We maintain our 2Q:25 estimates for sales of $253.2 million, up 8.2% year over year and 1.1% sequentially, and EPS of $1.25, representing 14.4% growth. This follows a record-setting 1Q:25 in which all three segments delivered year-over-year increases in sales. Our 2025 forecast remains unchanged, calling for full-year sales of $1.020 billion and EPS of $5.15 (consensus of $1.017 billion and $5.08, respectively). These projections reflect expected segment-level year-over-year growth of 7.7% in Human Nutrition & Health (HNH), 7.1% in Animal Nutrition & Health (ANH), and 3.5% in Specialty Products. Gross margin remains a key strength. In 1Q:25, BCPC expanded gross margin by 120 basis points year over year to 35.2%, primarily due to favorable mix, and we expect margin support to continue through the balance of the year. We continue to view HNH as the primary growth engine, following 3.7% year-over-year sales growth in 1Q:25 despite a difficult comparison, and we model 8% annual growth in 2Q:25. ANH appears set to extend its recovery, with the segment posting two consecutive quarters of annual growth after eight quarters of declines. Specialty Products is also positioned for continued modest growth after delivering 5.3% sales growth in 1Q:25, supported by strength in performance gases and plant nutrition. We model $155.9 million in free cash flow (FCF) for 2025, up from $130.5 million in 2024. As of the end of 1Q:25, BCPC reported $140.1 million in net debt and a leverage ratio of 0.5x. We maintain our $218 price target, based on an unchanged 40x multiple applied to our 2026 EPS estimate of $5.45. Our Moderate risk rating reflects BCPC's consistent earnings growth, strong balance sheet, and robust free cash flow profile.