looking at the 2 largest end markets for closures, food core sales decreased 1% and primarily driven by lower sales of infant nutrition and granular powder. Beverage core sales increased 7%, primarily driven by increased sales for dairy and functional drinks.

接下來進入總結部分。核心銷售額較上年同期成長1%。雖然銷量有所成長，但受樹脂價格下跌的影響，核心銷售受到了衝擊。從關店關閉的兩大終端市場來看，食品核心銷售量下降了 1%，主要原因是嬰兒營養品和顆粒粉的銷售量下降。飲料核心銷售額成長7%，主要得益於乳製品和功能性飲料銷售額的成長。

The segment's adjusted EBITDA margin was 14.9%, representing a 120 basis point decline over the prior year, primarily due to continued equipment maintenance that impacted production and higher tooling sales that are typically at a lower margin. Our closures team is working through necessary repairs and the maintenance issue is expected to be transitory. At the total company level, consolidated gross margins declined by 371 basis points in Q4 year-over-year as a result of the mix and production impacts I just discussed.

該業務部門的調整後 EBITDA 利潤率為 14.9%，比前一年下降了 120 個基點，主要原因是持續的設備維護影響了生產，以及通常利潤率較低的工具銷售額增加。我們的停工團隊正在進行必要的維修工作，預計維護問題是暫時的。受我剛才討論的產品組合和生產影響，公司整體第四季合併毛利率年減了 371 個基點。

I also want to call out that Q4 2025 was a record quarter for tooling sales, culminating to full year 2025 being the second highest year for tooling sales in over a decade. Although tooling typically carries lower margins, this performance bodes well for customer retention and potential new business.

我還想指出，2025 年第四季是模具銷售額創紀錄的季度，最終使得 2025 年全年成為十多年來模具銷售額第二高的一年。雖然模具的利潤通常較低，但這種業績對客戶留存和潛在的新業務來說都是一個好兆頭。

SG&A expense in the quarter increased in absolute dollars, largely due to currency effects non-ordinary course litigation costs incurred in the quarter and the effect of acquisitions. SG&A as a percentage of sales decreased from 16.3% in 2024 to 15.7% in 2025 and a 60 basis point reduction year over year. Overall, consolidated adjusted EBITDA margins decreased by 320 basis points to 19.8%, reflecting the dynamics I just highlighted.

本季銷售、管理及行政費用（SG&A）絕對值增加，主要原因是匯率影響、本季發生的非常規訴訟費用以及收購的影響。銷售、一般及行政費用佔銷售額的百分比從 2024 年的 16.3% 下降到 2025 年的 15.7%，年減 60 個基點。總體而言，經調整後的合併 EBITDA 利潤率下降了 320 個基點至 19.8%，反映了我剛才強調的動態。

Adjusted earnings per share of $1.25 were down 23% year-over-year at comparable exchange rates due to higher depreciation and amortization expenses associated with our capital investments and acquisitions and higher interest expense due to a higher average debt balance compared to the prior year. Our adjusted effective tax rate for the quarter was 19.4% compared to the prior year's 13.5% and which, as a reminder, included a one-off benefit related to an acquisition.

調整後的每股盈餘為 1.25 美元，以可比匯率計算年減 23%，原因是與資本投資和收購相關的折舊和攤銷費用較高，以及由於平均債務餘額高於上年而導致的利息支出較高。本季調整後的實際稅率為 19.4%，而去年同期為 13.5%，需要提醒的是，去年同期的稅率包含了與收購相關的一次性收益。

On November 20, we issued $600 million of 4.75% senior notes that are due in March 2031 and through an underwritten public offering. The notes which pay interest semiannually are unsecured and ranked equally with our other senior unsecured debt. And finally, during the quarter, we repurchased $175 million of common stock and returned $206 million to shareholders inclusive of dividends.

11 月 20 日，我們透過承銷公開發行的方式發行了 6 億美元的 4.75% 高級票據，該票據將於 2031 年 3 月到期。這些按半年付息的票據是無擔保的，與我們的其他優先無擔保債務享有同等地位。最後，在本季度，我們回購了價值 1.75 億美元的普通股，並向股東返還了 2.06 億美元，其中包括股息。

Now let's take a look at full year 2025 results. Reported sales increased 5% and core sales increased 2%. Adjusted EBITDA increased 5% and adjusted EBITDA margin remained consistent with the prior year at 21.6%. Reported earnings per share increased 7% to $5.89. Adjusted earnings per share were $5.74, a decrease of 1% compared to the prior year at comparable exchange rates reflecting, again, higher depreciation and amortization expense and higher interest expense year-over-year.

現在讓我們來看看2025年全年的業績。報告銷售額成長了 5%，核心銷售額成長了 2%。調整後 EBITDA 成長 5%，調整後 EBITDA 利潤率與前一年持平，為 21.6%。報告顯示，每股收益成長 7% 至 5.89 美元。調整後的每股收益為 5.74 美元，以可比匯率計算，較上年下降 1%，這再次反映了折舊和攤銷費用以及利息支出同比增加。

The adjusted effective tax rate for the full year was 21.4% compared to the prior year's 20.5%.

全年調整後的實際稅率為 21.4%，而前一年為 20.5%。

Free cash flow was $303 million, comprising cash from operations of $570 million, less capital expenditures net of government grants of $267 million. Free cash flow was $64 million lower year-over-year, largely due to the timing of tax payments of about $44 million, along with higher pension contributions of about $10 million as well as some higher working capital. These were partially offset by lower capital expenditures.

自由現金流為 3.03 億美元，其中包括經營活動產生的現金 5.7 億美元，減去扣除政府撥款後的資本支出 2.67 億美元。自由現金流年減少了 6,400 萬美元，主要原因是約 4,400 萬美元的稅款支付時間，以及約 1,000 萬美元的退休金繳款增加和一些較高的營運資本。這些損失部分被較低的資本支出所抵銷。

For the full year 2025, we repurchased 2.7 million shares for $365 million, the highest repurchase amount in the past decade and returned $486 million to shareholders inclusive of dividends.

2025 年全年，我們以 3.65 億美元的價格回購了 270 萬股股票，這是過去十年中最高的回購金額，並向股東返還了 4.86 億美元，其中包括股息。

Yesterday, we announced a new authorization from our Board of Directors to repurchase up to $600 million of the company's common stock. This new authorization replaces all existing authorizations. Finally, we ended the year with a strong balance sheet, once again, reflecting cash and short-term investments of $410 million net debt of about $1.1 billion and a leverage ratio of $1.38.

昨天，我們宣布董事會已授權回購公司最多 6 億美元的普通股。這項新授權將取代所有現有授權。最後，我們以強勁的資產負債表結束了這一年，再次反映了現金和短期投資為 4.1 億美元，淨債務約為 11 億美元，槓桿率為 1.38。

Before we move to the outlook, I'd like to briefly update you on our emergency medicine portfolio and reaffirm the guidance we provided last quarter. We continue to anticipate near-term headwinds extending through 2026. Based on what we currently know about end market demand, funding dynamics and customer inventory levels, our outlook remains unchanged.

在展望未來之前，我想簡要地向大家介紹我們的急診醫學業務組合，並重申我們上個季度提供的業績指引。我們預計短期不利因素將持續到 2026 年。根據我們目前對終端市場需求、資金動態和客戶庫存水準的了解，我們的展望保持不變。

Specifically, we expect the decline in emergency medicine to represent a 2026 revenue headwind of roughly $65 million. We expect the impact will be more pronounced in the first half of the year driven by challenging comparisons to 2025. And while we do not anticipate a recovery in the second half, the year-over-year impact should moderate as we move through the back half of the year.

具體而言，我們預計急診醫學的衰落將導致 2026 年收入減少約 6,500 萬美元。我們預計，由於與 2025 年相比存在較大挑戰，這種影響在今年上半年會更加明顯。雖然我們預計下半年不會出現復甦，但隨著下半年的到來，年比影響應該會有所緩和。

Given the high-value nature of this portfolio, this dynamic will put some pressure on overall margins ahead of any mitigating actions we may take. This is a short-term headwind, demand for nasal drug delivery technologies continues to be strong as we expand to new therapeutic areas, and we are able to deliver larger molecules through the respiratory system over time.

鑑於該投資組合的高價值性質，在我們採取任何緩解措施之前，這種動態將對整體利潤率造成一定壓力。這只是短期的不利因素，隨著我們拓展到新的治療領域，對鼻腔給藥技術的需求仍然強勁，而且隨著時間的推移，我們能夠透過呼吸系統輸送更大的分子。

Now on to our outlook for Q1. We anticipate first quarter adjusted earnings per share to be in the range of $1.13 to $1.21 per share. This reflects the higher interest rate environment and our bond offering completed in Q4 and an effective tax rate range of 21% to 23% and a euro to USD exchange rate of [$1.18].

接下來我們展望一下第一季的情況。我們預計第一季調整後每股收益將在 1.13 美元至 1.21 美元之間。這反映了較高的利率環境、我們在第四季完成的債券發行、21%至23%的有效稅率區間以及歐元兌美元匯率。[1.18 美元]

For full year 2026, Capital investments are expected to be in the range of $260 million to $280 million, and depreciation and amortization expense is expected to be between $320 million and $330 million. As I mentioned during our Investor Day presentation in September, we have sustained cost savings and productivity improvements well north of $100 million.

2026 年全年，資本投資預計在 2.6 億美元至 2.8 億美元之間，折舊和攤提費用預計在 3.2 億美元至 3.3 億美元之間。正如我在9月份的投資者日演講中提到的那樣，我們已經持續實現了成本節約和生產力提升，總額遠遠超過1億美元。

These savings are structural rather than onetime, resulting in a leaner cost base improved scalability and lower cost intensity. We continue to drive productivity through footprint rationalization and targeted investments in automation and advanced manufacturing technologies. Including AI, energy efficiency and continuous improvement initiatives.

這些節省是結構性的，而不是一次性的，從而降低了成本基礎，提高了可擴展性，並降低了成本強度。我們透過優化佈局和針對性地投資自動化及先進製造技術，不斷提高生產效率。包括人工智慧、能源效率和持續改進舉措。

As we've noted before, structural actions are ongoing, and we regularly assess opportunities to optimize our global manufacturing footprint. Recent actions include further centralization of back-office and support functions into global talent centers enabled by greater standardization and process automation.

正如我們之前提到的，結構性措施正在持續進行，我們會定期評估優化全球製造佈局的機會。近期採取的措施包括進一步將後台和支援職能集中到全球人才中心，這得益於更高的標準化和流程自動化。

Within our beauty segments, we are further consolidating our metal operations in France and rationalizing a U.S.-based beauty R&D office to better align and leverage resources. These actions reflect our continuous improvement mindset as we continue to pursue additional organization optimization opportunities.

在美容業務方面，我們正在進一步整合在法國的金屬業務，並對位於美國的美容研發辦公室進行合理化調整，以更好地協調和利用資源。這些舉措體現了我們不斷改進的理念，我們將繼續尋求更多組織優化機會。

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. Looking ahead to 2026, Aptar is well positioned for broad-based growth across all 3 of our segments. We expect continued strong growth in our Pharma segment, excluding emergency medicine, which has experienced a period of destocking.

謝謝你，Vanessa。展望 2026 年，Aptar 已做好充分準備，將在我們所有 3 個業務板塊實現全面成長。我們預計，除經歷了一段時間的去庫存期的急診藥品外，我們的醫藥業務將繼續保持強勁成長。

We continue to see solid growth momentum across injectables, systemic nasal drug delivery in our consumer health care solutions, all of which remain well positioned for growth. In beauty, improving demand in prestige fragrance is an encouraging sign that the category is beginning to return to growth.

我們看到，注射劑、全身鼻腔給藥等消費者保健解決方案領域持續保持強勁的成長勢頭，所有這些領域都仍然處於良好的成長狀態。在美容產業，高檔香水需求的改善是一個令人鼓舞的跡象，顯示該品類正在開始恢復成長。

And in Closures, we expect a steady performance supported by ongoing innovation and continued category conversions. Our disciplined focus on productivity, together with our strong balance sheet, gives us the ability to return capital to shareholders while also retaining strategic flexibility and investing in the business to support long-term value creation.

在封口業務方面，我們預期在持續創新和品類轉換的支持下，業績將保持穩定。我們對生產力的嚴格把控，加上我們強勁的資產負債表，使我們能夠在向股東返還資本的同時，保持戰略靈活性，並投資於業務以支持長期價值創造。

And with that, we are looking forward to your questions.

那麼，我們期待您提出問題。

(Operator Instructions) Paul Knight, KeyBanc.

（操作員說明）Paul Knight，KeyBanc。

The first question is great performance in the elastomer business with GLP-1 growth. Do you see any deceleration in GLP-1 demand and elastomers in general in 2026. And then the second question is for Vanessa, your EBITDA margin trends as we roll out through the year.

第一個問題是彈性體業務的優異表現以及 GLP-1 的成長。您認為 2026 年 GLP-1 的需求以及彈性體的整體需求會出現放緩嗎？第二個問題是問 Vanessa 的，隨著我們全年的推進，你的 EBITDA 利潤率趨勢如何？

Paul, let me take the first one, and then Vanessa will come back on the second one. So overall, we see injectables to grow in the high single digits, low double digits.

保羅，要我先拿第一個，然後凡妮莎再拿第二個。因此整體而言，我們預期注射劑業務將實現高個位數到低兩位數的成長。

You always have fits and spurts if I go back a little bit as we constructed the new plant and validated equipment and put in ERP system and that we were kind of not being able to deliver everything customers want it now that we are able to deliver and really customer want and catching up with demand. We have some strong quarters and we expect that continue but steady state I would think about high single digit, low double digit. GLP-1 certainly is important for us, but let's put it in context, the overall of our pharma business.

如果我稍微回顧一下，就會發現我們建造新工廠、驗證設備、安裝 ERP 系統的時候，總是會遇到一些斷斷續續的情況，當時我們無法滿足客戶的所有需求。而現在，我們能夠滿足客戶的所有需求，並且正在趕上市場需求。我們有一些強勁的季度業績，我們預計這種勢頭會持續下去，但穩定下來，我認為成長率會在個位數高點到兩位數低點之間。GLP-1 對我們來說當然很重要，但讓我們把它放在整個製藥業務的背景下看待。

It's tens of millions maybe from the low tens of millions to the mid-tens of millions but it's still not the sole driver of the injectable growth. It's much broader based vaccines, other biologic projects, blood factors and so on.

雖然可能達到數千萬美元，從幾千萬到幾千萬不等，但這仍然不是注射劑成長的唯一驅動因素。它涵蓋範圍更廣，包括疫苗、其他生物製品項目、血液因子等等。

Paul. And then on the second part of your question about margins for the full year, we certainly expect margins to be significantly more robust in the back half of the year, driven by a couple of factors. So first, as I mentioned earlier in my prepared remarks, the year-over-year impact of the emergency medicine decline will be more pronounced in the first half. And of course, that being a very higher margin portion of our portfolio. So therefore, the margin pressures will be stronger in the first half than the second half.

保羅。至於你問題的第二部分，即全年利潤率，我們當然預計下半年的利潤率會更加強勁，這主要受以下幾個因素驅動。首先，正如我之前在準備好的發言稿中提到的，急診醫學下降的年比影響在上半年會更加明顯。當然，這部分投資組合的利潤率非常高。因此，上半年的利潤率壓力將比下半年更大。

We also expect sequential quarterly improvement in the margins for Beauty and Closures, as I mentioned as well as we progress through the year, and that's driven by increased volume. -- and also the production dynamics we saw in Q4 will start to abate as well. And then last but not least, across all the segments, as I mentioned, we are pursuing additional productivity measures that will help to partially mitigate the emergency medicine impact. And I would expect those measures to contribute more meaningfully in the second half of the year.

正如我之前提到的，隨著年內推進，我們預計美容和發片業務的利潤率將逐季改善，這主要得益於銷售的成長。此外，我們在第四季看到的生產動態也將開始緩解。最後，正如我之前提到的，在所有部門，我們都在採取額外的生產力提升措施，以幫助部分緩解急診醫學的影響。我預計這些措施將在下半年發揮更顯著的作用。

So all that to say, while we don't guide for the year, and we certainly do have some moving parts in terms of mix and other dynamics, I would expect the second half to be much stronger than the first half. And for the full year, certainly at a total company level to be within the long-term target range. I hope that answers your question, Paul.

綜上所述，雖然我們不對全年業績做出預測，而且在產品組合和其他動態方面也確實存在一些變數，但我預計下半年業績將比上半年強勁得多。而且就全年而言，公司整體水準肯定要達到長期目標範圍。希望這能解答你的疑問，保羅。

(Operator Instructions) George Staphos, Bank of America.

（操作員說明）喬治·斯塔福斯，美國銀行。

Good morning, everybody. Thanks for the details. I wanted to spend my two questions on Beauty and Closures and understand a little bit more about what happened since in aggregate, I think you would agree, the margin performance there was a bit disappointing. Vanessa or Stephan, I think you mentioned something about continued maintenance in closures. And I'm not really sure what that means since obviously, there's always ongoing maintenance.

各位早安。謝謝你提供的詳細資訊。我想就美容和關閉業務提出兩個問題，並更多地了解發生了什麼，因為總的來說，我想您也會同意，該業務的利潤率表現有點令人失望。Vanessa 或 Stephan，我想你們曾經提到過關於停工期間的持續維護之類的事情。我不太確定這意味著什麼，因為顯然，維護工作一直在進行。

In Beauty, it seems like you were surprised with demand and that created some issues that then flywheel around the rest of the organization to lead to the margin that you had. Can you comment on some of the specifics and what happened for those two segments in terms of the fourth quarter? And then when should we expect margins to -- you said they're sequentially improving. When do they cross over and become positive again? Is that 1Q, 2Q?

在美容產業，你們似乎對市場需求感到驚訝，這造成了一些問題，然後這些問題像滾雪球一樣蔓延到組織的其他部門，最終導致了你們目前的利潤率。您能否就這兩個業務板塊在第四季度的具體情況做一些評論？那麼我們應該何時預期利潤率會——您說過利潤率正在逐週改善。它們何時會轉陰並再次變為陽性？是第一季還是第二季？

Any help you could give us here would be really appreciated.

如果您能提供任何幫助，我們將不勝感激。

It's maybe a tag team here. George, a number of topics, maybe a couple of things. One is, of course, very encouraged by the top line growth of Beauty noting a couple of things that Vanessa mentioned, about 1/4 of that growth came from tooling sales and fragrance coming back. And then the operational issues, I respectively do not agree with your characterization. Basically, we had some new environmental measures that were required in one of our annualization plans.

這或許是一個雙人組合。喬治，有很多話題，也許有幾件事。當然，美容業務的營收成長令人鼓舞，Vanessa 也提到了一些情況，其中約 1/4 的成長來自工具銷售和香水市場的復甦。至於操作方面的問題，我並不認同你的描述。基本上，我們的一項年度計劃中要求採取一些新的環保措施。

Different permit levels and so on that required significant action, including 1 that hit the cost line, it's not ongoing, but it needed to be done to remain in compliance. And on the Closure side, I'll let Vanessa speak to that. But yes, I'm not happy with some of the uptime and unscheduled maintenance. And the team has a lot of work to do to -- or has work to do to address that. But maybe Vanessa you try to fill in here what I didn't answer.

不同的許可證等級等等都需要採取重大行動，其中一項行動達到了成本上限，雖然這不是持續性的，但為了保持合規，必須這樣做。至於結業部分，就讓Vanessa來談談吧。但是，我確實對部分正常運行時間和計劃外維護不太滿意。團隊還有很多工作要做——或者說，有很多工作要做來解決這個問題。不過，Vanessa，或許你可以試著補充一下我沒有回答的問題。

Yeah. And I don't know that I would add much more color to it than that. There's a backlog of maintenance that we're dealing with enclosures. The team is working through the repairs, as we speak. And so we do expect those issues to start to improve. George, I can't specifically guide you to what quarter we expect Beauty and Closures to hit the long-term target range, but we do expect steady improvements quarter-by-quarter. And...

是的。我不知道還能為它增添多少色彩。我們正在處理一些機櫃的維護工作積壓了。就在我們說話的時候，團隊正在進行維修工作。因此，我們預計這些問題會開始改善。喬治，我無法具體告訴你我們預計美容和收銀業務會在哪個季度達到長期目標範圍，但我們預計每個季度都會穩定改善。和...

Vanessa, but I wasn't asking about when you hit your guide. I want to know when you think you'll be up year-on-year, just to be clear. So -- but keep going. Sorry about that.

Vanessa，但我問的不是什麼時候遇到嚮導的事。為了確認一下，我想知道你認為你什麼時候能達到年成長。所以——繼續前進。抱歉。

Yes. Yes, we're working through these issues.

是的。是的，我們正在努力解決這些問題。

Yes. Let's be clear, we expect a significant improvement in the margin in Q1, and these are not peak items. The supplier issue, just to give a little more color. We had 1 of our suppliers experience a fire. So we had to qualify another supplier with worse pricing and worse quality so that increase your cost.

是的。需要明確的是，我們預計第一季利潤率將大幅提高，而且這些並非高峰項目。供應商問題，再補充一點細節。我們的一家供應商遭遇了火災。因此，我們不得不選擇另一家價格和品質都較差的供應商，這會增加您的成本。

Now for the primary supplier to come back up, that it will probably take a couple of months, but the environmental issues are behind us. So you don't plan for these things, but on the other hand, I'm quite proud that we landed EPS, nevertheless, in line while overcoming these issues. And certainly, we don't expect them in quarter one to repeat at that magnitude.

現在主要供應商恢復供貨可能需要幾個月的時間，但環境問題已經過去了。所以你無法預料到這些事情，但另一方面，我非常自豪的是，儘管有這些問題，我們最終還是按計劃實現了 EPS。當然，我們預計第一季不會再出現如此大幅度的下滑。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

I appreciate the color given on emergency medicine, and it seems like it's unchanged from last quarter. But 4Q pharmacare sales were still up. So while that's good, can you provide additional color on the emergency comp in 4Q and what it will be in 1Q and 2Q in emergency medicine and that 10% ex emergency medicine in 4Q are the drivers of that sustainable in first half enough to again offset that tougher emergency comp you saw in 4Q? Or is it just that much harder and not expecting growth in first half? And then I'll go ahead with my second question.

我很喜歡對急診醫學的描述，而且看起來和上個季度一樣。但第四季藥品福利銷售額仍成長。所以，雖然這很好，但您能否進一步說明第四季度急診科的業績比較情況，以及第一季和第二季度急診科的業績比較情況？第四季急診科業務成長10%是否足以支撐上半年業績的持續成長，從而抵銷第四季度急診科業績比較的不利影響？還是說難度真的比較大，而且不期待上半年就能成長？接下來，我將提出我的第二個問題。

When you look at the Pharma margin, I think it was down 3 points year-over-year. How much of that was due to the mix of emergency medicine over the past couple of years, 1Q generally is the lowest margin for pharma seasonally. Should we expect a similar 3-point decline we saw in this quarter? Or anything else that we should consider year over year? I think prior year had a royalty benefit as well, so maybe that was inflated. So just any additional color you could give there on the pharma margin for 1Q.

從醫藥產業的利潤率來看，我認為比去年同期下降了3個百分點。其中有多少是由於過去幾年急診醫學業務的整合所造成的？通常來說，第一季是製藥業季節性利潤率最低的季度。我們是否應該預期會出現與本季類似的3個百分點的跌幅？或者有其他我們應該每年考慮的因素嗎？我認為上一年也有版稅收益，所以可能虛高了。所以，你還可以為第一季的製藥利潤率添加一些其他的顏色嗎？

So Stephan, do you want me to start and you can chime in. I'm going to try to make sure I capture as much of your questions, Matt. Thank you very much. And thanks for noting. I mean pharma did have a strong quarter, excluding emergency medicine that overall revenues were up 10%, excluding emergency medicines.

史蒂芬，你想讓我先開始，然後你再插話嗎？馬特，我會盡量確保回答你提出的所有問題。非常感謝。謝謝你的提醒。我的意思是，製藥業本季表現強勁，如果排除急診藥物，整體收入成長了 10%。

And that is just coming from strength in the other parts of the portfolio. We had really good demand, CNS, central (inaudible) system. Sales were up in the quarter. asthma/COPD sales were up in the quarter. turning the tide on CHC, certainly was important because it did not create a drag to those -- to the other areas of growth.

這僅僅是因為投資組合的其他部分錶現強勁。我們的需求非常好，CNS，中央（聽不清楚）系統。本季銷售額成長。氣喘/慢性阻塞性肺病產品的銷售額也成長了。扭轉慢性病護理產品銷售頹勢無疑至關重要，因為它沒有拖累其他成長領域的表現。

And of course, we've already talked -- Stephan has already talked about the 24% growth in injectables coming from GLP-1s, but also antithrombotics and other parts of the portfolio. So all of those items culminated to the 10% growth, excluding emergency medicine.

當然，我們已經討論過了——史蒂芬已經談到了注射劑市場24%的成長，這主要來自GLP-1類藥物，但也包括抗血栓藥物和產品組合中的其他部分。因此，除急診醫學外，所有這些因素共同促成了 10% 的成長。

Now your question really then is, okay, well, are you going to see 10% growth ex emergency medicine for the rest of the year? And we can't come in to that level of specificity because we don't guide for the year, but certainly, we expect continuing strength across the pharma portfolio. We don't see that as being a onetime item for Q1. We expect that broad-based growth in pharma -- sorry, in Q4. We expect broad-based growth in pharma, again, ex emergency medicine going forward.

那麼，你真正的問題是，好吧，今年剩餘時間裡，除了急診醫學之外，你會看到 10% 的成長嗎？我們無法給出如此具體的數字，因為我們不對全年業績做出預測，但我們肯定預期醫藥產品組合將繼續保持強勁勢頭。我們認為這並非第一季的一次性事項。我們預計醫藥產業將在第四季實現全面成長。我們預計製藥業（不包括急診醫學）未來將實現全面成長。

And then in terms of your question on margin, there wasn't really anything else on the pharma margin side besides the mix and volume of emergency medicine. So you're absolutely right. That was the biggest driver in Q4 and we do expect from our margins on a full year basis to again improve from Q4 levels.

至於你問到的利潤率問題，除了急診藥物的種類和數量之外，醫藥利潤率方面並沒有其他因素。所以你的說法完全正確。這是第四季最大的驅動因素，我們預計全年利潤率將比第四季水準再次提高。

Okay. That 3-point decline in emergency -- can you comment on that would be similar in 1Q? Or is the comp partner so we should expect a greater magnitude if you could give anything initial -- that would be great.

好的。緊急情況下3個百分點的下降－您能否就此發表評論，說明第一季是否也會出現類似情況？或者說，如果補償夥伴是補償夥伴，那麼我們應該期待更大的數額，如果您能提供一些初始資金——那就太好了。

Yes. So we quantified $65 million as a full year headwind and most of that being in first half. I would give you maybe a rule of thumb as think 2/3, 1/3, H1 versus H2 70, 30-ish in that ballpark?

是的。因此，我們量化得出全年不利因素為 6,500 萬美元，其中大部分發生在上半年。我給你一個大概的經驗法則，像是 2/3、1/3、H1 對 H2，70、30 左右？

I just want to highlight that Vanessa said, for the full year, we do expect to be within the long-term target. So we can't really give you the quarter-by-quarter evolution. But looking at everything that we see, we remain confident in that.

我只想強調一下，Vanessa 表示，就全年而言，我們預計能夠達到長期目標。因此，我們無法提供按季度劃分的發展。但綜合我們所看到的一切，我們仍然對此充滿信心。

Dan Rizzo, Jefferies.

丹·里佐，傑富瑞集團。

Yes. I'm sorry. I'm having more technical issues. Can you hear me now?

是的。對不起。我遇到了更多技術問題。現在能聽到我說話嗎？

Yes.

是的。

Sorry about that. I was asking about NARCAN after the headwinds from this year when things kind of stabilize and get back to maybe a more normalized environment, how we should think about growth over the long term? I mean, obviously, there's a big surge -- this is the offset of that. But I mean, how should it kind of shake out in the out years?

抱歉。我問的是，在經歷了今年的種種不利因素之後，當情況趨於穩定並恢復到可能更加正常的環境時，我們應該如何看待納洛酮的長期增長？我的意思是，很明顯，出現了一波大漲——這是那波漲勢的抵消。但我的意思是，未來幾年情況會如何發展？

Yes. What we hear from our customers, Dan, is that they fully expect kind of a low to mid-single-digit growth rate from the new baseline. Where exactly that new baseline is. I think we all want to know very badly. But -- and the reason is quite simple.

是的。丹，我們從客戶那裡了解到，他們完全預期新的基準成長率會是低到中等個位數。新基準線究竟在哪裡？我想我們都非常想知道答案。但是——原因很簡單。

It's being used every day by first responders. Peoples lives are being saved on an everyday basis. Maybe still by far the easiest way to spend the harm reduction dollars at state level to spend the opioid settlement money. And if you compare it with some other things like whereas a fire extinguisher around me, whereas a defibrillator. Our customers see a lot of room for growth, making them available in break the glass boxes and buildings, on airlines, in buses.

它每天都被急救人員使用。每天都有人因此獲救。或許目前為止，在州一級使用減少危害資金最簡單的方法仍然是使用阿片類藥物和解金。如果你把它和周圍的其他東西比較一下，像是我周圍的滅火器，還有除顫器。我們的客戶看到了很大的成長空間，這使得他們的產品能夠應用於打破玻璃帷幕牆的盒子和建築物、航空公司、巴士等場所。

So there's a lot of room for this to keep growing. And then on that, of course, you overlay geographic growth, although we have to admit the US is by far has the biggest issues in that category, but we see growth in Canada, in Europe and so on. So low to mid-single digits.

所以它還有很大的發展空間。當然，在此基礎上，也要考慮地理成長，雖然我們不得不承認，美國在這一類別中面臨的問題最大，但我們在加拿大、歐洲等地看到了成長。所以是低個位數到中個位數。

All right. That's very helpful. And then just with cough and cold with the nasal delivery. So you had a kind of a soft winter maybe a year or so ago, led to some destocking afterwards. When do you kind of know if the winter was strong or soft or how it's shaping up for the outlook.

好的。那很有幫助。然後就只能透過鼻腔給藥來治療咳嗽和感冒了。所以，大概一年前你們那裡經歷了一個比較溫和的冬天，之後導致了一些庫存減少。什麼時候才能大致判斷這個冬天是嚴冬還是溫和冬，或者說，如何預測未來的冬季情勢？

So I mean I'm assuming this year is actually pretty strong in terms of cough and cold. So would you know that by the second quarter? Or how does that read?

所以我的意思是，我估計今年咳嗽和感冒的病例會相當多。那麼，到第二季你就能知道結果了嗎？或該怎麼讀？

Yes, we certainly will be able to update you maybe as early as the Q1 call, but for sure the Q2 call, clearly, we see the consumer health care destocking behind us and back to growth mode and how rapid that growth will be impacted by how strong the cold and cough for flu season is. And yes, as we all know from our experiencing ourselves or those around us, it's a pretty strong season this year.

是的，我們當然可以在第一季財報電話會議上向您報告最新情況，但肯定會在第二季財報電話會議上報告。很明顯，我們看到消費者保健品市場已經擺脫了去庫存的困境，重新進入增長模式，而這種增長的速度將受到流感季感冒和咳嗽症狀嚴重程度的影響。是的，正如我們自己或身邊的人所經歷的那樣，今年的賽季非常強勁。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

First I want ask about was on margins. So leading to this quarter, you had improved your EBITDA margins, 10 straight quarters, reflecting the great operational performance there. And then there are a number of one-off at here, Vanessa, you called out the tooling mix, the maintenance issues, obviously, the loss of the Narcan business. Is there any way you could quantify those issues? Or were you able to internally to give you confidence that you still improve underlying margins.

首先我想問的是關於利潤率的問題。因此，截至本季度，你們的 EBITDA 利潤率已連續 10 個季度提高，反映了你們出色的營運表現。Vanessa，這裡還有一些一次性的問題，你提到了工具組合、維護問題，顯然還有納洛酮業務的損失。有沒有辦法量化這些問題？或者，您是否能夠從內部獲得信心，從而相信您仍然可以提高基本利潤率？

And it sounds like, Vanessa, based on your comments at the end of the call, that you still feel good about the trajectory and opportunity to expand margins from here?

Vanessa，根據你在通話結束時的發言，聽起來你仍然對公司的發展軌跡以及未來擴大利潤空間的機會感到樂觀？

When I was thinking about those numbers, let me just be -- we didn't lose any NARCAN business sole supplier to that opportunity because of the strength of our intellectual property. But yes, the destocking or whatever you want to call it, the strong comparable.

當我思考這些數字時，我想說的是——由於我們強大的智慧財產權，我們沒有因為這個機會而失去任何納洛酮業務的獨家供應商。但是，沒錯，去庫存或你想怎麼稱呼它都行，強勁的可比性。

Yes. And Matt, I think you called it out. To be clear, we're not happy about the operational issues in Beauty and Closures. And you've heard that in Stephan's scripts. So we certainly don't want to trivialize that. But those should be transitory. Those should be nonrecurring, and the teams are actively working through those issues. So if I sort of isolate that and isolate the impact of the Narcan mix, the rest of the business is quite healthy margin.

是的。馬特，我覺得你已經指出來了。需要說明的是，我們對 Beauty and Closures 的營運問題並不滿意。你在史蒂芬的劇本裡也聽過類似的說法。所以我們當然不想輕視這件事。但這些都應該是暫時的。這些問題應該不會再發生，團隊正在積極解決這些問題。所以，如果我把這部分單獨拿出來，單獨分析納洛酮混合物的影響，那麼其餘業務的利潤率就相當健康了。

And as we progress through the year, as I mentioned earlier, I do expect margins to be stronger at than H1 and for the full year to still be within the long-term target range at the total company level. So absolutely, some of these items are isolated and to what we're going through right now, but should start to correct themselves as we proceed through the year.

正如我之前提到的，隨著時間的推移，我預計下半年的利潤率將比上半年更高，並且全年整體利潤率仍將保持在公司長期目標範圍內。所以，沒錯，其中一些問題是孤立的，與我們目前正在經歷的情況有關，但隨著時間的推移，這些問題應該會逐漸得到糾正。

Okay. On capital allocation, you did a small deal in like 2025 with the (inaudible) plan. Maybe just give us a sense for capital allocation priorities and what you're seeing out there in terms of some of plaster other interesting areas of potential investment in 2026.

好的。關於資本配置，你們在 2025 年左右透過（聽不清楚）計畫做了一筆小交易。或許可以讓我們了解一下資本配置的優先事項，以及您在 2026 年看到的其他一些有趣的潛在投資領域。

Well, let me take the last part and then maybe Vanessa can talk a little bit more about the buybacks. Clearly, our M&A algorithm continues to execute. We look at plenty of opportunities. You look at 10 deals, maybe you do one, and you guys know what we're looking for. We're looking for bolt-ons.

好，讓我來談談最後一部分，然後也許Vanessa可以再多談談股票回購的問題。顯然，我們的併購演算法仍在繼續執行。我們考察了很多機會。你看了 10 個項目，也許最後只成交了一個，你們就知道我們想要什麼了。我們正在尋找外掛配件。

They come with good management that wants to stay with us and continue to drive it. That's our sweet spot that our history and that's what we're looking for. In addition to that, we look for technologies that we can acquired to strengthen our intellectual property portfolio and/or leverage across the company and further build out our kind of more pharma packaging type business on building on the active material portfolio. And what we did in Brazil is certainly an indication of the kinds of things we are looking for. And in general, adding geographic breadth in the large markets is always of interest.

他們帶來了優秀的管理團隊，這些管理者希望留在這裡，並繼續推動公司發展。這是我們的優勢所在，也是我們的歷史，更是我們所追求的。除此之外，我們還在尋找可以收購的技術，以加強我們的智慧財產權組合和/或在整個公司範圍內加以利用，並在活性物質組合的基礎上，進一步發展我們更偏向製藥包裝類型的業務。我們在巴西所做的一切，無疑地表明了我們正在尋找的東西。總的來說，在大市場中擴大地域覆蓋範圍總是很有意義的。

And that's not only in Asia and the Middle East, although those are important growth regions for some of our pharma business, the US is a very important growth region. So but we always look to add some geographic footprint. And then with that, I'll hand it to you Vanessa --

而且這種情況不僅限於亞洲和中東，雖然這些地區是我們部分製藥業務的重要成長區域，美國也是一個非常重要的成長區域。但我們始終致力於擴大地理覆蓋範圍。然後，我就把它交給你，瓦妮莎。--

Yes. And Matt, on the capital allocation policy, we're not changing our policy. We we'll continue to allocate capital towards our own growth, and of course, return a portion of that capital back to shareholders. And we very much continue to see ourselves as a growth company. You've heard the numbers, Q4, the strength in pharma and so on.

是的。馬特，關於資本配置政策，我們不會改變我們的政策。我們將繼續把資金投入自身發展中，當然，也會將部分資金回饋給股東。我們始終將自己視為成長型公司。你們都聽說了第四季的數據，醫藥產業的強勁表現等等。

And so we'll continue to invest for growth. But the Board authorization gives us the flexibility for us to buy back shares when it makes sense. And we like the flexibility, but it is completely discretionary. And we'll pull on that lever when it makes sense as you saw us still in certain quarters of 2025.

因此，我們將繼續投資以促進成長。但董事會的授權賦予了我們靈活地在適當的時候回購股份的權利。我們喜歡這種靈活性，但這完全取決於個人意願。我們會根據實際情況，在2025年的某些季度，也就是你們看到的時機，拉動那個槓桿。

Gabe Hajde, Wells Fargo.

Gabe Hajde，富國銀行。

Vanessa, you mentioned $100 million of cost savings and productivity. It sounds like there's a, I call it, a longer list of things that you guys are chipping away at. I feel like the last formal number that you've given us was $80 million starting in 2021, getting after some of these, again, productivity initiatives and things like that. First time I'm hearing a number -- can you tell us maybe how much you're going to get in '26 and what the runway is on that?

Vanessa，你提到可以節省1億美元的成本並提高生產力。聽起來你們正在努力完成的事情還有很多，我稱之為「一長串」的事情。我覺得你上次正式給出的數字是 2021 年開始投入 8,000 萬美元，用於推進一些提高生產力的舉措等等。這是我第一次聽到這個數字——你能告訴我們一下你在 2026 年能賺多少錢，以及這方面的進展如何嗎？

Yes. Gabe, actually, we went -- we did share those numbers during our Investor Day. At the time, we actually shared about $110 million of cost -- annualized cost reductions over the last couple of years. So that's not new. It could be that you heard the 80 perhaps a year earlier, we could, maybe, but what we shared in September was about $110 million.

是的。Gabe，實際上，我們確實在投資者日上分享了這些數據。當時，我們實際上分攤了約 1.1 億美元的成本——這是過去幾年來的年度成本削減。所以這並不是什麼新鮮事。你可能在一年前就聽說過 80 這個數字，我們也可能聽說過，但我們在 9 月分享的數字是 1.1 億美元左右。

And of course, we continue to execute against cost reduction since then. So hence, in my remarks, I mentioned well north of $100 million. And that is really just was in reference to how much we've taken out, not necessarily a guide to what is to come.

當然，從那時起，我們也一直持續推進成本削減工作。因此，我在發言中提到，金額遠遠超過 1 億美元。這其實只是指我們已經減少了多少，不代表未來會減少多少。

All of the items that I went through in my script really is just to give you an indication of the different levers that we're looking to pull and certainly, productivity is a big part of our we have a number of initiatives for 2026 and a big part of our priority for the year as well, particularly to help to combat some of the mix issues. But we haven't we're not guiding on a specific saving number for the year.

我在腳本中提到的所有項目，實際上只是為了向你們表明我們正在尋求採取的不同措施，當然，提高生產力是我們 2026 年眾多舉措的重要組成部分，也是我們今年的優先事項之一，尤其有助於解決一些組合問題。但我們沒有，我們不會就今年的具體儲蓄目標給予指導意見。

And maybe let me build on that. Clearly, as you guys know, we changed boys and rigor, some were in COVID around '22 to get much more serious on productivity. We've done a lot of work in terms -- in the consumer-facing businesses with in Beauty and Closures. And a lot of work on back-office streamlining, Vanessa talked about it earlier. It's funny.

或許我可以在此基礎上繼續探討。顯然，正如你們所知，我們改變了訓練方式和嚴格程度，有些人在 2022 年左右感染了 COVID-19，從而更加認真地對待生產力。我們在美容和髮片等面向消費者的業務領域做了很多工作。Vanessa 之前也提到過，後台流程精簡方面做了很多工作。真搞笑。

When you built this muscle, you start to get additional ideas. So we ended the year with a very robust productivity agenda. And not only to address these short-term issues, but really to further drive efficiencies across the network, and we have ideas for '27 and beyond. It really is now part of our toolkit and we've built the muscles and I'm very proud of the team that they come with additional ideas to reduce cost in place, so to speak, to further streamline the network, take less efficient operations off-line. Take advantage of more efficient operations and so on.

當你練就了這種能力，你就會開始產生更多想法。因此，我們以一項非常強大的生產力提升計劃結束了這一年。不僅要解決這些短期問題，而且要真正進一步提高整個網路的效率，我們對 2027 年及以後也有想法。現在它確實已成為我們工具箱的一部分，我們已經培養了這種能力，我為團隊感到非常自豪，他們提出了更多降低成本的想法，進一步簡化網絡，將效率較低的操作下線。利用更有效率的營運方式等等。

So it's part of our DNA.

所以它已經融入我們的DNA中了。

Okay. And I apologize, it struck me as something that was fresh or recently initiated. So apologies there. I wanted to ask about the [Cardamist] getting FDA approval. I know it's always tough with these things, but are you seeing initial pipeline fill in '26?

好的。我很抱歉，我當時以為這是件新鮮事或最近才開始的事。所以，對此我深表歉意。我想問一下關於[Cardamist]獲得FDA批准的情況。我知道這些事情總是很棘手，但是你認為 2026 年的管道建設初期進展如何？

Or do you expect to see you mentioned a 10-year runway in terms of ramping up to maybe its full potential. Again, I know it's always challenging when you have a new drug and getting physicians acclimated and then, of course, consumers using it, but maybe initial thoughts on even if it's offsetting some of the Narcan drag in the first half of '26?

或者您期望看到您提到需要 10 年的時間才能充分發揮其潛力？我知道，推出一種新藥總是充滿挑戰，需要讓醫生適應，當然，消費者也要適應，但或許可以先想想，它是否能在 2026 年上半年抵消納洛酮帶來的一些負面影響？

Yes. I agree with you that it's not easy to kind of give projections on how a new drug will do in -- especially in the short term as you have to work through prescribers payers, supply chains and so on. And our normal way of being in this industry is that it takes several years to kind of establish a trajectory, Narcan certainly was an exception in terms of kind of steepness of the adoption curve and going generic and over count and all that. Other examples [Trovato] didn't go anywhere for 4 years and then took off and it's a blockbuster and continuing to grow. And everything in between.

是的。我同意你的觀點，要預測一種新藥的療效並不容易——尤其是在短期內，因為你必須與處方醫生、付款者、供應鏈等因素打交道。我們這個行業的常見做法是，需要幾年時間才能確立發展軌跡，但納洛酮（Narcan）在普及率曲線陡峭、通用化、超量使用等等方面絕對是個例外。其他例子[Trovato]在4年內毫無起色，然後突然爆紅，成為一部熱門影片，並且還在持續增長。以及介於兩者之間的一切。

So (inaudible) seems to be a no-brainer if you ask me, but it's not easy to go through all these hurdles from getting it prescribed, getting it reimbursed. And for me, this cardiac treatment also seems to be a no-brainer. But if you have it not go to be the emergency room just take above in layman's terms of cardiac medication, then there seems to be a no-brainer. But we will have to see how it plays out. And I think a quote 5% learn I certainly don't pretend to be smarter than them.

所以（聽不清楚）在我看來似乎是顯而易見的，但是要克服所有這些障礙，從獲得處方到獲得報銷，並不容易。對我來說，這種心臟治療方案也是顯而易見的。但如果你不需要去急診室，只要服用上面提到的心臟藥物（用簡單易懂的話來說），那麼這似乎就不是什麼難題了。但我們還得看看事情會如何發展。我覺得「5%的人會學到東西」這句話很有道理，我當然不會假裝自己比他們聰明。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Can you hear me okay?

你聽得清楚我說話嗎？

Yes.

是的。

Okay. Perfect. Just going back to 4Q and the emergency medicine component, did that come in in line with your initial view? I'm just asking the question because, obviously, you're going through a chaotic sort of destocking in the supply chain, et cetera, visibility to assume is low. Just curious as to how 4Q specifically track relative to internal projections?

好的。完美的。回到第四季和急診醫學部分，這是否符合您最初的看法？我之所以問這個問題，是因為很明顯，你們正在經歷供應鏈等方面的混亂去庫存過程，因此能見度很低。我很好奇第四季實際業績與內部預測相比如何？

It was in line.

它在排隊。

Okay. And then in terms of 1Q guidance year-over-year on an EPS basis, we're within striking distance from a year ago. Is that a reasonable proxy for 2Q, again, given all the dynamics with the destocking, et cetera?

好的。至於第一季每股收益同比預期，我們與去年同期相比已經非常接近。考慮到去庫存等各種動態因素，這是否可以作為第二季的合理參考指標？

Yes. That's a difficult question to answer without getting into sort of the quarterly guidance. Maybe the best way I'll answer it, Ghansham, is -- we think when we look at what you guys have modeled for the full year, we think you guys have taken the input that we gave, we reaffirm today the roughly $65 million year-over-year headwind on Narcan because that's really where the headwind is coming from, which is roughly in line with what we had guided towards the end of last year. so we think you guys did capture that well in your models. We think your full year has captured that quite well.

是的。如果不涉及季度業績指引，這個問題很難回答。甘沙姆，或許我最好的回答方式是──我們認為，從你們對全年的模型來看，你們已經採納了我們提供的意見，我們今天再次確認納洛酮同比約6500萬美元的下滑趨勢，因為這才是真正的下滑點，這與我們去年年底的預測大致一致。所以我們認為你們的模型很好地反映了這一點。我們認為你全年的記錄很好地體現了這一點。

But getting into quarterly specifics, I think we can't provide any further guidance. Beyond the H1, H2 dynamic that I mentioned earlier, with H1 the most severely impacted in terms of year-over-year headwind.

但就季度具體細節而言，我認為我們無法提供任何進一步的指導。除了我之前提到的 H1、H2 動態之外，H1 在同比逆風方面受到的影響最為嚴重。

Okay. That is helpful. And -- yes, go on, Stephan.

好的。那很有幫助。好的，史蒂芬，繼續。

Yes. Just to add same in different words, maybe. We feel very good about the momentum with which we entered the year, emergency medicine aside. The rest of all the pharma businesses, whether it's Rx, CHC injectables, active materials is growing nicely. Units returning to growth closures.

是的。或許只是換個說法補充。撇開急診醫學不談，我們對今年的發展動能感到非常滿意。其餘所有醫藥業務，無論是處方藥、CHC注射劑或活性成分，都發展良好。單元恢復增長關閉。

We expect to continue to execute on category conversion. So yes, we have to overcome that high margin, $65 million headwind. We also have to overcome some taxes and interest rate costs. But we feel very good about how we entered the year, and the full year should be for.

我們預計將持續推進品類轉換。所以，是的，我們必須克服這高達 6,500 萬美元的利潤率劣勢。我們還必須克服一些稅收和利息成本。但我們對年初的表現以及全年的表現都感到非常滿意。

Okay. And just one final one on the $600 million authorization. Just to clarify, -- is that -- is it your intent to fund that sort of with excess cash from free cash flow? Or should we think about flexing the balance sheet just given where your leverage position is at this point? And -- and that's another lever that you can pull.

好的。最後再問一個關於6億美元授權的問題。請您澄清一下，——您是打算用自由現金流中的盈餘資金來資助這類計畫嗎？或者，鑑於您目前的槓桿水平，我們是否應該考慮調整資產負債表？而且──這是你可以利用的另一個槓桿。

Exactly both Yes. And we have flexibility on that $600 million, as you know. We had announced at the end of Q3 that at the time, we had about $275 million left on our prior authorization, and we did say that we would use all of that before -- by the end of Q1, we used $175 million in Q4. So we have about $100 million of that, but that's been replaced by the refreshed authorization of $600 million. So we will -- we do have flexibility as to the exact timing of spending that.

完全正確。如你所知，我們在這方面有6億美元的彈性。我們在第三季末宣布，當時我們還有大約 2.75 億美元的預先授權資金，我們也說過我們會在第四季之前用完這些資金——到第一季末，我們用掉了 1.75 億美元。所以我們大約有 1 億美元，但這筆錢已經被重新授權的 6 億美元取代。所以，我們會－我們在具體支出時間上有一定的彈性。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

So Vanessa, I was looking at the cash flow statement. And it seemed like there was a bit more of a build in working capital and generally the other balance sheet item changes this year versus last year, a bit more in the fourth quarter, if I'm not mistaken. What was driving that? And then not to pick on this, I just want to stand a little bit further, and I'll leave it here. Stephan, you said that you got behind on maintenance projects and closures. How does that happen? Is that just a function of there was a lot of demand, and that's where the focus was. Or how would you have us think about it?

Vanessa，我當時正在看現金流量表。而且，與去年相比，今年的營運資金和其他資產負債表項目似乎有所增加，尤其是在第四季度，如果我沒記錯的話。是什麼原因導致這種情況發生？然後，我不想挑剔這一點，我只想再往前站一點，就到此為止。史蒂芬，你說過你在維護專案和停工方面進度落後了。這是怎麼發生的？這是否只是因為需求量很大，所以公司把重點放在需求上了？或者您希望我們如何看待這個問題？

So I'll start with free cash flow. And then, Stephan, if you want to give more color on the maintenance issues. In that plant in closures. On the free cash flow side, you're absolutely right, George. So we were down this year, about $64 million in free cash flow year-over-year, but most of that actually was due to timing of tax payments.

那我就從自由現金流說起吧。然後，史蒂芬，如果你想更詳細地介紹一下維護問題的話。在該工廠的關閉期間。喬治，就自由現金流而言，你說得完全正確。所以今年我們的自由現金流比去年同期下降了約 6,400 萬美元，但其中大部分實際上是由於稅款支付時間的原因。

So $44 million of the $65 million was driven by timing of tax payments. Another $10 or so million was driven by timing of pension payments. Pension contributions, I should say. And then the balance was sort of the net change in working capital. So when I look at working capital, I don't see anything there that really sticks out.

因此，6500萬美元中的4400萬美元是由稅款繳納時間決定的。另有約 1000 萬美元的變動是由於退休金支付時間表造成的。應該說是退休金繳款。那麼，餘額就是營運資本的淨變動。所以，當我查看營運資金時，我沒有發現任何特別突出的問題。

Went up very slightly, perhaps by a day or so, our days of inventory came down very slightly by approximately about half a day or so. So I'm not terribly concerned on the quality of working capital or the quality of receivables. But certainly, the timing of that $44 million tax payment in addition to $10 million patient contribution did impact free cash flow.

我們的庫存週轉天數略有增加，大概增加了一天左右；庫存週轉天數略有減少，大概減少了半天左右。所以我並不太擔心營運資金的品質或應收帳款的品質。但可以肯定的是，這筆 4,400 萬美元的稅款支付，加上 1,000 萬美元的病患自付部分，確實對自由現金流產生了影響。

Okay. No, that's helpful. And go ahead, Stefan.

好的。不，這很有幫助。請繼續，斯特凡。

Yes. On your second question, I don't want to make it too big, but this is at one site. In North America, where some large equipment was taken offline for a period of time and then did come back up the way it should. And this mind 35 years of industrial careers it happens once in a while, you're not happy about it. And said, we should have done this so is differently, but -- and the teams are learning from it and addressing it.

是的。關於你的第二個問題，我不想把事情說得太複雜，但這只是一個網站的問題。在北美，一些大型設備曾一度離線，但後來又恢復正常運作。而這個想法，在長達 35 年的工業生涯中，偶爾會發生一些讓你不開心的事。他們說，我們本來應該以不同的方式處理這件事，但是──各團隊正在從中學習並加以解決。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

I wanted to ask about the nasal respiratory pipeline. As in the prepared remarks, I believe you noted respiratory was the top ranked by weighted value, which is somewhat surprising given there's been such strong growth in the nasal reformulation side. So is that a function of growth rate or revenue base or maybe said differently, how do you think about the underlying growth rate of respiratory and nasal categories in the pipeline? Or is it a function of one, maybe a higher revenue base on one of those? And any themes or what's driving the respiratory drugs in the pipeline.

我想諮詢一下關於鼻腔呼吸道的問題。正如您在準備好的演講稿中提到的，我相信您指出呼吸系統藥物按加權值排名最高，考慮到鼻腔製劑改良方面的強勁增長，這多少有些令人驚訝。那麼，這是成長率還是收入基礎的問題？或者換句話說，您如何看待呼吸系統和鼻腔產品線的潛在成長率？或者，這是否與其中一個有關，例如，某個因素導致其收入基礎較高？以及正在研發中的呼吸系統藥物有哪些主題或驅動因素。

Yes. I mean first of all, it's a large and important business and that category is going through a change in propellent with lower greenhouse warming potential. So I think that makes it maybe disproportionately bigger without getting into all the specific projects. And we're extremely excited about the systemic nasal drug delivery -- but let's remember, a handful of years ago, that was a category was almost zero, so versus the existing base. So that is already that high up on the list is actually pretty good news. But innovation is an important part of our business.

是的。首先，這是一個規模龐大且重要的產業，而且該產業正在經歷推進劑的變革，以降低溫室氣體排放潛力。所以我覺得，即便不深入探討所有具體項目，這也可能導致它的規模不成比例地大。我們對全身性鼻腔給藥感到非常興奮——但請記住，幾年前，這一類別幾乎為零，所以與現有的基礎相比。所以，這件事能排在這麼前面的位置，其實已經算是相當不錯的消息了。但創新是我們業務的重要組成部分。

Let me, operator, thank you. Let me summarize the call. Our teams delivered solid top line performance in quarter four, with core sales growth from both segments. We feel really good about that momentum. Despite the unexpected cost challenges that we discussed, we struck the lending and EPS came in in line wrapping up strong year, especially when you consider the highly dynamic trading environment our customers had to navigate all year.

接線員，謝謝您。讓我總結一下通話內容。第四季度，我們的團隊取得了穩健的營收業績，兩個業務部門的核心銷售額均實現了成長。我們對目前的勢頭感到非常樂觀。儘管我們討論了意料之外的成本挑戰，但我們還是實現了貸款目標，每股收益也達到了預期，為強勁的一年畫上了圓滿的句號，尤其考慮到我們的客戶全年都必須應對高度動態的交易環境。

We continue to be very, very excited about the strength and the diversity of our pharma pipeline. On the back, as we just discussed, of the ever-growing number of systemic nasal drug delivery projects and a higher participation in the injectable project in the industry, including, of course, GLP-1s.

我們對我們醫藥產品線的實力和多樣性仍然感到非常非常興奮。正如我們剛才討論的那樣，隨著全身性鼻腔給藥計畫數量的不斷增長，以及行業內注射劑計畫參與度的提高（當然也包括 GLP-1 類藥物），這種情況發生了改變。

We did talk about this pipeline and our excitement at the Investor Day in September, maybe was drowned out a little bit by the Narcan news. We gave you more color at JPMorgan last month. And again, the recent launches of two cardiac treatments, again, edema and (inaudible), clear proof points of the power of that pipeline and today, we can give give you some more examples of the kind of clinical work that's going on and these are just examples that we can talk about.

我們在 9 月的投資者日上確實談到了這條管道，我們當時非常興奮，但可能被納洛酮的消息稍微掩蓋了一些。上個月我們為您詳細介紹了摩根大通的情況。再次強調，最近推出的兩款心臟治療藥物，分別是治療水腫和（聽不清楚）的藥物，清楚證明了該研發管線的強大。今天，我們也可以舉出一些正在進行的臨床工作的例子，這些只是我們可以談談的例子。

As we enter '26, emerging in medicine side, we are well positioned for broad-based growth across all 3 of our segments, of course, continued strong growth in pharma, excluding emergency medicine with solid momentum across all the pillars, injectable, nasal drug delivery, consumer health care and active materials. Duties returning to growth and closures will continue to drive category conversions with innovations. We have a very rigorous productivity road map for the year and the years ahead. And not only to address the short-term issues but drive efficiencies across our operations and supply chain networks, networks as well as SG&A expense.

進入 2026 年，我們在醫藥領域嶄露頭角，我們已做好充分準備，在所有三個業務板塊實現全面增長。當然，製藥業務（不包括急診醫學）將繼續保持強勁成長，並在註射劑、鼻腔給藥、消費者保健和活性材料等所有支柱領域都保持穩健的發展勢頭。關稅恢復成長和關閉將繼續透過創新推動品類轉型。我們為今年以及未來幾年制定了非常嚴格的生產力提昇路線圖。不僅要解決短期問題，還要提高我們營運和供應鏈網路以及銷售、一般及行政費用的效率。

Last not least, our strong balance sheet gives us the ability to boast invest in the future and return capital to shareholders, while at the same time, retaining strategic flexibility to take advantage of any opportunities that may arise. With that, we look forward to talk to you on the road in the coming weeks.

最後，我們強勁的資產負債表使我們能夠投資未來並向股東返還資本，同時保持策略靈活性，以抓住可能出現的任何機會。因此，我們期待在接下來的幾週與您在路上交流。

This concludes today's call. Thank you for attending. You may now disconnect.

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。