西式醫藥服務 (WST) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2026 West Pharmaceutical Services earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Michele Polinsky, Vice President of Communications.

各位好，感謝您耐心等候。歡迎參加 West Pharmaceutical Services 2026 年第三季（Q3）財報電話會議。目前所有與會者皆為僅收聽模式。敬請注意，今日會議將進行錄音。（接線員指示）現在我想將會議交給今日的發言人——傳播副總裁 Michele Polinsky。

Good morning, and welcome to West's third-quarter earnings conference call, which has been webcast live. With me today on the call are West President and CEO, Michel Lagarde; and West Senior Vice President and CFO, Bob McMahon. Earlier today, we issued our third-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.

各位早安，歡迎參加 West 第三季財報電話會議，本次會議已進行網路直播。今天與我一同出席的有 West 總裁暨執行長 Michel Lagarde，以及 West 資深副總裁暨財務長 Bob McMahon。今天稍早，我們已發布第三季財務結果。新聞稿副本，以及包含補充資訊供您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 in today's presentation and press release.

今天稍晚，網路直播的重播也將在我們網站的投資人專區提供。在開始之前，我們想提醒各位，管理層在本次電話會議及隨附簡報中所作的陳述，包含美國聯邦證券法所定義的前瞻性陳述。請參閱今日簡報與新聞稿中的「安全港」聲明。

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. 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 today's presentation materials.

此外，也請參閱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。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簡報資料中。

I'll now turn the call over to our CEO, Michel Lagarde. Michel?

接下來我將把電話會議交給我們的執行長 Michel Lagarde。Michel？

Thank you, Michele, and good morning, everyone. Thanks for joining us today. We're very pleased to welcome you to our earnings call. And before getting into the details of our strong third-quarter performance, I want to begin by saying what a privilege it is for me to now be part of team West. Having joined West two months ago, my priority has been spending time with our global teams, visiting our sites around the world, and meeting with our customers and investors. It's been incredibly rewarding to connect and learn from the company's stakeholder network and start to identify how we can build on our strengths and continue to evolve.

謝謝你，Michele，各位早安。感謝各位今天加入我們。我們非常高興歡迎各位參加本次財報電話會議。在深入說明我們第三季強勁表現的細節之前，我想先說，能夠成為 West 團隊的一員，對我而言是一項榮幸。我在兩個月前加入 West，首要任務就是花時間與我們的全球團隊交流、走訪世界各地的據點，並與客戶及投資人會面。能與公司利害關係人網絡建立連結並向其學習，並開始辨識我們如何在既有優勢上再接再厲、持續演進，這段經歷令人非常充實且收穫良多。

These have been valuable conversations, and I'd like to give a few examples. First was my visit to our Eschweiler manufacturing site in Germany. What was immediately apparent was a strong mission-driven culture and teamwork among the colleagues. Confronted with the need to increase output, the team focused on execution and unlocking new efficiencies. For instance, by integrating more automation onto the production floor. This effort is helping to expand capacity and support our global network optimization to improve the service levels for our customers. A great example of our opportunity to drive more impact from continuous improvement across our company.

這些對話都非常有價值，我想舉幾個例子。第一個是我造訪我們位於德國的 Eschweiler 製造據點。我立刻感受到的是同仁之間強烈的使命導向文化與團隊合作精神。面對必須提升產出的需求，團隊專注於落實執行並釋放新的效率。例如，將更多自動化導入生產現場。這項努力正協助擴充產能，並支持我們的全球網絡最佳化，以提升對客戶的服務水準。這是我們透過全公司持續改善來創造更大影響力的一個絕佳例子。

Second, my conversations with our customers. I've called on these same customers for the last decade, so it wasn't hard to get transparent feedback from them. From all my conversations, a very clear pattern has emerged. West is firmly on the very short list of preferred partners. Our reputation, combined with our deep technical and regulatory expertise, forms an incredible foundation to build upon. And we're invited to establish closer relationships with our customers. By doing so, we will understand their current and future needs even better so we can drive innovation adoption faster and of course, keep earning their business every day by our high quality and delivery performance. A clear path to continue to strengthen our enviable leadership position.

第二個是我與客戶的對話。過去十年我一直與這些客戶往來，因此不難從他們那裡獲得坦率的回饋。從所有對話中，出現了一個非常清楚的模式。West 穩居首選合作夥伴的極短名單之列。我們的聲譽，加上深厚的技術與法規專業，構成了極其堅實的基礎，可供我們持續發展。而且客戶也邀請我們建立更緊密的合作關係。透過這麼做，我們將能更深入理解他們當前與未來的需求，從而更快推動創新採用；當然，也能憑藉我們高品質與交付表現，每一天持續贏得他們的業務。這是一條清晰的路徑，讓我們得以持續強化令人稱羨的領導地位。

These two examples point to the opportunity I see for West: to drive more impact from strengthening our continuous improvement efforts, and continuing to develop more strategic customer relations, which will provide us with superior insights and allow us to better anticipate their future needs. And therefore, super excited to start contributing to our company's strategy and performance, build further on 100-plus years of accumulated experience, and unlock even more impact from our talented team. And with that, enable our customers to improve the lives of many more patients in need.

這兩個例子指出了我所看到的 West 機會：透過強化持續改善的努力來創造更大影響力，並持續發展更具策略性的客戶關係，這將為我們帶來更優越的洞察，並使我們能更好地預判其未來需求。因此，我非常期待開始為公司的策略與績效做出貢獻，在超過 100 年累積的經驗基礎上再向前邁進，並從我們才華洋溢的團隊中釋放更大的影響力。並藉此協助我們的客戶改善更多有需要患者的生活。

Now let me recap our quarterly performance. I'm pleased to report that we've had a great third quarter, exceeding our expectations for both revenues and earnings. Revenues of $874 million grew 12% organically, and adjusted EPS of $2.66 was up 36% compared to last year. Given this strong performance, we are again raising our top- and bottom-line full-year expectations, which Bob will talk about in more detail.

接下來我簡要回顧本季表現。我很高興報告，我們第三季表現非常出色，營收與獲利皆超出我們的預期。營收 8.74 億美元，有機成長 12%；調整後每股盈餘（EPS）為 2.66 美元，較去年成長 36%。鑑於這項強勁表現，我們再次上調全年營收與獲利的預期，Bob 將在稍後更詳細說明。

Let me now shift to how our segments performed in the quarter. Our Proprietary Products segment delivered 16.6% organic growth. The highlight was HVP Components, which grew 20%, driven by both GLP-1 and non-GLP-1 components demand and HVP upgrades. HVP Devices grew 26% organically after adjusting for SmartDose 3.5, led by Crystal Zenith and Admin Systems.

現在我轉向說明各事業部門在本季的表現。我們的專有產品（Proprietary Products）事業部門有機成長 16.6%。亮點是 HVP Components，有機成長 20%，主要受 GLP-1 與非 GLP-1 元件需求，以及 HVP 升級所帶動。HVP Devices 在扣除 SmartDose 3.5 的影響後，有機成長 26%，主要由 Crystal Zenith 與 Admin Systems 帶動。

While the West Vantage segment revenues declined 7% organically, the performance was slightly better than expected. As a reminder, the strategy of West Vantage is shifting the business to higher-value-added parts of drug handling. As a result, we're rolling off legacy programs as the new programs continue to ramp. This has a muted effect on segment growth this year and next.

雖然 West Vantage 事業部門營收有機下滑 7%，但表現略優於預期。提醒各位，West Vantage 的策略正轉向藥品處理中更高附加價值的環節。因此，隨著新專案持續爬坡，我們正逐步退出既有的傳統專案。這使得今年及明年的部門成長受到一定程度的抑制。

To conclude my remarks, I want to thank our team members for their efforts and amazing work. Our end markets remain strong, our position as the leader is firm, and we will continue to step up our performance to exceed our customers' expectations, which in turn will deliver value to all the stakeholders of West.

在結束我的發言之前，我要感謝我們的團隊成員所付出的努力與出色的工作。我們的終端市場依然強勁，我們作為領導者的地位穩固；我們將持續提升表現以超越客戶的期待，進而為 West 的所有利害關係人創造價值。

I now turn the call over to Bob to provide more details on our quarter performance and updated guidance. Bob?

現在我把電話會議交給 Bob，請他提供更多本季表現與更新後財測指引的細節。Bob？

Thanks, Michel, and good morning, everyone. Today, I will provide some additional details on Q3 revenue and take you through the income statement and some other key financial metrics. I will then cover our updated outlook for the rest of the year. As Michel mentioned, we had a strong third quarter as revenues of $874 million increased 8.7% on a reported basis and grew 11.9% organically, exceeding our expectations overall.

謝謝你，Michel，各位早安。今天我將補充一些第三季營收的細節，並帶各位檢視損益表以及其他幾項關鍵財務指標。接著我將說明我們對今年剩餘期間的最新展望。如 Michel 所提到的，我們第三季表現強勁：營收 8.74 億美元，以報告基礎計成長 8.7%，有機成長 11.9%，整體超出我們的預期。

Price contributed just over 4 percentage points of growth in the quarter. This strong performance was driven by our proprietary segment, which increased 16.6% on an organic basis. West Vantage declined 6.6% organically, which was better than expected. Within proprietary, our HVP Components business was a standout and now represents 53% of the total company's revenues. Revenues of $467 million grew 20% organically, exceeding expectations. The performance was broad-based and driven by multiple factors, including robust growth in biologics, continued strength in GLP-1, and positive HVP product mix shift.

本季價格因素貢獻了略高於 4 個百分點的成長。這項強勁表現主要由我們的專有產品事業部門帶動，其有機成長 16.6%。West Vantage 有機下滑 6.6%，但優於預期。在專有產品中，我們的 HVP Components 業務表現突出，目前已占公司總營收的 53%。營收 4.67 億美元，有機成長 20%，超出預期。此表現涵蓋面廣，並由多項因素驅動，包括生物製劑的強勁成長、GLP-1 的持續強勢，以及 HVP 產品組合朝正向方向轉移。

Diving a bit deeper into HVP Components, we had another strong quarter of growth outside of GLP-1s, growing high teens organically. This underscores our view that overall injectable market continues to provide runway for both increased volumes from existing and new drugs and for HVP upgrades across our existing portfolio.

再深入看一下 HVP Components，我們在 GLP-1 以外的領域本季同樣實現了另一個強勁的成長季度，有機成長達到十幾個百分點。這進一步印證了我們的觀點：整體注射劑市場仍提供充足的成長跑道，既包括現有與新藥帶來的用量提升，也包括我們既有產品組合中的 HVP 升級機會。

Annex 1 regulations have been driving HVP upgrades in Europe, and we are encouraged by increasing signs of upgrade activity in other geographies as regulatory frameworks continue to raise the bar on containment systems. We have added over 200 upgrade projects this year and believe upgrades can be a multi-year tailwind to our business. Our GLP-1 HVP business also performed very well, accelerating nicely in the quarter, growing well into the [30s%] organically. HVP GLP-1s represented just under 12% of total revenues in the quarter.

歐洲的 Annex 1 法規一直在推動 HVP 升級，而隨著各地監管框架持續提高對密閉/防護系統的要求，我們也樂見其他地區出現愈來愈多的升級活動跡象。今年我們新增了 200 多個升級專案，並相信升級將在未來多年成為推動我們業務的順風因素。我們的 GLP-1 HVP 業務同樣表現非常出色，本季加速成長，有機成長率提升至 30% 多。本季 HVP GLP-1 的營收占總營收比重略低於 12%。

We continue to remain optimistic about the long-term growth prospects of the GLP-1 category, driven by the continued adoption of existing products, the potential for expansion into new therapeutic categories, the development of next-generation molecules, and increasing access in certain markets as generics are launched.

我們仍對 GLP-1 類別的長期成長前景保持樂觀，動能來自既有產品持續被採用、可能擴展至新的治療領域、下一代分子（molecules）的開發，以及在部分市場隨著學名藥上市而提升可及性。

Now looking at other product categories in the proprietary segment, HVP Delivery Device revenues were $99 million in the quarter. This was flat on a reported basis and up 26% organically after excluding currency and the impact of the SmartDose 3.5 divestiture. Both Crystal Zenith and Admin Systems contributed to growth in the quarter. Of note, in Q3, we generated $12 million in SmartDose 3.5 revenue, which was not included in our Q3 guidance. This compared to $30 million in Q3 of last year.

接著看專有（proprietary）事業部的其他產品類別，本季 HVP Delivery Device 營收為 9,900 萬美元。以申報口徑（reported basis）來看持平；若排除匯率與 SmartDose 3.5 剝離（divestiture）的影響，有機成長為 26%。本季 Crystal Zenith 與 Admin Systems 皆對成長有所貢獻。值得注意的是，第三季我們產生了 1,200 萬美元的 SmartDose 3.5 營收，該金額未納入我們第三季的指引。相較之下，去年第三季為 3,000 萬美元。

Both figures, along with FX, have been excluded to calculate our organic growth in the quarter. As we have previously mentioned, SmartDose 3.5 product revenues were $55 million in the second half of last year, $30 million in Q3, and another $25 million in Q4. Those figures, along with the $12 million in Q3 of this year, are excluded from our organic growth calculations.

上述兩個數字以及匯率（FX）因素，皆已自本季有機成長的計算中排除。如我們先前提到，去年下半年 SmartDose 3.5 產品營收為 5,500 萬美元，其中第三季 3,000 萬美元、第四季另有 2,500 萬美元。這些數字以及今年第三季的 1,200 萬美元，均排除在我們的有機成長計算之外。

And now that we have closed the transaction and do not expect any additional SmartDose 3.5 product revenues going forward, I want to provide the SmartDose 3.5 revenue details for this year to help you with your modeling for next year. SmartDose 3.5 revenues were $100 million this year, $46 million in Q1, $42 million in Q2, and $12 million this quarter, as I just mentioned.

既然我們已完成交易交割，且預期未來不會再有任何 SmartDose 3.5 產品營收，我想提供今年 SmartDose 3.5 的營收明細，協助各位進行明年的模型推估。今年 SmartDose 3.5 營收為 1 億美元，其中第一季 4,600 萬美元、第二季 4,200 萬美元，以及如我剛才提到的本季 1,200 萬美元。

Consistent with this year, we will exclude those revenues from next year's organic growth calculations, but this will result in a roughly 290-basis-point headwind to reported growth next year. And lastly, in Standard Products, revenues of $163 million were up 3% on an organic basis.

與今年一致，我們將在明年的有機成長計算中排除這些營收，但這將使明年的申報成長率（reported growth）面臨約 290 個基點的逆風。最後，在 Standard Products 方面，營收 1.63 億美元，有機成長 3%。

Now let's move to our West Vantage segment. West Vantage delivered $146 million in revenue, declining 6.6% on an organic basis, slightly better than expected as we were able to fully recover the revenue deferred by the cyber incident in Q3 versus Q3 and Q4. As Michel stated earlier, the year-on-year decline was expected as incremental sales from new programs were more than offset by the decline associated with the roll-off of a CGM program starting this quarter.

接下來談 West Vantage 事業部。West Vantage 本季營收為 1.46 億美元，有機口徑下降 6.6%，表現略優於預期，因為我們得以在第三季相較第三季與第四季，完全回收因網路資安事件而遞延的營收。如 Michel 先前所述，年對年下滑在預期之內，因新專案帶來的增量銷售，已被自本季開始某項 CGM 專案到期退出（roll-off）所造成的下滑所抵銷且有餘。

And looking by geography, we delivered solid growth across each of our three geographies. Our smallest geography, Asia Pacific, representing 11% of our total company revenues, grew 42%, led by India and China. Americas grew 12%, while EMEA grew 6%, as good growth in proprietary was partially offset by the CGM program roll-off in West Vantage.

按地區來看，我們在三大地區皆實現穩健成長。我們規模最小的地區亞太，占公司總營收 11%，在印度與中國帶動下成長 42%。美洲成長 12%，而 EMEA 成長 6%；其中專有產品的良好成長，部分被 West Vantage 中 CGM 專案到期退出所抵銷。

Now let's take a closer look at the rest of the P&L. Total company gross margin was 39.7% in the quarter, up 310 basis points year over year. The year-on-year increase was primarily driven by better-than-expected proprietary product sales and the associated positive mix shift to HVP Components, as well as price contribution. We have been able to offset inflationary pressures on our cost base through good plant performance and some cost recovery via pass-through. While West Vantage gross margin was down year on year, it improved sequentially.

接著更仔細看看損益表（P&L）的其餘部分。本季公司整體毛利率為 39.7%，年增 310 個基點。年對年提升主要來自專有產品銷售優於預期，以及產品組合正向轉移至 HVP Components 所帶來的有利組合效應，並加上價格貢獻。我們透過良好的工廠營運表現，以及部分成本以轉嫁（pass-through）方式回收，得以抵銷成本基礎上的通膨壓力。雖然 West Vantage 的毛利率年對年下滑，但較前一季有所改善。

Adjusted operating margins of 25.3% were up 420 basis points compared to the prior year, driven primarily by the gross margin expansion and leveraging our SG&A cost base. We also benefited from improved below-the-line performance in the quarter, as our adjusted tax rate was a better than expected 17%, and we had 70.8 million diluted shares outstanding. Adding it all up, Q3 adjusted earnings per share were $2.66, up 36% versus last year and $0.47 above the midpoint of guidance we gave on the last earnings call.

調整後營業利益率為 25.3%，較去年提升 420 個基點，主要由毛利率擴張以及對 SG&A 成本基礎的槓桿效益所帶動。本季我們也受惠於損益表下方（below-the-line）表現改善：調整後有效稅率為優於預期的 17%，且稀釋後流通在外股數為 7,080 萬股。綜合以上，第三季調整後每股盈餘（EPS）為 2.66 美元，較去年成長 36%，並較我們在上次財報電話會議所提供指引的中位數高出 0.47 美元。

Before moving into our updated guidance, I did want to highlight a few additional financial metrics. For the first nine months of this year, we delivered free cash flow, that's operating cash flow less CapEx, of $278 million. This is roughly a 5% decrease compared to the same period in 2025 due primarily to increases in customers' accounts receivable, as well as increased inventory levels to support our operations, partially offset by lower capital spending. This is an improvement from Q2's results, and we expect continued improvement in Q4.

在進入更新後的指引之前，我想先強調幾項額外的財務指標。今年前九個月，我們的自由現金流（即營運現金流減資本支出 CapEx）為 2.78 億美元。相較 2025 年同期約下降 5%，主要因客戶應收帳款增加，以及為支援營運而提高庫存水位；部分被較低的資本支出所抵銷。這較第二季的結果有所改善，我們預期第四季將持續改善。

For the first nine months of 2026, capital expenditures were $125 million, lower than initially planned, and we now expect full-year CapEx to be between $215 million to $220 million for the year. This is still within our 6%-8% of revenue corridor, albeit at the low end. We continue to be focused on investing for growth and are kicking off a new wave of meaningful capital investments to expand our HVP finishing capacity, both in Europe and the US.

2026 年前九個月的資本支出為 1.25 億美元，低於原先規劃；我們目前預期全年 CapEx 將介於 2.15 億至 2.20 億美元。這仍落在我們「營收的 6% 至 8%」的區間內，但位於區間低端。我們仍專注於為成長投資，並正啟動新一波具規模的資本投資，以擴充我們在歐洲與美國的 HVP 最終充填（finishing）產能。

That said, we expect to remain in that 6% to 8% of revenue range for CapEx spending in the future. The success of our global operations this year has put us onto more solid footing, as we have been adding and training new shifts and optimizing our global network and increasing capacity. Our Q3 outperformance is a great example of the success of our teamwork. We are well-positioned to finish the year strong, and the new HVP finishing capacity expansions will further support growth in the coming years.

也就是說，我們預期未來 CapEx 支出仍將維持在營收的 6% 至 8% 區間。今年全球營運的成功使我們站上更穩固的基礎，因為我們持續增聘並訓練新班次、優化全球網路並提升產能。第三季的超預期表現正是團隊合作成功的絕佳例證。我們已做好準備以強勁態勢完成今年，而新的 HVP 最終充填產能擴建也將在未來幾年進一步支撐成長。

Additionally, from a balance sheet perspective, earlier this week, we upsized our revolver to $750 million and renewed for another five years, providing balance sheet flexibility. We also continue to return cash to shareholders via our dividends and share repurchase plans. Year to date, we've paid out $47 million in dividends and just announced our 34th consecutive year of dividend increases with an 18% increase in the dividend in the quarter.

此外，從資產負債表角度來看，本週稍早我們將循環信貸額度（revolver）擴大至 7.5 億美元，並續約五年，提供資產負債表的彈性。我們也持續透過股利與庫藏股回購計畫向股東返還現金。今年迄今，我們已支付 4,700 萬美元股利，並剛宣布連續第 34 年提高股利，本季股利上調 18%。

And for this first nine months of this year, we have repurchased just over 2.4 million shares for $685 million. Our cash flow and strong balance sheet continue to position us well as we deploy capital for growth and deliver value to our shareholders.

而在今年前九個月，我們已回購略高於 240 萬股，金額為 6.85 億美元。我們的現金流與強健的資產負債表，持續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。

In summary, we had a strong third quarter that exceeded our expectations on the top and bottom lines, and are pleased that our solid business momentum continues. And now let me turn to our updated guidance. Given the strong third quarter, we now anticipate full year revenue to be in the range of $3.41 billion to 3.42 billion, up from a prior range of $3.345 billion to $3.38 billion.

總結來說，我們第三季表現強勁，營收與獲利（top line 與 bottom line）皆超出預期，且很高興看到穩健的業務動能持續。接下來我將說明更新後的指引。鑑於第三季表現強勁，我們目前預期全年營收將落在 34.1 億至 34.2 億美元區間，高於先前的 33.45 億至 33.8 億美元區間。

This revised guidance assumes full-year 2026 organic sales growth of 11.3% to 11.6%, up from a prior range of 10% to 11%. FX is expected to have a full year benefit of 120 basis points, while the SmartDose 3.5 divestiture negatively impacts reported growth by 160 basis points. This translates to Q4 revenues of $820 million to $830 million, an improvement from our Q4 implied guidance last quarter and represents 6% to 7% organic revenue growth. Consistent with the first nine months of the year, we expect Q4 will be driven by double-digit growth in HVP Components. This prudent guide absorbs incremental negative FX as the dollar has strengthened in the past month and the West Vantage Q3 pull forward.

本次修訂後的指引假設 2026 全年有機銷售成長 11.3% 至 11.6%，高於先前 10% 至 11% 的區間。預期匯率（FX）將為全年帶來 120 個基點的正面效益，而 SmartDose 3.5 的剝離將使報告口徑成長率受到 160 個基點的負面影響。換算下來，第四季營收為 8.20 億至 8.30 億美元，較我們上季對第四季的隱含指引有所上修，並代表 6% 至 7% 的有機營收成長。與今年前九個月一致，我們預期第四季將由 HVP Components 的雙位數成長所帶動。這份審慎的指引已吸收額外的匯率負面影響，因為美元在過去一個月走強，以及 West Vantage 第三季的提前拉貨。

Full-year 2026 adjusted EPS is expected to be in the range of $9.38 to $9.48, up from a prior range of $8.85 to $9.05. This now represents growth of 29% to 30% year over year. We expect full-year operating margins to expand almost 300 basis points, driven by gross margin expansion and SG&A leverage. This is above our long-term growth construct of 100 basis points per year improvement as we have benefited this year from stronger-than-expected revenue growth, portfolio optimization, mix, and SG&A leverage.

2026 全年調整後每股盈餘（adjusted EPS）預期介於 9.38 至 9.48 美元，高於先前 8.85 至 9.05 美元的區間。這相當於年增 29% 至 30%。我們預期全年營業利益率將擴張將近 300 個基點，主要由毛利率擴張與銷售、一般及行政費用（SG&A）槓桿所驅動。這高於我們長期成長架構中每年改善 100 個基點的目標，因為今年我們受惠於優於預期的營收成長、產品組合優化、產品組合/品項結構（mix），以及 SG&A 槓桿。

And to help you with your models below the line for the full year, we're projecting $5 million of net interest income, a tax rate for the full year slightly lower than 18%, roughly $18 million in affiliate profits, and 71.4 million diluted shares outstanding for the year.

另外，為了協助各位在全年模型中「線下項目」的假設，我們預估淨利息收入為 500 萬美元，全年稅率略低於 18%，約 1,800 萬美元的關聯企業獲利，以及全年稀釋後流通股數為 7,140 萬股。

In summary, we're very pleased with how our business is performing. We're well-positioned to finish the year strong, and we look forward to introducing 2027 guidance on our Q4 earnings call in February.

總結來說，我們對業務表現非常滿意。我們已做好準備以強勁態勢完成今年，並期待在 2 月的第四季財報電話會議上發布 2027 年指引。

Now, I'd like to turn the call back to Michel for closing comments. Michel?

現在，我想把電話交回給 Michel 做結語。Michel？

Thank you, Bob. Early days for me, I'm incredibly excited about the journey ahead. This year, we're on track to deliver over [40 billion] highly critical components to our customers. This gives you a good sense of the dimensions of the patient impact our colleagues are focused on delivering. And this is why West is such an incredible company with a great financial profile that allows us to compound EPS consistently and at a high rate. Looking forward to speaking to more of you in the coming weeks and months.

謝謝你，Bob。對我而言才剛開始，但我對接下來的旅程感到非常興奮。今年，我們有望向客戶交付超過 [400 億] 個極為關鍵的零組件。這讓各位能清楚感受到，我們同仁所專注帶來的病患影響力規模。這也是為什麼 West 是一家如此出色的公司，擁有優異的財務體質，使我們能以穩定且高的速度持續複利式提升 EPS。期待在接下來幾週與幾個月，與更多各位交流。

And with that, operator, we're now ready to take the questions. Thank you.

那麼，接線員，我們現在準備開始問答。謝謝。

(Operator Instructions) Paul Knight, KeyBanc Capital Markets.

（接線員指示）Paul Knight，KeyBanc Capital Markets。

Thanks very much, Michel, and congratulations to everybody. The China, excuse me -- Asia growth was spectacular at 42%. Could you talk to the dynamics there, please?

非常感謝你，Michel，也恭喜大家。中國，抱歉——亞洲的成長率高達 42%，非常驚人。能否請你談談那邊的動態？

Yeah. Maybe I can start just generally, obviously, small base. And so we are excited about the growth as that market continues to provide us with lots of new customer opportunities. And so I would say, a great contributor to growth this quarter.

好的。我或許先從整體面來說，顯然基期較小。因此，隨著該市場持續為我們帶來許多新客戶機會，我們對這樣的成長感到振奮。所以我會說，本季它是成長的重要貢獻來源。

Yeah. Paul, good morning. This is Bob. Just to follow on what Michel is saying. We have been very pleased with the growth we have had in Asia Pacific. We have had three consecutive quarters here of very strong growth. It is the smaller part of our business from a geography standpoint, but it really has been driven in India and China really across a number of different markets. One is obviously the introduction of GLP-1s in both those markets.

好的，Paul，早安。我是 Bob，接續 Michel 的說法。我們對亞太地區的成長表現非常滿意。我們已連續三個季度呈現非常強勁的成長。從地理區域來看，這仍是我們業務中相對較小的一部分，但成長確實主要由印度與中國帶動，且涵蓋多個不同市場。其中一項顯然是 GLP-1 在這兩個市場的導入。

And as we think about this over time, I think there is a bigger opportunity to continue to drive growth in Asia as you think about the innovative drugs that are being developed there and so forth. We have certainly had it is early days for us, but I think there is an opportunity for us to continue to grow there and excited about the progress to date.

隨著時間推進，當你想到當地正在開發的創新藥物等因素時，我認為在亞洲持續推動成長的機會更大。對我們而言確實仍在早期階段，但我認為我們有機會持續在那裡成長，也對目前為止的進展感到振奮。

Daniel Markowitz, Evercore ISI.

Daniel Markowitz，Evercore ISI。

Congrats on the quarter, and thanks for taking my question. Can you help us understand some of the moving pieces for the GLP-1 elastomers between the Medicare Bridge program, OUS generics, and then offset by some potential mix shift to multi-dose? It was a massive record quarter, super impressive. I was curious, was there anything one-time in this 3Q number, and can you just help us understand the growth outlook here as we turn the page into '27, please?

恭喜本季表現，也謝謝讓我提問。能否協助我們理解 GLP-1 彈性體（elastomers）的一些變動因素，包括 Medicare Bridge 計畫、海外（OUS）學名藥，以及可能因產品組合轉向多劑量（multi-dose）而產生的部分抵銷？這是一個破紀錄的大季度，令人印象深刻。我想了解的是，第三季的數字是否有任何一次性因素？也請協助我們理解，當我們邁入 2027 年時，這裡的成長展望如何？

Yeah. Before I turn it over to Bob for some specifics, the way I would think about it, that class of medicines continues to demonstrate that it's transformative in its nature. I would say we're still quite early in the full potential of that class, right? You talked about access, different geographies around the world that are at different levels of maturity. And so we think it's a durable growth driver for us in the years to come, and certainly nothing one-offish in the quarter. Bob?

好的。在我把一些細節交給 Bob 之前，我會這樣看：這一類藥物持續展現其具變革性的本質。我會說，我們距離這一類藥物的全部潛力仍相當早期，對吧？你提到可近性（access），全球不同地理區域的成熟度也不一樣。因此我們認為，這會是未來幾年對我們而言具持久性的成長驅動因素，本季也絕對沒有任何一次性因素。Bob？

Yeah. I was just going to say to build on that, we didn't see any kind of one-time things there. We obviously aren't going to provide any granular level of details here. But as you know very well, Dan, we do think that this is a longer-term opportunity growth for all the reasons that we talked about in the prepared remarks as well as what Michel just talked about.

是的。我只是想在此基礎上補充，我們沒有看到任何一次性的情況。我們當然不會在這裡提供任何非常細的細節。但如你非常清楚的，Dan，基於我們在事先準備的發言中提到的所有原因，以及 Michel 剛才所說的，我們確實認為這是一個較長期的成長機會。

The Bridge program certainly is one area where it's actually increasing access, and we're glad to participate in that with our customers. Then certainly outside the US, there's opportunities to continue to grow as the generics -- the generic opportunity in various markets comes to bear. Then obviously down the road, you've got opportunities around next-generation molecules as well.

Bridge 計畫當然是一個領域，它實際上正在提升可近性，我們也很高興能與客戶一起參與其中。此外，在美國以外，隨著各市場的學名藥機會逐步顯現，仍有持續成長的空間。再往後看，下一代分子（next-generation molecules）也同樣帶來機會。

Matt Larew, William Blair.

Matt Larew，William Blair。

Hi. Good morning, everyone. I wanted to actually ask on HVP Delivery Devices, which ex SmartDose has continued to be strong this year. Is that associated with any particular drug launch or new customer wins, or perhaps is this indicative of customers asking you to do more and a broadening opportunity set for that category? Thanks.

嗨，各位早安。我想問的是 HVP 給藥裝置（Delivery Devices），扣除 SmartDose 後今年仍持續強勁。這是否與某個特定藥物上市、新客戶得標有關？或這是否代表客戶希望你們承接更多工作，使該類別的機會集合正在擴大？謝謝。

Yeah, let me take that, Matt, and good morning. We have been very pleased with that part of the business. I would not say it is indicative of any one particular new launch or molecule. I think, as we talked about Crystal Zenith and both the Admin Systems, they got a number of different customers and broad-based across different markets as well. We have just been able to see, I think, nice broad-based growth there.

好的，Matt，我來回答，早安。我們對這部分業務非常滿意。我不會說這反映任何單一特定的新上市或分子。我認為，正如我們談到 Crystal Zenith 以及兩個 Admin Systems，它們都有多個不同客戶，且在不同市場也相當廣泛。我們確實看到那裡呈現不錯、且相當廣泛的成長。

I would say, as we think about Q4, sometimes that business can be a little lumpy. I would not say that there was any pull forward, but had a very strong Q4 of last year, and so we are not expecting the same kind of growth that we saw in Q3 to repeat in Q4. But that being said, we are continuing to work with partners also on the self-injection system, the next generation SmartDose 10 and so forth, and so feel good about that portfolio going forward.

我會說，當我們看第四季時，那部分業務有時會有些波動。我不會說有任何提前拉貨，但去年第四季非常強勁，因此我們不預期第三季看到的那種成長會在第四季重現。不過即便如此，我們也持續與合作夥伴推進自我注射系統、下一代 SmartDose 10 等，因此對未來的產品組合仍感到樂觀。

Justin Bowers, Deutsche Bank.

Justin Bowers，德意志銀行。

(spoken in foreign language) Michel, et bienvenue. Appreciate you sharing your initial observations in your first two months at West. Can you discuss your priorities over the next 6 to 12 months, and also some of the opportunities you see to fortify West's moat?

(以外語發言) Michel，歡迎。感謝你分享在 West 任職前兩個月的初步觀察。你能談談未來 6 到 12 個月的優先事項，以及你看到哪些機會可以鞏固 West 的護城河嗎？

Yeah, thanks for the question. It's been a great first two months. Able to have spent time with our colleagues around the sites and around the world, spent a lot of time with customers, and obviously with our investors. And so what stands out to me first and foremost is our colleagues are just awesome, really an incredible team, mission-driven, really understands the importance of every single component needs to be at the highest quality, and obviously deliver for our customers.

好的，謝謝你的提問。這前兩個月非常棒。我有機會花時間與各據點及全球各地的同仁交流，也花了很多時間與客戶互動，當然也與投資人交流。所以首先最讓我印象深刻的是，我們的同仁真的很棒，是一支令人驚嘆的團隊，以使命為導向，真正理解每一個零組件都必須達到最高品質的重要性，並且顯然能為客戶交付成果。

So it's really a towering strength, I would say. And we've been at it for 100 years, and so the technical depth in the team is another one that I think really is unmatched. With regards to areas for improvement or priorities, I highlighted some of them in the prepared remarks, but there is an opportunity to forge even closer relationships with our customers. I would say currently our points of connections are perhaps more at the operational, sort of technical level, and we're invited to elevate these relationships.

所以我會說這是一項非常突出的優勢。我們已經深耕 100 年，因此團隊的技術深度也是我認為無可匹敵的另一項優勢。至於改善領域或優先事項，我在事先準備的發言中提到了一些，但我們有機會與客戶建立更緊密的關係。我會說，目前我們的連結點可能更多是在營運、偏技術的層面，而我們也被邀請把這些關係提升到更高層級。

And I think that's exciting because it will provide us with better insights, will really allow us to have opportunity to do demand planning together so that we have always the right capacity available as demands go up, and then improve the adoption of our innovation. I think are some of the benefits of connecting with these customers at a more strategic level. And so that certainly will be an area of focus in the months to come.

我認為這很令人振奮，因為這將讓我們獲得更好的洞察，也真正讓我們有機會一起做需求規劃，讓需求上升時我們始終能提供適當的產能，並提升我們創新的採用率。我認為，這些都是在更具策略層級與客戶連結所帶來的一些好處。因此，這肯定會是未來幾個月的重點之一。

The second one is around continuous improvement. Obviously, that is part of what we do, but it's a muscle group that can be strengthened, I think. I think it's about being even more specific about the scale and dimensions of the impact we expect from continuous improvement, raise our ambitions, and then help our colleagues with some tools so that we can drive more benefits from digitization and automation and just this general view of let's find a better way every day. I think that continues to be a real area across the sites, but also in our global functions, and that will also be a priority to make sure that we define that well, help our colleagues through that, and over time, therefore deliver more impact from that effort. Thanks for the question.

第二個重點是持續改善。顯然，這本來就是我們工作的一部分，但我認為這塊「肌肉」還可以再強化。我認為關鍵在於更具體地界定我們期望持續改善帶來的影響規模與面向，提高我們的企圖心，並提供同仁一些工具，讓我們能從數位化與自動化中取得更多效益，以及建立一種「每天都要找到更好方法」的整體觀點。我認為這在各個據點以及我們的全球職能部門都是一個真正的重要領域；這也將是優先事項之一，確保我們把它定義清楚、協助同仁推動，並隨著時間推進，從這項努力中交付更大的影響。謝謝你的提問。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Great. Thank you, and welcome, Michel. Appreciate your opening remarks and look forward to working with you and best of luck. I guess just first question, maybe just on the, Bob, on the margins. I know you mentioned we're running a little bit ahead of that 100 bps annual increase. You called out nothing really unusual in the quarter. (inaudible) I know Q3 was a strong revenue quarter, but is this -- it was significantly ahead of our expectations. I realize SmartDose was a little bit lower margin, but is this kind of a new floor? Should we look at kind of [mid-40s%] on the proprietary side as a good starting point and growing from there? I'm just kind of trying to get a little bit better handle on that.

很好。謝謝你，也歡迎你，Michel。感謝你的開場發言，期待與你合作並祝你一切順利。我想先問第一個問題，可能是關於，Bob，關於毛利率。我知道你提到我們目前的進度略微超前於每年增加 100 個基點。你也指出本季沒有什麼特別不尋常的事項。(聽不清楚) 我知道第三季營收很強，但這——它明顯高於我們的預期。我理解 SmartDose 的毛利率稍低，但這是否算是一個新的底部？我們是否可以把專有產品這邊大約 [40% 中段] 視為一個不錯的起點，並在此基礎上持續成長？我只是想更好地掌握一下。

Yeah. Larry, this is Bob. Appreciate the call. And yeah, I wouldn't say that this is the new floor, but we are very optimistic about our continued margin expansion growth. We didn't have any one-timers in Q3, but it actually shows when you have the mix shift that we've seen, particularly in our HVP business, as well as that above expectation around growth, it shows really the incremental margin strength that we have.

是的。Larry，我是 Bob。感謝來電。我不會說這就是新的底部，但我們對於毛利率持續擴張的成長非常樂觀。第三季沒有任何一次性因素，但它其實顯示出，當你看到我們的產品組合轉移——特別是在我們的 HVP 業務——以及高於預期的成長時，就能看出我們具備很強的增量毛利率。

And so we certainly in the quarter and moving forward with the divestiture of SmartDose, that's going to be helpful for us. But the 300 basis points gross margin really was a combination of positive mix shift, continued leveraging of our existing base given the strong performance that we've had from a filling-the-factories perspective. Price was also a factor there. Then below the line, being able to leverage our SG&A and so forth.

因此，本季以及未來隨著 SmartDose 的剝離，這將對我們有所幫助。但毛利率提升 300 個基點，確實是正向的產品組合轉移、在既有基礎上持續槓桿化（考量到我們從「填滿工廠」角度所展現的強勁表現）等多項因素的綜合結果。價格也是其中一個因素。此外，在損益表下方，我們也能槓桿化 SG&A 等費用。

As we think about Q4, we're still in line with very significant margin expansion year on year. We are probably investing a little in Q4 as we think about going forward. But I'd leave you with the expectation that I think that's one of the underappreciated opportunities for us going forward, and particularly with what Michel was just talking about with continuous improvement, I think we have an opportunity to continue to drive margin expansion going forward. So we're certainly optimistic and not done with driving those margins over the next several years.

談到第四季，我們仍符合年對年非常顯著的毛利率擴張。我們可能在第四季會稍作投資，以因應未來的發展。但我想留給你的一個重點是，我認為這是我們未來一項被低估的機會；特別是 Michel 剛才談到的持續改善，我認為我們有機會在未來持續推動毛利率擴張。所以我們當然很樂觀，並且在未來幾年推動這些毛利率提升的工作還沒有結束。

Doug Schenkel, UBS.

Doug Schenkel，瑞銀。

Good morning, and thank you for taking my questions. Michel, I want to start with one on your view of the portfolio today and whether you see any gaps that represent opportunity as you think about technology, adjacent capabilities, maybe new therapeutic categories. I ask in part because you have a really successful history of M&A, most recently across your decade at Thermo. I just want to see how you're thinking about the portfolio and really what is your M&A criteria. If I could just ask my second one, and then I'll get back and listen. Year to date, you've grown GLP revenue. I think it's over 30%. That comes after a year of growing, around 50% in the prior period. So robust growth against a tough comp. Given this, is approximately 10% still the right planning assumption going forward for GLP-1 revenue?

早安，謝謝你回答我的問題。Michel，我想先從你對目前產品組合的看法開始：你是否看到任何缺口，並在技術、相鄰能力、或新的治療領域方面代表著機會？我之所以這樣問，部分原因是你在併購方面有非常成功的歷史，最近一次是在 Thermo 的十年期間。我想了解你如何看待產品組合，以及你的併購標準到底是什麼。如果我可以再問第二個問題，然後我就回去聽。今年迄今你們的 GLP 營收成長了。我想超過 30%。而在前一期間，你們大約成長了 50%。所以在高基期下仍然是強勁成長。基於此，未來對 GLP-1 營收以約 10% 作為規劃假設，是否仍然合適？

It just seems like you're continuing to have just tremendous momentum there in spite of any concerns about generics, multi-dose, or orals that were prevalent in investor discussions earlier this year. I'm just wondering if that 10% is still the right number. Thank you.

看起來即使今年稍早投資人討論中普遍存在對學名藥、多劑量或口服劑型的疑慮，你們在那裡仍持續展現非常強勁的動能。我只是想確認那個 10% 是否仍是正確的數字。謝謝。

Good questions. On portfolio and M&A, this is how I sort of think about it, and obviously it's early. But the first thought is around the fact that our organic profile here at West is so incredibly strong, right? We have multiple secular growth tailwinds, an enviable market position, and a super capable team, right? That is what has earned this company its premium valuation. The first focus will always be about continuing to strengthen the organic prospects of the company. Then having spent a lot of time with our customers here over the last 10 plus years, it's also clear that they are looking for simplification of their supply chain and consolidation of their supplier base. It's hard for them to design supply chains when there's so many people involved that are responsive and resilient, and economical.

好問題。關於產品組合與併購，我大致是這樣思考的，當然現在還早。但第一個想法是，我們在 West 的內生成長輪廓非常強勁，對吧？我們有多項長期結構性成長順風、令人稱羨的市場地位，以及非常有能力的團隊，對吧？這些正是讓公司獲得溢價估值的原因。第一個重點永遠會是持續強化公司的內生成長前景。此外，在過去 10 多年我花了很多時間與這裡的客戶互動後，也很清楚他們正在尋求供應鏈的簡化，以及供應商基礎的整合。當牽涉的人太多時，他們很難設計出既具回應性與韌性、又具成本效益的供應鏈。

They're quite vocal on this point and have demonstrated that they would move market share towards their preferred partners. And we're on that very short list and therefore have the opportunity to think about what else could we offer these customers and extend our impact. Obviously, given our financial profile and our organic prospects, the bar for M&A is incredibly high. That's a good thing from where I sit, because this will allow us to be incredibly patient, disciplined to only pursue transactions that truly amplify our financial profile and be regarded as very favorable in the eyes of our customers, because then they will also deliver great value for our shareholders. So, the organic focus, I think is what it will be. Then over time, as I go through the process here, we'll think about what other opportunities may arise in the future.

他們在這一點上相當直言不諱，並且已經證明他們會把市占率轉向他們偏好的合作夥伴。而我們就在那份非常短的名單上，因此有機會思考還能為這些客戶提供什麼，並擴大我們的影響力。顯然，鑑於我們的財務狀況與內生成長前景，併購（M&A）的門檻高得驚人。從我的角度看這是件好事，因為這讓我們能夠非常有耐心、嚴守紀律，只追求那些真正能放大我們財務特質、並在客戶眼中被視為非常有利的交易，因為那也將為我們的股東帶來很大的價值。所以，我認為重點會放在內生（有機）成長。然後隨著時間推進、我在這裡逐步走完流程，我們也會思考未來可能出現的其他機會。

On your point around GLP-1 growth, look, the percentages indeed at some point become harder to comp when you sort of roll them over. But I do think we stay incredibly bullish about the full prospects of that therapy class. As a company, we have the great opportunity to participate in that market very broadly, right? Not only with the current players and continuing to do a good job for them, make sure that we're part of the new entries to the market and the new molecules that are being developed, and then, of course, the biosimilar players or the generic players. So I feel good about the fact that GLP-1 will continue to be an important driver of growth here in the periods to come.

關於你提到的 GLP-1 成長，坦白說，當你把這些百分比一路往後滾動時，確實在某個時間點會變得更難比較（comp）。但我確實認為，我們對這個治療類別的整體前景仍然非常看多。以公司角度來看，我們有很好的機會在這個市場中非常廣泛地參與，對吧？不僅是與目前的參與者合作並持續把服務做好，確保我們也能參與新進入市場的廠商以及正在開發的新分子，當然也包括生物相似藥廠商或學名藥廠商。因此我對 GLP-1 在未來幾個期間仍將是我們重要的成長驅動因素感到樂觀。

David Windley, Jefferies.

David Windley，Jefferies。

Hi. Good morning. Doug stole a lot of my thunder there. Appreciate your answers on that. I wanted to ask, I guess, on capacity and the commentary around CapEx and thinking kind of strategically around ROI and Michel, your comments about the strength of the organic franchise. Is there an opportunity to drive efficiency into the footprint and supply the demand that you're seeing with a fairly, what sounds like maybe a fairly efficient CapEx expenditure for expansion? Or I guess I'm trying to feel out, are we about to head into a multi-year elevated CapEx spending regime again?

嗨，早安。Doug 剛剛把我很多想問的都先問掉了。感謝你對那些問題的回答。我想問的是，關於產能以及你們對資本支出（CapEx）的評論，並從投資報酬率（ROI）的策略角度來看，還有 Michel 你提到內生業務版圖的強勁。是否有機會在既有據點（footprint）中提升效率，並以相對而言——聽起來可能是相當有效率的——擴產資本支出來滿足你們看到的需求？或者我換個方式問：我們是否即將再次進入一個為期多年的高資本支出投入週期？

Thanks, Dave. Look, as Bob mentioned, I think we're very comfortable with the 6% to 8% sort of range. Some years you're at the lower end of that range, some years you're at the higher end of that range. But this is not a place where I think we would be outside of it on either side. I think your point around capacity is a good one, right? That's why I also mentioned we have this opportunity around continuous improvement, because a lot of that effort will be going towards de-bottlenecking and increasing output from our current capacity. So that has a real focus, and we'll continue to strengthen that.

謝謝，Dave。你看，正如 Bob 提到的，我認為我們對 6% 到 8% 這個區間非常有信心。有些年份會落在區間的低端，有些年份會落在高端。但我不認為我們會在任何一端超出這個區間。我認為你提到的產能點很重要，對吧？這也是我提到我們在持續改善（continuous improvement）方面有機會的原因，因為那當中很大一部分工作會用於去瓶頸（de-bottlenecking）並提高我們現有產能的產出。所以這會是很明確的重點，我們也會持續強化。

In addition, as we mentioned, we are starting on the next wave of finishing capacity, and that's just new investment that will expand our available capacity so that we have the right capacity available for the continued growth of this business. But expect us to operate inside that range as provided.

此外，如同我們提到的，我們正在啟動下一波的後段製程（finishing）產能建置，這就是新的投資，將擴大我們可用的產能，讓我們能為這項業務的持續成長提供合適的產能。但請預期我們會如先前所述，維持在該區間內運作。

Yeah. David, maybe just to add on what Michel's saying. One of the things that we've done internally in the last year is really be much more thoughtful about the priorities within the capital spend that we have. So driving, I would say, disproportionate investment in our highest return areas, which would be HVP. So not only do we have the opportunity to continue to drive efficiencies within the factory footprint that we have through the continuous improvement that we're doing. We're also doing some tech transfers to better level load our facilities, which provides not only multiple sources of product to our customers, which is important, but it also helps us leverage the existing footprint even more efficiently.

對。David，我補充一下 Michel 的說法。過去一年我們在內部做的一件事，是對既有資本支出中的優先順序變得更審慎、更有想法。也就是把相對更高比例的投資導向我們報酬率最高的領域，也就是 HVP。除了透過我們正在做的持續改善，在既有工廠據點中持續提升效率之外，我們也在做一些技術移轉（tech transfers），以更好地平衡各廠的負載，這不僅能為客戶提供多重產品來源（這很重要），也能讓我們更有效率地運用既有據點。

As we think about the upgrade opportunities to moving towards less and less contamination, higher and higher regulatory requirements, that finishing capacity has a higher ROI, and the beauty of that is it doesn't require more units. It's really taking the existing units and upgrading them to higher value units. So I feel like we've got a sufficient molding capacity, which is probably the higher areas of investment, and then continue to invest in advance of the HVP finishing activities that we're just talking.

當我們思考升級機會、朝向越來越低的污染風險、以及越來越高的法規要求時，那些後段製程（finishing）產能的投資報酬率更高；而其優點在於不需要更多機台數量。它其實是把既有機台升級成更高價值的機台。所以我覺得我們的成型（molding）產能是足夠的——那可能是投資較大的部分——接著就是持續在我們剛剛談到的 HVP 後段製程活動之前，提前進行投資。

Luke Sergott, Barclays.

Luke Sergott，Barclays。

This is Sayle Moona for Luke. Thanks for taking our questions this morning. The HHS fairly recently released a draft guidance that has some similarities to Annex 1. Sounds like you've already seen movement over to HVP Components outside of Europe. Just wanted to get an update on how you see this affecting the market, just from your previous experience with how Annex 1 progressed and how you expect things to trend within the U.S. Then also separately, just wanted to hear an update on how drug handling is progressing versus your expectations this quarter and in 4Q. Thanks.

我是代 Luke 提問的 Sayle Moona。感謝今天早上回答我們的問題。美國衛生與公共服務部（HHS）不久前發布了一份草案指引，與 Annex 1 有一些相似之處。聽起來你們已經看到歐洲以外的市場也開始轉向 HVP Components。想請你們更新一下：基於你們先前對 Annex 1 推進過程的經驗，你們認為這會如何影響市場，以及你們預期在美國的趨勢會如何發展。然後另外一個問題是，也想聽聽本季以及第四季（4Q）藥品處理（drug handling）的進展相較於你們預期如何。謝謝。

Thanks for the questions. Good observation on the regulatory front. I think this is how these global regulators work. Sometimes one region is a little bit ahead with an insight and a set of regulations, and then others follow. The way I would think about it is the regulators in Europe, when they published their Annex 1 requirements, obviously were trying to solve a very specific problem around contamination, but that has nothing to do with being in Europe. It has everything to do with how these products are being manufactured. It is quite logical for other regulators in the world to solve or focus on that same problem and suggest ways that companies need to comply. We are seeing now very clearly that in the guidance that the US is now embarking on.

謝謝你的提問。你對法規面的觀察很到位。我認為全球監管機構就是這樣運作的。有時某個地區會在洞見與一套法規上稍微領先，然後其他地區跟進。我的看法是，歐洲監管機構在發布 Annex 1 要求時，顯然是要解決一個非常特定的污染問題，但那與是否在歐洲無關。它完全與這些產品的製造方式有關。因此，世界其他地區的監管機構也去解決或聚焦同樣的問題，並提出企業需要遵循的合規方式，是相當合乎邏輯的。我們現在非常清楚地看到，美國正在推進的指引也正是如此。

I think our customers are used to that. When they think about, for instance, upgrading to our HVP Components, that is never a regional strategy. I think it is in our expectations that therefore the broader regulatory push towards higher contamination will continue to be a real secular long-term growth trend for us to upgrade customers to even better solutions.

我認為我們的客戶已經習慣這種情況。例如，當他們考慮升級到我們的 HVP Components 時，那從來不是一個區域性的策略。因此我們的預期是，更廣泛的監管推力、朝向更高的污染控制要求，將會持續成為一個長期的結構性（secular）成長趨勢，推動我們把客戶升級到更好的解決方案。

Yeah. Maybe to build on that. Most of the revenue upgrades that we have seen to date have been the European-based, but increasingly, as we talk about those new projects, those are in the pipeline. That is more opportunity, I think, going forward as Michel said. I have seen some nice pickup there, mainly on the project side. I think that that is a multi-year kind of opportunity for us.

對，我再補充一下。到目前為止，我們看到的大多數營收升級都來自歐洲客戶，但隨著我們談到那些新專案，它們正在管線中。如 Michel 所說，我認為未來會有更多機會。我看到那邊有不錯的回升，主要是在專案端。我認為那對我們而言是一個跨多年的機會。

Then on the point around drug handling and the strategy in West Vantage, I think it's progressing as per our expectations. We continue to ramp up those higher-value-added contracts and continue to see a good funnel of opportunities, and team is doing a good job executing those. And of course, are rolling off the more legacy projects. I think that's why you see that muted effect on growth this year and next.

至於藥品處理（drug handling）以及 West Vantage 的策略，我認為進展符合我們的預期。我們持續拉升那些更高附加價值的合約，也持續看到良好的機會漏斗（funnel），團隊在執行上做得很好。當然，同時也在逐步退出較為傳統的舊案（legacy projects）。我想這就是你看到今年與明年成長影響較為溫和的原因。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Great. Thanks for taking the questions, guys, and congrats again on the print, Michel. It's great to have you. Maybe one here on the revenue mix that we should think about moving forward. I guess you guys noted that HVPs are over 50% now of revenues, and some of which includes, I think, biologics, around 43% you had in the deck there. I guess as we look at our models through Q4 and into next year, I guess where do you think that HVP mix ultimately gets to over the next year? And I guess just related to that, how are you thinking about where the current 2026 revenue exit run rate is tracking versus that 7% to 9% LRP you put out there previously? And just any updated thoughts on that looking ahead. Thanks.

太好了。感謝各位接受提問，也再次恭喜這次的成績，Michel。很高興有你加入。我這邊可能想問一個關於未來營收組合的問題。我想你們提到 HVP 現在已占營收超過 50%，其中一部分我記得包含生物製劑，你們簡報裡大約是 43%。我想在我們把模型往 Q4 以及明年延伸時，你們認為未來一年 HVP 的占比最終會到多少？另外也相關地想請教，你們怎麼看目前 2026 年營收退出（exit）年化運行率（run rate）相較於先前提出的 7% 到 9% LRP 的追蹤情況？以及對未來的任何更新看法。謝謝。

Yeah, maybe two thoughts. One, I think the good thing about this business, as I mentioned earlier, is it benefits from multiple tailwinds when it comes to growth. We think the upgrade opportunity is one that will be with us, as we just talked about, globally, and therefore an important driver of revenue growth. You'll see the growth in that segment, but similarly on the biologic side, because that's driven by record scientific innovation, right? And we're sitting at a record pipeline in clinical development, and a lot of that is biologics, increasing percentages. So also that segment will benefit from these growth tailwinds. I think we feel good about all aspects of the portfolio benefiting from these trends, and therefore, we feel good about the robustness of the growth profile of the overall company going forward.

是的，可能有兩點想法。第一，我認為這個業務的好處之一，如我先前提到的，是在成長方面受惠於多重順風。我們認為升級機會會如同我們剛才談到的，在全球範圍內持續存在，因此會是營收成長的重要驅動因素。你會看到該區塊的成長；同樣地，在生物製劑端，因為那是由創紀錄的科學創新所驅動，對吧？而我們目前臨床開發的管線也處於歷史新高，其中很大一部分是生物製劑，占比還在提高。因此該區塊也會受惠於這些成長順風。我們認為投資組合的各個面向都能從這些趨勢中受益，因此我們對公司整體未來的成長輪廓之穩健性很有信心。

Yeah, I know you asked, Brendan, about kind of revenue mix. We don't have a specific target of revenue, but we do expect that HVP will be growing faster than the overall company. So you could expect that number to continue to rise over time. That's the nice thing about this business is, those secular tailwinds are in the areas that we're providing most value to customers, but also our best performing products.

是的，Brendan，我知道你問的是營收組合的方向。我們沒有設定特定的營收占比目標，但我們確實預期 HVP 的成長速度會快於公司整體。所以你可以預期這個數字會隨時間持續上升。這個業務很棒的一點是，那些結構性順風正好落在我們為客戶提供最大價值的領域，同時也是我們表現最好的產品。

Curtis Moiles, BNP Paribas.

Curtis Moiles，法國巴黎銀行（BNP Paribas）。

Hey, good morning. Thanks for taking my question, and welcome to the team, Michel. Looking forward to working with you. I just wanted to start off on the biologics revenue. I know that it's grown 26% year to date, so just kind of curious how sustainable that is going forward. Maybe could we see that drop off since it's just a high level? Secondly, I just wanted to quickly ask on price as well. It was 4% of growth in the quarter. Should we expect that to kind of continue going forward? Thank you.

嗨，早安。謝謝讓我提問，也歡迎加入團隊，Michel。期待與你合作。我想先從生物製劑營收談起。我知道今年迄今成長了 26%，所以想了解這樣的成長在未來有多可持續。會不會因為基期較高而出現回落？第二個問題我也想快速問一下價格（price）。本季價格貢獻了 4% 的成長。我們是否應該預期未來也會大致延續？謝謝。

On biologics, as I mentioned, we're very excited to see the continued focus of both pharma and biotech on developing impactful new medicines, right? If you look at the pace and the scale at which that innovation pipeline now sits, it's at all-time records, both true in terms of overall compounds that people are working on, but also true for the percentage of that that represents biologics, which obviously super relevant to us because those will need to be delivered through injection. I think you'll see real continued focus on that part of it, because these large molecules are proven to be really the key to addressing some of these unmet medical needs as our customers are developing those products. So that you should see as a continued driver of growth going forward. On price, I think we've always said 2% to 3%.

關於生物製劑，如我提到的，我們很高興看到製藥與生技公司持續聚焦於開發具重大影響力的新藥，對吧？如果你看目前創新管線的速度與規模，已經來到歷史新高：不僅是人們正在研發的化合物總量創新高，同時其中屬於生物製劑的比例也創新高；這對我們當然非常相關，因為這些產品顯然需要透過注射方式給藥。我認為你會看到市場對這一塊持續高度關注，因為在客戶開發這些產品時，這些大分子已被證明是解決部分未被滿足醫療需求的關鍵。因此，這會是未來持續的成長驅動因素。至於價格，我想我們一直說的是 2% 到 3%。

I think that is still sort of the right long-term assumption. I think this year a little ahead of it. Part of that has to do with the environment in which we find ourselves, but I think the right planning assumption is probably the one that we talked about previously.

我認為這仍然算是正確的長期假設。今年稍微高於這個區間。其中一部分與我們所處的環境有關，但我認為合理的規劃假設大概仍是我們先前談到的那個。

Mack Etoch, Stephens.

Mack Etoch，Stephens。

Hey, good morning, and thank you for taking my questions. Michel, looking forward to working with you as well. Maybe just a quick one to follow up on Doug's question earlier, but you have a pretty unique multinational services background. I just want to get a sense for how you're thinking about leveraging West Vantage in the future. It is an area that maybe until recently was fairly underappreciated by investors. So I just want to get a broader picture for how you are thinking about that platform long term. Thanks.

嗨，早安，謝謝讓我提問。Michel，我也期待與你合作。我想快速追問一下先前 Doug 的問題：你有相當獨特的跨國服務背景。我想了解你如何思考未來運用 West Vantage。這個領域可能直到最近才較少被投資人重視。所以我想更宏觀地了解你對這個平台長期的思考方向。謝謝。

Yeah. Thanks, Mack, for the question. I think if you look at our company, the core of it are its products, right? That represents the vast majority of the revenue, the profit, and I think also sort of the financial profile as we have laid it out is really one of a products business. So, I think that is an important observation. I think on West Vantage, it is all about improving the business we have. In my assessment, we have the right strategy. Moving towards the higher value-added components, make sure we execute really well so that the contribution of that part of the business continues to strengthen here and in the years ahead.

好的，謝謝你的問題，Mack。我認為如果你看我們公司，核心是產品，對吧？產品貢獻了絕大部分的營收與利潤，而且我認為我們所呈現的財務輪廓，本質上也主要是一家產品型公司的輪廓。所以我認為這是一個重要的觀察。至於 West Vantage，重點在於把我們既有的業務做得更好。以我的評估，我們的策略是正確的。朝向更高附加價值的組成移動，並確保執行到位，讓該業務部分的貢獻在現在以及未來幾年持續增強。

Avantika Dhabaria, Bank of America.

Avantika Dhabaria，美國銀行（Bank of America）。

Hi. Thank you for the question and congrats on the quarter. You are starting a new wave of HVP investments. When should that capacity come online, and can your existing footprint support the demand you are seeing in the near term? Thank you.

嗨，謝謝讓我提問，也恭喜本季表現。你們正在啟動新一波的 HVP 投資。這些產能何時會上線？以及你們現有的據點（footprint）是否能在短期內支撐你們看到的需求？謝謝。

Yeah, thank you for your question. Certainly not looking for more dots on the map. I think these investments are going into our existing footprint. I think the lead time of these projects is similar to what we have experienced before. If we start on these projects now, the right assumption is probably 18 to 24 months for those to come online and deliver a meaningful contribution to the growth of the company.

好的，謝謝你的問題。我們當然不是要在地圖上增加更多據點。我認為這些投資會投入到我們既有的據點之中。我認為這些專案的前置時間與我們過去的經驗相近。如果我們現在啟動這些專案，合理的假設大概是 18 到 24 個月後上線，並對公司成長做出有意義的貢獻。

Yeah, and just to follow on to that, I think, with the existing capacity that we have, we feel good about continuing to support the demand. We have made significant investments in labor to increase capacity at primarily several of our HVP sites. We have been able to see that drive the performance and would expect us to be able to continue to increase capacity within that footprint as this comes online.

是的，接著補充一下，我認為以我們現有的產能，我們對持續支撐需求感到有信心。我們已在勞動力方面做了重大投資，以提升主要是我們幾個 HVP 據點的產能。我們已經看到這些投入帶動了表現，並預期在新產能上線之前，我們仍能在既有據點內持續提升產能。

Thank you. I see no further questions. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。我看到沒有進一步的問題。本次電話會議到此結束。感謝各位的參與。您現在可以斷線。