Hello everyone, and welcome to the AptarGroup 2021 Virtual Capital Markets Day. My name is Matt DellaMaria, and I oversee our investor relations and communications activities. We are excited today to speak with you about our resiliency and our bright future, including a variety of growth opportunities. While I certainly look forward to the next chance to catch up with you face-to-face, I'm confident you will find today's digital event informative and representative of our creative culture. If you haven't had the chance to explore our virtual library on our event portal, I invite you to do so after the event. You'll experience AptarGroup through an engaging and highly visual experience that showcases our transformative solutions and highlights our efforts to be a more sustainable, innovative, and impactful company. Today, you will hear from our senior leadership team. As you watch our event, we will be incorporating slides and visuals. If you prefer, you can download the presentation from this webcast streaming page. There you will also find a slide viewer where you can advance the slides at your own pace. The slides will also be available on our investor website. After our prepared remarks, we will open a Q&A session where each member of the executive team will be available to answer your questions. You will have the opportunity to ask questions via the box on your screen. We will post a replay of this event on our investor website. Today's presentation includes some forward-looking statements. Please refer to our SEC filings to review factors that could cause actual results to differ materially from what we are discussing today. Also, please refer to our slide deck with reconciliations of any non-GAAP measures. This file is also posted in the webcast streaming page and on our AptarGroup investor website. Now, we are ready to begin our program. On behalf of the entire AptarGroup organization, thank you for joining us today. With that, I will turn it over to Stephan. Thank you, Matt, and hello everyone. I'm very glad you could join us today. I fully understand that this Capital Markets Day comes at a time when you may have even more questions than usual, following our recent discussions on the quarter and the near-term outlook amidst still uncertain recovery from the pandemic. Without glancing over these short-term issues, we will share with you today why we are so excited about the long-term growth trajectory of the company and why we are really well positioned to take advantage of the global recovery as it unfolds. You will also hear why we are a clear industry leader, why our products are in the hands of millions of people every single day, how we have built a strong reputation in high-growth areas, and how our businesses have a very clear competitive advantage with irreplaceable assets and solutions. For those of you that are new to our story, Aptar is one of the world's largest suppliers of innovative drug delivery, consumer product dispensing, and active material science solutions. We offer a deep portfolio of products and services that spans many different attractive and growing healthcare and consumer markets, including drug delivery for prescription and consumer healthcare markets, elastomeric components for the delivery of injected medicines, as well as dispensing solutions for the beauty, personal care, home care, food, and beverage markets. In addition, our growing active material science solutions group is providing highly technical and often complementary solutions for the pharma and food markets. Millions of people use our products every day. Our solutions are in your kitchen, in your medicine cabinet, even in your purse, gym bag, and your car. We operate across a broad geographic footprint, active in 20 countries, with our global headquarters located just outside of Chicago. Our European headquarters is located just outside of Paris, where we recently opened our new customer experience and innovation center, aptly named InVision Lab. In Asia, we continue to build out our manufacturing and our innovation footprint with a significant presence across China and India. In line with our long-standing strategy to manufacture in region for the region, we operate manufacturing facilities in all key geographies with additional sales offices in places like Dallas, Los Angeles, Tokyo, and Dubai, to name just a few. With a team of nearly 13,000 talented and dedicated employees, we are partners to many of the world's leading brands. We proudly live up to our purpose statement, "Transforming ideas into solutions that improve everyday life." This simple yet powerful statement encompasses what we do here at Aptar every day, and the pandemic has only reinforced our essential purpose. We benefit from our long 75-year history of innovation and entrepreneurial spirit. Our customized solutions are created by engineers, scientists, and design specialists. We invest in research and development, often well ahead of our peers, and as a result, unlike other companies, we own the intellectual property for the products we sell, some of which you can see on this slide. Our commitment to such high levels of innovation adds value to our customers, consumers, and ultimately, to all Aptar stakeholders. We hold nearly 5,000 active patents. Our research and development focus ensures that we are constantly developing new, innovative, and competitive delivery and active material solutions. Our customers recognize us as a true innovation leader who has shaped the drug delivery and consumer product dispensing industry while becoming a proactive leader in sustainability. Turning to our Pharma segment. In pharma, we are the leading global supplier of nasal drug delivery systems and pulmonary metered dose inhaler valves. At the same time, we continue to grow our customer base in the ophthalmic and dermal delivery routes. We've also built a strong reputation in our pharma business, which results from leveraging our decades of expertise in the regulated pharma space, our global clean room manufacturing footprint, and our expansive offering of devices and services, which increasingly include digital healthcare solutions. Gael Touya will speak more about the market opportunities in our Pharma segment, such as the conversion of existing treatments and the development of new treatments for the nasal and pulmonary delivery routes, the continued steady demand for elastomeric components for injectable medicines, and evolving growth dynamics for our material science team. Switching to our Beauty + H ome segment, we are known as the innovation leader with our broad portfolio of brand-differentiating solutions across prestige and masstige fragrances, luxury facial skincare, and other personal care and home care products. Building on the 2020 acquisition of FusionPKG, we're also growing our rapid go-to-market services along with e-commerce ready concepts that enable us to support our customers, large and small. Leveraging our historic strength in fragrance and lotion pumps, Xiangwei Gong and Marc Prieur will talk about the significant growth opportunities we see in Asia, especially in the beauty market. Marc will also speak to market opportunities in the global prestige beauty market, especially in makeup and skincare, along with sustainable opportunities which could impact each of our markets. In addition, the transformation of our Beauty + Home segment has been, and continues to be, one of our five corporate strategic priorities. We have executed on thousands of initiatives, instilled a sense of urgency, and a continuous improvement mindset, which continues to work on reducing costs, making our operations more efficient, penetrating additional markets, and securing larger shares of our customers' wallets. I am extremely proud of our people who remain so committed to our objective to make our business a more efficient and agile solution provider. I will speak to more specifics around the transformation in the context of our strategic priorities in a few minutes. Now, turning to Food + Beverage, we have been able to grow significantly as consumers continue to show their preference for performance-enhancing and convenient features. We are delivering strong core growth in the food market, which is attributed to the recent demand for pantry staples as consumers continue to cook at home during COVID-19. Asia also plays a big role in the growth of Food + Beverage, including the strong franchise we have built in infant nutrition in China. Hedi Tlili will share more on the market opportunities related to changes in consumer buying and consumption attributed to the pandemic, opportunities for Aptar to provide even more sustainable products and solutions, and finally, how we are focused on consumer-centric innovation capabilities. While we serve multiple end markets with an extensive customer list, we are one Aptar. We share our insights, product designs, industrial capabilities, and footprint, and overall operational expertise across all of our three segments, resulting in significant efficiencies and scalability across the business. Later, you will hear our shared technology systems and manufacturing processes and how they benefit each of our segments and Aptar as a whole. We use our own expertise, our customers' insights, and the core set of proprietary technologies to transform ideas into solutions that improve everyday life for consumers and patients, and sometimes we even help to save lives. This coherence of values, purpose, and strategy binds all areas of our company together, and the combination of our industrial activities and our commitment to innovation allows us to leverage our integrated operating model across the entire Aptar enterprise. In addition, we believe that our well-established, strong governance and responsible corporate behavior are essential to our long-term success. That is why we practice business relationships that are based on transparency and accountability in order to advance the long-term mutual interests of all our stakeholders. To that end, we have a profound respect for the environment that drives sustainable energy consumption, operating landfill-free facilities, and developing increasingly circular product designs. We are collaborating with our industry partners to implement powerful changes to plastics manufacturing and to promote the reuse of plastics. Our R&D teams continue to focus on sustainable product solutions, and you will hear about some exciting new developments from Marc and Hedi. We are a proud signatory of the Ellen MacArthur New Plastics Economy Global Commitment, in alignment with that commitment, Aptar's products will be 100% recyclable, reusable, or compostable by 2025 for our dispensing solutions for the beauty, personal care, home care, and Food + Beverage markets. We are also a critical partner for our customers as they transition toward a more sustainable product lineup. As a result of these efforts, we have been recognized as one of the top 100 most sustainable companies by Barron's for the past three years in a row, and one of America's most responsible companies for 2020 and 2021 by Newsweek. In addition, we have received recognition from many other organizations, including the CDP, for our ESG leadership and progress. We believe that the lives of people should be enriched from having worked for and with Aptar. To that end, the safety and wellbeing of our employees is a top priority at Aptar. Throughout the pandemic, we ensured that our production sites maintained our stringent pandemic exposure control plans. We also recently published our updated policies on human rights, community engagement, and global giving, and diversity, equity, and inclusion. We are proud to support the communities where we live and work. Aptar's global signature cause is our partnership with CARE, an organization that works around the globe to save lives, defeat poverty, and achieve social justice. CARE's mission aligns with our purpose, values, and mission to further diversity, equity, and inclusion, empower women, and support our local communities as well as global communities that are most in need. As we have seen during the pandemic, our solutions also greatly benefit society at large. Last year, we saw an increase in demand for our pumps and closures used on sanitizers and cleaners, which are vital in the fight against COVID-19. As a result, we made investments in new capacity and even repurposed beverage closure production to help meet the need for sanitizing and cleansing products. We also supply a range of vital drug delivery solutions for a wide variety of medicines and treatments, some with life-saving potential. Turning to governance, we are deeply saddened by the passing of long-term board member, Dr. Joanne Smith. Joanne served faithfully on our board for 22 years and was an inspiring and dedicated leader who contributed greatly to Aptar's success and our vibrant culture. Her presence on our board will be greatly missed. Our current board of directors is comprised of highly experienced and accomplished multicultural leaders who come from a wide variety of backgrounds and countries. With this breadth of diversity, the board can provide effective experiential oversight that is very relevant to the different end markets and geographic regions in which we operate. We have a six-year average board tenure, and all of our directors are independent except for me. 40% of our directors are women, and three of our 10 board members self-identify as persons of color. We have been recognized by several organizations for our board diversity, including Women on Boards and the Women's Forum of New York. Let me talk about our strategic priorities, which are guiding our path forward. These priorities are influenced by a number of factors, including the macro trends that are currently relevant for Aptar, which are shown at the bottom of the slide. On the left, you can see where we're coming from, and on the right, you can see where we're going to. We aspire to grow faster, improve profitability, and create a more diverse and inclusive culture while expanding geographically and complementing our organic growth and our innovation with partnerships and acquisitions. Our five strategic priorities are all about how we get there. Starting with organic growth. We are focused on capturing the opportunity in faster-growing economies. For all of our businesses, rapid growth in Asia is an absolute imperative. As a traditionally Western organization, the rise of China is a tremendous opportunity with a massive and growing market full of consumers ready to buy our products. The Chinese economy is a peer of the U.S. and Europe and is set to exceed the size of the U.S. economy in the coming decade. Beyond our operations in China, India, and Thailand, we have opened sales offices in Japan and Dubai, where we also see strong potential to penetrate the market and grow. We are also focused on growth through investing in our capabilities and driving new product innovations across each of our businesses. The drivers of our organic growth include adding solutions provider, FusionPKG, to our beauty business, developing a wider range of sustainable solutions for our different markets, and expanding our services and digital platforms, especially in our pharma business. We are also investing in growth capacity in key areas such as our elastomeric components business for injected medicines and our prestige beauty decorative businesses that will support many of our facial skincare customers. As we emerge from the pandemic, we expect 2022 to be a more normal year of organic growth for Aptar. Later, you will hear from our CFO, Bob Kuhn, who will provide an overview of our financials and review our long-term growth targets. Our second strategic priority is talent development. Any organization is only as good as the people in it, all the people who power it, all the people who pull it into the future, all the people who want to, who need to reach their full potential. Leaders, whether homegrown from within our organization or recruited from other great companies, make all the difference in going from good to great. If we want to take care of this strategic priority, we cannot expect to be successful in our other priorities. We are making tremendous progress in developing internal talent, as well as adding new talent and capabilities from the outside. Our excellence pillars are key elements of our strategy. In 2017, we recognized the need to formalize functional excellence pillars so that our regions could better leverage the global capabilities of our businesses while remaining focused on their local regional strategy. Our goal is to be best in class in product development, manufacturing, and value delivery to our customers. Let me start with innovation, the lifeblood of Aptar. The DNA of our founders runs deep through our organization today. We have built a reputation of being the innovative leader in our space, and we aim to stay in the lead. In order to do that, we have established the Innovation Excellence Pillar to, one, ensure we are sharing externally benchmarked best practices and processes when it comes to idea generation, intellectual property management, innovation project and portfolio management, phase transfers, scale-up, and product launch. Number two, ensure we are sharing the best ideas across all of our businesses. What is developed as an idea to serve one market can easily become a huge success in another market or a different business segment. Number three, pool our resources to investigate new innovation frontiers like sustainability, material science, or digital content and devices. Tap into outside innovators, including startup ventures and inventors. Our environmental health and safety organization has grown and become a key element of our operational excellence pillar, raising the bar for plant and business leaders with external benchmarks and tools. Through operational excellence, we also want to make sure we are developing the best quality protocols and are enhancing our continuous improvement discipline, including the broad adoption of Six Sigma. We are focused on automation, automating material flows in our factories, and implementing many other digital solutions to enable more efficient and better quality outcomes. Our supply chains are increasingly integrated, so we are able to operate in real time and still meet our OTIF, or On Time In Full, delivery targets. This allows us to meet our commitments to customers while providing flexibility as their needs evolve. Our operational excellence pillar was also instrumental in developing and implementing our global pandemic protocols in collaboration with HR. This was a huge effort that helped Aptar safely navigate through the COVID-19 crisis to date. Another learning from the pandemic is that regional research and development and manufacturing capabilities in the supply chain are growing in importance with our customers. A more integrated local supply chain means lower lead times and faster market launches. Our manufacturing strategy has been and continues to be local production for the local markets. Our commercial excellence pillar is charged with implementing best practices for sales and marketing. When it comes to segmentation, pricing strategies, marketing strategies, customer engagement, salesforce management, key account management, and many other customer-facing initiatives, we must become and remain best in class. To do so, we also must measure how we stack up against the competition and against customer expectations with feedback tools like NPS or Net Promoter Score. To name just a couple examples, we recently reinforced our digital engagement toolkit and established a strategic marketing council. We have come a long way since kicking off the transformation of our Beauty + Home business in early 2018. Our teams have implemented the majority of our planned transformation initiatives over the past three years. These include new commercial strategies, better sales and customer project management on a weekly cadence. Also, factory improvements, cost reductions, and new capabilities in Asia in fast-growing application fields such as skincare and color cosmetics. I am proud of what we have accomplished in a short amount of time. That said, due to the pandemic-related volume shortfall, we have yet to show the margin improvement towards our published EBITDA margin target of 15%-17%. The transformation will not be accomplished until we are solidly and reliably in that range. We will continue to optimize our footprint, focus on SG&A cost containment, and implement new strategies to expand our capabilities and product lines. Turning to our fifth strategic priority, we use acquisitions and partnerships to complement our organic growth and organic innovation activities. Through acquisitions and partnerships, we also add capabilities and technologies and feed the innovation and talent pipelines. As you can see here, we have been very active over the past several years. We acquired CSP Technologies in 2018 with great expectations about their material science technology, which is now helping to fight the pandemic and protect antigen tests. We have also been active in acquiring several pharma services companies, including Gateway Analytical, Noble International, and Nanopharm, to expand our offerings in the healthcare space. As I mentioned earlier, we acquired U.S. turnkey packaging experts FusionPKG to expand in the fast beauty sector of our Beauty + Home business and grow strongly in skincare. We also made key investments in Asia, taking a stake in BTY to give us metal and decorative capabilities for the local beauty market, along with YAT, a Chinese online influencer and online skincare company, to develop a wide range of products and services for the skincare market. In addition, we've made smaller investments in digital healthcare, including taking an equity stake in Sonmol, also based in China, and acquiring the assets of Cohero Health. We will continue to invest in the exciting and evolving digital healthcare space. Our sustainability-related venturing investments like Loop, PureCycle Technologies, MIWA, and REBO provide us with deep insight into the future of the circular economy and how to help make it a reality. We will continue to monitor areas for growth and seek strategic partnerships to expand Aptar's offering for customers, including the two most recent announcements in the healthcare space. In July, we announced another significant step towards building our foundation in digital healthcare with our intention to acquire Voluntis, a pioneer in the digital therapeutic space. We've also acquired 80% of Weihai Hengyu Medical Products, a leading Chinese manufacturer of elastomeric and plastic components used in injectable drug delivery. By adding local manufacturing capacity, this acquisition positions us to capitalize on the growth potential in the Asian region while further strengthening the company's ability to serve local and global customers in the injectable drug market with best-in-class products and services, competitive lead times, and technical support, all while leveraging our global network. I am incredibly excited about Aptar's bright future, which is underpinned by the execution of our strategic priorities. Aptar is a steady, long-term compounding growth story. This execution has allowed our shareholders to achieve 104% total shareholder return from the end of 2016 through June of this year. Our dividend program is a key element of this compounding growth story. This will be our 28th consecutive year of paying increased annual dividends. If the pandemic has taught us anything, it is that our lives are increasingly becoming more dependent on new and better technologies. This is relevant to each of the markets we are serving. We believe patients and consumers are going to demand technologically advanced solutions that help them with their daily lives, easier-to-use dispensing, improved recyclability, smart, connected, and communicative devices, and Aptar is uniquely positioned to provide these solutions for our customers. Our executive team is pleased to share with you today how Aptar has built a strong offering in high-growth areas and how our businesses have a very clear competitive advantage with irreplaceable assets and solutions. This is how we will continue to deliver on our promises to all stakeholders for many years to come. Now I would like to welcome Shiela Vinczeller, Aptar's Chief Human Resources Officer. Shiela. Thank you, Stephan, and hello, everyone. I'm Shiela Vinczeller, Chief Human Resources Officer. I'm very pleased to be here today to speak with you about our programs and initiatives that support our global workforce of 13,000, including our diversity, equity, and inclusion journey and how we continue to adapt to the ever-changing human capital landscape. A lot has changed in the past couple of years, and companies had to adapt in tremendous ways. AptarGroup is no exception, and I would like to start by sharing how impressed I am with how our global teams responded to the COVID-19 pandemic and rose to the challenge of ensuring the continuity of supply for the product that millions of people around the world rely on every day. In addition to advanced safety, hygiene, and cleaning measures, we pivoted early and restricted travel and implemented new remote and flexible work arrangement policies. As the pandemic grew, we also recognized the need for greater mental health awareness, and we expanded our counseling support to all employees globally. Additional communication measures included the creation of a COVID-19 global action team, local site teams, biweekly global town halls, and a COVID-19 resource center on our global intranet. Our leadership oversight and agility during the pandemic has reinforced our company's adaptability to change, and this mindset is present in all areas of our organization. Turning to leadership and development, our highly appreciated AptarGroup Corporate University has been very agile and experimental in transforming face-to-face programs to full online interactive learning experiences and also recently received a top-level award for culture and technology as part of a national awards recognition program in Europe. With so many changes brought about by the pandemic, it was of course critical that we kept a pulse on the expectations and sentiments of our people. We adapted our annual employee engagement survey to include specific topics related to the pandemic, which includes remote working conditions and effectiveness, communications, and of course, health and wellness. We were delighted to see a continued strong response rate at over 75% and that our overall scores actually improved in 2020, putting AptarGroup in the top quartile compared to other organizations in the global benchmark. Our adaptability as a company is only made possible by our diverse global workforce. I want to reinforce something that Stephan has talked about many times in our leadership meetings. Diversity, equity, and inclusion, or DE&I, is not only the right thing to do, it is a business imperative for AptarGroup. As Stephan showed earlier, this starts at the top with our board and executive committee. Stephan talked about the diversity of our board, and today our executive committee has 38% of our leaders who are women, and two of our eight executive committee members self-identify as persons of color. All of our executive committee members have lived and worked in countries outside of their home country. It is also important that we partner with organizations who help us better implement, measure, and uphold our DE&I goals and commitments. We are members of the Gender and Diversity KPI Alliance, and we are using key performance indicators to measure gender and diversity in the workforce. In addition, our leadership position with Catalyst CEO Champions for Change is focused on furthering gender equality, diversity, and inclusion in the workplace, with an emphasis on accelerating progress in the representation of women, including women of color, in executive or senior-level positions. As a company, we of course remain committed to furthering our DE&I progress and stand by our goal for women to make up 30% of our leadership team, vice president level and above, by 2025. Today, we're just under 20% and are taking active development, networking, and recruiting steps to reach our target. To help further our efforts, this year we launched our first women's leadership and development network called ALIGN, which is open to everyone. Hedi Tlili is the executive sponsor and is very engaged in growing this network, which is led by a creative and energetic team of AptarGroup women. Further networks are being explored, and we expect to launch some of them in the coming year. Colleagues often come to work for us because of our values, because we are an ethical company who treats everyone with dignity and respect, and because our products are relatable, you use them every day. However, like many companies, we are not immune to the war for talent or retention challenges, including an aging workforce, rising wages, growing and shifting benefits packages, and the all-competitive race to offer the most flexible work arrangements. To recruit successfully, we have implemented a series of actions and tools that vary across our facilities and regions, depending on, of course, what is most meaningful locally. These include attractive incentive and reward programs, identifying different sources of labor, skills, and sometimes temporary work arrangements. We are also working with different recruitment partners and training partners to ensure we are creative and competitive on all fronts. It is critical that we also focus on succession plans and the early identification of high-potential individuals to ensure that we have clear and effective development plans, including mentorships. We also have the benefit of being a global organization with a presence in 20 countries around the world. We leverage this capability, and we believe that the leaders of tomorrow should have global experience living and working in a country that's other than their birth country, so they can experience different cultures, which in turn allows them to understand what drives consumer preferences and have a global perspective. This is a real competitive advantage for us. We're also applying our learnings from the pandemic to continue to operate with agility, efficiency, and adaptability to enhance how we attract and retain talent. With all that said, what's next? As we hopefully at some point have the pandemic in the rear-view mirror, we want to ensure that we transition seamlessly into the next normal with workplace flexibility, an enhanced focus on employee health and wellness programs, and an ever-vibrant AptarGroup culture. As we move forward, employee engagement continues to be top of mind, and we have formed a future of work team with multifunctional representatives to ensure that we keep on top of best practices in this new, dynamic, and changing world. I'm proud of our progress as we continue to strengthen our leadership and talent development programs and advance our commitment to DE&I. Looking ahead, I'm excited about the future as we continue to position AptarGroup as an employer of choice and a great place to work. With that, I would like to turn the presentation over to Xiangwei Gong, President of Asia, who will join us right after a short video. Hello, everyone. It is my pleasure to be with you today. My name is Xiangwei Gong, and I'm the President of the Asia region. I'm based in Shanghai and have been with AptarGroup since 2018. I'm honored to share with you the progress we have made in Asia and the great opportunities we see for the region. Today, we employ 1,200 dedicated teammates in China, India, Thailand, Indonesia, and Japan. Sales in the region, whether manufactured in the region or imported, represent about 10% of AptarGroup's global revenues. We have plans to grow our shares of these expanding economies, where we aim to help global and local customers win with locally designed and manufactured solutions. It is important to note that we serve global customers and local customers who are sometimes equal in size or larger than their Western counterparts. We also deploy the full range of AptarGroup technologies in the region, as consumers and patients in these markets demand the same quality and experience as in other parts of the world, but very often at a faster pace. As you saw in the short video, there are more than 4.6 billion people in Asia, equal to 60% of the total world's population, and Asia is expected to contribute to roughly 60% of global economic growth by 2030. The rapid emergence of Asia's middle class will bring far-reaching economic changes, creating new market opportunities for both domestic and international companies like AptarGroup, transforming the region from a global manufacturing hub into a consumption powerhouse. The sheer vast size of the markets in the region presents unique business opportunities for our customers and, of course, for each one of AptarGroup's segments. Starting with our Beauty + Home segment, the markets are attractive, large, and growing. Research estimates that the Chinese beauty market is the largest in the world at just under $80 billion in value and expected to double in size by 2025. Many of our global customers have commented on their optimism about the region and have posted their own impressive growth figures. We also see the rise of Chinese brands such as PROYA and Jala as they continue to make their products more premium, which offers us great opportunity to grow with them. We also see significant potential in our Pharma segment. China is the world's second-largest pharmaceutical market after the U.S., followed by Japan, and India's pharmaceutical market is growing rapidly. In Asia Pacific, the injectable drug delivery market alone is estimated to grow at a CAGR of 11% in the coming years, making it one of the fastest-growing regions. The Asia Pacific's nasal spray and pulmonary device markets are also estimated to grow above 10% through 2028 due to the increasing elderly population, better diagnosis, and higher adoption rates of effective treatments. Our Food + Beverage segment is benefiting from growing market trends such as wellness, nutrition, convenience, and premiumization. Over the past few years, our business has built a healthy, diversified portfolio to serve customers in sports and health beverages, infant nutrition, as well as cooking oils and sauces. Asia Pacific is the largest market for infant nutrition products in the world and is projected to grow at 11% CAGR in the next five years. Customers are expanding their portfolio from infant nutrition to early child nutrition and to adult nutrition. The business opportunity is clearly there. I'd like to speak to key drivers that are integral to our strategy. The first one is innovation, which includes innovation capabilities in product design, engineering, decoration, all the way to the end-user experience. Our global customers are accelerating their innovation investments in China. For example, Estée Lauder is investing $35 million to create its world-class innovation hub in China. Either we invest alongside our customers, or we will no longer be their partner of choice over time. Our second driver is the supply chain and increasing localization capability and speeds to market. The pandemic taught us that localization is critical. The booming e-commerce in the region also requires fast turnaround, low lead times, and agility to market. With those market opportunities and our key drivers in mind, we are investing in Asia to prepare for our future. On the innovation front, we are investing in the cross-segment regional innovation hub in China. We hired a very experienced senior executive with a pharma background and decades-long experience in leading beauty innovation for both global as well as Chinese beauty companies. We are increasing our innovation and service capabilities in the region through strategic partnerships and open innovation. We partnered with the renowned design and innovation school of Tongji University and launched a packaging lab to drive open innovation and sustainability initiatives. To address the need for greater localization, as previously announced, we are building a new state-of-the-art facility in Suzhou area. This facility will bring our three segments under one roof with the latest equipment and automation technologies. We are also expanding key capacities in India and Thailand to serve each of our markets in the region. On the M&A front, our equity interest in BTY provides additional metal and decorating capabilities for the color cosmetics market, and our recently announced acquisition of 80% of Hengyu Medical Products adds critical rubber and plastic component capabilities for injected medicines. In closing, although Asia is a relatively small part of our global business today, as you can see, the potential is huge. We have built a solid foundation and are starting to see the benefits of our work in this region. We plan to continue to invest in our capabilities and talents in Asia, as the region will become a significant growth engine for AptarGroup. Thank you very much. Now I'd like to turn it over to Gael. Thank you, Xiangwei. My name is Gael Touya, President of Aptar Pharma. I'm very excited to speak with you today. I've been fortunate to work for Aptar for over 25 years in roles across all of our business segments, spanning from sales, business development, marketing, and regional or global P&L leadership positions based in Europe and Asia, including a multi-year assignment in China. Today, I'm based out of Paris. 1.6 billion patients. At any given moment across the globe, 1.6 billion people annually use Aptar Pharma products or solutions to breathe easier or just live better. Let me first remind you what Stephan said earlier. At Aptar Pharma, we have built a strong reputation in high-growth areas. Our businesses have a very clear competitive advantage with highly differentiated pharma solutions and services. With more than 30 years of experience in the pharma ecosystem, we have become the partner of choice for large pharma companies, biotechs, and startups in our focus categories. We have the deep know-how to de-risk and accelerate their drug development programs. Driven by our R&D-centric approach and portfolio of proprietary technologies, Aptar Pharma is the established global leader in drug delivery for pulmonary, nasal, ophthalmic, and dermal solutions. And we are rapidly growing our Active Material Science Solutions business. We are a trusted partner to more than 1,500 customers across a wide range of therapeutic areas and delivery routes. Our strategy is to support them from the formulation phase all the way to launch, and then even beyond launch with remote patient monitoring to help improve patient outcomes, as well as patient onboarding solutions for better adherence. Our solutions span many therapeutic and disease categories, including allergy, cough and cold, asthma and COPD, pain management, central nervous system, vaccines, and biologics. This business has been growing consistently within our target range of 6%-10% organic growth over the past decade, including a strong 2020, and at EBITDA margin within the 32%-36% range. We've recently updated our five-years planning process. We can confirm our long-term target ranges based on our project pipeline. As you have heard in our recent earnings calls, the pandemic has caused temporary de-stocking in our prescription drug market and with some consumer healthcare products. We currently expect this to continue through the third quarter. Customers built safety stock prior to, and especially throughout 2020, while the lockdowns caused fewer incidents of colds, flu, allergies, and certainly fewer doctors visits. Our fourth quarter looks more promising from the de-stocking situation to abate, especially in our consumer healthcare division, given our conversation with industry professionals and key customers. According to the U.S. CDC, common respiratory viruses, including those that cause the common cold, are on the rise this summer, and this is happening outside of the U.S. also. We also see some signals from market data, including IQVIA, reporting for the first time this year from June 21 onwards. Allergic rhinitis total prescriptions for the U.S. market is expected to be back to pre-pandemic levels in the U.S. As we are still dealing with the de-stocking situation, on a global basis, our prescription device sales are not yet reaching their pre-pandemic levels. However, these trends underscore that demand for our core devices has only been temporarily impacted by the pandemic, and that there have been no fundamental changes in our markets, nor have allergies, the cold, or flu been eliminated. That said, we are able to grow the segment with good profitability with growth in our elastomeric components and active material solutions. Our core sales increased 1% through the first six months, and with adjusted EBITDA margin of 34%. Turning to examples of current market opportunities, I'd like to speak about drug repurposing, injected medicines, and new applications for active materials. Drug repurposing is the use of existing drugs for new therapies or through new routes of administration. We also call this process conversion, converting a drug from an historic delivery mechanism to a new one using Aptar's technologies and devices. The regulatory approval process for new drugs is long and arduous, taking on average five to 10 years from concept to approval. It's also a very costly investment by our customers. Repurposing is less expensive, but remains a very underestimated and complex exercise. The most well-known repurposed drug using our device is NARCAN, and we continue to play a role in helping those at risk of overdosing, and we have seen that 2020 was the worst year for overdose deaths in the U.S. Other examples of repurposed drugs using Aptar devices include, for instance, the anti-depression treatment SPRAVATO from Janssen Pharmaceuticals, and the seizure rescue treatment NAYZILAM from UCB. There are several trends related to injected medicines that are presenting opportunities for growth. The COVID-19 pandemic is still with us. The need for boosters is already starting in some countries, while the rest of the world is catching up with the first wave of vaccinations. In short, we will need annual vaccinations for some time to come. There will be a shift from multi-dose vials to single-dose vials and pre-filled syringes that require an elastomeric plunger and needle shield. The acceleration of know-how around mRNA technology should support an acceleration of new medicines. Moderna is speaking about an HIV vaccine and a vaccine for melanoma using mRNA technology. All of this considered supports our belief that demand for injection systems is steady and growing over the next several years. Our active material science business, called Aptar CSP Technologies, provide highly engineered active packaging solutions. These provide optimal shelf life, stability, and speed to market for prescription and OTC drug products, diagnostic tests, drug delivery, and medical devices, and probiotics. We continue to see opportunities for the protection of diagnostic system elements, such as test strips, including COVID-19 antigen test strips and glucose monitoring devices for diabetes market, as well as protection of oral solid dose medicines. Today, we see additional opportunity to expand our technology in Asia Pacific with our newly developed next-gen diabetes slides. Oral probiotics is also a growing application field with a strong market share in North America where our active vials are used. We have the opportunity to expand this in Latin America, EMEA, and Asia. We are investing around $120 million in 2021 and 2022 in the U.S. and France to increase our capacity for elastomer components for injection systems. With this investment, we are also increasing our premium coating capabilities. Pharma capacity needs to be built, validated by our teams, validated by our customers, this all takes time. The vaccine and biologic injectable drug market in China is rapidly growing. We are expanding there by acquiring local capabilities and capacities of Weihai Hengyu Medical Products. Leveraging these existing facilities with full Chinese regulatory approval will allow us to quickly capture growth and meet rapidly expanding customer demand. We are also investing in capacity increases in other divisions, including for our Consumer Healthcare and Active Materials divisions. We are expanding into services that is supported by several industry trends. First, drug repurposing that I mentioned earlier. Through formulation support, analytical and regulatory expertise, we help our customers to accelerate and de-risk their drug development programs. Second, between 2011 and 2018, new drug approvals attributed to small and mid-size pharma companies increased from 31%- 68% of total approvals, and we see this trend continuing. Third, regulatory complexity is increasing on a worldwide basis. This includes devices. In digital healthcare, we are very focused on building a comprehensive digital health platform in our niche market. Through our connected add-on sensors on our drug delivery devices, we have the ability to track and improve patient adherence and patient diagnostics. Our recent strategic acquisitions of Voluntis will offer a comprehensive portfolio of digital therapeutics. Based on clinically relevant evaluations, approved by FDA, Aptar Voluntis Digital Therapeutics, or DTx, is used as a digital companion to a drug. The DTx is fully part of the drug regulatory pathway of pharmaceutical companies. The aim is to be co-packaged and co-prescribed with a drug. DTx is a drug's digital extension of classic therapy and a way for our customers to expand IP protection, differentiate their offer in the market, generate a new revenue stream, and gain access to patient information. Now let me speak about patient centricity, which leads to better outcomes and lower healthcare costs. Patients increasingly rely on complex drug delivery devices or self-injection devices to administer their medications at home. New drugs are available to address chronic disease such as diabetes, MS, and Crohn's disease, for instance. We see huge opportunity to design patient-centric devices that are easy to use. We also provide patient onboarding solutions with Aptar Noble expertise for better patient adherence. In closing, we are a leader in several key markets, from formulation capabilities to patient-centric services. We are very optimistic about the long-term view of the Pharma segment, given our efforts to add capacity in our injectables business, our growth in our active material solutions business, our focus on growing our services platform, and adding digital healthcare technologies and capabilities. This is the reason why across the globe, 1.6 billion patients trust Aptar Pharma to deliver their medication, to breathe easier, or just live better. The robust, high-quality project pipeline across each of our divisions, combined with the expected gradual recovery of the traditional allergic rhinitis and cough and cold categories, give me confidence in our continued robust organic growth. Thank you. Thank you, Gael, and hello, everyone. I'm delighted to be here with you. I'm Marc Prieur, President of Beauty + Home. I have been with the AptarGroup for the past 22 years in leadership roles within pharma, operational excellence, and Food + Beverage. For the past 18 months, I have led the Beauty + Home segment. Beauty + Home is a global leader in consumer product dispensing solutions and innovative packaging experiences for the beauty, personal care, and home markets. Our portfolio of other 13 broad technologies allow us to deliver more than 16 billion solutions each year, many protected by over 950 patents. Partnering with other 6,000 customers around the world, we create responsible and innovative market-shaping products. We are doing this across the entire industry, from the world's best-known beauty brands to the companies big and small. We are operating in attractive and growing markets in beauty trendsetting countries such as France, the U.S., China, and Brazil, and many others. We offer our clients the widest portfolio of innovative solutions, ranging from fine mist sprays, pumps, and valves to lotion and serum dispensers, to airless systems, to sophisticated decorative features, and more. We also offer our clients customization, prototyping, in-house testing, and tailored regulatory guidance. In 2020, the global pandemic almost halted brick and mortars and travel retail. While the beauty business was negatively impacted, our personal care business finished the year up, as declines in grooming and sun care products were more than offset by a surge in demand for sanitizing and cleaning products. Prior to 2020, we had been executing a multitude of initiatives associated with our transformation. While we continue to recover our volumes to support our long-term margin goals, we have continued to optimize our footprint. We have completed the closure of eight facilities and made significant investment in upcoming state-of-the-art sites. Ultimately, as our volumes recover, we will see our margins improving. Using 2019 as a benchmark, we are at approximately 90% of our 2019 sales levels. We expect 2022 to be a more normal year for our customers and end consumers. We expect to grow above 2019 levels, expanding our margins towards our long-term targets. Turning to our recent financial performance, our first half 2021 results reflects solid growth, with our core sales up 5% year-over-year due to higher volumes and pricing initiatives. While we have been successful in passing along inflationary cost adjustments other than raw materials, we are still behind the raw material cost curve. We are making progress each quarter. Now, let's look at a few important market opportunities for our business. China Beauty, the rise of facial skincare and dermacosmetics, the recovery of prestige beauty post-pandemic, premiumization in mass personal care and home care. Sustainability and e-commerce are also overarching opportunities across each area of our business. As you have heard from Xiangwei, Asia is a huge opportunity for us. For cultural and demographic reasons, in a typical Asian middle-class consumer basket, beauty is over-indexing a Western consumer basket by a factor of two, including much higher consumption by male consumers. Chinese consumers are at the forefront of beauty and skincare, seeking the highest quality products. In fact, skincare, the largest beauty super category in China, grew 58% in the first quarter of 2021, year-over-year. Fragrance also thrived in China, growing 80% in the first half of 2021, year-over-year, albeit from a small base. In the beauty market, facial skincare has seen significant global growth, especially as consumers become aware that maintaining healthy skin not only enhances appearance, but also protects from the effect of aging and sun damage. Third-party research shows that in Q2 2021, U.S. prestige skincare grew 32% year-over-year. Equally exciting is the emergence of dermacosmetics in the personal care market. These products for daily use are primarily targeted at healthier skin in all areas of the body, with more advanced formulations. For example, during the first half of 2021, L'Oréal and Beiersdorf grew respectively at 32% and 22% year-over-year in dermacosmetics. The products shown are all using our lotion and airless dispensing technologies. We will continue to drive further innovative and sustainable solutions. Industry surveys shows that 65% of shoppers are excited to wear makeup again. We are fully ready for this recovery and actively working with our customers. In addition to facial skincare rising, there is an opportunity for growth as consumers emerge from the pandemic seeking premium color cosmetic and fragrances. Aptar is recognized as an innovative, reliable, global top player in the prestige beauty market that is now becoming even more attractive to our customers as they seek to further differentiate their brands and provide consumers with exceptional user experiences. In personal care and home care, an important trend we are witnessing is premiumization, with customization and, increasingly, reusability, where consumers are searching for a personalized, upscaled experience with their products. For example, P&G recently restaged an iconic haircare product, Pantene, with a high-end lotion pump instead of a closure. Other examples include our custom dual spray actuator for Reckitt's SBP insect repellent spray, and a major dish soap brand that has restaged globally with our inverted closure and valve, a product that will be expanded on various brands. Let me talk about how we are positioning ourselves to capture a greater share of these opportunities. Beginning with Asia, our plan is to double down on our growth efforts in China while leveraging an entrepreneurial approach for the rest of Asia. As announced, we are investing in a new state-of-the-art facility in Suzhou. We will continue to build a best-in-class Asia team, and we will continue to enter into selective acquisitions and partnerships, building on our recent moves, such as BTY for metal capabilities and YAT for skincare, fast beauty, social commerce, and formulation expertise. Our goal is to become the global market leader in prestige beauty, facial skincare, fragrance, and makeup focus, catering to the specific needs of our prestige customers. To do that, we must lead the niche market of decorative features. That is why we are accelerated investment in our new state-of-the-art custom products and decorative facility in France. This will leverage our range of dispensing technologies in parallel with decorating capabilities while rationalizing our fragmented footprint. We will also continue to invest in new innovations for skincare, color cosmetic and fragrance dispensing, such as our new INUNE pump, a collection of prestige sprays for perfumes with an eco-conception, including an interchangeable and refillable solution. Another driver to accelerate our growth is to go beyond dispensing. For instance, leveraging on FusionPKG attributes such as agility, creativity, and speed to market. These enable us to tap into fast emerging indie brands and to replicate this similar full-pack turnkey model in other regions. Our sustainability goal is to deliver circular life cycle solutions for our clients. We have become a trusted partner for our clients to help them achieve, like us, their commitment to 100% recyclable, compostable, or reusable packaging by 2025. Last spring, we introduced Future, our first fully recyclable mono-material and e-commerce capable pump. At Aptar, the Beauty + Home segment is leading the way on sustainability. We are forging ahead with industry-leading solution, including the use of post-consumer resins, fully recyclable mono-material dispensers, and e-commerce ready solutions requiring less protective packaging. Focusing on the consumer and implementing our omni-channel approach, we will continue to grow our portfolio now at more than 40 solutions of e-commerce capable products, helping to overcome transport constraints and distribution pressures. Thanks to our broad portfolio and global presence, Beauty + Home is resilient when faced with a challenging macro environment. I am confident we are well positioned to innovate and deliver world-class sustainable and digital solutions as we take advantage of the ongoing post-pandemic recovery. I'm excited about what's ahead for Aptar, and I'm looking forward to Beauty + Home's contributions to our collective goal. Thanks for your time. I will turn it over to Hedi. Thank you, Marc. Hello, everyone. My name is Hedi Tlili, and I'm the President of Aptar's Food + Beverage segment. I joined Aptar in 2016, and prior to my current role, I led EMEA sales and operations for both Beauty + Home and Food + Beverage businesses. Before coming to Aptar, I had leadership positions with Sonoco and Albéa. I'm pleased to speak with you today to expand upon Aptar's Food + Beverage growth story. The Aptar Food + Beverage segment continues to extend its global market leadership in developing and delivering innovative dispensing solution that enhance the consumer's drinking and eating experiences. At Aptar Food + Beverage, we have a strong innovation culture demonstrated through our transformational first-to- market launches with key brands like inverted Kraft Heinz ketchup to now inverted Jif peanut butter in a flexible pouch. The Food + Beverage segment produces over 7 billion units of products annually, from sport closure to infant nutrition and everything in between. We currently partner with leading and emerging regional and global brands to promote package differentiation, improve product safety, and reduce their environmental footprint. Today, the majority of our Food + Beverage revenue comes from North America and Europe. We're expanding our footprint through facility expansions in growing economies such as China and Latin America. As we review our financials results, we saw a shift in consumer behavior from out-of-home to at-home consumptions due to the effects of the pandemic over the last 12-18 months. As we look at our first half of 2021, the Food + Beverage segment delivered strong core sales growth of 18% compared to the first half of 2020, driven by high demand for our solution and by price adjustments related to higher material costs and inflation. We've done a terrific job managing our raw material pass-throughs and segment-adjusted EBITDA increased despite the significant inflationary environment that saw rises in many categories, including resin. We improved the timing of our contractual pass-through of these costs, this can have a compression impact on our margins. Excluding that impact, we would have been within our long-term target range at 18% for the first half of the year to date. I will now highlight some key trends that we identify for future market opportunities. They include leveraging consumers at-home consumption driven by the impact of the pandemic, sustainability, and consumers' demand for caring for our planet, and continued consumer focus on health and wellness. As we all experienced with the pandemic, we have seen a shift in behaviors impacting where consumers eat and drink. If the trend of work from home continues, we expect to see a sustained level of at-home consumption above pre-pandemic times. Another market opportunity is customer and end user demand for greater sustainability. Aptar Food + Beverage customers are increasingly coming under pressure to help solve global sustainability challenges. We are partnering with them to help meet their own sustainability commitments. The third market opportunity is capturing health and wellness needs, which allows us to leverage our key technologies to support continued consumer demand for convenience and safety. Our first growth strategy focuses around at-home consumption. Our range of flexible pouch fitments and flow control valves continue to gain the attention of customers and consumers. First, by leveraging the success of our inverted flexible fitments and closure in the dairy market, we now see customer expanding this technology into new markets to achieve key growth. Some recent brand examples in North America are Jif peanut butter, providing utensil-less dispensing, and Yucatan guacamole with significant increase in product freshness, thanks to the Aptar dispensing system in the new squeezable inverted flexible packaging format. We're expanding our at-home beverage portfolio. For example, we currently support the coffee creamer multi-serve business with leading brands like Starbucks. We will continue to leverage our multi-serve closure for at-home users around the world. Another at-home growth area for us is China. Through in-depth consumer studies, we identified the opportunity to provide clean dispensing experiences for oyster sauce formula specific to this significant market. We recently launched a new squeezable oyster sauce product in China using Aptar's valve technology. Our strategy around sustainability is to be the partner of choice to help our customers achieve their goals. This includes advances in product design, operational excellence, and strategic partnerships. Aptar recently introduced SimpliCycle, our new and fully recyclable flow control valve technology, which has been accredited by the Association of Plastic Recyclers, a leading recycling organization in the U.S. We're working with several important customers like Kraft Heinz, where we announced their commitment to implement SimpliCycle this year, utilizing this new technology to further advance their goal of full package recyclability by 2025. As we heard earlier from Marc, we invested in PureCycle, which offers breakthrough technology to provide food-grade recycled polypropylene to be used within our dispensing platforms. Aptar's global scale and network of proven technologies allows us to deliver solution that address local consumer pain points, and thus leverage an innovation across geographies and adjacent categories. As we see consumers continue to put personal health and safety top of mind, we are expanding our knowledge and capabilities to include new business models and enter strategic partnerships. For example, we partnered with REBO to launch a smart, connected reusable bottle that uses Bluetooth technology embedded in the cap to track the amount of water consumed and inform consumers of the total number of plastic bottles avoided by using the REBO bottle. Another example of our global growth and consumer-centric innovation is through our in-depth studies conducted with infant formula in China, a continued key focus area for us. We're also working with our nutrition customers on ways to enhance safety and ingredients protection for all age demographics. Lastly, our active packaging business from the Aptar CSP Technologies acquisition continues to provide solution to food service and food safety within the grocery and retail markets. Our technologies address key pain points in the fresh food supply chain related to moisture, oxygen, odor, and antimicrobial concerns. As you can see, Aptar Food + Beverage has a strong foundation for growth. Our mission is to expand our global leadership position, always focused on consumer-centric innovations and partnering with our customers for growth. We will continue to advance our technology, manufacturing footprint, and portfolio capabilities globally, especially new markets like Southeast Asia, Middle East, and Africa, where the opportunity for growth is significant. If we see an opportunity to enter into key partnership and M&A, we're prepared to quickly move forward to achieve our growth objectives and drive value for our shareholders. Now I will turn it back over to Stephan. Now that you've heard from our business leaders, we would like to take a few moments to discuss our integrated operating model. Our objective is that each business unit, whether it be a segment or a key region such as Asia, or especially a smaller regional P&L team, operates with an entrepreneurial mindset, always thinking about and winning in the local market, while at the same time leveraging across our global functions and expertise and tapping into our network of talent and experts around the world. This notion of linking and leveraging across our enterprise begins with the work of our senior leadership team, all of whom have gained multi-region and multi-functional, multi-business experience throughout their careers. In addition to their respective segment or functional leadership roles, our executive committee members have also corporate-wide responsibilities. For example, each leader is also sponsoring a certain geographic region and keeps up to date with strategic regional developments there that are relevant to AptarGroup. Examples of key functions that are leveraged across AptarGroup include our operational, commercial, and innovation excellence pillars, our sustainability initiatives, and some of our shared services. I will now hand it over to Marc, Hedi, Gael, and Bob, who will highlight a few examples. Thank you, Stephan. In addition to leading the Beauty + Home organization, I sponsor our Latin American region, as well as AptarGroup sustainability initiatives. I am also responsible for our operational excellence pillar, where we are focused on sharing operational knowledge and best practices in manufacturing and more across our business segments. This knowledge sharing helps us leverage our expertise across segments and allows us to become more efficient as a company, driving savings in our processes. Each of our three segments shares GMP practices, even clean room capabilities for Pharma and Food + Beverage, and use common state-of-the-art manufacturing technologies, including mold building equipment, high-speed assembly machines, precision injection molding presses, rapid prototyping, and 3D printers, along with in-house testing centers. All of these allow for accelerated product development while achieving project cost efficiencies and increasing our ability to respond quickly to market needs. Our focus includes new factory layouts, automated material flows, and embedding digital solutions, including use of virtual reality for certain machine repairs. We are also implementing artificial intelligence to enable better quality outcomes. Our operations specialists are responsible for applying and ensuring compliance with our operational excellence standards, such as our Lean Six Sigma program and our health and safety procedures. We also leverage our sustainability initiatives across our company, including our grassroots landfill free program. By year-end 2020, 53% of all Aptar sites were landfill free certified. Where Beauty + Home is taking the lead on developing sustainable solutions, Food + Beverage and also Pharma will soon be leveraging our growing knowledge base and sustainable product development innovations. Lastly, while we will drive to bring ultra-pure post-consumer resin to the food market through our partnership with PureCycle, this competitive advantage is of interest to our prestige beauty and pharma customers. With that, I will now pass things over to Hedi for additional examples on our integrated model. Thank you, Marc. In addition to leading our Aptar Food + Beverage segment, I sponsor our business opportunities in the Middle East and Africa. I'm also responsible for our commercial excellence pillar and our global purchasing organization. The goal of our commercial excellence pillar is to implement best sales and marketing practices across AptarGroup that improve our revenue generation abilities and our margins. A recent example of cross-segment effort to impact margin is the new pricing management tool and practices we are implementing worldwide. We aim to capture 100 basis points of EBITDA margin in certain regions as a result of this initiative. We're also working hand-in-hand with our digital team to deploy a new suite of digital tools that will enhance efficiencies and generate new sales leads while improving the interface with customers. With regard to global purchasing, our cross-functional team leverages our scale to drive savings across business segments. This includes reducing the cost of raw materials, energy costs, transportation and machinery, among others. For example, we achieve $ tens of millions of savings each year that offset some cost inflation, and this is only possible with the collective leveraging of the group. Now, I will turn it over to Gael to discuss innovation excellence. Thank you, Hedi. In addition to leading our Pharma Segment, I sponsor our business opportunities in Western Europe, and I'm responsible for our Innovation Excellence Pillar. For AptarGroup, Innovation Excellence is critical as it serves as a funnel to ensure that we are sharing the best ideas and practices across our segments. Ideas developed from one market can easily be leveraged and result in a huge success in another market or a different business segment. With a common design thinking process and pipeline management tool, we are able to easily have visibility across all the three segments for a balanced approach that often leads to recommendation of new technologies across the segments. Our team also meets with startups looking to partner with highly innovative companies that invest in technology that have applicability in our industry and product and markets. In addition, many of our innovations and customer success stories are the results of the work in our InVision Lab near Paris. This lab was designed to rapidly co-create innovative solutions with our clients and showcases our technologies, innovation, and creative problem-solving capabilities. If you have not done so already, we encourage you to take a virtual tour of our InVision Lab in the virtual library space on today's event platform. I will now hand it over to Bob for additional comments on our collective strength. Thank you, Gael. Hello, everyone. Great to be able to speak with you today. I am Bob Kuhn, Executive Vice President and CFO. In addition to deploying our shared excellence practices, we have implemented an AptarGroup insourced business service center model that hosts corporate functions that support our three business segments in key regions, including transactional accounting, information services, Human Resources, Master Data Governance, and more. We are building out these centers to include Purchasing, Trade Compliance, Reporting and Analytics, to name a few others. Our current business service centers are located within our regions of North America, Eastern Europe, and Latin America, with plans to implement in Asia. These service centers not only help us to reduce our fixed costs, they bring improved productivity and efficiencies as we harmonize our business processes. Future expansions and M&A can leverage these established business service centers, including facilitating integration efforts. Another important example is how we share our product technologies. Take our critical spray pump technology. Not many people know that we first became experts in spray technology in our Beauty + Home segment with fine fragrance spray pumps, and we leveraged that knowledge on product performance designs to create the first nasal spray pumps. In a sense, our leading Pharma nasal delivery device platform was born in our Beauty business. Even in our Food + Beverage segment, we have customers relying on our spray technology to deliver oils and salad dressing for their meal. Another game-changing technology developed by Aptar is our SimpliSqueeze flow control valve, which has application ranging from personal care body washes to food and condiment dispensing. With over 30 billion valves sold cumulatively to date, this technology originated in our Beauty + Home segment for use with body wash products. It helped us to upend the consumer ketchup experience with the launch of the revolutionary inverted condiment package. Our flow controlling valve technology provides cleanliness, convenience, and freshness, and is responsible for transforming the entire condiment aisle at your grocery shop. We also have a technology called Bag-on-Valve that is leveraged across all three segments. This technology, which essentially is a pouch welded to the underside of a dispensing valve and protects the purity of the formulation. It is offered by our Pharma segment for use with nasal saline rinses and our new PureHale device, which emits a fine mist of saline that can be inhaled to moisten the upper airways. This same technology is used by our Beauty + Home segment, where it transformed the spray sunscreen category. This is the same technology used in Food + Beverage for many cooking sprays. I think it's also important that we talk about the product applications and opportunities for our active material science solutions. Our active vials and related technologies are essential to maintain the integrity of a variety of diagnostic systems. In our pharma business, for example, our active film protects certain COVID-19 antigen test strips and swabs, and our active vials protect glucose monitoring test strips from moisture. We are also finding opportunities to offer drug delivery devices or dispensing solutions in combination with protective vials, such as our solution for Lilly with their Baqsimi treatment for hypoglycemia. Similar technology is being leveraged for the food industry, where there is a need for antimicrobial packaging that could virtually eliminate pathogens after fresh cut produce or seafood is sealed in its package. In addition, we are working with our core Food + Beverage business to help customers solve existing market needs and to further differentiate our solutions from competition. These are just a few examples of the many ties that bind AptarGroup together in ways that leverage the collective strengths and talents across our segments and regions. To round out the geographic sponsorships, Kimberly-Marie Chainey, our Global General Counsel, also sponsors North America and is building up a government affairs and contracting capability that we did not have before. Shiela Vinczeller, our CHRO, is sponsoring Russia and Eastern Europe. While we serve multiple end markets and have a long and growing list of customers, we are one AptarGroup. We share insights, product designs, operational expertise, and functional support across our global enterprise. The end result is our ability to drive significant efficiencies and scalability, making us a stronger, more competitive, and resilient market leader. Now I would like to turn the discussion back over to Bob, who will share some comments on our financial performance and our long-term targets. Bob? Thank you, Stephan. You've heard from my colleagues today about current market conditions and opportunities, as well as the direction the company is heading, where we are investing for growth, and why we are excited about our future. I'm going to try to put things in perspective as it relates to our overall strength and performance and our long-term financial objectives. I would like to start with a brief recap of where we are thus far this year compared to the prior year, and equally meaningful, where we are relative to 2019. Through the first half of the year, reported sales are up 12%, with core sales growth up 5%, and currency and acquisitions contributing the remainder. As you saw earlier, each segment achieved core sales growth through the first six months on increased demand and pricing adjustments. Inflation is another topic that is top of mind right now, and I would just like to remind everyone of where we are and what we expect in the near term. Currently, we are doing an excellent job of passing through inflationary costs such as labor, freight, and energy. We are facing significant headwinds on raw material costs, and while we have had roughly a $15 million negative impact on our adjusted EBITDA through the first half of 2021, we do expect to catch up further on our pass-through efforts, and that number should be less in the third quarter than it was in the second. Looking at our consolidated adjusted EBITDA margins for the first half of 2021, if we adjust for the effects of passing through the cost increases on a dollar for dollar basis and for the residual raw material pass-through lag, our margin would've been at 20% rather than just under 19%. As we are still navigating the pandemic, it is relevant to understand where we are in relation to pre-pandemic times. If we isolate the top-line contributions from M&A and adjust for currency movements, core sales are slightly higher than 2019 sales through the first six months. If we look at the segments, both Pharma and Food + Beverage are up 7% on a core basis from the first half of 2019, while Beauty + Home is more than 90% of the way back to 2019 first half levels. Let's turn to our capital allocation strategy, followed by a brief look at our returns on invested capital. As you can see, AptarGroup has historically been well-balanced with its capital allocation priorities. Since 2017 and through the first half of 2021, we have deployed approximately $2.5 billion, focusing first on reinvestments in the business, then our accretive acquisition strategy, which I will discuss further momentarily, and finally, returning value to shareholders via dividends and share repurchases. We've been able to effectively execute our capital allocation strategy while maintaining a very healthy balance sheet and low leverage multiple. Going forward, our strategy will not change significantly. Importantly, we have for many years included a return on capital factor in our incentive compensation formulas. As a result, our investment decisions are better aligned with shareholder interests and in initiatives that are expected to generate growth and value. Our first priority use of capital will continue to be reinvesting in the business, which generates our highest risk-adjusted return. This is followed by strategic M&A, and then our dividend, and finally, our share repurchase program. We have generated sufficient cash flow over the years to fund our balanced capital allocation strategy and have averaged approximately 75% cash conversion since 2017, as defined as operating cash flow as a percentage of adjusted EBITDA. In addition, each of our segments are cash generative to sufficiently self-fund any capital needs. Turning to our ROIC calculation, which is tax-affected EBIT over average net capital, prior to 2018, we had been as high as 15% on our ROIC. However, our recent increase in M&A activity has weighed on our calculation, including the balance sheet effects and the negative impact from M&A-related amortization and depreciation from allocated purchase prices. Today, we are at approximately 10%. We do not adjust for these items in our return calculation. We have an internal target to return to pre-acquisition ROIC within three years, absent any additional M&A. We estimate that for every $100 million in M&A spending, we are initially negatively impacting our ROIC calculation by roughly 20 basis points, and therefore, you can see a decline starting in 2018, when we made our largest acquisition, CSP Technologies, for $550 million. While we recognize the short-term ROIC impacts from these acquisitions, we have seen that longer term, they are helping create shareholder value and acquisitions will remain an important enabler of our strategy in the future. As Stephan presented earlier, we have been actively investing in new capabilities, technologies, and partnerships over the past several years. Some of these transactions are investment in smaller companies with a few larger ones included. We have been pleased with the performance of these businesses. For example, if we look at the businesses we've acquired since 2018 and take the four largest transactions, we expect these entities to collectively generate approximately 10% of our 2021 revenues and be accretive to our overall company adjusted EBITDA margin with margins in the low 20s%, and that they will contribute approximately $35 million-$40 million of free cash flow this year. These acquisitions have added capabilities to all three of our segments, providing us opportunities to offer differentiated solutions to our customers as well as enable us to penetrate into new markets. We recently completed our five-year planning process, including a review of our strategy and how that will impact the long-term plans of each business segment. Each of these plans confirmed that AptarGroup continues to be a long-term growth story, affirming our long-term growth targets for both revenue and adjusted EBITDA margin for the company. As a result, we are confident in and are maintaining our overall long-term targets of 4%-7% core sales growth and 20%-22% adjusted EBITDA margin. We are adjusting our ROIC target based on my previous comments about the impact of M&A to 10%-13%. Looking at our segments, we are reaffirming each of the long-term targets based on our five-year plan. Achieving our plans is expected to generate significant shareholder value in the process. In five years' time, we expect that AptarGroup will grow, excluding any future M&A, to achieve revenues of approximately $3.6 billion-$4 billion with adjusted EBITDA between $750 million and $900 million. Additionally, we expect strong cash flows as a result of executing our plan. We expect to generate operating cash flows as a percentage of adjusted EBITDA between 75% and 90% over the next five years. Our ability to generate cash and our strong balance sheet allows us to grow organically and inorganically across all three businesses and return value to shareholders. In closing, after detailed review of our growth strategy and completion of a comprehensive bottoms-up five-year planning process, we are reaffirming our long-term targets and the profitable growth potential of the company. We intend to invest according to our market opportunities and strategic priorities as outlined by the information we presented to you today. We expect to generate strong cash flow to support our initiatives and to maintain a strong and flexible balance sheet. With that, I would like to turn it back over to Stephan. Before we close out the day and wrap it up for Q&A, I would like to leave you with a few key thoughts. First, we are in an excellent position to develop and share all of our drug delivery, consumer dispensing, and active material science technological advancements across each of our businesses. Second, as the lines between health and beauty and food begin to blur, AptarGroup technologies can be leveraged across all of our end markets and for any customers. Premiumization and personalization will also drive shared developments in our markets. What is developed for pharma customers may have very relevant application in beauty. Same for Food + Beverage. Connectedness, connected devices, and leveraged intellectual property. This is the strength of One AptarGroup. Our multiple markets One AptarGroup approach provides stable growth, strong shareholder returns, and resiliency that is difficult to replicate, especially during challenging times. Third, we are a clear market leader, and we turn ideas into solutions that improve the lives of millions of people every single day. That concludes our prepared remarks. We will now take a brief 5-minute break before starting the Q&A. [Break] Welcome back, everyone. We're about to begin our Q&A session. Even though the members of our executive committee are in different locations, we're all connected and ready to go. The preferred method to submit questions is to use the chat box on the live event stream. However, if you prefer, you could email questions to my colleague, Katie Reardon at katie.reardon@aptar.com, katie.reardon@aptar.com. With that, we're going to take our first question. First question's from Ghansham Panjabi at Baird. Realizing that China has and has always had a large addressable market for AptarGroup, how much do you think growth in China or Asia will contribute towards the core sales growth target for each of the segments and on a consolidated basis? We'll put that question over to Xiangwei Gong. Thank you for this question. We continue to commit to the growth in China, and we have shown that we are growing double digits for every segment. As you have seen, our current share is still at around 10% to our global business. We are going to move to double of that in some years and actually trending towards 30% in the long term. Thank you. Question comes from John Kreger at William Blair. John asked: Gael mentioned that de-stocking will continue through Q3. You are also seeing signs of improvements for Q4. Can you please elaborate on these signs? That's over to you, Gael. Yeah. Two thoughts, I will say. The first one, when you look at the North American allergy market, we see since June some positive signs of business being above pre-pandemic level. That was for the first time in ages. Q1 has been a disaster. Gradually, April and May have been above 2020, but behind pre-pandemic levels. June, July did confirm that trend. That's one fold. Two fold, this is our engagement with our customers. We've got customers, some of our customers telling us that basically they have reached their target inventory levels. Some others not yet. Telling us that basically step by step, we're going to be back to gradual recovery of the business. Our next question is from Salvator Tiano at Seaport Global. You reiterated your long-term targets. What makes you confident you can achieve them in Food + B everage and Beauty + Home in the future years, given that you've missed these targets for a number of years? We'll put that over to Stephan. Sure. I hope the previous hour and a half have given you a good sense of where we and how we see the opportunity. With Food + Beverage, I think you already see the top line developing quite well. Clearly in Beauty + Home, we have made tremendous progress on the transformation that is masked right now with the delayed COVID recovery. Beauty in particular is a high-growth market, and as we pivot our portfolio towards the higher growing areas, no doubt that we will catch up with that growth rate. Remember that our historic base is in fragrance in Western Europe. The growth is in skincare in Asia and in color cosmetics in Asia. In addition to all our internal execution issues that we addressed through the transformation, we also had to pivot our portfolio, our footprint, our talent base towards the high-growth markets. As you heard from Xiangwei, we feel we are already much better positioned, but it's continued work to continue that journey. Okay, we will get questions that are very similar to ones previously answered, so I will skip a few as they come in if they've already been addressed or are very similar. The next question is from Kim Bretz at State Farm. How much of Aptar's innovation is done solely internally versus in partnership with other customers? Of those innovations done with customers, are they exclusive to those customers? Maybe we'll start with Stephan, and then we can kick it over to Gael. Sure. Let's zoom out a little bit. Clearly, the research and development bench work, a lot of that is happening in our technology centers around the world internally. That is our first focus for innovation. We complement that internal organic innovation effort with venturing activities. You've seen us make a number of those. With each of these venturing investments, we have some kind of connection, hook, agreement, board seat, so that we can be at the forefront of the development and then take advantage as those venture developments come to fruition. Now, in terms of how we engage with customers. Whether it's technology push from us or pull from the customer, roughly that's about 50/50 in our business. It's all of the above. In terms of exclusive agreements, it's very rare that we give exclusivity to a customer. At best, often it's a lead time of 12 months, 18 months, for a specific development. We certainly look forward to intensify the co-creation with customers in our innovation center in Paris and in the innovation center that we envision to come in place in China. Gael, you can peel back the onion a little bit further. The one element that I would add to your comments is 100% of our innovation, our patient, our consumer centric. There is not a single type of innovation that is done out of the vacuum. Basically, we are very much connected with our patient, with our consumers, in order to understand their unmet needs and to be able, whenever we start partnering with our customers across the globe, to have a true engagement design thinking process in order to come to co-creation. That is really what we are doing and what we are leveraging across the different segments. Thanks. The next question is from Adam Josephson at KeyBanc. It's a two-part question. One was on pharma destocking, which I think we addressed through Gael's earlier comments. The second is on, we've mentioned significant headwinds on raw materials, speaking about our guidance. How do these comments compare to what you said on your Q2 call regarding your Q3 guidance? Has inflation gotten worse? Let's put that one over to Bob. As it concerns raw materials, particularly in North America, pricing is increasing more than what we had originally anticipated. Europe has remained relatively stable. Overall inflationary costs, again, we're constantly following this, and we're constantly evaluating new price increases. On the raw material side, we have the lags and passing those through. As they go up, we're going to be passing those through. We've got other positives on the flip side, we're really not changing our guidance that we had for Q3. Maybe I can just add on the puts and takes. I would say we're still, and we mentioned that with Q2, experiencing friction in the supply chain, that you don't just restart the whole economy with the press of a button. In North America, labor shortages continue to hobble us, especially as we move some of the manufacturing around, but also as mundane things as getting shipping arranged, getting truck drivers to show up. Many of our shipping providers don't have the truck drivers. This friction in supply chain will be with us for some time as the economy kind of gets back on its feet and the supply-demand imbalances all along the supply chain, incoming, outgoing, get sorted out. Maybe as a follow-on with that, Stephan, Ghansham is touching on actual raw material shortages and if we've had any significant raw material shortages due to the supply chain issues. We're not as much impacted from the initial situation in Texas. The most recent one with Ida, we start to see some real concerns, especially in North America. I would say, historically, not so much, but going forward, we may have here and there some issues. It's a bit too early to say where that falls. I would also say, building on my previous comment, as some of these government support schemes come off, not only in the U.S., but also in Europe, we see some of our suppliers really struggle to be economically viable and suppliers go out of business, and you have to look at alternative suppliers or have safety stock. Again, there's quite a bit of friction in getting the supply chains restarted. The next question is from Gabe Hajde at Wells Fargo. This is a question for Gael. I believe most of your business before had been in multi-dose stoppers in reference to the injectable components business. It sounds like some of the recent growth is focused on pre-filled syringes. Is this a new and/or bigger opportunity for you than it was pre-pandemic? I think the growth is coming from a multi-dose components. That's a fact. I mean, 70% of our growth is biological related. Among the 70%, you've got 55%-60% being COVID related. We know that basically COVID is under a multi-dose vials format. As the pandemic still continue to be there, we believe that the market, based upon the insight we've got with our customers, that the market will transition to single-dose vials, also to pre-filled syringes, where basically we've got solutions with plunger, needle shield protection. We see a dynamic growth moving on, we are quite confident to capture that growth. Gael, we're going to stay with you. The next question is from Dan Rizzo at Jefferies related to pharma. Can you talk a little bit about the win-loss ratio with products that are developed when you co-develop with a customer? How many products are in development versus how many reach commercial launch? Really a question on the pipeline. We are having a similar win and loss ratio to the pharma industry. That's a very long process first, then you've got a loss ratio where a year to the winner. In the industry, you've got 35,000 developments in the market so far, basically from early stage to clinicals. The industry is facing an attrition rate very high, it's no different from us. I won't comment on the number of projects we are having in our innovation pipeline with our customers is significant, we are tracking, we are very disciplined to support our customers. The one element I like to share, with the acquisition of expertise and capabilities around services from formulation to analytical support, regulatory expertise, we are supporting our customers in our niche market to accelerate and de-risk their drug development program. Pretty confident that we've got a very strong innovation pipeline build and pipeline conversion. It's pretty obvious that if, from clinical phases, whatever phase I, II, or III pharmaceuticals companies are getting negative results, and the project is dropping. That's what we know from a market perspective. Maybe I can just build on that for taking it a little bit broader. Gael, of course, talked about the very high attrition rate of pharma projects in the pipeline. I think the question was also win-loss ratio versus competition. That is something we track closely, but frankly, it's much more relevant in the consumer-facing businesses, where you might have an RFP out for a project, a client, and three companies get engaged, and then maybe two shoot it out. That is not really how pharma works. Especially in the nasal and respiratory side, we have very high participation rates in that market, let me put it this way. We get engaged five, seven years pre-launch, provide services. This is not a competitive situation where you talk about win-loss. It's more about does the project make it through the pipeline, through launch, and then is the launch successful? For every SPRAVATO out there are 10 others that don't make it. We have some service revenue, no product revenue. It's a little bit different in injectable, even there, in injectable, the market is growing so rapidly, so many opportunities. This is not an attrition market. All the players take price, we kind of ramp up capacity to keep up with demand as opposed to fight each other. Even in active materials, it's much more about how many problems can we solve and can dedicate our resources to solve those problems, as opposed to we are being pitted against somebody else. It's much more of a can we provide a solution that is relevant to the client? As you see with COVID tests from Abbott, we can turn it on very quickly if our solution is what the client needs. Okay. We have a couple questions on capital expenditures. One is kind of an overall question from Kyle White at Deutsche Bank, and a follow-up from Gabe Hajde at Wells Fargo. Bob, the first one's for you, which is, what should we expect in terms of CapEx over the next five-year period? Should we expect it to continue to increase as a percentage of sales, or do you see it stabilizing at current levels or even potentially declining? The second is for you, Gael, which I'll come back with. Sure. I think it might be beneficial to take a quick review of some of the major capital projects that we initiated this year. There's a large injectable capacity expansion that Gael was talking about there. That's really a two to three-year project. This year, we expect to spend about $35 million on that. The total project cost over the life is probably going to be closer to $120 million. We also have our Suzhou facility. We're essentially regrouping five of our factory units under one state-of-the-art facility. There, we've got about, let's see, $14 million out of about $42 million in that project. We also have a decoration facility in France, where again, similar, we're regrouping five different factory workshops under one. There, you're at $22 million spent this year, with a total cost of about $44 million. How does that pan out? Our guidance this year is $300 million-$330 million. I think those projects, as they run out, will probably be close to that range. Looking at our long-term plan, we would expect to come back to a little bit more normal levels, below $300 million. Thanks, Bob. The follow-up to that, and Bob mentioned the $120 million. We are updating that kind of overall investment in the business for injected meds. I'll kick that to you, Gael. We had previously targeted in the year of $90 million. That's now $120 million. Can you just speak and remind the audience again of what we're investing in? We are increasing investment because we've got a good pipeline conversion first. We are investing in mixing capacity and additional capacity from injection to trimming, to working equipment, not only in France, in our Granville and Brécey factories, but also in the U.S. In addition to the Weihai Hengyu acquisition in China in order to better serve local markets. One of the key lessons from COVID-19 has been basically critical healthcare space, to get a more region to region or local to region types of supply chain. We are following that path in order to better serve our customer. We have two questions that touch on pharma services. We're going to stay with you, Gael. One is from Kim Bretz at State Farm. You've been using M&A to build out pharma service capabilities. Talk about the longer-term strategy here and how this becomes a new revenue strategy for Aptar. A follow-up, related, similar, from John Kreger: Within the pharma business, can you elaborate on your portfolio of services business, either how large or where they are important? Yeah. Let me zoom out and just re-explain the strategic rationale for building those capabilities and experiences. AptarGroup has been known for years with the very strong verticals around our drug delivery devices. I mean, airless pumps, aerosols, all that, in very specific and focused markets. By request of our customers and by being close to our partners, basically, we've seen that we had to extend our expertise and capabilities from early on development with formulation support, and this is the acquisition of Nanopharm, which is an expert and worldwide thought leader in formulation development and optimization for nasal or pulmonary routes, through analytical support in order to de-risk and accelerate, once again, the drug development program of our customers. 70% of any drug approvals in the world are coming from small company, biotech, medium-sized pharmaceuticals company, they do need to get a partner like AptarGroup in order to provide them those services to be in front of the regulatory bodies with the right combination product solutions. I would say regulatory requirements are raising the bar year after year, not only in the U.S. but also in Europe. I mean, the Article 117, for example. We have organized webinars with our regulatory expertise, where we had hundreds of different customers joining the webinars in order to see how AptarGroup could better support them to better understand regulatory constraints. We've got the same approach with China. That's really our ability to be front formulation down to patient centricity. When we go for the acquisition of Noble, being a leader in onboarding solutions for patients in order to improve adherence of patients with a new drug delivery format, for example. We are with the marketing and the commercial folks of our customers. From formulation early stage to the commercial and to the onboarding of solutions for better adherence, we are there to improve, basically, our partnership with customers. We are increasing, basically, our moat around our drug delivery devices. That's not yet a significant part of our business. I can tell you from access fees, milestones payment, we are also looking at different way of getting revenue generating from our services play. Yeah. Maybe I can just jump in here, Kim and everyone, just to remind everyone, our device business is really unique in the sense that most of the time, our delivery device is in the drug master file. That basically means for the life of the drug, whether it's in originator phase, generic phase, or over-the-counter phase, that's the device that's dispensing the drug. The services, of course, if you are early on engaged with the client, as Gael said, makes it the obvious device then to be in the drug master file. Services is a nice business in its own right, profitable business, maybe tens of million, maybe one day it's $100 million. Of course, the secondary, and if you want, the primary benefit is then our device is in the drug master file, and we have device revenue for the life of that product. It's truly synergistic effect. Okay, Marc, the next question will be for you. It's from Anojja Shah at BMO. Can we get an update on what you're seeing in the Brazilian beauty market right now? Is COVID still having an impact? How are you thinking about medium-term growth in the region? Over to you, Marc. Yeah. Yes, we see what I call a miracle happening in Brazil. They were certainly affected last year during the height of the pandemic. Since then, we have seen the market recovering greatly. It's a market of two or three big customers, of course, and also a market of custom-designed fragrance products. This is where we are capable of providing a multitude of solutions and ability to design what our customers are looking for. They were very active in relaunching and pushing new products through the doors of their virtual stores because both, especially one of our two main customers, was already very much on the e-commerce and digitally agile. They benefited, and they were able to push the recovery, leveraging that e-commerce solution. So far what we see is a very resilient market, more resilient than we thought. A market that is now very dynamic in launching new projects. As we are also increasing our capabilities and capacities in Brazil, we just opened a new factory in the state of Bahia to serve as much as we can in a very close loop one of these two customers. We can benefit from the recovery post-pandemic of Brazil. Okay. The next question is from Christopher Harper at The London Company. Has the M&A strategy changed given low leverage, strong cash flows, and lower ROIC target? Where are the gaps in the portfolio? Over to Stephan. Okay. Bob can complement it. I don't think our M&A strategy has changed. If you look at the history of the company, Aptar is an amalgamation of many different smaller companies. Of course, 28 years ago, we were spun out of Pittway, who was the aggregator, as a public company, and we have kept going. You may say, and it's true, that we've picked up the pace a bit in recent years, and that triggered the ROIC discussion that Bob went into. The fundamental strategy is no different. What we've added probably is, in addition to adding the pace of the bolt-ons, is the venturing investment angle to complement our innovation activities. It's quite simple. We have to admit that 99% of the smart people in this world don't work for us, and we'd like to tap into some outside innovation as well and link that to Aptar. We found that very useful. Bob, maybe you have a more historic perspective. Yeah. No, I would fully agree with what Stephan has mentioned. Historically, AptarGroup has always been a core growth story, right? I think today is no different. We're going to use M&A to complement our capabilities in region, help us to accelerate growth. As Stephan has said many times before, you just can't time M&A deals, right? There's not a linear path to that. I think the beauty of us being very financially responsible in the balance sheet is it gives us optionality, right? It gives us the ability to take a look at assets, and still be disciplined in our approach when we look at them. AptarGroup is still a core growth story, and I agree with Stephan. We haven't fundamentally changed our approach. Maybe we'll stay there, Bob, just for a quick follow-up from Adam Josephson at KeyBanc. As we talked a little bit about our ROIC target, which we calculate as a tax-affected EBIT over average capital. In the event of another sizable acquisition, would it be reasonable to assume further degradation of your ROIC? If so, do you have an ROIC boundary of, kind of a below limit which you're unwilling to go? I think the easy answer to that is yes. If we were to do a sizable transaction, you would see a degradation of the ROIC. We do have our internal targets to get back to pre-acquisition ROIC within three years, that is us generating the synergies that we set out to achieve in the transaction. Do we have a lower boundary limit? Of course, we want to stay above our cost of capital, I think we're a long way from getting there. I think I mentioned that roughly it's about 0.2%, for every $100 million that we invest. Okay. The next question is from Tom Meyer at Hilton Capital. This is over to you, Gael. Thinking about the pharma sector and the COVID-related impacts, any sense of what revenues may be viewed as one time? Any sense of what parts of the business might have benefited from the pandemic proving out new technologies such as mRNA vaccines? Lastly, did your ability to deliver products in a timely fashion strengthen relationships with existing customers or bring new ones to Aptar? I can come back to these, Gael, too, if you'd like. Kind of a three-part question. Yeah. This is what I was sharing. 70% of our growth around biologics, including vaccines, 55%, 60% of that growth is coming from COVID. If I refer to the declaration from the WHO this morning telling us that basically the world will have difficulties to achieve herd immunity, even though we are massively vaccinating people and telling us that basically we might move from pandemic situation to an endemic one. Recently we talk about third boosters. My parents are 80+, and they received last week their third booster. We believe that basically like flu, we will have to live with that virus. I don't think this is a one-off. I think that's going to continue with. I think that the drug delivery format might be evolving from multi-dose vials to single dose, where stoppers will be requested, but also moving to pre-filled syringes where you will need plunger and needle shields. I think that's going to continue. That's to answer question number one. You had three questions. Number two was regarding the new technology vaccines. On that one, around biologics, customers are looking for purity. Making sure that any components in contact with formulation will be as pure as possible. When you look at the extractable and leachables profile, it should be as neutral as possible. On that one, our new technology around PremiumCoat, where we are having an additional coating in order to be really inert with formulation is scaling up greatly. We have been exposed, yes, with existing customers, but also new customers with our PremiumCoat technology. Out of the $120 million we are investing, a portion of it is to get the capacity to fill the pipeline, which we are having around PremiumCoat. Really the last part of Tom Meyer's question is relevant to really all of AptarGroup. Through the pandemic, did our ability deliver products in a timely fashion strengthen relationships with existing customers or bring new ones to AptarGroup? This is a relevant question across all of our business. Yeah. I would say, maybe I ask all three segment presidents to answer that. In general, what I got from customer interactions is a newfound appreciation for a partner who can execute on global activities, can execute in multi-region activities. It started just by keeping the show going when the pandemic came out initially. Now executing global product launch in a distributed fashions around the region, supplying region for the region. Remember throughout the pandemic, we kept making tremendous progress on the sustainability front, on the digital front. It is a more complex world, we all realize that. A larger company, although AptarGroup is not that large a company, a larger company is better able to navigate the more complex world than smaller regional competitors, for who new regimes, transportation issues, political issues become a bigger hurdle. Maybe just go around the table, maybe starting with Hedi. Yeah. I'll repeat the question. Sorry to take over your job. No, I'll repeat it. It's really, through the pandemic, our ability to deliver it, has it strengthened relationships or broadening new ones? We'll start with you, Hedi. Yeah. Thank you. Of course it did for one reason, is that we did not stop our operation. We kept delivering products to the Kraft Heinz of the world, to everybody that was needing product to use them at home. I think the at home consumption at that time was very high and we kept producing and manufacturing in all the regions of the world, not even one day. In the meantime, we use as you say, Stephan, the digital platforms to continue to develop products. We could not develop them and visit them in their factories, because of COVID, but we continued designing, developing products for them. I think we're stronger, after COVID, as a company, and our relationship are much tighter. Maybe over to Marc, and we can finish with Gael and Xiangwei. I can tell you several of our customers during the peak of the pandemic last year were bit almost begging us to stay open, and we did. They were really thankful for this. Even today with the supply chain tensions and et cetera, we are capable of delivering everything they need. This has been improving our relationship and giving a different tone to the relationships we have with many of our customers and of course, helping for the business to come. We stayed open and sometimes at cost. This has been recognized greatly in the market. Well, no different from Hedi or Marc. You know that in pharma and due to the nature of our business, safety of supply is more than critical, like quality of supply. Day 1, the pharma team across the world done a fantastic job, to be up and running and making sure that we won't have any supply chain disruption. We've got very long-term relationship with our partner and suppliers at the same time. Yes, customers have been sending kudos to the pharma organizations in order to make sure that, basically we are recognized for what we have done. With Hedi, I'm in line with, that's quite impressive too, the digitalizations of our connections with customers, and we have increased the number of webinars, for example, technical webinars, scientific webinars with different subjects. The number of leads we have generated and the number of activity, engaging with known customers, but also new one. Xiangwei? Yeah, I just want to add on to that with two examples. We digitalized all our product catalog and because we couldn't do trade show. As a result, we won Unilever's innovation award. They call it Unovation. Actually really it's transformed how we interacted with customers, not just going to purchasing and packaging, but really to the whole R&D community, marketing community, because the digitalized tool is much more fluid and much more just user-friendly and opens all kinds of doors. That's 1. Another example I want to bring is to add on to the injectable business growth in China, which also is why we just executed, closed this transaction in acquiring 80% of Hengyu. Our largest customer in China, which has been really growing leaps and bounds. They have specifically appreciated so much how our French manufacturing facilities have been able to supply their hugely increase in demands in the past year. It's really a big compliment to our French colleagues. Despite all the supply challenges, we have been able to keep up with the increase in demand and our relationship is going really strong, in the injectable, which provides us huge growth opportunity. Thanks. The next question is from Bob Stephan at State Farm. "What are the toughest points of competition in the prestige area of the beauty and health business, Beauty + Home? Do those competitive points differ across geographies?" That's over to you, Marc. Thank you. I will answer that. I will focus on the beauty market. If you want to compete in the prestige beauty market, you need to be able to align a very large set of technologies that you combine into innovative products. You can create very complex, high-end products still at an affordable price, like the one I have here, and creating these complex products in a very short period of time. There is no big differences from one region to another one. Sometimes, in China, for instance, it's more the speed to the market. In Europe, could be more the innovative complexity, the look, the customization, as I said before, in Latin America. All in all, this is where we can leverage what AptarGroup can offer to the market versus competition is a very wide range of verticals, of technologies that we have available almost everywhere in the world. We can leverage what the transformation was also bringing to us in Beauty + Home is being faster to the market because we develop in a better way the products in a more cost-efficient way our products, something that we were not capable of doing several years ago. We have also a set of very bright people bringing innovation, seeking innovation from the outside as well, combining this into unique value proposition to the market, adapting our proposal to the real needs of the customer. All these competitive elements in the beauty market are really at advantage to compete with the others, that very few competitors can align all these capabilities actually. Okay. The next question comes from George Staphos at Bank of America. "The company has detailed its many advantages in the industry and benefits of the integrated business model. Why then have Food + Beverage and Beauty + Home seen EBIT flat to down since 2015 or before, and performance that has trailed other specialty packaging peers even before COVID? If not for COVID, would Beauty + Home had been at its 15% margin target in 2021? What progress should we expect in 2022, and when do you achieve your target? 2023?" A lot to unpack there, but- Yeah. Let me kick it off, and I'm sure, Bob and Marc and others will jump in. I think we've been very transparent that our Beauty + Home business was not where we wanted it to be, for a number of years in the 2010s. In late 2017, early 2018, we kicked off the transformation to address those issues, and those issues were the front end of the business, starting with the segmentation, commercial practices, customer project management, win rate tracking, weekly cadence. Just before the pandemic hit, you saw a nice tick up, as a response to all the work we did there in the organic growth. The second is that, we had dated assets, especially in the West, and practices that needed to change, which was the original trigger for the transformation. As you may recall, this now already, some time ago, tremendous issues with decorative sites in France, also some of our anodization sites. A lot of work in improving the factories. I've stated earlier that it took longer than I would have liked, and some factories we had to go through two times and one even three times to get it right. Tremendous improvement in our operational performance, which then in turn allowed us to start to take some factories offline and absorb that capability in others. Thirdly, to pivot our product portfolio and our talent portfolio towards the higher growing market of skincare, color cosmetics, Asia, all of that designed to get to the 15%-17%. We've said at normal levels of demand, so pre-COVID, and normal supply chains, I would say, we will get to the 15%, and that's what the transformation is designed to, and that's what we're committed to. Food + Beverage is a slightly different story. As you know, we've had 1 single large client in China, where we went from sole source to dual source over a number of years, that kind of overshadowed the rest of the Food + Beverage business. If you exclude it, which is, of course, not our intent, but just for the sake of argument, the rest of the Food + Beverage business has done very well. You now see that Chinese beverage customer effect almost to wash out of the results, and you see Food + Beverage do very well. I think those are kind of the big picture answers, but maybe, Bob, you want to add some things? Sure. I'll just add a couple points. Specific as it relates to Beauty + H ome, I don't want to focus on a specificity here, but if we're looking at EBIT and not EBITDA, you have to take into account for Beauty + H ome the acquisitions that we've done since 2015 because there is additional D&A that's related to those M&A acquisitions that go in there, so that's also depressing it a little bit. As far as would we be at the 15% margin, again, this one you have to think about what Marc has said around keeping some of the factories open so that we could supply customers throughout the pandemic. Our factories, particularly in Beauty + H ome, are organized by technologies. We have dedicated beauty factories in Europe and France. If you were to look at some of the personal care factories which were running obviously full out during the pandemic, our margins were definitely well within the targets that we set out. You take the beauty factories operating at less than optimal capacity and volumes, and that's dragging it down. Ultimately, we need to get the factories back up to absorb some of those fixed overhead costs and then we would be close to that 15% target, in my opinion, this year. Okay. Moving to a follow-up question from Ghansham Panjabi at Baird. Given confidence in your core sales growth and margin conversion, is there a reason that explicit EPS targets are not outlined? More broadly, in retrospect, what are the primary reasons EPS growth has been modest over the past decade, 4%, below the peer group relative to your above peer group sales growth? So again, EPS. Reference EPS, Bob. Sure. I'm going to come back to the comments that I just made. Obviously, EPS is calculated on a net income basis. Not to give an accounting lesson here, but obviously, we've been much more acquisitive over the past five or six years. Roughly, if you looked at the purchase price paid versus the equity in the businesses that we acquired, you take that differential and roughly, and these are just ballpark numbers, it depends on each acquisition, but you can count on 50%-60% of that excess purchase price over the equity in the business goes to amortizable assets. You've seen a big uptick in depreciation and amortization, primarily from those acquisitions. Obviously, that then pulls down the diluted EPS figure. That's probably the primary reason that I would mention. That's why I think when you look at the company, it's never one key metric that you need to look at. These are very positive cash-generating businesses. These are bringing synergies across the board. Again, we have the drag on EPS. In some cases, they're amortized out over a shorter period of three years. In other cases, they could be a customer list or technology or IP or patents that run out over longer periods, like 12-15 years. It's real important to look at the full picture and look at cash flow from operations, obviously, in this respect. I would just add a quick follow-up. That's the reason also we talked about the four notable acquisitions that we've done recently in our presentation, to show the accretiveness not only at the margin level, but the cash contribution level as well. It's important to bring that up. We're going to keep going a little bit longer. I know this was the slated time to end, so apologies if some of you have to drop, but we still have a couple questions in the pipeline and I'd like to get to those. One is for Gael from John Kreger at William Blair. Gael, you mentioned increasing capacity for the premium-coated elastomer products. Can you tell how much you are expanding capacity and when will this come online? The additional PremiumCoat capacity for the injectable division is targeted to come live by the first half of 2022, and I would say Q1 2022. We are investing in France. We are investing also in the U.S. in order to match the market demand. How much we are investing from a capacity perspective, that's kind of information that I'm not going to be sharing. I can tell you that the group is investing in order to give the ability for the division to convert the pipeline we are having and the orders we are having. Okay, this is a question for Xiangw ei. This is from Kyle White at Deutsche Bank. For 10% of your sales are in Asia, with about a half of that being in China or from China. In your five-year plan and long-term targets, how much of your sales do you expect to be generated in China by 2025? How do returns and margins in that region currently compare to other major regions such as the U.S. and Europe? This is a great question. You see that we have invoice and we have ship to. Our business invoice in China is actually still higher than that 50/50, we ship from China to also some other parts of Asia. There is Japan, there is Indonesia and all that. You can see that China continues to be a key driver of the regional growth. You could argue that in the next five years, I would think it will be 70%. The driving force, if we look at how China is driving the business, it is also 70%. What we reflect based on ship to, it's about half of that. In terms of margins, we have very attractive businesses. We have customers who really just want innovative products. They want speed. They want you to deliver full-term solutions. In that case, pricing is not always an issue and we can really demand very good premium. On the other hand, we are also, in some places, we are still building our capabilities, and we are really still making strategic investments, especially in resources. For those strategic markets and strategic entry points, then this would hurt our margin a little bit in the short term. On the other hand, over the long term, in the long run, in the five-year plan, we do see that Asia, overall, the margins should be at the similar level of our group target. Maybe Stephan, Bob Kuhn, you have something. Well, of course, we get this question a lot, and I keep coming back. China is almost the size of the U.S. and Europe, as an economy. It’s, of course, much more rapidly growing. Not unlike any other economy, if you have good people who understand the consumer, the patient, the competitive environment, and our technologies, they find the niches where we can compete and derive differentiation and make money. The thing that is different in China is the speed. That’s why you need to be able to react very quickly, tap into opportunities, and often that if you do it twice the speed, you might still have a chance. Sometimes you need to do it at three times the speed as you would do it in the rest of the market. That’s why you need good people on the ground. That's why we have strong P&L leaders built up. The same economic supply as everywhere else, speed, differentiation, relevance to customers, and if you offer these things, you make money. If you don't have differentiation, you will not make any money. It's as simple as that. As far as IP, I hear that a lot, and I just want to be on the record. The last major four IP challenges we had came from Western competitors or clients. IP management in China is no different than anywhere else. You compartmentalize your know-how, you file for intellectual property protection, and you make sure that not any single person can walk out the door. Frankly, that's no different than it is in other economies. Risk is a matter of how far you are away from the situation that you control. For U.S. business people who only are used to do business in the U.S., China looks very risky. I can tell you, for a Chinese business person, who's only done business in China, the U.S. looks very risky. Europe the same. The key is to have good talent, have good people in the region, that know their environment, that live in their environment, and do all the right things to make money. China is no different than any other economy to compete for growth. You see many U.S. companies, whether it's Tesla or Apple or Starbucks, and many European companies, Daimler, Mercedes, who are very happy with their position in China. That's really our approach, to be in the region, for the region, doing good business. May I add? Okay. Since the question was also about Asia, so I do want to add that we talk about China a lot, and China is critical. On the other hand, we also see a lot of other opportunities in the region, and the region is also more connected than ever. Japan, for example, is all the time seen as premium, and we do see the Chinese consumers like things are made in Japan. Estée Lauder is actually shifting east and building an innovation center in China, but also building manufacturing capabilities in Japan. They will make in Japan and probably ship to China, as an example. We see continued growth in the pharma opportunities in India and also South Indian continent. Even in Bangladesh, we have huge opportunities there as well. Also we still continue to see the important markets in masstige and personal care as well as food opportunities for Indonesia, for India, for the rising economy in ASEAN countries. This is just going to be up and coming in the next five years, and we just cannot ignore. Thanks for this great question. Maybe one follow-up. I think we've got a couple questions on IP, and I think you addressed that. Region for region, I think is important. You addressed that. There's a question, a follow-up from Kyle White at Deutsche Bank about risk given the current situation and with China potentially having increased regulations that provide national companies with competitive advantages- Yeah to ensure supply. I think that's important to address, so thanks for bringing it up. I would say the following. Not unlike a European politician or an American politician, most of your communication is for domestic audience purposes. Those are the people who elect you. That is different from business conducting business. We basically provide, as Gong said, consumers' everyday needs, patients' everyday needs, and improving the quality of life. That is what the Chinese government wants. Frankly, that's what every government wants, is to improve the quality of life of their people, especially the middle class. We have no challenges to our business or thumbs on the scale or anything like that. In fact, local government is very interested in having continued foreign direct investment, especially from the U.S., knowing what all the political statements are mainly for domestic purposes. I do not see a risk. Now, I fully acknowledge, if you are in strategically sensitive industries- Aerospace, semiconductors, 5G. That is much more problematic for Western suppliers to do business in China. Let's be honest, it's as problematic for foreign suppliers to do business in the U.S. When is the last time Airbus sold something to the Department of Defense? It just doesn't happen, and for good reason. We are not in those industries. Without being smug, lipstick and face cream just do not rise to the point where it's important for the Chinese government, to put their thumbs on the scale. Okay. We have a question from Garo Norian at Palisade. We've highlighted innovations, such as spray pumps, SimpliSqueeze, Bag-on-Valve. Are there any new innovations that are close to coming to market, which could have a similar or significant impact on the business moving forward? Maybe I'll kick it over to Marc to talk a little bit about, we've had some exciting announcements on some recent product launches. Yeah, absolutely. The short answer is yes, we have many innovations to come, and some of them are very disruptive or about to convert some markets that we are in. Recently, we launched and we are promoting in Beauty + Home the full plastic lotion pump, so fully recyclable, can be made of polyethylene recycle. This is only the first one of many to come, because this is the trend of sustainability, and this is the way we answer. We see also from the COVID pandemic, new market trends that are calling for truly innovative products that are not existing today. Again, where with our talented innovation set of engineers, with all the technologies we have, we can create a unique value proposition to the market. Yes, many more innovations to come. Sometimes we recombine the existing technologies to create a unique proposition as well. It's a half innovation, but when it comes, for instance, soon in the home care business where we are about to maybe convert a big category, with a giant global player, this could be considered as a very innovative push on the market. Bob has a follow-up, and then maybe even Hedi. We can go to Hedi after Bob. Yeah, I just wanted to mention, don't take your eye off the active material solutions group. They're working on a lot of very interesting platform technologies. You know them for oxygen scavenging and moisture scavenging. We're also working on some new technologies coming from this platform, around food safety, in terms of antimicrobial packaging, which is obviously very relevant in today's world. We talked a little bit about protecting COVID test kits and things like that. We're also experimenting with sterilization of medical instruments and the like. I think we're just starting to scratch the surface there, and all those could be very interesting long-term projects if they pan out. Maybe we'll go to Hedi. Adding to what Bob just said, we're creating synergies with our active materials in our standard closures where we could avoid having to clean the on-the-go beverage dispensing system that we have. I think that's one part. The second part is instant mixing. I can talk about that because it's already on the market. Of course, I won't disclose anything that will be coming in the coming years. Instant mixing is a big element for us. People want premiumization. People want to have their product mixed at the last minute to get all the vitamins and the effect of the vitamins. I believe that this is probably a big trend that is coming in the beverage side and on the go. Then maybe to Gael, because we do have a kind of a question on digital health here from John Kreger. Could you talk a little bit more about digital health investments? How do these drive share gains in the broader Pharma segment, and a kind of segue from innovation and what we've recently invested in terms of digital health? Well, with Voluntis, first, let me back up a little bit. Three years ago, we started to invest in connected devices, to track adherence. Plugging in add-on sensors to a known drug delivery devices, that was fine so far. We realized that basically, customers were looking for way more than just tracking adherence. We have been scouting and scanning the market, and we found Voluntis. That's not a player. They are founder of the Digital Therapeutics Alliance. They've got 13 years of digital clinically relevant datas. They've got 11 regulatory approvals on the market. They have been signing deals on oncology, on diabetes with major players. They're going to give us the ability, basically, to be at the value creation with the pharmaceutical companies, believing that basically should we co-prescribe a drug with a digital companion in order to face collateral side effects, whether you are oncology treatment or whether you are facing diabetes type 1 or 2, in order to provide you support, to better connect patient with the healthcare provider, but also, improving the overall, I would say once again, patient experience, and ability to better manage their treatments. How big it could be? That's a long shot investment for us. That's what we believe will help us to be a key player. We believe that data will be a critical elements of revenue. Once again, that's a long shot investment that we are looking at. We're getting to the end here. A couple questions that have come in have been answered already or very similarly, so I could follow up one-on-one if there are any clarifications necessary. There's a question from Kyle White from Deutsche Bank related to beauty. This is over to you, Marc. Are you seeing any shift in customer behavior in terms of upcoming product launches possibly being delayed due to the Delta variant? Is there any information or color you want to give on the product pipeline, the launches? It's really specific to delays that could happen because of the Delta variant. Yeah. Actually, many projects were delayed at the very beginning of the pandemic. What we see today is an increasing activity in the new product launches, new projects. In quantity, certainly less than before, but in quality and willingness to launch, more than before. We are very serious about it. We really try to target where it will have an impact and directing all the efforts on these product launches. We have seen, for instance, you know that the makeup is affected greatly by the pandemic. What we have seen recently, for instance, is a very strong increase in the number of projects in lipstick, and we are still a small player in lipstick, but it's a number of projects that is twice or three times what we have seen before for short-term launches, let's say beginning of next year. We see our customers coming back with very specific needs and asking for fast-to-market, speed-to-market, and something very special, very niche in many of the cases. We are very satisfied with the trend we see here. We see behind this, I was mentioning lipstick, but fragrance is now restarting with many launches, new products. Same for face care, with three areas where we are a very strong player. Two last follow-ups from George on margin. We stay with you, Marc, because one is, will the move to more sustainable products improve or be dilutive to margins? That's the first one. Hedi will come to you, which when you mention on commercial, how we have synergies and integration and capturing margin improvement from commercial initiatives on our basis points. Can you just give a little more color on that, on what are some of the initiatives? With you, Marc, on sustainable products improving or dilutive to margins? Yes. Definitely improving. Improving because we can either redesign our products to make them sustainable, and when we redesign, we redesign to cost. More importantly, we design new products to be sustainable, but we add some features, so we upscale the products as well to stick with the new market trends. Also more margins because there are very few options today available on the market. Very few people that can offer a wide range of sustainable products. Therefore, it creates a different relationship with the customer as they have also their own targets, most of them by 2025. They are eager to get real sustainable solutions on the market, whatever they are. Here we can definitely bring more value that translates into better margins and better bottom line, for sure. Okay, thanks, Marc. Hedi, you want to elaborate a little bit on commercial excellence initiatives that help improve margin? Absolutely. The key driver in commercial excellence, and specifically around margin, is our ability to identify the value drivers and then to extract the value out of all this driver. For me, we are much more systematic in measuring the willingness to pay of our customer in all the regions. Our ability first to measure and then to integrate that in our pricing is allowing us to target this increase in margin. Specifically in some region where really we know our competitive situation and we know how we can sell the value. Just coming back very quickly to sustainability, I would just add one point is that for me, sustainability in all regions will become a needed thing to operate with our customers. Either our brand owners are asking for it or even government, because we see that the Chinese government is really pushing for sustainability. In those countries, sometimes it's not coming from the brand or the consumer, but from the government that is pushing for more sustainable solutions. I think that this will become a must if we want to operate in the packaging going forward. Great. Thank you. With that, we're going to close our Q&A session. On behalf of the executive committee of AptarGroup and all of the employees of AptarGroup, we'd like to thank you for joining us today. Thank you very much. Thank you.