AptarGroup Inc 2024年度报告

2024 Annual Report | Form 10-K “Our customers appreciate ourinnovations and the value we bring to theirbrands and drug development processes.The resiliency of our portfolio positions usfor continued success.” Stephan Tanda Aptar President & CEO Financial Highlights Net Sales by Shipping Destination Total Shareholder Returns1 Comparison of cumulative five-year total returns 4-7%21-23%11-13%30-40%1-3xSales Growth2Adj. EBITDA Margin3ROIC4Dividend Payout Ratio5Leverage Ratio6 Shaping Markets, Driving Profitable Growth DEAR SHAREHOLDERS, I am pleased to share our highlights from 2024 - a strong year marked by much success as we continue to liveup to our purpose of“Transforming ideas into solutions that improve everyday life.” In 2024, Aptar achieved another year of double-digit earnings per share growth. Reported net sales and coresales increased 3% with annual sales of $3.6 billion compared to $3.5 billion a year ago. We are proud of ourlong record of returning capital to shareholders and, over the last five years, we have returned nearly $800 millionto shareholders through dividends and share repurchases. This past year was also our 31stconsecutive year ofpaying an increasing annual dividend and confidence in the future underpinned our decision for the almost 10%dividend increase, which we announced in July 2024. Net income for the full year grew 32% over the prior year and we ended 2024 solidly in the middle of our long-term adjusted EBITDA margin range, with significant margin expansion in our Pharma and Closures segmentsand a slight margin expansion for our Beauty segment. Zooming out, over the past few years we have reignited innovation, strengthened our new product pipelines andsharpened our commercial approach. Our customers have taken notice, recognizing our innovations and thevalue we bring to their brands and drug development processes. The resiliency of our portfolio positions us wellfor continued success. SEGMENT RESULTS For the full year, our Pharma franchise grew reported net sales and core sales by 8%. Reported net sales grewto $1.64 billion compared to $1.52 billion in 2023, propelled by brisk demand for our proprietary drug deliverysystems, which grew 9% in 2024. Pharma performance in 2024 was driven by continued growth in emergencymedicines, allergic rhinitis and central nervous system therapeutics. Our proprietary drug delivery business is the core profit engine of our Pharma segment – developing andmanufacturing more innovative, safer and highly reliable technologies that support our customers and improvethe lives of patients around the world. We anticipate continued strength for this important franchise. For our injectables business, we saw growth in antithrombotics, GLP-1 drugs, small molecules and vaccines.Injectable component sales grew 10% in 2024, but the growth was offset by lower tooling and service revenue.The team has done a tremendous job of completing a large capacity expansion project and industrializing ourhigher value offerings, boding well for the future. Active material science sales were up 13% for the full year 2024 due to increased demand for diabetesdiagnostics, probiotics and oral solid dose solutions. Since we acquired CSP in 2018, its sales have grown at acompound annual growth rate of almost 10%. Looking at our Beauty segment for the year, reported net sales and core sales decreased approximately 3%compared to the prior year. In 2024, reported net sales were $1.23 billion compared to $1.27 billion in 2023.Approximately half of the core sales decrease came from lower tooling sales in 2024. We had good growthacross several end markets, including personal care, masstige beauty and home care. However, growth in theseend markets could not offset the decline in prestige beauty. The Beauty segment saw volume growth in 2024,and sales of our personal care technologies grew nicely. Regionally, rebounding sales in North America and Latin America could not compensate for lower Europeandemand. Core sales of our products to the fragrance, skincare and color cosmetic markets decreased 8% during2024 mainly due to the lower tooling sales and difficult European comparisons to strong growth reported duringthe prior year. Personal care core sales increased 2% as higher sales of our body and skin care products morethan compensated for lower sales of our sun care applications. Core sales to the home care market increased11% over 2023 on higher demand from our customers selling air care and automotive products. Beauty was able to improve its margin even with a challenged top line, driven by increased productivity and cost managementefforts. Our largest region, EMEA, was well within the long-term adjusted EBITDA margins for the full year2024. Looking ahead, new project activity is encouraging across most regions, and we anticipate progressiveimprovement for the segment in 2025. Our Closures segment also finished the year strong with solid performance and good momentum