Perrigo Company PLC (PRGO) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Perrigo Q1 2025 Financial results conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Perrigo 2025 年第一季財務業績電話會議。（操作員指示）

This call is being recorded on Wednesday, May 7, 2025. I would now like to turn the conference over to Brad Joseph, VP Global Investor Relations. Please go ahead.

本次通話於 2025 年 5 月 7 日星期三錄製。現在，我想將會議交給全球投資者關係副總裁布拉德約瑟夫 (Brad Joseph)。請繼續。

Good morning and good afternoon, everyone. Welcome to Perrigo's first-quarter 2025 earnings conference call. I hope you all had a chance to review our press release issued today. A copy of the release and presentation for today's discussion are available within the investors section of the perrigo.com website. Joining today's call, our President and CEO, Patrick Lockwood-Taylor; and CFO, Eduardo Bezerra.

大家早安，下午好。歡迎參加 Perrigo 2025 年第一季財報電話會議。我希望大家有機會閱讀我們今天發布的新聞稿。今天討論的新聞稿和簡報的副本可在 perrigo.com 網站的投資者部分找到。參加今天電話會議的有我們的總裁兼執行長 Patrick Lockwood-Taylor 和財務長 Eduardo Bezerra。

I would like to remind everyone that during this presentation, participants will make certain forward-looking statements. Please refer to the slides for information regarding these statements, which are subject to important risks and uncertainties. We will reference adjusted financial measures that are non-GAAP in nature. See the appendix to the earnings presentation for additional details and reconciliations of all GAAP to non-gap financial measures presented.

我想提醒大家，在本次演講中，參與者將做出某些前瞻性的陳述。有關這些聲明的資訊請參閱投影片，這些聲明受重大風險和不確定性的影響。我們將參考本質上非 GAAP 的調整後財務指標。有關所有 GAAP 與非差距財務指標的更多詳細資訊和對賬，請參閱收益報告附錄。

A few quick items before we start. First, unless stated, all financial results discussed and presented are on a continuing operations basis. Second, organic growth excludes, acquisitions, divestitures, exiting product lines, and foreign currency fluctuations in both convertible periods. And third, Patrick's discussion will focus solely on non-GAAP results, except as otherwise noted. And with that, I'm pleased to turn the call now over to Patrick.

在我們開始之前，先簡單介紹幾件事。首先，除非另有說明，所有討論和呈現的財務結果均以持續經營為基礎。其次，有機成長不包括收購、資產剝離、退出產品線以及兩個可轉換期間的外匯波動。第三，除非另有說明，帕特里克的討論將僅集中於非公認會計準則結果。現在我很高興將電話轉給派崔克。

Thank you, Brad. Good morning, good afternoon, everyone, and thank you for joining today's call. I'd like to begin with an update on our progress against our Three-S Plan to stabilize, streamline, and strengthen Perrigo. Over the past 12 months, efforts to stabilize key parts of our business have yielded positive results.

謝謝你，布拉德。大家早安，下午好，感謝大家參加今天的電話會議。首先，我想介紹一下我們為穩定、精簡和加強 Perrigo 而實施的「三S」計劃的進展。過去12個月，我們穩定關鍵業務的努力取得了積極成果。

In our America's business, Store Brand, OTC, we've already secured new business awards and now largely assessing the previously disclosed losses that began impacting our top line in the second half of 2024. We remain on track for these new awards to more than offset losses by the second quarter of this year. Additionally, consistent production of high-quality, reliable Infant Formula has led to continued recovery in Store Brand share. Notably, first quarter of 2025 Infant Formula net sales increased by 19% compared to the same quarter last year. More on both of these topics when I discuss our Q1 results in a few minutes.

在我們的美國業務、Store Brand、OTC 中，我們已經獲得了新的業務獎項，現在主要評估之前披露的損失，這些損失在 2024 年下半年開始影響我們的營收。我們仍有望在今年第二季之前透過這些新獎項彌補損失。此外，持續生產高品質、可靠的嬰兒配方奶粉也推動了自有品牌份額的持續回升。值得注意的是，2025年第一季嬰兒配方奶粉淨銷售額與去年同期相比成長了19%。當我在幾分鐘後討論我們的第一季業績時，我會更多地討論這兩個主題。

Efforts to streamline our operations have yielded significant benefit. In the first quarter, the accretive initiatives continued to produce very positive results. The Supply Chain Reinvention program delivered an additional $8 million in benefits, and Project Energize achieved an additional $20 million in annual savings. Bringing the program's total annual run rate to $159 million, the high-end of our previously disclosed range for Energize. Actions taken to improve service levels are also paying dividends. Global service levels now at 94%. I have to give recognition to our global operations team for that outstanding service achievement.

我們簡化營運的努力已取得顯著成效。第一季度，增值措施持續產生非常正面的成果。供應鏈重塑計劃帶來了額外的 800 萬美元收益，而「活力項目」則實現了每年額外的 2000 萬美元節省。該計劃的年度總運行費用達到 1.59 億美元，這是我們之前披露的 Energize 最高限額。為提高服務水準而採取的行動也正在產生效益。全球服務水準目前達到 94%。我必須對我們的全球營運團隊的出色服務成就表示認可。

We also remain excited about strengthening our foundation for growth. I'm pleased to share that the synergistic relationship between our Store Brand business and OTC brands is yielding positive results. Our Store Brands generate substantial cash flow, enabling us to invest further into our OTC brands. This strategy is already paying off, as evidenced by our first quarter results. Excluding the prior year benefit from Opill retailer stocking, our OTC brands achieved solid organic growth of 5.9% year over year. This impressive performance was driven by strong sales of (inaudible), Nasonex, (inaudible), and (inaudible). These results reinforce our business model and our strategy.

我們也對加強成長基礎感到興奮。我很高興地告訴大家，我們的自有品牌業務和非處方藥品牌之間的協同關係正在產生積極的成果。我們的自有品牌產生大量現金流，使我們能夠進一步投資於我們的非處方藥品牌。這項策略已初見成效，我們的第一季業績就是明證。不計入上年 Opill 零售商庫存帶來的收益，我們的 OTC 品牌實現了年比 5.9% 的穩健有機成長。這令人印象深刻的業績得益於（聽不清楚）、Nasonex、（聽不清楚）和（聽不清楚）。這些結果強化了我們的商業模式和策略。

Lastly, to create a more efficient and effective new product pipeline, we've recently enhanced our stage gate process for new product development. And we remain excited about our high growth brands, which we're expecting to begin delivering significant benefits in the second half of next year. At the same time, we're navigating through an uncertain macroeconomic landscape.

最後，為了創建更有效率、更有效的新產品管道，我們最近增強了新產品開發的階段門流程。我們對我們的高成長品牌仍然感到興奮，我們預計它們將在明年下半年開始帶來顯著的效益。同時，我們正在應對不確定的宏觀經濟情勢。

So on the sales across the Self-Care categories we play in, recently turned negative compared to the prior year and compared to their long-term growth rates of 3% or more, the contraction across most categories. This stems from more cautious consumer behavior due in part to inflation, tariffs, interest rates, and overall reduced consumer confidence.

因此，我們所涉足的自我照顧類別的銷售額最近與前一年相比出現負成長，與 3% 或以上的長期成長率相比，大多數類別的銷售額都出現萎縮。這是由於通貨膨脹、關稅、利率和整體消費者信心下降導致消費者行為更加謹慎。

Although we believe that we are well positioned in the broader environment to account for these macroeconomic uncertainties, we feel it is prudent to widen our 2025 net sales projections. However, with the opportunities afforded by a unique business model and clear actions to offset tariff-related cost increases, we are reaffirming our adjusted EPS range and net leverage targets. Furthermore, we're reaffirming our midterm 2027 targets provided recently at our investor level.

儘管我們相信，在更廣泛的環境中，我們有能力應對這些宏觀經濟不確定性，但我們認為擴大 2025 年淨銷售額預測是明智之舉。然而，憑藉獨特的商業模式和抵消關稅相關成本增加的明確行動所提供的機會，我們重申調整後的每股盈餘範圍和淨槓桿目標。此外，我們重申了最近在投資者層面提出的 2027 年中期目標。

Stepping back, Perrigo is the largest US manufacturer of OTC Self-Care solutions by volume. We operate 11 manufacturing facilities across the US, enabling 85% of our OTC finished goods to be produced locally by sourcing the majority of materials and components domestically. Most importantly, all this work is performed by a highly agile and productive team of 5,000 plus dedicated US employees. We will continue to look for opportunities to drive value from this large domestic asset base.

回顧一下，Perrigo 是美國產量最大的 OTC 自我照護解決方案製造商。我們在美國各地經營 11 家製造工廠，透過在國內採購大部分材料和零件，確保 85% 的 OTC 成品能夠在當地生產。最重要的是，所有這些工作都是由一支由 5,000 多名敬業的美國員工組成的高度敏捷和高效的團隊完成的。我們將繼續尋找機會從這個龐大的國內資產基礎中獲取價值。

Even though most of the products we sell in the US are sourced domestically, given the global nature of consumer health supply chains, there are certain inputs for our business that are exposed to tariffs. As you know, the tariff landscape has been extremely fluid, and our team has spent considerable time building mitigation plans for multiple scenarios.

儘管我們在美國銷售的大多數產品都是在國內採購的，但考慮到消費者健康供應鏈的全球性，我們業務的某些投入仍會受到關稅的影響。如您所知，關稅情況一直非常不穩定，我們的團隊花費了大量時間為多種情況制定緩解計劃。

Based on what we know today, in 2025, we expect roughly 1% gross increase to our global cost of goods sold. On a full year basis, this rises to approximately 5.5% of global COGS, all impacting our America's segments. Approximately 80% of the expected increase will impact our US Oral Care category, as many of its inputs are currently sourced from China. The remaining 20% is expected to increase costs in our US OTC business.

根據我們目前掌握的信息，到 2025 年，我們預計全球銷售成本將整體成長約 1%。從全年來看，這一數字上升至全球銷貨成本的約 5.5%，所有這些都對我們美國的業務部門產生了影響。預計約 80% 的成長將影響我們的美國口腔護理類別，因為該類別的許多投入目前都來自中國。剩餘的 20% 預計將增加我們美國 OTC 業務的成本。

We plan to offset these cost increases through strategic price actions, insourcing more manufacturing to our US facilities where possible, and other actions, including identifying new supply routes. We're committed to protecting our PML and also our balance sheet in this dynamic environment, which Eduardo will provide further details of. The uncertain macroeconomic environment also presents several opportunities for Perrigo.

我們計劃透過策略性價格行動、盡可能將更多製造業務外包給我們在美國的工廠以及採取其他行動（包括確定新的供應路線）來抵消這些成本增加。我們致力於在這種動態環境中保護我們的 PML 和資產負債表，Eduardo 將提供更多詳細資訊。不確定的宏觀經濟環境也為 Perrigo 帶來了一些機會。

Our unique business model with 1100+ molecules across 100% price point coverage coupled with our significant US-based manufacturing provides us an advantage to deliver our essential Self-Care solutions to more customers and consumers. Firstly, consumer confidence in the US is at a 12-year low, and in Europe, it's at the lowest level in 18 months. These weakening consumer expectations present significant opportunities for share gains for our mid-tier and Store Brands due to their value advantage in the marketplace.

我們獨特的商業模式擁有超過 1100 種分子，涵蓋 100% 的價格點，再加上我們重要的美國製造基地，這為我們提供了優勢，可以向更多客戶和消費者提供基本的自我照顧解決方案。首先，美國消費者信心處於12年來的最低點，歐洲消費者信心處於18個月來的最低點。消費者預期的減弱為我們的中階品牌和自有品牌在市場上的價值優勢提供了巨大的市場佔有率成長機會。

For example, total US OTC Store Brand volume gained 50 basis points over the last four weeks as consumers are quickly adjusting their buying patterns. We will continue to closely monitor changes in consumer behavior and leverage demand generation activities to further capitalize on this trend. And secondly, with our vast US manufacturing footprint across OTC Infant Formula and Oral Care, we have ample opportunity to win additional new volumes through contract manufacturing efforts. Now, turning to our first course of financial highlights.

例如，由於消費者正在快速調整購買模式，美國非處方藥店品牌總量在過去四周增加了 50 個基點。我們將繼續密切關註消費者行為的變化，並利用需求產生活動進一步利用這一趨勢。其次，憑藉我們在美國非處方嬰兒配方奶粉和口腔護理領域的廣泛製造足跡，我們有充足的機會透過合約製造努力贏得更多新產量。現在，我們來談談第一部分財務要點。

Organic net sales declined 0.4%, which included higher net sales in the nutrition category, driven by the recovery in Infant Formula, in addition to the Upper Respiratory category. Offset by the impact of previously disclosed lost distribution of low margin products in US Store Brands which is not expected to be a sales headwind going forward and the prior year Opill retail stocking of approximately $15 million. Importantly, excluding the loss distribution and prior year Opill selling, organic net sales grew 1.8% versus prior year period.

有機淨銷售額下降 0.4%，其中營養品類淨銷售額成長，受嬰兒配方奶粉和上呼吸道品類復甦的推動。抵消了先前披露的美國自有品牌低利潤產品分銷損失的影響，預計這不會對未來的銷售造成不利影響，並且去年 Opill 零售庫存約為 1500 萬美元。重要的是，不包括損失分配和去年 Opill 銷售額，有機淨銷售額較去年同期成長 1.8%。

Gross margin expanded 440 basis points year over year to 41%, driven by business recovery and formula. Operating margin for the quarter meaningfully expanded by 550 basis points driven by gross margin flow through and benefits from Project Energize, first quarter EPS grew by a robust 107% year over year to $0.60 per share.

受業務復甦和配方推動，毛利率較去年同期擴大 440 個基點至 41%。受毛利率流轉和「能源計畫」效益的推動，本季營業利潤率大幅擴大 550 個基點，第一季每股收益同比增長 107%，達到每股 0.60 美元。

Digging a bit further into organic net sales, both brands and Store Brand offerings in the Upper Respiratory category perform well, despite the impact of known loss distribution in the US Store Brand business. This category benefited from higher incidences of cold in the US compared to the prior year, improved supply of the (inaudible) brand in Europe. Pain and Sleep Aid was also impacted by non lost US distribution, partially offset by higher incidences of cough cold in the US, and improved supply of the Solpadeine brand in Europe. Digestive Health was impacted by lower category consumption or proton pump inhibitors used mainly for heartburn, which more than offset US Store Brand share gates and an expected decline in VMS where we deprioritize several SKUs in Europe.

進一步研究有機淨銷售額，儘管受到美國自有品牌業務已知虧損分佈的影響，但上呼吸道類別的兩個品牌和自有品牌產品都表現良好。這一類別受益於美國感冒發病率與前一年相比有所上升，從而改善了歐洲（聽不清楚）品牌的供應。疼痛和睡眠輔助劑也受到美國分銷管道未失去的影響，但美國咳嗽感冒發病率上升以及歐洲 Solpadeine 品牌供應增加部分抵消了這一影響。消化健康受到類別消費量下降或主要用於胃灼熱的質子幫浦抑制劑的影響，這超過了美國商店品牌份額門檻和 VMS 的預期下降，我們降低了歐洲幾個 SKU 的優先順序。

Lastly, as I just mentioned, our OTC brands grew solidly year over year. One year ago, we made a strategic pivot in US Store Brand, which was highlighted at our February Investor Day. This pivot focused on improving forecast accuracy and customer service levels, in addition to share gain from Store Brand competitors, primarily through new business awards. I'm pleased to report that we're making significant progress with these efforts. Our service levels have improved, as I mentioned earlier, and new business awards remain on track for a positive contribution this year.

最後，正如我剛才提到的，我們的 OTC 品牌逐年穩定成長。一年前，我們對美國自有品牌進行了策略調整，並在二月的投資者日上進行了重點介紹。這項轉變主要集中在提高預測準確性和客戶服務水平，此外還主要透過新的業務獎勵來從 Store Brand 競爭對手那裡獲得市場份額。我很高興地報告，我們在這些努力上取得了重大進展。正如我之前提到的，我們的服務水準已經提高，新業務獎項今年仍將保持積極的貢獻。

Over the last three quarters, net business awards and losses have been a headwind to top line growth as we executed the pivot. We expect this trend to reverse in quarter 2 this year has already secured new business wins ramp up, expecting to improve America's net sales growth in the second half of the year.

在過去三個季度中，隨著我們實施轉型，淨業務獎勵和損失一直是營收成長的阻力。我們預計這一趨勢將在今年第二季度逆轉，並確保新業務的成長，預計下半年美國的淨銷售額成長將有所改善。

Turning now to Infant Formula, a quality production metrics across the network have dramatically improved, and key customer SKUs have been fully restored. Actors enable first quarter in formula net sales growth plus 19% year over year. Infant Formula industry dynamics continue to evolve, however, due to flat to declining US birth rates, currently available manufacturing capacity, and foreign manufacturers gaining shares. These factors have caused many domestic brands to recently increase marketing and promotions as they compete for volume share.

現在來看看嬰兒配方奶粉，整個網路的品質生產指標已經顯著改善，主要客戶的SKU已經完全恢復。演員使第一季的配方淨銷售額年增19%。然而，由於美國出生率持平或下降、現有生產能力以及外國製造商的市場份額不斷增加，嬰兒配方奶粉產業動態持續變化。這些因素導致許多國內品牌近期加強行銷和促銷力度，爭奪銷售份額。

These short-term pricing actions have temporarily reduced the price gap between National Brands and Store Brands, slowing the pace of our Store Brand share recovery. We believe maintaining appropriate price gaps in this business is essential to Store Brands value proposition with consumers and customers. So with this backdrop, we're engaging customers to close this short-term price gap.

這些短期定價措施暫時縮小了國家品牌和自有品牌之間的價格差距，減緩了我們自有品牌份額的恢復速度。我們相信，在這個業務中保持適當的價格差距對於 Store Brands 向消費者和客戶的價值主張至關重要。因此，在這種背景下，我們正在與客戶合作，以縮小短期價格差距。

Additionally, spring shelf resets across several retail customers are expected to enhance our shelf placement and the number of Store Brand formula facings. At the same time, we're also reintroducing nearly 60 National Brand equivalent SKUs in the second half of this year. We believe these actions will continue to accelerate Store Brand share gains in 2025. However, we are tempering our expectations for the year.

此外，預計多家零售客戶的春季貨架重置將增強我們的貨架擺放位置和自有品牌配方產品的數量。同時，我們也將在今年下半年重新推出近60個國家品牌同等的SKU。我們相信，這些舉措將在 2025 年繼續加速自有品牌份額的成長。然而，我們正在降低對今年的期望。

In closing, we are steadfast on advancing our three-year plan to stabilize, streamline, and strengthen Perrigo to provide the best self-care to everyone. We delivered strong first quarter results led by recovery in the Infant Formula business and solid organic growth in our global OTC brands. While we are operating in an uncertain macro environment with consumer, customary, industry, and geopolitical risks, we're taking appropriate measures to mitigate these factors. Encouragingly, we believe Perrigo's unique business model provides opportunities for growth in this uncertain environment as we continue to advance our vision to provide the best self-care for everyone. Let me now turn the call over to Perrigo CFO, Eduardo Bezerra.

最後，我們堅定不移地推進我們的三年計劃，以穩定、精簡和加強 Perrigo，為每個人提供最好的自我照顧。我們第一季的業績表現強勁，主要得益於嬰兒配方奶粉業務的復甦以及全球非處方藥品牌的穩健有機成長。雖然我們處於一個不確定的宏觀環境中，存在著消費者、習慣、產業和地緣政治風險，但我們正在採取適當措施來減輕這些因素的影響。令人鼓舞的是，我們相信，隨著我們繼續推進為每個人提供最佳自我照顧的願景，Perrigo 獨特的商業模式為這種不確定的環境中的成長機會。現在，我將把電話轉給 Perrigo 財務長 Eduardo Bezerra。

Thank you, Patrick. Hello, everyone. Looking at the first quarter financials, starting with the GAAP to non-GAAP summer. Primary adjustments to our non-GAAP financial results were first, amortization expense of $56 million. Two, restructuring charges of $29 million primarily related to the nutrition network optimization we announced during our Investor Day and Project Energize. And three, unusual litigation of $9 million. Full details can be found in the non-GAAP reconciliation tables attached to today's press release. From this point forward, all financial results discussed will be on an adjusted basis unless otherwise noted.

謝謝你，派崔克。大家好。回顧第一季的財務狀況，從 GAAP 開始到非 GAAP 夏季。對我們的非 GAAP 財務結果的主要調整首先是 5,600 萬美元的攤銷費用。二是 2,900 萬美元的重組費用，主要與我們在投資者日和 Energize 計畫期間宣布的營養網絡優化有關。第三，900萬美元的非正常訴訟。完整詳情請參閱今天新聞稿所附的非公認會計準則對帳表。從現在開始，除非另有說明，所有討論的財務結果都將以調整後的基礎為基礎。

Moving to our first quarter's gross profit results. Gross profit of $428 million grew 8.1% or 13.8% organically compared to the prior year, driven by business recovery in Infant Formula in addition to benefits from our Supply Chain Reinvention program. Operating income of $147 million grew almost 58% or 71% organically driven by gross profits flow through and product energized cost savings, which more than funded higher Infant Formula and OTC brand investments. This operating income growth, in addition to lower interest expense, led to a 107% increase in adjusted earnings per share, which included unfavorable impacts of $0.03 from a higher tax rate and $0.04 from divested businesses, exited product lines, and currency translation.

轉向我們第一季的毛利結果。毛利為 4.28 億美元，較上年增長 8.1% 或有機增長 13.8%，這得益於嬰兒配方奶粉業務的復甦以及我們供應鏈重塑計劃帶來的好處。1.47 億美元的營業收入成長了近 58% 或 71%，這得益於毛利流動和產品成本節約的有機成長，這些成長足以支持嬰兒配方奶粉和非處方藥品牌的投資。營業收入的成長，加上利息支出的降低，導致調整後每股收益成長 107%，其中包括稅率提高帶來的 0.03 美元的不利影響，以及業務剝離、產品線退出和貨幣換算帶來的 0.04 美元的不利影響。

Gross margin expanded 440 basis points, including a 50 basis points headwind from divested businesses and exited product lines, while operating margin expanded 550 basis points, including a 30 basis point headwind from these same factors. As expected, sequential gross margin expansion outpaced operating margin expansion as we invested in Infant Formula and OTC brands to drive top line growth for the year.

毛利率擴大了 440 個基點，其中包括來自剝離業務和退出產品線的 50 個基點的阻力，而營業利潤率擴大了 550 個基點，其中包括來自這些相同因素的 30 個基點的阻力。正如預期的那樣，由於我們投資了嬰兒配方奶粉和非處方藥品牌以推動全年營收成長，連續毛利率擴張速度超過了營業利潤率擴張速度。

Looking at net sales performance by segments starting with CSI. Reported net sales were impacted by prior year by vestures, exited product lines, and currency translation. Organic net sales growth in the quarter remains strong at 4.5%, driven by supply recovery of key products, favorable saline, and slightly higher incidence of Cough and Cold in certain countries, and strong sales of nicotine in the Healthy Lifestyle category.

從 CSI 開始查看各部門的淨銷售業績。報告的淨銷售額受到上一年資產、退出產品線和貨幣換算的影響。本季有機淨銷售成長保持強勁，達到 4.5%，這得益於關鍵產品供應恢復、鹽水價格上漲、某些國家咳嗽和感冒發病率略有上升以及健康生活方式類別中尼古丁的強勁銷售。

In CSCA, net sales declined 3.6%, driven by fact of lost distribution in Store Brand and the prior year benefit from Opill retailers stock. The rest of the business was flat year over year. First quarter operating income in both segments delivered double-digit organic growth versus prior year. In CSI, operating income of $86 million grew 10% organically as gross profits flowed through and benefits from Project Energize were partially offset by divested businesses, exited product lines, and the impact of currency translation.

在 CSCA，淨銷售額下降了 3.6%，因為 Store Brand 分銷管道的損失以及上一年 Opill 零售商庫存帶來的收益。其餘業務較去年同期持平。第一季度，兩個部門的營業收入較上年同期均實現了兩位數的有機成長。在 CSI，8,600 萬美元的營業收入有機成長了 10%，因為毛利流入，並且來自 Energize 專案的收益被剝離的業務、退出的產品線和貨幣換算的影響部分抵消。

CSCA operating income of $100 million grew 90%, driven by Infant Formula business recovery and benefits from accretive initiatives. These factors more than offset higher advertising promotion investments, primarily in the Opill brand and even formula business. First quarter earnings per share of $0.60 increased $0.31 or 107% versus per year driven by business performance, primarily Infant Formula recovery and accretive initiatives. A higher effective tax rate this year was offset by lower interest expenses as well.

CSCA 營業收入達 1 億美元，成長 90%，這得益於嬰兒配方奶粉業務的復甦和增值舉措帶來的好處。這些因素足以抵消更高的廣告促銷投資，主要是在 Opill 品牌甚至配方業務方面。第一季每股收益為 0.60 美元，較去年同期增加 0.31 美元或 107%，主要得益於業務表現，主要是嬰兒配方奶粉的復甦和增值舉措。今年較高的有效稅率也被較低的利息支出抵銷。

Cash on the balance sheet at the end of the first quarter was $410 million. As a reminder, first quarter typically generates the lowest cash flow in the year. Q1 operating cash was an outflow of $65 million as cash generation was more than offset by one, higher inventory levels of $63 million reflecting the rebuild of Infant Formula inventories, including safety stock; two, $43 million related to a securities litigation settlement; and three, restructuring costs of $17 million. During the quarter, we also invested $26 million in capital expenditures and returned $41 million to shareholders through dividends. Looking at the balance of the year, let me provide a bit of color on actions we're taking to mitigate the impacts from tariffs and optimize capital allocation in the current environment.

第一季末資產負債表上的現金為4.1億美元。提醒一下，第一季通常是一年中現金流最低的季度。第一季營運現金流出 6,500 萬美元，因為現金產生被以下因素所抵消：一是庫存水準提高 6,300 萬美元，反映了嬰兒配方奶粉庫存的重建，包括安全庫存；二是與證券訴訟和解有關的 4,300 萬美元；三是重組成本 1,700 萬美元。本季度，我們還投資了 2,600 萬美元的資本支出，並透過股息向股東返還了 4,100 萬美元。回顧今年的收支平衡，讓我稍微介紹一下我們為減輕關稅影響和在當前環境下優化資本配置而採取的行動。

First, in Oral Care, we have temporarily paused ordering inputs from China. We have enough for our care inventory on hand to prevent short-term supply disruptions to customers as we are in the process of implementing strategic price actions, insourcing more production to our US Oral Care manufacturing facility where feasible, and assessing alternative supply countries of origin. Second, we pause the major capital investments in our nutrition network optimization until we have more clarity on the microenvironment. This decision has no impact on our ability to continue delivering our affordable Infant Formula to consumers and customers. And third, we identified further working capital improvements across the enterprise.

首先，在口腔護理方面，我們暫時停止從中國訂購投入品。我們手頭上有足夠的護理庫存，可以防止短期內對客戶的供應中斷，因為我們正在實施戰略價格行動，在可行的情況下將更多的生產外包給我們的美國口腔護理製造工廠，並評估替代供應原產國。其次，我們暫停對營養網絡優化的主要資本投資，直到我們對微環境有更清晰的了解。這項決定不會影響我們繼續向消費者和客戶提供價格實惠的嬰兒配方奶粉的能力。第三，我們確定了整個企業的營運資本進一步改善措施。

In total, we expect these actions to mitigate estimated cash impacts from tariffs, and we are reaffirming our net leverage target of 3.5 times by the end of 2025. Lastly, we remain confident in our cash flow trajectory and net leverage expectations through 2027, which we detailed at our Investor Day. Turning to our outlook for 2025.

總體而言，我們預計這些措施將減輕關稅對現金的預期影響，並且我們重申在 2025 年底實現 3.5 倍的淨槓桿目標。最後，我們仍然對 2027 年的現金流軌跡和淨槓桿預期充滿信心，我們在投資者日對此進行了詳細說明。展望 2025 年。

As we know, the microenvironment has become more uncertain. As such, we're taking a more prudent approach to our targets by widening net sales growth expectations to between 0% and 3% for the quarter and 1.5% and 4.5% for organic growth. We believe these adjustments reflected the right balance of risks and opportunities in the current environment at the current level of global tariffs. These ranges now include assumptions for strategic price actions and potential elasticity of demand, slower consumption in the categories where we play, and a more tempered outlook in different forms. These ranges also now include upgraded assumptions for positive volume trends that are emerging in our OTC store and value brands as consumer shift to value-oriented offers.

我們知道，微環境變得更不確定。因此，我們對目標採取了更謹慎的態度，將本季淨銷售額成長預期擴大至 0% 至 3% 之間，有機成長預期擴大至 1.5% 至 4.5% 之間。我們認為，這些調整反映了當前環境下、當前全球關稅水準下風險與機會的正確平衡。這些範圍現在包括對策略性價格行動和潛在需求彈性的假設、我們所參與類別的消費放緩以及不同形式的更溫和的前景。隨著消費者轉向以價值為導向的產品，這些範圍現在還包括對我們的 OTC 商店和價值品牌中出現的積極銷售趨勢的升級假設。

A few other noteworthy items. We expect approximately a 5.5%, or between $145 million to $155 million gross increase to global COGS from tariffs on a full year basis, which we anticipate of setting with actions we just discussed. In 2025, the gross increase of roughly 1% or approximately between $30 million to $40 million will likely not impact the P&L until the fourth quarter due to the timing of tariff implementation, inventory on hand, sales velocities, and inventory purchases.

還有一些其他值得注意的事項。我們預計，全年關稅將導致全球銷貨成本 (COGS) 總額增加約 5.5%，即 1.45 億美元至 1.55 億美元，我們預計這將透過我們剛才討論的行動來實現。2025 年，由於關稅實施時間、庫存、銷售速度和庫存採購等因素，大約 1% 或約 3,000 萬至 4,000 萬美元的總成長可能要到第四季才會對損益表產生影響。

We are reaffirming the rest of our 2025 outlook, including constant currency adjusted earnings per share target of $2.90 to $3.10 per share equated to strong double-digit growth. Lastly, as Infant Formula recovers it Store Brand share and CSCA Store Brand new business wins ramp up, we expect phasing of earnings in 2025 aligned with historical trends of approximately 40% in the first half of the year and the remaining 60% in the second half.

我們重申 2025 年的其餘展望，包括以固定匯率調整後的每股盈餘目標為 2.90 美元至 3.10 美元，相當於強勁的兩位數成長。最後，隨著嬰兒配方奶粉恢復其自有品牌份額以及 CSCA 自有品牌新業務的成長，我們預計 2025 年獲利將與歷史趨勢一致，即上半年獲利約 40%，下半年獲利約 60%。

In summary, our first-quarter results reflect the continuous execution of our Three-S plan. We have been proactive in our approach to tariffs and believe we have appropriate actions in place to asset known impact while our business model is well positioned to provide consumers and customers the self-care solutions they need at a great end. Let me now turn the call back to Brad.

總而言之，我們的第一季業績反映了我們「三S」計畫的持續執行。我們一直積極主動地處理關稅問題，並相信我們已採取適當的行動來抵消已知的影響，同時我們的商業模式能夠為消費者和客戶提供他們所需的自我照顧解決方案。現在讓我把電話轉回給布萊德。

Thanks, Eduardo. Operator, can you please open the call for questions.

謝謝，愛德華多。接線生，請您打開電話詢問。

(Operator Instructions)

（操作員指示）

Chris Shott, JP Morgan.

摩根大通的克里斯·肖特。

Hi, this is Ethan on for Chris. Thanks for taking our questions. Just to start off, I appreciate all the commentary on tariffs today. But as we look to 2026 and consider the impact of tariffs, how should we think about the potential impact to EPS with where we sit today and given the actions discussed to mitigate tariff exposure? And then one more question after that. Thank you.

大家好，我是 Ethan，為 Chris 服務。感謝您回答我們的問題。首先，我感謝今天有關關稅的所有評論。但是，當我們展望 2026 年並考慮關稅的影響時，考慮到我們目前的狀況以及為減輕關稅風險而討論的行動，我們應該如何看待關稅對 EPS 的潛在影響？之後還有一個問題。謝謝。

Well, thank you, Ethan. So as we laid out today, all the actions that were put in place to mitigate that between pricing actions, increasing sourcing of potential Oral Care operations as well as looking to other alternative sources, we expect that to mitigate 100% of the impact that we see not only this year, but also as we look into 2026 as well. So we do not anticipate any major change in our projections for that we laid out either for '25 and the bottom line as well as for '26 and '27.

好吧，謝謝你，伊森。因此，正如我們今天所述，為緩解這一影響而採取的所有措施，包括定價行動、增加潛在口腔護理業務的採購以及尋找其他替代來源，我們預計這些措施將 100% 減輕我們所看到的影響，不僅是今年，而且在展望 2026 年時也是如此。因此，我們預計 25 年及 26 年和 27 年的預測不會有重大變化。

Very helpful, thank you. And then just giving the updates on Instant Formula today, how should we think about sales ramping as we go through the year at this point and then maybe just remind us on what a normalized level of sales looks like?

非常有幫助，謝謝。然後，今天就提供有關 Instant Formula 的最新信息，我們應該如何看待今年銷售的增長，然後也許可以提醒我們正常化的銷售水平是什麼樣的？

Yeah. So as you saw, we had a significant recovery on Infant Formula in the first quarter, right? So about 90%, so we are at about $105 billion. So we expect that similar trajectory in the second quarter and then ramping up significantly in the second half as we have the benefits from the introduction of new -- the 60 new SKUs on the Store Brand portfolio that we really believe that it's what consumers are looking for. And also, we're watching closely the nutrition business as well, the dynamics of pricing the marketplace and potential promotions of National Brands and how could that impact that. But at this stage we expect similar sales in the first half, between Q1 and Q2, that growing almost 50% in the second half of the year.

是的。所以正如您所看到的，我們在第一季的嬰兒配方奶粉銷售出現了顯著的復甦，對嗎？大約是 90%，所以我們大約是 1050 億美元。因此，我們預計第二季的軌跡類似，下半年將大幅上升，因為我們從推出新產品中獲益——自有品牌組合中新增了 60 個 SKU，我們確實相信這正是消費者所需要的。此外，我們也密切關注營養業務、市場定價動態和國家品牌的潛在促銷活動以及這些活動可能產生的影響。但現階段，我們預計上半年（第一季和第二季）的銷售額將類似，下半年的銷售額將成長近 50%。

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

Hi, good morning, nice step on the quarter. Thanks for the additional details there on the Infant Formula. I guess, maybe just one follow up. You mentioned the potential to win some contract manufacturing, I guess I'm curious, are you already seeing brands come back to you to manufacture? And then do you have any updated thoughts just on the government guidelines for international manufacturing potentially getting walked back in the back half of the year?

嗨，早上好，本季進展順利。感謝您提供更多有關嬰兒配方奶粉的詳細資訊。我想，也許只需要跟進一次。您提到了贏得一些合約製造的潛力，我想我很好奇，您是否已經看到品牌回來找您進行製造？那麼，您對政府可能在今年下半年取消的國際製造業指引有什麼最新看法嗎？

Hi, Susan, this is Patrick. Hope you're well. Thank you for the question. Yeah, we are seeing an increase in activity for contract manufacturing. Obviously, our competitors will be looking at a domestic supply route, and we continue to negotiate through those.

你好，蘇珊，我是派崔克。希望你一切都好。謝謝你的提問。是的，我們看到合約製造活動正在增加。顯然，我們的競爭對手將會考慮國內供應路線，我們將繼續透過這些路線進行談判。

As it relates to Infant Formula specifically, just to add to the question, we're very encouraged by the FDA commissioner's most recent comments where the FDA is committed to stepping up foreign inspections on terms similar to how they run inspections on US manufacturing facilities, i.e. no free notification. We continue to work with the FDA as they consider formulation and regulatory changes. We're encouraged by the comments that the commissioner will follow good science and reliability. That's absolutely the correct approach here as far as we're concerned, and we continue to want to ensure in an industry which is a matter of national security that we are fully utilizing all the capacity of world-class manufacturing that's available in the US plus adhering to the highest efficacy and safety standards in the world on a formula.

由於它與嬰兒配方奶粉具體相關，我補充一下這個問題，我們對 FDA 局長最近的評論感到非常鼓舞，FDA 致力於加強外國檢查，其條款與對美國製造工廠的檢查類似，即不免費通知。我們將繼續與 FDA 合作，考慮配方和監管方面的變化。我們對專員將遵循良好的科學和可靠性的評論感到鼓舞。就我們而言，這絕對是正確的方法，我們繼續希望確保在事關國家安全的行業中，我們充分利用美國現有的世界一流製造能力，並在配方上遵守世界上最高功效和安全標準。

Okay, great. That's exciting. I guess, maybe just a couple follow ups here. So just on the organic sales and kind of how it played out in the quarter, it looked like some areas such as Cold Cough were a bit better than expected and then it sounded like there was some a little bit lighter sales and the digestive health category. I guess, maybe if you could talk a little bit about kind of what drove that and then also were there other areas that kind of played out a little bit different than you expected in the quarter?

好的，太好了。這太令人興奮了。我想，也許這裡只需要跟進幾個問題。因此，僅從有機銷售額以及本季的表現來看，感冒咳嗽等一些領域的銷售額似乎比預期要好一些，而消化健康類別的銷售額似乎略有下降。我想，也許您可以稍微談談是什麼推動了這一趨勢，然後還有其他領域的表現是否與您在本季度的預期略有不同？

Yeah, I'll add a comment and then Eduardo. There were no major surprises. The digestive wellness reflects distribution effects as we exited certain businesses last year and that just flowed through into fairly predictable sort of sales patterns in the quarter. Yes, indeed, in the Americas Upper Respiratory was stronger, but that was actually somewhat offset by somewhat weaker incidents in Europe. So I think the net effect of the two for the total company is quite balancing.

是的，我會添加一條評論，然後是愛德華多。沒有什麼重大意外。消化健康反映了分銷效應，因為我們去年退出了某些業務，而這在本季度就形成了相當可預測的銷售模式。是的，美洲的上呼吸道感染確實比較嚴重，但實際上歐洲的上呼吸道感染稍弱一些，這在一定程度上抵消了上呼吸道感染的影響。因此我認為兩者對整個公司產生的淨效應是相當平衡的。

We -- and I'm going to talk more about this later on, we often don't focus in these discussions on the international business. And actually, the international business had a double-digit profit growth quarter, approximately 5% sales growth quarter, which is extremely encouraging, and we are performing better than some key competitors. Saw almost 6% global OTC brand growth, but in Europe, very strong share growth on on our key focus brands that I talked about in our Investor Day.

我們——我稍後會詳細談論這一點，我們在這些討論中通常不會關注國際業務。實際上，國際業務本季的利潤實現了兩位數成長，銷售額成長了約 5%，這非常令人鼓舞，我們的表現比一些主要競爭對手更好。全球非處方藥品牌成長了近 6%，但在歐洲，我在投資者日上談到的重點品牌的份額增長非常強勁。

So the net net -- the organic sales were broadly in line with our expectation in terms of contribution, and we expect to see particularly in quarter two as we see recovery in the US Store Brand business, acceleration of Americas, revenue as well. So for us, largely on track and very encouraging OTC brand performance as well, which remember, operates at approximately 50% to 60% higher gross margin than the balance of the business. So growth on that is disproportionately positive.

因此，淨銷售額——有機銷售額在貢獻方面與我們的預期基本一致，我們預計尤其是在第二季度，我們將看到美國自有品牌業務的復甦，美洲地區的加速成長，收入也將隨之增長。因此，對於我們來說，OTC品牌的表現基本上正常，而且非常令人鼓舞，請記住，其毛利率比業務平衡高出約 50% 至 60%。因此，這方面的成長是不成比例的正面。

Yeah. And Susan, just to add a little bit of color. So specifically, on CSCA, right? So remember, we have been flagging things last year that we would see a transition year where we would see benefits of the contracts that we're winning versus losses to start flipping in the second quarter and they have a significant benefit in the second half of the year. So Q1 still reflected some of that. And so, if you exclude the impact of that loss distribution, and remember, Q1 last year, we did the first positioning of product on Opill with many retailers. So if you exclude that com -- that one-time effect, our organic net sales grew almost 2%, so pretty in line with what we were originally expecting.

是的。還有蘇珊，只是為了增添一點色彩。那麼具體來說，是關於 CSCA 的，對嗎？所以請記住，我們去年就一直在警告，我們將會看到一個過渡年，在這一年中，我們會看到我們贏得的合約帶來的好處與損失在第二季度開始翻轉，並且它們在下半年會帶來顯著的好處。因此，第一季仍然反映了其中的一些情況。因此，如果排除損失分佈的影響，請記住，去年第一季度，我們與許多零售商一起對 Opill 產品進行了首次定位。因此，如果排除該一次性影響，我們的有機淨銷售額將成長近 2%，與我們最初的預期相當一致。

So specifically, on what you said, Digestive Health, we saw a little bit shift on consumption between TPI versus antacids. And that's just something that happened through the subcategory per se, but nothing significantly concerning for the rest of the year.

具體來說，就您所說的消化健康而言，我們發現 TPI 與抗酸劑的消費量略有變化。這只是子類別本身發生的事情，但對於今年剩餘時間來說並不是什麼重大問題。

Perfect, that sounds great, and the international sounds really strong. Really quick, Eduardo, if I could just ask on the gross margin, I know that was greater than expected in the first quarter. A lot of that driven by the Infant Formula business. I think you guys had said for around 40% for the year previously, so I guess should we expect it to be a little bit better now because of the Infant Formula or how should we think about the gross margin the rest of the year? Thanks.

太好了，聽起來很棒，而且國際化聽起來真的很強大。愛德華多，很快，如果我可以問一下毛利率，我知道第一季的毛利率高於預期。其中很大一部分是由嬰兒配方奶粉業務推動的。我認為你們之前曾說過今年的毛利率約為 40%，所以我想我們是否應該預期現在由於嬰兒配方奶粉的影響情況會有所好轉，或者我們應該如何看待今年剩餘時間的毛利率？謝謝。

We -- we're still expecting 40% for the full year, Susan, a couple of things there, right? So in Q1, we had the better performance on our manufacturing operations that we originally anticipated, which is very positive. So -- and that's connected with what Patrick mentioned, operating a much more reliable sense that provides significant benefits in terms of a lower impact of obsolescence and stoppage, et cetera. So that turns into a much more efficient operations there. So that was one of the key drivers for that. And that's what we're watching closely, we do not expect to see the same level of high efficiency, but we're tracking that closely.

我們 - 我們仍然預計全年增長率為 40%，蘇珊，那裡有幾件事，對嗎？因此，在第一季度，我們的製造業務表現比我們最初預期的要好，這是非常積極的。所以 — — 這與帕特里克提到的有關，以一種更可靠的方式運作，在降低過時和停工的影響等方面帶來顯著的好處。這樣一來，那裡的營運效率就會大大提高。所以這是其中一個關鍵驅動因素。這就是我們密切關注的，我們並不期望看到同樣程度的高效率，但我們正在密切追蹤。

Keith Devas, Jefferies.

傑富瑞的基斯‧德瓦斯 (Keith Devas)。

I'd love to dig in a little bit more into the widening range for the net sales for the year. I guess on one hand, you called out the consumer uncertainty, which is fair. But you're also talking about how that may lead to Store Brand share gains, some of the distribution wins, as well as lowered expectations for Infant Formula just given what some of your competitors are doing. It'd be great if you could, I guess, highlight some of the puts and takes on what's really driving or the biggest driver of widening that range for the year, just given you -- I guess, you called out some wins and things that should be tailwinds for you guys. And so, a bit curious if you could just unpack it a little bit. Thank you.

我很想更深入了解今年淨銷售額的擴大範圍。我想，一方面，你指出了消費者的不確定性，這是公平的。但您也在談論這可能導致商店品牌份額增加、部分分銷勝利，以及考慮到部分競爭對手的做法，對嬰兒配方奶粉的預期降低。我想，如果你能強調今年真正推動或擴大這一範圍的最大驅動力，那就太好了，因為——我想，你列舉了一些對你們來說應該是順風的勝利和事情。所以，我有點好奇你是否可以稍微解釋一下。謝謝。

Hi, Keith, this is Patrick, trust you well. Thanks for joining this morning. A very fair question and I think implicit in some of the language that you've used is exactly what we face, which is these dynamic, real-time shifts. We are working on a large number and an increasing number of opportunities in the US on competitive takeaway. We're working with retailers on implications of consumers trading down and what that means in terms of distribution shelf promotional activity.

嗨，基思，我是派崔克，我非常相信你。感謝您今天上午的參與。這個問題問得非常公平，我認為您所使用的某些語言中隱含的正是我們所面臨的，即這些動態的、即時的變化。我們正在美國致力於大量且不斷增加的競爭性外送機會。我們正在與零售商合作，研究消費者降級消費的影響以及這對分銷貨架促銷活動的意義。

The key concern, obviously, with the erosion of consumer confidence is maintaining household penetration in consumer goods categories. We're well positioned to do that. We operate across all price tiers and can offer superior value as consumers are evaluating their discretionary income choices. So that is active current work, but it's absolutely not a forecast break yet. It's current work.

顯然，消費者信心下降的關鍵問題是維持消費品類別在家庭中的滲透率。我們已做好準備來做到這一點。我們的業務涵蓋所有價格層級，並能在消費者評估其可支配收入選擇時提供卓越的價值。所以這是目前正在進行的工作，但絕對還不是預測突破。這是當前的工作。

Why therefore soften just as we work through implications of discretionary income impacts, what does that mean? Once we have a broad range of hypotheses, these need to be converted into plans and forecasts, and we're just not at the stage of doing that. So frankly, we thought it was prudent to just widen the range but provide commentary that we're managing risk and aggressively pursuing opportunity as well.

因此，當我們研究可自由支配所得的影響時，為什麼會出現軟化現象，這代表什麼？一旦我們有了廣泛的假設，就需要將它們轉化為計劃和預測，但我們還沒有到這樣做的階段。因此坦白說，我們認為擴大範圍是明智之舉，但同時提供評論表明我們正在管理風險並積極尋求機會。

(inaudible) in particular, the Store Brand share recovery has been very good. It's been impacted in the very short term, frankly, by some surprising promotional activity in what is an extremely inelastic category, okay. These don't tend to lead to long-term share gains. They tend to be value erosive, but we have to respond to that in order to maintain the gain on Store Brand. That's very important to consumers, obviously, very important to Perrigo. And we're committed to do that and we'll support Store Brand accordingly and are holding our end of year exit share target. That's just extremely important structurally to the health of this business for us in the midterm.

（聽不清楚）特別是自有品牌的份額恢復得非常好。坦白說，它在短期內受到了一些令人驚訝的促銷活動的影響，而這些促銷活動在一個極其缺乏彈性的類別中，好吧。這些往往不會帶來長期的市場佔有率成長。它們往往會侵蝕價值，但我們必須對此做出反應，以保持商店品牌的收益。這對消費者來說非常重要，顯然對 Perrigo 來說也非常重要。我們致力於做到這一點，並將相應地支援​​ Store Brand，並實現我們年底的退出份額目標。從結構上來說，這對我們中期業務的健康發展極為重要。

So what -- summary, the range reflects the broad range of work and the dynamic nature of the situation and the fact that you have consumer patterns in flux at the moment. What can be done.

那麼——總而言之，這個範圍反映了廣泛的工作範圍和情況的動態性質，以及目前消費者模式不斷變化的事實。可以做什麼。

No, I think that's bottom.

不，我認為那是底部。

Great, that's very helpful. And then maybe just a quick follow up as the margin has come back on the gross margin side, you guys are slowly choosing to reinvest with SG&A. It would be great if you could add some context on where specifically you're choosing to reinvest in what parts of the business I guess you're prioritizing first and then I'll pass it on. Thank you.

太好了，這非常有幫助。然後也許只是快速跟進一下，因為利潤率已經回到了毛利率方面，你們正在慢慢選擇用銷售、一般和行政費用進行再投資。如果您能添加一些背景訊息，說明您選擇在哪些業務部分進行再投資，那就太好了，我猜您首先會優先考慮這些部分，然後我會傳達給您。謝謝。

Yeah, so the -- Keith, as we talked a little bit, so Infant Formula is a key one. So as we talked about, we're working with all the retailers, we're adding back about 160 new SKUs, so we want to make sure that consumers see that on the shelf and understand that they have options at the time, a critical time right now that consumer confidence and economics are being stretched, having more Store Brand number of SKUs to choose is critical. So making sure that we have that full visibility at the consumer level. It's one. Second, Opill as well. Remember, this is the second year that we launched these new brands and we continue to see significant progress there. So we expect consumption this year to more than to almost double what we saw last year. And so, we want to make sure that we continue in the right trajectory.

是的，基思，正如我們討論過的，嬰兒配方奶粉是一個關鍵因素。正如我們所說的，我們正在與所有零售商合作，我們正在添加大約 160 個新的 SKU，因此我們希望確保消費者在貨架上看到這些產品，並了解他們當時有很多選擇，現在正是消費者信心和經濟狀況緊張的關鍵時刻，擁有更多自有品牌的 SKU 可供選擇至關重要。因此，確保我們在消費者層面擁有全面的可見性。就是一個。第二，Opill 也是如此。請記住，這是我們推出這些新品牌的第二年，我們繼續看到顯著的進展。因此，我們預計今年的消費量將比去年增加一倍以上。因此，我們希望確保我們繼續沿著正確的軌道前進。

Thanks, can we take the next question, please?

謝謝，我們可以回答下一個問題嗎？

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hi, good morning. This is Sarah on for Korinne. Thanks for taking our questions. First, you talked about taking some pricing, any color around when that will come in, which products it would be on, and then how that compares to past price actions?

嗨，早安。我是莎拉，代表科琳娜。感謝您回答我們的問題。首先，您談到了一些定價問題，例如何時會制定定價、適用於哪些產品，以及與過去的價格走勢相比如何？

So you say specifically on the Oral Care business, Korinne?

那麼，科琳，您具體說的是口腔護理業務嗎？

Yeah.

是的。

Yeah, so we're working right now with all the major retailers on that, right? So first of all, it's really explaining the impact of tariffs across their portfolio and what are the actions that we could do jointly between looking to alternative sources. So we have a manufacturing facility in Michigan for Oral Care that has available capacity. So that's a key opportunity that we work with the retailers to see how much can we bring in-house versus China, but there will be an adjustment on price even by doing that. So we're working with them on these opportunities, and we expect some of those actions to take place in the next three months that we're going to start seeing that in the marketplace.

是的，所以我們現在正在與所有主要零售商合作，對嗎？因此，首先，它實際上解釋了關稅對其投資組合的影響，以及我們可以在尋找替代來源的同時共同採取哪些行動。因此，我們在密西根州擁有一家擁有可用產能的口腔護理生產工廠。因此，這是一個關鍵的機會，我們可以與零售商合作，看看我們能在國內生產多少產品而不是在中國生產，但即使這樣做，價格也會進行調整。因此，我們正在與他們合作，抓住這些機會，我們預計其中一些行動將在未來三個月內實施，我們將開始在市場上看到這些行動。

Okay, thanks. Very helpful. And then just on the brand investors and exits that you laid out at the Investor Day, any color around what kind of progress has been made so far and then how much we can expect for the remainder of the year? And then if there are any impacts from the current market conditions that have altered plans here?

好的，謝謝。非常有幫助。然後，就您在投資者日上列出的品牌投資者和退出情況而言，您能透露一下迄今為止取得了哪些進展嗎？我們對今年剩餘時間的預期如何？那麼，當前的市場狀況是否會對這裡的計畫產生影響？

Well, so specifically to those two categories that we're assessing, we continue to do the work there, of course, specifically on the US market, there's been a little bit pause on looking to some of those investments. But we're watching that closely and we're continue to assess any further opportunity there. On the brand side, we continue to look into opportunities mainly on our international portfolio, nothing significant to share at this stage.

嗯，具體到我們正在評估的這兩個類別，我們會繼續在那裡開展工作，當然，特別是在美國市場，在考慮其中一些投資時，我們會稍有停頓。但我們正在密切關注並繼續評估那裡的任何進一步機會。在品牌方面，我們繼續主要在國際投資組合中尋找機會，現階段沒有什麼重要的事情可以分享。

Thank you, Sarah. Can we have the next question, please?

謝謝你，莎拉。我們可以問下一個問題嗎？

Daniel Biolsi, Hedgeye.

丹尼爾·比奧爾西（Daniel Biolsi），Hedgeye。

Patrick and Eduardo, I really appreciate all the details around tariffs. So I'm wondering should we anticipate any lower sales from the Upper Respiratory products in the fall because of the late -- the cold season orders that we had?

派崔克和愛德華多，我非常感謝有關關稅的所有細節。所以我想知道，由於我們收到的寒冷季節的訂單較晚，我們是否應該預期秋季上呼吸道產品的銷售量會下降？

Hi, thank you for the question for joining us this morning. I've not seen any data that suggests that. We were checking yesterday, I've not seen any inventory destocking impacts for us. Obviously, it's way too early to predict incidents. At this stage, we tend to just work from a normal season-based assumption and then provide guidelines in terms of should it be stronger how does that flow through to production and then should it be weaker than normal implications of course for production spend, et cetera. It's just really about real time cash flow management but having the agility to respond downside and upside.

嗨，感謝您今天早上加入我們並提出這個問題。我還沒有看到任何表明這一點的數據。我們昨天進行了檢查，沒有發現任何庫存去庫存的影響。顯然，現在預測事件還為時過早。在這個階段，我們傾向於從正常的季節假設出發，然後提供指導，例如它是否應該更強，如何影響生產，以及它是否應該比正常情況更弱，當然對生產支出的影響等等。這實際上只是關於即時現金流管理，但要能夠靈活地應對不利和有利因素。

In terms of are we seeing material impact from tariffs in Upper Respiratory? No, as we talked about earlier, 85% to 90% of our production of US sold products is in the US. We have available capacity. Should there be a strengthening in the season and should we other brand manufacturers look to utilize our domestic capacity to minimize the impact of tariffs to them we continue to pursue both of those that. No, not anticipating any significant impact.

我們是否看到關稅對上呼吸道疾病有實質影響？不，正如我們之前談到的，我們在美國銷售的產品的 85% 到 90% 都在美國生產。我們有可用容量。如果季節需求增強，而我們其他品牌製造商希望利用我們的國內產能來盡量減少關稅對他們的影響，我們將繼續追求這兩者。不，預計不會產生任何重大影響。

Thank you. And can I do a follow up on the Nutrition category in terms of the inventory rebuild across all customers, not just your largest chains, just what --where your on shelf availability is and then the in stock for the smaller SKUs.

謝謝。我能否就營養類別的所有客戶的庫存重建情況進行跟進，而不僅僅是您最大的連鎖店，只是了解您的貨架上庫存情況以及較小 SKU 的庫存情況。

Yeah, very good question. We are rebuilding that rapidly. I probably characterize it as we are at going levels of on-shelf availability, probably the second big distribution surge that you're going to see across the rest of this year is we're introducing 60 SKUs. Those shelf resets will be happening any day now through the next couple of months. That will also increase our share of distribution that will be a positive impact on Store Brand share trajectory, so on track and strengthening the fundamentals of that infant nutrition go to market over the next few weeks.

是的，非常好的問題。我們正在迅速重建。我可能會將其描述為我們正處於貨架供應水平，今年剩餘時間內您將看到的第二次大規模分銷熱潮可能是我們將推出 60 個 SKU。在接下來的幾個月裡，這些貨架的重置將隨時發生。這也將增加我們的分銷份額，對商店品牌份額走勢產生積極影響，從而走上正軌並加強未來幾週嬰兒營養品上市的基本面。

Chris Shott, JP Morgan.

摩根大通的克里斯·肖特。

Hi, this is Ethan on for Chris. Just one more follow up question from us. As you think about the potential impact of pharma specific tariffs? To what extent could that have an impact on the business and then maybe any commentary on how quickly you could offset that impact as well? Thank you so much.

大家好，我是 Ethan，為 Chris 服務。我們還有一個後續問題。您認為藥品特定關稅的潛在影響是什麼？這會在多大程度上對業務產生影響？您能否評論一下您能多快抵消這種影響？太感謝了。

Hi Chris, good to hear from you. I'll start and then Eduardo will give some more detail. This has been a fairly fluid for us trying to understand tariffs as it has for multiple industries. We continue to see evolution in what tariffs, what level of tariffs, what specific country impacts, et cetera. Based upon our current assumptions, we could see up to about $100 million impact.

你好，克里斯，很高興收到你的來信。我先開始，然後 Eduardo 會提供更多細節。對於我們試圖了解關稅而言，這是一個相當不穩定的過程，因為它對多個行業都是如此。我們繼續看到關稅、關稅水準、對特定國家的影響等方面的演變。根據我們目前的假設，我們可能會看到高達約 1 億美元的影響。

How we will mitigate that is through pricing. It's through onshoring is looking at autonomous supply routes, including where we saw API, and that it is that latter that is probably quite meaningful for us. So basically, whatever we've done on Oral Care is what we would look to execute across farmer, 40%, 45% of our businesses in Europe, as and that's not impacted.

我們將透過定價來緩解這一問題。透過在岸外包尋找自主供應路線，包括我們看到的 API，後者對我們來說可能非常有意義。因此，基本上，我們在口腔護理方面所做的一切，都是我們希望在整個歐洲 40% 到 45% 的業務中實施的，這不會受到影響。

So this is US, we have a playbook now and that's what we would execute here. We're in close liaison with the administration providing input to how they're thinking about farmer and the implications for farmer industry given the administration's stated aim of reducing cost burden to patients and consumers, this needs to be thought through extremely carefully. But we have the playbook ready, we're just awaiting what these decisions and impacts are and it seems to be a case of whatever is announced could potentially then changes it's further executed.

這就是美國，我們現在有一個劇本，這就是我們將在這裡執行的。我們正在與政府保持密切聯繫，了解他們對農民的看法以及對農民產業的影響，因為政府聲稱的目標是減輕患者和消費者的成本負擔，所以這需要非常仔細地考慮。但我們已經準備好了劇本，我們只是在等待這些決定和影響，而且似乎無論宣布什麼都可能改變其進一步的執行。

Thank you, ladies and gentlemen. That concludes our question-and-answer session. I will now turn the conference back over to Patrick Lockwood-Taylor, CEO.

謝謝各位，女士們、先生們。我們的問答環節到此結束。現在我將會議交還給執行長 Patrick Lockwood-Taylor。

Thank you very much and thank you to everyone for joining today. As you heard today, we're making great progress in our stabilized initiatives, really benefiting our America's business. We're also maintaining our EPS guidance whilst broadening the range of revenue which we feel is prudent.

非常感謝，也感謝大家今天的參加。正如大家今天所聽到的，我們在穩定措施方面取得了巨大進展，這確實使美國的商業受益。我們也維持每股收益指導，同時擴大我們認為謹慎的收入範圍。

As you heard me mention earlier, we often don't spend enough time on the contribution and the importance and the growth of our international business, which is really turbocharged growth over the past few years and now accounts for well over 40% of our global sales, and that's accelerating. In quarter one, net sales in the international business were mid-single digit plus 5% and organic adjusted OI group plus 10%.

正如您之前聽到我提到的，我們經常沒有花足夠的時間在國際業務的貢獻、重要性和增長上，而國際業務在過去幾年中確實實現了渦輪增壓式增長，現在占我們全球銷售額的 40% 以上，而且還在加速增長。第一季度，國際業務淨銷售額為中等個位數成長 5%，有機調整後的 OI 集團成長 10%。

Just for comparison purposes, the adjusted OOI of the international business was over $85 million in quarter one, nearly as much as the America's business OOI of $100 million, and that gap is narrowing. That's very important. The perspective that business is now almost 4.5 times larger in terms of revenue than our entire form of business and is approaching the same size as our US OTC business. It is a large and accelerating part of Perrigo Enterprise.

僅出於比較的目的，第一季國際業務的調整後 OOI 超過 8500 萬美元，幾乎與美國業務的 OOI 1 億美元相當，而且這一差距正在縮小。這非常重要。從收入角度來看，該業務現在的收入幾乎是我們整個業務的 4.5 倍，並且接近我們美國 OTC 業務的規模。它是 Perrigo Enterprise 的一個龐大且快速發展的部分。

This business and why it's important to really understand it also embodies the potential of our Three-S Plan on a global basis, driving benefits and streamlining as we've consolidated brands, as we've consolidated categories, as we consolidate the organizational structure and the supply strategy. It's also benefited enormously from strengthened initiatives. We're seeing disproportionate share growth in our highest potential brands that we talked about at our February Investor Day. We are, as you heard, disproportionally driving investment and focus on those most inclusive categories, brands, and geographical operations. And as you heard, we talked to, we're moving to regional clusters passing those savings to bottom line.

這項業務以及真正理解它的重要性也體現了我們「三S」計畫在全球範圍內的潛力，在我們整合品牌、整合類別、整合組織結構和供應策略的同時，推動效益的提升和精簡。它也從強化的措施中受益匪淺。我們在二月份投資者日討論過的最具潛力的品牌的份額增長不成比例。正如您所聽到的，我們正在不成比例地推動投資並專注於那些最具包容性的類別、品牌和地理運營。正如您所聽到的，我們正轉向區域集群，將這些節省的資金轉嫁給底線。

So in closing, we're advancing our Three-S plan to stabilize, streamline and strengthen Perrigo, and we have clearer initiatives being executed well across each of those verticals. With our 100 plus molecules and an additional 150 actives across 100% of price point coverage, Perrigo's unique business model provides significant opportunities for growth, especially in this uncertain environment. And as we convert those opportunities, you will hear those being reflected in our earnings announcements and our future goals. Thank you very much for joining us today.

最後，我們正在推進我們的三S計劃，以穩定、精簡和加強Perrigo，並且我們在每個垂直領域都有更清晰的舉措正在執行。憑藉我們 100 多種分子和另外 150 種活性成分，涵蓋 100% 的價格點，Perrigo 獨特的商業模式提供了巨大的成長機會，尤其是在這個不確定的環境中。當我們轉換這些機會時，您將聽到這些反映在我們的收益公告和未來目標中。非常感謝您今天加入我們。

This concludes today's conference. Thank you for attending. You may now disconnect your lines.

今天的會議到此結束。謝謝您的出席。現在您可以斷開線路了。