AptarGroup (ATR) 43rd Annual J.P. Morgan Healthcare Conference summary

Business overview and strategy

• Pharma is the largest and fastest-growing segment, contributing about two-thirds of EBITDA and driving portfolio value.

• Owns intellectual property for all products, focusing on proprietary drug delivery devices and recognized for sustainability leadership.

• Operates globally with balanced exposure to Americas, Europe, and Asia, serving both major and smaller pharma companies.

• Leverages core technologies across divisions, with a strong innovation and technology-driven approach.

• Focuses on attractive end markets, evolving portfolio toward higher-return, faster-growing businesses, especially in pharma.

Financial performance and capital allocation

• Increased focus on cost, productivity, and operational leverage in recent years, aiming for faster bottom-line growth.

• Over 50% of capital allocated to pharma through CapEx and acquisitions; 70% invested in business growth, 30% returned to shareholders.

• Raised long-term growth, profitability, and ROIC targets by 100 basis points each, with current performance within target ranges.

• Pays an annually increasing dividend for 34 years, maintaining a strong base of long-term shareholders.

Pharma business growth drivers

• Nasal drug delivery is expanding, with applications in allergies, CNS drugs, emergency treatments, and pain management.

• Allergy market growth driven by longer seasons and increased demand in Asia; OTC switch broadens distribution and volumes.

• Injectable business benefits from exposure to biologics and GLP-1 products, with revenue doubling over four years.

• Pipeline growth supports raised long-term targets, with risk-adjusted pipeline updated annually.