Kenvue Inc (KVUE) 2024 Q3 法說會逐字稿

Hello, and welcome to the Kenvue third quarter 2024, earnings conference call.

您好，歡迎參加 Kenvue 2024 年第三季財報電話會議。

(Operator Instruction) As a reminder, this conference is being recorded.

（操作員說明） 溫馨提示，本次會議正在錄音中。

It's now my pleasure to introduce your host, Sofia Tsinis Head of Investor Relations of Kenvue.

現在我很高興向您介紹主持人，Kenvue 投資者關係主管 Sofia Tsinis。

Good morning, everyone.

大家早安。

I am pleased to be joined today by Thibaut Mongon Chief Executive Officer; and Paul Ruh, Chief Financial Officer.

我很高興今天邀請蒂博·蒙貢 (Thibaut Mongon) 首席執行官加入我們的行列；和財務長 Paul Ruh。

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.

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。

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.

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.

在本次電話會議中，我們也會參考某些非 GAAP 財務資訊。

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.

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財務準則呈現的財務資訊的替代品。

GAAP.

公認會計準則。

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.

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。

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, www. investors.kenvue.com.

最直接可比較的美國公認會計原則財務指標以及我們的非公認會計原則項目與美國公認會計原則指標的調節可以在今天上午的新聞稿中找到，該新聞稿可在Kenvue 網站www.kenvue.com 的IR頁面上找到。 Investors.kenvue.com。

With that, I'll pass the call over to Thibaut.

這樣，我會將電話轉給蒂博。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

First, I'd like to welcome Sofya Tsinis of our Head of Investor Relations.

首先，我要歡迎我們投資人關係主管 Sofya Tsinis。

Many of you know, Sofya, she brings over 20 years of experience and expertise in both Investor relations and equity research and the consumer product sector.

Sofya，你們很多人都知道，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。

And we are pleased she is now part of the Kenvue team.

我們很高興她現在成為 Kenvue 團隊的一員。

In the third quarter, we delivered year-over-year organic growth of 0.9% on top of 3.6% last year.

第三季度，我們在去年 3.6% 的基礎上實現了 0.9% 的同比有機成長。

Despite the softer top line that we are actively addressing, we delivered another quarter of strong productivity and efficiencies, 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.

儘管我們正在積極解決收入疲軟的問題，但我們在另一個季度實現了強勁的生產力和效率，為我們的品牌投資提供了資金，並產生了 0.28 美元的調整後稀釋每股收益。在整個組織中，我們正在從根本上迅速改變我們的工作方式，以釋放全部潛力並履行我們創造長期股東價值的承諾。

Leveraging our entire portfolio of iconic and trusted brands, we're activating our new Kenvue playbook to strengthen our presence and prominence in-store, reach to more consumers directly and through health care professionals and amplify our innovation in a more impactful way.

利用我們整個標誌性和值得信賴的品牌組合，我們正在激活新的Kenvue 策略，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。

Self-care and essential health are already benefiting from this new way of working.

自我保健和基本健康已經從這種新的工作方式中受益。

In skin health and 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 in a minute.

在皮膚健康和美容方面，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，我將在一分鐘內詳細介紹我們開始看到的早期結果。

This playbook is powered by the increased marketing investment we discussed with you earlier this year.

這本手冊是由我們今年早些時候與您討論的增加的營銷投資提供支持的。

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將比去年增加約 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.

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。

For example, we announced in August the creation of our new Global Content Factory, the production agency ecosystem we will leverage to drive relevant content in each market while reducing our costs.

例如，我們在八月宣布創建新的全球內容工廠，我們將利用這個製作代理生態系統來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.

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。

In Q3, we delivered another quarter of strong adjusted gross margin expansion of 130 basis points versus last year.

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。

In addition, as we rapidly transform our organization, we are also starting to see a decline in non-marketing related operating expenses.

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。

We have now exited nearly three-quarters of our TSAs and remain on track to fully exit these agreements by mid-2025.

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.

隨著我們解除這些 TSA，我們的團隊將繼續尋找更好、更簡單且更具成本效益的方式來作為獨立公司運作。

We are also on track to deliver $350 million in annual savings by 2026 through the Our Vue Forward initiative, as we continue to modernize our systems and optimize our organization.

隨著我們不斷實現系統現代化和組織優化，我們預計透過 Our Vue 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 at more competitive levels.

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和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以更具競爭力的水平投資於我們的品牌。

The new capabilities and deliver on our income commitments.

新功能並兌現我們的收入承諾。

Now looking at the key highlights of our performance this quarter.

現在來看看我們本季業績的主要亮點。

Around the world we see that consumers continue to prioritize taking control of their own health and are looking for convenience and value.

在世界各地，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.

在自我照顧方面，我們最大的部分。

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.

第三季有機銷售額成長 0.7%，與去年同期 6.7% 的強勁成長相符，符合我們的預期。

In a quarter where we saw volumes impacted by continued low incidence of allergy and pediatric fever, self-care once again outperformed the market.

在一個季度，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，自我照顧再次跑贏大盤。

In the US, we continued to strengthen our number one positions in pain in allergy with both Tylenol and Zyrtec once again growing share in both value and volumes this quarter.

在美國，我們繼續鞏固在過敏疼痛領域的第一名地位，本季泰諾和仙特明的價值和銷售份額再次成長。

This was the 9 consecutive quarter of share gain for Tylenol and the 13 consecutive quarter of share gain from Zyrtec.

這是泰諾 (Tylenol) 股票連續 9 個季度上漲，仙特明 (Zyrtec) 股票連續 13 個季度上漲。

We are rapidly expanding distribution of our recently launched Tylenol Easy to Swallow across key retailers and amplifying this innovation with increased advertising spend and an impactful omni-channel approach. with our Greatness Hurts campaign.

我們正在迅速擴大最近推出的 Tylenol Easy to Swallow 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。與我們的“偉大傷害”活動一起。

As a result, Tylenol Easy to Swallow is already the number one performing innovation in adult internal analgesics across the US and it is bringing new consumers to the brand.

因此，泰諾易吞嚥已成為美國成人內部鎮痛藥領域排名第一的創新產品，並為該品牌帶來了新的消費者。

Outside the US, our healthcare portfolio continues to gain share as well.

在美國以外，我們的醫療保健產品組合也持續擴大份額。

For example, we continue to win with Nicorette.

例如，我們繼續以 Nicorette 取勝。

In the UK, we drove mid-teens growth in Nicorette QuickMist as a first and only nicotine replacement therapy marketed to aid both smoking and vaping cessation.

在英國，我們推動了 Nicorette QuickMist 的銷售成長，這是第一個也是唯一一個旨在幫助戒菸和戒菸的尼古丁替代療法。

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.

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。

With this multipronged approach, we are not only strengthening our global leadership position in smoking cessation but are also expanding the category to vaping cessation.

透過這種多管齊下的方法，我們不僅加強了我們在戒菸領域的全球領導地位，而且還將類別擴展到戒菸領域。

Essential health continued to perform well, driving volume growth for the second quarter in a row.

基本健康業務持續表現良好，連續第二季推動銷售成長。

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.

我們在去年 3.8% 的基礎上，第三季實現了 4.5% 的有機成長，所有類別和所有地區都有廣泛的成長。

Here as well, we are advancing our priorities to drive sustained growth.

在這裡，我們也正在推進我們的優先事項，以推動持續成長。

For example, in oral care, this was another strong quarter for Listerine with high single digit growth globally.

例如，在口腔護理領域，這是李施德林的另一個強勁季度，在全球範圍內實現了高個位數成長。

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.

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。

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.

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 Band-Aid Prol Heal.

同樣，我們在美國看到了與 Band-Aid 合作的新方式所帶來的積極影響，在我們最新的創新 Band-Aid Prol Heal 的成功背後，我們推動了中個位數的增長。

This superior product has been clinically tested to improve wound healing by 60% and here as well we expanded distribution at all top retail partners, increased media presence with a return of the iconic Band-Aid Jingle and have generated strong traction to date, with Band-Aid Pro Heal accounting for more than one-third of the brand's growth.

這款卓越的產品經過臨床測試，可將傷口癒合提高60%，在這裡，我們還擴大了在所有頂級零售合作夥伴的分銷範圍，透過標誌性創可貼叮噹的回歸增加了媒體影響力，迄今為止，與Band 一起產生了強大的吸引力-Aid Pro Heal 佔該品牌增長的三分之一以上。

In skin health and beauty organic sales for the segment declined 2.7% year over year.

在皮膚健康和美容領域，該細分市場的有機銷售額較去年同期下降 2.7%。

In the US, our playbook is not yet delivering the results we want to see, and the pace of recovery was hindered this quarter by muted sun season and decelerating skin care category dynamics.

在美國，我們的策略尚未帶來我們希望看到的結果，本季的復甦步伐因陽光季節減弱和護膚品類動態放緩而受到阻礙。

In China the consumer backdrop, as many of you know, remains challenging.

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 Kenvue as our new Head of skin health and beauty for North America and Europe.

本週，我們歡迎 Andrew Stanleick 加入 Kenvue，擔任我們北美和歐洲皮膚健康與美容部門的新主管。

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.

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.

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。

Last week, we announced a breakthrough collaboration between Neutrogena and two of the world's most recognizable dermatologist, Dr. Bhanusali, really known skincare innovator and Dr. Shah the most followed dermatologist educator worldwide over 20 million social media followers across key social channels and over 550 million likes on TikTok.

上週，我們宣布露得清與世界上兩位最知名的皮膚科醫生達成突破性合作：Bhanusali 博士（真正知名的護膚創新者）和Shah 博士（全球最受關注的皮膚科醫生教育家），在主要社群管道上有超過2000 萬社群媒體粉絲，超過550 名粉絲TikTok 上有數百萬個讚。

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。

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

這是我們的兩項基礎內容，對於該細分市場來說是正確的方向，並且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.

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。

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.

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。

And we significantly amplified our reached consumers with an enhanced influence our strategy in these countries.

我們顯著擴大了我們所接觸的消費者，增強了我們在這些國家的策略的影響力。

And in the UK, Aveeno became one of the fastest growing face care brands with strong in-store execution and a viral campaign with celebrity Molly-Mae Hague.

在英國，Aveeno 憑藉強大的店內執行力以及與名人 Molly-Mae Hague 的病毒式行銷活動，成為發展最快的臉部護理品牌之一。

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.

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.

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。

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.

例如，在露得清（Neutrogena），我們齊心協力加强两個最大平台face和sun的商店業績，這兩個平台約占美國品牌銷售額的80%。

And we are starting to see initial progress in brick and mortar tracked channels in face 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.

我們開始看到實體追蹤臉部管道的初步進展，儘管仍同比下降，但自從我們在本季度中期推出新的臉部護理貨架圖以來，露得清的份額連續增長了 40 個基點。

And in September, Neutrogena regain its position as number one face care brand in these channels.

9 月份，露得清 (Neutrogena) 重新奪回了這些管道第一面部護理品牌的地位。

In sun, despite the muted season, we strengthened our number one leadership position and 20 basis points of share in the same channels.

在陽光下，儘管季節淡靜，我們仍鞏固了第一名的領導地位，並在同一管道中的份額提高了 20 個基點。

We see these improvements as early evidence that Kenuve playbook is starting to generate results in Neutrogena.

我們將這些改進視為 Kenuve 策略開始在露得清取得成果的早期證據。

In distribution, while we see further opportunities for improvement.

在分銷方面，我們同時看到了進一步改進的機會。

We are making progress.

我們正在取得進展。

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, acne patch for sensitive skin and our new Ultra Gentle Cleansers.

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，以及我們最新創新產品、膠原蛋白庫、敏感皮膚痤瘡貼片和我們新的超溫和清潔劑的廣泛分銷。

In addition, we have doubled our professional sales force and are now reaching significantly more dermatologist and it is working.

此外，我們的專業銷售團隊增加了一倍，現在接觸到的皮膚科醫生數量顯著增加，而且這一舉措正在發揮作用。

Neutrogena has now reached its highest level of average recommendations about dermatologist for face care in the last four years.

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.

這些長期投資和未來收入潛力的強烈跡象。

Importantly, while reaching more consumers with our increased marketing investments and continued pivot to social platforms such as TikTok and Instagram.

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 bank innovation through an impact from campaign targeting Gen Z consumers with celebrity highly time trails.

例如，我們透過針對具有名人高度時間軌跡的 Z 世代消費者的活動的影響來支持膠原蛋白庫創新。

This social first activation as generated more than 800 million video views to date.

迄今為止，這項社交首次活動已產生超過 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.

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。

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.

但讓我明確一點，這仍然是一項正在進行的工作，我們的團隊正在努力擴大露得清的萌芽，並在美容業務的皮膚健康平衡中建立同樣的勢頭。

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.

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 Kenuve in action as we transform from a division of a large organization to being an independent, pure-play global leader in consumer health.

今年年初，我告訴過您，當我們從大型組織的一個部門轉變為消費者健康領域獨立、純粹的全球領導者時，您會看到一個新的 Kenuve 正在採取行動。

Our 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.

我們的轉型正在順利進行，我們已經開始看到部分損益表的改善，但我們尚未看到對我們營收的全面影響。

Our 2024 growth rate is tracking towards the low end of the range we shared with you at the beginning of the year due to both the pace of recovery in skin health and beauty and softer category dynamics in the back half of the year in both health care and skin health and beauty.

由於皮膚健康和美容領域的復甦步伐以及下半年醫療保健領域的品類動態趨於疲軟，我們 2024 年的增長率正趨向我們年初與您分享的範圍的低端以及皮膚的健康和美麗。

At the same time, we are ahead on our productivity initiatives, which in combination with our cost saving 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.

同時，我們正在確保為永續績效奠定正確的基礎。

We are advancing our healthy lives mission.

我們正在推進我們的健康生活使命。

You may have seen in our improved MSCI score from BBB to AA.

您可能已經看到我們的 MSCI 評分從 BBB 提高到 AA。

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.

我們每天都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，這讓我們深受鼓舞。

This makes us confident that we are on our way to generate sustainable and profitable growth and drive strong value creation over time.

這讓我們相信，我們正在實現可持續和盈利的成長，並隨著時間的推移推動強勁的價值創造。

With that, I will turn it over to Paul.

這樣，我就把它交給保羅了。

Thank you, Thibaut, and good morning, everyone.

謝謝蒂博，大家早安。

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.

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 self care and skin health and beauty.

受自我照顧以及皮膚健康和美容的推動，整體銷量較去年同期下降 1.6%。

Value realization contributed 2.5% to organic growth, with balanced contribution from carryover benefit and incremental value realization actions taken this year.

價值實現對有機成長的貢獻率為 2.5%，結轉效益和今年採取的增量價值實現行動的貢獻均衡。

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.

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.

仔細看看我們的細分市場。

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.

自我保健有機成長較去年同期 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成長，尤其是在疼痛和過敏方面的優勢。

Value realization contributed 1.8% of growth, driven by carryover benefits and incremental pricing actions taken this year, this was partially offset by a volume decline of 1.1%, primarily due to softer incidences in allergy and pediatric fever as well as some retailers reverting to historical order patterns in cold, cough and flu instead of stocking up ahead of the season.

在結轉效益和今年採取的增量定價行動的推動下，價值實現貢獻了1.8% 的增長，但銷量下降1.1% 部分抵消了這一增長，這主要是由於過敏和小兒發燒的發病率下降以及一些零售商恢復到歷史水平訂購感冒、咳嗽和流感的產品，而不是在季節到來之前備貨。

Smoking cessation once again, had a strong quarter overall.

戒菸再次取得了整體強勁的季度表現。

Moving to essential health.

轉向基本健康。

Once again, essential health grew across all categories and all geographic regions generating organic growth of 4.5%, in line with our expectations.

所有類別和所有地理區域的基本健康再次實現 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.

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。

For the second consecutive quarter.

連續第二季。

Volume grew year over year coming in at 0.8% during the third quarter.

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 positive value realization, driven primarily by carryover benefits.

在皮膚健康和美容方面，有機銷售額下降了 2.7%，銷量下降了 4.7%，部分被主要由結轉效益推動的 2% 的正價值實現所抵消。

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.

正如蒂博所提到的，本季美國復甦步伐放緩，突顯我們需要加強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.

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。

Moving on to adjusted gross margins for our operations team continued to drive meaningful productivity improvements, which in combination with favorable value realization and a non-recurring separation related benefit resulted in a year-over-year expansion of 130 basis points to 60.7%.

我們的營運團隊的調整後毛利率繼續推動生產力的有意義的提高，再加上有利的價值實現和非經常性離職相關福利，導致同比增長 130 個基點，達到 60.7%。

In fact, we have improved adjusted gross margins year-over-year during the last five quarters.

事實上，在過去五個季度中，我們的調整後毛利率比去年同期有所提高。

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.

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.

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。

All 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.

第三季 60.7% 的調整後毛利率水準略高於我們的預期，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.

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。

Turning to adjusted operating margin which was 22.1% third quarter.

調整後的第三季營業利益率為 22.1%。

It did reflect strong gross margin improvement and the initial benefits from our Vue Forward, which were more than offset by our decision to increase our marketing investment this year, which is a key driver of our playbook.

它確實反映了毛利率的強勁改善和我們的 Vue Forward 的初步收益，而我們今年增加行銷投資的決定遠遠抵消了這些收益，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.

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。

As of today, we have exceeded approximately 70% of our TSAs and are on pace to exceed all by mid-2025.

截至今天，我們已經超過了大約 70% 的 TSA，並預計在 2025 年中期超過全部 TSA。

The Our Vue Forward initiative is tracking to plan on efficiencies.

Our Vue Forward 計劃正在追蹤規劃效率。

Our Vue 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Vue Forward 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 Vue Forward and supply chain efficiencies and increase in brand activation investments.

我們仍預期 2024 年調整後的營業利潤率將在 21% 至 22% 之間，這得益於我們的 Vue Forward 和供應鏈效率以及品牌活化投資增加的好處。

Closing out the P&L.

結清損益表。

Net interest expense for the quarter was $96 million.

該季度的淨利息支出為 9,600 萬美元。

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.

鑑於我們今年迄今的趨勢，我們認為這是我們目前的季度運行率，因此預計今年的利息支出約為 3.8 億美元。

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 non-deductible costs.

第三季稅務方面，調整後有效稅率為28.9%，略高於計劃，主要是由於管轄區收入結構的變化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%.

因此，我們目前預計全年調整後稅率將在 26.5% 至 27% 之間。

And finally, adjusted net income was $542 million for the quarter, and adjusted diluted earnings per share were $0.08.

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.

現在總結我們對 2024 年全年的預期。

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.

正如您從人們那裡聽到的那樣，由於下半年恢復皮膚和美容的基礎以及軟體類別的動態，我們預計有機增長將達到我們年初與您分享的 2% 至 4% 範圍的低端年度自我護理和皮膚健康與美容領域的年度人物。

As it relates to cold cough and flu at this point, given the levels of incidents we have seen so far.

鑑於我們迄今為止所看到的事件水平，目前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.

我們假設全年外匯匯率將下降約 1%。

And for us adjusted diluted earnings per share.

對我們來說，調整後的稀釋每股盈餘。

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, fuelling the acceleration in brand investment for future growth and allowing us to deliver within our adjusted EPS outlook for the year.

我們確認了1.10 至1.20 美元的區間，因為我們看到生產力和效率的成長強於計劃，抵消了營收疲軟的影響，推動了未來成長的品牌投資加速，並使我們能夠在調整後的每股收益前景內達成目標。

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.

我們計劃在今年以健康銷售護理和基本健康細分市場結束深刻轉型，受益於我們的新策略以及皮膚健康和美容細分市場，業務的重要部分顯示出穩定的跡象。

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.

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。

These makes us confident, and we are on our way to drive strong value creation over time.

這些讓我們充滿信心，隨著時間的推移，我們將持續推動強大的價值創造。

Thank you.

謝謝。

And with that, we will take your questions.

接下來，我們將回答您的問題。

Thank you.

謝謝。

(Operator Instruction)

（操作員說明）

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

Thank you.

謝謝。

Good morning.

早安.

I guess i had a question on your updated organic sales growth guidance.

我想我對您更新的有機銷售成長指導有疑問。

Although, its now lower, it does still imply a decent step-up in Q4.

儘管現在較低，但它仍然意味著第四季度會有不錯的提升。

So I was hoping for a little more color on the drivers of this.

所以我希望能對這個驅動因素有更多的了解。

For instance, have you seen your shipments in October improve versus Q3?

例如，您是否發現 10 月的出貨量較第三季有所改善？

And I guess I'm thinking about that like context that maybe a little bit more than a more normalized flu and cost purchasing cycle.

我想我正在考慮這樣的背景，這可能比更正常化的流感和成本購買週期要多一些。

I guess ultimately, I'm trying to understand the visibility you do have in light of the US consumer and global macro pressures.

我想最終，我試圖了解您在美國消費者和全球宏觀壓力下的可見度。

Thank you.

謝謝。

Good morning, Bonnie, and thank you for your question about our updated guidance.

早安，邦妮，感謝您提出有關我們更新指南的問題。

So, as you remember, the guidance that we provided at the beginning of the year contemplated a number of different scenarios.

因此，正如您所記得的，我們在年初提供的指導考慮了許多不同的場景。

From an organic growth point of view from a revenue point of view to start with, we are seeing several factors that are not helping externally.

首先從收入的角度來看，有機成長的角度來看，我們看到了幾個對外部沒有幫助的因素。

And we talked about the slower category in allergies and pediatric fever we have seen so far the deceleration in the category, the skin health category, that the whole industry is seeing.

我們談到了過敏和小兒發燒方面較慢的類別，到目前為止，我們看到整個行業都看到皮膚健康類別的減速。

The consumer remains cautious in China.

中國消費者仍保持謹慎態度。

And to your question about Q4, so far, we are seeing a late start to the cold, cough, and flu season.

至於你關於第四季的問題，到目前為止，我們發現感冒、咳嗽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 year end two reasons to that.

因此，這肯定沒有幫助，話雖如此，我們在內部還有很多事情要做，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最強勁的成長季度年末有兩個原因。

The first one is that we see we start seeing the cumulative impact of our new Kenvue playbook in action.

第一個是我們開始看到新的 Kenvue 劇本的累積影響正在發揮作用。

And you heard many examples of that in the prepared remarks.

你在準備好的發言中聽到了很多這樣的例子。

The second reason is that we are having easier year-over-year comparisons in the fourth quarter.

第二個原因是我們在第四季的年比比較更容易。

Two elements that negatively impacted Q4 last year are not repeating this year.

去年對第四季產生負面影響的兩個因素今年不會重複。

The destocking and the portfolio rationalization we had last year.

去年我們進行了去庫存和投資組合合理化。

So these are tailwinds for us this year.

因此，這些都是我們今年的順風車。

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.

去年對第四季度產生負面影響的另外兩個因素現在已成為今年沒有補償福利的基礎的一部分，即中國的情況，以及我們迄今為止看到的兩年流感季節，在低發病率水平和流感季節方面具有可比性。

So that's how we will see the fourth quarter and what guides our thinking in terms of revenue growth.

這就是我們對第四季的看法，也是我們對營收成長的思考的指導。

Paul, do you want to give some color on the EPS?

Paul，你想給 EPS 一些顏色嗎？

Thank you, Thibaut.

謝謝你，蒂博。

I agree with you completely on the top line.

我完全同意你的觀點。

And despite this backdrop on EPS, we are very confident in our ability to deliver towards the middle of our $1.10 to $1.20 guidance range for the full year.

儘管每股收益存在這種背景，但我們對全年實現 1.10 美元至 1.20 美元指導範圍中間的能力非常有信心。

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.

儘管我們正在進行投資來詢問品牌如何提高水平，但我們仍在維持這一點。

And that is fueled by the ongoing productivity improvements that we have been delivering and continue to expect to deliver.

這是由我們一直在實現並繼續期望實現的生產力持續提高所推動的。

And it is both in the gross margin line and also through our Vue 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 Vue Forward 計劃中，我們正在實現效率，我們將繼續實現這些目標並繼續前進。

Anna Lizzul.

安娜·利祖爾.

Bank of America.

美國銀行。

Hi, good morning.

嗨，早安。

Thank you so much for the question.

非常感謝你的提問。

I was wondering if you could frame the most recent trends for skin health and what would you if there's sort of the first initiative for Andrew, in this new role?

我想知道您是否可以概括一下皮膚健康的最新趨勢，如果安德魯在這個新職位上有第一個舉措，您會做什麼？

And also if you can provide just how much of a drag China wells are Dr. Ci.Labo, it sounds like maybe this is a little bit incrementally weaker sequentially.

而且，如果你能提供中國油井對 Ci.Labo 博士的拖累有多大，聽起來可能會逐漸減弱。

So I was wondering if you could clarify.

所以我想知道你能否澄清一下。

Thank you.

謝謝。

Yes, Anna.

是的，安娜。

So on skin health and beauty, the external environment is certainly not helping in the back half of the year.

所以對於皮膚健康和美麗來說，下半年外部環境肯定沒有幫助。

We had a slow sun season.

我們經歷了一個緩慢的陽光季節。

You heard it from everybody.

你從每個人那裡都聽到了。

Sun Care, which is an important business for us, did not contribute to growth as much as we would expect in normal year.

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正常年份預期的那麼大。

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.

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.

就您之前的觀點而言，我們看到亞洲市場持續疲軟。

So, the three elements combined are clearly slowing us down.

因此，這三個因素的結合顯然會減慢我們的速度。

Now, they are also things we know we need to do better internally, right?

現在，我們也知道我們需要在內部做得更好，對嗎？

And it's really applying the playbook, executing the playbook consistently with precision and at up-scale across the portfolio, continuing to secure more distribution, strengthening our in-store funnels, making sure that our marketing campaigns drive stronger conversion, and that's what our teams are focused on.

它實際上是在應用劇本，在整個產品組合中一致地、精確地、大規模地執行劇本，繼續確保更多的分銷，加強我們的店內渠道，確保我們的營銷活動推動更強的轉化，這就是我們團隊的目標都集中在.

And so what are we doing differently in the back half of the year on top of implementing this playbook, first and foremost, we are strengthening the team.

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.

我們正在帶來新的人才技能和能力。

You may remember that we are moving next year to summit New Jersey with our new headquarter.

您可能還記得，我們​​的新總部將於明年搬到新澤西州的山頂。

It's 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 skin health and us welcoming Andrew this week is the latest addition to the team.

這對我們來說也是一個機會，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，並在皮膚健康方面擁有新的技能和能力，我們本週歡迎安德魯是團隊的最新成員。

We are also augmenting these internal capabilities with external partnerships.

我們也透過外部合作夥伴增強這些內部能力。

And you saw last week, another example of that with our partnership with Dr. Bhanusali and Dr. Shah with the objective to strengthen innovation and communication on the need for Neutrogena brand specifically.

您上週看到了另一個例子，我們與 Bhanusali 博士和 Shah 博士合作，旨在加強針對露得清品牌需求的創新和溝通。

And you will see a continued augmentation in our campaigns.

您將看到我們的活動不斷增強。

So that's what we are focused on.

這就是我們關注的重點。

Your question about a new leader for North America and Europe.

你關於北美和歐洲新領導人的問題。

Andrew, who joined us recently.

安德魯最近加入了我們。

We are happy to have Andrew joined the team and augment our internal skills and capabilities.

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。

Andrew brings decades of experience a strong track record in growing brands.

安德魯擁有數十年的品牌發展經驗和良好的業績記錄。

Turning around businesses.

扭轉企業局面。

Moving transformation agendas.

推動轉型議程。

He has a deep expertise in skin health, And the deep understanding of what it takes to win the math and masstige skin health and beauty market in the US.

他在皮膚健康方面擁有深厚的專業知識，並且深入了解如何贏得美國數學和大眾皮膚健康和美容市場。

So together, Charmaine our Chief Growth Officer; Jan our leader for North America and the whole team, Andrew and everybody will amplify the green shoots we see with Neutrogena and build the momentum across the balance of our as of skin health and beauty business.

所以，我們的首席成長長佘詩曼 (Charmaine) 一起；我們北美區的領導者 Jan 和整個團隊、Andrew 和每個人都將放大我們在露得清 (Neutrogena) 看到的萌芽，並在我們的皮膚健康和美容業務的平衡中建立動力。

And Ana let me answer your last question which is on DCL.

Ana 讓我回答您關於 DCL 的最後一個問題。

On DCL last year was in Q3.

去年的 DCL 是在第三季。

It was the beginning of where we experienced the anti-Japanese sentiment in China.

這是我們經歷中國反日情緒的開始。

So, we are lapping that.

所以，我們正在研磨它。

It was not material in Q3, and we will not be a material factor in Q4 as well.

這在第三季並不重要，我們在第四季也不會成為重要因素。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Thank you.

謝謝。

Good morning.

早安.

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, Thibaut, the initiatives that you have been putting together to understand that you have a backdrop as a deceleration in skin health and beauty but 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 improvement there.

我希望你能詳細說明一下你所看到的新芽是什麼，以及安德魯將如何擴大，正如你所指出的，蒂博，你一直在採取的舉措，以了解你背景是皮膚健康和美容減速，但考慮到您整合的創新以及您現在正在部署的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 將增加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?

那麼您能為我們提供什麼關於我們應該期待這一切實現的時間嗎？

And for Paul, on given the commentary you extended data on the prepared remarks or the TSA, getting an TMA is getting out.

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 TMA 就可以了。

Just wondering where we should be thinking if you can update us the savings that we have seen so far and how margins evolve from here?

只是想知道我們應該在哪裡考慮是否您可以向我們更新迄今為止我們所看到的節省以及利潤率如何演變？

Thank you.

謝謝。

All right.

好的。

Good morning Andrea.

早安，安德里亞。

And so let me start with a question and then I will hand over to Paul.

讓我從一個問題開始，然後我將把問題交給保羅。

So your first question is about the green shoots, how we bring to amplify them and the impact of our investment.

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。

So if you take a step back this year, we are profoundly transforming the way we operate.

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。

We are changing our ways of working and we are increasing our investment and we do that across the portfolio.

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。

And we are pleased to see that self care and essential health segments are already responding well to this new playbook, with a very strong share, gains in self care and two quarters in a row of volume growth in essential health.

我們很高興地看到，自我護理和基本健康領域已經對這一新策略做出了良好的反應，在自我護理方面佔有非常大的份額，取得了增長，並且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.

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。

And we have decided to focus on to start with the biggest areas, if you take Neutrogena is sun and face and gives the in-store execution.

我們決定重點從最大的區域開始，如果你採取露得清的陽光和臉部並提供店內執行。

And that's what makes us confident that the playbook stops working is that where we started implementing our new playbook, so far, we are seeing green shoots.

這就是讓我們確信劇本不再起作用的原因，因為我們開始實施新劇本，到目前為止，我們看到了萌芽。

So I'll give you a couple of example.

所以我會給你幾個例子。

We invested in strengthening our presence with the dermatologist, and we see a strong response in terms of recommendation by dermatologist.

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, with face care.

現在我們又回到了四年前的狀態，臉部護理。

So that's really encouraging.

這確實令人鼓舞。

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.

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。

We have new planograms web put in place proximately in mid-August.

我們將於八月中旬推出新的貨架圖網。

So halfway through the quarter, we see Neutrogena face going back to number one position in the US in September.

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。

And by the way, we see that continuing in October.

順便說一句，我們看到這種情況在十月仍在繼續。

So we now have eight weeks behind us of need to deliver enough phase being back to number one position in brick and motor track channels.

因此，我們現在需要八週的時間才能交付足夠的階段，以回到磚塊和汽車軌道渠道的第一個位置。

So that's very encouraging.

所以這非常令人鼓舞。

Same thing from a direct-to-consumer marketing and the effect of our marketing campaigns.

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。

I'll pivot to social media of partnership with celebrities is clearly working in having us connect.

我將轉向與名人合作的社交媒體，這顯然有助於我們建立聯繫。

Thanks in a much more effective way with a younger audience and Gen Z consumers, which is also a focus area for us.

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。

You heard me talking about the 800 million views to date Neutrogena collagen bank.

您聽到我談論迄今為止露得清膠原蛋白庫的瀏覽量已達 8 億次。

The same thing is happening on OGX.

同樣的事情也發生在 OGX 上。

I think 1.2 billion views with our saw OGX relaunch campaign with Demi Lovato.

我認為 OGX 與黛米洛瓦托 (Demi Lovato) 重新啟動的活動的觀看次數達到了 12 億次。

So that's working, as I said, 30 days.

正如我所說，這就是有效的 30 天。

But that's an encouragement for us to continue in this direction and into more.

但這是對我們繼續朝這個方向並邁向更多方向的鼓勵。

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 these green shoots, making sure that they are executed with even more precision at a larger scale and are not limited to Neutrogena face and sun.

因此，這正是團隊以及誰將在這方面發揮重要作用的問題，也是團隊關注的重點。 。

And some that are identified across the rest of us can have a skin care portfolio as well.

我們其他人中的一些人也可以擁有護膚品組合。

Paul, do you want to take the second one on the TSA and TMA exits?

Paul，您想在 TSA 和 TMA 出口搭乘第二趟嗎？

Of course, Andrea and good morning.

當然，安德里亞，早安。

So on TSAs and let me step back.

關於 TSA，讓我退後一步。

TSAs were exiting them on track.

TSA 正在讓他們走上正軌。

I feel very pleased that we have not encountered any operational disruptions.

我很高興我們沒有遇到任何營運中斷。

So thank you, team for doing that with excellence.

所以感謝團隊出色地做到了這一點。

And remember, the TSA exits will not necessarily allow us to exit in an optimized manner that's why we have our Vue Forward program.

請記住，TSA 退出並不一定會讓我們以優化的方式退出，這就是我們制定 Vue Forward 計劃的原因。

We are going to realize a few benefits but given the time limitation we have to exit TSAs by mid next year, it's not necessarily an optimized exit.

我們將實現一些好處，但考慮到我們必須在明年年中之前退出 TSA 的時間限制，這不一定是最佳退出。

That's why we have Our Vue Forward program and we're tracking well.

這就是我們制定 Vue Forward 計劃並且進展順利的原因。

We announced it last quarter.

我們上季宣布了這一消息。

We have started to realize some of the benefits of that Our Vue Forward program.

我們已經開始意識到我們的 Vue Forward 計劃的一些好處。

We are on track to deliver the $350 million savings by 2026 were already seeing the full impact.

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, agile manner.

這不僅關係到有效性，也關係到尋找更精簡、敏捷的新工作方式。

Specifically on savings, what actions we have taken, we have taken a lot of the functional actions, procurement actions as well.

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。

And 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.

事實上，大部分董事會實際上我們已經採取了，但我們將在今年剩餘時間和 2025 年繼續取得進展。

Your question is also around the impact to margins.

您的問題還涉及對利潤率的影響。

We are starting to see some of the benefits of both, particularly Our Vue Forward, and we expect to see the full impact more towards 2025 and will continue to be fuel for incremental marketing investments as well.

我們開始看到兩者的一些好處，特別是我們的 Vue Forward，我們預計到 2025 年會看到更全面的影響，並將繼續成為增量行銷投資的動力。

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 Our Vue Forward, TSA exit and of course, gross margin expansion will allow us to continue to invest and deliver on our algorithm as well.

因此，從競爭力的角度來看，我們在品牌背後的投資和我們獲得的燃料方面還沒有達到我們想要的水平。投資並實現我們的演算法也是如此。

So that's how I see things good progress so far.

這就是我對迄今為止事情取得良好進展的看法。

And we will continue throughout the balance of the year and into next year as well.

我們將在今年剩餘時間和明年繼續這樣做。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator.

謝謝，接線生。

Good morning, everyone.

大家早安。

And hope you're doing well, So Thibaut, you kind of mentioned, the two key reasons for weaker growth this year is kind of a weaker US category trend and kind of a slower recovery and skin health and beauty.

希望你做得很好，蒂博，你提到，今年成長疲軟的兩個關鍵原因是美國類別趨勢疲軟，以及皮膚健康和美容復甦速度較慢。

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.

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。

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.

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.

我知道我們可能會在幾個月前得到 '25 指導。

Just curious, is it based on where things stand today, would you anticipate some of the headwinds persisting into next year?

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？

Thanks.

謝謝。

Peter, good morning.

彼得，早安。

This is Paul.

這是保羅。

So thank you for your questions.

謝謝你的提問。

We're not going to talk about 2025 today and look forward to our conversation in the future.

我們今天不打算談 2025 年，期待未來的對話。

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.

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。

And that transformation will also continue into 2025.

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 at a faster pace than we are doing this year.

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。

Income will grow faster than sales, and that's part of our algorithm.

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。

And we will continue to invest in our business were not at the competitive levels yet, as I mentioned.

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 sales.

因此，這是我們演算法的一部分，將推動營收加速。

And of course, from a cash perspective, we will continue to return cash to shareholders with attractive dividends.

當然，從現金角度來看，我們將繼續以有吸引力的股息向股東返還現金。

All that is part of our shareholder returns.

所有這些都是我們股東回報的一部分。

Specifically in terms of categories, we are monitoring performance of the categories.

具體就類別而言，我們正在監控類別的表現。

We contemplate a variety of scenarios.

我們考慮了各種場景。

In the case of seasonal businesses, particularly in self care, we're seeing more a trend towards normalization.

就季節性業務而言，特別是在自我照護方面，我們看到更多的正常化趨勢。

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 2025, we do believe that 2024 has become a little bit of a new base.

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。

And from there, we will assess how things will continue to work.

從那時起，我們將評估事情將如何繼續進行。

And on top of that will continue to we will deliver in 2025 and beyond your algorithm.

最重要的是，我們將繼續在 2025 年交付，甚至超越您的演算法。

Thank you.

謝謝。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hi, good morning, everyone.

嗨，大家早安。

I wanted to ask a question on retailer inventory levels.

我想問有關零售商庫存水準的問題。

Some of your peers have talk about retail has been more cautious with inventory ordering patterns, particularly in the skin care category.

您的一些同行表示，零售業對庫存訂購模式更加謹慎，尤其是在護膚品類別中。

So I was wondering if you saw any impact in Q3 and what are your expectations for Q4?

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？

And then specifically for the drug channel, given the importance of the channel for your business are you seeing any impact from the recent store closures from some key customers, and how should we think about that potentially impact into Q4?

然後，特別是對於藥品管道，考慮到該管道對您業務的重要性，您是否看到最近一些關鍵客戶關閉商店的影響？

Thank you.

謝謝。

Okay.

好的。

Good morning, Filippo.

早安，菲利波。

So let me take the first one on inventory level.

那麼，讓我來談談庫存層面的第一個問題。

If I look around the world in the US, we believe inventory levels are on the low side.

如果我環顧美國，我們認為庫存水準偏低。

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 of inventory that we see across channel.

如果您還記得的話，我們在2024 年上半年在某些渠道進行了一些去庫存，但這種情況並未持續到第三季度，考慮到我們跨渠道的庫存水平較低，我們預計第四季度也不會繼續發生這種情況。

In general, in around the world, we see more cautious ordering patterns in healthcare categories given the low levels of incidence.

總的來說，在世界各地，由於發病率較低，我們在醫療保健類別中看到了更謹慎的訂購模式。

And we would we have seen that in Q3 would certainly continue to see that happening in Q4 until the season happens post.

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 stable.

我們顯然正處於疫情後、供應鏈穩定的後新冠世界。

And so we don't see retailers stocking up ahead of the season.

因此，我們認為零售商不會在季節到來前備貨。

And they are going to wait until they see demand pickup to order what they need.

他們將等到看到需求回升時再訂購他們需要的東西。

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.

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 net, I would expect Kenvue to exit 2024 with a healthy level of inventory around the world.

因此，我預計 Kenvue 將在 2024 年退出時在全球範圍內保持健康的庫存水準。

Your specific question of the drug channel, I believe it's in the US drug and some materials.

你提到的毒品管道的具體問題，我相信是在美國的毒品和一些材料方面。

All industrial channel for us worldwide is doing very well outside of the US.

我們在全球範圍內的所有工業通路在美國以外的地區都表現良好。

In the US structure has indicated the decline in traffic coming off the pandemic highs.

在美國，結構顯示交通量從大流行高點開始下降。

There has been recent announcement regarding future footprint consolidation that has not happened yet.

最近有關於未來足跡整合的公告，但尚未發生。

And so we work very closely with our customers to make sure that we offer the right assortment to their shoppers.

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。

And so we will continue to work very closely with our retail partners when they move on with their consolidation plans.

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。

Every time the store closes, you see a short-term impact as the inventory present in the store is already distributed into other stores.

每次商店關門時，您都會看到短期影響，因為商店中的庫存已經分配到其他商店。

And so you may see a short-term impact when a store closes.

因此，商店關閉時您可能會看到短期影響。

But over time, it's suddenly does normalize.

但隨著時間的推移，它突然變得正常化。

We do not sell discretionary products at Kenvue.

我們在 Kenvue 不銷售非必需品。

By and large, we sell product you need, and you are looking for a very clear reason.

總的來說，我們銷售的是您需要的產品，而您正在尋找一個非常明確的理由。

And so if you cannot find your products in one store, we usually see consumer's going to another store and to get to a brand they trust and need.

因此，如果您在一家商店中找不到您的產品，我們通常會看到消費者會去另一家商店購買他們信任和需要的品牌。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Thank you and good morning.

謝謝你，早安。

Yes, Paul, your initial comments on '25 were helpful.

是的，Paul，你對 '25 的最初評論很有幫助。

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.

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。

You've talked about the science of the playbook is working in green shoots, which is great.

你談到了劇本的科學性正在萌芽中發揮作用，這很棒。

On the other hand, the market backdrop is choppy.

另一方面，市場環境動盪不安。

You're still sort of in the earlier sort of innings, I guess, of a real full turnaround and skin health and beauty.

我想，你仍然處於真正全面轉變、皮膚健康和美麗的早期階段。

Andrew, just arrived for example.

例如，安德魯，剛來。

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?

所以我想，正如您在我們業務的背景下思考“25”一樣，您對“25”的心態和目標是否只是逐年穩定該業務？

Or is the ambition sort of the realistic ambition goal to actually grow that business next year?

或者這個雄心壯志是明年真正發展該業務的現實雄心目標？

I am hearing, I'm not sure what I'm parse between all the different commentary.

我聽到，我不確定我在所有不同的評論中解析什麼。

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 in '25.

我不確定我們是否覺得業務已準備好明年成長，或者我們仍然試圖在 25 年穩定下來。

Yes, Steve, very good question.

是的，史蒂夫，非常好的問題。

Let me be very clear.

讓我說得很清楚。

We are focused on returning this segment to growth and expect to do that in 2025.

我們致力於讓該細分市場恢復成長，並預計在 2025 年實現這一目標。

To your point, we need to see what happens to the category overall.

就你的觀點而言，我們需要看看整個類別會發生什麼。

From what we see today, I don't think we can count on an improvement in consumer sentiment in Asia.

從我們今天所看到的情況來看，我認為我們不能指望亞洲消費者信心會有所改善。

So for us 2025, it's really about fueling expansion in EMEA.

因此，對我們 2025 年來說，這實際上是為了推動歐洲、中東和非洲地區的擴張。

It's working very well.

它運行得很好。

How do we fuel this growth we are seeing and countering the deceleration, we've seen the category into the US with a better execution of our playbook, better innovation, better campaigns.

我們如何推動我們所看到的成長並應對減速，我們已經看到該類別進入美國，並更好地執行我們的劇本，更好的創新，更好的活動。

So that's our plan for 2025.

這就是我們 2025 年的計畫。

I gave you examples of green shoots -- in early green shoots in the part of the portfolio we have prioritized thus far.

我給你們舉了一些萌芽的例子——在我們迄今為止優先考慮的投資組合部分的早期萌芽中。

Now we need to expand across the segment with precision at scale and continued to secure more points of distribution.

現在，我們需要在整個細分市場上進行精確的規模擴張，並繼續確保更多的分銷點。

The planograms flip in the back half of next year.

貨架圖將在明年下半年翻轉。

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.

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、技能和能力，以便我們可以繼續前進。

Keith Devas, Jefferies.

基斯‧德瓦斯，傑弗里斯。

Hey, thank you.

嘿，謝謝你。

Good morning.

早安.

Thank you for the question.

謝謝你的提問。

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 category softness yet, you're proceeding with your [reinvestment] plans.

我只是想，我想，回到我猜想的主題，正如我多次提到的那樣，但聽起來還存在獨特的類別柔軟度，你正在繼續你的[再投資]計劃。

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.

因此，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」是一個沉重的負擔投資年資和'25 也會如此。

And so in light of 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 altering them in the context of the macro pressures.

因此，根據類別趨勢，我認為某些再投資或在宏觀壓力的背景下如何考慮改變它們，我認為反彈或成長的重振仍然會發生。

Thank you.

謝謝。

Thank you for your question, Keith.

謝謝你的提問，基斯。

We are confident in our ability to continue to source funds to invest in our brands from both our gross profit and gross margins.

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。

And also Our Vue Forward.

還有我們的 Vue Forward。

Remember Our Vue Forward is a two year program and we have been successful in getting the efficiencies and productivity out of that.

請記住，我們的 Vue Forward 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。

We are not done in terms of investing at competitive levels.

我們在競爭水準上的投資還沒結束。

So we do believe we have the right building blocks to continue to fuel the funds for that growth.

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。

Of course, we are monitoring the our own performance and the category performance as well.

當然，我們也在監控自己的表現和品類的表現。

But algorithm calls for continued investment in our brands.

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 continued investment and thoughtful, what is always based on return on investment, which is something what we have done all along.

這不是一次性的進步，我們將繼續以非常深思熟慮的方式來實現這一目標，持續的投資和深思熟慮，始終基於投資回報，這是我們一直以來所做的事情。

And we will make sure that our brands get proper investments to not only get the right 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 ,in healthcare as well.

我們將確保我們的品牌獲得適當的投資，不僅能獲得正確的回報，還能擴大影響力，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方面取得進展。

So across the board will continue to invest, thoughtful approach, and we have the fuels to continue to drive the investment.

因此，我們將繼續全面、深思熟慮地進行投資，我們有動力繼續推動投資。

Nik Modi, RBC Capital Markets.

尼克莫迪，加拿大皇家銀行資本市場。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Thibaut, I just was curious how you think about the skin care kind of portfolio complexity.

Thibaut，我只是很好奇你如何看待保養品組合的複雜性。

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 SKU's and allocating the right amount of money to the right SKU's.

在您看來，露得清品牌系列中的英雄產品是什麼，我們也許有機會精簡和簡化可轉移的需求，並確保您專注於正確的 SKU 並分配正確的數量資金到正確的 SKU。

Thank you.

謝謝。

Yeah Nik, very good question.

是的，尼克，很好的問題。

The team does a good job prioritizing the biggest parts of the portfolio for each brand.

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。

So for example, i told you Neutrogena, they are currently focused on Sun and face that approximately 80% of our revenue in the US for this brands.

例如，我告訴你露得清（Neutrogena），他們目前專注於 Sun，並面臨我們在美國大約 80% 的收入來自這個品牌。

So we need to start by getting the parts right.

因此，我們需要從正確選擇零件開始。

It's about making sure that we pushed the platforms.

這是為了確保我們推動平台。

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.

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。

It's also about doing it better job at unifying the brand.

這也是為了更好地統一品牌。

And you will see initiatives in that area in 2025.

到 2025 年，您將看到該領域的舉措。

And is also making sure that the navigation and suitability is easier for consumers and shoppers in store.

並且還確保店內的消費者和購物者能夠更輕鬆地導航和適用。

And here, I'm pleased with the progress that we are making in a number of retail partners this fall.

在這裡，我對今年秋天我們在許多零售合作夥伴中的進展感到高興。

You will see a stronger brand blocks, easier to navigate with a shelving organization that helps consumers to pick the right products for what they need.

您將看到更強大的品牌塊，更容易透過貨架組織導航，幫助消費者挑選適合他們需求的產品。

Then, as we said, and make our brands easy to shop in in brick and mortar stores.

然後，正如我們所說，讓我們的品牌易於在實體店購買。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good morning.

嘿，早安。

Thanks for taking the question.

感謝您提出問題。

I'd like to touch a little bit on the gross margin this quarter.

我想談談本季的毛利率。

That comment a little bit stronger and maybe you can talk through the puts and takes there.

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。

And as you think about Q4 and then even into for 2025, what are some of the headwinds or even tailwinds that we should be cognizant and especially around cost inflation, transportation costs, etcetera?

當您考慮第四季度甚至 2025 年時，我們應該認識到哪些不利因素甚至有利因素，特別是在成本通膨、運輸成本等方面？

Thanks.

謝謝。

Thank you for the question, Korinne, that we are very pleased with the performance on gross margin.

謝謝您提出問題，Korinne，我們對毛利率的表現非常滿意。

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.

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。

The sources are value realization.

來源是價值實現。

Pricing will be less of a lever, but it will always be a component.

定價將不再是一個槓桿，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.

製造和供應鏈效率是提高毛利率的重要組成部分。

When it comes to commodities, commodity trends are helping offset some of the increased labor and logistics inflation that we have recently seen, but the benefits of commodity tailwinds are probably going to start winding down.

就大宗商品而言，大宗商品趨勢正在幫助抵消我們最近看到的勞動力和物流通脹上升的部分影響，但大宗商品順風的好處可能會開始逐漸減弱。

So we are continuing to balance all of the elements of how we build our gross margins.

因此，我們將繼續平衡建立毛利率的所有要素。

We, remember from a seasonality perspective or the progress throughout the year.

我們從季節性的角度或全年的進展來記住。

Q4 is our highest investment year in plant maintenance, as I mentioned in my prepared remarks.

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 should not be within and without outside our expectations.

因此，這通常是我們毛利率最低的時期，但它不應該在我們的預期之內或之外。

I said that we are close to 60%for the full year and that's where we are at this point.

我說過我們全年的進度接近 60%，這就是我們目前所處的位置。

At this point, we are maintaining outlook.

目前，我們維持展望。

Margin progression is not linear, given all these dynamics that I that I mentioned.

考慮到我提到的所有這些動態，利潤成長不是線性的。

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 points to 30 basis points on a sustainable basis in the long term.

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，該目標在可持續的基礎上在 20 個基點到 30 個基點的範圍內從長遠來看。

So pleased with the performance.

對錶演非常滿意。

It will continue to be a strength of ours.

它將繼續成為我們的優勢。

We have the building blocks and it will be the fuel for our growth.

我們擁有基石，它將成為我們成長的動力。

Jeremy Fialko, HSBC.

傑里米·菲亞爾科，匯豐銀行。

Hi there.

你好呀。

Thanks for taking the question at the end of the call

感謝您在通話結束時提出問題

.

。

So just a couple of things from me.

我只講幾件事。

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.

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。

But I guess a lot of sound relatively transitory in terms of sun care kind of baked into the flu season.

但我猜想，在防曬方面，很多聲音相對短暫，有點像流感季節。

So I just wanted to draw out 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.

因此，我只想特別關注美國，這種潛在的消費者疲軟的程度，而不僅僅是一些稍微不利的階段性因素的累積。

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?

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？

Thanks.

謝謝。

Okay.

好的。

Jeremy, let me start with your first question about the external environment and the consumer in the US.

Jeremy，我先問你的第一個問題，關於美國的外部環境和消費者。

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, this low level of incidence is we don't know yet if it's a new normal or not.

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，流感似乎正在向同一個方向發展，如此低的發病率是我們所不具備的。

But I would say it's pretty unusual to have such low levels of incidents across geographies across all these of these categories.

但我想說，跨地區、跨所有這些類別的事件發生率如此之低是很不尋常的。

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.

但它並沒有反映出我們消費者的持續成長，優先考慮不妥協的健康和親人的健康。

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.

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，我們也是如此。

And with price points that cater to the different needs of different consumers.

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.

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。

We don't see a trade down in terms of private label.

我們沒有看到自有品牌方面的交易有所下降。

You heard me I gave a frequent report on that this quarter.

你聽到了我這個季度經常對此進行報告。

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 US OTC category.

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，甚至滲透率最高的類別（即美國非處方藥類別）也沒有發生重大變化。

We seek a private-label penetration going down this quarter, again.

我們尋求本季自有品牌滲透率再次下降。

So that's what we see broadly for the consumer.

這就是我們對消費者的廣泛看法。

From a promotional intensity point of view, when we look at our categories in the US specifically, we don't see any increase in promotional intensity.

從促銷強度的角度來看，當我們具體觀察美國的品類時，我們沒有看到促銷強度有任何增加。

And just self-care segment, we see a slight low single digit increase in health care in essential has in skin health categories.

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 the new normal.

但我不會說任何不尋常的事情，而是更符合新常態的事情。

So, thank you for all your questions.

所以，謝謝您提出的所有問題。

That concludes our report on our Q3 deferments.

我們關於第三季延期的報告到此結束。

Thank you, everyone, for joining us this morning.

謝謝大家今天早上加入我們。

As you can tell, Kenvue continues to be in the transformation, which is a strong progress on efficiencies and productivity, new ways of working, a continued investment in our Kenvue playbook that will allow us to deliver within our outlook in terms of EPS despite a softer revenue in the back half of the year.

如您所知，Kenvue 繼續處於轉型之中，這是在效率和生產力、新的工作方式、對Kenvue 手冊的持續投資方面取得的巨大進步，這將使我們能夠在每股收益方面實現我們的預期目標，儘管下半年收入疲軟。

With that, we wish you all a great rest of the good day.

在此，我們祝福大家有個愉快的一天。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

Have a wonderful day.

祝你有美好的一天。

You may disconnect your lines at this time.

此時您可以斷開線路。