Haleon PLC (HLN) 2025 Q2 法說會逐字稿

Good morning everyone, and welcome to Haleon Half Year 2025 results Q&A conference call.

大家早安，歡迎參加 Haleon 2025 年上半年業績問答電話會議。

I'm Jo Russell, Investor Relations, and I'm joined this morning by Brian McNamara, our Chief Executive Officer, and Dawn Allen, our Chief Financial Officer.

我是投資者關係部的喬·拉塞爾 (Jo Russell)，今天早上與我一起參加會議的還有我們的首席執行官布萊恩·麥克納馬拉 (Brian McNamara) 和首席財務官道恩·艾倫 (Dawn Allen)。

Just to remind listens on the call discussions today, the company may make certain forward-looking statements, including those that refer to our estimates, plans and expectations.

只是為了提醒今天參加電話討論的聽眾，公司可能會做出某些前瞻性陳述，包括那些涉及我們的估計、計劃和期望的陳述。

This morning's announcement and the company's UK and AC filings for more details, including factors that could lead to actual results to differ materially from those in or implied by such forward-looking statements.

請參閱今天上午的公告以及該公司在英國和澳大利亞提交的文件以了解更多詳細信息，包括可能導致實際結果與此類前瞻性陳述中或暗示的結果存在重大差異的因素。

We have posted today's presentation on the website this morning along with the video running through the results in detail. So hopefully you've all had the chance to see that ahead of this call.

我們今天早上已經在網站上發布了今天的演示，並附上了詳細講解結果的影片。希望大家在電話會議前已經看過了。

And with that, it's open call for Q&A, and I'll hand back to the operator.

現在開始公開問答，我將把時間交還給接線員。

(Operator Instructions)

（操作員指示）

Guillaume Delmas, UBS Limited

瑞銀有限公司 Guillaume Delmas

Thank you very much, and good morning, Brian, Dawn and Jo.

非常感謝，早安，布萊恩、道恩和喬。

So, two questions for me, please.

請問我兩個問題。

The first one on North America, because in Q2, both Emia Latam and APAC were well within your medium term 46% of course guidance. But North America was a clear outlier with a 2% organic sales growth declined.

第一個是關於北美的，因為在第二季度，拉丁美洲地區和亞太地區的銷售額都遠遠超過您中期預期的46%。但北美地區的情況明顯不同，有機銷售額成長下降了2%。

So, could you maybe help us and this performance in North America in Q2. And in particular, do you think it was down to temporarily lower category grows. Is it down to 2 discrepancy between selling and sell out, or are you also seeing some share erosion.

那麼，您能否幫我們分析一下北美第二季的業績表現呢？特別是，您認為這是由於品類成長暫時放緩所造成的嗎？是銷售量和銷售量之間的差異造成的，還是您也看到了一些份額的下降？

And I guess last question on this, would you expect North America to return to growth and ultimately back to the 4 to 6% range over the coming quarters or it may take a bit longer as the challenges. And then my second question is on the A&P increased significantly in the first half. I think it was up 130 basis points.

我想最後一個問題是，您預計北美經濟將在未來幾季恢復成長，並最終回到4%到6%的區間嗎？還是說，由於挑戰重重，這可能需要更長時間。我的第二個問題是關於上半年廣告和促銷活動大幅成長的情況。我認為它上漲了130個基點。

The question here is, in which areas are you disproportionately reinvesting, do you feel you get some great returns on this on this incremental spend and I guess looking ahead what should we expect for A&P spend as in was the first staff a bit of a one off or should we expect another mark step up in H2 and beyond.

這裡的問題是，您在哪些領域進行了不成比例的再投資，您是否認為您在這些增量支出上獲得了一些巨大的回報，我想展望未來，我們應該對廣告和宣傳支出有何期待，比如第一批員工是否一次性支出，或者我們是否應該期待在下半年及以後再次大幅增加廣告和宣傳支出。

Thank you very much.

非常感謝。

Thanks, appreciate the questions.

謝謝，感謝您的提問。

Let me take the first one on North America. I'll pass it to Dawn for the second question and maybe as I get into North America, we do feel good about [Elatam] and APAC and I also feel good about the back half and in both those areas.

我先來回答關於北美的第一個問題。第二個問題交給Dawn回答。說到北美，我們對[Elatam]和亞太地區確實感覺良好，我對後半部分以及這兩個地區也感覺良好。

Also feel great about the organic profit growth, driven by gross margin 160 basis points and the and the strong cash flow, but there's no doubt that North America has been a challenge.

在毛利率 160 個基點和強勁現金流的推動下，有機利潤成長也令人欣喜，但毫無疑問，北美一直是個挑戰。

And maybe if you step back, I think there's two market dynamics and then let me touch on our own performance.

如果你退一步來看，我認為有兩種市場動態，然後讓我談談我們自己的表現。

I mean, first there's no doubt that there's a challenging consumer environment and consumer confidence is at a low, and I think our categories are more resilient than most in that context, but we are impacted in in certain categories and smoking cessation is definitely one of them.

我的意思是，首先，毫無疑問，消費環境充滿挑戰，消費者信心處於低位，我認為在這種背景下，我們的產品類別比大多數產品類別更具彈性，但我們在某些類別中受到影響，戒菸肯定是其中之一。

I talked about it in the past. This is a $30 to $40 price range, so we are seeing trade down in that category. Outside of that, we're not seeing a trade down overall in the business and that has been a drag on growth, I think the second thing is we continue to see the shift to, dollar and club, which are more value channels, which is what we're seeing in this consumer environment and e.com.

我之前談過這個問題。這個價格區間在30到40美元之間，所以我們看到這個類別的消費升級正在下降。除此之外，我們並沒有看到整體業務的消費升級，而這一直拖累著成長。我認為第二點是，我們繼續看到消費者轉向更有價值的管道，例如“一元商店”和“俱樂部”，這正是我們在當前的消費環境和電商環境中看到的。

Now I'd say in all cases we are, we have strong presence in those channels, and I've talked to them 16 of our TOP18 brands they actually have better shares online than offline, so that's very manageable, but we are continuing to these inventory pressures, drug retailers, buddy, all retailers in the US are dealing with that kind of environment.

現在我想說的是，在所有情況下，我們都在這些管道中擁有強大的影響力，而且我已經與他們進行了交談，我們的 TOP18 品牌中的 16 個實際上在線上比線下擁有更好的份額，因此這是非常易於管理的，但我們仍在繼續這些庫存壓力，藥品零售商，夥計，美國所有都在應對這種零售商。

Now as far as our performance.

現在就我們的表現而言。

Our consumption is growing ahead of the market now to be clear, the market is slightly down, about 0.5% and our consumption is slightly up, about 0.5%, so we're going ahead of the market, but not significantly to be clear now we're seeing strong growth and market sharing gains in oral health, and markets across digestive health brands like Cannabis and Benefiber are doing extremely well, but overall we're not satisfied with the performance and we have a bit mixed performance and pain relief and VMS.

我們的消費成長速度現在快於市場，可以明確的是，市場略有下降，約 0.5%，而我們的消費略有上升，約 0.5%，所以我們領先於市場，但幅度並不大，現在我們可以清楚地看到，口腔健康領域出現了強勁的增長，市場份額也有所增加，而 Cannabis 和 Benef 等表現不佳，口腔健康領域出現了強勁的增長，市場份額也有所增加，而 Cannabis 和 Benef 等表現不佳的表現以及消化

So let me unpick that a bit. So in pain in the slightly lost share on Advil.

讓我來解釋一下。 Advil 的市佔率略有下降，這讓我很痛苦。

Now we've taken action we have new plans in place.

現在我們已經採取行動並制定了新的計劃。

We have a new, media camps on air live now and we see all these signs and. In the back half of Q2, we were getting, we were back to share growth on Advil.

我們現在有了新的媒體陣營，並且正在直播，我們看到了所有這些跡象。在第二季後半段，我們恢復了 Advil 的市佔率成長。

Now, on [ZMS] we have two brands, emergency and Centrum on emergency we can send you to see really strong consumption and share gains now sales are up low single digits.

現在，在 [ZMS] 上我們有兩個品牌，緊急情況和 Centrum，在緊急情況下，我們可以讓您看到真正強勁的消費和份額增長，現在銷售額上升了個位數。

Emergency was one of the brands that at the end of last year when we saw that very low cold influences is and December we started the year with a bit of higher inventories, but overall the brand's very healthy.

Emergency 是其中一個品牌，去年年底我們發現寒冷天氣影響非常小，12 月我們年初庫存略高，但總體而言，該品牌非常健康。

Centrum's been a challenge, overall on Centrum, really good growth, mid single digit growth outside the US high single digit growth in Q2, outside the US, but we saw declines in the US.

Centrum 一直是一個挑戰，總體而言，Centrum 的成長非常好，美國以外地區實現了中等個位數成長，美國以外地區第二季度實現了高個位數成長，但我們在美國看到了下滑。

Now a year ago is when we first activated our cognitives on Centrum Silver and we grew high 10s consumption about 4 times the market so we're indexing across a high base, but listen, that said, even with a high base, our expectation is we continue to grow share so we firmed up our plans we have.

一年前，我們首次啟動了對 Centrum Silver 的認知，我們的高 10 秒消費量增長了約 4 倍於市場，因此我們是在高基數上進行索引的，但是聽著，即使基數很高，我們的預期是繼續增加份額，因此我們確定了我們的計劃。

We are activating, reactivating the new claim slows cognitive aging by 60%, some innovations in the US on Centrum in the back half and we have a new partnership with US Women's soccer that we're beginning to activate that we're optimistic about.

我們正在激活、重新激活新的主張，將認知老化減緩 60%，下半年在美國對 Centrum 進行一些創新，並且我們與美國女子足球隊建立了新的合作夥伴關係，我們對此感到樂觀。

So in the back half, I definitely expect to see improved.

因此，在後半段，我絕對希望看到進步。

Positions on Centrum and Advil, but we do believe the inventory reduction will continue to happen, as we look at inventories across retailers I think they proactively managing their inventory level because they're seeing issues with them delivering on their numbers and the whole environment we want to more proactively manage that with them going forward, really important that we do what we need to this year to make sure that we're at the right level as we of the year, into next year, so in our 3.5% guidance, we are not looking for a significant improvement in the US at all, and we're expecting to continue to see inventory pressure.

我們持有 Centrum 和 Advil 的倉位，但我們確實相信庫存減少將會繼續發生，當我們查看各零售商的庫存時，我認為他們會積極管理庫存水平，因為他們看到了實現目標方面的問題，而整個環境我們希望更積極地管理庫存，今年我們做我們需要做的事情以確保我們在今年和明年處於正確的水平，這一點期望

I will say though, looking forward to the medium term, we have a fantastic business in the US, really pleased with, oral health in the US where we begin to have a SharePoint in the first half and continue to go from strength to strength.

不過，我想說的是，展望中期，我們在美國擁有出色的業務，我們對美國的口腔健康業務感到非常滿意，我們在上半年開始擁有 SharePoint，並將繼續發展壯大。

And we're confident in 2025, 2026 and beyond as we as we strengthen the business in the back half.

隨著我們下半年業務的加強，我們對 2025 年、2026 年及以後充滿信心。

Why don't I pass it to Dawn to talk.

為什麼不把它傳給 Dawn 來談談呢？

Good morning, everyone.

大家早安。

So, I think the first thing to say is, as we laid out at Capital Markets Day, we have significant opportunity in supply chain productivity. You saw that come through in the half.

所以，我想首先要說的是，正如我們在資本市場日所闡述的，我們在供應鏈生產力方面擁有巨大的機會。這一點在上半年已經顯現出來了。

And the benefit that's come through those margin has enabled us to continue to invest in AP and R&D and that provides the flexibility and agility that we talked about across the P&L.

這些利潤帶來的好處使我們能夠繼續投資於 AP 和研發，並提供了我們在損益表中談到的靈活性和敏捷性。

So, in terms of if I focused on a so AP is up 6.8% in the half to 20.8% with our innovation and expand that from an innovation perspective, we, we've been rolling out very successful innovation, particularly around our clinical range, nasal mist, Otrivin and Panadol dual action.

因此，如果我專注於 AP，那麼憑藉我們的創新，AP 在上半年增長了 6.8%，達到 20.8%，並從創新的角度進行擴展，我們一直在推出非常成功的創新，特別是在我們的臨床系列、鼻噴劑、Otrivin 和 Panadol 雙重作用方面。

So, the first area that we, that has, we've been focusing on in terms of spend is around supporting the innovations. If I think from a geographic like India where we saw just under double digit growth in Mia in Central Europe and also in China. And obviously, experts and our recommendation by expert for our brands is a critical part and that's the other area of our investment.

所以，我們在支出方面一直關注的第一個領域是支持創新。以印度為例，我們看到Mia在中歐和中國市場都實現了接近兩位數的成長。顯然，專家以及專家對我們品牌的推薦至關重要，這也是我們投資的另一個領域。

But I, it's not just about the investment, it's also about the effectiveness of that investment and in the half we've improved ROI by 4% and we continue to look at the balance of working non-working, and I think there's more opportunity for us to go on that.

但我認為這不僅關乎投資，還關乎投資的有效性，上半年我們的投資回報率提高了 4%，我們繼續關注工作和非工作之間的平衡，我認為我們在這方面還有更多機會。

So, I wouldn't say this is about phasing. If I look to the second half, and you know I would expect us to continue with similar (inaudible). And I would expect us to continue to invest across [bao] and in terms of our A&P.

所以，我不認為這是分階段的。如果展望下半年，我預期我們會繼續保持類似的（聽不清楚）。我預計我們會繼續在寶和廣告及促銷方面進行投資。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Question that comes from Rashad Kawan, Morgan Stanley.

這個問題來自摩根士丹利的 Rashad Kawan。

Your line is now open. Please go ahead.

您的線路已開通。請繼續。

Hey, good morning, Brian and thanks for taking my questions a couple for me please on first one on North America again and the 3.5% growth for this year.

嘿，早上好，布萊恩，謝謝你回答我的幾個問題。第一個問題是關於北美以及今年 3.5% 的成長率。

You said you're not expecting a significant improvement in the US in the second half, I think the expectation obviously was that you'll see quite a meaningful step up in Q3 in particular given the late end to the cold and flu season last year and retailers starting from a low base, I guess what's changed around expectations there is it just the destocking's trends maybe cost from retailers continued more so than you expected smokers' health being just trying to unpack kind of the key changes from when he spoke to us in Q1 versus where we are today.

您說您不期望美國下半年出現顯著改善，我認為顯然預期您會在第三季度看到相當有意義的增長，特別是考慮到去年感冒和流感季節結束得較晚，零售商的起步基數較低，我猜預期發生了什麼變化，只是去庫存的趨勢可能零售商的成本持續高於您的預期，吸煙者的健康狀況只是試圖解開與他在第一季度與我們現在所在第一季交談時變化。

And then just second question on the business, the percent of business gaining or maintaining decelerating from the 71%, I think, in 2024 to 58%. Can you just kind of talk about what the key drivers of those are, and I think you've said in the past kind of think of where we win the 60% range.

第二個問題是關於業務的，我認為到2024年，業務成長或維持的百分比會從71%下降到58%。您能否談談其中的關鍵驅動因素是什麼？我記得您過去曾說過，我們能達到60%左右的水準。

Is that the right way to think about it longer term.

這是從長遠角度思考問題的正確方法嗎？

Thank you.

謝謝。

Thanks. I'll take both of those.

謝謝。我兩個都要。

I think first of all, on North America and we look at Q3, I mean a couple dynamics are. If you remember last year we did reduce and and cold and flu in Q2, and we re-piped in Q3. Now this year it didn't show up in the numbers because we had a low allergy season. We haven't talked about that yet, but that has an impact on us, the Flonase is a pretty significant brand in the US environment so.

我認為首先，在北美，我們關注第三季度，有幾個動態。如果你還記得的話，去年我們在第二季度確實減少了感冒和流感病例，並在第三季度重新進行了管道鋪設。今年由於過敏季節的低發，數據中並沒有反映出這一點。我們還沒有討論過這個問題，但這對我們是有影響的，Flonase 在美國是一個相當重要的品牌。

Q3, needs to deal with that base on the land and the reality is, the environment is uncertain, the environment is difficult, and the retailer environment and the and the stock in trade, and to be clear, I don't think our stock and trade levels are at are too high from historical or pes, but it's really the retailers, tightly managing that as they're struggling with things like foot traffic and sales growth things in that difficult that difficult environment.

第三季度，需要根據土地和現實情況來處理這個問題，環境是不確定的，環境是困難的，零售商的環境和貿易庫存，需要明確的是，我認為我們的庫存和貿易水平相對於歷史或預期水平並不算太高，但實際上是零售商在嚴格管理，因為他們在困難的環境中努力應對客流量和銷售增長等問題。

And then second question. Oh yeah, game to maintain share apologize. Yeah, no, thank you, Rashad.

然後是第二個問題。哦，是的，遊戲為了維持份額，抱歉。是的，不用了，謝謝你，拉沙德。

So last year we had a very strong go at 71%. I think that it was fantastic result. I think I said at the time, well, listen, my objectives and ambition is always to maximize that number to be clear that was a high number that would do be difficult to sustain, and you are correct.

所以去年我們的業績非常強勁，達到了71%。我認為這是一個非常棒的成績。我記得當時我就說過，聽著，我的目標和抱負始終是最大化這個數字。但要知道，這個數字很高，很難維持下去，你說得對。

I've always said that like we want to be is at 60% plus and we are slightly below that in the first half. If you look at the 2 big drivers of that going from 71 to 58 is the two that I talked about both in the US. Advil re-share for full year last year in 2020, in 2024, and this year in these numbers it's not growing share.

我一直說，我們的目標是達到60%以上的份額，但上半年我們略低於這個數字。如果你看一下推動這比例從71%降至58%的兩大因素，那就是我之前提到的兩個因素，它們都在美國。去年、2020年和2024年，艾德維爾的全年市場份額都出現了增長，而今年的這些數字表明，它的份額並沒有增長。

Again, we've seen green shoots, and we're growing in the back half of Q2, but this is the year-to-date number and Centrum. Centrum is not growing share in the first half and actually, we've seen consumption decline against that high base.

再次，我們看到了復甦的跡象，我們在第二季度後半段實現了增長，但這是年初至今的數據，善存（Centrum）在上半年的份額沒有增長，實際上，我們看到消費量在高基數的基礎上有所下降。

Again, we are work plans to kind of stabilize that, in the back half, but those are two of a big things with those two grown we'd be well in the 60% range, but again we want to maximize that number I think 58% is a good number, but it is a bit below what I'd like to see on a consistent basis.

再次強調，我們正在製定工作計劃，以在下半年穩定這一情況，但這是兩件大事，隨著這兩個數字的增長，我們將很好地處於 60% 的範圍內，但我們再次希望最大化這個數字，我認為 58% 是一個不錯的數字，但它略低於我希望持續看到的數字。

Thank you very much.

非常感謝。

Thank you.

謝謝。

On next from Callum Elliott, Bernstein.

接下來是伯恩斯坦的 Callum Elliott。

Your line is now open, please go ahead.

您的線路已開通，請繼續。

I wanted to start with the US again hoping that we can talk about the retailer environment, which you call out again in the presentation. I guess my question is two-fold.

我想再次從美國開始，希望我們能談談零售環境，您在演講中也提到了這一點。我想我的問題有兩面。

Firstly, maybe, can you give me a sense of the channel split for your US business and specifically how big the drug channel is as a percentage, which I guess is the problem that you're cooling out and then more broadly. The drag that you talk about, I love your thoughts, Brian, on whether there's anything that Haleon as a company can actively do to offset this or do you just have to accept that it's an externality, so to speak.

首先，您能否介紹一下貴公司美國業務的通路分成情況，特別是藥品管道佔比是多少？我猜這是你們正在淡化的問題，然後是更廣泛的問題。 Brian，您提到的拖累，我很喜歡你的想法，Haleon公司可以積極採取措施來抵消這種拖累，或者您是否只能接受這是一種外部因素？

And then my second question is on some of the strategy from the [CMD] so you had obviously set out some very ambitious strategic plans, just a few months ago. My question here is little bit and and sort of the negative provisions of 4 year guidance that we've seen today.

我的第二個問題是關於[CMD]的一些策略，幾個月前你們顯然制定了一些非常雄心勃勃的策略計畫。我的問題是關於我們今天看到的四年期指導方針中的負面條款。

There's that the emphasize or deprioritize some of these some of the strategic push that that you had spoken about at CMD in terms of democratizing, expanding access to to lower income consumers points whilst you whilst you fix the core business, so to speak, or do you think of these as two completely separate things, Brian.

您在 CMD 上談到的一些策略推動，例如民主化、擴大低收入消費者的獲取管道，在您修復核心業務的同時，會強調或降低這些策略推動的優先級，或者說，布萊恩，您認為這是兩個完全獨立的事情。

Thank you.

謝謝。

Thanks. I appreciate all the questions. Let me start first on the US retailer environment.

謝謝。感謝大家的提問。我先來談談美國零售業的環境。

Listen, we're like me at Walmart is our number one customer in the US and roughly 25% of the business we tend to be a little more skewed toward the drug channel, given our port the com combination of the drug channel is less than what Walmart would be in the business and in the cascades down from there for all the big companies.

聽著，就像我一樣，沃爾瑪是我們在美國的第一大客戶，大約 25% 的業務傾向於偏向藥品渠道，考慮到我們的港口，藥品渠道的商業組合低於沃爾瑪在該業務中的水平，並且從那裡開始對所有大公司進行連鎖經營。

Listen, in the end what we own and control and need to actively do is perform and deliver market deliver a share in the US and also drive market growth.

聽著，最終我們擁有、控制並且需要積極做的是履行並交付市場，在美國佔有一席之地，並推動市場成長。

Listen, we are category leaders, so part role is to, is, while the market is struggling a bit, part of our role is to grow those markets and we've done that in the past we need to continue to do it, obviously the one place we continue to do it is in oral health.

聽著，我們是該領域的領導者，因此，我們的部分職責是，當市場陷入困境時，我們的部分職責是發展這些市場，我們過去已經這樣做了，我們需要繼續這樣做，顯然，我們繼續這樣做的一個領域是口腔健康。

I mean we are driving category health, and that is our focus, so you know we need to deal with the current environment, but we're very focused on our performance and our shared growth.

我的意思是我們正在推動品類健康，這是我們的重點，所以你知道我們需要應對當前的環境，但我們非常關注我們的業績和共同成長。

Listen, as far as CMDs (inaudible), absolutely nothing changes. I feel really confident about the medium term. We are clearly dealing some headwinds on the business and in in the US, is a is a challenging environment and we're not immune to that right now. But as Dawn mentioned as we look at our investment, part of our investment is that loan can consuming in India, the INR20 Sensodyne pack and we'll be launching more [skis] on Sensodyne on the balance of the year and the next year.

聽著，就CMD（聽不清楚）而言，絕對沒有任何變化。我對中期前景非常有信心。我們的業務顯然面臨一些阻力，在美國市場，這是一個充滿挑戰的環境，我們目前無法倖免。但正如Dawn所提到的，我們在投資方面，部分投資是用於在印度消費的貸款，例如20印度盧比的Sensodyne套裝，我們將在今年和明年推出更多Sensodyne滑雪板。

Centrum recharge in India, Eno, or Ken rupee pack in India are launching Brazil that we talked about a Capital Markets Day, a Sembrador, which is our, foray to into systemic pain relief there with low-income offering. So that continues to be their premiumization has always been core to our strategy and we're going to continue doing it and then core penetration is all about closing the incident GAAP.

印度的 Centrum 儲值卡、Eno 或 Ken Rupee 套餐正在巴西推出，我們之前提到過，這是資本市場日，Sembrador 是我們進軍巴西系統性疼痛緩解領域的嘗試，面向低收入人群。因此，他們的高端化一直是我們策略的核心，我們將繼續這樣做，核心滲透率的關鍵在於完成 GAAP 事件。

Listen, we're staying very committed to what we said at capital markets say on the growth side feel. Medium term, we will be where we need to be. Productivity, which is the other thing I laid out a capital market day I feel really good about our progress with you.

聽著，我們非常堅定地致力於我們在資本市場上就成長方面所做的承諾。從中期來看，我們將達到我們需要達到的目標。生產力，這是我在資本市場日提出的另一個目標，我對我們的進展感到非常滿意。

We had talked at Capital Markets today, the reduction of skis that we did in 24 that we weren't starting from zero, we are seeing that pay dividends, in the gross margin 160 basis points in the first half. Feel great about that, to deal with these gross headwinds, invest to make sure we're competitive going forward.

我們今天在資本市場會議上談到了減少滑雪板數量，這在24小時內並非從零開始，我們看到了回報，上半年毛利率提高了160個基點。我們對此感到非常高興，為了應對這些不利因素，我們進行了投資，以確保我們未來的競爭力。

And deliver the operating leverage on the business, as Don said it gives us an awful lot of flexibility on how we can manage the BNL what we say to the gross headwinds in the US.

並實現業務的經營槓桿，正如唐所說，它為我們提供了很大的靈活性，讓我們能夠管理 BNL，應對美國的巨大阻力。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Our next question is from Celine Pannuti, JP Morgan.

下一個問題來自摩根大通的 Celine Pannuti。

Your line is now open, please go ahead.

您的線路已開通，請繼續。

Good morning, everyone.

大家早安。

My first question is trying to a bit zoom out of the discussion on the short term and if I look at your volume performance 0.8% this year. It was 1.3 last year. It was 1% the year before.

我的第一個問題是想稍微拉遠一下對短期的討論，如果我看一下你們今年的成交量表現，是0.8%。去年是1.3%。前年是1%。

I'm pretty sure we land around 1, so 3 years of 1% volumes what gives you confidence that you can deliver to 6 in the midterm, I think we would need to step up in volume, and we are not seeing that.

我非常確定我們的目標在 1 左右，所以 3 年的 1% 的交易量讓你有信心在中期達到 6，我認為我們需要加大交易量，但我們沒有看到這一點。

I mean, yeah, if you could explain what you think has not worked and why I'm confident that you can still do 4 to 6 in the midterm and then my second question may be somehow related we've seen, you said you feel strong about Latin America, Europe, we've seen some other companies talking about weakness there, yeah, I would like to have it your outlook in that region.

我的意思是，是的，如果你能解釋一下你認為什麼沒有奏效，以及為什麼我有信心你仍然可以在中期完成 4 到 6 個目標，那麼我的第二個問題可能與我們看到的情況有關，你說你對拉丁美洲和歐洲感覺強勁，我們看到一些其他公司談到那裡的弱點，是的，我想了解你對該地區的看法。

Thank you.

謝謝。

Thank you.

謝謝。

Listen, I'll answer the first question.

聽著，我來回答第一個問題。

I'll pass it to Dawn on the on the question about EMEA and Latin.

我將把有關 EMEA 和拉丁的問題轉交給 Dawn。

So, listen, if you look unpick our results a little bit. If you look at EMEA and Latin, volume growth accelerated from hassle point in Q1 to 1.6% in Q2.

所以，如果你仔細分析我們的業績，你會發現歐洲、中東和非洲地區以及拉丁美洲的銷量成長從第一季的低谷加速到了第二季的1.6%。

In Asia-Pacific, volume mix accelerated from 3.3 to 3.9% so if you and but we were 0.8%, you are correct in the half, completely linked to the dynamics and the challenges we're seeing in the US. US volume was down 1.8% in Q2 and 0.6 in the half.

在亞太地區，交易量佔比從3.3%加速至3.9%，所以如果你和我們預測的上半年是0.8%，那麼你預測的上半年是正確的，這完全與我們在美國看到的動態和挑戰有關。美國交易量在第二季下降了1.8%，上半年下降了0.6%。

So, no question that we see the challenges and we're on it in the US environment. I talked about some of the actions we're taking to firm up the business in the back half. We do have new leadership in the US as it May 1. I feel great about our leader there and I'm confident that we'll do what we need to in the back half and to return to growth and in 2026. I'm absolutely continue to be confident in our medium-term guidance.

所以，毫無疑問，我們看到了美國市場面臨的挑戰，並且正在積極應對。我談到了我們為鞏固下半年業務所採取的一些措施。 5月1日，我們在美國迎來了新的領導階層。我對我們在美國的新領導層感到非常滿意，我相信我們會在下半年做好必要的準備，並在2026年恢復成長。我對我們的中期業績指引仍然充滿信心。

Yeah, let me just, I'll just build on that and then come to the, come to your piece.

是的，讓我先在此基礎上再談談你的部分。

So, it's Brian said, if you look across the other regions and [birds I grow]. Thank you too came and actually we continue to see that accelerate and I would expect second half the growth in Asia-Pacific to be more weighted to volume.

所以，布萊恩說，如果你看看其他地區和[我飼養的鳥類]。謝謝你也來了，實際上我們看到這種增長繼續加速，我預計下半年亞太地區的增長將更多地集中在數量上。

If I look at the last three years in Asia-Pacific, our growth is actually 4.6%. So actually that, it's very strong, it's consistent. If you look at EMEA and Latin again improving trajectory in Q2 versus Q1.

回顧過去三年亞太地區的業績，我們的成長率其實是4.6%。所以，這實際上非常強勁，而且保持了持續成長。如果再看看歐洲、中東和非洲地區以及拉丁美洲地區，你會發現第二季的業績與第一季相比呈現了改善趨勢。

If I look to the balance of the year we'd expect more balanced price volume mix growth, and actually, if you look over the last 3 years, we've been seeing that trend in that region in terms of volume growth to Brian's point, we talked about the situation in the US in terms of consumer environment, retail environment, and a couple of our brands and so actually when I look at the volume piece, it is to do with the US and actually we're seeing the sheikhs expect to see across the other regions, and as I said, I would expect to see that shape in second half.

如果我展望今年的平衡，我們預計價格銷量組合增長將更加均衡，實際上，如果回顧過去 3 年，我們就會發現該地區的銷量增長趨勢一直如此，正如 Brian 所說，我們討論了美國的消費環境、零售環境以及我們的幾個品牌的情況，因此，實際上當我查看銷量時，它與美國有關，實際上我們看到酋長們期望在其他地區也看到這種趨勢，正如我所說的原因，正如我所說的情況下半年。

If I then talk Europe in particular, actually we're seeing Europe pretty resilient, actually, we're seeing a good, we're seeing a good performance. We're seeing high single digit growth in central Europe, mid-single digit, what you might call kind of continental or Western Europe, so for us that's holding up pretty well. Why is it holding up so well. We feel real strength oral health, actually, it's a core, it's the core driver of that.

如果我特別談談歐洲，實際上我們看到歐洲市場相當有韌性，實際上，我們看到了良好的表現。我們看到中歐地區實現了高個位數成長，中個位數成長，也就是所謂的大陸或西歐地區，所以對我們來說，這保持得相當不錯。為什麼它保持得這麼好？我們感受到了口腔健康的真正強勁，實際上，它是推動這一成長的核心因素。

He talked about some of the innovation, the successful innovations across the regions.

他談到了一些創新，跨地區的成功創新。

Thank you.

謝謝。

May I just follow up, and maybe on the previous question, I think that Celine asked, I mean, you have a high single digit organic reported a bit growing as a target going forward and again like if you think about the my question about me, I mean, does that kind of like if the growth is less important, would you want to reshuffle some of your potential profit growth back into the business, i.e., grew less tried to stimulate volume.

我可以跟進一下嗎，也許關於上一個問題，我認為席琳問的是，我的意思是，你有一個高個位數的有機增長目標，作為未來的目標，如果你再想想我的問題，我的意思是，如果增長不那麼重要，你是否想將一些潛在的利潤增長重新投入到業務中，即減少增長以刺激銷量。

Well, thanks for the follow up, Celi.

好吧，謝謝你的跟進，Celi。

Listen, we got it to a high single digit growth, operating profit growth that constant currency, driven by the gross margin opportunity we have, so you can see this year well again we're balanced and we've been in the past on growth and specifically in the US, the gross margin improved and with the leverage in the P&L has allowed us to invest in A&P and R&D in a healthy way and still drop the organic operating process is the bottom line, so you still have a drag of a couple divestments that we will anniversary once we get through Q3.

聽著，我們實現了較高的個位數增長，按固定匯率計算的營業利潤增長，這得益於我們擁有的毛利率機會，因此您可以看到，今年我們再次實現了平衡，過去我們一直保持增長，特別是在美國，毛利率有所提高，損益表中的槓桿率使我們能夠以健康的方式投資於廣告宣傳和研發，並且仍然放棄有機運營流程是底線，因此，您仍然會受到一些資產剝離的拖累，一旦我們度過第三季度，我們就會紀念這些資產剝離。

So now again, I feel very confident about the algorithm we set out at Capital Markets Day and the fundamental of the opportunity we have in productivity, which is coming through.

所以現在，我對我們在資本市場日提出的演算法以及我們在生產力方面所面臨的機會基礎感到非常有信心。

Excellent thank you.

非常感謝。

Thank you.

謝謝。

And next question is from Warren Ackerman, Barclays.

下一個問題來自巴克萊銀行的沃倫·阿克曼 (Warren Ackerman)。

The lines are open, please go ahead.

線路已開通，請繼續。

Yeah, hi, Brian, Dawn, Joe. Warren here at Barclays.

是的，大家好，我是巴克萊銀行的布萊恩、道恩、喬和華倫。

I'm sorry some of these have been asked. I had a, so the first one, Brian on Advil, you talked about some green shoots on that brand.

很抱歉有人問了這些問題。我之前問過，第一個問題，Brian，關於 Advil，你提到了這個品牌的一些復甦跡象。

What are you doing to fix it, I think it's been losing share of time interested to get any perspective on that specific brand. And then secondly all smokers able to tell us how big it is in the US and what your expectations are for smoking in the second half of the year.

你們正在採取什麼措施來解決這個問題？我認為你們一直在浪費時間去了解這個特定品牌的情況。其次，所有吸菸者能否告訴我們這個品牌在美國的規模有多大，以及你們對下半年吸菸狀況的預期。

I mean, do you need to take pricing down to make it more competitive versus. Private label or and then thirdly your Centrum, thanks for your comments on Q2. Is there anything happening or Centrum on innovation in the back half where we should feel a bit brighter in terms of the outlook for Centrum in the US.

我的意思是，您是否需要降低價格，使其比自有品牌更具競爭力？第三，關於您的善存（Centrum），感謝您對第二季的評論。下半年，善存（Centrum）在創新上有什麼進展嗎？我們應該對善存（Centrum）在美國市場的前景感到更加樂觀。

Thanks.

謝謝。

Yeah, so I think first on Advil, it has been a bit of an up and down story, to be honest with you.

是的，所以我認為首先關於 Advil，說實話，這是一個起伏不定的故事。

We did exit last year for the full year growing share on Advil. It was one of the things that can just 71% and that was a bit of strength as we exited the year and brought us into share growth for the full year, but it's been a bit up and down without question.

我們去年確實退出了Advil的全年市佔率成長。它是其中之一，成長了71%，這在我們退出時起到了一定的作用，並使我們全年的市場份額實現了增長，但毫無疑問，它的表現也有些起伏。

The green shoots that we're seeing are, listen, we've, we, we've had new media campaign, there was strong promotional plans in the back. We feel like we feel good feeling what we be.

我們看到的復甦跡像是，聽著，我們開展了新媒體宣傳，背後還有強大的推廣計畫。我們感覺自己狀態良好，感覺良好。

Listen, if there's no question this has been a battle with Kenvue on Tylenol, which I said in the past, it is one thing that was working well for them and they doubled down, but we feel good about our brand and we feel good about the have and the back half.

聽著，如果毫無疑問這是與 Kenvue 在泰諾上的一場戰鬥，我過去就說過，這對他們來說是一件很有效的事，他們加倍努力，但我們對我們的品牌感覺良好，我們對現有產品和後半部分感覺良好。

Smokers' health for us is a couple 100 million kind of business for us that kind of range, listen, we're looking at it. We expect that in the back half, as we at our at our plans that we'll see less decline in the in the back half on smokers' house, but we're not at a point where we think we'll get that back to growth and because we don't expect much in the US consumer environment if that changes, then something would be different.

吸菸者的健康對我們來說是一筆價值數億美元的業務，我們正在關注這個領域。我們預計，正如我們計劃的那樣，下半年吸菸者健康方面的收入下降幅度會有所收窄，但我們認為下半年還不會恢復成長。而且，由於我們對美國消費環境的預期不高，如果情況發生變化，情況就會有所不同。

We also do have an innovation on smokers' health, a dual layered tablet that we have FDA approval on. It will launch an e-commerce in the back half and to do a full launch in 2026, so that gives us some reason to believe that well that's differentiated in the market that can help us, there.

我們還有一項針對吸菸者健康的創新產品——雙層片劑，已獲得FDA批准。該產品將在下半年推出電商平台，並於2026年全面上市。因此，我們有理由相信，該產品在市場上的差異化優勢能夠幫助我們實現這一目標。

And then what was the third question?

那麼第三個問題是什麼？

Oh, Centrum.

哦，Centrum。

Listen, I'm Centrum, a couple things.

聽著，我是 Centrum，有幾件事。

I mentioned the new claim again, one of the things that drove Centrum tremendously in the US last year was the centrum claim we had on cognition, we're reactivating with a new can claim, I think I'm mentally different, but it's meaningful, and the new claim being slows cognitive aging obviously also is very big, a very big topic for consumers in that in that cohort, so we have that we do have a couple innovations that are going out.

我再次提到了新的宣稱，去年 Centrum 在美國取得巨大成功的因素之一是我們關於認知的 Centrum 宣稱，我們正以新的宣稱重新激活它，我認為我的心智有所不同，但它很有意義，而且減緩認知衰老的新宣稱顯然也是非常重要的，對於該群體的消費者來說是一個非常大的話題，因此我們確實有一些正在進行的創新。

I won't talk specific of them because I don't think they've been announced to the to the market, but a couple of things that we think will also help firm up and listen, it's a bit like I said, Centrum is a great brand. It's doing quite well outside the US but clearly facing headwinds in the US.

我不會具體談論這些，因為我認為它們還沒有正式向市場發布。但我們認為有幾件事也能幫助鞏固和傾聽。就像我說的，善存是一個很棒的品牌。它在美國以外的市場表現不錯，但在美國市場顯然面臨阻力。

On a base of tremendous performance, a year ago, but again, we want to grow despite what the base is to be clear that's a big focus for us going forward.

在一年前取得巨大業績的基礎上，但無論基礎如何，我們都希望實現成長，明確這是我們未來發展的重點。

Super, thank you.

非常好，謝謝。

Thank you.

謝謝。

Our next question comes from David Hayes, Jeffreries.

我們的下一個問題來自 Jeffreries 的 David Hayes。

Your line is now open, please go ahead.

您的線路已開通，請繼續。

Thank you.

謝謝。

Good morning all.

大家早安。

So a couple from us one on replacement and one on the margin, so nicotine replacement just to come back to this, we may have missed this, but could you just quantify the drag that it had on the 2nd quarter and also can you quantify what impacts in that new guidance of 3.5% or around 3.5% growth.

因此，我們想從替代和利潤兩個方面談談尼古丁替代，回到這個問題上，我們可能忽略了這一點，但您能否量化它對第二季度造成的拖累，以及您能否量化新指引 3.5% 或 3.5% 左右的增長影響。

For the full year and staying with that topic, new innovation, but it always feels like this is a little bit of a periphery category for you. I think it's a partnership with Ken Sanofi as well, so is it fair to say it's less of a focus for investment.

就全年而言，我還是繼續討論這個主題——新創新。但總感覺這對您來說有點邊緣化。我覺得這也是與肯·賽諾菲的合作，所以可以說它不是您投資的重點。

How do you account for it, given you've got these partnerships? Is it fully consolidated with the minority and then given the partnership structure, is that why you've kept this business in the US, whereas obviously you've exited.

鑑於你們擁有這些合作關係，你們如何解釋這一點？它是否完全與少數股權整合？考慮到合作關係的結構，這是不是你們將業務留在美國的原因？顯然，你們已經退出美國市場了。

In Europe, is this something you're kind of stuck with, or could we just see it as you could go at some point, and then the margin question was just on putting it all together high single digit on organic, the effects and the M&A dynamics is the guider for flats is margin year on year, on a headline reported basis.

在歐洲，這是您一直堅持的事情嗎？或者我們是否可以在某個時候看到它？然後，利潤率問題只是將有機成長、影響和併購動態綜合起來，得出高個位數利潤率，這是公寓利潤率的指導方針，以頭條報道為基礎。

Is that the right kind of conclusion?

這是正確的結論嗎？

Thank you so much.

太感謝了。

Thanks for the questions, David.

謝謝你的提問，大衛。

So, listen, I'll pass the growth question margin question on to Dawn, but let me start with the nicotine business and the structure, it is a bit of a three-way, venture in the US, there's a part of it is with Apela, and Pella has a joint venture with Apela and then Kenvue is a supplier of Nicorette, as Nicorette is a brand that that can be owns outside of the US.

所以，聽著，我會將成長問題和利潤率問題轉交給 Dawn，但讓我先從尼古丁業務和結構開始，它有點像美國的三方合資企業，其中一部分是與 Apela 合作，Pella 與 Apela 有合資企業，然後 Kenvue 是 Nicorette 的供應商，因為 Nicorette 是一個可以在美國以外擁有的品牌。

So there are supplier on that business and there is a 3-way partner there so, listen, it's a category that's quite difficult to innovate in as I'm being H1st with you, the innovation that we're going to do that we will have is takes FDA approval and it takes quite a bit to do it.

因此，該業務有供應商，並且有三方合作夥伴，所以，聽著，這是一個很難創新的類別，正如我首先與您分享的，我們將要做的創新需要獲得 FDA 的批准，這需要付出很多努力。

So, there's no question that that's a business that is you know I think harder to innovate on, but it is in our portfolio, and we'll continue to do what we need to get the growth listen. It plays a really important role, to be H1st with you, with consumers in the health care systems and things like that.

所以，毫無疑問，我認為這個業務創新起來比較困難，但它在我們的投資組合中，我們將繼續竭盡所能，推動成長。它扮演著非常重要的角色，與你、與醫療保健系統中的消費者以及諸如此類的人保持密切聯繫。

So, but it is a complicated ownership structure, to say the least, Dawn.

所以，但至少可以說，這是一個複雜的所有權結構，Dawn。

Yeah, so let me just give you some specifics on smokers' health first. So, to Brian's point, it is about 5-6% of the kind of US business in the quarter we did see significant decline. The impact, so it has a 60 basis points on the total group in terms of, that would take us to 3.6% and for North America, it would take minus, it would take North America. From 1.8 minus 0.2, so it is a big change in it's a big change in the quarter and it hasn't, it has a disproportionate impact.

是的，首先讓我先跟你講講吸煙者健康的具體情況。正如布萊恩所說，本季我們確實看到了美國業務的大幅下滑，這大約占美國業務的5-6%。這對整個集團的影響是60個基點，也就是3.6%。而對北美的影響則是負值，也就是從1.8%減去0.2%。所以，這是一個很大的變化，在本季度，它並沒有帶來太大的影響。

That's the first thing to say. The second thing is the margin to Brian's point, we're really pleased with the margin of 9.9% growth of 140 basis points and it's not just the number, it's also the quality of that earnings in delivery through gross margin investment in A&P and R&D, good cost control in G&A, which is then enabled that more to come through.

這是首先要說的。其次是利潤率，正如Brian所說，我們對9.9%的利潤率成長（140個基點）感到非常滿意。這不僅僅是數字，更重要的是透過對廣告、宣傳和研發的毛利率投資，以及在一般和行政管理方面的良好成本控制，交付的盈利質量，這些因素使得更多的利潤得以實現。

If I look to the second half, that we've delivered in the first half, I would expect a similar type of shape in the second half in terms of the strength of gross margin and continued good cost control. If you think about the why we've updated the guidance to high single digit operating profit growth for the year.

考慮到我們上半年的業績，我預計下半年的業績將與上半年類似，毛利率強勁，成本控制持續良好。想想我們為什麼將全年營業利潤成長預期上調至高個位數。

If you look at the other moving parts, obviously. We've given the guidance, M&A interest and tax remain unchanged. So, when you put it or when you put all of that together, I would say that we are comfortable where consensus is today.

如果你看看其他變動因素，顯然如此。我們已經給出了指引，併購利息和稅率保持不變。所以，當你把所有這些因素綜合起來，我想說，我們對目前的共識感到滿意。

Thank you and and just on the full year I mean it looks like NRT to your point is 50/60 basis points of headwind, so do that. I don't, I just want to take out bits that aren't going well, and getting to that game, but I get to say that without that you'd have been you'd been around of 4, I guess to the to the to the guidance point going down to 3.5, is that a fair conclusion?

謝謝。就全年而言，我的意思是，就你所說的NRT而言，它似乎有50/60個基點的逆風，所以這樣做吧。我只是想剔除那些進展不順利的部分，然後進入那場比賽。不過，我想說的是，如果沒有這些因素，你的獲利水準應該會在4左右，我猜指導點會降到3.5，這個結論合理嗎？

Well, it's I think Dave it's hard to kind of speculate on that kind of thing.

嗯，我認為戴夫很難對這種事情做出推測。

I think we don't expect that drag to continue at that fast, so we'll see where it ends up the full year, but no question it will be a drag on the growth in a full year and it's made it more challenging for us to hit that, low end of the guidance.

我認為我們預計這種拖累不會持續那麼快，所以我們將觀察它對全年的影響，但毫無疑問，它將拖累全年的增長，並且使我們更難達到指導的低端。

Okay, got it, thank you so much.

好的，知道了，非常感謝。

Thank you.

謝謝。

And it comes from Tom Sykes, Deutsche Bank.

這是德意志銀行的湯姆·賽克斯 (Tom Sykes) 的說法。

Your line is now open. Please go ahead.

您的線路已開通。請繼續。

Yeah, morning. Sorry to bang on about the US retailer trends again, but I think so there's obviously two issues. One is the stock levels per channel and then another is the channel shift.

是的，早安。抱歉又在喋喋不休地談論美國零售商的趨勢，但我認為顯然有兩個問題。一個是每個渠道的庫存水平，另一個是渠道轉移。

So if the headwinds you've got at the moment, would you be able to the volume headwinds between channels that are destocking and the channel shift because Amazon, I think in your scanner sale by over 30% the last 12 months and the rest of your business is flat.

因此，如果您目前遇到逆風，您是否能夠應對去庫存和通路轉移之間的銷售逆風，因為亞馬遜，我認為您的掃描器銷售額在過去 12 個月中增長了 30% 以上，而您的其他業務持平。

In aggregate and so therefore there's massive channel shifts occurring. And so, it would be helpful to try and understand what the shift impact versus destocking by channel is and then why wouldn't this occur in other countries.

總體而言，因此，大規模的通路轉移正在發生。因此，試著了解這種轉移對通路去庫存的影響，以及為什麼這種情況不會在其他國家發生，將會很有幫助。

I mean, I appreciate that there are differences in regulation, but you're very clearly the farmer channel in Europe. And if like this is something that's going to be pervasive across all economies, eventually, so just interested in your thoughts on that please.

我的意思是，我理解監管方面存在差異，但您顯然是歐洲農民的管道。如果這種模式最終會普及到所有經濟體，那麼我很想知道您對此的看法。

Yeah, thanks for the questions, in the US.

是的，謝謝你在美國提出的問題。

Listen, the channel shift is something that's been happening over time for quite a while, the drug channel does tend to have higher inventory levels, so, there's a bit of an impact there, but the biggest impact is frankly, I think, you're seeing inventory pressure across channels they're struggling more, and again, do you look at the app, we do have strong shares on Amazon.

聽著，渠道轉變已經發生了一段時間了，藥品渠道的庫存水平確實更高，所以，這會產生一些影響，但最大的影響是坦率地說，我認為，你會看到各個渠道的庫存壓力都讓他們更加掙扎，再說一次，你看看應用程序，我們在亞馬遜上確實擁有強大的份額。

I've talked about, Sensodyne where, in the low 20s and in bricks and mortars and more like 28 so as we see more moves to there, we're moving to a channel with higher share, so I think it would be hard to break down exactly, but I think the bigger impact is the downward pressure as retailers in the US and the pressure of the economic environment, the foot traffic, and all those things and trying to manage that situation because, again, outside of our category there's other categories that they deal with that are much more affected than we are, and that is over overall financial performance.

我談到了 Sensodyne，它在實體店的份額在 20% 出頭，大概在 28%左右，所以隨著我們看到更多人轉向那裡，我們正在轉向一個份額更高的渠道，所以我認為很難準確地分解，但我認為更大的影響是美國零售商的下行壓力以及經濟環境、客流量和所有這些因素的壓力，並試圖管理這種情況，因為，再說一次，除了我們的類別之外，他們處理的其他類別受到的影響比我們比我們大得多，那就是整體財務業績大得多。

If I think about other countries, to be honest with you, if you think about pharmacies in Europe, in mainland Europe 70% of our business goes through pharmacy, very low inventory levels in pharmacies. There is no real stocking up. We have people that, call on pharmacies, weekly in some cases for the bigger pharmacies and taking orders, so it's not like there is a massive stock up opportunity or that they carry really high levels.

如果我考慮其他國家，說實話，如果你考慮歐洲的藥局，在歐洲大陸，我們70%的業務都經過藥局，藥局的庫存水準非常低。沒有真正的囤貨。我們有時會派人每週去藥局接單，有些大型藥局甚至會去接單，所以不存在大量的囤貨機會，藥局的庫存也不是很充足。

Now, there are distributors in between sometimes our pharmacy channels and us, and our distributors in general are pretty good at managing inventory levels and things like that, so, I think that's really the dynamic I think is very different, in the US then let's say in mainland Europe where the pharmacy model is just very different.

現在，有時我們的藥房管道和我們之間會有分銷商，而我們的分銷商通常非常擅長管理庫存水平和諸如此類的事情，所以，我認為這確實是一種非常不同的動態，在美國，然後在歐洲大陸，藥房模式是非常不同的。

One follow-up but would you see the channel shift as at all impacting your operating margin is Amazon lower margin than other parts of the business, please.

一個後續問題，但是您是否認為通路轉變會對您的營業利潤率產生影響，因為亞馬遜的利潤率低於其他業務部分？

Listen, on balance, so I look at e com on a global basis and I look at that it's all relatively similar and it's all within our outlook and guidance, we expect that continue to grow and by the way, Amazon is becoming less and less a piece of that is on the channels become more important.

聽著，總的來說，我從全球角度看待電子商務，我發現它們都相對相似，而且都在我們的展望和指導範圍內，我們預計它將繼續增長，順便說一句，亞馬遜在其中的份額越來越小，渠道變得越來越重要。

Walmart were really strong and more dotcom and that's grown well so you know that's all within the context of our of our outlook in the medium term guidance we get.

沃爾瑪確實很強大，而且更具網路公司性質，並且發展良好，所以你知道，這一切都在我們獲得的中期指導前景範圍內。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

As a reminder to ask a question, please press star followed by our next question comes from Oliver Nicolai, Goldman Sachs.

為了提醒您提問，請按星號，然後我們的下一個問題來自高盛的 Oliver Nicolai。

Your line is now open. Please go ahead.

您的線路已開通。請繼續。

Hi, good morning, Brian, Dawn and Jo.

嗨，早安，Brian、Dawn 和 Jo。

Just one question on my side actually going back to the US specimen VMS and for respiratory health.

我這邊只有一個問題，實際上是回到美國樣本 VMS 和呼吸健康問題。

Would you say that you are losing against private labor, so it is more against other branded [plays].

您是否會說您在與私人企業競爭時失敗了，所以這更多的是與其他品牌企業的競爭。

In respiratory health, to be clear, we're growing share balance of respiratory health, if you remember, we now put smoking a respiratory ill. That is a move to private label, frankly, we're primarily in the US, so that would be private label. In VMS it's probably more competitive pressures, that we see and again where we gain significant share a year ago some of that we are now giving up and as I said earlier it's not our intention and we're very focused on getting that back but I would say that's probably the dynamic with you, but again, if you look at respiratory thera-fluid share really well, Robitussin, okay, even Flonase in the down market, so it's really about the business which is a which is a down trade.

在呼吸健康領域，需要明確的是，我們的市場份額正在成長。如果您還記得的話，我們現在將吸煙列為呼吸系統疾病。這是向自有品牌邁出的一步，坦白說，我們主要在美國開展業務，所以這應該是自有品牌。在VMS領域，競爭壓力可能更大，我們也看到了這一點。一年前我們獲得了顯著的市場份額，但現在我們放棄了一些份額。正如我之前所說，這並非我們的本意，我們非常專注於奪回這些份額。我想說，這可能就是你們目前的處境。不過，如果您仔細觀察呼吸治療液的市場份額，例如Robitussin，甚至Flonase，它們都處於低迷的市場中，所以這實際上關乎的是業務本身，而這屬於低迷交易。

Thank you.

謝謝。

Thank you.

謝謝。

We currently have no further questions, so I'll hand back to our speaker team for closing remarks.

我們目前沒有其他問題，因此我將把發言權交還給我們的演講團隊進行結束語。

All right, well, listen, thanks, everyone for joining us today.

好的，聽著，謝謝大家今天的參加。

I look forward to catching with all of you on upcoming roadshow meetings and please feel free to reach out to the RR team with any first ear questions.

我期待在即將舉行的巡迴會議上與大家見面，如有任何疑問，請隨時聯繫 RR 團隊。

Thanks for the continued interest and support in Haleon.

感謝您對 Haleon 的持續關注與支持。