西式醫藥服務 (WST) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2025 West Pharmaceutical Services 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 2025 年第二季 West Pharmaceutical Services 財報電話會議。（操作員指令）。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 Sweeny, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係主管約翰‧斯威尼 (John Sweeny)。請繼續。

Good morning, and welcome to West's second quarter 2025 earnings conference call. We issued our financial results earlier 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 our 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.

早安，歡迎參加 West 2025 年第二季財報電話會議。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」板塊。在今天的電話會議上，我們將回顧財務業績，提供業務更新以及 2025 財年的展望。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, there's a 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. 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.

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陳述包含美國聯邦證券法所定義的前瞻性陳述。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。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 the 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.

在電話會議中，管理階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。

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

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 with a review of our performance in the second quarter and discuss the encouraging trends we are seeing in the business. Then Bernard will provide our detailed financial review, and I will close with some final thoughts.

謝謝你，約翰，大家早安。感謝您今天加入我們。我將首先回顧我們第二季度的業績，並討論我們在業務中看到的令人鼓舞的趨勢。然後伯納德將提供我們詳細的財務審查，最後我將發表一些最後的想法。

Now let's turn to slide 5 and look at our Q2 business performance. I am pleased to report that we exceeded our expectations for the second quarter. This was driven by solid growth in HVP Components. This quarter, our net sales increased 9.2%, and 6.8% on an organic basis. This strong performance was the result of robust GLP-1 elastomer growth.

現在讓我們翻到第 5 張投影片，看看我們第二季的業務表現。我很高興地報告，我們第二季的業績超出了我們的預期。這是由 HVP Components 的穩健成長所推動的。本季度，我們的淨銷售額成長了 9.2%，有機成長率為 6.8%。這種強勁的表現是 GLP-1 彈性體強勁成長的結果。

Ongoing momentum in HVP conversions impacted by Annex-1 activity and the continued normalization of customer ordering patterns. Our improved performance was concentrated in our higher-margin businesses, which drove the favorable margin expansion in the quarter. We believe this quarter underscores West's position as the market-leading injectable solutions company, serving some of the fastest-growing areas of health care. We do this by leveraging our competitive strength to help our customers grow their commercialized products and launch new drugs across multiple therapeutic categories.

受附件 1 活動和客戶訂購模式持續正常化的影響，HVP 轉換的持續動能。我們業績的改善主要集中在利潤率較高的業務上，這推動了本季利潤率的良好擴張。我們相信本季鞏固了 West 作為市場領先的注射解決方案公司的地位，服務於一些成長最快的醫療保健領域。我們利用我們的競爭優勢來幫助我們的客戶發展他們的商業化產品並推出跨多個治療類別的新藥。

Moving to slide 6. Our Proprietary Products segment grew 8.4% on an organic basis in Q2. The key driver of this solid performance was HVP Components, which increased 11.3% in the quarter. To meet the continued growth in GLP-1 plunder demand, where possible, we are leveraging the investments that were made during the pandemic. GLP-1 elastomer products accounted for 8% of total company revenues in the second quarter of 2025.

移至幻燈片 6。我們的專有產品部門在第二季實現了 8.4% 的有機成長。這一強勁表現的關鍵推動力是 HVP Components，其在本季度增長了 11.3%。為了滿足 GLP-1 藥物需求的持續成長，我們正在盡可能地利用疫情期間的投資。GLP-1彈性體產品佔2025年第二季公司總營收的8%。

Our performance also reflected our progress delivering HVP upgrades and Annex-1 related revenues. We now have 370 Annex-1 HVP Upgrade projects up from 340 last quarter. We continue to view Annex-1 as a significant multiyear opportunity where we have sustainable competitive advantage as we are the incumbent on these commercialized drugs and have the ability to deliver higher levels of quality at scale.

我們的業績也反映了我們在實現 HVP 升級和 Annex-1 相關收入方面取得的進展。我們現在有 370 個 Annex-1 HVP 升級項目，比上一季的 340 個增加。我們繼續將 Annex-1 視為一個重要的多年期機遇，我們擁有可持續的競爭優勢，因為我們是這些商業化藥物的領導者，並且有能力大規模提供更高品質的藥物。

As demand for our products continues to improve, we are working hard to increase supply to our customers. In the quarter, a majority of the customers who have showed growth were those who experienced destocking in the first half of the prior year. While we believe there are some destocking headwinds to work through in Generics and to a lesser extent, in biologics, broadly speaking, we're optimistic that our businesses in these markets are turning back to more normal ordering patterns.

隨著我們產品的需求不斷提高，我們正在努力增加對客戶的供應。本季度，大多數呈現成長的客戶都是去年上半年經歷去庫存的客戶。雖然我們認為仿製藥和生物製劑（程度較輕）存在一些去庫存阻力，但總體而言，我們樂觀地認為，我們在這些市場的業務正在恢復到更正常的訂購模式。

Looking to the future, we expect Biologics to continue to be a meaningful contributor to our long-term growth as West continues to win in the market. West's participation rate for biologics and biosimilars is trending above our historical levels year to date, and our win rates for small molecules remain in line with past trends. We believe we're making progress in improving our ability to meet customer demand and increasing asset utilization.

展望未來，隨著 West 在市場上繼續獲勝，我們預計生物製劑將繼續為我們的長期成長做出有意義的貢獻。今年迄今為止，West 在生物製劑和生物相似藥方面的參與率一直高於我們的歷史水平，而我們在小分子方面的成功率與過去的趨勢保持一致。我們相信，我們在提高滿足客戶需求的能力和提高資產利用率方面正在取得進展。

As we previously disclosed, one of our HVP plants in Europe has experienced certain constraints. We are proactively executing an initiative to expand capacity through a hiring and training program. We expect that these steps will improve production as the year progresses.

正如我們之前所揭露的，我們位於歐洲的一家 HVP 工廠遇到了一些限制。我們正在積極實施一項計劃，透過招募和培訓計劃來擴大產能。我們預計，隨著時間的推移，這些措施將會提高產量。

The investments made to expand our HVP infrastructure over the past five years continue to provide us with important benefits. This includes five centers of excellence across our global manufacturing network, two in North America, two in Europe, and one in Singapore that offer a strong platform for growth as demand for HPV components normalizes. Because many of these investments now have been made, we remain confident that we will be able to drive capital expenditures back to the normal level of 6% to 8% of revenues. This level is necessary to support our long-term constrict.

過去五年來，我們為擴大 HVP 基礎設施所做的投資持續為我們帶來重要的利益。這包括我們全球製造網路中的五個卓越中心，兩個在北美，兩個在歐洲，一個在新加坡，隨著 HPV 組件需求的正常化，它們為成長提供了強大的平台。由於許多此類投資現已完成，我們仍然有信心將資本支出恢復到收入的 6% 至 8% 的正常水平。這一水平對於支持我們的長期收縮是必要的。

In longer term, we have the opportunity to align our manufacturing location with revenues. This includes further network optimization, which we can do through technology transfers. These initiatives take about 12 to 18 months and also provides us with valuable tool to improve service level and help mitigate potential impacts from tariffs for both West and our customers.

從長遠來看，我們有機會將製造地點與收入結合。這包括進一步的網路優化，我們可以透過技術轉移來實現。這些措施大約需要 12 到 18 個月的時間，同時也為我們提供了寶貴的工具來提高服務水平，並幫助減輕關稅對 West 和我們客戶的潛在影響。

Shifting to Standard Products. Revenues were up 0.4%. Most standard products have a strong regulatory moat with over half of them being [inspected] to an FDA or a similar regulatory process. That being said, we're continuously converting a portion of the standard product base to HVP every year. And this business offers West a significant opportunity as it represents an ongoing pipeline for HVP conversions.

轉向標準產品。收入增長了0.4%。大多數標準產品都有嚴格的監管壁壘，其中超過一半的產品要經過 FDA 或類似監管程序的檢查。話雖如此，我們每年都會持續將部分標準產品基礎轉換為 HVP。這項業務為 West 帶來了重大機遇，因為它代表了 HVP 轉換的持續管道。

Moving to our HVP Delivery Devices business, which represents approximately 13% of total company sales on slide 7. In the second quarter, revenues increased 30%. The majority of the growth in this area was driven by strength in Daikyo Crystal Zenith containment and administration systems. HVP Delivery Devices include SmartDose. We continue to evaluate the best path forward for SmartDose, and we're closely managing the cost base and are in the process of introducing a new automated line in early 2026, which will further enhance the economics of SmartDose.

前往我們的 HVP 輸送設備業務，該業務約佔第 7 張投影片上的公司總銷售額的 13%。第二季度，營收成長了30%。該領域的成長主要得益於 Daikyo Crystal Zenith 遏制和管理系統的強大實力。HVP 輸送裝置包括 SmartDose。我們將繼續評估 SmartDose 的最佳前進道路，並密切管理成本基礎，並計劃在 2026 年初引入一條新的自動化生產線，這將進一步增強 SmartDose 的經濟效益。

Turning to the Contract Manufacturing segment on slide 8. We saw a 0.5% organic revenue increase in the quarter. This was driven by the initial ramp-up stages of our Dublin facility, where we manufacture auto-injectors and pens serving the obesity and diabetes market. This was partially offset by life cycle management of a CGM diagnostics device. We continue to expect Contract Manufacturing organic revenues to increase low single digits for the full year of 2025.

轉到幻燈片 8 上的合約製造部分。本季我們的有機收入成長了 0.5%。這是由我們都柏林工廠的初始升級階段推動的，我們在那裡生產服務肥胖和糖尿病市場的自動注射器和注射筆。這部分被 CGM 診斷設備的生命週期管理所抵銷。我們仍然預計 2025 年全年合約製造有機收入將實現低個位數成長。

On slide 9, we are updating our full year 2025 guidance. As a result of the strong performance in Q2, continued momentum in our HVP Components business, and favorable FX environment, we are increasing our organic revenue and adjusted EPS guidance for the full year 2025.

在第 9 張投影片上，我們正在更新 2025 年全年指引。由於第二季的強勁表現、高壓組件業務的持續成長勢頭以及有利的外匯環境，我們將提高 2025 年全年的有機收入和調整後每股收益預期。

Before I turn the call over to Bernard, I would like to briefly mention the announcement made earlier this week regarding the appointment of our new CFO, Bob McMahon. Having previously served as the CFO of Agilent Technologies, I'm looking forward to his expertise and experience as part of our West team. In the coming months, Bernard and Bob will work together to ensure a seamless transition.

在我將電話轉給伯納德之前，我想簡要地提一下本週早些時候宣布的關於任命我們新任首席財務官鮑勃·麥克馬洪 (Bob McMahon) 的公告。我曾擔任安捷倫科技公司的財務官，我期待他的專業知識和經驗能成為我們西部團隊的一員。在接下來的幾個月裡，伯納德和鮑伯將共同努力，確保順利過渡。

And with that, let me turn it over to Bernard, who will provide more details on the quarter. Bernard?

接下來，我將把時間交給伯納德，他將提供有關本季的更多詳細資訊。伯納德？

Thank you, Eric, and good morning. Now let's review the numbers in more detail. We'll first look at Q2 2025 revenues and profits, where we saw increases in organic sales, adjusted operating profit, and diluted EPS compared to the second quarter of 2024. 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.

謝謝你，艾瑞克，早安。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 年第二季的營收和利潤，與 2024 年第二季相比，有機銷售額、調整後營業利潤和稀釋每股盈餘都有所增加。我將向您介紹影響本季銷售額和利潤率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。

First up, Q2. Our financial results are summarized on slide 10. And the reconciliation of non-US GAAP measures are described in slides 19 to 22. We recorded net sales of $766.5 million, representing an organic sales increase of 6.8%.

首先是第二季。我們的財務結果總結在第 10 張投影片。非美國公認會計準則 (GAAP) 指標的調節在第 19 至 22 頁幻燈片中進行了描述。我們的淨銷售額達到 7.665 億美元，有機銷售額成長 6.8%。

Looking at slide 11. Proprietary Products organic net sales increased 8.4% in the quarter, primarily driven by increased HVP volumes and positive sales price. High-value products, which made up 74% of Proprietary Product sales in the quarter, increased 12.6% led by customer demand for Westar and NovaChoice products. The biologics market unit delivered high single-digit organic net sales growth, driven by an increase in sales of NovaChoice and Daikyo CZ products. The Pharma and Generics market units both increased high single digits, primarily due to an increase in sales of Westar products.

看投影片 11。本季專有產品有機淨銷售額成長 8.4%，主要得益於 HVP 銷量增加及銷售價格上漲。高價值產品佔本季專有產品銷售額的 74%，受客戶對 Westar 和 NovaChoice 產品的需求推動，銷售額成長了 12.6%。受 NovaChoice 和 Daikyo CZ 產品銷售額成長的推動，生物製劑市場部門實現了高個位數有機淨銷售額成長。製藥和仿製藥市場單位均實現了高個位數成長，這主要歸因於 Westar 產品銷售額的成長。

Our Contract Manufacturing segment experienced 0.5% net sales growth in the second quarter, primarily driven by an increase in sales in self-injection devices for obesity and diabetes. We recorded $273.9 million in gross profit, which was $43.9 million or 19.1% higher than Q2 of last year. And our gross profit margin of 35.7% was a 290 basis point year-over-year increase. Our adjusted operating profit margin of 20.3% with an increase of 230 basis points from the same period last year.

我們的合約製造部門第二季淨銷售額成長了 0.5%，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 2.739 億美元，比去年第二季增加 4,390 萬美元，增幅為 19.1%。我們的毛利率為35.7%，較去年同期成長290個基點。調整後的營業利益率為20.3%，較去年同期增加230個基點。

Finally, adjusted diluted EPS increased 21.1% for Q2. Excluding stock-based compensation tax benefit, EPS improved by 26.4%, compared to the same period last year.

最後，第二季調整後的稀釋每股盈餘成長了 21.1%。不計股票薪酬稅收收益，每股收益較去年同期成長26.4%。

Now let's review the drivers in both our revenue and profit performance. On slide 12, we show the contributions to organic sales increase in the quarter. Sales price increases contributed $14.6 million or 2.1 percentage points of growth in the quarter. In addition to price, there was a positive volume and mix impact of $33.3 million driven by greater demand for Westar and NovaChoice products and a foreign currency tailwind of $16.5 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 12 上，我們展示了本季有機銷售額成長的貢獻。銷售價格上漲為本季貢獻了 1,460 萬美元或 2.1 個百分點的成長。除了價格外，由於 Westar 和 NovaChoice 產品需求增加以及 1,650 萬美元的外匯順風，銷售和產品組合也產生 3,330 萬美元的正面影響。

Looking at margin performance. Slide 13 shows our consolidated gross profit margin of 35.7% for Q2 2025, up from 32.8% in Q2 2024. Proprietary Products second quarter gross profit margin of 40.1% was 310 basis points higher than the margin achieved in the second quarter of 2024. The key driver for the increase in Proprietary Products gross profit margin in addition to sales price with higher plant efficiency and output, driven by increased customer demand for our HVP products. Contract Manufacturing second quarter gross profit margin of 17.5% was 130 basis points greater than the margin achieved in the second quarter of 2024, primarily due to increased sales prices and positive product mix.

查看利潤表現。投影片 13 顯示，我們 2025 年第二季的綜合毛利率為 35.7%，高於 2024 年第二季的 32.8%。專有產品第二季毛利率為 40.1%，比 2024 年第二季的毛利率高出 310 個基點。專有產品毛利率上升的關鍵驅動因素除銷售價格外，還有工廠效率和產量的提高，這得益於客戶對我們的 HVP 產品的需求增加。合約製造第二季毛利率為 17.5%，比 2024 年第二季的毛利率高出 130 個基點，主要歸功於銷售價格上漲和產品組合積極。

Now let's look at our balance sheet and review how we've done in terms of generating cash for the business. On slide 14, we have listed some key cash flow metrics. Operating cash flow was $306.5 million for the six months ended June 2025, growth of $23.3 million compared to the same period last year, an 8.2% increase primarily due to favorable working capital management. Our second quarter 2025 year-to-date capital spending was $146.5 million, $44.3 million lower than the same period last year. Working capital of approximately $1.076 billion at June 30, 2025, increased by $88.6 million from December 31, 2024, primarily due to increases in our current assets.

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。在投影片 14 上，我們列出了一些關鍵的現金流指標。截至 2025 年 6 月的六個月，營運現金流為 3.065 億美元，較去年同期成長 2,330 萬美元，成長 8.2%，主要得益於良好的營運資金管理。我們 2025 年第二季迄今的資本支出為 1.465 億美元，比去年同期低 4,430 萬美元。截至 2025 年 6 月 30 日的營運資金約為 10.76 億美元，較 2024 年 12 月 31 日增加了 8,860 萬美元，這主要是由於我們流動資產的增加。

Our cash balance at June 30, 2025, of $509.7 million was $25.1 million higher than our December 2024 balance. The increase in cash is primarily due to cash from operations, offset by $134 million of share repurchases and our capital expenditures.

截至 2025 年 6 月 30 日，我們的現金餘額為 5.097 億美元，比 2024 年 12 月的餘額高出 2,510 萬美元。現金增加主要由於營運活動現金，但被 1.34 億美元的股票回購和資本支出所抵銷。

Turning to guidance. Slide 15 provides a high-level summary. Based on a strong second quarter results and positive impact of foreign currency exchange, we are increasing our full year 2025 revenue guidance. We expect net sales in a range of $3.04 billion to $3.06 billion, compared to prior guidance of $2.945 billion to $2.975 billion. There is an estimated full year 2025 tailwind for approximately $59 million based on current foreign exchange rates, compared to our prior guidance of a headwind of approximately $5 million.

轉向指導。投影片 15 提供了高層摘要。基於第二季強勁的業績和外匯的正面影響，我們上調了 2025 年全年營收預期。我們預計淨銷售額將在 30.4 億美元至 30.6 億美元之間，而先前的預期為 29.45 億美元至 29.75 億美元。根據目前外匯匯率，預計 2025 年全年順風約為 5,900 萬美元，而我們先前預測的逆風約為 500 萬美元。

We expect organic sales growth to be approximately 3% to 3.75%, compared to a 2% to 3% in our prior guidance. I would note there is a mix shift in the updated guidance with HVP Components now expected to be up mid- to high single digits for the year. We are increasing our full year 2025 adjusted diluted EPS guidance to a range of $6.65 to $6.85, up from the previous range of $6.15 to $6.35. Full year 2025 adjusted diluted EPS guidance assumes $0.27 tailwind based on current foreign exchange rates, compared to prior guidance of no foreign currency impact. The updated guidance also includes EPS of $0.04 associated with first half 2025 tax benefits from stock-based compensation. Our guidance excludes future tax benefits from stock-based compensation.

我們預計有機銷售額成長率約為 3% 至 3.75%，而我們先前的預期是 2% 至 3%。我想指出的是，更新後的指引中出現了混合變化，目前預計 HVP Components 今年的銷售額將成長中高個位數。我們將2025年全年調整後稀釋每股盈餘預期上調至6.65美元至6.85美元，高於先前的6.15美元至6.35美元。 2025年全年調整後稀釋每股盈餘預期假設，根據目前外匯匯率，順風因素將帶來0.27美元的收益，而先前的預期則為無外匯影響。更新後的指引還包括與 2025 年上半年股票薪酬稅收優惠相關的每股收益 0.04 美元。我們的指導不包括股票薪酬的未來稅收優惠。

Moving on to tariffs. Based on the tariffs that have been set, we believe the impact to our business for the nine months will be $15 million to $20 million for FY 2025, compared to our prior estimate of $20 million to $25 million. However, there is still a lot of uncertainty here, and we appreciate that this number could be more or less depending on retaliatory tariffs and other factors. We continue to monitor the situation, and we are utilizing every available mitigation lever to offset this impact. We are not currently incorporating any estimate for tariff-related pass-through revenues and our guidance at this point.

繼續討論關稅。根據已經確定的關稅，我們認為，對我們 2025 財年九個月業務的影響將達到 1500 萬至 2000 萬美元，而我們先前估計的影響為 2000 萬至 2500 萬美元。然而，這裡仍然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。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。目前，我們尚未納入任何與關稅相關的轉嫁收入估計和我們的指導。

Moving on to third quarter guidance. We anticipate revenue to be in the range of $785 million to $795 million, which translates to approximately 2.5% to 3.5% third quarter organic sales growth. And third quarter adjusted diluted EPS is expected to be in a range of $1.65 to $1.70.

繼續討論第三季指引。我們預計營收將在 7.85 億美元至 7.95 億美元之間，這意味著第三季有機銷售額將成長約 2.5% 至 3.5%。預計第三季調整後稀釋每股收益將在 1.65 美元至 1.70 美元之間。

And as a reminder, our Q3 2024 results included an approximate $19 million customer incentive payment in our Drug Delivery Device business. That does not recur in Q3 2025. Excluding the impact of this incentive, Q3 organic growth is approximately 5% to 6%. Lastly, our 2025 CapEx guidance is $275 million for the year, unchanged from prior guidance.

提醒一下，我們 2024 年第三季的業績包括藥物輸送設備業務中約 1,900 萬美元的客戶獎勵付款。2025 年第三季不會再出現這種情況。剔除此激勵措施的影響，第三季有機成長約為5%至6%。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。

I would now like to turn the call back over to Eric.

現在我想把電話轉回給艾瑞克。

Thanks, Bernard. To summarize on slide 16, we are delivered on the financial outlook we shared with you last quarter, and this is reflected in our upward adjustment to guidance. Our HVP Component business is improving, and we see opportunities for increased returns in our Contract Manufacturing business. Our strategy is delivering strong results and gives us confidence that our business can return to achieving our targeted long-term growth construct.

謝謝，伯納德。總結第 16 張投影片，我們傳達了上個季度與您分享的財務展望，這反映在我們對指引的上調中。我們的 HVP 組件業務正在改善，我們看到了合約製造業務增加回報的機會。我們的策略正在取得強勁成果，並使我們相信我們的業務可以重新實現我們的長期成長目標。

Specifically, we're seeing improving trends in our most profitable business HVP Components. We will continue to capitalize on the opportunities where we have excellent competitive advantages and unique offerings for our customers. Longer term, we're well positioned to capture the strong demand in the biologics market and benefit from the process improvements underway.

具體來說，我們看到最賺錢的業務 HVP Components 正在呈現改善趨勢。我們將繼續利用我們擁有的卓越競爭優勢和為客戶提供獨特產品的機會。從長遠來看，我們有能力抓住生物製劑市場的強勁需求，並從正在進行的製程改進中獲益。

In closing, I would like to thank you for your interest in West and extend my sincere thanks to all the West team members who did an outstanding job and contributed to our successful second quarter.

最後，我要感謝您對 West 的關注，並向所有出色完成工作、為我們第二季度的成功做出貢獻的 West 團隊成員表示誠摯的感謝。

Operator, we're ready to take questions. Thank you.

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。

Eric, you mentioned that Crystal Zenith was a component of the growth. What was driving Crystal Zenith? I know you've had this product for many years, but is it getting to critical mass? Or what's the dynamics with Crystal Zenith?

艾瑞克，你提到 Crystal Zenith 是成長的一個組成部分。是什麼推動了 Crystal Zenith 的發展？我知道您已經擁有該產品很多年了，但它是否已經達到臨界質量？或者 Crystal Zenith 的動態又是如何？

Yeah. It's driven by customer demand on a particular drug launch. We continue to see interest in Crystal Zenith. So this was encouraging. There is an element of timing to that. But however, it's just increased demand based on particular growth launch.

是的。它是由客戶對特定藥物發布的需求所驅動的。我們繼續看到人們對 Crystal Zenith 的興趣。這令人鼓舞。這其中有一個時間因素。但無論如何，這只是基於特定成長推出而增加的需求。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

Just a couple of quick ones. Eric, Generics was particularly strong in the quarter, and I think we're anticipating that to be a little more challenged through the year. So just maybe give us a state of the union on where we are in destocking in general. And then second part of that would just be, what market conditions does West need to see to return to durable high single-digit growth?

僅舉幾例。艾瑞克，仿製藥在本季表現尤為強勁，我認為我們預計今年仿製藥市場將面臨更大的挑戰。因此，請您向我們介紹一下我們在去庫存方面的整體進展。第二部分是，West 需要看到什麼樣的市場條件才能恢復持久的高個位數成長？

Yeah. Thanks, Justin. On the Generics market, we have seen continued destocking effect in 2025. We expect that to continue somewhat in the second half of the year. We were encouraged with the momentum in the second quarter in that particular market segment.

是的。謝謝，賈斯汀。在仿製藥市場，我們看到2025年持續的去庫存效應。我們預計這種趨勢在下半年還會持續。我們對該特定細分市場第二季的發展勢頭感到鼓舞。

However, we continue to see the stocking effect in that particular area. We mentioned earlier that in Pharma that has dissipated last year. And then we're seeing that become more normalized and a ramp-up in demand in Biologics for the balance of the year. Really, the key growth driver to get to our long-term growth algorithm is around the high-value product components. That is the key driver of growth, both not just the top line, but also the margin expansion.

然而，我們繼續看到該特定區域的放養效應。我們之前提到過，製藥業去年的這種勢頭已經消散。然後，我們看到這種情況變得更加正常化，並且在今年剩餘時間內對生物製劑的需求將會增加。實際上，實現我們長期成長演算法的關鍵成長動力是圍繞高價值產品組件。這是成長的關鍵驅動力，不僅是營業收入的成長，還有利潤率的擴大。

You're seeing that -- we mentioned earlier in the year that we will see a build throughout the year based on -- you think about the key drivers there is GLP-1, Biologics, also Annex-1 around HVP upgrades. And in all three of those will be stronger in the second half than the first half of this year. So there's very good momentum as we build throughout the year to get back to the normal algorithm of growth that we've had at West for quite some time.

您會看到 - 我們在今年早些時候提到過，我們將看到全年的成長，基於 - 您想想主要驅動因素是 GLP-1、生物製劑，還有圍繞 HVP 升級的 Annex-1。而今年下半年這三項表現都將比上半年更強勁。因此，我們全年都在努力恢復到我們在西部相當長一段時間以來的正常成長演算法，這給我們帶來了非常好的勢頭。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

And just first off, Bernard, best of luck to you. Good to see the business getting back on track as you're departing. I guess first question would be on the Annex-1. Eric, you mentioned continues to increase sequentially, at least the Q and the backlog. Is that translating into actual revenue growth so fast in a lot of these clients?

首先，伯納德，祝你好運。很高興看到您離開後業務恢復正常。我想第一個問題是關於附件 1 的。艾瑞克，你提到的數量至少是 Q 和積壓數量繼續連續增加。這是否會轉化為許多客戶的實際收入如此快速地成長？

Can you just give us kind of a little more color on that [390], I think, you mentioned? I imagine it's all kind of in different stages of discussions. Or how is that translating into revenue?

您能否就您提到的[390]問題給我們更多細節？我想這一切都處於不同的討論階段。或如何將其轉化為收入？

Yeah. The Annex-1 is a multiyear process. The interest level by our customers to upgrade current formulas through pharmaceutical washing, Envision inspection, sterilization has increased. And you're correct, we had about 370 projects that we have secured in the last quarter and built upon. And it does take some time to deliver the end results before they become commercialized or we actually get revenues from these upgrades, but very encouraged.

是的。附件 1 是一個多年的過程。我們的客戶對於透過藥物清洗、Envision 檢查和滅菌來升級現有配方的興趣程度有所增加。您說得對，上個季度我們已經確定並啟動了大約 370 個專案。在最終成果實現商業化或我們真正從這些升級中獲得收入之前，確實需要一些時間，但我們非常受鼓舞。

We mentioned earlier in the year that we expect about 150 basis points due to Annex-1, and we're pleased with the track record we have so far to be able to achieve that. So it's good momentum. It's a significant variation between one client to the next, when you think about the complexity of the volume, where they are already on the -- whether it's standard products for HVP being upgraded.

我們在今年稍早提到，由於附件 1，我們預計利率將上漲約 150 個基點，我們對迄今為止能夠實現這一目標的業績記錄感到滿意。所以這是一個好的勢頭。當您考慮磁碟區的複雜性時，不同客戶端之間存在顯著差異，它們已經處於 - 無論是否是正在升級的 HVP 標準產品。

So each one is handled independently and there's commonality, but which is moving more towards our higher end of HVP, which is very positive. So more to come, Larry, but it's very strong momentum and will be a contributive growth for a number of years to come.

因此，每個問題都是獨立處理的，並且具有共性，但正在朝著我們的 HVP 的高端發展，這是非常積極的。拉里，接下來還會有更多，但這是一個非常強勁的勢頭，並將在未來幾年帶來貢獻性成長。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

I'm trying to better understand the moving parts of the guidance update. Specifically, it looks like your organic revenue guidance increase was driven entirely by the Q2 (inaudible) you didn't change your view for the second half of the year. So is that correct? Number one. And did you see any kind of pull-forward dynamic into the Q2 period? That would be the second related part of that question.

我正在嘗試更好地理解指導更新的各個部分。具體來說，看起來您的自然收入預期成長完全是由第二季（聽不清楚）推動的，您沒有改變對下半年的看法。那麼這是正確的嗎？第一。您是否看到第二季度出現了任何形式的提前勢頭？這將是該問題的第二個相關部分。

We had built into our original guidance, HVP Components already. We're starting to forecast that we would expect to see stronger growth in the second half of the year, and we continue to hold that view where last quarter, we said HVP Components will be up mid-single digits. Now we're back to seeing it being mid-single digit to high single-digit growth for the year, and higher growth in the second half versus the first half. And so we are passing through the beat in Q2, and we remain positive on the second half, particularly around HVP Components.

我們已經將 HVP Components 納入了我們最初的指導中。我們開始預測，預計今年下半年將出現更強勁的成長，我們繼續堅持這一觀點，上個季度，我們曾表示 HVP Components 的銷售額將實現中等個位數成長。現在我們又看到，今年的經濟成長處於中個位數到高個位數之間，而且下半年的成長率高於上半年。因此，我們正經歷第二季的低谷，我們對下半年仍然保持樂觀，特別是圍繞 HVP Components。

On the timing perspective and pull forward, we didn't really see a lot of that in Q2. The results were driven by increased demand around NovaChoice products and again, that called out Daikyo CZ products as well. So that is true demand in the quarter.

從時間角度和提前度來看，我們在第二季並沒有看到太多這樣的情況。這一結果是由 NovaChoice 產品需求的增加所推動的，並且再次呼籲 Daikyo CZ 產品。這就是本季的真實需求。

And just a modeling point, if I may. If you look at what happened last year, we had an incentive payment about of $47 million. So if you exclude that, the implied organic growth for our business would be 5% to 6% in the third and fourth quarter of the year.

如果可以的話，這只是一個建模點。如果你看看去年發生的情況，我們獲得了約 4700 萬美元的獎金。因此，如果不考慮這一點，我們業務的隱含有機成長率在今年第三季和第四季將達到 5% 至 6%。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

You guys called out GLP a little bit more in the quarter. It seems like that drove some of the beat. I know there was talk about a large customer there sort of ramping production. Just wondering how -- anything you could do to quantify that?

你們在本季對 GLP 的關注度更高一些。看起來這推動了一些節奏。我知道有傳言說那裡有一位大客戶正在提高產量。只是想知道如何——您可以做些什麼來量化這一點？

I know you called out 8% of total sales. It was 7% last quarter. Just wondering if you think that's durable, how we should expect that to continue to ramp in the second half, if you could just draw into the GLP contribution? Thanks.

我知道您提到了總銷售額的 8%。上個季度這一比例為 7%。只是想知道您是否認為這種趨勢是持久的，我們應該如何預期這種趨勢在下半年會繼續上升，您是否可以將其納入 GLP 的貢獻中？謝謝。

Yeah, Michael, the GLP contribution is strong. We are able to respond to our customers demand as they continue to increase throughout the balance of 2025. I won't comment on 2026 at this point in time. But fortunately, we're in a very good position to build respond to our customers with the -- leveraging the assets we had put in a few years ago during the COVID vaccine pandemic period.

是的，邁克爾，GLP 的貢獻很大。我們能夠滿足客戶在 2025 年期間持續成長的需求。我目前不會對 2026 年發表評論。但幸運的是，我們處於非常有利的位置，可以利用幾年前在 COVID 疫苗大流行期間投入的資產來回應我們的客戶。

And so we're able to respond accordingly to support them. It's for multiple drugs within GLP. It's different plungers. There are some vials, as you know, in the marketplace. And so that's been a positive growth driver for us.

因此我們能夠做出相應的反應來支持他們。它適用於 GLP 內的多種藥物。這是不同的柱塞。如您所知，市場上有一些小瓶。這對我們來說是一個積極的成長動力。

So it's really encouraging, and that was an element of the HVP Components growth. But if you look at the first half for HVP Components growth, on organic basis, let's call it, between the first and second quarter, it was roughly between low single digit to mid-single digit. When we look at the back half of this year, it's going to be a high single digit to double digit. That gets you back to the mid-single to high single for the full year. So we expect HVP Components to continue to grow for the balance of the year.

所以這確實令人鼓舞，這也是 HVP Components 成長的一個因素。但是，如果你看一下 HVP Components 上半年的成長情況，那麼從自然成長來看，第一季和第二季之間的成長幅度大約在低個位數到中個位數之間。當我們展望今年下半年時，這個數字將達到個位數至兩位數的高點。這樣，您的全年收入就會回到中單到高單的水平。因此，我們預計 HVP Components 在今年餘下時間內將繼續成長。

And GLP-1 is one of the levers, but obviously, we're seeing with the demand that we have, we work with our customers in the Biologics space. And also as I mentioned earlier by Larry's question around Annex-1 and the HVP upgrades, all look very positive for the balance of the year.

GLP-1 是其中一個槓桿，但顯然，我們看到了我們的需求，我們與生物製劑領域的客戶合作。而且正如我之前在 Larry 提出有關 Annex-1 和 HVP 升級的問題時提到的那樣，今年的平衡看起來都非常樂觀。

Mac Etoch, Stephens.

麥克·埃托赫，史蒂芬斯。

Maybe just following up on Larry, I appreciate the commentary there. But I just want to kind of understand the additional customers that you've added, when they take time to ramp and get to the full run rate as it were. But if we were to look out over 2025 and then into 2026, I think you've added roughly [100] and you expected half of those to contribute to 2025. Should that be proportional as we look towards 2026 growth, so customers in 2025 ramping, but also the additions of the (inaudible) as well?

也許只是跟進拉里，我很欣賞那裡的評論。但我只是想了解您新增的客戶，他們需要花些時間來提升並達到滿載運轉率。但如果我們展望 2025 年，再展望 2026 年，我認為您已經增加了大約 [100]，並且預計其中一半將對 2025 年做出貢獻。當我們展望 2026 年的成長時，這是否應該成比例，即 2025 年的客戶數量會增加，但同時（聽不清楚）的數量也會增加？

Yeah. It speaks well to kind of the future pipeline. But in many of these Annex-1 projects we work with our customers, they take multiple quarters to get through the process, validation, and to then move from the current particular product they are buying from us, they'll support their current drug in the market as they transition to a higher level of product, it does take time. There are examples where it be only two quarters. There are some examples where there are four-plus quarters.

是的。它很好地說明了未來的管道類型。但在我們與客戶合作的許多 Annex-1 專案中，他們需要多個季度的時間來完成流程、驗證，然後從他們從我們這裡購買的當前特定產品轉變，他們將在向更高級別的產品過渡時支持市場上的現有藥物，這確實需要時間。有的例子只有兩個季度。有一些例子，其中有四個以上的季度。

So as we think about the timing and the pacing, we've been -- the regulations were put in place in middle -- the end of 2023. We started to see a ramp up in '24, and we continue to see that ramp up throughout 2025. But it is a long process. And we believe this is a multiyear. So it's not a customer. It's multiple customers with a number of projects we're working on.

因此，當我們考慮時間和節奏時，我們已經——法規是在 2023 年中期——年底制定的。我們從 2024 年開始看到成長趨勢，我們將在 2025 年繼續看到這種成長趨勢。但這是一個漫長的過程。我們相信這將是一個多年的過程。所以它不是客戶。我們正在與多個客戶合作多個專案。

Daniel Markowitz, Evercore ISI.

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

Congrats on the good quarter. I have a two-parter on Annex-1. The first is, it's good to see the continued strong sequential project growth. I was curious if you could tell us the contribution in the quarter. I think it was 200 basis points in the first quarter, so I would love the comparable for the second.

恭喜本季取得良好業績。附件 1 有兩個部分。首先，很高興看到項目持續強勁成長。我很好奇您是否可以告訴我們本季的貢獻。我認為第一季是 200 個基點，所以我很想知道第二季的可比較情況。

And then the second part, it seems like there were about 200 projects just nine months ago, and now we're almost double that. It's been a steep ramp all around in the number of projects. I was wondering if it's fair to use the number of projects as a proxy for the revenue contribution if we take into account the 12- to 18-month project time through commercialization? Thank you.

然後是第二部分，似乎僅僅九個月前就有大約 200 個項目，而現在我們幾乎是這個數字的兩倍。項目數一直急劇增加。我想知道，如果我們考慮到從專案到商業化的 12 到 18 個月的時間，那麼使用專案數量作為收入貢獻的代理是否公平？謝謝。

Yeah, Daniel, when you look at -- as mentioned earlier, we look at the Annex-1 contribution this year over the full year, there's a little bit of timing from a revenue recognition perspective. So we do feel really comfortable with 150 basis points in 2025. Obviously, we will keep pace with our customers' demand and accelerate that if we need to, but because it is a multi-quarter event and it does take a long -- this is a multiyear upgrades you will see for less -- for our customers it's really hard to really articulate is going to be all in 2025 or 2026. This will be a multiyear process. And we'll update you as we get ready towards the end of the year, how it's going to translate into 2026.

是的，丹尼爾，當你看的時候——正如前面提到的，我們看今年全年附件 1 的貢獻，從收入確認的角度來看，有一點時間安排。因此，我們對 2025 年的 150 個基點確實感到很放心。顯然，我們會跟上客戶的需求，並在需要時加快步伐，但因為這是一個持續多個季度的活動，而且需要很長時間——這是一個多年的升級，你會看到成本更低——對於我們的客戶來說，很難真正清楚地表達出這一切將在 2025 年還是 2026 年完成。這將是一個多年的過程。我們將在年底前向您通報 2026 年的進度。

But it is possible momentum, candidly, on the number of projects that we're getting, the interest level. And when we first started talking about Annex-1, one of the decision criteria for our customers to determine is they bring -- they invest in the capital internally or do they have West handle these processes? And what we're finding is that our proven network strategy, the scale, the quality, the capabilities we have in-house is capturing a significant portion of those opportunities. But right now, we're still stating we're 150 basis points this year. We'll give further color when we get close to next year.

但坦白說，這可能是我們獲得的項目數量和興趣水平帶來的動力。當我們第一次開始談論 Annex-1 時，我們的客戶要確定的決策標準之一是他們帶來——他們在內部投資資本還是讓 West 處理這些流程？我們發現，我們成熟的網路策略、規模、品質以及我們內部擁有的能力正在抓住這些機會的很大一部分。但目前，我們仍表示今年的利率為 150 個基點。明年臨近時，我們將提供進一步的說明。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

So one model cleanup question, which I'll come back to in a second and then one longer-term question, which I want to start with now. So as I'm sure you appreciate, a key area of focus for the investment community is really getting a handle on where West is in returning to normalized growth. First half organic revenue growth was around 4.5%. Excluding catch-up payments, you're guiding us to expect 5% to 6% organic revenue growth in the second half. Acknowledging you're not going to give us 2026 guidance today, I'm just wondering, as currently built and with no material changes in policy dynamics, are there any things you would want us to contemplate as we update our out-year model? Because if not, it would seem to be logical to just continue to -- to model you on kind of a straight line of slow but steady improvement the way that we're seeing things play out this year. So that's the first question.

因此，我有一個模型清理問題，稍後我會再討論，然後是一個長期問題，我現在想從這個問題開始。因此，我相信您明白，投資界關注的關鍵領域是真正掌握西方在恢復正常成長方面的位置。上半年有機收入成長約為4.5%。不包括補繳款項，您預計我們下半年有機收入將成長 5% 至 6%。我知道您今天不會給我們 2026 年的指導，但我只是想知道，鑑於目前的狀況以及政策動態沒有發生重大變化，在我們更新未來幾年的模型時，您是否希望我們考慮一些事情？因為如果不是，那麼繼續按照我們今年看到的情況，以緩慢但穩定的直線改進方式為您建模似乎是合乎邏輯的。這是第一個問題。

The second is I just want to clarify, what is embedded into guidance for tariffs? Is it current rates? Is it where rates were a month ago? Some companies in earnings season thus far have embedded assumptions for worse than currently outlined tariff policies. So I just want to see what exactly is in guidance? And is there any potential for upside to your targets if the current proposals remain as currently proposed? Thank you.

第二，我只想澄清一下，關稅指導包含什麼內容？這是現行利率嗎？利率與一個月前持平嗎？一些處於獲利季節的公司迄今為止已經對比目前概述的關稅政策更糟糕的政策做出了假設。所以我只是想看看指導到底有什麼？如果目前的提議保持不變，您的目標是否還有上升的潛力？謝謝。

Bernard, do you want to?

伯納德，你想嗎？

Yeah, I'll start answering your question on the tariffs. So really, it's based on what we knew when we were putting the guidance together. Now there was a change yesterday around Japan that isn't fully contemplated in our guide, but we don't think that's overly material. So it was based on what we knew that had kind of rolled out over the last couple of months. And so we are going to continue to monitor that situation, and we will update based on any changes that occur from a materiality perspective.

是的，我將開始回答您有關關稅的問題。所以實際上，它是基於我們在製定指導時所了解的情況。昨天日本周圍發生了一些變化，我們的指南並未充分考慮到這一點，但我們認為這並不是太重要。所以這是基於我們所知道的過去幾個月發生的事情。因此，我們將繼續監測這種情況，並根據重要性角度發生的任何變化進行更新。

We're also working on a number of mitigation efforts within our supply chain itself and also with our customers, and we continue to do that. And based on what we understand today, that's embedded into our guidance. But given the way this scenario is playing out and how it's changing over the next -- how it has been changing and will continue to change, we'll contemplate that in the guidance when we move into Q3.

我們還在我們的供應鏈內部以及與我們的客戶一起採取了一些緩解措施，我們將繼續這樣做。根據我們今天的理解，這已融入我們的指導中。但考慮到這種情況的發展方式以及它在未來如何變化——它如何變化以及將繼續如何變化，我們將在進入第三季度時在指導中考慮到這一點。

And I'll add to the first part of that question, if you don't mind. It's in regards to the growth of West, and I'm feeling really good about the momentum we're seeing with HVP Components. We mentioned the last couple of calls where we believe it will be build momentum throughout the year. I think we might have viewed the word transition year of 2025 into 2026. I won't comment specifically about 2026.

如果您不介意的話，我將補充該問題的第一部分。這與西部的成長有關，我對 HVP Components 的發展勢頭感到非常滿意。我們在最近的幾次電話會議中提到，我們相信它將在全年形成勢頭。我認為我們可能已經將 2025 年視為過渡年，並將其視為 2026 年。我不會具體評論 2026 年。

But this momentum is -- I gave numbers a little bit earlier. We're thinking about -- when you look at the second half, based on current order trends, customer demands, our manufacturing capabilities are building up for the second half. I'm really very positive about how the team in Europe is handling the demand acceleration to be able to add a number of team members in our locations built to address the capacity, which we believe we can correct and get the growth that we anticipate to build to support our customers for the balance of this year going forward.

但這種勢頭是——我之前給了一些數字。我們正在考慮—展望下半年，根據當前的訂單趨勢和客戶需求，我們的製造能力正在為下半年而增強。我對歐洲團隊如何應對需求加速感到非常樂觀，我們能夠在各個地點增加一些團隊成員來解決產能問題，我們相信我們可以糾正這個問題並獲得我們預期的增長，以支持我們在今年餘下時間裡的客戶。

But there is momentum, I would say, from the back -- if you think about last year, early part of this year, specifically Q1, and now we're building off of that. Like I said, too early to call in 2026, but overall, very encouraged.

但我想說，從過去來看，我們的勢頭是存在的——如果你回想一下去年、今年年初，特別是第一季度，那麼我們現在正在以此為基礎繼續努力。就像我說的，現在預測 2026 年還為時過早，但總體而言，非常令人鼓舞。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

This is [Sam] on for Luke. Just one on the auto injector capacity you guys have now. What's the current revenue capacity of the Dublin facility for auto-injectors and pens? And what's the expected OpEx leverage over time of filling that capacity? And just given the additional capacity that's coming on from the former CGM manufacturing, what's your visibility on filling what you currently have built? Thanks.

這是 [Sam] 為 Luke 表演的。僅就你們現在擁有的自動注射器容量而言。都柏林自動注射器和注射筆工廠目前的營收能力是多少？隨著時間的推移，滿足這容量的預期營運支出槓桿是多少？考慮到前 CGM 製造所帶來的額外產能，您對填補目前已建產能有何展望？謝謝。

Yeah. First of all, on the ramp-up of our facility here in Dublin, I'm very proud of the team and how they have positioned it. We do have some commercial manufacturing of auto-injectors currently going through the facility, but it's only a portion of multiple installations that are happening throughout 2025. We'll see more ramp up towards the end of this year, again, for auto injectors and pens, and are typical going from initial start of manufacturing to more peak volumes does take, call it, 9 to 12 months to get to fully optimized.

是的。首先，在我們位於都柏林的工廠擴建過程中，我為我們的團隊以及他們如何定位工廠感到非常自豪。我們目前確實有一些自動注射器的商業化生產正在透過該工廠進行，但這只是 2025 年期間多個安裝項目的一部分。我們將在今年年底再次看到自動注射器和注射筆的產量進一步增加，並且通常從最初開始製造到產量達到高峰需要 9 到 12 個月才能完全優化。

In addition, here in Dublin, the facility that we have invested in with our customer does do the drug handling. Now that is going through a process right now, equipment installed, but we're looking at early 2026 to start commercialization.

此外，在都柏林，我們與客戶共同投資的設施確實負責藥物處理。目前，該專案正在經歷一個過程，即設備安裝完畢，但我們預計在 2026 年初開始商業化。

Similar comment made earlier, there is a ramp-up phase. So I'm not going to get into the specific revenues of that site or profit, but I would say it is a -- we believe it's a good growth driver as we get into 2026 to offset the CGM diagnostics device that we will stop manufacturing end of June of 2026.

之前也提出類似的評論，有一個上升階段。因此，我不會談論該網站的具體收入或利潤，但我想說，我們相信，隨著我們進入 2026 年，它將是一個很好的成長動力，可以抵消我們將在 2026 年 6 月底停止生產的 CGM 診斷設備的影響。

In regards to identifying new opportunities for the CGM, and we're excited with the current clients that we're speaking with, looking at their projects, and despite that, would become available in 2026 is highly regarded based on the engineering quality and the capabilities the team has built over time. So we're very confident we'll be in a very good position to make a transition once the automation for that particular product has moved out of our facility, we transitioned to a new product for a different customer.

關於為 CGM 尋找新機會，我們對與當前客戶交談感到興奮，關注他們的項目，儘管如此，該項目將於 2026 年投入使用，但由於工程質量和團隊長期以來建立的能力，該項目受到高度評價。因此，我們非常有信心，一旦特定產品的自動化生產移出我們的工廠，我們將處於非常有利的位置進行轉型，並向另一個客戶過渡到新產品。

So very positive where we are. More work needs to be done, but we're in a good position.

所以我們現在的處境非常樂觀。還有很多工作要做，但我們目前處於良好狀態。

Tom DeBourcy, Nephron Research.

湯姆‧德布爾西 (Tom DeBourcy)，腎元研究。

I know you spent several years focusing on redundancies of supply around high-value product components. And I was just curious, maybe not -- you may not give a percentage, but are most of the products in the portfolio validated across either multiple facilities and/or multiple geographies? And do you also see customer to be, I guess, for adding additional location validation, given maybe the desire to mitigate tariffs?

我知道您花了幾年時間關注高價值產品組件的供應冗餘問題。我只是好奇，也許不是——您可能沒有給出百分比，但產品組合中的大多數產品是否經過多個設施和/或多個地區的驗證？我想，您是否也認為客戶會增加額外的位置驗證，或許是出於降低關稅的願望？

Yes, Tom, you're right. When you look at our -- how we're co-located to our customers, actually, we're very well positioned today as we have two high-value product clients in the United States, two in Europe, and one in Asia and Singapore. So when you look at our -- from a tariff perspective, we aren't introducing a lot of cost for the size of the manufacturing we do. If you think about our Waterford plant, for example, in Ireland, majority of the product -- finished product goes to our customers while they're global customers, they tend to end up in the European region. And that's pretty much the case in many of our HVP plans.

是的，湯姆，你是對的。當你看到我們如何與客戶位於同一地點時，實際上，我們今天的定位非常有利，因為我們在美國有兩個高價值產品客戶，在歐洲有兩個，在亞洲和新加坡有一個。因此，從關稅的角度來看，我們不會因為生產規模而引入太多成本。例如，如果你想想我們位於愛爾蘭的沃特福德工廠，大部分產品——成品都銷往我們的客戶，而他們是全球客戶，他們往往最終銷往歐洲地區。我們的許多 HVP 計劃基本上都是這樣的。

However, there are a few occasions where a client may have a particular product they want to transfer to that may have only one site validated. So there's two elements to that. One is we want to have multiple sites, we can level load our operations more effectively. But secondly is make sure that we're producing in-region for the region of consumption. So there's some work to be done. I don't -- I prefer not to give a percentage, but I'd say we're very well positioned, and you kind of see that in the net tariff or the gross tariff costs that we have as a headwind.

然而，在某些情況下，客戶可能想要轉移到某個特定產品，而該產品可能只有一個經過驗證的網站。這其中有兩個要素。一是我們希望擁有多個站點，這樣我們就可以更有效地平衡我們的營運。但其次是確保我們在當地生產，以滿足消費需求。因此還有一些工作要做。我不想給出一個百分比，但我想說我們處於非常有利的位置，而且你可以在淨關稅或總關稅成本中看到我們面臨的阻力。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Maybe one on the margin side, really nice performance this quarter. High-value seems to be doing a little bit better, moving higher as the year goes. Can you just talk about the margin construct as we work our way through the second half? And again, just high level, those building blocks as we move forward, obviously, the CGM piece, probably a bit of a headwind this year. Just trying to think about the right margin build as we work away year-end if we go forward into '26, just given the high value momentum, the CGM piece.

也許是利潤方面，本季的表現確實不錯。高價值股票的表現似乎要好一些，並且隨著時間的推移而不斷走高。在我們進入下半年時，您能談談利潤結構嗎？再說一次，只是高層次的，這些構建模組在我們前進的過程中，顯然，CGM 部分，今年可能會有點逆風。如果我們進入 26 年，我們只是想思考在年底工作時建立正確的利潤率，考慮到高價值勢頭，即 CGM 部分。

Again, it would be helpful to just talk through how we think about the margins in the second half and again the go forward. Thank you, guys.

再次，談談我們如何看待下半年的利潤以及未來的發展將會很有幫助。謝謝你們。

Yeah. If we look at the margin in the second half, there will be a little bit of a step down from Q2 as you move into Q3, and that's typically what we see from a seasonality perspective based on planned shutdowns that we have, primarily within Europe. And also what we're seeing is that because of that, there's a less absorption based on the volumes that are being moved through the facilities. We've built inventory as we've gone through Q2 to be able to serve the market into Q3 and take account of those planned shutdowns. So you do see a little bit of impact on margin there, but that's what we would have typically seen from a seasonality perspective in the past.

是的。如果我們看一下下半年的利潤率，那麼進入第三季後，利潤率會比第二季略有下降，這通常是從季節性角度根據我們計劃的停工情況（主要是在歐洲）看到的。而我們看到的是，正因為如此，透過設施運輸的貨物量吸收量減少。我們在第二季建立了庫存，以便能夠在第三季為市場提供服務，並考慮到那些計劃中的停工。因此，您確實會看到利潤受到一點影響，但這正是我們過去從季節性角度通常會看到的。

And also, what we're doing, Eric kind of alluded to, is to meet the demand that we're seeing in some of our plants, where onboarding a large enough head count increase in that facility. That requires a level of training. There is potentially some impact on productivity there that we're looking to mitigate, but that is something that we have to consider when we put the guide together.

而且，正如艾瑞克所提到的，我們正在做的是為了滿足我們在某些工廠看到的需求，在這些工廠中增加足夠的員工數量。這需要一定程度的訓練。這可能會對生產力產生一些影響，我們希望減輕這種影響，但這是我們在編寫指南時必須考慮的事情。

So I think you're going to see a little bit of a slightly lower margins as you go through the second half of the year versus Q2. But again, that's what we would typically see in normal circumstances when you bake in the seasonality and the number of working days in each quarter.

因此，我認為與第二季度相比，下半年的利潤率會略有下降。但是，當我們考慮季節性和每個季度的工作日數時，我們在正常情況下通常會看到這種情況。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

When you took down the guide last quarter around HVP to mid- to high single digits, I think the issue highlighted was a customer making sort of a change order that led to a constraint in a facility. And obviously, you've been working to ramp up labor to address that. You raised the guide back to mid- to high single digits, but it sounds like those labor constraints are still in place. So maybe I wanted to get a sense for timing to resolution there. And then given that it still exists, is that sort of a path to potential upside in terms of return to normalization if you can get the labor issues solved this year?

當您上個季度將 HVP 指南下調至中高個位數時，我認為突出的問題是客戶提出的某種變更單，導致設施受到限制。顯然，你們一直在努力增加勞動力來解決這個問題。您將指導價格重新上調至中高個位數，但聽起來那些勞動力限制仍然存在。所以也許我想了解一下解決問題的時間。然後考慮到它仍然存在，如果今年能夠解決勞工問題，這是否是恢復正常化潛在的上升途徑？

Yeah. Matt, you're right. And I had an opportunity to be at the facility with the team to walk through the plans they put in place, and I know they're executing very well against those plans. It is a ramp-up. We expect to ramp up, that's happening as we speak. As you know, it does take several weeks to get a new team member up to speed to build to support us in the plant effectively around quality and safety. So there is an opportunity to continue to accelerate that process.

是的。馬特，你說得對。我有機會與團隊一起在工廠裡了解他們制定的計劃，我知道他們正在很好地執行這些計劃。這是一個上升的過程。我們期望能夠加快步伐，正如我們所說的。如您所知，讓新團隊成員快速上手並有效地在工廠內支持我們保證品質和安全確實需要幾週的時間。因此，我們有機會繼續加速這一進程。

But as we commented, the growth is coming from multiple angles on their HVP Components that's -- we talk about the Biologics will be stronger than the second half. We're seeing continued growth in GLP-1 and also in Annex-1.

但正如我們所評論的那樣，成長來自於 HVP 成分的多個角度——我們談論的生物製劑將比下半年更強勁。我們看到 GLP-1 和 Annex-1 持續成長。

And then the site in Europe is one of the sites that we are continuously adding more labor to alleviate some of those constraints. So it's positive. It's net positive. But we'll update you as we go throughout the quarter for the next call. But more importantly is we want to make sure that we -- as we raised it to mid- to high single digits, it's like confidence we will be able to deliver that range for HVP Components based on what we know right now.

歐洲的工廠是我們不斷增加勞動力以緩解一些限制的工廠之一。所以這是積極的。這是淨正面的。但我們會在下次電話會議中向您通報本季的最新情況。但更重要的是，我們要確保——當我們將其提高到中高個位數時，我們有信心根據我們目前所了解的情況，為 HVP Components 提供這個範圍。

Tucker Remmers, Jefferies.

塔克‧雷默斯，傑富瑞。

Good job on the quarter. My question really revolves around the SmartDose device. And so when we met with you guys in [May], I think you talked about how difficult or I say, more complicated that device is to assemble. And I know you're automating that process probably sometime in 2026 when the new line comes on, but just what are the hurdles to automating that SmartDose device and kind of difficulties of getting that validated? And is there any sort of indication, guidance you can give on the margin improvement that you can see on SmartDose when the new line is installed? Thank you.

本季表現良好。我的問題實際上圍繞著 SmartDose 設備。因此，當我們在 [五月] 與你們會面時，我想你們談到了組裝該設備有多麼困難，或者說更加複雜。我知道你們大概會在 2026 年新生產線上線時實現該流程的自動化，但是，實現 SmartDose 設備自動化的障礙是什麼？驗證該設備又會遇到哪些困難？當新生產線安裝完成後，您能否給出任何跡像或指導，說明 SmartDose 的利潤率是否會有所提高？謝謝。

Yeah. Thanks for the question. I can confidently tell you that we're on track. We're executing two elements simultaneously. The first one we're driving, we think about meaningful cost improvements, and the team is very focused on that. And that also includes the validation and commercialization of the automated line. We're looking at that late 2025 and early 2026, and we're on schedule.

是的。謝謝你的提問。我可以自信地告訴你，我們正走在正確的軌道上。我們同時執行兩個元素。我們推動的第一個目標是實現有意義的成本改進，團隊非常關注這一點。這也包括自動化生產線的驗證和商業化。我們預計在 2025 年底和 2026 年初實現這一目標，而且一切進展順利。

he initial data is very supportive. And then we'll continue to evaluate all strategic options as we go forward. But we don't comment specifically about margin on a product within the portfolio. But I can assure you that we are focused on both of those levers as we speak.

初始數據非常支持這一觀點。然後，我們將繼續評估所有戰略選擇。但我們不會具體評論投資組合中某個產品的利潤率。但我可以向你們保證，我們現在正專注於這兩個槓桿。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員指示） Larry Solow，CJS Securities。

Just quickly on SG&A in the quarter. I think on in SG&A, it looks like it was up like 16%. I know that moves around a little bit quarter-to-quarter. Was there anything particular in this quarter that drove that? Thanks.

簡單介紹一下本季的銷售、一般及行政費用 (SG&A)。我認為銷售、一般及行政費用 (SG&A) 似乎上漲了 16%。我知道這個數字每季都會有一點變化。本季有什麼特別的事情推動了這現象嗎？謝謝。

No, nothing specific, to call out on that, Larry. Again, currency has an impact on it because the euro-dollar rate moved pretty considerably in the quarter.

不，沒有什麼特別的，拉里。再次，貨幣對其產生了影響，因為歐元兌美元的匯率在本季波動相當大。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to John Sweeney, Head of Investor Relations, for closing remarks.

謝謝。問答環節到此結束。現在我想請投資人關係主管約翰‧斯威尼 (John Sweeney) 致最後總結。

Thank you very much for joining us today on the call. An online archive is available on our website at westpharma.com in our Investor Relations section. Additionally, you can access the replay for 30 days by using the dial-in numbers and 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。我們的網站 westpharma.com 的「投資者關係」部分提供線上檔案。此外，您可以使用今天收益報告末尾提供的撥入號碼和會議 ID 存取 30 天的重播。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。