Aptar designs and manufactures dispensing, dosing, and protection systems — the pumps, valves, closures, and packaging components that deliver products to consumers and patients. Aptar operates three segments: Pharma (~46% of net sales), Beauty (~35%), and Closures (~19%). The Pharma segment is the core earnings driver, generating roughly 69% of adjusted EBITDA, with margins in the mid-30% range versus low-to-mid teens for Beauty and Closures. In Pharma, Aptar co-develops drug delivery systems — nasal pumps, MDI valves, and injectable elastomeric components — with pharmaceutical companies at the molecular development stage. Once Aptar's device is incorporated into a drug's regulatory filing, switching it would require a new regulatory approval, effectively locking Aptar in for the commercial life of the drug. Management describes this as a portfolio of "growing perpetuities." Pharma growth is driven by volume growth on existing drugs, new drug launches, mix shift toward higher-value platforms, and pipeline conversion. Key growth themes include systemic nasal drug delivery for CNS therapies and injectable components benefiting from GLP-1 drug growth and biologics adoption. The Beauty segment sells pumps, airless systems, and aerosol valves to fragrance, skincare, and personal care brands. The Closures segment sells dispensing closures primarily to food and beverage customers. Aptar sells to roughly 5,000 customers, with no single customer exceeding 4% of sales. Capex runs around 7% of sales, and Aptar pursues bolt-on M&A to add technology platforms or geographic reach.