Kenvue Inc (KVUE) 2024 Q3 法說會逐字稿

Thanks. Thanks. Thanks, hello, and welcome to the current view of the third quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

謝謝。謝謝。謝謝，大家好，歡迎來到 2024 年第三季財報電話會議的當前觀點。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。

(Operator Instruction) As a reminder, this conference is being recorded is now my pleasure to introduce your host, Sofia Tsinis Head of Investor Relations.

（操作員說明） 提醒一下，現在我很高興向您介紹本次會議的主持人，投資者關係主管索菲亞·齊尼斯 (Sofia Tsinis)。

Good morning, Thibaut Mongon Chief Executive Officer, and Paul Ruh, Chief Financial Officer. Before we get started, I'd like to remind you that today's call includes forward-looking statements regarding among other things, our operating and financial performance, market opportunities and grow. These statements represent our current beliefs, expectations or assumptions about future events and are subject to various risks, uncertainties and changes that are difficult to predict and could cause our actual results to differ materially.

早安，執行長蒂博·蒙貢 (Thibaut Mongon) 和財務長保羅·魯 (Paul Ruh)。在我們開始之前，我想提醒您，今天的電話會議包含有關我們的營運和財務表現、市場機會和成長等方面的前瞻性陳述。這些陳述代表了我們目前對未來事件的信念、期望或假設，並受到各種難以預測的風險、不確定性和變化的影響，並可能導致我們的實際結果出現重大差異。

For information regarding these risks and uncertainties, please refer to our earnings materials related to this call posted on our website and our filings with the SEC.

有關這些風險和不確定性的信息，請參閱我們網站上發布的與本次電話會議相關的收益資料以及我們向 SEC 提交的文件。

During this call, we will also reference certain non-GAAP financial information. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP.

在本次電話會議中，我們也會參考某些非 GAAP 財務資訊。此非 GAAP 財務資訊的呈現不應被孤立地考慮或作為根據美國 GAAP 呈現的財務資訊的替代。

These non-GAAP financial measures should be viewed in conjunction with the most directly comparable US GAAP financial measures and are not presented as substitutes for or superior to those most directly comparable US GAAP financial measures, the most directly comparable US GAAP financial measures and a reconciliation of our non-GAAP items to dose US GAAP measures can be found in this morning's press release in our presentation available on the IR page of Kenvue website, w. w. w. nvestors.tennantco.com. With that, I'll pass the call over to Thibaut.

這些非公認會計原則財務指標應與最直接可比較的美國公認會計原則財務指標結合起來看待，並且不能作為最直接可比的美國公認會計原則財務指標的替代品或優於這些最直接可比的美國公認會計原則財務指標、最直接可比較的美國公認會計原則財務指標和調節表。 ，w。 w。 w。投資者.tennantco.com。這樣，我會將電話轉給蒂博。

Thank you, everyone, for joining us today. First, I'dI will turn it over to Paul like to welcome Sophie absence of our Head of Investor Relations. Many of you know, Sofia. She brings over 20 years of experience and expertise in both Investor relations and equity research and the consumer product sector. And we are pleased to note bulk of the Kindred team.

謝謝大家今天加入我們。首先，我將把它交給保羅，以歡迎索菲缺席我們的投資者關係主管。你們很多人都知道，索菲亞。她在投資者關係、股票研究以及消費品領域擁有 20 多年的經驗和專業知識。我們很高興注意到 Kindred 團隊的大部分成員。

The third quarter, we delivered year-over-year organic growth of 0.9% on top of 3.6% last year. Despite the softer top line that we are actively addressing. We delivered another quarter of strong productivity inefficiencies, funded our investment in our brands and generated adjusted diluted earnings per share of $0.28 throughout the organization we are fundamentally and rapidly transforming our ways of working to unleash the full potential and fulfill our commitment to create long-term shareholder value.

第三季度，我們在去年 3.6% 的基礎上實現了 0.9% 的年比有機成長。儘管我們正在積極解決營收疲軟的問題。我們又一個季度實現了強勁的生產力低效率，為我們的品牌投資提供了資金，並在整個組織中產生了0.28 美元的調整後攤薄每股收益。以釋放全部潛力並履行我們創造長期的承諾。

So we're activating our new Can you play book to strengthen our presence and prominence in-store, reach more consumers directly and through health care professionals and amplify our innovation in a more impactful way. Self-care and essential health are already benefiting from this new way of working in scheme has been beauty. While we are not yet where we want to be, we are advancing these focus areas to improve our growth trajectory, and I will get into more details about the early results we started seeing eliminates this playbook is powered by the increased marketing investment we discussed with you earlier this year.

因此，我們正在啟動新的《你能玩嗎》一書，以加強我們在店內的影響力和知名度，透過醫療保健專業人員直接接觸更多消費者，並以更具影響力的方式擴大我們的創新。自我保健和基本健康已經從這種新的工作方式中受益，計劃一直是美麗的。雖然我們還沒有達到我們想要的目標，但我們正在推進這些重點領域，以改善我們的成長軌跡，我將詳細介紹我們開始看到的早期結果，這本書是由我們討論的增加的營銷投資提供動力的今年早些時候的你。

For 2024 we are on track to invest approximately 20% more than we did last year through advertising, healthcare, professional engagement, in-store prominence and direct consumer engagement with an increasing focus on social media marketing powered by analytics and AI.

到 2024 年，我們預計將在廣告、醫療保健、專業參與、店內知名度和直接消費者參與方面的投資比去年增加約 20%，並越來越關注由分析和人工智慧支持的社交媒體行銷。

Not only are we investing more but well or also improving the efficiency and effectiveness of our marketing spend. For example, we announced in August the creation of our new global content factory production agency ecosystem. We will leverage to drive relevant content in each market while reducing our costs.

我們不僅增加了投資，而且還提高了行銷支出的效率和成效。例如，我們在八月宣布創建新的全球內容工廠製作代理生態系統。我們將利用推動每個市場的相關內容，同時降低成本。

We are funding these marketing investments by driving in productivity and efficiencies in our business. In Q3, we delivered another quarter of strong adjusted gross margin expansion of 130 basis points versus last year. In addition, as we rapidly transform our organization, we are also starting to see a decline in non-marketing related operating expenses. We have now exited nearly three-quarters of our TSAs and remain on track to fully exit these agreements by mid 2025.

我們透過提高業務生產力和效率來為這些行銷投資提供資金。第三季度，我們又一個季度調整後毛利率較去年強勁成長 130 個基點。此外，隨著我們組織的快速轉型，我們也開始看到非行銷相關的營運費用下降。我們現已退出近四分之三的 TSA，並預計在 2025 年中期完全退出這些協議。

As we unwind these TSAs, our teams continue to find better, simpler and more cost effective ways to operate as an independent company. We are also on track to deliver $350 million in annual savings by 2026 through the of you Forward initiative as we continue to modernize our systems and optimize our organization.

隨著我們解除這些 TSA，我們的團隊不斷尋找更好、更簡單且更具成本效益的方式來作為獨立公司運作。隨著我們繼續實現系統現代化和優化組織，我們預計將透過「of you Forward」計劃，到 2026 年每年節省 3.5 億美元。

Combining these two programs were making rapid progress in becoming a leaner, more agile and fast moving consumer health organization with a more efficient cost structure, which in turn allows us to invest in our brands are more competitive levels. The new capabilities and deliver on our income came in light of some of this quarter around it world. We see that consumers continue to prioritize taking control of their own health and are looking for convenience and value.

這兩個計劃的結合在成為一個更精簡、更靈活、快速發展的消費者健康組織以及更有效率的成本結構方面取得了快速進展，這反過來又使我們能夠投資於更具競爭力的品牌。新的功能和我們的收入交付是根據本季全球的一些情況得出的。我們看到消費者繼續優先考慮控制自己的健康，並尋求便利和價值。

In self-care. Our largest segment. Organic sales grew 0.7% in the third quarter, in line with our expectations as we lapped strong year-ago comparison of 6.7% growth in a quarter where we saw volumes impacted by continued low incidence of allergy and pediatric fever. Self-care once again outperformed the market. In the U.S., we continued to strengthen our number one positions in pain in allergy with both Thailand. All NZ uptake once again growing share in both value and volumes this quarter. This was the ninth consecutive quarter of share gain for Tylenol and the 13' consecutive quarter of share gain from geotech.

在自我保健中。我們最大的部分。第三季有機銷售額成長 0.7%，符合我們的預期，因為我們在本季實現了 6.7% 的強勁成長，我們看到銷售量受到過敏和小兒發燒持續低發生率的影響。自我保健再次跑贏大盤。在美國，我們持續鞏固在過敏疼痛領域與泰國的第一名地位。本季紐西蘭所有的吸收量在價值和數量上所佔的份額再次增長。這是泰諾 (Tylenol) 股票連續第九個季度上漲，以及 Geotech 股票連續第 13 季上漲。

We are rapidly expanding distribution of our recently launched timing or easy to swallow across key retailers and amplifying this innovation with increased advertising spend and an impactful omnichannel approach. Note with our greatness helps campaign. As a result, tiny not easy to swallow is already the number one. Performing innovation in adult internal analgesics across the U.S. is bringing new consumers to the brand outside the US, our healthcare portfolio continues to gain share as well.

我們正在迅速擴大我們最近推出的「時機」或「易於吞嚥」的主要零售商的分銷範圍，並透過增加廣告支出和有效的全通路方法來擴大這項創新。注意我們的偉大幫助運動。結果，微小的不易吞嚥的已經是第一了。在美國各地對成人內部鎮痛藥進行創新，為該品牌在美國以外的地區帶來了新的消費者，我們的醫療保健產品組合也繼續獲得份額。

For example, we continue to win with Nicorette in the UK, we drove mid-teens growth in Nicaragua quick missed the first and only nicotine replacement therapy marketed to eight both smoking and vaping cessat ion.

例如，我們繼續在英國以 Nicorette 取勝，我們在尼加拉瓜推動了青少年青少年的成長，但很快就錯過了第一個也是唯一一個針對 8 名戒菸和電子煙患者的尼古丁替代療法。

In addition, we are building on this momentum with the relaunch of Nicorette lozenge with the new claim of fighting cravings in just two minutes. With this multipronged approach where normally strengthening our global leadership position in smoking cessation, but are also expanding the category to retain sufficient.

此外，我們正在鞏固這一勢頭，重新推出 Nicorette 含片，聲稱只需兩分鐘即可消除菸癮。透過這種多管齊下的方法，通常會加強我們在戒菸方面的全球領導地位，但也會擴大類別以保留足夠的戒菸量。

Essential has continued to perform well, driving volume growth for the second quarter in a row. We delivered organic growth of 4.5% in the third quarter on top of 3.8% last year, with broad-based growth across all categories and all regions here as well, we are advancing our priorities to drive sustained growth. For example, in oral care, this was another strong quarter fully.

Essential 持續表現良好，並連續第二季推動銷售成長。在去年 3.8% 的基礎上，第三季我們實現了 4.5% 的有機成長，所有類別和所有地區都有廣泛的成長，我們正在推動推動持續成長的優先事項。例如，在口腔護理領域，這是另一個完全強勁的季度。

We are driving this growth by expanding distribution of our top retail partners and enhancing our in-store prominence with impactfully displays, especially with our latest innovations like Listerine clinical solutions in the US. In addition, we are reaching more consumers increasing our media spend and partnering with digital creators to generate engaging content on social media that highlights the superiority of Listerine in the consumer relevant way.

我們透過擴大頂級零售合作夥伴的分銷範圍並透過有影響力的展示來增強我們店內的知名度，特別是透過我們的最新創新（例如美國的李施德林臨床解決方案）來推動這一成長。此外，我們正在接觸更多消費者，增加媒體支出，並與數位創作者合作，在社群媒體上產生引人入勝的內容，突顯李施德林以與消費者相關的方式的優勢。

Similarly, we see the positive impact of our new ways of working with Band-Aid in the US, where we drove mid-single-digit growth behind the success of our latest innovation founded Pro, he'll this superior product has been clinically tested to improve wound healing by 60% in here as well. We expanded distribution at all top retail partners, increased media presence with a return of the iconic bounded Zingo and have generated strong traction to date, with both, they probably accounting for more than one-third of the brand's growth in skin health and beauty organic sales for the segment declined 2.7% year over year.

同樣，我們看到了我們在美國與Band-Aid 合作的新方式所帶來的積極影響，在我們最新的創新產品Pro 的成功背後，我們推動了中個位數的增長，他將這款卓越的產品經過臨床測試此處的傷口癒合率也提高了 60%。我們擴大了在所有頂級零售合作夥伴的分銷範圍，透過標誌性的Zingo 回歸增加了媒體影響力，迄今為止已經產生了強大的吸引力，兩者可能佔該品牌在皮膚健康和美容有機領域增長的三分之一以上該部門的銷售額年減 2.7%。

In the U.S., up playbook is not yet delivering the results we want to see a bit of recovery was hindered this quarter by muted sun season and decelerating skin care category dynamics. In China the consumer backdrop, as many of you know, remains challenging.

在美國，up 策略尚未帶來我們希望看到的結果，本季的復甦受到淡季陽光和護膚品類動態放緩的阻礙。正如許多人所知，中國的消費環境仍然充滿挑戰。

While addressing these head winds is short term, we are also moving at pace to strengthen our underlying skin care expertise by building a world-class team and by partnering with the best leaders in the industry to key enablers to improve and sustain higher performance in this segment.

雖然解決這些不利因素是短期的，但我們也在加快步伐，透過建立世界一流的團隊並與行業中最好的領導者合作來加強我們的基礎皮膚護理專業知識，以提高和維持在這一領域的更高績效。

This week, we welcomed Andrew Stanleick to can view as our new Head of skin health and beauty for North America and Europe. Andrew is a seasoned and accomplished leader with a strong global track record in building brands, successfully leading turnarounds and accelerating growth with a deep understanding of how to win in skin health and beauty.

本週，我們迎來了安德魯·斯坦萊克 (Andrew Stanleick) 擔任我們北美和歐洲皮膚健康與美容部門的新主管。安德魯是一位經驗豐富、成就斐然的領導者，在打造品牌、成功引領扭虧為盈和加速成長方面擁有良好的全球業績記錄，對如何贏得皮膚健康和美麗有著深刻的理解。

We are also creating powerful partnerships with highly influential leaders in skin care. Last week, we announced a breakthrough collaboration between Neutrogena and to have the world's most recognizable dermatologist, Dr. Dhaval Bhanusali, really known skincare innovator and Dr. Shah over 20 million social media followers across key social channels and over 550 million lives on TikTok.

我們也與皮膚護理領域極具影響力的領導者建立了強大的合作關係。上週，我們宣布露得清(Neutrogena) 與世界上最知名的皮膚科醫生、真正知名的護膚創新者Dhaval Bhanusali 博士和Shah 博士之間達成突破性合作，Shah 博士在主要社交渠道上擁有超過2000 萬社交媒體粉絲，在TikTok 上擁有超過5.5 億人。

The objective of this multiyear partnership is to strengthen the brand's innovation and create more engaging and authentic communication while expanding and accelerating or dermatologist engagement.

這項多年合作關係的目標是加強品牌創新，創造更具吸引力和真實性的溝通，同時擴大和加速皮膚科醫生的參與。

With our two foundational stuff that's in the right direction for the segment with more to come in the future.

憑藉我們的兩項基礎知識，該領域的發展方向是正確的，未來還會有更多內容。

Europe continued to deliver strong performance during the third quarter, growing double digits and demonstrating the power of our playbook in this segment.

歐洲在第三季度繼續表現強勁，實現了兩位數的成長，展示了我們在這一領域的策略的力量。

Sales growth was balanced between volume growth and value realization, driven by new product launches, solid brand activation plans and distribution expansion. For example, we rapidly increase our in-store presence with the deployment of nearly 5,000 Neutrogena brand blocks across pharmacies in France and Spain. And we significantly amplified our reach consumers with an enhanced influence our strategy in these countries.

在新產品推出、可靠的品牌活化計劃和分銷擴張的推動下，銷售成長在銷售成長和價值實現之間實現了平衡。例如，我們在法國和西班牙的藥局部署了近 5,000 個露得清品牌區域，迅速擴大了店內業務。我們顯著擴大了我們對消費者的影響力，增強了我們在這些國家的策略的影響力。

And in the UK, as you know, became one of the fastest growing face care brands with strong in-store execution and a viral campaign we celebrated money may hedge. In the US. We did not see the overall sequential volume improvements that we were expecting with revenue for the segment declining year over year.

如您所知，在英國，它成為成長最快的臉部護理品牌之一，擁有強大的店內執行力和我們慶祝資金可以對沖的病毒式行銷活動。在美國。我們沒有看到我們預期的整體連續銷售改善，該部門的收入逐年下降。

However, we're encouraged by early signs of sequential recovery in the areas that we have prioritized thus far. For example, in Neutrogena, we have good concerted effort behind strengthening in store performance for our two largest platforms face and Sun, which account for about 80% of the brand sales in the US. And we are starting to see initial progress in brick and mortar tracked channels phase while still down year over year, Neutrogena gained 40 basis points of share sequentially since the new face care planograms we have put in place midway through the quarter and in September, Neutrogena regain its position as number one face care brand in these channels.

然而，我們對迄今為止優先考慮的領域出現的相繼復甦的早期跡象感到鼓舞。例如，在露得清，我們在加強兩個最大平台face和Sun的商店業績方面做出了良好的協調努力，這兩個平台約占美國品牌銷售額的80%。我們開始看到實體追蹤通路階段取得了初步進展，儘管仍同比下降，但自從我們在本季度中期和 9 月份推出新的面部護理貨架圖以來，露得清的份額連續增長了 40 個基點重新奪回這些渠道第一面部護理品牌的地位。

In some despite the muted season, we strengthened our number one leadership position and 10 basis points of share in the same channels. We see these improvements as early evidence that or can you playbook is starting to generate results in Neutrogena.

儘管銷售季淡季，在某些領域，我們仍鞏固了第一的領導地位，並在同一通路中將市佔率提高了 10 個基點。我們將這些改進視為早期證據，表明露得清 (Neutrogena) 已開始產生成果。

In distribution, why we see further opportunities for improvement. We are making progress. Shelf resets are now complete for this year with Neutrogena benefiting from increased point of distribution at some retailers, improved shelving and application and others and broad distribution for our latest innovations, collagen bank active patch for sensitive skin and our new Ultra agenda focuses.

在分銷方面，為什麼我們看到了進一步改進的機會。我們正在取得進展。今年的貨架重置現已完成，露得清受益於一些零售商增加的分銷點、改進的貨架和應用等以及我們最新創新、針對敏感皮膚的膠原蛋白庫活性貼片和我們新的Ultra 議程重點的廣泛分銷。

In addition, we have doubled our professional sales force and are now reaching significantly more than that allergist and it is working. Neutrogena has now reached its highest level of average recommendations about dermatologist for face care in the last four years.

此外，我們的專業銷售人員數量增加了一倍，現在的覆蓋範圍比過敏症專家要多得多，而且它正在發揮作用。露得清 (Neutrogena) 現已達到過去四年來皮膚科醫生面部護理平均建議的最高水平。

These investments for the long term and a strong signs of future revenue potential. Importantly, while reaching more consumers with our increased marketing investments and continued pivot to social platforms such as TikTok and Instagram.

這些長期投資和未來收入潛力的強烈跡象。重要的是，我們透過增加行銷投資並繼續轉向 TikTok 和 Instagram 等社交平台來接觸更多消費者。

For example, we are supporting of collagen back innovation through an impact from campaign targeting Gen Z consumers. We celebrated highly Steinfeld this social first activation as generated more than 800 million video views to date.

例如，我們透過針對 Z 世代消費者的活動的影響來支持膠原蛋白背部創新。我們高度讚揚 Steinfeld 的這場社交首次活動，迄今已產生了超過 8 億次影片觀看次數。

These actions are starting to drive sequential share gains in the pockets of Neutrogena business that we have prioritized thus far. But let me be clear. This is still work in progress in our teams are working diligently on both amplifying this Neutrogena green shoots and building the same momentum across the balance of our skin health in beauty business. As I've said all along, the recovery of our US skin has business will not happen overnight and will not be linear, but we continue to work to make fundamental changes to this business with new talent, new partnerships and a relentless focus on executing our new playbook with precision.

這些行動開始推動我們迄今為止優先考慮的露得清業務的份額連續增長。但讓我說清楚。這項工作仍在進行中，我們的團隊正在努力擴大露得清的新芽，並在美容業務的皮膚健康平衡中建立同樣的勢頭。正如我一直以來所說的，我們美國皮膚業務的復甦不會一蹴而就，也不會是線性的，但我們將繼續努力，透過新的人才、新的合作夥伴關係和對執行的不懈關注，對這項業務進行根本性的改變。

At the beginning of the year, I told you that you would see a new can during action as we transform from a division of a large organization to being an independent pure-play global leader in consumer health transformation is well on its way, and we already started seeing improvements in parts of the P&L, but we are not yet seen the full impact in our topline. 2024 growth is tracking two of the low end beginning of the year the pace of recovery in skin health and beauty and software category dynamics in the back half of the year in both health care and skin health and beauty.

今年年初，我告訴過您，隨著我們從大型組織的一個部門轉型為消費者健康方面的獨立、純粹的全球領導者，您會在行動中看到一個新的罐子，轉型正在順利進行，我們我們已經開始看到部分損益表有所改善，但尚未看到對營收的全面影響。 2024 年的成長將追蹤今年年初皮膚健康和美容領域的復甦步伐以及下半年醫療保健和皮膚健康和美容領域軟體類別動態的兩個低點。

At the same time, we are ahead on our productivity initiatives, which in combination with our cost save things, programs are fueling an acceleration in brand investment for future growth while still enabling us to deliver within our adjusted diluted earnings per share outlook for the year.

同時，我們在生產力計劃方面處於領先地位，這些計劃與我們的成本節約計劃相結合，正在加速品牌投資以實現未來增長，同時仍然使我們能夠在今年調整後的稀釋每股收益前景範圍內實現目標。

In parallel, we are making sure we are building the right foundation for sustainable performance. We are advancing our healthy lives mission. You may have seen in our improved MSCI score from triple B to double A.

同時，我們正在確保為永續績效奠定正確的基礎。我們正在推進我們的健康生活使命。您可能已經看到我們的 MSCI 評分從三重 B 提高到了雙 A。

Also encouraged to see that every day how teams around the world demonstrate their unwavering commitment to transform our company and advance our key priorities of reaching more consumers, investing more behind our brands and building a culture of performance and the impact.

我們也很高興每天看到世界各地的團隊如何堅定不移地致力於改造我們的公司，推進我們的關鍵優先事項，即接觸更多消費者、加大對我們品牌的投資以及建立績效和影響力的文化。

This makes us confident that we are on our way to generators, renewable and profitable growth and drive strong value creation over time. With that, I will turn it over to Paul.

這讓我們相信，我們正在走向發電、再生能源和獲利性成長，並隨著時間的推移推動強勁的價值創造。這樣，我就把它交給保羅了。

Thank you, Thibaut, and good morning, everyone. Our third quarter organic growth was 0.9%, driven by value realization across all segments and volume growth in Essential Health for the second quarter in a row.

謝謝蒂博，大家早安。我們第三季的有機成長為 0.9%，這得益於所有細分市場的價值實現以及基本健康業務連續第二季的銷售成長。

Overall volumes declined 1.6% year over year, driven by health care and skin health and beauty value realization contributed 2.5% to organic growth, with balanced contribution from carryover benefit and incremental value realization actions taken this year. While we expect both price and mix to continue to contribute to growth, we expect volumes will play a bigger role in our growth algorithm going forward.

受醫療保健和皮膚健康的推動，整體銷售量年減 1.6%，美容價值實現對有機增長貢獻了 2.5%，結轉效益和今年採取的增量價值實現行動的貢獻達到平衡。雖然我們預計價格和產品組合將繼續促進成長，但我們預計銷售量將在我們未來的成長演算法中發揮更大的作用。

Taking a closer look at our segments Self-care organic growth was 0.7% year over year, in line with our expectations as we drove continued share gains across the segments, with particular strength in pain and allergy liberalization contributed 1.8% of growth, driven by carryover benefits and incremental pricing actions taken this year.

仔細審視我們的細分市場，自我保健有機增長率同比0.7%，符合我們的預期，因為我們推動了各個細分市場的份額持續增長，其中疼痛和過敏自由化的特別優勢貢獻了1.8% 的增長，這主要是由以下因素推動的：今年採取的結轉效益和增量定價行動。

This was partially offset by a volume decline of 1.1%, primarily due to softer incidences in energy and pediatric fever as well as some retailers pre-building to historical order patterns in coal. Consistent smoking cessation once again, had a strong quarter overall moving to essential health. Once again, Essential Health grew across all categories and all geographic regions generating organic growth of 4.5%, in line with our expectations.

銷量下降 1.1% 部分抵消了這一影響，主要原因是能源和兒科熱病發病率下降，以及一些零售商按照煤炭歷史訂單模式進行預建。再次持續戒菸，在整體上向基本健康邁進了一個強勁的季度。基本健康業務再次在所有類別和所有地理區域實現了 4.5% 的有機成長，符合我們的預期。

Value realization was 3.7%, driven mostly by carryover pricing, selective price increases outside the US and mix benefits from innovation such as Listerine clinical solutions. For the second consecutive quarter. Volume grew year over year coming in at 0.8% during the third quarter.

價值實現率為 3.7%，主要是由結轉定價、美國以外地區的選擇性價格上漲以及李施德林臨床解決方案等創新帶來的綜合效益所推動。連續第二季。第三季銷量較去年同期成長 0.8%。

And for skin health and beauty, organic sales declined 2.7% with a 4.7% volume decline, partially offset by 2% of positively realization, driven primarily by carryover benefits. As Thibaut mentioned, the pace of recovery in the US slowed in the quarter underlining our need to strengthen the impact of our actions against an increasingly dynamic environment.

在皮膚健康和美容方面，有機銷售額下降 2.7%，銷量下降 4.7%，部分被 2% 的積極實現所抵消，這主要是由結轉效益推動的。正如蒂博所提到的，本季美國的復甦步伐放緩，這突顯出我們需要加強我們的行動對日益活躍的環境的影響。

We continue to diligently strengthen our teams and capabilities to fully and effectively deploy our new playbook. Moving on to adjusted gross margins for our operations team continued to drive meaningful productivity improvements, which in combination with favorable value realization. Honey nonrecurring separation related benefit resulted in a year-over-year expansion of 130 basis points to 60.7%.

我們繼續努力加強我們的團隊和能力，以全面有效地部署我們的新劇本。我們的營運團隊調整後的毛利率繼續推動生產力的有意義的提高，這與有利的價值實現相結合。蜂蜜一次性離職相關福利導致年增 130 個基點，達到 60.7%。

In fact, we have improved adjusted gross margins year over year. During the last five quarters, we're laser focused on fostering a culture of efficiency and operational discipline, and you can see the productivity benefits in an adjusted gross margin this year.

事實上，我們的調整後毛利率逐年調高。在過去的五個季度中，我們專注於培養效率和營運紀律的文化，您可以在今年調整後的毛利率中看到生產力的提升。

Our teams are relentless in driving procurement savings, extracting efficiencies through process automation and leveraging digital upgrades that increasingly provide real-time analytics, helping optimize logistics and demand management portal. In the 60.7% adjusted gross margin level in the third quarter was slightly ahead of our expectations, but directionally aligned with a lower sequential progression that is typical in the second half of the year.

我們的團隊堅持不懈地推動採購節省，透過流程自動化提高效率，並利用越來越多提供即時分析的數位升級，幫助優化物流和需求管理入口網站。第三季調整後毛利率水準為 60.7%，略高於我們的預期，但與下半年典型的較低季減方向一致。

As a reminder, the fourth quarter is typically our lowest gross margin quarter given the timing of annual plant maintenance. Turning to adjustment operating margin Third quarter did reflect strong gross margin improvement and the initial benefits from our view forward, which were more than offset by our decision to increase our marketing investment this year, I would say a key driver of our playbook.

提醒一下，考慮到年度工廠維護的時間，第四季通常是我們毛利率最低的季度。轉向調整營業利潤率第三季確實反映了毛利率的強勁改善和我們未來前景的初步收益，這被我們今年增加行銷投資的決定所抵消，我想說這是我們策略的關鍵驅動力。

Our teams have successfully exited hundreds of TSAs with our former parent company without the operational disruptions that often accompany separations. As of today, we have exceeded approximately 70% of our TSAs and are on pace to exceed all by mid 2025.

我們的團隊已成功退出與前母公司的數百個 TSA，而沒有出現通常伴隨分離而來的營運中斷。截至今天，我們已經超過了約 70% 的 TSA，並預計在 2025 年中期超過所有 TSA。

The our view forward initiative is tracking to plan on efficiencies. Have you forward equips us to operate more effectively and ultimately more competitively as we eliminate redundancies, reduce layers of hierarchy to drive faster decision making and implement new systems and automation to strengthen our capital abilities in areas such as consumer insight and forecasting.

我們的前瞻性舉措是追蹤規劃效率。 Have youforward 使我們能夠更有效地運營，最終更具競爭力，因為我們消除了冗餘，減少了層次結構以加快決策速度，並實施新系統和自動化以增強我們在消費者洞察和預測等領域的資本能力。

We continue to expect adjusted operating margin in the range of 21% to 22% in 2024, which factors the benefits from our view forward Hanger supply chain efficiencies and increase in brand activation investments closing out the P&L. Net interest expense for the quarter was $96 million. Given our year-to-date trend, we believe this is our current quarterly run rate and thus expect interest expense for the year to be approximately $380 million for taxes the third quarter, adjusted effective tax rate was 28.9%, a bit higher than plan, primarily due to shifts in jurisdictional mix of income and an increase in nondeductible costs.

我們仍預期 2024 年調整後的營業利潤率將在 21% 至 22% 之間，這得益於我們對 Hanger 供應鏈效率的預期以及結帳損益表中品牌活化投資的增加所帶來的好處。該季度的淨利息支出為 9,600 萬美元。鑑於我們今年迄今為止的趨勢，我們認為這是我們當前的季度運行率，因此預計第三季度的全年利息支出約為 3.8 億美元，調整後的有效稅率為 28.9%，略高於計劃，主要是由於管轄區收入組合的變動和不可扣除成本的增加。

As such, we now expect our full year adjusted tax rate to be in the range of 26.5% to 27%. And finally, adjusted net income was $542 million for the quarter, and adjusted diluted earnings per share were $0.08.

因此，我們目前預計全年調整後稅率將在 26.5% 至 27% 之間。最後，該季度調整後淨利為 5.42 億美元，調整後稀釋每股收益為 0.08 美元。

Now to summarize our expectations for the full year 2024. As you heard from people, we expect organic growth towards the low end of the 2% to 4% range we shared with you in the beginning of the year due to both the base of recovering skin and beauty and software category dynamics in the back half of the year in self care and skin health and beauty as it relates to cold cough and flu at this point, given the levels of incidents we have seen so far.

現在總結我們對 2024 年全年的預期。迄今為止我們所看到的事件水平，今年下半年自我護理、皮膚健康和美容方面的皮膚和美容以及軟體類別動態，因為它與感冒咳嗽和流感有關。

we are assuming foreign exchange will be a headwind of about 1% for the full year. And for us adjusted diluted earnings per share. We are confirming a range of $1.10 to $1.20 as we see stronger than planned gains in productivity and efficiencies, offsetting the impact of softer top line, fueling the acceleration in brand investment for future growth and allowing us to deliver within our adjusted EPS outlook for the year, we plan to exit this year of profound transformation with healthy sales care and essential health segments, benefiting from our new playbook as well as skin health and beauty segment, showing signs of stabilization in important parts of the business.

我們假設全年外匯匯率將下降約 1%。對我們來說，調整後的稀釋每股盈餘。我們確認了1.10 美元至1.20 美元的區間，因為我們看到生產力和效率的增長強於計劃，抵消了營收疲軟的影響，推動了未來增長的品牌投資加速，並使我們能夠在調整後的每股收益前景內實現目標。跡象。

All these powered by a leaner, more agile and fast-moving organization with more opportunities to free up resources and increase investment in our brands. These makes us confident, and we are on our way to drive strong value creation over time. Thank you. And with that, we will take your questions.

所有這些都由一個更精簡、更敏捷和快速發展的組織提供動力，該組織有更多機會釋放資源並增加對我們品牌的投資。這些讓我們充滿信心，隨著時間的推移，我們正在推動強大的價值創造。謝謝。接下來，我們將回答您的問題。

Thank you. (Operator Instruction) Please, for your first question. Our first question comes from the line of Bonnie Herzog with Goldman Sachs. Please proceed with your question.

謝謝。 （操作員說明）請回答您的第一個問題。我們的第一個問題來自邦妮·赫爾佐格與高盛的對話。請繼續你的問題。

Thank you. Good morning. I guess a question on your updated organic sales growth guidance, although you have now lowered its guys still imply a decent step-up in Q4. So I was hoping for a little more color on the drivers of this year.

謝謝。早安.我想關於您更新的有機銷售成長指引的問題，儘管您現在已經降低了其人員數量，但仍然意味著第四季度會有不錯的提升。所以我希望今年的車手能有更多的色彩。

For instance, we have in your shipments in October and [crude oil] versus Q2 three. And I guess I'm thinking about that like context that maybe a little bit more than a more normalized flailing and comp purchasing cycle. I guess what I'm trying to understand the visibility you have in our light about the US consumer and global macro pressures. Thank you.

例如，我們在 10 月的出貨量和[原油]與第二季的出貨量中分別有 3 個。我想我正在考慮這樣的背景，這可能比更正常化的揮舞和補償購買週期稍微多一點。我想我想了解您對美國消費者和全球宏觀壓力的了解。謝謝。

Good morning, Bonnie, and thank you for your question about our updated guidance. So, as you remember, the guidance that we provided at Agios from an organic growth point of view from a revenue point of view to start with, we are we are seeing several factors that are not helping externally. And we talked about the slower category in allergies and pediatrics, either we have seen so far the deceleration in the category, as Ken has category, that's the whole industry is seeing the consumer remains cautious in China and your question about Q4, so far, we are seeing a late start to the cold and flu season.

早安，邦妮，感謝您提出有關我們更新指南的問題。因此，正如您所記得的，我們從有機成長的角度和收入的角度開始為 Agios 提供的指導，我們看到了一些對外部沒有幫助的因素。我們談到了過敏和兒科領域較慢的類別，要么我們到目前為止已經看到該類別的減速，正如肯的類別一樣，整個行業都看到中國的消費者仍然保持謹慎態度，以及您關於第四季度的問題，到目前為止，我們發現感冒和流感季節開始較晚。

So that's certainly not helping having said that, we have things to do internally and especially in skin health and beauty, as you heard in my in my prepared remarks, regarding Q4, we continue to expect Q4 to be our strongest growth quarter for the years for the year end two reasons to that.

因此，這肯定沒有幫助，我們在內部有事情要做，特別是在皮膚健康和美容方面，正如您在我準備好的講話中聽到的那樣，關於第四季度，我們仍然預計第四季度將是我們多年來最強勁的成長季度年底有兩個原因。

The first one is that we see we start seeing the cumulative impact of our new KNG playbook in action. And you heard many examples of that in the prepared remarks. The second reason is that we are having easier year-over-year comparisons in the fourth quarter two elements that negatively impacted Q4 last year are not repeating this year, the destocking in the portfolio rationalization we had last year.

第一個是我們開始看到我們的新 KNG 劇本的累積影響正在發揮作用。你在準備好的發言中聽到了很多這樣的例子。第二個原因是，我們在第四季度進行了更容易的同比比較，去年對第四季度產生負面影響的兩個因素今年不會重複，即我們去年投資組合合理化中的去庫存。

So these are tailwinds for us this year at two other elements that negatively impacted Q4 last year are now part of the base with no comp benefits this year, the situation in China, but also the flu season where we see so far both years, comparable in terms of level of low incidence and the fact that we are off to a slow start to the seasonal. So that's how we will see the fourth quarter and what guides thinking in terms of color the EPS.

因此，這些對我們今年來說是有利的，另外兩個因素對去年第四季度產生了負面影響，現在已經成為今年沒有補償福利的基礎的一部分，即中國的情況，以及我們迄今為止所看到的兩年的流感季節，可比就低發病率水平以及我們季節性開始緩慢的事實而言。這就是我們對第四季的看法，以及對每股盈餘顏色的思考的指導。

Thank you, Thibaut. I agree with you completely on the top line. And despite this backdrop on EPS, we are very confident in our ability to deliver towards the middle of our one 110 to 120 guidance range for the full year and this is despite the investments that we're doing to ask a bit how brands has stepped up levels and we are maintaining that. And that is fueled by the ongoing productivity improvements that we have been delivering and continue to expect to deliver high.

謝謝你，蒂博。我完全同意你的觀點。儘管每股收益存在這種背景，但我們對全年實現 110 至 120 指導範圍中間的能力非常有信心，儘管我們正在進行投資來了解品牌的發展情況提高水平，我們正在維持這一點。這是由我們一直在實現並繼續期望實現的持續生產力提高所推動的。

And it is both in the gross margin line and also through our the forward program with efficiencies being realized and we will continue to realize them and going forward as well.

這不僅體現在毛利率上，也體現在我們的遠期計畫中，我們正在實現效率，我們將繼續實現這些目標並繼續前進。

Thank you. Our next question Anna Lizzul with Bank of America. Please proceed with your question.

謝謝。我們的下一個問題是美國銀行的 Anna Lizzul。請繼續你的問題。

Hi, good morning. Thank you so much for the question. I was wondering if you could frame the most recent trends in health and what would you if there's sort of the first initiative? Sorry, Andrew, in this new role? And then also if you can provide just how much of a drag China wells are [Dr. Steven Labbe], though, it sounds like maybe this is a little bit incrementally weaker sequentially. So I was wondering if you could clarify. Thank you.

嗨，早安。非常感謝你的提問。我想知道您是否可以勾勒出最新的健康趨勢，如果有第一個倡議，您會做什麼？抱歉，安德魯，擔任這個新角色嗎？另外，如果您能提供中國油井的阻力有多大[Dr. Steven Labbe]，不過，聽起來可能會逐漸變弱。所以我想知道你能否澄清一下。謝謝。

Yes, Ana. So Hans will health and beauty. The external environment is certainly not helping in the back half of the year. We had a slow, some seasonal, you heard it from everybody. Sun Care, which is an important business for us, did not contribute to growth as much as we would expect in normal normal year. And throughout the third quarter, we started seeing a deceleration in the skin care category in the U.S., something that, by the way, we expect to continue into Q4.

是的，安娜。所以漢斯才會健康和美麗。下半年的外部環境肯定沒有幫助。我們經歷了一個緩慢的、有些季節性的，你從每個人那裡都聽到了。 Sun Care 對我們來說是一項重要業務，但其對成長的貢獻沒有我們預期的正常年份那麼大。在整個第三季度，我們開始看到美國護膚品類別的成長放緩，順便說一句，我們預計這種情況將持續到第四季度。

And to your earlier point, we see continued softness in in Asia. So, the three elements combined are clearly slowing us down now. They are also things we know we need to do better internally, right? And it's really applying the playbook, executing the playbook consistently with precision and at scale across the portfolio, distribution by strengthening our in-store funnels, making sure that our marketing campaigns drive stronger conversion, and that's what our teams are focused on. And so what are we doing differently in the back half of the year on top of implementing this this playbook, first and foremost, we are strengthening the team.

就您之前的觀點而言，我們看到亞洲市場持續疲軟。因此，這三個因素結合在一起顯然正在減慢我們的速度。我們也知道我們需要在內部做得更好，對嗎？它實際上是應用劇本，在整個產品組合中一致地精確和大規模地執行劇本，透過加強我們的店內通路進行分銷，確保我們的行銷活動推動更強的轉化，這就是我們團隊所關注的。因此，除了實施本劇本之外，我們在今年下半年做了哪些不同的事情，首先，我們正在加強團隊。

We are bringing new talent skills and capabilities. You may remember that we are moving next year to summit New Jersey with our new headquarter is also an opportunity for us to build a new skin health and beauty center of excellence with our team's co-located marketing R&D operations, and to with new skills and capabilities in India, TeamHealth. End. Our US welcoming Andrew this week is the latest addition to these teams were also augmenting these internal capabilities with external partnerships.

我們正在帶來新的人才技能和能力。您可能還記得，我們​​明年將在新澤西州設立新總部，這對我們來說也是一個機會，可以透過我們團隊的同地行銷研發業務建立一個新的皮膚健康和美容卓越中心，並利用新的技能和技術印度的團隊健康能力。結尾。我們美國本週歡迎安德魯是這些團隊的最新成員，他們也透過外部合作夥伴關係增強了這些內部能力。

And you saw last week, another example of that with our partnership with Dr. Dhaval Bhanusali and Dr. Shah with the objective to strengthen innovation and communication on the need for Gen our brand specifically. And you will see a continued impact of location in in our campaigns.

您上週看到了另一個例子，我們與 Dhaval Bhanusali 博士和 Shah 博士合作，旨在加強創新和溝通，以滿足我們品牌的特定需求。您將在我們的行銷活動中看到位置的持續影響。

So that's what we are focused on your question about a new leader for North America and Europe. Andrew, who joined us recently. We are happy to have Andrew joined the team and augment our internal skills and capabilities. It brings decades of experience a strong track record in growing brands. Turning around businesses. Moving transformation agendas has a deep expertise in skin health.

這就是我們關注的問題，即關於北美和歐洲新領導人的問題。安德魯最近加入了我們。我們很高興安德魯加入團隊並增強我們的內部技能和能力。它帶來了數十年的品牌成長經驗和良好的業績記錄。扭轉企業局面。推動轉型議程在皮膚健康方面擁有深厚的專業知識。

And the deep understanding of what it takes to win is a mass and prestige skin health and beauty market in the US. So together, Charmaine our Chief Growth Officer, [Jan,] all leader for North America and the whole team, Andrew and everybody will amplify the green shoots we see with Neutrogena as of skin health and beauty business.

深刻理解如何贏得美國大眾和享有盛譽的皮膚健康和美容市場。因此，我們的首席成長長 Charmaine、[Jan]、北美地區的所有領導者以及整個團隊、Andrew 和每個人都將共同擴大我們在露得清 (Neutrogena) 皮膚健康和美容業務方面看到的萌芽。

And I let me answer your last question is from this yield on this yield I'm last year was in Q3. It was the beginning of where we experienced the anti-Japanese sentiment in China. So we are lapping that. It's not material was not material in Q3, and we will not be a material factor in Q4 has 12.

我讓我回答你的最後一個問題是來自我去年第三季的收益率。這是我們經歷中國反日情緒的開始。所以我們正在研磨它。這在第三季並不重要，在第四季我們也不會成為重要因素，有 12 個。

Thank you. Our next question comes from the line of Andrea Teixeira with JPMorgan. Please proceed with your question. Thank you.

謝謝。我們的下一個問題來自摩根大通的 Andrea Teixeira。請繼續你的問題。謝謝。

Good morning. And I was hoping to see if you can elaborate a little more on what are the green shoots you're seeing and how Andrew is going to amplify, as you pointed out, Chipotle, the initiatives that you have been putting together to understand that you have a backdrop as a deceleration in skin health and beauty are thinking of the innovation that you put together and you're deploying for a while now more digital investments and thinking about how much that increase A&P that you announced in the beginning of the year will translate into an accelerated on improvement there.

早安.我希望你能詳細說明一下你所看到的萌芽是什麼，以及安德魯將如何擴大你所指出的，Chipotle，你一直在採取的舉措，以了解你在皮膚健康和美容減速的背景下，您正在考慮您整合的創新，並且您現在正在部署一段時間更多的數位投資，並考慮您在今年年初宣布的A＆P 增加了多少轉化為那裡的加速改進。

So anything you can give us in terms of timing when we should be expecting this to materialize? And for Paul, on given the commentary you extended data on the prepared remarks or the TSA, getting an HMA has got any out. I'm just wondering where we should be thinking if you can update us with the progress, the savings that we have seen so far? And how much should that should have evolve from here? Thank you.

那麼您能給我們什麼關於我們應該期待這一切實現的時間安排嗎？對於 Paul 來說，鑑於您在準備好的評論或 TSA 上擴展了數據，獲得 HMA 就可以解決任何問題。我只是想知道我們應該考慮什麼，如果您可以向我們介紹目前的進展以及迄今為止我們所看到的節省嗎？從這裡應該要發展到什麼程度？謝謝。

All right. Good morning on DRAM. And so let me start with a question and then I will hand over to Paul. So your first question is about the green shoots, how we bring to amplify them and the impact of our investment. So if you take a step back this year, we are profoundly transforming the way we operate. We are changing our ways of working and we are increasing our investment and we do that across the portfolio. And we are pleased to see that offsets care and essential health segments are already responding well to this to this new playbook, with a very strong share, gained two quarters in a row of volume growth in Essential Health.

好的。早上好，關於 DRAM。讓我從一個問題開始，然後我將把問題交給保羅。所以你的第一個問題是關於萌芽、我們如何擴大它們以及我們的投資的影響。因此，如果你今年退後一步，我們正在深刻改變我們的營運方式。我們正在改變我們的工作方式，我們正在增加我們的投資，我們在整個投資組合中都這樣做。我們很高興地看到，補償護理和基本健康領域已經對此新策略做出了良好的反應，佔據了非常強勁的份額，基本健康領域的銷量連續兩個季度增長。

In skin health and beauty were also applying the same playbook that we are disciplined in prioritizing how we are going after our recovery plan. And we have decided to focus on to start with the biggest areas, if you take Neutrogena is sound and safe and gives the in-store execution. And that's what makes us confident that the playbook stops working that where we started implementing our new playbook. So far, we are seeing green shoots. So I'll give you a couple of example. We invested in strengthening our presence with the dermatologist, and we see a strong response in terms of recommendation by dermatologist.

在皮膚健康和美容方面，我們也應用了相同的策略，我們在優先考慮如何執行我們的恢復計劃方面受到嚴格約束。我們決定重點從最大的領域開始，如果你認為露得清是健全和安全的，並提供店內執行。這就是讓我們確信該劇本在我們開始實施新劇本的地方不再起作用的原因。到目前為止，我們已經看到了萌芽。所以我會給你幾個例子。我們投資加強了與皮膚科醫生的合作，並且我們看到皮膚科醫生的推薦得到了強烈的反響。

And we are now back to where we were four years ago, which face care. So that's really encouraging. In terms of in-store execution, it's an area where we have focused a lot of energy, and it's good to see that concept planogram. We have new planograms web put in place proximately in mid-August. So halfway through the quarter, we see Neutrogena face going back to number one position in the US in September. And by the way, we see that continuing in October. So we now have eight weeks behind us of need to deliver enough phase being back to number one position in breaking bottom tracked channels.

我們現在又回到了四年前的狀態，面對著護理。這確實令人鼓舞。在店內執行方面，我們投入了大量精力，很高興看到概念貨架圖。我們將於八月中旬推出新的貨架圖網。因此，在本季度過半時，我們預計露得清 (Neutrogena) 將在 9 月重新回到美國市場第一的位置。順便說一句，我們看到這種情況在十月仍在繼續。因此，我們現在還有八週的時間，需要提供足夠的階段，以回到突破底部追蹤通道的第一個位置。

So that's very encouraging. Same thing from a direct-to-consumer marketing and the effect of our marketing campaigns. I'll pivot to social media of partnership with [SAP. Brady's] is clearly working in having us connect. Thanks in a much more effective way with a younger audience and Gen Z consumers, which is also a focus area for us. You heard me talking about the $800 million used to date Neutrogena collagen bank.

所以這非常令人鼓舞。直接面向消費者的行銷和我們的行銷活動的效果也是如此。我將轉向與[SAP.]合作的社交媒體。布雷迪的]顯然正在努力讓我們建立聯繫。以更有效的方式感謝年輕觀眾和 Z 世代消費者，這也是我們關注的重點領域。你聽到我談論用於約會露得清膠原蛋白銀行的 8 億美元。

We think 1.2 billion views. We saw OGX relaunch campaign with the middle battle. So that's working, as I said, 30 days. But that's an encouragement for us to continue in this direction and into more. So that's exactly what the team and on who will play a big part in this the what the team is focusing on, how do we amplify this these green shoots, making sure that they are executed with even more precision at a larger scale and are not limited to Neutrogena phase. And some that are identified across the rest of us can have a skin care portfolio as well. Paul, do you want to take the second one on the TSAs. magnitudes?

我們認為有 12 億瀏覽量。我們看到OGX在中段戰鬥中重新啟動了戰役。正如我所說，這就是有效的 30 天。但這是對我們繼續朝這個方向並邁向更多方向的鼓勵。因此，這正是團隊以及誰將在這方面發揮重要作用的團隊所關注的問題，我們如何放大這些新芽，確保它們在更大範圍內更精確地執行，而不是僅限於露得清階段。我們其他人中的一些人也可以擁有護膚品組合。保羅，你想參加 TSA 的第二次考試嗎？幅度？

Of course, Andrea and good morning. So on TSAs and let me step back. Our TSAs were exiting them who are on track. I feel very we are pleased that we have not encountered any operational disruptions. So thank you, team for doing that with excellence. And remember, the TSA exits will not necessarily allow us to exit in an optimized manner. That's why we have a few Forward program. We are going to realize a few benefits. And but given the time limitation we have to exit TSAs by mid next year, it's not necessarily and hope gives exit. That's why we have a view forward program and we're tracking well and we announced it last quarter, we have started to realize some of the benefits of that we have forward program. We are on track to deliver the $350 million savings by 2026 were already seeing the full impact.

當然，安德里亞，早安。關於 TSA，讓我退後一步。我們的 TSA 正在退出那些步入正軌的人。我感到非常高興我們沒有遇到任何營運中斷。所以感謝團隊出色地做到了這一點。請記住，運輸安全管理局的退出並不一定能讓我們以優化的方式退出。這就是為什麼我們有一些轉發計劃。我們將實現一些好處。但考慮到時間限制，我們必須在明年年中之前退出 TSA，這不一定，但希望能夠退出。這就是為什麼我們有一個前瞻性計劃，我們進展順利，我們在上個季度宣布了這項計劃，我們已經開始意識到我們的前瞻性計劃的一些好處。我們預計在 2026 年之前節省 3.5 億美元，我們已經看到了全部影響。

And it's not only about here effectiveness efficiency as well and finding new ways of working in a leaner, more agile manner. Specifically on savings, what actions we have taken, we have taken a lot of the functional actions, procurement actions as well. The largely some of the board actually we have already taken as well, but we will continue to progress throughout the balance of the year and into 2025 as well. Your question is also around the impact to margins. We are starting to see some of the benefits forward, and we expect to see the full impact more towards 2025 and will continue to be fuel for incremental marketing investments as well.

這不僅關係到有效性，也關係到尋找更精簡、更敏捷的新工作方式。具體在節約方面，我們採取了哪些行動，我們採取了很多職能行動，採購行動也是如此。事實上，我們已經完成了董事會的大部分工作，但我們將在今年餘下的時間裡繼續取得進展，直至 2025 年。您的問題還涉及對利潤率的影響。我們開始看到一些未來的好處，我們預計到 2025 年將看到更多的全面影響，並將繼續推動增量行銷投資。

So we are not there where we want to be from a competitiveness perspective in terms of investing behind our brands and the fuel that we get from Harvey forward TSA exits. And of course, gross margin expansion will allow us to continue to invest and deliver on our algorithm as well. So that's how I see things good progress so far. And we will continue throughout the balance of the year and into next year as well. Thank you.

因此，從競爭力的角度來看，在我們的品牌背後的投資以及我們從哈維遠期 TSA 退出中獲得的燃料方面，我們還沒有達到我們想要的目標。當然，毛利率的擴張也將使我們能夠繼續投資並交付我們的演算法。這就是我對迄今為止事情取得良好進展的看法。我們將在今年剩餘時間和明年繼續這樣做。謝謝。

Our next question comes from the line of Peter Grom with UBS. Please proceed with your question.

我們的下一個問題來自瑞銀集團 (UBS) 的彼得·格羅姆 (Peter Grom)。請繼續你的問題。

Philippa Thanks, operator. Good morning, everyone. And hope you're doing well, to give you kind of mentioned, the two key reasons are weaker than this year is kind of a weaker U.S. category trend and kind of a slower recovery and skin health and beauty.

菲利帕 謝謝，接線生。大家早安。希望你做得很好，順便提一下，比今年疲軟的兩個關鍵原因是美國類別趨勢較弱，以及皮膚健康和美容復甦較慢。

I guess as we look forward here, I guess I totally understand some of the one-offs you're going to be cycling and for Q4, that would put organic growth more in line with the long-term algorithm. But just as you look out to next year, I'd be curious how you're thinking about the potential for weaker categories, threats processed and maybe for long recovery, skin health and beauty to really impact your ability to regenerate on algorithm growth.

我想，當我們展望這裡時，我想我完全理解您將要循環的一些一次性事件，以及第四季度的情況，這將使有機成長更符合長期演算法。但正如您展望明年一樣，我很好奇您如何考慮較弱類別、已處理的威脅以及長期恢復、皮膚健康和美麗的潛力，以真正影響您在演算法增長上的再生能力。

I know we'll probably get 25 guidance in a few months ago. Just curious, is it based on where things stand today, would you anticipate some of the headwinds persisting into next year?

我知道幾個月前我們可能會得到 25 個指導。只是好奇，根據目前的情況，您是否預計明年會出現一些不利因素？

Good morning, guys. This is Paul. So thank you for your questions. We're not going to talk about 2025 today and look forward to our conversation in the future. But I can tell you that 2024 has been a year of profound transformation, and we're very pleased with the progress we've made so far. And that transformation will also continue into 2025.

早安，夥計們。這是保羅。謝謝你的提問。我們今天不打算談 2025 年，期待未來的對話。但我可以告訴大家，2024 年是深刻改變的一年，我們對迄今為止的進展感到非常滿意。這種轉變也將持續到 2025 年。

The transformation will allow us to accelerate our top line growth from this year and grow here at a faster pace than we are doing this year. Income will grow faster than sales, and that's part of our algorithm. And we will continue to invest in our business were not at the competitive levels yet, as I mentioned.

此次轉型將使我們從今年開始加速營收成長，並以比今年更快的速度成長。收入的成長速度將快於銷售額的成長，這是我們演算法的一部分。正如我所提到的，我們將繼續投資於我們尚未達到競爭水平的業務。

So that is part of our algorithm that will drive acceleration in top line a cash perspective, we will continue to return cash to shareholders with attractive dividends. All that is part of our shareholder returns. Specifically in terms of categories we have we are monitoring performance of the categories.

因此，這是我們演算法的一部分，將推動現金收入加速成長，我們將繼續以有吸引力的股息向股東返還現金。所有這些都是我們股東回報的一部分。具體而言，就我們擁有的類別而言，我們正在監控這些類別的表現。

We contemplate a variety of scenarios. In the case of seasonal businesses, particularly in healthcare. We're seeing more a trend towards normalization. We will assess what that means in terms of normalization, but certainly some of the factors that were going to be considering as we think about it 2025, we do believe that 2024 has become a little bit of a new base. And from there, we will assess how things will continue to work. And on top of that will continue to we will deliver in 2025 and beyond your algorithm. Thank you.

我們考慮了各種場景。對於季節性業務，尤其是醫療保健行業。我們看到更多正常化的趨勢。我們將評估這對正常化意味著什麼，但當然，我們在考慮 2025 年時要考慮的一些因素，我們確實相信 2024 年已經成為一個新的基礎。從那時起，我們將評估事情將如何繼續進行。最重要的是，我們將繼續在 2025 年交付，甚至超越您的演算法。謝謝。

Our next question comes from the line of Filippo Falorni for learning with Citi. Please proceed with your questions.

我們的下一個問題來自 Filippo Falorni 向花旗學習的路線。請繼續回答您的問題。

Hi, good morning, everyone. I wanted to ask a question on retailer inventory levels. Are some of your peers talk about retail has been more cautious with inventory ordering patterns and particularly in the skin care category. So I was wondering if you saw any impact in Q3 and what are your expectations for Q4? And then specifically for the drug channel, given the importance of the channel for your business and you see any impact from the recent store closures from some key customers, and how should we think about that potentially impact into Q4? Thank you.

嗨，大家早安。我想問有關零售商庫存水準的問題。您的一些同行是否談論零售業對庫存訂購模式更加謹慎，特別是在皮膚護理類別中。所以我想知道您是否看到第三季的影響以及您對第四季的期望是什麼？然後特別是藥品管道，考慮到該管道對您的業務的重要性，並且您看到最近一些主要客戶關閉商店的影響，我們應該如何考慮第四季度的潛在影響？謝謝。

Okay. Good morning, Philippe. So let me take the first one on inventory level. If I look around the world in the U.S., we believe inventory levels are on the low side. If you remember, we had some destocking in some channels in the first half of 2024 that did not continue into Q3, and we will not expect that to continue to happen in Q4, either given the low levels at levels of inventory that we see across channel in general, in around the world, we see more cautious ordering patterns in self-care categories. And we would we have seen that in Q3 would certainly continue to see that happening in Q4 until the season happens post.

好的。早安，菲利普。那麼，讓我來談談庫存層面的第一個問題。如果我看看美國的全球情況，我們認為庫存水準偏低。如果您還記得，我們​​在2024 年上半年在某些管道進行了一些去庫存，但這種情況並未持續到第三季度，考慮到我們看到的庫存水平較低，我們預計第四季度不會繼續發生這種情況。我們希望在第三季度看到這種情況肯定會在第四季度繼續發生，直到賽季結束。

We are clearly in a post pandemic, a post-COVID world where supply chain are stab le. And so we don't see retailers stocking up ahead of the season and the they are going to wait until they see demand pickup to order what what they need. And as you heard from Paul and I so far, we have not seen a level of incidence moving to the direction of the peak for those of you live in the Northeast, you certainly have seen that we had good weather so far.

我們顯然正處於疫情後、供應鏈穩定的後新冠世界。因此，我們認為零售商不會在季節到來之前備貨，他們將等到需求回升時再訂購他們需要的東西。正如您從保羅和我那裡聽到的，到目前為止，對於居住在東北部的人們來說，我們還沒有看到發病率朝著高峰方向發展，但您肯定已經看到，到目前為止，我們的天氣很好。

So next, I would expect that can do to exit 2024 with a high level of inventory around the world. Your specific question of the drug channel, I believe it's in the U.S. drug and some materials. All industrial channel for us worldwide is doing very well. Outside of the U.S. In the U.S. structure has indicated the decline in traffic coming off the pandemic highs.

因此，接下來，我預計 2024 年全球庫存將保持在較高水準。你提到的毒品管道的具體問題，我認為是在美國的毒品和一些材料方面。我們在全球範圍內的所有工業通路都表現得很好。美國以外的地區 美國的結構表明，交通量已從疫情高點回落。

There has been recent announcement regarding future footprint consolidation that has not happened yet. And so we work very closely with our customers to make sure that we offer the right assortment to their shoppers. And so we will continue to work very closely with our retail partners when when they move on with their consolidation plans. Every time the store closures, you see a short-term impact as the inventory present in the store is already distributed into other stores. And so you may see a short-term impact when a store closes. But over time, it's suddenly does normalize.

最近有關於未來足跡整合的公告，但尚未發生。因此，我們與客戶密切合作，以確保我們為他們的購物者提供正確的產品組合。因此，當我們的零售合作夥伴繼續實施整合計畫時，我們將繼續與他們密切合作。每次商店關閉時，您都會看到短期影響，因為商店中的庫存已分配到其他商店。因此，商店關閉時您可能會看到短期影響。但隨著時間的推移，它突然變得正常化。

We do not sell discretionary products at. Can you by and large, we said product you need, and you are looking for a very clear reason. And so if you can, once we usually see a consumer's going to another store and to get to a brand they trust and need.

我們不銷售任意產品。總的來說，我們說你需要的產品，以及你正在尋找的一個非常明確的理由。因此，如果可以的話，一旦我們通常看到消費者會去另一家商店購買他們信任和需要的品牌。

Thank you. Our next question comes from the line of Steve Powers with Deutsche Bank. Please proceed with your question.

謝謝。我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯（Steve Powers）。請繼續你的問題。

Thank you and good morning. Yes, Paul, your initial comments on 25 were helpful. I wanted to sort of drill down and link it back to what Peter was talking about with respect to skin health and beauty in that business. You've talked about the science of the playbook is working and green shoots, which is great. On the other hand, the market backdrop is choppy.

謝謝你，早安。是的，Paul，您對 25 的最初評論很有幫助。我想深入研究並將其與彼得在該行業中談論的皮膚健康和美容聯繫起來。您談到了劇本的科學性正在發揮作用並且正在萌芽，這非常棒。另一方面，市場環境動盪不安。

You're still sort of in the earlier sort of earnings, I guess, of a real full turnaround and skin health and beauty. Andrew, just Scott, just arrived for example. So I guess just as you think about 25 in the context of our business, is the is the mentality and the objective that you're taking in to 25, one of just merely stabilizing that business year-over-year? Or is the ambition sort of the realistic ambitious goal to actually grow that business next year?

我想，你仍然處於早期的收入中，真正全面週轉以及皮膚健康和美麗。例如，安德魯（Andrew），即斯科特（Scott），剛剛抵達。所以我想，正如您在我們的業務背景下考慮 25 一樣，您對 25 的心態和目標是否只是逐年穩定該業務？或者這個雄心壯志是明年真正發展該業務的現實雄心勃勃的目標？

I am hearing I'm not sure what I'm parse between all the different commentary. I'm not sure if the we feel like the business is ready to grow next year or for still we are attempting to stabilize and 25.

我聽說我不確定我在所有不同的評論中解析什麼。我不確定我們是否認為業務已準備好明年成長，或者我們仍在嘗試穩定25。

Yes, very good question. Let me be very clear. We are focused on returning this segment to growth and expect to do that in 2025. To your point, we need to see what happens to the category overall from what we see today. I don't think we can count on an improvement in consumer sentiment in Asia. So for us 2025, it's really about shooting expansion. EMEA It's working very well. How do we feel this these calls? We are saying and countering the deceleration. We've seen the category into the U.S. with a better execution of our playbook, better innovation, better campaigns. So that's our plan for 2025.

是的，非常好的問題。讓我說得很清楚。我們的重點是讓這個細分市場恢復成長，並預計在 2025 年實現這一目標。我認為我們不能指望亞洲消費者信心會有所改善。所以對於我們 2025 年來說，這實際上是關於拍攝擴展。 EMEA 運作良好。我們對這些呼籲有何感受？我們正在說並反對減速。我們已經看到該類別進入美國，並更好地執行了我們的策略、更好的創新和更好的活動。這就是我們 2025 年的計畫。

I gave you examples of green shoots in early green shoots prioritize thus far. Now we need to expand across this amount was decision it at scale and continued to secure more points of distribution. As you know, the planograms flip in the back half of next year. In the meantime, strengths and in-store prominence, making sure that our marketing content drives strong conversion and continuing to add new talent skills capabilities so that what we are going forward.

我給你舉了一些例子，說明早期綠芽的綠芽優先順序。現在，我們需要擴大這一數量，並繼續確保更多的分銷點。如您所知，貨架圖將在明年下半年翻轉。同時，我們的優勢和店內突出地位，確保我們的行銷內容推動強勁的轉化，並繼續增加新的人才技能能力，以便我們繼續前進。

Thank you. Our next question comes from the line of Keith Devas with Jefferies. Please proceed with your question.

謝謝。我們的下一個問題來自 Keith Devas 和 Jefferies 的對話。請繼續你的問題。

Hey, thank you. Good morning. Thank you for the question. I just wanted to, I guess, double back on a theme that I guess, as I mentioned a couple of times, but it sounds like there's unique very fast and as yet, you're proceeding with European restaurant plans. And so I guess I'm interested in how you guys think about the category trends persist, target might change your thinking on where to reinvest and or if it changes your expectations for a timeline on the return, it sounds like 24 is a heavy investment year and 25 will be as well. And so on if the category trends, I'm kind of recovery or I guess a rebound or a reinvigoration of growth still occur with some of the reinvestments or how you might think about faltering them in the context of the macro pressures. Thank you.

嘿，謝謝你。早安.謝謝你的提問。我想，我只是想再次強調我想的主題，正如我提到過幾次的那樣，但聽起來很快就有獨特之處，而且到目前為止，您正在繼續實施歐洲餐廳計劃。所以我想我對你們如何看待類別趨勢持續存在感興趣，目標可能會改變您對再投資地點的想法，或者如果它改變您對回報時間表的期望，聽起來 24 是一項重大投資年和25歲也是如此。等等，如果類別趨勢，我認為是復甦，或者我認為一些再投資仍然會反彈或成長重振，或者您可能會考慮在宏觀壓力的背景下如何動搖它們。謝謝。

Thank you for your question, Keith. We are confident in our ability to continue to source funds to invest in our brands from both our gross profit and gross margins. And also do forward. Remember at the forward is a two year program and we have been successful in getting the efficiencies and productivity out of that were not done in terms of investing at competitive levels. So we do believe we have the right building blocks to continue to fuel the funds for that growth. Of course, we are monitoring the our own performance and the category performance as well. But algorithm calls for continued investment in our brands.

謝謝你的提問，基斯。我們對繼續從毛利和毛利率中籌集資金投資於我們的品牌的能力充滿信心。並且還做前進。請記住，未來是一個為期兩年的計劃，我們已經成功地提高了效率和生產力，而這在競爭水平的投資方面是無法實現的。因此，我們確實相信我們擁有正確的基石來繼續為這種增長提供資金。當然，我們也在監控自己的表現和品類的表現。但演算法要求我們繼續對我們的品牌進行投資。

This is not a one-time step up and we will continue to approach it in a very thoughtful manner, a he he always based on return on investment, which is something what we have done all along. And we will make sure that our brands get proper investments to not only get the Read-Rite return, but also the reach and that we need to drive the penetration, particularly in skin health and beauty and continue to gain in essential health and healthcare as well. So across the board will continue to invest, thoughtful approach, and we have the fuels to continue to drive the investment. Thank you.

這不是一次性的一步，我們將繼續以非常深思熟慮的方式來實現這一目標，他始終基於投資回報，這是我們一直以來所做的事情。我們將確保我們的品牌獲得適當的投資，不僅能獲得Read-Rite 的回報，還能擴大影響力，並確保我們需要推動滲透率，特別是在皮膚健康和美容方面，並繼續在基本健康和醫療保健領域取得進展優異地。因此，我們將繼續全面投資，採取深思熟慮的方法，我們有動力繼續推動投資。謝謝。

Our next question comes from the line of Nik Modi with RBC Capital Markets. Please proceed with your question. Thank you.

我們的下一個問題來自尼克·莫迪與加拿大皇家銀行資本市場的對話。請繼續你的問題。謝謝。

Good morning, everyone. On the table, I just was curious how you think about the skin care kind of portfolio complexity in your view, what would kind of be the hero products within that Neutrogena brand family? And we had an opportunity maybe to streamline and simplify is transferable demand and to kind of make sure that you're focusing on the right skills and allocating the right amount of money to the right skill.

大家早安。在桌面上，我只是很好奇您如何看待護膚產品組合的複雜性，在您看來，露得清品牌家族中的英雄產品是什麼樣的？我們也許有機會精簡和簡化可轉移需求，並確保您專注於正確的技能，並將正確的資金分配給正確的技能。

Thank you. Yes, very good question. The team does a good job of prioritizing the biggest parts of the portfolio for each brand. So five of our volume Neutrogena, they are currently focused on Sun and face that approximately 80% of our revenue in the U.S. for these brands.

謝謝。是的，非常好的問題。團隊在優先考慮每個品牌產品組合中最大的部分方面做得很好。我們的五個銷售量中的露得清（Neutrogena）目前專注於 Sun，而這些品牌約占我們在美國收入的 80%。

So we need to start by getting the spot right. It's about making sure that we pushed the that the platforms. And so Hydro Boost, for example, is one of our major platforms as we get a lot of synergies by promoting. these range of products. It's also about doing it better job at unifying the brand. And you will see initiatives in that area in in 2025 is also making sure that the navigation and suitability is easier for consumers and shoppers in sto re. And here, I'm pleased with the progress that we are mix this this fall.

所以我們需要從找到正確的位置開始。這是為了確保我們推動平台的發展。例如，Hydro Boost 是我們的主要平台之一，因為我們透過推廣獲得了許多協同效應。這些產品系列。這也是為了更好地統一品牌。您將看到 2025 年該領域的舉措也將確保消費者和商店購物者更容易導航和適用。在這裡，我對我們今年秋天的混合進展感到滿意。

You will see a stronger brand blocks easier to navigate with a shelving organization that helps consumers to pick the right products for one. Then, as we said, and make our brands easy to shop in in brick and mortar stores.

您將看到更強大的品牌塊更容易透過貨架組織導航，幫助消費者挑選合適的產品。然後，正如我們所說，讓我們的品牌易於在實體店購買。

Thank you. Our next question comes from the line of Korinne Wolfmeyer with Piper Sandler. Please proceed with your question.

謝謝。我們的下一個問題來自 Korinne Wolfmeyer 和 Piper Sandler。請繼續你的問題。

Morning. And taking the question that's a little bit on the gross margin this quarter. That comment a little bit stronger and maybe you can talk through the puts and takes there. And as you think about and Q4 and and and and create for 2020 back, what are some of the headwinds or even how is that we should be cognizant and especially around cost inflation, transportation costs, etc?

早晨。問題是關於本季的毛利率。這個評論有點強烈，也許你可以討論那裡的看跌期權和賣出期權。當您思考 2020 年第四季和創造時，有哪些不利因素，甚至我們應該如何認識，特別是在成本通膨、運輸成本等方面？

Thank you for the question, Korinne, that we are very pleased with the performance on gross margin. That team is very dedicated to making sure that we get the fuel for the growth for the brands, and we have confidence in continuing to expand our gross margins going forward. And the sources or value realization pricing will be less of a lever, but it will always be a component.

謝謝您提出問題，Korinne，我們對毛利率的表現非常滿意。團隊非常致力於確保我們獲得品牌成長的動力，並且我們有信心繼續擴大未來的毛利率。來源或價值實現定價將不再是槓桿，但它永遠是一個組成部分。

Manufacturing and supply chain efficiencies are a big building blocks to improve our gross margins. When it comes to commodities, commodity trends are are helping us some of the increased labor and logistics inflation that we have recently seen.

製造和供應鏈效率是提高毛利率的重要組成部分。就大宗商品而言，大宗商品趨勢正在幫助我們緩解最近看到的勞動力和物流通膨加劇的情況。

But the benefits of commodity tailwinds are probably going to start winding down. So we are continuing to balance all of the elements of how we build our gross margins, how we I remember from our from a seasonality perspective or the progress throughout the year. Q4 is our highest investment year in plant maintenance, as I mentioned in my prepared remarks.

但大宗商品順風的好處可能會開始減弱。因此，我們正在繼續平衡我們如何建立毛利率的所有要素，我如何從季節性角度或全年進展的角度記住我們的情況。正如我在準備好的發言中提到的，第四季是我們在工廠維護方面投資最高的一年。

So it's typically our lowest gross margin period, but it's not should not be within and without outside our expectations for this. And that's where we are at this point. At this point, we are maintaining outlook. Margin progression is not linear, given all these dynamics that I that I mentioned. I think about going forward, I do believe that these improvements are going to be closer more to the targeted long-term gross margin expansion goals that we talked about, which are in the range of 20 basis to 30 basis points on a sustainable basis in the long term.

因此，這通常是我們毛利率最低的時期，但它不應該在我們對此的預期之內或之外。這就是我們目前所處的情況。目前，我們維持展望。考慮到我提到的所有這些動態，利潤成長不是線性的。我認為展望未來，我確實相信這些改進將更接近我們談到的長期毛利率擴張目標，即在可持續的基礎上在 20 到 30 個基點的範圍內。

So pleased with the performance. It will continue to be a strength of ours. We have the building blocks and it will be the fuel for our growth.

對錶演非常滿意。它將繼續成為我們的優勢。我們擁有基石，它將成為我們成長的燃料。

Thank you. Our last question will come from the line of Jeremy Fialko with HSBC. Please proceed with your question.

謝謝。我們的最後一個問題將來自匯豐銀行的 Jeremy Fialko。請繼續你的問題。

Hi there. Thanks for taking the question at the end of the call up. So just a couple of things from me. So I guess the first thing is you've talked about all these reasons why I guess you're incrementally a little bit more course of the top line. But I guess a lot of sound relatively trends are treated in terms of some kind of phased give the cold and flu season. So I just wanted to draw routes are particularly focused on the US, the extent to which this kind of the underlying softening in the consumer rather than just to kind of accumulation of some of the slightly unfavorable phasing factors. Second thing linked to that is, are there any areas where you might have seen some sort of a pickup in the price discounting or promotional? Thanks.

你好呀。感謝您在通話結束時提出問題。我只講幾件事。所以我想第一件事是你已經談論了所有這些原因，為什麼我猜你會逐漸增加一點點頂線。但我想很多相對合理的趨勢都是根據感冒和流感季節的某種階段性來對待的。所以我只是想繪製路線特別關注美國，這種潛在的消費疲軟的程度，而不僅僅是一些稍微不利的階段性因素的累積。與此相關的第二件事是，是否有任何領域您可能會看到價格折扣或促銷回升？謝謝。

Okay. Jeremy, let me start with your first question about the external environment and the consumer in the US. When you look at the levels of incidents, we had all year long, but across all geographies, in terms of certain allergy, pediatric fever, it seems like flu is moving at the same direction at this low level of incidence is we don't know yet if it's a new normal or not.

好的。 Jeremy，我先問你的第一個問題，關於美國的外部環境和消費者。當你看一下事件的水平時，我們全年都有，但在所有地區，就某些過敏、小兒發燒而言，流感似乎在如此低的發病率下朝著同一個方向發展，但我們並不認為還不知道這是否是新常態。

But I would say it's pretty unusual to have such low levels of incidents across geographies across all these of these categories in terms of, but it doesn't reflect what we the consumer the consumer continues to grow, prioritize the health and the health of their loved ones that don't compromise on that. Having said that, they are looking for convenience and value and you need to be very agile to make sure that you are present in all channels, which we are and with price points that cater to the different needs of different consumers.

但我想說，就所有這些類別而言，跨地區的事件發生率如此之低是很不尋常的，但這並不能反映出我們消費者的持續成長，優先考慮他們的健康和他們的健康。不妥協的親人。話雖如此，他們正在尋找便利性和價值，您需要非常敏捷，以確保您出現在所有管道中，我們就是這樣，並且價格點可以滿足不同消費者的不同需求。

So you can meet the consumer where they are, and that's where we focus a lot of attention. We don't see a trade down in terms of private label. You heard me I gave a frequent report on that this quarter. Again, we didn't see a significant change in in worldwide penetration of private-label and even into larger, that's the highest penetrated category, which is the USOTC. category. We seek a private-label penetration going down this quarter. Again. So that's what we see broadly for the consumer from a promotional intensity point of view, when we look at our categories in the U.S. specifically, we don't see any increase in promotional intensity. And just self-care segment, we see a slight low single digit increase in health care in essential has in skin health categories.

這樣您就可以在消費者所在的地方與他們見面，這也是我們重點關注的地方。我們沒有看到自有品牌方面的交易有所下降。你聽到了我這個季度經常對此進行報告。同樣，我們沒有看到自有品牌在全球範圍內的滲透率發生重大變化，甚至滲透率最高的更大類別（即 USOTC）也沒有發生重大變化。類別。我們尋求本季自有品牌滲透率下降。再次。因此，從促銷強度的角度來看，這就是我們對消費者的廣泛看法，當我們具體查看美國的類別時，我們沒有看到促銷強度有任何增加。僅就自我照顧部分而言，我們發現皮膚健康類別中必需品的醫療保健略有低個位數成長。

But I would say nothing out of the ordinary and something that is more in line with, I would say, a new, the new normal.

但我不會說任何不尋常的話，而是更符合我想說的新常態。

So, thank you for all your questions. That concludes our report on our Q3 deferments. Thank you, everyone, for joining us this morning. As you can tell, can view a continues to be in the transformation, which is a strong progress on efficiencies and productivity, new ways of working through the continued investment in our new Can you play book that will allow us to deliver within outlook in terms of EPS despite a softer revenue in the back half of the year.

所以，謝謝您提出的所有問題。我們關於第三季延期的報告到此結束。謝謝大家今天早上加入我們。如你所知，可以看到持續的轉型，這是效率和生產力方面的巨大進步，透過對我們新的《你能玩嗎》一書的持續投資，新的工作方式將使我們能夠在展望中交付儘管下半年收入疲軟，但每股盈餘仍實現了成長。

With that, we wish you all a great. Thank you.

在此，我們祝福大家一切順利。謝謝。

This does conclude today's teleconference. We appreciate your participation. Have a wonderful day. May disconnect your lines at this tim e . Thanks. Thanks.

今天的電話會議到此結束。我們感謝您的參與。祝你有美好的一天。此時可能會斷開您的線路。謝謝。謝謝。