西式醫藥服務 (WST) 2024 Q2 法說會逐字稿

Good morning, and welcome to West's second-quarter 2024 conference call. By way of introduction, this is John Sweeney, the new Head of Investor Relations at West. I'm delighted to be here and I look forward to working with all of you. We issued our financial results earlier this morning, and the release has been posted to the Investors section on the company's website located at westpharma.com.

早上好，歡迎參加 West 2024 年第二季電話會議。首先介紹一下，我是 West 新任投資者關係主管約翰‧斯威尼 (John Sweeney)。我很高興來到這裡，並期待與大家合作。我們今天早上早些時候發布了財務業績，該新聞稿已發佈到公司網站 westpharma.com 的投資者部分。

On the call today, we will review our financial results, provide an update on our business, and present an updated financial outlook for the full-year 2024. There is a slide presentation that accompanies today's call and a copy of the presentation is available on the Investors' section of our website. On slide 4 is our Safe-Harbor statements, statements made by management on this call and the accompanying presentation contain forward-looking statements within the meaning of the US Federal Securities Laws. These statements are based on our beliefs and assumptions, current expectations, estimates and forecasts.

在今天的電話會議上，我們將回顧我們的財務業績，提供我們業務的最新情況，並提出 2024 年全年的最新財務展望。今天的電話會議附帶了一個幻燈片演示文稿，並且可以在我們網站的投資者部分獲得該演示文稿的副本。第 4 張投影片是我們的安全港聲明、管理層在本次電話會議上發表的聲明以及隨附的演示文稿，其中包含美國聯邦證券法含義內的前瞻性聲明。這些陳述是基於我們的信念和假設、目前的期望、估計和預測。

The company's future results are influenced by many factors beyond the control of the company. Actual results could differ materially from past results as well as those expressed or implied in any forward-looking statements made here. Please refer to today's press release as well as any other disclosures made by the company regarding the risks to which it is subject, including our 10-K, 10-Q and 8-K reports. During today's call, management will make reference to our non-GAAP financial measures, including organic sales growth, adjusted operating profit, adjusted operating profit margin, and adjusted diluted EPS.

公司未來的業績受到許多公司無法控制的因素的影響。實際結果可能與過去的結果以及此處所做的任何前瞻性陳述中明示或暗示的結果有重大差異。請參閱今天的新聞稿以及本公司就其所面臨的風險所做的任何其他揭露，包括我們的 10-K、10-Q 和 8-K 報告。在今天的電話會議中，管理階層將參考我們的非公認會計準則財務指標，包括有機銷售成長、調整後營業利潤、調整後營業利潤率和調整後稀釋每股收益。

Reconciliations and limitations of the non-GAAP financial measures to the comparable financial results prepared in conformity to GAAP are provided in this morning's earnings release. I'll now turn the call over to our CEO, Eric Green.

今天早上的收益報告中提供了非公認會計原則財務指標與按照公認會計原則編制的可比較財務結果的調節和限制。現在我將把電話轉給我們的執行長 Eric Green。

Thank you, John, and welcome to West. And I would like to thank Quintin Lai for his partnership over the past eight years and for his many contributions at West. We will start on slide 5, where I will cover three main topics: first, examine the drivers of Q2 performance; second, discuss our revised outlook for the remainder of 2024, and; third, provide insights on our long-term financial outlook and why we remain confident in our growth strategy. Let's begin with Q2 performance.

謝謝你，約翰，歡迎來到韋斯特。我要感謝 Quintin Lai 在過去八年裡的合作以及他在 West 的許多貢獻。我們將從幻燈片 5 開始，其中我將討論三個主要主題：首先，檢查第二季度業績的驅動因素；其次，討論我們對 2024 年剩餘時間的修訂後的展望；第三，提供有關我們長期財務前景的見解以及為什麼我們對我們的成長策略保持信心。讓我們從第二季的表現開始。

We had a lower-than-expected second-quarter impacted by continued customer destocking. That being said, we are seeing promising signs from our customers that give us confidence of a turning point in this trend. Looking ahead, we expect the second half of the year to be stronger than the first half with a return to year-over-year organic growth in the fourth quarter, led by our proprietary products segment, specifically Biologics. We have adjusted our full year 2024 guidance to reflect a more gradual recovery as compared to our previous expectations.

受客戶持續去庫存的影響，我們第二季的業績低於預期。話雖如此，我們從客戶那裡看到了有希望的跡象，這讓我們對這一趨勢的轉折點充滿信心。展望未來，我們預計今年下半年將強於上半年，第四季將在我們的專有產品部門（特別是生物製劑）的帶動下恢復年比有機成長。我們調整了 2024 年全年指引，以反映與我們先前的預期相比更漸進的復甦。

While I'm disappointed that we are lowering our guidance, I want to reiterate my confidence in West's proven market-led strategy and attractive long-term growth potential. Turning to slide 6, we are the market leader in containment and delivery of injectable medicines, which is one of the fastest growing areas of healthcare. We have even stronger position in Biologics, which is the fastest growing segment with injectables. Our products are addressed in the most critical therapeutic areas, including immunology, oncology, rare diseases and obesity.

雖然我對我們降低指導意見感到失望，但我想重申我對 West 行之有效的市場主導策略和有吸引力的長期成長潛力的信心。轉向幻燈片 6，我們是注射藥物遏制和傳輸領域的市場領導者，這是成長最快的醫療保健領域之一。我們在生物製品領域擁有更強大的地位，這是成長最快的注射劑領域。我們的產品適用於最關鍵的治療領域，包括免疫學、腫瘤學、罕見疾病和肥胖症。

And for the past five years, West has achieved a CAGR of double-digit organic revenue growth demonstrating that we have been able to deliver our long-term financial construct of 7% to 9%. Moving to slide 7, our confidence in our medium to long-term trajectory is underscored by our ongoing capital expansion projects. The investments we have made to address COVID are now being repurposed to drive increased capacity to address new opportunities. In addition, we have expansion plans focused on HVP products that provide a combination of increased manufacturing capacity and higher level of global standardization through our network.

在過去的五年中，West 實現了兩位數的有機收入複合年增長率，這表明我們能夠實現 7% 至 9% 的長期財務結構。轉向幻燈片 7，我們正在進行的資本擴張項目強調了我們對中長期發展軌蹟的信心。我們為應對新冠疫情而進行的投資現在正在重新調整用途，以提高應對新機會的能力。此外，我們還制定了專注於 HVP 產品的擴張計劃，這些產品透過我們的網路提供增加的製造能力和更高水準的全球標準化。

And for Biologics, GLP-1s and changing global regulatory requirements, we are seeing increased customer interest for higher quality, lower particulate, and more standardized solutions. This favorably positions West's innovations and leading products such as Westar Select and NovaPure. Another focus for our capital allocation is our HVP devices, which includes our self-injection devices. Our platforms are an integral part of our customers' drug device combination products that are making a difference to patients.

對於生物製劑、GLP-1 和不斷變化的全球監管要求，我們看到客戶對更高品質、更低顆粒和更標準化解決方案的興趣日益濃厚。這對 West 的創新和領先產品（例如 Westar Select 和 NovaPure）具有有利的地位。我們資本配置的另一個重點是我們的 HVP 設備，其中包括我們的自註入設備。我們的平台是客戶藥物器材組合產品不可或缺的一部分，這些產品正在為患者帶來改變。

These expansion projects remain on-target for the back-half of the year and 2025. And lastly, before Contract Manufacturing, we have an exciting growth contribution from our new capacity at our Grand Rapids site. A few weeks ago, I had the opportunity to join our team as we open this new portion of the state-of-the-art facility in support of our customers Injection Device platform and producing product in Q4. And we have the ongoing expansion in Dublin, which is already dedicated to contracted demand for components associated with drugs for diabetes and obesity.

這些擴建工程仍能實現今年下半年和 2025 年的目標。最後，在合約製造之前，我們大急流城工廠的新產能為我們帶來了令人興奮的成長貢獻。幾週前，我有機會加入我們的團隊，因為我們開設了最先進設施的新部分，以支援我們的客戶注射設備平台並在第四季度生產產品。我們正在都柏林進行擴張，該工廠已經致力於滿足與糖尿病和肥胖症藥物相關的組件的合約需求。

We expect it to be completed by the end of Q3. Our promising growth drivers have us positioned to drive significant value for our customers, the patients and shareholders as we move forward. Shifting to slide 8, at the end of June, we published our 2023 Sustainability Report on the company website. Proudly, we received several accolades, including being named as one of the America's Most Responsible Companies by Newsweek. Now, I'll turn the call over to Bernard. Bernard?

我們預計將在第三季末完成。我們充滿希望的成長動力使我們能夠在前進的過程中為我們的客戶、患者和股東帶來巨大的價值。前往投影片 8，6 月底，我們在公司網站上發布了 2023 年永續發展報告。我們很自豪地獲得了許多榮譽，包括被《新聞周刊》評為美國最具責任感的公司之一。現在，我將把電話轉給伯納德。伯納德？

Thank you, Eric, and good morning. Let's review the numbers in more detail. We'll first look at Q2 2024 revenues and profits, where we saw a mid-single-digit decline in organic sales as well as declines in operating profit and diluted EPS compared to the second quarter of 2023, given the current market dynamics. I will take you through the drivers impacting sales and margin in the quarter as well as some balance sheet takeaways. And finally, we will provide an update to our 2024 guidance.

謝謝你，艾瑞克，早安。讓我們更詳細地回顧一下這些數字。我們將首先關注2024 年第二季的營收和利潤，考慮到目前的市場動態，與2023 年第二季相比，有機銷售額出現中個位數下降，營業利潤和攤薄後每股收益也出現下降。我將向您介紹影響本季銷售額和利潤率的驅動因素以及一些資產負債表要點。最後，我們將提供 2024 年指南的更新。

First up, Q2, our financial results are summarized on slide 9, and the reconciliation of non-US GAAP measures are described in slides 17 to 22. We recorded net sales of $702.1 million, representing an organic sales decline of 5.9%. Looking at Slide 10, proprietary products' organic net sales decreased 8.4% in the quarter as customers destocking continued at a higher rate than anticipated. High value products, which made up approximately 71% of proprietary product sales in the quarter declined by double-digits, primarily due to decreased sales of our Westar, Daikyo Crystal Zenith and FluroTec products.

首先，第二季度，投影片 9 總結了我們的財務業績，投影片 17 至 22 描述了非美國公認會計原則措施的調節。我們的淨銷售額為 7.021 億美元，有機銷售額下降 5.9%。從投影片 10 來看，由於客戶繼續以高於預期的速度去庫存，專有產品的有機淨銷售額在本季下降了 8.4%。高價值產品佔本季專有產品銷售額的約 71%，下降了兩位數，主要是由於我們的 Westar、Daikyo Crystal Zenith 和 FluroTec 產品的銷售額下降。

Looking at the performance of the market units, the Biologics market experienced a mid-single-digit decline, primarily driven by lower volumes of Daikyo Crystal Zenith and Westar products. The pharma market units saw a low single-digit decline, primarily due to a reduction in sales of admin systems and Westar products, while the generics market unit declined double-digits, primarily due to lower volumes of our FluroTec and Westar products. Despite these revenue declines in the quarter, we do expect revenues in the second half of 2024 to be greater than the first half. Our Contract Manufacturing segment experienced mid-single-digit net sales growth in the second quarter, led by growth in sales of components associated with injection-related devices.

從市場單位的表現來看，生物製品市場經歷了中個位數的下降，主要是由於 Daikyo Crystal Zenith 和 Westar 產品銷售下降所致。藥品市場單位出現低個位數下降，主要是由於管理系統和 Westar 產品銷售的減少，而仿製藥市場單位出現兩位數下降，主要是由於我們的 FluroTec 和 Westar 產品銷售下降。儘管本季收入有所下降，但我們預計 2024 年下半年的收入將高於上半年。在註射相關設備相關組件銷售成長的帶動下，我們的合約製造部門在第二季實現了中個位數的淨銷售額成長。

Our adjusted operating profit margin of 18% was a 650 basis point decrease from the same period last year. Finally, adjusted diluted EPS declined 28% for Q2. Excluding stock-based compensation tax benefit, EPS decreased by 28.4%. Now, let's review the drivers in both our revenue and profit performance.

調整後營業利益率為 18%，比去年同期下降了 650 個基點。最後，第二季調整後攤薄每股收益下降 28%。剔除股票補償稅優惠，每股盈餘下降 28.4%。現在，讓我們回顧一下我們的收入和利潤表現的驅動因素。

On slide 11, we show the contributions to organic sales decline in the quarter. Sales price increase has contributed $21 million or 2.8 percentage points of growth in the quarter. More than offsetting price was a negative volume and impact mix of $65.5 million, primarily due to lower sales volume caused by customer inventory management decisions in the period and a foreign currency headwind of approximately $6.1 million. Looking at margin performance, Slide 12 shows our consolidated gross profit margin of 32.8% for Q2 2024, down from 38.7% in Q2 2023.

在投影片 11 中，我們展示了本季有機銷售額下降的原因。銷售價格上漲為本季貢獻了 2,100 萬美元或 2.8 個百分點的成長。超過抵銷價格的是負銷量和 6,550 萬美元的影響組合，這主要是由於該期間客戶庫存管理決策導致銷量下降以及約 610 萬美元的外匯逆風所致。從利潤率表現來看，投影片 12 顯示我們 2024 年第二季的綜合毛利率為 32.8%，低於 2023 年第二季的 38.7%。

Proprietary products' second quarter gross profit margin of 37% was 690 basis points lower than the margin achieved in the second quarter of 2023. The key drivers for the decline in the proprietary products' gross profit margin were lower production volume due to the reduced customer demand in the period and an unfavorable mix of products sold, partially offset by increased sales prices. Contract Manufacturing second quarter gross profit margin of 16.2% was 80 basis points greater than the margin achieved in the second quarter of 2023, primarily due to increased sales prices. Now, let's look at our balance sheet and review how we've done in terms of generating cash for the business.

自營產品第二季毛利率為37%，比2023年第二季實現的毛利率低6​​90個基點。自營產品毛利率下降的主要驅動因素是期內顧客需求減少導致產量下降以及銷售產品結構不利，但部分被銷售價格上漲所抵銷。合約製造第二季的毛利率為 16.2%，比 2023 年第二季的毛利率高出 80 個基點，這主要是由於銷售價格上漲。現在，讓我們來看看我們的資產負債表，回顧一下我們在為企業創造現金方面的表現。

On slide 13, operating cash flow was $283.2 million for the six months ended June 2024, a decrease of $24.1 million compared to the same period last year, or a 7.8% decrease, primarily due to a decline in operating results, offset by favorable working capital management. Our second quarter 2024 year-to-date capital spending was $190.8 million, $33.3 million higher than the same period last year. We continue to leverage our CapEx to increase both our high-value product and our contract manufacturing capacity. Working capital of approximately $849.3 million at June 30, 2024 decreased by $415.3 million from December 31, 2023, primarily due to a reduction in our cash balance.

在幻燈片13 中，截至2024 年6 月的六個月營運現金流為2.832 億美元，比去年同期減少2,410 萬美元，下降7.8%，主要是由於營運績效下降，但被良好的營運狀況所抵消。2024 年第二季迄今的資本支出為 1.908 億美元，比去年同期增加 3,330 萬美元。我們繼續利用資本支出來增加我們的高價值產品和合約製造能力。截至2024年6月30日的營運資金約為8.493億美元，較2023年12月31日減少4.153億美元，主要是由於我們的現金餘額減少。

Our cash balance at June 30, 2024 of $446.2 million was $407.7 million lower than our December 2023 balance. The decrease in cash is primarily due to $454.1 million of share repurchases and our capital expenditures offset by cash from operations. Turning to guidance, slide 14 provides a high-level summary. We are updating our full-year 2024 net sales guidance to a range of $2.87 billion to $2.9 billion from a prior range of $3.0 billion to $3.025 billion.

截至 2024 年 6 月 30 日，我們的現金餘額為 4.462 億美元，比 2023 年 12 月的餘額減少了 4.077 億美元。現金減少主要是由於 4.541 億美元的股票回購以及我們的資本支出被營運現金抵銷。轉向指導，幻燈片 14 提供了高級摘要。我們將 2024 年全年淨銷售額指引從先前的 30 億美元至 30.25 億美元調整為 28.7 億美元至 29 億美元。

There is an estimated full-year 2024 headwind of approximately $5 million based on current foreign-exchange rates. We expect organic sales to decline approximately 1% to 2% compared to our prior guidance of 2% to 3% growth. We are updating our full-year 2024 adjusted diluted EPS guidance to be in a range of $6.35 to $6.65 compared to a prior range of $7.63 to $7.88. Also, our CapEx guidance is expected to be $375 million for the year, which is an increase from the previous guidance of $350 million.

根據目前匯率，預計 2024 年全年的阻力約為 500 萬美元。與我們先前預測的成長 2% 至 3% 相比，我們預計有機銷售額將下降約 1% 至 2%。我們將 2024 年全年調整後稀釋每股盈餘指引更新為 6.35 美元至 6.65 美元，先前的範圍為 7.63 美元至 7.88 美元。此外，我們今年的資本支出指引預計為 3.75 億美元，比先前的 3.5 億美元指引有所增加。

The increase in CapEx is driven by additional investments in growth initiatives and the timing of spend on one of our major projects. There are some key elements I want to bring your attention to as you review our guidance. Full-year 2024 adjusted diluted EPS guidance range includes an estimated FX headwind of approximately $0.03 based on current foreign currency exchange rates, which is a decrease from the prior guidance of $0.04. The updated guidance also includes EPS of $0.22 associated with first half 2024 tax benefits from stock-based compensation. Our guidance excludes future tax benefits from stock-based compensation. I would now like to turn the call back over to Eric.

資本支出的增加是由成長計畫的額外投資以及我們主要項目之一的支出時機所推動的。當您查看我們的指南時，我想提請您注意一些關鍵要素。2024 年全年調整後攤薄每股收益指引範圍包括根據當前外幣匯率估計約 0.03 美元的外匯阻力，較先前指引的 0.04 美元有所下降。更新後的指引還包括與 2024 年上半年股票薪酬稅收優惠相關的每股 0.22 美元。我們的指導不包括基於股票的薪酬的未來稅收優惠。我現在想把電話轉回給艾瑞克。

Thank you, Bernard. To summarize on slide 15, we are the market leader in injectables with an even stronger position in Biologics. We are seeing promising signs from our customers that destocking is at a turning point. We are investing significant capital in higher growth areas with expanded margins and cash-flow, and I'm confident that we'll achieve our long-term financial construct with our proven market-led strategy and future growth drivers. With great pride, we will continue to live by our purpose, and make a positive impact on patient lives. Shannon, we're ready to take questions. Thank you.

謝謝你，伯納德。總結投影片 15，我們是注射劑市場的領導者，在生物製劑領域的地位甚至更強。我們從客戶那裡看到了有希望的跡象，表明去庫存正處於轉折點。我們正在高成長領域投入大量資金，擴大利潤率和現金流，我相信我們將憑藉經過驗證的市場主導策略和未來成長動力實現長期財務結構。我們將非常自豪地繼續秉承我們的目標，為患者的生活帶來正面影響。香農，我們準備好回答問題了。謝謝。

(Operator Instructions) Paul Knight, KeyBanc Capital Markets.

（操作員說明）Paul Knight，KeyBanc 資本市場。

Hi, Eric. I have two questions. Number one, in this destocking environment, is it things related to COVID, or is it, you know, broader than that like injectable drugs, et cetera, if you could kind of give color on that. And then lastly, these new expansion specifically cited in Kinston and Grand Rapids, do they contribute to revenue here in 2024, and therefore your improved 2H?

嗨，艾瑞克。我有兩個問題。第一，在這種去庫存的環境中，它是與新冠病毒相關的東西，還是比注射藥物等更廣泛的東西，如果你能對此進行一些說明的話。最後，金斯頓和大急流城特別提到的這些新擴張，它們是否會為 2024 年這裡的收入做出貢獻，從而改善 2H？

Yeah, thank you, Paul. The activity that we are seeing is actually a combination of both. Obviously, we're still seeing a little bit of destocking in the COVID vaccines. But also during the pandemic, there was several of our customers when we are having discussions with them were increasing their safety stock levels significantly to from several months to because our lead times got a little bit longer. Now that we've installed the capacity, our service levels are at an all-time high for our customers, and we're able to respond quickly, they are now taking down those safety stock levels.

是的，謝謝你，保羅。我們所看到的活動其實是兩者的結合。顯然，我們仍然看到新冠疫苗庫存減少。但同樣在疫情期間，當我們與一些客戶討論時，他們將安全庫存水準大幅提高到幾個月，因為我們的交貨時間延長了一點。現在我們已經安裝了產能，我們為客戶提供的服務水平達到了歷史最高水平，並且我們能夠快速回應，他們現在正在降低這些安全庫存水平。

So, it is a combination of both, but it is also allowing our customers to normalize their safety stock for our products in the market. Our belief, and speaking with our customers, the end patient demand on the molecules still remains in-line as what we expected. The market shift is not occurring, is consistent, as we've been speaking for the last several years. And our win rates in new molecule approvals continues to be as good, if not in some cases, better than what we had in the past.

因此，它是兩者的結合，但它也使我們的客戶能夠規範我們產品在市場上的安全庫存。我們相信，並與我們的客戶交談，最終患者對分子的需求仍然符合我們的預期。正如我們過去幾年一直在談論的那樣，市場轉變並未發生，而是始終如一的。我們在新分子批准方面的獲勝率仍然與過去一樣好，即使在某些情況下不是這樣，也比過去更好。

So I feel really good where we are moving forward. In regards to our investments, two particular areas in Contract Manufacturing will be online in second half of this year. That's in Grand Rapids, Michigan and also in Dublin, Ireland. And then in regards to proprietary, yes, we have additional benefits coming from Kinston and other expansions in our HVP plants towards the end of this year.

所以我對我們的前進感覺非常好。關於我們的投資，合約製造的兩個特定領域將於今年下半年上線。那是在密西根州的大急流城和愛爾蘭的都柏林。然後就專有而言，是的，我們從金斯頓和今年年底 HVP 工廠的其他擴建中獲得了額外的好處。

Thank you.

謝謝。

Thanks, Paul.

謝謝，保羅。

Larry Solow, CJS Securities.

拉里·索洛，CJS 證券。

Great. Thank you, and good morning, and welcome, John to the company. I guess, Eric, just a couple of questions. It sounds like the demand environment or mid to long-term environment hasn't changed at all. I'm just curious on the destocking and inventory levels, how is your visibility on with that.

偉大的。謝謝你，早安，歡迎約翰來到公司。我想，艾瑞克，只有幾個問題。聽起來需求環境或中長期環境根本沒有改變。我只是對去庫存和庫存水準感到好奇，你們對此的可見度如何。

Are levels like back to where they were pre-COVID or maybe even lower? What gives you kind of confidence that customers aren't maybe this goes even a little bit longer than thought. We keep kind of moving that to the right a little bit. You sound pretty confident that you have a good hold on it, what kind of gives you that confidence?

水平是否回到了新冠疫情之前的水平，或者甚至更低？是什麼讓你有信心相信客戶不是這樣的，這可能比想像的要長一點。我們一直將其向右移動一點。聽起來你對自己能很好地掌握它很有信心，什麼樣的力量給了你這種信心？

Yes, Larry, there's two-fold there. One is, in the beginning of the year, after having discussions with our customers, we had an indication that the return will be a little bit sooner than we anticipate. What I mean by that is, a little more pronounced back to normalized demand curves in the second half of this year. As we progress through Q2, we started seeing the intra-quarter demand slightly less than we anticipated, and we see that persisting a little bit into Q3.

是的，拉里，有兩面。一是，今年年初，在與客戶討論後，我們有跡象表明回報會比我們預期的要早一些。我的意思是，今年下半年需求曲線會更明顯地回歸正常化。隨著第二季的進展，我們開始看到季度內的需求略低於我們的預期，我們看到這種情況會持續到第三季。

So we do see sequential improvements over the next couple of quarters, and as I mentioned, returning back to growth in Q4. And that is really our customers are gradually going back to where they were pre-COVID. So, we don't see any variations below or any variation slightly above. It's just pretty much consistent when a customer tells us what they're targeting, i.e., 12 months or nine months or 16 months. I will tell you though, every customer that we're speaking to has a different algorithm that they manage to. So, it's not universal from one customer to the next. And as we go through the different segments, whether it's generics, biologics or small-molecule pharma, they're also in different stages of this -- of the destocking.

因此，我們確實看到未來幾季的連續改善，正如我所提到的，第四季度恢復成長。事實上，我們的客戶正逐漸回到新冠疫情前的狀態。因此，我們沒有看到下面有任何變化，也沒有看到上面有任何變化。當客戶告訴我們他們的目標是什麼（即 12 個月、9 個月或 16 個月）時，結果幾乎是一致的。但我會告訴你，我們所接觸的每個客戶都有不同的演算法。因此，從一個客戶到下一個客戶，這並不是通用的。當我們研究不同的細分市場時，無論是仿製藥、生物製劑或小分子製藥，它們也處於去庫存的不同階段。

Okay. And in terms of the CapEx, obviously, a little bit of an increase I guess, to me, it certainly signals your confidence, although you mentioned a little bit of timing there. If we look out over the next few years, do you expect to still kind of spend this $350 million to $400 million in investment? Is that something that you still have a several year runway to continue?

好的。就資本支出而言，顯然，我想，對我來說，有一點增加，這肯定表明了您的信心，儘管您提到了一點時機。如果我們展望未來幾年，您是否預計仍會花費 3.5 億至 4 億美元的投資？你還有幾年的時間可以繼續做這件事嗎？

Let me start and I'll turn it over to Bernard because it's a good question, Larry. Our investments more recently have been I mean, obviously, during the COVID pandemic, it was focused on HVP, particularly around stoppers and finishing of those HVP products to be able to support the vaccine growth. We're able to pivot that as those assets as we speak right now to continue to produce other HVP products for our customers. These additional investments we've been layering in really is to really support, I would say, three specific areas.

讓我開始吧，我會把它交給伯納德，因為這是一個很好的問題，拉里。我的意思是，顯然，我們最近的投資在新冠病毒大流行期間主要集中在 HVP 上，特別是圍繞這些 HVP 產品的塞子和精加工，以便能夠支持疫苗的增長。我們能夠將其作為我們現在所說的這些資產來繼續為我們的客戶生產其他 HVP 產品。我想說，我們一直在分層進行的這些額外投資實際上是為了真正支持三個特定領域。

The continuation of the biologics growth and our participation in that area is extremely high. So, we went ahead of the curve, so these investments we've been making is really more in the finishing process. And when you go into Kinston, Jersey Shore, Eschweiler, Waterford, that's what you'll see. Secondly is, we are a significant player in the GLP, and from two angles, one on the proprietary elastomer side, which we've always had a very strong foothold and we continue to do so on all commercial drugs.

生物製品的持續成長以及我們在該領域的參與度非常高。所以，我們走在了前面，所以我們一直在做的這些投資實際上更多的是在整理過程中。當您進入金斯頓、澤西海岸、埃施韋勒、沃特福德時，您會看到這些。其次，我們是 GLP 的重要參與者，從兩個角度來看，一個是在專有彈性體方面，我們一直擁有非常牢固的立足點，並且我們將繼續在所有商業藥物上這樣做。

And frankly, there are several that are in the pipeline that are being in development by several customers and we're participating in that arena also. But also in Contract Manufacturing, where we are producing and will produce even more auto-injectors and pens, that in some cases doing some of the filling at the end of the process for our customers. That's the second area is around the GLP-1s. And the third area, which really kind of ties us to the Biologics also there's more demand in the future talking to our customers about some of these regulatory changes that we're working through with them on moving all standard material more up the HVP curve.

坦白說，有幾個客戶正在開發一些正在醞釀中的產品，我們也參與了這個領域。而且在合約製造中，我們正在生產並將生產更多的自動注射器和筆，在某些情況下，在流程結束時為我們的客戶進行一些填充。第二個區域是 GLP-1 周圍的區域。第三個領域確實將我們與生物製品聯繫在一起，未來也會有更多的需求與我們的客戶討論我們正在與他們合作的一些監管變化，以將所有標準材料進一步推向 HVP 曲線。

So, those are the three areas that we really focused our capital. Now the long-term, I want Bernard to touch on that because that's a good question. How long will those persist?

所以，這些才是我們真正關注資本的三個領域。從長遠來看，我希望伯納德談談這個問題，因為這是一個很好的問題。這些會持續多久？

Yes, Larry, just two things on that. One on the increase in CapEx for this year, really the major driver behind that is a business that we've been awarded from customers for our Dublin facility, and where they actually want us to put the capacity in place sooner than originally anticipated. So, we pulled some of that CapEx that we had earmarked for '25 into '24 to meet those requirements. When we look at the longer-term, we're really targeting about 6% to 8% of revenue.

是的，拉里，只有兩件事。關於今年資本支出的增加，真正背後的主要驅動力是客戶為我們都柏林工廠授予的一項業務，他們實際上希望我們比最初預期的更早投入產能。因此，我們將 25 年指定的部分資本支出撤至 24 年以滿足這些要求。當我們著眼長遠時，我們的目標實際上是收入的 6% 到 8% 左右。

So getting back to pre-COVID levels of CapEx for our business. And you know, but that again, if and that's based on the demand that we're seeing today, and how we're going to meet it. If that demand increases or goes beyond that, and particularly around finishing capacity is the areas where we see that could potentially happen, then we would deploy more capital, but it will be very growth-focused if that was the case, and always around or predominantly around HVP.

因此，我們業務的資本支出回到了疫情前的水平。你知道，但這又是基於我們今天看到的需求，以及我們將如何滿足它。如果需求增加或超出此範圍，特別是在我們認為可能發生這種情況的領域，特別是在精加工能力方面，那麼我們將部署更多資本，但如果是這種情況，它將非常注重成長，並且始終圍繞或主要圍繞HVP。

Got it. And the 6% to 8%, Bernard, the CapEx of revenue. Does that kind of support your sort of 7% to 9% targeted growth outlook, not this year, maybe I don't know if it begins next year, but certainly a multi-year sort of 7%, has that changed at all that 7% to 9%, or should just to rephrase it.

知道了。Bernard，收入的 6% 到 8% 是資本支出。這是否支持你的 7% 到 9% 的目標成長前景，不是今年，也許我不知道是否會從明年開始，但肯定是 7% 的多年目標，這種情況有改變嗎？或者應該重新表述一下。

No, the 6% to 8% would support that level of growth. And as we say, if we go beyond that, and then it depends on what areas and where the growth comes from, we always have the ability to go and adjust that. And, but again, the CapEx remains very growth-focused. And I think we're getting to like 60% to 70% of our CapEx budget is really growth-focused at this point and predominantly around HVP and then some, as Eric said in Contract Manufacturing but that's for very specific customers and very specific businesses.

不，6% 到 8% 將支持這一增長水平。正如我們所說，如果我們超越這一點，那麼這取決於成長來自哪些領域和何處，我們總是有能力進行調整。但同樣，資本支出仍然非常注重成長。我認為我們現在 60% 到 70% 的資本支出預算確實以增長為重點，主要圍繞 HVP，然後是一些，正如 Eric 在合約製造中所說，但這是針對非常特定的客戶和非常特定的業務。

Got it. And sitting here today, I know there's no guarantees it's hard, but do you feel comfortable that you can return to sort of that 7% to 9% growth in end '25?

知道了。今天坐在這裡，我知道這很難保證，但您對 25 年底能夠恢復 7% 到 9% 的成長感到滿意嗎？

I won't be able to pinpoint exactly which quarter over the next few quarters, but we will get back to that 7% to 9% construct. Like I said earlier, our position in the marketplace, the areas of growth that we're focused on is Biologics and across the entire portfolio, what's outsized that growth is biologics, GLP-1s and some of the work we're doing for our customers whilst moving up the HVP curve. So yes, we feel confident we will be back to that 7% to 9% construct.

我無法準確指出接下來幾季的具體情況，但我們將回到 7% 到 9% 的結構。正如我之前所說，我們在市場中的地位，我們關注的成長領域是生物製劑，在整個產品組合中，成長幅度最大的是生物製劑、GLP-1 以及我們正在為我們的產品所做的一些工作。所以，是的，我們有信心回到 7% 到 9% 的結構。

Yes. I remember, within the construct, Larry, there's three drivers in there. One is volume, the other is price, and then you've got mix-shift. So you've got three drivers supporting that construct over the long-term. And if you look back over the CAGR between 2019 and as to where we're guiding today, you know that, that's about 10% growth, right?

是的。我記得，拉里，在這個結構中，有三個驅動程式。一是數量，二是價格，然後你就可以進行混合轉換。因此，從長遠來看，三個驅動因素支持該結構。如果你回顧 2019 年的複合年增長率以及我們今天的指導方向，你就會知道，這大約是 10% 的成長，對嗎？

So, that construct is underpinned by those three drivers. And then, if you look at the areas that Eric just called out that support that thesis, particularly around the mix shift, you're looking at the change in regulatory landscape GLP or high-level of participation around biologics and then demand normalization, plus we have the infrastructure and capacity in place now to be able to respond in the required lead times by customers to be able to support that growth over the next number of years.

因此，這一結構是由這三個驅動因素所支撐的。然後，如果你看看埃里克剛剛指出的支持該論點的領域，特別是圍繞混合轉變，你會看到監管環境GLP 的變化或圍繞生物製劑的高水平參與，然後要求正常化，再加上我們現在擁有適當的基礎設施和能力，能夠在客戶要求的交貨時間內做出回應，從而能夠支持未來幾年的成長。

Got it. Great. I appreciate the color. Thank you guys.

知道了。偉大的。我很欣賞它的顏色。謝謝你們。

Thanks Bernard.

謝謝伯納德。

Justin Bowers, Deutsche Bank.

賈斯汀·鮑爾斯，德意志銀行。

Hi, Justin.

嗨，賈斯汀。

Hi, good morning and thank you. So, just a couple of questions. How is the coverage ratio shaping up? And how has that changed throughout the year? And then, the other question would be, just in terms of the destocking, I think earlier in the year, you mentioned that it was skewing heavier towards standard components versus like HVPs. I'm just curious if that's still what you're seeing.

你好，早安，謝謝你。所以，只有幾個問題。覆蓋率如何？這一年來情況有何改變？然後，另一個問題是，就去庫存而言，我想今年早些時候，您提到與 HVP 等產品相比，它更傾向於標準組件。我只是好奇這是否仍然是你所看到的。

I'll take the second part and then I'll hand that --.

我會接受第二部分，然後我會把它交給你--.

I'll take the coverage ratio.

我會計算覆蓋率。

Eric, will take the coverage.

埃里克將負責報道。

Yes, absolutely. So Justin, so, thanks for the questions. The coverage ratio is getting stronger. So there's two aspects we look at is firm, confirmed orders scheduled out and we're seeing that increase nicely, not just on a percent ratio perspective, but on absolute dollar for both Q4 of this year and also going into the early part of 2025. So that's one aspect. And therefore, as that kind of increases the intra-quarter demand profile is actually is less of a factor in the growth of the business.

是的，絕對是。賈斯汀，謝謝你的提問。覆蓋率越來越強。因此，我們關注兩個方面，即確定的已安排訂單，我們看到訂單增長良好，不僅從百分比角度來看，而且從今年第四季度以及進入 2025 年初的絕對美元來看。這是一方面。因此，隨著這種成長，季度內需求狀況實際上不再是業務成長的因素。

And so, we're seeing that come back a little bit slower than we originally anticipated in the middle part of this year as we were articulating back in February, I believe. And so, that's why hence why we changed the guidance. But when we look out to Q4 and into 2025, we're seeing very strong indication with confirmed orders, and our discussions where customers are lining up exactly to that conclusion when we look at their destocking programs and when they feel they'll be at a level that they feel is acceptable. So, it's lining up nice. You want to touch on the destocking?

因此，我相信，我們看到今年中期的恢復速度比我們最初預期的要慢一些，正如我們在二月所闡述的那樣。因此，這就是我們改變指南的原因。但是，當我們展望第四季度和2025 年時，我們看到已確認訂單的非常強烈的跡象，以及我們的討論，當我們查看他們的去庫存計劃以及當他們認為自己將達到這一目標時，客戶正在排隊準確地得出這個結論。所以說，排列得很好。您想談談去庫存嗎？

Yes. So on the destocking, Justin, when we look at that, we have been seeing that in our Biologics segment and in Generics, that's where we saw the biggest impacts here in the second quarter. And you know that's really where as we were going through COVID, that's where we saw the most pressure also around lead times where customers really had to manage their supply chains. And that's where we believe the safety stock built over time. So that's why we are seeing destocking in those areas right now, to a larger extent versus comparing this to our other market units.

是的。因此，賈斯汀，在去庫存方面，當我們看到這一點時，我們發現在我們的生物製品部門和仿製藥領域，這是我們在第二季度看到的最大影響的地方。你知道，當我們經歷新冠疫情時，我們在交貨時間方面看到了最大的壓力，而客戶確實必須管理他們的供應鏈。這就是我們相信隨著時間的推移而建立的安全庫存。因此，這就是為什麼我們現在看到這些地區的庫存減少，與我們其他市場單位相比，減少的程度更大。

And you can see that play through then on the impact on our gross margin and operating margin is that that's impacting our mix. So we're having, one, volume impact because of that, but we're also having a mix impact. And I think what we saw in COVID and what we would see when we return to normalized growth rates and in seeing that gross margin and operating margin expand in line with our long-term constructs and potentially beyond that. So that's, I think that's when we look at it, we're looking at it from a revenue perspective, but also looking at an impact on margin, and saying how do we get back to the margins that we're used to delivering on? And when we see those biologics and generic market start to normalize, we'll see the revenue rebound and also from a margin perspective, we'd see that also.

您可以看到，對我們毛利率和營業利潤率的影響正在影響我們的組合。因此，一方面，我們對數量產生了影響，但我們也產生了混合影響。我認為我們在新冠疫情中看到了什麼，以及當我們恢復正常成長率時我們會看到什麼，以及毛利率和營業利潤率的成長符合我們的長期結構，甚至可能超出這一水平。所以，我認為當我們看待這個問題時，我們會從收入的角度來看待它，但也會考慮對利潤率的影響，並說我們如何才能恢復到我們習慣的利潤率？當我們看到這些生物製品和仿製藥市場開始正常化時，我們將看到收入反彈，從利潤率的角度來看，我們也會看到這一點。

Understood. And then maybe just one quick follow-up in terms of your improved throughput. Do you have a sense from your conversation with customers, are they now trying to manage inventory levels in line with your lead times just trying to get a sense of change in ordering patterns and where that might normalize?

明白了。然後也許只是就吞吐量的提高進行快速跟進。您是否從與客戶的對話中感覺到，他們現在是否試圖根據您的交貨時間來管理庫存水平，只是想了解訂購模式的變化以及可能在哪些方面正常化？

Yes, Justin, exactly that's the point. We're unfortunately during the pandemic due to the demand that was put on our business, our lead times did go up to anywhere between 30 weeks to 50 weeks. And with the consistency now in the last several quarters of, call it, 8 to 12 weeks, sometimes earlier, sometimes a little bit longer depending on the processing, our customers are realigning their reordering patterns based on those lead times. And we're seeing that clearly.

是的，賈斯汀，這就是重點。不幸的是，由於我們業務的需求，我們正處於大流行期間，我們的交貨時間確實增加到了 30 週到 50 週之間。由於過去幾個季度的一致性，即 8 到 12 週，有時更早，有時更長一點，具體取決於處理過程，我們的客戶正在根據這些交貨時間重新調整他們的重新訂購模式。我們清楚地看到了這一點。

So, as they built inventories during the longer lead time periods and during the supply chain constraints during the pandemic, and across the whole industry, we're seeing that also coming down, but also the realigning. So what you'll see a pattern of more frequency instead of one large bolus is more paced throughout the next three or four quarters, which by the way is also very effective for our operations. So it aligns real well with where we want to be long-term.

因此，當他們在較長的交貨時間段和大流行期間的供應鏈限制期間建立庫存時，我們看到整個行業的庫存也在下降，而且也在重新調整。因此，在接下來的三到四個季度中，您將看到一種更頻繁而不是大量推注的模式，節奏更快，順便說一下，這對我們的運營也非常有效。因此，它與我們的長期目標非常吻合。

Got it. Appreciate the questions.

知道了。感謝您提出的問題。

Thank you, Justin.

謝謝你，賈斯汀。

Avantika Dhabaria, Bank of America.

阿凡提卡‧達巴利亞 (Avantika Dhabaria)，美國銀行。

Hi this is Mike Ryskin from BoA. Just want to go back and just touch on the destock one more time because that's where we're getting the most debate. I mean, I appreciate all your comments about coverage ratio and conversations with your customers, but you also had similar comments after 4Q and 1Q earlier this year. So, it just seems like the situation does evolve and the conversations with customers do evolve, as well as to the guide for 3Q and 4Q, it seems like there's a little bit of a step up implied in 3Q and a pretty sizable step up in 4Q just to get to the fiscal year numbers.

大家好，我是 BoA 的 Mike Ryskin。只是想回去再次討論一下去庫存問題，因為這是我們爭論最多的地方。我的意思是，我感謝您對覆蓋率以及與客戶的對話的所有評論，但您在今年早些時候的第四季度和第一季之後也發表了類似的評論。因此，情況似乎確實在發展，與客戶的對話也確實在發展，以及第三季和第四季的指南，似乎第三季隱含了一點進步，而第三季則隱含了相當大的進步。

So, why not take an even more conservative guide at this point in the cycle? I mean, it just seems like there's still some risk that the destock could evolve one more time. So, just would love to get your thoughts on that as you progress through the year. And then, tied to that, I'll throw in my second question right away. It has to do with the margins and the EPS outlook.

那麼，為什麼不在周期的這個階段採取更保守的指導呢？我的意思是，似乎仍然存在再次去庫存的風險。因此，我很想了解您在這一年中取得的進展對此的想法。然後，與此相關，我將立即提出第二個問題。它與利潤率和每股收益前景有關。

Is there any incremental cost cuts that are assumed in 3Q or 4Q to get to the EPS number? Obviously, volume de-leverage has a big impact on gross margins, but just wondering what's implied there as you go through the year. Thanks.

是否有任何增量成本削減，假設在第三季或第四季達到每股盈餘數字？顯然，成交量去槓桿化對毛利率有很大影響，但只是想知道這一年中意味著什麼。謝謝。

Yes. So, what we are seeing is that, for Q3, we don't see any major step up continue in the way we've been going. Some sequential improvement, as Eric mentioned, and then a step up into Q4. And that step up in Q4 is really driven by the customer segments within biologics and a reasonable improvement in generics. But the main driver is around the biologics market, and that's what we're seeing, and that's the information we're getting from our customers and that informs the basis of our guide at this point.

是的。因此，我們看到的是，在第三季度，我們沒有看到任何重大進展繼續按照我們一直在進行的方式進行。正如艾瑞克所提到的，一些連續的改進，然後進入第四季。第四季度的這一進步實際上是由生物製劑領域的客戶群和仿製藥的合理改進所推動的。但主要驅動力是生物製劑市場，這就是我們所看到的，這就是我們從客戶那裡獲得的訊息，這為我們目前的指南奠定了基礎。

And as Eric said, then there are metrics around that which are giving us confidence that, that will actually materialize. And then on the EPS, we have been managing our cost base pretty tightly, as you know, we're very operationally focused, and we've been managing the variable costs across our plants. As we have been going through 2024, one thing that we have to be cognizant of with cost management is that when we're expecting to get back to growth, we need to make sure that we have the right resources and capabilities in place to be able to support that growth so we don't derail it. So we're managing that pretty tightly.

正如埃里克所說，圍繞這一點的一些指標讓我們相信，這將真正實現。然後在每股收益方面，我們一直非常嚴格地管理我們的成本基礎，如您所知，我們非常注重運營，並且我們一直在管理整個工廠的可變成本。隨著 2024 年的到來，我們在成本管理方面必須認識到的一件事是，當我們期望恢復成長時，我們需要確保我們擁有適當的資源和能力來實現能夠支持這種成長，這樣我們就不會會破壞它。所以我們對此進行了非常嚴格的管理。

Other than that, we're not making any significant cost cuts, but I would say we're using appropriate cost management to manage through the de-stocking period, although it has extended a little bit longer than we originally anticipated. But also, we have to be prepared for returning to growth to make sure that we're able to support our customers with that. Hopefully that helps.

除此之外，我們沒有進行任何重大成本削減，但我想說，我們正在使用適當的成本管理來管理去庫存期，儘管它比我們最初預期的時間延長了一點。而且，我們必須為恢復成長做好準備，以確保我們能夠為客戶提供支援。希望有幫助。

Matt Larew, William Blair & Company.

馬特·拉魯，威廉·布萊爾公司。

Hi, good morning. I just want to go back again to what exactly happened in your quarter from a de-stocking perspective. If I go back to the initial outlook from the Q4 call where you had incorporated about 200 basis points to 300 basis points of the cut from the Q3 call last fall from de-stocking, but mentioned that 75% of de-stocking was from six customers. Obviously, the first quarter results themselves actually were positive relative to the outlook you'd provided and you maintained the guide for the year.

嗨，早安。我只想從去庫存的角度再次回顧一下你們這個季度到底發生了什麼事。如果我回到第四季電話會議的最初展望，去年秋天第三季電話會議的去庫存量削減了約 200 個基點到 300 個基點，但提到 75% 的去庫存來自 6 個基點。顯然，第一季的業績本身實際上相對於您提供的前景是積極的，並且您維持了今年的指導。

So, now having 400 basis points, 500 basis points come out of the organic guide with about four months, five months left in the year is the magnitude is pretty large. Going back to conversations specifically with that group of big customers, was it something that historically if you use the term broadened and worsened, did things broaden and worsen further? Was there one or two pockets of customers or product categories? Just trying to understand what happened from mid-April to the end of June in terms of the big change here.

因此，現在有 400 個基點，500 個基點來自有機指導，距離今年還剩約四個月、五個月，幅度相當大。回到與那群大客戶的對話，從歷史上看，如果你使用「擴大和惡化」這個詞，事情是否會進一步擴大和惡化？是否有一、兩個客戶或產品類別？只是想了解從四月中旬到六月底這裡發生了什麼巨大的變化。

Yes, Matt, I'll start off and then, if Eric, if you want to add. What we did see as we were progressing through Q2 and the level of intra-quarter orders that we would have anticipated to materialize in that period of time, it wasn't at the rate that we would have expected it to be. And then, there was some timing with customers moving some orders out late in the quarter would has impacted us. As we've looked at the balance of the year, and as we've rolled through the end of June and practically through July, what we're seeing in Q3 is that orders that we would have anticipated materializing for the period and even some for Q4, they just weren't coming through.

是的，馬特，我會開始，然後，如果艾瑞克，如果你想補充的話。當我們在第二季度取得進展時，我們確實看到了我們預期在該時期內實現的季度內訂單水平，但它並沒有達到我們預期的速度。然後，客戶在本季末移出一些訂單的時機會對我們產生影響。當我們查看今年的餘額時，當我們滾動到 6 月底和幾乎整個 7 月時，我們在第三季度看到的是，我們預計在此期間實現的訂單甚至是一些訂單對於第四季度，他們只是沒有成功。

And when we assessed what was happening there, it's still really related to levels of de-stocking. So it's gone longer than we would have originally anticipated. And that is essentially the main driver. And what when we had looked at it originally, our coverage rate for Q3 and Q4 was pretty much in line with or a little bit ahead of pre-COVID levels. But what hasn't happened then is filling in between the actual orders confirmed and the forecast that we had, that hasn't accelerated in the way that we would have anticipated that, that would take place.

當我們評估那裡發生的情況時，它仍然與去庫存水準確實相關。所以它比我們最初預期的時間還要長。這本質上是主要驅動力。當我們最初查看時，我們第三季和第四季的覆蓋率與新冠疫情爆發前的水平基本一致或略超前。但當時沒有發生的事情是在實際確認的訂單和我們的預測之間進行填充，這並沒有像我們預期的那樣加速。

And so when we did the assessments, we felt that we have to be transparent and do the right thing and take the guide down, and do it with the right level where we don't want to be in the position where we're cutting and cutting and cutting. So hence the reason why the drop in the guide is pretty significant. It's not something we want to do, but it's reality that we're dealing with today. I think the good thing and the positive for us is that it's actually returning to growth in Q4. So, it's really pushed it out a quarter. And again, Q4 isn't as strong as we would have originally anticipated. So we've taken that down as well.

因此，當我們進行評估時，我們認為我們必須保持透明，做正確的事情，並取消指南，並以正確的水平進行，我們不想處於我們正在削減的位置以及切割和切割。因此，指南中的下降非常顯著。這不是我們想要做的事情，但這就是我們今天面臨的現實。我認為對我們來說好的和積極的事情是它實際上在第四季度恢復了成長。所以，它確實推遲了四分之一。同樣，第四季的表現並不像我們最初預期的那麼強勁。所以我們也把它拿下來了。

And I'll just add to this. Thanks Bernard. So it became more of a gradual recovery, I believe, in what we're seeing versus a more pronounced Q3 recovery. And that's actually one of the drivers of why, based on the customer conversations, it's a still similar group of customers across multiple segments. Yes, there's some of the larger ones we highlighted earlier in the year that they're actually going through the process and then getting closer to the end of that process.

我將對此進行補充。謝謝伯納德。因此，我認為，與第三季更明顯的復甦相比，我們所看到的情況更像是逐步復甦。這實際上是為什麼根據客戶對話，跨多個細分市場的客戶群仍然相似的原因之一。是的，我們在今年早些時候強調了一些較大的項目，它們實際上正在經歷這個過程，然後越來越接近過程的結束。

But as we look through with these discussions, we look at where they are in their process, where we are with our able to produce products in a very short period of lead times, we are confident moving back to a long-term construct. And that will, it's going to take a little more time than we anticipated, but as it indicated in the guidance that we gave, we're getting closer to that in Q4. And we believe that will carry on going forward. So yes, Matt, that's a very clear statement we made earlier this year about being more acute, but it's taking a little bit longer to work out than we anticipated in the industry.

但當我們仔細研究這些討論時，我們會看到它們在流程中的位置，我們能夠在很短的交貨時間內生產產品，我們有信心回到長期構建。這將比我們預期的花費更多的時間，但正如我們提供的指導中所表明的那樣，我們將在第四季度接近這一目標。我們相信這種情況將會持續下去。所以，是的，馬特，這是我們今年早些時候做出的關於更加敏銳的非常明確的聲明，但它需要比我們在行業中預期的更長的時間才能解決。

Okay, understood. And I think having observed this in the bioprocessing industry over the last 18 months, fully appreciate that it's challenging to understand customers' pace of inventory work down. And at times, maybe there is competing incentives in terms of them wanting you to have capacity available for demand that they may or may not give you in the next quarter or two. So, in light of that, you referenced now understanding that customers are managing to, you're now more normalized to reduce lead times.

好的，明白了。我認為，透過過去 18 個月在生物加工產業觀察到的情況，我充分意識到了解客戶庫存工作下降速度是一項挑戰。有時，他們可能會存在競爭性激勵，希望您擁有可滿足需求的容量，而他們在下一兩個季度可能會或可能不會提供給您。因此，有鑑於此，您提到現在了解客戶正在設法，您現在更加標準化以縮短交貨時間。

As part of those conversations, do you feel like you have a better understanding of how much inventory is sitting out there? And when you kind of combine those two observations, does that give you conviction specifically, not in the back half of the year, but specifically in the third quarter? And how did you incorporate perhaps the, better understanding of where customers are at into the way you're just thinking about this back half guide?

作為這些對話的一部分，您是否覺得自己對庫存量有了更好的了解？當你將這兩個觀察結果結合起來時，這是否會為你帶來具體的信念，不是在下半年，而是在第三季？您是如何將對客戶所在位置的更好理解融入您思考本後半部分指南的方式中？

Yes, Matt, the clarity of more recent conversations than the beginning of the year gives us that conviction of where we're going in the near term. And moving up to, when I talk about the mid to long term, getting back to that growth algorithm we've been accustomed to and we expect based on our market position and what we see ahead of us. But yes, the clarity of where they want to land with the safety stock and the confidence they have in our ability to deliver and meet those service levels that we expect and our customers expect, and we're able to do that today with the capacity we have online.

是的，馬特，最近的對話比年初更加清晰，這讓我們對近期的發展方向充滿信心。當我談論中長期時，回到我們已經習慣的成長演算法，我們根據我們的市場地位和我們所看到的未來​​進行預期。但是，是的，他們希望安全庫存的目標明確，並且他們對我們提供和滿足我們期望和客戶期望的服務水平的能力充滿信心，而我們今天能夠憑藉能力做到這一點我們有在線。

And that's the reason why we continue to fuel the capital so that as the growth continues to occur in 2025 and beyond, is that we're well-positioned versus getting behind the curve, which would happen during the pandemic. So, we have much more visibility today and better clarity. And we're firm on making sure that we are going to be delivering what we said we're going to deliver.

這就是為什麼我們繼續注入資本，以便隨著 2025 年及以後的成長繼續發生，我們處於有利地位，而不是落後於疫情期間發生的情況。因此，我們今天擁有更多的可見性和更好的清晰度。我們堅定地確保我們將實現我們所說的承諾。

Okay. Understood. Thank you.

好的。明白了。謝謝。

Thank you, Matt.

謝謝你，馬特。

Jacob Johnson, Stephens.

雅各約翰遜、史蒂芬斯。

Hi, thanks. Good morning. Maybe just to go back to the EPS guidance, you're pointing to kind of down 1% to 2% organic growth this year. And I think it would seem to apply probably like 300 bps to 400 bps of operating margin contraction, which is kind of greater decremental margins than the long-term algo would suggest. Can you just flesh that out a bit more, some of that capacity additions, et cetera?

你好，謝謝。早安.也許只是回到每股收益指導，你指出今年的有機成長會下降 1% 到 2%。我認為這似乎適用於營業利潤率收縮 300 個基點到 400 個基點，這比長期演算法所建議的利潤率下降幅度更大。能否再充實一點，增加一些容量等等？

And then, I think I heard Bernard mention earlier, perhaps as revenues recover, maybe we could see something better than 100 bps of margin expansion. Can you just talk about the incremental margins as we return to growth in 4Q and beyond?

然後，我想我之前聽到伯納德提到，也許隨著收入的恢復，也許我們可以看到比 100 個基點的利潤率擴張更好的東西。您能談談我們在第四季及以後恢復成長時的增量利潤嗎？

Yes. So, the major impacts on margin that we've seen here in Q2 is really driven by volume and then mix. And for a high volume manufacturing operation, any decrease in volume like that is going to have a significant impact. And where we're seeing it, Jacob, is really in HVP. So, the drop is in biologics and generics. And so, we're getting this kind of outsized impact on margin, where if you look back at take the COVID years when we were getting a large amount of expansion in HVP and growth in that area, we were getting outsized margin expansion, well beyond our 100 basis points.

是的。因此，我們在第二季度看到的對利潤率的主要影響實際上是由銷售和混合所驅動的。對於大批量製造業務來說，任何類似的產量減少都會產生重大影響。我們所看到的，Jacob，確實處於 HVP 狀態。因此，下降的是生物製劑和仿製藥。因此，我們對利潤率產生了巨大的影響，如果你回顧一下新冠疫情期間的情況，當時我們在 HVP 和該領域進行了大量擴張，我們的利潤率也得到了巨大的擴張，嗯超出我們的100個基點。

So, essentially what we're seeing now is the reverse of that. So, when things normalize and we start to see growth again and getting back into our long-term construct, that volume growth will be driven within HVP. And then also that aligns with the mixed shift as well improving where our HVP was in the kind of mid-70s as a percent of proprietary revenues. And today, we're saying it's about 71%.

所以，我們現在看到的基本上是相反的。因此，當事情恢復正常並且我們開始再次看到成長並回到我們的長期結構時，銷售成長將由 HVP 內部驅動。這也與混合轉變一致，並改善了我們的 HVP 在 70 年代中期佔專有收入的百分比。今天，我們說這個比例約為 71%。

And that's the type of impact it has on our business. So, when we're returning to growth, we would expect to see that margin recover pretty much, pretty quickly and in line with that growth, particularly around biologics and the generic space.

這就是它對我們業務的影響。因此，當我們恢復成長時，我們預計利潤率會恢復得相當快，並且與成長保持一致，特別是在生物製劑和仿製藥領域。

Thanks for that, Bernard. Sorry.

謝謝你，伯納德。對不起。

It's all in gross margin. The OpEx was pretty tight.

一切都在毛利率中。營運支出非常緊張。

Got it. Makes sense. And then maybe just on the stopper vial side of things, you guys referenced the capacity you brought on during COVID and repositioning that now for non-COVID applications. Can you, one, talk about the timeline for kind of transitioning that capacity to non-COVID demand? And I guess, two, the other concern I think a peer of yours referenced the other day is that you weren't the only one who brought on capacity during COVID and lead times are shorter and they suggested that customers are going below pre-pandemic inventory levels. And I think investors may be worried that this could be structural for some time. Can you just talk about that dynamic as well? Thanks.

知道了。有道理。然後也許只是在塞子瓶方面，你們參考了在新冠肺炎期間帶來的容量，並現在將其重新定位用於非新冠應用。您能談談將該產能轉化為非新冠需求的時間表嗎？我想，第二，我認為你的一位同行前幾天提到的另一個問題是，你並不是唯一一個在新冠疫情期間增加產能的人，而且交貨時間更短，他們建議客戶的數量低於大流行前的水平庫存水準。我認為投資者可能擔心這可能會在一段時間內成為結構性的。能也談談這種動態嗎？謝謝。

Jacob, I'll take that. So, first of all, on repurposing the assets, that's done. So, we're able to leverage not just for like NovaPure stoppers, but also use the processing for plungers as an example or other types of SKUs in the HVP portfolio. So, the team has done a great job to get those assets ready to go and they're ready to go. And so, as demand comes in, we're ready to respond accordingly. In regards to what our customers are telling us in regards to where they want to stay with their safety stock, because of where we are in the supply chain, and if you think about the economics of our product as a percentage of the drug molecule, we don't see that going any further down below pre-pandemic levels.

雅各布，我會接受的。因此，首先，在重新利用資產時，這一切就完成了。因此，我們不僅能夠利用 NovaPure 塞子等產品，還能夠使用柱塞的加工作為範例或 HVP 產品組合中其他類型的 SKU。因此，團隊在讓這些資產準備就緒方面做得非常出色，並且已經準備好了。因此，隨著需求的出現，我們準備好做出相應的反應。關於我們的客戶告訴我們的關於他們希望將安全庫存保留在哪裡的信息，因為我們在供應鏈中的位置，並且如果您將我們產品的經濟性視為藥物分子的百分比，我們認為這種情況不會進一步低於大流行前的水平。

So, we believe, for us, I can't speak for others, but for us, with our customers, for the types of products we provide, the lead times that we can provide, and the number of SKUs we provide our customers, we believe based on the conversations, we'll be back to pre-pandemic levels.

所以，我們相信，對我們來說，我不能代表別人說話，但是對於我們來說，對於我們的客戶來說，對於我們提供的產品類型，我們可以提供的交貨時間，以及我們為客戶提供的SKU數量，我們相信，根據對話，我們將回到大流行前的水平。

Got it. Thanks for that, Eric. I'll leave it there.

知道了。謝謝你，埃里克。我會把它留在那裡。

Thank you.

謝謝。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you. I have another question on visibility. Can you discuss the breadth of your visibility? And I ask because I'm wondering if we're in a situation where you have close contact and visibility with those large customers, but rather it's the long tail of smaller customers that are driving the downside surprise.

謝謝。我還有一個關於可見性的問題。您能討論一下您的知名度嗎？我問這個問題是因為我想知道我們是否處於這樣的情況：您與這些大客戶有密切的聯繫和知名度，但更確切地說，是小客戶的長尾導致了下行意外。

So, Dan, thanks for the question, but the more variability has been with the larger customers. And the smaller customers, although obviously we're very focused on that because that's really being the pipeline when you think about new developments, and the volumes there are less, and the frequency of orders are probably a bit higher. The predictability of which quarter lands in is lower, but the order of magnitude on the stocking impact is less.

所以，丹，謝謝你的提問，但更大的客戶帶來更大的變化。還有較小的客戶，儘管顯然我們非常關注這一點，因為當你考慮新開發時，這確實是管道，而且數量較少，訂單頻率可能會更高一些。哪個季度的可預測性較低，但對庫存影響的數量級較小。

So, I'm not sure if that helps, but obviously a very important part of our portfolio are the small, smaller biotech pharma companies when you think about their innovation pipeline and how that feeds into the whole ecosystem of the injectable medicine space. But the impact that has on our fluctuation on the revenues is not as great. I don't know if that helps, Dan.

所以，我不確定這是否有幫助，但顯然我們投資組合中非常重要的一部分是小型生物技術製藥公司，當你考慮他們的創新管道以及它們如何融入註射藥物領域的整個生態系統時。但對我們收入波動的影響並沒有那麼大。我不知道這是否有幫助，丹。

That's great. Thanks for that clarification, Eric. And a quick follow-up. You mentioned that the new capacity in Dublin opens in the third quarter. How important is Dublin to the fourth quarter revenue ramp?

那太棒了。感謝您的澄清，埃里克。並快速跟進。您提到都柏林的新產能將於第三季投入使用。都柏林對於第四季營收成長有多重要？

Not really. I mean, the team is going to work really hard to have -- to get that capacity up and running in full utilization. But the reality is it takes us a few quarters to ramp any new site of that magnitude up to full capacity. So, I would suggest that's not a major driver to why we're calling -- giving the guidance the way we are for Q4.

並不真地。我的意思是，團隊將非常努力地工作，以充分利用該能力並使其運作。但現實情況是，我們需要幾個季度的時間才能使任何如此規模的新站點達到滿載。因此，我認為這並不是我們打電話的主要驅動因素——按照我們第四季的方式提供指導。

Got it. Thanks a bunch.

知道了。非常感謝。

Yes. Thank you. Thanks, Dan.

是的。謝謝。謝謝，丹。

David Windley, Jefferies.

大衛溫德利，傑弗里斯。

Hi. Good morning. Thanks for taking my questions. I'm going to try to ask a few in a different way. Eric, in June when we were together, you talked about 50% or maybe a little less of your revenue comes from large customers where your visibility is higher, I thought you said, because of the high volume that you do with them, the connectivity that you have with them, and then the smaller customers are much more volatile, and you kind of, to Dan's question there, commented on that.

你好。早安.感謝您回答我的問題。我將嘗試以不同的方式詢問一些人。艾瑞克，六月我們在一起的時候，你談到你的收入有50% 或可能少一點來自大客戶，你的知名度更高，我想你說過，因為你與他們合作的量很大，連接性也很好 你與他們的關係，然後較小的客戶更加不穩定，對於丹的問題，你對此發表了評論。

I thought you said that your visibility or your forecasting accuracy around those large customers was really accurate over time, but you also then just said that those are actually the source of the destock. And so, I wanted to make sure I understood kind of the historical accuracy and tie in with those large customers, but seemingly a disconnect on that right now. Is that the right way to think about it?

我以為你說過隨著時間的推移，你對這些大客戶的可見性或預測準確性確實準確，但你也只是說這些實際上是去庫存的根源。因此，我想確保我了解歷史的準確性並與那些大客戶聯繫起來，但現在似乎與此脫節。這是正確的思考方式嗎？

No. What I would say is that, and so, David, thanks for the question, but I would say is that the larger customers have larger variability. When they do, we'll have a discussion about a forecast, and then they would, when we get to the point of actually firming up as a firm order, there is some movement that is occurring. And since it doesn't take many of them to have a meaningful impact compared to the smaller account. It is true on a smaller account, and maybe I should have been clearer.

不。我想說的是，大衛，謝謝你提出這個問題，但我想說的是，更大的客戶有更大的可變性。當他們這樣做時，我們將討論預測，然後當我們真正確定訂單時，就會發生一些變化。而且與較小的帳戶相比，不需要太多的帳戶就能產生有意義的影響。對於較小的帳戶來說確實如此，也許我應該更清楚。

When we look at degree of accuracy, we're looking at quarter versus quarter prior year. And therefore, in the smaller accounts, that's less predictable on which exactly month, quarter it will land. We have a high repeat business model, and we mentioned this before, that majority of our revenues, it's almost annuity-like, every year, there's a repeat, and then the variable would be drug demand up or down, and then that's the throttle. But in this particular case, when we talk about the degree of accuracy, the smaller accounts from a quarter versus prior quarter is a little more harder to predict. But from a impact to the revenues, the larger accounts are the ones that have a more meaningful impact on the dollar value perspective from one quarter to the next.

當我們考慮準確度時，我們會考慮季度與去年同期的比較。因此，在較小的帳戶中，很難預測它會在哪個月份、哪個季度落地。我們有一個高重複的商業模式，我們之前提到過，我們的大部分收入幾乎就像年金一樣，每年都會有重複，然後變數將是毒品需求的上升或下降，然後這就是節流閥。但在這種特殊情況下，當我們談論準確性時，與上一季相比，季度較小的帳戶更難預測。但從對收入的影響來看，較大的帳戶對從一個季度到下一個季度的美元價值角度產生更有意義的影響。

Got it. Okay. And then in terms of the improving confidence, I guess I'd like to key on, on Bernard's answer about kind of the cuts to this year and order patterns. You know, earlier in the year, your coverage was encouraging relative to pre-COVID levels, but then the fill-in on top of that not coming as you expected. Can you give us some sense of what is the normal level of coverage versus the amount of go-get? Like, how much go-get do you have for the second half of the year, in absolute or relative that gives you the confidence that you can get to the levels that you're now setting?

知道了。好的。然後就信心的提高而言，我想我想重點討論伯納德關於今年削減和訂單模式的答案。您知道，今年早些時候，您的覆蓋範圍相對於新冠疫情之前的水平而言令人鼓舞，但隨後的補充卻沒有按您的預期進行。您能否讓我們了解正常的覆蓋水平與積極程度是多少？例如，下半年你有多少積極性，無論是絕對的還是相對的，這讓你有信心達到你現在設定的水平？

Yes. The exact number, we're not going to give out for like pretty obvious reasons, but it's our coverage rates and the go-get that we would have to do now on this new guidance is, I would say, we're more confident around that and delivering it and being able to get it. That go-get is based on conversation with customers, understanding their order patterns and changing order patterns and factoring all of that in, and then understanding what their forecasts are, so, that's what's given us the confidence. So, the size of what we have to go-get isn't as large from a dollar perspective. And, as I said, when we talked about it earlier in the year, we had a level of confidence around it and anticipate a certain conversion rate.

是的。出於非常明顯的原因，我們不會透露確切的數字，但這是我們的覆蓋率，我想說的是，我們現在根據這個新指南必須要做的事情是，我們更有信心圍繞這一點並交付它並能夠獲得它。這種行動是基於與客戶的對話，了解他們的訂單模式和不斷變化的訂單模式，並將所有這些因素考慮在內，然後了解他們的預測是什麼，所以，這給了我們信心。因此，從美元的角度來看，我們必須得到的東西的規模並沒有那麼大。而且，正如我所說，當我們今年早些時候討論這個問題時，我們對此有一定的信心，並預計會有一定的轉換率。

Obviously, that hasn't materialized in the way we would have anticipated. So, we have adjusted our guidance to reflect that and give us confidence about being able to deliver on the numbers now that we're guiding to.

顯然，這並沒有按照我們預期的方式實現。因此，我們調整了我們的指導意見以反映這一點，並讓我們有信心實現我們現在指導的數字。

Got it. And Bernard, to your point, management did say similar things about, when those six customers kind of arose and kind of shockingly were not going to be ordering as much earlier in the year and the guidance was 2% to 3% instead of, the 7% to 9% construct. So, you had those conversations earlier in the year and, we're talking about having them again here in the middle of the year. I guess I'd also invoke, you mentioned that, you go back to pre-COVID levels and look at the growth rate. We've done the same. You said 10, it looks like it's even a little above 10.

知道了。伯納德，就你的觀點而言，管理層確實說過類似的話，當這六位客戶出現時，令人震驚的是，他們不會在今年早些時候訂購那麼多，指導是2% 到3%，而不是， 7% 至 9% 建構。所以，你們在今年早些時候進行了這些對話，我們正在討論在今年年中再次進行這些對話。我想我也會提到，你提到過，你回到新冠疫情之前的水平，看看成長率。我們也做了同樣的事情。你說10，看起來還比10多一點。

I guess using that construct, if we were to use the midpoint of the LRP, the 8% of your long-range targets, that would imply a revenue level that's still a couple of hundred million dollars below where you're guiding today, or said differently that next year would be a flat year to grow into an 8% growth rate from 2019. How do we get confidence that there are factors that, you know, that bias to the upside what that growth should be or conversely that there's not still a couple of hundred million dollars of overbuying in your customers' inventory levels that they still need to work through before you get to that multi-year growth support level?

我想使用這種結構，如果我們使用 LRP 的中點，即您的長期目標的 8%，這將意味著收入水平仍比您今天指導的水平低幾億美元，或者不同的是，明年將是平穩的一年，成長率將從2019 年成長到8%。我們如何確信，存在一些因素，這些因素會偏向增長應有的水平，或者相反，客戶的庫存水平中仍然沒有幾億美元的超額購買，他們仍然需要繼續工作在達到多年增長支持水平之前？

Yes, David, I'll start with this one here. One of the biggest drivers in the last five years' CAGR taking out COVID was the biologic growth. If you recall back five, six years ago, our participation rate was high, but the percentage of sales of biologics was sub-20%. And I don't have the exact number, pardon me, but it was about 20% of our overall business, if I recall.

是的，大衛，我將從這裡開始。過去五年消除新冠病毒複合年增長率的最大驅動力之一是生物製劑的成長。如果你記得五、六年前，我們的參與率很高，但生物製劑的銷售比例不到20%。抱歉，我沒有確切的數字，但如果我沒記錯的話，這大約占我們整體業務的 20%。

And as the years progressed over those five years, the number of approvals, the number of biologics that really accelerated the market, and there's a few that we still see continue to outpace the demands that we forecasted with our customers, which is a positive. Now, the base of that business is much larger. I believe we were roughly around 40%. So, two times it as a percentage of the whole company and the whole company has grown or doubled in size.

隨著這五年的進展，批准的數量、真正加速市場發展的生物製劑的數量，以及我們仍然看到的一些生物製劑繼續超過我們與客戶預測的需求，這是積極的。現在，該業務的基礎更大了。我相信我們大約在 40% 左右。因此，佔整個公司的百分比是其兩倍，整個公司的規模也擴大或翻倍。

So, as we kind of think forward a little bit, the 7% to 9% is why we say the financial construct going forward is 7% to 9% is we take that in consideration, it's a bigger base we're operating off of. Continue with the leading with the HVP and the biologics area will give us that type of growth off of a close to a $3 billion business.

因此，當我們稍微向前思考時，7% 到 9% 就是為什麼我們說未來的財務結構是 7% 到 9%，我們考慮到這一點，這是我們營運的更大基礎。繼續保持 HVP 和生物製劑領域的領先地位將為我們帶來近 30 億美元業務的這種成長。

Got it. Okay. I'll leave it at that. I was going to ask one more, but I've probably beaten it up enough. Thank you.

知道了。好的。我就這樣吧。我本來想再問一個，但我可能已經把它打得夠多了。謝謝。

Thank you.

謝謝。

Thanks David.

謝謝大衛。

Tom DeBourcy, Nephron Research.

湯姆‧德布西 (Tom DeBourcy)，腎臟單位研究中心。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Good morning. Just had a quick question, I guess on CapEx. And, you know, so the current level of CapEx, 12% to 13% of revenue, and I just wanted to get a sense of how you're, I guess, metering the demand, or long-term capacity expansion versus maybe short-term weaker demand due to de-stocking. And then just as you look to 2025, I think consensus has maybe the number going down to $300 million of CapEx and just, I'm not asking you to endorse that number, but just, would you expect CapEx to be down year-over-year in 2025?

早安.我想問一個簡單的問題，我想是關於資本支出的。而且，你知道，目前的資本支出水平，佔收入的 12% 到 13%，我想我只是想了解一下你是如何衡量需求的，或者是長期產能擴張與短期產能擴張的情況由於去庫存，短期需求疲軟。然後，正如您展望 2025 年一樣，我認為共識可能會將資本支出數字降至 3 億美元，只是，我並不是要求您認可這個數字，而是您預計資本支出會逐年下降- 2025 年？

Well, I'm not going to guide 2025 at this point, but what I would say is that the investments we're making and the higher level of CapEx that we're experiencing right now, compared to pre-COVID levels is really targeted at growth in a number of different areas. And for us to layer in that capacity, you're looking at 12, 24, like 36 months in some cases, depending on the lead times of the equipment and the technology that we're installing. But when we're doing that, we're looking at what markets are growing, we're looking at the regulatory landscape, what changes are requiring there and what finishing capacity we need. We're looking at GLP from both a proprietary and a contract manufacturing perspective.

好吧，我現在不打算指導 2025 年，但我想說的是，與新冠疫情之前的水平相比，我們正在進行的投資以及我們目前正在經歷的更高水平的資本支出確實是有針對性的多個不同領域的成長。對於我們要分層的容量，您需要考慮 12 個月、24 個月，在某些情況下可能需要 36 個月，具體取決於設備的交付週期和我們正在安裝的技術。但當我們這樣做時，我們會關注哪些市場正在成長，我們會關注監管環境、那裡需要什麼變化以及我們需要什麼樣的加工能力。我們從專有和合約製造的角度來看 GLP。

And then we're also looking at our participation across biologics. And again, what sort of capacity we need there. So we've got three pretty powerful drivers for growth coming on over the next couple of years. I mean, for us, we need to have that capacity installed to meet that demand when it actually materializes so we can respond. So we don't get into the position where our lead times get pushed out like they had during the COVID timeframe.

然後我們也在關注我們在生物製品領域的參與。再說一次，我們需要什麼樣的能力。因此，未來幾年我們將出現三個非常強大的成長驅動力。我的意思是，對我們來說，我們需要安裝足夠的容量來滿足實際需求，以便我們能夠做出回應。因此，我們不會像新冠疫情期間那樣，導致交貨時間被推遲。

Looking beyond, as we said earlier on the call, we would expect our CapEx over the next year or two to get back to more normalized levels of 6% to 8% of revenues. You know, that's what we will be targeting. And that supports the long-term construct growth of 7% to 9% on the top, and be more focused again on creating that mixed shift and supporting that HVP growth. So hopefully that kind of gives you some color.

展望未來，正如我們之前在電話會議上所說，我們預計未來一兩年我們的資本支出將恢復到收入的 6% 至 8% 的更正常水平。你知道，這就是我們的目標。這支持頂部 7% 至 9% 的長期結構成長，並再次更加專注於創造混合轉變並支持 HVP 成長。所以希望這能給你一些色彩。

Thank you. This concludes the question-and-answer session. I would now like to hand the call back over to John Sweeney for closing remarks.

謝謝。問答環節到此結束。現在我想將電話轉回給約翰·斯威尼 (John Sweeney) 進行總結發言。

Thank you all for joining us today on the conference call. An online archive of the broadcast will be available on our website at westpharma.com in the Investors section. Additionally, you can access a replay for 30 days following the presentation by using the dial-in numbers and conference ID provided at the end of today's earnings release. That concludes the call. Thank you very much and have a nice day.

感謝大家今天參加我們的電話會議。廣播的線上存檔將在我們的網站 westpharma.com 的投資者部分提供。此外，您還可以使用今天財報末尾提供的撥入號碼和會議 ID 來觀看演示後 30 天內的重播。通話結束。非常感謝您，祝您有個愉快的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。