1、CONSUMER HEALTHQuarterly PerspectiveQ12025Recent Lincoln International Consumer Health TransactionsQ1 2025 CONSUMER HEALTH QUARTERLY REVIEW|2Lincoln International|Consumer Health Coverage AreasVMSOTC DrugsPersonal Care&BeautyHealth Products Sold OTC(Non-consumables)Medical NutritionNutrition&Wellnes

2、seCommerce/DTC/Retail ChannelsProfessional/PractitionerCMOs(Contract Manufacturing Organizations)CDMOs(Contract Development&Manufacturing Organizations)Service Providers(e.g.,Lab Testing Businesses)Ingredient BusinessesBranded Products SegmentsChannelsSupport ServicesQ1 2025 CONSUMER HEALTH QUARTERL

3、Y REVIEW|3Broad Coverage and Expertise Across Consumer Health Industry Segments and ChannelsQ1 2025 CONSUMER HEALTH QUARTERLY REVIEW|4In 2025,mergers and acquisitions(M&A)activity in the consumer health sector is poised to navigate a shifting landscape as businesses adapt to U.S.President Donald Tru

4、mps reciprocal tariffs,announced on April 2,2025.Proposed tariff rate increases,particularly those imposed on China and Indiathe two largest importers of consumer health ingredients into the U.S.could create opportunities for domestic manufacturers to capitalize on reshoringtrends,shifting productio

5、n back to domestic facilities to bolster their competitive positioning.These opportunities,however,are time-and capital-intensiveand require significant investment from manufacturers.Additionally,it remains to be seen how pending cost increases will play out between suppliers,product manufacturers a

6、nd brands themselves.Whileconsumers expect increased prices following tariff rate hikes,the non-discretionary and need-based nature of vitamins,minerals and nutrients(VMS)andover-the-counter(OTC)products make price increases unlikely to significantly impact the industry.Overall,the evolving politica