Phibro Animal Health Corp (PAHC) 2026 Q1 法說會逐字稿

Hello and thank you for standing by. Welcome to the Phibro Animal Health Corporation first quarter 2026 webcast and conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad.

您好，感謝您的耐心等待。歡迎參加 Phibro Animal Health Corporation 2026 年第一季網路直播和電話會議。所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的 1。

I would now like to turn the conference over to Glenn David, Chief Financial Officer. You may begin.

現在我將把會議交給財務長格倫·戴維。你可以開始了。

Thank you, Sarah. Good day and welcome to the Phibro Animal Health Corporation earnings call for our fiscal first quarter ending September 30, 2025. My name is Glenn David, and I am the Chief Financial Officer of Phibro Animal Health Corporation.

謝謝你，莎拉。大家好，歡迎參加 Phibro Animal Health Corporation 截至 2025 年 9 月 30 日的第一個財季業績電話會議。我叫格倫‧戴維，我是菲布羅動物保健公司的財務長。

I am joined on today's call by Jack Bendheim, Phiibro's Chairman, President and Chief Executive Officer Daniel Bendheim, Director and Executive Vice President of Corporate strategy and Larry Miller, our Chief Operating Officer.

今天與我一起參加電話會議的有 Phiibro 董事長、總裁兼執行長 Jack Bendheim，公司策略總監兼執行副總裁 Daniel Bendheim，以及我們的營運長 Larry Miller。

Today we will cover financial performance for our first quarter and provide updated financial guidance for our fiscal year ending June 30, 2026.

今天我們將介紹我們第一季的財務業績，並提供截至 2026 年 6 月 30 日的財政年度的最新財務指引。

At the conclusion of our remarks, we will open the lines for your question.

發言結束後，我們將開放提問環節。

I would like to remind you that we are providing a simultaneous webcast of this call on our website pahc.com.

我想提醒各位，我們將在我們的網站 pahc.com 上同步直播本次電話會議。

Also, on the investor sections of our website, you will find copies of the earnings press release and quarterly form 10 as well as the transcript and slides discussed and presented on this call.

此外，在我們的網站投資者專區，您還可以找到收益新聞稿和季度 10 表格的副本，以及本次電話會議討論和展示的文字記錄和幻燈片。

Our remarks today will include forward-looking statements, and actual results could differ materially from those projections. For a list and description of certain factors that could cause results to differ, I refer you to the forward-looking statements section in our earnings press release.

我們今天的發言將包含前瞻性陳述，實際結果可能與這些預測有重大差異。有關可能導致結果出現差異的某些因素的清單和說明，請參閱我們獲利新聞稿中的前瞻性聲明部分。

Our remarks include references to certain financial measures which were not prepared in accordance with generally accepted accounting principles or US GAAP.

我們的評論中提及了一些財務指標，這些指標並非按照公認會計原則或美國通用會計準則編制。

I refer you to the non-GAAP financial information section in our earnings press release for a discussion of these measures.

有關這些措施的討論，請參閱我們獲利新聞稿中的非GAAP財務資訊部分。

Reconciliations of these non-GAAP financial measures to the most directly comparable US GAAP measures are included in the financial tables that accompany the earnings press release.

這些非GAAP財務指標與最直接可比較的美國GAAP指標的調節表包含在獲利新聞稿附帶的財務報表中。

We present our results on a GAAP basis and on an adjusted basis. Our adjusted results exclude acquisition-related items, unusual, non-operational, or non-recurring items, including stock-based compensation.

我們以公認會計準則及調整後的方式列示業績。我們調整後的業績不包括與收購相關的項目、異常項目、非經營性項目或非經常性項目，包括股票選擇權激勵。

Other income expense as separately reported in the consolidated statement of operations, including foreign currency gains and losses net.

其他收入支出如合併營業報表單獨列報，包括外匯損益淨額。

Income taxes related to pre-tax income adjustments and unusual or non-recurring income tax items.

與稅前收入調整和不尋常或非經常性所得稅項目相關的所得稅。

Now let me introduce our Chairman, President and Chief Executive Officer Jack Bendheim to share his opening remarks.

現在，請容許我介紹我們的董事長、總裁兼執行長傑克·本德海姆先生，請他致開幕詞。

Thanks, Glenn.

謝謝你，格倫。

Thanks, Glenn. In the first quarter, we delivered 55% growth in animal health sales and an 85% increase in animal health adjusted EBITDA.

謝謝你，格倫。第一季度，我們的動物保健產品銷售額成長了 55%，動物保健產品調整後 EBITDA 成長了 85%。

Clear evidence that our strategy is working. Medicaid additives led the way with 81% growth, supported by solid gains in nutritional specialties and vaccines.

有確鑿證據表明我們的策略是有效的。醫療補助添加劑以 81% 的成長領跑，營養品和疫苗的穩健成長也為其提供了支撐。

This performance reflects our continuous success in seamlessly integrating the acquired MFA portfolio into our operations.

這項業績反映了我們在將收購的多帳戶金融產品組合無縫整合到我們的營運中所取得的持續成功。

At the same time, our legacy animal health business continues to outperform, delivering 11% growth overall and 6% growth in legacy MFAE and other products.

同時，我們的傳統動物保健業務持續表現出色，整體成長了 11%，傳統 MFAE 和其他產品成長了 6%。

These results highlight the strong demand across our diversified animal health portfolio and the enduring strength of global protein production.

這些結果凸顯了我們多元化動物保健產品組合的強勁需求，以及全球蛋白質生產的持久實力。

We are also encouraged by emerging research showing that GLP1 users, while spending less overall on food, are increasingly choosing high-quality animal derived proteins. This evolving consumer preference supports our industry long-term growth and reinforces the relevance and value of fibro's offerings.

新興研究也令我們感到鼓舞，這些研究表明，GLP1 使用者雖然在食物上的總體支出較少，但他們越來越多地選擇高品質的動物性蛋白質。消費者偏好的這種變化支持了我們產業的長期發展，並鞏固了纖維產品的相關性和價值。

Our ability to translate this demand into stronger bottom line performance is being driven by a fiber forward initiative.

我們能夠將這種需求轉化為更強勁的獲利能力，得益於一項光纖到府計畫。

These efforts continue to enhance operational discipline, accelerate innovation, and sharpen our focus on strategic growth. As a result, we're gaining the flexibility to invest in high impact opportunity across our portfolio, positioning fibro for sustainable long-term value creation.

這些努力將持續加強營運紀律，加速創新，並使我們更加專注於策略成長。因此，我們獲得了更大的靈活性，可以投資於我們投資組合中具有高影響力的機會，從而使纖維水泥能夠實現可持續的長期價值創造。

Looking ahead, we remain focused on innovation and execution. The recent launch of Restores, a proprietary dental gel for dogs, marks a major milestone in our companion animal strategy. Together with our newly licensed early stage therapeutic compound targeting canine periodontal disease, we're building a differential oral care portfolio that we believe will drive long-term growth.

展望未來，我們將繼續專注於創新和執行。我們最近推出的專為狗狗設計的專利牙齒凝膠 Restores，標誌著我們在伴侶動物策略方面邁出了重要一步。結合我們新近獲得許可的針對犬牙周病的早期治療化合物，我們正在建立一個差異化的口腔護理產品組合，我們相信這將推動長期成長。

And Glenn will discuss in more detail, thanks to our strong performance and disciplined approach, we're raising a full year earnings guidance and continuing to invest in the future of animal health. I'll now hand it back to Glenn, and I look forward to your questions.

格倫將更詳細地討論，由於我們強勁的業績和嚴謹的態度，我們提高了全年盈利預期，並將繼續投資於動物健康的未來。現在我把題目交還給格倫，期待你們的提問。

Thanks, Jack. Starting with our Q1 performance on slide 4.

謝謝你，傑克。首先從投影片 4 中的第一季業績開始。

Consolidated net sales for the quarter ended September 30, 2025 were $363.9 million reflecting an increase of $103.5 million or a 40% increase over the same quarter one year ago.

截至 2025 年 9 月 30 日的季度，合併淨銷售額為 3.639 億美元，比上年同期成長 1.035 億美元，增幅達 40%。

The animal health segment grew 55%, while mineral nutrition grew by 7% and the performance products declined by 7%.

動物保健品業務成長了 55%，礦物質營養品業務成長了 7%，而性能產品業務下降了 7%。

GAAP net income and diluted EPS increased significantly, driven by the successful integration of the new MFA business, increases in demand, improved gross margin due to favorable mix, offset by increased SG&A due to higher employee-related costs.

GAAP淨利潤和攤薄後每股收益大幅增長，這主要得益於新MFA業務的成功整合、需求的增長以及有利的產品組合帶來的毛利率提高，但被員工相關成本增加導致的銷售、一般及行政費用增加所抵消。

After making our standard adjustments to GAAP results, including acquisition related items, foreign currency losses, and certain one-off items, the first quarter adjusted EBITDA increased $31.2 million or 102%, versus the prior year.

在對 GAAP 結果進行標準調整後，包括收購相關項目、外匯損失和某些一次性項目，第一季調整後 EBITDA 比上年同期增長 3,120 萬美元，增幅達 102%。

Adjusted net income increased 112% and adjusted diluted EPS increased 108%.

經調整後的淨利成長了 112%，經調整後的攤薄每股收益成長了 108%。

Increased gross profit driven by sales growth was partially offset by higher adjusted SG&A and higher adjusted interest expense.

銷售成長帶來的毛利增加被調整後銷售、管理及行政費用增加及調整後利息支出增加部分抵銷。

Moving to segment level financial performance, the animal health segment posted $283.5 million net sales for the quarter, an increase of $100.9 million or 55% versus the same quarter prior year.

從業務部門的財務表現來看，動物保健部門本季淨銷售額為 2.835 億美元，比去年同期成長 1.009 億美元，增幅達 55%。

Within the animal health segment, we reported Legacy MFA's net sales increase of $6.9 million or an increase of 6%.

在動物保健領域，我們報告 Legacy MFA 的淨銷售額增加了 690 萬美元，增幅達 6%。

The new MFA business contributed a full quarter of sales of $80.5 million driving the total MFA and others growth to 81%.

新的 MFA 業務貢獻了整整一個季​​度的 8,050 萬美元銷售額，推動 MFA 和其他業務的總成長率達到 81%。

Nutritional specialties net sales increased $5.5 million or 13%, mostly due to higher demand for microbial and companion animal products.

營養特產淨銷售額成長 550 萬美元，增幅達 13%，主要原因是微生物產品和伴侶動物產品的需求增加。

Vaccine net sales grew $8.1 million a healthy 25% increase driven by continued growth of poultry products in Latin America and higher international demand.

疫苗淨銷售額成長 810 萬美元，增幅達 25%，這主要得益於拉丁美洲家禽產品的持續成長和國際需求的增加。

Animal health adjusted EBITA was $74.9 million an 85% increase driven by the new MFA business, higher gross profit from improved mix in the legacy business, partially offset by higher risk G&A.

動物保健業務調整後的息稅前利潤為 7,490 萬美元，成長 85%，主要得益於新的 MFA 業務以及傳統業務組合改善帶來的更高毛利，但部分被風險更高的 G&A 所抵消。

Moving on to 1st quarter financial performance, there are other business segments on slide 6.

接下來是第一季財務業績，第 6 頁還有其他業務部門。

Starting with mineral nutrition.

從礦物質營養開始。

Net sales for the quarter were $63 million an increase of $3.9 million or 7%, due to an increase in demand for copper and trace minerals.

本季淨銷售額為 6,300 萬美元，較上一季成長 390 萬美元，增幅為 7%，主要得益於對銅和微量礦物的需求增加。

Looking at a performance product segment, net sales of $17.4 million reflects a decrease of $1.4 million or a decrease of 7%.

從性能產品部門來看，淨銷售額為 1,740 萬美元，比去年同期減少了 140 萬美元，降幅為 7%。

As a result of lower demand for the ingredients used in personal care products.

由於個人護理產品原料需求下降。

Minimum nutrition and performance products adjusted EBITA were $4.5 million and $1.6 million respectively.

最低營養品和性能產品調整後的 EBITA 分別為 450 萬美元和 160 萬美元。

Corporate expenses increased $3.4 million driven by higher employee-related costs.

由於員工相關成本增加，公司支出增加了 340 萬美元。

Turning to key capitalization related metrics on slide 7.

接下來，我們來看第 7 張投影片中與資本化相關的關鍵指標。

We generated $34 million of positive free cash flow for the 12 months ending September 30th, 2025.

截至 2025 年 9 月 30 日的 12 個月內，我們產生了 3,400 萬美元的正自由現金流。

We generated $77 million of operating cash flow and invested $43 million in capital expenditures.

我們產生了 7,700 萬美元的營運現金流，並投資了 4,300 萬美元用於資本支出。

Cash and cash equivalents and short-term investments were $85 million at the end of the quarter.

截至季末，現金及現金等價物及短期投資為 8,500 萬美元。

Our gross leverage ratio was 3.3 times at the end of the first quarter based on $749 million of total debt and $227 million of trailing 12 months adjusted.

第一季末，我們的總槓桿率為 3.3 倍，總債務為 7.49 億美元，過去 12 個月的調整後債務為 2.27 億美元。

Our net leverage ratio was 2.9 times at the end of the first quarter based on $664 million of net debt and $227 million for trailing 12 months adjusted.

根據 6.64 億美元的淨債務和過去 12 個月調整後的 2.27 億美元，我們第一季末的淨槓桿率為 2.9 倍。

Please note that the trailing 12 months of adjusted EBITDA includes 12 months from the Zoota's medicated feed additive portfolio.

請注意，過去 12 個月的調整後 EBITDA 包括 Zoota 的藥用飼料添加劑產品組合的 12 個月。

One month of Zoeta's history and 11 months from five year ownership.

Zoeta 成立一個月，擁有五年，至今 11 個月。

On interest rates, there are no changes to our current swap agreements.

關於利率，我們目前的互換協議沒有任何變化。

Turning to dividends consistent with our history, we paid a quarterly dividend of $0.12 per share or $4.9 million in aggregate.

按照我們以往的慣例，我們派發了季度股息，每股 0.12 美元，總計 490 萬美元。

Let's turn to slide 8, which lays out our guidance for fiscal year 2026.

讓我們來看第 8 張投影片，其中列出了我們對 2026 財年的指導。

Please note that this guidance includes a full 12 months of the Zoeta's Medicaidated feed additing portfolio.

請注意，本指南涵蓋了 Zoeta 公司 12 個月的醫療補助飼料添加劑產品組合。

Also included in this guidance for fiscal year 2026 are benefits related to our 504 income growth initiative that will help drive additional EBITDA and margin growth.

2026 財年的業績指引中還包括與我們的 504 營收成長計畫相關的收益，這將有助於推動 EBITDA 和利潤率的進一步成長。

One-time costs related to this initiative are also included in our GAAP guidance and primarily consist of one-time consulting fees.

與此計劃相關的一次性成本也包含在我們的 GAAP 指南中，主要包括一次性諮詢費用。

This initiative is focused on unlocking additional areas of revenue growth and cost savings.

這項措施旨在挖掘更多增加收入和節省成本的領域。

Our guidance for fiscal year 2026 is as follows. Net sales remain the same at $1,425 million to $1,475 million.

我們對 2026 財年的業績預期如下。淨銷售額維持不變，為 14.25 億美元至 14.75 億美元。

This represents a growth range of 10% to 14% and a midpoint of approximately 12%. Total adjusted EBITDA increased from $225 to $235 million to $230 to $240 million. This represents a growth range of 25 to 30% and a midpoint of approximately 28%.

這代表 10% 到 14% 的成長範圍，中點約為 12%。調整後 EBITDA 總額從 2.25 億至 2.35 億美元增至 2.3 億至 2.4 億美元。這代表成長範圍為 25% 至 30%，中點約為 28%。

Adjusted net income increased from $103million to $110 million to 108 to $115 million. This represents growth of 26% to 34%, with a midpoint of approximately 31%.

調整後淨收入從 1.03 億至 1.1 億美元增至 1.08 億至 1.15 億美元。這意味著成長幅度為 26% 至 34%，中點約為 31%。

GAAP net income and EPS assumes constant currency and no additional gains or losses from FX moves.

GAAP淨利和每股盈餘假設採用固定匯率，不考慮匯率波動所帶來的額外收益或損失。

Also included in our GAAP net income and EPS are one-time costs related to our Phibro forward income growth initiative.

此外，我們的 GAAP 淨收入和每股收益中還包括與 Phibro 預期收入成長計畫相關的一次性成本。

In closing, we're excited about the strong performance and start to fiscal year 2026. We are confident in the demand for our products around the world and look forward to seeing continued improvement in our business as we move forward in the coming months.

最後，我們對強勁的業績表現以及 2026 財年的良好開端感到興奮。我們對全球市場對我們產品的需求充滿信心，並期待在未來幾個月裡，隨著業務的不斷發展，我們的業務將持續改善。

With that, Sarah, could you please open the line for our questions.

那麼，莎拉，請你開通電話，回答我們的問題。

Thank you. [Operator Instructions].

謝謝。[操作說明]。

Thank you.

謝謝。

Your first question comes from Erin Wright with Morgan Stanley. Your line is open.

你的第一個問題來自摩根士丹利的艾琳·賴特。您的線路已開通。

Hi, great, thanks for taking the question. So first on the MFA business, so how are you thinking about the sustainability of growth in that legacy MFA business, I guess, can you break out a little bit of what you're seeing price versus volume on that front? And what I'm trying to Get at here is what's the underlying run rate that we should be thinking about, and I get it there's some other drivers going on, but were there any timing dynamics in the quarter?

您好，太好了，謝謝您回答這個問題。首先，關於 MFA 業務，您如何看待傳統 MFA 業務成長的可持續性？能否請您分析一下目前在該領域看到的價格與交易量之間的關係？我想表達的是，我們應該考慮的基本運行速度是什麼？我知道還有其他一些驅動因素，但是本季是否存在任何時間動態？

Is the Zoeis business growing faster than you would have expected at the core? So, yeah, just what's the appropriate run rate for that business as we as we la the deal? Thanks.

佐伊斯核心業務的成長速度是否超出了您的預期？所以，是的，在我們達成交易的過程中，這家企業的合適營運速度是多少？謝謝。

Hi, this is Larry.

大家好，我是拉里。

Thank you for the question. So we see continued growth, strong demand, particularly across the MFA portfolio and basically the poultry, swine, as well as the beef cattle segment.

謝謝你的提問。因此，我們看到持續成長，強勁的需求，尤其是在 MFA 產品組合以及家禽、生豬和肉牛領域。

As we look at indications of protein, consumption, growth, etc. We continue to see that grow.

當我們觀察蛋白質、消耗、生長等方面的指標時，我們發現這些指標都持續成長。

I think that we, as far as our expectations for growth in the future, we are seeing really nice synergies again between the fibro legacy products as well as the acquired products and being able to bring more products and design programs to our customers.

我認為，就我們對未來成長的預期而言，我們再次看到了Fibro傳統產品與收購產品之間非常好的協同效應，並且能夠為我們的客戶帶來更多產品和設計方案。

Yeah, the other thing I'd add, Erin, also to your question on price versus volume, when you look at the first quarter in particular, there is limited impact on on price. One of the reasons for that being is all of the legacy or all of the Zoeta MFA growth gets put into volume just because we have no comparator for the prior year, but this. This has been an area of focus for us is improving the price, the overall net price for the Zouetas products, which has helped with our overall profitability. So as we move forward into Q2 to Q4, we will see an impact on price, particularly from the Zwetas portfolio.

是的，艾琳，關於你提出的價格與銷量的問題，我還要補充一點，特別是第一季度，價格受到的影響有限。其中一個原因是，所有 Zoeta MFA 的傳承或所有成長都體現在銷售上，因為我們沒有上一年的比較數據，但現在情況不同了。我們一直致力於提高 Zouetas 產品的價格，尤其是整體淨價，這有助於提高我們的整體獲利能力。因此，隨著我們進入第二季度到第四季度，我們將看到價格受到影響，特別是來自 Zwetas 產品組合的影響。

Okay, that's helpful. And then another run rate question just on the margin profile that definitely stood out to us and maybe that's some of what you were just speaking to, but, anything to call out on that front, how do we think about the margin profile for the remainder of the year in the context of both what you were saying and any other dynamics from an expense perspective that we should be thinking about?

好的，這很有幫助。然後，關於利潤率方面，我們還有一個問題，這個問題確實引起了我們的注意，也許您剛才也提到了這一點。關於利潤率，您有什麼要補充的嗎？結合您剛才所說的以及我們應該考慮的其他費用方面的因素，我們應該如何看待今年剩餘時間的利潤率？

Yeah, so in terms of the margin profile, we saw good favorability in Q1. A lot of that was driven by mix, strong growth in the vaccine portfolio of 25%, strong growth in the nutritional specialties of 13%. Those tend to be higher margin products for us, so that certainly helped with the overall margin. We also saw some favorability in our overall expenses versus our initial expectations just based on the timing of building up some of our support for some of the new products.

是的，就利潤率而言，我們在第一季看到了良好的前景。其中很大一部分成長是由產品組合推動的，疫苗產品組合強勁成長 25%，營養特產產品強勁成長 13%。這些產品對我們來說利潤率通常較高，所以這無疑有助於提高整體利潤率。由於我們及時加強了對一些新產品的支持，我們的整體支出也比最初的預期有所改善。

And again we'll also be investing in the next future quarters and some of the launches such as Restore, so we do while we've had a very good start to the year if you look at our guidance, we would expect margins to drop a little bit as we move through the year.

此外，我們還將在接下來的幾季以及一些新產品的推出（例如 Restore）中進行投資。雖然今年開局非常不錯，但根據我們的業績指引，我們預計隨著時間的推移，利潤率會略有下降。

Okay, great.

好的，太好了。

Thank you so much.

太感謝了。

The next question comes from E. Katerina Kinnikova with JPMorgan. Your line is open.

下一個問題來自摩根大通的 E. Katerina Kinnikova。您的線路已開通。

Thank you so much. So first it's just on the guidance update. It seems like the EBITDA and EPS range are coming up, but I think the revenue range, isn't despite what looks like a nice top-line beat in the quarter. Just anything you would call out there, maybe just some degree of conservatism, or some headwinds we should kind of keep in mind on the revenue side of things.

太感謝了。首先，是關於指導方針的更新。EBITDA 和 EPS 的預期範圍似乎正在擴大，但我認為營收預期範圍不會擴大，儘管本季營收看起來不錯，超出了預期。任何你想指出的問題，例如某種程度的保守主義，或是我們在收入方面應該注意的一些不利因素。

And then the second question is just on the licensing you announced for the dental asset. Just elaborate a bit on, what brought you to the product and how it fits into your strategy and maybe just more broadly your latest thoughts on the role the company can play in the companion space.

第二個問題是關於您宣布的牙科資產的許可事宜。請詳細說明是什麼讓您關注這款產品，以及它如何融入您的策略，或許還可以更廣泛地談談您對公司在伴侶領域可以扮演的角色的最新想法。

Thank you so much.

太感謝了。

Yeah, so I'll start with the guidance and then Daniel will cover, restore us in terms of the guidance. So the favourability that we saw particularly in the first quarter was related to some of our expenses as well as the favourability that we saw in gross margin related to mix. Very strong performance at the top-line, but we're really only one.

好的，那我先給指導，然後丹尼爾會繼續講解，為我們補充指導內容。因此，我們在第一季看到的有利因素與我們的一些支出有關，以及我們在毛利率方面看到的與產品組合相關的有利因素。球隊整體表現非常強勁，但我們其實只有一支球隊。

Quarter into the year, so we didn't find it necessary to update the revenue guidance at this point in time, but we did, take the favorability that we saw in the first quarter related to expenses and the favorable mix into account in updating the guidance.

今年已經過去一個季度了，所以我們目前認為沒有必要更新收入預期，但是，我們在更新預期時確實考慮到了第一季在支出和有利的產品組合方面所看到的有利因素。

And with regard to, our dental assets, so we actually, we've announced, obviously, two, assets this quarter. We, the first one which you alluded to the licensing. We license a pharmaceutical product. That will not be anything near term. It's a long-term, play but the category as a whole, with as you see with the Restoris, is something we're very excited about.

至於我們的牙科資產，實際上，我們本季已經宣布了兩項資產。我們，就是你提到的第一個獲得許可的機構。我們獲得了藥品許可。短期內不會有這樣的事發生。這是一項長期策略，但就整個品類而言，正如你從 Restoris 品牌所看到的，我們對此感到非常興奮。

We think dental is an unmet need, within the vet and the dog market, only about 15% of dog owners, bring their dogs in for annual dental. Only about 4% of dog owners actually brush their teeth of their dogs every day.

我們認為牙科保健是獸醫和犬類市場中尚未滿足的需求，只有大約 15% 的狗主人每年帶他們的狗去做牙科檢查。只有大約 4% 的狗主人每天都會給狗刷牙。

As a result, as you can imagine, there is tremendous, need for solutions there, and we think we actually have a nice 12 punch here with our solution. So Restores, which is what we launched last week and which is actually shipping, beginning this week, will allow, dentists and their vets to actually treat periodontal disease, it's a medical device, so it allows us to get into the market quickly,

因此，正如你所想，那裡對解決方案有著巨大的需求，我們認為我們的解決方案實際上已經完美地解決了這個問題。所以，我們上週推出的 Restores 產品，實際上從本週開始發貨，它將使牙醫和他們的獸醫能夠真正治療牙周病，它是一種醫療器械，因此使我們能夠快速進入市場。

But, right now the method that dentists use to treat periodontal disease is extraction. And that's the main method, and this we believe will allow them to offer something to their customers that will be able to avoid extraction.

但是，目前牙醫師治療牙周病的方法是拔牙。這就是主要方法，我們相信這將使他們能夠為客戶提供避免提取的產品。

And it's extremely positive from the vet perspective as well, because in most states, I think in 35 states, only vets are allowed to do extractions considered oral surgery, whereas the application of Restoris will be able to be done by a vet tech. So that will free up the clinic for more high value, procedures.

從獸醫的角度來看，這也是非常積極的，因為在大多數州（我認為有 35 個州），只有獸醫才能進行拔牙（被認為是口腔手術），而 Restoris 的應用可以由獸醫技術人員完成。這樣一來，診所就可以騰出時間來進行更多高價值的診療計畫。

And then down the road, we will look to follow it up, hopefully with our licensed product, which will, we believe will allow, people to take a dogs to take a daily to a weekly application, and prevent the buildup of the bacteria that leads to periodontal disease.

然後，我們將著手跟進，希望我們能推出獲得許可的產品，我們相信該產品將允許人們每天或每週給狗使用一次，並防止導致牙周病的細菌滋生。

Thank you.

謝謝。

The next question comes from Michael Riskin with Bank of America. Your line is open.

下一個問題來自美國銀行的邁克爾·里斯金。您的線路已開通。

Hi, thank you so much for taking the question. This is Alexa on for Mike. My question is on ed markets. So you've talked about the strong livestock demand you're seeing, and peers have called out the same strengths, especially in cattle.

您好，非常感謝您回答這個問題。這裡是Alexa，正在為Mike服務。我的問題與教育市場有關。您談到了目前強勁的牲畜需求，同行們也指出了同樣的優勢，尤其是在牛方面。

Can you talk about what's driving this and how sustainable, do you? I think it is. Is it more protein cycle driven based on input feed dynamics or consumer demand? Additionally, is it geography specific or more broad-based? And should we be thinking about this as a 2 to 3 year phenomenon, as something shorter term, or something more structural?

您能談談推動這一趨勢的因素以及它的可持續性嗎？我認為是的。蛋白質循環更多是由飼料投入動態驅動，還是由消費者需求驅動？此外，它是特定地域性的還是更廣泛的？我們應該把這看成是2到3年的現象，還是短期問題，抑或是一種結構性問題？

Thank you.

謝謝。

This is Larry. I'll take that question. I think you might address that really in three aspects. The first would be on the protein demand, and then the second would be on the livestock sector profitability, and then really what Fibro's position is given those first two market dynamics.

這是拉里。我來回答這個問題。我認為你可以從三個方面來探討這個問題。首先是蛋白質需求，其次是畜牧業獲利能力，然後才是 Fibro 在前兩個市場動態下的真正地位。

First, in protein demand, we continue to see a resurgence in the demand for animal-based proteins, both meat, eggs, and poultry and dairy.

首先，在蛋白質需求方面，我們持續看到對動物性蛋白質（包括肉類、雞蛋、家禽和乳製品）的需求復甦。

We believe this trend is poised to continue with global population and income growth, and demand is also supported by changing views on things such as dietary fats as consumers increase demand for higher quality, simpler, and more wholesome proteins and move away from higher processed foods. These factors all make animal-based proteins highly compatible with consumers' dietary as well as lifestyle changes.

我們認為，隨著全球人口和收入的增長，這一趨勢還將繼續，消費者對膳食脂肪等事物的看法也在發生變化，他們對更高品質、更簡單、更健康的蛋白質的需求增加，並逐漸遠​​離高度加工的食品，這也支撐了這一需求。這些因素使得動物性蛋白質與消費者的飲食和生活方式改變高度契合。

The second, the livestock sector profitability, overall profitability for all livestock segments, not only, in North America, but in the key segment, key markets around the world, continues to be positive in the top positive margin territory with sound poultry fundamentals, strong beef demand, disciplined pork supply, and good dairy performance demand.

第二點，畜牧業盈利能力，所有畜牧業細分市場的整體盈利能力，不僅在北美，而且在關鍵細分市場和全球主要市場，都繼續保持正值，處於最高正利潤率區間，這得益於良好的家禽基本面、強勁的牛肉需求、有規律的豬肉供應以及良好的乳製品需求。

All livestock sectors continue to benefit from lower costs of feed and grain input prices.

畜牧業各部門持續受惠於飼料和糧食投入價格的下降。

The value of each animal is worth more, so livestock producers are willing to invest more in animal health products to prevent disease and keep their animals healthy. Every pound of protein matters more than it really ever has.

每頭牲畜的價值越來越高，因此畜牧生產者更願意在動物保健產品上投入更多資金，以預防疾病並維持牲畜健康。每一磅蛋白質都比以往任何時候都更重要。

And on fibro's position, we've had a strong geographic presence in the key livestock production markets around the world.

至於纖維蛋白的市場地位，我們在全球主要畜牧生產市場擁有強大的地域影響力。

Our market reach had complementary for expansion even when it was complemented and got stronger with recent acquisition of the MFA business, particularly giving us a stronger base in Asia and in China, Western Europe, Middle East, as well as the US beef and swine sectors.

我們市場覆蓋範圍的擴大具有互補性，即使在最近收購 MFA 業務後，我們的市場覆蓋範圍也得到了補充和加強，尤其是在亞洲和中國、西歐、中東以及美國牛肉和生豬領域，這使我們擁有了更強大的基礎。

We believe fibro is really well positioned with our customers on farm, and we're in a unique position to provide customized solutions that address animal health and disease challenges, including a wide choice of MFAs, nutrition specialties, and vaccine products combined with the high level of service and animal production experience that our field team has and brings to our customers' farms.

我們相信，Fibro 在農場客戶中擁有非常有利的地位，並且我們處於獨特的地位，可以提供客製化的解決方案來應對動物健康和疾病挑戰，包括各種 MFA、營養特製品和疫苗產品，再加上我們現場團隊擁有並帶到客戶農場的高水平服務和動物生產經驗。

Great. Thank you.

偉大的。謝謝。

The next question comes from Naveen T with BNP Paribas. Your line is open.

下一個問題來自法國巴黎銀行的Naveen T。您的線路已開通。

Thank you.One more on the legacy business, the growth was above our expectations. So what drove the better growth than the two last quarters? Was there any non-recurring or pull forward items to be aware of? And then my second question is on the lighthouse, licensing agreement and restor. Does that signal a higher focus on companion animal and Generally it's UBD's strategy to target innovation in areas that are not targeted by the big four players.

謝謝。關於傳統業務，還有一點需要說明，其成長超出了我們的預期。那麼，是什麼因素推動了本季比前兩季更好的成長呢？是否有任何非經常性或提前發生的事項需要注意？我的第二個問題是關於燈塔、許可協議和修復。這是否意味著UBD將更加關注伴侶動物？一般來說，UBD的策略是瞄準四大巨頭未涉足的領域進行創新。

Thank you.

謝謝。

Yes, I, I'll take the first question in terms of the legacy portfolios. So as we said, really strong performance across legacy MFA, nutritional specialty, as well as vaccine. Nothing significant to call out. I think, we're just seeing good underlying demand across the board.

是的，我來回答關於傳統投資組合的第一個問題。正如我們所說，傳統多因素農業、營養專營以及疫苗領域都表現出色。沒有特別需要指出的地方。我認為，我們看到的是整體上良好的潛在需求。

One thing I will point out within the legacy MFA, there are certain customers that make larger purchases that it occurs between one quarter or another could have a small impact on the performance. We did see some of those purchases occur in Q1, probably see a little less of that in Q2, but overall nothing too material to results.

我要指出的是，在傳統的 MFA 中，某些客戶的大額採購可能會在不同的季度之間發生，這可能會對績效產生輕微的影響。我們確實看到一些此類採購發生在第一季度，第二季度可能會少一些，但總體而言，對業績沒有太大影響。

And then, Donnie, as far as our business development, I think.

然後，唐尼，就我們的業務發展而言，我認為。

We have for a couple of years now have talked about, our main focus remains the production animal side and specifically on the nutritional and the vaccine side of production animals. That's where we're probably going to spend our largest dollars, but we are looking at opportunities on the companion animal side and to your point, for the most part we're not looking to, go head to head with the larger companion animal players in most segments.

近幾年來，我們一直在討論，我們的主要關注點仍然是生產動物方面，特別是生產動物的營養和疫苗方面。這很可能是我們投入最多資金的地方，但我們也在關注伴侶動物領域的機會，正如你所說，在大多數情況下，我們並不打算與大多數細分市場的大型伴侶動物企業正面競爭。

We're looking for unique opportunities that we think that we can, play a real role in.

我們正在尋找我們認為能夠發揮真正作用的獨特機會。

Thank you.

謝謝。

If there are any further questions, please press one now.

如有其他疑問，請按1。

One moment please. With no further questions, this will conclude the question-and-answer session and will conclude today's conference call. We thank you for joining. You may now disconnect.

請稍等片刻。如果沒有其他問題，問答環節到此結束，今天的電話會議也將結束。感謝您的參與。您現在可以斷開連線了。