AptarGroup (ATR) 25 Oct 242024 Q3 Earnings call transcript

Ladies and gentlemen, thank you all for standing by. Welcome to Aptar's 2024 Third Quarter Conference Call. [Operator Instructions] Introducing today's conference call is Mrs. Mary Skafidas, Senior Vice President, Investor Relations and Communications. Please go ahead.

morning. Good thanks us and being for everyone, today. with Hello,

call today Tanda, Executive CFO President speakers on President on CEO; Designate. Stephan call the the us joining Kuhn, Our and Kanu, are and CFO. Also is today Vanessa and our Vice Bob

under Our website accompanying on and page. Relations release deck have Investor press posted been slide our the

and set most During comparable the earnings measures during are These in this financial call. directly GAAP release. to non-GAAP comparable measures. Please call, are the reconciliations discussed we disseminated the certain will non-GAAP the financial press the press most measure to measures measures to forth yesterday be the reconciliations of discussing refer GAAP reconciled for release

our As a will always, we post on website. replay call this of

turn call conference now I over to would like Stephan. to the

today. Mary, you everyone. the and the the additional drivers for quarter results. morning, us Later on quarter. on our highlighting will key third call, I Kuhn, good begin you, our We will in joining CFO, Thank appreciate Bob my details by remarks provide call

X. on Starting Slide

operational for year. Aptar For that pleased and of and X% delivery are strong revenues of first well demand pharma positive closures ongoing our the results per over The grew We a digits quarter, am year's full sales growing the positioned food technologies. EPS months adjusted in and prior were core adjusted quarter. increased systems, the adjusted royalty proprietary to the to I by improvements, grow for for for $X.XX pharma quarter driven demand share, double of report by drug our EPS EPS XX% increase third delivered X growth the X% achieved the year

at of the EBITDA Aptar's quarter, long-term range margin adjusted This top XX%. at end was our

core segment to the for sales both closures converting by our sales While on XX world, innovation improved end dispensing focus a an this its The with Closures also long-term increased adjusted on a in and target of focus about value recent range quarter a adjusted demand by plant plant costs performed margin. consistent driven segment's past Closures long-term returned improvement up ongoing range segment its focus and joins the around of EBITDA months core in margins sales the X% topline on markets driven including margins XX%. was France, to XX% EBITDA has the altogether consistently target higher within reducing and globally, were reinvigoration sales. efficiency. Pharma delivering Pharma closing and core The over steady utilization, increased of

Now Pharma to turning our segment. back

good medicines a lumpiness testament believe is allergy demand third following long-term the target expertise increasing continue XX% range drug early Pharma of we quarter value services customers, high EBITDA XXXX. revenues. delivery the We system stages our to revenue the the We see revenue and growing regulatory development to XX% that are steadily systems, the growth end to to of newer, the for with and nervous central due in the process. in may a of products higher-value emergency and road. in growth from the stream for growing sales adjusted of perhaps drug some margins cause the our Royalties delivered royalty offer especially down stream of sales royalties that core sales at proprietary the quarter, core sprays, especially the

number had sales for award Some service to of startup ventures we our smaller Pharma lieu of In the also product on a quarter, choose Aptar business. developments exciting often final clients, fees. royalties in

Control FDA a FDA over-the-counter Narcan, Aptar's by to was U.S. this a preliminary and the in Unidose overdose the distribution deaths the opioid data months. that of death XX fell for approved As showing tide in almost the Disease the for emergency nasally-delivered Prevention About using last by recently, reminder, released XX% device. approved medicine first medicines Centers stem to one ago, try the And year of was drug naloxone, the by

extremely overdose drug drop deaths. We are by in significant encouraged the

August, Commission delivered nasally important European on approved the another and EURneffy, market. now medicine, emergency neffy is FDA on epinephrine in Additionally, the the nasally available delivered

when We project reliability working for of proven life-saving XX the it is years of medications. dealing dosing this some our by required on and backed you reliability capitalizes FDA medications. delivery of years, data, X with is for field have This on been which about XX.XXX% and system dispensing essential are emergency

the time, As we delivered hit a exciting have is believe few become Over steady epinephrine when will said, a years trajectory. takes nasally an we new new we launched, to generally sales application. it medication see

capital few our Over focused our for and our exploring but last potential organic that position Pharma allocation can moat. we deepen years, we are strengthen growth have acquisitions toward our market always business, the

all local, range systemic acquired supports technology opportunity further intranasal intranasal target delivery growth local product platforms. innovation applications expands direct therapies or company indications, property patent development wide enable all nervous of we the delivery. from even assets intellectual of and to of supplement new of precisely systemic platforms Aptar nose-to-brain the a our fit This assets areas delivery for Acquiring Pharma. recently, the areas central and transaction So portfolio SipNose R&D enhanced offers additional focused to to nasal and portfolio on for SipNose, product to IP the offers system's cavity proprietary a and

Directors visited Granville Two facility state-of-the-art weeks new France. in in of our injectable Board our in Normandy ago,

of some were being manufacturing our installed lines automated tested. highly as Just newly

Europe services, and in in to X new on optimize which meet this focused York facilities be XX% sterilized and with patient drugs value We are format, are are Normandy, and France increasing are market New launch majority Congers, of of are bullish for including injectable in those biologics. our the To Requirements drug XXXX. come of about growing code, safety. ready-to-use future our on components and are higher which market need, The will the designed integrity injectables business. premium film that the only of Annex and premium components,

ahead, Looking from blood our drugs pipeline, number biologic of factor and projects see blood including we derivatives. a filling developed GLP-X

Congers, announced of celebrated enhances ActivShield an Materials program, recently capacity in North expansion sterilization facility, a supports we of square U.S. touch week, announcements in business aside, key we manufacturing an to from Earlier feet technology. step X this additional warehousing, Science and development to the New awarded our global our I federal nearly XX,XXX America. a exciting our a also want systems contract we The building footprint. which from delivery were advance Active room on that division. clean at extension injectable government our drug adds As growing manufacturing in expansion proprietary our York and capabilities

helps we accepted health also Program, sterilizes a pharmaceutical without facilities been into Emerging environments, making it announced or which impurities power innovative that ideal no has FDA's N-Sorb, a capabilities. that the the In of mitigates This the solution and devices medical to remote sterilization innovative Technology settings technology need approaches and for adoption promote military nitrosamine manufacturing. with limited care current design product September, for source,

control Our ability patient introduces to science mitigate designed quality nitrosamine formation safety. with element active a ensure to material critical

to to with the eager innovative collaborate FDA brands are empower offering. pharma We with this

on to stake. on and a new with X, pump JV in provide touch the a manufacturer closed innovations recognitions previously we want recently XX% I an I announced quarter China, update as Before for acquiring

more pump which faster manufacturing, partnership, competitiveness end-to-end through reminder, chain, go-to-market will this beyond. a local cost-effective access all region further strengthen in have to a complete and our Aptar the will agility As supply of and

provide and that we will be building machine access us with capital to cost lower capabilities competitive will used can investment Additionally, have globally mold high-quality and and alternatives.

access us used to capabilities the across Beauty also segments. much Finally, will needed Pharma give and our partnership analyzation

Best Now recognition Russell companies the social reflects the employee of Best Corporate XBL's named Time satisfaction our reporting. quarter. also were This This transparency environment, evaluates great to among X and recent factors the the steadfast in of commitment ESG turning World's governance based data XXXX. and across recently in ranking named to recognitions received Citizens. Companies Aptar to XXX XXXX on ranking pillars. We XXX

new as on Now launches X. switching innovation, to Slide and shown

saline featured our U.S., in the Sudafed. on segment, new Pharma nasal for our bag-on-valve and one technology brand nasal the spray was launches For including

We liquid their development promotion with have exclusive into and PULMOTREE to also non-propellant of agreement platform. an collaboration entered Kolibri inhaler lead the

support providing for be will of We customers. our services and contact the main point robust are

Puig Europe. Now in featuring Million our our fragrance is turning prestige Beauty business. pump fragrance Rabanne Lady to Paco on its

are brand pumps featured Latin in care on dispensing TRESemmé gel cleansing products Our Eucerin by Unilever Beiersdorf hair and Europe. the in America

Freda Finally, the dropper Neo brand hair serums featured application for in the with product care Asia. of our is controlled technology

using Closures, In inverted has launched new Campbell lightweight aisles valve. store for Clean top Kraft & Pace easy-squeeze bring in to launch Heinz innovation with our pour sauces our dispensing to up Conditioner. spout to closure In our the closure. with Personal Shampoo our SimpliSqueeze syrup an its solutions. bottle IHOP taco Paul and with we Care, teamed solution is Mitchell's Beauty a disc continue

Now turn Bob. I would the like call over to to

Thank to you, Slide and good would the everyone. Stephan, like on summarize X, I Starting morning, quarter.

sales effects proprietary and strong by strong the reported quarter. as driven Our not as acquisition QX closure sales did currency and pharma's for as X% were worldwide. in core impact Results systems well increased drug growth delivery

third prior on EPS. we $X.XX, quarter a increase the per X% which shown share is X, reported adjusted adjusted Slide As earnings year's of over

in to capital. driven million improved margins. adjusted strides quarter the EBITDA flow Free increased $XXX to have expanding working million, due we from profitability than year and in which prior we doubled the compared prior cash third made ended $XXX months the million of X for our September year's achieved more During $XXX managing quarter, X%, the by by XX better to

segment the Turning for to by quarter. the details

X% material our Our especially volume delivery proprietary active science Pharma increased systems growth, segment's drug core solutions. sales to in due and

the as central allergy out core will not therapeutics for in and medicine emergency decreased due sales performed quarter. prior nervous system by delivery increased care well X% medications. market, end nonproduct at to the drug consumer strong sales our segment in XXXX. sales by that in sales Pharma did of proprietary Core repeat the health Prescription start by breaking which as revenue XX%, in year well systems, I driven Looking

year over core sales the Injectables period. XX% decreased prior

a elastomeric a repeat. slightly, revenue did components product quarter the division customer's the faced from year prior that substantial comparison not difficult due revenue launch from service was While to down in

However, components, demand elastomeric those our higher-value we applications. for to for GLP-X see including continue used

sales the probiotics. margin operational to Core components XX%. on the ongoing year, sales Solutions growing number for increased from due end and X-point products, higher-value improvements. Pharma's the For efforts around improved the Science XX%, X our months Materials of year quarter a demand of royalties first in across injectable increased EBITDA was XX% Active increased customer particularly with of markets, improvement sales a grew adjusted prior quarter, of sales

this due X% the sales X% segment's less a mix. Beauty. tooling North and up the double-digit core showing faced quarter, This globally approximately X% favorable the end prior Care growth lower the across product Moving decline markets decreased quarter and markets. fragrance beauty growth comparison to against America Personal modest to with of difficult in all to Prestige volume in Home quarter in Care attributed grew period. sales with year

the and includes end closer decreased beauty by the lower in solutions and market, core cosmetics, demand As at prestige substantial sales decline. tooling look quarter. after which of sales softer skin color drove facial Overall, dispensing we a the period growth care fragrance, for fragrance XX%

adjusted used products more even EBITDA approximately lotions prior the in Beauty's on X.X for XX%, core for care over rebounding Care and driven and Europe sales. due by applications. core America, X% margin point the our sales improvement for body a was Home to for XX%, with increased the sales personal mainly America. hair hair products, market period, care North sales year in lower primarily than demand Core North quarter care increased

Latin closures, used to Closures segment. sales North across in the to for sales sports for sales Asia of core demand within XX%, due target market the on Core America, America the with market the lower Sales functional grew strong Europe, for not the and products personal and Latin Beverage increased Core in products all of end which on across X%, exception condiments. drinks each When North sales is contributing to decline care regions by could Europe X% looking increased food Turning our our sauces which to quarter. America driven in long-term decreased X%. by offset region. with the closures and results. for demand. positively increased increased the growth sales range saw sales used Growth sales at core America

Reported or X% XX% X to driven fourth care majority includes and by our was expense tooling million quarter the in to growth health category, almost the allocated the and amortization X margin over and had being quarter including to to XX%, The third million, a $X by year quarter. of In the sales our $XX $XX per improvement Home million the quarter. Product adjusted prior sales sales and cover year we care, increased of XXXX, the XX% increase depreciation Pharma of prior segment. sales. segment's Care. up to approximately Slide core rates. show $X.XX approximately X-point our for a which X% comparable compared beauty, exchange large up year-to-date $X.XX, quarter, share, EBITDA sales year capital expenditures which a in X% decreased year home were In core compared nearly performance earnings adjusted ago, due our of and were prior

of to range adjusted $XXX tax adjusted will anticipated increase full of quarter be We to range and growth of restructuring estimated be tax investments fourth to per of of part in the planning, fourth $X.XX adjusted with over estimate year anticipate Moving be acquisition benefit expenses, to rate for X, as We Based and amortization continue any to changes excluding year quarter million. which expect full XXXX. France in potential per fair outlook the $XXX costs XX% the Slide $X.XX which includes range increases share. comparable currently $X.XX, rate the a earnings unrealized more tax on EPS a quarter. our retroactive equity our than double-digit XXXX tax in between fourth for the value guidance, tax share, year offsets quarter XX%. fourth and the to effective The our of depreciation rate $X.XX summarizes the for to ongoing in prior to million XX%

We of $XXX expect between XXXX majority to Pharma our million with segment. and $XXX the allocated be million toward our capital expenditures capital in

in leverage of a dividends strategic balance have continue pursue to sheet to In to and to opportunities closing, to in with the we us form of continue shareholders strong X.X, invest repurchases. continue allows approximately a the ratio and which value return business,

In the we to million in $XX million. totaled addition for repurchased about payments XX,XXX approximately approximately to our dividend quarter, which shares shareholders, $XX cash

shareholders we returned through share have than and Over years, the last X dividends to repurchases. more $XXX million

At move a this few closing time, Q&A. comments Stephan we will before to provide

Thanks, Bob.

for OTC with The having weak rightsizing fourth the for growth top end solid central continued demand 'XX, especially is Looking we drug finish to to expect the medicines a in and and strong and the some therapies. grow anticipate delivery we expected cold customers we a emergency cold, of cold softening inventory indicated cough beauty fourth to a across system quarter, line in a year. time, end the seasonal same season. remedy quarter systems Pharma, do allergy, after for markets At see even and markets. number flu and cough 'XX proprietary nervous In

flu in will year of royalties. season. deliver part solid in another XXXX be for other cold and adjusted stronger Pharma from growth a 'XX business. the XXXX, Pharma Hemisphere On anticipate sales to The due EBITDA and to initial double-digit hand, higher-value to products point the indications our 'XX, We Southern solid segment

in dispensing after challenging efficiencies and operational cost solutions Closures China, returned key is weakness comparisons tough Our to margin market continued healthy prior in improved accelerating America, Innovation, with we growth and teams. over leverage progressive priorities the macro segment year. mitigation, growth, recovery of substantial and expect our the fragrance North strong year a finish Beauty adjusted to for facing XXXX. remain has very environment EBITDA it battling improvements with in

want with a Bob Vanessa as for to become role Aptar and growth officially not shareholder. also those of been over has the like trusted the CFO. certainly overall partner Bob's welcome has and friend as be a January designate, we the on after as Before a Xst. will on decided retire last the CFO driving this as and I call would Aptar, joined that has to colleague years of recognize of to years who CFO, earnings take CFO strategic will XX call I years. has the questions, open Kanu, company with Bob XX

what pleased to a operations Vanessa as management that the we are to XXXX greatly. a has CFO tremendous bit for for really team. Aptar her above the to be CFO our and time through transition. be benefit Bob an end a of and cost Aptar missed, She will always will of greatly experience available his ensure best welcome from this next adviser phase and in in the global all have will financial more he happy Bob I'm himself And with shareholders reporting, brings Aptar stay the put as and else. through while he in life. will is role family then year will smooth

to welcome our had weeks of the already coming quarters. analysts more glad over the I of her Vanessa to look I'm a Pharma team, few many French and Vanessa. sell-side Bob, our ago. opportunity plant Beauty Congratulations, meet to that some and forward the touring while to shareholders you introducing and

With like open the to for that, would up questions. I call

[Operator with Instructions] phone We of George from America. Staphos question the have on the lines Bank first

in going Vanessa. heart, our Bob. for and to thank I'll done welcome everything the guess, to the and appreciate everybody Thanks, you've years. of you, it, We and start, our will miss you really Bob, say this the sure I I'm really, bottom industry research is from of we over Aptar support we

Thank you, George.

tough place are in all so had -- team, recognizing our to macro, needs XX% to way do is for there's What a you question, Related I if the get have yes, holding the then first debates XXXX, weak, baseball notwithstanding. constant, making China China right everything dimensionalize need do I Beauty do? now Beauty, that is for I from you elements question can you to you, and else go a in the comparisons far there? guess have follow-on. given progress which you And be first of do what is my right? Can -- guess margin off how at the normal in that?

George, Bob. settles the Thanks, Beauty nice as fragrance had more progressing. was probably what that, Yes. to We fill said, was. and your sell-through is and the very you dust pipeline for strong from Look, the as launches words Xx than thanks

same holding growth. the sales negative is comparisons in time, a America after back. At period So is back fragrance of long the the Beauty coming North

learned many paint fire, then much if than not So growing, But well. will expected. vigor after quite the industry not better it's to I've that it's in all from a matter of years frankly, rebounding decline, matter COVID whole a On regions as, Beauty not myself confident corner. had do I'm of China, the so with

and beauty our Asia depresses because only also our Europe, products but then -- in our as clients lot to China. there know, that So sales, a not fill of their sell and you sales

the So that the Chinese is the Chinese on This like. than it's Chinese more of gradually actually from we consumer. brand clients. especially would We from clients. notion to growth, still lack you whole fading consumer is our much a Western see have for decent got Western progress staying But the sidelines

all there as in know, stimulus some hurry I needs package. caution the over is think confidence time. we and rebuilt a lost be is to about And

really happen to and China. a a not bounce So that's COVID of back but what from it's with a decline, needs lack it's

that of Stephan, and question and follow-on. on my clarification kind Maybe a point I of recognize that.

to for times said at your number Beauty be I activity my would way Europe. in is And recognizing it particular for China a more Beauty some around way normal the Beauty. in affects much to environment? cold. it related then just follow-on, inventory And a that think China indexed X or and China your analyze quarter as you now So there X there world, issues can the of fourth you at in to mentioned demand, also say, dimensionalize a itself, as level is touches and some of Is okay, than into cough you obviously, right production

Yes.

and work that that continue is can here. solid of what in productivity run first On the track Again, folks I question, some the productivity on. next we to bottom the been work I'm we that will has regions. lot and share the would Beauty year do, sure to line but the analysis drop like continued to have ideas. line done A additional is top This nothing the

On little behave out to consumer a if with your in pharma Look, the these part big like broader. management sharp second start question, start spun lot are to packaged the pharma much capital health of it's care They health be companies of. and companies. working care, used food more consumer they that more I a companies of

plays I an element. think that so

I [Technical 'XX, Second, ready as people the for Difficulty] get think, anticipating. 'XX flu were

stringent is in what the hangover management working sell-through fragrance capital with So or had in And this a to more as as of Certainly, we we back I it's 'XX. nothing approach. seasonal, like of -- 'XX respect the had more think much with having the launches. Beauty, not

We Ghansham with Panjabi now have Baird.

comments I as on, obviously, echo George's to family successful Yes, just Bob, well. career. very a congratulate you and your I want

be products definitely all the by of I first best a off, her that wishes the guess and well. you us, Vanessa as that is new on and to pharmaceutical highlighted, role new side segment? I than cadence also You'll outlook X% missed product XXXX. I'm guess just is growth of for what to XX% Or for of aggregate the part about it more specifically that typical? new in higher is thinking the underpins And

said. had year, segment next of outside is, growth the its target even be couple we you a no in pull mean, should for growth of kind quite can think the some we when didn't we within net that range. the years I But continued up though the what that there's reason segments. of of we excessive quite phonetically for are confident I hear Pharma we in headline range, the But

that to grow. say our products, maybe -- grow I to also we're already categories to just was devices I out going with the on would as to we just continue come continue those in, sorry, in that new continue

kind increase as on of our new So of growth that continuing well areas. the therapies we're that core the as in some you of get

Yes.

point. So I guess that's the

So a to that towards point range? X% that would XX% higher of portion

to very going we're that still to... going specific this be point. think don't about at We're I

Your last call. last call, it's your

last trying the to get call. He's you on

joke. Good

ingredients will understand are for the volumes, go and and then comps on All are the I molecules the of fragrances, of still so that that And growth the forth. mean, there. right. I also But well let customers seeing covered difficult moderation, but the in as producers for seeing major make I fragrances also so the some they're now. decent terms decent well. growth and as prestige having

So as you relates I'm to specifically you? to are more bit be weaknesses to a wondering what seeing it that seems disproportionate little

to Sure. that take Ghansham. I'll one, try

consumer normal bounce it's we'll optimistic issue. rebound then but where from going into Mother's know prestige side. Day that just the still season channel, Valentine's And and we sell-through that's visibility You're looked destocking. I we And telling no head a that still hasn't is say, this It's the So that retail the growth single XXXX, short-term inventory then in us was last double-digit what back, like digits what we that is walked It but have better correct. quickly were I away remember, our selling a is time. of mean, that be the year. would it's the down, strong channel into Day, to to But to right? we're going positive, fragrance able come, products, and at right? it into to grow the right? that holiday as consumer is continues we're

through. So fragrance walking from it's consumers to sell continues that not away products. are It

I are would say win our Plus by we encouraged rate.

not but us opposite, that share. the there's to respect So concerns there certainly other with the way. Maybe certainly nothing

terms which is to of shareholders authorization, it in pivot share sort directly pretty more relates towards of through Okay. And for maybe yourselves? a Or share billion $X.X extension this then to just Is capital returning optionality it buybacks? an is repurchase a as number. substantial the new

Sure.

was So $XXX right? at we philosophy. the And authorization it smaller wouldn't So share change much million really a you're right It last much was unusual time, XXXX. any company April pre-COVID. that to dates I signals but of in outsized is $XXX lower million, a or price, say at that the were back

that I use lower leverage invest line than share use discretionary there's think it's the that go X.X. to with make can just have And that Ideally, with we'll is. as actionable much more that at today our current time, that. then same we want to the we lever if the where back price in at always that can sure we as we don't But items well. we pull low

think wouldn't going we're anything it what philosophically I different signals on from your do. So perspective, to

again, Congrats, helpful. Very Bob.

Ghansham. much. I Thank you, appreciate very it

Your next question with comes from Daniel Rizzo Jefferies.

to You is mentioned, use was product I where of products hit it its of OTC haven't it for release like in prepared think, kind the the run different couple because a in kind unique I that the ramp. kind of already Or ramped the yet? remarks it's of where still new rate think, or takes a years, I if of wondering is we that, too, kind up? of Narcan

Dan, for few a answer, to data to know we that impossible because almost give But is is points. it different, every sure. just Look, product

with at I off opioid the it's CDC Narcan, encouraged done we're blockbuster are and lives. don't earlier saving really the Journal of Street ship SPRAVATO you And the I'm data later, take out it. like first as mean, be launches I comfortable rocket dud down going years taking have article thought X it I for mean, right huge it while. may that week. to SPRAVATO. gate, deaths was for But Wall we seen a think with doctors a So gotten was before the COVID, a have the all. now ever. the time

XX%. XX%, was it think I

with components distribution on municipalities and that "Hey, is making the down here, claiming not this free broader vending We're one Narcan this certainly, the even but are a is things doubling fight to say, of machines of that. relationship anecdotally, Narcan, people available, availability one-to-one Narcan and scourge certainly like

certainly that run don't think its I course. So has

neffy, And see. we'll

the a bullish takes is the to prescribers years customer But it. it. there's it with to case for for on it. Certainly, a on pick up think our consumers very comfortable product, good I get few

collectively, So single the as trajectory ahead but say, no steam changes always of product we built up Aptar, have quite here. of we

And helpful. cold than a about of used little then cough talked spun But differently customers kind the was rest and bit you garbled. little been to, managing they of has That's out. inventory kind a -- about bit your consumer

in an in it to Is cold terms about the terms of is garbled think phone. starting Or of issue say is soon should off because being just it than expected? Or too yet? we my heard cough I just I it? season been what Just slower this that? mean, winter, winter how and mild of

try to enunciate I'll then better. Yes,

the is 'XX and fun. that ready one. cough cough point than actually the And was now just people they they cold have inventory no do be that would for worries. getting season So out cold balances lighter point their and as to The turned 'XX, season, 'XX, bit a more I'm like. -- poking a the 'XX

in who than for much people, Hemisphere, that's tell the short better that more stronger, for season cough this year. think I was meaning year Southern cold Anecdotally, us, it the and this long is closely, our the customers us of it. last and and worse track

worth. is So for that what

and So effect not we more. much year-end think a this is

the my garbled. phone, record, was you, that it for And not was

worries. No

the a creating. varies kind kind just What's what to a new couple question. kind Beauty does Last revenue of take I'm on time? of I talking is sorry. you're of guess like back take I'm it for years products? from you a speak, perspective. was long But depending get cycle to product? there it America, sales wondering, ramp of North I as so about How

With can you it's in be months. quickly as XX X XX Western ranges, really clients, imagine, more months. to That as usually China, can like as it Yes.

With X can America, be X the it months. Indies to in North

you of North certainly gives in kind uptick. that quickly We react to the well And certainly an have So do all capacity a unit. with distribution. to to we FusionPKG through continue Indies our America

Larew We with now William have Blair. Matt

down I peers but about about year-to-date in up talked to the other wanted injectables. ask here, had Obviously, destocking. Obviously, quarter.

really an issue you. You'd referenced hasn't that been for

can in sure get of or was back obviously, case. capacity still about of to Congers? asking in to Just and then check regular online cadence thinking a in we about perhaps injectables, at make wanted more I to maybe And coming guess Normandy growth when light that the

Yes.

the this But year destocking comparisons given continues the odd more the little versus the clearly, fundamentally, in last and and so build. on. area. antithrombotic to some year, So the pipeline is ERP of fundamentally, a Plus

GLP-X We projects coming are bullish keep keeps year. for quite next growing, biologic in.

without So business certainly single that in growing this to nicely, an 'XX, very digits, low digits range. giving high outlook for double see continue

the just then And mature. larger injectables is Obviously, nasal on and Okay. delivery for side. business your maybe profitability much more

of capacity you us sense lot and Could you're right improvement You've recently injectables. profitability as is give sort of there a now for a the you where scale? for seeing for added opportunity what

Yes.

dispensing rightly followed as most materials and by with proprietary say, utilization steady of is, drug everything our So active by profitable, sequence general injectables good the capacity kind line in you profitability. devices when is the far are around state being company and

portfolio, than faster if But lid So will as grows Pharma the much the overall to business little it that grows, profitability put continue will a that on profitability. the of rest the improve.

appreciate bob, I congrats. it.

Appreciate it much. Matt. very Thanks,

Gabe Wells comes Fargo. Hajde Your with next question from

I to a it's daily Mary, the of and sort Bob, their kind about is least the about of inclined customer just is maybe, Stephan, words of a like over-the-counter guys in echo intention if of more kind it, you routine. talk pop I Europeans a kind this of I of nasal that singles Sudafed product? part bigger sometimes on you you of that but Based and nasal all noticed something or kind of you product for are with sort to more bring highlighted as a Just to maybe accessible get might initially know with meeting here you. new like their some branded quarter. that cleansing and dialogue item that things again, use sensitive, consumers guess, you neffy. here as Can Stephan, said -- doubles. a story your you versus of behavior talk and -- over-the-counter type from maybe at

to dimensionalize opportunity trying the there. Just

Yes.

nasal I rinse. referring was to think I the product Sudafed was

your it's popping that it to nasal on rinse. comes though, additional adoption. another it brand On true have just of innovation, nasal comes U.S. historically, a strong still but gap So to it decongestion, when sprays, these the And with more breakthrough It's is larger there, nice an allergy point a not ahead to that U.S. narrowing. but Europe sprays, is was a to pills. adoption when bit used was it's whereas consumer

inroads. more with the from of hopes that make bring and will it's Europe, the And U.S., in high brand its in Haleon impact. have is But they launched P&L for that in remember, too I will that have We GSK. with site think further nasal spin-out Haleon actuated U.S. to call early spray the a brand with they terms Otrivin

get And neffy working kind Okay. question. of I'm years, to going on X to you try just then to Ghansham's and mentioned for

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BAQSIMI.

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N-Sorb.

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follow-up Staphos Bank with [Operator Instructions] with have now George And we a America. of

on then today's When we Pharma. on a brain, even there visiting ago, nasally to targeting was the I think question treatments and Stephan. some call, you Follow-on reference few were weeks delivered

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blood cavities. precise We nose deliver with but basically too our brain not you George. Thanks, barrier the through for Yes. to any the that crossing the maybe drug purposes nasal through the language, of the

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Yes.

subcategory. down pipeline we On the by the first break look, question, don't

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back more royalty generating if you release And also that's remarks, the haven't -- that's my and press talked But it. more about revenue. go by and the my to area way, the we more

all So simple. of well It's certainly that the quite bodes for future.

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closing Mr. today's it to I like can for confirm hand some back that Q&A remarks. session. conclude would And final Tanda to I does

you. Thank

by out. Quarter X me quarter. was call end the a strong let very zooming So

are growth year. track the with to solid double-digit year on the for a and organic finish EPS growth good for We full

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beyond. all X, 'XX So bodes this and well, not quarter but for only

time, holidays. And best. with a best if more you and Bob I discussing all the for huge Mary, to all road. One more forward thanks the wish on And don't look the to I Vanessa, the speak and you we before,

all results the enjoy you. you call. joining. rest concludes may for Thank Thank the now That call. Please you earnings your disconnect and QX XXXX from of the day, Aptar