AptarGroup, Inc. (ATR) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2026 second quarter results conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。歡迎參加 Aptar 2026 年第二季財報電話會議。(接線員指示)

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

今天的電話會議由投資人關係與傳播資深副總裁 Mary Skafidas 女士開場。請開始。

Hello, everyone, and thanks for being with us today. Joining me on today's call are Stephan Tanda, our President and CEO; Vanessa Kanu, Executive Vice President and CFO; and Gael Touya, our CEO Designate; and President of Aptar Pharma.

各位好，感謝今天與我們一同參與。今天與我一同出席的有：我們的總裁兼執行長 Stephan Tanda；執行副總裁兼財務長 Vanessa Kanu；以及我們的候任執行長、同時也是 Aptar Pharma 總裁的 Gael Touya。

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 the reconciliations of non-GAAP measures to the most comparable GAAP measure discussed during this earnings call. As always, we will post a replay of this call on our website.

我們的新聞稿與隨附的簡報投影片已發布於公司網站的投資人關係頁面。在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。這些指標已與最直接可比的 GAAP 財務衡量指標進行調節，相關調節表載於新聞稿中。請參閱昨日發布的新聞稿，以取得本次財報電話會議中所討論之非 GAAP 指標與最可比 GAAP 指標的調節。一如往常，我們將在公司網站上提供本次電話會議的重播。

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

現在我想將電話會議交給 Stephan。

Thank you, Mary, and good morning, everyone. As many of you know, this is my final earnings call as CEO of Aptar before I will retire later this year. It has been a tremendous honor to lead this company and work alongside our talented teams around the world. I'm incredibly proud of what we have accomplished together and confident that Aptar is well positioned for continued success.

謝謝你，Mary，各位早安。如各位所知，這是我在今年稍晚退休前，作為 Aptar 執行長主持的最後一次財報電話會議。能夠領導這家公司，並與全球各地才華洋溢的團隊並肩合作，是莫大的榮幸。我對我們共同完成的成果感到無比自豪，也深信 Aptar 已為持續成功做好充分準備。

With Gael Touya, assuming the role of President and CEO on September 1, I am assured in the future success of the company and excited as a shareholder. Gael and I have worked closely together throughout this transition and for much of the last decade. I know Aptar will greatly benefit from his deep experience, leadership, and vision. Gael is joining us on the call today and will be sharing our outlook towards the end of the call.

隨著 Gael Touya 將於 9 月 1 日接任總裁兼執行長一職，我對公司未來的成功深具信心，並以股東身分感到振奮。在這次交接期間，以及過去近十年的大部分時間裡，我與 Gael 一直密切合作。我相信 Aptar 將從他深厚的經驗、領導力與願景中獲益良多。Gael 今天也將參與本次電話會議，並會在會議接近尾聲時分享我們的展望。

On a personal note, leading Aptar has been the greatest privilege of my career. What I will remember most is not any single accomplishment, but the people I've had the opportunity to work alongside and the relationships I have built with employees, customers, the investment community, and partners around the world.

就個人而言，領導 Aptar 是我職涯中最大的榮幸。我最難忘的不是任何單一成就，而是我有機會並肩共事的人們，以及我與全球員工、客戶、投資社群與合作夥伴所建立的關係。

I have always believed that great companies are built by great people, and Aptar is fortunate to have an exceptional team, a strong culture founded in performance and purpose, and a consistent focus on execution, innovation, agility, and value creation.

我一直相信，偉大的公司是由偉大的人所打造；Aptar 很幸運擁有卓越的團隊、以績效與使命為基礎的強大文化，以及對執行、創新、敏捷與價值創造的一貫專注。

While there is always more work to do, I believe Aptar is entering its next chapter from a position of strength. I am excited about the future under Gael's leadership and remain confident in the company's ability to deliver profitable growth and create long-term value for shareholders.

雖然永遠還有更多工作要做，但我相信 Aptar 正以強勁的態勢邁入下一個篇章。我對在 Gael 領導下的未來感到期待，並持續相信公司有能力實現獲利成長，為股東創造長期價值。

And now back to the business at hand. Let me begin my earnings remarks by highlighting our second quarter results and later in the call, our CFO, Vanessa Kanu, will provide additional details on the key drivers for the quarter.

接下來回到今天的業務重點。我將先在財報談話中重點說明我們第二季的業績表現；稍後在電話會議中，我們的財務長 Vanessa Kanu 也將就本季的關鍵驅動因素提供更多細節。

I am pleased to report that all three of our segments delivered positive sales growth during the quarter and we delivered adjusted EPS results above our guidance range due in part to better-than-expected pharma performance.

我很高興報告，我們三大事業部在本季皆實現正向銷售成長；且部分受惠於藥品事業表現優於預期，我們的調整後每股盈餘（adjusted EPS）高於指引區間。

The Pharma segment continued to perform well driven by strong demand across our injectables, consumer health care, and prescription businesses, highlighting the strength of our innovation-led portfolio and the dedication of our teams around the world.

Pharma 事業部持續表現強勁，主要受惠於我們在注射劑、消費者健康照護與處方藥業務的強勁需求，突顯我們以創新驅動的產品組合實力，以及全球團隊的投入與奉獻。

We saw continued momentum in injectables, supported by demand for elastomeric components used for biologics. Vaccines and GLP-1 therapies, which -- according to a recent survey, showed that 11% of Americans are currently taking GLP-1 for weight loss, up from just 3% in 2024.

我們在注射劑領域持續看到動能，在用於生物製劑的彈性體（elastomeric）零組件需求帶動下表現良好。疫苗與 GLP-1 療法亦是如此；根據近期一項調查顯示，目前有 11% 的美國人正在使用 GLP-1 進行減重，較 2024 年的僅 3% 明顯上升。

Consumer Healthcare benefited from strong nasal decongestion and eye care solutions sales. Prescription saw growth in central nervous system therapeutics and asthma COPD applications, which help offset the anticipated destocking related decline in emergency medicines. Beyond Pharma, Beauty benefited from double-digit core sales growth in prestige fragrance, while Closures saw strong beverage demand, particularly in bottled water.

消費者健康照護受惠於鼻用減充血與眼部護理解決方案的強勁銷售。處方藥業務在中樞神經系統治療領域以及氣喘與 COPD（慢性阻塞性肺病）應用方面實現成長，有助於抵銷與急救用藥預期去庫存相關的下滑。除 Pharma 之外，Beauty 受惠於高端香氛（prestige fragrance）核心銷售的雙位數成長；Closures 則受惠於強勁的飲料需求，尤其是瓶裝水。

Operational performance in both segments improved progressively from the first quarter. Shifting gears from performance highlights, I want to spend a few minutes discussing how we continue to strengthen the pipeline and long-term growth of pharma.

兩個事業部的營運表現皆較第一季逐步改善。從業績亮點轉換話題，我想花幾分鐘談談我們如何持續強化 Pharma 的產品管線與長期成長。

Beyond our core delivery systems, we continue to expand the capabilities we bring to customers across formulation development, analytical services, regulatory support, and patient engagement. A few good examples include the patent applications we announced during the quarter related to inhaled and nasal GLP-1 therapies. While these programs remain in the early stages, they build on formulation expertise that we currently provide to customers and demonstrate our continued exploration of capabilities that could create future growth opportunities in the delivery of biologics and other high-value therapeutic areas.

除了我們的核心給藥系統之外，我們也持續擴展可為客戶提供的能力，涵蓋配方開發、分析服務、法規支援與病患互動。其中幾個很好的例子包括：我們在本季宣布、與吸入式與鼻用 GLP-1 療法相關的專利申請。雖然這些計畫仍處於早期階段，但它們建立在我們目前提供給客戶的配方專業之上，並展現我們持續探索可望在生物製劑與其他高價值治療領域的給藥方面創造未來成長機會之能力。

Turning to Active Materials Science. Our US patent application for N-Sorb has been approved. N-Sorb is designed to address unacceptably high levels of nitrosamine impurities in pharmaceutical products. The FDA has issued guidance on nitrosamine its predicted carcinogenic potency categorization and recommendations on when a manufacturer should recall a product. As a first of its kind packaging-delivered solution, Aptar's N-Sorb sort technology is intended to give pharmaceutical companies a new tool to reduce risk, meet regulatory demands and deliver safer products.

接著談 Active Materials Science。我們針對 N-Sorb 的美國專利申請已獲核准。N-Sorb 的設計目的在於解決藥品中不可接受的高含量亞硝胺（nitrosamine）雜質。FDA 已就亞硝胺的預測致癌效力分類，以及製造商應在何種情況下召回產品提出指引。作為同類首創的「由包裝提供」解決方案，Aptar 的 N-Sorb 技術旨在為製藥公司提供一項新工具，以降低風險、符合監管要求並提供更安全的產品。

Additionally, we announced a collaborative system framework for injectable therapies, providing customers with earlier insight into assembled system performance for injectable therapies. These expanded capabilities help customers make more informed development decisions, better manage risk, accelerate development time lines, and address the expectation of the United States Pharmacopeia. Taken together, these investments continue to advance our strategy, focusing all the way from drug formulation to the patient and deepen our role in the pharmaceutical development process.

此外，我們宣布了一套用於注射療法的協作式系統框架，讓客戶能更早洞察注射療法組裝後系統的性能表現。這些擴增的能力可協助客戶做出更有依據的開發決策、更妥善管理風險、加速開發時程，並回應《美國藥典》（United States Pharmacopeia）的期望。綜合而言，這些投資持續推進我們的策略，將重點從藥物配方一路延伸至病患端，並深化我們在藥品開發流程中的角色。

During the quarter, we also saw several milestones that reinforce the strength of our core pulmonary nasal and injectable delivery platforms. In respiratory health, products utilizing Aptar technologies received FDA approvals across both rescue and maintenance therapies for asthma and COPD, further validating the performance and regulatory track record of our pressurized metered-dose inhaler, or pMDI platform.

本季我們也達成數項里程碑，進一步強化我們核心的肺部、鼻用與注射給藥平台之實力。在呼吸健康領域，採用 Aptar 技術的產品在氣喘與 COPD 的急救與維持治療兩方面均獲得 FDA 核准，進一步驗證我們加壓定量吸入器（pressurized metered-dose inhaler，或 pMDI）平台的性能與法規核准紀錄。

Chiesi received approval from the UK Medicines and Healthcare Products Regulatory Agency for the world's first pMDI utilizing HFA-152a, one of the next-generation propellants with low global warming potential. This achievement is particularly meaningful because in 2023, Aptar was selected by the US Food and Drug Administration to conduct research on next-generation propellant pMDIs through our Nanopharm business, recognizing our deep expertise in inhaled drug delivery. It is encouraging to see the first approval with this new propellant come to market, helping expand patient access to essential respiratory therapies while helping to reduce environmental impact.

Chiesi 已獲英國藥品與健康產品管理局（UK Medicines and Healthcare Products Regulatory Agency）核准，推出全球首款採用 HFA-152a 的 pMDI；HFA-152a 為新一代、具低全球暖化潛勢的推進劑之一。這項成就特別有意義，因為在 2023 年，Aptar 透過我們的 Nanopharm 業務被美國食品藥物管理局選定，進行新一代推進劑 pMDI 的研究，肯定我們在吸入式給藥方面的深厚專業。令人振奮的是，首個採用此新推進劑的核准產品已進入市場，有助於擴大病患取得關鍵呼吸治療的可近性，同時也有助於降低環境影響。

We continue to see growing interest in nasal delivery across a widening range of therapeutic areas. A recent example is Eli Lilly's announced acquisition of AtaiBeckley centered on an intranasal therapy for treatment-resistant depression that has received the FDA breakthrough therapy designation and the program has begun initiating Phase III trials.

我們持續看到鼻腔給藥在更廣泛的治療領域中受到日益濃厚的關注。近期的一個例子是禮來（Eli Lilly）宣布收購 AtaiBeckley，該交易聚焦於一項用於治療難治型憂鬱症的鼻內給藥療法；該療法已獲得 FDA「突破性療法」認定，且該計畫已開始啟動第三期臨床試驗。

We believe this highlights and confirms a broader trend we have been discussing for some time now. Nasal delivery is increasingly being explored not only in allergy, migraine, and emergency medicines, but also in central nervous system disorders where rapid onset and direct access to the central nervous system may provide meaningful therapeutic advantages.

我們認為，這突顯並印證了我們一段時間以來一直在討論的更廣泛趨勢。鼻腔給藥正日益被探索，不僅用於過敏、偏頭痛與急救用藥，也用於中樞神經系統疾病；在這些領域中，快速起效與直接進入中樞神經系統可能帶來具意義的治療優勢。

One of the most significant developments during the quarter was the FDA's update to multiple product-specific guidance documents for generic inhaled therapies. These changes remove certain requirements, including certain clinical studies and bioequivalence testing, representing a significant shift in the FDA's expectations for generic pMDI development.

本季期間最重要的進展之一，是 FDA 更新了多份針對學名吸入療法的產品特定指引文件。這些變更移除了部分要求，包括某些臨床研究與生體相等性測試，代表 FDA 對學名 pMDI（加壓定量噴霧吸入器）開發的期待出現重大轉變。

We believe this is a positive development for Aptar as the streamlined requirements should help bring more generic inhaled products to market more efficiently, while also highlighting the value of the scientific expertise and data generated through our collaboration with the FDA.

我們認為，這對 Aptar 而言是正向發展；精簡後的要求應有助於更有效率地將更多學名吸入產品推向市場，同時也凸顯了我們與 FDA 合作所累積的科學專業與數據的價值。

Moving to beauty, we continue to focus on premiumization, differentiated consumer experiences, and dispensing technologies that help our customers stand out in the increasingly competitive categories.

轉到美妝業務，我們持續聚焦於高端化、差異化的消費者體驗，以及能協助客戶在競爭日益激烈的品類中脫穎而出的出料／分配技術。

We had the first commercial launch of our auto loading dosing dropper technology for Dermalogica's FutureCode Booster skin care product. This technology features an auto loading dropper cap which fills the applicator with the same dose after each use and addresses consumer needs around dosage control, convenience, and clean usage. I also want to highlight that a new range of fragrances by French Corner have launched in the Middle East market featuring our prestige fragrance pump.

我們的自動上料定量滴管技術首次商業化上市，應用於 Dermalogica 的 FutureCode Booster 護膚產品。此技術具備自動上料的滴管瓶蓋，每次使用後都能以相同劑量填充滴管，並滿足消費者對劑量控制、便利性與潔淨使用的需求。我也想特別提到，French Corner 的一系列新香氛已在中東市場上市，採用我們的高端香水噴頭。

Lastly, in closures, recent launches showcase our ability to improve convenience, functionality, and the overall consumer experience through differentiated dispensing solutions. Heinz is featuring our Tab Top closure for clean, convenient, directional dispensing on its new line of flavorful dipping sauces in North America. In China, our closure with SimpliSqueeze valve is being used for easy one-handed spill free hydration on the go.

最後，在瓶蓋（Closures）方面，近期的上市案例展現了我們透過差異化出料解決方案提升便利性、功能性與整體消費者體驗的能力。Heinz 在北美推出的新款風味沾醬系列，採用我們的 Tab Top 瓶蓋，以提供乾淨、便利且具方向性的出料。在中國，我們搭載 SimpliSqueeze 閥的瓶蓋被用於外出時可輕鬆單手、無溢漏的補水使用情境。

In terms of sustainability, there are several notable recent accolades to touch on. Aptar was named a CDP supplier engagement leader for the sixth consecutive year. This assessment highlights companies that are engaging their suppliers on climate change and supporting efforts to address emissions throughout the value chain.

在永續方面，近期有幾項值得一提的獎項與肯定。Aptar 連續第六年獲評為 CDP 供應商參與度領導者。此評估凸顯那些與其供應商就氣候變遷議題進行互動，並支持在整個價值鏈中減排努力的公司。

We have also been named one of the world's most sustainable companies by time for the third consecutive year, and we have been named among the magazine's top 100 America's Best Companies. This inaugural list highlights top US-based companies during the nation's 250th anniversary. The Americas Best Companies 2026 ranking identified the top-performing companies based on employee satisfaction, financial performance as well as sustainability performance and transparency. Aptar is ranked within the top five companies nationwide in the engineering, manufacturing, and medical technology category and is ranked in the top 10 companies nationwide for sustainability and transparency.

我們也連續第三年被《Time》評選為全球最具永續性的公司之一，並入選該雜誌「美國最佳公司」前 100 名。這份首度發布的榜單在美國建國 250 週年之際，聚焦於頂尖的美國本土企業。《Americas Best Companies 2026》排名依據員工滿意度、財務表現，以及永續表現與透明度，評選出表現最佳的公司。Aptar 在全美「工程、製造與醫療科技」類別中名列前五，並在全美永續與透明度方面名列前十。

I also want to provide an update on litigation. Recently, the court issued a favorable ruling for Aptar in our litigation against ARS Pharmaceuticals related to Aptar's proprietary nasal drug delivery technology and confidential manufacturing know-how. The court granted our motion to amend the complaint to maintain our state law trade secret misappropriation claim and denied ARS motion to dismiss the remaining claims.

我也想就訴訟事項提供最新進展。近期，法院就我們針對 ARS Pharmaceuticals 的訴訟作出對 Aptar 有利的裁定；該案涉及 Aptar 專有的鼻腔藥物傳輸技術與機密製造專業知識。法院准許我們提出修正起訴狀的動議，以維持我們依州法主張的營業秘密侵占（misappropriation）請求，並駁回 ARS 要求撤銷其餘請求的動議。

We were also pleased that the court transferred the later-filed California action brought by ARS to New York under the first-to-file rule, ensuring the related matters will proceed in a single jurisdiction. The litigation remains ongoing, and the next phase will allow us to further develop the factual record.

我們也很高興法院依「先起訴原則」（first-to-file rule），將 ARS 後續在加州提起的訴訟移轉至紐約，確保相關事項將在單一司法管轄區內進行。訴訟仍在進行中，下一階段將使我們得以進一步建立事實紀錄。

Overall, we view this decision as a positive step, allowing Aptar to continue pursuing the claims at the heart of the case and reinforcing the importance of protecting the intellectual property, technical expertise, and manufacturing know-how that differentiate us in the marketplace.

整體而言，我們將此決定視為正向一步，使 Aptar 得以持續追訴本案核心主張，並強化保護智慧財產、技術專業與製造專業知識的重要性；這些正是我們在市場上形成差異化的關鍵。

Now I would like to turn the call over to Vanessa to provide additional details.

現在我想把電話會議交給 Vanessa，請她提供更多細節。

Thank you, Stephan, and good morning, everyone. Let me begin by summarizing the highlights for the quarter. Our reported sales increased 6% to approximately $1 billion, a new quarterly record. And core sales, which adjust for currency effects and acquisitions, increased 1% compared to the prior year. We achieved adjusted EBITDA of $213 million, a decrease of 3% from the prior year.

謝謝你，Stephan，各位早安。我先總結本季重點。我們的報告銷售額成長 6%，達到約 10 億美元，創下新的單季紀錄。核心銷售額（排除匯率影響與併購因素調整後）較去年同期成長 1%。我們達成調整後 EBITDA 為 2.13 億美元，較去年同期下降 3%。

And adjusted EBITDA margin of 20.7% compared to 22.6% in the prior year, primarily due to less favorable product mix and ongoing operational challenges in Beauty and Closures that have progressively improved since the beginning of the year. Adjusted earnings per share were $1.42 compared to the prior year's adjusted earnings per share of $1.68 at comparable exchange rates.

調整後 EBITDA 利潤率為 20.7%，相較去年同期的 22.6% 下滑，主要原因是產品組合較不利，以及美妝與瓶蓋業務持續的營運挑戰；這些挑戰自年初以來已逐步改善。調整後每股盈餘為 1.42 美元，相較於去年在可比匯率下的調整後每股盈餘 1.68 美元。

Before moving to segment performance, I'd like to briefly address the higher input costs experienced since the start of the recent conflicts in the Middle East. As anticipated, we experienced higher input costs during the quarter, which we largely offset through customer pass-throughs with some timing lag in beauty. As we look beyond Q2, we continue to monitor the situation closely, and we'll also continue to take appropriate pricing actions to offset higher costs where necessary.

在進入各事業部表現之前，我想先簡要說明自近期中東衝突爆發以來所面臨的較高投入成本。如同預期，我們在本季承受較高的投入成本；我們大致透過對客戶的轉嫁（pass-through）予以抵銷，但在美妝業務上存在一些時間落差。展望第二季之後，我們將持續密切關注情勢，並在必要時持續採取適當的定價措施，以抵銷較高成本。

And with that, let's turn to our Pharma segment's results. Pharma core sales increased 1%, impacted by the anticipated decline in emergency medicine. As previously discussed, emergency medicine sales are expected to decrease by approximately $65 million in fiscal year 2026, approximately two-thirds of this decline has already been incurred in the first half of the year, with the majority of that having been in the second quarter as we had anticipated. And the remaining one-third is expected in the second half of the year and primarily in the third quarter. We continue to expect that the year-over-year headwind will abate by the fourth quarter.

接著，我們來看 Pharma 事業部的業績。Pharma 核心銷售額成長 1%，受到急救用藥（emergency medicine）如預期下滑的影響。如先前所述，急救用藥銷售額預期在 2026 會計年度將減少約 6,500 萬美元；其中約三分之二的降幅已在上半年發生，而大部分發生在第二季，符合我們的預期。其餘三分之一預期將在下半年發生，且主要集中在第三季。我們仍預期，與去年同期相比的逆風將在第四季趨緩。

Excluding emergency medicine, core sales in our Pharma segment grew by 8% in the quarter, demonstrating resilience of the portfolio. Let me break that down by market, starting with our proprietary drug delivery systems. Prescription core sales decreased 7%. Excluding emergency medicine, prescription core sales increased 8%. The central nervous system and asthma COPD therapeutics were drivers of growth in the quarter.

若排除急救用藥，本季 Pharma 事業部核心銷售額成長 8%，展現產品組合的韌性。我將按市場拆解說明，先從我們的專有藥物傳輸系統談起。處方藥核心銷售額下降 7%。若排除急救用藥，處方藥核心銷售額成長 8%。本季成長動能主要來自中樞神經系統，以及氣喘與 COPD（慢性阻塞性肺病）治療領域。

Consumer Healthcare core sales increased 15% due to strong demand for nasal decongestant, eye care, and dermal solutions, supported also by strong tooling sales. Injectables core sales increased 9%, with strong demand primarily for elastomeric components used for GLP-1, biologics, and vaccines. Services also contributed positively in the quarter, and we continue to see strong pipeline build for Annex 1, GLP-1, and biologics projects. And for our active material science solutions, core sales decreased 2% in the quarter.

消費者健康照護（Consumer Healthcare）核心銷售額成長 15%，主要受鼻用減充血劑、眼部護理與皮膚用解決方案需求強勁帶動，亦受惠於強勁的模具（tooling）銷售。注射劑（Injectables）核心銷售額成長 9%，主要來自用於 GLP-1、生物製劑與疫苗之彈性體（elastomeric）零組件的強勁需求。服務業務本季亦有正向貢獻，我們持續看到針對 Annex 1、GLP-1 與生物製劑專案的管線建置強勁。至於我們的主動材料科學解決方案（active material science solutions），本季核心銷售額下降 2%。

Growth in probiotics and oral solid dose sales partially offset the decline in diabetes test strips which reflected customer inventory normalization following robust growth in the prior year. Pharma's adjusted EBITDA margin for the quarter was 33.6%, a 180 basis point decline from the prior year. The margin decline was anticipated and driven by short-term unfavorable product mix, primarily due to the decline in high-margin emergency medicine sales, while royalties and productivity initiatives continue to positively impact margins. Excluding emergency medicine, the adjusted EBITDA margin for the segment would have improved year over year.

益生菌與口服固體劑型銷售成長，部分抵銷了糖尿病試紙下滑；試紙下滑反映在前一年強勁成長後，客戶庫存回歸正常化。本季 Pharma 的調整後 EBITDA 利潤率為 33.6%，較去年同期下降 180 個基點。利潤率下滑在預期之內，主要由短期不利的產品組合所致，尤其是高毛利急救醫療產品銷售下滑；同時，權利金與生產力提升措施仍持續對利潤率帶來正面影響。若排除急救醫療，該事業部的調整後 EBITDA 利潤率將較去年同期改善。

Moving to our Beauty segment. Core sales increased 1% and as demand for beauty dispensing systems and the pass-through of higher input costs more than compensated for lower tooling sales. Looking at the two largest end markets for beauty, fragrance, facial skin care, and color cosmetics core sales increased 2%, primarily due to strong sales growth for prestige fragrance pumps and color cosmetics. Our turnkey indie beauty business also continues to perform well, benefiting from the growth of Indie brands, which continue to capture consumer interest across the beauty market.

接著談我們的 Beauty（美容）事業部。核心銷售成長 1%，美容分配系統需求以及較高投入成本的轉嫁，已足以彌補模具銷售下滑。就美容兩大終端市場（香氛、臉部護膚與彩妝）而言，核心銷售成長 2%，主要受惠於高端香氛幫浦與彩妝的強勁銷售成長。我們的一站式獨立品牌（turnkey indie beauty）業務亦持續表現良好，受惠於獨立品牌的成長，並持續在整體美容市場吸引消費者關注。

Personal care core sales were flat. Applications for hair care continued to show good demand but did not offset lower tooling sales from the prior year. Beauty's adjusted EBITDA margin for the quarter was 12.2%, and which, while improved sequentially from the prior quarter, represented a decline of 190 basis points year over year. This was primarily attributed to lower product volumes, unfavorable mix, and the timing of resin pass-throughs.

個人護理核心銷售持平。護髮相關應用需求持續良好，但未能抵銷較去年同期較低的模具銷售。本季 Beauty 的調整後 EBITDA 利潤率為 12.2%；雖較前一季改善，但較去年同期下降 190 個基點。主要原因為產品出貨量較低、組合不利，以及樹脂成本轉嫁時點的影響。

Moving to the Closure segment. Core sales increased 4% compared to the prior year. Strong volume growth, particularly in beverages and the pass-through of higher input costs more than compensated for lower tooling sales.

接著談 Closure（瓶蓋/封口）事業部。核心銷售較去年同期成長 4%。強勁的出貨量成長（尤其在飲料領域）以及較高投入成本的轉嫁，已足以彌補模具銷售下滑。

Looking at the two largest end markets for closures, food core sales decreased 1%, primarily due to lower tooling sales, which was partially offset by continued demand for our sauces and condiments dispensing closures. This end market also faced a challenging comparison from the prior year period of double-digit growth.

就封口兩大終端市場而言，食品核心銷售下滑 1%，主要因模具銷售較低；但我們的醬料與調味品分配式封口持續有需求，部分抵銷了下滑。該終端市場亦面臨去年同期雙位數成長所帶來的高比較基期。

Beverage core sales increased 14%, primarily driven by increased sales of bottled water and functional sports drinks. The segment's adjusted EBITDA margin was 14.9%, a 200 basis point decline over the prior year. These results were temporarily impacted by the ramp-up of new production lines and by a previously reported maintenance initiative that continues to make sequential progress.

飲料核心銷售成長 14%，主要由瓶裝水與機能性運動飲料銷售增加所帶動。該事業部調整後 EBITDA 利潤率為 14.9%，較去年同期下降 200 個基點。上述結果短期受到新產線爬坡，以及先前已提及的維護改善計畫影響；該計畫仍在逐季取得進展。

Selling, research, and development and administrative costs, or SG&A, increased in absolute dollars, largely due to currency effects and the impact of acquisitions. Excluding currency effects and acquisitions, SG&A dollars were flat year over year.

銷售、研發與管理費用（SG&A）以金額計增加，主要由匯率影響及併購效應所致。若排除匯率影響與併購，SG&A 金額較去年同期持平。

SG&A as a percentage of sales decreased from 15.6% in Q2 2025 and to 15.4% in Q2 2026, a 20 basis point reduction year over year. These amounts include approximately $4 million in legal expenses for nonordinary course litigation, which did not exist in the prior year period.

SG&A 佔銷售比重由 2025 年第二季的 15.6% 降至 2026 年第二季的 15.4%，較去年同期下降 20 個基點。上述金額包含約 400 萬美元的非例行訴訟法律費用，去年同期並無此項費用。

As I noted earlier, adjusted earnings per share of $1.42 were down 15% year over year at comparable exchange rates. This was due to lower sales of emergency medicine products in pharma, operational issues in beauty and closures as well as higher depreciation and amortization expenses associated with our capital investments and acquisitions. Interest expense also increased from higher interest rates and a higher average debt balance.

如我先前所述，在可比匯率下，調整後每股盈餘為 1.42 美元，較去年同期下降 15%。原因包括 Pharma 急救醫療產品銷售較低、Beauty 與 Closures 的營運問題，以及與資本投資與併購相關的折舊與攤銷費用增加。利息費用亦因利率上升與平均負債餘額較高而增加。

Our adjusted effective tax rate for the quarter was 23.7% compared to the prior year's 20%. In the prior year period, the tax rate benefited from the realization of a deferred tax benefit as well as greater excess tax benefits from share-based compensation.

本季調整後有效稅率為 23.7%，去年同期為 20%。去年同期稅率受惠於遞延所得稅利益的實現，以及來自股份基礎給付的超額稅務利益較高。

Moving to our year-to-date performance. Reported sales increased 8% and core sales increased 1%. Strong growth in consumer health care and injectables offset the emergency medicine destocking, while Beauty and Closures also saw growth on a year-to-date basis.

接著談年初至今的表現。報告銷售成長 8%，核心銷售成長 1%。消費者健康照護與注射劑的強勁成長抵銷了急救醫療去庫存的影響；同時，Beauty 與 Closures 亦在年初至今基礎上呈現成長。

Adjusted EBITDA remained consistent at $401 million, while adjusted EBITDA margin decreased by 170 basis points to 20%. Adjusted earnings per share decreased 12% and to $2.61 compared to the prior year period, including comparable exchange rates.

調整後 EBITDA 維持一致為 4.01 億美元，而調整後 EBITDA 利潤率下降 170 個基點至 20%。在包含可比匯率的情況下，調整後每股盈餘較去年同期下降 12% 至 2.61 美元。

Free cash flow year-to-date increased by $8 million to $99 million, comprising cash from operations of $222 million, less capital expenditures net of government grants of $123 million. Over the last six months, the company has returned $212 million to shareholders through share repurchases and dividends.

年初至今自由現金流增加 800 萬美元至 9,900 萬美元，包含營運活動現金流入 2.22 億美元，扣除資本支出（已扣除政府補助淨額）1.23 億美元。過去六個月，公司透過庫藏股回購與股利向股東返還 2.12 億美元。

So far this year, we have repurchased 1.1 million shares for $150 million. Finally, we ended the quarter with a cash balance of $190 million, net debt of $1.2 billion, and a leverage ratio of 1.49 times, reflecting a very strong balance sheet.

截至目前為止，今年我們已以 1.5 億美元回購 110 萬股。最後，我們在季末的現金餘額為 1.90 億美元，淨負債為 12 億美元，槓桿比率為 1.49 倍，反映出非常強健的資產負債表。

Now on to our outlook for Q3. We anticipate third quarter adjusted earnings per share to be in the range of $1.45 to $1.53. This assumes an effective tax rate range of 22.5% to 24.5%. And euro to US dollar exchange rate of 1.14. For full year 2026, we continue to expect capital investments to be in the range of $260 million to $280 million, and depreciation and amortization expense to be between $310 million and $320 million.

接著談我們對第三季的展望。我們預期第三季調整後每股盈餘將落在 1.45 至 1.53 美元區間。此預估假設有效稅率區間為 22.5% 至 24.5%。以及歐元兌美元匯率為 1.14。對 2026 全年而言，我們仍預期資本投資將介於 2.60 億至 2.80 億美元，折舊與攤銷費用將介於 3.10 億至 3.20 億美元。

Before I hand the call over to Gael, I want to take a moment to address the Stephan. Stephan, it has been a pleasure to partner with you during an important chapter in Aptar's history. I joined Aptar because of its unique strengths, a rich history, a strong foundation that you have helped to build its culture and values, and importantly, the robust opportunities that lie ahead. I've enjoyed working with you and appreciate your partnership. Stephan, thank you for your leadership, your contributions to Aptar, and the solid foundation you leave for the future. We wish you and your family all the best in retirement and don't be a stranger.

在我把電話交給 Gael 之前，我想花點時間談談 Stephan。Stephan，在 Aptar 歷史上一個重要篇章中能與你合作，是我的榮幸。我加入 Aptar 是因為其獨特優勢、深厚歷史與堅實基礎，而你也協助建立其文化與價值觀；更重要的是，前方仍有強勁的成長機會。我很享受與你共事，也感謝你的合作夥伴關係。Stephan，感謝你的領導、你對 Aptar 的貢獻，以及你為未來留下的穩固基礎。祝福你與家人退休生活一切順利，也別見外。

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

接下來，我將把時間交給 Gael，在我們進入問答之前做幾點結語。

Thank you, Vanessa. As I prepare to assume the role of CEO on September 1, I do so with great confidence in Aptar's future. We expect growth across all three segments supported by strong broad-based demand in pharma across injectables and consumer health care and prescription applications, excluding emergency medicine as well as continued momentum in closures and improving trends in beauty.

謝謝你，Vanessa。在我準備於 9 月 1 日接任 CEO 一職之際，我對 Aptar 的未來充滿信心。我們預期三大事業部皆將成長；在 Pharma 方面，注射劑、消費者健康照護與處方應用（不含急救醫療）有強勁且廣泛的需求支撐；同時，Closures 持續保持動能，Beauty 的趨勢也在改善。

Before we open the call for questions, I'd like to take a moment to recognize Stephan on his final earnings call as CEO of Aptar. Over the past nine years, Stefane has laid Aptar through a period of significant transformation, strengthening our position in pharma, expanding our global footprint, advancing our innovation capabilities, and reinforcing our leadership in sustainability.

在我們開放提問之前，我想花一點時間，向 Stephan 致意，這是他作為 Aptar 執行長的最後一次財報電話會議。在過去九年中，Stephan 帶領 Aptar 經歷了一段重大的轉型期，強化了我們在製藥領域的地位、擴大全球版圖、提升創新能力，並鞏固我們在永續發展方面的領導地位。

He leaves Aptar, a stronger company with a robust pipeline of opportunities, leading market position, and an exceptional team that is well positioned for the future. On behalf of our employees, customers, shareholders and Board of Directors, I want to thank Stephan for his leadership, partnership, and dedication to Aptar, has been a privilege to work alongside him, and I'm grateful for the strong foundation he leaves behind.

他離開時，Aptar 已是一家更強健的公司，擁有強勁的機會管線、領先的市場地位，以及一支為未來做好準備的卓越團隊。我謹代表我們的員工、客戶、股東與董事會，感謝 Stephan 對 Aptar 的領導、合作與投入；能與他並肩工作是一種榮幸，我也感謝他所留下的堅實基礎。

And now I'd like to open up the call for Q&A.

現在我想開放問答環節。

Operator, I think we are ready for questions.

接線員，我想我們已準備好開始提問。

(Operator Instructions)

(接線員指示)

George Staphos, Bank of America.

George Staphos，美國銀行。

Gael, congratulations again to you. Stephan, It's been an absolute pleasure covering Aptar in the time that you've been CEO. Not many CEOs can move as deftly from tachycardia to the latest and ketchup squeeze technology or have the buy-side or sell-side taking over unders on the references to systemic nasal drug delivery references on the call, but you've done a great job, no matter the rating, you've helped to reinvigorate the growth at Aptar. You're on the front foot and remain so on sustainability and you built a -- and continue to build a great bench. So congratulations and enjoy retirement, Stephan. Best of luck to you.

Gael，再次恭喜你。Stephan，在你擔任執行長期間能夠追蹤報導 Aptar，真的是一種莫大的榮幸。不是很多執行長能如此游刃有餘地從心搏過速談到最新的番茄醬擠壓技術，或讓買方或賣方在電話會議上對「系統性鼻腔藥物遞送」被提及的次數開盤押注高低，但你做得非常出色；無論評等如何，你都協助重新點燃 Aptar 的成長動能。你在永續方面始終走在前面，並且建立了——而且仍在持續建立——很強的人才梯隊。所以恭喜你，也祝你享受退休生活，Stephan。祝你一切順利。

In terms of my questions, first of all, it looks like some have noted some weakness in the Brazilian market. Have you seen that at all relative to your Beauty or Personal Care business? And then I want to stay on Beauty and Closures, I know there's been improvement, but Beauty has, in particular, lagged an improvement for a number of periods. When should we -- and Gael, obviously, feel free to step in here, too. When do we see Beauty actually be a sustained grower both of volume and earnings?

就我的問題而言，首先，看起來有些人注意到巴西市場有些疲弱。相較於你們的美妝或個人護理業務，你們有看到這種情況嗎？接著我想繼續談美妝與瓶蓋（Closures），我知道已有所改善，但美妝尤其在好幾個期間落後於改善幅度。我們何時——Gael，當然也歡迎你加入回答。我們何時會看到美妝在出貨量與獲利上都成為可持續的成長動能？

George, can you hear us now? Oops, sorry. I hung up.

George，你現在聽得到我們嗎？哎呀，抱歉。我掛斷了。

You hung up here?

你在這裡掛斷了？

Yeah. Why have we hung up here?

對。我們怎麼會在這裡掛斷？

We are experiencing some technical difficulties.

我們遇到一些技術問題。

Can you hear me now? Hello?

你現在聽得到我嗎？喂？

We can hear you

我們聽得到你。

All right. Sorry about that. I'm sure there will be an after-action report. George, I did hear your very nice comments. Thank you for that.

好。抱歉剛才那樣。我相信之後會有事後檢討報告。George，我有聽到你非常友善的評論。謝謝你。

Much appreciated. On your questions, yes, we've experienced also weak sales in Brazil. This is feast, famine cycle, and there are really two main customers that trade shares. So we experienced quite some weakness in Brazil.

非常感謝。關於你的問題，是的，我們在巴西也經歷了銷售疲弱。這是一種忽盛忽衰的循環，而且主要是兩個大客戶彼此輪流搶占份額。因此我們在巴西確實出現相當程度的疲弱。

On your larger questions, Yes. If I zoom out, certainly, there's always more to do. And certainly, the Beauty bottom-line performance, in particular, is something that's left to do for Gael. As you remember, it's a story of two halves or two or three hemispheres.

至於你更大的問題，是的。如果我拉遠來看，當然總是還有更多事情要做。而且美妝的底線表現，尤其是，確實是 Gael 接下來需要完成的課題。如你所記得的，這是一個兩半、或兩到三個半球的故事。

On the one hand, we're very proud with the turnaround we've achieved in Europe, and I won't repeat all the things we did with shutting down plants, improving cost base and Europe is firmly in the target range. Asia has done very well and is well above that. But we have fallen short in the Americas for different reasons. We've fallen short in North America and still wrestling with operational issues. And now came this Brazil situation.

一方面，我們對在歐洲達成的轉虧為盈感到非常自豪；我就不重複我們關閉工廠、改善成本結構等所有措施了，歐洲已穩固落在目標區間內。亞洲表現非常好，且明顯高於該區間。但在美洲，我們因不同原因未達標。我們在北美未達標，仍在處理營運問題。而現在又出現了巴西的情況。

So with respect to the future, the time certain, I certainly made the mistake of giving a time certain so, but I'll leave it to you now, Gael.

因此就未來而言，關於明確時間點（time certain），我以前確實犯過給出明確時間點的錯誤，所以我把這部分交給你了，Gael。

Yes, the one comment I will make, George. Last time I worked in Beauty sometimes ago, more than eight years with pharma. What I'm doing right now is really focusing on making sure I have a fresh Q1 perspective as we look ahead. So I've been reengaging myself with the business, visiting factories, our team around the world and more importantly, I mean to engage with customers.

是的，George，我想補充一點。我上一次在美妝業務工作已是很久以前了，之後有超過八年是在製藥領域。我現在正在做的，是確保在展望未來時，我能以第一季的全新視角來看待。所以我重新深入參與這個業務，走訪工廠、與全球各地的團隊交流，更重要的是，我也會與客戶互動。

And what I can tell you is that we've got all the ingredients. We've got deep customer relationship, and they are really looking at Aptar. It's not just being part of their supply chain, but being part of their success. So looking ahead, that's going to be what I'm going to be looking at.

我可以告訴你的是，我們具備所有要素。我們與客戶有深厚的關係，而他們確實非常看重 Aptar。這不只是成為他們供應鏈的一部分，而是成為他們成功的一部分。因此展望未來，這將是我會著重的方向。

And for sure, I mean, we're going to look at building on what works, adjust on course correct what needs to be corrected, protect what makes Aptar special and to really focusing on delivering on our commitment and preparing the company for future growth.

而且可以肯定的是，我們會在有效之處持續加碼；對需要修正的地方調整方向並加以矯正；保護讓 Aptar 與眾不同的核心；並真正聚焦於兌現我們的承諾，為公司未來成長做好準備。

Gael. Look, I just want to step in quickly here, and I'll turn it over. Time certain we've been patient, your investors have been patient. And look, the track record of Aptar has been quite good over the years. So no complaints with that.

Gael。你看，我想在這裡快速插一句，然後再交回給你。關於明確時間點，我們已經很有耐心，你們的投資人也很有耐心。而且，Aptar 多年來的績效紀錄其實相當不錯。所以對此沒有抱怨。

But within Beauty, does it come a time where you actually take action in the next year to do something more structural to fix the performance there.

但在美妝業務上，是否會有一個時間點，讓你們在未來一年採取一些更具結構性的行動，來修復那裡的表現？

Yes. Maybe I'll jump in first. Look, we, of course, have -- we are not taking the situation as it is, and we have clear ideas on how to also address short fall in the Americas, but it's too early to commit to that.

會的。也許我先回應。你看，我們當然不會接受現狀；我們也有明確想法，如何處理美洲地區的落差，但現在還太早，無法對此做出承諾。

I am here engaging with open-minded approach and looking at best interest for our customers and our shareholders. And I will come back to you in due course.

我在這裡會以開放的心態投入，並以客戶與股東的最大利益為依歸。我會在適當時機再回覆你。

Paul Knight, KeyBanc Capital Markets.

Paul Knight，KeyBanc Capital Markets。

Yeah, congratulations. Congratulations, Gael. The -- as I look at the quarter, the gross margin was not the driver of expansion in Q2. It was the off-margin line with a big drop in SG&A. Going forward, I think it's implying margin expansion. Is it more all the gross in line that we should talk about modeling, Vanessa, on what's already been a good margin expansion period in Q2?

是的，恭喜。恭喜你，Gael。就我看這一季，毛利率並不是第二季擴張的驅動因素。而是毛利以下的費用項目，SG&A 大幅下降。往前看，我認為這暗示利潤率將持續擴張。Vanessa，在第二季已經是相當不錯的利潤率擴張期之後，接下來在建模時，我們是否應該更多關注毛利率那一行？

Paul from KeyBanc, not blank. Thanks for the question. We're actually quite happy when you think about the emergency medicine pullback was the largest in quarter 2 compared to the prior year, and pharma was still within the long-term guidance range. So we certainly, as the emergency medicine situation normalizes, we expect the company margin to get back within its guidance range and not just the -- within its long-term target and not just the pharma business.

我是來自 KeyBanc 的 Paul，不是 Blank。謝謝你的提問。其實從這個角度來看我們相當滿意：相較於前一年，急救醫療（Emergency Medicine）的回落在第二季是最大的一季，而製藥業務仍落在長期指引區間之內。因此，隨著急救醫療的情況正常化，我們確實預期公司整體毛利率會回到其指引區間內，也就是回到其長期目標之內，而不僅僅是製藥業務。

We didn't quite fully understand the rest of your question. Maybe you can repeat and then Vanessa will address.

我們沒有完全理解你問題的其餘部分。也許你可以再說一次，然後 Vanessa 會回應。

Should we expect gross margin expansion in the second half of the year? Or is it still below that line item?

我們是否應該預期下半年毛利率會擴張？還是仍會低於那個項目水準？

Yes. As we had said earlier on previous calls, okay, thank you, Paul. Now we understand the question. So a lot of what you're seeing on the gross margin line is the emergency medicine dynamics that we had previously discussed. And that dynamic was strongest in the first half.

是的。正如我們先前在之前的電話會議中提到的，好，謝謝你，Paul。現在我們理解問題了。所以你在毛利率那一行看到的很多變化，都是我們先前討論過的急救醫療動態所致。而那個動態在上半年最為明顯。

So two-thirds of that year-over-year headwind was incurred already in the first half. which will have the greatest amount of pressure on the gross margin. And so as that starts to ease in the back half, I do absolutely expect gross margins to actually improve from where we've been in the first half.

因此，那個年對年逆風的三分之二已經在上半年發生了，而上半年對毛利率的壓力最大。所以當這個因素在下半年開始緩解時，我確實預期毛利率會比上半年我們所看到的水準有所改善。

And Q2 was the biggest quarter of that EM headwind as we had previously communicated. So that's the compression that you're seeing.

而且如我們先前所溝通的，第二季是急救醫療（EM）逆風最大的一季。所以你看到的就是這種壓縮。

Also, we see progressive improvement both in Beauty and in Closures. Closures are already progressive improvement but will continue as the maintenance issues abate. And we also expect a progressive improvement in Beauty.

另外，我們也看到 Beauty 與 Closures 兩個部門都在逐步改善。Closures 已經在逐步改善，且隨著維修問題緩解，改善將會持續。我們也預期 Beauty 會逐步改善。

And then lastly, on pharma, a really solid 8% quarter of growth. Is that momentum continuing here in rest of the year?

最後，製藥業務本季成長達到非常穩健的 8%。這股動能在今年剩餘時間是否會延續？

Yes, I can take that question. So we stated that we are confident with our long-term targets and 2026 is in the story of the emergency medicine as we explained to you. We've got a strong pipeline. Pipeline build, pipeline conversion is robust. The underlying market is strong and customers really are looking at us to be the partner of choice to support them from early stage to market launch. So confident to be in the long-term target.

是的，這題我來回答。我們已經表示，我們對長期目標有信心，而 2026 年也包含在我們向你解釋的急救醫療故事之中。我們有強勁的產品管線。管線建置、管線轉化都很強勁。基本面市場很強，客戶也確實把我們視為首選合作夥伴，能在從早期階段到上市發表的各個環節支持他們。因此，我們有信心能落在長期目標之內。

Ghansham Panjabi, Baird.

Baird 的 Ghansham Panjabi。

Stephan, congrats on our end as well. I wish you the very best along with you, Gael. It's been a pleasure working with you, Stephan. I guess during the first quarter, if I remember correctly, Rx was down about 10% and roughly half of that was emergency medication related. Was part of the improvement in 2Q then just related to the ketchup from the previous shortfall in Rx?

Stephan，我們這邊也向你道賀。我也祝你與 Gael 一切順利。能與你共事很愉快，Stephan。我想第一季如果我沒記錯，處方藥（Rx）大約下滑 10%，其中約一半與急救用藥相關。那麼第二季的部分改善，是否只是因為把先前 Rx 的缺口補回來（catch-up）？

I'm just trying to get a sense as to what the underlying growth is in Rx adjusting for obviously a lot of noise with the destocking and comparisons and so on?

我只是想了解，在明顯存在去庫存、比較基期等諸多雜訊的情況下，調整後 Rx 的基本面成長到底是多少？

Yes. Again, Sham, when you look at the pharma business, I mean, we are present in different categories. The asthma and COPD market has been a great market for us, I mean, in the quarter. And you know that the market is going to transition to a new propellant and Aptar is well positioned in that transition. You know that we are supporting the FDA in defining their guidelines for propellant switch approval.

是的。再說一次，Sham，當你看製藥業務時，我們其實涵蓋不同的品類。氣喘與 COPD 市場對我們來說一直是很好的市場，本季也是如此。而且你也知道，市場將轉向使用新的推進劑（propellant），Aptar 在這個轉換中具備良好定位。你也知道，我們正在協助 FDA 制定推進劑切換核准的指引。

If you look at the press release recently, Chiesi announced the very first, I mean, asthma and COPD product using the new propellant gas in UK with an Aptar solution. So the underlying performance of prescriptions is also an asthma and COPD performance.

如果你看最近的新聞稿，Chiesi 宣布在英國推出第一個使用新推進氣體的氣喘與 COPD 產品，並採用 Aptar 的解決方案。因此，處方量的基本面表現也反映了氣喘與 COPD 的表現。

And for my second question, first off, can you confirm if there's any benefit from any sort of tariff refunds and so on and so forth? And then, Gael, back to you, obviously, core sales in pharma have been below trend for two years now, different reasons for that last year versus this year, but it has been two years. And you've expressed confidence as a company as it relates to the secular growth there and so on and so forth.

我的第二個問題，首先，你能否確認是否有任何關稅退稅（tariff refunds）之類的利益等等？然後，Gael，再回到你這邊，顯然製藥的核心銷售已經低於趨勢兩年了，去年與今年的原因不同，但確實是兩年。而你也表達了公司對該領域長期結構性成長等方面的信心。

Is 2027, is there any reason why we should not expect growth in pharma at this point to be within your 7% to 11% core sales growth sure.

那麼到 2027 年，是否有任何理由讓我們不應該預期製藥成長能落在你們 7% 到 11% 的核心銷售成長區間內？

Yes. Ghansham, yo know that I'm not guiding -- we are not guiding for the year. So the long-term target of Aptar in the 7% to 11% is coming from the underlying robustness of our pipeline and the market positions we've got with our customers. So confidence is there. Yes, some years, we're going to be up, some years, we're going to be down.

是的。Ghansham，你知道我不提供指引——我們不對該年度提供指引。因此，Aptar 長期 7% 到 11% 的目標，來自於我們產品管線的基本面韌性，以及我們與客戶所建立的市場地位。所以我們是有信心的。是的，有些年度會高一些，有些年度會低一些。

If you look at the past performance for the last eight years, I mean, I would say we have pretty much delivered on our long-term target. So the team remains focused on what delivering on our commitments, continuing to sharpen or to strengthen our capabilities in order to become or to stay the leading company in our respective market. So this is with confidence there.

如果你看過去八年的表現，我會說我們基本上已經達成了長期目標。因此，團隊仍專注於履行我們的承諾，並持續精進或強化我們的能力，以成為或維持在各自市場中的領導公司。所以我們對此是有信心的。

And Ghansham, I can absolutely confirm to you that there is no P&L benefit in our quarter from tariff refunds. The beat to our guide was purely operational coming from the strength of pharma, as we discussed earlier. So in fact, you may recall, our guidance was at $1.18 and actual exchange rates came at $1.16. So we in fact, had a headwind of a couple of cents that we had to absorb. So the beat was all operational.

另外，Ghansham，我可以非常明確地向你確認：本季我們的損益表（P&L）沒有任何來自關稅退稅的利益。我們優於指引的表現純粹是營運面因素，來自於製藥業務的強勁表現，如我們先前討論的。事實上，你可能記得，我們的指引是 1.18 美元，而實際匯率換算結果是 1.16 美元；因此我們其實承受了約幾美分的逆風需要吸收。所以超出指引完全是營運所致。

None of it was tariff refunds or anything else of that nature, of a onetime nature.

完全不是關稅退稅或任何其他類似的一次性因素。

Matt Roberts, Raymond James.

Raymond James 的 Matt Roberts。

Stephan. So congratulations as well, similar to my introduction with Aptar to begin in France. I hope your send-off is capped with the cheers of only France's finest. And Gael, congratulations and welcome. For my first question, perhaps it's a rite of passage to ask, but as you step into the role after roughly 10 years of strong growth in pharma, as we sit here, 2Q pharma margin is still in the mid-30% range. On the other end of the spectrum, Beauty and Closures are in that low to mid-teens range.

Stephan。也向你道賀，我與 Aptar 的緣分起於法國。我希望你的送別能以只有法國最頂級的美酒歡呼作結。Gael，也恭喜並歡迎你。我的第一個問題，或許這是個必經的提問：在製藥業務約 10 年強勁成長之後，你接任這個角色之際，從目前來看，第二季製藥的利潤率仍在 30% 中段。而在光譜的另一端，Beauty 與 Closures 則在低到中十幾%的區間。

So what benefit do you see from either an operational or cost standpoint as you look to allocate capital, would you do it differently than your predecessor? Ultimately, is the coexistence of this business is something you feel is necessary and should be maintained?

那麼，從營運或成本的角度來看，當您在配置資本時，您認為會帶來哪些效益？您會和您的前任採取不同的做法嗎？最終而言，您是否認為這項業務的共存是必要的，並且應該維持下去？

So first, Matt, let me express my excited, I mean, to step in the role and to stand on the shoulders of my predecessors. I know the company in and out for the last 30 years, and I'm very confident on the company. So as I've said earlier, I'm really focusing to reconnect and refresh my approach with the different businesses. I've been a beauty guy for years. I've been a closure guy for years, but that was almost a decade ago. So I need to update my perspective as we look ahead.

首先，Matt，讓我表達我的興奮之情——能夠接下這個職務，並站在前任們的肩膀上。過去30年我對公司內外都非常熟悉，我對公司非常有信心。因此，如同我先前所說，我現在真的專注於重新連結並更新我與各個事業的互動方式。我多年來一直在美妝領域。我多年來也一直在瓶蓋（Closures）領域，雖然那已經是將近十年前的事了。所以在展望未來時，我需要更新我的觀點。

As I step in the role, I mean, commitment to deliver on our number. That's going to be number one priority. Number two, to be very disciplined on execution and such whatever segment for the company. And last, to be extremely thoughtful in our resource allocation.

當我接任這個職務時，我的承諾是要達成我們的目標數字。這將是第一優先。第二，是在執行上保持高度紀律，不論公司屬於哪一個事業部門。最後，是在資源配置上極其審慎周全。

So I'm going to keep on working, protecting what is making Aptar special and focusing where we can create more value for our customers and our shareholders.

因此我會持續努力，保護讓Aptar與眾不同的特質，並聚焦在我們能為客戶與股東創造更多價值的地方。

I appreciate the comments there. Next question, Vanessa. you gave good color on emergency. It sounds like it was still two-thirds of the impact in first half. But given the swing from down 7% to up 8% in Rx, can you say what the dollar impact was in 2Q?

感謝你的評論。下一個問題，Vanessa。你對急診（emergency）提供了很好的說明。聽起來上半年仍占影響的三分之二。但考量處方藥（Rx）從下滑7%轉為成長8%，你能說明第二季（2Q）的金額影響是多少嗎？

And then also on core sales, how much was the resin pass-through benefit in 2Q? And how is that split by segments? Any benefit you're expecting in 3Q on that?

另外，關於核心銷售（core sales），第二季（2Q）樹脂轉嫁（resin pass-through）的貢獻有多少？各事業部門的分布如何？第三季（3Q）在這方面還預期會有任何貢獻嗎？

So Matt, I think the most I can say on the emergency medicine is the two-thirds, one-third. We didn't guide it by quarter, but I will say that the quarter was really in line with where we expected. And of course, as we -- as I mentioned in my prepared remarks, the full year is also tracking as expected, and this should fully abate by Q4. So everything is tracking there.

Matt，關於急救用藥（emergency medicine），我最多能說的是三分之二、三分之一的比例。我們沒有按季度提供指引，但我可以說本季的表現確實符合我們的預期。當然，正如我在事先準備的發言中提到的，全年也正按預期推進，並且這項影響應會在第四季（Q4）完全消退。所以一切都在軌道上。

In terms of the resin pass-throughs, indeed, we did pass resin and other inflationary pass-throughs. We did pass that through, as we had said last quarter, and we did that successfully in every segment. The impact -- I'm not going to break down the impact by segment.

至於樹脂轉嫁，確實，我們已將樹脂以及其他通膨相關的轉嫁項目轉嫁出去。如同我們上季所說，我們已經這麼做了，而且在每個事業部門都成功完成。至於影響——我不會按部門拆分影響。

The one that -- and you will know that the pass-throughs tend to be bigger in Closures because of the resin percentage that's used in Closures. That being said, without the resin pass-throughs, Closures had strong revenue and volume growth, as I mentioned in my prepared remarks. So that is not the driver of growth.

其中你也知道，轉嫁通常在瓶蓋（Closures）部門會更大，因為瓶蓋使用的樹脂占比更高。即便如此，即使不含樹脂轉嫁，我在事先準備的發言中也提到，瓶蓋部門的營收與出貨量（volume）仍有強勁成長。所以這並不是成長的驅動因素。

And then the other piece I'll mention is in the context of Beauty margins, we did have -- and I mentioned this in my remarks as well, we did have a delay -- a lag in the Beauty segment. So every segment passed through, including Beauty, but we had a bit of a lag, which was a bit of a detriment, probably about 80, 90 basis points of margin on beauty impact of that delayed pass-through in the quarter, and we expect that to be resolved in Q3.

另外我想補充的是，就美妝（Beauty）毛利率的脈絡而言，我也在發言中提到，我們在美妝部門確實出現了延遲——也就是落後（lag）。因此每個部門都完成了轉嫁，包括美妝，但我們有一點時間差，對本季造成些許不利影響；大約使美妝部門毛利率受到80到90個基點的影響，這是因為轉嫁延後所致，我們預期第三季（Q3）會解決。

Mat Larew, William Blair.

Mat Larew，William Blair。

Okay. And Stephan, congratulations on your retirement. I wanted to ask on consumer. It has now grown for three consecutive quarters after that period of decline. So it does seem like destocking perhaps has worked its way through.

好的。Stephan，也恭喜你退休。我想問一下消費者（Consumer）業務。在那段下滑期之後，現在已連續三個季度成長。所以看起來去庫存（destocking）可能已經告一段落。

But 15% growth, very strong. Was that a function of just easy comps? Or was there any sort of pull forward in the quarter? And based on those two dynamics, how does that kind of factor into the Q3 outlook?

但15%的成長非常強勁。這是因為比較基期較低（easy comps）嗎？還是本季有任何提前拉貨（pull forward）的情況？基於這兩個因素，這會如何影響你們對第三季（Q3）的展望？

Yes. I will hand to Gael here. But obviously, destocking has run its course. I think we've already confirmed that in the previous quarter. And it's been a strong quarter, as we said, especially in the decongestants.

是的。我先把問題交給Gael。但很明顯，去庫存已經走完它的週期。我想我們在上一季就已經確認過了。而且如我們所說，這是一個強勁的季度，尤其是在鼻充血緩解劑（decongestants）方面。

But maybe, Gael, I don't know if you can give more color on Consumer health care.

不過，Gael，我不確定你是否能對消費者醫療保健（Consumer health care）提供更多說明？

Yes, Consumer health care. I mean, we've seen the dermal being up nicely. The ophthalmic play that we are converting some of the market, the blow-fill-seal market to a multi-dose preservative-free formulation continue to be solid and solid across the regions. And the nasal decon is positive for us. So that's the kind of color I can share with you for moving into Q3.

是的，消費者醫療保健。我的意思是，我們看到皮膚用（dermal）表現相當不錯、明顯成長。在眼科（ophthalmic）方面，我們正在把部分市場從吹灌封（blow-fill-seal）市場轉換到多劑量、無防腐劑（multi-dose preservative-free）配方，這部分在各區域都持續穩健。而鼻用減充血（nasal decon）對我們也是正面。以上就是我能分享、用於展望第三季（Q3）的重點。

Yes. And please go out and get some Theraflu, great new gesture.

是的。另外也請大家去買點Theraflu，這是個很棒的新舉措。

Well, with school starting again. I imagine I will be a customer real time. I wanted to ask that actually on injectables. Again, strong growth here. You obviously referenced the Annex 1 opportunity as you have.

嗯，隨著學校又要開學了。我想我會即時成為你們的客戶。我其實想問一下可注射劑（injectables）。這裡同樣成長強勁。你們也如先前所提到的，提及了Annex 1的機會。

Is there any way you can kind of describe how that funnel has started to build as a new growth driver? And then also it would be great to get an update on Congers just in terms of how you've been building into capacity and how that plan is scaling up.

你們能否描述一下，作為新的成長驅動因素，這個案源漏斗（funnel）是如何開始建立的？另外，也希望你們更新一下Congers，就你們如何逐步建置產能，以及該計畫如何擴大規模（scaling up）的情況。

So we didn't quite hear your last question.

所以我們沒有完全聽清楚你最後一個問題。

Yes, sorry, just on Congers, would love to hear

是的，抱歉，就是關於Congers，很想聽聽

Congers. Congers, New York.

Congers。紐約州的Congers。

Yes. Exactly.

是的。沒錯。

Okay. So I mean, if you look at our pipeline in injectables, GLP-1 is an outperformance, GLP-1 by definition is part of the growth for the division. But not only we've got the biologics being strong and robust, not only in the performance, but also in the pipeline. You know that biologics are now more than 50% of the pharma world research and development.

好的。如果你看我們在可注射劑（injectables）的案源管線（pipeline），GLP-1表現優於預期；按定義，GLP-1也是該事業部成長的一部分。但不僅如此，我們的生物製劑（biologics）不只在業績表現上強勁且穩健，在案源管線上也同樣強勁。你也知道，生物製劑目前已占製藥研發（research and development）領域的50%以上。

The Annex 1 also, the regulatory compliance being raising the bar year after year. I mean, they are really looking for players having the ability to be fully compliant with the Annex 1. So this is some of the drivers driving the growth for injectable.

另外，Annex 1方面，法規遵循（regulatory compliance）年復一年地提高門檻。我的意思是，他們真的在尋找具備完全符合Annex 1能力的業者。因此，這些都是推動可注射劑成長的一些驅動因素。

As far of Congers, I mean, we are done with the what we call the big bucks investment. We are satisfied to be positioned from an injectable perspective, not only in Europe, but in the US and in Asia, with China, specifically for Congers. I mean we've got validation of our -- I mean, implementations.

就 Congers 而言，我的意思是，我們已經完成了我們所謂的大額投資。我們滿意於以注射劑的角度完成布局，不僅在歐洲，也在美國與亞洲，尤其是在中國，針對 Congers。我的意思是，我們已經獲得了對我們——我是說，對我們的落地實施的驗證。

So customers, audit, inspection, up and ready and helping us to deliver the growth that we are facing.

因此，客戶、稽核、檢查都已到位並準備就緒，並協助我們交付我們所面臨的成長。

George Staphos, Bank of America.

美國銀行（Bank of America）的 George Staphos。

Two questions for me to wrap. On the one hand, can you talk, Gael and Stephan, about the collaborative framework you mentioned, I think, in the opening remarks regarding injectable therapy. What's behind it? What do you get out of it? How does it help your shareholders?

我有兩個問題作為收尾。一方面，Gael 和 Stephan，你們能談談你們在開場致詞中提到的、我想是關於注射治療的協作框架嗎？其背後的原因是什麼？你們能從中獲得什麼？它如何幫助你們的股東？

I'm guessing it's part of the more service-oriented approach Aptar has been taking to become something more than just a device company. And then switching gears to fourth -- third quarter. Vanessa, what should we assume is FX based on your guide? Kind of a $0.03, $0.04 headwind there?

我猜這是 Aptar 採取的、更偏向服務導向的方法的一部分，目標是成為不僅僅是一家裝置公司。然後切換到第四——第三季。Vanessa，根據你們的指引，我們對匯率（FX）應該如何假設？大概是每股盈餘有 0.03 美元、0.04 美元的逆風嗎？

Yes. So let me take the first question, George. The job for us is to make validation and qualifications by our customers way easier. So instead of getting our customers qualifying, I mean, components on each component, we are working with the different players, let's say, the different PFS players in the market in order to come with a fully integrated validation. So they know the performance, not only the plunger, but the plunger with the PFS and the (inaudible) on the complete device that a customer is going to acquire.

是的。所以 George，讓我先回答第一個問題。我們的工作是讓客戶的驗證與資格認證變得更容易。因此，我們不是讓客戶逐一對每個零組件進行資格認證——我是說，逐個零組件——而是與市場上不同的參與者合作，譬如說不同的 PFS 參與者，以提供一個完全整合的驗證方案。因此他們了解的不只是活塞（plunger）的性能，而是活塞搭配 PFS 以及（聽不清）在客戶將要採購的完整裝置上的整體表現。

So they've got day 1, all the validations, all the key elements for entering into their process on a better shape. So we are making their process and their validation way easier. And it's giving us also some color regarding the kind of very close relationship we've got with the other players in that space.

因此他們在第 1 天就具備所有驗證、所有關鍵要素，能以更好的狀態進入他們的流程。所以我們讓他們的流程與驗證變得更容易。同時，這也讓我們更了解我們與該領域其他參與者之間非常緊密的合作關係。

And then, George, I think you were asking what's our Q3 -- what is our Q3 guide assume for FX? We're assuming $1.14 and Q2 average $1.16. So that's a headwind, a quarter-over-quarter headwind. And these days, we're trending about [$0.04] annualized for every penny that we're off on the USD to euro exchange rate. So that's a $0.02 quarter-over-quarter headwind.

然後，George，我想你在問的是，我們第三季（Q3）的指引對匯率（FX）是如何假設的？我們假設為 1.14 美元，而第二季（Q2）平均為 1.16 美元。所以這是季對季的逆風。而且目前來看，美元兌歐元匯率每偏離 0.01 美元，折算成年化大約影響每股盈餘 [0.04 美元]。因此，這相當於季對季約 0.02 美元的逆風。

George, before you leave, I also just want to recognize that just wrote down in front of me. I think you're the only one who now follows five of the six CEOs of Aptar as a public company, starting with Carl, Peter, Steve, myself, and now Gael. So you can be relied on to keep us on our toes. So thank you for that.

George，在你離開之前，我也想特別提一下，我剛剛在我面前寫下來了。我想你是唯一一位在 Aptar 作為上市公司期間，已經追蹤過六位 CEO 中五位的人，從 Carl、Peter、Steve、我自己，到現在的 Gael。所以我們可以仰賴你讓我們保持警覺。所以謝謝你。

We'll be here. Thank you. Congratulations.

我們會在這裡。謝謝。恭喜。

We have reached the end of the Q&A session. I will now turn the call back to Gael for closing remarks.

問答環節到此結束。我現在把電話交回給 Gael 作結語。

Before we conclude, let me have you -- let me leave you with a few thoughts on the quarter and the path ahead. For the second quarter, we delivered a solid performance driven by better top-line performance across all three segments, strong productivity improvements and disciplined cost management, and we delivered adjusted earnings per share above our guidance range.

在我們結束之前，讓我——讓我留給各位幾點關於本季以及未來道路的想法。第二季，我們交出穩健的表現，動能來自三大事業部門全面更佳的營收表現、強勁的生產力改善與嚴謹的成本管理，並且我們的調整後每股盈餘高於指引區間。

Across the broader pharma portfolio, we continue to see encouraging demand trends in areas such as the biologics, the GLP-1, the systemic nasal drug delivery, but also consumer health care and other attractive end markets.

在更廣泛的製藥產品組合中，我們持續看到令人鼓舞的需求趨勢，涵蓋生物製劑、GLP-1、全身性鼻腔給藥（systemic nasal drug delivery），也包括消費者健康照護以及其他具吸引力的終端市場。

Beauty benefited from continued strength in prestige fragrance, while Closures delivered strong beverage growth and continued momentum in Food. Aptar has a great foundation built on differentiated technologies, but also deep customer relationship, leading market positions, and very talented people.

Beauty 受惠於高端香水（prestige fragrance）持續強勁的表現；而 Closures 則交出強勁的飲料成長，並在食品領域延續動能。Aptar 擁有以差異化技術為基礎的優秀根基，同時也具備深厚的客戶關係、領先的市場地位，以及非常有才華的人才。

We are, what I call an indispensable partner to our customers, helping them to innovate, grow, succeed across attractive end markets. And everything we do is ultimately focused on improving patient and consumer outcomes.

我們是我所稱的、對客戶不可或缺的合作夥伴，協助他們在具吸引力的終端市場中創新、成長並取得成功。而我們所做的一切，最終都聚焦於改善病患與消費者的結果（outcomes）。

Whether it's expanding access to therapies, improving adherence, enhancing safety and reliability or creating simply a better end user experience, our solutions bring meaningful value to the people who use our products on a daily basis.

無論是擴大治療可近性、提升用藥依從性、強化安全性與可靠性，或只是創造更好的終端使用者體驗，我們的解決方案都為每天使用我們產品的人帶來有意義的價值。

The combination of a strong foundation, trusted customer partnerships, and a clear focus on end user outcomes gives me tremendous confidence in Aptar's ability to create sustainable growth and long-term value for our shareholders.

強健根基、值得信賴的客戶夥伴關係，以及對終端使用者結果的清晰聚焦，讓我對 Aptar 創造可持續成長與為股東帶來長期價值的能力充滿信心。

As I step into the CEO role September 1, I'm excited about this tremendous opportunity, and I believe my priorities are clear: drive profitable growth, execute consistently, and allocate capital thoughtfully. Based on the demand trends we see today and the momentum exiting the second quarter, we are confident in our outlook for the third quarter and our long-term prospects.

當我在 9 月 1 日接任 CEO 職務時，我對這個重大機會感到振奮，並且我相信我的優先事項很清楚：推動獲利性成長、穩健且一致地執行，以及審慎地配置資本。基於我們今天看到的需求趨勢，以及第二季結束時的動能，我們對第三季的展望以及長期前景充滿信心。

Thank you for your continued interest in Aptar, and I'll see you on the road in the coming months.

感謝各位持續關注 Aptar，接下來幾個月我會在各地行程中與各位見面。

That concludes our call. Thank you, everyone.

本次電話會議到此結束。謝謝各位。