AptarGroup, Inc. Reports Strong Q3 2024 Performance

AptarGroup, Inc. (NYSE: ATR), a leader in drug delivery systems, reported solid third-quarter results with:

• 2% core sales growth
• 6% increase in adjusted EPS to $1.49

### Highlights

Pharma segment grew 12% in core sales, driven by demand for proprietary drug delivery systems.
– Adjusted EBITDA margin for Pharma was 36%.
– The FDA approved Aptar’s Unidose device for Narcan and launched Neffy, a nasal epinephrine product.
– Free cash flow more than doubled to $255 million for the first nine months of 2024.
– Full-year adjusted EPS forecast is between $5.34 and $5.42.
– CFO Bob Kuhn announced his retirement; Vanessa Kanu will succeed him.

Company Outlook

• Fourth-quarter adjusted EPS is expected between $1.22 and $1.30.
• Maintaining a 7% to 11% growth target in Pharma.
• Focus on productivity improvements in the Beauty segment.
• Announced a $500 million share repurchase authorization.

Bearish Highlights

• Beauty segment declined 6% in core sales.
• Sales in Asia and Europe remain depressed.

Bullish Highlights

• Closures segment saw a 4% increase in core sales, boosted by global demand.
• Active Materials Science Solutions grew 10%.

Q&A Highlights

• Discussion of a lighter start to the cough and cold season for 2023-2024.
• Management is optimistic about high single-digit to low double-digit growth in injectables.

Summary

AptarGroup continues to perform well, with strong results in its Pharma segment and an optimistic outlook for the future, despite challenges in Beauty and some geographic markets.