西式醫藥服務 (WST) 2026 Q1 法說會逐字稿

Good day, and welcome to West's first-quarter earnings conference call.

大家好，歡迎參加 West 第一季財報電話會議。

(Operator Instructions)

(接線員指示)

Please note today's call is being recorded. I would now like to turn the call over to John Sweeney, Vice President of Investor Relations. Please go ahead.

請注意，今天的電話會議將被錄音。現在我想把電話交給投資人關係副總裁 John Sweeney。請開始。

Good morning, and welcome to West's first-quarter 2026 earnings conference call, which has been webcast live. With me today on the call are West's President, CEO and Chairman, Eric Green, and West's Senior Vice President and CFO, Bob McMahon. Earlier today, we issued our first-quarter financial results.

各位早安，歡迎參加 West 2026 年第一季財報電話會議，本次會議已進行線上直播。今天與我一同出席的有 West 總裁、執行長暨董事長 Eric Green，以及 West 資深副總裁兼財務長 Bob McMahon。今天稍早，我們已發布第一季財務結果。

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's website 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，以及今天的投影片簡報（包含供您參考的補充資訊）已張貼於公司網站 investor.westpharma.com 的「投資人」專區。稍晚今天，網路直播的重播也將於我們網站的投資人專區提供。

Before we begin, we'd like to remind you that statements made by management during this call and in the accompanying presentation contain forward-looking statements within the meaning of US Federal Securities Law. Please refer to the accompanying Safe Harbor Statements in today's press release and in addition to other disclosures made by the company, such as our 10-K and 10-Q regarding the risks to which the company is subject.

在開始之前，我們提醒各位，管理層在本次電話會議及隨附簡報中所作的陳述，包含依據美國聯邦證券法所定義的前瞻性陳述。請參閱今日新聞稿中隨附的「安全港聲明」，並一併參考公司所作的其他揭露，例如我們的 10-K 與 10-Q，了解公司所面臨的風險。

During the call, management will also report on certain non-GAAP financial measures, including organic net sales, adjusted operating profit, adjusted operating profit margin, free cash flow and adjusted diluted earnings per share. The accompanying disclosure statement as well as reconciliations of these non-GAAP financial measures to the most comparable financial results prepared in conformity with US GAAP are provided in this morning's press release and in today's presentation materials. I will now turn the call over to our CEO, Eric Green. Eric?

在本次電話會議中，管理層也將報告若干非 GAAP 財務衡量指標，包括有機淨銷售額、調整後營業利益、調整後營業利益率、自由現金流，以及調整後稀釋每股盈餘。相關揭露聲明，以及上述非 GAAP 財務衡量指標與依美國 GAAP 編製之最可比財務結果的調節表，已載於今早的新聞稿與今日的簡報資料中。現在我將把電話交給我們的執行長 Eric Green。Eric？

Thank you, John, and good morning, everyone. Thanks for joining us today. I am pleased to report the year is off to a strong start with outstanding performance in the first-quarter revenues and adjusted EPS with both metrics coming in well above our expectations. It is clear our growth strategy is delivering. first-quarter revenues of $845 million were up 21% on a reported basis and 15% on an organic basis.

謝謝你，John，各位早安。感謝各位今天加入我們。我很高興報告，今年開局強勁，第一季營收與調整後 EPS 表現出色，兩項指標皆遠高於我們的預期。很明顯，我們的成長策略正在發揮成效。第一季營收為 8.45 億美元，按報告基礎年增 21%，按有機基礎年增 15%。

Adjusted operating margins in the quarter were 21.4%, expanding 350 basis points as compared to prior year. And adjusted EPS came in at $2.13, up 47% compared to prior year. As announced in the press release today, due to our strong first-quarter performance and the expected ongoing momentum in our business, we are increasing our revenue and adjusted EPS guidance for full year 2026.

本季調整後營業利益率為 21.4%，較去年同期擴張 350 個基點。調整後 EPS 為 2.13 美元，較去年同期成長 47%。如同我們今天在新聞稿中所宣布的，基於第一季的強勁表現以及我們業務預期將持續的動能，我們上調 2026 全年營收與調整後 EPS 的指引。

We now anticipate full year organic revenue growth back to our long-term construct of 7% to 9%, up from our previous guide of 5% to 7% and adjusted EPS increase to the range of $8.40 to $8.75. Bob will go into more detail shortly.

我們目前預期全年有機營收成長將回到我們長期設定的 7% 至 9% 區間，高於先前指引的 5% 至 7%；同時將調整後 EPS 上調至 8.40 至 8.75 美元的區間。Bob 稍後會提供更詳細的說明。

Now let's take a closer review of each of the businesses, starting with HVP components in our Proprietary Products segment, which represents 48% of our company's total net sales and continues to be the key growth driver for West. HVP components grew 23% on an organic basis in the first-quarter.

接下來我們更深入檢視各項業務，先從我們「專有產品」事業部中的 HVP 元件開始。該業務占公司總淨銷售額的 48%，並持續是 West 的主要成長動能。第一季 HVP 元件按有機基礎成長 23%。

This growth was led by strong performance in both GLP-1 and non-GLP-1 revenues. HVP components GLP-1 revenues grew significantly and contributed 10% of total company sales, consistent with the previous quarter. While it is still early days in the adoption of orals, the trend is playing out as we expected and have previously communicated.

此成長主要來自 GLP-1 與非 GLP-1 營收的強勁表現。HVP 元件的 GLP-1 營收大幅成長，並貢獻公司總銷售額的 10%，與上一季一致。雖然口服劑型的採用仍在早期階段，但趨勢正如我們預期且先前已對外溝通的方向發展。

That is orals are expanding the market. Our view remains unchanged for long-term growth in both injectable and oral GLP-1 markets as overall adoption of these products continues to increase. We continue to believe there are number of factors that leave us optimistic about the prospects for our GLP-1 elastomers in the future. These include the expansion of insurance coverage, FDA regulatory decisions on compounded GLP-1s, reduced drug prices and the introduction of GLP-1s for new indications as well as next-generation products.

也就是說，口服劑型正在擴大市場。我們對注射型與口服 GLP-1 市場的長期成長看法維持不變，因為這些產品的整體採用率仍在持續提升。我們仍相信，有多項因素使我們對未來 GLP-1 彈性體產品的前景保持樂觀。這些因素包括保險給付範圍擴大、FDA 對複方（compounded）GLP-1 的監管決策、藥價下降，以及 GLP-1 用於新適應症與次世代產品的推出。

In addition, the launch of generics in several countries outside the US should drive additional demand in the coming years. Non-GLP-1 HVP components revenues increased in the high teens in the quarter. This growth was driven by durable growth drivers, including Biologics, HVP upgrades, including Annex 1 and underlying core customer demand growth.

此外，美國以外多個國家推出學名藥，預期將在未來幾年帶動額外需求。本季非 GLP-1 的 HVP 元件營收以高十位數百分比成長。此成長由具持久性的成長驅動因素帶動，包括生物製劑、HVP 升級（包含 Annex 1），以及核心客戶需求的基本成長。

The better-than-expected HVP components performance in the quarter can be attributed to market growth and tremendous execution of our operating unit strategy and scaling up production, particularly in Europe. Recently, I met with our team in Eschweiler, Germany to see firsthand the operational improvements that we are leveraging across our HVP components manufacturing sites.

本季 HVP 元件表現優於預期，可歸因於市場成長，以及我們營運單位策略與產能擴張（特別是在歐洲）的卓越執行。近期我與團隊在德國埃施魏勒（Eschweiler）會面，親自了解我們正在 HVP 元件製造據點間推動並加以運用的營運改善成果。

There are three key aspects to this operational excellence initiative. First, we accelerated the process of onboarding new employees in the second half of 2025, which benefited production this quarter and further increased output by temporarily redeploying our team members from other European sites.

這項營運卓越計畫有三個關鍵面向。第一，我們在 2025 年下半年加速新進員工到職導入流程，使本季產出受益，並透過暫時調度其他歐洲據點的團隊成員，進一步提升產量。

Second, we continue to optimize our global network. This includes working with our customers to qualify second sites, enabling us to increase production output. And third, a significant benefit of this initiative is the transfer of knowledge and implementation of best practices, which will result in ongoing enhancements throughout our global manufacturing network.

第二，我們持續優化全球網路。這包括與客戶合作完成第二據點的認證，使我們能提高產出。第三，這項計畫的一大效益是知識移轉與最佳實務的導入，將使我們的全球製造網路持續改善提升。

Turning to our largest market, Biologics. This business continues to be a strong growth driver for our HVP components business and delivered 26% organic growth. We continue to have strong win rates for Biologics entering the market with solid growth in NovaPure, which is increasingly being selected for its attributes and quality by customers who are bringing new biologics to market. We are also benefiting from Biosimilar launches. Growth in this market is being increased by easing regulations and reduced testing requirements.

接著談到我們最大的市場：生物製劑。該業務持續是 HVP 元件業務的重要成長動能，並實現 26% 的有機成長。我們在新進入市場的生物製劑專案上持續維持高勝率，NovaPure 亦呈現穩健成長；越來越多客戶在將新生物製劑推向市場時，因其特性與品質而選擇 NovaPure。我們也受惠於生物相似藥的上市。法規趨於寬鬆以及檢測要求降低，正進一步推升該市場的成長。

When Biosimilar introduced, it is usually results in expansion of therapy use. This generally allows us to maintain or even increase overall volume demand after Biosimilars are commercialized. And we see a continued ramp in HVP conversion and Annex 1. We are experiencing conversion of standard products into HVP components and this mix shift is improving revenue and margin performance. We continue to have strong growth in Annex 1 related projects, which increased sequentially and is up 66% as compared to this time last year.

當生物相似藥導入時，通常會帶動治療使用量的擴大。這一般使我們在生物相似藥商業化後，仍能維持甚至提升整體需求量。我們也看到 HVP 轉換與 Annex 1 持續加速推進。我們正經歷標準產品轉換為 HVP 元件的過程，而這種產品組合的轉移正在改善營收與毛利表現。我們在 Annex 1 相關專案上持續強勁成長，較前一季增加，且相較去年同期成長 66%。

Annex 1 is anticipated to be a multiyear tailwind to our business with an expected revenue growth contribution of 200 basis points in 2026 from Annex 1 and HVP conversion. Moving on to our HVP delivery devices, which comprises 15% of company revenues.

預期 Annex 1 將在多年期間為我們的業務帶來順風，並預估 2026 年 Annex 1 與 HVP 轉換將為營收成長貢獻 200 個基點。接著談我們的 HVP 給藥裝置業務，該業務約占公司營收的 15%。

We delivered strong organic growth in the quarter, up 28% compared to prior year. This was driven by increased SmartDose 3.5 revenues, which were requested in advance of the transaction, which we continue to expect to close midyear. The non-SmartDose parts of the business represent more than half of the revenues and were up double digits in the quarter, led by SelfDose and Crystal Zenith.

本季我們實現強勁的有機成長，較去年同期成長 28%。此成長由 SmartDose 3.5 營收增加所帶動，該需求是在交易完成前提前提出；我們仍預期該交易將於年中完成。非 SmartDose 的業務部分占營收的一半以上，本季亦呈現雙位數成長，主要由 SelfDose 與 Crystal Zenith 帶動。

Standard products, which represents 19% of our business were up 0.5% on an organic basis during the first-quarter. Standard products are an important funnel as they convert to HVP components over time, which provides value to our customers and generates incremental revenue for us. Turning now to West Vantage, the new brand name Contract Manufacturing segment, which represents 18% of our business. Revenues increased 6% organically in the first-quarter. I was in Ireland a couple of weeks ago to participate in the official opening of our new Dublin West Vantage, now fully operational in producing commercial product.

標準產品（占我們業務的19%）在第一季以有機基礎計算成長0.5%。標準產品是一個重要的導流管道，因為它們會隨時間轉換為HVP組件，為客戶創造價值，並為我們帶來增量營收。接著談West Vantage（合約製造事業部的新品牌名稱），占我們業務的18%。第一季營收以有機基礎計算成長6%。我在幾週前到愛爾蘭，參與我們新的都柏林West Vantage正式開幕；該廠目前已全面投入商業產品生產。

This milestone marks a significant step forward and strengthen our global capabilities. This site incorporates our drug handling business, which is more profitable and less capital intensive than our legacy contract manufacturing. While we are in the early stages in building our drug handling business, to date, this business is meeting our expectations. The site also supports growing customer demand for high-volume injectable therapies, including treatments for diabetes and obesity. These aspects reinforce West's role as a critical partner in helping to secure patient access to these essential medicines.

這一里程碑標誌著我們向前邁出重要一步，並強化我們的全球能力。此據點整合了我們的藥品處理（drug handling）業務，相較於我們既有的合約製造業務，該業務獲利能力更高且資本密集度更低。雖然我們仍處於建立藥品處理業務的早期階段，但截至目前，該業務表現符合我們的預期。該據點也支援客戶對高產量注射療法日益成長的需求，包括糖尿病與肥胖症治療。這些面向進一步鞏固West作為關鍵合作夥伴的角色，協助確保病患能取得這些必要藥物。

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

接下來我想把電話交給Bob，請他更詳細說明財務表現與財測指引。Bob？

Thanks, Eric, and good morning, everyone. This morning, I'll provide some additional details on Q1 revenue and take you through the income statement and some other key financial metrics. I'll then cover our updated full year and second-quarter guidance.

謝謝你，Eric，各位早安。今天早上我將補充一些第一季營收的細節，並帶各位檢視損益表以及其他幾項關鍵財務指標。接著我會說明我們更新後的全年與第二季財測指引。

As Eric mentioned, we had a great start to the year as revenues of $845 million increased 21% on a reported basis and grew 15.3% organically, exceeding our expectations. And the performance was broad-based as all segments were better than expected and price contributed 3.5 percentage points of growth in the quarter.

如Eric所提，我們今年開局非常強勁：營收8.45億美元，按報告基礎年增21%，以有機基礎計算成長15.3%，超出我們的預期。而且表現相當全面，所有事業部門都優於預期，且本季價格因素貢獻了3.5個百分點的成長。

Our HVP components business was a standout, delivering $409 million in revenue and growing 22.6% organically. This was driven by robust growth in GLP-1s, HVP upgrades, including Annex 1 and overall continued improving performance in biologic revenues. As Eric mentioned, our team is executing at a high level and ramping capacity faster than planned, while demand continues to be strong.

我們的HVP組件業務表現突出，營收達4.09億美元，以有機基礎計算成長22.6%。成長動能來自GLP-1的強勁成長、HVP升級（包括Annex 1），以及生物製劑營收整體持續改善的表現。如Eric所提，我們團隊以高水準執行，產能爬坡速度快於原先規劃，同時需求仍然強勁。

Our GLP-1 HVP components business had another very good quarter of growth, and we expect continued growth throughout the rest of the year for all the reasons that we've previously talked about. And the HVP components business outside of GLP-1s accelerated nicely, growing in the high teens in the quarter and contributed over 2/3 of the HVP outperformance in the quarter.

我們的GLP-1 HVP組件業務本季再度繳出非常亮眼的成長，我們預期在今年剩餘期間將持續成長，原因與我們先前討論過的一致。此外，非GLP-1的HVP組件業務加速成長，本季成長達高十幾個百分點，並貢獻了本季HVP超預期表現的三分之二以上。

In HVP Delivery Devices, revenues were $124 million in the quarter and up 27.5% year-on-year organically. This was driven by growth in SmartDose 3.5 as revenues increased in anticipation of the expected midyear closing of the transaction as well as good performance in Crystal Zenith and SelfDose. In Standard Products, revenues of $161 million were up 0.5% on an organic basis, partially driven by Annex 1-related conversion to HVP components. And our West Vantage segment delivered $151 million in revenue, growing 6.2% on an organic basis. Segment performance in the quarter was driven by an increase in sales of self-injected devices for obesity and diabetes.

在HVP給藥裝置方面，本季營收為1.24億美元，以有機基礎計算年增27.5%。主要由SmartDose 3.5的成長所帶動，因預期交易將於年中完成而使營收提前增加，同時Crystal Zenith與SelfDose也有良好表現。標準產品方面，營收1.61億美元，以有機基礎計算成長0.5%，部分受Annex 1相關轉換至HVP組件所帶動。而West Vantage事業部本季營收為1.51億美元，以有機基礎計算成長6.2%。本季事業部表現主要由肥胖症與糖尿病用自我注射裝置銷售增加所驅動。

Now let's take a closer look at the rest of the P&L. Total company gross margin was 35.1% in the quarter, up 190 basis points year-over-year. The year-on-year increase is primarily driven by the positive mix shift of HVP components and price contribution. We did not see commodity costs have a material impact on our Q1 results. I also wanted to highlight that our West Vantage gross margin, while down slightly year-over-year as we ramp our Dublin facility, recovered sequentially as expected.

現在我們更仔細看看損益表的其餘部分。公司整體毛利率本季為35.1%，較去年同期提高190個基點。年增主要由HVP組件的正向產品組合轉移以及價格貢獻所帶動。我們未看到大宗商品成本對第一季結果造成重大影響。我也想強調，West Vantage的毛利率雖因都柏林廠產能爬坡而較去年同期略降，但如預期般較前一季回升。

Adjusted operating margins of 21.4% were 350 basis points up compared to the prior year, driven by the gross margin expansion and leveraging our SG&A and R&D across a higher revenue base. And below the line, net interest income was in line with our expectations, while our tax rate was a better-than-expected 18.3% for the quarter, and we had 72.4 million diluted shares outstanding.

調整後營業利益率為21.4%，較去年同期提高350個基點，主要受毛利率擴張，以及在更高的營收基礎上攤提並槓桿化SG&A與研發費用所帶動。而在業外方面，淨利息收入符合我們預期；本季稅率為18.3%，優於預期；稀釋後流通在外股數為7,240萬股。

Now adding it all up, Q1 adjusted earnings per share were $2.13, up 47% versus last year and up 45% above the midpoint of the guidance we gave on the last earnings call. Now before moving into our updated 2026 guidance, I did want to highlight a few other additional financial metrics. In the quarter, we delivered operating cash flow of $90 million.

綜合以上，第一季調整後每股盈餘為2.13美元，較去年成長47%，也較我們在上次財報電話會議所提供指引的中位數高出45%。在進入我們更新後的2026年指引之前，我也想補充幾項其他財務指標。本季我們創造的營運現金流為9,000萬美元。

While down year-on-year due to the increase in AR related to our strong sales performance and the 2025 bonus payout, it was ahead of our expectations. Capital expenditures were $43 million, down from $71 million in the prior year as we continue to drive a focus on increased capital spending efficiency.

雖然因應我們強勁的銷售表現導致應收帳款增加，以及2025年獎金發放，使其較去年同期下降，但仍優於我們的預期。資本支出為4,300萬美元，低於去年同期的7,100萬美元，因我們持續聚焦提升資本支出效率。

And we remain on track with our expectations of $250 million to $275 million for the year, even as we increase our revenue guidance, which I'll talk about shortly. In addition, during the quarter, the Board of Directors authorized a new $1 billion share repurchase program given our strong financial position. In Q1, we repurchased 1.2 million shares for $298 million and paid out $16 million in dividends as an additional means of returning capital to shareholders.

即使我們提高營收指引（我稍後會說明），我們仍符合全年資本支出2.5億至2.75億美元的預期。此外，鑑於我們強勁的財務狀況，董事會於本季核准新的10億美元庫藏股回購計畫。第一季我們以2.98億美元回購120萬股，並支付1,600萬美元股利，作為另一種回饋股東資本的方式。

Our cash flow and strong balance sheet position us well as we look to deploy capital for growth and deliver value to shareholders. And we ended the first-quarter with $521 million in cash on our balance sheet. In summary, we had a very good first-quarter that exceeded our expectations, and the momentum we saw coming into the year is continuing. And now let me turn to our updated guidance. And before getting into the numbers, I want to highlight a few important factors driving our outlook.

我們的現金流與強健的資產負債表，使我們在投入成長資本並為股東創造價值方面具備良好條件。第一季結束時，我們資產負債表上的現金為5.21億美元。總結而言，我們第一季表現非常出色，超出預期，且我們在年初所看到的動能仍在延續。接下來我將說明我們更新後的指引。在進入數字之前，我想先強調幾個驅動我們展望的重要因素。

The macro environment continues to be dynamic, and so we will remain prudent with our forecasting given we have three quarters to go in the year. Most importantly, we've increased our growth expectations for the injectable market, driven by the underlying trends Eric talked about earlier. HVP components, both GLP-1 and non-GLP-1s are the primary driver for our increased outlook.

總體環境仍持續變動，因此考量今年尚有三個季度，我們在預測上將維持審慎。最重要的是，我們已上調對注射劑市場的成長預期，主要受Eric先前提到的基本趨勢所驅動。HVP組件（包含GLP-1與非GLP-1）是我們上調展望的主要推動力。

Our assumptions around the GLP-1 market continue to hold and the non-GLP-1 market continues to improve. We've also incorporated rising oil and commodity prices into our updated thinking and are working to offset these costs through various means as we have with tariffs and other inflationary costs.

我們對GLP-1市場的假設仍然成立，而非GLP-1市場也持續改善。我們也已將油價與大宗商品價格上升納入更新後的評估，並正透過多種方式抵銷這些成本，正如我們先前因應關稅與其他通膨成本所採取的作法。

We expect to have a net impact of single-digit millions after the mitigation efforts. Importantly, our operations and supply chain have not been affected. We continue to expect to close the SmartDose transaction midyear. As a reminder, we generated $55 million in SmartDose sales in the second half of 2025 and have adjusted our full year 2026 expected organic growth rate to account for these revenues. For the year, we now anticipate revenue to be in the range of $3.295 billion to $3.35 billion, up $78 million at the midpoint.

在採取緩解措施後，我們預期淨影響為數百萬美元等級的個位數。重要的是，我們的營運與供應鏈未受影響。我們仍預期將於年中完成SmartDose交易。提醒各位，我們在2025年下半年創造了5,500萬美元的SmartDose銷售額，並已調整2026年全年預期的有機成長率，以反映這些營收。就全年而言，我們目前預期營收將落在32.95億至33.5億美元區間，中位數上調7,800萬美元。

This reflects an increased organic revenue growth range of 7% to 9% for the year. Reported growth is 7.2% to 9.0% with our assumptions around FX and the SmartDose divestiture unchanged and roughly offsetting. The increase reflects strong Q1 performance and an improving demand environment for the remainder of the year. In the Proprietary segment, we expect HVP components to continue to be the primary driver of revenue growth. We now anticipate this business to grow low to mid-teens organically for the year, accounting for about 7 points of the total company growth at the midpoint of guidance.

這反映出我們將全年有機營收成長區間上調至 7% 至 9%。在我們對匯率（FX）及 SmartDose 出售案的假設維持不變、且兩者影響大致互相抵銷的情況下，報告口徑成長為 7.2% 至 9.0%。此次上調反映第一季表現強勁，以及今年剩餘期間需求環境改善。在 Proprietary（專有）事業部，我們預期 HVP 零組件將持續成為營收成長的主要驅動力。我們目前預期該業務全年有機成長將達低至中段十幾個百分點，在指引中位數下約貢獻公司整體成長的 7 個百分點。

This is up from our previous expectation of roughly 5 points of total company growth at the midpoint. Importantly, both GLP-1 and non-GLP-1s are contributing. Non-GLP-1 HVP components are expected to grow low double digits and make up just over 5 points of total company growth, while GLP-1 HVP components is expected to be in the mid- to high teens.

這高於我們先前在指引中位數下、約貢獻公司整體成長 5 個百分點的預期。重要的是，GLP-1 與非 GLP-1 皆有貢獻。非 GLP-1 的 HVP 零組件預期將以低雙位數成長，並構成公司整體成長的略高於 5 個百分點；而 GLP-1 的 HVP 零組件預期將達中段至高段十幾個百分點。

We also expect better performance in our HVP delivery devices, while our expectations for standard products in West Vantage are consistent with our previous guidance. The positive revenue mix is helping us to further expand our margins even as we see increased costs, and we have incorporated some below-the-line contributions in the updated guidance.

我們也預期 HVP 給藥裝置的表現將更佳；同時，我們對 West Vantage 標準產品的預期與先前指引一致。正向的營收組合有助於我們在成本上升的同時進一步擴大利潤率，而我們也已在更新後的指引中納入部分業外（below-the-line）貢獻。

To help with your models, we are now projecting $7 million in net interest income, a 19% tax rate for the full year and roughly 71.5 million diluted shares outstanding for the full year. This results in adjusted earnings per share to be between $8.40 to $8.75 for the year, up 15% to 20% year-on-year.

為協助各位建立模型，我們目前預估全年淨利息收入為 700 萬美元、全年稅率為 19%，以及全年稀釋後流通在外股數約 7,150 萬股。因此，全年調整後每股盈餘（EPS）預期介於 8.40 美元至 8.75 美元之間，年增 15% 至 20%。

Now for the second-quarter, we expect revenue to be in the range of $830 million to $850 million. This is a reported increase of 8.3% to 10.9% and an organic increase of 7.0% to 9.6% and we expect second-quarter adjusted diluted earnings per share in the range of $2.05 to $2.12, up 11.4% to 15.2% year-on-year. In summary, we're very pleased with how our business is performing, driven by our key growth drivers and are optimistic about the future. Now I'd like to turn the call back over to Eric for some closing comments. Eric?

至於第二季，我們預期營收將落在 8.30 億美元至 8.50 億美元區間。這相當於報告口徑成長 8.3% 至 10.9%，有機成長 7.0% 至 9.6%；我們預期第二季調整後稀釋每股盈餘介於 2.05 美元至 2.12 美元，年增 11.4% 至 15.2%。總結來說，我們對業務表現感到非常滿意，主要由關鍵成長驅動因素帶動，並對未來保持樂觀。接下來我想把電話交回給 Eric，請他做一些結語。Eric？

Thank you, Bob. To summarize, the broad-based nature of the results we reported today continues to reaffirm that our growth strategy is working as expected. We have a strong, resilient business, which delivers unique value to our customers. We remain focused on our critical growth drivers of Biologics, GLP-1s, Annex-1, and other HVP conversion and leveraging our global infrastructure. For the long term, many durable macro trends underpin West's growth trajectory as the global market leader in the injectable medicine space.

謝謝你，Bob。總結而言，我們今天所報告的成果呈現廣泛的成長動能，持續印證我們的成長策略正如預期般奏效。我們擁有強健且具韌性的業務，能為客戶提供獨特價值。我們仍聚焦於關鍵成長驅動因素：生物製劑（Biologics）、GLP-1、Annex-1，以及其他 HVP 轉換，同時善用我們的全球基礎設施。從長期來看，多項持久的總體趨勢支撐 West 作為注射用藥領域全球市場領導者的成長軌跡。

Finally, I want to thank our team members for their commitment and relentless focus to serving our customers, which allowed us to achieve these strong results. Operator, we're ready to take questions. Thank you.

最後，我要感謝我們的團隊成員對服務客戶的承諾與不懈專注，讓我們得以達成這些強勁成果。接線員，我們已準備好回答問題。謝謝。

(Operator Instructions)

（接線員指示）

Patrick Donnelly, Citi.

Patrick Donnelly，花旗（Citi）。

Maybe one on the non-GLPs, nice results there in particular. Can you talk about the acceleration you saw there? It sounds like, Bob, I think you were talking about low double digits for the rest of the year on non-GLPs. Can you just talk about what you're seeing? Is it Annex-1?

先問一題關於非 GLP 的部分，那邊的結果特別不錯。能否談談你們看到的加速情況？聽起來 Bob，你提到今年剩餘期間非 GLP 會是低雙位數成長。能否談談你們目前看到的狀況？是 Annex-1 嗎？

Is it Biosimilars, Biologics? I would love you to just break that down a bit more because, again, the growth there was pretty notable.

是生物相似藥（Biosimilars）、生物製劑（Biologics）嗎？我希望你們能再多拆解一些，因為那邊的成長確實相當顯著。

Yes, Patrick, thank you for the question. I think as we look at the HVP non-GLP-1 area of our business around the components, we're really pleased on how the market is starting to -- the market demands continue to increase, particularly in Biologics and Biosimilars. We mentioned that we grew 26%. We believe for the balance of the year, we'll have very strong double digits in that area. And this is mostly on already commercialized drugs in the marketplace.

好的，Patrick，謝謝你的提問。我想就我們業務中 HVP 非 GLP-1 的零組件領域來看，我們對市場開始——市場需求持續上升的情況感到非常滿意，尤其是在生物製劑與生物相似藥方面。我們提到我們成長了 26%。我們相信在今年剩餘期間，該領域將維持非常強勁的雙位數成長。而這主要來自於市場上已商業化的藥品。

While we do continue to have a very high win rate on new launches and new molecules being approved, most of the growth is coming from the commercialized drugs. Annex 1, as you asked about that particular area, that continues to meet our expectations. We have seen a sequential improvement over the prior quarter, and it's up 66% over the first-quarter of last year of a number of projects that we have taken on. And this is actually -- as you think about it, volume doesn't change, but the ASP and the margins do improve, and we'll continue to focus on that area. That is actually expanding as we think about.

雖然我們在新上市產品與新分子獲批方面仍維持非常高的勝率，但大部分成長來自已商業化的藥品。至於你問到的 Annex 1，那個特定領域的表現持續符合我們的預期。相較前一季我們看到環比改善，且相較去年第一季，因我們承接的多個專案而成長了 66%。而實際上——如你所想，量並不改變，但 ASP 與利潤率會提升，我們將持續聚焦該領域。當我們思考時，這其實正在擴大。

It's not just EU regulations. We're starting to hear more about the expectations outside of Europe, particularly in the United States and also in Asia. I think the last area I want to just comment on, and that's why we have confidence in our guidance is really unleashing some of our operational excellence in our HVP manufacturing sites. The work that we're doing in Europe is fungible, transferable to other sites, which will give us the ability to leverage existing capacity, higher throughput, higher output to be able to meet the rising demand of our customers. Bob, would you like to add?

這不僅僅是歐盟法規。我們開始聽到歐洲以外地區對此的期待正在提高，特別是在美國以及亞洲。我想最後一點我想補充，也就是為何我們對指引有信心：我們正在 HVP 製造據點釋放部分營運卓越的成果。我們在歐洲所做的工作具有可替代性、可移轉到其他據點，這將使我們能夠運用既有產能、提高吞吐量與產出，以滿足客戶不斷上升的需求。Bob，你要補充嗎？

Yes. I would just say, Patrick, and thank you for the question. As you see, this is a continuation of what we saw in the second half of the year with this real continued momentum in the HVP non-GLP-1 components business. And to Eric's point, what we've seen is a real combination of not only demand, the benefit of the positive mix associated with upgrading to Annex 1, and we expect both of those things to continue as well as the continued market development of the Biologics business. And so I feel very, very good about where that direction is going.

好的。Patrick，我只想說，謝謝你的提問。如你所見，這延續了我們在去年下半年看到的情況，也就是 HVP 非 GLP-1 零組件業務持續的動能。而如 Eric 所說，我們看到的是需求的綜合作用，以及升級至 Annex 1 所帶來的正向組合效益；我們預期這兩者都會延續，同時生物製劑業務的市場開發也將持續推進。因此，我對這個方向的發展感到非常、非常有信心。

If you recall, in Q4, we talked about demand outstripping supply. We're continuing to ramp and feel good about the team's ability to continue to meet that demand for the rest of the year.

如果你還記得，在第四季我們談到需求超過供給。我們持續擴產爬坡，並對團隊在今年剩餘期間持續滿足該需求的能力感到樂觀。

Okay. That's helpful. And then, Bob, maybe on the margin side, obviously, when HVPs are growing 23%, it helps on the mix side. Can you just talk about how we should think about the margins for the rest of the year between the mix shift piece, where you mentioned the manufacturing excellence there. I know the footprint is an area for help.

好的。這很有幫助。接著 Bob，可能問一下毛利率方面：顯然當 HVP 成長 23% 時，對組合面有幫助。你能否談談我們應如何看待今年剩餘期間的利潤率：在你提到的組合轉移因素，以及製造卓越（manufacturing excellence）之間的影響？我知道產能佈局（footprint）也是一個可以帶來幫助的領域。

It doesn't sound like the commodity side is going to be much of a negative offset. So maybe just talk about the moving pieces there. Again, obviously, the mix shift is helping quite a bit here.

聽起來大宗（commodity）那一塊不太會成為明顯的負向抵銷。所以也請談談其中的變動因素。同樣地，很明顯組合轉移在這裡提供了相當大的助益。

Yes. What I would say is mix shift certainly does help, but we're also being benefited from the great operational execution by the team, which helps absorb the plant costs and so forth. And so if we think about where we were in Q1 at 21.4% margin, that was a significant improvement over last year. Q2 will probably be roughly in that line and then second half will keep despite increased costs. Our expectation is that we (technical difficulty)

是的。我想說的是，產品組合轉移（mix shift）確實有幫助，但我們同時也受惠於團隊出色的營運執行，這有助於吸收工廠成本等等。因此，如果我們回顧第一季（Q1）21.4%的利潤率，那相較去年是顯著改善。第二季（Q2）大概也會大致維持在同一水準，然後下半年即使成本上升也會維持。我們的預期是我們(技術問題)

Ladies and gentleman, please standby. Your conference call will resume momentarily. Again please standby. Your conference call will resume momentarily.

各位女士、先生，請稍候。您的電話會議將於片刻後恢復。再次請稍候。您的電話會議將於片刻後恢復。

Patrick, this is Bob. Sorry, we got disconnected. Let me finish my thought. As I was saying.

Patrick，我是Bob。抱歉，我們剛剛斷線了。讓我把剛才的想法說完。如我剛才所說。

You're about to talk about second half, I think when you drop there.

我想你剛要談到下半年時就掉線了。

Yes, yes, exactly. That wasn't a dramatic pause. So I apologize to the folks on the call. What we're expecting actually in the second half of the year is an extension or an expansion of our margins despite the incremental costs associated with higher fuel and logistics costs. And so if we look at the full -- some of that's a benefit of continued margin mix and strong performance on the revenue side.

是的，是的，沒錯。那不是刻意停頓。所以向電話會議上的各位致歉。我們對今年下半年的實際預期，是在燃料與物流成本上升所帶來的增量成本之下，我們的利潤率仍將延續或進一步擴張。因此，如果我們看整體——其中一部分來自持續的毛利組合改善，以及營收端的強勁表現。

If we look at our full year, we're from last guide to this guide, probably another 50 basis points improvement year-on-year. So a very nice expansion.

如果看我們全年，從上一版指引到這一版指引，年對年大概還會再改善約50個基點。所以是非常不錯的擴張。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行。

I'm just -- and obviously, congrats on the quarter and the guide. I'm just curious, did you notice anything unusual in terms of ordering patterns or acceptance from customers? We're just wondering maybe as a result of the Middle East crisis and the spike in oil, if any of your customers did any prebuying or stocking ahead of time, just in anticipation of price increase or maybe supply constraints in the second half. Just wondering if you saw any weird dynamics in March once the conflict broke out.

我只是——顯然，恭喜本季表現以及指引。我只是好奇，你們是否注意到客戶在下單模式或驗收方面有任何不尋常之處？我們想了解，或許因為中東危機以及油價飆升，你們是否有任何客戶為了預期下半年可能的漲價或供應受限，而提前採購或提前備貨？只是想問問你們在衝突爆發後的3月是否看到任何異常動態。

Yes. Mike, this is Bob. Thanks for that question. I'm glad you brought that up because we've actually done a lot of analysis on our results, and we did not see any pull forward associated with the conflict in the Middle East. As we mentioned in the call, we did have greater-than-expected revenue associated with SmartDose 3.5, but that's a result of an anticipation of the transaction. But there wasno pull forward associated with the conflict.

是的。Mike，我是Bob。謝謝你的問題。很高興你提到這點，因為我們其實對結果做了很多分析，而我們沒有看到任何與中東衝突相關的提前拉貨（pull forward）。如同我們在電話會議中提到的，我們確實有與SmartDose 3.5相關、超出預期的營收，但那是因為對該交易的預期所致。但並沒有因衝突而出現提前拉貨。

All right. That's very straightforward. And I guess kind of just staying on the same topic, you mentioned some of the offsets and some of the mitigation you're putting in as a result of that. I was wondering if you could talk through that, like whether it's price increases. I know you guys have a hedge on oil.

好的。這很直接。我想同樣延續這個主題，你提到你們正在採取一些抵銷與緩解措施。我想請你談談這些措施，例如是否包括調漲價格。我知道你們對油價有做避險。

You called that out in the Q. Could you talk about that? Could you talk about -- I think that's only a couple of months' worth, but anticipation of price increases in the second half, maybe some supply chain moving around, just sort of like how you're adjusting to that and how that's going to play out? And related to that if you could.

你在Q&A裡提到了這點。能談談嗎？也能談談——我想那可能只涵蓋幾個月，但針對下半年可能的漲價預期、供應鏈的調整等等，總之你們如何因應、以及會如何反映出來？以及與此相關的，如果你也能說明。

Yes. Thanks, Mike. Yes. What I would say is we have multiple tools at our disposal. Certainly, we do hedge a portion of our costs associated with that, but that certainly is not going to be the only way that we have the ability to mitigate.

是的。謝謝你，Mike。是的。我想說的是，我們手上有多種工具可用。當然，我們會對其中一部分相關成本進行避險，但那絕對不會是我們用來緩解影響的唯一方式。

And similar to what we have done with tariffs and so forth, we'll look at multiple tools. It probably premature to kind of explain all the details there, but we feel good about our ability to recover a portion of those costs.

而且類似於我們過去因應關稅等所做的作法，我們會評估多種工具。現在就把所有細節都說清楚可能還太早，但我們對於回收其中一部分成本的能力很有信心。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Eric, a lot of this quarter sounds like capacity coming online for West. So my question is around, are there any bottlenecks that you see right now? And second, how easy is it for customers to move from one site or use another site's capacity? Does it take a month, a year to get that qualification done?

Eric，這一季聽起來很多是West的產能上線。所以我的問題是，目前你們看到任何瓶頸嗎？第二，客戶要從一個廠區移轉到另一個廠區、或使用另一個廠區的產能，有多容易？完成資格認證需要一個月、一年嗎？

Yes, Paul, it's a multistep process. So first of all, on the capacity expansion, the teams have done a great job to unlock additional capacity utilization of existing facilities. And this initiative we launched in the second half of last year, but we're seeing the benefits -- we saw the benefits in Q1, and we'll continue to see that throughout the year.

是的，Paul，這是一個多步驟的流程。首先，在產能擴張方面，團隊做得非常好，釋放了既有設施的額外產能利用率。這項計畫我們在去年下半年啟動，但我們正在看到效益——我們在第一季看到了效益，並且今年全年都會持續看到。

So higher throughput on existing capacity. We will always continue to layer in new capital equipment to be able to continuously expand basically around the HVP finishing processing, which really is being fuelled by the Annex 1 transition.

也就是在既有產能上提高吞吐量。我們也會持續分階段導入新的資本設備，以便持續擴張，基本上是圍繞HVP的後段精加工製程（finishing processing），而這主要是由Annex 1轉換所帶動。

You're absolutely correct. The second lever that we're working with certain customers is qualifying multisites. That process does take time. So it could be anywhere between 6 to 12 months for a transfer to occur effectively and another site to be validated. But that's ongoing, and we'll continue to leverage that across our network so we can level load more effectively. And I would say that that's additional benefit we will see throughout 2026 going into 2027.

你說得完全正確。我們正在與部分客戶合作的第二個槓桿，是進行多廠區（multisite）資格認證。這個流程確實需要時間。因此，完成有效移轉並讓另一個廠區完成驗證，可能需要6到12個月不等。但這項工作正在進行中，我們會持續在整個網路中加以運用，讓我們能更有效地平衡負載。我會說，這項額外效益會在2026年一路延續到2027年逐步顯現。

Yes. Paul, this is Bob. Just the other thing that Eric mentioned that I want to reiterate is around taking the learnings and the application of what we're doing in Europe and applying it to other plants, particularly our HVP plants to be able to get ahead of some of the continued demand. And so not only are we doing the things that Eric was just talking about, which will help us not only in the mid and near -- in the long term. In the near term, we're being able to leverage the existing assets that we have. So real nice work by the team.

是的。Paul，我是Bob。Eric提到的另一點我想再強調一次，就是把我們在歐洲所做的事情的經驗與做法，應用到其他工廠，特別是我們的HVP工廠，以便能提前因應持續的需求。因此，我們不僅在做Eric剛才提到的那些事情，這些將在中期、近期——以及長期都能幫助我們。在短期內，我們也能更充分地運用現有資產。所以團隊做得非常出色。

Matt Larew, William Blair. (Operator Instructions)

Matt Larew，William Blair。(接線員指示)

Kallum Titchmarsh, Morgan Stanley.

Kallum Titchmarsh，Morgan Stanley。

Maybe just following up a bit more on Annex 1, just checking in on the flow of new customer conversations and conversions there. Any refreshed view on the duration of this tailwind, whether customers are maybe facing issues not upgrading their components? And just how to think about what can be realistically captured from the TAM you framed up before?

也許再追問一下Annex 1，想確認一下新客戶洽談與轉換的進展。對於這股順風的持續時間，你們是否有更新的看法？客戶是否可能因為沒有升級其零組件而面臨問題？以及該如何看待你們先前所界定的TAM中，實際上能夠合理取得的部分？

Yes, Kallum, this area of opportunity for us is actually very attractive, and we're gaining momentum. What we're seeing right now is the number of projects our customers we're engaged with has increased and continues to increase. We're able to convert from a project status to commercialized product going into the market. I'm very pleased on the progress that we're making on both fronts. The conversations are actually more, I would say it's increasing because the regulations and our customers are looking beyond just Europe.

是的，Kallum，這個機會領域對我們其實非常有吸引力，而且我們正在累積動能。我們目前看到的是，我們與客戶合作中的專案數量已經增加，並且持續增加。我們也能把專案狀態轉換為商業化產品並推向市場。我對我們在這兩方面的進展非常滿意。我會說，相關對話其實更多了、而且正在增加，因為法規要求，以及我們的客戶正把目光放在不僅僅是歐洲。

And so therefore, there's more of a pull effect on having us participate on upgrading certain products in market today and commercialized drugs really around our HVP finishing processes, which, again, going back to what Bob mentioned earlier about unlocking or unleashing the opportunities to expand our capacity capabilities in our HVP plants, that's going to enable us to continue to grow nicely.

因此，所以在推動我們參與升級目前市場上的某些產品，以及已商業化藥品（特別是圍繞我們的 HVP 最終製程）方面，拉動效應更強。再次回到 Bob 先前提到的，解鎖或釋放擴大我們 HVP 工廠產能能力的機會，這將使我們能夠持續穩健成長。

The growth that we believe that we will continue to deliver on is 200 basis points per annum for multiple years. So we're early innings, I would say. We've identified at least 6 billion units that are targeted to be converted, and we're early in that stage. So we do think this is a very long-term growth opportunity.

我們相信我們將持續交付的成長為每年 200 個基點，並可延續多年。所以我會說我們還在早期階段。我們已辨識至少 60 億個單位是目標要轉換的，而我們仍處於那個階段的早期。因此我們確實認為這是一個非常長期的成長機會。

Kallum, just to add to what Eric is saying and to emphasize a couple of points, the regulatory environment does continue to increase across the globe, particularly focused on contamination. And I think we are uniquely positioned to be able to take advantage of this given our market position on existing products. So we're very optimistic about this.

Kallum，補充 Eric 所說並強調幾點，全球的監管環境確實持續趨嚴，尤其聚焦在污染控制。我認為，鑑於我們在既有產品上的市場地位，我們具備獨特優勢可以把握這個趨勢。所以我們對此非常樂觀。

Appreciate it. And then I realize it's kind of less than 10% of the group, but I would love to hear a bit more about the kind of underlying demand environment in APAC. Pretty strong 29% growth in Q1. So just wondering if that's being underpinned by anything notably different than your US and European growth drivers, and how we should think about investment into that region in the future?

感謝。接著我知道 APAC 佔整個集團的比重不到 10%，但我很想多聽一些亞太地區的底層需求環境。第一季有相當強勁的 29% 成長。所以想請教，這是否由任何明顯不同於美國與歐洲成長驅動因素的因素所支撐？以及我們未來應如何看待對該區域的投資？

Yes. No, we continue to look at Asia Pacific as an attractive market for us geographically, we support that region in twofold: one, local-for-local consumption, but also export that is going to the global market. So we rely heavily in other locations to feed finished products into that region. I would say that we are seeing an increase, particularly in the biologics or the Biosimilar space, which we have a very -- continue to have a very attractive participation rate. And that's actually very attractive for us as you think about leveraging our higher end of our HVP portfolio.

是的。我們持續將亞太視為在地理上對我們具吸引力的市場；我們以兩種方式支援該區域：第一是「在地生產供在地消費」，第二是出口到全球市場。因此我們在很大程度上仰賴其他地點將成品供應到該區域。我會說我們看到成長，特別是在生物製劑或生物相似藥領域，而我們在其中一直維持非常—持續維持非常具吸引力的參與率。而當你思考如何運用我們 HVP 產品組合中較高階的部分時，這對我們其實非常有吸引力。

So more to come, but we're pleased with the team's execution in region to support customers, but we are seeing an increase of CDMOs, small biotech firms looking to build branch out into the Western markets.

後續還會有更多進展，但我們對團隊在該區域支援客戶的執行表現感到滿意；同時我們也看到 CDMO 與小型生技公司增加，尋求建立並拓展到西方市場。

Justin Bowers, Deutsche Bank.

Justin Bowers，德意志銀行。

Eric, can you provide us with an update on the demand profile for some of the manufacturing space that you now have available in Dublin and in the West Coast? And then two, just also an update on the GLP-1 market. What are you seeing in terms of other indications outside of diabetes and obesity? Is there other programs growing in that part of the market as well?

Eric，你能否就你們目前在都柏林以及西岸新增可用的製造空間，其需求概況提供最新進展？第二，也請更新一下 GLP-1 市場。你們看到在糖尿病與肥胖之外的其他適應症情況如何？該市場那一部分是否也有其他專案在成長？

Yes, Justin, you're right. Let me start with the first question you asked about the CGM business in Dublin that will be finishing up at the end of second-quarter of this year. We're pleased with the progress we're making with new customers and contracts to be able to backfill once the equipment processing lines are extracted from that facility.

是的，Justin，你說得對。我先回答你第一個問題：關於都柏林的 CGM 業務，將在今年第二季末結束。我們很高興看到在新客戶與合約方面的進展，能在設備產線自該廠房移出後進行補缺（backfill）。

We are going to be installing new equipment from our customers to support them on their own new commercial launches, particularly around drug handling in the non-GLP-1 area. That's an area being attracted by our customers with the West Vantage strategy and the value proposition we're bringing.

我們將安裝客戶的新設備，以支援他們自身新的商業化上市，特別是在非 GLP-1 領域的藥品處理（drug handling）方面。在 West Vantage 策略以及我們所帶來的價值主張之下，這是客戶正被吸引的一個領域。

So I'm very pleased on the progress, more to come, but we do need to close out and finish strong on the current customer by the end of the second-quarter, and then we'll do the transition in the second half with new customers. In regards to the GLP-1s, other indications other than obesity and diabetes, those are several projects in the pipeline that we're supporting. Actually, if you think about not just other indications, but other types of molecules that are being targeted for that market. We are obviously a very strong player in the pipeline. It's very attractive.

因此我對進展非常滿意，後續還會有更多消息；但我們確實需要在第二季末前把目前客戶的案子收尾並強勢完成，然後在下半年與新客戶進行轉換。至於 GLP-1，除了肥胖與糖尿病之外的其他適應症，我們正在支援多個管線中的專案。其實如果你不只看其他適應症，也看針對該市場所鎖定的其他分子類型。我們顯然在該管線中是非常強的參與者。這非常有吸引力。

As you know, they're looking at combination molecules, they're looking at other types of Biologics. So we're very well positioned. And we do think that will be an extension of growth in that particular area for a number of years to come.

如你所知，他們在研究複方分子，也在研究其他類型的生物製劑。所以我們的布局非常到位。而我們確實認為，這將在未來多年成為該特定領域的延伸成長動能。

Got it. Appreciate that. And then just a quick follow-up. On the drug delivery device strength that you saw and the transition there, was that mostly volume driven? Or was there any incentive payments there? What were sort of the contributors to the strength there?

了解。感謝說明。再快速追問一下。你們看到的藥物傳輸裝置（drug delivery device）業務強勁表現以及相關轉換，主要是由出貨量帶動嗎？還是其中有任何獎勵款項（incentive payments）？那邊強勁表現的貢獻因素是什麼？

Justin, this is Bob. Yes, the good news is it was all volume. There weren't any incentive payments associated with that. Now if you look at it, it was roughly split evenly between SmartDose and the non-SmartDose business. And so we feel really good about kind of the performance going forward.

Justin，我是 Bob。是的，好消息是完全由出貨量帶動。沒有任何與此相關的獎勵款項。如果你細看，大約一半來自 SmartDose，另一半來自非 SmartDose 業務。因此我們對未來的表現感到非常有信心。

Matt Larew, William Blair.

Matt Larew，William Blair。

(Operator Instructions)

（接線員指示）

Yes. Let's move on to the next caller, please. Thank you, operator.

是的。請讓我們進入下一位來電者。謝謝，接線員。

Daniel Markowitz, Evercore ISI.

Daniel Markowitz，Evercore ISI。

Congrats on the results. The first thing I wanted to ask on, the press release called out NovaPure as a positive for the first time in a while. And backing up, I think mix shift is such an awesome part of the story and NovaPure sort of stands out as being at the high end of the high-value component segment. So really nice to see that. And I just wanted to ask what sort of drove the strength there specifically?

恭喜本季成果。我第一個想問的是，新聞稿中提到 NovaPure 久違地首次被點名為正面因素。往回看，我認為產品組合轉移（mix shift）是這個故事中非常精彩的一部分，而 NovaPure 在高價值零組件（high-value component）區隔中屬於高端中的高端，特別突出。所以很高興看到這點。我想請教，具體而言是什麼驅動了那邊的強勁表現？

Yes, Daniel, that's driven by market demand of commercialized molecules in market already. While we are continuing to see a number of new approvals in the pipeline, we're feeding it with NovaPure, but that particular growth that you're seeing, and we expect biologics to continue to grow quite nicely throughout 2026 is being fuelled by NovaPure.

是的，Daniel，這是由市場上既有已商業化分子的需求所帶動。在我們持續看到管線中有多項新核准的同時，我們也以 NovaPure 供應支撐；但你現在看到的那個特定成長，以及我們預期生物製劑在 2026 年前都會持續相當不錯的成長，正是由 NovaPure 所驅動。

Yes. It was one of the several highlights in the quarter, Daniel, and we feel good about the ongoing momentum there going forward. And so we had very nice growth in NovaPure year-on-year.

是的。Daniel，這是本季幾個亮點之一，我們對未來延續的動能感到樂觀。因此 NovaPure 年對年有非常亮眼的成長。

Great. And then just a follow-up. As I look at the full year guide after a really strong first-quarter and a nice 2Q guide, the full year now looks more first half weighted versus what's typical. Is there anything to call out that's causing a decel in the back half? Or is this more conservatism?

很好。再追問一下。在第一季非常強勁、第二季指引也不錯之後，我看全年指引，現在看起來上半年權重更高，較不符合典型季節性。下半年是否有任何因素需要特別說明，導致成長放緩？還是這只是較為保守的作法？

Yes. Thanks. I'm glad you brought that up, Daniel. A couple of things. One is we are at the beginning of the year, so we are prudent.

是的。謝謝。Daniel，很高興你提到這點。有幾件事。第一，我們才剛開始今年，所以我們會審慎。

We're kind of taking it one quarter at a time. But we do have the roll-off of the CGM contract in the back half of the year. That is, as a reminder, is about a $40 million headwind in the second half of the year. That's no change from the original guidance that we had provided. And that also comes into play.

我們大致上是以一季一季來看。但我們在下半年確實會面臨 CGM 合約到期（roll-off）。提醒一下，這在下半年約是 4,000 萬美元的逆風。這與我們原先提供的指引沒有變化。而這也會納入考量。

But what I would say is we're prudent with our guidance and feel good about the ongoing momentum of the business.

但我想說的是，我們在指引上保持審慎，並且對業務持續的動能感到樂觀。

David Windley, Jefferies.

David Windley，Jefferies。

I wanted to ask, Eric, about or maybe Bob, too, about incremental margin. As good as margin expansion is year-over-year, I guess I would come at it from the standpoint of -- it still seems like there's quite a bit of opportunity there. Looking back in the model, revenue looked to be at a record level, you're rebalancing capacity to open up some new capacity, the NovaPure call out by Daniel, there's a number of factors that seem positive. Margin was better year-over-year, but down sequentially.

我想請教一下，Eric，或者也請Bob一起談談，關於增量利潤率（incremental margin）。儘管利潤率年對年擴張表現不錯，但我想從另一個角度來看——似乎仍然有相當大的提升空間。回頭看你們的模型，營收看起來達到創新高，你們也在重新平衡產能以釋出一些新產能，Daniel提到的NovaPure，還有多項因素看起來都偏正面。利潤率年對年更好，但季對季下滑。

I'm wondering if there were issues like the labor ramp-up that you mentioned burden from commodity costs or perhaps the weight of the SmartDose volume that came through in the quarter that might have shaded what would have otherwise been even better margin. Can you flesh that out for us?

我想知道是否有一些因素，例如你提到的人力爬坡（labor ramp-up）、原物料成本帶來的負擔，或是本季SmartDose出貨量的比重，可能讓原本可以更好的利潤率受到一些影響。你們能否再為我們詳細說明？

Yes, David, that's a good question. Let me start, and then I'm going to turn it over to Bob. But I think you've hit on the key points. We believe the HVP components business will continue to drive margin expansion. As we think about the Biologics business continuing to grow, you're absolutely correct by pointing out NovaPure and the strength of that particular business, which drives a very attractive margin expansion.

是的，David，這是個好問題。我先開頭，然後我會把問題交給Bob。不過我認為你已經點出了關鍵。我們相信HVP零組件業務將持續帶動利潤率擴張。當我們思考生物製劑（Biologics）業務持續成長時，你指出NovaPure以及該業務的強勁表現完全正確，而這會帶來非常具吸引力的利潤率擴張。

We also have the continuation of the Annex 1, and that's a multiyear journey. As you know, we're basically moving an existing product in the market from a standard core level to an HVP, which brings very attractive margin expansion. And then I don't want to underestimate the impact of the leveraging our HVP sites more effectively with operational excellence. We've learned a lot in the first-quarter. There's more to be done and also spread to our other sites, which we've actually seen as we went to those sites a few weeks ago.

我們也持續受惠於Annex 1，而這是一段跨多年的旅程。如你所知，我們基本上是把市場上既有產品從標準核心等級提升到HVP，這會帶來非常具吸引力的利潤率擴張。另外，我也不想低估透過營運卓越（operational excellence）更有效率地運用我們HVP廠區所帶來的槓桿效益。我們在第一季學到很多。還有更多可以做的，也能擴散到我們其他廠區；幾週前我們去那些廠區時其實也看到了。

And we're very optimistic that we will be able to get more out of the existing capital that's in place today to produce HVP. So I do agree that there is opportunity for further margin expansion based on the HVP components. Bob, do you want to add?

我們非常樂觀，認為能從目前既有資本設備中榨取更多產出，用於生產HVP。所以我同意，基於HVP零組件，確實還有進一步擴大利潤率的機會。Bob，你要補充嗎？

Yes. And David, just a couple of other pieces of data. You're right. If we think about Q1, we were ramping throughout the course of the year. So the March had a much better performance than January, and that will continue to expand as we go through the rest of the year as those individuals were ramping up from a capacity standpoint.

要。David，再補充幾個數據點。你說得對。如果看第一季，我們是在整個年度過程中持續爬坡。因此3月的表現比1月好很多，而隨著這些人員在產能面持續上手，這種改善會在今年剩餘時間持續擴大。

We did have a very good incremental, but I think it can be better. SmartDose did have some impact on that. And obviously, to the earlier question around quarterly cadence, that's one of the reasons the second half of the year, we expect on an operating margin basis to be pretty heftily above where we are in the first half of the year. And so a number of, I would say, positive opportunities for us to continue to expand margin, not only this year but going into next year as well.

我們確實有不錯的增量表現，但我認為還可以更好。SmartDose確實對此有一些影響。而且如同先前關於季度節奏（quarterly cadence）那個問題，這也是我們預期下半年在營業利潤率（operating margin）基礎上會明顯高於上半年的原因之一。因此，我會說我們有多項正向機會，能持續擴大利潤率，不僅是今年，延伸到明年也是如此。

Great. And if I could just quickly follow up, Eric, I'd like to believe, based on my own age that you're still a pretty young chicken, you've made the decision to retire. Could you talk to us about that, please?

很好。如果我可以快速追問一下，Eric，我想以我自己的年紀來看，你應該仍算是相當年輕，你卻做了退休的決定。可以跟我們談談這件事嗎？

Thanks for that. I'm pleased that you recognize that I'm still young. I feel it. No, look, I think this is an outstanding organization, a lot of legacy, but a great future ahead of us. And I'm very proud of how the team is operating.

謝謝你這麼說。我很高興你認為我還年輕。我自己也這麼覺得。不過你看，這是一個非常卓越的組織，有深厚的傳承，也有非常好的未來。我也為團隊的運作方式感到非常自豪。

I'm extremely proud of the executive team that we put in place, one of them sitting next to me right now. And I do think this team is performing at a very high level and we will continue to do so. The business is operating very well. The strategy is very clear. The global leadership team is aligned and executing.

我對我們建立起來的高階主管團隊感到極其自豪，其中一位現在就坐在我旁邊。我確實認為這個團隊的表現非常出色，而且會持續如此。業務運作得非常好。策略非常清晰。全球領導團隊步調一致並且正在執行。

And I think -- as I think about the successor coming in, when appointed, we'll be in a very good position to continue to take this business forward. So I'm excited about where we are at West, but I'm more excited about the future. And I couldn't be more proud about the team across the globe and how they are executing today, but more important, the future of this business.

而且我認為——當我想到未來接任者在被任命後，我們將處於非常有利的位置，能持續推動這項業務向前。所以我對West目前的狀態感到振奮，但我對未來更感到興奮。我對全球各地團隊目前的執行表現感到無比自豪，但更重要的是，這項業務的未來。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Congrats on the quarter as well. And just a follow-up on Dave's question there. Eric, we're going to miss you. It sounds like nothing imminent, but just curious how the search is going? Any kind of high-level timelines you can share with us or any thoughts there?

也恭喜本季表現。我也想延續Dave剛才的問題。Eric，我們會想念你。聽起來不是迫在眉睫，但想請教目前接班人搜尋進度如何？你能否分享任何高層次的時間表或想法？

Yes, Larry, thank you. So we are active in the market as we speak, and we anticipate that my successor will be appointed in the second half of this year. So we'll keep you informed as we make progress. But again, as I mentioned earlier to David's question, this is an unbelievable company. And I think it's going to be -- once we have somebody appointed, we'll be in a very good position.

是的，Larry，謝謝。我們目前正在市場上積極進行搜尋，我們預期我的接任者會在今年下半年被任命。我們會在有進展時持續向各位更新。但再次呼應我先前對David問題的回答，這是一家令人驚嘆的公司。我認為——一旦有人被任命，我們將處於非常好的位置。

Yes, absolutely. You've done a great job enhancing the company's outlook, too, for sure. Just a couple of follow-up questions. You mentioned NovaPure, most of the growth there has been driven by current products in the market. Just curious on the Annex 1, what folks are kind of shifting towards?

是的，完全同意。你也確實把公司的前景提升得很好。再追問兩個問題。你提到NovaPure，那邊的大部分成長是由目前市場上的既有產品所帶動。我想請教關於Annex 1，客戶大致上正在往哪個方向轉移？

Is it more towards the lower end of the curve there, like the Westar and then maybe as you go up a little more on the FluroTec side? Or do you see some of those -- of the 6 billion potential components, some of them eventually even converting to some of the higher-level high-value services there?

是比較偏向曲線的低端，例如Westar，然後再往上走一點到FluroTec那一側？或者你是否看到在那60億個潛在零組件中，有些最終甚至會轉換到更高階的高價值服務（high-value services）？

Larry, it's going to be a mixed answer for you. It really depends on the customer and the molecule itself. We have -- you're right, I would say, if you look at it weighted average more so around the West and then leveraging Envision, pharmaceutical washing, sterilization. We do have a few cases where they are going all the way up to the high end of the spectrum of HVP, but it is more about the midpoint of that portfolio. And as a reminder, we're starting off -- many of them are starting off at the standard legacy products.

Larry，這個答案會有點混合。這真的取決於客戶以及分子本身。你說得對；我會說，如果以加權平均來看，更多是落在West的產品，並搭配運用Envision、藥用清洗（pharmaceutical washing）、滅菌（sterilization）。我們確實有少數案例是一路走到HVP光譜的高端，但更多是落在該產品組合的中段。提醒一下，我們是從——很多客戶一開始是從標準的傳統產品起步。

So again, either case is very positive. We do also have some shift from the lower end of HVP going to the higher end. So there -- it's a combination of both. So I gave you kind of a widespread in my answer there, but it's -- that's why it's exciting. It's leveraging our global HVP finishing processes.

所以不管是哪一種情況都非常正面。我們也確實看到有些從HVP的較低端往較高端移轉。因此——兩者都有，是一種組合。我剛才的回答範圍比較廣，但——這也是令人興奮的原因。這是在槓桿運用我們全球HVP的最終加工（finishing）流程。

Got you. And then just quickly, if I may, just one last one. Just on the West Vantage, I guess you're calling that now. So I guess the cadence should we expect for the rest of the year? Do we expect a little bit of a dip?

了解。然後如果可以的話，我再快速問最後一個。關於你們現在稱為 West Vantage 的部分。所以今年剩下的時間，我們應該預期怎樣的節奏？會不會出現一點下滑？

You had obviously a really nice strong quarter towards the middle of back half of the year as the rest of the continuous glucose that next piece comes out and then sort of a rebuild in '27. And along those lines, does the -- how should we view the margin profile of the segment as we go out the next couple of years?

你們在今年下半年中段顯然有一個非常強勁的季度，因為其餘的連續血糖監測（CGM）下一個部分推出，然後在 2027 年某種程度上再重建。同時，從這個角度來看，未來幾年我們應該如何看待該事業部的利潤率輪廓？

Larry, I'll take that question. And you're right, there is a kind of front half weighting associated with that, just given what we were talking about before with the CGM contract exiting. So our forecast for the year remains unchanged at roughly flat. It will be up in the first half and then maybe slightly down. Q3, I would expect to be the trough, because if you remember, the drug handling is kind of ramping up throughout the course of the -- throughout the year.

Larry，我來回答這個問題。你說得沒錯，確實有一種偏向上半年權重的情況，主要是因為我們先前談到的 CGM 合約到期退出。因此，我們對全年的預測維持不變，大致持平。上半年會成長，之後可能會略為下滑。我預期第三季會是谷底，因為如果你記得，藥品處理業務會在——在一年當中逐步爬坡。

As Eric mentioned, it's on track. That's $20 million of incremental revenue. Most of that will be in the back half of the year. And as we talked about the benefit of that drug handling is that's a higher-margin business than what it's replacing. And so from a margin profile, I would expect margin profile to be roughly consistent across the year.

如 Eric 提到的，進度符合預期。那是 2,000 萬美元的增量營收。其中大部分會落在下半年。而且如我們所說，藥品處理的好處在於，這是一個比它所取代的業務毛利更高的業務。因此就利潤率輪廓而言，我預期全年大致會保持一致。

Got it. Okay. And then eventually, does the drug handling have a higher margin as you build that out?

了解。好。那麼最終，當你們把藥品處理業務擴建起來時，它的利潤率會更高嗎？

Yes. The drug handling margin -- and it's important 2 other things. The drug handling business, while it has $20 million this year, that is certainly not at ramp. At peak, it's probably 3x that much, which we'll continue to see ramp throughout 2027. And from a margin perspective, it's at least twice as much on a gross margin basis as our current business.

會。藥品處理的利潤率——另外還有兩點很重要。藥品處理業務今年雖然有 2,000 萬美元，但那肯定還沒到爬坡完成。在高峰時，可能是這個數字的 3 倍左右，我們會在 2027 年持續看到它爬坡。而從利潤率角度來看，以毛利率計算，至少是我們目前業務的兩倍。

Brendan Smith, TD Cowen.

TD Cowen 的 Brendan Smith。

Great print. In terms of the 200 basis point growth contribution related to Annex 1, is most of that baking in Europe-based upgrades? Are you seeing any customers upgrade? You mentioned the US and Asia as next logical geographies.

成績很亮眼。就與 Annex 1 相關的 200 個基點成長貢獻而言，其中大部分是否已反映歐洲端的升級？你們有看到任何客戶在升級嗎？你們提到美國和亞洲是下一個合乎邏輯的地理區域。

But are you seeing any customers upgrade in parallel? And could that present any upside to that current expectation (technical difficulty)

但你們是否看到有客戶在不同地區同步升級？這是否可能為目前的預期帶來一些上行空間？(技術問題)

Please standby.

請稍候。

Michelle, can you hear us?

Michelle，你聽得到我們嗎？

Yes.

聽得到。

Yes, in terms of the 200 basis point growth contribution related to Annex 1, you mentioned the US and Asia as next sort of subsequent geographies seeing upgrades. Is the current expectation baking in pretty much just Europe? Or are you seeing any customers upgrade in parallel across geographies? And could that represent some upside opportunity there?

是的，關於與 Annex 1 相關的 200 個基點成長貢獻，你提到美國和亞洲是接下來會看到升級的地區。目前的預期是否幾乎只反映歐洲？或者你們是否看到有客戶跨地區同步升級？這是否代表那裡有一些上行機會？

Yes. There's two factors that happened, Brendan. I mean, good question. And one is our customers that are looking to upgrade for the European market are also looking at their portfolio and making more global decisions and being consistent. So we are seeing that as one factor.

是的。Brendan，有兩個因素在發生。這是個好問題。其中之一是，我們那些為了歐洲市場而考慮升級的客戶，也在檢視他們的產品組合，並做出更全球性的決策、保持一致性。所以我們確實看到這是一個因素。

Another factor we are seeing, we're being brought into conversations with our customers even in the United States with the FDA making observations around sterility and the strategy around their manufacturing processes. And therefore, there's opportunity to upgrade even in the US market. So we're seeing a factor of both, and we'll see how this plays out in the near term, and that might be a potential opportunity.

另一個因素是，我們也被拉進與客戶的討論中，即使在美國，FDA 也在無菌性方面提出觀察意見，以及他們製造流程的策略。因此，即使在美國市場也存在升級機會。所以我們同時看到這兩個因素，接下來會看短期內如何發展，而這可能是一個潛在機會。

Brendan, I think the other thing to think about is a potential accelerant here is as we think about all the work that's happening from the onshoring standpoint, that's actually -- a lot of that is actually coming from Europe into the US And what our pharma customers are wanting to do is standardize on a consistent product and process. And so that hasn't been fully baked in because a lot of that work is still ongoing, but that has the potential to kind of accelerate and expand our Annex 1 opportunities well beyond Europe.

Brendan，我想另一個需要考量的點是，潛在的加速因素在於我們思考所有回流生產（onshoring）所帶來的工作時，其中其實——很多是從歐洲轉到美國。藥廠客戶想做的是在一致的產品與製程上進行標準化。因此，這部分尚未完全納入，因為很多工作仍在進行中，但它有可能加速並把我們的 Annex 1 機會擴大到遠超歐洲的範圍。

That's great. And in terms of the operational excellence plan, can you speak to maybe like a cadence of executing that across sites or some timelines? And are those improvements baked into the raised guidance?

很好。那關於營運卓越計畫，你能否談談在各廠區執行的節奏或時間表？而這些改善是否已反映在上調後的財測指引中？

Yes. The cadence is -- we're live right now. We're actually transferring some of the learnings and knowledge into other sites, and particularly in Kinston and Jersey Shore outside of our Eschweiler and Waterford plants. So that is in process, and that will continue to occur throughout the year. As Bob alluded that we were -- we saw a nice margin expansion within the quarter because of these efforts.

是的。節奏是——我們現在已經上線。我們實際上正把一些學習成果與知識轉移到其他廠區，特別是 Kinston 與 Jersey Shore，這些都在我們 Eschweiler 與 Waterford 工廠之外。所以這正在進行中，並且會在全年持續推進。如 Bob 所提到的，我們在本季看到不錯的利潤率擴張，正是因為這些努力。

So we are still in the buildup mode, and we should see the expectations of additional benefits throughout the next several quarters.

所以我們仍處於建置提升的階段，並且在接下來幾個季度應該會看到更多效益符合預期地逐步顯現。

Yes. And we have baked some of that operational improvement in the forecast.

是的。而且我們已在預測中納入部分營運改善。

Tom DeBourcy, Nephron Research.

Nephron Research 的 Tom DeBourcy。

Just wondering on HVP Delivery Devices. And I guess, post the divestiture of SmartDose 3.5 millilitres, just -- how you think about that business? I know you have the Synchrony platform and how you think about, I guess, adding to that portfolio and whether that's still obviously, I guess, a core part of your offering to customers?

想請教 HVP 給藥裝置（Delivery Devices）。我想在出售 SmartDose 3.5 毫升之後——你們如何看待這項業務？我知道你們有 Synchrony 平台；你們如何看待擴充該產品組合，以及這是否仍然——顯然——是你們提供給客戶的核心之一？

Yes. No, absolutely. So within that portfolio, we have administrative systems, which is a very attractive market that continues to expand and grow, particularly in the hospital market. We have the Crystal Zenith, which is a containment alternative to glass that is really targeted to the highest end of Biologics and cell and gene therapy. And then also, you have the other alternative delivery devices like SelfDose that the demand and volumes are continuing to increase.

是的。不，絕對是。在那個產品組合中，我們有給藥系統（administrative systems），這是一個非常具吸引力、持續擴張與成長的市場，特別是在醫院市場。我們有 Crystal Zenith，這是一種替代玻璃的包材（primary containment）方案，主要鎖定最高端的生物製劑以及細胞與基因治療。另外，你們也有其他替代型給藥裝置，例如 SelfDose，其需求與出貨量仍在持續增加。

And we have other versions and volume doses that we're able to offer our markets. So we believe delivery devices is natural in this area as primary containment is a natural extension from our elastomer business. We'll continue to invest around new product development and manufacturing capacity expansion because it's a very attractive growth profile and a margin opportunity.

而且我們也有其他版本與不同劑量容量，能提供給市場。因此我們相信，在這個領域中，給藥裝置是很自然的延伸；而作為主要包材（primary containment），也同樣是我們彈性體（elastomer）業務的自然延伸。我們會持續投資新產品開發與製造產能擴充，因為它具有非常吸引人的成長輪廓與利潤率機會。

I'm showing no further questions at this time. I'd like to turn the call back over to John Sweeney for closing remarks.

目前顯示沒有其他提問。我想把電話交回給 John Sweeney 作結語。

Thank you very much for joining us today on our first-quarter 2026 earnings conference call, and we look forward to updating you as we move through the year. Thanks very much and have a good day.

非常感謝各位今天參加我們 2026 年第一季財報電話會議，我們也期待在今年接下來的進程中向各位更新。非常感謝，祝各位有美好的一天。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝各位的參與。您現在可以掛線。各位，祝今天愉快。