Strong Q4 Revenue Growth
Reported sales for Q4 grew 14% year-over-year to $963 million (from $848 million); core sales increased 5%, reflecting healthy underlying demand across the portfolio.
Full Year Revenue and EPS Growth
For FY2025, reported sales increased 5% to $3.8 billion; reported net income rose 5% to $393 million and reported EPS increased 7% to $5.89 (from $5.53).
Pharma Segment Momentum and Pipeline Milestones
Pharma core sales (ex-emergency medicine) grew 10% in Q4; injectables core sales increased 24%. Notable pipeline and commercial milestones include FDA approval of CARDAMYST (Bidose nasal delivery), partnerships on intranasal vaccines, an exclusive ophthalmology agreement with Bausch + Lomb, TGA approval of neffy (needle-free nasal epinephrine), and multiple Phase II studies—underscoring diversification across respiratory, biologics/injectables and systemic nasal delivery.
Adjusted EBITDA and Profitability Base
Q4 adjusted EBITDA of $191 million; adjusted EBITDA margin approximately 19.8%. Full-year adjusted EBITDA increased 5% with full-year adjusted EBITDA margin stable at 21.6%.
Beauty and Closures Top-Line Wins
Beauty core sales grew 10% in Q4 (includes tooling contribution); key product wins include Unilever (Nexxus hair care pump), Chanel (HYDRA BEAUTY Micro Serum custom pump) and Chinese brand launches. Closures saw product volume growth with core sales up 1% (beverage up 7%, food down 1%) and customer wins including McCormick and Coca-Cola in South Africa.
Record Tooling Sales and Customer Retention
Q4 marked a record quarter for tooling sales and FY2025 was the second-highest tooling year in over a decade—positive for customer retention and future revenue opportunities despite tooling's lower margins.
Strong Capital Returns and Buyback Authorization
Returned $486 million to shareholders in 2025 (share repurchases and dividends); repurchased $175 million in Q4 and $365 million total in 2025. Board authorized up to $600 million in new buybacks, replacing prior authorizations.
Healthy Balance Sheet and Cash Generation
Ended year with $410 million cash and short-term investments, net debt ~ $1.1 billion and leverage ratio 1.38. Free cash flow for FY2025 was $303 million (cash from operations $570 million less capital expenditures net of grants $267 million).
Sustainability and Corporate Recognition
Named to CDP Climate A list (top ~4% of companies) and ranked among America's Most Responsible Companies by Newsweek (56 of 600), highlighting leadership in climate action and transparency.
Ongoing Productivity Programs
Management cited sustained structural productivity improvements 'well north of $100 million' (annualized reductions realized from prior initiatives) and ongoing cost-savings efforts, footprint rationalization, automation and centralization to improve scalability and margins.