All our businesses resulted in another solid quarter for our Health and Biosciences segment. Sales came in at $553 million, a 6% year-over-year increase on a comparable currency-neutral basis. Comparable adjusted operating EBITDA decreased by 3%, largely due to strong year-ago comparable as well as business reinvestments that Eric mentioned earlier. In Scent, broad-based growth was led by double-digit increase in fragrance ingredients and high single-digit growth in Fine Fragrance. Net sales in the quarter totaled $579 million, up 7% year-over-year on a comparable currency-neutral basis, and we delivered adjusted operating EBITDA of $97 million, up 1% on a comparable basis as volume growth and productivity gains were partially offset by higher reinvestment. Finally, Pharma Solutions delivered another strong quarter, achieving sales of $228 million, a 12% year-over-year increase on a comparable basis, while also recording excellent profitability growth of 81% to $47 million. Strong margin expansion was driven by volume and productivity gains and a favorable year-ago comparable. Turning to Slide 10, cash-flow from operations totaled $1.1 billion for the full-year and capex totaled $463 million or approximately 4% of sales. Our free-cash flow position for the full-year totaled $606 million, which is consistent to where we expected it to be at the beginning of the year. Year-to-date, we also distributed $514 million in dividends to our shareholders. Our cash-and-cash equivalents finished at $471 million at the end-of-the 4th-quarter, including $2 million in assets held-for-sale. Our gross debt at the year-end was approximately $9 billion, a decrease of more than $1 billion compared to the year-ago period following the completion of our divestiture of the Cosmetic ingredients business. Our trailing 12-month credit adjusted EBITDA totaled $2.2 billion, in-line with last quarter and our net-debt to credit adjusted EBITDA improved to 3.8 times. We remain committed to achieving our net-debt to credit adjusted EBITDA target of below three times following the completion of our Pharma Solutions divestiture, which we expect to be complete in the first-half of 2025. On Slide 11, I'd like to share our outlook for 2025. While the current operating environment remains dynamic, we are cautiously optimistic about the year ahead as we look to build-on our recent momentum. Coming off the strong year we had in 2024, we believe our 2025 plan strikes the right balance as we're targeting strong year-over-year improvements on a currency-neutral basis and investing for the future growth of our business. Please note that our full-year guidance includes six months of Pharma Solutions with a divestiture assumed to close June 30, 2025. For comparability purposes, we expect that divestitures will have approximately a 5 percentage point adverse impact to sales growth and approximately a 6 percentage point adverse impact to adjusted EBITDA growth in 2025. In the event that we can close the pharma transaction earlier, we will adjust our guidance accordingly and reflect the lower contribution of the business. For the full-year 2025, we expect sales to be in the range of $10.6 billion to $10.9 billion, representing comparable currency-neutral growth of 1% to 4%. We believe that this will be driven by continued volume growth against a strong year-ago comparable with increases across all our divisions led by H&V, Taste and scent. It should be noted that we expect the 2025 operating environment to be more normalized relative to 2024, which did benefit from the absence of destocking. Pricing is expected to be modestly favorable, inclusive of FX-related pricing as raw-material costs remain elevated and in some cases increasing year-over-year. On the bottom-line, we expect to deliver full-year 2025 adjusted operating EBITDA between $2 billion to $2.15 billion. On a comparable currency-neutral basis, this translates to 5% to 10% EBITDA growth, which will be driven by gross margin expansion as a result of volume leverage and strong COGS productivity. Following a year of strong margin expansion and double-digit profitability growth in 2024, we will continue to reinvest in long-term value-creation opportunities while balancing our near-term profitability objectives. What this means is that we will continue to drive strong productivity to mitigate general inflationary pressures and at the same time, reinvest a large portion of our incentive compensation reset in R&D, innovation and commercial capabilities across our businesses, similar to the actions we've taken in the second-half of 2024. We believe that by doing so, not only will we drive short-term performance, we will further enhance our competitive positions and generate strong returns on these organic investments. Based on foreign-exchange rates, we expect foreign-exchange will have approximately 4% full-year adverse impact to sales growth and a 6% full-year adverse impact to adjusted operating EBITDA growth. This is primarily driven by the strength of the euro where the current rate is down relative to the 109 average in 2024. In addition, there are several other emerging market currencies such as the Brazilian royale and the Argentine peso where we assumed a modest devaluation versus the USD over the course of 2025. As previously communicated, we plan to increase our CapEx investments targeting approximately 6% of sales in 2025. Approximately half of this investment is maintenance capex, while the rest is split evenly between deferred investment catch-up, specifically in food ingredients, growth investments such as capacity expansion in H&B, an India Creative Center in scent and a creative center in Mexico in both taste and scent as well as digital transformation, specifically related to our SAP HANA upgrade. We believe these investments will yield strong returns, providing us with incremental growth and efficiency opportunities. As a reminder, we have re-segmented the business into five divisions: taste, food ingredients, scent, H&B and pharma and have adjusted our corporate allocations starting in 2025. Prior to the first-quarter of 2025 earnings release, we plan to provide historical information for comparable purposes so that when we report first-quarter earnings, you will have the appropriate baseline. Let me close by sharing that we are pleased with the strong progress and foundation we built-in 2024. Our recent success gives us confidence in our outlook as we continue to execute our strategic and financial priorities. With that, I'd like to turn the call-back to Eric. Thanks, Mike. Our outlook for the year reflects our confidence in our businesses and our ability to navigate macro uncertainties while continuing to deliver for our customers. I want to turn to the priorities that will guide our strategy for 2025 and help us reach the goals we've outlined for the year. In 2025, our focus will continue to be on creating sustainable growth and returns on capital. We will continue to improve our businesses while also ensuring we have competitive cost, best-in-class support functions. As we've discussed, this will require some investment. At the same time, we will continue to drive growth and returns by increasing our investment in R&D, value-enhancing capital projects and commercial actions to deliver profitable market-share growth over-time. We will also keep exploring ways for our teams to better innovate, providing greater visibility and transparency into our sales pipeline and formalizing our sales targets and expectations across teams. We will continue to deliver cost-savings through productivity initiatives and improvements in execution and processes throughout our businesses as we strengthen our continuous improvement culture. In addition to completing our planned divestiture of Pharma Solutions in the first-half of the year, we will continue our ongoing portfolio assessment, including exploring appropriate opportunities to bolster our portfolio through value-creating bolt-on acquisitions. But I can assure you we will not do anything like another fruit rock. Importantly, we remain committed to consistently delivering solid financial results and meeting the goals we've outlined for 2025. Lastly, our people are the core of our success, and we will continue to invest time in developing talent and strengthening employee engagement to drive greater innovation and productivity. This in-turn will enable us to better serve our customers, enhancing customer satisfaction, which will help us capture new growth and market-share Over-time. I am confident that these priorities with the collective efforts of our world-class global teams will make it happen. Now to close us out on Slide 13, our solid performance in 2024 speaks to the success of our reinvigorated strategy and our focus on operational execution. All of us at IFF are excited to build-on this foundation to further strengthen the business and reinforce our market position in 2025. We are well on our way to unlocking our full potential and continuing to deliver innovative and sustainable solutions for our customers and communities all-around the world. Thank you, and I'll now open up the call to your questions thank you all. At this time, we will now begin the question-and-answer portion. As a reminder, it is star one to ask the question and then to remove your question, it is star 2. If you are using a speakerphone, we ask that you do pick-up your headset before asking a question. The first question is from the line of Kirsten Owen with Oppenheimer. You may proceed. Hi, hi, good morning. Thank you for taking the question. I wanted to ask if you can elaborate on the sources, wins versus underlying demand of your volume growth expected in 2025. Just for context, we're hearing from CAGNY, many of the CPGs are saying that volume is getting harder to come by. So we're just trying to understand what's sustaining that volume growth expectation and any specific areas of relative strength that you would call-out? Thank you. Sure. Thanks, Kristen. This is Eric. I'll take this question. So first of all, we're saying that for 2025, our volumes will be 1% to 4% growth, which if you recall, in 2026, we had 26% growth, which about half of it was destocking. So normalized growth rate is in the range of 3%. And we believe that our volume increases will be mainly in health and biosciences, scent and taste. And we see now that we have strong commercial pipelines in each of those businesses and a high win rate and that means that we're winning more than our fair share in many cases. And that's really important and that's the drive. Food ingredients will be much, much lower-volume increases, but we still see some volume increase there. But I think it's really important to step-back and see what we're doing over the next three years, what our focus is. And what I'll start by saying, I think we made really good progress in 2024, getting back-to-basics, getting the fundamentals in-place, but over the next three years, we must keep driving to get to growth rates while we narrow the margin gap versus our best-in-class competition in each business. And we're going to do that by continuing to invest in R&D, commercial capabilities and capacity, particularly in health and biosciences, scent and taste businesses. Those are three great businesses with high margins and we want to keep making sure that we're fully investing to be fully competitive with best-in-class competition. In our functional -- excuse me, food ingredients business, we are investing selectively in areas like technical service and upgrading some of our facilities that badly need it. But at the same time, we're driving an aggressive productivity program across our food ingredients business. And then even across the entire company, we're driving strong productivity programs across each business unit and across the corporate functions to make sure that we're fully cost-competitive, but also fully effective. And then as we do all that, we're also leveraging our uniquely strong biotech capabilities into our scent and flavors businesses and continuing to drive the other health and biosciences application areas. So we have a great plan for the next three years. We're going to keep investing, we're going to keep delivering year-by year, but we're going to keep investing so that in three years, we are very strong versus our best-in-class competition next question is from the line of Josh Spector with UBS. You may proceed. Yeah, hi, good morning. I wanted to ask two things if I could. First, just on the EBITDA bridge for 2025. I mean, understanding the pharma divestment and FX are negatives, I guess we thought that volume and the incentive comp resets could get you to about neutral. So there's obviously something else, investments or price-cost or otherwise, which is adding a negative variance to that bridge that we're not accounting for. So how do you build that bridge? And then secondly, just around seasonality and your expectations for 1Q versus the rest of the year, EBITDA specifically? Thanks. Great. Thanks, Josh. I'll take this one. In terms of the EBITDA bridge to the midpoint of our 2025 guidance, it's really around just two things. It's around volume growth and productivity. So if you assume the midpoint of our guidance range, sales will grow 2.5% on a comparable base of $11 billion with an incremental margin of about 35% that's yielding you around 4 to 5 points of EBITDA growth. The second piece of it is that we're really trying to target and drive productivity within the organization. And so you're getting another about 2% net productivity benefit, which is more than offsetting the inflationary piece. In terms of net pricing to input costs, they're expected to be neutrality, so flat when you net them together. And in terms of the incentive compensation reset, we have about $100 million of a reset and we're fully or essentially reset -- offsetting that by reinvestment in the business. And so there's about a $30 million carryover for 2024 and a $70 million incremental investment in 2025. So when you net the two together, it nets and that's the zero. In terms of the EBITDA cadence, again, if you take the midpoint, the first-half of the year will be stronger in an absolute dollar basis because we're assuming that the pharma transaction will be completed at the end of Q2. Also, just remember that Q2 is usually our seasonably strongest quarter. So on an absolute dollar basis, EBITDA will be the highest in Q2 of 2025 hi. The next question is from the line of Nicola Teng with BNP Paribas. You may proceed. Hi, everyone. Thanks for taking the question. I wanted to dig a little bit more into your comments around volume or I guess the currency-neutral 1% to 4% expectation for the year. Would you be able to talk a little bit more about what you expect across the core divisions? Thanks. Yeah. Thank you, Nicolas. So first of all, it's going to be primarily volume-driven with modest pricing. And with some gives and takes in pricing across businesses and across geographies. But primarily the volume growth will be driven by Health and Biosciences scent and taste. Food ingredients, volume will be much more moderate with a focus on increasing margins in that business. The next question is from the line of Emily with Deutsche Bank. You may proceed. Hi, this is Emily on for Dave Begleder with Deutsche Bank. I wanted to ask what are your expectations for input inflation this year? And how should we expect net pricing to develop through the year? Thank you. Thanks again for the question, Emily. Maybe just to start by saying that input cost from an IFS standpoint remain at historical levels, historically high levels. In some parts of our business, we are seeing continued modest inflation, specifically in taste and scent, and this is really driven by natural ingredients overall. In Food ingredients, there is a bit of deflation that the team is working with customers on. And on an H&B perspective, it's generally flat. And so net-net, on a consolidated basis, we expect our input cost baskets to be flat-to-up slightly. In all instances, we will continue to work and collaborate with our customers to make sure we have the opportunities to mitigate. This includes reformulations, but also price discussions as well. In terms of pricing contribution over the course of 2025, we expect pricing to be relatively consistent over each of the four quarters as we go-forward the next question is from the line of Patrick Cunningham with Citigroup. You may proceed. Hi, good morning. This is Eric Zang on for Patrick. You mentioned last quarter about getting functional ingredients to 15% plus margins in the coming years. Are you on-track for this margin expansion given the pricing actions? And what are the cost and productivity initiatives Savings underpinning this growth. Thank you. Thanks, Eric. We are on-track towards this target and we made very good progress. If you'll recall, in 2023, we talked about high single-digit EBITDA margins in food ingredients. In 2024, we achieved solid low double-digits margins -- EBITDA margins. And I would say under the new leadership of Andy Mueller with a strong team, we are confident in our plans to get to the mid-teens in the next few years. And we're doing that with a combination of better serving customers, so growing our business with attractive margins and driving aggressive productivity plans. Both are making progress. Andy has a strong background in this business and is helping the team to further strengthen those plans and the execution of those plans. So we are on-track the next question is from the line of Lisa D Meade with Morgan Stanley. You may proceed. And hi. Thank you for taking my question. I have a question on free-cash flow. Can you please give some details and granularity on how you expect free-cash flow to play-out for this year, especially concerning the net working capital movements and capex spend that's required? And also more in the light of the limited leveraging we've seen in the second-half of this year, which clearly will improve first pharma, but just the underlying movements would be helpful. And a small second question I'm going to slide in. I mean, you've now been with the company as a CEO for over a year. I mean, is there any intention to set new mid-term targets given you keep referring in your presentation towards the next three years, we're driving improvement. So are you willing to set any financial targets against that? Thank you. Thank you. Olivier. I'll start on the first one. Yeah. Yeah, perfect. I'll start on free-cash flow and then I'll pass it back to you. In terms of the full-year for 2025, we expect free-cash flow to be about $500 million. Note that this does include a significant impact of taxes related to the pharma divestiture. So that's about $350 million is our estimate at this point in time. If you adjust for that, our free-cash flow will be about $850 million, which is kind of consistent to the last couple of years, but more importantly, an improvement versus where we finished 2024. In terms of net working capital, we are targeting a slight inflow versus an outflow in 2024 and this is really driven by the work that we're doing around payables and selective strategic inventory reductions. As we stated on the call, we expect capex to be about 6% of sales and this is really around increasing investments to catch-up on some deferred spend. Eric mentioned it moments ago, specifically in food ingredients, also to make some growth investments. And so capacity expansion, new technologies in H&B, some commercial facing operations for taste and scent. And then lastly, really start to drive the migration of our digital transformation. And so those are the biggest drivers from a capex piece of it going-forward. And so maybe Eric, I'll turn it over to you for the second part of the question. Yeah. So in terms of long-term targets, we'll come back later in the year with more clarity on that. But let me just say that I feel like we are a very strengthened company now versus a year-ago. We've got absolute clarity on our organization model, our end-to-end business model. We've separated Nourish into taste and food ingredients, two very different businesses with different strategies. We've got a strong team, a clear five-year plan and clear investment plan with both growth investment and driving productivity. And so I am confident that we have the right direction. Now we need to execute very well. And I think we did that in 2024. Now we need to do it in 2025, and you'll hear more later in the year about our longer-term aspirations. Thank you. The next question is from the line of Steve Byrne with Bank of America. You may proceed. Yes, thank you. I'm curious, how would you characterize the potential impact on your businesses or perhaps some regulatory approvals from RFK now run-in HHS and the staff cuts at FDA. Any near-term impacts from that? And then, Eric, you mentioned new investments in biotechnology and R&D. I assume that could include the use of gene editing for you know, natural product expression levels, et-cetera, do you think RFK could block this? But first of all, thank you, Steve. We don't see any of our products as targets. In fact, what we do see is that many of our customers may reformulate products to have cleaner labels, which by the way, plays into our strengths. And we've been making very good progress with customers that are working on cleaner labels, which has been a great growth opportunity for us already and we see that as a continued opportunity going-forward. In terms of biotech R&D, I think there's lots of opportunities in many areas. And you'll be hearing more about that at CAGNY, we're going to talk specifically about our biotech platform. And we see that as having opportunities in scent taste, but also in the current areas that we're playing in and other areas with our DEB design enzymatic biomaterials, which plays right into the heart of what the world wants. Consumers want -- our customers want the world wants in biodegradable materials that are sustainable and sustainably grown, sustainably produced. So I see this as a bit of uncertainty about what will happen when, but in the general direction, I see it as significantly more opportunity than risk thank you. The next question is from the line of John Roberts with Mizuho. You may proceed. Thanks. And first, congrats, Michael. Back to raw materials. How much of IFF's raw-material spend is potentially exposed to tariffs here? And should we only be thinking about imported materials into the US or do you worry about something reciprocal so that it's more than just a US issue. Hey, thanks, John. I appreciate that very much. In terms of the tariff situation, it's ever-evolving. It changes on a constant basis. When we assess the various situations or potential situations, we do not expect to have a material impact from any talent change. As you know, John, we have an expansive and global supply-chain, which provides us with a lot of flexibility to adapt. So should things change, we're working with our customers to make sure we mitigate that to the fullest. We lived through this a couple of years ago in this administration's first-term. And so similar to that approach we've taken now is that we're going to work with our customers, our mitigation strategies and including price surcharges as appropriate. But that will become a secondary methodology to it. The focus is really seeing what we can do on supply-chain to mitigate a lot of our of our exposure. Again, immaterial in nature, more to come as things develop and we'll keep you updated there? The next question is from the line of Mike with Wells Fargo. You may proceed. Hey, good morning. Nice end-of-the year and congrats to you, Mike. Eric, with the year-on-year about -- and I understand you might want to wait a little bit, but where do you think IFS EBITDA should get over-time? It's expected to be a pretty big number when you bought NNB, but with divestitures, maybe framework where it could be? And then -- and just maybe stepping back a little bit with NNB, you know, do you think this is a good business for IFF in longer-term? You know what are the risks because certainly it had a little bit -- it certainly had a tough time on the get-go, but what are the risks to the business? And maybe just talk about where -- what parts of the business now fit really well with -- or have good synergies with the legacy IFS. Thank you. Sure. Thanks, Mike, for the question. I mean, I see with our current portfolio over-time, us getting to the low-20s EBITDA margin with food ingredients being the most challenged and health and biosciences being the highest and scent and taste being very solid. And as I look at it, we I came to the company a year-ago. There was a lot of complexity, a lot of performance challenges. A lot of companies had been brought together. So there was a lot to clean-up and a lot to get the executive team together and clarify for the organization. I think we've made very good progress. I think we've got a very solid H&B Health and Biosciences Team and business, a very strong scent and taste teams and businesses with very good -- very strong, very competitive capabilities. And so we just need to continue to strengthen those and move them along in the next three years. And I think they'll compete very favorably within that period with the leading benchmarks. Food ingredients is still a turnaround situation, low single-digit EBITDA margins in 2023, low double-digit EBITDA margins in 2024. Andy Mooler and his team are absolutely focused on continuing that turnaround and getting those margins up significantly this year as another point of progress. And I'm confident in that team to make that happen. So I think that our focus right now is delivering 2025, but doing it in a way that we make smart investments that have good returns and get us increasingly competitive and deliver what we say we're going to deliver. And I think we're on good track to make that happen. Thank you. Thank you. The next question is from the line of Kevin McCarthy with Vertical Research Partners. You may proceed. Hi, this is Matt on for Kevin McCarthy. Can you help us to understand why the FX headwind to EBITDA is 2% higher than the impact on-sales? How do your margins on international business compare to US domestic margins? Hey, Matt, I'll take this one. Thank you for the question. In terms of the incremental impact on EBITDA relative to sales, entirely driven by our purchases. Our sales are based in local-currency, while a larger portion of our input costs are denominated in euro and US dollar. And so essentially, that's what's driving the kind of multiplier effect between sales piece of it and EBITDA contribution. I think your second question was around margin structure globally, internationally versus domestic operations. It's actually pretty agnostic and pretty constant. The real differential comes when you compare the category exposures. And so just let me give you an example. In EV, you have the strongest margin profile just given the exposure to fine fragrance. While in India, you have a lower-margin profile just because the portfolio is geared towards savory as an example. So really, when you look at it on a kind of a like-for-like basis, adjust to like adjusting for the portfolio, you're pretty agnostic from the margin aspect of it. It really comes down to the category percentages within each one of the regions. Thank you. The next question is from the line of Mark from Stifel. You may proceed., thanks. Good morning, everybody. Two questions from me. One, just could you talk about the growth rates between local, regional and private-label customers compared to multinationals and maybe just give a rough split of the business as it seems the former group seems to be growing faster and taking share away from the latter. And then, Eric, you had talked about prioritizing best-in-class margins compared to sales growth. You're obviously accelerating investments, I guess, with flexibility in early '25 in terms of the wrap around reinvestment. And maybe talk a bit about how you manage the two and if you want to sit there and try to think about prioritizing one versus the other, how quickly can you get to the margins versus how quickly can you get to run-rate sales growth that grows at least in-line consistently with peers? Thank you. Mike, do you want to start and then I'll take the second-half. Sure. So thanks, Mark, for the question. When you look at the portfolio, the way I would categorize it is you basically have one-third global customers, one-third kind of mid-sized and one-third small local customers, including some of the private-label aspects. And so when you look at the dynamics across there, on a global perspective, the growth is a little bit more muted than you see at some of the kind of regional, local, including private-label customers. And so for us, a big part of the focus on the -- I'll give you an example on the taste strategy is really to prioritize private-label and smaller customers as we go-forward. And so that dynamic, that growth that you referenced, Mark, is true. The good thing is that there's still a lot of growth opportunities at the big global customers. That's much more geared towards new innovation and what we can do to help them have winning products or consumer-preferred products in the market. So on the question, yes, on the second-half of the question, we want to continue to work towards best-in-class margins and growth rates. So what I would say is track us on how we're doing to have growth rates in-line with the best-in-class and gross margins that are improving and EBITDA margins that may improve a little bit slower because of our investments, our aggressive investments in research, particularly, but also in commercial investments in health and biosciences, taste and scent. Now let me just give you an example. In 2024, we had nice margin improvements, but we could have delivered even more EBITDA and higher EBITDA margins if we wouldn't have made additional investments beyond what we had planned, particularly in research and commercial capabilities. So what we're going to do is continue to make progress, but probably not as fast a progress on EBITDA as we could if we weren't making these additional investments. But the investments that we're making, we are absolutely sure that in the next three years, we'll have a very attractive payout and will strengthen us against our best-in-class competitors. And we're absolutely committed to becoming leaders in innovation across these businesses. Health and Biosciences Taste and scent, while we continue to turn-around the food ingredients business. Thank you. The next question is from the line of Kate Grafstein with Barclays. You may proceed. Thanks. Just a couple of questions on the scent business. I was wondering why fragrance ingredients growth was so strong this quarter, up double-digits and how we should be thinking about growth for 2025 if there's some pricing pressure on the business? And then on fine fragrances, you were wondering what your expectation is for growth next year and if you're expecting any growth in fine to normalize? Thank you Mike, do you want to start? Eric, I'm happy to start. Yeah, I'll start on this one and then pass it over to you for more comments. Look, the team has done a fantastic job in the fragrance ingredients business. They really looked at their portfolio. When you look at that portfolio, there's really high-value ingredients and I would say more general kind of industry-led ingredients. And so what they did, they bifurcated that and they've targeted the market to go after some of the high-value ingredients. And so what we've seen over the course of this year -- in 2024, my apologies, in 2024, performance has been strong as you noted, Katie. And for the quarter, we actually finished kind of in that mid-teens range. So very, very, very good. And that's really about being proactive and making sure they have adequate capacity to ship product for that and they had some good success there in 2024. In 2025, I think you'll see the growth start to subside a bit. Obviously, that is a business that's going to be driven by the end-market consumption. And so as you go-forward from here, I think the team has some good volume growth, but they will have some reductions in overall price because of some of the deflationary environment that they see in the fragrance ingredients market overall. But they're working through that. I think their long-term strategy is very, very strong. And I think it's still going to be a growth driver as we go-forward. It's just managing the next couple -- couple of quarters in terms of overall growth. So that's fragrance -- fragrance ingredients. On the fine fragrance side, the business is performing very, very well. And so it's -- I think it finished the quarter at high single-digit growth rates. On a two-year basis, it's kind of in the mid-single-digit basis kind of factor-in the year-ago comparable and so very, very strong. Based on the access to business and new win potential that they have, they expect growth to continue into 2025 and be one of the areas that will lead the scent in terms of overall growth. And that's really around the strategy they have in some of the emerging markets like the Middle-East and Africa and winning some of the core big businesses and brands that are in Europe and North-America. I think the only thing I would add. Anything else you would... Yeah. The only thing I would add is that I think overall, the dynamics for the scent business are favorable and for the scent industry. The -- both the consumer goods companies are putting more emphasis on scent as a driver of superiority for their products, whether it's shampoo, body wash, laundry detergent, et-cetera, all their products, that is a critical element of superiority and a low part of the cost, product cost . So I think that's going to continue and consumers love to have great sense in their products. I think on the fine fragrance, the digital media and the desire to have better experiences through the day, not just an evening dent for a woman when she's going out, but people of all ages of both sexes increasingly wanting fine fragrances to enhance their day, whether it's whether it's an energizing scent that makes you feel more energy, whether it's a relaxing scent, whether it's a romantic scent, these emotional drivers that are being expounded upon are being talked about by people like Charlotte Tilbury on digital media are helping to expand the market for scent fine fragrances all-around the world. So I see the general direction of growth for the scent industry continuing to be very positive. And we're taking advantage of that. Thank you. The next question is from the line of Silk from JPMorgan. You may proceed. Hi, good morning. I have another peeling back the onion question. In you have your legacy flavor or what you call taste business and maybe that's like $2.5 billion in size. And then there's the Functional Ingredients business, which is that's like $3.3 billion in size. So if your functional Ingredients business, which is the smaller one grow slowly, maybe grows 1%, like your taste business really has to grow something like 5% to get to the -- to get to the midpoint of organic growth, which is 2.5%. Is that the way to think about you have like just much higher-growth in taste, maybe like close to mid-single digits and very slow-growth in function fragrances. And I have a similar question for the Health and Biosciences business, which I think maybe splits to enzymes and maybe 45% into probiotics. Is it a similar dynamic where you think your enzyme -- your enzymatic business is going to grow more like mid-single digits and probiotics are at a very low-end Mike, why don't you start? And I'll add if anything. Yeah. I'll start that. First, maybe let me just start with the flavors or taste business. So it is -- you're absolutely right. The way I think about $6 billion, $2.5 billion is going to be taste side, $3.5 billion food ingredient side. The flavors or taste side of the business has been running very, very strong. And so their performance over the course of the year. If you see, it's basically had four quarters of very strong double-digit growth. As you go into 2025, I think the taste business growth will more normalize relative to what I'd say, historical averages just because the comp is strong. And so that is going to be a big piece of the equation in terms of growth for the total company. Food ingredients will be a little bit more muted as some of volume gains are going to be offset by a little bit of price reductions that are associated with the deflation. And so to your point, you have to grow disproportionately faster on the taste side. The 1x factor caveat is that in the rest of the business, we expect growth. And so that's making it up and has actually taken us into what I'd say a better trajectory in 2025 overall and offsetting some of the food ingredients softness that we have year-over-year in terms of total top-line growth. In H&B, with respect to enzymes versus probiotics in the subcategory levels, I think broadly speaking, all the businesses are targeting kind of modest growth year-over-year. The health business, the one area on the probiotics side that has been a little bit of a pain point, to be very frank, over the last couple of years is expecting to recover a bit as we go into 2025 as well. So that will help us -- that will help us both from a top-line perspective, but is also accretive from a margin aspect as well. So Eric, back to you. Thank you. The next question is from the line of Laurence Alexander with Jefferies. You may proceed. Hi, this is Den on for Lawrence. Thanks for fitting me in. Just to kind of revisit tariffs from the tariff issues, but just from a little bit of a term perspective, I was just wondering what your customers are saying their near-term impacts might be on order patterns and how you should think about where margins in ROIC should be in three to five years? Can you repeat that second part of the question? I'm not sure I heard the second one. The second one is just how do you think where margins in ROIC should be in three to five years? Got it. Perfect. Eric, do you want to -- from a customer standpoint, I know you engage a lot from the customers. Do you want to follow? What I would say is, if you listen to the customers' calls, they're very conservative about volume growth. I think it's not -- it's separate from tariff issues, but tariff issues make people concerned about the economy with the uncertainty today, I think that uncertainty will hopefully get cleared up in the not-too-distant future and we'll get back to a more normalized growth. But I think what our customers -- what we're hearing from our customers, which is really important is that they expect volumes to be soft and therefore, they want to grow with innovation. And that's increasing the opportunity for us to work with them to deliver that innovation that excites consumers that drives their products. And by the way, drives value in their products as well. So I think that's very positive. But anything to add to that specifically on tariffs, Mike? No, I think that's -- I think that's good. Covered well. I think the second point just on the margin ROIC evolution of IoTech over the next three years. I think Eric addressed it before. The simple answer is higher on both. I think for us, we're making a concentrated effort really on return on invested capital as we go into 2025. And so we're making a big investment in terms of both carryover and reinvestment incrementally in this year. But the reality is, as we go-forward, we are being very diligent on how we're thinking about return on every dollar we put in the business. This is both opex and on a capex basis. And so the team trajectory, we don't have a formal target yet, and we'll come back later in the year as Eric alluded to it. But over-time, we would expect improvements in terms of, again, the margin piece of it, but also return on invested capital. The next question is from the line of Artem Chubarov with Redburn. You may proceed. Good morning. Thanks for taking my questions. I've got a follow-up on the Health and Spiosciences division. Would you remind us of the current sales breakdown by businesses across that just would be -- would be helpful. And then looking ahead, do you see the future for some of those utilization or could they potentially be considered for a review in the term? Thank you. I'll start and then Mike, please add anything. First of all, our Health and Biosciences business is on very solid ground today. It's been growing nicely in 2024. We grew, I would say, consistent with the leading benchmark and had strong solid growth across businesses. The slowest growth, but still growing was the health business. As Mike alluded to, we expect that to start to increase again as we put more innovation into that business, part of the business. But overall, the dynamics are solid in all the different areas, all the different application areas. We have this new area and designed enzymatic biomaterials that we're excited about. We've started to get our first commercializations there. That's going to add to the growth. And we've got a lot of emphasis now on how do we turbocharge our scent and our taste business with our biotech capabilities and we've got resources focused on that, that will take some time to get through, but it's on a solid start. And I'm very, very optimistic about health and biosciences in the near-term, but even more so in the three to five-year time-frame thank you. Thank you. At this time, we will now take the last question from Christopher Parkinson from Wolfe Research. You may proceed great, thanks. This is Harris Fine on for Chris. Thanks for taking my question. So there have been a lot of active asset sales divestitures within Food and Nutrition over the past year. I guess when you look at what's happened, what does that price discovery mean to you in terms of maybe whether you could prune a little bit more from your portfolio? And you also mentioned potential for small bolt-ons. I guess, what are the implications for your M&A pipeline? Thank you. Yeah. So first of all, on our food ingredients business, Andy Mueller is here. He knows the business in-depth. He spent many years with Denisco actually before that with IFF. He knows the industry very well. He's working with his team to turn-around the total business and there are some pieces of it that may likely not fit long-term. So we're working on that, working through that. But we're looking at bolt-on acquisitions, as I referred to, that's specifically in Health and biosciences, more related to technologies to further enhancing our technology breadth, scent and taste, which is more to enhance our geographic footprint. And but we will only do bolt-ons that make absolute sense that have good returns and that really fill strategic voids. But I think what the most important is to understand that we're focused on really driving the businesses that we have today and getting the pharmaceuticals solution sale finished and continuing to execute really well this year. And I'll just finish -- I'll Call-IT my closing remark is that I believe I joined the company excited about IFF and even more excited today. I believe we are much stronger than we were a year-ago, and I believe we will be much stronger a year from now. Thanks to our 22,000 colleagues around the world that are now, I believe, much more focused on serving customers with leading innovation, while we also drive productivity. And I would suggest if you -- if you know IFF employees, talk to IFF employees, talk to our customers, ask them about it, we've got positive momentum and we're going to continue to build-on that positive momentum and we're going to deliver what we say we're going to deliver in 2025, but we're going to do it in a way that further strengthens us for '26 and beyond. And in the three-year period, I think you'll find us very competitive with the leading competitive benchmarks. Thank you. Thank you all. At this time, this will now conclude today's IAS Q4 FY 2024 earnings conference call. We appreciate your participation. We hope you all have a wonderful day, and you may now disconnect your lines
