美國雅培 (ABT) 2022 Q2 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Abbott Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

早上好，感謝您的支持。歡迎來到雅培 2022 年第二季度收益電話會議。 （操作員說明）

This call is being recorded by Abbott. With the exception of any participant's questions asked during the question-and-answer session, the entire call, including the question-and-answer session, is material copyrighted by Abbott. It cannot be recorded or rebroadcast without Abbott's expressed written permission.

Abbott 正在記錄此通話。除了在問答環節中提出的任何參與者的問題外，整個通話（包括問答環節）的材料版權歸雅培所有。未經 Abbott 明確書面許可，不得錄製或重播。

I would now like to introduce Mr. Scott Leinenweber, Vice President, Investor Relations, Licensing and Acquisitions.

我現在想介紹投資者關係、許可和收購副總裁 Scott Leinenweber 先生。

Good morning, and thank you for joining us. With me today are Robert Ford, Chairman and Chief Executive Officer; and Bob Funck, Executive Vice President, Finance and Chief Financial Officer. Robert and Bob will provide opening remarks. Following their comments, we'll take your questions.

早上好，感謝您加入我們。今天和我在一起的是董事長兼首席執行官羅伯特福特； Bob Funck，財務執行副總裁兼首席財務官。羅伯特和鮑勃將致開幕詞。根據他們的評論，我們會回答您的問題。

Before we get started, some statements made today may be forward-looking for purposes of the Private Securities Litigation Reform Act of 1995, including the expected financial results for 2022. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements.

在我們開始之前，今天做出的一些陳述可能是 1995 年《私人證券訴訟改革法案》的前瞻性陳述，包括 2022 年的預期財務結果。雅培警告說，這些前瞻性陳述可能會受到風險和不確定性的影響。導致實際結果與前瞻性陳述中的結果大不相同。

Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, Risk Factors, to our annual report on Form 10-K for the year ended December 31, 2021. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

可能影響雅培運營的經濟、競爭、政府、技術和其他因素在我們截至 2021 年 12 月 31 日的 10-K 表年度報告的第 1A 項“風險因素”中進行了討論。雅培不承擔公開發布任何因後續事件或發展而對前瞻性陳述進行的修訂，除非法律要求。

On today's conference call, as in the past, non-GAAP financial measures will be used to help investors understand Abbott's ongoing business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings news release and regulatory filings from today, which are available on our website at abbott.com.

在今天的電話會議上，與以往一樣，非公認會計準則財務指標將用於幫助投資者了解雅培的持續經營業績。這些非 GAAP 財務指標與我們今天的收益新聞稿和監管文件中的可比 GAAP 財務指標相一致，可在我們的網站 abbott.com 上查閱。

Note that Abbott has not provided the GAAP financial measure for organic sales growth on a forward-looking basis because the company is unable to predict future changes in foreign exchange rates, which could impact reported sales growth. Unless otherwise noted, our commentary on sales growth refers to organic sales growth, which excludes the impact of foreign exchange.

請注意，雅培未在前瞻性基礎上提供有機銷售增長的 GAAP 財務指標，因為該公司無法預測未來匯率的變化，這可能會影響報告的銷售增長。除非另有說明，我們對銷售增長的評論指的是有機銷售增長，不包括外彙的影響。

With that, I will now turn the call over to Robert.

有了這個，我現在將把電話轉給羅伯特。

Thanks, Scott. Good morning, everyone, and thank you for joining us.

謝謝，斯科特。大家早上好，感謝您加入我們。

Today, we reported results of another strong quarter. Earnings per share were $1.43, reflecting more than 20% growth compared to last year. Sales increased nearly 14.5% on an organic basis in the quarter led by growth in Established Pharmaceuticals, Diagnostics and Medical Devices.

今天，我們報告了另一個強勁的季度業績。每股收益為 1.43 美元，與去年相比增長超過 20%。本季度銷售額在有機基礎上增長了近 14.5%，這主要得益於成熟藥物、診斷和醫療器械的增長。

Based on our performance for the first 6 months, we increased our earnings per share guidance to at least $4.90 for the full year. This speaks to the strength and resilience of our diversified health care model as well as strong execution in this challenging macro environment.

根據我們前 6 個月的表現，我們將全年每股收益指引提高至至少 4.90 美元。這說明了我們多元化醫療保健模式的實力和彈性，以及在這個充滿挑戰的宏觀環境中的強大執行力。

We continue to advance our R&D pipeline and strengthen our long-term growth platforms with several new product approvals. Our supply chain has remained resilient, and our financial health remains strong.

我們繼續推進我們的研發管道，並通過幾個新產品的批准來加強我們的長期增長平台。我們的供應鏈保持彈性，我們的財務狀況依然強勁。

I'll now summarize our second quarter results in more detail before turning the call over to Bob, and I'll start with Established Pharmaceuticals, or EPD, where sales increased more than 9% in the quarter. Strong performance this quarter was led by double-digit growth across several countries, including China, Brazil, Colombia, Mexico and Vietnam.

在將電話轉給 Bob 之前，我現在將更詳細地總結我們的第二季度業績，我將從已建立的製藥公司或 EPD 開始，該公司的銷售額在該季度增長了 9% 以上。本季度的強勁表現得益於多個國家的兩位數增長，包括中國、巴西、哥倫比亞、墨西哥和越南。

EPD continues to execute and perform at a very high level in a dynamic environment, achieving double-digit organic sales growth over the past 1.5 years, including more than 11% organic growth for the first half of this year.

環保署在充滿活力的環境中繼續以非常高的水平執行和執行，在過去 1.5 年實現了兩位數的有機銷售增長，其中今年上半年有機增長超過 11%。

Moving to Diagnostics, where sales grew over 35% in the quarter. COVID test sales were $2.3 billion in the quarter, more than 95% of which came from rapid tests, including BinaxNOW in the U.S., Panbio internationally and ID NOW globally.

轉向診斷，該季度銷售額增長超過 35%。本季度 COVID 測試銷售額為 23 億美元，其中 95% 以上來自快速測試，包括美國的 BinaxNOW、國際的 Panbio 和全球的 ID NOW。

As we had predicted some time ago, rapid testing has become widely accepted and has proven to be a very important tool in combating the virus due to its affordability and accessibility, including at-home testing. And while vaccines have been shown to play an important role in reducing severity of outcomes, with the emergence of new variants that escape immunity, rapid tests have become the best tool we have to help people quickly and easily identify new cases and quarantine to help slow and prevent transmission.

正如我們前段時間所預測的那樣，快速檢測已被廣泛接受，並且由於其可負擔性和可及性（包括在家檢測）被證明是對抗病毒的非常重要的工具。雖然疫苗已被證明在降低結果嚴重性方面發揮著重要作用，但隨著新變種的出現，逃避免疫，快速測試已成為我們必須幫助人們快速輕鬆地識別新病例和隔離以幫助減緩並防止傳播。

As you know, forecasting COVID testing demand beyond the near term has been challenging. As such, our forecast for the next few months contemplates a modest approaching endemic-like amount of testing sales.

如您所知，預測近期之後的 COVID 測試需求一直具有挑戰性。因此，我們對未來幾個月的預測認為測試銷售量將適度接近流行病。

We are in regular discussions with governments around the world, including the U.S., for surveillance testing needs and to ensure capacity is available and ready, if we see another surge this winter. If that were to happen, we have a lot of manufacturing capacity in the U.S. and internationally to help meet testing needs.

我們正在與包括美國在內的世界各國政府定期討論監測測試需求，並確保如果我們在今年冬天看到再次激增的能力可用且準備就緒。如果發生這種情況，我們在美國和國際上擁有大量製造能力來幫助滿足測試需求。

I'll now turn to Nutrition, where, as you know, we initiated a voluntary recall in February of certain infant formula products manufactured at one of our U.S. facilities. Earlier this month, we resumed partial production at that facility, starting with our specialty formula EleCare and metabolic formulas.

我現在轉向營養，如您所知，我們在 2 月份發起了一項自願召回，召回在我們的美國工廠之一生產的某些嬰兒配方奶粉產品。本月早些時候，我們恢復了該工廠的部分生產，從我們的專業配方 EleCare 和代謝配方開始。

We are in the final phases of testing to restart Similac production. As a reminder, once we begin production, it takes several weeks for product to reach store shelves. That said, we will do everything possible to accelerate delivery of product to retailers, so families can have access to the formula they need as soon as possible.

我們正處於重啟 Similac 生產的最後測試階段。提醒一下，一旦我們開始生產，產品需要幾週時間才能到達商店貨架。也就是說，我們將盡一切可能加快向零售商交付產品的速度，以便家庭能夠盡快獲得他們需要的配方。

We've already started to see some share recovery at retail over the past couple of months, as we leveraged our global manufacturing network to increase supply to the U.S., including importing product from our FDA registered plant in Ireland. We also began importing product from Spain after receiving informed discretion from the FDA that expanded the allowance for imports.

在過去的幾個月裡，隨著我們利用我們的全球製造網絡增加對美國的供應，包括從我們在愛爾蘭的 FDA 註冊工廠進口產品，我們已經開始看到零售市場份額有所回升。在獲得 FDA 擴大進口許可的知情決定後，我們也開始從西班牙進口產品。

As I said in April, it's important to note that the results of the investigation from the FDA, CDC and Abbott concluded no evidence linked our formulas to any infant illnesses or deaths, and there is no new information to suggest otherwise. We take this matter very seriously, and we're making a number of enhancements to our operations at the impacted manufacturing plant.

正如我在 4 月份所說，重要的是要注意 FDA、CDC 和雅培的調查結果沒有證據表明我們的配方與任何嬰兒疾病或死亡有關，也沒有新的信息表明其他情況。我們非常重視這件事，我們正在對受影響的製造工廠的運營進行一些改進。

We're also taking steps across our manufacturing network to expand capacity and redundancy. We're committed to set the standard in industry on quality and safety and to reearn the trust of the families that depend on us.

我們還在整個製造網絡中採取措施擴大產能和冗餘。我們致力於在質量和安全方面樹立行業標準，並重新贏得依賴我們的家庭的信任。

Across our broader Nutrition business, global sales in Adult Nutrition increased 5% in the quarter, including more than 7.5% growth internationally led by our market-leading Ensure and Glucerna brands.

在我們更廣泛的營養業務中，本季度成人營養品的全球銷售額增長了 5%，其中在我們市場領先的 Ensure 和 Glucerna 品牌的帶動下，全球銷售額增長了 7.5% 以上。

And lastly, I'll wrap up with Medical Devices, where sales grew 7.5% in the quarter. In cardiovascular devices, sales growth was led by Structural Heart and Heart Failure. While cardiovascular procedure trends continued to improve, growth in the quarter was somewhat more modest than what we had anticipated back in April due to several factors, most notably health care staffing challenges, COVID surges and lockdowns in China that were implemented as part of their efforts to control the spread of the virus. We expect these dynamics to improve in the second half of the year.

最後，我將總結醫療設備，該季度銷售額增長了 7.5%。在心血管設備中，銷售增長由結構性心臟和心力衰竭引領。儘管心血管手術趨勢繼續改善，但由於多種因素，本季度的增長比我們在 4 月份的預期要溫和，其中最顯著的是醫療保健人員配備挑戰、COVID 激增和中國實施的封鎖，這些都是他們努力的一部分以控制病毒的傳播。我們預計這些動態將在今年下半年有所改善。

In Diabetes Care, sales of FreeStyle Libre grew more than 25% on an organic basis in the quarter, and our user base now exceeds 4 million users globally. During the quarter, we continued to strengthen our Medical Device portfolio with innovative new products, most notably U.S. FDA clearance of our FreeStyle Libre 3 continuous glucose monitoring system, which is the world's smallest and thinnest wearable glucose sensor that provides results with the highest level of accuracy in the industry.

在糖尿病護理領域，FreeStyle Libre 的銷售額在本季度有機增長超過 25%，我們的用戶群現在在全球超過 400 萬用戶。在本季度，我們繼續通過創新的新產品加強我們的醫療器械產品組合，其中最引人注目的是我們的 FreeStyle Libre 3 連續血糖監測系統獲得美國 FDA 批准，該系統是世界上最小、最薄的可穿戴血糖傳感器，可提供最高水平的結果行業準確性。

And U.S. approval of Aveir, our leadless pacemaker for the management of slow heart rhythms, Aveir was specifically designed to be retrievable if the device ever needs to be removed and expandable to a dual-chamber device, which is currently under development if the therapy needs to evolve over time.

Aveir 是我們用於管理慢心律的無引線起搏器，獲得了美國的批准，Aveir 專門設計用於在需要移除設備時可回收，並可擴展為雙腔設備，如果治療需要，該設備目前正在開發中隨著時間的推移而發展。

So in summary, our diversified health care model continues to prove highly resilient in a dynamic macro environment. We're achieving strong growth across several areas of the portfolio and making good progress restarting our nutrition manufacturing facility. And as a result of our strong performance through the first 6 months, we're raising our EPS guidance for the year.

因此，總而言之，我們多元化的醫療保健模式在動態的宏觀環境中繼續證明具有高度彈性。我們在產品組合的多個領域實現了強勁增長，並在重啟我們的營養品生產設施方面取得了良好進展。由於我們在前 6 個月的強勁表現，我們正在提高今年的每股收益預期。

I'll now turn over the call to Bob. Bob?

我現在將把電話轉給 Bob。鮑勃？

Thanks, Robert. As Scott mentioned earlier, please note that all references to sales growth rates, unless otherwise noted, are on an organic basis, which excludes the impact of foreign exchange.

謝謝，羅伯特。正如斯科特之前提到的，請注意，除非另有說明，否則所有提及的銷售增長率都是有機的，不包括外彙的影響。

Turning to our results. Sales for the second quarter increased 14.3% on an organic basis, which was led by strong growth in Diagnostics, Established Pharmaceuticals and Medical Devices, along with global COVID testing-related sales of $2.3 billion in the quarter.

轉向我們的結果。第二季度銷售額有機增長 14.3%，這得益於診斷、成熟藥品和醫療器械的強勁增長，以及本季度全球 COVID 檢測相關銷售額 23 億美元。

During the second quarter, sales were negatively impacted by a voluntary recall and manufacturing shutdown in February of certain infant formula products manufactured at one of our U.S. plants. Excluding COVID testing-related sales and the U.S. sales associated with the recalled products, Abbott sales increased 6.2% on an organic basis in the second quarter.

在第二季度，我們的一家美國工廠生產的某些嬰兒配方奶粉產品在 2 月份自願召回和停產，這對銷售產生了負面影響。剔除與 COVID 測試相關的銷售額和與召回產品相關的美國銷售額，雅培第二季度的銷售額有機增長 6.2%。

Foreign exchange had an unfavorable year-over-year impact of 4.2% on second quarter sales. During the quarter, we saw the U.S. dollar continue to strengthen versus several currencies, which resulted in a more unfavorable impact on sales compared to exchange rates at the time of our earnings call in April.

外匯對第二季度銷售額的同比不利影響為 4.2%。在本季度，我們看到美元兌多種貨幣繼續走強，與 4 月份財報電話會議時的匯率相比，這對銷售產生了更不利的影響。

Regarding other aspects of the P&L, the adjusted gross margin ratio was 56.7% of sales, which reflects the impacts of the recent nutrition recall and incremental inflation we saw in certain manufacturing and distribution costs in the quarter.

關於損益表的其他方面，調整後的毛利率為銷售額的 56.7%，這反映了近期營養品召回和我們在本季度某些製造和分銷成本中看到的增量通脹的影響。

Adjusted R&D investment was 5.8% of sales, and adjusted SG&A investment was 24.4% of sales in the second quarter. Lastly, our second quarter adjusted tax rate was 14.5%.

第二季度調整後的研發投資佔銷售額的5.8%，調整後的SG&A投資佔銷售額的24.4%。最後，我們第二季度的調整後稅率為 14.5%。

Turning to our outlook for the full year 2022. We forecast total company organic sales growth, excluding the impact of COVID testing-related sales, to be in the mid- to high single digits. It is important to note, excluding products impacted by the nutrition recall, we forecast total organic sales growth in the high single digits for the remainder of our combined businesses, which includes Medical Devices, Established Pharmaceuticals, Diagnostics, excluding COVID testing-related sales and areas of nutrition not impacted by the recall.

轉向我們對 2022 年全年的展望。我們預測公司總有機銷售額增長（不包括與 COVID 測試相關的銷售額的影響）將達到中高個位數。值得注意的是，除了受營養品召回影響的產品外，我們預測我們合併後的其餘業務的總有機銷售額將以高個位數增長，其中包括醫療器械、成熟藥品、診斷，不包括與 COVID 檢測相關的銷售和不受召回影響的營養領域。

We forecast COVID testing-related sales of $6.1 billion, which includes year-to-date sales through June of $5.6 billion and projected sales of approximately $500 million over the next few months. We will continue to update our COVID testing-related sales forecast 1 quarter at a time as appropriate. Lastly, based on current rates, we would now expect exchange to have an unfavorable impact of approximately 5% on our full year reported sales.

我們預測與 COVID 測試相關的銷售額為 61 億美元，其中包括截至 6 月的年初至今銷售額 56 億美元，以及未來幾個月預計銷售額約為 5 億美元。我們將繼續酌情在 1 個季度更新我們與 COVID 測試相關的銷售預測。最後，根據目前的匯率，我們現在預計匯率將對我們全年報告的銷售額產生約 5% 的不利影響。

With that, we'll now open the call for questions.

有了這個，我們現在開始提問。

(Operator Instructions) And our first question will come from Robbie Marcus from JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Robbie Marcus。

Congrats on a good quarter. Robert, maybe to start -- maybe I'll get a little greedy here since we're only sitting in July, and half of '22 is done. But I think the focus for investors is quickly shifting to next year, and there's a lot of moving pieces going on in 2022, a lot of assumptions we have to make in the go forward of 2023.

祝賀一個好季度。羅伯特，也許要開始了——也許我會有點貪心，因為我們只坐在七月，而 22 年的一半已經完成。但我認為投資者的關注點正在迅速轉移到明年，2022 年會有很多變化，我們必須在 2023 年做出很多假設。

Where is COVID testing? How fast does Nutrition come back? And how steady can the Device business be going forward? So there's a lot of uncertainty out there of where numbers should sit and how to start thinking about the business for next year. Any thoughts you have at this point would be really helpful.

COVID測試在哪裡？營養恢復的速度有多快？設備業務的發展前景如何？因此，數字應該放在哪里以及如何開始考慮明年的業務存在很多不確定性。您此時的任何想法都會非常有幫助。

Sure. Well, I think there's a lot of uncertainty for everybody regarding 2023. I think you've kind of highlighted some of the aspects as it relates to our business here. But the macro environment still is pretty challenging, and I don't think it's unique to us.

當然。好吧，我認為每個人都對 2023 年有很多不確定性。我認為您已經強調了與我們的業務相關的一些方面。但宏觀環境仍然非常具有挑戰性，我認為這不是我們獨有的。

Obviously, there's significant inflation, and seems like there's a pretty significant, call it, a commodity super cycle for us. There's health care staffing challenges, you hear about that. And then, obviously, a strong U.S. dollar. So all those kind of combinations are the challenges that a lot of companies are going to face.

顯然，存在顯著的通貨膨脹，並且似乎有一個非常重要的，稱之為商品超級週期。有醫療保健人員配備的挑戰，你聽說過。然後，顯然，強勢美元。因此，所有這些組合都是許多公司將要面臨的挑戰。

And if you look at a lot of the financial and consumer indicators, retail, housing, auto, et cetera, those tend to point towards an increased risk here of recession. So what I would say is, historically, in that macro environment, health care has proven to be pretty resilient.

如果您查看許多金融和消費者指標，包括零售、住房、汽車等，這些指標往往表明經濟衰退的風險增加。所以我想說的是，從歷史上看，在那個宏觀環境下，醫療保健已被證明是相當有彈性的。

And whether it's the durability of these essential procedures and products, I mean, you can only defer them somewhat. A large portion of the health care spend is government-funded, and we've got a diversified model that's proved itself to be very resilient in this kind of environment. So at a macro level, I think those are the headwinds that we're all facing and we'll all be facing.

無論是這些基本程序和產品的耐用性，我的意思是，你只能稍微推遲它們。很大一部分醫療保健支出是由政府資助的，我們有一個多元化的模式，證明它在這種環境下非常有彈性。所以在宏觀層面上，我認為這些是我們都面臨的逆風，我們都將面臨。

You mentioned COVID as a factor here. It's interesting. Last year at this time, we were talking about how COVID would -- COVID testing would move away, but we've actually shipped just as an amount of tests in the first 6 months of this year compared to all of last year. So I think that we're going to need to see how the cases evolve, Robbie, especially during the winter and fall months over here. And obviously, I don't think it's prudent to forecast a winter surge. But like I said, we've got capacity to be able to deal with that.

您在這裡提到了 COVID 作為一個因素。這真有趣。去年的這個時候，我們正在討論 COVID 將如何——COVID 測試將被取消，但與去年全年相比，我們實際上在今年前 6 個月交付的測試數量與去年同期一樣多。所以我認為我們需要看看病例是如何演變的，羅比，尤其是在冬天和秋天的幾個月裡。顯然，我認為預測冬季激增並不謹慎。但就像我說的，我們有能力處理這個問題。

So those are some of the key factors here that we're looking at. Nutrition that you mentioned, we're recovering pretty nicely, I would say, versus where we originally thought we were going to be back in April. A lot of focus on restarting the manufacturing site. We've recovered already a good portion of the share that we lost. And obviously, we continue to see that moving forward positively.

所以這些是我們正在研究的一些關鍵因素。你提到的營養，我想說，我們恢復得很好，與我們最初認為我們將在四月份回來的地方相比。很多注意力都集中在重新啟動製造現場。我們已經收回了我們失去的大部分份額。顯然，我們繼續看到積極的進展。

So on the flip side, though, what I would say is that we're not going to just sit still over the next couple of months and wait for these macro kind of factors here to play out, right? We're taking a very proactive approach on the elements that we can control and that we can impact.

所以另一方面，我想說的是，我們不會在接下來的幾個月裡坐以待斃，等待這些宏觀因素在這裡發揮作用，對吧？我們正在對我們可以控制和可以影響的元素採取非常積極的方法。

We're taking price where we can, and we've seen that in our consumer base businesses. These are businesses, because of the strength of our brands, that we've been able to do that and pass it on. We're also looking at other areas that we can -- or that historically, we haven't necessarily looked at in terms of price.

我們正在盡可能地定價，我們已經在我們的消費者基礎業務中看到了這一點。這些都是業務，因為我們的品牌實力，我們已經能夠做到這一點並將其傳遞下去。我們還在研究我們可以研究的其他領域——或者從歷史上看，我們不一定會從價格方面考慮。

We're looking at our cost structure. I talked about this in previous calls, too, and we've got a program in place now where we're looking at our cost structure. The hurdles in terms of investment have obviously increased given this macro environment.

我們正在研究我們的成本結構。我在之前的電話會議中也談到了這一點，我們現在已經制定了一個計劃，我們正在研究我們的成本結構。在這種宏觀環境下，投資方面的障礙明顯增加。

We're not going to put any risk to our long-term growth platforms, but we're definitely looking at our cost structure and see where we can improve. And the inventory is important, as we move into this inflationary period here. So we're ensuring that we've got the right amount of inventory.

我們不會給我們的長期增長平台帶來任何風險，但我們肯定會關注我們的成本結構，看看我們可以改進的地方。當我們進入這個通貨膨脹時期時，庫存很重要。因此，我們確保我們擁有適量的庫存。

So I put all that together, Robbie. We've got macro headwinds that everybody else has. Regarding Nutrition, I think our performance is well aligned to where we planned and where I see us ending up end of the year is ultimately where our forecast -- the forecast that we laid out.

所以我把所有這些放在一起，羅比。我們遇到了其他人都有的宏觀逆風。關於營養，我認為我們的表現與我們的計劃非常一致，我認為我們在年底結束時的最終目標是我們的預測——我們制定的預測。

COVID testing is one that, to simply assume, that there won't be any COVID testing next year. We've never believed that. The question is just your ability to forecast beyond 3 to 6 months, that's the challenge.

簡單來說，COVID 測試是一種假設，明年不會有任何 COVID 測試。我們從來不相信。問題只是你預測超過 3 到 6 個月的能力，這就是挑戰。

So fundamentally, I think our business remains very strong. We've got leading positions in attractive long-term growth markets, strong pipeline, and I'm sure we'll talk about some of that today also. We've got a lot of ongoing, upcoming launch activity and a strong balance sheet that provides us a lot of strategic and financial flexibility.

所以從根本上說，我認為我們的業務仍然非常強勁。我們在有吸引力的長期增長市場、強大的管道中處於領先地位，我相信我們今天也會討論其中的一些內容。我們有很多正在進行的、即將推出的活動和強大的資產負債表，為我們提供了很多戰略和財務靈活性。

So it's difficult to pin a number on it right now, Robbie. But at a high level, those are the elements that we're working with and, ultimately, like to see some of these elements play out over the next couple of months here.

所以現在很難確定一個數字，羅比。但在高層次上，這些是我們正在使用的元素，並且最終希望在接下來的幾個月裡看到其中一些元素在這裡發揮作用。

Great. Maybe just as a follow-up to that, Robert. You were talking about the cost structure at Abbott, and this is something we're hearing from basically everyone, that inflation, supply chain, et cetera. You're in this enviable position where you've probably grown operating margins more than anyone else in medtech since the start of COVID. A lot of that has been from the benefit of COVID testing sales, which are at healthy margins and still healthy reinvestment against that.

偉大的。也許只是作為後續行動，羅伯特。你在談論雅培的成本結構，這是我們基本上從每個人那裡聽到的，通貨膨脹、供應鍊等等。自 COVID 開始以來，您處於這個令人羨慕的位置，您的營業利潤率可能比醫療技術領域的其他任何人都高。其中很大一部分來自 COVID 測試銷售的好處，這些銷售處於可觀的利潤水平，並且仍然可以進行健康的再投資。

So as we think about your operating margins going forward and you reevaluating your cost base here, I just -- it's a difficult question and it's been a while for medtech investors to see anything but just margins going straight up. So how do you want investors to start thinking about where your base operating margin is maybe potentially of COVID testing sales slowdown in the future?

因此，當我們考慮您的營業利潤率以及您在這裡重新評估您的成本基礎時，我只是 - 這是一個困難的問題，而且對於醫療技術投資者來說，除了利潤率直線上升之外，已經有一段時間了。那麼，您希望投資者如何開始考慮您的基本營業利潤率可能會在未來因 COVID 測試銷售放緩而出現？

Yes. I always appreciate you like to get at the next year's number in a couple of different ways, Robbie. I guess, I would say on the cost structure piece, I don't necessarily fully agree with you, the way you characterized it in terms of COVID being the ultimate driver here.

是的。我一直很感激你喜歡用幾種不同的方式獲得明年的號碼，羅比。我想，我會在成本結構部分說，我不一定完全同意你的看法，你用 COVID 是這裡的最終驅動力來描述它的方式。

I think we made a lot of progress on our gross margins historically, whether it was in Devices and in Nutrition. So as the Device business continues to grow, that profile of that business is accretive, and you've seen our growth rates in that business over these last couple of years. So that helps the margin.

我認為我們在歷史上的毛利率方面取得了很大進步，無論是在設備方面還是在營養方面。因此，隨著設備業務的持續增長，該業務的概況正在增加，您已經看到我們在過去幾年中該業務的增長率。所以這有助於利潤率。

Our biggest challenge, I would say, from a gross margin perspective is really on the inflation side. Yes, we're seeing input cost go up probably more on the commodity side, so impacting EPD, impacting Nutrition, less so, I would say, in Devices and Diagnostics.

我想說，從毛利率的角度來看，我們最大的挑戰實際上是在通脹方面。是的，我們看到商品方面的投入成本可能上升得更多，因此影響 EPD，影響營養，我想說的是，在設備和診斷方面的影響較小。

Yes, there's some noise that happens here with one supplier -- another supplier, and we deal with it. But the real challenge we've had, I would say, over the last kind of 6 months here has been on the Nutrition side.

是的，這裡與一個供應商 - 另一個供應商發生了一些噪音，我們會處理它。但我想說，在過去的 6 個月裡，我們面臨的真正挑戰是營養方面的。

And part of that is -- some of it is commodities. So we're going to have to see how those look like over the next kind of couple of months, seeing some slowing down of some commodities, but that's the biggest kind of driver there.

其中一部分是 - 其中一些是商品。因此，我們將不得不看看在接下來的幾個月裡這些情況如何，看到一些大宗商品的放緩，但這是最大的驅動因素。

But the other part of the Nutrition is, I would say, cost that I don't anticipate to be there next year. So for example, we're paying WIC rebates for competitive products since April -- actually, since March when we initiated the recall. And as we restart production in the facility, I don't assume that, that will continue.

但是營養的另一部分，我想說，我預計明年不會出現的成本。例如，自 4 月以來，我們為競爭產品支付 WIC 回扣 - 實際上，自 3 月我們發起召回以來。當我們在工廠重新開始生產時，我認為這種情況不會繼續。

I made statements in my opening comments about bringing product in from overseas. We brought a lot of formula from overseas, and that's all airfreight. And you know the story on freight and distribution. So once that facility starts up and running, I don't anticipate to see those same kind of freight expenses from overseas shipments.

我在開場評論中就從海外引進產品發表了聲明。我們從海外帶來了很多配方，而且都是空運。你知道貨運和配送的故事。因此，一旦該設施啟動並運行，我預計不會從海外貨運中看到同樣的運費。

And we put some money towards brand recovery. And I think that, that was an investment that's necessary to get our share back in position that we need as we go into next year.

我們將一些資金用於品牌恢復。我認為，這是一項必要的投資，可以讓我們在明年進入我們需要的份額。

So that being said, as I said, we're going to look at our cost structure. We're going to look at areas that have a higher hurdle now for passing an investment hypothesis or thesis, and we're going to -- we'll take action where we need to take action. So that's how I'd characterize our margin.

話雖如此，正如我所說，我們將研究我們的成本結構。我們將研究現在通過投資假設或論文具有更高障礙的領域，我們將 - 我們將在需要採取行動的地方採取行動。所以這就是我如何描述我們的利潤。

And our next question comes from Joshua Jennings from Cowen.

我們的下一個問題來自 Cowen 的 Joshua Jennings。

I was hoping to start with a follow-up on the raise of the 2022 EPS guidance floor and just better understand the puts and takes. I think there are some questions around the $0.30 beat in 2Q and the $0.20 increase, again, realizing that it is a floor.

我希望從 2022 年 EPS 指導下限的提高開始跟進，並更好地了解看跌期權。我認為關於第二季度 0.30 美元的漲幅和 0.20 美元的漲幅存在一些問題，再次意識到這是一個底價。

But it seems like a lot of that kind of guess $0.10 delta is driven by the move in the U.S. dollar in July. But just wanted to better understand the puts and takes and how you guys arrived at the increase that you did. I have one follow-up.

但似乎很多這種猜測 0.10 美元的增量是由 7 月份的美元走勢推動的。但只是想更好地了解看跌期權以及你們是如何達到你所做的增加的。我有一個跟進。

Sure. Yes. I think you'll see -- I mean, we've seen a lot of companies kind of beat their Q2 and either maintain their guidance for the full year or actually reduce it. And we looked at our numbers very carefully, and we basically looked at the strength of our base business.

當然。是的。我想你會看到——我的意思是，我們已經看到很多公司在第二季度都表現不錯，要么維持全年的指導，要么實際上降低了指導。我們非常仔細地查看了我們的數字，我們基本上查看了我們基礎業務的實力。

So if you exclude AN, our nutrition -- the parts of the Nutrition business that was recalled, we're growing high single digits, and we continue to see that kind of growth rate going forward.

因此，如果您排除 AN，我們的營養品 - 被召回的營養品業務的部分，我們正在以高個位數增長，我們將繼續看到這種增長率。

So between the strength of the base business and the COVID sales, we then felt that we had enough power here to navigate and push through some of these macro headwinds that are pretty significant, right? Inflation is a big element there. We had some costs. When we gave initial guidance in January, we increased that in our April call. And we've assumed another couple of hundred million dollars of inflation since that number that we provided in April. So that's one element that we're absorbing, I guess.

因此，在基礎業務的實力和 COVID 銷售之間，我們覺得我們在這裡有足夠的力量來駕馭和推動其中一些非常重要的宏觀逆風，對吧？通貨膨脹是其中的一個重要因素。我們有一些成本。當我們在一月份給出初步指導時，我們在四月份的電話會議中增加了這一點。自從我們在 4 月份提供的那個數字以來，我們已經假設了另外幾億美元的通貨膨脹。所以這是我們正在吸收的一個元素，我猜。

The, what I would call, health care staffing challenges, COVID cancellations, the lockdown issues that we saw in Q2, especially, I'd say, on our Core Lab business and EP in China, for example, those are being absorbed also. And then currency, as you referenced, pretty dramatic strengthening here of the U.S. dollar.

我所說的醫療保健人員配備挑戰、COVID 取消、我們在第二季度看到的鎖定問題，尤其是我想說的，我們的核心實驗室業務和中國的 EP，例如，這些也正在被吸收。然後貨幣，正如你所提到的，美元在這里大幅走強。

So we've assumed all of that. And as I said also to Robbie, we've had to factor in some additional costs on the nutrition side, whether it's the WIC rebate, the freight and distribution, some of the investments we're making to support share recovery. So you put those 2 together -- those 2 elements together on the macro on nutrition side and then you offset that with our base business and COVID sales, and those -- that's really the element there, Josh.

所以我們已經假設了所有這些。正如我對羅比所說的那樣，我們不得不考慮營養方面的一些額外成本，無論是 WIC 回扣、運費和分銷，還是我們為支持份額復甦而進行的一些投資。所以你把這兩個放在一起——這兩個元素放在營養方面的宏觀上，然後你用我們的基礎業務和 COVID 銷售來抵消它——這就是真正的元素，喬希。

And as you said, since the beginning of the pandemic, we've gotten to at least floor-like guidance here, and that's what $4.90 is. It's a floor right now. Could that be better? Yes, it could. There could be elements that could make that number be better. But on top of absorbing all these incremental headwinds here, inflation, currency, making some of the investments we need on nutrition, we're still able to raise our full year guidance.

正如你所說，自大流行開始以來，我們在這里至少獲得了類似地板的指導，這就是 4.90 美元。現在是一樓。那會更好嗎？是的，它可以。可能有一些因素可以使這個數字變得更好。但除了在這裡吸收所有這些增加的逆風、通貨膨脹、貨幣、在營養方面進行一些我們需要的投資之外，我們仍然能夠提高我們的全年指導。

And just one follow-up on the Medical Devices business, and it's encouraging to hear you talk about kind of quick improvement in the back half, and you did have that tough comp in 2Q.

只是對醫療器械業務的一次跟進，聽到你談論後半部分的快速改進令人鼓舞，而且你確實在第二季度遇到了艱難的競爭。

But are you able to share any high-level color just on elective procedure trends throughout the quarter in 2Q, just a month-over-month improvement did you see? And then anything you can share on color in July?

但是，您是否能夠僅就第二季度整個季度的選擇性手術趨勢分享任何高級色彩，您是否看到了逐月的改善？然後你可以在七月分享任何關於顏色的東西嗎？

And just wondering, you caught a couple of the headwinds that you saw in 2Q for hospitals and the challenges that they're facing to accelerate elective procedure volumes in the second half. But what do you think the biggest challenge is? And do you think the hospitals are well equipped to overcome those?

只是想知道，您在第二季度看到了醫院面臨的一些不利因素，以及他們在下半年加快選擇性手術量所面臨的挑戰。但你認為最大的挑戰是什麼？你認為醫院有能力克服這些問題嗎？

Yes, sure. I think you mentioned there, I mean, Q2 last year was a pretty significant revenue for a lot in medtech, so there is that comp aspect there. But second quarter procedures and volumes, if I look at Abbott's procedure volumes and sales, they're actually higher than pre-pandemic levels.

是的，當然。我想你在那裡提到，我的意思是，去年第二季度對於醫療技術的很多人來說是一個相當可觀的收入，所以那裡有競爭方面。但是第二季度的手術量和數量，如果我看看雅培的手術量和銷售額，它們實際上高於大流行前的水平。

And there was sequential growth from Q2 to Q1, over 7% in the U.S. and a little bit lower internationally. So the aspect here is that we are seeing growth and -- but it was a little bit more modest than what we had anticipated back in April, right?

從第二季度到第一季度有連續增長，美國超過 7%，國際略低。所以這裡的一個方面是我們看到了增長——但這比我們四月份的預期要溫和一些，對吧？

And then I think there's really 3 factors there. One of them, as I said, in the U.S., specifically, I think the staffing challenges were a factor there. And as people tested positive, while they didn't have to go to the hospital and they could just stay at home, that had an impact in some of the procedures that there's a little bit more planning towards.

然後我認為那裡真的有3個因素。正如我所說，其中之一是在美國，具體來說，我認為人員配備挑戰是那裡的一個因素。當人們檢測呈陽性時，雖然他們不必去醫院，他們可以呆在家裡，這對一些有更多計劃的程序產生了影響。

So the good news is we know what those procedures are, we know where they are, and we've got an opportunity to follow up on them like we did last year and following up on all the procedures that got pushed out.

所以好消息是我們知道這些程序是什麼，我們知道它們在哪裡，我們有機會像去年一樣跟進它們並跟進所有被推出的程序。

So internationally, I think you saw some similar headwinds there, but I think the biggest headwind for us was China and the lockdowns that occurred there.

所以在國際上，我認為你在那裡看到了一些類似的逆風，但我認為對我們來說最大的逆風是中國和那裡發生的封鎖。

And then the third factor for us was we had some back order and that was really due to the timing of input material availability. So in terms of when you receive the materials to build the product, now we are building inventory, and I don't anticipate that to be the case going forward in the second half.

然後對我們來說第三個因素是我們有一些延期交貨，這實際上是由於輸入材料可用性的時間安排。因此，就您何時收到構建產品的材料而言，現在我們正在建立庫存，我預計下半年不會出現這種情況。

So those are really our fact -- those are really the facts that had our Device business a little bit more modest than what we predicted in April. I think those get better. One, we've got launch activity. So -- and I'm sure we'll talk about some of those also, products that we've launched that will gain in momentum in the second half.

所以這些確實是我們的事實——這些確實是我們的設備業務比我們在 4 月份預測的要溫和一些的事實。我認為那些會變得更好。一，我們有啟動活動。所以 - 我相信我們也會討論其中一些，我們推出的產品將在下半年獲得動力。

In talking to a lot of the U.S. systems, they've just got to figure out better how to staff and to do more planning, and that might involve maybe looking at having more procedures booked because you know that there's a certain amount of cancellations that will happen. So I think that will get better also as the hospitals understand these dynamics.

在與許多美國系統交談時，他們只需要弄清楚如何更好地配備人員並進行更多計劃，這可能涉及考慮預訂更多程序，因為您知道有一定數量的取消會發生。因此，我認為隨著醫院了解這些動態，情況也會變得更好。

So I'm excited about the device portfolio in terms of the second half, not only because of some of these issues, which I think will get better, but also because of our pipeline and the products we're launching and the execution.

所以我對下半年的設備組合感到興奮，不僅因為其中一些問題，我認為這些問題會變得更好，還因為我們的管道和我們正在推出的產品和執行。

And our next question will come from Larry Biegelsen from Wells Fargo.

我們的下一個問題將來自富國銀行的拉里·比格爾森。

Robert, can you hear me okay?

羅伯特，你能聽到我的聲音嗎？

Yes, I can, Larry.

是的，我可以，拉里。

You'd cut out a little bit. So 2 for me, I wanted to start with Libre. Robert, just a multipart question here on Libre. Another nice quarter. Any -- how should we think about the Libre 3 launch in the U.S.? Should we expect it to be kind of a gradual rollout like we saw with Libre 2? And how are you feeling about resolving the vitamin C interaction issue? It sounds like you guys have made some good progress there.

你會剪掉一點。所以 2 對我來說，我想從 Libre 開始。羅伯特，這只是 Libre 上的一個多部分問題。另一個不錯的季度。任何——我們應該如何看待 Libre 3 在美國的發布？我們是否應該期望它像我們在 Libre 2 中看到的那樣逐步推出？您對解決維生素 C 相互作用問題感覺如何？聽起來你們在那裡取得了一些不錯的進展。

And just lastly, international was a little softer than we expected. Is this just kind of a law of large numbers? Or is this just a timing issue in terms of the full rollout of Libre 3? And I did have one follow-up.

最後，國際市場比我們預期的要溫和一些。這只是一種大數定律嗎？或者這只是 Libre 3 全面推出的時間問題？我確實有一個後續行動。

Sure. I think Libre 3, we're very excited. We've had very good success in Germany in terms of upgrading the base and then with the benefits of Libre 3 actually seeing some conversions from competitive systems. So the U.S. launch is going to be exciting for the U.S. team. It will be the only CGM with a sub-8% MARD. And that launch process is underway, but it is a little bit more gradual. So we're going to work to get on to pharmacy contracts, PBM contracts, managed care contracts, et cetera.

當然。我認為 Libre 3，我們非常興奮。在升級基礎方面，我們在德國取得了非常好的成功，然後藉助 Libre 3 的好處，我們實際上看到了競爭系統的一些轉換。因此，美國的發射對於美國團隊來說將是令人興奮的。這將是唯一一個 MARD 低於 8% 的 CGM。這個啟動過程正在進行中，但它有點漸進。因此，我們將努力簽訂藥房合同、PBM 合同、管理式醫療合同等。

So we're building inventory. We're familiarizing the physicians with the product. But given what I've seen in Europe, I think this is a great opportunity for our U.S. business, which, by the way, did really well this quarter, right, even without Libre 3. We grew 53% in the second quarter, and I actually think that we can maintain that 30% to 40% growth rate in the U.S. even without Libre 3. So I think that's going to be an important growth driver for us towards the end of the year and as we go into 2023.

所以我們正在建立庫存。我們正在讓醫生熟悉該產品。但考慮到我在歐洲看到的情況，我認為這對我們的美國業務來說是一個很好的機會，順便說一句，即使沒有 Libre 3，美國業務本季度的表現也非常好。我們在第二季度增長了 53%，而且我實際上認為，即使沒有 Libre 3，我們也可以在美國保持 30% 到 40% 的增長率。所以我認為這將成為我們到年底和進入 2023 年的重要增長動力。

I do think, Larry, that CGM is a little different. I mean, we have it in devices, but the model, at least in the U.S., is very pharma-like and -- where patient out-of-pocket, coinsurance, co-pays, contracts, et cetera, they play a big role in understanding those, and the interdependencies of those are very important. I think in an environment where employers and consumers are going to be looking more closely at managing their expenses, I think the value proposition of Libre is going to be even stronger.

我確實認為，拉里，CGM 有點不同。我的意思是，我們在設備中使用它，但至少在美國，這種模式非常類似於製藥公司，而且——在患者自付費用、共同保險、共同支付、合同等方面，它們發揮著重要作用在理解這些方面的作用以及它們之間的相互依賴關係非常重要。我認為在雇主和消費者將更密切地關注管理開支的環境中，我認為 Libre 的價值主張將會更加強大。

Regarding your question on vitamin C, fixed, yes. We have done the work to be able to address that. We've made very good progress. I'm going to provide further updates over time. But obviously, this relates only to the U.S. We're actually going to be launching an AID system in Europe with our partners in Europe in Q4 with Libre 2. So -- but you'll get more updates on that.

關於你關於維生素 C 的問題，固定的，是的。我們已經完成了能夠解決這個問題的工作。我們取得了非常好的進展。隨著時間的推移，我將提供進一步的更新。但顯然，這僅與美國有關。我們實際上將在第四季度與我們在歐洲的合作夥伴一起在歐洲推出一個 AID 系統與 Libre 2。所以 - 但你會得到更多的更新。

I think that the exciting piece on the pump connectivity, though, is what we announced in June at the ADA with a dual sensor, a glucose-ketone sensor that's under development, that's received breakthrough designation from the FDA.

不過，我認為泵連接方面令人興奮的部分是我們在 6 月在 ADA 上宣布的雙傳感器，這是一種正在開發的葡萄糖-酮傳感器，已獲得 FDA 的突破性指定。

The scientific advisers that I've spoken to, both in the U.S. and international, believe that this is going to become the go-to sensor for pump connectivity and -- just because of the ability to bring in the ketone measurement and perfect even more of those algorithms. So I think this is going to be an ideal sensor for existing pump companies and even for new pump manufacturers.

與我交談過的美國和國際科學顧問都認為，這將成為泵連接的首選傳感器，而且——僅僅因為能夠引入酮測量並進一步完善那些算法。所以我認為這將成為現有泵公司甚至新泵製造商的理想傳感器。

Regarding your question on international, there's a little bit of timing there, I would say. Well, it's 2 parts, a little bit of timing from -- in Germany as we convert to Libre 3 and the mechanism is in place there. And then there was some FX headwind that impacted a lot of our international businesses. So did that cover all for you, Larry?

關於你關於國際的問題，我想說，那裡有一點時間安排。嗯，它是 2 個部分，有點時間來自 - 在德國，當我們轉換到 Libre 3 時，機制就在那裡。然後有一些外匯逆風影響了我們的許多國際業務。拉里，這對你有幫助嗎？

That was very comprehensive. Really appreciate it. Just for my follow-up, Robert, I know I've asked this a lot on recent calls, but you're sitting on a lot of cash. And we have seen a recent re-rating of valuations.

那是非常全面的。真的很感激。只是為了我的後續行動，羅伯特，我知道我在最近的電話中問了很多這個問題，但你坐擁大量現金。我們已經看到最近對估值的重新評級。

So are you starting to see more opportunities? Any color on deal size that you're looking at? And I think some investors are saying, when COVID testing comes down, you might have a gap in terms of earnings that you need to fill. So how important is it to find an accretive deal to offset potential decline in COVID testing?

那麼你開始看到更多的機會了嗎？您正在查看的交易規模有什麼顏色嗎？而且我認為一些投資者在說，當 COVID 測試下降時，您可能需要填補收益方面的差距。那麼，找到一項增值交易來抵消 COVID 測試的潛在下降有多重要呢？

Well, on the COVID testing side, I mean, I guess, we'll have to kind of see how things play out right now. I mean, I guess, that was the same comment last year. And as I said, we're selling more. We're probably selling more what we sold more in the first 6 months here versus last year.

好吧，在 COVID 測試方面，我的意思是，我想，我們將不得不看看事情現在如何發展。我的意思是，我猜，這與去年的評論相同。正如我所說，我們賣得更多。與去年相比，我們在前 6 個月的銷量可能會更多。

So regarding your comment, though, on the M&A side, yes, I don't think anything has really changed there. I mean, obviously, valuations have obviously come down somewhat. And we've got the capacity, as you said, in our balance sheet and that flexibility.

因此，關於您的評論，在併購方面，是的，我認為那裡並沒有真正發生任何變化。我的意思是，顯然，估值明顯有所下降。正如你所說，我們在資產負債表中擁有能力和靈活性。

But the macro environment is -- just because the valuation has come down, I mean, it's challenging and dynamic for all the companies, even the ones that have seen these valuations come significantly down. So I think we -- while we do have cash, I still think we need to be strategically and financially disciplined here to be mindful of when we're assessing these potential targets and have they gotten to the right point given some of these macro environments that are going to be playing out.

但宏觀環境是——僅僅因為估值已經下降，我的意思是，這對所有公司來說都是具有挑戰性和動態的，即使是那些已經看到這些估值大幅下降的公司。所以我認為我們 - 雖然我們確實有現金，但我仍然認為我們需要在戰略和財務上自律，以注意我們何時評估這些潛在目標，並考慮到其中一些宏觀環境，它們是否達到了正確的點那將會上演。

So I think the market needs to stabilize for a period of time here, Larry, before I think a lot of management teams and their Board to become a little more comfortable with the reset of their valuations and their financial outlook.

所以我認為市場需要穩定一段時間，拉里，然後我認為很多管理團隊和他們的董事會對他們的估值和財務前景的重置感到更加自在。

That being said, yes, I'd say the level of study, the level of review, the level of analysis on potential targets has definitely increased over the past 4, 5 months here. And I've been clear about the areas that we're looking at and the kind of types of transactions we would be interested of, but it always goes back to does it make sense strategically and does it make sense financially. So nothing has changed yet.

話雖如此，是的，我想說的是，在過去的 4、5 個月裡，研究水平、審查水平、對潛在目標的分析水平肯定有所提高。我一直很清楚我們正在研究的領域以及我們感興趣的交易類型，但它總是回到它在戰略上是否有意義並且在財務上是否有意義。所以什麼都沒有改變。

And our next question will come from Joanne Wuensch from Citi.

我們的下一個問題將來自花旗的 Joanne Wuensch。

I'm going to put them all upfront. Some questions regarding your Structural Heart franchise. Could you give us sort of a state of the union or update on where you are on some key products, MitraClip, Portico and Amulet?

我要把它們都放在前面。關於您的 Structural Heart 特許經營權的一些問題。您能否向我們介紹一下您在一些關鍵產品（MitraClip、Portico 和 Amulet）上的最新情況或最新情況？

And then just as a follow-up to the previous question, could you remind us where you are on share repurchases and your view towards if you're not using the cash for M&A, what you will be using the cash for?

然後，作為上一個問題的後續，您能否提醒我們您在哪裡進行股票回購以及您對如果您不使用現金進行併購的看法，您將使用現金做什麼？

Sure. On the Structural Heart side, I talked about how this is such an important division for us and the focus that we've had there. So I'd say on Amulet, we've had a very good quarter in Amulet aligned to the trends that we were hoping for. We've got an expansion of the amount of accounts that are using the product and also an expansion on the amount of implanters that are completing and performing this procedure.

當然。在結構心臟方面，我談到了這對我們來說是一個如此重要的部門以及我們在那裡的重點。所以我想說關於 Amulet，我們在 Amulet 有一個非常好的季度，符合我們所希望的趨勢。我們擴大了使用該產品的賬戶數量，也擴大了完成和執行此程序的植入者數量。

One of the challenges we had in the beginning was just really to get the implanters trained. We needed proctors. And as you remember, in November, December, January and February, there was a lot of challenge with travel. So that's actually looking really nice in terms of the ramp there.

一開始我們面臨的挑戰之一就是讓植入者接受培訓。我們需要監考人員。你還記得，在 11 月、12 月、1 月和 2 月，旅行面臨很多挑戰。因此，就那裡的坡道而言，這實際上看起來非常好。

What I'm very encouraged about is the traction we're seeing from the early adopters. So some of those that began the training and implanting in Q4 of last year, their utilization is more than double that of the average user. So we're seeing both things in terms of driving the sales there, the increase of new accounts and then the increase in productivity and utilization of the existing implanters.

我感到非常鼓舞的是我們從早期採用者那裡看到的牽引力。所以一些在去年第四季度開始訓練和植入的用戶，其利用率是普通用戶的兩倍以上。因此，我們在推動銷售方面看到了這兩件事，新客戶的增加以及現有植入機的生產力和利用率的提高。

On the Portico side or on the TAVR side, sales have been strong, especially in Europe where we've introduced Navitor, which is our next-generation TAVR system. It's a competitive device from a clinical profile in high-risk patients. I estimate right now -- we estimate right now that we're about a high single digit. But when we look at the centers that are using Navitor, and Navitor is probably in about 40%, 45% of the centers in Europe, shares in the mid-teens.

在 Portico 或 TAVR 方面，銷售一直很強勁，特別是在歐洲，我們推出了 Navitor，這是我們的下一代 TAVR 系統。從高危患者的臨床資料來看，這是一種具有競爭力的設備。我現在估計 - 我們現在估計我們大約是一個高個位數。但是，當我們查看正在使用 Navitor 的中心時，Navitor 可能在歐洲大約 40%、45% 的中心中，份額在十幾歲左右。

And that's very encouraging also because Navitor being our second product has really been an improvement for Portico. And as you know, we filed that in the U.S. in October of last year at the PMA. I expect that to be the case. I expect to see an approval and an opportunity for us to launch into the TAVR market here in the U.S.

這也非常令人鼓舞，因為 Navitor 作為我們的第二個產品確實是對 Portico 的改進。如您所知，我們於去年 10 月在美國 PMA 提交了該文件。我希望會是這樣。我希望看到我們在美國進入 TAVR 市場的批准和機會。

And on MitraClip, this was a tough comp for us this quarter. Last quarter -- last year, it was the highest quarter we've ever had in terms of procedures, in terms of sales. So there's no doubt that this one here is probably a little bit more impacted by COVID and some of the health care staffing challenges and the rescheduling of the procedures.

在 MitraClip 上，這對我們本季度來說是一場艱難的比賽。上個季度——去年，就銷售而言，這是我們在程序方面有史以來最高的一個季度。因此，毫無疑問，這裡的這一點可能受到 COVID 和一些醫療人員配備挑戰以及程序重新安排的影響更大一些。

So I expect these dynamics to steadily improve over time. And as I said previously, I don't think we fully benefited yet from the indication expansion that we received for the functional MR. So the market still remains pretty underpenetrated, and there's a lot of opportunity for growth there.

因此，我預計這些動態會隨著時間的推移而穩步改善。正如我之前所說，我認為我們尚未從功能性 MR 的適應症擴展中完全受益。因此，市場仍然滲透不足，那裡有很多增長機會。

So a lot of activity in our Structural Heart business, a lot of good performance. And I just expect that to get better over the next couple of quarters.

所以我們的結構性心臟業務有很多活動，有很多不錯的表現。我只是希望在接下來的幾個季度中會變得更好。

And then what was your other question?

然後你的另一個問題是什麼？

It had to do on share repurchases, use of cash if you're not using it for M&A.

如果您不將其用於併購，則必須進行股票回購，使用現金。

Sure. Well, listen, we've always kind of had a balanced approach for deploying our cash. We're mindful of our cash on hand. We're investing in the dividend, and we've been growing that dividend, and that's an important part of it.

當然。好吧，聽著，我們總是有一種平衡的方法來部署我們的現金。我們注意手頭的現金。我們正在投資股息，我們一直在增加股息，這是其中的重要組成部分。

We're investing in the capacity expansions in several of our areas, Libre, Electrophysiology, MitraClip, Nutrition. And we bought back shares in the first half of the year and something that we'll continue to assess as we go through the second half year.

我們正在投資於 Libre、電生理學、MitraClip、營養等幾個領域的產能擴張。我們在今年上半年回購了股票，我們將在下半年繼續評估。

So the approach towards our capital allocation is pretty balanced, and we're committed to the dividend. Done some share buybacks in the first half. We'll continue to assess in the second half. And there's great opportunities for us to continue to invest organically to be able to drive the organic part of the business.

因此，我們的資本配置方法非常平衡，我們致力於分紅。上半年進行了一些股票回購。我們將在下半年繼續評估。我們有很好的機會繼續進行有機投資，以推動業務的有機部分。

Our next question will come from Vijay Kumar from Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Vijay Kumar。

Congrats on a strong 2Q here. One on this guidance here, when you look at the base floor for fiscal '22, $4.90, you guys did close to $3.15 of earnings in first half, so the implied earnings for back half was -- the floor is $1.74. That's annualizing to about $3.50-ish.

在這裡恭喜第二季度的強勁表現。在此指南中，當您查看 22 財年的底價 4.90 美元時，你們上半年的收益接近 3.15 美元，因此後半部分的隱含收益為 - 底價為 1.74 美元。這相當於每年大約 3.50 美元左右。

Is there -- I guess, that $1.74-ish for back half, that's below the back half of 2019. So I'm wondering, between FX, inflation, is there something else that's going on here where -- we still have COVID revenues flowing through in the back half? It seems a little light on the EPS guidance.

是否存在——我猜，後半部分的 1.74 美元左右，低於 2019 年後半部分。所以我想知道，在外匯、通貨膨脹之間，這裡是否還有其他事情發生——我們仍然有 COVID 收入在後半部分流過？ EPS指南似乎有點輕。

Vijay, this is Bob, I'll take that call -- question. I think it's -- I think using an implied kind of fourth quarter exit rate as an indicator kind of how we're thinking about '23 probably wouldn't be prudent at this point. There's obviously a lot going on in the macro environment that warrants further monitoring and assessment.

維杰，我是鮑勃，我接電話——問題。我認為這是 - 我認為使用隱含的第四季度退出率作為我們如何考慮 23 年的指標，此時可能並不謹慎。宏觀環境顯然有很多事情需要進一步監測和評估。

And on top of that, there are a couple of swing factors that are specific to us. Strength of our COVID testing business, that's provided us an awful lot of flexibility to reinvest back into our P&L over the last couple of years.

最重要的是，還有一些特定於我們的搖擺因素。我們 COVID 測試業務的實力，這為我們提供了極大的靈活性，可以在過去幾年重新投資回我們的損益表。

And so as part of our -- and as Robert kind of talked about, we'll see kind of how COVID testing plays out. We continue to see very strong demand. And so there's some element of that, that we fully expect to stick around. And it's just difficult to pinpoint what that level is at this point in the year.

因此，作為我們的一部分——正如羅伯特所說的那樣，我們將看到 COVID 測試如何發揮作用。我們繼續看到非常強勁的需求。因此，其中有一些因素，我們完全希望堅持下去。而且很難確定今年這個時候這個水平是多少。

But as part of our budgeting process for next year, we'll take a close look at the overall cost structure, which Robert touched on, and our investment priorities. And as you know, we're also working through the nutrition recall and making good progress, incrementally investing, and Robert talked about the fact that some of those investments will modulate over time or even go away. And so that, combined with recapturing share, we'll see the earnings power of that business ramp up over time.

但作為我們明年預算流程的一部分，我們將仔細研究羅伯特談到的整體成本結構以及我們的投資重點。如您所知，我們也在努力進行營養召回並取得良好進展，逐步投資，羅伯特談到了這樣一個事實，即其中一些投資會隨著時間的推移而調整甚至消失。因此，再加上重新獲得份額，我們將看到該業務的盈利能力隨著時間的推移而增加。

So -- and then finally, our pipeline has been highly productive and especially in devices. And as we drive that growth, that's accretive growth overall to the corporation. So those are big moving parts. And as we start to think about 2023, we'll incorporate all those elements and especially in devices. And as we drive that growth, that's accretive growth overall to the corporation. So those are big moving parts. And as we start to think about 2023, we'll incorporate all those elements in our forecast next year.

所以 - 最後，我們的管道非常高效，尤其是在設備方面。當我們推動這種增長時，這對公司來說是整體增長。所以這些都是很大的移動部件。當我們開始考慮 2023 年時，我們將整合所有這些元素，尤其是在設備中。當我們推動這種增長時，這對公司來說是整體增長。所以這些都是很大的移動部件。當我們開始考慮 2023 年時，我們將在明年的預測中納入所有這些元素。

I guess, I'll just add to that, Vijay, also, I mean, we talk about the strength of the U.S. dollar and the impact that we're having on a full year basis. It's pretty significant, and a big portion of that impact is actually forecasted to happen in the second half of this year. So that also plays a role together with the inflation aspects that we're facing. So that's really the challenge.

我想，我想補充一下，維杰，另外，我的意思是，我們談論美元的強勢以及我們全年的影響。這是非常重要的，實際上預計其中很大一部分影響將發生在今年下半年。因此，這也與我們面臨的通貨膨脹方面一起發揮作用。所以這確實是一個挑戰。

That's helpful. And maybe one last one. With the second half base business guidance mid-single digit to high single digits, if I look at 2Q ex China and ex Nutrition, the base business did north of 7%, which is in line with the high single sort of trajectory that investors have baked in. The back half of mid-single to high single...

這很有幫助。也許最後一個。下半年基本業務指引中個位數到高個位數，如果我看一下除中國和除營養外的第二季度，基本業務的增長率超過了 7%，這與投資者擁有的高單類軌跡一致出爐了。中單到高單的後半...

So like I said, I think we've got an opportunity here on the back half also. We've set a floor. And again, I'll just reiterate that this is where contemplating all these puts and takes that we've been discussing, we feel confident in that floor number. And we believe that there's opportunities here for upside to that.

所以就像我說的，我認為我們在後半場也有機會。我們已經設置了一個樓層。再一次，我只是重申，這是考慮我們一直在討論的所有這些投入和投入的地方，我們對這個樓層數充滿信心。我們相信這裡有機會實現這一目標。

Vijay, I would just say, as Bob said in his prepared remarks, excluding Nutrition, we expect high single digits for the kind of remainder of the businesses to your point. So the math you're doing there is right.

維杰，我只想說，正如鮑勃在他準備好的講話中所說，不包括營養，我們預計其餘業務的高個位數將達到您的觀點。所以你在那裡做的數學是正確的。

That's helpful, Scott. So the guide is assuming some impact here in the back half. That's helpful.

這很有幫助，斯科特。因此，該指南在後半部分假設了一些影響。這很有幫助。

And our next question will come from Travis Steed from Bank of America.

我們的下一個問題將來自美國銀行的 Travis Steed。

Can you hear me okay?

你能聽到我的聲音嗎？

Yes.

是的。

Great. Just wanted to ask a couple more on the margin puts and takes, and I know these are related to Robbie's question. You mentioned a lot of like onetime costs in Nutrition with contracts on top of inflation and FX.

偉大的。只是想再問幾個關於邊際看跌期權的問題，我知道這些與羅比的問題有關。你提到了很多類似於營養中的一次性成本，其中包括通貨膨脹和外匯之上的合同。

So just wanted to think about the commitment and ability to grow operating margin off this year's base margins. If the macro environment just remains stable, I assume most of those Nutrition and onetime investments go away later this year as Nutrition ramps back up.

所以只是想考慮一下從今年的基本利潤率中提高營業利潤率的承諾和能力。如果宏觀環境保持穩定，我認為隨著營養回升，這些營養和一次性投資中的大部分將在今年晚些時候消失。

But I don't know if there's any other levers that you can pull on the margin line. And also not sure about this year's FX headwinds, how much of those naturally carry over into next year? That's something that J&J kind of flagged for people.

但我不知道是否還有其他槓桿可以拉到邊緣線上。而且也不確定今年的外匯逆風，有多少自然會延續到明年？這是強生為人們標記的東西。

Yes. Listen, the commitment to grow the operating margin is always there. We've -- we always shoot for that growth. You had a big if there, and that's the big if, right, if the conditions remain the same.

是的。聽著，提高營業利潤率的承諾始終存在。我們 - 我們總是為這種增長而努力。如果條件保持不變，那你就有一個很大的假設，這就是一個很大的假設。

So I don't know what currency is going to look like next year. Bob can talk about that a little bit. But there are some of these costs that I mentioned that I don't anticipate having to fly in the amount formula that we flew in from overseas. I don't anticipate having to kind of pay those WIC rebates on competitive product.

所以我不知道明年的貨幣會是什麼樣子。 Bob 可以稍微談一下。但是我提到了其中一些費用，我預計不必按照我們從海外飛來的金額公式飛行。我預計不必為競爭產品支付那些 WIC 回扣。

We have, what I would call, a steady investment profile on our Nutrition business that, I would say, we're a little bit out of profile in the next quarter or so because we want to make sure that as products coming back that we can work to regain our share. And we've seen some of that share regain the last couple of months.

我們的營養業務有一個穩定的投資概況，我想說的是，我們在下個季度左右有點不合時宜，因為我們希望確保隨著產品的回歸，我們可以努力重新獲得我們的份額。我們已經看到其中一些份額在過去幾個月重新獲得。

I mean, from the start of the recall, we lost about half of our IMF share. And of that half that we lost in the last couple of months, we've regained half of that back. So some of these costs, like I said, are more onetime in nature.

我的意思是，從召回開始，我們損失了大約一半的 IMF 份額。在過去幾個月我們失去的那一半中，我們已經收回了一半。因此，就像我說的那樣，其中一些成本本質上是一次性的。

On the FX side, I don't know, Bob, do you have a comment on there?

在外匯方面，我不知道，鮑勃，你對此有何評論？

Well, I guess, I'd say history has taught us that rates rarely if ever hold for a long period of time. So trying to pinpoint kind of an accurate projection for next year at this point is pretty challenging. There's an awful lot of moving parts. As you know, different central banks taking different rate actions, different strengths of economies, et cetera.

好吧，我想，我會說歷史告訴我們，如果利率長期保持不變，這種情況很少見。因此，在這一點上試圖確定明年的準確預測是非常具有挑戰性的。有很多活動部件。如您所知，不同的中央銀行採取不同的利率行動，經濟實力不同，等等。

That said, at a high level, based upon kind of where we're at today, a decent portion of the impact we're seeing this year will carry into next year. Obviously, there's a long way to go, so we need to see how things play out. And as part of our planning process, we always look for opportunities to mitigate currency impacts as best we can.

也就是說，在高層次上，基於我們今天所處的位置，我們今年看到的影響的相當一部分將延續到明年。顯然，還有很長的路要走，所以我們需要看看事情會如何發展。作為我們規劃過程的一部分，我們總是盡可能地尋找機會減輕貨幣影響。

That's helpful. I do want to make sure I heard you right. It sounds like you're going to launch an AID insulin system in Europe with Libre 2 by Q4. And I don't know if you'd be willing to say like who that partner is or what that product might look like in any form or fashion.

這很有幫助。我確實想確保我沒聽錯。聽起來您將在第四季度推出 Libre 2 在歐洲推出的 AID 胰島素系統。而且我不知道您是否願意說出那個合作夥伴是誰，或者該產品在任何形式或時尚中的外觀。

Yes. I think we made an announcement about the partnership several -- about 1 month, 1.5 months ago. So yes, that's with Ypsomed, a local European manufacturer, and another partner. So yes, our target is to be able to launch that by the end of the year in Europe. .

是的。我想我們在幾個 - 大約 1 個月、1.5 個月前宣布了合作夥伴關係。是的，這是與當地歐洲製造商 Ypsomed 和另一個合作夥伴合作的。所以是的，我們的目標是能夠在今年年底之前在歐洲推出它。 .

Operator, we'll take one more question.

接線員，我們再回答一個問題。

And our last question will come from Jayson Bedford from Raymond James.

我們的最後一個問題將來自 Raymond James 的 Jayson Bedford。

Just a couple. First, on the infant nutrition and the manufacturing ramp here, is there any way to frame where you are today and when you feel like you'll be back to full production levels? And obviously, I'm just thinking in the context of where you were last year and potential profit recapture in this segment.

只是一對。首先，在這裡的嬰兒營養品和製造坡道上，有沒有辦法確定您今天的情況以及您覺得自己將恢復到全面生產水平的時間？顯然，我只是在考慮您去年的情況以及該細分市場的潛在利潤重新獲得的背景下。

Sure. Well, as I said, we restarted in July 1, and we began production of the specialty formulas. The production of the Similac, which we call our more base formula, I mean, we're very close to that, Jayson, is what I would say. I don't want to necessarily kind of put an exact date here, but we're not talking months, we're not talking weeks. So we're very close there, and we obviously have a team that's ready to go and to ramp up.

當然。好吧，正如我所說，我們在 7 月 1 日重新啟動，並開始生產特殊配方。 Similac 的生產，我們稱之為更基礎的配方，我的意思是，我們非常接近這一點，傑森，這就是我要說的。我不想在這裡給出一個確切的日期，但我們不是在談論幾個月，我們不是在談論幾週。所以我們離那裡很近，我們顯然有一支準備好前進的團隊。

We know that we're going to have to work hard to shorten the time between manufacturer and on-shelf availability. So there's a team that's specifically dedicated to working on accelerated that time frame also. So I like where we're at. And we'll continue to use our global network to be able to augment those efforts of share recapture.

我們知道，我們將不得不努力縮短製造商和上架時間之間的時間。所以有一個團隊專門致力於加快這個時間框架。所以我喜歡我們現在的位置。我們將繼續利用我們的全球網絡來加強那些重新奪回份額的努力。

So Robert, when we look at '23 for USP, is it -- the debate just around market share, and I'm assuming from a manufacturing standpoint, you should be clean in '23.

所以羅伯特，當我們看 23 年的 USP 時，是不是 - 圍繞市場份額的辯論，我從製造的角度假設，你應該在 23 年保持乾淨。

Yes. That's our expectation. I think the debate on '23 is predominantly market share and then there might be a little bit of market also in terms of understanding how much of the growth in today's market is inventory build.

是的。這是我們的期望。我認為關於 23 年的爭論主要是市場份額，然後在了解當今市場的增長中有多少是庫存增加方面可能還有一點市場。

We have seen an increase in birth rates, so that's another opportunity also for -- to maybe to offset that. So -- but yes, I think it's mostly about market share, market share recovery. And like I said, I think in the previous question, I think we've done pretty well about using our network to be able to regain the market share that we had lost in those first couple of months.

我們已經看到出生率上升，所以這也是另一個機會——也許可以抵消這一點。所以 - 但是是的，我認為這主要是關於市場份額，市場份額的恢復。就像我說的，我認為在上一個問題中，我認為我們在利用我們的網絡能夠重新獲得我們在最初幾個月失去的市場份額方面做得很好。

So yes, it's really about looking at our share and share recovery, which is why, as I said, we've made some investments during -- over the next 3, 4, 5 months here to be able to put us in, in that right position in 2023.

所以，是的，這真的是看我們的份額和份額恢復，這就是為什麼，正如我所說，我們在接下來的 3、4、5 個月內進行了一些投資，以便能夠讓我們參與進來2023 年的正確位置。

So I'll just close the call here. Obviously, a lot of your questions, so that there is, I guess, some uncertainty in the environment. It's pretty dynamic, and I think that's going to be the same for a lot of companies.

所以我就在這裡結束通話。顯然，你的很多問題，所以我猜，環境中存在一些不確定性。這是非常動態的，我認為這對很多公司來說都是一樣的。

For Abbott specifically, our new product launches are performing very well. Our R&D pipeline is strong. And as I said, our financial health is also strong. We're making progress in Nutrition to drive share recovery, and our Adult business and international growth opportunities still remain very strong.

特別是對於雅培而言，我們的新產品發布表現非常出色。我們的研發管道很強大。正如我所說，我們的財務狀況也很強勁。我們在營養方面取得進展以推動份額復甦，我們的成人業務和國際增長機會仍然非常強勁。

The Cardiovascular portfolio, Device portfolio, there is growth. It continues to recover, albeit not at the same level that we had forecasted back in April, but I do expect that same recovery trend. It's not as leaner as we would like or as what we've historically had. But ultimately, I do believe that the segment will continue to grow and recover.

心血管產品組合、設備產品組合都有增長。它繼續復甦，儘管與我們在 4 月份預測的水平不同，但我確實預計會有同樣的複蘇趨勢。它不像我們想要的那樣精簡，也不像我們歷史上所擁有的那樣精簡。但最終，我確實相信該細分市場將繼續增長和恢復。

EPD and Libre continue to perform very well. And in Diagnostics, I get that COVID testing is a big portion of the equation here. But I just remind ourselves to where we were last year and what we thought was going to happen last year. And right now, all the data shows that testing is still here. Cases are up. Our test sales are actually up, and our tests have done very well from a brand and become somewhat of a preferred format over here.

EPD 和 Libre 繼續表現良好。在診斷中，我知道 COVID 測試是這裡等式的很大一部分。但我只是提醒自己去年我們在哪里以及我們認為去年會發生什麼。而現在，所有的數據都表明測試還在進行中。案子上來了。我們的測試銷售額實際上在上升，我們的測試在某個品牌上做得非常好，並且在某種程度上成為了這裡的首選格式。

So as I look to the second half of the year, I anticipate some of the macro challenges to continue, in some cases, to be tough. And in other cases, hopefully, we'll see some easing on there. But our diversification is very unique, and that's what's held up very well.

因此，展望下半年，我預計一些宏觀挑戰將繼續存在，在某些情況下，將是嚴峻的。在其他情況下，希望我們會看到一些緩解。但是我們的多元化是非常獨特的，這就是很好的支持。

We're navigating the macro headwinds. We're investing in our growth platforms. And we've raised our guidance for the full year. And I think that's a rarity in this environment, and I think it speaks to the strength of the portfolio and the execution and our ability to manage and leverage the portfolio.

我們正在應對宏觀逆風。我們正在投資於我們的增長平台。我們已經提高了全年的指導。我認為這在這種環境中是罕見的，我認為這說明了投資組合的實力和執行力以及我們管理和利用投資組合的能力。

So with that, we'll wrap up, and thank you for joining us today.

至此，我們將結束，感謝您今天加入我們。

Thank you, operator, and thank you for all of your questions. This now concludes Abbott's conference call. A webcast replay of this call will be available after 11:00 a.m. Central time today on Abbott's Investor Relations website at abbottinvestor.com. Thank you for joining us today.

謝謝您，接線員，謝謝您提出的所有問題。現在結束雅培的電話會議。中部時間今天上午 11:00 後，將在雅培投資者關係網站 abbottinvestor.com 上重播本次電話會議的網絡直播。感謝您今天加入我們。

This concludes today's conference call. Thank you for your participation, and you may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。大家，有一個美好的一天。