西式醫藥服務 (WST) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to West Pharmaceuticals fourth quarter 2024 earnings conference call. (Operator Instructions). I would now like to hand the call over to John Sweeney, Vice President, Investor Relations. Please go ahead.

感謝您的支持，歡迎參加 West Pharmaceuticals 2024 年第四季財報電話會議。（操作員指令）。現在我想將電話轉給投資者關係副總裁約翰‧斯威尼 (John Sweeney)。請繼續。

Good morning, and welcome to West's fourth quarter and full year 2024 earnings conference call. We issued our financial results early this morning, and the release has been posted on the Investors section of the company's website located at westpharma.com. On the call today, we will review our financial results, provide an update for our business and present our financial outlook for FY25. There's a slide presentation that accompanies today's call and a copy of the presentation is available on the Investor page of West's website.

早上好，歡迎參加 West 2024 年第四季和全年財報電話會議。我們今天早上發布了財務結果，該報告已發佈在公司網站 westpharma.com 的投資者部分。在今天的電話會議上，我們將回顧我們的財務業績，提供業務最新情況並介紹 2025 財年的財務展望。今天的電話會議附有幻燈片演示，演示文稿的副本可在 West 網站的投資者頁面上找到。

On slide 4 is the safe harbor statement. Statements made by management on the call and the accompanying presentation contain forward-looking statements within the meaning of US federal securities law. These statements are based on our beliefs and assumptions, current expectations, estimates and forecasts.

投影片 4 是安全港聲明。管理階層在電話會議和隨附簡報中所作的聲明包含美國聯邦證券法所定義的前瞻性聲明。這些陳述是基於我們的信念和假設、目前的預期、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 other disclosures made by the company regarding the risks to which it is subject, including our 10-K, 10-Q and 8-K reports.

公司未來的業績受到多種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本文中任何前瞻性陳述所表達或暗示的結果有重大差異。請參閱今天的新聞稿以及公司就其所面臨的風險所做的其他揭露，包括我們的 10-K、10-Q 和 8-K 報告。

During today's call management will make reference to non-GAAP financial measures, including organic sales growth, adjusted operating profit, adjusted operating profit margin and adjusted diluted EPS. Limitations and reconciliations of the non-GAAP financial measures to the most comparable financial results prepared in conformity to GAAP are provided in this morning's earnings release.

在今天的電話會議上，管理層將參考非公認會計準則財務指標，包括有機銷售成長、調整後的營業利潤、調整後的營業利潤率和調整後的稀釋每股收益。今天早上的收益報告中提供了非公認會計準則財務指標與按照公認會計準則編制的最具可比性的財務結果的限制和對帳。

I'll now turn the call over to our CEO, Eric Green. Please go ahead, Eric.

現在我將把電話轉給我們的執行長 Eric Green。請繼續，埃里克。

Thank you, John, and good morning, everyone. Thanks for joining us today. I would like to begin with some comments on the fiscal year and fourth quarter 2024, followed by Bernard's detailed financial review and 2025 guidance. Then I'll close with some final thoughts on our business outlook.

謝謝你，約翰，大家早安。感謝您今天加入我們。我想先對 2024 財年和第四季發表一些評論，然後是 Bernard 的詳細財務審查和 2025 年指引。最後，我將對我們的業務前景發表一些最後的想法。

Starting on slide 5. Looking back at 2024, West executed on several key strategic initiatives. First, we capitalize on opportunities with the fast-growing GLP-1 market and continued our strong win rate on newly approved molecules, particularly in Biologics.

從投影片 5 開始。回顧 2024 年，West 執行了幾項關鍵策略措施。首先，我們抓住快速成長的 GLP-1 市場帶來的機會，繼續在新核准分子（尤其是在生物製劑領域）上維持強勁的成功率。

Second, we made a great strides to reduce our manufacturing lead times, in some case for COVID levels. And we believe that industry-wide destocking is now close to the end as customers are generally returning to more normalized ordering patterns.

其次，我們在縮短製造交付週期方面取得了巨大進步，在某些情況下也降低了 COVID 水準。我們相信，隨著客戶普遍恢復更正常的訂購模式，全行業去庫存階段現已接近尾聲。

Third, we returned over $560 million to our shareholders through our share repurchase program during the year. And finally, we made strategic investments in additional HVP capacity, which we expect will drive incremental growth for years to come.

第三，我們今年透過股票回購計畫向股東返還了超過 5.6 億美元。最後，我們對額外的 HVP 產能進行了戰略投資，我們預計這將在未來幾年推動增量成長。

Shifting to fourth quarter on slide 6. There were several notable achievements. Results were above our expectations as revenues increased 3.3% on an organic basis. And the quarter marked a return to quarterly revenue growth. Proprietary Product organic revenues decreased 4.5% in the fourth quarter. This represents a continued improving trend as Proprietary Products organic revenues declined year-over-year in each of the three quarters of 2024, largely driven by destocking. Finally, adjusted operating profit margin was 21.7%, roughly in line with prior year.

轉到投影片 6 上的第四季。我們有幾項顯著的成就。結果超出我們的預期，收入有機成長了 3.3%。本季標誌著季度營收重回成長。第四季專有產品有機收入下降4.5%。這代表著持續改善的趨勢，因為專有產品有機收入在 2024 年三個季度中均較去年同期下降，主要原因是去庫存。最後，調整後的營業利益率為21.7％，與前一年大致相當。

Moving to slide 7. West Proprietary Products segment can be broken down into three categories, HVP components, HVP delivery devices and Standard Products. I'm pleased to report that HVP components, the most important contributor to West's long-term growth is starting to show signs of strengthening, and we expect this positive momentum to continue. Our current expectation is that HVP component revenues will grow mid- to high single digits in 2025, and we anticipate that we will see a continued mix shift to HVP in 2025 and beyond.

移至幻燈片 7。West Proprietary Products 部門可分為三類：HVP 組件、HVP 輸送設備及標準產品。我很高興地報告，作為 West 長期成長的最重要貢獻者，HVP 組件開始顯示出增強的跡象，我們預計這種積極勢頭將繼續下去。我們目前的預期是，到 2025 年，HVP 組件收入將實現中高個位數成長，並且我們預計，2025 年及以後，產品結構將繼續向 HVP 轉變。

A key performance driver is the Biologics market. We expect this end market to continue to grow high single digit to low double digits. And we have a consistently strong win rate, participating on approximately 90% of new molecules entering this market. Our HVP GLP-1 elastomer business is performing well and we expect an acceleration in growth due to the continued market expansion of this category.

一個關鍵的業績驅動因素是生物製劑市場。我們預計該終端市場將繼續保持高個位數至低兩位數的成長。我們的成功率一直很高，參與了進入該市場約 90% 的新分子研發。我們的 HVP GLP-1 彈性體業務表現良好，並且由於該類別市場的持續擴張，我們預計業務成長將會加速。

I would note that we have just agreed to terms for a multiyear contract with one of the largest manufacturers for all of their GLP-1 primary packaging elastomer needs. We remain particularly encouraged with the progress from our customers adopting Annex 1. For those unfamiliar with the EU GMP Annex 1, it is a set of regulations that govern manufacturing of sterile drugs in the European Union. Annex 1 requires companies filling sterile medicines to develop a documented contagion control strategy that assesses risk in their facilities and define action plans to prevent the contamination of the sterile products.

我要指出的是，我們剛剛與最大的製造商之一達成了一份多年期合同，滿足他們所有 GLP-1 初級包裝彈性體的需求。我們對客戶採用附件 1 所取得的進展感到特別鼓舞。對於那些不熟悉歐盟 GMP 附件 1 的人來說，它是一套管理歐盟無菌藥物生產的法規。附件 1 要求灌裝無菌藥品的公司製定記錄在案的傳染控制策略，評估其設施中的風險並制定行動計劃，以防止無菌產品受到污染。

Currently, we have over 200 Annex 1 projects in various stages with their customers. While the regulation went into effect in August of 2023, some customers were early adopters in a shift towards HVP, and we now have additional customers in the pipeline. It generally takes about 18 months for customers to shift from standard to HVP products as they address Annex 1.

目前，我們與客戶合作進行了 200 多個處於不同階段的 Annex 1 專案。雖然該法規將於 2023 年 8 月生效，但一些客戶是向 HVP 轉變的早期採用者，現在我們還有更多的客戶正在籌備中。客戶解決附件 1 問題時通常需要約 18 個月的時間才能從標準產品轉向 HVP 產品。

Moving to slide 8. High-Value delivery devices. The biggest growth driver for this business in 2024 is our wearable on-body injector SmartDose. We are working to optimize our manufacturing process with our new automation line coming on stream later in 2025, which will more than double our SmartDose capacity and drive efficiencies.

移至幻燈片 8。高價值輸送設備。2024 年這項業務的最大成長動力是我們的可穿戴體內注射器 SmartDose。我們正在致力於優化我們的製造流程，我們的新自動化生產線將於 2025 年下半年投入使用，這將使我們的 SmartDose 產能增加一倍以上並提高效率。

While we categorize and view SmartDose as an HVP product, we expect that in 2025, it will be margin dilutive. We are taking steps to improve our delivery device economics and all options are on the table. Moving to the Standard Products. These are the bulk products that we produce across our global manufacturing network. These products tend to be on the lower end of price and margin. The standard components are mainly used by our pharma and generic customers.

雖然我們將 SmartDose 歸類並視為 HVP 產品，但我們預計到 2025 年它將會稀釋利潤。我們正在採取措施改善我們的配送設備經濟性，並且所有選項都在考慮範圍內。轉向標準產品。這些是我們透過全球製造網路生產的散裝產品。這些產品的價格和利潤往往較低。標準組件主要由我們的製藥和仿製藥客戶使用。

Turning to slide 9. In Contract Manufacturing, we have made significant investments to build out our GLP-1 device business. The business is growing strongly and now accounts for approximately 40% of our total contract manufacturing. We anticipate the GLP-1 growth to continue as our investments in Dublin, Ireland, and Grand Rapids, Michigan come online during the year.

翻到第 9 張投影片。在合約製造方面，我們投入了大量資金來拓展我們的 GLP-1 設備業務。該業務成長強勁，目前約占我們總合約製造的 40%。隨著我們在愛爾蘭都柏林和密西根州大急流城的投資在今年上線，我們預計 GLP-1 的成長將繼續下去。

There are two large continuous glucose monitoring customers that we serve. In both cases, these customers develop next-generation devices. We have made the decision to not participate going forward as our financial thresholds cannot be achieved. One of these customers have started to exit and the other has let us know of their intention to exit in mid-2026. We're actively pursuing opportunities in CM that more closely align with our margin and capital return requirements.

我們服務兩家大型的連續血糖監測客戶。在這兩種情況下，這些客戶都會開發下一代設備。由於我們的財務門檻無法達到，我們決定不再參與。其中一位客戶已經開始退出，另一位客戶已告知我們他們打算在 2026 年中期退出。我們正在積極尋求與我們的利潤和資本回報要求更匹配的CM機會。

Taking all into account all these factors, we expect a return to organic growth driven by the strength of our HVP components business. We have a highly profitable core business that will bridge West through these temporary impacts. We will be taking steps in the coming years to address the areas where we want to improve returns, and we expect to finish 2025 with solid momentum.

考慮到所有這些因素，我們預計在 HVP 組件業務的強勁推動下，公司將恢復有機成長。我們擁有高利潤的核心業務，可以幫助西方國家度過這些暫時的影響。未來幾年，我們將採取措施解決想要提高回報的領域，並期望以強勁的勢頭結束 2025 年。

Now I'll turn the call over to Bernard. Bernard?

現在我將電話轉給伯納德。伯納德？

Thank you, Eric, and good morning. 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 review our first quarter and full year 2025 guidance.

謝謝你，艾瑞克，早安。我將向您了解影響本季銷售和利潤的因素以及一些資產負債表要點。最後，我們將回顧 2025 年第一季和全年的指引。

First up Q4. Our financial results are summarized on slide 10. We recorded net sales of $748.8 million in the quarter, representing organic sales growth of 3.3%. Looking at slide 11, Proprietary Products organic net sales increased by 4.5%. This was a function of generally improving demand and strong sales of delivery devices in the quarter.

首先是第四季。我們的財務結果總結在投影片 10 中。本季我們的淨銷售額為 7.488 億美元，有機銷售額成長 3.3%。從第 11 張投影片來看，專有產品有機淨銷售額成長了 4.5%。這是由於本季需求普遍改善且配送設備銷售強勁所致。

Fourth quarter revenues included a $25 million benefit from a delivery device incentive. High-Value products, which made up approximately 74% of 4Q proprietary product sales generated mid-single-digit growth led by customer demand for self-injection device platforms.

第四季的收入包括來自配送設備激勵的 2,500 萬美元收益。高價值產品約佔第四季度專有產品銷售額的 74%，在客戶對自我注射設備平台的需求的帶動下，實現了中等個位數的成長。

Looking at the performance by market, Biologics experienced high single-digit organic net sales growth driven by increases in sales of self-injection device platforms. Pharma saw mid-single-digit organic net sales growth, driven by an increase in sales of Westar products and administrative systems. Generics had a mid-single-digit organic net sales decline driven by lower volumes of FluroTec products.

從市場表現來看，生物製劑業務在自我注射設備平台銷售額成長的推動下，實現了高個位數的有機淨銷售額成長。受 Westar 產品和管理系統銷售額成長的推動，製藥業務的有機淨銷售額實現了中等個位數成長。由於 FluroTec 產品銷售下降，仿製藥業務的有機淨銷售額出現中等個位數下滑。

Our Contract Manufacturing segment declined by low single digits. We recorded $273.6 million in gross profit and gross profit margin was 36.5%, down 150 basis points year-over-year. Adjusted operating profit increased to $162.8 million this quarter, and adjusted operating profit margin of 21.7% was consistent with the same period last year. Finally, adjusted diluted EPS declined 0.5% for Q4. The stock-based compensation tax benefit had no impact on EPS compared to the same period last year.

我們的合約製造部門下降了個位數。我們實現毛利2.736億美元，毛利率為36.5%，年減150個基點。本季調整後營業利潤增至1.628億美元，調整後營業利益率為21.7%，與去年同期持平。最後，第四季調整後稀釋每股盈餘下降 0.5%。與去年同期相比，股票薪酬稅收優惠對每股盈餘沒有影響。

Now let's review the drivers in both revenue and profit performance. On slide 12, we show the contributions to sales growth in the quarter. Sales price increases contributed $39.3 million or 5.4-percentage-points. Included in sales price is a $25 million customer incentive associated with achieving volume levels. The pricing benefit was partially offset by a negative mix impact of $15.3 million, driven by lower sales volume of HVP components and a higher proportion of lower-margin drug delivery devices. In addition, we faced a foreign currency headwind of approximately $7.2 million in the quarter.

現在讓我們回顧一下收入和利潤表現的驅動因素。在投影片 12 上，我們展示了本季銷售成長的貢獻。銷售價格上漲貢獻了 3,930 萬美元，即 5.4 個百分點。銷售價格中包括與達到銷售水平相關的 2500 萬美元客戶獎勵。定價優勢被 1,530 萬美元的負面組合影響部分抵消，該影響是由於 HVP 成分銷售量下降和低利潤藥物輸送設備比例上升所致。此外，本季我們面臨約 720 萬美元的外匯逆風。

Looking at margin performance on slide 13. Proprietary Products fourth quarter gross profit margin of 40.8% was 190 basis points lower than the margin achieved in the fourth quarter of 2023. The key driver for the decline was product mix. Contract Manufacturing fourth quarter gross profit margin of 17% was 90 basis points lower than the margin achieved in the fourth quarter of 2023.

請看幻燈片 13 上的利潤表現。專有產品第四季毛利率為 40.8%，比 2023 年第四季的毛利率低 190 個基點。導致下滑的主因是產品組合。合約製造第四季的毛利率為 17%，比 2023 年第四季的毛利率低 90 個基點。

On slide 14, we have listed some key cash flow metrics. Operating cash flow was $653.4 million in 2024, a decline of $123.1 million primarily due to a decline in operating results. In 2024, we spent $377 million on capital expenditures, a 4.1% increase over 2023. We continue to leverage our CapEx to increase our High-Value product and Contract Manufacturing capacity.

在投影片 14 上，我們列出了一些關鍵的現金流指標。2024 年經營現金流為 6.534 億美元，下降 1.231 億美元，主要因經營績效下降。2024 年，我們的資本支出為 3.77 億美元，比 2023 年增加 4.1%。我們繼續利用我們的資本支出來提高我們的高價值產品和合約製造能力。

Working capital of approximately $988 million decreased by $277 million from 2023, mainly due to a reduction in our cash balance. Our cash balance at December 31, 2024, of $484.6 million was $369.3 million lower than our December 2023 balance. The decrease in cash is primarily due to $560.9 million of share repurchases and our capital expenditures, offset by cash from operations.

營運資金約 9.88 億美元，較 2023 年減少 2.77 億美元，主因是我們的現金餘額減少。截至 2024 年 12 月 31 日的現金餘額為 4.846 億美元，比 2023 年 12 月的餘額低 3.693 億美元。現金減少主要是由於 5.609 億美元的股票回購和資本支出，但卻被經營活動產生的現金所抵銷。

Turning to guidance. slide 15 provides a high-level summary. Full year 2025 net sales guidance is expected to be in a range of $2.875 billion and $2.905 billion. There is an estimated headwind of $75 million based on current foreign exchange rates. We expect organic sales growth to be approximately 2% to 3%. This guidance assumes acceleration in HVP organic growth and that HVP components margins will expand, driven by Biologics, GLP-1s and Annex-1. We anticipate organic revenues in our Proprietary Products segment to increase as the impact of destocking continues to abate. Proprietary product gross margins are expected to be up slightly as compared to prior year driven by improving HVP components performance.

轉向指導。投影片 15 提供了高層總結。預計2025年全年淨銷售額將在28.75億美元至29.05億美元之間。根據目前的外匯匯率，預計逆風金額為 7,500 萬美元。我們預計有機銷售額成長率約為 2% 至 3%。本指引假設 HVP 有機成長將加速，且在生物製劑、GLP-1 和 Annex-1 的推動下，HVP 成分利潤率將擴大。隨著去庫存的影響持續減弱，我們預計專有產品部門的有機收入將會增加。由於 HVP 組件性能的提高，專有產品毛利率預計將比上年略有上升。

Contract Manufacturing revenue is expected to be up low single digits as compared to FY24, as is decreased revenue in continuous glucose monitoring business offset expected growth in self-injection devices for obesity and diabetes. Contract Manufacturing margins are expected to decline 200 basis points year-over-year in FY25 due to lower utilization.

與 FY24 相比，合約製造收入預計將成長個位數，因為持續血糖監測業務的收入下降抵消了肥胖症和糖尿病自我注射設備的預期成長。由於利用率下降，預計25財年合約製造利潤率將年減200個基點。

Just to note on the ramp-up of our two CM sites. In Dublin, the building is now up and running. Auto-injector production has commenced and will continue to ramp as we move through the third and fourth quarters. Late in 2025 and into 2026, we expect both revenues and margins to benefit from the ramp-up the pain and drug handling portion of the business.

只是想說明我們兩個 CM 站點的升級情況。在都柏林，該建築目前已建成並投入使用。自動注射器的生產已經開始，並將在第三季和第四季繼續加速。我們預計，到 2025 年底到 2026 年，收入和利潤率都將受益於業務中疼痛和藥物處理部分的提升。

The Grand Rapids expansion is also operational, and we had our first revenues in the third quarter of 2024. These revenues will increase as we achieve scale in mid-2025. Our experience with new installations is that they take up to 18 months to achieve close to full capacity.

大急流城擴建計畫也已投入運營，我們在 2024 年第三季獲得了第一筆收入。隨著我們在 2025 年中期實現規模，這些收入將會增加。我們對新安裝的經驗是，它們需要長達 18 個月的時間才能達到接近滿載的水平。

Moving on to slide 16. For 2025, our EPS guidance is now anticipated to be in a range of $6 to $6.20. Please note we have several exciting incremental opportunities not incorporated in this guidance and we will update you on these in 2025 should they materialize.

轉到第 16 張投影片。對於 2025 年，我們目前預計每股收益將在 6 美元至 6.20 美元之間。請注意，我們有幾個令人興奮的增量機會未納入本指南中，如果它們實現，我們將在 2025 年向您通報。

Slide 16 breaks down the progression from 2024 EPS of $6.75 to the 2025 guidance range. The guidance anticipates that Proprietary Products revenues, excluding the impact of our drug delivery device 2024 incentive accelerate with improving margin adding $0.77 to 2025 EPS. This was more than offset by incentive compensation plus the tax benefit on stock-based compensation, which is not incorporated in our guidance and the currency headwind totaled to about $0.77. The drug delivery device incentive headwinds and glucose monitoring transition reduced 2025 EPS by about $0.43 and incremental investments in R&D and SG&A in 2025 are $0.22. In total, these factors get us to our '25 guidance range of $6 to $6.20.

投影片 16 細分了從 2024 年每股收益 6.75 美元到 2025 年指引範圍的演變。該指引預計，專有產品收入（不包括我們 2024 年藥物輸送設備激勵措施的影響）將隨著利潤率的提高而加速，為 2025 年每股收益增加 0.77 美元。這被激勵薪酬加上股票薪酬的稅收優惠所抵消，這並未納入我們的指導範圍，貨幣逆風總計約為 0.77 美元。藥物輸送裝置激勵措施的阻力和血糖監測轉型導致 2025 年每股收益減少約 0.43 美元，2025 年研發和銷售、一般及行政費用的增量投資為 0.22 美元。總的來說，這些因素使我們的 25 年指導範圍達到了 6 美元至 6.20 美元。

For CapEx, we are on a glide path back down to our traditional 6% to 8% of revenues to support our long-range plan. We now anticipate 2025 CapEx of $275 million, down $100 million from 2024. We expect that 2024 will be the peak investment year for our growth initiatives over the next several years.

對於資本支出，我們正逐步回落至傳統的 6% 至 8% 的收入，以支持我們的長期計劃。我們現在預計 2025 年的資本支出為 2.75 億美元，比 2024 年下降 1 億美元。我們預計，2024 年將成為未來幾年成長計畫的投資高峰年。

Finally, today, we are introducing first quarter 2025 guidance and anticipated revenues in the range of $680 million to $690 million, which translates into 1% to 2% first quarter organic revenue growth and first quarter 2025 adjusted EPS is expected to be in the range of $1.20 to $1.25.

最後，今天，我們推出了 2025 年第一季的指引，預計營收在 6.8 億美元至 6.9 億美元之間，這意味著第一季有機收入成長 1% 至 2%，2025 年第一季度調整後每股收益預計在 1.20 美元至 1.25 美元之間。

I'd now like to turn the call back over to Eric.

現在我想把電話轉回給艾瑞克。

Thank you, Bernard. To summarize on slide 17, we are pleased with the strong finish to the year. And with the opportunities ahead, I'm confident we will deliver on a successful 2025 for West. Our performance in HVP components is encouraging, and we are seeing a return to growth in our Proprietary business because of our continued success in Biologics, GLP-1s and the adoption of Annex 1. We anticipate that 2025 will be an important year that positions the company for the future success. We intend to capitalize on our strengths and continue to address areas that require additional attention.

謝謝你，伯納德。在第 17 頁總結一下，我們對今年的強勁收官感到滿意。面對未來的機遇，我相信，2025 年，西部將會成功。我們在 HVP 成分方面的表現令人鼓舞，而且由於我們在生物製劑、GLP-1 和附件 1 的採用方面取得的持續成功，我們的專有業務正在恢復成長。我們預計 2025 年將是公司未來成功的重要一年。我們打算利用我們的優勢並繼續解決需要額外關注的領域。

In closing, I would like to thank our team members across the globe for their unwavered dedication as they continue to make a difference in improving patients' lives.

最後，我要感謝我們遍布全球的團隊成員，感謝他們堅定不移的奉獻精神，繼續為改善患者的生活做出貢獻。

With that, operator, we are ready for our first question. Thank you.

接線員，現在我們可以開始回答第一個問題了。謝謝。

(Operator Instructions).

（操作員指令）。

Michael Ryskin, BofA Global Research.

美國銀行全球研究部 Michael Ryskin。

A lot to unpack here. I'm going to ask -- it's going to be one question, but I'm going to ask a big one. So if I just look at the fiscal year '25 EPS guide, obviously, it's well below expectations. I appreciate the color on the bridge, the progression of '24, '25, the moving pieces. What I want to get at is sort of like what's a onetime versus a reset to a new base. So if I look at R&D, SG&A investments, that seems like that's sort of part of the model, right? We can debate tax, FX, incentive comp. Is it fair to say that everything outside of the contract manufacturing CGM issue a sort of the new base and that $6, $6.20 guide is the new models for that we're moving from?

這裡有很多東西要解開。我要問——這將是一個問題，但我要問一個大問題。因此，如果我只看 25 財年的每股盈餘指南，顯然它遠低於預期。我欣賞橋上的色彩、24、25的進程以及移動的部分。我想要了解的是一次性操作與重置到新基礎的差異。所以如果我看一下研發、銷售、一般及行政費用投資，這似乎是模型的一部分，對嗎？我們可以討論稅收、外匯、激勵補償。是否可以說，合約製造 CGM 以外的所有產品都是一種新的基礎，而 6 美元、6.20 美元的指導價就是我們正在轉向的新模式？

And if so, anything additional color you can give us on that Contract Manufacturing air pocket. I think you just said in the prepared remarks, there's about a 200 bps margin impact. Just sort of what's your outlook for being able to patch that hole to bring something else in into sort of regain some of that EPS air pocket that you're getting?

如果可以的話，您還能為我們提供更多關於合約製造氣穴的詳細資訊嗎？我記得您剛才在準備好的評論中說過，利潤率的影響約為 200 個基點。您認為能否透過引入其他物質來修補這個漏洞，從而重新獲得 EPS 氣穴呢？

Yes. Thanks for the question, Michael. So when we look at the guide, a lot of these impacts are you're impacting 2025, particularly. And if you look at drug delivery device, that is a mix impact in '25, but we have a number of initiatives ongoing to expand the profitability in that business. We're looking at automation, we're looking at scale, we're looking at more medium term adding more customers. So we would expect that to improve over time. Now it will take a little bit of time for us to do that.

是的。謝謝你的提問，麥可。因此，當我們查看指南時，會發現其中許多影響都特別影響到 2025 年。如果你看一下藥物輸送裝置，你會發現這對'25年產生了混合影響，但我們正在採取多項舉措來擴大該業務的盈利能力。我們正在關注自動化，我們正在關注規模，我們正在關注中期增加更多的客戶。因此我們希望這種情況會隨著時間的推移而改善。現在我們需要花一點時間來完成這件事。

So again, we would expect the mix impact to improve and as the mix improves over time, EPS also improves with that. And that we talked about, I think, towards the back half of last year or in the second half, really about the mix impact that we were seeing in our business. And as Eric called out in his scripts, there are areas that we are addressing. If I look at the growth in HVP, we're seeing mid- to high single growth in HVP with expanding margins for driving our business. They're slightly offset in 2025. But again, we would expect that to be corrected.

因此，我們再次預期組合影響會改善，隨著組合隨著時間的推移而改善，每股盈餘也會隨之改善。我認為，我們在去年下半年或下半年討論過我們業務中看到的混合影響。正如埃里克在他的劇本中提到的那樣，我們正在解決一些問題。如果我看一下 HVP 的成長，我們會看到 HVP 呈現中高單成長，並且利潤率不斷擴大，從而推動我們的業務發展。到 2025 年，二者將略有偏移。但我們再次期望這一問題能夠得到糾正。

The CGM impact on Contract Manufacturing. Again, that's here in the short term, we would expect to replace that business with business that has margins more in line with what our return on investment thresholds would be. And again, so over time, we would see that those margins improving.

CGM 對合約製造的影響。再說一遍，這只是短期內的情況，我們期望用利潤率更符合我們的投資回報門檻的業務來取代該業務。隨著時間的推移，我們會看到利潤率不斷提高。

Okay. I mean any additional color you can provide on the CGM issue. I mean the way I'm reading it is sort of a -- it was your decision to walk away from those contracts because of the financial metrics. Just, I mean, given it creates an air pocket or how bad was that given these are existing customers. And we know the CGM marketplace is pretty concentrated in just two maybe three players. So if you've got two customers, it doesn't seem like that's something you can replace there. That's something you can flex to another product line outside of CGM?

好的。我的意思是您可以提供有關 CGM 問題的任何額外資訊。我的意思是，我理解的意思是──你因為財務指標而決定放棄這些合約。只是，我的意思是，考慮到它會產生氣泡，或者考慮到這些都是現有客戶，情況有多糟糕。我們知道 CGM 市場相當集中於兩三家公司。所以如果你有兩個客戶，這似乎不是你可以取代的東西。您可以將其擴展到 CGM 以外的其他產品線嗎？

Yes, Mike, good question. And that's exactly what we're focused on. We've had the ability to support our customers with CGM for the past 10-plus years, in particular, the technologies that were introduced early on in the ramp up of CGM in the marketplace. So we've had a strong position as new technologies were developed by our customers. We did take the decision based on the economics that just did not meet our financial thresholds. And that is that decision was not taken lightly, but we wanted to make sure that we preserve the financial construct, we believe, is appropriate for that business that we provide in our contract manufacturing space.

是的，麥克，這個問題問得好。這正是我們關注的重點。在過去 10 多年的時間裡，我們一直有能力為客戶提供 CGM 支持，特別是在 CGM 進入市場初期推出的技術。因此，當我們的客戶開發出新技術時，我們就佔據了強勢地位。我們確實是根據經濟狀況做出了這個決定，但這並不符合我們的財務門檻。這個決定並不是輕易做出的，但我們希望確保我們保留財務結構，我們認為，這適合我們在合約製造領域提供的業務。

So therefore, we're doing a really well scheduled ramp down as they can move into the next generation through whether they're in-sourcing some of it. In fact, in many cases, they're in-sourcing. So that was the decision we made, and that is -- we will reuse -- let me state it clearly, though, there is a space that would be available, which is being looked at and worked on with other customers to be able to support future launches and future Product portfolios that we'll put into contract manufacturing going forward. So the impact will be in 2025, and we'll move through it. It's offsetting with some of the GLP-1 growth and other CM business that we're bringing in.

因此，我們正在進行一個非常良好的計劃，以便他們能夠透過內部採購部分產品進入下一代。事實上，在許多情況下，他們都在進行內部採購。所以這就是我們做出的決定，那就是 - 我們將重複使用 - 讓我明確地說，有一個可用的空間，我們正在與其他客戶一起研究和合作，以便能夠支持未來的發布和未來的產品組合，我們將在未來投入合約製造。因此其影響將在 2025 年顯現，我們將度過它。它與我們引入的部分 GLP-1 成長和其他 CM 業務相抵消。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

I guess first question, just on the Proprietary Product side, again, I know you don't guide to segments, but it sounds like just the general outlook there is positive. And does that scale up as we go through the year? Or obviously, that guess Q1 sequentially or seasonal usually a little bit slower, but is there any inventory issues that continue to wane as we move forward?

我想第一個問題只是關於專有產品方面，再說一次，我知道你沒有指導細分市場，但聽起來那裡的整體前景是積極的。隨著時間的推移，這一規模是否會不斷擴大？或者顯然，猜測第一季的成長通常會比上季或季節性慢一點，但隨著我們前進，庫存問題是否會繼續減弱？

And then the second part of that question is it sounds like the core HVP is doing okay, but there will be a little bit of a transition on SmartDose and lower margins. Maybe you can give us a little more color on that side of the equation, too.

然後，這個問題的第二部分是，聽起來核心 HVP 運作良好，但 SmartDose 和較低的利潤率會發生一點轉變。或許您也可以為我們提供更多關於這方面的詳細資訊。

Thank you, Larry, and thanks for the question. So you're absolutely correct. Let's take a look at Proprietary as a whole. The key drivers of that business will start with is the HVP components. That has been the thesis of growth for West for a number of years, and we really -- we still feel strong about our prospects and the current pipeline that we have in place.

謝謝你，拉里，謝謝你的提問。所以你完全正確。讓我們從整體來看 Proprietary。該業務的關鍵驅動因素將從 HVP 組件開始。這是 West 多年來的成長主題，我們確實——我們仍然對我們的前景和目前已建立的管道充滿信心。

What's driving it? Number one, Biologics. As we think about our continued strong position in that particular market, we mentioned that we're still just looking at the past year, past quarter, we still have a very high participation rate of all new launches that have been approved around 90%-plus. And I just want to be clear on that. We do put Biologics and Biosimilars together because the value proposition to our customers and the economics are the same for us. We are on the top of Biologics and when you think about the pipeline of Biologics that are being developed is quite robust. And so we feel really good about this space. That growth will continue in the near term of 2025, but well beyond that.

是什麼推動了它？第一，生物製劑。當我們思考我們在該特定市場中持續保持的強勢地位時，我們提到，回顧過去的一年和過去一個季度，我們所有獲得批准的新產品的參與率仍然非常高，達到 90％ 以上。我只是想明確地說明這一點。我們確實將生物製劑和生物相似藥放在一起，因為對我們來說，它們對客戶的價值主張和經濟效益是相同的。我們處於生物製劑領域的領先地位，正在開發的生物製劑管道相當強大。因此我們對這個空間感到非常滿意。這種成長態勢將在 2025 年近期持續，但會遠遠超過這一水準。

The second lever is GLP-1's. And our position in GLP-1s is not as in Contract Manufacturing, but we have a very strong foothold in the Proprietary HVP elastomers, primarily providing plungers for the largest players in this space. We did comment in our prepared remarks that we have secured a long-term contract with one of the customers provide all of their Proprietary elastomers needs in the GLP-1 space. And we are working with the -- another customer to continue to have a majority of their needs going forward. So that is the GLP-1s. And to give you a little context there, it's about mid-single digit from a -- in 2024 of the size of the business against all of Proprietary.

第二個槓桿是GLP-1。我們在 GLP-1 領域的地位並不像在合約製造領域那樣，但我們在專有 HVP 彈性體領域佔有非常穩固的立足點，主要為該領域的最大參與者提供柱塞。我們確實在準備好的評論中評論說，我們已經與其中一位客戶簽訂了長期合同，滿足他們在 GLP-1 領域的所有專有彈性體需求。我們正在與另一位客戶合作，以繼續滿足他們的大部分需求。這就是 GLP-1。為了給您一些背景信息，到 2024 年，該業務的規模與所有專有業務相比大約處於中等個位數。

The third area is the Annex 1, and we talked about it, but we're starting to see the -- instead of talking about the pipeline, the actual projects that will turn into revenues in 2025. We're actually quite encouraged. We had an increase of interest in projects we've launched well over 200, more than double digit from the last quarter I mentioned. And roughly around 50% of those projects will turn into some sort of revenues throughout the duration of 2025. We believe that's going to give us about 100 -- I'm sorry, yes, about 150 basis point growth expansion just in that particular area. So HVP components, very strong going forward.

第三個領域是附件 1，我們也討論過它，但我們開始看到的不是管道，而是將在 2025 年轉化為收入的實際項目。我們確實非常受鼓舞。我們啟動的專案興趣增加了 200 多個，比我提到的上一季增加了兩位數以上。到 2025 年，大約 50% 的專案將會轉化為某種收入。我們相信，僅在該特定領域，這將為我們帶來大約 100 — — 抱歉，是的，大約 150 個基點的成長擴張。因此，HVP 組件未來發展前景十分強勁。

You asked about the destocking. It's consistent with what we said on previous quarters. We believe pharmaceutical or pharma customers have normalized Biologics and becoming more normalized as we -- where we are today. And then we believe Generics will become more normalized throughout the duration of 2025. So consistent to what we have said before. And that's all based on the more consistent ordering patterns of our customers going forward.

您詢問了有關去庫存的問題。這與我們前幾季所說的一致。我們相信，製藥公司或製藥客戶已經將生物製劑標準化，並且隨著我們今天所處的位置變得更加標準化。我們相信，到 2025 年，仿製藥將變得更加標準化。與我們之前所說的非常一致。這一切都基於我們客戶未來更一致的訂購模式。

I do want to touch on SmartDose because you asked about that topic. SmartDose, we have been in a ramp-up mode in 2024. We onboarded Phoenix site in the latter part of first half of 2024, as you know it takes time to get to full efficiencies of a particular site. It was another expansion of manual processes. So when Bernard talked about, we're going to drive automation, that's in house. It will take pretty much 2025, if we can bring them forward, we will. But we will be driving more towards automation to take costs down. We are looking at scale as the volumes are increasing significantly for us for our customers. And in addition, more midterm, we're looking at new customers.

我確實想談談 SmartDose，因為您問到這個主題。SmartDose，我們在 2024 年已經處於加速模式。我們在 2024 年上半年下半年啟用了鳳凰城站點，如您所知，要讓特定站點全面發揮效率需要時間。這是手動流程的另一個擴充。因此，當伯納德談到我們要推動自動化時，這是內部的。這大概需要到 2025 年，如果我們能夠提前實現，我們就會這麼做。但我們將更加重視自動化，以降低成本。我們正在考慮擴大規模，因為我們為客戶提供的數量正在大幅增加。此外，在中期，我們正在尋找新客戶。

But I will say it is -- we are looking at the portfolio, specifically around this device and determining the best actions forward to ultimately increase shareholder value. So that's our focus on here while maintaining and supporting our customers and their patients. So those are the key topics I believe I covered that you asked. Any other Larry, any other --

但我要說的是——我們正在研究投資組合，特別是圍繞這個設備，並確定最佳行動，以最終提高股東價值。因此，這是我們在維護和支援我們的客戶及其患者的同時所關注的重點。所以我相信這些就是我所涵蓋的您所問的關鍵主題。任何其他 Larry，任何其他--

That was really good color. I guess just a follow up, anything you can add just maybe a little tease on where the incremental opportunity is not included in guidance. Any -- is that just a bunch of different things across the P&L? Or is there anything specific we could point to there?

那顏色確實很好看。我想這只是一個後續問題，您可以添加任何內容，也許只是對指導中未包含增量機會的地方進行一點提示。有什麼——這只是損益表中的一堆不同的東西嗎？或者我們可以指出什麼具體的東西嗎？

Yes, Larry, I don't want to create a wider range here. I just want to say that I do believe the way we look at our guidance is a business that we have very clear visibility of and very confident that we can execute against. I'm confident in our team. I do believe HVP components is a growth driver for this business. It's showing up very strongly early on in 2025, and we expect that to drive. I mentioned the three areas, Biologics, GLP-1s and Annex 1.

是的，拉里，我不想在這裡創建更廣泛的範圍。我只想說，我確實相信，我們看待指導的方式是，我們對這項業務有非常清晰的認識，並且非常有信心能夠執行。我對我們的團隊很有信心。我確實相信 HVP 組件是該業務的成長動力。它將在 2025 年初表現得非常強勁，我們預計它將會推動這一趨勢。我提到了三個領域：生物製劑、GLP-1 和附件 1。

These are very discrete projects, initiatives that we have our hands around. And then we have to fix devices particularly one part of that portfolio, and that is a focus of the team, and we need to improve the profitability and they do not -- we do not have a lot of time to get that done. So that's the the ending. And I expect the teams to overdeliver, but I'll leave it to that.

這些都是我們正在著手的非常獨立的項目和舉措。然後，我們必須修復設備，特別是該產品組合的一部分，這是團隊的重點，我們需要提高盈利能力，但他們沒有——我們沒有太多時間來完成這項工作。這就是結局。我希望球隊能夠超額完成任務，不過我只會把這件事留給自己。

And just to follow up on that, Larry, with the number of these opportunities, some are more in short term and then more -- some are medium-term opportunities. And we'll update as we go through the year as to how they're transpiring but just to put it in context, that we have the ability to respond quicker than we probably have in the past based on the capacity we've installed particularly in our HVP sites over the last number of years. So we have that ability or our lead times have come down considerably. So we're in a better position to take advantage of those opportunities when they present themselves.

拉里，為了跟進這個問題，就這些機會的數量而言，有些是短期機會，有些是中期機會。我們會隨著時間推移不斷更新進展情況，但具體來說，根據過去幾年我們在 HVP 站點安裝的容量，我們有能力比過去更快地做出反應。所以我們有這個能力，或者我們的交貨時間已經大大縮短。因此，當機會出現時，我們就能更好地利用它們。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Maybe a moment on the GLP side, just diving in a little bit there. Can you talk about the growth you're seeing from that market, particularly for Proprietary side? And then we did get a decent amount of questions just on the oral side, and there's going to be a few lead-outs here in the relative near term. Maybe just frame up how you think about the impact of orals, what that means in the market and how you guys see that playing out?

也許在 GLP 方面需要花一點時間，只是稍微深入一點。您能談談您在該市場看到的成長情況嗎，特別是專有方面的成長？然後我們確實在口頭方面收到了相當多的問題，並且在相對較短的時間內會有一些引出。也許只是框定一下您如何看待口語的影響、這對市場意味著什麼以及您如何看待它會產生什麼影響？

Yes, Patrick, thanks for the question. We do believe that from our lens and speaking with our customers that there will be an oral impact in the market. We do believe, however, a majority of the delivery will be injectable. And our models are built around a shared portion of the two. So that's how we kind of looked at our investments, how do we make sure that we safeguard the capital we put in to build support GLP-1s in particular around CM, where we have very clear levels of demand or volume requirements that need to be take-or-pay type of environments for a number of years. So we're protected in that area.

是的，派崔克，謝謝你的提問。我們確實相信，從我們的角度以及與客戶的交流來看，這將對市場產生口頭影響。但我們確實相信，大多數的給藥方式都是透過注射。我們的模型是圍繞兩者的共享部分建立的。這就是我們看待投資的方式，我們如何確保保護我們投入的資本，以建立支持 GLP-1，特別是圍繞 CM，我們有非常明確的需求水平或數量要求，需要在多年內保持「照付不議」的環境。所以我們在那個區域受到保護。

And as you know, in the Proprietary side of the elastomers, a lot of those resources are fungible. But we feel really good about GLP-1s. Right now, as I mentioned, Proprietary elastomers is roughly mid-single from the whole portfolio perspective of Proprietary, CM is 40%. But if I think about the ramp up, a lot of the ramp-up has been around CM with their infrastructure expansions, particularly in Grand Rapids and Dublin, more to come as we get the capabilities online. And more exciting is that in CM, we're going to have drug handling capabilities towards the end of 2025, early 2026, which is an expansion of our capabilities but better margin profile for West.

如您所知，在彈性體的專有方面，許多資源都是可替代的。但我們對 GLP-1 感覺非常好。現在，正如我所提到的，從專有的整個投資組合角度來看，專有彈性體大致處於中等單一水平，CM 為 40%。但如果我考慮成長的話，很多成長都圍繞著 CM 的基礎設施擴張，特別是在大急流城和都柏林，隨著我們上線這些功能，還會有更多成長。更令人興奮的是，在 CM，我們將在 2025 年底或 2026 年初擁有藥物處理能力，這將擴大我們的能力，但也將為 West 帶來更好的利潤率。

On the Proprietary side, that's going to be the fastest growth area in 2025 for us. Actually, it's -- you think about a two-third versus one-third between the two units. And that is in line with our customers' expectations and are positioned with both of them from a what I call a penetration rate of success win rate with both customers.

在專有方面，這將是我們 2025 年成長最快的領域。實際上，這是──你想像兩個單位之間三分之一與三分之一的比例。這符合我們客戶的期望，並且從我所說的雙方客戶的成功率滲透率來看，這符合我們的定位。

Okay. That's helpful. And then maybe, Bernard, just to build on Mike's question earlier on the margin. Can you just talk about, I guess, the build as we work away through the year? I'm just trying to think about the right exit rate the right way to build into '26. And again, is this product mix driven manufacturing ramp? Just talk about those moving pieces and again, maybe the progression as we go through this year would be helpful.

好的。這很有幫助。然後也許，伯納德，只是為了在邊際上鞏固麥克之前提出的問題。您能不能談談我們這一年的工作建設？我只是想以正確的方式思考正確的退出率，以便進入'26年。再一次，這個產品組合是否推動了製造業的成長？只要談論這些活動的部分，也許我們今年所取得的進展將會有所幫助。

Yes. So based on the guide we put out in Q1 is the most challenged from a margin perspective. We still see a little bit of destocking, particularly impacting generics, maybe a little bit on the biologic side. And that as we progress through the year to get to our guide, we would expect to see improvement on the margin front. And that's coupled with the growth in high-value products, particularly around the containment space and in the areas that Eric talked about, GLP-1, Annex 1 and Biologics, and then the return to growth of HVP as we progress through the year.

是的。因此，根據我們在第一季發布的指南，從利潤率的角度來看這是最具挑戰性的。我們仍然看到一些去庫存現象，特別是對仿製藥有影響，對生物製藥可能有一點影響。隨著我們在今年逐步實現我們的指導目標，我們預計利潤率方面將會有所改善。同時，高價值產品也實現了成長，特別是在密封空間領域以及 Eric 談到的 GLP-1、Annex 1 和生物製劑領域，而隨著我們全年的發展，HVP 也恢復了成長。

Doug (technical difficulty)

道格（技術難度）

Thank you for -- I'm doing well. So I think three quick ones, I'll just rattle through them all at once. First, you have three facilities in Mexico. I just want to see how you're capturing any potential tariff impact in your guidance. So that's one. The second is, I think based on some of the disclosures in the slide deck, it looks like the math would lead us to conclude that GLP-1s as a percentage of sales are about 10%. I just want to make sure that's right. And then the third is you talked about several exciting incremental opportunities not included in guidance as you talked about things in your prepared remarks. Any chance you would be willing to size up how impactful those could be?

謝謝你——我很好。因此，我認為只有三個問題，我會一次快速講完。首先，你們在墨西哥有三家工廠。我只是想看看您如何在指導中捕捉任何潛在的關稅影響。這就是其中之一。第二，我認為根據幻燈片中的某些揭露，透過計算我們可以得出結論，GLP-1 佔銷售額的百分比約為 10%。我只是想確保這是正確的。第三，您在準備好的發言中談到了指導中未包括的幾個令人興奮的增量機會。您願意評估一下這些影響會有多大嗎？

Yes, excellent. Doug, thank you. So the first question about Mexico, we do have a relationship with a company in Mexico, it's a 50-year relationship, actually above 50 years. We are the minority stakeholder in that business. So -- and it's immaterial. The materials that we support them to be able to support the local market but a lot of it is for local.

是的，非常好。道格，謝謝你。關於墨西哥的第一個問題，我們確實與墨西哥的一家公司有合作關係，這種合作關係已經有 50 年了，實際上已經超過 50 年了。我們是該企業的少數股東。所以——這並不重要。我們支持他們的材料能夠支持當地市場，但其中許多都是針對當地的。

On the GLP-1s, you're accurate. It's ballpark about 10% with the GLP-1s of the overall business. But in CM, it's, as I mentioned, above 40% and the Proprietary about 5%. The growth of that is mid-single digits. The growth of that is very attractive. We will look at a couple of basis points expansion from '24 to '25 -- on the --

關於 GLP-1，您是準確的。它佔整個業務的 GLP-1 的大約 10%。但在 CM 中，正如我所提到的那樣，這一比例超過 40%，而專有比例約為 5%。其成長率達到了中等個位數。其成長十分引人注目。我們將研究從 24 年到 25 年的幾個基點擴張——--

On the GLP-1. I think it's like your GLPs and proprietary GLPs are about mid-single digits of our total revenue. And then the Contract Manufacturing, GLPs represent about 40% of the contra-manufacturing revenues and not our total revenue. Then if we look at GLPs in total, it's really like the mid-teens of our overall revenues. And obviously, then the economics around those businesses are a little bit different. And where we see the most growth, I think back to Eric's comments a few minutes ago, is really around the elastomer side where we're seeing a lot of traction with both -- with the primary GLP-1 providers.

在 GLP-1 上。我認為您的 GLP 和專有 GLP 約占我們總收入的中位數個位數。然後是合約製造，GLP 約佔反製造收入的 40%，而不是我們的總收入。那麼，如果我們從總體上看 GLP，它實際上相當於我們總收入的十五六成。顯然，這些企業的經濟狀況略有不同。而我們看到的最大成長，我回想起 Eric 幾分鐘前的評論，實際上是在彈性體方面，我們看到兩家公司——主要的 GLP-1 供應商——都對彈性體有很大的吸引力。

The third question around growth opportunities. I mean, obviously, we will continue to focus on expansion within the HVP components, see if we can help our customers accelerate some of the launches that they have planned and also the -- some of the regulatory work that we're partnering with them on with Annex 1. And obviously, we will respond accordingly with GLP-1 growth. Those -- but I think at this point in time, that's probably a bunch we'll provide on the potential additional growth levers as we think about throughout 2025.

第三個問題是關於成長機會。我的意思是，顯然，我們將繼續專注於 HVP 組件內的擴展，看看我們是否可以幫助我們的客戶加速他們計劃的一些發布，以及我們與他們合作開展的關於附件 1 的一些監管工作。顯然，我們將對 GLP-1 的成長做出相應反應。這些 — — 但我認為，就目前而言，這可能是我們在考慮 2025 年時將提供的一系列潛在額外成長槓桿。

We'll update as we get closer to them having an impact on our numbers. So it's kind of hard to give you a sense of what they are now.

一旦它們對我們的數字產生影響，我們就會及時更新。因此很難讓您了解他們現在的情況。

Paul Knight, KeyBanc Capital Markets.

保羅奈特 (Paul Knight)，KeyBanc 資本市場。

Hi Eric, you have had a long-term guide of our construct of a 7% to 9% organic growth. As we leave 2025 with capacity additions in place and the GLP-1 elastomer business in place. What do you feel about that 7% to 9% construct?

你好 Eric，你對我們建造的 7% 到 9% 的有機成長框架進行了長期指導。到 2025 年，我們將實現產能增加，並開展 GLP-1 彈性體業務。您對 7% 到 9% 的結構有何看法？

I believe long term, if you think about the 7% to 9%, I feel very strong that we will be able to return to those type of top line performance metrics. And particularly, I think in 2025, we'll see ourselves transition into that direction. And to your point, the key thesis of the growth is going to be around HVP components and proprietary. And so the early signs for 2025 are very strong. It's not one particular area, it's multiple areas, multiple customers, multiple drugs and categories in the marketplace. So we feel that we're getting to a more normalized environment, which will allow us to get back to that growth algorithm that we had historically.

我相信從長遠來看，如果考慮 7% 到 9% 的增幅，我堅信我們能夠回到這些類型的頂線績效指標。特別是，我認為在 2025 年，我們將看到自己朝著這個方向轉變。正如您所說，成長的關鍵論點將圍繞 HVP 組件和專有技術。因此，2025 年的早期跡象非常強勁。它不是一個特定的領域，而是市場上的多個領域、多個客戶、多種藥品和類別。因此，我們感覺我們正在進入一個更正常化的環境，這將使我們能夠恢復到歷史上的成長演算法。

And then maybe I think Bernard you were commenting on the Dublin GLP-1 new site. You're expecting what utilization in 2025, is it about half of capacity for the year? What's your kind of view on what it's going to be producing relative to potential revenue?

然後也許我認為伯納德你正在評論都柏林 GLP-1 新網站。您預計 2025 年的使用率是多少，大約是當年產能的一半嗎？您對它相對於潛在收入將產生什麼影響有何看法？

Yes, Paul, I think where it becomes more material in the back half of the year. We're at the early stages of ramping at the moment. And as we get into back half of the year, we started to see the ramp in around particularly around the auto-injector element of the business. And then as we get into the later part of '25 and into early '26 that's when we would see drug handling coming on board. So it does take time. We've seen Grand Rapids starting to ramp at a start as we go through the back end of '24, and we'll see that continue into '25. But Dublin, we won't really see a lot from that facility, I think, for the first half of this year.

是的，保羅，我認為在今年下半年它會變得更加重要。我們目前正處於初期階段。進入下半年，我們開始看到業務的成長，特別是自動注射器部分的成長。然後，當我們進入 25 年末和 26 年初時，我們會看到藥物處理開始出現。所以這確實需要時間。我們看到，在24年末，大急流城開始呈現上升勢頭，我們將看到這種勢頭持續到25年。但我認為，今年上半年我們不會在都柏林看到設施的太多變化。

And last question would be, you've signed the drug handling. Does this mean your doing complete component assembly is not fill finish. Is it?

最後一個問題是，你已經簽署了藥物處理協議。這是否意味著您所做的完整組件組裝並不是完成全部內容。是嗎？

No, it's not fill finish. It's final drug packaging. So we're not doing fill finish.

不，這不是填充完成。這是最終的藥品包裝。所以我們不會進行填充。

Matthew Larew, William Blair & Company.

馬修‧拉魯 (Matthew Larew)，威廉‧布萊爾公司。

Going to start on the device side. Obviously, that's been a big theme over the last couple of years there's been investment in that space, and I know you've been excited about the future there. You referenced today, some of the challenges you've had in terms of the financial profile as well as converting to an automated line. Eric, I think you would use the word maximizing shareholder value as you think about options, which it sounds like I guess the question is, is there sort of an existential question as to whether that should be a core competency of the company long term or more about are operational decisions that would need to be made in the near term to maximize profitability?

將從設備端開始。顯然，這是過去幾年的一個大主題，該領域一直存在投資，我知道您對該領域的未來感到興奮。您今天提到了在財務狀況以及轉換為自動化生產線方面遇到的一些挑戰。艾瑞克，我認為你在考慮選擇權時會使用最大化股東價值這個詞，這聽起來像是，我猜問題是，是否存在一個存在主義問題，即這是否應該是公司長期的核心競爭力，或者更多的是關於是否需要在短期內做出營運決策以實現盈利能力最大化？

Yes. Matthew, there's two points to that. One is more near term, what we have in our hands to be able to produce consistently high-quality product for our customers as we scale because the demand is increasing and be flawless in the execution of the automation so we can go from a manual to a fully automated process, which will drive efficiencies. And there's other operational excellence drivers that we're going to -- we are focused on in that area to deliver on.

是的。馬修，這一點有兩點。一個是近期的目標，隨著需求的不斷增長，我們在擴大規模的同時，能夠為客戶持續生產高品質的產品，並且能夠完美地執行自動化，從而從手動流程轉變為全自動化流程，從而提高效率。我們還將重點關注其他卓越營運驅動因素，以實現這一目標。

As we scale, we will get better economics. But beyond that, we do have to just continue to see pressure test. What's the future look like for that device, that particular device because the drug delivery devices for us is beyond just one product. We do have a pretty attractive portfolio around admin systems. We do have what we call self dose and also a crystal zenith line. So if you think about the drug delivery device area, this particular product is one that we're really focused on right now to determine what is the long-term best option for West.

隨著我們的規模擴大，我們將獲得更好的經濟效益。但除此之外，我們確實必須繼續觀察壓力測試。這種設備、這種特殊的設備的未來前景是什麼樣的？我們在管理系統方面確實擁有相當有吸引力的產品組合。我們確實有所謂的自我劑量以及水晶天頂線。因此，如果你考慮藥物輸送裝置領域，這個特定的產品是我們現在真正關注的重點，以確定什麼是 West 的長期最佳選擇。

Okay. Understood. And then just on the multiyear contract -- GLP contract you mentioned. Could you frame what your -- like how that participation rate and duration of contract would compare to your prior? Just give a sense for what really is incremental there?

好的。明白了。然後就是您提到的多年期合約——GLP 合約。您能否描述一下您的參與率和合約期限與之前的相比如何？只是讓您了解那裡真正的增量是什麼？

Well, in that particular case, we were on and have historically been on all the -- provide all the elastomer components for our customer. And so what this does is it secures that position for multiple years. We have not articulated exactly the duration, but it is quite lengthy. And so it isn't a drastic departure of our customer. And as you know, it takes a long time to build that report, that credibility in that supply chain. So we feel really comfortable. It was a natural progression of our relationship just to secure it and ensure that we're both aligned on future expectations and that we can help them and support one another to make sure that they can support their end patients at the end of the day with the drug launches.

嗯，在那個特定的案例中，我們一直在為我們的客戶提供所有的彈性體組件。這樣做的目的是確保這一地位維持多年。我們沒有明確說明其持續時間，但相當長。所以這並不是我們的客戶的突然離去。如您所知，建立這份報告以及供應鏈中的信譽需要很長時間。因此我們感覺非常舒服。這是我們關係的自然發展，只是為了鞏固它並確保我們對未來的期望保持一致，並且我們可以互相幫助和支持，以確保他們最終能夠透過藥物上市來支持他們的最終患者。

So it is long in duration. We haven't articulated exactly number of years, but it is very long, and it is a continuation of our participation, which is majority at basically all their needs in that market with that customer.

因此持續時間很長。我們沒有明確說明具體的年數，但會很長，而且這是我們參與的延續，基本上滿足該市場和該客戶的所有需求。

I think, Matt, it's also very important to -- it supports the growth in the GLP-1 market and feeds into the long-term construct that we talked about. As one of the key drivers there, now we've ring-fenced that. And so it was very important for us to get that done. And again, so it's really supporting that growth around HVP over the long term.

馬特，我認為這也非常重要——它支持 GLP-1 市場的成長並融入我們所談論的長期結構。作為其中的關鍵驅動因素之一，現在我們已經對此進行了保護。因此對我們來說完成這一點非常重要。再說一遍，它確實在長期內支持了 HVP 的成長。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

Just a couple of clarifications here to kick it off. Eric, on the 100 basis points of growth expansion from Annex 1, is that referring to 2025 specifically? Or is that sort of like a longer-term contribution? And then on the device part of the business, you said that there's a mandate there and is that related to the contract manufacturing side of the business or also in Prop products as well?

首先，我在此澄清幾點。艾瑞克，附件 1 中提到的 100 個基點的成長擴張，具體是指 2025 年嗎？或者這有點像是長期貢獻？然後關於業務的設備部分，您說那裡有一個任務，這是否與業務的合約製造方面有關，或者也與 Prop 產品有關？

Yes. No, thanks for the question. The 100 basis points of reference, 100 to 150 is really 2025. So these are projects that we were sharing with you last year and just wanted to give visibility now they're converting into actual revenues for '25. It takes about 14 to 18 months to do the transition, sometimes a little bit longer with our customers. And so that's why I want to dimension it enough to realize that it's starting to becoming impactful for us near term.

是的。不，謝謝你的提問。100 個基點的參考點，100 到 150 實際上是 2025 年。這些是我們去年與您分享的項目，只是想讓您看到，現在它們正在轉化為'25年的實際收入。完成過渡大約需要 14 到 18 個月，對於我們的客戶來說，有時可能更長一些。所以這就是為什麼我想對它進行足夠的評估，以便認識到它在短期內開始對我們產生影響。

And we do believe that there's long-term growth trajectory on this, but we really haven't frame that as of -- as we speak, but it's been contemplated in our long-term growth algorithm for high-value products. On the device side, that is specifically -- my comment was specifically around the proprietary devices. And to be very clear, it's around our SmartDose platform.

我們確實相信這方面有長期的成長軌跡，但截至目前我們還沒有真正地將其框定出來，但它已經在我們的高價值產品的長期成長演算法中得到了考慮。在設備方面，具體來說——我的評論是專門針對專有設備的。明確地說，它圍繞著我們的 SmartDose 平台。

Okay. And then a follow-up to that. With the -- in the prepared remarks, you talked about price and incentive headwinds. And you called out [44 million] in the second half of 2024. That -- is that ring-fenced there? Or is there more to that? And then unrelatedly, HVP mid-single digit, back to mid-single-digit growth in this year and then Biologics, high single to low double. Is there any chances to get restock there? Or are those back to run rate levels?

好的。然後對此進行跟進。在準備好的評論中，您談到了價格和激勵阻力。您預測 2024 年下半年將達到 [4,400 萬]。那──那裡有圍欄嗎？或者還有更多事情嗎？然後無關的是，HVP 中等個位數，今年回到中等個位數成長，然後是生物製劑，高個位數到低兩位數。那裡有機會補貨嗎？或者這些已經恢復到運行率水平了？

I'll start with the last one first, if you don't mind. We believe that it's more of a natural back to the growth algorithm that we expect with Biologics and HVP progress through 2025. So we don't see this as a restock since we do believe it becomes more normalized. As you know, that once you're on the molecule, you tend to be on for the duration of that drug in the market. And so it's really starting to harmonize what their supply chain needs going forward.

如果您不介意的話，我將先從最後一個開始。我們相信，隨著生物製劑和 HVP 在 2025 年取得進展，這更自然地回歸到我們預期的成長演算法。因此，我們不認為這是補貨，因為我們確實相信它會變得更加正常化。如您所知，一旦您開始服用該分子藥物，您就會傾向於在該藥物在市場上銷售的整個期間服用該藥物。因此它真正開始協調未來供應鏈的需求。

On the first question on the -- I think you mentioned the $0.44 on EPS. Not all of it is related to the device, but majority is. So a good portion of it is a little -- some of it, the smaller portion is related to the transition that we see of -- on the CGM business transitioning out this year and then also towards the tail end last year -- I'm sorry, next year. So the impact -- but we'll obviously use that asset at those locations to fill with new contracts, new customers that meet our financial construct. So that's kind of how you look at that $0.44 headwind this year.

關於第一個問題——我想您提到了每股收益 0.44 美元。雖然並非所有內容都與設備相關，但大多數內容都與設備相關。所以其中很大一部分是——部分是，較小部分是與我們今年看到的 CGM 業務轉型有關——今年的轉型，然後也是去年年底的轉型——對不起，是明年。因此會產生影響 - 但我們顯然會在這些地點使用該資產來簽訂新合約、吸引符合我們財務結構的新客戶。這就是你對今年 0.44 美元逆風的看法。

David Windley, Jefferies.

傑富瑞 (Jefferies) 的戴維溫德利 (David Windley)。

I have a few. I hope I can squeeze them in. So the first one, kind of on the last on Justin's question. I believe that your messaging in the second half of last year as you were seeing the ramp of your on-body wearable production and supply to the one key client that you were ramping was that you hope to get some of this incentive fee value kind of converted into base price. I gather from the guidance that you're giving around this that you didn't. My math suggests that the incentive fee would have been worth $0.46 or so. And so I'm wondering, can you be a little more specific? Did you get some of it baked into base price, but not all? Or how did that play out, if you don't mind?

我有幾個。我希望我能擠進它們。第一個問題類似賈斯汀的最後一個問題。我相信，去年下半年，當您看到穿戴式裝置的產量和供應量不斷增加時，您向一個關鍵客戶傳達的訊息是，您希望將部分激勵費用價值轉化為基本價格。從您就此給予的指導中，我發現您並沒有這樣做。我的計算表明，激勵費用應該為 0.46 美元左右。所以我想知道您能否更具體一點？您是否已將其中一部分但不是全部計入基本價格？或者如果您不介意的話，事情會如何發展？

Yes. The way I would respond to that David, is that the incentives far exceed the base -- the price that we have established so far in 2025. So I won't dimension any further, but it is the incentives in the latter part of 2024 as new ramp did exceed the going forward pricing.

是的。我對大衛的回答是，激勵措施遠遠超過了基準——即我們在 2025 年迄今確定的價格。因此，我不會進一步進行量化，但這是 2024 年下半年的激勵措施，因為新坡道確實超過了未來的定價。

But also to that, David, we're also seeing better production efficiencies and yield on that line, we're improving on the cost side as well as the price. So when we're looking at -- how do we improve the economics around this device. It's looking at it from both a price perspective and also from a cost perspective. So we're working in a couple of different areas on that. So that gets us to that 33.

但同時，大衛，我們也看到該生產線的生產效率和產量更高，我們在成本和價格方面都有所改善。因此，當我們考慮如何改善該設備的經濟效益時。這既要從價格角度來看，也要從成本角度來看。因此我們正在幾個不同的領域開展工作。這樣我們就得到了 33。

Got it. I probably should have started with this one. So it's not to jump around, but the investments in SG&A and R&D, what are those specifically? And maybe talk to the timing of those, like why do those need to be made now?

知道了。我或許應該從這個開始。所以這不是要跳來跳去，而是銷售、一般及行政開支和研發方面的投資，具體是什麼？也許可以談談這些事情的時間安排，例如為什麼現在需要做這些事情？

Yes. So in the R&D area, specifically the largest incremental investment that we're making in 2025 is to build out and be prepared for the launch at the end of this year or early next year of our integrated systems. So this is the for human use prefilled syringe system that we have been working on with our customers. And we actually did launch not for human use, prefilled systems with borosilicate earlier this year, the reception -- receptivity was very high. The engagement with customers is very strong.

是的。因此，在研發領域，具體來說，我們在 2025 年進行的最大增量投資是建立並準備在今年年底或明年年初推出我們的整合系統。這是我們一直與客戶合作開發的供人類使用的預充式註射器系統。事實上，我們在今年稍早確實推出了非供人類使用的預先填充硼矽酸鹽的系統，其接受度非常高。與客戶的互動非常緊密。

And therefore, really comfortable to continue the planned path that we were on to execute and make sure we hit the timetables that we've established a couple of years ago with this product launch. It's new, it's early, but the adoption is quite exciting. And more to come as we get to that point. But that is probably the largest incremental piece of our R&D from last year to this year, clearly.

因此，我們非常樂意繼續執行原定的計劃，並確保按照幾年前製定的產品發佈時間表進行。它是新的，還為時過早，但採用它卻非常令人興奮。當我們到達那個點時，還會有更多。但顯然，這可能是我們去年到今年研發投入最大的增量。

Okay. And on the SG&A side?

好的。那麼銷售、一般及行政費用 (SG&A) 方面呢？

Yes. On the SG&A side, David, a lot of the incremental costs there is the annualization of costs that were being as we were getting towards getting through 2024, we had fully annualized. We have a little bit of a step-up there, and there's some near normal merit increases. We're not adding any additional resources from an SG&A perspective. So there are really costs that are carrying through, and then you're just (inaudible) our annual merit increase.

是的。在銷售、一般和行政費用方面，戴維，許多增量成本都是成本的年化，隨著我們接近 2024 年，我們已經完全年化了。我們有了一些進步，並且有一些接近正常的績效成長。從銷售、一般及行政開支角度來看，我們不會增加任何額外資源。因此，確實存在一些成本，然後你就（聽不清楚）獲得了年度績效加薪。

Got it. Okay. So then coming back a little bit kind of bringing the device question back in, and this is a little bit of Matt or Larry's question. So if I believe, I covered the company for a long time. I think the tech group acquisition dating back to the 2000s, in fact, is the basis of your -- kind of the foundation of your contract manufacturing business. And I believe the strategic import of that for you is to have the capability to parley, so to speak, into some of the injection molded proprietary devices like the on-body that you're bringing to market.

知道了。好的。那麼再回到設備問題上，這有點像 Matt 或 Larry 的問題。所以如果我相信的話，我已經關注這家公司很久了。我認為，21 世紀初對科技集團的收購其實是你們合約製造業務的基礎。我相信這對您來說具有戰略意義，就是有能力就您推向市場的一些注塑專有設備（如體表設備）進行談判。

So I guess it gets back to use the existential question that the Contract Manufacturing business is proving to be lumpy. You're moving out of CGM, but into what is now going to be a very high client concentration in the Contract Manufacturing business. And I can understand where you would want to tolerate that for the contribution that kick on the Proprietary Product side, but the on-body wearable device margins are just not attractive enough to justify pursuing, it doesn't seem.

因此，我猜想這又回到了存在的問題，即合約製造業務被證明是不穩定的。你們正在脫離 CGM 產業，轉而進入客戶集中度非常高的合約製造業務。我可以理解你為什麼願意容忍專有產品方面的貢獻，但穿戴式裝置的利潤似乎不足以吸引你去追求它。

And so I guess I come back to is that pursuit worth it? I guess, is the basic question because if I understand correctly, based on your answer on-body wearable, those margins are probably the lowest in your portfolio at something like 10%. And -- so sorry for the very direct question, but just really wanting to understand why this makes strategic sense to continue to pursue, given the margins, the lumpiness and the CapEx requirement?

所以我想我又回到這個問題：這種追求是否值得？我想，這是基本問題，因為如果我理解正確的話，基於您對穿戴式裝置的回答，這些利潤率可能是您產品組合中最低的，大約為 10%。而且——非常抱歉問了這麼直接的問題，但我真的想了解，考慮到利潤率、不平衡性和資本支出要求，為什麼繼續追求這一目標具有戰略意義？

Yes, David, as we look at it, separate the two on the on-body wearable for the Proprietary side. That technology is making an impact but the economics on the scale-up has not met our expectations. And so therefore, we have to, as Bernard mentioned, we are driving ways to improve efficiencies through operational excellence, automation, and through scale. However, to your question, we are looking at all options right now about the fit of this part of the portfolio long term.

是的，大衛，正如我們所看到的，將穿戴式裝置的兩者分為專有部分。這項技術正在產生影響，但擴大規模的經濟效益尚未達到我們的預期。因此，正如伯納德所提到的，我們必須透過卓越營運、自動化和規模來提高效率。然而，對於您的問題，我們目前正在研究有關這部分投資組合的長期適合性的所有選擇。

On the Contract Manufacturing side, while some of the skills and resources did come out of that group to be able to support the buildup of that portfolio a while back. It is still -- it's independent, and it actually does support us when we think about diversifying our top line. It also allows us to have a larger, more robust relationship with some of the largest drug companies because they're used -- there's -- they're looking to West to support them both on the Contract Manufacturing side and also on the Proprietary side. So on a collective basis, that does position us very well in our conversations, in our customer engagements with some of the largest drug companies across the globe.

在合約製造方面，雖然一些技能和資源確實來自該集團，以便能夠支持一段時間前該投資組合的建設。它仍然是獨立的，而且當我們考慮實現營收多元化時，它確實為我們提供了支持。這也使我們能夠與一些最大的製藥公司建立更廣泛、更穩固的關係，因為他們習慣於——他們希望 West 在合約製造方面和專有方面為他們提供支援。因此，從集體角度來看，這確實使我們在與全球一些最大的製藥公司的對話和客戶接觸中處於非常有利的地位。

So while we -- they do have different economics, and does have different economics to our proprietary, we expect those investments to have robust returns for that business. And when they don't, we have to make those decisions like we did with CGM. So I do believe for diversification of our top line, but same customer segment, and spirit of being really focused on injectable medicines, we are positioned well strategically at this point with both of those businesses.

因此，儘管它們確實有不同的經濟效益，並且與我們的專有技術有不同的經濟效益，但我們預計這些投資將為該業務帶來豐厚的回報。如果他們不這樣做，我們必須像對待 CGM 一樣做出決定。因此，我確實相信，憑藉我們營業收入的多樣化，但相同的客戶群，以及真正專注於注射藥物的精神，我們在這兩項業務上都處於良好的戰略地位。

Got it. I appreciate your patience on the questions. Thank you for the illumination.

知道了。我感謝您耐心回答這些問題。謝謝你的啟發。

Jacob Johnson, Stephens Inc.

雅各約翰遜，史蒂芬斯公司

Maybe sticking with kind of strategic question and following up on a comment you just made there, Eric, on Contract Manufacturing, it seems like a bit of shift in strategy for this segment, historically, kind of a lower margin, lower growth business, seems you're now going after higher growth, higher return projects that maybe are more synergistic with Proprietary Products. Was this kind of a deliberate change in strategy that happened at some point? Or is this just opportunistic given what's going on in the GLP-1 market and maybe related to that historically, this has been a low single-digit grower. Could it be something more than that as we look out over a multiyear period?

或許堅持某種策略問題，並跟進您剛才就合約製造所做的評論，埃里克，這似乎是該部門戰略上的一點轉變，從歷史上看，這是一種利潤率較低、增長較低的業務，似乎您現在追求更高增長、更高回報的項目，這些項目可能與專有產品更具協同作用。這是在某個時刻發生的故意的戰略改變嗎？或者這只是考慮到 GLP-1 市場的情況而採取的機會主義行為，並且可能與歷史上 GLP-1 市場一直以低個位數成長有關。如果我們從多年期角度來看這個問題，情況還會進一步發展嗎？

No, excellent question. I see two things here. One is in the Contract Manufacturing space. We think with our position, you're probably looking at a single-digit type growth, plus or minus for long term. And you are correct our focus has been, and we started shifting towards conversations with customers to go a little bit further downstream. We start to think about drug device assembly in packaging which is a higher value capability. And we're proving it out while it's early stage.

不，這個問題問得好。我在這裡看到兩件事。一是合約製造領域。我們認為，憑藉我們的地位，長期來看，您可能會看到個位數的成長，或正或負。您說得對，我們的重點一直是，我們開始轉向與客戶的對話，以便進一步向下游發展。我們開始考慮包裝中的藥品裝置組裝，這是一種具有更高價值的能力。我們正在早期階段驗證這一點。

As we talked about, Bernard gave details about the Dublin expansion, where we expect to be in line with the drug handling. These are active conversations we're having with existing customers that have asked us to do manufacturing and selling of their devices. But now can you bring the drug delivery into the equation.

正如我們所討論的，伯納德詳細介紹了都柏林擴張的情況，我們預計將與藥物處理保持一致。我們正在與現有客戶進行積極的對話，他們要求我們製造和銷售他們的設備。但現在你可以將藥物輸送納入方程式中嗎？

So yes, to answer your question, we're looking at shifting this business to be more differentiated and actually bring incremental value to West as a whole and still while leveraging the global relationships that we have this large drug companies from an enterprise perspective.

是的，回答你的問題，我們正在考慮將這項業務轉變成更具差異化的業務，並為整個西方帶來增量價值，同時從企業角度利用我們與這些大型製藥公司的全球關係。

Thank you. I would now like to turn the call back to John Sweeney for closing remarks. Sir?

謝謝。現在我想請約翰·斯威尼作結束語。先生？

Thank you very much for joining us today on the call. An online archive of the broadcast is available on our website at westpharma.com in the Investors section. Additionally, you may 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, and have a great day.

非常感謝您今天參加我們的電話會議。您可在我們網站 westpharma.com 的「投資者」部分查看該廣播的線上存檔。此外，您還可以使用今天收益報告末尾提供的撥入號碼和會議 ID，在演示結束後的 30 天內收聽重播。通話到此結束。謝謝您，祝您有愉快的一天。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。