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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Our business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers. The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment operating profit. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that the CODM considers not representative of ongoing operations. Such items are referred to as other unallocated items and generally include restructuring and related charges, certain asset impairments and other specifically-identified income or expense items. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides a valuable insight into our overall performance and financial position. The CODM considers budget-to-actual variances and variances against prior years within segment operating profit when making decisions about allocating resources to the segments. The following table presents information about our reportable segments, reconciled to consolidated totals:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales: |  |  |  |  |  |  |
Proprietary Products | $ | 647.5 |  |  | $ | 601.4 |  |  | $ | 1,830.3 |  |  | $ | 1,720.6 |
Contract-Manufactured Products | 157.1 |  |  | 145.5 |  |  | 438.8 |  |  | 423.8 |
Consolidated net sales | $ | 804.6 |  |  | $ | 746.9 |  |  | $ | 2,269.1 |  |  | $ | 2,144.4 |
The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:
($ in millions) | September 30, 2025 |  | December 31, 2024
Assets |
Proprietary Products | $ | 2,989.3 |  |  | $ | 2,621.1 |
Contract-Manufactured Products | 685.9 |  |  | 612.2 |
Corporate and Unallocated (1) | 430.6 |  |  | 410.1 |
Total consolidated | $ | 4,105.8 |  |  | $ | 3,643.4 |
(1) Corporate and unallocated assets primarily include investments in affiliated companies, cash and cash equivalents, property, plant and equipment used in our corporate operations and deferred income taxes.
($ in millions) | Three Months Ended September 30, |  | Nine Months Ended September 30,
Depreciation and Amortization | 2025 |  | 2024 |  | 2025 |  | 2024
Proprietary Products | $ | 35.1 |  |  | $ | 33.8 |  |  | $ | 101.5 |  |  | $ | 96.8 |
Contract-Manufactured Products | 7.1 |  |  | 5.5 |  |  | 20.3 |  |  | 15.1 |
Corporate and Unallocated | 0.8 |  |  | 0.9 |  |  | 2.6 |  |  | 2.8 |
Total consolidated | $ | 43.0 |  |  | $ | 40.2 |  |  | $ | 124.4 |  |  | $ | 114.7 |
($ in millions) | Three Months Ended September 30, |  | Nine Months Ended September 30,
Capital Expenditures | 2025 |  | 2024 |  | 2025 |  | 2024
Proprietary Products | $ | 47.7 |  |  | $ | 47.8 |  |  | $ | 148.1 |  |  | $ | 167.4 |
Contract-Manufactured Products | 13.6 |  |  | 30.0 |  |  | 57.2 |  |  | 96.8 |
Corporate and Unallocated | 2.0 |  |  | 3.5 |  |  | 4.5 |  |  | 7.9 |
Total consolidated | $ | 63.3 |  |  | $ | 81.3 |  |  | $ | 209.8 |  |  | $ | 272.1 |
The following table provides summarized financial information for our segments:
| Three months ended September 30, 2025 |  | Three months ended September 30, 2024
($ in millions) | Proprietary Products |  | Contract-Manufactured Products |  | Total |  | Proprietary Products |  | Contract-Manufactured Products |  | Total
Net sales | $ | 647.5 |  |  | $ | 157.1 |  |  | $ | 804.6 |  |  | $ | 601.4 |  |  | $ | 145.5 |  |  | $ | 746.9 |
Cost of goods and services sold | 383.5 |  |  | 126.8 |  |  |  |  | 365.7 |  |  | 116.5 |  |  |
Research and development | 17.1 |  |  | — |  |  |  |  | 15.5 |  |  | — |  |  |
Selling, general and administrative expenses | 65.6 |  |  | 7.5 |  |  |  |  | 56.6 |  |  | 6.7 |  |  |
Other segment expense (income)(4) | 6.1 |  |  | 0.5 |  |  |  |  | 5.4 |  |  | 0.5 |  |  |
Segment operating profit | $ | 175.2 |  |  | $ | 22.3 |  |  | $ | 197.5 |  |  | $ | 158.2 |  |  | $ | 21.8 |  |  | $ | 180.0 |
Reconciliation of profit or loss: |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  |  |  | (8.4) |  |  |  |  |  |  | (5.1) |
Corporate general costs(1) |  |  |  |  | (19.0) |  |  |  |  |  |  | (14.3) |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |
Restructuring and related charges(2) |  |  |  |  | (2.5) |  |  |  |  |  |  | 0.9 |
Amortization of acquisition-related intangible assets(3) |  |  |  |  | — |  |  |  |  |  |  | (0.2) |
Total consolidated operating profit |  |  |  |  | 167.6 |  |  |  |  |  |  | 161.3 |
Interest (income) expense and other nonoperating expense (income), net |  |  |  |  | (4.3) |  |  |  |  |  |  | (3.2) |
Income before income taxes and equity in net income of affiliated companies |  |  |  |  | $ | 171.9 |  |  |  |  |  |  | $ | 164.5 |
| Nine Months Ended September 30, 2025 |  | Nine months ended September 30, 2024
($ in millions) | Proprietary Products |  | Contract-Manufactured Products |  | Total |  | Proprietary Products |  | Contract-Manufactured Products |  | Total
Net sales | $ | 1,830.3 |  |  | $ | 438.8 |  |  | $ | 2,269.1 |  |  | $ | 1,720.6 |  |  | $ | 423.8 |  |  | $ | 2,144.4 |
Cost of goods and services sold | 1,107.8 |  |  | 361.2 |  |  |  |  | 1,070.8 |  |  | 348.7 |  |  |
Research and development | 52.5 |  |  | — |  |  |  |  | 50.6 |  |  | — |  |  |
Selling, general and administrative expenses | 187.4 |  |  | 22.1 |  |  |  |  | 173.4 |  |  | 19.1 |  |  |
Other segment expense (income)(4) | 15.1 |  |  | 1.9 |  |  |  |  | 10.3 |  |  | (0.1) |  |  |
Segment operating profit | $ | 467.5 |  |  | $ | 53.6 |  |  | $ | 521.1 |  |  | $ | 415.5 |  |  | $ | 56.1 |  |  | $ | 471.6 |
Reconciliation of profit or loss: |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  |  |  | (17.1) |  |  |  |  |  |  | (14.4) |
Corporate general costs(1) |  |  |  |  | (53.6) |  |  |  |  |  |  | (47.2) |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |
Restructuring and related charges(2) |  |  |  |  | (21.9) |  |  |  |  |  |  | 0.9 |
Amortization of acquisition-related intangible assets(3) |  |  |  |  | (0.2) |  |  |  |  |  |  | (0.6) |
Total consolidated operating profit |  |  |  |  | 428.3 |  |  |  |  |  |  | 410.3 |
Interest (income) expense and other nonoperating expense (income), net |  |  |  |  | (11.1) |  |  |  |  |  |  | (10.3) |
Income before income taxes and equity in net income of affiliated companies |  |  |  |  | $ | 439.4 |  |  |  |  |  |  | $ | 420.6 |
(1) Corporate general costs includes executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. (2) During the three and nine months ended September 30, 2025, the Company recorded charges of $2.5 million and $21.9 million, respectively, related to restructuring programs. The Company recorded $0.9 million and $17.5 million in the three and nine months ended September 30, 2025, respectively, of these charges within other expense (income), related to severance and acceleration of depreciation and lease costs in connection with the Company's 2025 restructuring plan. The remaining $1.6 million and $4.4 million, respectively, of expense, recorded within selling, general and administrative expenses, relates to our plan to optimize the legal structure of the Company and its subsidiaries. Restructuring and other charges were a net benefit of $0.9 million for the three and nine months ended September 30, 2024. The net benefit represented the impact of two items, the first of which is a $2.5 million benefit recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. This benefit was partially offset by $1.6 million of expense recorded within selling, general and administrative expenses, related to our plan to optimize the legal structure of the Company and its subsidiaries. Please refer to Note 14, Other Expense (Income), for further discussion of this item. (3) During the three and nine months ended September 30, 2025 and 2024, we recorded $0.0 million and $0.2 million, and $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. (4) Other segment expense (income) primarily includes foreign exchange transaction gains and losses, adjustments to contingent consideration and asset impairments attributable to the segments during the three and nine months ended September 30, 2025 and 2024.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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