Declared Dividend • Jul 11
Dividend increased to NT$2.00 Dividend of NT$2.00 is 141% higher than last year. Ex-date: 1st September 2026 Payment date: 30th September 2026 Dividend yield will be 5.0%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 41% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: NT$0.59 (vs NT$0.53 in 1Q 2025) First quarter 2026 results: EPS: NT$0.59 (up from NT$0.53 in 1Q 2025). Revenue: NT$190.9m (up 7.7% from 1Q 2025). Net income: NT$52.8m (up 12% from 1Q 2025). Profit margin: 28% (up from 27% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$2.96 (vs NT$2.13 in FY 2024) Full year 2025 results: EPS: NT$2.96 (up from NT$2.13 in FY 2024). Revenue: NT$811.6m (up 19% from FY 2024). Net income: NT$265.3m (up 40% from FY 2024). Profit margin: 33% (up from 28% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 12
Maxigen Biotech Inc., Annual General Meeting, Jun 11, 2026 Maxigen Biotech Inc., Annual General Meeting, Jun 11, 2026. Location: 3 floor no,88, k`o chi 1st rd., gueishan district, taoyuan city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.84 (vs NT$0.56 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.84 (up from NT$0.56 in 3Q 2024). Revenue: NT$200.9m (up 16% from 3Q 2024). Net income: NT$75.5m (up 53% from 3Q 2024). Profit margin: 38% (up from 28% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 29
Upcoming dividend of NT$0.83 per share Eligible shareholders must have bought the stock before 05 September 2025. Payment date: 30 September 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (1.1%). Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.66 (vs NT$0.67 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.66 (down from NT$0.67 in 2Q 2024). Revenue: NT$208.8m (up 20% from 2Q 2024). Net income: NT$58.9m (down 1.3% from 2Q 2024). Profit margin: 28% (down from 34% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jun 12
Maxigen Biotech Inc. Appoints Shih-An Chen as Independent Director, Effective June 11, 2025 Maxigen Biotech Inc. announced the appointment of Shih-An Chen as Independent Director. Shih-An Chen is an Honorary Director of Taichung Veterans General Hospital. The change is due to a by-election, and the effective date of the new appointment is June 11, 2025. Original term from June 13, 2024 to June 12, 2027. Reported Earnings • May 01
First quarter 2025 earnings released: EPS: NT$0.53 (vs NT$0.32 in 1Q 2024) First quarter 2025 results: EPS: NT$0.53 (up from NT$0.32 in 1Q 2024). Revenue: NT$177.2m (up 39% from 1Q 2024). Net income: NT$47.1m (up 66% from 1Q 2024). Profit margin: 27% (up from 22% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Apr 22
Maxigen Biotech Inc. to Report Q1, 2025 Results on Apr 29, 2025 Maxigen Biotech Inc. announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$97.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$36.15, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 28x in the Biotechs industry in Taiwan. Total returns to shareholders of 2.0% over the past three years. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$2.13 (vs NT$1.87 in FY 2023) Full year 2024 results: EPS: NT$2.13 (up from NT$1.87 in FY 2023). Revenue: NT$680.7m (up 9.4% from FY 2023). Net income: NT$190.2m (up 15% from FY 2023). Profit margin: 28% (up from 27% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 27
Maxigen Biotech Inc., Annual General Meeting, Jun 11, 2025 Maxigen Biotech Inc., Annual General Meeting, Jun 11, 2025. Location: 3 floor no,88, k`o chi 1st rd., gueishan district, taoyuan city Taiwan Tillkännagivande • Feb 19
Maxigen Biotech Inc. to Report Fiscal Year 2024 Results on Feb 26, 2025 Maxigen Biotech Inc. announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.56 (vs NT$0.47 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.56 (up from NT$0.47 in 3Q 2023). Revenue: NT$173.9m (up 9.1% from 3Q 2023). Net income: NT$49.5m (up 20% from 3Q 2023). Profit margin: 28% (up from 26% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: NT$0.66 (vs NT$0.70 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.66 (down from NT$0.70 in 2Q 2023). Revenue: NT$174.0m (up 1.8% from 2Q 2023). Net income: NT$59.7m (down 4.2% from 2Q 2023). Profit margin: 34% (down from 37% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 20
Maxigen Biotech Inc. to Report Q2, 2024 Results on Jul 29, 2024 Maxigen Biotech Inc. announced that they will report Q2, 2024 results on Jul 29, 2024 Upcoming Dividend • Jul 16
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 23 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.5%). New Risk • May 24
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: NT$0.32 (vs NT$0.50 in 1Q 2023) First quarter 2024 results: EPS: NT$0.32 (down from NT$0.50 in 1Q 2023). Revenue: NT$127.1m (down 11% from 1Q 2023). Net income: NT$28.4m (down 36% from 1Q 2023). Profit margin: 22% (down from 31% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Apr 28
Maxigen Biotech Inc. to Report Q1, 2024 Results on May 03, 2024 Maxigen Biotech Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 03, 2024 Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: NT$1.86 (vs NT$1.57 in FY 2022) Full year 2023 results: EPS: NT$1.86 (up from NT$1.57 in FY 2022). Revenue: NT$622.1m (up 2.9% from FY 2022). Net income: NT$165.8m (up 19% from FY 2022). Profit margin: 27% (up from 23% in FY 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 14
Maxigen Biotech Inc., Annual General Meeting, Jun 13, 2024 Maxigen Biotech Inc., Annual General Meeting, Jun 13, 2024. Location: location:No. 88, Keji 1st Rd., Guishan District Taoyuan City 3rd Floor Meeting Room of the Company Taoyuan Taiwan Agenda: To consider the Company's 2023 Business Report; to audit Committee's review of the 2023 annual final accounting books and statements; to consider 2023 Annual Report on remuneration of Individual Directors; and to discuss other matters. Buying Opportunity • Oct 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$64.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 36%. Upcoming Dividend • Aug 31
Upcoming dividend of NT$0.50 per share at 0.9% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 12 October 2023. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (3.0%). Tillkännagivande • Aug 24
Maxigen Biotech Inc. Declares Dividend, Payable on October 12, 2023 Maxigen Biotech Inc. announced cash dividends of TWD 42,349,579 with TWD 0.5 distribution per share. Ex-rights (ex-dividend) trading date is September 7, 2023. Ex-rights (ex-dividend) record date is September 13, 2023. Payment date of cash dividend distribution is October 12, 2023. Buying Opportunity • Aug 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be NT$68.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 36%. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: NT$0.74 (vs NT$0.40 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.74 (up from NT$0.40 in 2Q 2022). Revenue: NT$170.9m (up 11% from 2Q 2022). Net income: NT$62.3m (up 86% from 2Q 2022). Profit margin: 37% (up from 22% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 40% per year. Buying Opportunity • Jun 28
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be NT$78.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 29%. Tillkännagivande • May 05
Maxigen Biotech Inc. Announces Cash Dividend for the Period from January 1, 2022 to December 31, 2022 Maxigen Biotech Inc. announced cash dividend of TWD 0.5 per share to the shareholders for the period from January 1, 2022 to December 31, 2022. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$69.30, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 34x in the Personal Products industry in Taiwan. Total returns to shareholders of 189% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$1.65 (vs NT$1.10 in FY 2021) Full year 2022 results: EPS: NT$1.65 (up from NT$1.10 in FY 2021). Revenue: NT$604.4m (up 18% from FY 2021). Net income: NT$139.4m (up 59% from FY 2021). Profit margin: 23% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$57.80, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 30x in the Personal Products industry in Taiwan. Total returns to shareholders of 183% over the past three years. Tillkännagivande • Dec 30
Maxigen Biotech Inc. Announces Resignation of You Wan-How as Financial Officer and Accounting Officer Maxigen Biotech Inc. Announces Resignation of You Wan-How as Financial Officer and Accounting Officer. Type of personnel changed: financial officer and accounting officer. Date of occurrence of the change:2022/12/29. Name, title, and resume of the previous position holder: You Wan-How/financial officer and accounting officer of MBI. Name, title, and resume of the new position holder: None. Type of the change: Resignation. Effective date:2022/12/29. The new financial and accounting officer will be announced after audit committee and the board of directors approve the appointment. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). Representative Director Tsiu-Yuan Li is the most experienced director on the board, commencing their role in 2015. Independent Director Sung-Yuan Liao was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: NT$0.55 (vs NT$0.42 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.55 (up from NT$0.42 in 3Q 2021). Revenue: NT$162.6m (up 17% from 3Q 2021). Net income: NT$42.1m (up 36% from 3Q 2021). Profit margin: 26% (up from 22% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: NT$0.43 (vs NT$0.31 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.43 (up from NT$0.31 in 2Q 2021). Revenue: NT$154.2m (up 27% from 2Q 2021). Net income: NT$33.5m (up 56% from 2Q 2021). Profit margin: 22% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 19% per year. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 17% share price gain to NT$48.00, the stock trades at a trailing P/E ratio of 42.7x. Average trailing P/E is 18x in the Personal Products industry in Taiwan. Total returns to shareholders of 96% over the past three years. Tillkännagivande • May 14
Maxigen Biotech Inc. Announces Resignation of Lu Min Hsuan as Chief Internal Auditor Maxigen Biotech Inc. announced the resignation of Lu Min Hsuan as chief internal auditor of the company, with effect from May 13, 2022. The new chief internal auditor will be announced after audit committee and the board of directors approve the appointment. Reported Earnings • May 04
First quarter 2022 earnings released: EPS: NT$0.27 (vs NT$0.31 in 1Q 2021) First quarter 2022 results: EPS: NT$0.27 (down from NT$0.31 in 1Q 2021). Revenue: NT$123.3m (up 11% from 1Q 2021). Net income: NT$20.5m (down 5.0% from 1Q 2021). Profit margin: 17% (down from 20% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$37.65, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 17x in the Personal Products industry in Taiwan. Total returns to shareholders of 56% over the past three years. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Zhong Ming Zeng is the most experienced director on the board, commencing their role in 2021. Independent Director Song-Yuan Liao was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Tillkännagivande • Mar 23
Maxigen Biotech Inc., Annual General Meeting, Jun 21, 2022 Maxigen Biotech Inc., Annual General Meeting, Jun 21, 2022. Location: No. 88, Keji 1st Rd., Guishan District (3rd Floor Meeting Room of the Company) Taoyuan City Taiwan Agenda: To consider the Company's 2021 Business Report; to consider audit committee's review of the 2021 annual final accounting books and statements; to consider report on 2021 employees and Directors' remuneration; to consider 2021 Annual Report on remuneration of Individual Directors; to consider 2021 Business Report and Financial Statements; to consider proposal of 2021 earnings distribution; to consider issue new shares through the capitalization of retained earnings; to approve the lifting of non competition restrictions for directors and representatives; and to consider and discuss other matters (if any). Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.42 (vs NT$0.18 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$138.6m (up 20% from 3Q 2020). Net income: NT$30.9m (up 153% from 3Q 2020). Profit margin: 22% (up from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$51.80, the stock trades at a trailing P/E ratio of 52.8x. Average trailing P/E is 14x in the Personal Products industry in Taiwan. Total returns to shareholders of 99% over the past three years. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.30 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$121.1m (up 4.0% from 2Q 2020). Net income: NT$21.4m (up 4.2% from 2Q 2020). Profit margin: 18% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 12
Upcoming dividend of NT$0.73 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 13 September 2021. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 24% share price gain to NT$49.65, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 16x in the Personal Products industry in Taiwan. Total returns to shareholders of 72% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.15 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$111.0m (up 7.4% from 1Q 2020). Net income: NT$21.6m (up 112% from 1Q 2020). Profit margin: 20% (up from 9.9% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS NT$0.91 (vs NT$0.86 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$457.7m (up 1.2% from FY 2019). Net income: NT$63.3m (up 5.3% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 18% share price gain to NT$27.50, the stock is trading at a trailing P/E ratio of 37.9x, up from the previous P/E ratio of 32.3x. This compares to an average P/E of 17x in the Personal Products industry in Taiwan. Total returns to shareholders over the past three years are 36%. Is New 90 Day High Low • Feb 20
New 90-day high: NT$24.00 The company is up 2.0% from its price of NT$23.50 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is down 6.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.18 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$115.1m (down 4.6% from 3Q 2019). Net income: NT$12.2m (down 37% from 3Q 2019). Profit margin: 11% (down from 16% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 30
New 90-day low: NT$22.15 The company is down 19% from its price of NT$27.25 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is down 9.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$23.05 The company is down 21% from its price of NT$29.35 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 2.0% over the same period.