Perrigo Company PLC (PRGO) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Perrigo Q2 2026 Financial Results Conference Call. (Operator Instructions) I would now like to turn the conference over to Eric Jacobson, the Global Investor Relations. Please go ahead, sir.

各位女士、先生，早安，歡迎參加 Perrigo 2026 會計年度第二季財務業績電話會議。(接線員指示) 現在我想把會議交給全球投資人關係部的 Eric Jacobson。先生，請開始。

Good morning, and good afternoon, everyone. Welcome to Perrigo's second quarter 2026 earnings conference call. A copy of the release we issued today and the accompanying presentation are available within the investors section of the perrigo.com website. Joining today's call are Perrigo's Interim President and CEO, Albert Manzone, and CFO, Eduardo Bezerra. 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 to GAAP financial measures presented. Now to the agenda. First, Albert will discuss the leadership transition and his priorities. He will review our progress against the Three-S plan, provide a market overview, and discuss our second quarter performance.

各位早安、午安。歡迎參加 Perrigo 2026 年第二季財報電話會議。我們今天發布的新聞稿及隨附簡報，可於 perrigo.com 網站的投資人專區取得。今天與會者包括 Perrigo 代理總裁暨執行長 Albert Manzone，以及財務長 Eduardo Bezerra。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；其受重要風險與不確定性影響。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，以及本次呈現之所有非 GAAP 與 GAAP 財務衡量指標的調節表。接著是議程。首先，Albert 將說明領導階層交接以及他的優先事項。他將回顧我們在 Three-S 計畫上的進展，提供市場概覽，並討論我們第二季的表現。

Albert will close with an update on the key priorities expected to support improved execution and long-term value creation. Eduardo will provide a financial review and discuss our 2026 outlook. With that, I'll turn it over to Albert.

Albert 將以關鍵優先事項的最新進展作結，這些事項預期將支持更佳的執行力與長期價值創造。Eduardo 將進行財務回顧並討論我們對 2026 年的展望。接下來我把時間交給 Albert。

Thanks, Eric. Good morning, good afternoon, and thank you for joining today's call. I'd like to start by stating that it is an honor and an enormous responsibility to serve as Perrigo's Interim President and CEO. I want to assure our customers, our investors, and my fellow Perrigo colleagues that I am 100% committed to our mission of being a world leader in affordable consumer self-care. We have important work ahead of us, and I am moving quickly to advance our key priorities. I have served on Perrigo's board since 2022, and I have spent more than three decades leading and transforming consumer businesses at critical inflection points, including in OTC health care. I know this company, and I have a clear view of what it takes to create value here. I spent my first months on the road listening. Three things stand out. First, our customers.

謝謝你，Eric。各位早安、午安，感謝各位參加今天的電話會議。我想先表示，能擔任 Perrigo 代理總裁暨執行長是一項榮譽，也是一份重大的責任。我想向我們的客戶、投資人，以及 Perrigo 的同仁保證，我百分之百致力於我們的使命：成為全球平價消費者自我照護的領導者。我們前方有重要工作要做，我正迅速推進我們的關鍵優先事項。自 2022 年起我便在 Perrigo 董事會任職；我在消費性業務於關鍵轉折點的領導與轉型方面累積超過三十年的經驗，其中也包括 OTC 健康照護。我了解這家公司，也清楚知道在這裡創造價值需要什麼。我上任的前幾個月都在外奔走、傾聽。有三件事特別突出。第一，我們的客戶。

They value what Perrigo brings to the market, and they want to do more business with us. We have a great deal to offer and a clear right to win. Second, our investors. I have heard from them directly. The confidence of the investment community must be re-earned, and I take this personally. Third, our team. This is an experienced team with the capabilities needed to achieve our goals. During the quarter, we also strengthened the board with two accomplished new directors, Salman Amin and Omer Gajial, whose consumer, operational, and strategic experience will help guide our value creation agenda. My message today is simple. The board, the management team, and I are confident in Perrigo's future. Let me start with who we are. We are the leader in store brand OTC in the U.S., and our portfolio of OTC brands in Europe includes several that lead their respective categories.

他們重視 Perrigo 為市場帶來的價值，也希望與我們做更多生意。我們能提供很多，且具備明確的勝出條件。第二，我們的投資人。我已直接聽取他們的意見。投資社群的信心必須重新贏回，而我對此感同身受。第三，我們的團隊。這是一支經驗豐富的團隊，具備達成目標所需的能力。本季我們也新增兩位傑出的新董事 Salman Amin 與 Omer Gajial，兩位在消費、營運與策略方面的經驗，將有助於引導我們的價值創造議程。我今天的訊息很簡單。董事會、管理團隊以及我，對 Perrigo 的未來充滿信心。讓我先從我們是誰談起。我們是美國通路自有品牌 OTC 的領導者，而我們在歐洲的 OTC 品牌組合中，也包含多個在各自品類居於領先地位的品牌。

Our sales are roughly half store brands and half branded, although that mix is geographically concentrated. In the U.S., we're almost entirely store brand, and in Europe, we're almost entirely branded. This combination is unique within our industry. Through our category-led operating model and One Perrigo approach, we serve consumers across brands, store brands, categories, and price points, which is increasingly important as consumers focus more on value. In the second quarter, those capabilities translated into market share gains across our portfolio, even as the categories we compete in remain challenged. Results in the U.S. were particularly strong as we grew dollar, unit, and volume consumption. Category trends improved as the quarter progressed, and that momentum is carrying into the third quarter. We're also reaffirming our full-year 2026 outlook, weighted toward the second half and supported by clear tangible drivers.

我們的銷售約一半來自通路自有品牌、一半來自品牌產品，儘管此組合在地理上相對集中。在美國，我們幾乎完全是通路自有品牌；在歐洲，我們幾乎完全是品牌產品。這種組合在本產業中相當獨特。透過以品類為導向的營運模式與 One Perrigo 方法，我們跨品牌、通路自有品牌、品類與價格帶服務消費者；在消費者更重視性價比之際，這一點愈發重要。在第二季，即使我們所競爭的品類仍面臨挑戰，這些能力仍轉化為我們整體產品組合的市占率提升。美國的表現尤其強勁，我們在金額、件數與銷量消費上皆實現成長。品類趨勢在本季進行期間逐步改善，而這股動能也延續到第三季。我們也重申 2026 全年展望；下半年權重較高，並由明確且具體的驅動因素支撐。

We remain mindful of an uncertain consumer and economic environment, but we are executing on what we control, gaining share, streamlining the portfolio, and reducing debt. Our progress runs through the Three-S plan: stabilize, streamline, and strengthen. On stabilize, we have improved the consistency of our operations, our service levels, and our execution across key categories. Since 2023, U.S. service levels are up 1,600 basis points to 91%, and international service levels are up 1,000 basis points to 95%. Better service has strengthened customer relationship and directly supported our share gains. On streamline, we have simplified the portfolio, strengthened the balance sheet, and taken cost out. Since 2024, divestitures have generated approximately $600 million on upfront proceeds, mainly applied to debt reduction, including this quarter's sale of Dermacosmetics for $359 million. Our operational enhancement program is on track to deliver $80 million-$100 million of savings by 2027.

我們仍留意消費者與經濟環境的不確定性，但我們正聚焦執行可控事項：提升市占、精簡產品組合並降低負債。我們的進展依循 Three-S 計畫：穩定（stabilize）、精簡（streamline）、強化（strengthen）。在「穩定」方面，我們提升了營運一致性、服務水準，以及在關鍵品類的執行力。自 2023 年以來，美國服務水準提升 1,600 個基點至 91%，國際服務水準提升 1,000 個基點至 95%。更佳的服務強化了客戶關係，並直接支持我們的市占提升。在「精簡」方面，我們簡化了產品組合、強化資產負債表並降低成本。自 2024 年以來，資產處分已帶來約 6 億美元的一次性（前期）收益，主要用於降低負債，其中包括本季以 3.59 億美元出售 Dermacosmetics。我們的營運提升計畫正按進度推進，預計至 2027 年可實現 8,000 萬至 1 億美元的節省。

We are also advancing the strategic reviews of infant formula and oral care, examining whether to optimize, partner, or divest each. Our approach is discipline. Any outcome must enhance shareholder value and sharpen the focus of the portfolio. In the meantime, we have improved the infant formula business through capacity rationalization, greater efficiency, and innovation. Those actions have improved stability, increased visibility, and strengthened the business regardless of the outcome of those reviews. On strengthen, we have built the capabilities that drive future growth. A new category-led operating model, a substantially larger innovation pipeline, deeper retailer partnerships, and stronger demand generation. The value of our innovation pipeline has more than tripled since 2024, with over 55% of projects now leveraging shared platforms. That makes our investment more efficient and more scalable, driving share gains across U.S. store brands, OTC, and key European brands.

我們也正推進對嬰兒配方奶粉與口腔護理業務的策略檢視，評估是否應各自進行最佳化、尋求合作夥伴或進行處分。我們的方法是紀律。任何結果都必須提升股東價值，並使產品組合的聚焦更為清晰。同時，我們已透過產能合理化、更高效率與創新，改善嬰兒配方奶粉業務。這些行動提升了穩定性、增加了能見度，並在不論檢視結果為何的情況下強化了該業務。在「強化」方面，我們建立了驅動未來成長的能力。包括新的以品類為導向的營運模式、大幅擴充的創新管線、更深度的零售商合作夥伴關係，以及更強的需求創造能力。自 2024 年以來，我們創新管線的價值已增加逾三倍，且目前超過 55% 的專案正運用共享平台。這使我們的投資更有效率、也更具可擴展性，進而帶動美國通路自有品牌、OTC 以及歐洲關鍵品牌的市占提升。

Taken together, the Three-S plan has created a more focused company and a foundation for growth. While we have more work ahead of us, the momentum in the business is encouraging and the path is clear. A quick word on the market. Consumption is still below historical averages, but it is improving. U.S. value and volume trends improved sequentially through the quarter, and Europe improved as well. The improvement has continued into the third quarter. U.S. OTC volumes in the categories where we compete turned positive in the four weeks ended July 19th. Softness has been concentrated in seasonal categories within the self-care segment, including cough, cold, pain, and allergy, reflecting lower seasonal incidents and tough year-over-year comparisons. We view this softness as temporary, and it does not change our view of long-term demand. We expect category trends to keep improving as comparison ease through the year.

綜合而言，「Three-S」計畫打造了一家更聚焦的公司，並奠定了成長基礎。雖然我們前方仍有更多工作要做，但業務動能令人鼓舞，路徑也很清晰。簡要談一下市場。消費仍低於歷史平均水準，但正在改善。美國的價值與銷量趨勢在本季逐步改善，歐洲也同樣改善。這項改善已延續到第三季。截至7月19日止的四週內，我們競爭的品類中，美國OTC（非處方）銷量轉為正成長。疲弱主要集中在自我照護部門的季節性品類，包括止咳、感冒、止痛與過敏，反映季節性發生率較低以及嚴峻的年對年比較基期。我們認為這種疲弱是暫時性的，並不改變我們對長期需求的看法。我們預期隨著今年比較基期逐步趨於有利，品類趨勢將持續改善。

Our purpose is to expand access to quality, affordable self-care, and that purpose has never been more relevant than it is today with consumer focused on value. That alignment, plus better execution and a differentiated model, is producing measurable share gains. In the U.S., the categories we compete in declined 1.1% in volume. Yet, we grew our store brand OTC volumes across self-care and specialty care by a combined 1.5%, taking 50 basis points of market share. In Europe, category value declined 0.6%, while our key brands grew 3.3%, again, taking 50 basis points of market share. Those share gains are the outputs of our growth building blocks, and a few examples show the model in action. Opal continues to build in its second year with rising velocities across major retailers, strong repeat rates, and consumers trading up to larger packs.

我們的使命是擴大取得高品質、可負擔的自我照護產品，而在消費者更重視價值的今天，這個使命比以往任何時候都更具相關性。這種一致性，加上更佳的執行力與差異化的模式，正在帶來可衡量的市占提升。在美國，我們所競爭的品類銷量下滑1.1%。然而，我們在自我照護與專科照護的自有品牌OTC銷量合計成長1.5%，市占提升50個基點。在歐洲，品類價值下滑0.6%，而我們的核心品牌成長3.3%，同樣取得50個基點的市占。這些市占提升是我們成長基石的成果，以下幾個例子可展現該模式如何運作。Opal在第二年持續成長，在主要零售商的動銷速度提升、回購率強勁，且消費者升級購買更大包裝。

It is proof that focused innovation paired with targeted demand generation can grow a category. Competed accelerated through the quarter on earlier seasonal activation and better in-store execution across Europe, delivering share gains and record recent sales. It shows what brand investment plus commercial execution can do. Our store brand allergy business kept gaining share on the back of innovation, distribution wins, and demand generation that is lifting household penetration. The common thread is a more integrated, more scalable engine. One category-led model, one innovation pipeline deployed across categories, markets, and price points. Turning briefly to the numbers before Eduardo takes you through the detail. Core net sales declined 3.1% year-over-year, and all-in net sales declined 3.2%. Driven by continued category softness against a strong prior year, a slow start to summer categories, and retailer destocking.

這證明了聚焦的創新搭配精準的需求創造，能夠帶動品類成長。Competed在本季因更早的季節性啟動以及在歐洲更佳的店內執行而加速成長，帶來市占提升並創下近期銷售新高。這顯示品牌投資加上商業執行能帶來的成效。我們的自有品牌過敏業務在創新、通路鋪貨勝利，以及提升家庭滲透率的需求創造帶動下，持續擴大市占。共同主軸是一個更整合、更可擴展的引擎。以品類為主導的單一模式，一條創新管線可跨品類、市場與價格帶部署。在Eduardo帶各位深入細節之前，我先簡要說明數字。核心淨銷售額年減3.1%，整體（all-in）淨銷售額年減3.2%。主要受持續的品類疲弱（相較於去年強勁基期）、夏季品類開局偏慢，以及零售商去庫存影響。

Within all-in, infant formula grew 23%, more than offset by the Derma cosmetics divestiture. Core adjusted EPS was $0.46, and all-in adjusted EPS was $0.50. Earnings came ahead of our expectation, driven largely by one-time cost benefits, which is why we're maintaining, not raising our outlook. The indicators we care most about, market share, execution, cost savings, debt reduction, and portfolio actions all moved in the right direction. We called 2026 a transition year, with softer reported results in the first half masking real operational progress. That is how it has played out. We continue to gain share, which is the clearest sign our strategy is working, and that we will benefit when demand normalizes. Our growth building blocks, innovation, demand generation, and distribution are building toward a sequentially stronger second half. Let me close with where we're going, because that is what will define Perrigo.

在整體（all-in）中，嬰兒配方奶粉成長23%，但被Derma彩妝事業出售所抵銷。核心調整後EPS為0.46美元，整體（all-in）調整後EPS為0.50美元。獲利優於我們預期，主要由一次性成本效益所帶動，這也是我們維持而非上調展望的原因。我們最重視的指標——市占、執行、成本節省、負債降低與投資組合行動——都朝正確方向前進。我們將2026年稱為轉型年，上半年較疲弱的報表結果掩蓋了實質的營運進展。實際發展正是如此。我們持續提升市占，這是最清楚的跡象，顯示我們的策略正在奏效，且當需求回歸常態時我們將受益。我們的成長基石——創新、需求創造與通路鋪貨——正推動下半年逐季走強。最後我想以我們的前進方向作結，因為那將定義Perrigo。

First, we will sustain market share growth by expanding access to quality, affordable self-care products. In the U.S., our goal is not only to gain share within store brand OTC, but to grow the category. Store brands are under-penetrated, and we're uniquely positioned to expand the category by partnering with our retail customers to bring more consumers quality self-care at a better value. In Europe, we have strong brands like Competed and Jungle Formula that led their categories. We're investing behind those winners and focusing our resources where we have the strongest opportunities to win. This approach allows us to be nimble and competitive in the areas where we choose to play. Second, we will continue to simplify and strengthen our portfolio to sharpen focus, discipline, and consistency.

第一，我們將透過擴大取得高品質、可負擔的自我照護產品，來維持市占成長。在美國，我們的目標不僅是在自有品牌OTC中提升市占，更要帶動品類成長。自有品牌的滲透率仍偏低，而我們具備獨特優勢，可與零售客戶合作，以更佳價值為更多消費者提供高品質自我照護，從而擴大品類。在歐洲，我們擁有如Competed與Jungle Formula等強勢品牌，並在各自品類中領先。我們將加大對這些贏家的投資，並把資源聚焦在我們最有機會勝出的領域。此一做法讓我們能在選擇參與的領域保持敏捷並具競爭力。第二，我們將持續簡化並強化投資組合，以提升聚焦度、紀律性與一致性。

The actions we have taken over the past several years, including portfolio transformation and ongoing strategic reviews, are helping create a more focused and consistent consumer self-care company. Third, we will strengthen the balance sheet and continue deleveraging, which gives us the flexibility to invest and to create value. Our plan is built to drive improvement in key metrics, including better sales growth, stronger margins, and lower leverage. To ensure our capital allocation framework remains aligned with our strategy and market opportunities, we regularly review the most effective uses of capital across growth investments, debt reduction, and shareholder returns, including assessing the dividend on a quarterly basis. Let me be clear. Our priority is to deliver our 2026 commitments while positioning Perrigo for sustainable long-term growth. Underlying all of this are two things I will focus on: strategy and execution.

過去幾年我們採取的行動，包括投資組合轉型與持續的策略檢視，正協助打造一家更聚焦且更一致的消費者自我照護公司。第三，我們將強化資產負債表並持續去槓桿，讓我們具備投資與創造價值的彈性。我們的計畫旨在推動關鍵指標改善，包括更佳的銷售成長、更強的利潤率與更低的槓桿。為確保我們的資本配置框架與策略及市場機會保持一致，我們會定期檢視資本最有效的用途，涵蓋成長投資、減債與股東回饋，並包括按季評估股利。我要說清楚。我們的優先事項是在達成2026年承諾的同時，讓Perrigo具備可持續的長期成長定位。支撐這一切的有兩件事是我將聚焦的：策略與執行。

Perrigo is becoming a more focused consumer self-care company, and I am confident we are building real, durable shareholder value. With that, I'll turn it over to Eduardo to walk through the financial results in more detail.

Perrigo正成為一家更聚焦的消費者自我照護公司，我有信心我們正在建立真正且可持續的股東價值。接下來，我把時間交給Eduardo，請他更詳細說明財務結果。

Thank you, Albert. I appreciate everyone joining us today. Other than for references to net sales, my comments will focus on adjusted non-GAAP results unless otherwise noted. Turning to our results, starting with the top line. Core net sales declined 3.1% year-over-year, while core organic net sales declined 3.5%. Results were impacted by approximately 1.2% due to continued softness in category consumption compared to the strong prior year period, particularly in cough, cold, and certain summer seasonal categories. We also continued to see retailer inventory reductions, most notably in Europe, which impacted sales by approximately 1.8%. While these dynamics pressured reported results, category trends improved as the quarter progressed, supporting our confidence in the underlying trajectory of the business. Within self-care, performance was impacted by continued category softness and a slower start to the summer season.

謝謝你，Albert。感謝各位今天加入我們。除非另有說明，除了提及淨銷售額的部分外，我的評論將聚焦於調整後的非GAAP結果。接著看我們的業績，先從營收（top line）開始。核心淨銷售額年減3.1%，核心有機淨銷售額年減3.5%。相較於去年同期強勁表現，品類消費持續疲弱帶來約1.2%的影響，尤其是在止咳、感冒以及部分夏季季節性品類。我們也持續看到零售商降低庫存，尤以歐洲最為明顯，對銷售造成約1.8%的影響。雖然這些動態對報表結果造成壓力，但隨著季度推進，品類趨勢有所改善，支持我們對業務基本走勢的信心。在自我照護業務中，表現受到品類持續疲弱以及夏季季節開局較慢的影響。

This softness was most pronounced in Europe, where delayed allergy and sun seasons pressured demand across seasonal categories. Despite these headwinds, we continued to gain market share across key categories, supported by innovation and distribution gains, including strong performance in our store brand allergy business, driven by distribution wins in the U.S. Specialty care net sales declined modestly. Strong growth in women's health was driven by continued momentum from Opill and ellaOne supported by strong consumer engagement, encouraging repeat purchase trends, and ongoing healthcare professional outreach and expanded distribution in Europe. Skin health results were impacted by a slower start to key summer seasonal categories, lower sales of store-brand minoxidil, and a difficult prior year comparison in Mederma due to the timing of inventory restocking. Encouragingly, trends improved throughout the quarter, with leading brands such as Compede accelerating as seasonal demand strengthened in Europe.

這種疲弱在歐洲最為明顯，因過敏季與日曬季延後，對各季節性品類的需求造成壓力。儘管面臨這些逆風，我們仍持續在關鍵品類提升市占率，受惠於創新與通路拓展，包括我們自有品牌過敏藥業務表現強勁，主要由美國專案通路得標所帶動。專科護理淨銷售額小幅下滑。女性健康的強勁成長，來自 Opill 與 ellaOne 的動能延續；在強勁的消費者互動、令人鼓舞的回購趨勢、以及持續的醫療專業人士推廣與歐洲通路擴張支持下，帶動成長。皮膚健康的表現受到幾個因素影響：關鍵夏季季節性品類起步較慢、自有品牌米諾地爾（minoxidil）銷售下滑，以及 Mederma 因庫存補貨時點造成的去年同期比較基期偏高。令人鼓舞的是，相關趨勢在本季期間持續改善，隨著歐洲季節性需求轉強，Compeed 等領導品牌加速成長。

On an all-in basis, net sales declined 3.2%, driven by the same category dynamics in addition to the impact of the Dermacosmetics divestiture. This decline was partially offset by the strong performance in infant formula, which grew 23% year-over-year, driven by timing of contract sales and growth in store brand formula. Currency translation provided a modest benefit to both core and all-in net sales during the quarter. Now to adjusted operating income. Looking first at self-care, all-in operating income declined $15 million, or 16.2%, driven primarily by lower net sales volumes, planned under absorption stemming from lower prior year sales volumes in U.S. OTC, and unfavorable mix. We also saw pressure from continued retailer inventory reductions in Europe and a slower start to the summer season, which weighed on several higher-margin seasonal categories. These headwinds were partially offset by benefits from our operational enhancement program.

以全口徑（all-in）計，淨銷售額下滑 3.2%，除上述品類動態外，亦受到 Dermacosmetics 事業處分的影響。此一降幅部分被嬰兒配方奶粉的強勁表現所抵銷；該品類年增 23%，主要由合約銷售時點以及自有品牌配方奶粉成長所帶動。本季匯率換算對核心（core）與全口徑淨銷售額皆帶來小幅正面貢獻。接著談調整後營業利益。先看自我照護（self-care），全口徑營業利益減少 1,500 萬美元（或 16.2%），主要由淨銷售量下滑、因美國 OTC 去年銷售量較低而導致的計畫性產能吸收不足（planned under absorption），以及不利的產品組合所致。我們也看到歐洲零售商持續去化庫存，以及夏季季節起步較慢，對多個高毛利季節性品類造成壓力。上述逆風部分被我們營運強化計畫帶來的效益所抵銷。

Specialty care operating income decreased $18 million, or around 28%, driven primarily by lower profitability in skin health, reflecting a slower start to key summer seasonal categories, retailer inventory reductions, and lower contract manufacturing sales of store-brand minoxidil. The segment's performance also reflected higher advertising and promotional investment to support second-half growth initiatives, including a refreshed Opill marketing campaign, as well as the impact of planned under absorption stemmed from lower prior year sales volumes. In infant formula, operating income improved by approximately $16 million year-over-year, as actions to rationalize capacity, improve efficiency, and stabilize the business continued to gain traction. In addition, the business benefited from lapping isolated production variability in the prior year period that had resulted in elevated product scrap and pressured profitability. These factors more than offset planned under absorption stemming from lower prior year sales volumes.

專科護理營業利益減少 1,800 萬美元（約 28%），主要由皮膚健康獲利能力下降所致，反映關鍵夏季季節性品類起步較慢、零售商去化庫存，以及自有品牌米諾地爾的合約製造銷售下滑。該事業群表現亦反映為支持下半年成長計畫而增加的廣告與促銷投資（包括更新的 Opill 行銷活動），以及因去年銷售量較低而導致的計畫性產能吸收不足之影響。在嬰兒配方奶粉方面，營業利益年增約 1,600 萬美元，因精簡產能、提升效率與穩定業務的措施持續見效。此外，該業務亦受惠於去年同期一次性的生產波動已過（lapping），當時造成較高的產品報廢並壓縮獲利。上述因素的正面影響，已足以抵銷因去年銷售量較低而導致的計畫性產能吸收不足。

Within all other, operating income was consistent with the prior year, driven by the net recognition of a recovery of a portion of previously paid tariffs, in addition to improved profitability in oral care. These factors offset the impact of the Dermacosmetics divestiture. Corporate operating expenses declined year-over-year, driven by operational enhancement program savings and a one-time benefit related to the second quarter CEO transition of $6 million. Turning to margins, drivers of both core and all-in margins changes were consistent with the segment results just discussed. Core adjusted gross margin declined 250 basis points to 37%, primarily due to lower sales volumes, planned under absorption stemming from lower prior year sales volumes, and unfavorable mix. All-in adjusted gross margin declined 250 basis points to 35.6% due to the same factors impacting core gross margin, in addition to the impact of divestitures.

在「其他所有」（all other）中，營業利益與去年同期持平，主要由先前已支付關稅的部分回收之淨認列，以及口腔護理獲利改善所帶動。上述因素抵銷了 Dermacosmetics 事業處分的影響。公司層級營業費用較去年同期下降，主要由營運強化計畫節省，以及與第二季 CEO 交接相關的一次性利益 600 萬美元所致。接著談毛利率，核心與全口徑毛利率變動的驅動因素，與剛才討論的事業群結果一致。核心調整後毛利率下降 250 個基點至 37%，主要因銷售量下滑、因去年銷售量較低而導致的計畫性產能吸收不足，以及不利的產品組合。全口徑調整後毛利率亦下降 250 個基點至 35.6%，除影響核心毛利率的相同因素外，另加上處分的影響。

These factors were partially offset by strong performance in infant formula category. Core adjusted operating margin decreased 160 basis points to 13%, reflecting gross margin flow-through, partially mitigated by benefits from the operational enhancement program and a one-time benefit from the CEO transition. All-in adjusted operating margin decreased 60 basis points to 12.2% due to the same factors as core operating margin, in addition to infant formula performance, which more than offset the impact of divestitures. Second quarter core adjusted earnings per share was $0.46, a $0.12 decline from the prior year period, but above our expectations, primarily due to lower operating expenses in the quarter, driven by the accelerated implementation of our operational enhancement program, in addition to a one-time benefit from the CEO transition.

上述因素部分被嬰兒配方奶粉品類的強勁表現所抵銷。核心調整後營業利益率下降 160 個基點至 13%，反映毛利率下滑的傳導影響，並部分被營運強化計畫效益與 CEO 交接的一次性利益所緩解。全口徑調整後營業利益率下降 60 個基點至 12.2%，除與核心營業利益率相同的因素外，另加上嬰兒配方奶粉表現，其正面影響已足以抵銷處分的影響。第二季核心調整後每股盈餘為 0.46 美元，較去年同期下降 0.12 美元，但高於我們的預期，主要因本季營業費用較低，來自營運強化計畫加速推進，以及 CEO 交接的一次性利益。

All-in adjusted diluted earnings per share declined $0.07 to $0.50 due to the impact of lower sales volumes and the carryover impact of prior year manufacturing volumes Partly offset by the timing of infant formula contract business. Turning to cash flow, second quarter 2026 cash from operating activities was $83 million, in line with our expectations. Capital expenditures totaled $14 million, and we returned $14 million to shareholders through dividends. Turning to balance sheet, cash and cash equivalents were $400 million, and total debt was $3.3 billion. During the quarter, we applied the majority of the $359 million cash proceeds from the Dermacosmetics sale towards debt reduction, significantly reducing the balance withdrawn on our revolving credit facility. We remain focused on disciplined capital allocation, balancing capital expenditures for growth, de-leveraging our balance sheet, and shareholder returns.

全口徑調整後稀釋每股盈餘下降 0.07 美元至 0.50 美元，主要受銷售量下滑以及去年製造量對本期的延續影響所致，部分被嬰兒配方奶粉合約業務時點所抵銷。接著看現金流，2026 年第二季營運活動現金流入為 8,300 萬美元，符合我們的預期。資本支出合計 1,400 萬美元，並透過股利向股東回饋 1,400 萬美元。再看資產負債表，現金及約當現金為 4 億美元，總負債為 33 億美元。本季我們將 Dermacosmetics 出售所得 3.59 億美元現金款項的大部分用於減債，顯著降低了循環信用額度（revolving credit facility）的動用餘額。我們仍聚焦於嚴謹的資本配置，在成長所需資本支出、降低資產負債表槓桿，以及股東報酬之間取得平衡。

Looking ahead, while first half earnings results were ahead of our expectations, given the dynamic external environment and timing of infant formula contract sales, we are taking a measured approach for the balance of the year. As such, we're maintaining our full year outlook for core and all-in net sales, margin, and earnings per share metrics. The underlying assumptions supporting our outlook remain intact, including continued progress on our growth initiatives, benefits from the operational enhancement program, and improving category trends as we move through the balance of the year. Based on our year-to-date performance, we are adjusting our estimated full-year effective tax rate from approximately 20% to approximately 18%. We're also updating our estimates for diluted shares outstanding in full year 2026 to 139.3 million shares. All other guidance assumptions remain unchanged.

展望未來，儘管上半年獲利結果優於我們預期，但考量外部環境的動態變化以及嬰兒配方奶粉合約銷售的時點因素，我們對今年剩餘期間採取審慎的態度。因此，我們維持全年核心與全口徑淨銷售額、利潤率與每股盈餘指標的展望不變。支撐我們展望的基本假設仍然成立，包括成長計畫持續推進、營運強化計畫帶來的效益，以及隨著今年剩餘期間推進而改善的品類趨勢。基於年初至今的表現，我們將全年預估有效稅率由約 20% 調整至約 18%。我們也更新 2026 全年稀釋在外流通股數的估計至 1.393 億股。其他所有指引假設維持不變。

As Albert noted, we continue to expect results to be weighted toward the second half of the year. Turning now to our sales outlook. As we have highlighted, underlying category trends improved as the second quarter progressed, and our first half net sales performance was broadly consistent with our expectations. As a result, we are maintaining our full year outlook for both core and all-in net sales. Our expectations for second half sequential performance are supported by three factors. First, the increasing contribution from our growth building blocks, including innovation, distribution gains, and demand generation, which are already underway and expected to build momentum as the year progresses. Second, continued sequential improvement in category trends, which has strengthened through the first half of the year. Third, growth of our base business and the normalization of seasonal trends compared to weaker prior year seasonal performance.

如 Albert 所提到的，我們仍預期全年結果將偏重於下半年。接著談我們的銷售展望。如我們先前強調，隨著第二季進行，基礎品類趨勢有所改善，而我們上半年淨銷售額表現整體上與預期大致一致。因此，我們維持全年核心與全口徑淨銷售額展望不變。我們對下半年逐季表現的預期，主要由三項因素支撐。第一，成長基石的貢獻提升，包括創新、通路拓展與需求創造；這些已在進行中，並預期隨著年度推進而累積動能。第二，品類趨勢持續逐季改善，且在上半年期間已轉強。第三，基礎業務成長，以及相較於去年較弱的季節性表現，季節性趨勢回歸常態化。

Looking at 2026 adjusted earnings per share guidance, we're taking a measured approach for the balance of the year. We remain mindful of continued consumer weakness and macroeconomic pressures, particularly in Europe. Second half sequential earnings improvement is supported by clear, quantifiable drivers, including the revenue building blocks, the partial reduction of underabsorption stemming from lower prior year sales volumes, benefits from our operational enhancement program, and lower interest expense from the second quarter debt paydown. Offsetting the sequential benefits in the second half are higher expected advertising promotion investments to support our demand generation and innovation launches, and the normalization of incentive compensation versus the prior year. First half results also included benefits related to the second quarter CEO transition and the recovery of Terris.

就 2026 年調整後每股盈餘（EPS）指引而言，我們對今年剩餘期間採取審慎的作法。我們仍留意消費者持續疲弱與總體經濟壓力，尤其是在歐洲。下半年每股盈餘的逐季改善有明確且可量化的驅動因素支撐，包括營收的組成要素、因前一年銷售量較低所導致的產能吸收不足（underabsorption）部分減少、我們營運強化計畫帶來的效益，以及第二季償還債務後利息費用降低。抵銷下半年逐季效益的因素包括：為支持需求創造與創新上市而預期增加的廣告促銷投資，以及相較前一年激勵性薪酬的正常化。上半年結果亦包含與第二季 CEO 交接以及 Terris 復甦相關的效益。

As indicated previously, planned underabsorption stemming from lower prior year sales volumes is expected to result in an unfavorable all-in earnings per share impact of approximately $0.60 in 2026. Roughly $0.26 of that impact was recognized in the first quarter, and $0.18 was recognized in the second quarter. In summary, our outlook is based on clear drivers supporting our second half expectations, many of which are well underway, while acknowledging the dynamic macro environments. As Albert outlined, the 3S plan is driving tangible improvements, and we're confident that we're positioning Perrigo to generate sustainable growth of shareholder value. Before I turn the call back to Eric, I want to thank our 8,000 employees for their commitment, focus, and resilience in delivering our first half results, and I look forward to continuing our progress for the remaining of the year.

如先前所示，因前一年銷售量較低所造成、已規劃的產能吸收不足，預期將在 2026 年帶來約 0.60 美元的不利整體每股盈餘影響。其中約 0.26 美元的影響已於第一季認列，另有 0.18 美元於第二季認列。總結而言，我們的展望係基於支持下半年預期的明確驅動因素，其中許多已在推進中，同時也承認總體環境仍具動態變化。如 Albert 所述，3S 計畫正帶來具體改善，我們有信心正讓 Perrigo 站在能夠創造股東價值可持續成長的位置上。在我把電話交回 Eric 之前，我要感謝我們 8,000 名員工在交出上半年成果時所展現的承諾、專注與韌性，也期待在今年剩餘期間持續推進我們的進展。

Thank you, Eduardo. Operator, we're now ready for questions.

謝謝你，Eduardo。接線員，我們現在準備好回答問題。

(Operator Instructions)

（接線員指示）

Ethan, J.P. Morgan.

Ethan，摩根大通（J.P. Morgan）。

Hi, this is Ethan on for Chris. Thanks for taking our questions. Just starting off, can you provide any updates on the infant formula strategic review, the progress that you're making there, and latest thoughts on timing more broadly for further updates?

嗨，我是 Ethan，代 Chris 發言。謝謝讓我們提問。先從嬰兒配方奶粉的策略性檢視開始，能否提供任何最新進展、你們在那方面的推進情況，以及就後續更新時點的最新看法？

Yes. Hi, Chris. This is Albert Manzone. Nice to talk to you. Thank you for the question. With regard to our reviews that are going on, they are all proceeding well, and we will update you as soon as we have something there to say. We're looking at different options. As I said in my opening remarks, the process is proceeding well, and we will update you as soon as we have information.

可以。嗨，Chris。我是 Albert Manzone。很高興和你交流。謝謝你的問題。關於我們正在進行的各項檢視，目前都進展順利；一旦有可對外說明的內容，我們會盡快更新。我們正在評估不同選項。如我在開場致詞所說，流程進行得很順利，一旦我們有資訊，就會盡快更新。

Great. Overall, as you look at the business today and looking ahead to 2027, understanding it's still early, how are you thinking about the different pushes and pulls within the business on earnings as you're seeing them? Maybe as part of that, where do you have more confidence in the business's performance, and maybe what remains just more uncertain in your eyes?

很好。整體而言，當你看現在的業務並展望 2027 年（理解現在仍偏早），你如何看待業務中對獲利的各種拉力與推力？也許延伸來說，你對哪些業務表現更有信心？以及在你看來，哪些部分仍較不確定？

Listen, what I can tell you is that we are working on a strategy that is working as we speak. We are gaining share, as we reported and as you can see. We are driving operational enhancements. We're staying the course, which is very important as I came in. The Three-S strategy is the right one. As we look at the second half and we look forward, we remain obviously cautious from a consumer demand standpoint. We are doubling down essentially on our platform approach, be on the innovation. I'm very happy to tell you, as I say, that we are growing the Swan threefold across our platforms.

聽著，我能告訴你的是，我們正在推動一套策略，而且此刻正在發揮作用。我們正在提升市占，如我們所報告、你也看得到。我們正在推動營運改善。我們持續按既定方向前進，這在我上任時就非常重要。3S 策略是正確的。展望下半年以及更往後，我們在消費者需求面仍然顯然保持謹慎。我們基本上正在加碼我們的平台化作法，尤其是在創新方面。我也很高興告訴你，如我所說，我們在各平台上讓 Swan 成長了三倍。

What is important with the platforms is that you are able, out of an innovation and a platform, to then deliver it both on a store brand as well as a branded across different price points, which, if you think about it from a return on investment, that's a much more focused approach and a much smarter approach vis-a-vis who Perrigo is and the unique advantages of Perrigo. We are also working on consumer demand generation and partnering with our retailers. Our service levels are up. As you know, we're very happy with 95% in Europe, 91% in the U.S., and that varies per customers. Essentially, that gives us now the opportunity to sit down, partner with them, both in developing innovation and growing not only share, but also the category in the U.S., and then delivering demand generation.

平台的重要性在於，你能夠從一項創新與一個平台出發，同時在不同價位帶上，既提供通路自有品牌（store brand／private label），也提供品牌產品；若從投資報酬率來看，這是更聚焦、也更聰明的作法，並且更符合 Perrigo 的定位與 Perrigo 的獨特優勢。我們也在進行消費者需求創造，並與零售商合作。我們的服務水準已提升。如你所知，我們對歐洲 95%、美國 91% 的水準感到非常滿意，且會因客戶而有所差異。基本上，這讓我們現在有機會坐下來與他們合作，一方面共同開發創新、提升市占，也在美國擴大品類規模，並推動需求創造。

You will see some of that in the second half. What I will tell you when you look forward is our objective is to have a sound strategy and to out execute, and that is what we're going to do quarter after quarter.

你會在下半年看到其中一些成果。展望未來我想說的是，我們的目標是擁有健全的策略並在執行上勝出，而這正是我們將一季又一季去做到的。

Great. Just last question from me is, how large of an impact did the reversal of tariffs and any of the other one-time costs have on the quarter? Thank you for the questions.

很好。我最後一個問題是：關稅回轉（reversal of tariffs）以及其他一次性成本，對本季的影響有多大？謝謝回答問題。

Thank you, Chris. I will let Eduardo answer that question.

謝謝你，Chris。我讓 Eduardo 來回答這個問題。

Yeah. For Q2, let's say the benefit that we had related to tariffs was around $10 million. As I talked in my opening remarks, the benefit on the Opex related to the CEO transition was about $6 million.

好的。就第二季而言，我們與關稅相關的效益大約是 1,000 萬美元。如我在開場致詞提到，與 CEO 交接相關的營業費用（Opex）效益約為 600 萬美元。

Thank you so much.

非常感謝。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

Hi. Good morning. Thanks for taking my questions. I guess maybe I wanted to follow up just on the private label, the new kind of store brand strategy where you guys are adding more demand generation, more marketing, et cetera, around the brands. I'm curious if that's rolled out yet to other retailers and other categories. I believe allergy was kind of the first one. Just curious if you've seen a similar response from consumers and within other categories. Thanks.

嗨，早安。謝謝讓我提問。我想可能想追問一下自有品牌（private label）—你們新增更多需求創造、更多行銷等、圍繞品牌的那種新的通路自有品牌策略。我很好奇這是否已經推廣到其他零售商與其他品類。我記得過敏（allergy）可能是第一個。也想了解你們是否在其他品類中看到消費者與市場端類似的反應。謝謝。

Yeah. Hi, Susan. Great question. We are doing this across all our categories. Yes, that's the answer. What I'm happy to tell you is that this is absolutely what we're at and doing. This demand generation is possible with partnering with the retailers because our objective, you can see that we're gaining share. We gained 50 basis points, in the U.S. We, as of the last four weeks in July, gained another 60 basis points. We're happy with that. Our objective is also to grow the category with the retailers, and for that, we need to do exactly the things that you talked about. We're working to do this across all the categories we are in with those retailers.

是的。嗨，Susan。問題很好。我們正在所有品類中推動這件事。是的，答案就是如此。我很高興告訴你，這正是我們目前所在的位置與正在做的事。這種需求創造能夠透過與零售商合作來實現，因為我們的目標——你可以看到——是提升市占。我們在美國提升了 50 個基點；截至 7 月最後四週，我們又提升了 60 個基點。我們對此感到滿意。我們的目標也包括與零售商一起擴大品類規模，而要做到這點，就需要做你提到的那些事情。我們正與這些零售商合作，在我們所涉足的所有品類中推動這些作法。

We see a lot of enthusiasm from the retailers, and that as you know, when it works with one or two or three, it tends to expand, and there is more demand. Again, our objective is to execute and out-execute on this creation and this strategy, and looking forward to more quarters like this.

我們看到零售商端有很高的熱情，而且如你所知，一旦在一兩家或三家奏效，往往就會擴大，需求也會增加。再次強調，我們的目標是在這項創新與這項策略上執行到位並且超越執行，並期待未來出現更多像這樣的季度。

Okay, great. I guess maybe just on the infant formula, how are you thinking about the profitability there as sales kind of recover? Should we expect it to go towards historical profitable levels or is it not going to reach that point again? I guess, as the business does improve, I know it's still under review, but is there a thought process that potentially you'll just end up keeping it? Thanks.

好的，很棒。我想也許就嬰兒配方奶粉而言，隨著銷售逐步回升，你們如何看待那邊的獲利能力？我們是否應該預期它會回到過去的歷史獲利水準，還是說不會再回到那個點？我想，隨著業務改善，我知道仍在檢討中，但是否有一種思考是你們最後可能就會選擇保留它？謝謝。

I will pass it on to Eduardo, but I would say that doesn't change our strategic reviews on the categories that we have announced. If anything, the good news is that it gives you more optionality, of course. That's always good. Some of it is driven by timing of shipments, so some of it is driven by store brands. Essentially, no, that doesn't change the strategic review. I let Eduardo comment more on some of the other aspects of your question.

我先交給 Eduardo 回答，但我會說，這不會改變我們對已宣布類別所進行的策略性檢討。如果要說的話，好消息是這當然會帶來更多選擇性。這總是好事。其中一部分是由出貨時點所驅動，所以也有一部分是由自有品牌所驅動。總之，不會，這不會改變策略性檢討。我讓 Eduardo 針對你問題的其他面向再多做一些評論。

Yeah. Hi, Susan. A couple of comments in addition to what Albert said. Remember that we talked about we're going to be looking to optimizing the business, partnerships, and potential divestments, right? In terms of optimization, you saw that in the second quarter, we took some hard, tough decisions on reducing significantly our drying capacity in Vermont. The good news is we have a very recent audit from the FDA, and there were no observations. A lot of the stabilization work that we had started years ago, showing that we did the right work. Also, we had recently the Secretary of HHS visiting our Wisconsin facility, and he was very impressed with the standard and mentioned this was a state-of-the-art facility for the industry. I think that those are right choices that we did.

是的。嗨，Susan。除了 Albert 所說的，我再補充幾點。記得我們談過，我們會著眼於業務最佳化、合作夥伴關係，以及潛在的資產剝離，對吧？就最佳化而言，你在第二季看到我們做出一些艱難且不容易的決策，大幅降低佛蒙特州的乾燥產能。好消息是，我們最近剛接受 FDA 稽核，沒有任何缺失（observations）。我們多年前開始做的許多穩定化工作，顯示我們做對了。另外，最近 HHS 部長也造訪了我們在威斯康辛州的工廠，他對我們的標準印象深刻，並提到這是業界最先進的設施之一。我認為這些都是我們做出的正確選擇。

There are significant impacts on our performance and our results, but that will pay back on the long term. From optimization standpoint, it's really good. On a quality standpoint, our program to have right at first time, it's going very well. You saw that I mentioned in the call that we have a significant reduction of rejects or scrap. That's mainly because as you're doing things right the first time, you have much better absorption and lower throw rates. This has not only improved our margin, but also improved the efficiency of how we're managing the business going forward. Also, we had a benefit that was timing related regarding contract sales that we do not expect that to translate into increase in the full year. We're seeing our store brand picking up on the non-WIC market.

這些對我們的表現與結果有顯著影響，但長期來看會回收成果。從最佳化的角度來看，這非常好。在品質方面，我們的「一次就做對（right at first time）」計畫進展非常順利。你也看到我在電話會議中提到，我們的報廢或廢料（rejects or scrap）大幅下降。這主要是因為當你第一次就把事情做對，就能有更好的吸收率並降低損耗率。這不僅改善了我們的毛利，也提升了我們未來管理業務的效率。此外，我們也有一項與時點相關的效益，來自合約銷售；我們不預期這會轉化為全年增加。我們看到在非 WIC 市場，自有品牌正在回升。

We're seeing some positive share gains of store brand that gives us confidence on that side. Also the important thing is we are seeing very positive early signs of innovation. We launched an equivalent format to one of the largest imported competitors in the marketplace, and the early signs are very positive.

我們看到自有品牌有一些正向的市占提升，讓我們對這一端更有信心。另外重要的是，我們也看到創新在早期出現非常正面的訊號。我們推出了一個可與市場上最大進口競爭對手之一相當的規格／形式，而早期反應非常正面。

Okay, great. One last question, if I could add. Just curious, any comments around how your inventory is at retailer competitors as well? I think some of your competitors on the branded side have talked about some destocking in the OTC space. I am just curious if that is impacting your products at all. Thanks.

好的，很棒。如果可以的話，我再加最後一個問題。我只是好奇，你們如何看待零售端競爭對手那邊的庫存狀況？我想你們一些品牌端的競爭對手談到 OTC（非處方）領域有一些去庫存。我只是好奇這是否對你們的產品有任何影響。謝謝。

We did mention this across our opening remarks. We had some of the same impacts in Q1 and Q2. That was driven obviously by seasonality that was below the norms. The good news is, as we get into second half, that has subsided, and we are remaining cautious, as we said, on the consumer side, we expect a normalization of seasonality in our cohort, even if we won't return to the levels of two years ago. We are cautiously optimistic in terms of the trends.

我們在開場發言中確實提到過這點。我們在第一季和第二季也受到一些相同的影響。這顯然是由低於常態的季節性所驅動。好消息是，進入下半年後，這種情況已經緩解；同時我們仍如先前所說，對消費者端保持謹慎。我們預期我們所處的族群季節性將回歸常態，即使不會回到兩年前的水準。就趨勢而言，我們抱持審慎樂觀。

Susan, just to add, we mentioned that out of the around 3% decline in core net sales, 1.8 was related to retailer inventory destocking, most notably in Europe.

Susan，我再補充一下：我們提到核心淨銷售約 3% 的下滑中，有 1.8 個百分點與零售商去庫存有關，最明顯是在歐洲。

Okay, great. That is really helpful. Thanks so much, you guys. Good luck the rest of the year.

好的，很棒。這真的很有幫助。非常感謝各位。祝你們今年剩下的時間一切順利。

Keith Devas, Jefferies LLC.

Keith Devas，Jefferies LLC。

Hey, guys. Good morning. Thanks for taking the question. Maybe I'll just zoom out a bit back to the overall category performance. It sounds like you're noting outside of some of the seasonal segments, that category performance is improving. I'd love to just get your context on what you think is driving that. Obviously, your execution is improving and that's resulting in some share gains. I think for a long period of time, we've been surprised seeing the category being kind of stagnant, and I think your commentary suggests that it's starting to improve and maybe turn a corner. Any context you can give on just maybe what's driving that, why the consumer's returning, might be helpful for us to think about the trajectory from here.

嗨，各位。早安。謝謝讓我提問。也許我先把視角拉遠一點，回到整體品類表現。聽起來你們指出，除了某些季節性區隔之外，品類表現正在改善。我很想了解你們認為背後的驅動因素是什麼。顯然，你們的執行力在提升，並帶來一些市占成長。我想在很長一段時間裡，我們都很意外看到品類似乎相當停滯，而你們的評論暗示它開始改善、也許正在轉折。你們能否提供一些背景，例如是什麼在驅動、為什麼消費者回流，這會有助於我們思考接下來的走勢。

Good. Hi, Keith. Nice to talk to you. Ethan, with regard to the category that's been declining, as you know, some of it has been due to the seasonality and we had a low cough, cold season. We had also on the allergy side, also there the seasonality was not great this year. What you start to see in the end of the second quarter, then you start to see it in the beginning of Q3, you start to see a recovery of the category. Some of it is due to the fact that we are off of that seasonality. As we say, we are planning for a more normal seasonality going forward, even COVID won't return at the levels of two or three years ago. The second thing is, there is a certain amount of innovation that we're bringing to the market in this second half.

好的。嗨，Keith。很高興和你交流。Ethan，關於一直在下滑的品類，如你所知，其中一部分是因為季節性，我們經歷了一個較弱的咳嗽、感冒季。另外在過敏品類方面，今年的季節性表現也不理想。你開始在第二季末看到一些變化，接著在第三季初也看到，品類開始復甦。其中一部分是因為我們已經走出那段季節性影響。如我們所說，我們規劃未來會回到較正常的季節性，即使 COVID 也不會回到兩、三年前的水準。第二點是，我們在下半年會把一定程度的創新帶到市場上。

That's on the innovation side, as I said, we are really working across platforms. You can expect the platform, which is really not what we've been doing in the past, to continue forward. For next year, we start to have more than 50% of our innovation coming on platforms, therefore things that you are going to see across Europe, U.S., store brands, branded and different price points. That's one. The second one is that we have strong brands, be it Opill, be it Compeed in Europe or Opill in the U.S. that are really getting stronger. If I take those two examples, Opill in the U.S. is doing better and better, growing. We have repeat rates which are above 60%, which we are very happy.

如我所說，這是在創新面向；我們確實正在跨平台推進。你可以預期平台化（這確實不是我們過去一直在做的事）會持續向前推進。明年，我們將開始讓超過 50% 的創新來自平台，因此你會在歐洲、美國、通路自有品牌、品牌產品以及不同價位帶上看到相關成果。這是第一點。第二點是，我們擁有強勢品牌，不論是 Opill、歐洲的 Compeed，或是美國的 Opill，這些品牌都在持續變得更強。以這兩個例子來看，美國的 Opill 表現越來越好、持續成長。我們的回購率超過 60%，我們對此非常滿意。

It's really across all retailers. We are going to work the second half to really push that product in terms of consumer demand. We are very excited about it. If you take Compeed in Europe today, the same way that you use a Kleenex for your nose, you use a Compeed for whatever you need across Europe. We have become number 1 in France, number 1 in Italy. We were number 1 in the U.K., number 1 in Spain. We are really getting strong. We are very excited about the innovation we have launched. It's doing very well. Essentially we keep focusing on what we do on the execution behind the strategy. That's really, for me, very important. It's not only about strategy, but it's also about execution. I think that's what is going to take us forward.

這確實涵蓋所有零售商。我們將在下半年努力推動該產品的消費者需求。我們對此非常興奮。如果你看今天歐洲的 Compeed，就像你用 Kleenex 擦鼻子一樣，在歐洲不管需要什麼，你就用 Compeed。我們已成為法國第 1、義大利第 1。我們在英國是第 1、西班牙也是第 1。我們的實力確實正在增強。我們對已推出的創新非常興奮。表現非常好。本質上，我們持續聚焦於策略背後的執行。對我而言，這真的非常重要。不只是策略，還包括執行。我認為這將帶領我們向前。

We remain, of course, very mindful of the consumer in the second half in terms of inflation, affordability, et cetera. We are cautious, but we are focusing on what we can control, that is working with the retailers to co-innovate and co-promote the brands, working on the innovation, working on demand generation. Those are the things we control. We have the relationships with the retailers, we have the brands in Europe to do that.

當然，我們在下半年仍會非常留意消費者面臨的通膨、可負擔性等因素。我們會保持審慎，但我們會聚焦在我們能掌控的事情上，也就是與零售商合作共同創新、共同推廣品牌，推動創新，並進行需求創造。這些是我們能掌控的。我們與零售商有良好關係，也有歐洲的品牌基礎來做到這些。

Great. Thank you. Maybe just a very quick follow-up. I think some competitors across consumer health plus personal care are seeing this dynamic of channel shifting occurring. I'm curious how you see that phenomenon impacting your business and how you guys feel you're positioned as demand starts to shift more away from in-person brick and mortar retail and more towards e-commerce. Thanks.

很好。謝謝。也許再非常快速追問一下。我認為在消費者健康加上個人護理領域，一些競爭對手正看到通路轉移的動態正在發生。我想了解你們如何看待這個現象對你們業務的影響，以及當需求開始從實體店面零售轉向電商時，你們覺得自身的定位如何。謝謝。

This is something that we're seeing also, and I'm very happy to tell you that this is something we're very much. The portfolio we have is a good portfolio for e-commerce, first and foremost. We are very excited about the progress we're making in e-commerce in the U.S., and this is growing very fast. I will tell you that in Europe it's moving exactly the same direction. We are on it. This is leading for us. We have very strong relationship. We have some of those e-commerce big groups that come visited with us, sat down with us, visited our clients, shared best practices. As you know, when you talk about e-commerce, seeing a human is always a very good sign. We have seen a lot of humans lately coming to us and co-developing with us.

這也是我們正在看到的情況，我很高興告訴你，這也是我們非常重視的事情。首先，我們的產品組合非常適合電商。我們對在美國電商所取得的進展非常振奮，而且成長非常快。我可以告訴你，在歐洲也正朝著完全相同的方向發展。我們已經在積極推進。這對我們而言是領先的動能。我們與合作夥伴的關係非常強。有一些大型電商集團曾來拜訪我們，與我們坐下來交流，也拜訪我們的客戶並分享最佳實務。如你所知，談到電商時，能見到真人總是非常好的訊號。最近我們看到很多人來拜訪我們，並與我們共同開發。

Keith, just to reinforce the messages, our growth in share is accelerating in e-commerce much ahead of brick and mortar as well.

Keith，我只是想再強化一下訊息：我們在電商的市占成長正在加速，遠遠領先於實體通路（brick and mortar）。

Thanks. I'll pass it on.

謝謝。我把問題交給下一位。

Thank you.

謝謝。

I will now transfer the conference over to Mr. Albert and Billy. Please go ahead, sir.

我現在將把會議轉交給 Albert 先生與 Billy。先生，請開始。

Thank you, Angeline. I want to thank everybody for joining the call, for your questions, which were very insightful. What I can tell you is that in my first weeks, I have been focused on listening to our stakeholders, what I have heard has strengthened my confidence in the future of Perrigo. Our customer base is engaged and wants to do more business with us, which represents a meaningful opportunity. Our passionate and capable team, who I want to thank, is committed to our mission of providing affordable self-care to consumers. We have a clear path to rebuilding trust with investors through consistent execution. Earning that trust will be the result of delivering on our commitments quarter by quarter.

謝謝你，Angeline。我要感謝各位參與這通電話會議，也感謝你們提出的問題，都非常有洞見。我可以告訴你的是，在我上任的前幾週，我專注於傾聽我們的利害關係人；我所聽到的內容，進一步強化了我對 Perrigo 未來的信心。我們的客戶基礎非常投入，也希望與我們做更多生意，這代表一個相當有意義的機會。我們充滿熱情且能力出眾的團隊——我也要在此致謝——致力於我們為消費者提供可負擔自我照護的使命。我們有一條清晰的路徑，透過一致且穩健的執行來重建投資人信任。贏得這份信任，將來自於我們一季接一季地兌現承諾。

My priorities for the remaining of the year are straightforward: sustain our market share gains by executing on our key growth building blocks, deliver our cost-saving plan, advance our strategic reviews to further simplify our business, and achieve our 2026 financial outlook. I am focused on ensuring Perrigo is positioned to capitalize on our long-term opportunities and create sustainable value for shareholders. I'm confident that we're taking the right steps and building momentum across the business. Thank you all for your interest in Perrigo.

我在今年剩餘時間的優先事項很明確：透過落實我們關鍵的成長基石來維持市占提升、交付我們的成本節省計畫、推進策略檢視以進一步簡化我們的業務，並達成我們對 2026 年的財務展望。我專注於確保 Perrigo 的定位能把握我們的長期機會，並為股東創造可持續的價值。我有信心我們正在採取正確的步驟，並在整個業務上建立動能。感謝各位對 Perrigo 的關注。

Thank you. Ladies and gentlemen, this concludes the conference call for today.

謝謝。各位女士、先生，今天的電話會議到此結束。