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- **Core Growth Drivers**: Pharma pipeline (7%-11% growth) led by GLP-1, Annex 1, and biologics. Injectables capacity utilization supports 18% YoY growth.
- **Margin Differential**: Emergency medicine (35% decline) vs. high-margin pharma solutions (e.g., Unidose, SPRAVATO).
- **Balance Sheet Strength**: $265M cash, $936M net debt, $279M shareholder returns. 2025 free cash flow $624M (+8% YoY).

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue grew 6% year-over-year, driven by 18% growth in injectables and 3% in pharma core sales. Emergency medicine sales declined 35% due to destocking, but GLP-1 and Annex 1 compliance demand offset losses.
- **Strategic Moves**: Acquired Brazilian Pharma Packaging to expand oral dosing solutions. Unidose system for edema treatment and SPRAVATO inhaler highlight innovation pipeline.
- **Margin Trends**: Adjusted EBITDA margin improved 120bps to 37.2%, supported by higher-value systems and services.

**【CFO Financial Commentary】
- **Financial Performance**: GAAP net income $420M, Non-GAAP EPS $1.62 (up 4% YoY). Free cash flow $206M, capital expenditures $386M, reflecting investment in pharma capacity and R&D.
- **Cost Management**: SG&A as % of sales declined 10bps to 15.5%. Litigation costs $4M (non-recurring) impacted net income.
- **Outlook**: Q4 adj. EPS $1.20-$1.28, driven by injectables and active materials. 2026 emergency medicine expected to decline 35% vs. 2025, but pharma pipeline (7%-11% growth) offsets.

**【Q&A Highlights】**
- **GLP-1 & Annex 1**: Injectables and elastomeric components grow 18%, aligning with biologics and compliance trends.
- **Beauty Segment**: Flat core sales due to fragrance decline, but personal care up 13%. Closures segment faces resin pricing headwinds, offset by beverage growth.
- **Shareholder Returns**: $279M returned via buybacks and dividends, with $500M authorization remaining. 2025 free cash flow $624M, up 8% YoY.
- **Risks**: Emergency medicine funding uncertainty, consumer healthcare destocking, and litigation costs ($0.06-$0.07 EPS impact).

AptarGroup, Inc. (ATR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ATR

ATR fundamentals

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