AptarGroup: Strong Q4 Performance and Promising Long-Term Outlook Support Buy RatingWe estimate an 8% increase in Pharma segment sales and think delivery systems for new products such as Neffy (recent FDA- and EU-approved epinephrine nasal spray), for GLP-1 drugs, and for OTC Narcan will add 100-200bps of Pharma segment volume growth. In Beauty, green shoots are emerging in China and demand likely trends higher in North America, but this will be partially offset by soft demand in Europe, particularly for high-end beauty products. In Closures, F&B demand likely churns higher, and margins expand with an improvement in mix and with improved cost absorption. The US$ is up ~5% against the €, ~5% against the £, ~3% against the Brazilian real since the last earnings call.