西式醫藥服務 (WST) 2026 Q2 法說會逐字稿

Good day and welcome to the West Pharmaceutical Services Q2 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 West Pharmaceutical Services 2026 年第二季（Q2）財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的講者，投資人關係副總裁 John Sweeney 先生。先生，請開始。

Good morning, and welcome to West's second quarter 2026 earnings conference call, which is being webcast live today. With me on the call are Eric Green, our CEO, Chair of the Board; and Bob McMahon, CFO.

各位早安，歡迎參加 West 2026 年第二季財報電話會議；今天的會議也將進行線上直播。與我一同出席的有我們的執行長兼董事會主席 Eric Green，以及財務長 Bob McMahon。

Earlier today, we issued our second quarter financial results 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.

今天稍早，我們已發布第二季財務結果。新聞稿一份副本，以及包含補充資訊供各位參考的今日簡報投影片，已張貼於公司網站 investor.westpharma.com 的「投資人」專區。

Later today, a replay of the webcast will also be available in the Investors section of our website. 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 statement currently displayed on the screen and in today's press release. 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.

今天稍晚，網路直播的重播也將於我們網站的「投資人」專區提供。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。請參閱目前螢幕上顯示以及今日新聞稿中的「安全港」聲明。並請一併參考公司所作的其他揭露，例如我們的 10-K 與 10-Q，內容說明公司所面臨的風險。

During the call, management will also report 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 today's presentation materials.

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 財務衡量指標與依照美國 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。

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

接下來我把電話交給我們的執行長 Eric Green。Eric？

Thank you, John, and good morning to everyone. Thanks for joining us today. I am pleased to report strong second quarter results which exceeded our expectations on the top and bottom line. Revenues of $872 million were up 13% organically, and adjusted EPS of $2.37, was up 29% as compared to prior year.

謝謝你，John，也向各位道早安。感謝各位今天加入我們。我很高興報告第二季表現強勁，營收與獲利（上、下線）皆超出我們的預期。營收為 8.72 億美元，有機成長 13%；調整後每股盈餘（EPS）為 2.37 美元，較去年同期成長 29%。

Our performance was driven by the execution of our strategy and continued operational excellence initiatives. This is a testament to the exceptional efforts of our colleagues whose collective actions following the cyber incident drove the recovery and these strong financial results. Given the robust outcome in the second quarter and the ongoing momentum in the business, we are raising our guidance for full year 2026.

我們的表現來自於策略的落實，以及持續推動營運卓越的各項措施。這也證明了同仁們的傑出努力；在資安事件之後，大家的集體行動推動了復原，並帶來這些強勁的財務成果。鑑於第二季的亮眼成果與業務持續的動能，我們上調 2026 全年財測指引。

We now anticipate organic revenue growth to be 10% to 11% for the full year and adjusted EPS to be in the range of $8.85 to $9.05. Bob will go into more detail shortly. Shifting to our results in the quarter. Our Proprietary Products segment delivered 16% organic growth, led by the Biologics market group, which was up 29% organic. The largest contributor continues to be our HVP components business, which increased by 18% on an organic basis.

我們目前預期全年有機營收成長為 10% 至 11%，調整後 EPS 介於 8.85 至 9.05 美元。Bob 稍後會提供更詳細的說明。接著談本季表現。我們的專有產品（Proprietary Products）事業部門有機成長 16%，其中以生物製劑（Biologics）市場群組領軍，有機成長 29%。最大貢獻者仍是我們的 HVP 元件業務，有機成長 18%。

HVP components now account for 49% of total company revenues, up from 46% in the prior year quarter. This was driven by our three growth drivers, which include biologics and biosimilars, HVP upgrades, including Annex 1 and continued strength in GLP-1 elastomers. We continue to believe in the near- and long-term growth prospects of HVP components. Non-GLP-1 HVP components were up high teens on an organic basis. exceeding our expectations and were the largest contributors to our outperformance in the quarter.

HVP 元件目前占公司總營收的 49%，高於去年同期的 46%。此成長由我們三項成長動能所帶動，包括生物製劑與生物相似藥、HVP 升級（含 Annex 1），以及 GLP-1 彈性體的持續強勁需求。我們仍然看好 HVP 元件在短期與長期的成長前景。非 GLP-1 的 HVP 元件有機成長達十幾個百分點（high teens），超出我們預期，並且是本季超預期表現的最大貢獻來源。

One of the fastest-growing areas of injectable medicines is biologics. Approximately 75% of new drug approvals in 2025 or large drug molecules, up significantly from prior years. We continue to have strong win rates of over 90% for these new molecules. This is important for West as these customers tend to use the highest quality components. Biologics are generally more complex molecules often required a barrier film, which delivers the requirements needed by our customers, bringing new drugs to market.

注射用藥中成長最快的領域之一是生物製劑。2025 年約有 75% 的新藥核准屬於大型藥物分子，較前幾年顯著提高。我們在這些新分子上的得標率持續維持在 90% 以上。這對 West 很重要，因為這些客戶往往會使用最高品質的元件。生物製劑通常是更複雜的分子，往往需要阻隔膜（barrier film），以滿足客戶需求並協助新藥上市。

We benefited from strong growth in FluroTec and NovaPure as these products are well suited for the most advanced containment options, ensuring safe and effective delivery for biotech customers. The biosimars market has seen a lot of interest in potential future growth driven by ease in regulations and a significant number of biologic drugs going off patent over the next decade. The continued increase of BLAs expands the potential market. When a biosimilar is introduced, it can result in expansion of therapy use. This generally allows us to maintain or even increase overall volume demand after these drugs are commercialized.

我們受惠於 FluroTec 與 NovaPure 的強勁成長，因為這些產品非常適合最先進的封存（containment）選項，可確保生技客戶安全且有效的給藥。生物相似藥（biosimilars）市場對未來成長潛力的興趣濃厚，主要受惠於法規更易推進，以及未來十年將有大量生物製劑專利到期。BLA（生物製劑許可申請）的持續增加擴大了潛在市場。當生物相似藥導入時，可能帶動治療使用量的擴張。這通常使我們在這些藥品商業化後，能維持甚至提高整體需求量。

Our second growth driver is the mix shift of HVP upgrades, including Annex 1 and our customers' desire to upgrade to more advanced primary containment solutions. This positive mix shift drives both improving revenue and margin performance. We are now seeing an increasing number of customers upgrading HVP components often adding additional finishing processes such as Envision inspection. We believe we're still in the early stages of this multiyear opportunity. We saw continued growth in Annex 1 related projects in the quarter, and we expect this mix shift to deliver our target of 200 basis points of revenue growth in 2026.

我們的第二項成長動能是 HVP 升級的組合轉移（mix shift），包括 Annex 1，以及客戶希望升級至更先進的主要包材封存（primary containment）解決方案。這項正向的組合轉移同時推動營收與毛利率/利潤率表現改善。我們現在看到越來越多客戶升級 HVP 元件，且常會加上額外的後段製程，例如 Envision 檢測。我們認為這項多年期機會仍處於早期階段。本季 Annex 1 相關專案持續成長，我們預期此組合轉移將在 2026 年帶來我們目標的 200 個基點營收成長。

Our third growth driver is GLP-1. HVP GLP-1 component revenues increased in the high teens, slightly better than expected. We believe that the global adoption of GLP-1 therapies is still in its early stages. Market access continues to expand with enablers such as Medicare expansion in the United States. When looking at clinical data, injectables continue to show meaningful efficacy advantages and a substantial reduction in adverse events when compared to oral alternatives.

我們的第三項成長動能是 GLP-1。HVP GLP-1 元件營收成長達十幾個百分點（high teens），略優於預期。我們認為全球對 GLP-1 療法的採用仍處於早期階段。在美國，隨著 Medicare 擴大等推動因素，市場可近性持續提升。從臨床數據來看，相較於口服替代方案，注射劑型持續展現顯著的療效優勢，且不良事件大幅降低。

As a result, we anticipate continued growth in both oral and injectable GLP-1 formats as we move forward.

因此，展望未來，我們預期口服與注射兩種 GLP-1 劑型都將持續成長。

Looking ahead, West continues to benefit from generic GLP-1 launches as customers often use the same high-value components, specifically stoppers, plungers, and line seals for primary containment as the most efficient path to commercialization. This is important as we participate in the generic GLP-1 rollout in several countries around the world. Additionally, we're encouraged by the clinical pipeline of next-generation of GLP-1 molecules in development for obesity, diabetes and metabolic conditions. These novel therapeutics offer enhanced efficacy and improved tolerability and may require more complex primary containment solutions where West's technical expertise excels. We also expect to participate in a range of new GLP-1 product launches targeting indications outside of diabetes and obesity.

展望未來，West 也持續受惠於學名 GLP-1 的上市，因為客戶通常會沿用相同的高價值元件，特別是作為主要包材封存中最有效率商業化路徑的膠塞（stoppers）、推桿（plungers）與線封（line seals）。這點很重要，因為我們正參與全球多個國家的學名 GLP-1 推廣。此外，我們也對正在開發中的下一代 GLP-1 分子臨床研發管線感到鼓舞，涵蓋肥胖、糖尿病與代謝相關疾病。這些新型療法提供更高療效與更佳耐受性，且可能需要更複雜的主要包材封存解決方案，而這正是 West 技術專長的強項。我們也預期將參與一系列新的 GLP-1 產品上市，目標適應症將延伸至糖尿病與肥胖以外的領域。

Shifting to Standard Products which account for 19% of total company revenues and were up slightly compared to prior year. Standard products are important as they represent a funnel of upgrade opportunities. customers convert to HVP components for a variety of reasons. While this conversion provides significant value for our customers, the positive mix shift generates incremental revenues and margins for West all from the same volume of components.

轉向標準產品（Standard Products），其占公司總營收的19%，較去年同期小幅成長。標準產品很重要，因為它們代表升級機會的漏斗；客戶會因各種原因轉換至HVP元件。雖然此轉換為客戶帶來顯著價值，但正向的產品組合轉移在相同元件出貨量下，為West帶來額外營收與毛利。

Moving to HVP delivery devices, which were up 29% organically compared to prior year. We had stronger than anticipated SmartDose 3.5 revenues as the customer ordered additional product in advance of the transaction. On July 1, we completed the sale and transfer of the manufacturing and supply rights for SmartDose 3.5 ml on-body delivery system and associated facilities as planned. The non SmartDose 3.5 portion of this business represents more than half of HVP delivery device revenues and was up double digits in the quarter, led by self-dose and Crystal Zenith.

接著看HVP給藥裝置（delivery devices），有機成長較去年同期增加29%。SmartDose 3.5的營收強於我們原先預期，因客戶在交易完成前提前加訂產品。如期於7月1日，我們完成SmartDose 3.5 ml貼附式（on-body）給藥系統及相關設施之製造與供應權利的出售與移轉。此業務中非SmartDose 3.5的部分占HVP給藥裝置營收的一半以上，本季亦呈雙位數成長，主要由self-dose與Crystal Zenith帶動。

Turning to West Vantage segment, which represents 17% of Q2 revenues. West Vantage was up 1% organically in the second quarter, slightly below our expectations due to the impact of the cyber incident. Finally, I'm very pleased that we recently announced the renewal of our existing agreements with our strategic partner, Daikyo. This allows us to continue our important partnership that has been in place for more than 50 years.

再來看West Vantage事業部，第二季營收占比為17%。West Vantage第二季有機成長1%，因網路事件（cyber incident）的影響而略低於我們的預期。最後，我很高興我們近期宣布與策略夥伴Daikyo續約既有協議。這使我們得以延續已超過50年的重要合作夥伴關係。

I will now turn the call over to Bob to discuss the financials in more detail and update our guidance. Bob?

接下來我把電話會議交給Bob，請他更詳細說明財務表現並更新我們的財測指引。Bob？

Thanks, Eric, and good morning, everyone. This morning, I'll provide some additional details on Q2 revenue and take you through the income statement and some other key financial metrics. I'll then cover our updated full year and third quarter guidance.

謝謝你，Eric，各位早安。今天早上我會補充一些第二季營收的細節，並帶各位看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三季財測指引。

As Eric mentioned, we had a strong second quarter as revenues of $872 million increased 13.8% on a reported basis and grew 12.7% organically, exceeding our expectations overall. Price contributed 4 percentage points of that growth in the quarter. This strong performance was driven by our proprietary segment, which increased 15.5% on an organic basis. while the West Vantage segment grew 0.8%.

如Eric所提，我們第二季表現強勁：營收8.72億美元，按報表基礎年增13.8%，有機成長12.7%，整體超出我們預期。本季價格因素貢獻了其中4個百分點的成長。此強勁表現主要由我們的專有（proprietary）事業部帶動，其有機成長15.5%；而West Vantage事業部成長0.8%。

Within proprietary, our HVP components business, which now represents almost half of our revenues was the standout, delivering $424 million in revenue and growing 18.4% organically. This was driven by robust growth in GLP-1s, HVP upgrades, including Annex 1, and overall continued improving performance in biologic revenues. Our team performed exceptionally well given that they also had to navigate the cyber incident during the quarter. The HVP components business outside GLP-1s accelerated nicely, growing in high teens and driving most of the HP components outperformance in the quarter.

在專有事業部內，HVP元件業務（目前占我們營收近一半）表現最為突出，營收達4.24億美元，有機成長18.4%。成長動能來自GLP-1的強勁成長、HVP升級（包含Annex 1），以及生物製劑（biologic）營收整體持續改善的表現。考量團隊在本季還必須因應網路事件，他們的表現非常出色。GLP-1以外的HVP元件業務加速成長，增幅達高十位數（high teens），並帶動本季HVP元件表現優於預期的大部分貢獻。

In addition, our GLP-1 HVP components business had another very good quarter with high teens organic growth, and we expect continued double-digit growth throughout the rest of the year. Rounding out rest of the proprietary segment. HVP Delivery Devices revenues were $131 million in the quarter and up 29% year-on-year organically, with good performance across the portfolio. And in Standard Products, revenues of $167 million were up 0.7% on an organic basis.

此外，我們的GLP-1 HVP元件業務本季也再度繳出非常好的成績，有機成長達高十位數（high teens）；我們預期今年剩餘期間仍將維持雙位數成長。至於專有事業部的其餘部分：HVP給藥裝置本季營收1.31億美元，有機年增29%，整體產品組合表現良好。標準產品方面，本季營收1.67億美元，有機成長0.7%。

Now moving on to our West Vantage segment. West Vantage delivered $150 million in revenue, growing 0.8% on an organic basis. Segment performance was impacted by the cyber incident as it was not able to fully recover in the quarter. pushing some revenues into the second half of the year. We estimate this was a mid-single-digit impact to growth in the quarter and is expected to be made up in the remainder of the year.

接著看West Vantage事業部。West Vantage本季營收1.50億美元，有機成長0.8%。由於網路事件影響，該事業部在本季未能完全復原，導致部分營收遞延至下半年。我們估計此事件對本季成長造成中個位數（mid-single-digit）的影響，並預期在今年其餘期間補回。

Now before turning to the rest of the P&L, I wanted to highlight that we delivered double-digit growth across each of our three geographies, demonstrating the breadth of our business. Asia Pacific led the way with 27% organic growth as we look to capitalize on the significant market expansion and innovation in that region.

在進入損益表其餘項目之前，我想強調：我們三大地區皆實現雙位數成長，展現我們業務的廣度。亞太地區以27%的有機成長領先，我們將把握該區顯著的市場擴張與創新機會。

Now let's take a closer look at the rest of the P&L. Total company gross margin was 37.7% in the quarter, up 200 basis points year over year. The year-on-year increase was primarily driven by better-than-expected sales and the associated positive mix shift to HVP components as well as price contribution. Of note, we did see a dip in gross margin for our West Vantage business, primarily due to the cyber incident, but this was more than made up for by the strong proprietary performance.

現在我們更仔細看看損益表其餘部分。本季公司整體毛利率為37.7%，較去年同期提升200個基點。年增主要來自銷售優於預期，以及相關的正向產品組合轉移至HVP元件，並加上價格因素的貢獻。值得注意的是，West Vantage業務的毛利率確實因網路事件而下滑，但已被專有事業部的強勁表現所抵銷且有餘。

Adjusted operating margins of 22.6% were up 230 basis points 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 we benefited from improved below the line performance in the quarter as our tax rate was a better-than-expected 17.9%, and we had 71.3 million diluted shares outstanding. Adding it all up, Q2 adjusted earnings per share were $2.37, up 29% versus last year, and $0.28 above the midpoint of guidance we gave on the last earnings call.

調整後營業利益率為22.6%，較去年同期提升230個基點，主要受惠於毛利率擴張，以及在較高營收基礎上有效攤提SG&A與R&D。本季損益表下方（below the line）表現亦改善：有效稅率為優於預期的17.9%，稀釋後流通在外股數為7,130萬股。綜合以上，第二季調整後每股盈餘（EPS）為2.37美元，較去年成長29%，並較我們上次法說所提供指引的中位數高出0.28美元。

Now before moving into our updated guidance, I did want to highlight a few additional financial metrics. In the quarter, we delivered operating cash flow of $124 million. While down year on year, the decrease is primarily due to higher accounts receivable due to the timing of our sales as we recovered from the cyber incident in the latter part of the quarter. We expect this to normalize in the remainder of the year.

在進入更新後的財測指引之前，我也想補充幾項其他財務指標。本季我們的營運現金流為1.24億美元。雖然較去年同期下降，但主要是因為在本季後段自網路事件復原期間，銷售時點影響導致應收帳款增加。我們預期今年其餘期間將回復正常。

Capital expenditures were $43 million, down $75 million in the prior year as we continue to improve capital spending efficiency, focusing on growth and increased financial returns. Our expectations of $250 million to $275 million in the capital expenditures remains unchanged for the year. During the quarter, we continue to execute on our $1 billion share repurchase program.

資本支出為4,300萬美元，較去年同期減少7,500萬美元；我們持續提升資本支出效率，聚焦成長與提高財務報酬。我們對全年資本支出2.50億至2.75億美元的預期維持不變。本季我們也持續執行10億美元的庫藏股回購計畫。

In Q2, we repurchased just over 0.5 million shares for [$157 million] and paid out $16 million in dividends. So in the first half of the year, we repurchased 1.8 million shares for $454 million and paid out $32 million in dividends. Our capital and strong balance sheet continue to position us well as we deploy our capital for growth and deliver value to shareholders. In summary, we had a strong second quarter that exceeded our expectations and are pleased that our solid business momentum continues.

第二季我們回購了略高於50萬股，金額為[1.57億美元]，並發放1,600萬美元股利。因此在上半年，我們共回購180萬股，金額4.54億美元，並發放3,200萬美元股利。我們充裕的資本與強健的資產負債表，使我們在投入資本以支持成長並為股東創造價值方面，仍具備良好條件。總結而言，我們第二季表現強勁、超出預期，也很高興看到穩健的業務動能持續延伸。

Now let me turn to our updated guidance. While we remain prudent with our forecasting, given that we're only halfway through the year, we are increasing our full year revenue and EPS guidance based on our good Q2 results and underlying momentum in the market. For the year, we now anticipate revenue to be in the range of $3.345 billion to $3.38 billion, growing into 11% organically which is up from 7% to 9% previously. Reported growth is now 8.8% to 10%. This is up $40 million at the midpoint, even after absorbing incremental FX headwind as the dollar has strengthened since our last quarterly earnings call.

現在讓我來談談我們更新後的財測指引。鑑於我們今年才剛過一半，在預測上仍保持審慎；但基於我們第二季的良好表現以及市場的內在動能，我們上調了全年營收與每股盈餘（EPS）指引。就全年而言，我們目前預期營收將落在33.45億美元至33.80億美元區間，有機成長率為11%，高於先前的7%至9%。報告口徑的成長率目前為8.8%至10%。以中位數計算，較先前上調4,000萬美元，即便在我們上次季度財報電話會議以來美元走強、吸收額外外匯逆風之後亦然。

Our updated guidance now assumes a 1 percentage point tailwind from currency, down from our prior guidance assumption of roughly a 2 percentage point tailwind. Of note, we closed the SmartDose 3.5 ml transaction as expected on July 1. SmartDose 3.5 generated $55 million in revenue in the second half of last year, and we have excluded those revenues when calculating organic growth for the year. Our increased guidance is driven by higher growth expectations for the non-GLP-1 portion of our HVP component as well as increase in HVP delivery devices.

我們更新後的指引目前假設匯率帶來1個百分點的順風，低於先前指引假設約2個百分點的順風。值得注意的是，我們如預期於7月1日完成SmartDose 3.5 ml交易交割。SmartDose 3.5在去年下半年貢獻5,500萬美元營收；在計算今年的有機成長時，我們已排除這些營收。我們上調指引主要來自：對HVP零組件中非GLP-1部分的成長預期提高，以及HVP給藥裝置的成長提升。

We now anticipate our total HVP components business to grow high teens organically for the year. Both GLP-1 and non-GLP-1 HVP components are now expected to grow high teens for the year. We also expect better performance in our HVP delivery devices, while our expectations for standard products and West Vantage were relatively consistent with our previous guidance.

我們目前預期，全年HVP零組件業務合計將以有機口徑呈現高十幾%的成長。GLP-1與非GLP-1的HVP零組件，全年也都預期將以高十幾%的幅度成長。我們亦預期HVP給藥裝置表現更佳；而對標準產品與West Vantage的預期則與先前指引大致一致。

From a margin perspective, while we are experiencing some inflationary pressure from higher oil and commodity prices, we are working hard to offset those costs through various means and do not see a change from our previous guidance. The positive revenue mix is helping us to further expand our margins and our guidance now incorporates over 200 basis points of operating margin expansion as compared to 2025. To help with your models, we are projecting $8 million of net interest income a tax rate for the full year slightly lower than 19% and roughly 71.5 million diluted shares outstanding for the full year. This results in adjusted earnings per share to be between $8.85 to $9.05 for the year, up 21% to 24% year on year.

就毛利率/利潤率而言，雖然油價與大宗商品價格上升帶來一些通膨壓力，我們正透過多種方式努力抵銷相關成本，並未看到相較先前指引需要調整。正向的營收組合正協助我們進一步擴大利潤率，而我們的指引目前納入相較2025年超過200個基點的營業利益率擴張。為協助各位建立模型，我們預估全年淨利息收入為800萬美元、全年稅率略低於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預期介於8.85美元至9.05美元，年增21%至24%。

Now switching gears to the third quarter. We expect revenue to be in the range of $820 million to $835 million. This is a reported increase of 1.9% to 3.8% and an organic increase of 7% to 8.9%. The third quarter guidance anticipates a 110 basis point headwind from currency and our reported growth is impacted by the SmartDose divestiture. Of the $55 million SmartDose sales in the second half of last year, we generated $30 million in Q3 and have adjusted our third quarter organic sales guidance for those revenues.

接著切換到第三季。我們預期營收將落在8.20億美元至8.35億美元區間。這相當於報告口徑成長1.9%至3.8%，有機口徑成長7%至8.9%。第三季指引預期匯率帶來110個基點的逆風，而我們的報告口徑成長亦受到SmartDose剝離的影響。去年下半年SmartDose銷售額5,500萬美元中，我們在第三季貢獻3,000萬美元；我們已就這些營收調整第三季有機銷售指引。

By segment, we expect proprietary grow low double digits in the third quarter, while West Vantage is expected to decline as Q3 represents the first quarter of the CGM contract exiting. We expect Q3 to be the trough for West Vantage, and we expect improved performance in Q4 as we continue to ramp up our drug handling business. And we expect third quarter adjusted diluted earnings per share in the range of $2.14 to $2.24, up 9% to 14% year on year. In summary, we are very pleased with how our business is performing, driven by our key growth drivers and are optimistic about our future.

按事業部別來看，我們預期第三季專有產品（proprietary）將呈現低雙位數成長；而West Vantage預期將下滑，因為第三季是CGM合約退出後的第一個季度。我們預期第三季將是West Vantage的谷底，並預期第四季表現改善，因為我們持續擴大藥品處理（drug handling）業務的產能爬坡。我們亦預期第三季調整後稀釋每股盈餘介於2.14美元至2.24美元，年增9%至14%。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所帶動，並對未來保持樂觀。

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

現在我想把電話交回給Eric，請他做一些結語。Eric？

Thank you, Bob. To summarize the quarter, the strength of our financial results continues to reaffirm that our growth strategy is working. We have a durable business with a strong competitive moat, which delivers unique value to our customers. We're well positioned to capitalize on long-term macro trends, and we remain focused on our three key growth drivers of biologics, GLP-1s and Annex 1 and other HVP conversions while leveraging our global scale.

謝謝你，Bob。總結本季，我們財務結果的強勁表現持續印證我們的成長策略正在奏效。我們擁有具韌性的業務與強大的競爭護城河，能為客戶提供獨特價值。我們已做好準備把握長期總體趨勢，並持續聚焦三大關鍵成長驅動因素：生物製劑、GLP-1，以及Annex 1與其他HVP轉換，同時發揮我們的全球規模優勢。

As I pass the torch of leadership and welcome Michel Lagarde on August 31, and I want to express what an honor and privilege has been to lead this exceptional organization. I'm incredibly proud of what we have built together and remain inspired by the dedication and unwavering commitment of our team members across the globe. Finally, I want to extend my gratitude to the Board of Directors for their partnership. In closing, I want to sincerely thank the One West team. Our customers and our shareholders, and I look forward to watching West's continued progress in the years ahead.

在我交棒領導職務並於8月31日迎接Michel Lagarde之際，我想表達能夠領導這個卓越的組織是一項榮幸與特權。我為我們共同打造的一切感到無比自豪，也持續受到全球各地團隊成員的投入與堅定承諾所激勵。最後，我要感謝董事會的合作夥伴關係。在結語中，我想由衷感謝One West團隊、我們的客戶與股東；我也期待在未來幾年見證West持續的進展。

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

接線員，我們準備開始問答。謝謝。

(Operator Instructions) Michael Ryskin, Bank of America.

(接線員指示) Michael Ryskin，美國銀行。

Great. Congrats on a really strong print. Maybe let's drill in a little bit into the non-GLP-1 HVP components. As you called out, that was a really pleasant surprise in the quarter. It continues to do really well, continues to exceed expectations.

很好。恭喜你們交出非常強勁的成績。或許我們可以更深入談一下非GLP-1的HVP零組件。如你們所提到的，這在本季是個非常令人驚喜的亮點。它持續表現非常好，並且持續超出預期。

Any additional color you could provide on sort of what's drawing that? You talked about win rates strong growth in specific products. But just want to get a better sense of how sustainable you think that is sort of -- you can really get into the underlying drivers of that strength?

你們能否再補充一些細節，說明是什麼在帶動這部分？你們談到得標率（win rates）很強、特定產品成長強勁。但我想更清楚了解你們認為這樣的表現有多可持續——也就是說，能否更深入談談支撐這股強勢的基本驅動因素？

Yes, Michael, thank you for the question. And you're absolutely correct. We're really pleased with the performance of the non-GLP-1 HVP components part of our business. And it really comes down to really three areas. The first one is specifically in our biologics and biosimilar space.

好的，Michael，謝謝你的提問。你說得完全正確。我們對業務中非GLP-1的HVP零組件表現感到非常滿意。這主要可歸結為三個面向。第一個面向是我們在生物製劑與生物相似藥領域的表現。

We continue to see, as you indicated, we continue to see greater than 90% participation rate of all new molecules. You know that's where we win in that space is in the pipeline. And we continue to see a very strong pipeline that gives us the confidence as we think about the growth going forward.

如你所指出的，我們持續看到所有新分子（new molecules）超過90%的參與率。你知道，我們在那個領域取勝之處就在於研發管線（pipeline）。而我們持續看到非常強勁的管線，這也讓我們在展望未來成長時更有信心。

If you look at the growth that we've commented on Biologics, it's really a couple of areas. One is, obviously, new launches. Second area, our uptake of existing molecules in market that are expanding, whether it's geographically or patient population and elsewhere seeing expansion in biosimilars. So those are the key drivers. The second exciting area also is really around that Annex 1 and other HVP-related upgrades.

如果你看我們對生物製劑（Biologics）成長所做的評論，主要來自幾個面向。第一，顯然是新產品上市。第二個面向，是既有分子在市場上的滲透提升並持續擴張，無論是地理區域、病患族群等，同時也看到生物相似藥的擴張。因此，這些是關鍵驅動因素。第二個令人振奮的面向，則是圍繞Annex 1以及其他與HVP相關的升級。

And what we're seeing there, and as you know, that's surrounded by the sterility and contamination control strategy really -- the catalyst was a couple of years ago in Europe, with the new Annex 1 regulations. And the exciting part is that we have a significant number of units that we sell existing customers with -- that are commercialized drugs in market that require upgrades to our HVP portfolio.

我們在那裡看到的情況，如你所知，這一切其實都圍繞在無菌與汙染控制策略——其催化因素是幾年前歐洲推出的新 Annex 1 法規。令人振奮的是，我們向現有客戶銷售了相當數量的設備——這些是市場上已商業化的藥品，且需要對我們的 HVP 產品組合進行升級。

Just to give you context there. We have just shy of 800 total projects in hand and that's up 50% from the same time period last year. And when you -- what you've seen is the result of higher ASP and higher mix shift from a margin perspective with no incremental volume. And because they're staying with the incumbent formulation that's on the drug molecule, we are able to add pharma washing and envision to enable our customers to quickly transition with the -- to meet the requirements of their contamination control strategy.

我先提供一些背景。我們目前手上接近 800 個專案，較去年同期成長 50%。而你所看到的結果，是在沒有額外出貨量增加的情況下，因 ASP 提升以及產品組合朝較高毛利方向移轉所帶來的成果。並且因為他們仍沿用該藥物分子既有的配方，我們能夠加入 pharma washing 與 Envision，協助客戶快速轉換，以符合其汙染控制策略的要求。

One last point around that, we're seeing interest now outside of just out of Europe, in the US and other geographies and where we're working projects with a similar growth driver opportunities. So I would say those are the two largest. The third one is really around operational excellence, but that really came true. When you saw our response and recovery of the cyber incident that happened in early May.

最後再補充一點：我們現在看到的興趣已不僅限於歐洲之外，也包括美國與其他地區；我們在那些地方也正推動具備類似成長驅動因素的專案機會。所以我會說，這是兩個最大的因素。第三個則主要與營運卓越有關，而這點確實得到了驗證。當你看到我們對 5 月初發生的資安事件所做出的應對與復原時，就能體會到。

So that's how I'd summarize it, Michael. I think these are long-term macro trends in all these categories that we're very well positioned geographically technology portfolio and just our incumbent position with our current customers.

Michael，我會這樣總結。我認為在所有這些類別中，都是長期的總體趨勢；我們在地理布局、技術產品組合，以及與現有客戶的既有供應商地位方面，都處於非常有利的位置。

Mike, this is Bob. Let me just add a little additional color to what Eric was saying to give you kind of a sense for kind of how long the runway is, particularly on the Annex 1. As we talked about -- he mentioned the number of programs continues to increase on a quarterly basis and is significantly above where we were last year, both in terms of projects as well as projects that are now currently being in the commercial numbers.

Mike，我是 Bob。我再補充一些 Eric 剛才所說的內容，讓你大致了解一下跑道有多長，特別是針對 Annex 1。如我們所談到的——他提到專案數量按季持續增加，且明顯高於去年，不論是專案總數，或是目前已進入商業化數量的專案。

The other thing that I would say is look at the opportunity, we talked about 6 billion units, we're still in kind of the early innings of conversion there for the EU. And as Eric said, we're actually starting to see what I would call kind of spillover effect or opportunities within the US to actually potentially expand that beyond that 6 billion. So we think that this is a multiyear opportunity, as he said in the prepared remarks. And given that it is we're the incumbent, we think we're differentiated to be able to win, in particular, in its way relative to our competition going forward.

另外我想說的是，從機會來看，我們談到 60 億支單位（units），就歐盟而言，我們仍處於轉換的早期階段。而如 Eric 所說，我們其實也開始在美國看到我所稱的外溢效應或機會，有可能把規模擴大到超過那 60 億。因此我們認為這是一個跨多年的機會，正如他在事先準備的發言中所提到的。而且鑑於我們是既有供應商（incumbent），我們認為自己具備差異化優勢，能夠在未來相對於競爭對手持續勝出，尤其是在這方面。

Okay. That's super helpful. If I can squeeze in a quick follow-up, just given everything you just said about how sustainable the strength is and how durable you feel this is just talking about the second half guide, you've kept after you [beat] 1Q, you raised the guide, but you still kept the rest of the year out to look very conservative. You just put up another really strong 2Q. It feels like you raised the guide again, but still feels like that's going to happen a little bit conservative.

好的。這非常有幫助。如果我可以再追問一個問題：考量你剛才談到的強勁表現有多可持續、你們對其耐久性的看法——回到下半年指引，你們在 1Q 優於預期後上調了指引，但仍把今年剩餘時間的展望維持得非常保守。你們又交出一個非常強勁的 2Q。感覺你們再次上調指引，但看起來仍然有點保守。

You talked about some of the revenues moving around from the West Vantage cyber attack. We previously known about the -- obviously, the 3.5 ml SmartDose. Any other moving pieces in the second half we should be where you have just sort of gauge degree of conservatism or if there's anything else to think about when we look at the -- what optically looks like a little bit of a step down in the second half?

你提到因 West Vantage 網路攻擊而造成部分營收在期間間移動。我們先前已知道——顯然還有 3.5 ml SmartDose。下半年還有其他需要注意的變動因素嗎？我們應該如何衡量保守程度，或在我們看下半年（從表面上看似乎略有下滑）時，還有什麼需要納入考量？

Yes. Yes. I think we feel very good about the ongoing momentum. As I mentioned in our prepared remarks, we're taking kind of one quarter at a time and kind of a prudent approach. But don't read too much into it.

是的。是的。我認為我們對持續的動能感到非常有信心。如我在事先準備的發言中提到的，我們採取的是一次看一個季度、相對審慎的做法。但不要過度解讀。

We feel very good about the underlying momentum, particularly in the HVP components business that really drives not only the top line, but our profit. We feel like we're well placed to continue to drive a very strong not only second half of the year, but the full year.

我們對基本面動能感到非常有信心，特別是在 HVP 零組件業務上，這不僅驅動營收，也驅動我們的獲利。我們認為自己處於很好的位置，能夠推動不僅是今年下半年、而且是全年都非常強勁的表現。

Paul Knight, KeyBanc.

KeyBanc 的 Paul Knight。

Eric, I met you with Sigma Aldrich, I believe, and you we're a winner there in a big winner in West. So congratulations on all you've done.

Eric，我記得我是在 Sigma Aldrich 認識你的，而你在那裡表現出色，在 West 也同樣是大贏家。所以恭喜你所完成的一切。

Thank you, Paul.

謝謝你，Paul。

The question I have is around facilities, specifically, Eschweiler, Grand Rapids and Dublin. Dublin, the biggest, of course, where are you at with capacity utilization at Dublin. And any color around where you are with, I think, some expansions of Grand Rapids and Eschweiler as well.

我想問的是關於廠房，特別是 Eschweiler、Grand Rapids 和 Dublin。當然 Dublin 是最大的，目前 Dublin 的產能利用率到什麼程度？另外也請分享一下 Grand Rapids 與 Eschweiler 的一些擴產進度。

Yes. No, Paul, these are important sites for us for different reasons. I'll start with Eschweiler. Eschweiler is our largest HVP components plant across the globe. And we have been operating at a high level of capacity utilization.

好的。不，Paul，這些對我們而言都是重要據點，但各自的重要性原因不同。我先從 Eschweiler 談起。Eschweiler 是我們全球最大的 HVP 零組件工廠。而我們一直以很高的產能利用率在運作。

However, in later part of 2025, we mentioned that we're -- we put a very specific initiative in place on operational excellence. And I'm pleased to report that in the first half of this year, we've seen a significant improvement in productivity and throughput. And I'll just characterize this double-digit type category, which is quite impressive for that size of sight. . And frankly, that was the key catalyst to allow us to recover from the cyber event that happened in early May.

不過，在 2025 年後期，我們提到我們——針對營運卓越推出了一項非常明確的計畫。我很高興回報，今年上半年我們看到生產力與產出（throughput）顯著改善。我會把它形容為雙位數等級的提升，對於那樣規模的廠區來說相當令人印象深刻。.坦白說，這正是讓我們能從 5 月初發生的資安事件中復原的關鍵催化因素。

Without that improvement that was in place, we would have had some probably more challenges versus the success that we've been able to see. More to come in that area. The team has now been expanded to drive the same methodology and capabilities across all our HVP sites to leverage existing assets. But be assured that we will continue to feel that with capital investments when necessary within the 6% to 8% sales framework that we articulated.

如果沒有先前已到位的改善，我們可能會面臨更多挑戰，而不會有目前所看到的成功復原。這方面後續還會有更多進展。團隊目前也已擴編，將同樣的方法論與能力推廣到我們所有 HVP 廠區，以充分運用既有資產。但也請放心，在我們所闡述的「資本支出占銷售額 6% 到 8%」框架內，只要有必要，我們仍會持續進行資本投資。

In the West Vantage business, specifically Grand Rapids, that has done a great job in ramping up. We're close to the levels that we expect in 2026 of throughput. So I would say, Paul, we're close to the level that we anticipate with the installed capacity we put into Grand Rapids. And then Dublin, we're still in the ramping phase at this point in time. Bob commented that in the drug handling, the revenues that we anticipated for 2026 are still on track, but it's more back-ended really around, call it, the Q4 time period, and we'll be ramping nicely into 2027 with that business so it's more capacity available in Dublin, and we'll continue to leverage that over the next, call it, 6 to 12 quarter months.

在 West Vantage 業務方面，特別是 Grand Rapids，那裡在產能爬坡上做得非常好。我們的產出已接近 2026 年預期的水準。所以我會說，Paul，就我們在 Grand Rapids 所建置的裝置產能而言，我們已接近預期水準。至於 Dublin，目前仍處於爬坡階段。Bob 提到，在藥品處理（drug handling）方面，我們原先預期 2026 年的營收仍在軌道上，但會更偏向後段實現，大約集中在第 4 季左右；而該業務在 2027 年會持續順利爬坡，因此 Dublin 仍有更多可用產能，我們也會在接下來大約 6 到 12 個季度持續加以運用。

Patrick Donnelly, Citibank.

Patrick Donnelly，花旗銀行。

Bob, maybe one for you. You mentioned the profitability, I think in one of the answers to the earlier questions, I wanted to dive in a little bit there. Similar question in the back half it seems like the word is prudence in terms of layering in some of that around the margin build between the pricing side, the mix shift, obviously, which is quite attractive to you guys. Can you just talk about that bridge in the second half? And then again, even that opportunity as we move forward into next year, it feels like a lot moving your way in terms of the mix shift in particular.

Bob，或許這題給你。你提到獲利能力，我想是在先前問題的某個回答裡提到的，我想在這裡再深入一點。後半段看起來類似的問題，關鍵字似乎是「審慎」，也就是在利潤率提升的組成上，介於定價端與產品組合轉移之間（顯然這對你們很有吸引力）。你能談談下半年這座橋接（bridge）嗎？另外，當我們往明年看，尤其是產品組合轉移這一塊，感覺有很多因素正朝對你們有利的方向發展。

I know there's a footprint opportunity as well. So it would be great to talk through the margins.

我也知道還有版圖（footprint）的機會。所以如果能把利潤率的情況梳理一下會很棒。

Yes. Thanks, Patrick. Yes, we feel good about the trajectory of where we've been here for the first six months and expect that to continue going into the second half of the year. As you mentioned, maybe I'll talk about it in a couple of different buckets. Certainly, price we have actually seen an acceleration of price Q1 to Q2.

是的。謝謝你，Patrick。是的，我們對前六個月的走勢感到滿意，並預期這個趨勢會延續到下半年。如你所提，或許我用幾個不同面向來談。首先是價格，我們確實看到從第一季到第二季的定價加速。

It was 4 points of the growth in Q2. And that's above our 2% to 3% corridor. And as we talked about, this is a multiyear kind of journey for us to be able to really to ensure that we're capturing some of the value that we're delivering and helping participate with our customers. And so we feel good about the ongoing momentum there in the second half of the year.

第二季成長中有4個百分點來自價格。這高於我們2%到3%的區間。如我們所談，這對我們而言是一段跨多年的旅程，目的是確保我們真正捕捉到所提供價值的一部分，並與客戶共同分享。因此，我們對下半年持續的動能感到樂觀。

And then as you said, when we have HVP components really driving the outperformance, the incremental margins there are just quite nice. And so, if you look at where we are in Q2, we had very nice incrementals. And what I would say is, as we think about Q3, we do have some of the step downs, but we're actually seeing, if you look at Q3 versus Q2, actually roughly flat in terms of margin expansion. Our margin performance. We -- and we're saying 200 basis points for the full year and feel like there's some opportunities for (inaudible) beyond that.

再來如你所說，當HVP零組件真正帶動優於預期的表現時，其增量利潤率相當不錯。所以如果看第二季，我們有非常漂亮的增量。我想說的是，當我們看第三季時，確實會有一些階梯式下滑（step downs），但如果你比較第三季對第二季，利潤率擴張其實大致持平。我們的利潤率表現。我們——我們對全年指引是200個基點，並覺得在此之上仍有一些（聽不清）機會。

And so -- and then you referenced kind of footprint and other activities that we have. We think we have a multicounty year opportunity across not only gross margin but really leveraging our spend and being more productive in OpEx operation or OpEx spend as well. And as you noticed, as we commented, we're also focused on kind of below-the-line performance as well. So we've got a number of, I would say, arrows in the quiver to be able to continue to use going forward, feel about where we are in the second half of the year. And I would say there's probably opportunities for upside.

另外你也提到版圖以及我們的其他活動。我們認為在未來多年的機會不僅在毛利率，也包括透過槓桿化支出、在營運費用（OpEx）運作或OpEx支出上提升生產力。而且如你所注意到、我們也提過，我們同樣聚焦於線下（below-the-line）的表現。所以我會說，我們有很多「箭在弦上」，可以在未來持續運用；對於下半年的位置我們感覺良好。我也會說，可能還有上行空間。

That's helpful. And then maybe a quick one just on the GLP business. What you guys saw kind of sequentially, I know that's been a focus. It seems like it came in a little better than expected. But yes, I would love to talk through just the trends there and the expectations and work our way through the year, what you're hearing from the larger customers.

這很有幫助。另外也許快速問一題關於GLP業務。你們看到的環比情況如何？我知道這一直是重點。看起來結果比預期好一些。不過是的，我很想請你談談那邊的趨勢與預期，並隨著今年推進，你們從大型客戶那裡聽到的是什麼。

Yes, Patrick, we're seeing -- it's playing out as we anticipated earlier this year around the GLP-1s with the largest players. And we continue to be able to support them. with the multiple modalities of the different GLPs there in the marketplace. We're also seeing an extension with the generics particularly coming out of Asia, and it's actually when Bob referenced the strong growth in the quarter of 27%. One of the key drivers of that growth out of China and a little bit of Korea was really the biosimilars around GLP-1s.

是的，Patrick，我們看到——它正如我們今年稍早對最大型客戶在GLP-1上的預期那樣發展。我們也持續能以多種形式（modalities）來支援市場上不同的GLP產品。我們也看到學名藥的延伸，特別是來自亞洲；而且當Bob提到本季27%的強勁成長時，其中一個關鍵驅動因素，來自中國以及一部分來自韓國，確實是圍繞GLP-1的生物相似藥。

. So in the generic space, we believe that there is an additional growth opportunity and expand geographically, but in household patient population. We're very well positioned, Bill to benefit from that also. The third is on the GLP-1s, the number of new indications that are being developed in late stage, and we're really proud about our position to be able -- as we are with other molecules and other therapeutic classes, to be able to participate when those are finally approved and in market, we'll be able to support our customers.

。因此在學名藥領域，我們相信還有額外的成長機會，並可在地理上擴張，也擴及更廣泛的患者族群。我們也處於非常有利的位置，Bill，能從中受益。第三點是在GLP-1方面，晚期開發中的新適應症數量正在增加；我們對自身的布局感到非常自豪——就像我們在其他分子與其他治療領域一樣——當這些最終獲批並上市時，我們將能參與其中並支援客戶。

So we are pretty comfortable that how we articulate GLP-1s going forward. We're very well positioned. We do believe orals, we have been seeing this orals are expanding market versus cannibalizing the injections injectable space. So we're feeling good about our position with GLP-1s for long term.

所以我們對未來如何闡述GLP-1相當有信心。我們的布局非常到位。我們確實相信口服劑型——我們一直看到口服劑型是在擴大市場，而不是蠶食注射劑型的市場。因此，對於GLP-1的長期布局，我們感覺良好。

Matt Larew, William Blair.

Matt Larew，William Blair。

Eric, congratulations on a great tenure. I wanted to ask about the delivery devices kind of turning the page from SmartDose 3.5 got a bit of a benefit in the quarter there. But that remains an area of interest and excitement for you. You called out a couple of pieces of the portfolio, including self-dose today. Just curious, as you're looking into the pipeline, there's been a lot of focus on the component side on the GLP side.

Eric，恭喜你任期表現出色。我想問一下給藥裝置（delivery devices），有點像翻到下一頁：SmartDose 3.5在本季帶來了一些助益。但這仍然是你們感興趣、也很振奮的領域。你提到產品組合中的幾個部分，包括目前的self-dose。我好奇的是，當你看研發管線時，市場對GLP相關的零組件端有很多關注。

But what's most interesting to you on the delivery device side, maybe not thinking about the next three months, but perhaps the next couple of years?

但在給藥裝置端，對你而言最有意思的是什麼？也許不是看接下來三個月，而是未來幾年？

Yes. No, Matt, thank you for that. And you're right. When we look SmartDose 3.5 that we completed the transaction on July 1. We're very pleased with the portfolio, realizing that we need to continue to develop new additional products to support what we call self-injection one of the key growth drivers of that area is self-dose and that's on with multiple customers in multiple drug molecules, and we're seeing pretty healthy expansion in that particular area.

是的。不，Matt，謝謝你。你說得對。我們看SmartDose 3.5，我們在7月1日完成了這筆交易。我們對這個產品組合非常滿意，同時也認知到我們需要持續開發新的額外產品，以支援我們所稱的自我注射；該領域的其中一個關鍵成長驅動因素是self-dose，這已與多家客戶、在多種藥物分子上導入，我們也看到該領域相當健康的擴張。

The second area within that portfolio is our Crystal Zenith technology that has been around for a while, but that is really heavily targeted towards the highest end of biologics, you think about and cell and gene therapy in addition to that. So that is -- it's a clear opportunity that we'll continue to leverage. And the third area is our administration systems. And this area, while the self-injection and Crystal Zenith is really a double-digit type growth portfolio, the administration systems, mid-single to high single-digit type growth.

該產品組合中的第二個領域是我們的Crystal Zenith技術，這已存在一段時間，但它主要鎖定最高端的生物製劑——你可以想到細胞與基因治療等。因此那是——一個明確的機會，我們會持續加以運用。第三個領域是我們的給藥管理系統（administration systems）。在這個領域，自我注射與Crystal Zenith屬於雙位數成長型產品組合，而給藥管理系統則是中個位數到高個位數的成長。

And again, that leverages our competency around injection molding design and scale. And so this area probably will evolve in the future, but we're excited about the position that we're operating from at this point in time. especially when you take the SmartDose 3.5 out the margin profile is attractive for us going forward. So I'm pleased on the work the team has done, and I'm excited about that operating and where they're going to take that business.

再一次，這也運用了我們在射出成型設計與規模化方面的核心能力。因此，這個領域未來可能會持續演進，但我們對目前所處的營運位置感到振奮。特別是當你把 SmartDose 3.5 排除在外時，往後我們的利潤率結構相當具吸引力。所以我對團隊所完成的工作感到滿意，也對這項營運以及他們將把這個業務帶往何處感到期待。

David Windley, Jefferies.

David Windley，Jefferies。

Eric, I'd add my compliments on your career. Enjoy your retirement. Thanks for the help. My question is around the high-value product component portfolio, kind of trying to assimilate the different call outs, your GLP-1, you had in prior calls, talked about Nova Choice as the component of choice there. You're calling out NovaPure and FluroTec, sorry, in the deck.

Eric，我也要對你的職涯表達敬意。祝你退休生活愉快。謝謝你的協助。我的問題是關於高價值產品（HVP）零組件產品組合，我想把你們提到的不同重點整合起來：你們在先前的電話會議中談到 GLP-1，並提到 Nova Choice 是那裡的首選零組件。而你們在簡報裡又特別提到 NovaPure 和 FluroTec，抱歉，是在投影片裡。

And then mentions of Annex 1 upgrades that sound like kind of Envision or Westar RS, Westar RU type upgrade. So it sounds like all the portfolio is being hit. I was hoping you could kind of give us a relative stack rank order of which parts are the strongest drivers of your mix shift given that they all seem to be contributing.

另外也提到 Annex 1 的升級，聽起來有點像 Envision 或 Westar RS、Westar RU 這類升級。所以聽起來整個產品組合都在受惠。我希望你能否大致給我們一個相對的排序，說明在這些看起來都在貢獻的情況下，哪些部分是推動你們產品組合結構（mix）轉移的最強驅動因素。

Yes. David, thank you for the comments. The strongest growth driver within our HVP components will be is biologics. That tends to use the highest end of our portfolio, and that would be the NovaPure, the FluroTec where the ASPs and margins are obviously highest on that spectrum. And as you think about the portfolio and how the new approvals coming through, that is only going to get, I believe, more pronounced because there's more units, more volumes, more molecules in marketplace going forward.

是的。David，謝謝你的評論。我們 HVP 零組件中最強的成長驅動因素會是生物製劑（biologics）。這類產品通常會使用我們產品組合中最高階的部分，也就是 NovaPure、FluroTec；在這個光譜上，它們的平均售價（ASP）與毛利率顯然是最高的。而當你思考產品組合以及新的核准案陸續推出時，我相信這個趨勢只會更加明顯，因為未來市場上會有更多的單位數、更多的量、更多的分子。

So you're right, that's an area that we're focused on, and we'll continue to drive that forward.

所以你說得對，這是我們聚焦的領域，我們也會持續推進。

And as new biosimilars come to market, we're finding that a lot of our customers are leveraging the incumbents primary packaging configuration with the biosimilars which has equivalent economics as you would expect out of the biologics. The second area you commented on, you're right around the Annex 1. What's unique about that business proposition is that the formulations are what we call core or standard products. And as long as we can leverage the existing formulation that's been on that drug molecule, they don't have to open up and do stability tests on the drug master file.

而隨著新的生物相似藥（biosimilars）上市，我們發現許多客戶在生物相似藥上會沿用既有產品的主要包材配置，而其經濟性與你對生物製劑所期待的相當。你提到的第二個領域，確實是 Annex 1。這個商業主張的獨特之處在於，其配方屬於我們所稱的核心或標準產品。只要我們能沿用該藥物分子既有的配方，客戶就不必重新啟動並進行藥品主檔（DMF）的安定性測試。

So that's to our benefit when we can add the capabilities of pharmaceutical washing and Envision. So that tends to be on the lower end of the spectrum, but it's still very attractive ASPs and it's margin accretive. And more importantly, it's leveraging the existing assets that we have in place today. This is more of the HVP finishing processing that we have in our five manufacturing plants around the world. So more volume will be going through due to Annex 1 over time.

因此，當我們能加入藥用清洗（pharmaceutical washing）與 Envision 的能力時，這對我們是有利的。所以這通常位於光譜較低端，但仍然是非常具吸引力的 ASP，且有助於提升利潤率（margin accretive）。更重要的是，這是在運用我們目前既有的資產。這更多是我們在全球五座製造工廠所具備的 HVP 後段加工處理能力。因此，隨著時間推進，因 Annex 1 而導入的產量會增加。

but the economics and the growth you're going to see really a high end of the biologics. Bob?

但你將看到的經濟性與成長，真正會來自生物製劑的高端部分。Bob？

And David, just to add on to what Eric is saying and if we think about kind of the long-term opportunity for Annex 1, we're actually seeing some of the lower-end HVP products also being upgraded. And so while the big piece is actually moving from standard to the HVP or core to HVP, we're also seeing additional steps being asked for by our customers. to take an existing HVP product and even adding more value to it. And so there's kind of a multiple step process here that we're seeing across the globe. So we think, again, the staying power of Annex 1 is there and here to stay for multiple years.

David，再補充 Eric 的說法：如果我們思考 Annex 1 的長期機會，我們其實也看到一些較低端的 HVP 產品正在被升級。因此，雖然最大的一塊是從標準產品轉向 HVP、或從核心產品轉向 HVP，但我們也看到客戶要求增加額外步驟，把既有的 HVP 產品再加值。所以我們在全球看到的是一個多步驟的流程。因此我們認為，Annex 1 的持續性很強，且將在未來多年持續存在。

That prompts a follow up real quickly. So I think on Annex 1 maybe the earliest quantification that you guys had given was around 150 basis points that might have been last year. This year, 200 basis points -- you're talking about continuing growing projects, sounds like it's expanding beyond Europe, potentially stepping up from low value to high value within HVP. Is this an accelerating trajectory of Annex 1 over multiple years? Or should we think about it as more steady at the 200 basis point level?

這讓我很快追問一下。我記得你們對 Annex 1 最早的量化大概是 150 個基點，可能是去年。今年是 200 個基點——你們談到專案持續成長，聽起來正在擴展到歐洲以外，並且可能在 HVP 內部從低價值往高價值提升。這是否代表 Annex 1 在未來多年會呈現加速的軌跡？還是我們應該把它視為大致穩定在 200 個基點的水準？

Yes. I would -- there's a possibility and an opportunity to accelerate. I think right now, 200 basis points is well placed, and there's an opportunity potentially to be more. So stay tuned on that.

是的。我會說——確實存在加速的可能性與機會。我認為目前 200 個基點的假設是合理的，而且也可能有機會更高。所以請持續關注。

Kallum Titchmarsh, Morgan Stanley.

Kallum Titchmarsh，Morgan Stanley。

Eric, wishing you all the best for the next adventure. Just a couple of quick ones for me. So firstly, just on APAC, again, pretty strong growth there. So maybe some specifics on the regions and the drug categories that have been driving that growth. You had a strong Q1 there, too.

Eric，祝你下一段旅程一切順利。我這邊有兩個很快的小問題。首先是亞太（APAC），那邊成長再次相當強勁。所以也許能否談談是哪些地區與哪些藥物類別在推動這個成長。你們第一季在那邊也很強。

And then, Bob, maybe just on West Vantage, I know the drug handling mix is increasing there. So maybe just talk us through when we could expect that margin impact to start stepping up given the shift over from the more traditional med device work.

然後 Bob，關於 West Vantage，我知道那邊藥品處理（drug handling）的組合占比正在提高。所以能否談談，隨著從較傳統的醫療器材工作轉移過來，我們大概何時可以預期利潤率的影響開始上升？

Yes. Let me start, and then Bob, if you take a look at the Asia Pacific, I think it's a great call out, Kallum, when you think about the 27% growth in the quarter. And what we're seeing is that the largest growth from a geographic point of view is China and followed by India and then after that, South Korea. And what we're finding is it's broad-based. But the largest growth engine right now, as we speak, is the GLP-1s, the generic versions or the biosimilars.

是的。我先回答，然後 Bob 你再補充。談到亞太，Kallum，我覺得你點得很好，尤其是本季 27% 的成長。我們看到從地理角度來看，最大的成長來自中國，其次是印度，再來是南韓。而我們發現這是廣泛性的成長。但就目前而言，最大的成長引擎是 GLP-1，也就是學名藥版本或生物相似藥。

And so -- and we obviously have a very good participation.

因此——而且我們顯然參與度非常高。

And we saw that come true, very true when there was a number of new approvals coming out of India. And our participation on those biosimilars and we're able to support our customers and those products going and we'll ramp up with them as we go forward. What's also exciting is that we're seeing more CDMO work be done, particularly out of South Korea is an example. We're very well positioned there to support our customers, the multinationals leveraging their partners in South Korea to able to support some of their primary packaging configurations. So more to come specifically in South Korea, but we're very well positioned for future growth in Asia Pac.

當印度有多項新的核准案出來時，我們確實非常明顯地看到這點。我們在這些生物相似藥上的參與度，使我們能夠支援客戶推進這些產品，並且在未來與他們一起逐步放量。另外令人振奮的是，我們看到更多 CDMO 的工作正在進行，南韓就是一個例子。我們在那裡的布局非常到位，能支援客戶——跨國藥廠透過其在南韓的合作夥伴——來支援其部分主要包材配置。所以南韓方面後續還會有更多進展，但我們在亞太未來成長上具備非常好的位置。

Yes. I would just think -- I would just say to add to that, if you think about the amount of innovation that's coming through there, so it's amazing how fast it has changed, and it's really on innovative drugs and biologics. And so again, that's where our strength is. And so you think about that opportunity going forward. And to your second point around drug handling, Kallum, is -- we feel very good about the momentum there.

是的。我只是想——我只是想補充一點，如果你去想那裡正在湧現的創新量，變化之快令人驚嘆，而且主要集中在創新藥物與生物製劑。因此，再次強調，那正是我們的強項所在。所以你可以思考未來的那個機會。至於你第二點關於藥品處理（drug handling）的問題，Kallum——我們對那裡的動能感到非常樂觀。

We talked about first commercial batches coming off earlier this year, which is on track for the $20 million of revenue. Mostly that was back half loaded. We had some -- we're expecting some in Q3, but a real step up in Q4. And so you'll actually see if you think about kind of what Q3 is probably the trough. From a revenue perspective, we do expect margins to improve quarter on quarter, Q2 to Q3 because of some of that we were just talking about and will continue and then into '27 as well.

我們談到今年稍早已有首批商業化批次下線，這符合達成2,000萬美元營收的進度。其中大多數會集中在下半年。我們——預期第三季會有一些，但第四季會明顯放量。因此，如果你去看，你會覺得第三季可能是谷底。從營收角度來看，我們確實預期毛利率會逐季改善，第二季到第三季會改善，原因就是我們剛才談到的一些因素；之後也會持續改善，並延伸到2027年。

So that's the way to kind of think about that.

所以大致可以這樣來理解。

Daniel Markowitz, Evercore ISI.

Daniel Markowitz，Evercore ISI。

Congrats on another good print. I wanted to ask on the GLP-1s. Assumed in the guide, it seems to imply a steep drop-off in the second half versus the first half. I do think I know the answer here, but just to be super clear, does this reflect anything you're actually seeing? Or is it just prudence?

恭喜又交出一份不錯的成績。我想問一下GLP-1。從指引中的假設來看，似乎意味著下半年相較上半年會出現明顯下滑。我想我大概知道答案，但為了非常清楚地確認，這反映了你們實際在市場上看到的情況嗎？還是只是出於審慎？

And then you also mentioned OUS markets going generic. Is that a really significant impact this year? Or would you characterize it as more of a '27, '28 driver?

另外你也提到美國以外（OUS）市場會進入學名藥化。這在今年會造成非常顯著的影響嗎？還是你會把它描述為主要在2027、2028年的驅動因素？

Yes. To your first question, Daniel, is more prudent than anything else. We're not seeing anything in the marketplace. And as you think about kind of the news continues to be very constructive coming out of the GLP-1 market, not only with as Eric mentioned in his prepared remarks, the expansion here in the US in the second half of the year, there were just some positive news earlier this morning about some next-generation products that are coming out.

是的。針對你的第一個問題，Daniel，這更多是審慎考量，而不是其他原因。我們在市場上沒有看到任何異常。而且你看GLP-1市場持續傳出非常正面的消息，不僅如Eric在事先準備的發言中提到的，今年下半年在美國會有擴張；今天稍早也有一些正面消息，關於即將推出的下一代產品。

And so our expectation is that we'll continue to expand the market and the adoption will continue.

因此，我們的預期是市場會持續擴大，採用率也會持續提升。

And as you -- on the second piece of your question around the growth opportunities outside the US certainly is helping us this year, but that's really a forward-looking opportunity. So we would expect '27 and the future years to be even bigger components of our contributors out in GLP-1s outside the US and Europe going forward.

至於你問題的第二部分，關於美國以外的成長機會，今年確實對我們有幫助，但那更是一個面向未來的機會。所以我們預期2027年以及之後年度，GLP-1在美國與歐洲以外地區的貢獻占比會更大。

Great. And the second thing I wanted to touch on was the margins super impressive on the proprietary product side, and we don't see it by subsegment level, but I do believe high-value component is the main driver. If you do look at other pieces of the business, SmartDose, I believe, still is very dilutive to the margins. As we look into the back half, can you give some color on what the margins were in that business and help us understand the impact that divestiture should have?

很好。第二點我想談的是，自有產品（proprietary product）端的毛利率非常亮眼；雖然我們看不到分子業務層級的細項，但我相信高價值組件（high-value component）是主要驅動因素。如果看業務的其他部分，SmartDose我認為仍然對毛利率有很大的稀釋。展望下半年，你能否提供一些該業務毛利率的顏色，並幫助我們理解這次剝離（divestiture）應該帶來的影響？

Yes. It's -- we talked about this at the beginning of the -- you're right. HVP components is our most accretive business from a margin perspective. SmartDose 3.5 has been dilutive in the first half of the year. We talked about that going away in the second half of the year and contributing 50 basis points of incremental margin for the full year.

是的。我們在——你說得對，我們在一開始就談過這點。從毛利率角度來看，HVP組件是我們最具增厚（accretive）的業務。SmartDose 3.5在今年上半年確實具有稀釋性。我們也談到這個影響會在下半年消失，並在全年帶來50個基點的增量毛利率貢獻。

So that's 100 basis points in the second half of the year. That's -- we're still on track for that. So if you look at our margin progression, I would expect it to continue to improve going forward and then moving into '27 and beyond.

也就是下半年貢獻100個基點。我們——目前仍在達成該目標的軌道上。所以如果你看我們的毛利率走勢，我預期未來會持續改善，並在2027年及之後延續。

(Operator Instructions) Luke Sergott, Barclays.

（接線員指示）Luke Sergott，Barclays。

This is [Sam] on for Luke. I just had one on the Medicare launch. I know it's pretty easy -- or early in the process there. But I don't know if you've had any conversations with your customers on how they think that will ramp and what the ordering patterns will be there. And what's kind of contemplated in the guide from a GLP-1 perspective?

我是代Luke提問的[Sam]。我只有一個問題，關於Medicare的上市推進。我知道現在還很早——或仍在初期階段。但我不確定你們是否已和客戶討論過，他們認為需求會如何爬坡、訂購模式會是什麼樣子。以及從GLP-1角度來看，指引中大概納入了哪些假設？

Yes, I'll start on this. So the regulations or the changes will actually potentially -- which should expand the market for us and increase volume. And that's a net benefit for West. And our customers are addressing the opportunity for them, but we'll be able to support them. And that's all being factored into our ongoing forecasting efforts that we have with our customers.

是的，我先回答這題。因此，相關法規或變更實際上可能——應該會為我們擴大市場並提高出貨量。這對West而言是淨利多。我們的客戶正在因應他們的機會，而我們也能夠支援他們。這些都已納入我們與客戶共同進行的持續預測工作中。

So we are able to provide products in a timely manner. So we do believe this will expand volume for West. Yes. It will ramp over time, [Sam].

因此我們能夠及時供應產品。所以我們確實相信這將擴大West的出貨量。是的。它會隨時間逐步爬坡，[Sam]。

Got it. And just quickly on delivery devices. You guys talked about the guide improving again. You started the year guiding mid-singles on that business. And even excluding the SmartDose ordering kind of ahead of what you thought half that growth still seems to be coming from the core business.

了解。另外快速問一下給藥裝置（delivery devices）。你們提到指引再次上修。年初你們對這塊業務的指引是中個位數成長。即便排除SmartDose訂單比你們預期更早的因素，成長的一半似乎仍來自核心業務。

So should we kind of expect that kind of cadence for the rest of the year? Or any direction on that would be great.

所以我們是否可以預期今年剩餘時間會維持這樣的節奏？任何方向性的說明都會很有幫助。

Yes. You're spot on there. We've enjoyed some really nice growth in the rest of the portfolio there, which speaks to the underlying dynamics that Eric mentioned earlier in the call. And our expectation is that will continue into Q3 and Q4.

是的。你說得完全正確。我們在該產品組合的其他部分也享受到相當不錯的成長，這也印證了Eric在電話會議前面提到的基本面動態。我們的預期是這樣的趨勢會延續到第三季與第四季。

Justin Bowers, Deutsche Bank.

Justin Bowers，Deutsche Bank。

Eric, one hack of a run. So congratulations on the retirement. And just a couple -- one high-level question and one around the GLPs. Really, really strong performance projected this year coming out of destocking and post pandemic. In terms of at the 7% to 9% organic growth.

Eric，這一路表現很精彩。所以恭喜你退休。我有兩個問題——一個高層次問題，另一個關於GLP。今年在去庫存與疫情後的背景下，預期表現非常強勁。就7%到9%的有機成長而言。

Is that something on the go forward, you should think of as a through cycle number? Or is that like an annual target? So that's number one. And then number two on the GLPs, what are you assuming for HVP penetration this year and growth in that segment or growth in crop products ex the GLP ones?

這在往後你們希望我們把它視為穿越景氣循環（through cycle）的數字嗎？還是像年度目標？這是第一個。第二個關於GLP，今年你們對HVP滲透率的假設是什麼？以及該分項的成長，或是扣除GLP-1後其他產品的成長，你們怎麼看？

Yes. Just, I'm going to start because I want to thank you for the comment. It's been a pleasure to be able to be part of West for these years. So thank you for that. And LRP, I'm going to let Bob answer that since I don't want to put them in uncomfortable position.

是的。我先開始，因為我想感謝你的評論。這些年能成為 West 的一員是我的榮幸。所以謝謝你。至於 LRP，我會讓 Bob 來回答，因為我不想讓他們處於尷尬的處境。

Yes. And Justin, to that point, we certainly are benefiting from some very nice momentum here, and there's nothing to suggest that, that momentum won't change going forward. Obviously, we'll have an opportunity to work with Michael when he comes on board. But if you look at the underlying market, the market is very constructive going forward. And given our position in that marketplace, we think we'll be able to continue to participate disproportionately relative to the market growth.

是的。而且 Justin，就你提到的這點而言，我們確實正受惠於目前非常好的動能，沒有任何跡象顯示這股動能在未來不會持續。顯然，當 Michael 加入後，我們將有機會與他合作。但如果你看底層市場，未來市場態勢相當正向。鑑於我們在該市場中的地位，我們認為相較於市場成長，我們將能以更高於市場的幅度持續參與其中。

So we feel good about where we are. going forward? And then on the -- can you ask the second part of your question? I just want to make sure we answer the -- answer it correctly.

所以我們對目前的狀況感到樂觀。往後呢？另外，關於——你能再問一次你問題的第二部分嗎？我只是想確認我們回答——能正確回答。

Proprietary proprietary products specifically this year. How are you thinking about penetration on the year and or growth for that business? And then proprietary products, organic growth ex GLP? What's embedded in the guide?

今年特別是自有產品（proprietary products）。你們如何看待今年的滲透率和／或該業務的成長？另外，自有產品的有機成長（不含 GLP）呢？指引中包含了什麼？

Yes, yes. So if we think about GLPs, we're saying high teens for that business for the full year. And that I would expect that to be consistent with the second half of the year for proprietary overall. It's low double digit. And -- but more -- I'd say, most importantly, the non-HVP or non-GLP-1 HVP at high teens as well.

是的，是的。所以如果我們談 GLP，我們對該業務全年是高十幾%的成長。而我預期這會與下半年整體自有產品的表現一致。整體而言是低雙位數。而且——但更——我會說，最重要的是，非 HVP 或非 GLP-1 的 HVP 也同樣是高十幾%。

And so that kind of gives you kind of the core growth drivers of that business. Obviously, standard business flattish, consistent with what we talked about at the beginning of the year. It's actually performed slightly better than that. But -- and then as we were asking about delivery devices, that business continues to perform very well.

因此，這大致勾勒出該業務的核心成長驅動因素。顯然，標準業務大致持平，與我們在年初談到的一致。實際上表現略優於此。但是——然後如同我們被問到的交付裝置（delivery devices），那項業務仍持續表現非常好。

Michael Polark, Wolfe Research.

Michael Polark，Wolfe Research。

I just want to fully understand the GLP-1 elastomer growth in the quarter. I heard HVP GLP-1 growth rate, high teens quoted. But if I just use the percent of revenue disclosures 10% this quarter, 8% in the year ago quarter. and do those dollars. That growth is more like 40% year on year.

我想完全理解本季 GLP-1 彈性體（elastomer）的成長。我聽到 HVP GLP-1 的成長率被提到是高十幾%。但如果我用你們揭露的營收占比：本季 10%，去年同期 8%，並換算成金額。那個成長看起來更像是年增 40%。

So I just wanted to under -- make sure I bridge that. Why is it at 40%? And what am I missing in the math on the high teens?

所以我只是想了解——確認我如何把它銜接起來。為什麼會是 40%？在「高十幾%」的算法上，我漏掉了什麼？

Yes, it is high teens, and we can follow up with your modeling questions going forward, but it was roughly 10% in Q1 as well. And the -- you may be referencing kind of the West Vantage piece of it as well.

是的，確實是高十幾%，我們也可以在會後就你未來的模型問題再跟進，但在第一季（Q1）大約也是 10%。而且——你可能也把 West Vantage 的部分一併納入參考了。

I think there's rounding in there to --

我想那裡面有四捨五入的因素，導致--

The bottom line, what I would say is we feel very good about the continued performance of our GLP-1 portfolio.

總之，我想說的是，我們對 GLP-1 產品組合的持續表現感到非常有信心。

Mac Etoch, Stephens Inc.

Mac Etoch，Stephens Inc.。

Eric, I'll add my congrats on a wonderful tenure and a great way to round that out. My one question kind of centers around Bob, your comments around pricing. Obviously, you're making an effort to better capture the value provided by the platform. So I think that's shown up in the last couple of quarters with price kind of ticking up on average. But just kind of generally speaking about the shift in energy prices and surcharges that you're seeing elsewhere?

Eric，我也要恭喜你任期非常精彩，並以很好的方式畫下句點。我唯一的問題大概聚焦在 Bob，你對定價的評論。顯然，你們正努力更好地掌握該平台所提供的價值。所以我想這在過去幾季已經反映出來，平均價格似乎有些上升。但更一般性地談談你們在其他地方看到的能源價格變動與附加費（surcharges）的轉變呢？

How are you thinking about price today versus maybe at the start of the year and how that's reflected within guidance?

你們如何看待目前的價格，相較於可能在年初時的水準，以及這如何反映在指引之中？

Yes, Mac, I'll take that. And yes, obviously, one of the areas that we've been evaluating as we started to see some increased costs associated with not only oil, but just commodity prices in general is having some of that be passed on to our customers. And we've been able to do that in the past to do that. And so I would expect in the second half of the year, that probably being a bigger piece of price going forward, just given kind of the dynamics in the marketplace.

是的，Mac，我來回答。而且是的，顯然，當我們開始看到不僅是油價，還有整體大宗商品價格所帶來的一些成本上升時，我們一直在評估的一個領域，就是將其中一部分轉嫁給客戶。而我們過去也能做到這點。因此我預期在下半年，這可能會成為價格（調整）中更大的一部分，主要是考量市場中的各種動態。

Thank you. That is all the time we have today for Q&A. I would now like to turn the call back over to Mr. John Sweeney for any closing remarks.

謝謝。今天的問答時間就到這裡。現在我想把電話交回給 John Sweeney 先生，請他做任何結語。

Thank you very much for joining us today. We look forward to meeting some of you at our conferences and other events as we move through the quarter. Thank you very much. Have a good day.

非常感謝各位今天加入我們。隨著本季推進，我們期待在我們的研討會與其他活動中與各位中的一些人見面。非常感謝。祝各位有美好的一天。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。