西式醫藥服務 (WST) 2025 Q4 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 West Pharmaceutical Services 2025 年第四季財報電話會議。（操作員說明）請注意，今天的會議正在錄音。

I will now hand the conference over to your speaker host for today, John Sweeny, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給今天的主講嘉賓，投資者關係副總裁約翰‧斯威尼先生。請繼續。

Good morning, and welcome to West's fourth quarter and full Year 2025 earnings conference call, which is being webcast live. With me today on the call are West's CEO, Eric Green; and CFO, Bob McMahon. Earlier today, we issued our fourth quarter and full year financial results.

早安，歡迎參加 West 公司 2025 年第四季及全年財報電話會議，本次會議將進行網路直播。今天和我一起參加電話會議的有 West 公司的執行長 Eric Green 和財務長 Bob McMahon。今天早些時候，我們發布了第四季度和全年財務業績。

A copy of the press release, along with today's slide presentation containing supplemental information for your reference, has been posted in the Investors section of the company website located at investor.westpharma.com. Later today, a replay of the webcast will also be available in the Investors section of our website.

新聞稿副本以及包含補充資訊的今日投影片簡報已發佈在本公司網站投資者關係版塊（網址為 investor.westpharma.com），供您參考。今天晚些時候，網路直播的回放也將在公司網站投資者關係版塊提供。

On the call, we will review our financial results and provide an update to our business and outlook for FY '26. 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.

在電話會議上，我們將回顧我們的財務業績，並提供我們業務的最新進展以及 2026 財年的展望。管理階層在電話會議和隨附的簡報中所作的陳述包含美國聯邦證券法意義上的前瞻性陳述。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。公司的未來業績受許多公司無法控制的因素影響。

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, such as our 10-K and 10-Q, regarding the risks to which the company is subject.

實際結果可能與過去的業績以及此處所作的任何前瞻性陳述中明示或暗示的結果有重大差異。請參考今天的新聞稿以及公司揭露的其他文件，例如我們的 10-K 和 10-Q 表格，以了解公司面臨的風險。

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

在電話會議中，管理階層將提及非GAAP財務指標，包括有機銷售成長、調整後營業利潤、調整後營業利益率、自由現金流和調整後稀釋每股收益。今天早上發布的盈利報告和今天的幻燈片演示文稿中提供了非GAAP財務指標的局限性以及與按照GAAP編制的最可比財務結果的調節情況。

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

現在我想把電話交給我們的執行長埃里克·格林。艾瑞克？

Thank you, John, and good morning, everyone. Thanks for joining us today. I'm pleased to report we delivered another solid quarter, with fourth quarter revenues, adjusted EPS and cash flow coming in above our expectations.

謝謝你，約翰，大家早安。感謝您今天收看我們的節目。我很高興地報告，我們又迎來了一個穩健的季度，第四季度營收、調整後每股收益和現金流都超出預期。

Before I get into the details of the quarter, I would like to take a moment to reflect on what we accomplished in 2025. We returned to growth and had many notable achievements. Our performance in the year underscores the effectiveness of our growth strategy and our team's relentless focus on execution to deliver for our customers, and we enter 2026 with momentum.

在詳細介紹本季工作之前，我想花點時間回顧我們在 2025 年的成就。我們重回成長軌道，並取得了許多顯著成就。我們今年的業績凸顯了我們成長策略的有效性，以及我們團隊為客戶不懈努力、專注於執行的決心，我們帶著強勁的勢頭進入了 2026 年。

Our company surpassed the $3 billion mark in net sales, achieving year-over-year organic growth of over 4%. We also expanded operating margins, delivered 8% adjusted earnings per share growth and grew our free cash flow by 70%.

我公司淨銷售額突破 30 億美元大關，實現了超過 4% 的年內有機成長。我們也擴大了營業利潤率，實現了調整後每股收益成長 8%，自由現金流成長了 70%。

Our growth was fueled by increasing demand for high-value product components as we continue to meet the evolving market and customer needs. Our growth in that business is driven by three key drivers, the rise of biologics and biosimilars, the increase in global regulatory requirements, such as Annex 1, which continued to drive HVP conversion and the expanding GLP-1 market. These are long-term secular growth drivers that we believe West is uniquely positioned to capitalize on.

隨著我們不斷滿足不斷變化的市場和客戶需求，市場對高價值產品組件的需求不斷增長，推動了我們的發展。我們在該業務領域的成長主要由三個關鍵因素驅動：生物製劑和生物相似藥的興起、全球監管要求的增加（如附件 1），這持續推動了 HVP 的轉化以及 GLP-1 市場的擴張。我們認為，West 擁有獨特的優勢，能夠充分利用這些長期成長動力。

We continue to address the needs of our customers through scientific support and innovation. A recent example is the launch of the West Synchrony prefillable syringe system. Synchrony marks a significant shift in drug delivery solutions by offering a full verified platform from a single supplier. Designed specifically for biologics, this system sets up a new standard in drug delivery by accelerating syringe selection through its comprehensive performance and regulatory data packages.

我們將繼續透過科學支援和創新來滿足客戶的需求。最近的例子是West Synchrony預灌封注射器系統的推出。Synchrony 透過提供來自單一供應商的完整、經過驗證的平台，標誌著藥物傳輸解決方案的重大轉變。該系統專為生物製劑而設計，憑藉其全面的性能和監管數據包，加快了注射器的選擇，從而為藥物輸送樹立了新的標準。

In early 2025, we announced our intention to conduct a comprehensive evaluation of the SmartDose 3.5 ml business. After our portfolio review, we announced last month the sale of the business, which aligns with our ongoing commitment to our customer development pipeline and patient-centric approach for large on-body delivery devices to drive durable and profitable growth. We expect to close this transaction midyear.

2025年初，我們宣布計劃對SmartDose 3.5毫升業務進行全面評估。經過我們的投資組合審查，我們上個月宣佈出售該業務，這符合我們對客戶開發管道和以患者為中心的大型體內給藥設備持續發展的承諾，以推動持久盈利的增長。我們預計將於年中完成這筆交易。

For our Contract Manufacturing segment, we continue to scale up operations in Dublin for drug handling. And I'm pleased to announce that just earlier this month, we commenced commercial production on this program. This remains an exciting and long-term growth opportunity for the CM business.

在我們的合約製造業務方面，我們繼續擴大在都柏林的藥品處理業務規模。我很高興地宣布，就在本月初，我們已經開始對這個項目進行商業製作。對於CM業務而言，這仍然是一個令人興奮且具有長期成長潛力的機會。

Finally, we strengthened our executive leadership team in 2025, with 5 out of the 10 members having joined in the last 12 months. This seasoned leadership team is already making meaningful contributions to our organization.

最後，我們在 2025 年加強了執行領導團隊，10 名成員中有 5 名是在過去 12 個月內加入的。這支經驗豐富的領導團隊已經為我們組織做出了有意義的貢獻。

With that, I would like to turn to the fourth quarter performance. Revenues of $805 million exceeded our expectations and were up 7.5% reported and up 3.3% on an organic basis. Adjusted operating margins in the quarter were 21.4% and adjusted EPS of $2.04 was up 12% compared to prior year. Free cash flow in the fourth quarter was $175 million, more than double the prior year level.

接下來，我想談談第四季的表現。營收達 8.05 億美元，超出預期，按報告數據計算成長 7.5%，以有機成長計算成長 3.3%。本季調整後的營業利潤率為 21.4%，調整後的每股盈餘為 2.04 美元，比上年同期成長 12%。第四季自由現金流為 1.75 億美元，是去年同期水準的兩倍多。

Let's take a closer review of each of the business segments. First, HVP Components in our Proprietary Products segment, representing 48% of our company's total net sales and continues to be the primary driver of revenue growth and profitability. This business grew over 15% in the fourth quarter and was up 9% for the full year of 2025.

讓我們仔細審視一下各個業務板塊。首先是我們的專有產品部門的 HVP 組件，占公司總淨銷售額的 48%，並且仍然是收入成長和獲利能力的主要驅動力。該業務在第四季度增長超過 15%，2025 年全年增長 9%。

HVP Components have been tracking on a strong recovery throughout the year to align to the market demand. This business is a key differentiator for us because of our quality, scale and technology. And once customers are specked into our products and reference our drug master file, there is a dependency there that makes it highly unlikely that customers will change partners.

為了滿足市場需求，HVP Components 公司全年都保持著強勁的復甦勢頭。這項業務是我們的關鍵差異化優勢，因為我們擁有品質、規模和技術。一旦客戶選擇我們的產品並參考我們的藥品主文件，就會產生依賴關係，這使得客戶極不可能更換合作夥伴。

Growth was led by strong GLP-1 performance and continued recovery in our non-GLP-1 business. We continue to see increasing demand in this business and continue to ramp capacity. Bob will talk about our outlook in more detail, but we're expecting 2026 will have a more broad-based growth profile, driven by our non-GLP-1 HVP Components growing high single digit to low double digits.

成長主要得益於 GLP-1 產品的強勁表現以及非 GLP-1 業務的持續復甦。我們看到該業務的需求持續成長，並將繼續提高產能。Bob 將更詳細地談談我們的展望，但我們預計 2026 年將呈現更廣泛的成長態勢，這主要得益於我們的非 GLP-1 HVP 成分實現高個位數到低兩位數的成長。

Moving to HVP Delivery Devices, which represents 14% of our sales. As expected, fourth quarter revenues declined compared to prior year, driven by the incentive payment we received in the prior year quarter. However, performance was better than we expected as we saw strong growth in Crystal Zenith and an improvement in admin systems revenue growth.

轉向 HVP 輸送設備，這部分占我們銷售額的 14%。正如預期的那樣，由於我們在去年同期收到了激勵性付款，第四季度收入較上年同期有所下降。然而，業績比我們預期的要好，我們看到 Crystal Zenith 實現了強勁成長，管理系統收入成長也有所改善。

Standard Products, which represents 20% of our business, declined 1.7% on an organic basis during the fourth quarter. Standard Products are an important funnel as we convert Standard Products to HVP Components over time, which provides incremental value to our customers and generates incremental revenue and margin expansion for us.

標準產品業務占我們業務的 20%，第四季有機成長率下降了 1.7%。標準產品是一個重要的管道，因為我們會隨著時間的推移將標準產品轉化為 HVP 組件，這為我們的客戶帶來增量價值，並為我們帶來增量收入和利潤成長。

And lastly, Contract Manufacturing revenues increased 1.9% organically in Q4. As I mentioned, we commenced commercialization of our drug handling business at our Dublin facility, and we expect this ramp up throughout 2026. Our drug handling business is more profitable and less capital-intensive than the legacy contract manufacturing business.

最後，第四季合約製造收入實現了1.9%的有機成長。正如我之前提到的，我們已經在都柏林工廠開始了藥品處理業務的商業化，我們預計到 2026 年這一數字將逐步成長。我們的藥品處理業務比傳統的合約製造業務利潤更高，資本密集度更低。

Moving into 2026, we have robust momentum as we are well positioned to advance our strategy supported by our growth drivers of biologics, Annex 1 and GLP-1s. In biologics, inclusive of biosimilars, we continue to have great success partnering with our customers early in the pipeline, resulting in a strong participation rate of greater than 90%, which is a key indicator for future HVP Components revenue growth for this market.

展望 2026 年，我們擁有強勁的發展勢頭，因為我們已做好充分準備，在生物製劑、Annex 1 和 GLP-1 等成長驅動因素的支持下，推進我們的策略。在生物製劑（包括生物相似藥）領域，我們繼續與客戶在研發管線早期階段合作，取得了巨大成功，參與率高達 90% 以上，這是 HVP Components 在該市場未來收入成長的關鍵指標。

For Annex 1, we're well positioned to support our global customers' contamination control strategy and container closure integrity requirements, outlined in the European regulations that were adopted in 2023.

對於附件 1，我們已做好充分準備，支援全球客戶的污染控制策略和容器密封完整性要求，這些要求在 2023 年通過的歐洲法規中有所概述。

For West, this is a multiyear opportunity of currently 6 billion less components to be upgraded that support on-market injectable medicines. I'm pleased with the progress to date, with over 700 Annex 1 projects initiated, over half of which have been completed and now generating revenues. This represents less than 15% of the 6 billion components. We completed 65 projects in Q4 of 2025.

對於 West 而言，這是一個多年機會，目前有 60 億個組件需要升級，這些組件用於支持市場上的注射藥物。我對迄今為止的進展感到滿意，已啟動 700 多個附件 1 項目，其中一半以上已完成並正在產生收入。這僅佔60億個組件的不到15%。我們在 2025 年第四季完成了 65 個專案。

With 325 Annex 1-related projects currently underway and more in the pipeline, we anticipate these projects will drive additional revenue growth in 2026 and beyond.

目前有 325 個與附件 1 相關的項目正在進行中，還有更多項目正在籌備中，我們預計這些項目將在 2026 年及以後推動收入成長。

Now let me spend some time on oral GLP-1s and injectable formats. GLP-1s will continue to support our growth in 2026. As many of you are aware, oral GLP-1s have entered the market, and I want to share our view on their potential impact on the overall market.

現在讓我花點時間談談口服 GLP-1 和注射劑型。GLP-1 將在 2026 年繼續支持我們的成長。正如你們許多人所知，口服 GLP-1 類藥物已經進入市場，我想分享我們對它們對整個市場潛在影響的看法。

To provide context, I'd encourage you to listen to publicly available remarks from the two leading companies that are producing GLP-1s and their expectation that orals will expand and not substitute injectables in the marketplace. Both companies have noted that 8 of 10 patients using oral GLP-1s are new to the market, suggesting that orals will not cannibalize the injectables market, and that several new injectables are about to launch.

為了提供背景信息，我建議您聽聽兩家領先的 GLP-1 生產商的公開言論，他們預計口服藥物將在市場上擴大市場份額，而不是取代注射藥物。兩家公司都注意到，使用口服 GLP-1 的患者中有 80% 是新進入市場的，這表明口服藥物不會蠶食注射劑市場，而且幾種新的注射劑即將上市。

We expect growth from GLP-1 elastomers in 2026 and beyond for the following reasons. First and foremost, the adoption of GLP-1s is still in the early stages, with penetration of potential patient population in the low single digits by many estimates. Market access is continuing to expand, driving volume. The available clinical evidence continues to show meaningful efficacy advantages for injectables. Historically, oral formulations show higher rates of GI adverse events and treatment discontinuations than injectables.

我們預計 GLP-1 彈性體在 2026 年及以後將實現成長，原因如下。首先，GLP-1 療法的應用仍處於早期階段，根據許多估計，潛在患者群體的滲透率僅為個位數。市場准入持續擴大，推動了銷售成長。現有臨床證據持續顯示注射劑具有顯著的療效優勢。從歷史數據來看，口服製劑的胃腸道不良事件發生率和治療中斷率均高於注射劑。

With regard to auto-injectors and multi-dose pens, we believe that there will be multiple injectable formats based on customer preference. We expect any mix shift will happen over multiple years, given the installed capacity and investments that our customers have already made. The upcoming launch of injectable GLP-1 generics in Canada, China, India and Brazil represents incremental business for us.

關於自動注射器和多劑量注射筆，我們認為未來會根據顧客的喜好推出多種注射劑型。考慮到客戶已安裝的產能和已投入的資金，我們預計任何產品組合的轉變都將在數年內發生。即將在加拿大、中國、印度和巴西推出的注射用 GLP-1 仿製藥將為我們帶來增量業務。

In addition, there is an exciting clinical pipeline of GLP-1 molecules in development for obesity, diabetes and other metabolic conditions. While many of these GLP-1s that are similar to what's currently on the market today, there are also new combination molecules, which potentially offer increased efficacy, improved tolerability or therapeutic benefits for adjacent comorbidities.

此外，針對肥胖症、糖尿病和其他代謝疾病，還有一系列令人振奮的 GLP-1 分子正在臨床研發中。雖然目前市面上有許多 GLP-1 類藥物與現有藥物相似，但也有一些新的組合分子，它們可能提供更高的療效、更好的耐受性或對鄰近合併症的治療益處。

Finally, there are a number of exciting new GLP-1 molecules serving indications other than obesity and diabetes that are projected to come on the market over the next several years. These include MASH, sleep apnea, chronic kidney disease, heart failure, pediatric obesity and cardiovascular risk reduction, with five of these six indications being treated exclusively by injectables. These indications represent potential multibillion-dollar therapeutic class. As a result, we continue to believe that both injectables and oral formats will continue to grow.

最後，還有一些令人興奮的新型 GLP-1 分子，除了用於治療肥胖症和糖尿病外，它們還可用於治療其他疾病，預計在未來幾年內將上市。這些適應症包括 MASH、睡眠呼吸中止症、慢性腎臟病、心臟衰竭、兒童肥胖症和心血管風險降低，其中六種適應症中有五種完全透過注射治療。這些適應症代表著潛在的價值數十億美元的治療類別。因此，我們仍然相信注射劑和口服劑型都會持續成長。

Let me turn to our operations. With our strong reputation for quality, scale and operational excellence, we are poised to capture growth from these three key drivers as we leverage our global manufacturing network. We are actively hiring and training employees who are installing and operating new equipment to optimize our European facilities and respond to strong customer demand.

接下來，我將介紹我們的營運情況。憑藉我們在品質、規模和卓越營運方面的良好聲譽，我們將利用我們的全球製造網絡，從這三大關鍵驅動因素中實現成長。我們正在積極招募和培訓員工，負責安裝和操作新設備，以優化我們在歐洲的設施，並滿足客戶的強勁需求。

We utilize tech transfers to help our customers balance production across the network, enabling West to drive future growth. We entered 2026 with momentum and are starting the year with guidance of 5% to 7% organic revenue growth and 10% EPS at the midpoint of the range.

我們利用技術轉移幫助客戶平衡整個網路的生產，使 West 能夠推動未來的成長。我們帶著強勁的勢頭進入了 2026 年，並給出了 5% 至 7% 的有機收入成長預期，以及 10% 的每股收益預期（區間中位數）。

Now I'd like to turn the call over to Bob to discuss the financials and guidance in more detail. Bob?

現在我想把電話交給鮑勃，讓他更詳細地討論財務和指導。鮑伯？

Thanks, Eric, and good morning, everyone. In my remarks this morning, I'll provide some additional details on Q4 revenue and take you through the income statement and some other key financial metrics. I'll then cover our full year 2026 and first quarter guidance in more detail.

謝謝你，艾瑞克，大家早安。今天早上的演講中，我將提供第四季度收入的一些更多細節，並向大家介紹損益表和其他一些關鍵財務指標。接下來，我將更詳細地介紹我們 2026 年全年及第一季的業績指引。

As Eric mentioned, we exceeded our expectations in the fourth quarter with revenues of $805 million. Q4 revenue increased 7.5% on a reported basis and grew 3.3% organically. As we mentioned last call, Q4 of '24 included a $25 million nonrecurring incentive fee, which reduced our organic growth in the quarter by 360 basis points. So a very good result to end the year.

正如艾瑞克所提到的，我們在第四季營收達到 8.05 億美元，超出預期。報告數據顯示，營收成長了 7.5%，有機成長了 3.3%。正如我們在上一次電話會議上提到的，2024 年第四季包含 2,500 萬美元的非經常性激勵費用，這使得我們該季度的有機成長率下降了 360 個基點。這是為這一年畫上了一個非常好的句點。

Now a few more details on what drove our growth in the quarter. Our HVP Components business was a standout, delivering $390 million in revenue and growing 15.1% organically. This was driven by robust growth in GLP-1s, HVP upgrades, including Annex 1, and overall continued improving performance in biologic revenues.

接下來，我將詳細介紹本季推動我們成長的因素。我們的HVP組件業務表現突出，實現了3.9億美元的收入，並實現了15.1%的有機成長。這主要得益於 GLP-1 產品的強勁成長、HVP 升級（包括 Annex 1）以及生物製劑收入的持續改善。

The business outside GLP-1s continues to recover nicely, growing mid-single digits in the quarter, while demand outstripped our supply. As Eric mentioned, we continue to ramp capacity and expect stronger growth in 2026.

GLP-1 以外的業務繼續良好復甦，本季度實現了中等個位數的成長，而需求超過了我們的供應。正如艾瑞克所提到的，我們將繼續提高產能，並預計 2026 年將實現更強勁的成長。

In HVP Delivery Devices, revenues were $110 million in the quarter and up $11 million on a sequential basis. The quarter was down 18.1% year-on-year organically, driven by the incentive fee in the prior year. Excluding the incentive fee, revenues would have been up slightly in the quarter.

HVP輸送設備業務本季營收為1.1億美元，季增1,100萬美元。受上一年激勵費的影響，本季有機成長率年減 18.1%。如果扣除激勵費用，本季營收將略有成長。

In Standard Products, revenues of $162 million were down 1.7% on an organic basis, partially driven by Annex 1-related conversion to HVP Components.

標準產品收入為 1.62 億美元，按有機增長計算下降了 1.7%，部分原因是附件 1 相關產品轉換為 HVP 組件。

And lastly, our Contract Manufacturing segment delivered $143 million in revenue, growing 1.9% on an organic basis. Segment performance in the quarter was driven by an increase in sales of self-injected devices for obesity and diabetes, partially offset by a decrease in sales of health care diagnostic devices.

最後，我們的合約製造業務部門實現了 1.43 億美元的收入，有機成長 1.9%。本季該業務部門的業績成長主要得益於肥胖症和糖尿病患者自註射設備的銷售額增加，但部分被醫療保健診斷設備的銷售下降所抵銷。

And in the quarter, our CM segment revenue and profit performance was negatively impacted by a temporary production disruption due to a burst water main at our Arizona facility. The facility is back up and running, and we expect CM to return to mid- to high teens profitability in Q1.

本季度，由於亞利桑那州工廠的水管爆裂導致生產暫時中斷，我們的CM部門收入和利潤表現受到了負面影響。該工廠已恢復運轉，我們預計 CM 在第一季將恢復到 15% 至 10% 的獲利水準。

Now let's take a closer look at the rest of the P&L. Overall gross margin was 37.8% in the quarter, up 130 basis points year-over-year. This strong result was due to the positive mix impact of HVP Components growth and better-than-expected performance on our HVP Delivery Device business outside of SmartDose. This proof point demonstrates the earnings power of our business strategy as we continue to upgrade customers to our high-value products.

現在讓我們仔細看看損益表的其餘部分。本季整體毛利率為 37.8%，較去年同期成長 130 個基點。這一強勁的業績得益於 HVP Components 成長帶來的正面組合影響，以及 SmartDose 以外的 HVP 輸送設備業務超越預期的良好表現。這個證明點顯示了我們商業策略的獲利能力，因為我們將繼續引導客戶升級到我們的高價值產品。

Adjusted operating margins of 21.4% were down 30 basis points compared to the prior year as we increased investment in R&D and add higher incentive compensation year-on-year. And below the line, net interest income was in line with our expectations, and our tax rate came in at 18.9% for the quarter, slightly better than expected.

經過調整後的營業利潤率為 21.4%，比上年下降 30 個基點，原因是我們在研發方面增加了投資，並且逐年提高了激勵性薪酬。此外，淨利息收入符合預期，本季稅率為 18.9%，略優於預期。

And we had 72.7 million diluted shares outstanding in the quarter. Adding it all up, Q4 adjusted earnings per share were $2.04, up 12.1% versus last year and $0.20 above the midpoint of our guidance we gave on the last earnings call.

本季我們共有7270萬股稀釋後流通股。綜上所述，第四季度調整後每股收益為 2.04 美元，比去年同期增長 12.1%，比我們在上次財報電話會議上給出的預期中位數高出 0.20 美元。

Before moving into 2026 guidance, I did want to highlight our cash flow performance. In the quarter, we delivered operating cash flow of $251 million and our full year operating cash flow was $755 million, up 15.5% compared to the prior year. This is a very strong result and a testament to the West team. We are also continuing to drive increased efficiency in our capital spending. Capital expenditures for the year of $286 million are down $91 million year-on-year.

在展望 2026 年業績之前，我想先重點介紹一下我們的現金流表現。本季度，我們實現了 2.51 億美元的營運現金流，全年經營現金流為 7.55 億美元，比上年增長 15.5%。這是一個非常出色的結果，也證明了西部球隊的實力。我們也持續提高資本支出的效率。本年度資本支出為 2.86 億美元，較上年減少 9,100 萬美元。

And we expect another step down in 2026 to a range of $250 million to $275 million as we move back to the construct of spending 6% to 8% of sales in CapEx. A combination of strong operating cash flow and the lower CapEx drove free cash flow to $469 million for the year, up 70% year-on-year. And we ended the year with $791 million in cash on our balance sheet. So in summary, we had a very solid fourth quarter that exceeded our expectations, and we're entering 2026 with momentum.

我們預計到 2026 年，隨著資本支出恢復到銷售額的 6% 到 8%，這一數字將進一步下降到 2.5 億美元至 2.75 億美元之間。強勁的營運現金流和較低的資本支出共同推動全年自由現金流達到 4.69 億美元，較去年同期成長 70%。年底時，我們的資產負債表上顯示有 7.91 億美元的現金。總而言之，我們在第四季度表現非常穩健，超出了預期，我們帶著強勁的勢頭進入了 2026 年。

And now let me talk about our initial guidance for 2026. Before getting into the numbers, I want to highlight a few important factors that help frame our thinking in setting our guidance. First, we anticipate the injectable market to continue to improve throughout 2026, driven by the underlying trends Eric talked about earlier.

現在讓我來談談我們對 2026 年的初步展望。在深入探討具體數字之前，我想強調幾個重要因素，這些因素有助於我們建立制定指導方針的想法。首先，我們預期注射劑市場將在 2026 年繼續改善，這主要得益於 Eric 先前提到的潛在趨勢。

In addition, we've assumed the tariff landscape will remain at the current levels globally, and we have effectively covered that impact. And we are assuming that we will close the SmartDose transaction midyear.

此外，我們假設全球關稅環境將維持在當前水平，並且我們已經有效地涵蓋了這一影響。我們預計將在年中完成對 SmartDose 的交易。

To help you with your models, we generated $55 million in SmartDose sales in the second half of 2025, and we have adjusted our full year 2026 expected organic revenue growth to account for these revenues. That said, our end markets remain dynamic, and we could see a range of outcomes. So we're being prudent with our forecasting to start the year.

為了幫助您建立模型，我們在 2025 年下半年實現了 5500 萬美元的 SmartDose 銷售額，並且我們已經調整了 2026 年全年預期有機收入增長，以反映這些收入。也就是說，我們的終端市場仍然充滿活力，我們可能會看到各種各樣的結果。因此，我們在年初的預測方面採取了謹慎的態度。

Now let's get into our full year guidance. For the year, we anticipate revenue to be in the range of $3.215 billion to $3.275 billion. Reported growth is 4.6% to 6.5%, and with FX and the SmartDose adjustment roughly offsetting to get to our organic growth range of 5% to 7% for the year.

現在讓我們來看看全年業績預期。我們預計全年營收將在 32.15 億美元至 32.75 億美元之間。報告顯示成長率為 4.6% 至 6.5%，加上匯率和 SmartDose 調整的影響，大致可以抵消，使我們今年的有機成長率達到 5% 至 7%。

From a segment perspective, we expect HVP Components to be the primary driver of our revenue growth. We expect this segment to grow high single digit to low double digits organically for the year, accounting for just over 5 points of total company growth at the midpoint of our guidance.

從業務部門來看，我們預期 HVP Components 將成為我們營收成長的主要驅動力。我們預計該業務板塊今年將實現高個位數至低兩位數的有機成長，在我們預測的中點，該板塊將占公司總成長的 5 個百分點以上。

Given the focus of GLP-1 elastomers, we thought it would be helpful to provide some additional details on how we established our initial guidance framework. First, we expect the non-GLP-1 HVP Components to drive the majority of growth, accounting for 4 points of the 5 points of growth. This is driven by continued recovery in the biologics market, where we have a very strong position, Annex 1 HVP upgrades, which we expect to deliver growth in line with 2025, ramping capacity and price. We continue to expect GLP-1s to grow in 2026, albeit at a slower pace than in 2025.

鑑於 GLP-1 彈性體的重點，我們認為有必要提供一些關於我們如何建立最初的指導框架的更多細節。首先，我們預期非 GLP-1 HVP 成分將推動大部分成長，佔 5 個百分點成長中的 4 個百分點。這主要得益於生物製劑市場的持續復甦，我們在該市場擁有非常強大的地位，附件 1 HVP 升級，我們預計這將帶來與 2025 年相符的增長，產能和價格也將隨之提高。我們仍預期 GLP-1 類藥物在 2026 年將持續成長，儘管成長速度會比 2025 年慢。

To get to our midpoint, we'd expect GLP-1s to grow roughly 10% year-on-year to deliver that 1 point of growth. To put this in context, this represents a greater than 30% oral GLP-1 penetration by 2030, which is more aggressive than our current expectation.

要達到我們的中點，我們預計 GLP-1 患者每年將成長約 10%，才能達到 1 個百分點的成長。換個角度來看，這意味著到 2030 年，口服 GLP-1 的滲透率將超過 30%，這比我們目前的預期更為積極。

And to frame the low end of our guidance, GLP-1s would need to be flat in 2026, which we view as unlikely, for all the reasons Eric talked about. And it's important to note, this would free up some capacity, which would be absorbed by our non-GLP-1 business, so the impact to overall growth would not be a full point reduction.

為了確定我們指引的下限，GLP-1 藥物需要在 2026 年保持平穩，但我們認為這不太可能，原因正如 Eric 所說。值得注意的是，這將釋放一些產能，這些產能將被我們的非 GLP-1 業務吸收，因此對整體成長的影響不會是下降一個百分點。

To help round out the rest of the proprietary business, we expect mid-single-digit growth in HVP Delivery Devices after accounting for the SmartDose divestitures, and Standard Products to be roughly flat for the year.

為了完善其他專有業務，我們預計在計入 SmartDose 剝離後，HVP 輸送設備將實現中等個位數成長，而標準產品業務將全年基本持平。

We also expect CM to be flat for the year as drug handling revenues of $20 million and other program growth will help offset the CGM contract that we exit starting in July of this year. We expect to expand margins over 100 basis points, with margins increasing over the course of the year, driven by HVP Components and the SmartDose divestiture. Adjusted earnings per share is forecast to be between $7.85 to $8.20, representing double-digit growth at the midpoint.

我們也預計 CM 今年將保持平穩，因為 2000 萬美元的藥品處理收入和其他項目增長將有助於抵消我們從今年 7 月開始終止的 CGM 合約的影響。我們預計利潤率將擴大 100 個基點以上，利潤率將在年內持續成長，這主要得益於 HVP Components 和 SmartDose 的剝離。調整後每股收益預計在 7.85 美元至 8.20 美元之間，其中數值代表兩位數的成長。

And lastly, a few below-the-line items to help you with your models. We are assuming roughly $10 million in net interest income, a 20.25% tax rate for the full year and 72.7 million diluted shares outstanding for the full year.

最後，還有一些輔助工具可以幫助你進行模型製作。我們假設淨利息收入約為 1,000 萬美元，全年稅率為 20.25%，全年稀釋後流通股數為 7,270 萬股。

Now moving on to our first quarter 2026 guidance. We expect first quarter revenue in the range of $770 million to $790 million. This is a reported increase of 10% to 13% and an organic increase of 5% to 7%. And we expect first quarter adjusted diluted earnings per share in the range of $1.65 to $1.70, up 13% to 16% year-on-year.

接下來，讓我們來看看2026年第一季的業績指引。我們預計第一季營收將在 7.7 億美元至 7.9 億美元之間。據報道，這一數字增長了 10% 至 13%，其中自然增長了 5% 至 7%。我們預計第一季調整後稀釋每股收益在 1.65 美元至 1.70 美元之間，年增 13% 至 16%。

We exited 2025 in a good place, and we are seeing positive momentum to start the year, driven by our key growth drivers, and we are optimistic about the future.

我們在 2025 年底處於良好狀態，並且在關鍵成長驅動因素的推動下，我們看到了新的一年的積極勢頭，我們對未來充滿信心。

Now I'd like to turn the call over to Eric for some closing comments. Eric?

現在我想把電話交給艾瑞克，請他做些總結發言。艾瑞克？

Thank you, Bob. To summarize, the solid financial performance reported today continues to affirm that our growth strategy is working. As we build our momentum in 2026, we have a strong business which delivers unique value to our customers. We remain laser-focused on our critical growth drivers. For the long term, the macro trends support West's growth as a global market leader in the injectable medicine space.

謝謝你，鮑伯。總而言之，今天公佈的穩健財務表現繼續證實了我們的成長策略是有效的。隨著我們在 2026 年發展勢頭強勁，我們擁有強大的業務，能夠為客戶創造獨特的價值。我們將繼續全力以赴，聚焦關鍵成長驅動因素。從長遠來看，宏觀趨勢支持韋斯特公司發展成為注射劑領域的全球市場領導者。

Finally, I want to thank our West team members for their commitment and hard work, which allowed us to achieve these strong results.

最後，我要感謝我們西部團隊成員的奉獻和努力，正是他們的付出和辛勤工作，才使我們能夠取得這些優異的成績。

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

接線員，我們已準備好接受提問。謝謝。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員說明）邁克爾·里斯金，美國銀行。

Great. I appreciate all the color you guys gave on GLP-1. That was really helpful in terms of framing it both for 4Q and 2026. But I want to dig into it a little bit more. You ended the year on a good note.

偉大的。感謝大家對 GLP-1 的各種精彩解讀。這對於規劃第四季和 2026 年的發展方向非常有幫助。但我還想更深入地研究一下。你以一個好成績結束了這一年。

You've had sort of really steady dollar ramp in Proprietary Products throughout the year, just no real deceleration. Looking at what you talked about in terms of 10% at the midpoint of the guide for 2026, 10% growth, that seems relatively conservative given recent trends.

今年以來，專有產品銷售額一直保持著相當穩定的成長，沒有真正的放緩。考慮到您提到的 2026 年指導方針中點 10% 的增長，10% 的增長似乎相對保守，尤其是在近期的趨勢下。

So I was just wondering, has anything changed in your conversations in recent months with your major GLP-1 customer, especially Proprietary Products? Is there any change in demand or tone as the orals have launched a ramp? Or just sort of -- anything else you could say in terms of the level of conservatism you've embedded in that because we could see some pretty decent upside there.

所以我想知道，最近幾個月您與主要 GLP-1 客戶（特別是專有產品客戶）的溝通是否有任何變化？隨著口試的臨近，市場需求或氛圍是否有所改變？或者，就你融入其中的保守程度而言，你還能說些什麼呢？因為我們可以看到這方面有相當大的提升空間。

If I could squeeze in a follow-up right away, sorry. But just in the prepared remarks --

如果我能馬上擠出時間跟進一下，那就太好了。但僅在準備好的發言稿中--

Michael, yes, let me jump right in. Thanks for the question. Glad you brought that up. And you're spot on. We have not seen any changes in our customer behavior.

邁克爾，好的，讓我直接進入正題。謝謝你的提問。很高興你提到了這一點。你說得完全正確。我們沒有發現客戶行為有任何變化。

What I would characterize that is a very conservative start to our initial guidance. We continue to believe that the adoption is going to be 30%. In order for us to achieve 10%, it would have to be greater than that, which we don't view as a likely scenario.

我認為這是我們最初指導方針中非常保守的開端。我們仍然認為採用率將達到 30%。為了達到 10% 的目標，實際值必須高於這個值，我們認為這種情況不太可能發生。

And so what we're trying to show is that the strength in the business is more than just GLP-1s and that we can get to our guidance with a lower-than-expected GLP-1 number. And I feel good about kind of the continued momentum that we see not only in GLP-1s, but the rest of the business.

因此，我們想表明的是，公司業務的優勢不僅體現在 GLP-1 指標上，即使 GLP-1 指標低於預期，我們也能實現績效指引。我對我們不僅在 GLP-1 產品領域，而且在整個業務領域看到的持續成長勢頭感到滿意。

Awesome. Can I squeeze in a quick follow-up, sorry. On the free cash flow, you touched on operating cash from free cash flow in the PR a number of times. You had strong free cash in the quarter. You've got solid cash balance.

驚人的。不好意思，我能再補充一個問題嗎？關於自由現金流，您在新聞稿中多次提到了自由現金流的經營現金流。本季你們的自由現金流非常充裕。你的現金餘額很充足。

You also got the proceeds from the SmartDose coming midyear, I think about $120 million to $130 million. Your CapEx is moderating. Are you entering in something? And historically, we haven't really seen West do a ton of M&A. But I'm just wondering, are you thinking about share buybacks, maybe doing a little bit inorganic, just sort of what are you thinking there?

你也可以從 SmartDose 的年中收益中獲益，我認為大約是 1.2 億美元到 1.3 億美元。您的資本支出正在放緩。你要參加什麼活動嗎？從歷史上看，我們並沒有真正看到韋斯特進行大量的併購活動。我只是好奇，您是否考慮過股票回購，或進行一些非內生性成長，您在這方面有什麼想法？

Yes, Michael, this is Eric. Yes, thanks for the question. So when you think about the opportunities, our capital deployment, our first priority, just to be clear, does not take our eye off the organic growth. And we'll continue to invest the business disproportionately towards our high-value product components.

是的，邁克爾，這是艾瑞克。是的，謝謝你的提問。所以，當我們考慮機會時，我們的資本部署，我們的首要任務，需要明確的是，並不會讓我們忽視內生成長。我們將持續加大對高價值產品組件的投資力道。

But that said, if there are technologies that would be of interest that we could bolt on, to our existing portfolio, particularly around how we can accelerate our HVP Components business, while enhancing -- when you think about the further differentiation of our product offering to our customers, that may be of interest, and would have to be accretive, but that would be the focus in that area.

但話雖如此，如果有一些技術值得我們關注，可以添加到我們現有的產品組合中，尤其是在如何加速我們的HVP組件業務方面，同時增強——當你考慮到進一步差異化我們為客戶提供的產品時，這可能會很有意思，而且必須是增值的，但這將是該領域的重點。

And Bob, do you want to cover that?

鮑勃，你想報道嗎？

Yes, just on the last piece, regarding returning cash to shareholders. That is something that we're actively discussing. I view that as upside our plan. It's one of the beauties of these businesses that we've got a tremendous cash flow business here. And I'll just leave it at that.

是的，就最後一點，關於向股東返還現金的問題。這是我們正在積極討論的問題。我認為這是我們計劃的一個有利因素。這些企業的一大優勢在於，我們擁有非常充裕的現金流。我就說到這兒吧。

(Operator Instructions) Daniel Markowitz, Evercore ISI.

（操作說明）Daniel Markowitz，Evercore ISI。

On the high-value components ex GLP-1s in 4Q, it's nice to see mid-single digits. That number keeps moving in the right direction. But you mentioned that demand outstripped supply. Would you be able to give some color on what the delta was? How much of the demand outstrip supply?

第四季度，除 GLP-1 外的高價值組件的成長率達到個位數，這令人欣慰。這個數字持續朝著正確的方向發展。但你提到需求超過了供應。能否詳細說明一下這個增量具體是什麼？需求量超過供應量多少？

And when you're expecting to bring on the incremental capacity to service that demand?

那麼，您預計何時才能增加產能以滿足這項需求呢？

Yes, Daniel, let me touch on the capacity and also the demand that we're seeing build in our HVP Components business outside of GLP-1. We've commented previously that we had some constraints with our operations in Europe in 2025 that we were expanding capacity, both labor and equipment. That has continued. And the demand continues to outpace our supply.

是的，丹尼爾，讓我談談我們在 GLP-1 以外的 HVP 組件業務中看到的產能和需求成長情況。我們之前曾表示，到 2025 年，我們在歐洲的營運會受到一些限制，因此我們正在擴大產能，包括勞動力和設備。這種情況一直持續至今。需求持續超過供應。

As you think about the end of 2025 going to 2026, we feel really good about the order book. We feel really good about the demand that we're seeing from our biologic customers, in particular, the work that we're doing in Annex 1. So the areas outside of non-GLP-1 continues to ramp up compared to what we saw the first part of 2025.

展望 2025 年底到 2026 年，我們對訂單狀況感到非常樂觀。我們對生物製劑客戶的需求感到非常滿意，特別是我們在附件 1 中所做的工作。因此，與 2025 年上半年我們看到的情況相比，非 GLP-1 區域以外的區域持續加速成長。

Yes. And Daniel, just to add on to what Eric is saying, we're not going to give you the details of what that gap is, other than to say our capacity, if I looked at what Q4 was versus Q1, it grew substantially in our European operations, but demand is growing faster. So we're continuing to add capacity beyond what our expectations were, I would say, this time last year. And so that's a good sign.

是的。丹尼爾，我補充一下艾瑞克剛才說的，我們不會透露這個差距的具體細節，只能說，如果我們看一下第四季和第一季的產能對比，我們在歐洲的業務產能大幅成長，但需求成長更快。因此，我們目前的產能成長速度超過了去年同期的預期。所以這是個好兆頭。

And a final point for you there, Daniel. If you noticed in our prepared remarks, we said high-value product components, excluding GLPs, are going to grow high single to low double digits in '26. So that's part of the acceleration there.

最後還有一點要跟你說，丹尼爾。如果您注意到我們在事先準備好的發言稿中提到，我們說過，除 GLP 外，高價值產品組件在 2026 年將實現高個位數到低兩位數的成長。所以這就是加速發展的一部分原因。

Justin Bowers, Deutsche Bank.

賈斯汀·鮑爾斯，德意志銀行。

John, you just answered a question that I was going to get clarity on. But Eric, did want to talk about some of the new GLP-1 molecules that you talked -- that you are seeing in the pipeline and then some of the newer diabesity glips as well. Are those molecules -- the basic question is like, are they specking in on a different type of HVP Component, i.e., like NovaPure or a FluroTec or just a different configuration of some of the late legacy programs? And is there potential for similar ASP from what you're seeing in the broader portfolio?

約翰，你剛才解答了我一直以來想要弄清楚的問題。但 Eric，我想談談你提到的一些新的 GLP-1 分子——你正在研發中的那些，以及一些新的糖尿病肥胖症治療藥物。這些分子——基本問題是，它們是否屬於不同類型的 HVP 組件，例如 NovaPure 或 FluroTec，或者只是某些後期遺留程序的不同配置？從您觀察到的更廣泛的產品組合來看，是否存在類似平均售價的潛力？

Yes, Justin, it depends on what part of the portfolio. There are consistency of new molecules being developed that would use similar elastomeric HVP Components that we currently supply for the GLP-1 space. We also see new combination molecules that would require some barrier coating that would move it towards FluroTec, the proprietary technology that we have with our partner, Daikyo, and also NovaPure. So it is a mix. And as we see the pipeline evolve, particularly in that space, there'll be more different combinations that will be used.

是的，賈斯汀，這取決於投資組合的哪一部分。目前正在開發的新分子具有一致性，它們將使用與我們目前為 GLP-1 領域提供的類似的彈性體 HVP 組件。我們還看到了新的組合分子，這些分子需要一些阻隔塗層，這將使其向 FluroTec（我們與合作夥伴 Daikyo 共同擁有的專有技術）以及 NovaPure 靠攏。所以它是混合型的。隨著管道的演變，尤其是在該領域，將會出現更多不同的組合方式。

And again, just to remind ourselves that it's not just one format. We see bio, we see prefilled syringes and cartridges. And we're in a very good position to support all modalities.

再次提醒大家，這並非只有一種形式。我們看到了生物製劑，我們看到了預充式註射器和藥筒。我們完全有能力支持所有治療方式。

And just a step further, when we look at the other parts of the portfolio and the pipeline outside of GLP-1s, it's very exciting. As I mentioned in the call, the win rate in biologics and biosimilars is consistently what we've always have seen.

更進一步來說，當我們審視 GLP-1 以外的產品組合和研發管線時，會發現這非常令人興奮。正如我在電話會議中提到的，生物製劑和生物相似藥的成功率一直與我們一直以來所看到的一致。

But what I'm encouraged about is its broader geographies for West, and we're able to respond accordingly. So that's why it's important, what Bob highlighted is that the capacity expansion, although it's larger than it was in the early part of 2025, we still need to expand capacity to keep up what's currently in hand, but also in the pipeline.

但令我感到鼓舞的是，它對西方的影響範圍更廣，我們能夠做出相應的反應。所以，鮑伯強調的重點是，雖然產能擴張規模比 2025 年初要大，但我們仍然需要擴大產能，以滿足當前的需求以及正在籌備中的專案。

Yes. And just to add to what Eric is saying, if you think about the future fast forward, I think it's fair to assume that the pricing today for the future will either be to -- what it is today or higher, given that positive mix.

是的。補充一下艾瑞克的觀點，如果你展望未來，考慮到這種積極的組合，我認為可以合理地假設，未來的定價要么與今天持平，要么更高。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Congratulations on the quarter Eric, Bob and John. The Grand Rapids and the Dublin sites, where are they in kind of ramp-up stage? Are they at 10% utilization, 40%? Can you give us some color on that?

恭喜 Eric、Bob 和 John 完成了本季的工作。大急流城和都柏林的站點目前處於什麼階段？它們現在算是處於啟動階段嗎？它們的利用率是 10% 還是 40%？能詳細解釋一下嗎？

Yes, Paul. I would characterize those two sites differently. Grand Rapids, Michigan, that's a little more mature in their ramp-up. So they're, what we call OEE, is closer to what we would say is peak volumes in the first part of 2026. While there's still some room for improvement and further output, we're really pleased with the progress and what they're able to deliver for our customers.

是的，保羅。我對這兩個網站的描述會有所不同。密西根州大急流城的情況就成熟一些。所以，我們所說的 OEE 更接近我們所說的 2026 年上半年的峰值產量。雖然還有一些改進和提升的空間，但我們對目前的進展以及他們能夠為我們的客戶提供的服務感到非常滿意。

In Dublin, it's really two different messages there. One, we're still in the ramp-up phase of auto-injectors and multi-dose pens. And as I've mentioned in my prepared remarks, we just literally commenced commercial drug handling operations which will ramp up throughout 2026, but well into 2027. So we're excited on both fronts. And it is going to be a ramp-up phase, an aggregate, I guess, over the next 12, 18, 24 months.

在都柏林，這其實是兩種截然不同的訊息。第一，我們仍處於自動注射器和多劑量注射筆的推廣階段。正如我在準備好的演講稿中提到的，我們剛開始商業毒品處理業務，該業務將在 2026 年逐步擴大規模，並持續到 2027 年。所以我們在這兩方面都感到興奮。這將是一個逐步擴大規模的階段，我猜在接下來的 12、18、24 個月內會逐步擴大規模。

Yes. And Paul, just to add to what Eric was saying for that -- the latter piece that he was just talking about with the drug handling, we talked about it being a $20 million opportunity here in 2026. That's going to ramp throughout the course of the year. So the second half will be larger than the first half. And then it's going to be even bigger in 2027.

是的。保羅，我補充一下艾瑞克剛才說的話——關於毒品處理的後半部分，我們討論過，到 2026 年，這將是一個價值 2000 萬美元的機會。這種情況會在今年逐漸加劇。所以後半部會比前半部大。到 2027 年，規模還會更大。

So that certainly is not the annual opportunity for that program. It's significantly larger than that. And so we're really excited about that going forward.

所以這肯定不是該計畫每年都有的機會。它比那大得多。因此，我們對未來的發展感到非常興奮。

David Windley, Jefferies.

David Windley，傑富瑞集團。

You, I think, exceeded our margin and maybe the Street's margin expectations in proprietary products pretty nicely. It sounds like -- or it looks like utilization, maybe mix, but utilization is probably also improving. You've commented on capacity a little bit already.

我認為，你們的自有產品利潤率相當不錯，超出了我們以及華爾街的預期。聽起來像是——或者看起來像是利用率，也許是成分，但利用率可能也在提高。您之前已經稍微談到容量問題了。

I guess I wanted to understand how your tech transfer activity and kind of the rebalancing of capacity is progressing in the context of some comments that you've already made about demand outstripping supply and comments about needing to add capacity. I guess I just want to understand that more comprehensively about whether demand is outstripping everywhere?

我想了解一下，鑑於您之前發表的一些關於需求超過供應以及需要增加產能的評論，您的技術轉移活動以及產能再平衡工作進展如何。我想更全面地了解一下，是否所有地方的需求都超過了供應？

Or if you still have imbalance of demand is essentially where I'm trying to get to.

或者說，如果仍然存在需求失衡的問題，這基本上就是我想要表達的意思。

Yes, Dave. I was focused on the HVP Components because that's what's driving the mix shift and from a margin expansion perspective. And you've seen this historically for West is when we start driving HVP Components close to that double digits, the mix shift effect on margins is quite pronounced. And we will continue to see that. We are expectations to still have a mix shift effect moving forward as we continue to drive, as I mentioned earlier, biologics, Annex 1 and even GLP-1s offers that mix shift effect for us.

是的，戴夫。我主要關注高價值產品組件，因為這是推動產品組合轉變和利潤率擴張的因素。從歷史經驗來看，當West的HVP Components的成長率接近兩位數時，這種組合變動對利潤率的影響就非常明顯。我們將繼續看到這種情況。我們預計，隨著我們繼續前進，生物製劑、附件 1 甚至 GLP-1 類藥物仍將帶來組合轉變效應，正如我之前提到的，這些藥物為我們提供了組合轉變效應。

Our capacity -- when we talk about capacity expansion, it has been heavily focused in Europe, which we're alleviating as we speak. But we're also ensuring that we're ahead of the curve in our US HVP Components operations because we're seeing demand increase, frankly, in all HVP plants across the globe, which, as you know, we have five of them.

我們的產能—當我們談到產能擴張時，它一直主要集中在歐洲，而我們現在正在緩解這種情況。但我們也正在確保我們在美國的 HVP 組件業務方面保持領先地位，因為坦白說，我們看到全球所有 HVP 工廠的需求都在增長，正如您所知，我們有五家這樣的工廠。

And so we'll continue to invest. Fortunately, at this point in time, a lot of the investments is more around labor -- and versus extensive capital around facilities, and then we'll drop in new equipment and extend the lines when necessary.

因此，我們將繼續投資。幸運的是，目前許多投資都集中在勞動力方面，而不是設施方面的大量資本投入，然後我們會在必要時添加新設備並延長生產線。

So we're very well positioned, but we need to get ahead of the curve, as Bob was mentioning earlier, the demand outstripping supply right now, which we need to get caught up.

所以我們現在處於非常有利的位置，但我們需要搶佔先機，正如鮑勃之前提到的那樣，目前需求超過了供應，我們需要迎頭趕上。

Yes. I think it's fair to say, David, that we are looking at tech transfers throughout the course of 2026 will help alleviate some of that imbalance. We've been on that journey already, and Eric mentioned that in his prepared remarks.

是的。戴維，我認為可以公平地說，我們正在研究的2026年全年的技術轉移將有助於緩解這種不平衡。我們已經走過這條路了，埃里克在他的準備好的演講稿中也提到了這一點。

So it's a combination of both. And we feel like we'll be in a -- we're in a better position than where we were a year ago. And in a year, we're going to be in a better position than we are right now.

所以它是兩者的結合。我們感覺我們現在的處境比一年前好。一年後，我們的處境會比現在好得多。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Bob, maybe for you on the margins. It sounds like over 100 bps expansion in '26, which is nice to see. Can you just talk about the drivers there, the mix piece? And then maybe on the multi-dose -- it's helpful, Eric, to hear you talk about kind of that gradual shift. What does that mean on the economic side?

鮑勃，也許對你這種邊緣人物來說是這樣。聽起來 '26 年的擴容超過 100 bps，這真是個好消息。可以談談那裡的司機，以及混音部分嗎？然後，或許在多劑量治療方面——艾瑞克，聽你談論這種漸進式的轉變很有幫助。從經濟角度來看，這意味著什麼？

And again, maybe just the confidence that, that is a gradual shift, maybe given your experience in Europe or whatever else you might be able to point to.

再說一遍，也許只是信心，這是一個漸進的轉變，也許考慮到你在歐洲的經驗或其他你能指出的經驗。

Patrick, thanks for the question. I'll take the first one, and then I'll turn it over to you to Eric to talk a little bit about some of the economics. But yes, if we talk about the -- your math is, as usual, is spot on. We're delivering over 100 basis points of margin expansion or expect to in 2026. And a large piece of that is really a result of a couple of things.

派崔克，謝謝你的提問。我先回答第一個問題，然後把麥克風交給艾瑞克，讓他談談一些經濟學的問題。但是，是的，如果我們談論的是——你的計算一如既往地準確無誤。我們實現了超過 100 個基點的利潤率成長，或預計在 2026 年實現這一目標。而這很大程度是由以下兩件事造成的。

One is that continued demand within the high-value product components, which is driving better utilization within the plants, which is helping with our absorption, but then also the mix shift. And I would say it's a good combination of both of those.

一方面是高價值產品組件的持續需求，這推動了工廠的更好利用率，有助於我們的吸收，另一方面也是產品組合的轉變。我認為它是這兩者的一個很好的結合。

In addition, we continue to generate positive price, but I would say it's the first two. And then really one of the focuses that we've had over the last couple of years is really around the conversion through Annex 1 in the regulatory requirements.

此外，我們持續創造正價格，但我認為最重要的是前兩項。過去幾年，我們的重點之一實際上是透過監管要求附件 1 進行轉換。

And we see that as a continual multiyear journey, as Eric mentioned earlier, and we've got a long runway in our belief to be able to upgrade some of the standard components to those HVP Components, which will also help with the margin. We see some of that in here as part of that positive mix. So it's really both.

正如埃里克之前提到的，我們認為這是一個持續多年的過程，我們相信我們有很長的路要走，能夠將一些標準組件升級為這些HVP組件，這也有助於提高利潤率。我們從中可以看到一些正面的因素，它們構成了這個正面因素的一部分。所以兩者兼而有之。

And then we're continuing to leverage our OpEx is what kind of below the gross margin line to get to some of that, but most of it will be in gross margin.

然後我們將繼續利用營運支出（即毛利率以下的部分）來實現部分目標，但大部分目標仍將計入毛利率。

You want to talk about the --

你想談談…--

Thanks, Bob. And Patrick, in regards to the multi-dose and auto-injectors, particularly in the GLP-1 space, just to kind of frame it up real quickly, there's three different ways we look at from the elastomer point of view. One is we do support files with the stoppers. When you think about the auto-injectors, it's really -- there's a component, but also a plunger that we provide, which is -- and then in the pen system, you look at a plunge and also line seal on the cartridge. And I would say the plungers are not equal between the two.

謝謝你，鮑伯。派崔克，關於多劑量和自動注射器，特別是 GLP-1 領域，為了快速概括一下，從彈性體的角度來看，我們有三種不同的方法。一是我們使用止動器來支撐文件。當你想到自動注射器時，它實際上——有一個組件，但我們也提供了一個活塞，它是——然後在筆式系統中，你會看到活塞和墨盒上的管路密封。而且我認為這兩個活塞並不相同。

And it is correct that multi-dose pens are approximately four doses per one single-use auto-injector.

多劑量注射筆大約相當於一支一次性自動注射器包含四劑劑量，這是正確的。

There's two factors to look at when you ask about timing. And you're right to say that we have good lens on this part of the market because our Contract Manufacturing business is exactly working with our customers in this space to do mass scale manufacturing of auto-injectors and multi-dose pens.

關於時機，需要考慮兩個因素。你說得對，我們對這部分市場有很好的洞察力，因為我們的合約製造業務正是與該領域的客戶合作，進行自動注射器和多劑量筆的大規模生產。

What we see is, as you know, there's a higher dependency on multi-dose pens in Europe than in the United States, where the US is more a single dose. So these are significant installed capacity that our customers invest in into our facilities, and these are long-term commitments, and it takes multiple years to get up to ramp.

如您所知，我們看到的是，歐洲對多劑量注射筆的依賴程度高於美國，而美國則更多地使用單劑量注射筆。因此，這些都是我們的客戶投資到我們工廠的大量已安裝產能，這些都是長期承諾，需要數年時間才能達到產能爬坡階段。

As Paul asked earlier, how we're ramping in Grand Rapids and Dublin, these are multiyear journeys to get to peak volumes. And so we do see this as a one, installed capacity investments of our customers. Still, we don't see this as a quick shift if that would occur. And secondly, really, it's a market acceptance and patient acceptance. They're very different experiences.

正如保羅之前所問的那樣，我們在大急流城和都柏林是如何逐步擴大產能的，這需要數年時間才能達到產能高峰。因此，我們認為這是我們客戶的一項已安裝容量投資。不過，即便這種情況發生，我們也不認為這是一個快速的轉變。其次，說到底，還是市場接受度和病人接受度的問題。這是截然不同的經驗。

And so those are the two factors that we see, but we see it as a multiyear journey, particularly with the lens we have with CM and also the investment order patterns we see with our elastomer business to support it and the primary containment.

因此，我們看到了這兩個因素，但我們認為這是一個多年的過程，特別是從我們對CM的視角，以及我們從彈性體業務中看到的投資訂單模式來看，以支持它和主要的遏制措施。

Yes. Patrick, the only other thing that I would add is, if we think about the future, many of the things that Eric was talking about in terms of multiple indications and new molecules are on single dose in the US as well. And so that also speaks to the, I'd say the consistency and the stickiness of the auto-injector as we see it looking forward.

是的。派崔克，我唯一要補充的是，如果我們展望未來，艾瑞克提到的許多關於多種適應症和新分子的藥物，在美國也都是單劑量給藥的。所以這也說明了，就我們未來所看到的自動噴射器的穩定性和黏性。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Eric, for years, you had talked about the device opportunity as something West was excited to participate in and would be potentially growth and margin accretive. And then, of course, last year, with the SmartDose saga, I think that narrative got derailed a little bit.

艾瑞克，多年來，你一直談到這個設備領域的機會，認為韋斯特公司很樂於參與其中，並且有可能實現成長和利潤提升。當然，去年的 SmartDose 事件讓這種敘事方式稍微偏離了軌道。

Now announcing Synchrony -- I know you announced it at CPHI and sort of launched it commercially last month. But maybe give us an update on where you're excited about the device opportunity going forward? Do you still see that as a big potential opportunity for West?

現在宣布推出Synchrony——我知道你們在CPHI上宣布了它，並且上個月已經正式商業化推出了它。不過，您能否向我們介紹一下，您對未來設備發展機會有哪些期待？你仍然認為這對West來說是一個巨大的潛在機會嗎？

And then whether the portfolio of products you have today, you think is the right one to attack that market or if there's more, either product development or inorganic growth opportunities that might help supplement the capabilities you have today?

然後，您認為您目前的產品組合是否足以進入該市場，或者是否有更多產品開發或非內生成長機會，可以幫助補充您目前的能力？

Yes, Matt, it's a multipronged approach when you look at our proprietary business, particularly around our elastomers. So first priority is continue to look at line extensions and new formulations that are adopted in the marketplace for our customers.

是的，馬特，當你審視我們的專有業務，特別是圍繞我們的彈性體業務時，你會發現這是一個多管齊下的方法。因此，首要任務是繼續專注於市場上為我們的客戶提供的系列產品延伸和新配方。

And as you think about the new molecules in the pipeline, they're more complex. And therefore, we have to continue to innovate with our customers with new formulas around elastomers. So that is our primary focus when we think about R&D investments.

而當你思考正在研發中的新分子時，你會發現它們更加複雜。因此，我們必須繼續與客戶一起，圍繞彈性體進行創新，並研發新的配方。所以，這是我們在考慮研發投資時的主要關注點。

The second area that you touched on is the launch of West Synchrony prefillable syringe. And this is truly unique in the marketplace. And this stems from the elastomer business. This is where our customers have been looking at how can West support them on full characterization to build -- provide all the data packs that allow them to file the FDA and simplify. Because as everyone knows, these prefilled syringes have to be approved with the drug molecule as a combination device, not as individual components.

您提到的第二個方面是 West Synchrony 預灌封注射器的推出。這在市場上確實是獨一無二的。而這一切都源自於彈性體產業。我們的客戶一直在尋求 West 如何支持他們進行全面的表徵以建立產品——提供所有資料包，使他們能夠向 FDA 提交申請並簡化流程。因為眾所周知，這些預充式註射器必須與藥物分子一起作為組合裝置獲得批准，而不是作為單獨的組件獲得批准。

So we're basically taking that work from our customers, and we're providing the complete solution with this offering that we have with Synchrony. It's very close to our elastomer business. The economics are very attractive. What I would articulate -- it's a long-term journey, by the way. It is really pipeline. I will say that I'm very pleased with the team's recent launch.

所以，我們基本上是從客戶那裡分擔了這項工作，並透過我們與 Synchrony 合作提供的這項服務，為客戶提供完整的解決方案。它與我們的彈性體業務非常接近。經濟效益非常誘人。我想表達的是──順便說一句，這是一段長期的旅程。這確實是一條管道。我必須說，我對團隊最近的產品發布非常滿意。

It occurred a few weeks ago in Italy as an official launch, and we already have orders. So I'm pleased with the initial progress. But it will take time, like any other new launch we had like NovaPure and other elastomer components.

幾週前在義大利舉行了正式發布會，我們已經收到訂單了。我對目前的進展感到滿意。但這需要時間，就像我們推出的其他任何新產品一樣，例如 NovaPure 和其他彈性體組件。

But I would look at this as an extension of our HVP spectrum that we have articulated and showed graphically on how we're moving up that curve for our customers. And I would disassociate that with the drug delivery devices that we have in the other units like SmartDose 3.5, very different economics, very different growth profiles. And excited about where we are, but it's a long-term journey.

但我認為這可以看作是我們 HVP 服務範圍的延伸，我們已經闡明了這一點，並用圖表展示了我們如何為客戶沿著這條曲線不斷前進。而且我認為它與我們在其他部門使用的藥物輸送裝置（如 SmartDose 3.5）截然不同，它們的經濟效益和成長前景完全不同。我們為目前所取得的成就感到興奮，但這注定是一段漫長的旅程。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

I could just use some help clarifying the growth assumptions for HVP in 2026 and how they compare to 2025. So you mentioned that the GLP-1 growth will be 10% at the midpoint. What was that growth number in 2025? And then the non-GLP 1 HVP is high single to low double for 2026. What was that comparable number in 2025?

我希望能夠得到一些幫助，以明確 HVP 在 2026 年的成長假設，以及這些假設與 2025 年相比有何不同。您提到 GLP-1 的成長率中位數為 10%。2025年的成長數字是多少？然後，非 GLP 1 HVP 在 2026 年的單倍型劑量為高劑量，雙倍型劑量為低劑量。到 2025 年，這個數字是多少？

I just want to know what kind of a ramp upside in non-GLP-1 and kind of conservatism in GLP-1 that we're all assuming here?

我只是想知道，我們在這裡假設的非GLP-1療法的療效提升空間有多大，以及GLP-1療法的療效保守程度如何？

Yes, it's a good question. I'll give you kind of ranges. We're not going to get into the specifics, but GLP-1s for the full year grew in excess of 50%. And if you looked at the non GLP-1s, it was roughly flat, with mid-single-digit growth in the second half of the year. And so we're expecting acceleration on the majority of the non-GLP-1 business into 2026 at kind of that mid- -- or high single to low double-digit growth.

是的，這是個好問題。我會給你一個大概的範圍。我們不會深入探討具體細節，但全年 GLP-1 的成長超過 50%。如果你看一下非 GLP-1 類藥物，你會發現它大致持平，下半年實現了個位數的中等增長。因此，我們預計到 2026 年，大部分非 GLP-1 業務將加速成長，達到中位數個位數或高個位數到低兩位數的成長。

Brendan Smith, TD Cowen.

布倫丹史密斯，TD Cowen。

Actually, I wanted to ask a bit more about the Annex 1 cycle upgrades that you referenced. You noted, I think that, that has been completed, about 15% of the total opportunity. In the deck, you mentioned that West has met its 2025 goals. Wondering if you could maybe speak any more granularly to West's 2026 goals in this area? And I guess what really drives some of your visibility into those assumptions over the coming year, just given that -- I'm guessing some of those decisions are ultimately coming from the partners.

實際上，我想再問一下您提到的附件 1 週期升級的問題。我認為，正如您所指出的，這已經完成了大約 15% 的總機會。在簡報中，你提到西部已經實現了 2025 年的目標。不知道您能否更詳細地談談韋斯特在這一領域的 2026 年目標？我想，真正影響你對未來一年這些假設的認知的因素，正是——我猜想，其中一些決定最終是由合作夥伴做出的。

Yes. Great, Brendan. Great question. Thank you. When you look at the Annex 1, we see this as a multiyear journey.

是的。太好了，布倫丹。問得好。謝謝。從附件一可以看出，這是一個多年的過程。

So when I talk about the 6 billion components, just to put that in perspective, in proprietary, we do about 36 billion components a year. This is a subset of the total company, of which when you think about the HVP, it's called roughly about 10 billion of that. The delta of 35 billion, 36 billion -- I mean I'm sorry, 25 billion and 26 billion is what we call standard, and as subset is 6 billion. So just to put it in context of what portion of the business from a unit volume perspective that we're speaking to. And so far, to date, less than 15% of that has now been commercialized.

所以，當我談到 60 億個組件時，為了讓大家有個概念，我們專有的零件每年大約生產 360 億個。這是整個公司的一部分，當你想到高價值產品時，它大約佔其中的 100 億。350億、360億——我的意思是，抱歉，250億和260億是我們所說的標準，而子集是60億。所以，為了說明我們是從單位銷售角度來談論的業務部分的實際情況，請容許我解釋一下。而迄今為止，其中只有不到 15% 的產品實現了商業化。

So a lot of the projects have rolled off, we mentioned 65 in Q4. Those start -- they start being commercialized throughout 2026 and beyond. So now the customers change their ordering from the previous product that would procure for -- from West to the new product, which is now an HVP product going forward. So those revenues will start building in 2026.

所以很多專案都已啟動，我們在第四季提到了 65 個專案。這些產品將於 2026 年及以後開始商業化。所以現在客戶將訂購的產品從以前由 West 購買的產品改為新產品，新產品將成為 HVP 產品。因此，這些收入將從 2026 年開始成長。

To summarize, we believe the continuation of about 200 basis points going into 2026 will be driven by Annex 1, and we believe that's sustainable based on the pipeline. So there will be products rolling off into commercial and new products being added, and that's what we're seeing throughout 2025, we expect the same in 2026.

總而言之，我們認為到 2026 年，利率將繼續維持在 200 個基點左右，這主要得益於附件 1 的實施，而且我們認為根據目前的項目儲備，利率維持在 200 個基點左右是可持續的。因此，會有產品陸續上市，也會有新產品推出，這就是我們在 2025 年看到的，我們預計 2026 年也會如此。

Thomas DeBourcy, Nephron Research.

Thomas DeBourcy，腎臟單位研究。

Just wanted to touch on just Contract Manufacturing and I guess, refilling the demand pipeline for the second half. I think you mentioned relatively flat growth for Contract Manufacturing, which reflects, I guess, refilling that demand. But just wanted to see kind of the opportunities you're seeing there?

我只想簡單談談合約製造，以及為下半年重新填補需求缺口。我認為你曾提到合約製造業務成長相對平緩，這反映出市場需求正在滿足。我只是想了解你認為那裡有哪些機會？

And then just also on reshoring of US customers, whether that's an incremental opportunity or you just support them as -- depending on where they want to manufacture their products?

此外，關於美國客戶的回流問題，這究竟是一個增量機會，還是僅僅為他們提供支援——這取決於他們希望在哪裡生產產品？

Yes. I'll start with the second portion first, on the onshoring of customers. And it's interesting because those conversations are ongoing. In 2025, when this announcement of new investments, we're already at the table having conversations how we can support them in the supply chain. So there could be incremental volume coming from our customers due to these investments or it could be a shift in their manufacturing strategy.

是的。我先從第二部分開始，也就是關於客戶回流的問題。而且很有趣的是，這些討論仍在繼續。2025 年，當這項新投資宣佈時，我們已經在談判桌上探​​討如何在供應鏈中為他們提供支援。因此，由於這些投資，我們的客戶可能會帶來增量銷量，或者這可能是他們生產策略的轉變。

The fortunate part about West is that we have the assets that are able to support them, whether it's in Europe or the United States or even in Asia when you think about our HVP manufacturing plants. So therefore, we'll continue to add capacity to be able to support them. But the fortunate part is we do currently have volume in these sites. Any additional capacity to be more around labor and equipment versus new facilities.

西方的優勢在於我們擁有能夠支持他們的資產，無論是在歐洲、美國，或是在亞洲，例如我們的HVP製造工廠。因此，我們將繼續增加產能，以便能夠為他們提供支援。但幸運的是，我們目前在這些網站上確實有訪問量。任何新增產能都應更多地用於勞動力和設備，而不是新建設施。

On the Contract Manufacturing side, looking at the business that's [axing] in end of Q2, that space will be -- our intent is to have that reutilized by new customer as we move into later part of 2026. It will take time to ramp up to install the new capacity, new equipment from our customers. But we're in several discussions right now. And we will communicate once we have everything finalized. But we feel good about where we are able to utilize that asset and build to support other customers and other products, while other investments will ramp up, particularly around the other Dublin site and also Grand Rapids, Michigan.

在合約製造方面，考慮到第二季末即將終止的業務，我們的目標是讓新客戶在 2026 年下半年重新利用這些空間。安裝客戶的新產能和新設備需要時間。但我們目前正在進行多項討論。等所有事宜最終確定後，我們會通知大家。但我們對能夠利用該資產並建立支持其他客戶和其他產品的能力感到滿意，同時其他投資也將加速推進，尤其是在都柏林其他地點以及密西根州大急流城附近。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

You did a really nice job in your prepared remarks talking about the outlook for GLP-1s and the impact of orals on your business. If we keep those comments in mind and ostensibly your efforts to be conservative as you talked about the inputs in 2026 guidance and then also the longer-term framework for GLP-1s, I'm wondering if we kind of get at maybe a midterm outlook.

您在準備好的發言中，就 GLP-1 類藥物的前景以及口服藥物對貴公司業務的影響發表了非常精彩的講話。如果我們牢記這些評論，並考慮到您在 2026 年指南的投入以及 GLP-1 的長期框架中表現出的保守態度，我想知道我們是否可以大致了解中期前景。

If it's fair to say you're comfortable with your GLP-1 framework, combined with the recovery you're seeing in non-GLP-1 HVP, which of course, includes the impact of Annex 1. If we're -- if you're comfortable saying as built, even in a conservative scenario for GLP-1s, that your revenue can grow at least mid- to high single digits over the next several years.

如果說您對自己的 GLP-1 框架感到滿意，再加上您在非 GLP-1 HVP 中看到的恢復情況，當然，這其中也包括附件 1 的影響。如果您認為，即使在 GLP-1 的保守情況下，按照目前的水平，您的收入在未來幾年內至少可以實現中高個位數的成長，這不成問題。

Yes. Doug, thanks for the question. And the short answer is yes.

是的。道格，謝謝你的提問。簡而言之，答案是肯定的。

Daniel Markowitz, Evercore ISI.

Daniel Markowitz，Evercore ISI。

I'm curious just framing the Annex 1 opportunity ahead. It seems like there are reasons to be excited and potential for accelerating benefit to the business. Can you talk about what you're hearing in customer conversations that suggests this could be a greater area of focus for customers going forward?

我很好奇如何展望附件一帶來的機會。似乎有理由感到興奮，並且有可能加速為企業帶來收益。您能否談談您在與客戶的交流中聽到的一些訊息，這些訊息表明這可能是客戶未來更加關注的領域？

Yes. No, you're absolutely correct. Engaging with our customers, there are certain events that occur, particularly with -- in the supply chain when they're having contamination control issues. This comes up during the audits and inspection by the regulatory bodies, particularly in -- obviously, in Europe but also with the FDA. And while these are becoming more front and center with our customers to prevent any potential delays or stock-outs of drug molecules or frankly, 483s or warning letters, these conversations are becoming more active for us.

是的。不，你說得完全正確。在與客戶互動的過程中，有時會發生一些事件，尤其是在供應鏈中，當他們遇到污染控制問題時。監管機構在審計和檢查過程中經常會遇到這種情況，尤其是在歐洲，當然也包括美國食品藥物管理局（FDA）。雖然這些問題越來越受到我們客戶的重視，以防止藥物分子出現任何潛在的延誤或缺貨，或者坦白說，防止收到 483 表格或警告信，但這些對話對我們來說也變得越來越積極。

And the fortunate part is we have the resources, we have the regulatory and quality organizations in place that really support our customers to make those decisions and then build -- provide a final solution with the product such as our washing technology, in vision technology, even through sterilization. So when we -- when we think about what we offer our customers, this is a great opportunity.

幸運的是，我們擁有資源，我們擁有完善的監管和品質組織，能夠真正支持我們的客戶做出這些決定，然後建構——透過我們的清洗技術、視覺技術，甚至透過消毒技術，提供最終解決方案。所以當我們思考我們為客戶提供什麼時，這是一個絕佳的機會。

And so yes, we're heavily engaged with our customers, and they're making a decision to they look at -- can they actually handle that process internally and most of the time, what we're seeing is no, let's have West take care of the expectations to meet the regulatory requirements and the quality requirements. So we believe this is a long-term opportunity and it has multiyear impact for us, and it fits really well with our HVP Component strategy.

所以，是的，我們與客戶保持著密切的溝通，他們正在考慮——他們是否能夠內部處理這個過程，而大多數時候，我們看到的答案是否定的，他們決定讓 West 來滿足監管要求和品質要求。因此，我們認為這是一個長期的機會，對我們具有多年影響，並且與我們的HVP組件策略非常契合。

Dan, just to add to what Eric was saying, just a couple of things. We've sized that opportunity of $6 billion -- or 6 billion units, excuse me. There's a potential that, that could be even more. As we think about things like reshoring. If you're reshoring something that is already spec-ed in, in Europe into the US, that is an opportunity to automatically upgrade.

丹，我只想補充艾瑞克剛才說的幾點。我們已經評估出這個機會的價值為 60 億美元——或者更準確地說，是 60 億台。還有一種可能性，那就是，這個數字可能更大。當我們思考諸如回流等問題時。如果你要把歐洲已經制定好的規範重新引進美國，那將會是一個自動升級的機會。

And what we're hearing from customers is in order for them to simplify their supply chains, they don't want to have multiple components that have different specs across their network. And so -- and as the regulatory scrutiny continues to grow, outside of Europe, there is a desire to kind of standardize across this.

我們從客戶那裡了解到，為了簡化供應鏈，他們不希望網路中存在多個規格不同的組件。因此，隨著監管審查力度的不斷增加，歐洲以外的地區也希望在這方面實現某種程度的標準化。

And so not only do we see the opportunities that Eric was talking about, there's a potential that it could even be bigger over time with some of these other dynamics that are in play across the industry.

因此，我們不僅看到了艾瑞克所說的機遇，而且隨著產業內其他一些動態因素的發展，這些機會還有可能隨著時間的推移而變得更大。

And ladies and gentlemen, that's all the time we have for question-and-answer session today. This does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們先生們，今天的問答環節就到此結束了。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。