ATR: Share Repurchases And Nasal Drug Delivery Partnership Will Support Upside Potential

Narrative Update

Analysts have modestly reduced their price target on AptarGroup, trimming fair value expectations from approximately $220.00 to about $213.03. They cite updated assumptions for slower revenue growth, slightly lower profit margins, and a higher future price to earnings multiple within their discounted cash flow framework.

What's in the News

• AptarGroup completed a major share repurchase, buying back 1,504,552 shares, or about 2.27% of its outstanding stock, for $227.34 million under the October 10, 2024 authorization (Key Developments).
• Between July 1 and September 30, 2025, AptarGroup repurchased 286,058 shares, or roughly 0.43% of shares outstanding, for $40.01 million as part of the same buyback program (Key Developments).
• Nasus Pharma extended its collaboration with AptarGroup through a new 2025 Master Services Agreement, covering development, analytical, regulatory, and consulting services for Nasus’s intranasal epinephrine program, including updated commercial and IP terms (Key Developments).
• Under a new schedule of work, Aptar France will support development, testing, and regulatory submissions for Nasus’s intranasal epinephrine product using Aptar’s Unit Dose Powder nasal delivery system, with Aptar eligible for service fees, milestones, and sales royalties (Key Developments).
• A separate supply agreement grants Aptar France exclusive rights to supply UDSp devices for Nasus’s NS002 epinephrine product for an initial five year term, renewable for two years, with Nasus committing to source all such components from Aptar (Key Developments).

Valuation Changes

• The fair value estimate has fallen modestly from approximately $220.00 to about $213.03 per share.
• The discount rate has risen slightly from 6.78% to about 6.97%, reflecting a marginally higher required return.
• Revenue growth has been reduced meaningfully from roughly 6.98% to about 5.28% per year in the updated model.
• The net profit margin has been lowered from around 11.01% to approximately 9.83%, indicating more conservative profitability assumptions.
• The future P/E multiple has increased from about 34.66x to roughly 39.11x, implying a higher terminal valuation multiple despite softer fundamentals.