Perrigo Company PLC (PRGO) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen and welcome to Perrigo Q3 2025 Financial results conference call. At this time, all lines are in a lesson only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded on Wednesday, November 5, 2025. I would now like to turn the conference over to Bradley Joseph, Vice President Global Investor Relations. Please go ahead, sir.

女士們、先生們，早安，歡迎參加 Perrigo 2025 年第三季財務業績電話會議。目前所有線路均處於僅授課模式。演講結束後，我們將進行問答環節。通話期間，如果您需要立即協助，請按 0 聯絡接線員。本次通話錄音時間為2025年11月5日星期三。現在我將把會議交給全球投資者關係副總裁布拉德利·約瑟夫。請繼續，先生。

Good morning and good afternoon, everyone. Welcome to Parrago's 3rd quarter 2025 earnings conference call. I hope you all had a chance to review our two press releases issued today.

各位早安/下午好。歡迎參加 Parrago 2025 年第三季財報電話會議。希望大家都有機會閱讀我們今天發布的兩份新聞稿。

A copy of both releases and presentation for today's discussion are available within the investor section of the Perrigo.com website. Joining today's call our President and CEO Patrick Lockwood Taylor and CFO Eduardo Visa.

今天討論會的新聞稿和簡報均可在 Perrigo.com 網站的投資者關係部分找到。今天參加電話會議的有總裁兼執行長帕特里克·洛克伍德·泰勒和財務長愛德華多·維薩。

I'd 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 non-GAAP two GAAP financial measures presented.

我想提醒大家，在本次演講中，參與者將做出一些前瞻性陳述。有關這些聲明的資訊請參閱幻燈片，這些聲明存在重大風險和不確定性。我們將參考一些非公認會計準則的調整後財務指標。有關所有非GAAP和兩個GAAP財務指標的更多詳細資訊和調節表，請參閱收益報告附錄。

A few 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, exited products, and foreign currency fluctuations in both comparable periods. Third, regarding the strategy reviews discussed today, we will not provide further updates unless and until the company determines further disclosure is appropriate or required.

在開始之前，有幾件事需要說明。首先，除非另有說明，所有討論和列出的財務業績均以持續經營為基礎。其次，有機成長不包括收購、剝離、退出產品以及兩個可比較期間的外匯波動。第三，關於今天討論的策略評估，除非公司認為有必要或合適，否則我們將不再提供進一步的更新。

And finally, Patrick's discussion will focus solely on non-GAAP results, except as otherwise noted.

最後，除非另有說明，Patrick 的討論將僅集中於非 GAAP 業績。

And with that, I'm pleased to return the call to Patrick.

因此，我很高興能給派崔克回電。

Thank you, Brad. Good morning, good afternoon, and thank you for joining today's call.

謝謝你，布拉德。早安，下午好，感謝各位參加今天的電話會議。

I'd like to begin by addressing recent category consumption trends across consumer health.

我想先談談近期消費者健康領域的消費趨勢。

Which remains soft, reflecting broad, short-term market pressures.

市場依然疲軟，反映出廣泛的短期市場壓力。

Against this backdrop, Perrigo has delivered sustained share gains and advanced key initiatives under our 3S plan.

在此背景下，Perrigo 實現了持續的市場份額成長，並推進了 3S 計劃下的關鍵舉措。

To stabilize, streamline, and to strengthen.

穩定、簡化和加強。

These efforts are enabling us to navigate the challenging landscape of making steady progress on our strategic priorities and reinforcing our long-term value proposition.

這些努力使我們能夠應對充滿挑戰的局面，穩步推進我們的策略重點，並鞏固我們的長期價值主張。

With that context, let's turn to how these trends influenced our year-to-date performance and our outlook going forward.

有了這些背景，讓我們來看看這些趨勢是如何影響我們今年迄今為止的業績以及我們對未來的展望的。

Let's start with USOTC, but Perrigo continued to outperform despite a challenging market.

我們先來看看美國場外交易市場（USOTC），儘管市場充滿挑戰，但 Perrigo 的表現依然優於其他股票。

While total OTC volume consumption has recently declined versus the prior year, Perrigo store brand has delivered 6 consecutive months of share gains. These games were driven by strong execution, consumer trade across from national brands, new distribution of business wins against key store brand competitors.

雖然近期非處方藥總銷量較上年有所下降，但 Perrigo 自有品牌已連續 6 個月實現市佔率成長。這些比賽的成功得益於強有力的執行、消費者對全國品牌的消費交易，以及在與主要自有品牌競爭對手的較量中贏得新的業務分銷管道。

Diving in a bit deeper, you can see on the right hand side of the slide that over the last 13 weeks, Perrigo gained volume share of 90 basis points and across nearly every OTC category we compete, most notably smoking cessation, allergy, and women's health.

更深入地來看，您可以在幻燈片的右側看到，在過去的 13 周里，Perrigo 的銷售份額增加了 90 個基點，幾乎在我們競爭的所有非處方藥類別中都是如此，尤其是在戒菸、過敏和女性健康方面。

The same volume share gains in this environment underscores our winning OTC strategy and validates the strength of our value proposition to retailers and consumers.

在這種環境下，銷售份額的成長凸顯了我們成功的非處方藥策略，並驗證了我們為零售商和消費者提供的價值主張的強大之處。

In the EU, total OTC EUR consumption has also recently declined. Despite this, Perrigo's key brands have gained dollar share for 5 consecutive months, driven by our strong brands with unique value propositions, our highly focused AMP investments in innovation and targeted activation strategies.

歐盟的場外歐元消費總量近期也有所下降。儘管如此，在強大的品牌及其獨特的價值主張、高度集中的 AMP 創新投資和有針對性的激活策略的推動下，Perrigo 的主要品牌連續 5 個月獲得了市場份額的增長。

These durable games highlight the strength of our category-led approach and the resilience of our key brands, including E1, Jungle Formula, and our coal productsida and Core.

這些經久不衰的遊戲突顯了我們以品類為主導的方法的優勢，以及我們主要品牌的韌性，包括 E1、Jungle Formula 以及我們的煤炭產品 ida 和 Core。

Though our remaining brands in the EU have been impacted by similar trends to the broader market, our key brands illustrate the strength of our portfolio where we have concentrated our resources.

儘管我們在歐盟的其他品牌也受到了與更廣泛市場類似趨勢的影響，但我們的主要品牌體現了我們集中資源打造的強大產品組合。

In total, Perrigo share gains across the US and Europe, particularly in the current challenging environment, underscores the strength of our execution and the relevance of our unique multi-price point OTC portfolio.

整體而言，Perrigo 在美國和歐洲的市佔率成長，尤其是在當前充滿挑戰的環境下，凸顯了我們執行力的強大以及我們獨特的多價格點場外交易產品組合的重要性。

Building on our share gains in both the US and Europe has turned to the progress we've made against our 3S plan, stabilizing, streamlining and strengthening.

在美國和歐洲取得市場份額成長的基礎上，我們轉向了在 3S 計劃（穩定、精簡和強化）方面取得的進展。

Which continues to guide our actions and priorities.

這將繼續指導我們的行動和優先事項。

We've stabilized our US OTC store brand business and are outperforming the market in the categories we compete.

我們已經穩定了美國非處方藥自有品牌業務，並且在我們所競爭的類別中表現優於市場。

As I just mentioned, we have gained volume share for 6 consecutive months.

正如我剛才提到的，我們已經連續6個月實現了銷售份額的成長。

This success in consistently growing share in a challenging market results directly from disciplined execution and is clear evidence that this business is winning in the market.

在充滿挑戰的市場中持續擴大市場份額的成功，直接源於嚴謹的執行，也清楚地證明了這家企業正在市場中取得成功。

In infant formula, store branders also gain share. And operationally we are consistently delivering safe, affordable formula to parents and caregivers.

在嬰兒配方奶粉市場，自有品牌也獲得了更多市場份額。在營運方面，我們始終如一地為父母和照顧者提供安全、價格合理的配方奶粉。

We also continue to streamline our organization, delivering as one parago.

我們也不斷精簡組織架構，力求以整體的方式進行工作。

Initiated in 2022, our supply chain reinvention remains on track to deliver between $150 and $200 million in benefits by the end of this year.

我們的供應鏈改革於 2022 年啟動，目前進展順利，預計今年底將帶來 1.5 億至 2 億美元的收益。

Project Energize, which has generated $163 million in gross annual savings above the midpoint of our $140 to $170 billion range.

「活力計畫」已產生 1.63 億美元的年度毛節省額，高於我們 1,400 億至 1,700 億美元範圍的中點。

Also as part of our streamlining, we've been positioning our portfolio to become a more strategically scalable TSR attractive portfolio.

作為精簡流程的一部分，我們一直在調整投資組合，使其成為更具策略性可擴展性且對總回報率 (TSR) 更具吸引力的投資組合。

These efforts are leading Perrigo back to our core strength, which is consumer health.

這些努力正引領 Perrigo 回歸核心優勢，即消費者健康。

The sale of our German cosmetics business remains on track to close in the first quarter of 2026.

我們出售德國化妝品業務的計劃仍按計劃進行，預計將於 2026 年第一季完成。

As announced this morning, we are now actively reviewing the infant formula business, and I'll get more on this in a moment. We also continue to strategically review our all care business, which we announced at our February investor day.

正如今天早上宣布的那樣，我們正在積極審查嬰兒配方奶粉業務，稍後我將詳細介紹。我們也將繼續對我們的所有護理業務進行策略性審查，我們在 2 月的投資者日上宣布了這一消息。

We've made meaningful strides to strengthen the organization. A new leadership team is in place. We are scaling new brand building capabilities, and we have an improved and highly focused innovation process.

我們在加強組織建設方面取得了實質進展。新的領導團隊已經到位。我們正在擴大新的品牌建立能力，並且我們擁有改進的、高度專注的創新流程。

Implementation of our commercial growth model is expected to unlock the full potential of our portfolio, enabling teams to scale more molecules more efficiently to more consumers across more markets.

預計我們商業成長模式的實施將釋放我們產品組合的全部潛力，使團隊能夠更有效率地將更多分子推廣到更多市場，惠及更多消費者。

Finally, we are leveraging consumer insights and deepening our retail partnerships and ways that differentiate Perrigo versus competition. This is a new way of operating, and the team is energized about the possibilities ahead.

最後，我們正在利用消費者洞察，深化與零售合作夥伴的關係，並探索使 Perrigo 與競爭對手區分開來的方法。這是一種全新的運作方式，團隊對未來的各種可能性感到充滿活力。

Now our quarter 3 and year-to-date results where our diversified portfolio continue to demonstrate resiliency in a challenging environment.

現在來看看我們第三季和年初至今的業績，我們多元化的投資組合在充滿挑戰的環境中持續展現出韌性。

The third quarter, organic net sales declined 4.4%, impacted by 1.6% from our global OTC business due primarily to soft OTC category consumption, and 2.8% from businesses under review, both all care and infant formula.

第三季度，有機淨銷售額下降 4.4%，其中全球非處方藥業務下降 ​​1.6%，主要原因是非處方藥品類消費疲軟；此外，正在審查的業務（包括所有護理和嬰兒配方奶粉）下降 2.8%。

Gross profit and margin were down year over year, reflecting net sales performance.

毛利和毛利率較去年同期下降，反映了淨銷售額的下滑。

Operating profit and margin were partially offset by prudent cost management.

審慎的成本管理部分抵銷了營業利益和利潤率的下降。

And as projected, the infant performer scrap expense experienced in quarter 2 did not repeat, which drove meaningful sequential gross and operating margin expansion of 1,180 and 380 basis points respectively.

正如預期的那樣，第二季度發生的嬰兒表演者報廢費用沒有重現，這推動了毛利率和營業利率分別實現了1180和380個基點的顯著環比增長。

Collectively, these factors led to a 3rd quarter EPS of $0.80 of 1 penny versus the prior year.

綜合這些因素，導致第三季每股收益為 0.80 美元，比上年同期減少 1 美分。

Year-to-date, organic net sales declined 1.7%, primarily driven by 0.8% from the businesses under review that I just mentioned.

今年迄今為止，有機淨銷售額下降了 1.7%，其中主要受我剛才提到的正在審查的業務的影響，下降幅度為 0.8%。

In addition to 0.5% from the absence of last year's Oakville launch stocking benefits.

除了去年奧克維爾上市庫存福利缺失而造成的 0.5% 的損失外。

Our remaining OTC business accounted for the balance.

我們剩餘的非處方藥業務佔了剩餘部分。

Despite marketplace challenges, year-to-date growth and operating margins expanded, and organic operating income grew 13%, driven by continued execution of our accretive initiatives, recovering in infant formula, and prudent cost management.

儘管面臨市場挑戰，但年初至今的成長和營業利潤率均有所擴大，有機營業收入增長了 13%，這得益於我們持續推進增值計劃、嬰兒配方奶粉業務的復甦以及審慎的成本管理。

Year-to-date EPS grew 21% or 27% organically, $1.097.

今年迄今為止，每股收益成長了 21%，有機成長了 27%，達到 1.097 美元。

New to date consumption across consumer health has been dynamic and unpredictable.

迄今為止，消費者健康領域的新消費一直處於動態且不可預測的狀態。

Order 1 saw year over year growth. Order 2 moved from growth to decline in June, and this decline significantly accelerated in the 3rd quarter.

第一季實現了同比增長。第二季業績由成長轉為下降，第三季下降速度明顯加快。

The drivers appear transitory and do not look structural in nature.

這些驅動裝置看起來是暫時的，並不像是結構性的。

Combined with updated assumptions for our form of business, these factors have led us to revise our 2025 outlook.

結合我們業務模式的最新假設，這些因素促使我們修改了 2025 年的展望。

This is the right decision for the long-term stewardship of Perrigo and our shareholders.

從長遠角度來看，這對 Perrigo 及其股東而言是正確的決定。

The US store brand OTC, Perrigo increased dollar, unit, and volume share in 5 of the seven categories where we compete. In Europe, our key brands including E1, Jungle Formula, Cope, and our C and Co franchise also outperformed expectations.

美國自有品牌 OTC Perrigo 在我們競爭的七個品類中的五個品類中，銷售額、銷售量和市佔率均有所成長。在歐洲，我們的主要品牌，包括 E1、Jungle Formula、Cope 以及我們的 C and Co 特許經營權，也都超出了預期。

To capitalize on this momentum, we reallocated additional AMP investments in both regions, generating approximately $30 million in sales over and above our initial forecast and delivering a solid return on investment.

為了利用這一勢頭，我們在這兩個地區重新分配了額外的 AMP 投資，在最初的預測基礎上產生了約 3000 萬美元的銷售額，並帶來了可觀的投資回報。

At the same time, market consumption trends have been softer than they anticipated.

同時，市場消費趨勢比預期要疲軟。

Over the latest 13 week period, US OTC volume as a total category declined 3.2%, while Europe grew just 0.6%. Falling short of our original assumption by roughly 700 and 500 basis points respectively.

在最近的13週內，美國場外交易總量下降了3.2%，而歐洲僅成長了0.6%。分別比我們最初的預期低了約700和500個基點。

This represents an estimated $150 to $170 million impact for 2025 net sales outlook.

這預計將對 2025 年淨銷售額預期產生 1.5 億至 1.7 億美元的影響。

Lastly, Whilst infant formula is stabilized operationally, store brand share recovery will take longer than I expected, which, in addition to lost good start brand distribution is contributing an additional $100 million dollar impact.

最後，雖然嬰兒配方奶粉的運作已經穩定，但自有品牌份額的恢復將比我預期的要慢，這加上失去「好開端」品牌分銷管道的影響，將造成額外的 1 億美元損失。

Continuing with infant formula, today we announced a strategic review of this business as we assess its long-term role within the Perrigo portfolio.

繼續談論嬰兒配方奶粉業務，今天我們宣布對該業務進行策略審查，以評估其在 Perrigo 產品組合中的長期作用。

While we have stabilized this business, the external environment has quickly shifted, which will require sustained investment and disproportionate management focus, making its long-term fit alongside our faster growing, higher cash yielding consumer health OTC portfolio, less strategic.

雖然我們已經穩定了這項業務，但外部環境迅速發生了變化，這將需要持續的投資和不成比例的管理重點，這使得它與我們增長更快、現金收益更高的消費者健康非處方藥組合的長期契合度降低了。

As a result, the team will consider a full range of options, in addition to pausing our previously announced investment of $240 million.

因此，除了暫停先前宣布的 2.4 億美元投資外，團隊還將考慮各種其他方案。

No matter the outcome of this review, our corporate priorities are unchanged. Reduced leverage.

無論此次評估結果如何，我們的企業優先事項都不會改變。降低槓桿率。

Sustain our dividend, deliver for customers and shareholders, and focus on our high potential OTC portfolio to expand consumer access and household penetration.

維持股息，為客戶和股東創造價值，並專注於我們高潛力的場外交易產品組合，以擴大消費者獲取管道和家庭滲透率。

During this review, the business will continue to operate as normal, ensuring consistent and reliable supply of high-quality formula to customers and consumers.

在本次審查期間，公司將繼續正常運營，確保為客戶和消費者持續可靠地供應高品質配方奶粉。

In summary, we are executing our 3S plan with discipline, growing share in US store brands, and gaining share in our key European brands. These results show the resilience of our unique business model and validate our value proposition, even in a stock consumption environment.

總而言之，我們正在有條不紊地執行我們的 3S 計劃，不斷擴大我們在美國自有品牌中的份額，並提高我們在歐洲主要品牌中的份額。這些結果表明我們獨特的商業模式具有韌性，並驗證了我們的價值主張，即使在庫存消耗的環境下也是如此。

At the same time, we are delivering benefits from the supply chain reinvention and from Project Energize. We're also sharpening our focus on consumer health, with the announced sale of derma cosmetics and are actively reviewing both infant formula and or pair.

同時，我們正在從供應鏈重塑和「活力項目」中獲益。我們也在更加關註消費者健康，並已宣佈出售皮膚化妝品，並且正在積極審查嬰兒配方奶粉和/或伴侶產品。

While soft ATC consumption and infant formula are prompting a revision to our 2025 outlook, the momentum from our 3S plan and our share gains reinforce our confidence and pergo's ability to capture the durable demand of trusted consumer health solutions.

儘管 ATC 消費疲軟和嬰兒配方奶粉需求下降促使我們修改 2025 年的展望，但我們 3S 計劃的勢頭和市場份額的增長增強了我們的信心，也增強了 pergo 抓住值得信賴的消費者健康解決方案的持久需求的能力。

With that, I'll now send the call over to Eduardo to walk through the financials.

接下來，我將把電話轉接給愛德華多，讓他來詳細講解財務狀況。

Thank you, Patrick. Hello, everyone.

謝謝你，派崔克。大家好。

Looking at the 3rd quarter financials, starting with the GAAP to non-GAAP summary.

我們來看第三季的財務數據，先來看看 GAAP 與非 GAAP 的總和。

Primary adjustments to our non-GAAP financial results were, first, Amortization expense of 56 million dollars.com restructuring charge of $21 million primarily related to Project Energize and supply chain reinvention, and third, unusual litigation of $150 million. Full details can be found in the non-GAAP reconciliation tables attached to today's press release.

非GAAP財務表現的主要調整包括：第一，攤銷費用5600萬美元；.com重組費用2100萬美元，主要與「活力項目」和供應鏈重塑有關；第三，1.5億美元的異常訴訟費用。詳情請參閱今天新聞稿附件中的非GAAP財務報表調整表。

From this point forward, all financial results discussed will be on an adjusted basis unless otherwise noted.

從現在起，除非另有說明，所有討論的財務表現將以調整後為基礎。

Spatrick noted earlier, softer all DC category consumption in both the US and Europe waited meaningfully on top-line performance this quarter. Since you already provided detail on those drivers, I will begin my commentary with gross profits.

Spatrick 先前指出，美國和歐洲所有 DC 類別消費的疲軟，對本季的營收表現產生了顯著影響。既然您已經詳細介紹了這些驅動因素，我將從毛利開始我的評論。

Third quarter gross profit of $4170 million declined $30 million year over year, primarily due to the impact from lower net sales and disasters and exited products.

第三季毛利為 41.7 億美元，年減 3,000 萬美元，主要原因是淨銷售額下降、災害以及退出市場產品的影響。

These factors partially offset benefits from our supply chain reinvention and favorable currency translation.

這些因素部分抵銷了我們供應鏈重組和有利匯率帶來的好處。

Gross margin for the quarter declined 110 basis points due to the same factors and included higher sales from relatively lower margin store brands versus our branded product portfolio.

由於上述因素，本季毛利率下降了 110 個基點，其中包括來自利潤率相對較低的自有品牌的銷售額高於我們的品牌產品組合。

Year-to-date, gross profit of $1.2 billion decreased $27 billion year over year, including a $40 billion impact from the investors and exited products. Organic gross profit was flat to per year while organic gross margin was up 60 basis points, stemming from infant formula recovery and accretive initiatives.

今年迄今為止，毛利為 12 億美元，年減 270 億美元，其中包括投資者和退出產品帶來的 400 億美元影響。有機毛利與去年持平，而有機毛利率上升了 60 個基點，這得益於嬰兒配方奶粉業務的復甦和增值舉措。

I will discuss operating profits and earnings per share in just a moment.

我稍後會討論營業利潤和每股收益。

Turning to net sales performance by segment starting with the CSCI.

接下來，我們按細分市場分析淨銷售業績，首先從 CSCI 開始。

Third quarter, organic net sales decreased 5.3%, impacted primarily by soft OTC category consumption trends, partially offset by share gains in key brands and new products.

第三季度，有機淨銷售額下降 5.3%，主要受非處方藥消費趨勢疲軟的影響，但主要品牌和新產品的市佔率成長部分抵消了這一影響。

Here today, CSCI organic net sales grew 0.7%, driven by restored product supply in the pain and sleep category, in addition to growth in healthy lifestyle driven by key brands, including jungle formula and niquity.

今天，CSCI 有機淨銷售額成長了 0.7%，這得益於疼痛和睡眠類別產品供應的恢復，以及包括 jungle formula 和 niquity 在內的主要品牌推動的健康生活方式的成長。

These drivers were partially offset by decelerating category consumption beginning in the second quarter.

這些驅動因素被第二季開始的品類消費成長放緩部分抵銷。

CSCA third quarter net sales declined 3.8% with US OPC growth of 0.6%, driven by sustained share gains across five of seven store brand categories and growth in our contract business.

CSCA 第三季淨銷售額下降 3.8%，美國 OPC 成長 0.6%，這得益於七個自有品牌類別中的五個類別持續獲得市場份額成長以及合約業務的成長。

Growth was led by upper respiratory skin care, and women's health, which were partially obsessed by digestive health and healthy lifestyle.

成長主要由上呼吸道皮膚護理和女性健康領域引領，其中女性健康領域特別關註消化系統健康和健康的生活方式。

Third quarter growth in OTC was more than offset by a 4.4% decline from business under strategic review, 3.8% from its formula and 0.6% from Worldcare.

第三季非處方藥業務的成長被策略審查業務下降 ​​4.4%、配方藥下降 3.8% 以及 Worldcare 下降 0.6% 所抵消。

Year-to-date, CSA net sales declined 3.1% due to an impact of 1.1% from business under strategic review and the absence of the prior OP launch stocking benefit of 0.8%. The remaining LTC business was down 1.2% as continued soft market consumption was partially upset by store brand share gains.

今年迄今，CSA淨銷售額下降3.1%，其中1.1%的降幅來自正在進行策略審查的業務，另外0.8%的降幅則來自先前OP產品上市帶來的庫存成長。其餘LTC業務下降1.2%，持續疲軟的市場消費受到自有品牌市佔率成長的部分抵銷。

Third quarter operating income of $173 million decreased $9 million. Operating income was down 4.9% due primarily to lower net sales flow through and higher operating expenses in even form.

第三季營業收入為 1.73 億美元，減少了 900 萬美元。營業收入下降 4.9%，主要原因是淨銷售額下降和營業費用上升。

This impact was partially offset by growth from the rest of the business, including benefits from Project energized and prudent cost management.

這項影響部分被其他業務的成長所抵消，包括專案活力和審慎的成本管理所帶來的效益。

Avestors and exited products were fully offset by favorable currency translation.

退出市場和退出產品的影響完全被有利的匯率變動所抵銷。

Year-to-date, operating income of $455 million increased $41 million driven by global OTC benefits from accreted initiatives, infant formula, and favorable currency translation partly offset by disasters and exited fronts. Organic operating income grew 13.2% in the period.

今年迄今為止，營業收入為 4.55 億美元，成長了 4,100 萬美元，這主要歸功於全球非處方藥業務成長帶來的收益、嬰兒配方奶粉銷售以及有利的匯率變動，但部分被災害和退出市場所抵消。本期有機營業收入成長13.2%。

Despite clear marketplace challenges, third quarter 2025 EPS was $0.80 compared to $0.81 in the prior year.

儘管面臨明顯的市場挑戰，但 2025 年第三季每股收益為 0.80 美元，而去年同期為 0.81 美元。

Year-to-date, earnings per share of $1.97 was up almost 21% or 27% organ.

今年迄今為止，每股收益為 1.97 美元，比去年同期增長近 21% 或 27%。

32 balance sheet and cash flow.

32 資產負債表和現金流量表。

Third quarter operating cash flow was $52 million bringing year-to-date operating cash flow to $63 million.

第三季經營現金流為 5,200 萬美元，使今年迄今的營運現金流達到 6,300 萬美元。

Year-to-date, we invested $67 million in capital expenditures and returned the $1190 million to shareholders through dividends.

今年迄今為止，我們已投入 6,700 萬美元用於資本支出，並透過股息將 11.9 億美元返還給了股東。

In cash on the balance sheet at the end of the 3rd quarter was $432 million.

第三季末資產負債表上的現金為 4.32 億美元。

Given our updated outlook, which I will detain in a few minutes, we now expect year-end net debt to adjust to the data of approximately 3.8 times versus our prior target of 3.5 times due primarily to our updated net sales expectations.

鑑於我們更新後的展望（我稍後會詳細說明），我們現在預計年底淨債務將調整至約 3.8 倍，而我們先前的目標為 3.5 倍，這主要是由於我們更新了淨銷售額預期。

We remain on track to close the derma cosmetics divesture in the first quarter of 2026 and expect to use the net proceeds to advance our the leveraging goal.

我們仍按計劃在 2026 年第一季完成皮膚化妝品業務的剝離，並期望利用淨收益來實現我們的槓桿目標。

As part of our announced the strategic review of the infant formula business, we have paused to the previously announced $240 million investment until we determined the best path forward for the business. As a quick update, our oral care business is still undergoing a strategic review.

作為我們先前宣布的對嬰兒配方奶粉業務進行策略評估的一部分，我們已暫停先前宣布的 2.4 億美元投資，直到我們確定該業務的最佳發展路徑。簡單報告一下，我們的口腔護理業務仍在進行策略評估。

Taking all of these into account, as outlined by Patrick, we are updating our fiscal 2025 outlook from the low end of our previous organic net sales outlook range to 2 to. 2.5% organic net sales growth due to softer than expected OTC category consumption in both the US and Europe as well as lower than anticipated infant formula share growth.

考慮到所有這些因素，正如 Patrick 所概述的那樣，我們將 2025 財年的展望從先前有機淨銷售額展望範圍的下限更新為 2 至 。由於美國和歐洲的非處方藥消費量低於預期，以及嬰兒配方奶粉市場份額增長低於預期，有機淨銷售額增長了 2.5%。

As a result of the top-line updates, we now expect gross margin of approximately 39% for the year.

由於營收成長，我們現在預計全年毛利率約為 39%。

We are, however, reaffirming operating margins for the year of approximately 15% as benefits from accretive initiatives and prudent cost management of set to the gross margin adjustment. We also expect a slight improvement to our full year tax rate to approximately 18.5%. These updates translate to a 2025 earnings per share range outlook of $2.70 to $2.80 equating to 5% to 9% growth versus 2024.

然而，我們重申本年度的營業利潤率約為 15%，這得益於增值措施和審慎的成本管理，並抵消了毛利率調整的影響。我們也預計全年稅率將略微改善至約18.5%。這些調整將使我們對2025年每股收益的預期區間調整為2.70美元至2.80美元，相當於比2024年增長5%至9%。

A few comments on our year over year Q4 expectations before I close my remarks.

在結束發言之前，我想先就我們第四季同比預期談幾點看法。

On the top-line, we expect organic growth in our global business of approximately flat to 1%, while sales in our nutrition category are expected to be down year over year due to lower contract volumes and the comparison against restocking activity in the prior quarter.

從營收方面來看，我們預計全球業務的有機成長將持平至 1%，而由於合約量減少以及與上一季補貨活動的比較，營養品類的銷售額預計將同比下降。

4 margins are expected below prior year levels due to the impact of lower volumes and tariff related costs.

4. 由於銷售下降和關稅相關成本的影響，預計利潤率將低於上年水準。

Operating expenses for the total company are expected to be relatively flat year over year.

預計公司整體營運費用將與上年基本持平。

Finally, we're lapping a prior year Q4 tax rate of 14.9% versus our expectation of approximately 18.5% on a full year basis for 2025.

最後，我們採用的是去年第四季 14.9% 的稅率，而我們預計 2025 年全年稅率約為 18.5%。

In closing, this quarter reflected both the resilience and the pressures in our business. Softer OTC consumption and slower infant formula recovery waited on sales, but we still delivered year-to-date earnings per share growth of more than 20% and double-digit organic operating income growth.

總之，本季既反映了我們業務的韌性，也反映了其面臨的壓力。非處方藥消費疲軟和嬰兒配方奶粉復甦緩慢影響了銷售額，但我們今年迄今為止的每股收益仍增長超過 20%，有機營業收入也實現了兩位數的增長。

Margins are holding through discipline, cost management, and the benefits of our efficiency programs. We remain committed to returning cash to shareholders while reducing leverage supported by the pending derma cosmetics divested.

透過嚴格的紀律、成本控制以及效率提升計畫帶來的效益，利潤率得以維持穩定。我們仍致力於向股東返還現金，同時透過即將剝離的皮膚化妝品業務來降低槓桿率。

We adjusted our 2025 outlook to reflect current reality, but our reactions to streamline the portfolio, manage costs, and focus investments on high-performing brands. Give us confidence that Perrigo is positioned to navigate the near-term challenges and deliver stronger, more durable performance over time.

我們調整了 2025 年的展望以反映當前的實際情況，但我們採取的應對措施是精簡投資組合、控製成本，並將投資重點放在表現優異的品牌上。請相信 Perrigo 有能力應對近期挑戰，並隨著時間的推移提供更強勁、更持久的業績。

Thank you, and I will now turn the call back to Brad. Brad.

謝謝，我現在把電話轉回給布萊德。布拉德。

Thanks Eduardo operator, can we please open the call for questions?

謝謝接線生愛德華多，我們可以開始接受提問了嗎？

Thank you and ladies and gentlemen, we will now begin the question-and-answer session. To ask a question, you may press a star followed by the number 1 on your telephone keypad. If you're using a speakerphone, to speak up your handset before pressing the keys to withdraw your question, please press a star followed by the number 2. With that, our first question comes from the line of Susan Anderson with kind or genuity. Please go ahead.

謝謝大家，女士們、先生們，現在我們將開始問答環節。若要提問，您可以按下電話鍵盤上的星號鍵，然後按數字 1。如果您正在使用免持電話，請在按下按鍵撤回您的問題之前，按星號鍵，然後按數字 2，以提高您的音量。因此，我們的第一個問題來自蘇珊安德森的這句話，這句話表達的是善良或真誠。請繼續。

Hi, good morning, thanks for taking my question. I guess maybe just to follow-up on the instant formula. There seems to be, I guess, a pretty widespread between the sell out data and your sell in. Just curious, was that mainly destocking by retailers in the quarter, and I think you said you did say that your share was up in the quarter and then I was curious how the new skews that you introduced, how those were doing, and then just, in general what kind of drove the miss versus your original expectations thanks.

您好，早安，感謝您回答我的問題。我想也許只是為了跟進速成配方。我猜想，售罄數據和你的售出數據之間似乎存在相當廣泛的差異。我只是好奇，這主要是零售商在本季的去庫存活動嗎？我記得您說過您的市場份額在本季度有所增長，所以我很好奇您推出的新指標表現如何，以及總體上是什麼原因導致了業績未達到您的預期。謝謝。

Hi, Susan, Eduardo here. So a couple of comments here.

你好，蘇珊，我是愛德華多。這裡我想補充幾點。

So first of all, yes, we're seeing a pick up in our store brands, share.

首先，是的，我們看到自有品牌銷售有所回升。

It's been at the lower pace than we originally anticipated, right? So remember we were expecting to be at the low 20s, at the end of the year, given the competitive environment, still continue to see significant. And imported formulas coming into the marketplace. We're seeing a growth in our sovereign shares. So in Q3, we did several actions in terms of rollbacks and promotions to make sure that we meet consumers on where they need. And so that has evolved and we're seeing significant, we're seeing an improvement in our share, but below our original expectations. And then to that point, because of that, we are revisiting our net sales guidance. Remember we said in Q2 we were expecting about 25% growth in the second half of the year. Because of that competitive pressure and also we're seeing a slower market development there. We're seeing a reduction on that side in terms of, the overall market that's impacting our share. Another important component, as you may remember, Q4 last year we had a significant contract volume sales and then as the original expected those are not materializing as well because of, the new imports, the imports that are getting to the marketplace today.

進度比我們最初預期的要慢，對吧？所以請記住，考慮到競爭環境，我們原本預計年底時會達到 20 出頭，但仍然會看到顯著的成長。還有進口配方進入市場。我們看到我們的主權股份正在成長。因此，在第三季度，我們採取了多項措施，包括調整政策和促銷活動，以確保滿足消費者的需求。因此，情況發生了變化，我們看到市場份額有了顯著提高，但低於我們最初的預期。正因如此，我們正在重新審視我們的淨銷售額預期。還記得我們在第二季說過，我們預計下半年將實現約 25% 的成長嗎？由於競爭壓力，而且我們也看到那裡的市場發展速度放緩。我們看到，就整體市場而言，這方面出現了下滑，影響了我們的市佔率。另一個重要因素，您可能還記得，去年第四季度我們有大量的合約銷量，但正如最初預期的那樣，由於新進口產品，也就是目前進入市場的進口產品，這些銷量並沒有很好地實現。

Susan, you also asked about skew velocity. You actually hit the nail on the head. The distribution build up of our new SKUs has been per plan. The velocity we're seeing on those SKUs is below expectation. The reasons are clear and being fixed. It's position on shelf and it's a matter of shelf space given to inform the store brand is below what it historically was. That's impacting business for retailers and of course for us and is being addressed.

蘇珊，你也問了偏斜速度的問題。你說的真是說到重點了。我們新SKU的分銷進度已按計劃完成。這些SKU的銷售速度低於預期。原因很明確，正在解決中。它在貨架上的位置，以及分配給該商店品牌的貨架空間，都表明該品牌的影響力低於其歷史水平。這正在影響零售商的業務，當然也影響到我們，目前正在努力解決這個問題。

Okay great thanks for the details there I guess maybe just to follow-up on the CSCI business on a couple of the segments I think in Women's Health you talked about some supply constraints I guess just curious what drove that there and I think it's been resolved now and then also in BMS there I think you mentioned deprioritization of nutraceuticals so. I'm curious kind of what's driving that and then I think you also said consumption was a little weaker in BMS and international just curious if the consumer is kind of pulling back on that category. Thanks.

好的，非常感謝您提供的詳細資訊。我想就CSCI業務的幾個細分領域再補充一些資訊。我想在女性健康領域，您提到了一些供應限制，我很好奇是什麼原因導致了這種情況，我想現在這個問題已經解決了。另外，在BMS領域，我想您提到了營養保健品的優先順序降低。我很好奇是什麼原因導致了這種情況，而且我想你也說過，BMS和國際市場的消費略顯疲軟，我只是好奇消費者是否正在減少對該類別的支出。謝謝。

Yeah. So, a couple of things there, as we compare to last year, right? So last year we had a stronger Q3. There was also some, early.

是的。所以，與去年相比，有幾點不同，對吧？所以去年我們第三季的業績比較強勁。早期也有一些。

Signs of, cough and cold last year different than what we're seeing this year. So we expect a shift between Q3 and Q4 in CSI.

去年咳嗽和感冒的症狀與今年我們看到的有所不同。因此，我們預計CSI在第三季和第四季之間會發生變化。

Specifically to your question regarding women's health, that were some supply issues on our LO1, which is the key. Brand that we have there in Europe, but those have been resolved and we expect that to pick up back in Q4. Also in ES, yeah, the Neutralsilticos portfolio, it's something that we have been deprioritizing overall versus some of our brands that we have. Both in the Netherlands and Germany that are performing relatively good. And then the last piece on the soft OTC consumption, that's something that we're seeing more broadly, but as we look into Q4, when we highlight, our expectation to be flat to 1%, we expect a significant pick up in CSCI as compared to what we saw in Q3. So, Again, last year we saw a stronger Q3 versus Q4. This year, we expect a shift because of seasonality as well, we expect, more taking place in Q4 versus what we saw in Q3 this year. That's why we're expecting, an important growth sequentially in CSCI that's about 5% to 6% on that sales.

具體來說，關於您提出的女性健康問題，我們第一胎（LO1）確實存在一些供應問題，這是關鍵所在。我們在歐洲擁有一個品牌，但這些問題已經解決，我們預計第四季會好轉。是的，在西班牙，Neutralsilticos 的產品組合，我們總體上已經降低了它的優先級，而我們旗下的其他一些品牌則被放在了更高的優先級。荷蘭和德國的表現都相對較好。最後一點是關於非處方藥消費的疲軟，這是我們更廣泛地看到的現象，但當我們展望第四季度時，我們預計持平於 1%，我們預計 CSCI 將比第三季度大幅增長。所以，去年我們又看到第三季業績強於第四季。今年，由於季節性因素，我們預計情況會有所變化，預計第四季度的情況會比第三季度更加嚴重。因此，我們預計 CSCI 的銷售額將較上季成長約 5% 至 6%。

Okay, great, that's very helpful. Thanks for all the details.

好的，太好了，這很有幫助。謝謝你提供的所有細節。

Thanks Susan.

謝謝你，蘇珊。

Next question please.

下一個問題。

Thank you. And your next question comes from the line of Keith Devas with Jeffries. Please go ahead.

謝謝。你的下一個問題來自 Keith Devas 和 Jeffries 的對話。請繼續。

Hey, good morning. Thanks for the question. I'm curious if you guys can just provide maybe a little bit more color on what changed intra quarter on on both OTC and infant formula versus the original plans that you guys have given a lot, already, but I guess the volatile consumption.

嘿，早安。謝謝你的提問。我很好奇你們能否再詳細解釋一下，與你們之前多次提到的原計劃相比，本季度非處方藥和嬰兒配方奶粉的銷售情況發生了哪些變化，但我猜想，波動性消費可能是主要原因。

We're seeing across a lot of categories and staples, and it doesn't feel normal, so I'm curious what you think is driving it, whether it's, added consumer pressure or maybe mitigating to lower pack sizes and maybe how your conversations with the retailers have also evolved over the years.

我們看到很多品類和必需品都出現了這種情況，這感覺不太正常，所以我很好奇你認為是什麼原因造成的，是消費者施加了更大的壓力，還是為了緩解這種情況而縮小包裝尺寸，以及這些年來你與零售商的溝通方式發生了怎樣的變化。

Yeah, hi, Keith, on OTC consumption, We're back reviewing this data yesterday in quarter 1, we saw consumption growth actually ahead of expectation between 3 and 3.5 points.

是的，嗨，基思，關於非處方藥消費，我們昨天回顧了第一季的數據，發現消費成長實際上比預期高出 3 到 3.5 個百分點。

Quarter 2, I remember this, we get this data like you retrospectively. Quarter 2 we started to see a slowdown then moving into slight decline, with actually June.

第二季度，我記得，我們​​和你們一樣，都是事後才獲得這些數據的。第二季我們開始看到成長放緩，然後略有下滑，尤其是在六月。

Appearing to be flat a year ago and sort of past 3 average that then continued and actually accelerated really from August onwards and October consumption was weak as well. Okay, so this.

一年前似乎持平，略高於平均 3，然後繼續成長，實際上從 8 月開始加速成長，10 月的消費也很疲軟。好的，就是這樣。

It's been dynamic and highly unpredictable.

它一直充滿活力，且極難預測。

And obviously softer than we and many others had anticipated.

顯然比我們和許多其他人預期的要柔軟。

On infant formula.

關於嬰兒配方奶粉。

And I just talked to this with Susan. The few velocities that we've seen have been below expectations. That's obviously affected revenue and that's affected our share build, that we believe is addressable.

我剛才和蘇珊談過這件事。我們目前看到的少數幾次速度都低於預期。這顯然影響了收入，也影響了我們的股份成長，但我們認為這是可以解決的。

Do your, Question on drivers. There is a multitude of tactical drivers, be it feature levels, display levels, some changes in distribution, some changes in, pricing effect we've seen over the last 2 to 3 years very strong price inflation in this category which was building category value that seemed to come to an end in Q1.

請回答有關司機的問題。有許多戰術驅動因素，無論是功能水平、展示水平、分銷渠道的一些變化，還是價格方面的變化，在過去的 2 到 3 年裡，我們看到該類別的價格出現了非常強勁的上漲，這提升了類別的價值，但這種上漲似乎在第一季度結束了。

You have seen though trade across into store brand, you're aware that store brand OTC is growing share and we're growing up there within that as well.

你已經看到，雖然貿易往來逐漸擴展到自有品牌，但你也意識到自有品牌非處方藥的份額正在增長，而我們也在不斷增長。

This doesn't appear to be structural. There is no real change in in incidence levels across these treatment categories, changes in consumption habits across different generations. There are some effects of that, but I don't think that that is material and it's certainly not sudden.

這似乎不是結構性問題。在這些治療類別中，發生率水準並沒有真正的變化，不同世代的消費習慣也沒有改變。這會產生一些影響，但我認為這並不重要，而且肯定不是突然發生的。

I think there is some speculation that people consumers are burning through pantry stock to a greater extent than they historically have done.

我認為有人猜測，消費者消耗食品儲藏室庫存的速度比以往更快。

I haven't seen data personally confirming that, but I have heard that hypothesis.

我個人還沒有看到數據證實這一點，但我聽說過這種說法。

And the cold season, is definitely down on a year ago through now.

而且，今年的寒流季節肯定比去年同期減少。

But we are still out looking a a average season for co cold.

但我們仍在觀察今年冬季的平均氣溫情況。

So again, a multitude of tactical factors, no evidence that we've seen that this is a structural change, and we would expect therefore normalization of the market, as I think you've heard some of our competitors say.

所以，再次強調，有許多戰術因素，沒有證據表明這是結構性變化，因此我們預期市場將趨於正常化，我想你們也聽過我們的一些競爭對手這麼說。

And also Keith, just to compliment what Patrick said, right, so different than what I mentioned about CCI that we expect the Q4 is stronger than Q3, right? So, as compared to what happened last year, we expect to see some trends, continue in US OTC. So we expect a normal season in cough and cold, but as compared to last year, we expect Q4 to be down. So the net effect of being 0 to 1, it's a positive on the CSA side of about 5 to 6 and negative on the, on the US despite all the share gains and distribution that we're seeing on that side in the US. Also, the important thing is the reduction that we're seeing in infant formula that helps contribute significantly with that because of, as I mentioned, lower contract volumes and also, it's lower pace of regain our, start brand share, on the infant formula business.

還有，基思，我只是想補充一下派崔克剛才說的，對吧？這和我之前提到的CCI的情況截然不同，我們預計第四季會比第三季更強，對吧？因此，與去年的情況相比，我們預期美國場外交易市場的一些趨勢將會延續。因此，我們預計咳嗽和感冒的發生率將與往年同期持平，但與去年相比，我們預計第四季會下降。因此，從 0 到 1 的淨效應，對 CSA 而言是 5 到 6 的正向影響，而對美國而言是負向影響，儘管我們在美國這邊看到了所有的份額增長和分配。此外，嬰兒配方奶粉銷量的下降也很重要，正如我所提到的，這在很大程度上導致了銷量下降，因為合約銷售下降，而且我們在嬰兒配方奶粉業務中恢復品牌份額的速度也較慢。

Got it. That's very helpful if I could squeeze in a follow-up, but I'm curious how you guys are also just thinking about reinvestment plans, just given the pullback in consumption on OTC and now, pausing the infant formula investment, are there any areas where you're looking to increase spending? There's obviously some green shoots with new business wins and obviously international, so, interested in how you're thinking about maybe potentially reallocating spend going forward. Thanks.

知道了。如果我能擠出時間跟進一下就太好了，但我很好奇你們是如何考慮再投資計劃的，鑑於場外交易消費的減少，以及現在暫停了嬰兒配方奶粉的投資，你們有沒有打算增加支出的領域？顯然，隨著新業務的拓展和國際業務的拓展，已經出現了一些復甦的跡象，因此，我很想知道您是如何考慮未來可能重新分配支出的。謝謝。

Yeah, I'll comment first case and then Eduardo.

是的，我先評論第一個案例，然後再評論愛德華多。

As you heard me saying in my comments, our priorities remain the same. The leverage, maintain our dividends.

正如我在演講中所說，我們的工作重點始終不變。利用槓桿，維持我們的股利。

But we will revisit investment in organic growth, okay. We see increasing evidence of performing businesses, US store brand, the right to mention the acceleration of share growth we're seeing in our, key international branded business and our brands in the US.

但我們會重新審視有機成長的投資，好嗎？我們看到越來越多的證據表明，我們的業務表現良好，美國自有品牌，值得一提的是，我們在關鍵國際品牌業務和美國品牌中看到的市場份額增長正在加速。

There is opportunity probably to accelerate that the revenue on those, okay, but we need to look across all business cases and all our priorities and determine what's best obviously for the asset long-term but also for shareholders.

或許有機會加快這些專案的收入成長，好吧，但我們需要審視所有業務案例和所有優先事項，並確定什麼對資產的長期發展以及股東的利益都是最好的。

So yes, we will be undertaking another look at capital allocation given that decision we've made on infant formula but the priorities won't change, we just may increase the level of some of those allocations.

所以，鑑於我們對嬰兒配方奶粉做出的決定，我們將重新審視資本配置，但優先事項不會改變，我們只是可能會增加其中一些配置的水平。

Well.

出色地。

Yeah, nothing else to add here Thanks thanks for The question.

是的，沒什麼要補充的了。謝謝你的提問。

Alright thank you and the next question comes from the line of Chris Shott with JP Morgan. Please go ahead.

好的，謝謝。下一個問題來自摩根大通的克里斯·肖特。請繼續。

Hi, this is Ethan on for Chris shot. Thanks for taking our questions. Just to start off, maybe following up on some of the previous questions.

大家好，我是Ethan，正在為Chris拍攝。謝謝您回答我們的問題。首先，或許可以就之前的一些問題做個後續討論。

I was just wondering where infant formula share now sits and then as we look ahead to 2026 maybe how you're thinking about the business's ability to recapture share and just priorities for for that.

我只是想知道目前嬰兒配方奶粉的市場份額處於什麼位置，然後展望 2026 年，您認為企業如何才能重新奪回市場份額，以及在這方面有哪些優先事項。

Thank you.

謝謝。

Yeah, good morning, thanks for the question. My view is, we have seen, we're at about a 16 share.

好的，早安，謝謝你的提問。我的看法是，我們已經看到，我們目前的持股比例大約是 16%。

We have clear building blocks to continue growing that in 25 and into 26 and I would expect over the next 12 months with those building blocks that we have, you're getting to the sort of 18 to 20 area in terms of share.

我們有明確的基石，可以在 2025 年和 2026 年繼續成長，我預計在接下來的 12 個月裡，憑藉我們擁有的這些基石，市佔率將達到 18% 到 20% 左右。

And again important there to mention it, as we announced this morning on our formula strategic review, right? So we're looking to multiple options of how we want to look into that business, to make sure we optimize that and both on our near term but also long-term, and make sure this is going to be the best result also for shareholders.

再次強調這一點很重要，正如我們今天早上宣布的關於配方策略評估的內容一樣，對吧？因此，我們正在考慮多種方案來審視這項業務，以確保我們能夠優化這項業務，既要考慮近期利益，也要考慮長期利益，並確保這對股東來說也是最佳結果。

Perfect. And then just one more question from me just overall looking to 2026, appreciate that it's still early, but was just hoping you could maybe provide how you're thinking about the different pushes and pulls in the business as well as maybe the ability to grow even looking ahead to next year.

完美的。最後，我還有一個關於 2026 年的整體問題，我知道現在問這個問題還為時過早，但我只是希望您能談談您是如何看待業務中各種推動因素和拉動因素的，以及展望明年增長的能力。

Thank you.

謝謝。

Yeah, so a couple of comments here. So, we're still worried, it takes on the planning process, right? So it's too soon to provide the deep details, but there are some headwinds and tailwinds that we're looking at right now, right? So again, as Patrick highlighted, we do not believe the, OTC markets, has been impaired structurally. We're seeing it's basically, a short-term, consumption impact there. So we believe there is a stabilization expected for 2026, so more expecting to be like a flat to a small percentage growth. With that said, we continue to expect our share gains to continue there and also translating to growth is likely ahead of the market. On the infant formula side, foreign manufacturers have grown US share, and so we're looking at that to make sure we continue our our plans to recover our share, but at the same time acknowledging there will be more idle domestic capacity in the US in fact the absorption for domestic players and also we are addressing this. Fried cost impact of our derma cosmetics dives, right? So we expect to close that by end of Q1. And so we expect about 9 months of inorganic headwind of approximately $100 million on our top-line and depending on the timing of the clause, that will have some net GPS impact on our bottom line.

是的，這裡有幾點要補充說明。所以，我們仍然擔心，這會影響規則過程，對吧？所以現在提供詳細資訊還為時過早，但目前我們確實面臨一些不利因素和有利因素，對吧？所以，正如帕特里克所強調的那樣，我們認為場外交易市場在結構上並沒有受到損害。我們看到，這基本上只是對短期消費造成影響。因此我們認為 2026 年經濟將趨於穩定，預計成長將持平或略有放緩。儘管如此，我們仍然預計我們在該地區的市場份額將繼續增長，並且轉化為增長的幅度可能會超過市場平均水平。在嬰兒配方奶粉方面，外國製造商已經擴大了在美國的市場份額，因此我們正在關注這一點，以確保我們繼續執行恢復市場份額的計劃，但與此同時，我們也意識到美國國內將有更多閒置產能，實際上國內企業需要消化這些產能，我們也正在解決這個問題。油炸食品對我們皮膚化妝品行業的影響很大，對吧？因此，我們預計將在第一季末完成這項工作。因此，我們預計未來 9 個月內，非內生性成長將對我們的營收造成約 1 億美元的負面影響，並且根據該條款生效的時間，這將對我們的淨利潤產生一定的 GPS 影響。

The other is tailwind, we have a strengthening innovation pipeline versus this year, fairly significantly. We also have, improving brand programs in terms of new advertising, packaging, and rollouts to more markets.

另一個利好因素是，與今年相比，我們的創新管道得到了顯著加強。我們也不斷改進品牌推廣計劃，包括新的廣告、包裝以及向更多市場推出產品。

So what has been driving that share growth for us, we see accelerating across more categories, brands and geographies with even more innovation.

那麼，是什麼推動了我們的市佔率成長？我們看到，隨著更多類別、品牌和地區的不斷創新，這種成長正在加速。

And you can appreciate the questions.

而且你也能理解這些問題。

And the next question comes from the line, Daniel Bolski with hedge high. Please go ahead.

下一個問題來自現場，丹尼爾·博爾斯基，他持有對沖高價。請繼續。

Hi, good morning. So regarding the 110 basis points of gross margin pressure in the quarter, it sounds like it was mostly sales, the leverage and mix, and it doesn't sound like it was related to input costs or competitive price changes, is that right?

您好，早安。所以，關於本季毛利率下降 110 個基點的問題，聽起來主要是銷售、槓桿和產品組合方面的問題，似乎與投入成本或競爭對手的價格變化無關，是這樣嗎？

Yes, that's correct.

是的，沒錯。

And then the the the margin impact that you're expecting from tariffs of $40 to $50 million is that that and that's before mitigation efforts, but will there be a lag in terms of like when you're taking a higher prices and when you're going to incur those costs?

然後，您預計關稅帶來的利潤影響為 4,000 萬至 5,000 萬美元，這還是在採取緩解措施之前。但是，當您接受更高的價格和您承擔這些成本之間是否存在滯後性呢？

Well, so, we do not expect a lag, so as we highlighted, we have already, since the beginning of the year been working on that, and we expect a third of that coming from, price and the remaining through the different manufacturing actions that we're doing either in sourcing or looking for other suppliers there. So that has been in flight already. So we already see some, impact.

所以，我們預計不會出現滯後，正如我們強調的那樣，我們從年初就開始著手解決這個問題，我們預計其中三分之一的滯後將來自價格，其餘部分將透過我們正在採取的不同生產措施來實現，包括採購或尋找其他供應商。所以它已經在飛行途中了。所以我們已經看到了一些影響。

On the margin taking place in Q4 but offset the serious comporion pricing and that also continuing to 2026.

第四季發生的邊際效益抵銷了嚴重的競爭性定價，而且這種情況還會持續到 2026 年。

Okay, and do you think that there's going to be any changes in that, competitively where, certain manufacturers imported or source it domestically, will that have any sort of, share changes that you expect in 206?

好的，你認為在競爭方面會有什麼改變嗎？某些製造商從國內進口或採購產品，這是否會導致市場份額發生任何變化？你預計2006年會有哪些改變？

Well, it's been a very dynamic, scenario with the recent also announcement with on the China tariffs, right? So we continue to evaluate that, but, as we continue to see our strong position and significant US manufacturing, you can see that translating to our share gains, right? So, because of our strong position that we have in the marketplace, we continue to expect that to accelerate into 2026 as we drive more strategic partnerships and joint business plans with our key retailers because they want us. To help them grow, in a moment like that where consumers are trading down, they want to make sure there is enough optionality with store brand. And that's where we believe we can really add a lot of value to that. So, I don't know, Patrick, any comments there.

嗯，最近又宣布了對華加徵關稅，情況變得非常複雜，對吧？因此，我們將繼續評估這一點，但是，隨著我們不斷看到自身強大的市場地位和美國製造業的顯著優勢，您可以看到這轉化為我們的市場份額增長，對吧？因此，由於我們在市場上的強大地位，我們預計到 2026 年，隨著我們與主要零售商建立更多策略合作夥伴關係和聯合業務計劃，這一趨勢將加速發展，因為他們需要我們。為了幫助他們發展，在消費者紛紛降級消費的當下，他們希望確保自有品牌有足夠的選擇。而我們相信，我們正是在這方面能夠真正創造很多價值。所以，派崔克，我不知道你有什麼要補充的。

Thanks.

謝謝。

And that is all the questions that we have at this time. I would like to turn it back to Patrick Lock with Taylor for closing remarks.

這就是我們目前所有的問題。我想把時間交還給派崔克·洛克和泰勒，請他們作總結發言。

Thank you very much and thank you for those questions and again for joining us today. So just a few closing remarks from me.

非常感謝，也感謝您提出的問題，再次感謝您今天收看我們的節目。最後，我還有幾點要補充說明。

Obviously, first of all, this is a very difficult market condition with much softer consumption than anyone could have reasonably predicted. We've had to pivot within that.

首先，顯然這是一個非常艱難的市場環境，消費水準遠低於任何人的合理預期。我們不得不在此基礎上做出調整。

Within that context though, we're starting to win. This is the first time in many years that we're growing share and we're growing it at a rate that's ahead of our expectations.

但就目前的情況來看，我們開始取得勝利了。這是多年來我們首次實現市場份額成長，而且成長速度超出了我們的預期。

But our financial performance in the context of stock market conditions, and our infant formula, position and performance is frankly not where we want it to be.

但坦白說，就目前的股市狀況而言，我們的財務表現以及我們最初的配方、地位和表現還沒有達到我們預期的水平。

We'll continue to make adjustments to address that.

我們將繼續做出調整來解決這個問題。

And set up a successful 2026.

並為2026年的成功奠定基礎。

We've launched and announced today's strategic review of our infant formula business. This is to sharp and focus on our scalable OTC platform, and of course any impact to our 2027 outlook, given that strategic review, will be shared once the review concludes.

今天，我們啟動並宣布了對嬰幼兒配方奶粉業務的策略性評估。這是為了集中精力發展我們可擴展的場外交易平台，當然，鑑於戰略審查，對我們 2027 年展望的任何影響，將在審查結束後公佈。

As I've mentioned, we remain committed to deleveraging, targeting below 3.5 X for the derma cosmetic proceeds going to debt reduction.

正如我之前提到的，我們仍然致力於去槓桿化，目標是將皮膚化妝品收益用於減少債務的比率控制在 3.5 倍以下。

We have a significant growth opportunity ahead of us by expanding our unparalleled molecule asset base for more price points, brands, and markets.

我們面前有巨大的成長機遇，可以透過擴展我們無與倫比的分子資產基礎，以涵蓋更多價格點、品牌和市場。

We're further deepening our strategic retail partnerships to drive mutual demand.

我們將進一步深化與零售業的策略合作關係，以推動雙方的需求成長。

And our investments in brand building, innovation, digital and analytics are fueling our increasingly winning formula.

我們在品牌建立、創新、數位化和分析方面的投入，正在推動我們不斷取得成功。

Our aim is to continue to grow share through superior consumer propositions and brand experiences and disciplined execution, focused on driving cash flow and total shareholder return.

我們的目標是透過卓越的消費者價值主張和品牌體驗以及嚴謹的執行力，持續擴大市場份額，專注於推動現金流和股東總回報。

Again, many thanks for joining us today.

再次感謝您今天蒞臨。

Thank you. And ladies and gentlemen, this concludes today's conference call.

謝謝。女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。