Core Sales Performance - Pharma core sales increased by 4% in the quarter, with prescription core sales growing by 1%, driven by systemic nasal drug delivery and higher royalty payments, despite a 36% decline in emergency medicine sales [1][5][19] - For the quarter ended December 31, 2025, Aptar reported sales of $963 million, a 14% increase from $848 million a year earlier, with core sales reflecting healthy underlying demand across all segments [4][5] Profitability and Financial Metrics - Adjusted EPS for the quarter was $1.25, down from $1.62 in the prior year, attributed to higher depreciation, amortization, and interest expenses [2] - Adjusted EBITDA was $191 million, a 2% decrease year-over-year, with an adjusted EBITDA margin of 19.8%, down from 23% in the prior-year quarter, impacted by unfavorable product mix and higher production costs [3][7] Segment Performance - Injectables core sales increased by 24%, driven by demand for elastomeric components, while consumer healthcare core sales rose by 3% [10] - Beauty segment achieved 10% core sales growth, with personal care growing by 17%, although the adjusted EBITDA margin decreased to 10.2% due to lower-margin projects and operational disruptions [9][12] Capital Allocation and Shareholder Returns - In 2025, the company returned $486 million to shareholders through dividends and share repurchases, with a new $600 million buyback authorization announced [15][16] - Free cash flow was reported at $303 million, down $64 million year-over-year, primarily due to timing of tax payments and higher working capital [14] Outlook and Challenges - For Q1 2026, adjusted EPS is guided to be between $1.13 and $1.21, reflecting higher interest expenses and an expected effective tax rate of 21% to 23% [18] - Management anticipates a $65 million revenue headwind in 2026 due to declining emergency medicine demand, with the impact expected to be more pronounced in the first half of the year [19][20]