Post 2Q: 2027 setting up very well; PO to $172

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AptarGroup Inc.

Post 2Q: 2027 setting up very well; PO to

$172

Reiterate Rating: BUY | PO: 172.00 USD | Price: 133.82 USD

Pharma mo’ should build, Beauty/Closure should grow

31 July 2026

We reiterate our Buy on AptarGroup (ATR) as valuation remains attractive and difficult

emergency medicine (EMed) destocking comps are near completion. While we would

love to see better earnings trends in Closures and Beauty, ATR should grow EPS by

10%+ in 2027 if these segments grow EBITDA and Pharma regains its footing. Our

earlier Flash has 2Q details – please see here. Incremental: (a) ATR's new injectable

therapies collaborative framework focuses on customer engagement and speeding

development timelines given the growth in biologics, GLP-1s, etc.; (b) Management

indicated that EMed destocking (2/3 already done) should abate by 4Q; (c) Ex. tooling,

Food vols. are healthy, consistent with increased consumer eat-at-home trends visible

this reporting season; (d) Like Silgan (SLGN, Buy), ATR called out weak Brazil trends. This

could persist given our research; (e) FX is a 2c headwind in earnings at current rates.

Equity

Changing of the guard: Tanda retires, Touya becomes CEO

As reported earlier, CEO Stephan Tanda will retire after serving in the role since 2017,

with Pharma President Gael Touya becoming CEO on 9/1. In our view, Tanda helped to

reinvigorate growth at ATR and, along with Touya, transformed Pharma into a broader

service provider to the sector, developing ATR’s bench while leading in sustainability.

Touya is a 30-year Aptar veteran whose leadership roles have spanned Pharma, Food &

Beverage, Beauty and Asia. We wish both well in their next career chapters.

Key Changes

(US$)

Previous

Price Obj.

173.00

Current

172.00

2026E Rev (m)

3,957.9

3,937.4

2027E Rev (m)

4,055.0

4,015.0

2028E Rev (m)

4,215.0

4,186.2

2026E EPS

5.55

5.50

2027E EPS

6.30

6.20

2028E EPS

7.10

7.05

2026E EBITDA (m)

829.6

825.9

2027E EBITDA (m)

897.6

895.4

2028E EBITDA (m)

958.6

961.8

George L. Staphos

Research Analyst

BofAS

Trim ests modestly on Brazil, currency. PO to $172 (-$1)

Looking ahead, 3Q EPS guidance is $1.45-1.53. We lower our forecast from $1.55 to

…