3Q:25 sales increased 11.5% year over year to $267.6 million, exceeding our $262.4 million estimate and the $258 million consensus estimate. Adjusted EPS of $1.35 was slightly below our $1.36 estimate but above $1.31 consensus. The company achieved record consolidated sales, adjusted net earnings and adjusted EPS, with all three segments posting year over year growth: Human Nutrition & Health was up 14.3%, Animal Nutrition & Health up 6.6%, and Specialty Products up 7.5%. HNH remained the primary growth driver, supported by demand for nutrients and food ingredients aligned with “better-for-you” trends in high-protein, high-fiber and lower-sugar foods. The new Orange County, NY microencapsulation facility will double encapsulant capacity when it comes online in mid-2027. ANH delivered solid sales growth despite margin pressure. Management noted that the EU's anti-dumping review on Chinese choline chloride (90%–115% provisional duties) remains underway. North American dairy markets remain stable but somewhat softer than earlier in 2025. Specialty Products advanced on Performance Gases (up 7%) and Plant Nutrition (up 13%), with expansion efforts in Latin America, India and Asia Pacific helping offset typical weaker second-half U.S. seasonality. Adjusted free cash flow (excluding stock-based compensation add-back) was $46.0 million versus our $47.8 million estimate. Net debt was $89 million and the net-debt leverage ratio was 0.3x. We maintain our 2025 sales estimate of $1.035 billion but lower our 2025 adjusted EPS estimate to $5.15 (from $5.20). We maintain 2026 estimates of $1.08 billion in sales and $5.50 in adjusted EPS, and introduce 2027 estimates of $1.125 billion sales and $5.75 adjusted EPS. We maintain our $220 price target on BCPC shares, which is based on an intact 40× multiple to our 2026 adjusted EPS estimate of $5.50. Our moderate risk rating reflects BCPC's historical and projected earnings expansion, solid balance sheet and strong free cash flow generation.