The flat core sales and declining margins confirm the emergency medicine headwind is persisting longer than anticipated. Q2 guidance implies a significant sequential improvement but still well below prior year — watch for execution on the injectables GLP-1 ramp and any further destocking commentary on the earnings call. The CEO transition adds medium-term uncertainty.
Price Chart
Executive Summary
AptarGroup reported Q1 2026 GAAP diluted EPS of $1.12, down 4% YoY from $1.17, and adjusted EPS of $1.19, down 8% YoY at constant currency. Reported sales rose 11% to $982.9M, but core sales were flat, and adjusted EBITDA margin contracted 150 bps to 19.2%. The company guided Q2 2026 adjusted EPS to $1.32-$1.40, below the $1.67 reported in Q2 2025, signaling continued margin pressure from emergency medicine destocking and operational disruptions.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $1.12 vs $1.17 YoY, a 4% decline
- Adjusted EPS of $1.19 vs $1.30 YoY at constant currency, down 8%
- Reported sales +11% to $982.9M, but core sales flat (0%)
- Adjusted EBITDA margin 19.2% vs 20.7% YoY, down 150 bps
- Pharma core sales declined 1%; emergency medicine destocking continued
- Beauty core sales +3%; Closures core sales flat
- Q2 2026 adjusted EPS guidance $1.32-$1.40, well below Q2 2025's $1.67
- Operating cash flow improved to $118.7M from $82.7M YoY
- Returned $131M to shareholders via buybacks and dividends
- Gael Touya named next CEO effective September 1, 2026
Financial Impact
GAAP EPS declined $0.05 YoY; adjusted EPS declined $0.11 YoY; Q2 guidance midpoint $1.36 is 18.6% below prior year's $1.67
Risk Factors
- Emergency medicine destocking may persist beyond Q2, pressuring Pharma segment
- Q2 guidance midpoint $1.36 is 18.6% below Q2 2025 actual of $1.67, implying continued earnings contraction
- Margin compression across all three segments (Pharma -150bps, Beauty -100bps, Closures -270bps)
- CEO transition effective September 2026 introduces leadership uncertainty
- Ongoing litigation costs (ARS Pharmaceuticals, Nemera) excluded from adjusted metrics but represent real cash outflow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000896622-26-000090 |
| Document: atr-20260430.htm | 0000896622-26-000090 |
| Document: 0000896622-26-000090-index-headers.html | 0000896622-26-000090 |
| Document: 0000896622-26-000090-index.html | 0000896622-26-000090 |
| Document: 0000896622-26-000090.txt | 0000896622-26-000090 |
| 8-K Data (Synthetic) | 0000896622-26-000090 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 29d ago | Insider Cluster | $128.31 $124.84 | ▼ −2.70% | ▼ −1.56% | $119.91 (−6.55%) |
Sep 1, 2026 4w ago | 8-K | $130.92 $122.11 | ▼ −6.73% | ▼ −6.81% | $119.91 (−8.41%) |
Aug 5, 2026 8w ago | Insider Cluster | $135.78 $132.57 | ▼ −2.36% | ▼ −3.58% | $119.91 (−11.69%) |
Aug 4, 2026 8w ago | Insider Cluster | $136.18 $134.75 | ▼ −1.05% | ▼ −0.95% | $119.91 (−11.95%) |
Jul 17, 2026 11w ago | Court Ruling | $132.61 $129.00 | ▼ −2.72% | ▼ −2.03% | $119.91 (−9.58%) |
Jun 10, 2026 16w ago | Insider Cluster | $114.67 $120.65 | ▲ +5.21% | ▲ +1.78% | $119.91 (+4.57%) |
Apr 30, 2026 22w ago | 8-K | $118.55 $120.99 | ▼ −2.06% | ▲ +0.29% | $119.91 (−1.15%) |
Mar 27, 2026 27w ago | DEFA14A | $121.51 $126.01 | ▲ +3.70% | ▼ −0.16% | $119.91 (−1.32%) |
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