西式醫藥服務 (WST) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the West Pharmaceutical Services first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 West Pharmaceutical Services 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, John Sweeney, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、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 first quarter 2025 earnings conference call. We issued our financial results early this morning and the release has been posted in 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.

早安，歡迎參加 West 2025 年第一季財報電話會議。我們今天早上發布了財務業績，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，提供業務更新信息，並介紹 25 財年的財務展望。

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. On slide 4, there's a safe harbor statement and statements made by management on the call and in the accompanying presentation contain forward-looking statements from the meaning of the U.S. federal securities laws. These statements are based on our beliefs and assumptions, current expectations, estimates, and forecasts.

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。投影片 4 上有一份安全港聲明，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 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.

公司的未來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本文所作的任何前瞻性陳述中表達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。

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. I'll now turn the call over to our CEO, Eric Green. Eric?

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 GAAP 財務指標與按照 GAAP 編制的最具可比性的財務結果之間的限制和對帳。現在我將把電話轉給我們的執行長 Eric Green。艾瑞克？

Thank you, John, and good morning, everyone. Thanks for joining us today. I'll begin today's remarks with our performance in the first quarter. Then I'll provide some context on the trends we are seeing and share how the company is positioned for long-term growth, followed by Bernard's detailed financial review. I will then wrap up with some closing thoughts.

謝謝你，約翰，大家早安。感謝您今天加入我們。我將從我們第一季的表現開始今天的演講。然後，我將提供一些我們所看到的趨勢的背景信息，並分享公司如何定位長期成長，然後是伯納德的詳細財務審查。最後我將總結一些想法。

Starting on slide 5. I'm pleased to report that we delivered a solid start to the year as both revenues and adjusted EPS exceeded our expectations. This was largely driven by solid contributions from GLP-1s and a reduced impact from industry-wide destocking. Our results reflect the West team's operating execution in the areas where we maintain competitive advantages and strong customer relationships. Moving to slide 6. Our Proprietary Products business, which includes HVP components, standard products, and HVP delivery devices was up 0.6% or up 2.4% on an organic basis. In the past five years, HVP components have grown at a CAGR of 13%. And overall, we expect HVP components revenues to grow mid-single digits in 2025, down from our previous expectations of mid- to high single digits, a change driven by mix and timing. A key driver of HVP components growth is our ability to capitalize on the significant opportunities in the GLP-1 market.

從投影片 5 開始。我很高興地報告，我們今年取得了良好的開端，因為收入和調整後的每股盈餘都超出了我們的預期。這主要是由於 GLP-1 的強勁貢獻以及全產業去庫存化的影響減少所致。我們的業績反映了西部團隊在保持競爭優勢和牢固客戶關係的領域的營運執行。移至幻燈片 6。我們的專有產品業務（包括 HVP 組件、標準產品和 HVP 輸送設備）成長了 0.6%，或有機成長了 2.4%。在過去五年中，HVP 成分的複合年增長率為 13%。總體而言，我們預計 2025 年 HVP 組件收入將成長中個位數，低於我們先前預期的中等至高個位數，這一變化是由組合和時機驅動的。HVP 組件成長的一個關鍵驅動力是我們利用 GLP-1 市場重大機會的能力。

Our HVP GLP-1 elastomer business is performing well, growing to about 7% of total revenues in the first quarter. Furthermore, we continue to make progress with our biologics customers solidifying our position as the global leader in this space. There are two parts to our biologics business that I would like to address individually. First, delivery devices is a small portion of the portfolio within Biologics and is the current source of growth as we installed a new production line in Q3 of 2024. However, the growth will reverse in the second half of 2025 when we comp against the significant incentive payments we received in Q3 and Q4 of last year.

我們的 HVP GLP-1 彈性體業務表現良好，第一季成長至總營收的 7% 左右。此外，我們與生物製劑客戶的合作不斷取得進展，鞏固了我們在該領域的全球領先地位。我們的生物製劑業務有兩個部分，我想分別談談。首先，輸送設備只是生物製劑產品組合的一小部分，也是目前的成長來源，因為我們在 2024 年第三季安裝了一條新的生產線。然而，當我們與去年第三季和第四季收到的大量獎勵金進行比較時，成長將在 2025 年下半年出現逆轉。

The largest portion of the portfolio within biologics is HVP components, and this has a positive trend. These are pacing negative in the first and second quarters of 2025 of function of tail and destocking. We anticipate that this trend will reverse and expect a high single-digit growth rate in the second half of 2025 for biologics HVP components.

生物製劑產品組合中最大的部分是 HVP 成分，並且呈現正面趨勢。由於尾部和去庫存的作用，這些在2025年第一季和第二季將呈現負面走勢。我們預計這一趨勢將發生逆轉，預計 2025 年下半年生物製劑 HVP 成分將實現高個位數成長率。

On an aggregate basis, we expect biologics growth of low single digits in 2025. We are encouraged with the progress we're making with Annex 1. In Q1, Annex 1 revenues were about 200 basis points of total revenues. This was stronger than our expectation of 100 to 150 basis points for the full year, driven by favorable Q1 timing.

整體而言，我們預計 2025 年生物製劑的成長率將達到個位數。我們對附件 1 所取得的進展感到鼓舞。第一季度，附件 1 收入約佔總收入的 200 個基點。由於第一季時機有利，這一數字高於我們對全年 100 至 150 個基點的預期。

To date, we have approximately 340 Annex 1 projects in various stages with our customers, up from the 280 we mentioned in the last earnings call. Importantly, Annex 1 increases the value proposition of our HVP portfolio with a positive mix shift.

到目前為止，我們與客戶開展了約 340 個處於不同階段的 Annex 1 項目，高於上次收益電話會議中提到的 280 個。重要的是，附件 1 透過積極的組合轉變增加了我們的 HVP 產品組合的價值主張。

Moving on to a discussion of our HVP delivery devices business on slide 7. The growth in this area was driven by a continued volume ramp in SmartDose in the first quarter of 2025. We have a two-fold strategy for this area of our business. First, we are working hard to drive significant margin improvement as we move forward. This incorporates driving scale for the business, introducing an automated line later in 2025 to early 2026 and we're working to improve the economics around this business in the near term.

繼續討論投影片 7 上的我們的 HVP 輸送設備業務。該領域的成長得益於 2025 年第一季 SmartDose 銷售的持續成長。我們對這業務領域採取雙重策略。首先，我們正在努力推動利潤率的大幅提高。這包括擴大業務規模，在 2025 年下半年至 2026 年初引入自動化生產線，我們正在努力在短期內改善這項業務的經濟效益。

Second, we continue to evaluate the best path forward for this business and all options remain on the table. Finally, standard products were relatively flat year over year. Overall, we are seeing improvements in the proprietary products business driven by strength in GLP-1s in line with our expectations in 2025.

其次，我們將繼續評估這項業務的最佳發展道路，並且所有選項都保留。最後，標準產品較去年同期相對持平。整體而言，我們看到專有產品業務在 GLP-1 強勁推動下有所改善，符合我們對 2025 年的預期。

In our Contract Manufacturing segment on slide 8, revenue growth in our GLP-1 Auto-Injector business is offsetting the CGM contract exits. We continue to work towards filling the space and onboarding new contracts as we continue to execute on this business. We believe that for the full year, our investments in GLP-1 facilities will continue to deliver low single-digit growth for this segment. Our goal is to continue growing our contract manufacturing business and moving into drug handling, which we believe will be higher margin and comes with lower capital intensity.

在第 8 張幻燈片上的合約製造部門中，我們的 GLP-1 自動注射器業務的收入成長正在抵消 CGM 合約退出的影響。在繼續開展這項業務的同時，我們將繼續努力填補空缺並簽訂新合約。我們相信，全年而言，我們對 GLP-1 設施的投資將繼續為該部門帶來低個位數成長。我們的目標是繼續擴大我們的合約製造業務並進入藥品處理領域，我們相信這將帶來更高的利潤率並降低資本密集度。

In the near term, we are executing on our capital allocation strategy, which involves investing in the overall business to drive future performance, returning capital to shareholders through our stock repurchase program and dividends.

短期內，我們正在執行資本配置策略，包括投資整體業務以推動未來業績，並透過股票回購計畫和股利向股東返還資本。

Before I turn the call over to Bernard, I'm sure you have seen the press release this morning regarding the executive leadership changes. I know that Bernard's decision was not made lightly. And we appreciate the note has given the company in order for us to seek a successor and ensure a smooth transition of his goal.

在我將電話轉給伯納德之前，我相信你已經看到了今天早上有關行政領導層變動的新聞稿。我知道伯納德的決定並不是輕易做出的。我們感謝公司給予的幫助，以便我們尋找繼任者並確保他的目標順利過渡。

Bernard has been a valuable partner and adviser to me in the entire organization. His contributions and leadership over the past seven years have been instrumental to our success. He will be missed. We have initiated a search process to identify Bernard's successor, and he has committed to be part of the selection process where his insights will be beneficial.

在整個組織中，伯納德一直是我寶貴的合作夥伴和顧問。過去七年來，他的貢獻和領導對我們的成功至關重要。我們將會懷念他。我們已經啟動了尋找伯納德繼任者的搜尋程序，他已承諾參與選拔過程，他的見解將對我們有所幫助。

Additionally, I am pleased to highlight an outstanding new addition to our executive leadership team. Shane Campbell is joining us as the Senior Vice President of Chief Proprietary Segment Officer. He comes to us from Carlisle Company, where he served as the Chief Commercial Officer of the Construction Materials business. As an accomplished leader, including a 20-year career at DuPont, Shane brings extensive global management experience in areas of elastomers, polymers, building materials, chemicals and packaging. We look forward to working with him in the vast experience we'll bring to West. I'll now hand the call over to Bernard. Bernard?

此外，我很高興地向大家介紹我們執行領導團隊中一位傑出的新成員。Shane Campbell 將加入我們，擔任首席專有部門資深副總裁。他來自卡萊爾公司，曾擔任建築材料業務的首席商務官。Shane 是一位經驗豐富的領導者，在杜邦公司擁有 20 年的職業生涯，在彈性體、聚合物、建築材料、化學品和包裝領域擁有豐富的全球管理經驗。我們期待與他合作，為 West 帶來豐富的經驗。我現在將電話交給伯納德。伯納德？

Thank you, Eric, and good morning. I appreciate your kind words. As you know, I really enjoyed our partnership working with the West team, and I am proud of what we have been able to achieve.

謝謝你，艾瑞克，早安。我很感激您的善意言辭。如您所知，我非常享受與西方團隊的合作，我為我們所取得的成就感到自豪。

Now let's review the numbers in more detail. We'll first look at Q1 2025 revenues and profits where we saw a low single-digit increase in organic sales, an increase in adjusted operating profit, and a reduction in diluted EPS compared to the first quarter of 2024.

現在讓我們更詳細地回顧一下這些數字。我們首先來看看 2025 年第一季的營收和利潤，與 2024 年第一季相比，有機銷售額呈現低個位數成長，調整後營業利潤有所增加，而稀釋每股收益有所減少。

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 guidance. First up, Q1.

我將向您介紹影響本季銷售額和利潤的因素以及一些資產負債表要點。最後，我們將對我們的指導進行更新。首先是 Q1。

Our financial results are summarized on slide 9 and the reconciliation of non-U.S. GAAP measures are described in slides 17 to 19. We recorded net sales of $698 million, representing an organic sales increase of 2.1%.

我們的財務結果總結在第 9 張投影片中，非美國 GAAP 指標的對帳在第 17 至 19 張投影片中描述。我們的淨銷售額達到 6.98 億美元，有機銷售額成長 2.1%。

Looking at slide 10. Proprietary products organic net sales increased 2.4% in the quarter. primarily driven by positive sales price slightly offset by mix. High-value products, which made up 73% of proprietary product sales in the quarter increased by low single digits, led by customer demand for self-injection device platforms.

看投影片 10。本季專有產品有機淨銷售額成長 2.4%。主要受積極的銷售價格推動，但略微受到產品組合的抵消。高價值產品佔本季專有產品銷售額的 73%，成長率為個位數低值，主要原因是客戶對自我注射設備平台的需求。

The biologics market unit delivered mid-single digits organic net sales growth, driven by an increase in sales of self-injection device platforms, partially offset by lower sales of FluroTec products. The pharma market unit saw mid-single-digit growth primarily due to an increase in sales of standard products and Westar products, while the generics market unit declined mid-single digits, driven by a decline in sales of standard and FluroTec products.

生物製劑市場部門實現了中等個位數的有機淨銷售額成長，這得益於自我注射設備平台銷售額的成長，但被 FluroTec 產品銷售額的下降部分抵消。製藥市場部門實現了中等個位數成長，主要原因是標準產品和 Westar 產品的銷售額增加，而仿製藥市場部門則因標準產品和 FluroTec 產品的銷售額下降而出現中等個位數下降。

Our contract manufacturing segment experienced low single-digit net sales growth in the first quarter, primarily driven by an increase in sales in self-injection devices for obesity and diabetes. We recorded $231.9 million in gross profit, which was $1.7 million or 0.7% higher than Q1 of last year. And our gross profit margin of 33.2% was a 10 basis point year-over-year increase.

我們的合約製造部門第一季的淨銷售額實現了低個位數成長，主要得益於肥胖症和糖尿病自我注射設備銷售額的成長。我們的毛利為 2.319 億美元，比去年第一季增加 170 萬美元，增幅為 0.7%。我們的毛利率為33.2%，較去年成長10個基點。

Our adjusted operating profit margin of 17.9% was an increase of 20 basis points from the same period last year. Finally, adjusted diluted EPS declined 7.1% for Q1. Excluding stock-based compensation tax benefit, EPS improved by 1.4% compared to the same period last year.

我們的調整後營業利益率為17.9%，比去年同期增加了20個基點。最後，第一季調整後稀釋每股收益下降 7.1%。不計股票薪酬稅收收益，每股收益較去年同期增加 1.4%。

Now let's review the drivers in both our revenue and profit performance. On slide 11, we show the contributions to organic sales increase in the quarter. Sales price increases contributed $23.3 million, 3.4 percentage points of growth in the quarter. Offsetting price was a negative volume and mix impact of $9 million as we saw higher sales of self-injection offset by a decline in FluroTec and a foreign currency headwind of approximately $11.7 million.

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 11 上，我們展示了本季有機銷售額成長的貢獻。銷售價格上漲貢獻了本季 2,330 萬美元的成長，即 3.4 個百分點。抵銷價格是 900 萬美元的負面銷售和產品組合影響，因為我們看到自我注射銷售額的增加被 FluroTec 的下降和約 1,170 萬美元的外匯逆風所抵消。

Looking at margin performance, slide 12 shows our consolidated gross profit margin of 33.2% for Q1 2025, up from 33.1% in Q1 2024. Proprietary products first quarter gross profit margin of 37.3% was 30 basis points higher than the margin achieved in the first quarter of 2024. The key drivers for the increase in proprietary products gross profit margin in addition to sales price or production efficiencies, partially offset by a negative shift in sales mix from HVP components to HVP devices.

從利潤率表現來看，投影片 12 顯示我們 2025 年第一季的綜合毛利率為 33.2%，高於 2024 年第一季的 33.1%。專有產品第一季毛利率為 37.3%，比 2024 年第一季的毛利率高出 30 個基點。專有產品毛利率上升的關鍵驅動因素除了銷售價格或生產效率之外，還被銷售結構從 HVP 組件向 HVP 設備的負面轉變部分抵消。

Contract manufacturing first quarter gross profit margin of 16.1% was 90 basis points below the margin achieved in the first quarter of 2024, primarily due to increased spend and production inefficiencies. Now let's look at our balance sheet and review how we've done in terms of generating cash for the business.

合約製造第一季毛利率為 16.1%，比 2024 年第一季的毛利率低 90 個基點，主要原因是支出增加和生產效率低。現在讓我們來看看資產負債表，並回顧一下我們在為企業創造現金方面的表現。

On slide 13, a we have listed some key cash flow metrics. Operating cash flow was $129.4 million for the three months ended March 2025, growth of $11.2 million compared to the same period last year, a 9.5% increase primarily due to favorable working capital management. Our first quarter 2025 year-to-date capital spending was $71.3 million, $19.3 million lower than the same period last year.

在投影片 13 上，我們列出了一些關鍵的現金流指標。截至 2025 年 3 月的三個月，營運現金流為 1.294 億美元，較去年同期成長 1,120 萬美元，成長 9.5%，主要得益於良好的營運資金管理。我們 2025 年第一季迄今的資本支出為 7,130 萬美元，比去年同期低 1,930 萬美元。

Working capital of approximately $931 million at March 31, 2025, decreased by $56.9 million from December 31, 2024, primarily due to a reduction in our cash balance. Our cash balance at March 31, 2025, $404.2 million was $80.4 million lower than our December 2024 balance. The decrease in cash is primarily due to $134 million of share repurchases and our capital expenditure is offset by cash from operations.

截至 2025 年 3 月 31 日的營運資金約為 9.31 億美元，較 2024 年 12 月 31 日減少了 5,690 萬美元，主要原因是我們的現金餘額減少。截至 2025 年 3 月 31 日，我們的現金餘額為 4.042 億美元，比 2024 年 12 月的餘額低 8,040 萬美元。現金減少主要是由於 1.34 億美元的股票回購，而我們的資本支出則被經營現金所抵銷。

Turning to guidance. Slide 14 provides a high-level summary. We are increasing our full-year 2025 revenue guidance for the impact of foreign currency exchange. We expect net sales in the range of $2.945 billion to $2.975 billion compared to prior guidance of $2.875 billion to $2.905 billion.

轉向指導。投影片 14 提供了高層摘要。鑑於外匯的影響，我們正在上調 2025 年全年營收預期。我們預計淨銷售額將在 29.45 億美元至 29.75 億美元之間，而先前的預期為 28.75 億美元至 29.05 億美元。

There is an estimated full-year 2025 headwind of approximately $5 million based on current foreign exchange rates. We continue to expect organic sales growth to be approximately 2% to 3%, unchanged from prior guidance.

根據目前外匯匯率，預計 2025 年全年逆差約 500 萬美元。我們繼續預期有機銷售額成長率約為 2% 至 3%，與先前的預期相同。

We are increasing our full-year 2025 adjusted diluted EPS guidance to a range of $6.15 to $6.35, up from the previous range of $6 to $6.20. Full-year 2025 adjusted diluted EPS guidance assumes no impact based on current foreign exchange rates compared to an FX headwind of $0.23 from prior guidance. The updated guidance also includes EPS of $0.02 associated with first quarter 2025 tax benefits from stock-based compensation. Our guidance excludes future tax benefits from stock-based compensation.

我們將 2025 年全年調整後稀釋每股盈餘預期從先前的 6 美元至 6.20 美元上調至 6.15 美元至 6.35 美元。 2025 年全年調整後稀釋每股盈餘指引假設當前外匯匯率不會產生影響，而先前的指引則假設外匯逆風為 0.23 美元。更新後的指引還包括與 2025 年第一季股票薪酬稅收優惠相關的每股收益 0.02 美元。我們的指導不包括股票薪酬的未來稅收優惠。

Here is our assumption about tariffs in our EPS guidance. Based on the tariffs that have been set, we believe the net impact to our business will be $20 million to $25 million for the remaining three quarters of 2025. However, there is a lot of uncertainty here, and we appreciate that this number could be more or less depending on retaliatory tariffs and other factors.

這是我們對 EPS 指導中的關稅的假設。根據已經確定的關稅，我們認為，2025 年剩餘三個季度對我們業務的淨影響將達到 2,000 萬至 2,500 萬美元。然而，這裡存在著許多不確定性，我們知道這個數字可能會或多或少取決於報復性關稅和其他因素。

We continue to monitor the situation, and we are utilizing every available mitigation lever to offset this impact. The tariff headwind is more than offset by the strength we saw in the first quarter. Foreign currency improvement and the first quarter stock comp benefit. We are not currently incorporating any estimate for tariff-related pass-through revenues in our guidance at this point.

我們將繼續監測情況，並利用一切可用的緩解手段來抵消這種影響。我們在第一季看到的強勁勢頭足以抵消關稅帶來的不利影響。外幣改善和第一季股票補償收益。目前，我們尚未將任何與關稅相關的轉嫁收入估計納入我們的指導中。

Moving on to our second-quarter guidance, we anticipate revenue to be in the range of $720 million to $730 million, which translates to approximately 3% to 4% of second quarter organic sales growth. And second quarter adjusted diluted EPS is expected to be in the range of $1.50 to $1.55. Lastly, our 2025 CapEx guidance of $275 million for the year, unchanged from prior guidance. I would now like to turn the call back over to Eric.

繼續我們的第二季指引，我們預計營收將在 7.2 億美元至 7.3 億美元之間，這相當於第二季有機銷售額成長約 3% 至 4%。預計第二季調整後稀釋每股收益將在 1.50 美元至 1.55 美元之間。最後，我們 2025 年的資本支出指引為 2.75 億美元，與先前的指引相同。現在我想把電話轉回給艾瑞克。

Thanks, Bernard. As you have heard today, 2025 is off to a solid start. We look forward to building on this momentum as we move throughout the year. Our team is steadfast in meeting the expectations to drive our growth. To that end, today, we have increased our adjusted diluted EPS guidance for 2025.

謝謝，伯納德。正如大家今天所聽到的，2025 年已經有一個好的開始。我們期待在全年的發展中繼續保持這一勢頭。我們的團隊堅定不移地滿足期望，以推動我們的成長。為此，今天，我們提高了 2025 年調整後稀釋每股盈餘預期。

You can expect us to continue to capitalize our competitive strengths and make decisions that improve our overall margin. We're laser-focused on returns on invested capital and will have more to share in the coming quarters.

您可以期待我們繼續利用我們的競爭優勢並做出提高我們整體利潤率的決策。我們專注於投資資本的回報，並將在未來幾季分享更多資訊。

Over the past few months, we were fortunate to have the opportunity to speak with many shareholders and our analysts. There seems to be a general consensus among those who we spoke with on those challenges and opportunities here at West, and we're committed to delivering on those goals and objectives.

在過去的幾個月裡，我們很幸運有機會與許多股東和分析師交談。在 West，與我們交談過的人似乎就這些挑戰和機會達成了普遍共識，我們致力於實現這些目標和宗旨。

Lastly, I would like to thank all the team members at West, who contributed to our successful first quarter. Operator, we're ready to take questions. Thank you.

最後，我要感謝 West 的所有團隊成員，他們為我們第一季的成功做出了貢獻。接線員，我們準備好回答問題了。謝謝。

(Operator Instructions) Paul Knight, KeyBanc.

（操作員指示）Paul Knight，KeyBanc。

Thank you. Great quarter, Bernard, thanks for everything. We'll miss you a lot. Two questions are, what percent utilization are you assuming in the new site in Dublin, Eric, in your guidance? And then the follow-up is for Bernard, and that is your margin seems to have been a little bit better on the adjusted op margin in 1Q. Are things -- is it business mix or are things getting a little improved delivery devices?

謝謝。非常棒，伯納德，謝謝你所做的一切。我們會非常想念你的。兩個問題是，艾瑞克，您假設都柏林新站點的使用率是多少？然後是針對伯納德的後續問題，那就是您的利潤率在第一季的調整後營業利潤率似乎有所提高。事情是這樣的——是業務組合還是交付設備得到了一些改進？

Yeah. Thank you, Paul, for the question. Yes. And specifically in our Dublin site, which is for contract manufacturing, we are initiated ramping up earlier this year. And that will continue throughout the year. So the utilization percentage is quite low as we speak, and that's incorporated into our guidance.

是的。謝謝保羅提出的問題。是的。特別是在我們的都柏林工廠，該工廠專門從事合約製造，我們在今年稍早開始加大產能。並且這種情況將持續全年。因此，正如我們所說，利用率相當低，這已納入我們的指導中。

As we mentioned before on that site, it will handle drug handling, and that will be available towards the end of the year, early next year to launch and for commercialization. So low percentage at this point in time, Paul, Bernard?

正如我們之前在網站上提到的，它將負責藥物處理，並將在今年年底或明年年初推出並商業化。那麼，保羅、伯納德，目前這個比例有這麼低嗎？

Yeah, Paul. On the operating margin, we actually saw better efficiencies within our E&PC business compared to what we had originally forecast. So that was a positive. We also saw an improvement in the margin within contract manufacturing versus the forecast that we have for Q1.

是的，保羅。在營業利潤率方面，我們實際上看到 E&PC 業務的效率比我們最初預測的更高。所以這是積極的。與我們對第一季的預測相比，我們也看到合約製造的利潤率有所提高。

So again, very positive there. And then on our SG&A and R&D, the spend was a little bit lighter in Q1, again, versus what was forecast. And we have made some adjustments in those areas to control costs. And then again, some of that was related to timing.

所以，這再次表明情況非常積極。然後，就我們的銷售、一般及行政費用和研發費用而言，第一季的支出與預測相比略有減少。並且我們在這些領域做出了一些調整來控製成本。再說了，其中一些與時間有關。

And again, that's updated in the guidance that we've given. So a lot of positives for us around the cost base, and we just need to maintain that as we go through the year.

再次強調，這已在我們給予的指導中更新。因此，我們在成本基礎方面有很多積極因素，我們只需要在全年保持這種狀態。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Great. Thank you. I'd echo Paul's comments, Bernard, I wish you best of luck as well. I guess, first question, just on the guidance and the high-value product mid-single-digit growth. Is that purely a function of just the -- you mentioned timing, is that -- and discuss inventory destocking.

偉大的。謝謝。我同意保羅的評論，伯納德，我也祝你好運。我想，第一個問題只是關於指導和高價值產品中位數個位數的成長。這是否純粹是功能？您提到了時間，是嗎？並討論庫存去庫存。

Is that primarily a function of that? It does feel like as you run through the year, you -- it sounds like you continue to expect that to track upwards. So is there really any other change outside of the timing? I know you mentioned Annex 1 was a little bit better in Q1 or contributions from that, but that sounds like that might tail off. So I'm just trying to get a little more color just around the high-value product outlook.

這主要是因為它的功能嗎？確實感覺就像隨著這一年的過去，你——聽起來你繼續期待它繼續向上發展。那麼除了時間之外還有其他變化嗎？我知道您提到附件 1 在第一季表現稍好一些，或者說做出了貢獻，但聽起來可能會逐漸減弱。所以我只是想對高價值產品的前景進行更多的闡述。

Larry, there's a couple of factors impacting that. One is on pricing, we're seeing pricing come in a little bit lower than we originally anticipated. Not overly material, but it's -- we just want to make sure people understand that in the report in the next couple of quarters. And you'll see it a little bit lower.

拉里，有幾個因素影響了這一點。一是定價，我們發現定價比我們最初預期的要低一點。雖然不是特別重要，但是——我們只是想確保人們在接下來的幾個季度的報告中理解這一點。你會看到它稍微低一點。

And we also have a constrained situation in one of our facilities where a customer has switched to the product that they want to take from us. So it's put a lot of demand into one facility where originally we had that demand spread out number across a number of sites.

我們的一個工廠也遇到了一個受限的情況，客戶已經轉向他們想從我們這裡購買的產品。因此，我們將大量需求集中到一個設施中，而最初這些需求分散在多個站點。

So we do see a constraint here in the short term. So it's more of a short-term supply issue rather than a demand issue. So what we are actually seeing is increasing demand, but we have to be able to deliver on that. So when Eric called out timing, that's what that relates to.

因此，我們確實看到短期內存在限制因素。因此，這更多的是一個短期供應問題，而不是需求問題。因此，我們實際上看到的是需求不斷增長，但我們必須能夠滿足這項需求。所以當艾瑞克喊出時機時，這就是與之相關的。

So we do expect in the second half of the year to see a step-up in HVP components across all our sites. And again, that's embedded in the guidance.

因此，我們確實預計今年下半年我們所有站點的 HVP 組件數量都會增加。再次強調，這已包含在指南中。

Okay. And then just second question. You mentioned sort of the impact of -- or the unknown impacts obviously of tariffs and geopolitical. Why not just -- any thoughts on -- obviously, with the reduction in government spending going on and lots of headlines on the impacts of health care. And you mentioned some also on the macroeconomic stuff there in your prepared remarks.

好的。然後是第二個問題。您提到了關稅和地緣政治的影響，或者顯然是未知的影響。為什麼不只是——有什麼想法嗎——顯然，隨著政府支出的減少和大量有關醫療保健影響的頭條新聞。您在準備好的發言中也提到了一些有關宏觀經濟的內容。

Eric, do you see any real significant impact outside of some of the direct tariff impacts. But just on demand or concerns on demand in your business because of some of the sort of government headwinds going on?

埃里克，除了一些直接關稅影響之外，您是否看到任何真正的重大影響？但是由於政府的一些阻力，您的業務是否僅僅滿足需求或擔心需求？

Yeah, Larry, it's a very good question. As we talked about tariffs, we feel we have a good view of where we are today based on the current factors. And as you know, that landscape could change. And we do have several programs that we are implementing and haven't committed to mitigate those expenses such as pass on some of the cost to our customers. and also a fortunate part of our business that we created is network of operations across the globe to be able to support more in the region.

是的，拉里，這是一個非常好的問題。當我們談論關稅時，我們認為根據當前的因素，我們對目前的狀況有一個很好的認識。如你所知，這種情況可能會改變。我們確實正在實施幾個計劃，但尚未承諾減少這些開支，例如將部分成本轉嫁給我們的客戶。而我們業務的幸運在於建立了遍布全球的營運網絡，從而能夠在該地區提供更多支援。

So regional support. Therefore, there's a lot of less cross-border movement of our goods for our customers. While it's not a 100% peer, I think this global network that we've created HVP as an example, a couple of sites in the US, a couple of sites in Europe, one in Singapore, is great leverage to bile to support our customers.

因此需要區域支援。因此，對於我們的客戶來說，我們的貨物跨境運輸量大大減少。雖然它不是 100% 對等的，但我認為我們創建的這個全球網路（HVP）作為一個例子，在美國有幾個站點，在歐洲有幾個站點，在新加坡有一個站點，這對於支持我們的客戶有很大的幫助。

The other factor is macroeconomics, there are other levers that we'll keep an eye on. But right now, we don't see that impacting our volume and demand commitments that we are going to fulfill for our customers throughout the year. We're not seeing patterns change.

另一個因素是宏觀經濟，我們會密切注意其他槓桿。但目前，我們認為這不會影響我們全年為客戶履行的產量和需求承諾。我們沒有看到模式改變。

In fact, as Bernard talked about a little bit earlier, the one change we're seeing is an increase. We're seeing a visible increase in demand as we go through this year, which is a positive sign, which is consistent with what we talked about in the last quarter.

事實上，正如伯納德之前談到的，我們看到的一個變化就是成長。我們看到今年的需求明顯增加，這是一個積極的信號，與我們上個季度談論的情況一致。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

I just wanted to follow up on the last question related to timing and sourcing. So it sounds like that's related to HVP. I just want to confirm that. And then part two of that would be -- would the increase in demand and the timing shift is -- should we defer that some of that demand spills over into 2026?

我只是想跟進與時間和採購有關的最後一個問題。聽起來這和 HVP 有關。我只是想確認一下。然後第二部分是 - 需求是否會增加，時間是否會改變 - 我們是否應該推遲到 2026 年部分需求的溢出？

Yeah. So you're correct, Justin, that very good question. The demand that we're talking about right now, the constraint is in one of our HVP plants that we're working through those constraints as we speak to be able to support our customers. But with the lens that we have today, we would just want to make sure we called that out.

是的。所以你是對的，賈斯汀，這個問題問得非常好。我們現在談論的需求，限制因素是在我們的一個 HVP 工廠中，我們正在努力克服這些限制，以便能夠為我們的客戶提供支援。但憑藉我們今天所擁有的鏡頭，我們只想確保我們能說出這一點。

There are a number of initiatives to address that. And as the demand continues to climb, there might be some that goes into 2026, but we'll keep you updated as we go throughout the year.

有許多措施可以解決這個問題。隨著需求不斷攀升，有些需求可能會持續到 2026 年，但我們將在全年不斷向您更新最新情況。

Okay. And then just a quick follow-up on the tariffs. Is that mostly -- how much of that is impact us from component sourcing versus maybe something that's going cross border in terms of like the finished good.

好的。然後我們來快速討論一下關稅問題。這主要是──其中有多少是來自零組件採購的影響，還是來自跨國的成品的影響？

And then the follow-up to that is, does that all drop through? Or is there any -- should we just assume like kind of like the overall tax like the effective tax rate or is there any tax offset there?

那麼接下來的問題是，這一切都會實現嗎？或者有沒有——我們是否應該假設像整體稅收那樣的有效稅率或是否存在任何稅收抵免？

Sorry, I couldn't actually hear the question very much.

抱歉，我其實沒聽清楚問題。

Just I think I have it. You're asking about tariffs and you're saying, is it in finished goods? Or is it in the sourcing? And it's actually in a little bit of both. And then you're also, I think, asking about the proposed US manufacturing tax rate of 15% and if that's something that could potentially be an offset. Is that correct?

我只是認為我擁有它。您問的是關稅，您說的是，它包含在成品中嗎？還是在採購中？事實上，兩者皆有。然後，我認為您還詢問了美國提議的 15% 製造業稅率，以及這是否有可能起到抵消作用。對嗎？

That's right.

這是正確的。

Yeah. So we have -- as we've looked at the tariffs, we've looked at it from multiple different perspectives. One is on components, as John said. The second is on other sourcing where our suppliers would pick up the tariff, but then potentially pass it on to us. So we've embedded estimates of that into our guidance. We're also looking at where we, on the ankle terms, where we ship product to and is -- we're the importer do we pick up the tariff costs at that point.

是的。因此，當我們審視關稅時，我們從多個不同的角度進行了審視。正如約翰所說，一個是關於組件。第二種是其他採購，我們的供應商會承擔關稅，但可能會將其轉嫁給我們。因此，我們已將對此的估計納入我們的指導中。我們也在考慮，就具體條款而言，我們將產品運送到哪裡，以及我們是進口商嗎？我們是否會在那時承擔關稅成本。

Again, all of those elements are built into our guide the -- but based on what we know today, again, it's a very fluid situation. There are various mitigations that we're actually working on at this point to reduce that number over time. But again, we want to see those materialize before we call those out and say what they are. So we're giving you the clearest picture that we have today.

再次強調，所有這些要素都已融入我們的指南中——但根據我們今天所了解的情況，這是一個非常不穩定的情況。目前我們正在採取各種緩解措施，以便逐步減少這一數字。但再次強調，我們希望看到這些目標實現，然後我們才能提出這些目標並說明它們是什麼。因此，我們今天將為您提供最清晰的畫面。

And then when we look at any future tax benefits that could come in the US, yes, if the tax rate lowers, it is a benefit. But again, we have to wait and see when and how that materializes.

然後，當我們看看美國未來可能出現的任何稅收優惠時，是的，如果稅率降低，那是一種好處。但同樣，我們必須拭目以待，看看何時以及如何實現這一目標。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. quick follow-up question. I thought to an earlier question. I think you said that one of the factors was that price came in a little bit lower than expect. I want to make sure I heard that correctly because I think you did 3.4% price contribution in the quarter for the business overall. And that was a little bit more than we thought it would be. So just if you could clarify your comments on price and sort of where it was a little bit better ?

偉大的。快速後續問題。我想到了一個先前的問題。我認為您說的其中一個因素是價格比預期略低。我想確保我聽得正確，因為我認為你們在本季為整個業務貢獻了 3.4% 的價格。這比我們想像的要多一點。所以，如果你能澄清一下你對價格的評論，以及它有哪些地方更好？

Michael, when we look at it for the year, and we expect it to be a little bit lighter than originally estimated.

邁克爾，當我們展望今年的情況時，我們預計它會比最初估計的要輕一些。

Okay. Okay. But in the quarter, did it come in also later?

好的。好的。但在本季度，它是否也出現得較晚？

The quarter we were happy about it, it's more of a forward-looking.

本季我們對此感到高興，它更具前瞻性。

Okay. Okay. All right. And then just the other question sort of related to tariffs and your customer behavior. One of the things we're thinking about is that some of your customers may be looking to speed up some manufacturing or maybe accelerate and plans to try to get ahead of tariffs on their products on pharmaceutical products as that comes in during the year.

好的。好的。好的。然後是另一個與關稅和客戶行為相關的問題。我們正在考慮的事情之一是，你們的一些客戶可能希望加快一些製造速度，或者加速併計劃在年內對其藥品產品徵收關稅之前爭取領先。

There are some reports of elevated levels of manufacturing or product shipments in the first quarter. Did you see any of that? Do you see any weird timing of maybe things pulling forward a little bit or customers moving around timing plans for the year from their perspective?

有報導稱，第一季製造業或產品出貨量增加。你看到這些了嗎？您是否看到任何奇怪的時間安排，例如事情可能稍微提前一點，或者從客戶的角度來看，他們改變了全年的時間表計劃？

No, Michael, that's a very good question. For us, since most of our transactions our manufacturing processes are made to order, the answer is no. We didn't see any changes to the demand profile and the order cadence that we're seeing throughout the balance of the year. So we're seeing -- at this point in time, we're not seeing any adjustments or any change of behaviors due to these tariffs.

不，邁克爾，這是一個非常好的問題。對我們來說，由於我們的大多數交易和製造流程都是按訂單生產的，所以答案是否定的。我們沒有看到需求狀況和訂單節奏在今年餘下時間發生任何變化。所以我們看到——目前，我們還沒有看到由於這些關稅而出現任何調整或行為改變。

And then again, just to reiterate, a lot of our manufacturing sites are not 100%, but the majority of it is co-located in the geographies where our customers reside where they want to take shipments. So therefore, that's a net benefit. So we're not seeing the change of behaviors at this point in time or their demand profiles of their own products.

然後再次重申，我們的許多製造基地都不是 100% 覆蓋，但大多數都位於客戶所在地，也就是他們想要出貨的地方。因此，這是淨收益。因此，我們目前還沒有看到他們的行為發生變化，也沒有看到他們對自己產品的需求情況發生變化。

David Windley, Jefferies.

傑富瑞的戴維溫德利 (David Windley)。

And congrats to both Bernard and Mr. Campbell going out and coming in. The first question I have is around utilization, I guess, or margin trade-off, so to speak. When I look at your year-over-year comparisons, P&L comparisons, they are surprisingly similar revenue, gross margin, operating margin, basically the EPS difference comes down to SBC tax benefit differences.

恭喜伯納德先生和坎貝爾先生的離任和上任。我想，我的第一個問題是關於利用率，或者可以說是利潤權衡。當我查看您的同比比較、損益表比較時，我發現它們的收入、毛利率、營業利潤率驚人地相似，基本上每股收益差異歸結為 SBC 稅收優惠差異。

And yet within the P&L, I think we know that as you're calling out, very, very high-margin FluroTec is down and low-margin self-injection devices is driving the growth. So you have some offsets in there and otherwise that are helping to mitigate that mix trade-off.

然而，在損益表中，我想我們知道，正如您所說，利潤率非常高的 FluroTec 正在下降，而利潤率低的自我注射設備正在推動成長。因此，您在那裡有一些抵消，否則有助於緩解混合權衡。

And I wondered if you could explore or better elucidate what some of those things are. And in that, maybe Annex 1 is potentially one of them? And I wondered on that, if you could comment what the typical upgrade or step-up in economics is that we should think about when a client goes through one of these Annex 1 projects and moves forward to a change in their component sourcing?

我想知道您是否可以探索或更好地闡明其中的一些內容。那麼，附件 1 可能就是其中之一嗎？我很好奇，當客戶完成附件 1 中的某個項目並轉向改變其零件採購時，您是否可以評論一下我們應該考慮的典型經濟升級或提升是什麼？

Yes, Dave, I'll take that to start with. On Annex 1, it's not having a very material impact at the moment. It is growing the -- as Eric said, the level of interest is increasing. What we would typically see if we're moving to Annex 1, you're moving from standard type product margin to HVP margin, probably a little bit north of our corporate average.

是的，戴夫，我先從這個開始。對於附件 1，目前它還沒有產生非常實質的影響。正如埃里克所說，人們的興趣水平正在不斷提高。如果我們轉到附件 1，我們通常會看到，您將從標準類型產品利潤率轉向 HVP 利潤率，這可能略高於我們的公司平均值。

So what I would say -- so it is a pretty significant step up. And then that can vary depending on how far customers want to move up that HVP curve. But really, when we have been looking at our business and managing the P&L as we've been moving into 2025 and looking at the growth challenges that we have been facing. And trying to get back to that LRP, there's been a lot of focus on utilization and efficiencies within our manufacturing operations.

所以我想說的是──這是一個相當重要的進步。然後，這可能會根據客戶希望將 HVP 曲線提升多遠而有所不同。但實際上，當我們審視我們的業務並管理損益表時，我們已經進入 2025 年，並​​正在審視我們所面臨的成長挑戰。嘗試回到 LRP，我們非常關注製造營運中的利用率和效率。

We're starting to see positivity there. I called it out earlier, I think when the question was asked about operating margin improvement, that is one of the key drivers. We're also seeing it across our contract manufacturing business and also looking at our spend within OpEx. We're seeing really a lot of control around research and development and SG&A. So it's really managing our P&L on an active basis to make sure that we're at least maintaining the margin in this period as we transition back to the LRP.

我們開始看到那裡的積極跡象。我之前就提到過，我認為當問到營業利潤率提高的問題時，這是關鍵驅動因素之一。我們也在我們的合約製造業務中看到了這一點，並且也在關注我們的營運支出。我們確實看到圍繞研發和銷售、一般及行政費用 (SG&A) 的控制力度很大。因此，我們實際上正在積極管理我們的損益，以確保我們在過渡回 LRP 期間至少保持利潤率。

Got it. My follow-up, Eric, is for you. The couple of announcements today from a management standpoint, it seems like you're in the process of perhaps rebuilding your management team on a broader basis. There was an 8-K about a Chief Commercial Officer departure, and I think some others. So I wondered if you could comment on where that stands and how you're thinking about the leadership team that you need to build for the next, say, five years of your company's growth?

知道了。艾瑞克，我的後續問題是為了你。從管理角度來看，今天發布的幾項公告似乎表明你們正在從更廣泛的角度重建管理團隊。有一份 8-K 文件是關於首席商務官離職的，我想還有其他一些文件。所以我想知道您是否可以評論一下目前的狀況，以及您如何考慮為公司未來五年的發展需要組建的領導團隊？

Yes, David, thanks for the question. I've been fortunate to have a 10-year career here at West, been in work with some phenomenal people. And there's been a lot of tenure with the leadership team. And there does come times where individuals have made decisions to do other next steps of their careers.

是的，大衛，謝謝你的提問。我很幸運能在 West 工作十年，與一些傑出的人共事。領導團隊的任期很長。有時，個人會決定職業生涯的下一步。

And for example, Bernard has been a phenomenal partner, and I've said that many of times. But this is an opportunity at this point to continue to -- as opportunities present themselves as bring new leaders into the organization. So I wouldn't characterize it as a change.

例如，伯納德是一位出色的合作夥伴，我已經說過很多次了。但這是一個繼續下去的機會——因為機會出現了，可以為組織帶來新的領導者。所以我不會將其視為一種改變。

I would just say there is a natural evolution of leadership over long periods of time. And I think that's what you're seeing. But again, very, very appreciative of the partnerships we've had over the years. And as we move forward, we'll continue to bring leaders in that have seen where we want to go and be part of that journey.

我只想說，領導力在長期內會自然地演變。我想這就是你所看到的。但我再次非常非常感謝我們多年來建立的合作關係。隨著我們不斷前進，我們將繼續引進那些了解我們未來方向並參與我們旅程的領導者。

Daniel Markowitz, Evercore ISI.

丹尼爾·馬科維茨（Daniel Markowitz），Evercore ISI。

So the first one is on Annex 1, I think that's a really exciting part of the bull case for investors, and I appreciate all the disclosures there. They're very helpful. There was better performance in 1Q, and this is now the second quarter in a row with double-digit percent sequential project growth.

因此，第一個是在附件 1 中，我認為這對投資者來說是一個非常令人興奮的牛市案例，我很欣賞那裡的所有披露。他們非常樂於助人。第一季的表現較好，這是連續第二季專案數量實現兩位數的環比成長。

Can you discuss the potential upside you could continue to see from Annex 1 over the coming quarters and years? And if there are any customer anecdotes that would suggest we could see more upside?

您能否討論一下未來幾季和幾年內附件 1 中可能繼續看到的潛在優勢？是否有任何客戶軼事表明我們可以看到更多好處？

Thank you for the question. Very good question. I mean we're obviously excited about the prospects of Annex 1. As you know, it's an element of a regulatory change that fits well with the thesis of West particularly on the HVP portfolio. This is what we've been driving for a number of years. And that's been giving us great confidence of future growth and margin expansion. That gives us that mix shift effect that we're looking for.

謝謝你的提問。非常好的問題。我的意思是，我們顯然對附件 1 的前景感到興奮。如你所知，這是監管變革的一個要素，與韋斯特的論點非常吻合，特別是關於 HVP 投資組合的論點。這正是我們多年來一直努力的方向。這讓我們對未來的成長和利潤擴張充滿信心。這給了我們想要的混合轉換效果。

You're right, there has been an increase of number of projects that we have taken on since the last call. We anticipate that to continue to grow. I won't articulate the numbers we're targeting. And Bernard was right to call out earlier. It's not a significant number now. So the way I would characterize this is in two-fold.

你說得對，自上次電話會議以來，我們承接的項目數量有所增加。我們預計這一數字將持續成長。我不會明確說明我們的目標數字。伯納德先前的呼籲是正確的。現在這個數字已經不大了。因此，我認為可以從兩個方面來描述這一點。

One is, one customer is not just one project, it could be multiple projects. And it also means that could be large and small. But the general thesis of moving from a lower margin, lower ASP to a higher ASP, higher margin because these services and capabilities we're providing and leveraging the existing assets we have in place for HVP processing is a perfect fit of the growth algorithm for long term. And it's not just a one- or two-year event, but more long term.

一是，一個客戶不只是一個項目，它可能是一個多個項目。這也意味著它可以大也可以小。但是，由於我們提供的這些服務和能力以及利用我們為 HVP 處理而擁有的現有資產，從較低的利潤率、較低的 ASP 轉向較高的 ASP、較高的利潤率的一般論點完全符合長期增長演算法。這不僅是一兩年的活動，而是更長期的活動。

And the second area I'll just comment on is there are -- it tends to be more around the pharma in the generic space than biologics. As biologics, when they enter into the market the new molecule, we tend to be already in the mid- to high end of our HVP spectrum.

我要評論的第二個領域是——它往往更多地圍繞著仿製藥領域而不是生物製劑領域。作為生物製劑，當新分子進入市場時，我們往往已經處於 HVP 範圍的中高端。

So that's how I would kind of characterize it. But it is long term, initial traction as looks strong, in line with our expectations. And the team is very much focused on executing this initiative for a number of years ahead.

這就是我對它的描述。但從長期來看，它的初始牽引力看起來很強勁，符合我們的預期。該團隊非常重視在未來幾年內執行這項計劃。

Thomas DeBourcy, Nephron Research.

德布爾西 (Thomas DeBourcy)，腎元研究。

So I just had a question first on your transition in contract manufacturing as CGM revenue rolls off at GLP-1 contracts. You build that pipeline. And so I was curious just in terms of the level of demand and your ability to capitalize on that opportunity and actually feel that supply that, I guess, left open by the previous CGM manufacturing.

因此，我首先想問的是，隨著 CGM 收入隨著 GLP-1 合約的減少而下降，您在合約製造方面的轉型情況如何。你建造了那條管道。因此，我很好奇需求水平以及您利用這一機會的能力，並且實際上感受到先前的 CGM 製造所留下的供應。

Yeah. No, thank you for the question. And I would say that since we've had some discussions in the last couple of months, we continue to see interest with a number of customers to identify new projects -- long-term projects. Remember, the agreements we tend to sign within contract manufacturing are seven-plus type years. These are very long contracts with clear sharing of capital deployment between our customers and ourselves as we move forward with these business arrangements.

是的。不，謝謝你的提問。我想說的是，自從我們在過去幾個月進行了一些討論以來，我們繼續看到許多客戶對確定新專案——長期專案感興趣。請記住，我們在合約製造中簽署的協議期限往往是七年以上。這些都是非常長期的合同，隨著我們推進這些業務安排，我們和客戶之間將明確分享資本部署。

We have transitioned more of our focus towards the delivery devices like auto injectors and pens and also moving downstream with drug handling, which will take time. But it has higher margins and lower capital investments.

我們已將更多注意力轉向自動注射器和注射筆等輸送裝置，並轉向下游藥物處理，但這需要時間。但它的利潤率更高，資本投資更低。

We have engaged with a number of customers, and we're excited about the prospects we have in hand. So not just leverage the space that's going to be vacant when the CGM has moved out, but also even future growth. So I think we're positioned well right now. 2025, we still have ramp-up of GLP-1s and some more ramp-up in Rapids from a utilization perspective.

我們已經與許多客戶進行了接觸，我們對現有的前景感到非常興奮。因此，不僅可以利用 CGM 搬出後空置的空間，還可以利用未來的成長。所以我認為我們現在處於有利地位。 2025 年，從利用率的角度來看，我們仍將增加 GLP-1 的產量，而 Rapids 的產量也將進一步增加。

As I mentioned to Paul's question earlier, in Dublin. We have -- we're basically starting earlier this year of manufacturing commercial product, which will take us throughout the year, and then move it into drug handling. And that's pretty typical. It's 12 to 18 months to get to utilization levels that we're very comfortable with, that is the intended installed capacity.

正如我之前在都柏林回答保羅的問題時提到的那樣。我們基本上在今年稍早就開始生產商業產品，這將持續一整年，然後將其轉移到藥物處理中。這是很典型的。我們需要 12 到 18 個月的時間才能達到我們非常滿意的利用率水平，即預期的安裝容量。

So that gives you kind of a framework where we are with CM. But yes, a lot of interest with our customers, and we will continue to report out as we get more clarity and signed agreements over the next couple of quarters.

這為您提供了我們與 CM 合作的框架。但是的，我們的客戶對此很感興趣，我們將在接下來的幾個季度內獲得更多清晰度和簽署協議後繼續報告。

And just as a follow-up question on SmartDose. I know in the second quarter, you mentioned all options on the table. I know SmartDose margins currently are below typical HVP margins. And so in terms of, I guess, your valuation of options, do you see a pathway for SmartDose to become close to HVP component margins? Or do you just view that maybe as a separate business or you would need a significant increase in the volume in order to have similar margins? That does it for me.

這只是關於 SmartDose 的一個後續問題。我知道在第二季度，您提到了所有可用的選項。我知道 SmartDose 的利潤率目前低於典型的 HVP 利潤率。因此，就您對選擇權的估值而言，您是否認為 SmartDose 有辦法接近 HVP 組件利潤率？或者您只是將其視為一項單獨的業務，或者您需要大幅增加銷量才能獲得類似的利潤率？對我來說就是這樣。

Yeah. No, thanks for the question. Our view hasn't changed on SmartDose. We will as a two-pronged approach that we have our team that's running that business is focused on driving cost out of that production process. And they're making good strides. However, it really does require going from a manual two-line process to fully automate it.

是的。不，謝謝你的提問。我們對 SmartDose 的看法並沒有改變。我們將採取雙管齊下的方法，我們的團隊負責營運該業務，專注於降低生產過程中的成本。他們正在取得良好進展。然而，它確實需要從手動的雙線流程轉變為完全自動化。

As you can imagine, the yield, the output productivity and just the cost structure does change. That will not be validated and commercialized until the end of this year going into early next year, it will take time to ramp. So that's the first lever and focus that we have for the team and the organization. While the demand continues to increase, we'll build support our customer.

正如您所想像的，產量、產出生產率以及成本結構確實發生了變化。這項技術要到今年年底到明年年初才能得到驗證和商業化，需要時間來發展。這是我們為團隊和組織採取的第一個措施和重點。隨著需求的不斷增加，我們將為客戶提供支援。

And secondly, as we have -- as discussed in the last call, we have been reviewing options on what's the best path forward with this product within our portfolio. We do have a belief where we should be going. But at this time, I'm just going to leave it as that. We'll just say that all options on the table to make sure that the best path forward is the best result for our customers, but also for our shareholders and for our team.

其次，正如我們在上次電話會議上所討論的那樣，我們一直在審查在我們的產品組合中推廣該產品的最佳途徑。我們確實堅信我們應該去哪裡。但此時，我只想保持原樣。我們只想說，我們會考慮所有選項，以確保最佳的前進道路不僅對我們的客戶，而且對我們的股東和團隊都是最好的結果。

Doug Schenkel with Wolfe Research.

沃爾夫研究公司的道格·申克爾（Doug Schenkel）。

I just want to, I guess, take the opportunity to ask a few follow-ups or just maybe do some cleanup. So following up on the SmartDose question, could you share anything in terms of what are the -- what's the status of discussions pursuant to getting the price that I think you hoped to get.

我想，我只是想藉此機會詢問一些後續問題，或者只是做一些清理工作。因此，關於 SmartDose 的問題，您能否分享一些關於您希望獲得的價格的討論情況？

Essentially, I think you would hope to turn those incentive payments into durable pricing that obviously hasn't happened yet. So what's the status of those discussions? I just want to confirm there's nothing in guidance for pricing benefits related to SmartDose. So that's the first topic.

本質上，我認為您希望將這些獎勵付款轉化為持久的定價，但這顯然尚未發生。那麼這些討論的現況如何？我只是想確認指南中沒有與 SmartDose 相關的定價優惠內容。這是第一個主題。

The second follow-up I want to ask is on tariffs. I just want to confirm there's no pricing or tariff surcharge benefit factored into your new guidance assumptions. And you talked about working towards further mitigation efforts. Those, I think, could be amongst those. I just want to make sure those aren't in guidance right now.

我想問的第二個問題是關於關稅。我只是想確認您的新指導假設中沒有考慮定價或關稅附加費優惠。您還談到了進一步努力緩解影響。我認為這些可能就是其中之一。我只是想確保這些現在不在指導範圍內。

And then lastly, on operating margin guidance for the year, which I don't think you provided, which is normal. And sorry if I missed that, but it looks like mathematically, you're targeting around 19%. I want to make sure I'm in the right neighborhood. And if so, then looking ahead, how far away sitting here today? Are you from getting back to that? I think it's 23% LRP target.

最後，關於今年的營業利潤率指導，我認為您沒有提供，這很正常。如果我忽略了這一點，我很抱歉，但從數學上看，您的目標似乎是 19% 左右。我想確保我處在正確的社區。如果是這樣，那麼展望未來，今天坐在這裡還有多遠？你會回到那件事嗎？我認為 LRP 目標為 23%。

I'll try and take those in sequence. So from the SmartDose, we have not embedded anything in our guidance related to price get at this point. So if there's anything there, that's upside. And then on the tariffs, we've given a net figure.

我會嘗試按順序進行。因此，從 SmartDose 來看，我們目前尚未在指導中嵌入任何與價格獲取相關的內容。所以如果那裡有什麼的話，那就是好處。關於關稅，我們給了一個淨數字。

There's a lot of mitigation work that we're doing around customers and looking at passing through some of those tariff charges, again, not embedded in the guidance at this point until we actually get an agreement on that. So we're not overextending ourselves.

我們正在為客戶進行大量緩解工作，並考慮轉嫁部分關稅費用，但目前這些費用尚未納入指導意見中，直到我們真正就此達成協議。所以我們不會過度擴張自己。

We're giving you the clearest picture we can. And again, they appreciate it's a moving target at the moment given what's happening. So essentially, we're trying to be relatively conservative around the tariff approach. Operating margin, we typically don't guide, but I don't think you're a million miles away based on the assumption that you made.

我們會盡力提供您最清晰的畫面。而且，他們再次意識到，鑑於目前發生的情況，這是一個不斷變化的目標。因此，從本質上講，我們試圖在關稅方法上採取相對保守的態度。營業利潤率，我們通常不會提供指導，但根據您所做的假設，我認為您離目標並不遠。

And then getting back to the higher operating margin, I think you called out 23%. For us to get back to that margin, we need to be at LRP. And we would typically be targeting a similar mix profile compared to what we experienced, I would think in the early part of destocking in the 2023 time frame. And that will get us back to that margin.

然後回到更高的營業利潤率，我想你提到了 23%。為了回到那個利潤率，我們需要達到 LRP。我們通常會瞄準與我們經歷過的類似的組合配置，我認為在 2023 年的時間範圍內的去庫存初期。這將使我們回到那個利潤率。

So it's really getting back to LRP, seen biologics getting back to that double-digit growth rate. We've called out in the past, and obviously, both the Annex 1 and mix shift and GLP-1s. And we are starting to see traction in some of those areas. As we've said, we believe it's going to take some time to transition back to LRP. It's not going to be overnight or a hockey stick based on what we see today.

因此，它確實回到了 LRP，看到生物製劑恢復到兩位數的成長率。我們過去曾呼籲過，顯然，附件 1 和混合轉變和 GLP-1 都曾呼籲。我們開始看到其中一些領域取得了進展。正如我們所說，我們相信過渡回 LRP 需要一些時間。從我們今天看到的情況來看，這不會是一夜之間或曲棍球棒式的改變。

Mac Etoch, Stephens.

麥克·埃托赫，史蒂芬斯。

Just a few, but I appreciate the color around. It seems to be a little bit of outside of what the Street was modeling and what I was expecting as well. So maybe can you just discuss what your -- how the year is progressing as compared to your internal expectations thus far? And yeah, we'll go from there.

雖然只有幾個，但我很欣賞周圍的色彩。這似乎有點超出華爾街的預測和我的預期。那麼，您能否討論一下——與迄今為止您的內部預期相比，今年的進展如何？是的，我們就從那裡出發。

Yes, Mac, thanks for the question. The year is progressing as we anticipated. The one area that we did call out was around the HVP products components, and that was really what Bernard discussed earlier around a little bit of lightness in the price.

是的，Mac，謝謝你的提問。今年的進展正如我們所預期的。我們確實提到的一個領域是圍繞 HVP 產品組件，這實際上就是 Bernard 之前討論的關於價格稍微低一點的問題。

And also, we're working through a shifts in demand into one particular plant, but that will be -- it's a near term that we will work through. But in general, we're seeing the trends that we anticipated for the rest of the year.

此外，我們正在努力將需求轉移到某個特定的工廠，但這將是我們近期內要解決的問題。但總體而言，我們看到了今年剩餘時間的預期趨勢。

I would say -- to be clear on biologics, as I mentioned, there's two elements to that. What you're going to see, especially with HVP, is that in the back half of the year, the reason why we're calling out strong high single digits on HVP components is because that's when we see the biologics continue to escalate based on the demand that we're seeing with our customers. And then the offset of that a little bit is in the biologics space is around this SmartDose, we called out were the incentives that we had in Q2 and Q3 of last year --

我想說—要清楚了解生物製劑，正如我所提到的，它有兩個要素。您將會看到，尤其是對於 HVP 而言，在下半年，我們之所以對 HVP 成分提出強勁的高個位數增長，是因為那時我們看到生物製劑的需求繼續上升，這是基於我們從客戶那裡看到的。然後，在生物製劑領域，SmartDose 的出現稍微抵消了這一點，我們稱之為去年第二季和第三季的激勵措施--

Q3 and Q4.

Q3 和 Q4。

Q3 and Q4. I think don't plan to be repeating at the end of this year. So that kind of gives you a perspective, but really consistent as we discussed a couple of months ago.

Q3 和 Q4。我認為今年年底不要再重複了。因此，這可以為您提供一種視角，但正如我們幾個月前討論的那樣，確實是一致的。

Got it. And given the costs associated with the restructuring, it appears you may have already accounted this in the investments in R&D and SG&A with the original guidance. But is it fair to assume these costs will not reoccur and secondly, at all to the restructuring entail?

知道了。考慮到重組相關的成本，看來您可能已經根據原始指南將其計入研發和銷售、一般及行政費用的投資中。但是，是否可以公平地假設這些成本不會再次發生，其次，對重組來說根本不會產生影響？

Yes, because like once the costs are out, they're not going to reoccur. And then we have some various smaller levels of consolidation at some of our sites. Most of that restructuring work is done at this point. And the cost savings come from that are embedded in the guidance.

是的，因為一旦成本支出，就不會再發生。然後，我們在一些網站進行了一些較小層級的整合。目前，大部分重組工作已經完成。成本節省就來自於指導中所包含的內容。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Maybe another one on the high-value components piece. Certainly appreciate that shift in demand to the one plan you talked about. Just curious in terms of the ramp, what are you guys seeing on the order front? Just wondering on the visibility, if you're continuing to see the orders improve, destocking lift, and just the confidence in that second half ramp given again some of the stuff seems temporary. Just wanted to talk through the order trends there.

也許是高價值組件上的另一個。確實很欣賞您談到的那個計劃的需求轉變。只是好奇就坡道而言，你們在訂單方面看到了什麼？只是想知道，就可見性而言，您是否繼續看到訂單改善、去庫存提升，以及對下半年成長的信心，因為有些東西似乎是暫時的。只是想談談那裡的訂單趨勢。

Yeah, Patrick, very good question. Yes, to both of those elements. The destocking, it's consistent with what we anticipated throughout the year. Obviously, pharma has subsided. We're comfortable in the pharma.

是的，派崔克，這個問題問得非常好。是的，對這兩個元素都是如此。去庫存與我們全年的預期一致。顯然，製藥業已經衰退。我們對製藥業很滿意。

In the biologics, we commented that a while back, there will be -- stock can continue in the first part of 2025. But as I just mentioned earlier that we'll see a ramp up in the second half and the demand profile based on orders that we're receiving supports that statement.

在生物製劑領域，我們之前曾評論說，到 2025 年上半年，庫存可能會繼續增加。但正如我之前提到的，我們將在下半年看到成長，並且根據我們收到的訂單的需求情況支持這一說法。

And then generics will persist throughout 2025, but again, no change to what we discussed before on the destocking side. So the order patterns are -- we're feeling good about the demand. And it's consistent to what we anticipated and guided that it will be a sequential improvement as we go throughout the year. And then I'm not going to give guidance going forward, but it's a favorable view that we see today on the order patterns.

仿製藥將持續存在到 2025 年，但與我們之前討論的去庫存方面的情況一樣，不會有任何變化。因此訂單模式是——我們對需求感到滿意。這與我們的預期和指導一致，即隨著全年的推進，情況將會逐步改善。然後我不會給出未來的指導，但我們今天對訂單模式的看法是樂觀的。

Okay. That's helpful. And then maybe one for Bernard, just following up on Doug's question on the pricing. It sounds like you guys are working with customers to pass through some of the pricing on the tariff piece. Can you talk about how those conversations are going?

好的。這很有幫助。然後也許還有一個問題問伯納德，只是為了跟進道格關於定價的問題。聽起來你們正在與客戶合作，以轉嫁關稅中的部分定價。能談談這些對話的進展嗎？

And then it doesn't sound like it's embedded in the guide, at least on the revenue side. So what would the impact be if you did pass along some of this pricing, it feels like maybe the offset is built into the P&L, but not the revenue. I just want to make sure we're understanding that appropriately.

然後聽起來它並不像是嵌入在指南中，至少在收入方面是如此。那麼，如果您確實轉嫁了部分定價，會產生什麼影響呢？感覺抵銷額可能已計入損益表中，但並未計入收入中。我只是想確保我們正確理解這一點。

Yeah, the offsets, there are additional offsets that we are working on that are not embedded in the P&L today. At this point, given that it's a very fluid situation, I'm not prepared really to give a number on that until we get a clear line of sight as to what that would be an agreement with our customers.

是的，我們正在處理的抵銷額還有其他抵銷額，這些抵銷額並未嵌入到今天的損益表中。目前，考慮到情況非常不穩定，在我們與客戶達成協議之前，我還沒有準備好給出一個具體數字。

What I would say is based on how we've been able to guide tariffs and assess it, we believe there are mitigation factors on a number of different levels that we can work through over the next number of months to help mitigate some of that number. And on our Q2 call, we'll give you a greater level of clarity around that when we have it ourselves.

我想說的是，基於我們如何指導和評估關稅，我們相信在未來幾個月內我們可以在多個不同層面上採取緩解措施，以幫助減輕部分影響。在我們的第二季電話會議上，當我們自己掌握了這些資訊後，我們會為您提供更清晰的說明。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

The first is a follow-up to your progress on the automated line. Obviously, that's something you've been speaking about and working towards for the last couple of years. Eric, at this point, do you have enough pieces in place that made enough progress that the timeline you've cited that you feel confident won't slip? Or are there sort of additional hurdles remaining that potentially could put that timeline at risk?

第一是跟進你在自動化生產線上的進度。顯然，這是您過去幾年一直在談論並努力實現的事情。埃里克，目前為止，你是否已經準備好了足夠多的東西，並取得了足夠的進展，以至於你提到的時間表確信不會延誤？或者是否有其他障礙，可能會危及這一時間表？

Yeah, Matt, good question. No. We're on schedule in line with the schedule that we communicated towards this end of the year, we'll have validation and start moving towards commercialization. So pleased with the progress more recently.

是的，馬特，這個問題問得好。不。我們的計劃與我們在今年年底前溝通的時間表一致，我們將進行驗證並開始商業化。對最近的進展感到非常高興。

You're right. A couple of years ago, we had some delays, but we are in a good position today as we move towards the schedule for the end of the year.

你說得對。幾年前，我們遇到了一些延誤，但今天我們的情況很好，正在朝著年底的計劃邁進。

Okay. And then the second one is kind of a broader question around GLPs and long-term growth. Obviously, as you are emerging from this period of destocking and hopefully getting back to longer-term growth. Relative to perhaps a couple of years ago, GLP is as a percentage of revenue. And I think you just on the component side, not even factored in contract manufacturing.

好的。第二個問題是關於 GLP 和長期成長的更廣泛的問題。顯然，你們正在走出去庫存期，並有望恢復長期成長。相對於幾年前，GLP 佔收入的百分比。我認為您只考慮零件方面，甚至沒有考慮合約製造。

It's a bigger piece of the revenue book. And maybe 18 months ago, if consensus would have been that would have been growth-accretive. And perhaps with Eli Lilly oral readout and others coming, maybe there's some debate as to whether it might be growth-dilutive.

這是收入帳簿中較大的一部分。也許 18 個月前，如果大家一致認為這將促進成長。也許隨著禮來公司口頭宣讀和其他消息的到來，可能會出現一些關於它是否會抑製成長的爭論。

So just curious how you're thinking about GLP growth in the future. What you're hearing from customers, including those that may have molecules delivered both using your products and potentially oral? And then beyond GLPs, thinking more broadly in other products in the category play and whether you still feel confident in the longer-term growth plan you've outlined?

所以我很好奇您對 GLP 未來的成長有何看法。您從客戶那裡聽到了什麼，包括那些可能使用您的產品或可能口服分子的客戶？然後，除了 GLP 之外，您是否可以更廣泛地思考該類別中的其他產品，以及您是否仍然對您概述的長期成長計劃充滿信心？

Yeah, Matt, that's a great question. And I know there's some recent news that stimulated more conversations about oral. But let me step back a moment just simply to say the benefit that -- the position we are in the market right now is our HVP portfolio and how we're able to support multiple customers, a very diverse portfolio of customers, very diverse portfolio of which type of molecules we're touching in regards to our primary containment and delivery devices.

是的，馬特，這是一個很好的問題。我知道最近有一些新聞引發了更多關於口語的討論。但是，讓我退一步來簡單地說一下好處——我們目前在市場上的地位是我們的 HVP 產品組合，以及我們如何能夠支持多個客戶，非常多樣化的客戶組合，非常多樣化的產品組合，我們在主要遏制和交付設備方面涉及哪些類型的分子。

So while GLP-1 is a fast-growing area, we still are excited about other areas of the business too as we continue to see new drug launches. And I'm very pleased with the results of the Q1 with the approvals that we've seen and what we're participating on.

因此，雖然 GLP-1 是一個快速成長的領域，但隨著我們不斷看到新藥的推出，我們仍然對其他業務領域感到興奮。我對第一季的結果以及我們所看到的批准和我們所參與的工作感到非常滿意。

So to answer your question directly, though, in the GLP-1s, we have been in discussions with our customers for a period -- a long period of time in regards to oral versus injectables. And our position, I'd rather have our customers talk about how they see the market shifting. But when we modeled our investments when we modeled our forecast, we took that in consideration of these various inputs of the potential impact of orals.

因此，直接回答您的問題，在 GLP-1 方面，我們已經與客戶就口服與注射劑進行了一段時間的討論，持續了很長時間。而我們的立場是，我寧願讓我們的客戶談論他們如何看待市場變化。但是，當我們對投資進行建模時，當我們對預測進行建模時，我們會考慮到口頭表達的潛在影響的各種輸入。

We do still believe majority of the delivery of GLP-1s in the future will continue to be injectables. However, there will be a space at one day in regards to oral. And I would say our customers are in a better position to say that.

我們仍相信，未來 GLP-1 的大部分給藥方式仍將採用注射劑。不過，口語方面有一天會有一個空位。我想說我們的客戶更有資格這麼說。

But we're positioned well what's really good about the GLP-1 growth for us is the assets we put in for COVID are fungible for GLP-1s. If you think about HVP processing the washing and sterilization and et cetera, in our HVP plants. So we're leveraging existing assets. And again, as I said, we modeled our future growth based on some assumptions of a shared market between injectables and oral.

但我們定位良好，GLP-1 成長對我們來說真正好的地方在於，我們為 COVID 投入的資產可以與 GLP-1 互換。如果您考慮在我們的 HVP 工廠中處理 HVP、清洗和消毒等。因此，我們正在利用現有資產。正如我所說，我們根據注射劑和口服劑共享市場的一些假設來模擬未來的成長。

Kyle Cruise, UBS.

瑞銀集團的凱爾克魯斯 (Kyle Cruise)。

With regards to the updated adjusted EPS guide, if you walk through the FX adjustment, tax benefit and the headwind, it seems like core EPS was increased by $0.15. Is that a result of the restructuring efforts? And then secondly, could you talk to the incremental opportunity you see from drug handling and attempt to size it?

關於更新後的調整後每股收益指南，如果您考慮外匯調整、稅收優惠和不利因素，似乎核心每股收益增加了 0.15 美元。這是重組努力的成果嗎？其次，您能否談談您從藥物處理中看到的增量機會並嘗試評估其規模？

On the guidance, not specifically around restructuring. We did see an improvement in efficiencies and profitability across a number of our businesses, our proprietary business. We saw improvements in contract manufacturing. So the beat was really operationally driven. And so we passed on a certain amount of that beat and then there's an element regarding timing of some spend, particularly around R&D and SG&A that we expect to move into future quarters. But really, it's business performance rather than restructuring.

關於指導，並沒有特別涉及重組。我們確實看到我們的許多業務、自營業務的效率和盈利能力都有所提高。我們看到了合約製造方面的進步。因此節奏實際上是由操作驅動的。因此，我們傳遞了一定數量的節拍，然後有一些與某些支出的時間安排有關的因素，特別是圍繞研發和銷售、一般及行政費用，我們預計將進入未來幾季。但實際上，這是業務表現而不是重組。

I'll address your question in regards to drug handling. It's an exciting opportunity for us. It's very early. We do have a few customers in a smaller scale that we're working on adopting the technology and start that capability. We do have it in our Dublin facility, we have a significant portion of that asset will be to support drug handling. So it's early for us.

我將回答您關於藥物處理的問題。這對我們來說是一個令人興奮的機會。時間還很早。我們確實有一些規模較小的客戶，我們正在努力採用這項技術並啟動該功能。我們在都柏林的工廠確實有它，其中很大一部分資產將用於支持藥物處理。所以對我們來說還為時過早。

But what's exciting about for us West is just a continuum of downstream. And it just shows you the confidence of our existing customers have with us. And that just providing the components or the devices for their drug molecules, but also now handling -- some of the drug handling and then going into the market. So it's early. We'll update you as we go forward.

但對我們西方來說令人興奮的只是下游的連續體。這顯示了我們現有客戶對我們的信任。他們不僅為藥物分子提供組件或設備，而且還處理一些藥物，然後將其推向市場。所以還早。我們將及時向您通報進度。

We're excited about the prospect. It's leveraging our competencies, it's leveraging our existing customers. And it's just a continuum of what we do today in the marketplace.

我們對這一前景感到興奮。它利用了我們的能力，並利用了我們現有的客戶。這只是我們今天在市場上所做事情的延續。

Thank you I'm showing no further questions at this time. I would now like to turn it back to John Sweeney for closing remarks.

謝謝，我現在沒有其他問題了。現在我想請約翰‧斯威尼作最後發言。

Thank you so much for joining us today on the call. An online archive of the broadcast is available on our website at westpharma.com in the Investor Relations section. Additionally, you can access a replay for 30 days following the presentation by using the dial-in numbers and the conference ID provided at the end of today's earnings release. That concludes the call. Thank you. Have a great day.

非常感謝您今天參加我們的電話會議。您可以在我們的網站 westpharma.com 的「投資者關係」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 30 天內收聽重播。通話到此結束。謝謝。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. 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。