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Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service.

The following table presents the approximate percentage of our net sales by market group:
Three Months Ended
March 31,
20252024
Biologics
39 %
37 %
Generics
 16 %
18 %
Pharma
26 %
25 %
Contract-Manufactured Products
19 %
20 %
100 %
100 %

The following table presents the approximate percentage of our net sales by product category:
Three Months Ended
March 31,
20252024
High-Value Product ("HVP") Components
45 %
47 %
High-Value Product ("HVP") Delivery Devices
14 %
11 %
Standard Packaging
22 %
22 %
Contract-Manufactured Products
19 %
20 %
100 %
100 %

The following table presents the approximate percentage of our net sales by geographic location:
Three Months Ended
March 31,
20252024
Americas
49 %
43 %
Europe, Middle East, Africa
44 %
48 %
Asia Pacific
7 %
9 %
100 %
100 %
Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities:
($ in millions)
Contract assets, December 31, 2024
$23.3 
Contract assets, March 31, 2025
25.8 
Change in contract assets - increase (decrease)$2.5 
Deferred income, December 31, 2024
$(53.2)
Deferred income, March 31, 2025
(47.8)
Change in deferred income - decrease (increase)$5.4 

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the three months ended March 31, 2025, $18.3 million of revenue was recognized that was included in deferred income at the beginning of the year.

As of March 31, 2025, performance obligations expected to be satisfied beyond one-year were $3.1 million. The remaining $44.7 million of performance obligations are expected to be satisfied within one year or less.