Good afternoon, everyone. I'm Susan Anderson, one of Canaccord's analysts in the consumer space, and we're very excited to have here Perrigo with us, including Interim President and CEO, Albert Manzone, CFO, Eduardo Bezerra. With that, Albert, I'll turn it over to you to give us a brief update and overview of Perrigo, and then we can do some Q&A. Thank you, Susan. I'm going to stand up. Thank you, Susan, for having us, and thank you all for attending today Perrigo presentation. I'm going to take you through a quick presentation and then happy to take any questions that you may have. If we look at this is the usual, so you have all read it. If I go to Perrigo, the Perrigo mission is pretty fundamental and simple, which is really to provide affordable quality self-care to the larger number of people in the world. That's really the mission. The market we are competing in is large and attractive with about EUR 400 billion target market. We do have something, and I will come back to it, which is pretty unique. We have the largest number of molecules that we can work with, which is 250 molecules and formulations. We have put in place over the last year a model which I will come back to, which is really to stabilize, streamline, and then strengthen the Perrigo Company. I'm going to talk to you about that. Let me start with the addressable market, the EUR 400 billion. This is obviously in OTC and specialty care. This is a large market. It's resilient, it's growing, and it's needed. This is a good market to be in. It provides essential needs, whether it is in pain, in sleep, cessation, et cetera. Big global expansion opportunity, of course, because the needs of the consumer, and I will also come back to it, the needs of the consumer across the world on those basic needs is pretty much the same. In terms of our position, I would say we have two main geographic positions. One is the U.S., the other one is Europe. When I say U.S., you have obviously a piece in Canada. Think about the U.S. as mostly a store brand business. 90% of our business in the U.S. is store brands. It's brands that we have the name of the retailer on it. We do have over 50% share of all store brand business in North America, and we have 60% household penetration, which is again, one of the highest, if not the highest, which means that 60% of U.S. households will have one of our products in their home. If you move to Europe, you have a very different business. You have a mostly branded business. 90% is branded, 10% only store, and that's mostly in the U.K. In Europe, we have in the U.K. 80% household because we play both branded and store brands. For the rest of the markets in Europe, we are mostly a branded business with very strong brands like Compeed or Jungle Formula. We have obviously, if you look at the world, big opportunities for international expansion in due time. This is essentially on the right side, the categories we compete in. We have about eight categories, which are pain and sleep, healthy lifestyle, digestive health, skin health, infant formula, oral care, upper respiratory. We are in the process of simplifying that portfolio, which I am going to come to. We have, as I told you, number one share in U.S. store, over 50%, and we have number one and number two brands in Europe. You see essentially some of the pictures of some of the brands that we do have across the two regions. What is important is how do we take those benefits forward? What you have here is 250 molecules and formulations. What we have developed over the last one year is the ability to innovate across those molecules and then deploy those in any market at any price point that we so choose to do with our retail partners or with the consumers. This is very important. This is, I think, one of the key connector points in between the store brands and the branded business. Our innovation is agnostic. Since one year, we are going to have next year 58% that is going to create a longer chassis, common chassis, and then deploy it across different brands and different prices. We do this with very strong retail partnership. With a 50% of U.S. share of branded store brands and with the ability to innovate and create demand generations, we are the only, I would say, store brand business that can really sit down with the retail partners, co-develop, co-innovate, and launch and create demand generation. We are very excited by the work we are doing with the big retailers in North America, be it brick and mortar, be it e-commerce Partners. For that, we have, in addition to the innovation and the demand generation and the retail partnerships, you need the muscle behind, which is, for us, the largest U.S. OTC manufacturing capabilities in North America, strong in Europe, which allows us to essentially scale our innovation and to provide it at low cost, which is essentially what you want in a store brand business. We have, of course, strong regulatory expertise, which, as you know, is critical in this industry, especially when you work across different markets. What I want to spend a little bit of time is on the 3S plan. One of the things some of you may know that I have been on board since nine weeks. I have said the first thing most important is to stay the course. The strategy, which I know since being on the board in 2022, is very foundational and is what Perrigo needs. The first thing that we needed to do was to stabilize the business, which has been started a year ago. The first thing that you wanted to do when you think about store brands, when you think about partnering with retailer, you want good service levels. This is what we have been doing, increasing our service levels, which allow us to work closely with the retailers. We also have, as you know, an infant formula business, which we have stabilized, and that has gone a long way to help deliver consistent execution, which we're in the process of. The second thing is to simplify, and I'm big on simplification because simplification drive execution. A sharper, I would say, strategy. On that sharper strategy, simplification of the portfolio is key. We have two businesses that are under strategic review. One is the infant formula and the other one is oral care. We have already taken care of dermocosmetics. We have cost savings in place, and that allows us, number one, to improve, of course, the profitability of the business, but also to deleverage, which I would come back to the end, is one of my top three priorities. Once you stabilize and streamline the business, of course, what you are left to do is to strengthen it. I would say that there, the thing that I'm excited about has been essentially to put in place a category-led model. What does that mean? Very simply put, instead of doing everything bottom up, starting from a given market, you start from the consumer standpoint, which for anybody that has been in the business, you always know that if you start with a consumer, you are usually in a good place. It's even more important for us since in this type of category we're in, the consumer needs are pretty similar across the world in terms of pain, sleep, or any of those categories. This category-led model has been launched in Q1 2026. It's already proven very effective. 58% of our innovation next year is going to be launched with this in mind, with a category-led model, with the right price points, and it's going to be 3x what it was this year. We're excited about this. We're already seeing gains in market share. The market, as you know, and we can talk during the Q&A, was soft in the first half, the market in general. We were gaining share. In the second half, the market is going to expect to be coming back. We are continuing to gain share as we get into the Q3, and we have a lot of innovation and demand generation and normalized seasonality that we're looking forward to drive the second half. What I would say is that so far, what I've been talking to you about is a lot of structural improvements, which are much more important, we think, than the transitory headwinds that we have had in the first half of 2026. Those structural improvements are demonstrated by the share improvements and gains by the improving cost structure, by the enhanced retail partnerships, because we are doing a lot of work with them as we speak, and by a simplified portfolio. What you look on the right side, as you look at the results, is transitory headwinds, which are not here to stay. But of course, there has been, for a lot of the industries, a first half where the consumer were a little bit skittish with economic uncertainty. Number two, the cough cold season and actually allergy season has been abnormally low. We project for the second half some level of normalization, but all not the way too bright. We are conservative in a way. We have obviously, with the lower cold flu season, we have an under-absorption in the manufacturing facility, as a result of this. With the interest rates where they are, retailers have been destocking in the first half. Most of those noise will recede in the second half, which is why when we look at our projection and our full year, we are where we are. So what is exciting about Perrigo? I have been brief, but I have told you a little bit, and the important thing is when you look at the multiple, you see a significant gap in between Perrigo and the rest of the sector. I will say that, first of all, in all humility, we have to re-earn the trust of the investment community. That is normal, because we have been inconsistent in the past, and that would come one quarter at a time. I was happy about Q2, and I was happy about the reaction to Q2, which seems to indicate that if we put one good quarter after another, and we not only have a sharper strategy but also great execution, we are going to get some re-rating. That will come, as I said, number one, with revenues and earnings recovery, which we do expect, as I said, because some of the headwinds of Q1 are transitory, and the structural work we are doing is here to stay. The second one, and important, is with the businesses under review, and some of them are actually cash dilutive and margin dilutive. That will enable us to essentially deleverage, which obviously is something that we know investors are looking at. This is my last slide. In conclusion, what I will say is that with Perrigo, you have essentially a company that competes with a very clear mission in resilient and essential categories. You have a very scalable growth with the 250 molecules that we are now innovating against and taking across any brands, any price points. You have a very clear 3S plan with, under it, as I said, the category-led model that really allows us to grow the top line, improve the cost, and you have a clear gap in the valuation. Which there is always a reason, but I think as we look forward, we see significant opportunities for re-rating with the deleveraging on top of this. That is what I wanted to share with you, being very conscious of the fact that I want to leave time for the Q&A, and I thank you for your time. Thank you, Albert. I can kick it off and then if there's any questions in the room, feel free to raise your hand. We'd be happy to answer them. Albert, as you mentioned, you've been interim CEO now for about nine weeks, but on the board since 2022. I'm curious, you gave us a little of your thoughts just now, but your first impressions of the company, and then also, I think, the key question I get from investors since the change is, will there be a change in strategy as we look forward? The good news, thank you for the question. The good news is, I am more excited from now that I've been out inside the tent than when I was outside of the tent or semi-outside or semi-inside. I'm more excited. Much more excited. Number one, I thought that the company looked more complex from the outside than now I make it from the inside. I think I'm going to work to make sure that the simplicity of the business comes through. Because it's not a complicated business. We have store brands in the U.S., we have brands. We have platforms with 250 molecules. We have a great way to start with the consumer now, with consumer insights, R&D, innovation, demand generation. We have something that is simpler than I thought it was. Which is very good news, especially with the simplification of the portfolio. The second thing that I'm excited about is the foundations that have been put in place by the team are very sound. This is what I took you through at a very high level, but I'm very excited by what the team has done. This is a team that has put in place, in Perrigo, for the first time in a long time, very solid foundations. The third thing that I do like since I have been inside and I have been around a lot, traveling a lot, seeing a lot of people, is the quality of the organization. There is obviously a lot of passion when you are at Perrigo because everybody can rally behind a mission, which is not the case of all companies. The fact that the people work every day to provide affordable healthcare is something that rallies across ages and across any countries. I would say that the quality of the people that we have is very high, as high as I have seen in any of the best organizations I have been into. For all those reasons, there is no change of strategy. I would say I will always sharpen it number one. Number two, I am a big believer that strategy without execution or execution without strategy is useless. I am also a very big execution fan. Working the execution all the way down is something that I love to do, and leading by example, doing that with retailers, with supply chain, going to the plants and working those type of things, I think is what is going to do a lot of good to Perrigo. Okay, great. Perrigo has been in this multi-year transformation, I guess, for some time, and I agree with you, the stock is quite a bit below its peers. I think a lot of opportunity to re-rate as you guys do execute. It's nice to see that in the last quarter results and the stock reaction. I guess, where do you think we're at in that multi-year transformation? I guess, what phase and how much further to go? I think I'm very lucky. Because the inflection point is happening as we speak. If you look at the leadership team, this is a leadership team that has been Eduardo Bezerra has been the standard-bearer for four years. Four years, yeah. Four years. I came on the board four years ago myself, so I think we came together. The rest of the team has been put in place 18 months ago. They are pros. They are super professional. They have done it many times. It is coming together as we speak. The fact that next year you have 3x the innovation of this year, the fact that second half you have, for the first time ever, joint advertising developed with Walmart, Dollar General. The fact that we have Amazon visiting all of our plants two months ago, et cetera. It is happening. I think we are at a very good point of inflection. I think the fact that we have the two reviews. I am looking forward to 2027, 2028, 2029 as very good years. Continuing, obviously, to work the cost side of things, and those programs have been launched as we speak, as of the last board meeting. I was talking yesterday, and I am going the week after next to our manufacturing facilities in Michigan. I think all these things, we are at the perfect spot. Great. Good time to be coming in. We have a question in the audience here. [audio ditortion] Too many acquisitions and not enough focus on sharpening the strategy or the execution. If you do one acquisition after another and you don't integrate them, you end up where you end up. What I'm very thankful to the team that is in place is, this is the team that stopped, started to think, and put in place the foundations. I'm working the IT, I'm working the supply chain, I'm working the sales force, I'm working everything. But this, essentially, in a way, it's easy because all what you have to do is to stop doing things that are not producing value and putting in place fundamentals. Putting in place fundamentals, if you get the right people, it's easy because you just have to do what you did at any of the great companies that those people come from. I won't say it's a difficult job, it's just a job that you have to do, and people were more interested in doing acquisitions. Over time, that becomes very complex and complicated to manage. Mm-hmm. One more here. Go ahead. [audio ditortion] Yes. So it has already started. So, we expect 80% of these to take place in 2026, and the remaining 20% in 2027. So we have already delivered between Q1 and Q2 a portion of that, so it starts to accelerate in the second half of the year. Then you will have the remaining piece in 2027. Thank you. Then one more question in back there. And you. [audio ditortion] I know. Patrick as well too, and they would both be on the record that the business was substantially complex. What has led you to this other conclusion, and are you doing things differently? It sounds like you are still trying to simplify, so I am trying to understand the perspective you bring to the business that it is less complex. I have run global businesses for a long time, very tough businesses. This is a tough business. It is a low-margin business. When you are in store brands, you cannot think as premium brands with 90% margins. If you are in food beverage, if you do turnarounds, et cetera, you know what tough is. There is a lot of places I have seen that are as tough or tougher than this one. Again, I think that what changed is the quality of the team. The team that has been brought by Patrick is a very strong team, very pro. They know what to do. The advertising I have seen for the second half with Walmart and Dollar General is outstanding. I think, number one, the team is very strong and can take on things. Number two, we are simplifying the portfolio. I am very, very determined to do that because the more you simplify, the more you can focus on what you have left. The third one is that some of the jobs that you have to do when you have a succession of acquisition that have not necessarily been integrated, is you have to do the dirty work. You have to put in place the IT. If you have 1,200 systems, you need to simplify. If you have many ERPs, not everybody likes to do that. This is nitty-gritty work. That is why I am saying, in this job at Perrigo, if you like only the strategy and not the execution, I think you are not in the right place. A store brand business is brutal. You need to be competitive every day, and that is what needs to drive you and the organization. That is why I think we have also at the N - 2, N - 3, N -4, the makeup of the sales force in North America is completely different than it was. I know you said the word Amazon a minute ago. How prominent do you think the direct-to-consumer business is going to become in the future, and how will that shift the nature of working with multiple channel partners who are pulling you in a bunch of directions? Does it create complexity for Amazon, who probably wants far fewer SKUs, changes in aspects of the business? A few things. Number one, if you are at Walmart, we're growing very much the online business with them. This is not only Amazon. Even though I'm very happy to say that Amazon became our number one customer in Europe ahead of Tesco, it's going very well. Number two, we do for them the basics brands, and we have a unique capability. I don't think anybody in the store brand business can do what we do, which is to sit like any branded company and co-innovate, tell them what the consumer is thinking, where the consumer is going. When you look at an Amazon or a Walmart online or order and pick up in the store, we're in categories that can be very repetitive, whether it's allergy or pain or cough, cold, et cetera. It's a very easy replenishment category that you can be in. In all the businesses I've been in, you start to have a growing online business, which you manage, especially on the store brand business, it's very easy to manage. I would say easier than on the branded business where you start to have issues with the pricing. We don't have that problem. The interesting thing, just to add, it's on the categories that we play, e-commerce represents about 20%. It depends on volume versus dollars, but it's about 20%. The speed of growth, the recovery taking place, is much faster in e-commerce versus brick-and-mortar. We're growing now twice the speed e-commerce than the market. Our market share gains in store brand has been four times brick-and-mortar in the last months. That's something that we believe will only going to accelerate, as more and more consumers shop there and see the real difference on the price of national brand, store brand. Because during COVID, prices increased dramatically, so the traditional gap between national brand and store brand historically has been 25%-35%. There are categories that now 70%. When you put that side by side, it's easier to the consumer, and more and more consumers are becoming more with AI. They're seeing more that it's exactly the same product. Part of our campaign is really focused on consumers to say is identical products. You're just paying more for the name Advil versus ibuprofen. In the e-commerce side, we're seeing a big turnout of that. That's what I believe can be a tailwind for the second half as well. Thank you, Albert and Eduardo. Looks like we're out of time here, but we can take some questions offline because there's definitely a lot of interest. Thank you.