BCPC sales grew 9.1% year over year in 2Q:25 to $255.5 million, ahead of our $253.2 million estimate, with strength across all three segments. Gross margin expanded 90 basis points versus 2Q:24 to 36.4%, driven by higher volumes and favorable mix, helping to support 16.7% growth in adjusted EPS to $1.27, above our $1.25 forecast. Segment level growth was well balanced. Human Nutrition & Health (HNH) sales rose 8.7% versus the prior year period to $160.8 million on continued strength in food ingredients and nutrients. Animal Nutrition & Health (ANH) grew 13.1% to $56.0 million, reflecting solid demand across both ruminant and monogastric markets. Specialty Products increased 6.0% to $37.3 million, with broad-based gains in Performance Gases and Plant Nutrition. On the earnings call, management reaffirmed its constructive outlook for 2H:25 across all three segments. We are increasingly optimistic about the outlook for ANH following the European Union's anti-dumping ruling on Chinese choline and continued stability in the North American dairy market. In response to Balchem's strong 2Q:25 results and management's constructive outlook for the remainder of the year, we are raising our 2025 adjusted EPS estimate to $5.20 (from $5.15) and our sales forecast to $1.03 billion (from $1.02 billion), representing 8% growth over 2024 sales of $953.7 million. With momentum building across all segments, we also increase our 2026 adjusted EPS estimate to $5.50 (from $5.45) and our sales forecast to $1.08 billion (from $1.07 billion), implying 4.9% growth from our revised 2025 estimate. BCPC announced plans to build a $36 million state-of-the-art microencapsulation facility in Orange County, New York. If approved, the project will double the company's capacity for its fast-growing encapsulation technologies, supporting continued growth and alleviating future capacity constraints. We increase our price target on BCPC shares to $220 (from $218). We continue to apply a 40x multiple to our newly increased 2026 adjusted EPS estimate of $5.50 (from $5.45). Our moderate risk rating reflects BCPC's historical and projected earnings expansion, solid balance sheet and strong free cash flow generation.