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Aptar is like Intel for product dispensing – their specialized pumps, sprays, and closures are critical components found in countless beauty, pharmaceutical, and food products.

Aptar is like Corning for advanced packaging and dispensing solutions – their innovative technologies are key components for leading brands in beauty, pharma, and food, enabling functionality and preservation.

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• Beauty & Home Dispensing Solutions: Aptar provides pumps, sprayers, and other high-performance dispensing systems for cosmetics, personal care, home care, and food and beverage products.
• Drug Delivery Systems: The company develops specialized devices for delivering medicines, including nasal spray pumps, metered dose inhalers, dry powder inhalers, and injectable drug delivery solutions.
• Active Packaging Solutions: Aptar offers technologies that protect sensitive products from moisture, oxygen, or other environmental factors to extend shelf life and maintain efficacy.

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AptarGroup (symbol: ATR) primarily sells its products and solutions to other companies (Business-to-Business, B2B).

AptarGroup serves a highly diversified global customer base across various end markets. As a leading component supplier and solutions provider, it typically does not have any single customer that accounts for a material portion (e.g., 10% or more) of its consolidated net sales. Therefore, individual "major customers" (by name and symbol) are not specifically disclosed in its financial filings.

However, AptarGroup's major customers can be broadly identified by the industries they serve globally, encompassing leading companies in the following sectors:

• Pharmaceutical and Healthcare Companies: These customers include manufacturers of prescription drugs, over-the-counter medications, vaccines, and consumer health products, for which Aptar provides drug delivery systems (e.g., nasal sprays, metered dose inhalers, and specialized injectables).
• Beauty and Personal Care Companies: This category comprises global brands in cosmetics, fragrances, skin care, hair care, and other personal care items that integrate Aptar's dispensing pumps, sprayers, and closures into their product packaging.
• Food and Beverage Companies: These customers are producers of a wide range of food, beverage, and infant formula products that utilize Aptar's dispensing closures and systems for convenience, safety, and product protection.
• Home Care and Industrial Companies: This includes manufacturers of household cleaning products, laundry care items, and various industrial applications that rely on Aptar's dispensing technologies for efficient and effective product delivery.

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Stephan B. Tanda, President and Chief Executive Officer

Mr. Tanda joined Aptar in 2017 as President and CEO. Prior to Aptar, he served as an Executive Vice President at DuPont, where he was responsible for the company's Safety & Construction and Protection Solutions businesses. He also previously held the position of President and CEO of Freudenberg Nonwovens.

Julie A. McAlindon, Executive Vice President and Chief Financial Officer

Ms. McAlindon was appointed CFO in 2024. She previously served as President of Aptar Beauty. Before joining Aptar, she held various leadership positions at global consumer goods companies.

Gael Touya, President, Aptar Beauty

Mr. Touya joined Aptar in 1998 and has held various leadership roles across different segments of the company.

Kimberly K. Chainey, Executive Vice President, General Counsel and Secretary

Ms. Chainey joined Aptar in 2021. Before her tenure at Aptar, she held senior legal leadership roles at global companies.

Shiela Vinczeller, Executive Vice President, Chief Human Resources Officer

Ms. Vinczeller joined Aptar in 2020. Prior to Aptar, she held HR leadership positions at other multinational corporations.

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The key risks to AptarGroup's business include:

1. Significant Decline in Emergency Medicine Revenue: AptarGroup anticipates a substantial decrease in emergency medicine revenue, projected at approximately 35% in 2026. This represents a significant, high-margin revenue cliff within its Pharma segment and is considered the biggest operational risk. This decline is attributed to anticipated inventory headwinds in the emergency medicine market, particularly for Naloxone devices, and is expected to create a 2% headwind to the company's total revenues due to the high-margin nature of these products.
2. Persistent Softness in Consumer-Facing Businesses: The company is experiencing ongoing softness in its consumer-facing businesses and a challenging consumer market, which has contributed to slower overall growth. Destocking in the Consumer Healthcare segment has also pressured margins and created uncertainty regarding demand recovery.
3. Intellectual Property Litigation and Associated Legal Costs: AptarGroup is currently facing intellectual property litigation, which has raised concerns about short-term profitability and has been a factor contributing to a decline in the company's stock. These legal expenses are considered a notable headwind impacting investor sentiment.

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AptarGroup (symbol: ATR) operates in three main segments: Pharma, Beauty + Home, and Food + Beverage. The addressable markets for their main products and services are substantial and global in nature.

Aptar Pharma

• The global pharmaceutical packaging market, where Aptar Pharma offers proprietary drug delivery systems, injectables, and active material science solutions, was valued at approximately USD 128.7 billion in 2025 and is projected to reach USD 299.1 billion by 2035, demonstrating a Compound Annual Growth Rate (CAGR) of 8.8%.
• Within this market, primary packaging is expected to hold a dominant share, projected to account for 67.5% in 2025.
• Injectables represent a significant portion of the pharmaceutical drug development pipeline, holding an estimated 40% market share of the broader pharmaceutical market.

Aptar Beauty + Home

• The global beauty and personal care packaging market, which includes Aptar's beauty and personal care solutions, was valued at approximately USD 38.3 billion in 2024 and is estimated to grow at a CAGR of 7.8% from 2025 to 2034. Another projection indicates growth from USD 41.3 billion in 2025 to USD 87.5 billion by 2035, also at a CAGR of 7.8%.
• Geographically, North America held a significant share of over 27.8% of this market in 2024, while the Asia Pacific region dominated the personal care packaging market in 2022 with a 40.7% share.

Aptar Food + Beverage

• The global food dispenser market, covering Aptar's food dispensing solutions, was valued at USD 3.95 billion in 2024 and is projected to reach USD 6.01 billion by 2032, with a CAGR of 5.40%.
• More broadly, the global market for food dispensing machines was estimated at US$7.0 billion in 2024 and is projected to reach US$8.5 billion by 2030, with a CAGR of 3.2%.
• The global beverage dispenser market, where Aptar provides dispensing solutions, was valued at USD 14.1 billion in 2022 and is predicted to reach USD 27.6 billion by 2032, with a CAGR of 6%.

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• Continued Growth in Proprietary Drug Delivery Systems: AptarGroup anticipates sustained strong demand for its proprietary drug delivery systems, particularly in emerging therapeutic areas such as allergy, central nervous system (CNS), and emergency medicines. This segment has consistently shown double-digit core sales growth and remains the company's most profitable area.
• Expansion in Injectables Market: The company has strategically invested over $240 million in capital to enhance its capabilities and product offerings in the injectables market. This expansion focuses on higher-value products and includes strengthening its manufacturing footprint in key regions like China, France, and the United States to meet increasing demand, especially for high-value biologics.
• Growth in Pharma Royalty Revenues: AptarGroup is seeing a steadily increasing revenue stream from royalty agreements stemming from its partnerships in drug development processes. This represents a newer, but growing, component of their pharmaceutical segment's financial performance.
• Increased Demand for Food Closure Technologies: The Closures segment, particularly driven by demand for food applications, is expected to contribute to revenue growth. This segment has shown solid performance, returning to its long-term target range with core sales growth and improved margins due to operational efficiencies.
• Strategic Acquisitions and Joint Ventures: AptarGroup's strategic moves, such as the acquisition of technology assets from SipNose to enhance intranasal drug delivery capabilities and the establishment of a joint venture in China, are anticipated to strengthen its market position, expand its regional footprint, and bolster manufacturing capabilities, thereby supporting overall revenue expansion.

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Share Repurchases

• AptarGroup authorized a new share repurchase program of up to $500 million in October 2024, replacing all prior authorizations.
• The company repurchased approximately 399 thousand shares for $47.6 million in 2023, 860 thousand shares for $92.1 million in 2022, and 615 thousand shares for $78.1 million in 2021.
• During the first nine months of 2025, AptarGroup repurchased $190.0 million of treasury stock, including $40.0 million in the third quarter of 2025.

Share Issuance

• AptarGroup did not issue stock options between 2019 and 2022 but reinstituted them in 2023.
• The company received $24.3 million from stock option exercises during the first six months of 2023.
• Net proceeds from stock option exercises were $68.6 million in 2020 and $90.8 million in 2019.

Outbound Investments

• AptarGroup acquired FusionPKG in February 2020 and Cohero Health in November 2020.
• In July 2021, AptarGroup acquired Voluntis and 80% of Weihai Hengyu Medical Products Co., Ltd.
• During March 2023, AptarGroup acquired iD SCENT for approximately $9.4 million and 80% of Gulf Closures for approximately $1.5 million.

Capital Expenditures

• Estimated cash outlays for capital expenditures were in the range of $280 million to $300 million for both 2023 and 2024.
• Capital expenditures for the first nine months of 2025 amounted to $183.6 million.
• The primary focus of capital expenditures includes capacity expansions, leveraging fixed costs, and increasing efficiencies within the business, particularly in the Pharma segment.