Financial Data and Key Metrics Changes - The company revised its sales growth guidance to around 3.5%, while increasing profit guidance to high single digits on an organic basis, driven by a strong productivity program [4][5] - In the U.S., consumption growth was reported at 3.2% at the halfway point of the year, with a slight increase of approximately 0.5% in Q3, contrasting with a market decline of about 0.5% [4][5] Business Line Data and Key Metrics Changes - The company experienced mid-single-digit growth in EMEA, LATAM, and Asia-Pacific regions, with expectations for acceleration in these areas [6] - The oral health segment continued to perform well, with growth in the 3% range, particularly in therapeutic oral health, which is outpacing overall market growth [15][34] Market Data and Key Metrics Changes - The U.S. market is facing muted overall growth and continued inventory pressure, prompting the company to proactively manage inventory with retailers [5][12] - The company noted that the cold and flu season significantly impacted consumption dynamics, with a high season in Q1 followed by a lower allergy season in Q2 [14] Company Strategy and Development Direction - The company is focused on reaching a billion more consumers, particularly in emerging markets, targeting low-income consumers with tailored product launches [10] - There is a strong emphasis on innovation and premiumization in the oral health category, with new product launches and clinical claims expected to drive growth [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the revised sales growth target of around 3.5%, despite challenges in the U.S. market [6][62] - The company is optimistic about the potential for growth in the U.S. and emerging markets, with plans to stabilize and improve market share in key categories [25][30] Other Important Information - The company is implementing a productivity program aimed at achieving £800 million in savings by 2030, with expectations of improving gross margins by 50 to 80 basis points annually [50][53] - The recent buyout of the joint venture partner in China is expected to unlock significant operational efficiencies and market potential [43][44] Q&A Session Summary Question: What is the assumption on destocking in the U.S. for the second half? - Management indicated good visibility on inventory levels with top customers and expects continued inventory reduction without significant swings higher [12][13] Question: How is the company executing with growing retailers like Amazon and Walmart? - Management confirmed strong partnerships with major retailers and emphasized the importance of adapting to channel shifts while maintaining consumer access [21][22] Question: What is the outlook for the BMS category in the U.S.? - Management acknowledged challenges in the U.S. BMS market but remains optimistic about new science-backed claims and product innovations driving future growth [28][30] Question: How confident is the company in achieving the 4% to 6% growth target by 2026? - Management expressed confidence in the medium-term guidance, citing a robust strategic planning process and expected improvements in the U.S. market [60][61]