Perrigo Company PLC (PRGO) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Perrigo Q1 2026 financial results conference call. This call is being recorded on Thursday, May 7, 2026.

各位女士、先生，早安，歡迎參加 Perrigo 2026 年第一季財務結果電話會議。本次電話會議將於 2026 年 5 月 7 日（星期四）錄音。

I would now like to turn the conference over to Mr. Eric Jacobson, VP, Global Investor Relations.

現在我想將會議交給全球投資人關係副總裁 Eric Jacobson 先生。

Good morning and good afternoon, everyone. Welcome to Perrigo's first-quarter 2026 earnings conference call. A copy of the release we issued this morning and the accompanying presentation for today's discussion are available within the Investors section of the perrigo.com website. Joining today's call are Perrigo's President and CEO, Patrick Lockwood-Taylor; and CFO, Eduardo Bezerra.

各位早安、午安。歡迎參加 Perrigo 2026 年第一季財報電話會議。今天早上我們發布的新聞稿，以及供今日討論使用的簡報，皆可於 perrigo.com 網站的「投資人」專區取得。今天與會者包括 Perrigo 總裁暨執行長 Patrick Lockwood-Taylor，以及財務長 Eduardo Bezerra。

As a reminder, beginning this quarter, we are reporting segments aligned with our new commercial operating model. We have recapped historical results under the new structure for comparability, as provided in our 8-K filing; and this change had no impact on our consolidated financials or cash flows. Along with our new reporting segments, we have changed our main profitability measure to adjusted operating income.

提醒各位，自本季起，我們將依據新的商業營運模式對應的方式揭露各事業部門。我們已在 8-K 申報文件中，依新架構重編歷史結果以利可比性；此變更對我們的合併財務報表或現金流量並無影響。除新的報導部門外，我們也將主要獲利衡量指標改為調整後營業利益（adjusted operating income）。

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.

在本次簡報中，與會者將提出若干前瞻性陳述。請參閱投影片中關於這些陳述的資訊；其可能受到重要風險與不確定性影響。

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 to GAAP financial measures presented. Finally, Patrick's discussion will address only non-GAAP financial measures.

我們將引用若干屬於非 GAAP 性質的調整後財務衡量指標。請參閱財報簡報附錄，以取得更多細節，以及所有所呈現之非 GAAP 與 GAAP 財務衡量指標的調節表。最後，Patrick 的討論將僅涵蓋非 GAAP 財務衡量指標。

Now to the agenda. We have several topics to cover today. First, Patrick will walk through the progress we are making with our Three-S plan and how first-quarter results compare to our expectations. He will then provide a market overview and explain how our growth initiatives are expected to drive improved results. After which, Eduardo will cover first-quarter segment results, balance sheet and capital allocation, and close with further details of our 2026 outlook.

接著是議程。今天我們有數個主題要討論。首先，Patrick 將說明我們在 Three-S 計畫上的進展，以及第一季結果與我們預期的比較。接著他將提供市場概況，並說明我們的成長倡議預期如何帶動成果改善。之後，Eduardo 將說明第一季各部門表現、資產負債表與資本配置，並以 2026 年展望的進一步細節作結。

With that, I'll turn it over to Patrick.

接下來我把時間交給 Patrick。

Thanks, Eric. Good morning, good afternoon, and thank you for joining today's call. We are making steady progress in building a more focused, disciplined, and consistent Perrigo.

謝謝你，Eric。各位早安、午安，感謝加入今天的電話會議。我們正穩健推進，打造一個更聚焦、更自律且更一致的 Perrigo。

Challenging market environment impacted first-quarter results. However, our Three-S plan to stabilize, streamline, and strengthen the company is helping us navigate these conditions and positioning the company for long-term growth. The strategy is working. That's clearly demonstrated by our market share gains, even in what we have highlighted as a transition year.

具挑戰性的市場環境影響了第一季表現。然而，我們以「穩定（stabilize）、精簡（streamline）、強化（strengthen）」為核心的 Three-S 計畫，正協助我們因應這些情勢，並使公司具備長期成長的定位。這項策略正在奏效；即使在我們所強調的轉型年度，我們仍取得市占率提升，清楚證明了這一點。

Given these factors, we are reaffirming our 2026 outlook. Consistent with our prior commentary, results are expected to be waived to the second half, supported by clear, quantifiable factors, including stabilizing category consumption, the lapping of prior-year manufacturing volume headwinds, benefits from cost-saving initiatives, and delivery of our growth drivers.

基於上述因素，我們重申 2026 年展望。與先前評論一致，預期業績將偏向下半年，並由明確且可量化的因素支撐，包括品類消費趨於穩定、去年製造量逆風的比較基期效應消退、成本節省措施帶來的效益，以及我們成長動能的落地。

With those takeaways as a backdrop, I'll walk through how the Three-S plan is driving positive change. Our stabilization efforts have turned share losses in US store-brand OTC into a 100-basis-point improvement in volume share during the quarter, six of seven categories gaining share.

以這些重點為背景，我將說明 Three-S 計畫如何推動正向改變。我們的「穩定」作為，已使美國通路自有品牌 OTC 的市占流失轉為改善，本季銷量市占提升 100 個基點，七個品類中有六個品類市占上升。

To further dimensionalize our performance, we have gained 270 basis points of US store-brand OTC volume share in the first quarter alone. Key brands in Europe also improved, gaining 20 basis points of value share in a challenging consumption environment. We have also stabilized results in Infant Formula with improved service levels and supply reliability.

為了更具體呈現我們的表現，僅第一季我們在美國通路自有品牌 OTC 的銷量市占就提升了 270 個基點。歐洲的主要品牌在具挑戰的消費環境下亦有所改善，價值市占提升 20 個基點。我們也透過提升服務水準與供應可靠性，穩定了嬰兒配方奶粉（Infant Formula）的表現。

To streamline our business, we completed the divestiture of the derma cosmetics business in April, an important milestone in further simplifying our operations and enabling debt reduction. Strategic reviews of our Infant Formula and oral care business are ongoing.

為了精簡業務，我們已於 4 月完成皮膚科美容（derma cosmetics）業務的出售，這是進一步簡化營運並促進降債的重要里程碑。對嬰兒配方奶粉與口腔護理（oral care）業務的策略性檢視仍在進行中。

Efficiencies are an important part of our streamlined pillar, and our operational enhancement program generated more than $7 million of cost savings in the quarter and is on track for approximately $60 million to $80 million in savings for the year, with an additional $20 million to $40 million expected in 2027.

效率提升是我們「精簡」支柱的重要一環。我們的營運強化計畫在本季帶來超過 700 萬美元的成本節省，並正朝向全年約 6,000 萬至 8,000 萬美元的節省目標前進；另預期 2027 年可再增加 2,000 萬至 4,000 萬美元的節省。

To strengthen our business, we implemented a new category-led operating model and enhanced our commercial and category leadership, adding experienced talents with the capabilities and perspectives required for the next phase of Perrigo's evolution. These changes reflect a fundamental shift in how we operate.

為了強化業務，我們導入以品類為主導的新營運模式，並強化商業與品類領導團隊，延攬具經驗的人才，帶來 Perrigo 下一階段演進所需的能力與觀點。這些改變反映了我們營運方式的根本轉變。

A new structure aligns our decision-making, investment priorities, and performance goals, enabling us to better leverage one of our most important competitive advantages, our scale. With more than 250 molecules of deep retailer partnerships, a robust supply chain, and our extensive regulatory capability, Perrigo is well-positioned to be a leader in this category.

新的架構使我們的決策、投資優先順序與績效目標更一致，讓我們能更有效運用最重要的競爭優勢之一：規模。憑藉超過 250 種分子（molecules）、深厚的零售商夥伴關係、強健的供應鏈，以及廣泛的法規能力，Perrigo 具備在此品類成為領導者的良好定位。

And our new structure focuses our investments from fewer, bigger brands to target faster-growing categories where we have the greatest right to win. These changes are working, as demonstrated by our strong market share performance. However, many of the benefits from these initiatives are not yet fully realized and are being somewhat obscured by the headwinds that we expect to ease in the second half of the year.

同時，新架構也讓我們將投資聚焦於較少但更大的品牌，鎖定成長更快、且我們最有勝算的品類。這些改變正在發揮效果，從我們強勁的市占表現即可看出。然而，這些倡議帶來的許多效益尚未完全實現，且在我們預期下半年將緩解的逆風影響下，部分成果仍被掩蓋。

Among those headwinds are softer cough and cold incidents and retailer inventory to stocking. Those impacts, along with the $0.26 EPS headwinds related to the carryover of prior year manufacturing volume headwinds, weighed in first quarter results.

這些逆風包括咳嗽與感冒發生率較低，以及零售商去化庫存（destocking）。上述影響，加上與去年製造量逆風延續相關的每股盈餘（EPS）0.26 美元逆風，拖累了第一季結果。

As indicated last quarter, prior year manufacturing volume headwinds are expected to result in an unfavorable all-in EPS impact of approximately $0.60 in 2026. Again, we believe those headwinds are largely transitory, resulting in 2026 itself being a transition year.

如同上季所述，去年製造量逆風預期將在 2026 年造成約 0.60 美元的不利整體 EPS 影響。我們再次強調，這些逆風多屬短期性，因此 2026 年本身將是一個轉型年度。

As conditions evolve, consistent with our Three-S plan, we are focused on driving improvement in the areas within our control, streamlining our cost base while strengthening our top-line growth. With that in mind, let's turn to the assumptions underlying our view of 2026 as a transition year, which largely played out as expected in the first quarter.

隨著環境演變，依循我們的 Three-S 計畫，我們專注於推動可控範圍內的改善：在強化營收成長的同時，精簡成本基礎。基於此，讓我們回到支撐我們將 2026 年視為轉型年度的假設；這些假設在第一季大致如預期發展。

Coming into the year, we anticipated market softness to carry over into the first half, followed by sequential improvement in the second half. In the first quarter, reduced cough and cold incidents and the impact of the macroeconomic pressures, particularly in Europe, led to lower-than-expected consumption levels. We estimate soft cough and cold incidents was approximately a 3.5% headwind to core surge.

進入今年時，我們預期市場疲弱將延續至上半年，並在下半年逐季改善。第一季中，咳嗽與感冒發生率降低，以及宏觀經濟壓力（尤其在歐洲）的影響，導致消費水準低於預期。我們估計，咳嗽與感冒發生率偏低對核心銷售（core sales）造成約 3.5% 的逆風。

In response to lower consumption, retailers in the US and Europe reduced inventory levels, hampering sales further, resulting in an additional 3 points of core sales headwind. However, we, in line with other industry commentary, continue to expect sequential improvement in demand, led by stabilizing seasonal incidents of cough and cold. We also expect retailer inventory levels to positively adjust over time, in line with improved consumption.

因應較低的消費，美國與歐洲的零售商降低了庫存水位，進一步抑制銷售，對核心銷售造成額外 3 個百分點的逆風。然而，與產業其他評論一致，我們仍預期需求將逐季改善，主要由咳嗽與感冒等季節性事件趨於穩定所帶動。我們也預期零售商庫存水位將隨著消費改善而逐步正向調整。

Our second assumption was our ability to build off our strong market share gains in 2025. We delivered on that expectation with solid market share performance in both store brand and branded products.

第二項假設是我們能在 2025 年強勁的市占提升基礎上持續擴大。我們以通路自有品牌與品牌產品雙雙穩健的市占表現，達成了這項預期。

Third, we're expected to grow net sales through four key revenue building blocks: consumer-centric innovation, targeted geographic expansion, continued distribution gains, and amplified demand generation. We've made progress across each of these areas in the first quarter, reaffirming our confidence in second-half improvement.

第三，我們預期透過四個關鍵營收成長構成要素來推動淨銷售成長：以消費者為中心的創新、聚焦的地理擴張、持續的通路/配銷增長，以及強化的需求創造。我們在第一季於各面向皆取得進展，進一步強化我們對下半年改善的信心。

Turning to our financial results, the first quarter reflects category softness, partially offset by progress in our execution of the Three-S plan. Core net sales declined 8.3%, driven primarily by softer category consumption in the Self Care segment due to reduced cough and cold incidents and retailer inventory destocking. These impacts accounted for nearly two-thirds of the net sales decline.

回到財務結果，第一季反映了品類疲弱，但部分被我們執行 Three-S 計畫的進展所抵銷。核心淨銷售下滑 8.3%，主要由於自我照護（Self Care）部門的品類消費轉弱，原因包括咳嗽與感冒發生率降低以及零售商去化庫存。上述影響約占淨銷售下滑的近三分之二。

These impacts were partially offset by share-driven gains in the Specialty Care segment, particularly in the women's health category. All-in net sales declined 7.2 points, reflecting similar pressures, partially offset by improved informative performance.

這些影響部分被專業護理（Specialty Care）部門中由市占率帶動的成長所抵銷，尤其是在女性健康類別。整體而言，淨銷售額下降7.2個百分點，反映出類似壓力，並部分受益於資訊性表現的改善而有所抵銷。

Adjusted core EPS at $0.40 was impacted by prior-year manufacturing volume headwinds and lower net sales volumes, primarily within our Self Care segment. Adjusted EPS results outperformed our expectations, benefiting from the net recognition of recovery of a portion of previously paid tariffs, a lower effective tax rate, and benefits from our operational enhancement program. All-in adjusted EPS for the quarter is $0.43.

調整後核心每股盈餘（EPS）為0.40美元，受到前一年製造量不利因素以及淨銷售量下降的影響，主要發生在我們的自我照護（Self Care）部門。調整後EPS表現優於我們的預期，受惠於先前已支付關稅部分金額的回收淨認列、較低的有效稅率，以及營運提升計畫帶來的效益。整體而言，本季調整後EPS為0.43美元。

Turning to the market environment, conditions remain challenging in the first quarter, as expected. In the US, the OTC market declined 4.1 points in value, 2.1 points in volume, largely consistent with fourth quarter levels.

談到市場環境，如預期所示，第一季的情況仍具挑戰。在美國，OTC市場以價值計下滑4.1個百分點、以銷量計下滑2.1個百分點，整體大致與第四季水準一致。

European markets turned more negative, declining 3.7% in value and 4.4% in volume. Trends in both the US and Europe were driven primarily by softer consumption demand in the cough, cold, and pain categories within Self Care segments.

歐洲市場轉為更負面，以價值計下滑3.7%，以銷量計下滑4.4%。美國與歐洲的趨勢主要受到自我照護（Self Care）部門中咳嗽、感冒與止痛類別消費需求轉弱所驅動。

That weakness appears transitory, driven largely by challenging year-over-year comparisons and lower-than-normal illness levels, as well as macroeconomic pressures, particularly in Europe. We expect the categories to stabilize throughout the year as comparisons ease and more typical seasonal incidence patterns return in the second half of 2026.

這種疲弱看來是暫時性的，主要由具挑戰性的年對年比較、低於正常水準的疾病發生率，以及宏觀經濟壓力（尤其在歐洲）所致。我們預期隨著比較基期趨於緩和，且在2026年下半年回到較典型的季節性發生型態，相關類別將在全年逐步趨於穩定。

To mitigate category pressures, we're focusing on areas within our control. As I noted earlier, in the US, Perrigo grew volume share in six of seven OTC categories. And our store brand portfolio extended its streak to 12 consecutive periods of share improvements.

為了緩解類別壓力，我們正聚焦於可控的領域。如我先前提到，在美國，Perrigo在七個OTC類別中的六個提升了銷量市占率。而我們的自有品牌（store brand）產品組合也將市占改善的連續期數延伸至連續12期。

Our priority brand gained value share in Europe, driven by strong performance from ellaOne, up 200 basis points; Jungle Formula, up 140 basis points; and PHYSIOMER, up 50 basis points. Other areas of strength including the Mederma (inaudible) and Opill, which increased 180 and 40 basis points, respectively.

我們的優先品牌在歐洲提升了價值市占率，主要由ellaOne的強勁表現帶動（上升200個基點）、Jungle Formula（上升140個基點）以及PHYSIOMER（上升50個基點）。其他強勢領域包括Mederma（inaudible）與Opill，分別上升180個基點與40個基點。

Importantly, as we enter the summer period, momentum is building across our seasonal brands in several key European markets. Compeed is strengthening into peak season with impressive share gains and sell-out trends supported by earlier activation and excellent in-store execution.

重要的是，隨著我們進入夏季期間，我們的季節性品牌在數個歐洲關鍵市場的動能正在增強。Compeed在旺季來臨前持續走強，市占率顯著提升，且在更早啟動行銷活動與優異的店內執行支持下，終端銷售（sell-out）趨勢表現亮眼。

While in Italy, Compeed achieved market share growth of 550 basis points to 35%, while in France, it is growing well ahead of the category, with Compeed up 160 basis points and our share approaching 36%. This was led by focused investment, improved activation, stronger retailer execution.

在義大利，Compeed的市占率成長550個基點至35%；而在法國，其成長明顯領先類別，Compeed上升160個基點，我們的市占率接近36%。這主要由聚焦式投資、更佳的行銷啟動，以及更強的零售商執行所帶動。

And this strong performance gives us confidence in our ability to drive growth as demand builds through the summer. As category demand normalizes, we expect the increasing earnings power enabled by this brand strength to become increasingly visible.

而這樣的強勁表現讓我們對於在夏季需求增長之際推動成長的能力更具信心。隨著類別需求回歸常態，我們預期在此品牌實力支撐下所帶來的獲利能力提升，將愈來愈清晰可見。

As we've discussed, we are driving share gains by scaling up all capabilities consistently across the portfolio. Nicotine replacement therapy is an excellent illustration of our approach to 360-degree innovation. Our process now develops claims, formulations, and regulatory platforms once at the category level, then deploys them holistically across national brands and store brands across formats, geographies, and price points.

如我們所討論的，我們正透過在整個產品組合中一致地擴大各項能力來推動市占提升。尼古丁替代療法是我們360度創新方法的絕佳例證。我們的流程如今會在類別層級一次性開發宣稱（claims）、配方與法規平台，接著再以整體方式部署到全國性品牌與自有品牌，涵蓋不同劑型、地理區域與價格帶。

Importantly, this innovation expands the addressable market beyond traditional quitters to include vapors and jewelry users, allowing us to scale faster and unlock incremental demand without adding to it. Store brand demand generation is another scalable differentiator for Perrigo.

重要的是，這項創新將可觸及市場從傳統戒菸者擴大到包含電子煙使用者與jewelry使用者，使我們能更快擴張並解鎖增量需求，而無需增加投入。自有品牌的需求生成（demand generation）也是Perrigo另一項可規模化的差異化優勢。

We are the only large-scale store brand supplier bringing national brand demand generation capabilities to retailers, allowing us to partner with retailers and elevate conversations beyond just the consumable price. Retailers are drawn to this program because it builds awareness for their business, it reinforces the perception of quality and equivalence, and drives household penetration and improves retailer profits.

我們是唯一具大規模的自有品牌供應商，能將全國性品牌的需求生成能力帶給零售商，使我們得以與零售商合作，並將對話提升到不僅僅是消耗品價格。零售商之所以被此計畫吸引，是因為它能為其業務建立認知、強化品質與等同性的觀感，並提升家庭滲透率與改善零售商獲利。

Retailers -- more and more retailers are asking us to expand these programs across even more OCC categories. Demand generation is highly impactful for Perrigo. When we combine it with strong retail execution, we improve competitive takeaway and share gains. And these gains can be meaningful, with a 1-point increase in US store brand capsule penetration, representing incremental sales of more than $100 million of store brand OTC at retail.

零售商——愈來愈多零售商要求我們將這些計畫擴展到更多OTC類別。需求生成對Perrigo的影響非常顯著。當我們將其與強而有力的零售執行結合時，能提升競爭性銷售轉移（takeaway）與市占增長。而這些增長可能相當可觀：美國自有品牌膠囊（capsule）滲透率每提升1個百分點，即代表在零售端自有品牌OTC可帶來超過1億美元的增量銷售。

Targeted geographic expansion allows us to extend our existing successful initiatives into new areas. By selectively expanding priority brands into new markets, we can drive incremental growth with lower risk. We see faster piggyback and higher returns. As a reminder, this is a long growth runway for Perrigo, as today we only serve approximately 5% of global households.

有針對性的地理擴張讓我們能將既有成功的倡議延伸至新領域。透過選擇性地將優先品牌拓展到新市場，我們能以較低風險推動增量成長。我們看到更快的借力（piggyback）與更高的報酬。提醒一下，這對Perrigo而言是一條長期的成長跑道，因為目前我們僅服務約全球5%的家庭。

Together, these capabilities form a repeatable and scalable growth model. 360-degree innovation expands our opportunity set. Store-brand demand generation converts that opportunity into sustained consumption. And targeted geographic expansion amplifies the impact, allowing us to scale performance across categories and regions.

綜合而言，這些能力構成一個可重複且可規模化的成長模型。360度創新擴大我們的機會集合；自有品牌需求生成將機會轉化為可持續的消費；而有針對性的地理擴張則放大其影響，使我們能在不同類別與區域擴大績效。

This is translating into early but significant in-market gains. This really is the outcome of what we have been working towards over the past three years, a Perrigo sustainable growth model based upon a more focused portfolio that better leverages our core strengths, better leverages our unique asset base, underpinned by a much more effective commercial operating model.

這正轉化為早期但顯著的市場內增長。這確實是我們過去三年努力的成果：一個Perrigo可持續成長模型，建立在更聚焦的產品組合之上，更能發揮我們的核心優勢，更能運用我們獨特的資產基礎，並由更有效的商業營運模式所支撐。

In summary, results in the first quarter reflect a very challenging market, but also demonstrates the effectiveness of our strategy. As we move forward, we are focused on building a more focused, disciplined, and consistent business. By executing on our Three-S plan, we expect to mitigate current category challenges and drive long-term growth.

總結來說，第一季的結果反映出市場極具挑戰，但也展現了我們策略的有效性。展望未來，我們將專注於打造更聚焦、更有紀律且更一致的業務。透過執行我們的Three-S計畫，我們預期能緩解目前的類別挑戰並推動長期成長。

We are reaffirming our full-year 2026 guidance, which we expect to be weighted to the second half. That phasing is supported by clear, quantifiable factors already underway.

我們重申2026年全年財測指引，並預期表現將偏重於下半年。此一時程分布有明確且可量化、且已在進行中的因素作為支撐。

Our strategy is working. We're seeing market share gains. We've achieved a more focused portfolio. We have a more effective and scalable commercial model. I recognize that quarter one revenue and adjusted EPS are being driven by external factors that will need to be carefully managed.

我們的策略正在奏效。我們看到市占率提升。我們已達成更聚焦的產品組合。我們擁有更有效且可規模化的商業模式。我也理解第一季營收與調整後EPS受到外部因素驅動，這些因素需要被謹慎管理。

I'll now send it over to Eduardo to walk through the financials in more detail.

接下來我將交給Eduardo，請他更詳細地說明財務表現。

Thank you, Patrick. I appreciate everyone joining us today. Before turning to the details of our first quarter financial performance, I want to provide an update on goodwill impairment.

謝謝你，Patrick。感謝各位今天加入我們。在進入第一季財務表現細節之前，我想先就商譽減損提供最新進展。

As we discussed last quarter, the reallocation of goodwill following our moves to the new reporting units was expected to result in an additional non-cash impairment in the first quarter of 2026. And as expected, we recorded a non-cash goodwill impairment charge of $331 million based on our goodwill impairment test as of January 1, 2026, which utilized the same underlying aggregate fair value of the business as the 2025 year-end goodwill test. This charge does not impact cash flows, liquidity, or the ability to execute our stress.

如我們上季所討論，隨著我們調整至新的報導單位，商譽重新分配預期將在2026年第一季導致額外的非現金減損。而如預期，我們依據截至2026年1月1日的商譽減損測試，認列3.31億美元的非現金商譽減損費用；該測試採用與2025年年底商譽測試相同的企業整體基礎公允價值。此項費用不影響現金流、流動性或執行我們壓力（stress）的能力。

From this point on, my comments will focus on adjusted non-GAAP results unless otherwise known. As Eric said, beginning of this quarter, we're reporting segments aligned with our new commercial operating model. And our new reporting segments includes Self Care, Specialty Care, and Infant Formula.

從現在起，除非另有說明，我的評論將聚焦於調整後的非GAAP結果。如Eric所說，自本季開始，我們依據新的商業營運模式對應的方式報導各事業部門。我們新的報導部門包括自我照護（Self Care）、專業護理（Specialty Care）以及嬰兒配方奶粉（Infant Formula）。

Turning to our results, starting with the top-line. Core net sales declined 8.3% year over year, driven by software consumption primarily in cough and cold and retailer inventory distocking in the Self Care side. Higher Specialty Care net sales partially offset that weakness, driven by performance in our women's health category.

接著看我們的結果，先從營收端開始。核心淨銷售額年減8.3%，主要由咳嗽與感冒品類的較疲弱消費，以及自我照護（Self Care）端零售商庫存去化所驅動。專業護理（Specialty Care）較高的淨銷售額部分抵銷了這項疲弱，主要受女性健康類別表現帶動。

On an organic basis, core net sales declined 11%. All-in net sales declined 7.2%, reflecting the same factors impacting core results in addition to modest contributions from Infant Formula and dermacosmetics business. Currency translation benefited both core and all-in net sales in the core.

以有機基礎計算，核心淨銷售額下滑11%。整體淨銷售額下滑7.2%，反映了影響核心業績的相同因素，此外嬰兒配方奶粉與皮膚科美容（dermacosmetics）業務亦有小幅貢獻。匯率換算對核心業務的核心與整體淨銷售額皆帶來助益。

Looking at adjusted operating income by segment, Self Care was the largest driver of decline due to lower net sales volumes, the carryover impact of prior-year manufacturing volume headwinds, and unfavorable mix. These factors were partially offset by the net recognition of recovery of a portion of previously paid tariffs and favorable currency translation.

從分部別的調整後營業利益來看，自我照護（Self Care）因淨銷售量下降、前一年度製造產量逆風的遞延影響，以及不利的產品組合而成為下滑的最大驅動因素。上述因素部分被先前已支付關稅的一部分回收之淨認列，以及有利的匯率換算所抵銷。

Specialty Care benefited from the lapping prior-year Opill investments as well as favorable foreign currency, which more than offset the carryover impact of prior-year manufacturing volume headwinds. All in adjusted operating income was primarily driven by the same factors as core, along with an $18 million impact from Infant Formula due to the carryover of prior year manufacturing volume headwind. These impacts were partially offset by operating income growth in all other segments.

專業照護（Specialty Care）受惠於去年同期 Opill 投資的比較基期效應，以及有利的外幣匯率，足以抵銷前一年度製造產量逆風的遞延影響。整體調整後營業利益主要仍由與核心相同的因素所驅動，另加上嬰兒配方奶粉因前一年度製造產量逆風遞延而帶來的1,800萬美元影響。上述影響部分被其他所有分部的營業利益成長所抵銷。

Turning to margins. Drivers of both core and all-in margin changes were consistent with the segment's results just discussed. Core-adjusted gross margin declined 160 basis points to 39.2%, primarily due to lower sales volumes, manufacturing volume headwinds, and leads. These pressures were partially offset by the net recognition of tariff recovery and favorable foreign exchange.

接著談毛利率。核心與整體毛利率變動的驅動因素，與剛才討論的分部結果一致。核心調整後毛利率下滑160個基點至39.2%，主要因銷售量下降、製造產量逆風，以及 leads。上述壓力部分被關稅回收的淨認列及有利的外匯所抵銷。

All-in adjusted gross margin declined 340 basis points to 37.6% due to the same factors impacting core gross margin in addition to the manufacturing volume headwinds in Infant Formula we just mentioned.

整體調整後毛利率下滑340個基點至37.6%，原因除影響核心毛利率的相同因素外，還包括我們剛提到的嬰兒配方奶粉製造產量逆風。

Core adjusted operating margin decreased 110 basis points to 12.8%, reflecting gross margin flow-through, partially mitigated by lower advertising promotion spend, benefits from the operational enhancement program we announced in Q4, and favorable currency. All-in adjusted operating margin decreased to 240 basis points to 11.6% due to the same factors as core operating margin in addition to the impact from Infant Formula.

核心調整後營業利益率下降110個基點至12.8%，反映毛利率下滑的傳導效應，部分被較低的廣告促銷支出、我們在第四季宣布的營運強化計畫帶來的效益，以及有利匯率所緩解。整體調整後營業利益率下降240個基點至11.6%，原因除核心營業利益率的相同因素外，另加上嬰兒配方奶粉的影響。

First quarter core adjusted earnings per share was $0.04, coming in above our expectations prevailing to the net recognition of recovery of a portion of previously paid tariffs and a lower effective tax rate. All-in adjusted diluted earnings per share declined $0.17 to $0.43 due to the impact of lower sales volumes and the carryover impact of prior year manufacturing volumes in US OTC and Infant Formula.

第一季核心調整後每股盈餘為0.04美元，高於我們的預期，主要因先前已支付關稅的一部分回收之淨認列，以及較低的有效稅率。整體調整後稀釋每股盈餘下滑0.17美元至0.43美元，原因在於銷售量下降，以及前一年度製造產量在美國 OTC 與嬰兒配方奶粉的遞延影響。

Turning to cash flow, first quarter 2026 cash from operating activities decreased to $49 million to an outflow of $114 million due to lower earnings and higher working capital in line with our previous expectations. As a reminder, the first quarter is typically our highest cash usage period amongst the year. Capital expenditures totaled $14 million, and we returned $40 million to shareholders through dividends.

接著看現金流。2026年第一季營運活動現金流由49百萬美元降至流出114百萬美元，原因為獲利較低以及營運資金增加，符合我們先前的預期。提醒一下，第一季通常是我們全年現金使用量最高的期間。資本支出合計1,400萬美元，我們並透過股利向股東返還4,000萬美元。

Turning to the balance sheet, cash and cash equivalents were $357 billion and total debt was $3.6 billion. During the quarter, we amended our $1 billion revolving credit facility, extending the maturity to 2031. Borrowings under the revolver were used to repay our $421 million term loan A, extending our maturity profile with no significant maturities until 2029.

接著看資產負債表，現金及約當現金為3.57億美元，總負債為36億美元。本季我們修訂了10億美元的循環信用額度，將到期日延長至2031年。循環信貸的借款用於償還4.21億美元的A期定期貸款，延長了我們的到期結構，且在2029年前沒有重大到期項目。

We expect to continue to actively manage and optimize our maturity debt profile going forward. After quarter end, we completed the sale of our dermacosmetics business for upfront cash proceeds of approximately EUR306 million, which we expect to use to support debt reduction. We remain focused on our disciplined capital allocation, balancing growth investments, deleveraging, and shareholder returns.

我們預期未來將持續積極管理並優化債務到期結構。於季後，我們完成出售皮膚科美容（dermacosmetics）業務，取得約3.06億歐元的前期現金收入，預期將用於支持降債。我們仍專注於嚴謹的資本配置，在成長投資、去槓桿與股東報酬之間取得平衡。

Looking ahead, although category dynamics were softer than expected in the first quarter, our guidance incorporates a wide range of outcomes and gives us comfort in reaffirming our 2026 outlook. We're closely monitoring retailer inventory changes, particularly the destocking activity observed in the first quarter, which we believe is largely related to the current consumption environment. As consumption levels improve, we expect inventory trends to stabilize.

展望未來，儘管第一季品類動能較預期疲弱，我們的指引已納入廣泛的可能結果，使我們有信心重申2026年展望。我們正密切監控零售商庫存變化，特別是第一季觀察到的去庫存活動，我們認為這主要與目前的消費環境有關。隨著消費水準改善，我們預期庫存趨勢將趨於穩定。

We're also actively managing the inflationary pressures related to the geopolitical developments in the Middle East and their impact on consumers and our cost base. To mitigate the estimated incremental in-year impact of $10 million on our cost base, we have implemented sourcing and cost management initiatives; and we will also evaluate pricing actions.

我們也在積極管理與中東地緣政治發展相關的通膨壓力，以及其對消費者與我們成本基礎的影響。為了緩解估計本年度對成本基礎增加的1,000萬美元影響，我們已推動採購與成本管理措施；同時也將評估定價行動。

As Patrick noted, we continue to expect results to be weighted to the second half of the year with approximately 30% to 35% of core adjusted earnings per share in the first half and 65% to 70% in the second half of 2026. This phasing is supported by clear, quantifiable drivers, the majority of which are concentrated in the back half.

如 Patrick 所提，我們仍預期業績將偏重於下半年：2026年核心調整後每股盈餘約30%至35%在上半年、65%至70%在下半年。此時點分布由明確且可量化的驅動因素所支持，其中多數集中在下半年。

The single largest sales growth contributor in 2026 is expected to be consumer-centric innovation. Approximately 60% of the benefit from innovation is expected in the second-half, including the expansion of our Compeed portfolio and the introduction of new Infant Formula offerings.

2026年單一最大的銷售成長貢獻者，預期將是以消費者為中心的創新。創新帶來的效益約60%預期將在下半年實現，包括擴大我們的 Compeed 產品組合，以及推出新的嬰兒配方奶粉產品。

Several of our other 2026 drivers, including distribution gains amplified by demand generation activity with top retailers, targeted geographic expansion, and benefits from our operational enhancement program, are all expected to be back half-weighted. In addition, we anticipate lower interest expense in the second-half as we apply the dermacosmetics proceeds towards debt deduction.

我們其他幾項2026年驅動因素，包括在主要零售商透過需求創造活動放大通路增長、鎖定式的地理擴張，以及營運強化計畫帶來的效益，預期也都將偏重於下半年。此外，隨著我們將皮膚科美容業務出售所得用於減債，我們預期下半年利息費用將降低。

In conjunction with those drivers, two of the most meaningful first half headwinds, the carryover impact of prior year manufacturing volume headwinds and a softer cough and cold season, are transitory and expected to lapse in the second-half.

配合上述驅動因素，上半年兩項最顯著的逆風——前一年度製造產量逆風的遞延影響，以及較疲弱的咳嗽與感冒季——屬於暫時性因素，預期將在下半年消退。

As indicated last quarter, prior-year manufacturing volume headwinds are expected to result in an unfavorable all-in earnings per share impact of approximately $0.60 EPS in 2026. We experienced roughly $0.26 of that impact in the first quarter.

如上季所述，前一年度製造產量逆風預期將在2026年對整體每股盈餘造成約0.60美元的不利影響。我們在第一季已承受其中約0.26美元的影響。

In summary, our outlook is based on clear drivers supporting our second-half expectations, many of which are already underway, while acknowledging the dynamic macroenvironment. As Patrick outlined, the Three-S plan is rising tangible improvements, and we are confident that we are positioning Perrigo to generate sustained growth of shareholder value over time.

總結而言，我們的展望建立在支持下半年預期的明確驅動因素之上，其中許多已在進行中，同時也認知到宏觀環境的動態變化。如 Patrick 所概述，Three-S 計畫正帶來具體改善，我們有信心正使 Perrigo 具備隨時間推進、持續創造股東價值成長的定位。

With that, I will turn the call back to Eric.

接下來，我把電話交回給 Eric。

Thank you, operator. We're now ready for questions.

謝謝，接線員。我們現在準備開始提問。

(Operator Instructions) Chris Schott, JPMorgan.

（接線員指示）Chris Schott，摩根大通。

Hi, this is Ethan on for Chris Schott. Just to start off -- and you touched on this during the call. But as we think about the operating margin recovery for the core non-Infant Formula business in the back half of this year and into 2027, can you help level set how much of this is driven by working through higher cost inventory in the near term versus how much will require OTC volumes to rebound and normalize?

嗨，我是 Ethan，代 Chris Schott 提問。先從第一個問題開始——你們在電話會議中也有提到。當我們思考今年下半年到2027年核心（不含嬰兒配方奶粉）業務的營業利益率回升時，能否協助我們校準一下：其中有多少是由於短期內消化較高成本庫存所驅動，另有多少則需要 OTC 銷量回升並回到常態？

And then my second question is just, any updates you can offer on the Infant Formula strategic review and latest thoughts on timing more broadly?

第二個問題是：關於嬰兒配方奶粉的策略性檢視，有沒有任何最新進度可以分享？以及對整體時程的最新看法？

Hi, this is Eduardo here. So as we highlighted, our operating margin in the first quarter then, as we provided our guidance, in the first half of the year would be significantly impacted by the carryover volume (inaudible) that's impacting the first half.

嗨，我是 Eduardo。正如我們強調的，我們第一季的營業利益率，以及如我們所提供的指引所示的上半年，將會受到遞延的產量（聽不清）顯著影響，而這正在影響上半年。

But also, in the second half, we expect to see significant uptake on the market, right, in terms of the recovery of consumption that we're watching very closely given some of the dynamics going on. And so we expect margin improvements because of the different activities we have, so innovation, continued distribution gains that we have there, also amplify demand generation as well as the opportunistic geographic expansion, and also the ramp-up of the operational enhancement program that will benefit our OpEx and operating margin.

此外，在下半年，我們預期市場將出現明顯回升，也就是我們正非常密切觀察的消費復甦，因為目前存在一些動態因素。因此，我們預期在多項活動帶動下毛利率/利潤率將改善，包括創新、持續的通路增長，同時放大需求創造，以及機會型的地理擴張；另外，營運強化計畫的加速推進也將有助於我們的營業費用（OpEx）與營業利益率。

So overall, as we look into how we're going to see between the first half and the second-half, we're going to see a very meaningful improvement on operating margin expansion because of these different factors.

因此整體而言，當我們觀察上半年與下半年的走勢時，基於這些不同因素，我們將看到營業利益率擴張出現非常顯著的改善。

To your second question on the Infant Formula, right -- so just give you a little bit of perspective, so the business as we saw today, we had a very relatively good performance in the quarter with net sales growing about 2% driven by higher contract manufacturing. And also, the store brand and branded formula were a little bit impacted by prior-year comparisons, right?

關於你第二個有關嬰兒配方奶粉的問題，對——我先提供一些背景。就我們目前看到的業務而言，本季表現相對不錯，淨銷售額約成長 2%，主要由較高的代工製造（contract manufacturing）所帶動。另外，通路自有品牌（store brand）與品牌配方奶粉（branded formula）也受到去年同期比較基期的些許影響，對吧？

From a market standpoint, we're seeing consumption within store brands is likely improving versus what we had before. So the first thing to your specific question is, we're keeping track of the business. And remember, we anticipated that margins would be significantly impacted by the carryover of manufacturing varices.

從市場角度來看，我們看到通路自有品牌的消費量相較於先前可能正在改善。所以針對你具體的問題，第一點是我們持續追蹤這項業務。並且請記得，我們先前已預期毛利率會因製造差異（manufacturing variances）的遞延影響而受到顯著衝擊。

From the overall strategic review that we're carrying and that we started, the review continues,. We're working with our advisors to assess all available options that we talked before between optimizing our network.

就我們正在進行且已啟動的整體策略檢討而言，該檢討仍在持續進行。我們正與顧問合作，評估我們先前談到的所有可行選項，包括在優化我們的網路（network）之間的各種方案。

And to that purpose, we've recently announced a rationalization of our capacity in one of our facilities that will help streamline the business and reduce our costs. But also, we're looking to the other options in terms of partnership and divestments. There is nothing more to share at this stage, and we continue with that. And we expect to provide further updates as we progress through the year.

為此，我們最近宣布將在其中一座工廠進行產能合理化，這將有助於精簡業務並降低成本。同時，我們也在評估其他選項，包括合作夥伴關係與資產剝離（divestments）。目前階段沒有更多可分享的內容，我們會持續推進，並預期在今年進展過程中提供進一步更新。

Anything further, Chris? Your line is still open.

Chris，還有其他問題嗎？你的線路仍然開著。

No, that's it.

沒有，就這樣。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

It's nice to see the volume share gains in the store brand in the US. I guess maybe if you could give some color on what's driving that share gain, what are you doing differently with retailers than you were doing before? And then also, I think maybe you said it was across most categories. But if you could talk about, which categories you're seeing those gains across the portfolio.

很高興看到美國通路自有品牌的銷量市占有所提升。我想也許你可以補充一些細節：是什麼在推動這個市占提升？你們相較於以前，對零售商做了哪些不同的事情？另外，我想你可能提到這是涵蓋大多數品類；但如果可以的話，也請談談在你們的產品組合中，哪些品類看到這些成長。

This is Patrick. What's driving the share gain? So we're winning more contracts. So as you know, in 2025, I think it was about $100 million of net contract wins. Some of those are rolling out now. So we're taking a greater share of store brand contract volume. That's number one.

我是 Patrick。是什麼在推動市占提升？我們拿下了更多合約。你也知道，在 2025 年，我想大約有 1 億美元的淨合約贏單（net contract wins）。其中一些現在正在導入上線。所以我們在通路自有品牌的合約量上取得了更高的占比。這是第一點。

Number two is not only do we want a greater share, we want to grow store brand share of the overall category. This basically is where we start to drive equivalence and the value proposition within consumers, frankly, using brand-building marketing capability that we apply to our national brands.

第二點是，我們不只想要更高的占比，我們也希望通路自有品牌在整體品類中的占比能成長。這基本上就是我們開始推動「等效性」與對消費者的價值主張之處；坦白說，我們運用的是我們在全國性品牌（national brands）上所使用的品牌建立行銷能力。

That grows consumer awareness and it grows household penetration of store brand. There's two critical things. You want a greater share of store brand, and you want store brand to have greater share of the marketplace. That provides a double win for us.

這會提升消費者認知，也會提高通路自有品牌的家庭滲透率（household penetration）。有兩件關鍵的事：你要在通路自有品牌中取得更高占比，同時也要讓通路自有品牌在市場中的占比更高。這對我們而言會帶來雙重勝利。

So that's really what's growing. In terms of -- I think I understood your question -- which categories are growing, we compete in seven OTC categories. And I think in the presentation deck, we actually outlined which have grown, I think.

所以這就是成長的原因。至於——我想我理解你的問題——哪些品類在成長，我們在七個 OTC（非處方藥）品類中競爭。我想在簡報資料中，我們其實也列出了哪些品類有成長。

So we're growing share in all of them with the exception of skin, where there was some temporary supply disruption, but it's a very small business for us. The rest, which are the major categories, we're growing our care of store brands.

因此，除了皮膚（skin）之外，我們在所有品類的市占都在成長；皮膚品類曾有一些短期供應中斷，但對我們而言是非常小的業務。其餘主要品類，我們都在提升我們在通路自有品牌的占比。

So allergy is up 180 basis points; pain, 110; digestive health is up 30 basis points; and probably the standout performance is in nicotine replacement therapy. And I heard this referred to by a competitor, where we're actually seeing a 540-point volume share growth this calendar year to date. So it's broad-based and it's substantial.

所以過敏（allergy）上升 180 個基點；止痛（pain）上升 110；腸胃消化健康（digestive health）上升 30 個基點；而表現最突出的可能是尼古丁替代療法（nicotine replacement therapy）。我也聽到有競爭對手提到，我們在本曆年至今的銷量市占成長達 540 個基點。所以這是全面性的，而且幅度很大。

Okay, great. That sounds good. And then maybe if you could talk about how you're planning for cold cough in the back half of the year. I guess, should we expect that to finally return to growth, particularly as we kind of lapse some easier compares from last year, calendar year? Or are you thinking about it being more flattish?

好的，很棒，聽起來不錯。接著也許你可以談談你們如何規劃下半年咳嗽感冒（cold cough）品類。我想問的是：我們是否應該預期它終於會回到成長，特別是當我們跨過去年曆年的較容易比較基期之後？還是你們認為會比較持平？

And then, I guess, final question, just are you thinking about any pricing for the back half of the year, particularly as we're seeing maybe some more inflationary pressures now?

最後一個問題：你們是否在考慮下半年任何定價（pricing），特別是我們現在可能看到一些更具通膨性的壓力？

Thank you. On cough/cold, I've been trying to predict cough/cold seasons for a quarter of a century, and I get it wrong as many times as I get it right. This was an abnormally weak cough/cold season, both in the US and many countries throughout Europe, and therefore in totality.

謝謝。關於咳嗽/感冒，我嘗試預測咳嗽/感冒季已經四分之一個世紀了，猜錯的次數跟猜對的一樣多。這一季的咳嗽/感冒季異常疲弱，不論在美國或歐洲許多國家都是如此，因此整體而言是這樣。

The rational forecast is always to take an average season. If we take an average season for '26, '27, that's going to be materially stronger than the season we've just been through. I think that's an entirely logical outlook and forecast.

合理的預測一向是採用平均季的假設。如果我們以平均季來看 26 年、27 年，那將會明顯強於我們剛經歷的這一季。我認為這是完全合乎邏輯的展望與預測。

And the second part of your question was --

而你問題的第二部分是——

Just on pricing, I guess. Yeah.

就是關於定價，我想。對。

We are -- so firstly, the inflationary pressures that we've seen from the Middle East have been very moderate for us, and we would just manage those through normal operations. But we are starting to look at pricing depending on what happens with other commodity prices, et cetera.

我們——首先，我們從中東所看到的通膨壓力對我們而言非常溫和，我們會透過日常營運來管理。但我們也開始視其他大宗商品價格等情況來評估定價。

So, yes, I would say we're in active consideration of that, both in the international operated business and our store branded business across both regions, yes.

所以，是的，我會說我們正在積極考量這件事，無論是在國際自營業務（international operated business），或是在兩個區域的通路自有品牌業務上，都是如此。

I think the important thing as well, just to add to that point, Susan, is in times of inflation, et cetera, what we're going to be watching closely is the potential for pickup on store brands consumption, right. So it's something that has been erratic over the past years, right, mainly because of still strong, let's say, household wallets.

我想也很重要的一點是，Susan，補充一下：在通膨等情況下，我們會密切關注通路自有品牌消費是否可能回升，對吧。過去幾年這一直是波動的，主要是因為家庭荷包仍然相對強勁。

Only the low-income consumers have been suffering the most. And usually, they're the ones that tend to have a direct correlation with store brands. But if that starts to impact further, the trade down could accelerate; and that's an opportunity that takes place where we're ready to take advantage of that.

只有低收入消費者受影響最大。而通常他們與通路自有品牌之間的關聯最直接。但如果這種影響進一步擴大，消費降級（trade down）可能會加速；而那就是一個機會，我們已準備好把握。

Keith Devas, Jefferies.

Keith Devas，Jefferies。

Maybe just zooming out a little bit, just returning back to the macro picture as it pertains to consumer health, I know you called out some expectations for the second half to be better. Just hoping you can add more context on exactly what's driving that.

也許把視角拉遠一點，回到與消費者健康相關的總體環境。我知道你提到下半年預期會更好。希望你能補充更多背景，具體是什麼在推動這點。

I think we're seeing, across branded and store brand, consumption be a little softer than anticipated for longer than we would have thought. And so just want to double-click on what's embedded in your expectations for the second half to be better. Is it maybe better visibility into the contract wins or the destock you've be using? But just unpacking that a little bit I think would be helpful.

我認為我們看到，不論是品牌或通路自有品牌，消費都比預期更疲弱，而且持續時間也比我們原先想的更久。所以我想更深入了解你們對下半年轉好的預期中，包含了哪些因素。是否是對合約贏單有更高能見度，或是你們正在使用的去庫存（destock）因素？如果能稍微拆解一下，我想會很有幫助。

So remember, as we highlighted during our guidance, right, to incorporate a wide range of outcomes there. So as we look into that piece, so there are four key areas that we are driving a lot of consumption opportunities.

所以請記得，正如我們在財測指引（guidance）中強調的，我們納入了相當廣泛的結果區間。就這一塊而言，我們有四個關鍵領域正在推動大量的消費機會。

From the innovation side, right, we mentioned a little bit about compete portfolio as well as. On the Infant Formula side, bringing new offerings, including one focused a lot on the key competitor in the market right now with an organic formulation.

在創新方面，對吧，我們也稍微提到競爭（compete）產品組合以及……在嬰兒配方奶粉方面，推出新的產品，包括一款以目前市場主要競爭對手為重點、採用有機配方（organic formulation）的產品。

Continued distribution gains, so we continue to focus a lot on that in the marketplace with further competitive takeaway. And also the demand generation, right?

持續的通路鋪貨/配銷（distribution）增長——因此我們在市場上仍然非常專注於此，並進一步從競爭對手手中取得份額。同時也包括需求創造（demand generation），對吧？

So remember, we talked last year, some of the examples like we did on the life hacks and cough and cold and allergy. So we're seeing more and more retailers wanting to amplify that across their portfolio. And so we believe that's going to be a good opportunity to attract more consumers into our specific categories on store brand as well as the geographical expansion on our prior experience, right?

所以請記得，我們去年談過，一些例子像是我們在生活小撇步以及咳嗽與感冒、過敏等方面所做的。因此我們看到越來越多零售商希望在其整體產品組合中放大這些作法。我們相信，這將是個很好的機會，能在自有品牌的特定品類中吸引更多消費者，同時也能基於我們先前的經驗推動地理版圖擴張，對吧？

But again, we acknowledge the recent developments, right? So we acknowledge some retailer destocking that took place in the first quarter. We believe that is mainly related to the soft cough and cold that -- they wanted to be more pragmatic on managing their cash in that sense and adjusted their inventory levels, but that's something we need to track closely.

但同樣地，我們也認知到近期的發展，對吧？我們承認第一季確實發生了一些零售商去庫存。我們認為這主要與較疲弱的咳嗽與感冒品類有關——他們在現金管理上希望更務實，因此調整了庫存水位，但這是我們需要密切追蹤的事情。

And the other thing as well is to what extent the Middle East geopolitical situation could further evolve into inflation and how could that impact consumption in second half. So we still believe there will be a recover because of the comparison last year was a significant decline, but we're watching that closely.

另外一點是，中東地緣政治情勢在多大程度上可能進一步演變成通膨，以及這可能如何影響下半年的消費。因此我們仍然相信會出現復甦，因為去年同期的比較基期是顯著下滑，但我們會密切關注。

I don't know, Patrick, anything you wanted to add as well?

我不知道，Patrick，你還有什麼想補充的嗎？

Yeah, I think that's right. I mean, fundamentally, there's not been a big shift in incidents across categories. Household penetration is quite stable, apart from one for us, one small segment in an area of pain that consumers are moving to alternate forms in pain from solid pills to creams, et cetera.

是的，我認為沒錯。基本上，各品類的發生率並沒有出現很大的轉變。家庭滲透率相當穩定，除了我們的一個小品類——在疼痛領域的一個小區隔，消費者正從固體藥丸轉向替代形式，例如乳霜等等。

There's no radical change in incidence or household penetration. Plus, as we explained, the effects last year started to be seen in quarter two. So we're very soon lapping the beginning of that category contraction.

發生率或家庭滲透率沒有劇烈變化。此外，正如我們所解釋的，去年的影響從第二季開始顯現。因此我們很快就會進入與該品類收縮開始時點的同比比較。

And therefore, just as a function of the math, it just stabilizes itself. There hasn't been a dramatic extraction of value that we can see that's going to continue into the remainder of the year.

因此，從數學效果來看，它會自行趨於穩定。我們沒有看到任何顯著的價值流失會在今年剩餘時間持續下去。

So again, though, the critical point, this is always going to be quite an unpredictable range this year. So we constructed guidance with a broad range of outcomes. You've seen what our sales guidance is for the year. And you heard last quarter how much of our demand generation activity and cost-saving activity is weighted into the second half. That helps insulate our outlook. So at the moment, we're confidently reaffirming our '26 guidance.

不過再次強調，關鍵點在於：今年的區間始終會相當難以預測。因此我們在制定指引時納入了廣泛的結果範圍。你們已經看到我們今年的銷售指引。而且你們在上一季也聽到，我們的需求創造活動與成本節省活動有很大一部分權重落在下半年。這有助於為我們的展望提供緩衝。因此目前，我們有信心重申我們的「26 指引」。

Daniel Biolsi, Hedgeye.

Daniel Biolsi，Hedgeye。

I was wondering if you could speak to the consumer's purchasing behavior in-store versus online for your branded versus store label products in Self Care categories. Do you think there's like a notable difference with your largest customers? Are they doing a good job of highlighting store label alternatives in their searches? Because like, when I look at the largest retailers, there's quite a big difference between them, when I search for Advil versus ibuprofen, for example.

我想請教一下，在自我照護（Self Care）品類中，消費者對你們品牌產品與自有品牌產品在實體店內與線上購買行為方面，你們能否談談？你認為在你們最大的客戶之間是否存在明顯差異？他們在搜尋結果中是否有把自有品牌替代品凸顯得很好？因為例如我看最大的零售商，當我搜尋 Advil 與 ibuprofen 時，他們之間差異其實很大。

Okay, good question. Some of our highest shares in store brand, they tend to be on e-commerce, interestingly. I think, collectively, we can do a better job on store brand representation on e-commerce with some of our big traditional retailers in terms of landing pages, as you've just said, but also on some of the advertising.

好的，這是個好問題。我們在自有品牌的最高市占之一，反而往往出現在電商通路，這點很有意思。我認為整體而言，對於一些大型傳統零售商，我們可以在電商上的自有品牌呈現做得更好——就像你剛提到的落地頁（landing pages），以及部分廣告投放。

As you know, the buy equivalents, and they could be a much better value at the time when more and more consumers are seeking value. I think that execution can be stronger. So yeah, I think the traditional e-commerce players doing it better, enjoying higher shares, actually seeing more and more competitive takeaway within that channel as well.

如你所知，購買等效品（buy equivalents）在越來越多消費者追求性價比的時點，可能提供更好的價值。我認為在執行上可以更強。因此，是的，我認為傳統電商玩家做得更好，享有更高的市占，而且也看到在該通路內競爭性的份額轉移越來越多。

And Daniel, just to give you an important example, like in women's health in Opill. In Q1, e-commerce grew like almost 30%. So that's an area where it's going very well. So we're seeing a very good update, while the sales on Opill were double-digit growth of plus 12%. So you see how e-commerce is taking a very important piece of that growth.

Daniel，再給你一個重要例子，例如在女性健康的 Opill。第一季電商成長接近 30%。這是進展非常好的領域。因此我們看到非常好的提升；同時 Opill 的銷售也達到雙位數成長、約 +12%。你可以看到電商正在貢獻這波成長中非常重要的一部分。

And then can you share what the Board's thoughts are on the dividend currently?

另外，你能分享董事會目前對股利的看法嗎？

Sorry, could you repeat that? Oh, yeah. As we talked the last quarter, we continue with our capital allocation plans, right, continue to invest into our base business, as well as focusing a lot on that reduction as well in keeping our shareholders' return, right. So we're going to keep that same focus going forward.

抱歉，你可以再重複一次嗎？喔，好的。正如我們上季所談，我們會持續依照資本配置計畫進行，對吧，持續投資於我們的核心業務，同時也非常聚焦於去槓桿／降低負債，並維持股東報酬，對吧。因此我們未來會維持同樣的重點。

And the Board will continue to assess that on a quarterly basis, what's our position, to make sure we optimize our capital allocation. And that, they decided to keep that; and we're going to continue to have those discussions for the remainder of the year.

董事會也會按季評估我們的狀況，確保我們能最佳化資本配置。就此他們決定維持現狀；而且我們在今年剩餘時間也會持續進行這些討論。

There are no further questions at this time. I will now turn the call over to Patrick Lockwood-Taylor for closing remarks.

目前沒有其他問題。我現在把電話會議交給 Patrick Lockwood-Taylor 作結語。

Thank you very much. And again, thank you, everyone, for joining us.

非常感謝。再次感謝各位加入我們。

To close, I want to put this quarter into clear perspective. The work we've done over the past several years is driving meaningful change at Perrigo. We are a more focused, disciplined, and consistent business; and that stronger foundation is enabling us to manage through a challenging environment more effectively than we could have done in the past.

最後，我想把本季放在清楚的脈絡中。過去幾年我們所做的工作，正在推動 Perrigo 發生有意義的改變。我們的業務更聚焦、更有紀律、也更一致；而更強的基礎使我們能比過去更有效地在充滿挑戰的環境中前行。

We are delivering on our promises. We completed the dermacosmetic divestiture and applying those proceeds towards debt reduction. We are executing our cost-saving program in line with slightly ahead of expectation. We are simplifying our portfolio and strengthening our operations, including continued progress in Infant Formula.

我們正在兌現承諾。我們完成了皮膚美容（dermacosmetic）業務的剝離，並將所得用於降低負債。我們的成本節省計畫執行符合、甚至略優於預期。我們正在簡化產品組合並強化營運，包括嬰兒配方奶粉（Infant Formula）持續取得進展。

At the same time, we are delivering material share gains, reinforcing that our commercial strategy is working. But this is not a perfect quarter. Softer cough and cold demand, inventory destocking, and European consumption pressures weighed on results. But importantly, our improved operating capabilities enabled us to mitigate those pressures and capitalize on opportunities where they emerge, as demonstrated by the fact that both EPS and our share gains were ahead of our expectation.

同時，我們也實現了實質的市占提升，進一步證明我們的商業策略正在奏效。但這不是一個完美的季度。較疲弱的咳嗽與感冒需求、去庫存，以及歐洲消費壓力拖累了結果。但重要的是，我們改善後的營運能力使我們得以緩解這些壓力，並在機會出現時加以把握；這也體現在 EPS 與我們的市占提升都優於預期。

As we have moved into the second quarter, we're also encouraged by the continued momentum in market share and in-market execution that we're seeing across the portfolio. That progress gives us growing confidence as we move through the year and reinforces our conviction in our 2026 outlook and long-term trajectory. We remain focused on discipline execution, controlling what we can, and building enduring value over time.

進入第二季後，我們也因為在整體產品組合中看到市占與市場內執行（in-market execution）持續的動能而受到鼓舞。這些進展讓我們在今年推進過程中信心持續提升，也強化了我們對 2026 年展望與長期發展軌跡的信念。我們仍將專注於有紀律的執行，控制我們能控制的部分，並隨時間建立可持續的價值。

Thank you very much for your continued interest and support.

非常感謝各位持續的關注與支持。

Thank you, ladies and gentlemen. This concludes today's conference. We thank you for your participation. You may now disconnect.

謝謝各位女士、先生。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。