美國雅培 (ABT) 2023 Q2 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Abbott's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) This call is being recorded by Abbott.

早上好，感謝您的支持。歡迎參加雅培 2023 年第二季度收益電話會議。 （操作員說明）此通話由 Abbott 錄音。

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 express written permission.

除了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）的材料均受 Abbott 版權保護。未經雅培明確書面許可，不得對其進行錄製或轉播。

I would now like to introduce Mr. Mike Comilla, Vice President of Relations.

現在我想介紹關係副總裁邁克·科米拉先生。

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。今天與我在一起的有董事長兼首席執行官羅伯特·福特 (Robert Ford)；以及財務執行副總裁兼首席財務官 Bob Funck。羅伯特和鮑勃將致開幕詞。根據他們的評論，我們將回答您的問題。

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 2023. 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 statements.

在我們開始之前，根據 1995 年《私人證券訴訟改革法案》，今天發表的一些聲明可能具有前瞻性，包括 2023 年的預期財務結果。雅培警告說，這些前瞻性聲明存在風險和不確定性，可能導致實際結果與前瞻性聲明中所示的結果存在重大差異。

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, 2022. 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.

我們截至 2022 年 12 月 31 日的 10-K 表格年度報告的第 1A 項“風險因素”討論了可能影響雅培運營的經濟、競爭、政府、技術和其他因素。雅培沒有義務公開發布因後續事件或事態發展而對前瞻性陳述進行的任何修訂，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，與過去一樣，將使用非公認會計準則財務指標來幫助投資者了解雅培當前的業務表現。這些非 GAAP 財務指標與今天起的收益新聞稿和監管文件中的可比 GAAP 財務指標進行了調整，這些數據可在我們的網站 abbott.com 上獲取。

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 is defined in the quarterly results press release issued earlier today.

請注意，雅培尚未提供前瞻性的有機銷售增長的公認會計準則財務指標，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，這是在今天早些時候發布的季度業績新聞稿中定義的。

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

現在，我將把電話轉給羅伯特。

Thanks, Mike. Good morning, everyone, and thank you for joining us. Today, we reported second quarter adjusted earnings per share of $1.08, which reflects an acceleration in the contribution from the underlying base business. Organic sales, excluding COVID testing, increased low double digits for the second quarter in a row and was led by mid-teens growth in Medical Devices, along with double-digit growth in Established Pharmaceuticals and Nutrition.

謝謝，邁克。大家早上好，感謝您加入我們。今天，我們報告第二季度調整後每股收益為 1.08 美元，這反映了基礎業務貢獻的加速增長。有機銷售額（不包括新冠病毒檢測）連續第二季度實現低兩位數增長，其中醫療器械的中位數增長以及成熟藥品和營養品的兩位數增長帶動了有機銷售額的增長。

On our last couple of earnings calls, I've highlighted improving underlying demand trends across our businesses. These strengthening trends continued in both our institutional and consumer-facing businesses this past quarter.

在我們最近幾次財報電話會議上，我強調了我們各業務的潛在需求趨勢正在改善。上個季度，我們的機構業務和麵向消費者的業務都延續了這些增強趨勢。

Within the institutional businesses, health care systems around the world have continued to improve their ability to expand the supply of health care services through ongoing efforts to adjust protocols, manage the labor challenges and increase the overall available capacity to treat patients. In our more consumer-facing businesses, we're seeing consumers prioritize spending for health care products, which is driving increased demand for our products in the U.S. and internationally.

在機構業務中，世界各地的醫療保健系統通過不斷努力調整方案、應對勞動力挑戰和提高治療患者的總體可用能力，不斷提高擴大醫療保健服務供應的能力。在我們更多面向消費者的業務中，我們看到消費者優先考慮醫療保健產品的支出，這推動了美國和國際上對我們產品的需求增加。

I'll now summarize our second quarter results in more detail before turning the call over to Bob, and I'll start with Nutrition, where sales increased 10% in the quarter. In the U.S., growth was led by Pediatric Nutrition growth of more than 20%. We continue to make good progress in increasing manufacturing production and have now recovered approximately 75% of the market share in the infant formula business that was lost last year as a result of the voluntary recall. Internationally, total Nutrition sales grew 6%, led by growth in both Pediatric and Adult Nutrition businesses.

現在，在將電話轉給鮑勃之前，我將更詳細地總結我們第二季度的業績，我將從營養品開始，該季度的銷售額增長了 10%。在美國，兒童營養品增長超過 20%，引領增長。我們在增加生產方面繼續取得良好進展，目前已恢復了去年因自願召回而失去的嬰兒配方奶粉業務約 75% 的市場份額。在國際範圍內，在兒科和成人營養業務增長的帶動下，營養品總銷售額增長了 6%。

Turning to Established Pharmaceuticals, sales increased 12.5% in the quarter. This strong performance was led by growth across several markets, including India and China; and therapeutic areas, including gastroenterology, women's health and CNS pain management. This business continues to execute at a high level and capitalize on the favorable demographic and socioeconomic trends in emerging markets.

至於老牌製藥公司，本季度銷售額增長了 12.5%。這一強勁業績得益於印度和中國等多個市場的增長；和治療領域，包括胃腸病學、婦女健康和中樞神經系統疼痛管理。該業務繼續高水平執行，並利用新興市場有利的人口和社會經濟趨勢。

Moving to Diagnostics. Excluding COVID testing, organic sales grew 7%, led by Core Lab Diagnostics, where sales grew 10%, driven by performance in the U.S., Europe and China. This broad-based strong performance reflects the increased demand for routine diagnostic testing globally. And in the U.S., our blood transfusion testing business continues to make good progress, recovering from the impact of lower plasma donations that occurred during the COVID-19 pandemic.

轉向診斷。不包括新冠病毒檢測在內，有機銷售額增長了 7%，其中 Core Lab Diagnostics 的銷售額增長了 10%，主要受到美國、歐洲和中國業績的推動。這種廣泛的強勁表現反映了全球對常規診斷測試的需求不斷增加。在美國，我們的輸血檢測業務繼續取得良好進展，從 COVID-19 大流行期間血漿捐贈減少的影響中恢復過來。

And I'll wrap up with Medical Devices, where sales grew more than 14% on an organic basis, including double-digit growth in both the U.S. and internationally. In Diabetes Care, FreeStyle Libre sales exceeded $1.3 billion in the quarter and grew 25% on an organic basis.

最後，我將介紹醫療器械，該領域的銷售額有機增長超過 14%，其中美國和國際市場均實現兩位數增長。在糖尿病護理領域，FreeStyle Libre 本季度銷售額超過 13 億美元，有機增長 25%。

During the quarter, Libre became the first and only continuous glucose monitoring system to be nationally reimbursed in France for all people with diabetes who use insulin. This achievement was a direct result of the unique value proposition that Libre offers, a fully featured continuous glucose monitor made available at an accessible price. Abbott has led the way in expanding reimbursement coverage for continuous glucose monitors in order to bring the benefits of this life-changing technology to more people around the world.

本季度，Libre 成為法國第一個也是唯一一個為所有使用胰島素的糖尿病患者提供全國報銷的連續血糖監測系統。這一成就是 Libre 提供的獨特價值主張的直接結果，它是一款功能齊全、價格實惠的連續血糖監測儀。 Abbott 在擴大連續血糖監測儀的報銷範圍方面處於領先地位，以便將這種改變生活的技術的好處帶給世界各地更多的人。

In cardiovascular devices, sales grew more than 10% overall in the quarter, led by double-digit growth in Electrophysiology and Structural Heart. In Electrophysiology, performance was led by international growth of more than 20%, which included high teens growth in Europe and strong growth in China.

在心血管設備領域，本季度銷售額總體增長超過 10%，其中電生理學和結構心臟領域的兩位數增長帶動了增長。在電生理學領域，國際增長超過 20%，其中包括歐洲的高增長率和中國的強勁增長。

During the quarter, we received U.S. FDA approval for our TactiFlex ablation catheter, the world's first ablation catheter with a flexible tip and contact force sensing technology, which helps to deliver improved procedure outcomes and faster procedure times.

本季度，我們的 TactiFlex 消融導管獲得了美國 FDA 的批准，這是世界上第一款具有柔性尖端和接觸力傳感技術的消融導管，有助於改善手術結果並縮短手術時間。

In Structural Heart, performance was driven by MitraClip growth of approximately 10%, along with growth from several recently launched new products. Earlier this year, we submitted for FDA approval for TriClip, our minimally invasive tricuspid valve repair device that helps treat a condition on as tricuspid regurgitation, a leaky heart valve disease.

在 Structural Heart 業務中，MitraClip 增長約 10%，以及最近推出的幾款新產品的增長推動了業績增長。今年早些時候，我們向 FDA 提交了 TriClip 的批准申請，這是我們的微創三尖瓣修復裝置，有助於治療三尖瓣反流（一種滲漏性心臟瓣膜疾病）。

The clinical trial data supporting our submission showed that TriClip is a highly effective and safe treatment that provide a significant improvement in the quality of life for patients. TriClip is currently being reviewed by the FDA, and we look forward to bringing this first-of-its-kind technology to patients here in the U.S.

支持我們提交的臨床試驗數據表明，TriClip 是一種高效且安全的治療方法，可顯著改善患者的生活質量。 TriClip 目前正在接受 FDA 的審查，我們期待著將這種首創的技術帶給美國的患者。

In Rhythm Management, growth of 8% was led by Aveir, our recently launched leadless pacemaker. And during the quarter, we received FDA approval for our dual-chamber leadless pacemaker, a first-of-its-kind technology that allows for 2 pacemaker devices to communicate with one other inside the body to provide minimally invasive treatment for those with abnormal heart rhythms.

在節律管理方面，我們最近推出的無引線起搏器 Aveir 帶動了 8% 的增長。在本季度，我們的雙腔無引線起搏器獲得 FDA 批准，這是一項同類首創技術，允許 2 個起搏器設備在體內相互通信，為心律異常的患者提供微創治療。

Aveir was specifically designed to be upgradable and retrievable in order to evolve with patient changes and therapy needs over time. This unique technology offers the potential to revolutionize care for millions of people who require a pacemaker.

Aveir 經過專門設計，可升級和可檢索，以便隨著時間的推移隨著患者的變化和治療需求而發展。這項獨特的技術有可能徹底改變數百萬需要起搏器的人的護理。

And lastly, in Neuromodulation, sales grew 16%, driven by the recent launch of Eterna, our first rechargeable neurostimulation device for pain management, which targets a large segment of the market where we previously did not compete. During the first half of this year, we introduced several new innovations, including the launch of Eterna, and label indication expansions for treating painful diabetic neuropathy and chronic back pain for those who have not had or are not eligible for back surgery.

最後，在神經調節領域，銷售額增長了 16%，這得益於最近推出的 Eterna，這是我們首款用於疼痛管理的可充電神經刺激設備，該設備瞄準了我們以前沒有競爭的大部分市場。今年上半年，我們推出了幾項新的創新，包括推出 Eterna，並擴大了標籤適應症，用於治療那些沒有或不適合接受背部手術的患者的疼痛性糖尿病神經病變和慢性背痛。

So in summary, we exceeded expectations on both top and the bottom lines. Growth in the underlying base business accelerated, driven by improving market conditions and contributions from both new products and legacy growth platforms. And our pipeline continues to be highly productive, which will sustain our strong growth profile in the future.

總而言之，我們在營收和利潤方面都超出了預期。在市場條件改善以及新產品和傳統增長平台貢獻的推動下，基礎業務增長加速。我們的管道繼續保持高生產力，這將維持我們未來強勁的增長勢頭。

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

我現在將把電話轉給鮑勃。鮑勃？

Thanks, Robert. As Mike mentioned earlier, please note that all references to sales growth rates, unless otherwise noted, are on an organic basis.

謝謝，羅伯特。正如邁克之前提到的，請注意，除非另有說明，所有提及的銷售增長率都是有機的。

Turning to our second quarter results. Sales decreased 9.2% on an organic basis due to, as expected, a year-over-year decline in COVID testing-related sales. Excluding COVID testing-related sales, underlying base business organic sales growth was 11.5% in the quarter.

轉向我們第二季度的業績。正如預期的那樣，由於與新冠病毒檢測相關的銷售額同比下降，銷售額自然下降了 9.2%。不包括與新冠病毒檢測相關的銷售額，本季度基礎業務有機銷售額增長率為 11.5%。

Foreign exchange had an unfavorable year-over-year impact of 2.5% on second quarter sales. During the quarter, we saw the U.S. dollar strengthen somewhat versus several currencies, which resulted in a slightly 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同比產生了 2.5% 的不利影響。在本季度，我們看到美元兌多種貨幣有所走強，與 4 月份財報電話會議時的匯率相比，這對銷售產生了稍微不利的影響。

Regarding other aspects of the P&L. The adjusted gross margin ratio was 55.4% of sales, which reflects continued flow-through impacts from the elevated inflation we experienced last year on certain manufacturing and distribution costs as well as an unfavorable impact from foreign exchange. Adjusted R&D was 6.4% of sales, and adjusted SG&A was 27.2% of sales in the second quarter. Lastly, our second quarter adjusted tax rate was 14%.

關於損益表的其他方面。調整後的毛利率佔銷售額的55.4%，反映了去年通貨膨脹加劇對某些製造和分銷成本的持續影響以及外彙的不利影響。第二季度，調整後的研發佔銷售額的 6.4%，調整後的 SG&A 佔銷售額的 27.2%。最後，我們第二季度調整後的稅率為 14%。

Turning to our outlook for the full year. We now forecast total underlying base business organic sales growth, excluding COVID testing sales, to be in the low double digits. We're now forecasting COVID testing-related sales of around $1.3 billion, which is below our full year forecast of around $1.5 billion that we provided in April due to current testing dynamics, including lower demand for testing, following the end of the public health emergency in May.

轉向我們對全年的展望。我們現在預測，不包括新冠病毒檢測銷售額的基礎業務有機銷售總額增長將處於低兩位數。我們目前預測與新冠病毒檢測相關的銷售額約為 13 億美元，低於我們 4 月份提供的約 15 億美元的全年預測，原因是當前的檢測動態，包括 5 月份公共衛生緊急情況結束後檢測需求的下降。

For the third quarter, we forecast COVID testing sales of around $100 million. Based on current rates, we expect exchange to have an unfavorable impact of a little more than 1.5% on full year reported sales.

我們預計第三季度的新冠病毒檢測銷售額約為 1 億美元。根據目前的匯率，我們預計匯率將對全年報告的銷售額產生略高於 1.5% 的不利影響。

Lastly, our full year adjusted earnings per share guidance of $4.30 to $4.50 remains unchanged, but reflects a lower earnings contribution from COVID testing sales compared to expectations in April, offset by raising our underlying base business earnings forecast by approximately $0.05 based on our strong performance and outlook. Compared to the initial guidance we provided back in January, we have now raised our underlying base business earnings forecast by more than $0.15, offsetting the lower contribution from COVID testing versus our initial forecast.

最後，我們的全年調整後每股收益指導為 4.30 美元至 4.50 美元，保持不變，但反映出與 4 月份的預期相比，新冠病毒測試銷售的收益貢獻較低，但由於我們強勁的業績和前景，我們將基本業務收益預測上調了約 0.05 美元，從而抵消了這一影響。與我們 1 月份提供的初步指引相比，我們現已將基本業務盈利預測提高了 0.15 美元以上，抵消了新冠病毒檢測帶來的貢獻低於我們最初預測的影響。

Turning to our outlook for the third quarter. We forecast adjusted earnings per share to be approximately $1.10, which reflects strong growth on the underlying base business. We forecast total underlying base business organic sales growth, excluding COVID testing sales, to be in the low double digits, and exchange to have an unfavorable impact of a little more than 1% on our third quarter reported sales.

轉向我們對第三季度的展望。我們預計調整後每股收益約為 1.10 美元，這反映了基礎業務的強勁增長。我們預計基礎業務總有機銷售增長（不包括新冠病毒測試銷售）將處於較低的兩位數，並對我們第三季度報告的銷售額產生略高於 1% 的不利影響。

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

至此，我們現在開始提問。

(Operator Instructions) And our first question will come from Joshua Jennings from TD Cowen.

（操作員說明）我們的第一個問題將來自 TD Cowen 的 Joshua Jennings。

Congratulations on another strong quarter. The core business is generating nice momentum. Organic sales growth accelerating, earnings power increasing.

祝賀又一個強勁的季度。核心業務發展勢頭良好。銷售有機增長加速，盈利能力增強。

Robert, it would be great to hear your views, first, on the drivers of the back-half momentum, assuming an updated low double-digit organic revenue growth forecast for '23. And then second, it'd be great also to get your thoughts on the sustainability of this building momentum in '24 as the business is creating some more challenging comps for next year.

羅伯特，很高興首先聽到您對下半年勢頭驅動因素的看法，假設 23 年更新的低兩位數有機收入增長預測。其次，如果您能了解一下您對 24 年這種勢頭的可持續性的看法，因為該公司正在為明年創造一些更具挑戰性的競爭。

Sure, Josh. Yes, it was a very strong quarter, broad-based growth. And -- but listen, I still think that we could do better, and I know my team feels that also. If you go back a little bit in terms of a couple of years when COVID was happening, we always said that there was a great hedge share for us, right? And when COVID would subside, we would have a strong base business and making investments.

當然，喬什。是的，這是一個非常強勁、基礎廣泛的增長。而且——但是聽著，我仍然認為我們可以做得更好，而且我知道我的團隊也這麼認為。如果你回顧一下新冠疫情發生的幾年，我們總是說我們有很大的對沖份額，對嗎？當新冠疫情消退時，我們將擁有強大的基礎業務和投資。

And I think that's what you're seeing right now play out in these last couple of quarters and what we think is going to continue to play out throughout the rest of the year and going into 2024. We saw a very strong growth across all 4 sectors, excluding the COVID testing piece of it. And as I said in my opening remarks, the institutional business, the consumer business, there was an acceleration from Q1 to Q2, growth versus Q2 of last year. So all the right indicators here trending positive and with great momentum.

我認為這就是您現在在過去幾個季度所看到的情況，我們認為這種情況將在今年剩餘時間直至 2024 年繼續出現。我們看到所有 4 個行業都出現了非常強勁的增長，不包括新冠病毒測試部分。正如我在開場白中所說，機構業務、消費者業務從第一季度到第二季度都有加速增長，與去年第二季度相比有所增長。因此，所有正確的指標都呈積極趨勢且勢頭強勁。

Devices and Diagnostics, there was a nice step up. I attribute that really good improving market conditions, whether it's the hospital systems addressing some of the bottlenecks that they had in care, but also markets that are reopening and that trend continuing, but also new products. So market conditions was part of it, but new product launches also contributed quite a bit there.

設備和診斷，這是一個很好的進步。我認為市場狀況的改善確實很好，無論是醫院系統解決了護理方面的一些瓶頸，還是重新開放的市場和這種趨勢仍在繼續，還有新產品。因此，市場狀況是其中的一部分，但新產品的發布也做出了相當大的貢獻。

EPD has sustained, I'd say, high single-digit, low double-digit growth the last 2 years, and I think that continues. I think we're probably one of the best-positioned large health care companies in emerging markets. We've got a unique strategy there, a lot of regionalization and a lot of local for local, and the team does a really good job at executing that.

我想說，環保署在過去兩年中一直保持著高個位數增長和低兩位數增長，而且我認為這種情況還會持續下去。我認為我們可能是新興市場中地位最好的大型醫療保健公司之一。我們在那裡有一個獨特的戰略，大量的區域化和本地化，團隊在執行方面做得非常好。

The double-digit growth in Nutrition was as expected. We're seeing the recovery in the Pediatric business, recovering our market share. My comment there of the 3 quarters of recovery is more general and broad-based. But once you start looking at different segments of the -- and from the market, different SKU sets and different types of form, there are certain segments where we're already back to leadership position. So that's moving it all in the right trajectory. And Adult is doing very well in several countries.

營養領域的兩位數增長符合預期。我們看到兒科業務的複蘇，恢復了我們的市場份額。我對三個季度復甦的評論更為籠統和廣泛。但是，一旦你開始關注市場的不同細分市場、不同的 SKU 集和不同類型的形式，就會發現在某些細分市場我們已經回到了領先地位。所以這一切都在朝著正確的軌道發展。 Adult 在多個國家的表現都非常好。

So COVID declined as we had forecasted. We decided to bring our COVID number down a couple of hundred million dollars because we're seeing -- as the public health emergency ended, we saw a little bit of a decline in testing there. So we'll see how that's going to play out in Q4. It's probably at the first quarter, we'll see, Josh, of an endemic respiratory season. So we'll see how that's going to play out.

因此，正如我們預測的那樣，新冠疫情有所下降。我們決定將我們的新冠病毒感染人數減少幾億美元，因為我們看到，隨著公共衛生緊急情況的結束，我們看到那裡的檢測略有下降。所以我們將看看第四季度的情況如何。喬希，我們可能會在第一季度看到地方性呼吸道疾病季節。所以我們將看看結果如何。

But the base business is doing really well. And I'd say, from a geographic perspective, it was pretty broad-based also across all geographies: U.S. Europe, Asia. Obviously, China reopening was really positive, too. But it wasn't like this over-indexing in our growth rate with China opening. I mean if you look at our growth rate, excluding China, it was -- it only added about 1 point of growth to that 11.5%. So it's pretty broad-based across the market.

但基礎業務確實做得很好。我想說，從地理角度來看，它在所有地區都有相當廣泛的基礎：美國、歐洲、亞洲。顯然，中國的重新開放也是非常積極的。但隨著中國的開放，我們的增長率並不像這種過度指數化的情況。我的意思是，如果你看一下我們的增長率，不包括中國，它只比 11.5% 增加了約 1 個百分點。因此，它在整個市場上具有相當廣泛的基礎。

So pleased with the top line. We believe it's very sustainable, which is why we increased from at least high single to low double-digit growth rate. And I think the pipeline and the productivity is another kind of key aspect in our quarter, a lot of product approvals, and that's going to drive it.

對頂線非常滿意。我們相信這是非常可持續的，這就是為什麼我們從至少較高的個位數增長率提高到較低的兩位數增長率。我認為管道和生產​​力是我們季度的另一個關鍵方面，大量產品獲得批准，這將推動它。

It's probably a little bit early to kind of go through a specific guidance for 2024. But I think if you look at this COVID decline, this anticipated COVID decline that we had this year, I think it's kind of overshadowed a little bit about the strong and the strength in the performance in the base business. And you're starting to see -- as that number comes down in COVID, you'll start to see really the strength of the base business.

現在製定 2024 年的具體指導方針可能還為時過早。但我認為，如果你看看今年的新冠肺炎疫情下降情況，以及我們今年預期的新冠肺炎疫情下降情況，我認為這有點掩蓋了基礎業務業績的強勁勢頭。你開始看到——隨著新冠疫情中這個數字的下降，你將開始真正看到基礎業務的實力。

So if you look at the base business, it's contributing about $4.10 of earnings for the full year this year. That's about $0.15 higher to what we originally guided back in January. And I think that's pretty significant growth, even at $4.10 on the base business, and that's really been driven by top line.

因此，如果你看看基礎業務，就會發現它今年為全年貢獻了約 4.10 美元的收入。這比我們 1 月份最初的指導值高出約 0.15 美元。我認為即使基礎業務的增長率為 4.10 美元，這也是相當顯著的增長，而且這確實是由營收推動的。

So you look at the leverage in the P&L, the investments we made during COVID were able to drive a lot of growth there. So pipeline is delivering pretty significantly. And I believe that, that is the sustainability going into 2024, that top line. Of course, gross margin is a constant area of focus for us, whether it was the impact of FX or the impact of inflation. But I'm already seeing 3 out of our 4 major businesses here showing improved gross margin profiles versus the end of last year. So we're seeing good momentum over there.

所以你看看損益表中的槓桿，我們在新冠疫情期間所做的投資能夠推動那裡的大量增長。因此，管道的交付相當顯著。我相信，這就是進入 2024 年的可持續性，也就是最重要的。當然，無論是匯率的影響還是通脹的影響，毛利率一直是我們關注的焦點。但我已經看到我們的 4 個主要業務中有 3 個的毛利率狀況比去年年底有所改善。所以我們看到那裡的良好勢頭。

So if I put this all into account, I think we're achieving a lot of growth, top and bottom line, the new product contributions, strong pipeline and then the opportunity that we'll have for gross margin expansion. So I think we're well set up as we go into the second half of this year and as we go into 2024.

因此，如果我把這一切都考慮在內，我認為我們正在實現很大的增長，收入和利潤，新產品的貢獻，強大的管道，然後我們將有機會擴大毛利率。因此，我認為，在進入今年下半年和 2024 年時，我們已經做好了準備。

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。

Congrats on the nice quarter here. Just one for me. Robert, I'd like to hear your thoughts on the med tech top five and the pipeline, specifically how you're thinking about Aveir and the dual chamber approval and TriClip you mentioned earlier, and just the sustainability of that 11% cardio neuromod growth we saw this quarter.

祝賀這裡度過了美好的季度。只給我一個。羅伯特，我想听聽您對醫療技術前五名和管道的看法，特別是您對 Aveir 和雙室批准以及您之前提到的 TriClip 的看法，以及我們本季度看到的 11% 的有氧神經調節劑增長的可持續性。

Sure. Well, that group of products, they did pretty well in the quarter. Combined, those products, they grew about 40%, Larry. If you take the Q2 run rate and annualize it, it's annualizing to about a little over $650 million. I expect to do better than that in the year as the next quarters progress.

當然。嗯，這組產品在本季度表現得相當不錯。拉里，這些產品加起來增長了約 40%。如果您採用第二季度的運行率並將其年化，則年化金額約為 6.5 億美元多一點。隨著接下來幾個季度的進展，我預計會比今年做得更好。

Regarding your question on these products, I can go through some of them here. I mean, on the Aveir side, we saw a lot of positive developments this quarter for leadless. If you remember, we received FDA approval for the single chamber last year. And if you look at some of the claims data, at least the claims data that we're looking at, showing that we'd be able to capture about 1/3 of that market. So that's doing really well.

關於你對這些產品的疑問，我可以在這裡介紹一下。我的意思是，在 Aveir 方面，我們在本季度看到了無鉛技術的許多積極進展。如果您還記得，我們​​去年獲得了 FDA 對單室的批准。如果您查看一些索賠數據，至少我們正在查看的索賠數據表明我們能夠佔領該​​市場約 1/3 的份額。所以這確實做得很好。

But what's really exciting for us, and quite frankly, it's a lot of KOLs that I've spoken to, especially at HRS this year, was the approval for the dual chamber, which is a much larger segment of that makes up at least 80% of that $3 billion worldwide pace market. And it's the first-ever technology, right, where you've got 2 implanted devices communicating with each other.

但對我們來說真正令人興奮的是，坦率地說，我與很多 KOL 交談過，特別是今年的 HRS，是雙腔室的批准，這是一個更大的部分，佔全球 30 億美元配速市場的至少 80%。這是有史以​​來第一項技術，對吧，你有兩個植入的設備可以相互通信。

So it's a huge opportunity for us, I think, to really change paradigm here. It's a little bit of a different implant than what EPs have been accustomed to doing, with pacemakers that have leads. So our focus here at the beginning, I think, is really to look at the bigger part of the market and make sure that we do a really good job at creating a real-world kind of strong clinical results, making sure that the implant technique gets well understood.

因此，我認為，這對我們來說是一個真正改變範式的巨大機會。這與 EP 習慣做的植入有點不同，植入帶有導線的起搏器。因此，我認為，我們一開始的重點實際上是著眼於市場的更大部分，並確保我們在創造現實世界中強大的臨床結果方面做得非常好，確保植入技術得到很好的理解。

And so we'll focus a lot on training and training physicians. We'll be opening new centers, of course, but we're going to -- this falls in the bucket, Larry, of just making sure that we go at the right tempo out of the gate so that we've got a bigger eye on the larger market and the larger conversion because I think that that's a huge opportunity for conversion over there.

因此，我們將重點關注培訓和培訓醫生。當然，我們會開設新的中心，但拉里，這只是確保我們以正確的節奏走出大門，以便我們對更大的市場和更大的轉化有更大的關注，因為我認為這是一個巨大的轉化機會。

So there, I'm very excited about, and the team is already starting their launch plan here. Amulet grew 25% this quarter, which is a great growth rate. And again, we're also focusing on generating great real-world clinical results there, being thoughtful about how we open the accounts, build a strong, sustainable position. This is a fast-growing market. It's a great opportunity for us. And so that's done well.

所以，我對此感到非常興奮，團隊已經在這裡開始他們的發布計劃。 Amulet 本季度增長了 25%，這是一個很大的增長率。再說一遍，我們還專注於在那裡產生偉大的現實世界臨床結果，深思熟慮如何開立賬戶，建立強大、可持續的地位。這是一個快速增長的市場。這對我們來說是一個很好的機會。所以這一切都做得很好。

And TAVR with Navitor, again, our quarterly sales, we're looking at this the other day. Our quarterly sales have roughly doubled in the last 18 months. Now, yes, granted it's a smaller base, but I'm just hearing really good feedback from the implanters now, once Navitor is out, regarding the implant technique, regarding the outcomes. So I think we're building a really good position here, obviously, in the U.S. following the launch, but internationally seen real strong performance, whether it's market share gains or our ability now to open new accounts with this new product.

還有 TAVR 和 Navitor，我們的季度銷售額，我們前幾天正在研究這個。過去 18 個月裡，我們的季度銷售額大約翻了一番。現在，是的，假設它的基礎較小，但我現在只是從植入者那裡聽到非常好的反饋，一旦 Navitor 退出，關於植入技術，關於結果。因此，我認為，顯然，在推出後，我們在美國建立了一個非常好的地位，但在國際上看到了真正強勁的表現，無論是市場份額的增長還是我們現在通過這個新產品開設新賬戶的能力。

And then TriClip is, we're seeing similar international performance. Physician enthusiasm here continues to build as now they've got this much better, I'd say, a real effective option here to treat patients that are suffering from TR. So -- and I think the publishing of the TRILUMINATE data earlier this year really gave a boost to those international markets. I mean, we had clinical data out there, but the TRILUMINATE data, I think, really, you can see this correlation in terms of what we're seeing in terms of implants there post publishing that data.

然後 TriClip，我們看到了類似的國際表現。這裡醫生的熱情持續高漲，因為現在他們已經有了更好的選擇，我想說，這是治療患有 TR 的患者的真正有效的選擇。因此，我認為今年早些時候發布的 TRILUMINATE 數據確實推動了這些國際市場的發展。我的意思是，我們有臨床數據，但是 TRILUMINATE 數據，我認為，實際上，您可以從我們在發布該數據後所看到的植入物方面看到這種相關性。

So I'm excited to bring it here to the U.S. I mean, we submitted it to the FDA earlier this year. The clinical data that supported the submission, as I said in my opening comments, is really strong, great quality-of-life improvement. I'm enthusiastic about the opportunity in the U.S. I mean, it's a PMA submission. We submitted in January. So we didn't necessarily bake in any kind of significant sales this year, but I think it's a great contributor for us next year.

所以我很高興能把它帶到美國。我的意思是，我們今年早些時候向 FDA 提交了它。正如我在開場評論中所說，支持提交的臨床數據確實非常強大，生活質量得到了巨大的改善。我對美國的機會充滿熱情，我的意思是，這是 PMA 提交的申請。我們一月份提交的。因此，我們今年不一定會取得任何重大銷售額，但我認為這對我們明年來說是一個巨大的貢獻。

So -- and then on neuro, I mean, this market moves a lot with innovation. And we introduced quite a bit of innovation, I would say, over the last 6 months in this market. There's great opportunity to execute on that, and there's more to come also in that business, too. So I look at the cardio and neuro business, just with these products that we've mentioned here, this group of products that we recently launched, billion-dollar segments, and that we're in the early innings. So I'm excited about it, and I think these got a lot of momentum and sustainability on our cardio and neuro business, Larry.

所以——然後在神經方面，我的意思是，這個市場隨著創新而發生很大變化。我想說，在過去 6 個月裡，我們在這個市場上引入了相當多的創新。有很好的機會來執行這一點，而且該業務還有更多的機會。因此，我著眼於有氧和神經業務，就我們在這裡提到的這些產品，我們最近推出的這組產品，價值數十億美元的細分市場，我們正處於早期階段。所以我對此感到興奮，我認為這些為我們的有氧運動和神經業務帶來了很大的動力和可持續性，拉里。

Our next question comes from Danielle Antalffy from UBS.

我們的下一個問題來自瑞銀集團的 Danielle Antalffy。

Robert, I do have 2 product-specific questions, but you totally stole my thunder with that very thorough answer there. But if I could follow up on specifically Libre and MitraClip. So did see U.S. deceleration in the quarter for Libre. Just wondering what you're seeing out there. You have a competitor launching a new product, but you guys are launching Libre 3. And you do have the basal coverage for Medicare now, but how you see basal ramping? That's the first product question.

羅伯特，我確實有兩個特定於產品的問題，但你的徹底回答完全搶了我的風頭。但如果我能具體跟進 Libre 和 MitraClip 的話。本季度美國的 Libre 增速也確實放緩。只是想知道你在外面看到了什麼。你們的競爭對手正在推出新產品，但你們正在推出 Libre 3。你們現在確實擁有 Medicare 的基礎承保範圍，但您如何看待基礎的增長？這是第一個產品問題。

And then the second question is on MitraClip. And another -- a quarter was fine, but this is a market that had been growing double digits pre-COVID. Just curious about where you think this market falls out on a normalized basis once we're through staffing constraints, once we get through what feels like a little bit of an air pocket in the patient population given the high mortality rates through COVID. So those are my 2 product questions.

第二個問題是關於 MitraClip 的。還有一個——四分之一就可以了，但這個市場在新冠疫情之前一直在以兩位數的速度增長。我只是想知道，一旦我們克服了人員配備的限制，一旦我們克服了因新冠肺炎導致的高死亡率，患者群體中感覺有點像空氣袋的情況，您認為這個市場在正常化的基礎上會出現什麼情況。這是我的兩個產品問題。

Okay. Thanks. So on your Libre question, we had a really strong quarter there, Danielle. We grew 25%, yes, 30% in the U.S. I think it's pretty strong growth still. And internationally, we're up 22%. So that's very positive now that we've kind of put behind us some of the upgrading activities that we are doing towards the second half of last year, so you're seeing the impact there.

好的。謝謝。所以，關於你的自由問題，我們有一個非常強勁的季度，丹妮爾。我們在美國增長了 25%，是的，30%。我認為這仍然是相當強勁的增長。在國際上，我們增長了 22%。因此，這是非常積極的，因為我們已經擱置了去年下半年正在進行的一些升級活動，所以您可以看到那裡的影響。

The basal is a great opportunity. In my comments, I referenced France. Yes, this wasn't just like a tender award. The French authorities looked at claims data. They looked at data from basal users using the product. We've got over about a 70% share of that market. So they looked at it and say, "Wow, this is really having an impact".

基礎是一個很好的機會。在我的評論中，我提到了法國。是的，這不僅僅是一個招標獎項。法國當局查看了索賠數據。他們查看了使用該產品的基礎用戶的數據。我們已經佔據了該市場約 70% 的份額。所以他們看著它並說，“哇，這真的產生了影響”。

So that's good. It provides us great momentum. You look at -- now you've got U.S., Japan and France reimbursing for basal. I mean those are 3 of the top 5 markets in the world, and we're well positioned there. U.S. coverage began in April. So that's playing out nicely also. So I think we got great momentum here.

所以這樣很好。它為我們提供了巨大的動力。你看——現在美國、日本和法國正在償還基礎費用。我的意思是，這些是世界前 5 個市場中的 3 個，我們在那里處於有利地位。美國的報導從四月份開始。所以這也很順利。所以我認為我們在這裡勢頭強勁。

I'd say what's really exciting is a lot of the upcoming launch activity and pipeline activity that we'll have in the second half of this year. If you look at our integration with pumps, it's my understanding here that sometime in this second half, we'll see Tandem integration with our CGM system here in the U.S., and that will be exciting.

我想說真正令人興奮的是我們將在今年下半年進行的許多即將推出的活動和管道活動。如果你看看我們與泵的集成，我的理解是，在下半年的某個時候，我們將在美國看到 Tandem 與我們的 CGM 系統的集成，這將是令人興奮的。

One of the things that we've also got rolled out and planning is, as you might remember, we got L3 approved full iCGM. But together with that approval, we also got a 15-day claim. So we'll be launching our 15-day sensor here in the U.S. second half -- in the second half of this year. So that's exciting, too. And the team is on target here to start and initiate our glucose-ketone dual-sensor trial sometime in Q4 here. So a lot of pipeline activity in the second half.

您可能還記得，我們​​還推出和計劃的事情之一是，我們獲得了 L3 批准的完整 iCGM。但在獲得批准的同時，我們還獲得了 15 天的索賠。因此，我們將在今年下半年在美國推出為期 15 天的傳感器。這也很令人興奮。該團隊的目標是在第四季度的某個時候開始並啟動我們的葡萄糖-酮雙傳感器試驗。因此下半年有很多管道活動。

Probably the one that I'm most excited about, Danielle, is actually Libre 2 streaming. I think this is an incredible opportunity and what the team has been able to do. I think it's the most exciting launch that we have in the second half here, which is really our ability to convert our entire Libre 2 base from scanning to be able to have real-time streaming through an app update.

Danielle，我最興奮的可能是 Libre 2 流媒體。我認為這是一個難以置信的機會，也是團隊所能夠做到的。我認為這是我們下半年最令人興奮的發布，這實際上是我們將整個 Libre 2 基礎從掃描轉換為能夠通過應用程序更新進行實時流傳輸的能力。

We ran our first conversion in the U.K. over the weekend. There were some challenges there as we rolled it out. Team worked over the weekend. But as of -- I think as of end of day, Monday, 90% of the user base was converted. And the social media posts that I've been seeing are just incredibly positive.

週末我們在英國進行了第一次轉換。當我們推出它時，遇到了一些挑戰。團隊週末工作。但截至 - 我認為截至週一當天結束時，90% 的用戶群已完成轉換。我看到的社交媒體帖子非常積極。

So just think about our ability here to convert our entire L2 base into a slightly smaller version of L3 across the world with all the manufacturing capacity we have. So I'm really excited about that. So I think Libre is on a great trajectory, great momentum. And I think that's going to continue.

因此，想一想我們有能力利用我們擁有的所有製造能力，將整個 L2 基地轉變為全球範圍內稍小的 L3 版本。所以我對此感到非常興奮。所以我認為 Libre 正處於良好的軌道上，勢頭強勁。我認為這種情況將會持續下去。

Regarding your question on MitraClip, yes, I think the performance was -- I think it was pretty strong, 10% growth. International was up 20%. So U.S. was more modest. And I think you pointed to some of the challenges that we are seeing. I'm not sure it's so much the staffing portion now, Danielle. I mean, I think it was probably in the second half of last year. We're not seeing that in the other parts of the business.

關於您關於 MitraClip 的問題，是的，我認為業績非常強勁，增長了 10%。國際上漲20%。所以美國比較溫和。我認為您指出了我們所面臨的一些挑戰。我不確定現在的人員配置部分有多重要，丹妮爾。我的意思是，我認為這可能是在去年下半年。我們在業務的其他部分沒有看到這種情況。

So I think the U.S. piece here is really our ability here to reignite and restart that referral funnel here in the U.S., which was impacted by the pandemic. And I think this is going to take a little bit of time, but it's a key -- it's a key area of focus of the U.S. commercial team here is to really look the commercial and the clinical team to really restart those that referral process from the cardiologists into the hospitals.

因此，我認為美國的部分實際上是我們在美國重新點燃和重啟受疫情影響的轉介渠道的能力。我認為這需要一點時間，但這是關鍵——美國商業團隊的一個重點關注領域是真正審視商業和臨床團隊，真正重新啟動從心髒病專家到醫院的轉診流程。

This is a -- continues to be an attractive growth area, and you can see that. Where we don't have some of these issues here in the U.S., we're looking internationally to accelerate as a way to kind of balance it out. And we're seeing great growth internationally here. So the market is still very attractive. We're having a lot of success internationally. And in the U.S., we're going to focus on this patient referral funnel here, and I think we'll start to see kind of improvements in the numbers.

這是一個——仍然是一個有吸引力的增長領域，你可以看到這一點。在美國不存在這些問題的地方，我們正在國際範圍內尋求加速發展，以此作為平衡問題的一種方式。我們在國際上看到了巨大的增長。所以市場還是非常有吸引力的。我們在國際上取得了很大的成功。在美國，我們將重點關注這裡的患者轉診渠道，我認為我們將開始看到數字上的改善。

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 solid print here. Robert, I had a 2-part question. One, you did mention double-digit organic sort of base. Is that -- like should we worry about the comp issue for fiscal '24? Because I'm thinking about Lingo, which I think is just launching, is that enough to sort of maintain some of the strength we're seeing? So any comment on Lingo launch, update on Lingo would be helpful.

恭喜您獲得了純色印刷。羅伯特，我有一個由兩部分組成的問題。第一，你確實提到了兩位數的有機基數。我們是否應該擔心 24 財年的薪酬問題？因為我正在考慮 Lingo，我認為它剛剛推出，這是否足以維持我們所看到的一些實力？因此，任何有關 Lingo 發布、Lingo 更新的評論都會有所幫助。

And my second part is on gross margins, down sequentially. If I'm looking at that 56% overall for the year, it looks like we're probably looking at bottom half of the EPS guidance. I know you had mentioned $1 billion of inflation impact. How should we think of that benefit in margin expansion in back half of year '24?

我的第二部分是毛利率，連續下降。如果我看的是今年的 56% 總體情況，看起來我們可能看到的是 EPS 指導的下半部分。我知道您提到過 10 億美元的通脹影響。我們應該如何看待 24 年下半年利潤擴張帶來的好處？

So yes, I'll take the Lingo question, and then I'll ask Bob to fill in on the gross margin. On the Lingo piece, listen, this has been part of our strategy, Vijay. It wasn't -- it was an afterthought as we were building Lingo platform. We knew it would be in this situation where can we expand beyond diabetes. We've been very thoughtful about it and very intentional about it.

所以，是的，我會回答 Lingo 問題，然後我會請鮑勃填寫毛利率。關於 Lingo 的文章，聽著，這是我們策略的一部分，Vijay。事實並非如此——這是我們在構建 Lingo 平台時才想到的。我們知道在這種情況下，我們可以擴展到糖尿病以外的領域。我們對此深思熟慮，也非常有意。

The opportunity during COVID to invest heavily in this was our opportunity. And as I've said in the past, to be thoughtful about this, we had to create a separate group, a fully dedicated group. I was with them a few months ago. And if you look at the team, the scientists, the engineers, the data experts, the marketing team, et cetera, they're just focused on this.

新冠疫情期間，我們有機會在這方面進行大量投資。正如我過去所說，為了深思熟慮這一點，我們必須創建一個單獨的小組，一個完全專注的小組。幾個月前我和他們在一起。如果你看看團隊、科學家、工程師、數據專家、營銷團隊等等，他們只是專注於此。

But it's interesting, their backgrounds here aren't necessarily with diabetes, right? They're more digital health, they're more consumer health. And they've got this target, which is to do something that not a lot of well-established companies, health care companies do, which is to create a product that's really targeting a healthy population and a healthy population that wants to stay healthy.

但有趣的是，他們的背景不一定有糖尿病，對吧？它們更注重數字健康，更注重消費者健康。他們有這個目標，那就是做一些很多成熟公司、醫療保健公司沒有做的事情，那就是創造一種真正針對健康人群和想要保持健康的健康人群的產品。

So the product was launched yesterday in the U.K., kudos to Lisa and the team for getting that through. And the value proposition is pretty simple. And I think that's how we needed to think about it for this patient segment here -- for this consumer segment, sorry. And it's really to deliver personalized like metabolic improvement and metabolic health.

因此，該產品昨天在英國推出，感謝 Lisa 和團隊的成功。價值主張非常簡單。我認為這就是我們需要為這個患者群體考慮的方式——對於這個消費者群體，抱歉。它確實是為了提供個性化的代謝改善和代謝健康。

And the way it does that, Vijay, is that it's teaching you about glucose spikes. It's teaching the consumer about how your body reacts to food, how it reacts to sleep, how it reacts to exercise. And the goal is to minimize those spikes throughout the day.

Vijay，它的做法是教你有關葡萄糖峰值的知識。它告訴消費者你的身體如何對食物做出反應，如何對睡眠做出反應，如何對運動做出反應。我們的目標是盡量減少全天的峰值。

So the Lingo coach, it learns -- it first learns about your metabolism, right? And then after it learns about your metabolism, by wearing the sensor, it then assigns you a daily target, and we're going to call this the Lingo count. And this is basically a number that is the amount of spikes that you're allotted to or assigned to during the day.

所以 Lingo 教練會學習——它首先了解你的新陳代謝，對嗎？然後，在它通過佩戴傳感器了解您的新陳代謝後，它就會為您分配一個每日目標，我們將其稱為 Lingo 計數。這基本上是一個數字，表示您在一天中分配或分配的峰值數量。

And we're going to track that daily progress and track to that target. And we believe that, that's a great kind of behavior modification tool for those that don't have diabetes. Their charts, there's data. There's all that, that you have in the app. But we believe that the simplicity of this Lingo count is really key to modifying behavior.

我們將跟踪每日進度並跟踪該目標。我們相信，對於那些沒有糖尿病的人來說，這是一種很好的行為矯正工具。他們的圖表，有數據。應用程序中包含了所有這些內容。但我們相信，Lingo 計數的簡單性對於改變行為確實至關重要。

It's a subscription-based model. It's direct to consumer. We are looking at opportunities for partnership, but it's direct to consumer. The website -- the web shop is open. And the pricing is pretty much in line with our cash pay price for Libre. And I think the key aspect here is -- for this app, is that we have to constantly provide content to the app, constantly new information, new data.

這是一種基於訂閱的模式。它直接面向消費者。我們正在尋找合作機會，但它是直接面向消費者的。網站——網上商店已開放。而且定價與我們對 Libre 的現金支付價格幾乎一致。我認為這裡的關鍵方面是 - 對於這個應用程序來說，我們必須不斷地向應用程序提供內容，不斷地提供新信息、新數據。

And if I think about everything that's going on in the world of AI, and I think about -- how I think about AI for Abbott, we have a lot of opportunities. I would put this one here together with Libre as our biggest opportunity to capitalize on AI and what it can do for personalization. So it's out in the U.K. It's launched yesterday. We'll study. We'll learn from the U.K., and then we'll roll it out to other markets.

如果我思考人工智能世界中正在發生的一切，並思考我如何看待雅培的人工智能，我們有很多機會。我會將這一點與 Libre 放在一起，作為我們利用人工智能及其對個性化的作用的最大機會。所以它昨天在英國推出了。我們會學習。我們將向英國學習，然後將其推廣到其他市場。

I'll preempt your question, which is always like, is it going to come to the U.S.? Yes, it will. We intend to file in the U.S. at the end of the year. I don't expect big contribution right now from a financial perspective early on. Maybe my team will surprise me, but I absolutely expect this to be a significant contributor over time for us. And so that third part of the growth stool here for that platform is out of the gates, and we're excited to see what we can do.

我會先問你的問題，你的問題總是這樣，它會來到美國嗎？是的，它會。我們打算今年年底在美國提交申請。從早期的財務角度來看，我現在並不期望做出重大貢獻。也許我的團隊會讓我感到驚訝，但我絕對希望隨著時間的推移，這將為我們做出重大貢獻。因此，該平台的第三部分增長工具已經推出，我們很高興看到我們能做些什麼。

Okay. So Vijay, on the gross margin question. So back in January, we guided a gross margin profile of 56% of sales for the full year. And through the first half of the year, the base business, so excluding COVID testing, is right in line with that. We are, however, seeing lower gross margins on our COVID test do -- really due to the significant decline in volumes that we've seen compared to our assumptions at the beginning of the year. And so that's really what's being reflected in a little bit lower gross margin that you've seen.

好的。 Vijay，關於毛利率問題。因此，早在 1 月份，我們就指導全年毛利率為銷售額的 56%。今年上半年，排除新冠病毒檢測後的基本業務與此相符。然而，我們在新冠病毒測試中發現毛利率較低，這實際上是因為與年初的假設相比，我們看到的銷量大幅下降。因此，這確實反映在您所看到的毛利率略低的情況下。

And I think for the balance of the year, we would expect to see gross margins roughly in the range of 56%, and then we would look for steady improvement after that. As Robert talked about, it's a key focus area for us. Each of our businesses have gross margin improvement programs in place, with teams that are dedicated to that effort. And as -- so as we work into 2024, we would expect to see some improvement overall in our gross margins.

我認為，在今年餘下的時間裡，我們預計毛利率將大致在 56% 的範圍內，然後我們將尋求穩步改善。正如羅伯特所說，這是我們的重點關注領域。我們的每家企業都制定了毛利率改善計劃，並擁有致力於這一努力的團隊。進入 2024 年，我們預計毛利率總體會有所改善。

Our next question will come from Joanne Wuensch from Citi.

我們的下一個問題將來自花旗銀行的 Joanne Wuensch。

Briefly, can you sort of tear apart the Electrophysiology growth rate of 17%? How much of that is in the U.S.? How much of that is oUS? And what do you think is driving that? And then I'll just jump in with my second question, which is, if you have reclaimed about 75% of the Pediatric Nutritional business, can you get to 100%? Or do you think you're more or less where you can get to?

簡而言之，您能分解一下電生理學 17% 的增長率嗎？其中有多少是在美國？其中有多少是oUS？您認為是什麼推動了這一趨勢？然後我就直接問第二個問題，如果你已經收回了大約 75% 的兒科營養業務，你能達到 100% 嗎？或者你認為你或多或少已經達到了你能達到的目標？

Sure. So really good growth on EP. We're up about 17% total. U.S. was high single digits, around 9%. International was about 24%. In that 24%, Joanne, there's probably about 8 or 9 points of kind of China recovery. So if you look at the growth rate internationally outside of China, that was about 15%. So real strong growth.

當然。 EP 的增長非常好。我們總共上漲了約 17%。美國為高個位數，約為 9%。國際約為24%。喬安妮，在這 24% 中，可能有大約 8 或 9 個百分點是中國的複蘇。因此，如果你看看中國以外的國際增長率，就會發現約為 15%。如此真正的強勁增長。

Again, if you look at Europe specifically, it was up just under 20%. So it's pretty broad based. And even if you look at the big 5 countries in Europe, did really well there. TactiFlex in those countries, that's been out there for a couple of quarters right now. We only got approval in the U.S. towards the end of the quarter. So that's doing really well, and it's really helping. We got really good feedback on the catheter. So growth is doing very well.

同樣，如果你具體看看歐洲，你會發現它的漲幅略低於 20%。所以它的基礎相當廣泛。即使你看看歐洲五個大國，那裡的表現也非常好。 TactiFlex 在這些國家/地區已經推出幾個季度了。我們直到本季度末才在美國獲得批准。所以這做得非常好，而且確實很有幫助。我們得到了關於導管的非常好的反饋。所以增長表現非常好。

The U.S. is probably a little bit impacted by kind of the capital cycle. If you remember, last year, we launched EnSite X, and it was like a very large bolus of kind of upgrading and capital placements that we're making. We get a lot of good feedback on the system, both from the users and from the administration, especially the fact that it's an open system. So that's done very well.

美國可能會受到某種資本週期的影響。如果您還記得，去年我們推出了 EnSite X，這就像我們正在進行的一次非常大的升級和資本配置。我們從用戶和管理部門那裡得到了很多關於該系統的良好反饋，特別是它是一個開放系統。所以這件事做得非常好。

If you look at the consumable part of the U.S. growth, it was up in the mid-teens. So that, I guess, the term used was tear apart the EP growth rate. But again, it's a great market. We've got a great position and good recovery, and I expect to see this continuing throughout this year. And sorry, what was your other question?

如果你看看美國經濟增長中的消費品部分，就會發現它的增長幅度在十幾歲左右。所以，我猜，使用的術語是撕裂 EP 增長率。但話又說回來，這是一個巨大的市場。我們的位置很好，恢復也很好，我希望看到這種情況在今年持續下去。抱歉，您的其他問題是什麼？

The other question had to do with the 75% recovery in Nutrition. Is that sort of your best case or is there more to go?

另一個問題與營養恢復 75% 有關。這是您最好的情況還是還有更多的情況要做？

No, I kind of made my team, and I also kind of said publicly that our target here is to get back to 100% of our market share by the end of the year. A big driver of that is the manufacturing and the manufacturing kind of ramp up. And we started the manufacturing -- reopened the manufacturing process in July for specialty of last year and August and September for non-specialty. So that manufacturing has provided us the supply we need to fulfill the demand. We've got a very strong brand in Similac, and you're seeing that.

不，我組建了自己的團隊，而且我還公開表示，我們的目標是在年底前恢復 100% 的市場份額。其中一個重要推動因素是製造業和製造業的增長。我們開始了生產——去年七月重新開放了特種產品的生產流程，八月和九月重新開放了非特種產品的生產流程。因此，製造業為我們提供了滿足需求所需的供應。我們在 Similac 擁有非常強大的品牌，您也看到了。

So -- and as I said, I think maybe to Josh's question at the beginning, if you look at the different segments, first of all, if you start with WIC and non-WIC. In the WIC segment, we're back to leadership position or back to our position we had before the recall. And that was because we focused a lot on that Q3, Q4 time in that segment.

因此，正如我所說，我想也許是針對 Josh 一開始的問題，如果你看看不同的細分市場，首先，如果你從 WIC 和非 WIC 開始。在 WIC 領域，我們又回到了領導地位，或者說回到了召回之前的地位。那是因為我們非常關注該細分市場的第三季度、第四季度時間。

So I guess, long-winded to say yes. I mean, we're still on target for that to be able to get to the end of the year with our pre-recall market share. So -- and like I said, if you pull -- if you break out some of the different formulas because there's a lot of different SKU sets and different types of formulas. In some of them, we've already -- we're already back to where we were before recall. So team's working really hard at this, and I'm not changing that target.

所以我猜，囉嗦地說是的。我的意思是，我們的目標仍然是能夠在年底前保持召回前的市場份額。所以 - 就像我說的，如果你拉 - 如果你打破一些不同的公式，因為有很多不同的 SKU 集和不同類型的公式。在其中一些方面，我們已經回到了回憶之前的狀態。所以團隊正在為此努力工作，我不會改變這個目標。

Our next question comes from Marie Thibault from BTIG.

我們的下一個問題來自 BTIG 的 Marie Thibault。

I wanted to ask a fairly high-level one here on the Diagnostics business. Now that COVID testing is sort of behind us, Core Lab was really strong this quarter. I just want to kind of get an update on the areas of investment and growth in Diagnostics testing today. The Alinity rollout, how that's progressing? And whatever else, in terms of tests or trends, we should be paying attention to now in Diagnostics?

我想詢問一位有關診斷業務的高層人士。現在，新冠病毒測試已經過去，核心實驗室本季度的表現非常強勁。我只是想了解今天診斷測試投資和增長領域的最新情況。 Alinity 的推出，進展如何？不管怎樣，就測試或趨勢而言，我們現在應該在診斷方面關注？

Sure. I think we had a really, really good recovery here. As the health systems are opening up, you're seeing that routine testing come back. And like I said, it was pretty broad-based, U.S., Europe, Asia, Asia without China. I mean, it was pretty broad-based, Latin America. So that's working well. I've said Alinity is -- it's a multiyear kind of cycle. If you look at these contracts there, 7 to 10 years. So every year, you got 15% that's coming up for renewal.

當然。我認為我們在這裡恢復得非常非常好。隨著衛生系統的開放，您會看到常規檢測又回來了。就像我說的，它的基礎相當廣泛，美國、歐洲、亞洲、沒有中國的亞洲。我的意思是，拉丁美洲的情況非常廣泛。所以效果很好。我說過 Alinity 是一種多年的循環。如果你看一下這些合同，就會發現 7 到 10 年。因此，每年您都會獲得 15% 的續訂金額。

I've also said we're trying to strike the balance between top line growth and gross margin and gross margin expansion. And I think this is the range that we feel is the right range. We can probably accelerate that more with more placements of instruments and more capital, but you have some friction on your gross margin as you do that. So we're being thought about how we make these placements and how we expand.

我還說過，我們正在努力在營收增長、毛利率和毛利率擴張之間取得平衡。我認為這是我們認為正確的範圍。我們或許可以通過更多的工具配置和更多的資本來加速這一進程，但這樣做會給你的毛利率帶來一些摩擦。因此，我們正在考慮如何進行這些展示位置以及如何擴展。

The -- one of the areas that recovered really nicely, and I talked about in the opening comments, was on blood banks. As you know, we're a market leader over here. So as the blood bank business and as people come back to doing blood donations and plasma donations, we disproportionately benefit from that, not only here in the U.S. and around the world.

我在開場評論中談到，恢復得非常好的領域之一是血庫。如您所知，我們是這裡的市場領導者。因此，隨著血庫業務以及人們重新進行獻血和血漿捐贈，我們從中受益匪淺，不僅在美國，而且在世界各地。

So our big focus here is really to look at the assays and the tests that are missing on the menus and focus the R&D spend to be able to close those gaps. And that was one of the areas that we did during COVID was while one portion of the diagnostic business is working on the COVID testing, the other group was receiving investment to be able to develop new assays to be able to layer on.

因此，我們這裡的重點實際上是研究菜單上缺少的分析和測試，並集中研發支出來縮小這些差距。這是我們在新冠肺炎疫情期間所做的工作之一，診斷業務的一部分正在進行新冠病毒檢測，而另一部分則正在接受投資，以便能夠開發新的檢測方法，以便能夠進行分層。

And that, Marie, is extremely -- it's a very important strategic driver for us because you've got the capital that's been placed out in the instrument, so we could add more assays to that. That comes with a much higher margin profile. So that's our key area of focus.

瑪麗，這對我們來說是一個非常重要的戰略驅動力，因為你已經在儀器上投入了資金，所以我們可以添加更多的檢測。這伴隨著更高的利潤率。這是我們關注的重點領域。

Molecular is an area of focus. We've been working on expanding the menu in Molecular also. And then Point of Care. One of the most exciting assays that the team has developed for Point of Care is a rapid test for traumatic brain injury, sulfur concussion testing. We've got it approved on a plasma sample.

分子是一個重點領域。我們也一直致力於擴展 Molecular 中的菜單。然後是護理點。該團隊為護理點開發的最令人興奮的檢測方法之一是針對創傷性腦損傷的快速檢測，即硫腦震盪測試。我們已經在血漿樣本上獲得了批准。

We're doing all the work to be able to get it on a whole blood sample, which can then go through a clear waiver test. And then ultimately, you've got now a handheld 15-minute test, blood test, to be able to rule out a concussion that could be -- you can imagine the applications of that kind of test around the world, but specifically a lot in terms of this country. So that's a lot of our focus in Diagnostics.

我們正在做所有的工作，以便能夠在全血樣本上獲得它，然後可以通過明確的豁免測試。最終，你現在有了一個手持式 15 分鐘測試，血液測試，能夠排除可能的腦震盪——你可以想像這種測試在世界各地的應用，但特別是在這個國家。這就是我們在診斷方面的重點。

Our next question comes from Matt Miksic from Barclays.

我們的下一個問題來自巴克萊銀行的馬特·米克西奇。

I have one clarification on some of the topics that came up earlier, and then just hopefully one of the kind of pipeline questions. So one of the things going on in CGM and wearables, as you talked about, Robert, and just to kind of separate these out so we can understand exactly how this will play together maybe over the next 18, 24 months: Libre 3, Lingo and sort of -- and ketone.

我對之前提出的一些主題有一個澄清，然後希望只是一種管道問題。因此，羅伯特，正如您所說，CGM 和可穿戴設備中正在發生的事情之一，只是為了將它們分開，這樣我們就可以準確地理解它們在未來 18、24 個月內將如何共同發揮作用：Libre 3、Lingo 和某種——還有酮。

So Lingo, you mentioned filing at the end of the year. Wondering if that's still ketones and lactates for that product? And then if there's a path forward that includes ketones for kind of the core CGM Libre 3? And then I have 1 just quick pipeline question, if I could.

Lingo，您提到了年底提交申請。想知道該產品是否仍然含有酮和乳酸鹽？那麼是否有一條前進道路，其中包括酮類作為核心 CGM Libre 3？如果可以的話，我還有一個快速管道問題。

Sure. Yes, the Lingo product that was launched yesterday, it was really starting off with a glucose-only component to it. We had a lot of debate about this, and we wanted to start off simple. The opportunity to add ketones to that is definitely in the mix, Matt. There's going to be a lot of learning here for us as we, like I say, market a product to a healthy population. And there's going to be a lot of learnings about that.

當然。是的，昨天推出的 Lingo 產品，它確實是從純葡萄糖成分開始的。我們對此進行了很多爭論，我們想從簡單的開始。馬特，向其中添加酮的機會肯定是在其中。正如我所說，當我們向健康人群推銷產品時，我們需要學習很多東西。我們將會從中學到很多東西。

But the idea, as I've laid out at CES a couple of years ago, is that we'll have a pipeline of different analytes that will come into this. Lactate is on the menu also. The team has figured that out. There is an interesting application for lactate, both in the consumer market, but also in the institutional market for continuous lactate monitoring. So bottom line, Lingo is -- it starts with glucose. And then we'll be adding on different analytes as we go learning through that.

但正如我幾年前在 CES 上提出的那樣，我們的想法是我們將擁有一系列不同的分析物。菜單上也有乳酸。該團隊已經弄清楚了這一點。乳酸有一個有趣的應用，無論是在消費者市場，還是在連續乳酸監測的機構市場。所以，Lingo 的底線是——它從葡萄糖開始。然後我們將在學習過程中添加不同的分析物。

But all of those opportunities are all there. And I actually think that there's going to be an opportunity, as I've said, with ketones in the diabetes space, for sure. And that dual sensor with ketones-glucose is very strong for a specific diabetes population, but I also think it could be strong for a nondiabetes population also.

但所有這些機會都在那裡。事實上，正如我所說，我認為酮在糖尿病領域肯定會有機會。這種帶有酮-葡萄糖的雙傳感器對於特定的糖尿病人群來說非常強大，但我也認為它對於非糖尿病人群也可能很強大。

Great. And then the -- just on the pipeline. We hadn't heard much about what was happening with CSI post the acquisition, and, obviously, important strategic fit and add around peripheral and their platforms there. But they did have this IVL program that was kind of in process. I'm just wondering if you're ready to comment on where that is or when we might start to hear more about the progress there or your expectations for that?

偉大的。然後——就在管道上。我們對 CSI 收購後發生的事情了解不多，顯然，重要的戰略調整以及圍繞外圍設備及其平台的添加。但他們確實有一個正在進行中的 IVL 計劃。我只是想知道您是否準備好對此發表評論，或者我們什麼時候可以開始聽到更多有關那裡的進展或您對此的期望？

Yes. Listen, the CSI, it closed this quarter. Thank you for asking that. I think it's going to really have a strong impact as we look at our vascular business and really focus on the growth in the peripheral. You can see that we've strategically been adding, either organically with our below-the-knee stent that we're working on that's currently in trial, and then all the inorganic moves that we've been making. So that's very clear, and we're super excited about having the CSI portfolio at Abbott.

是的。聽著，CSI，本季度結束了。謝謝你這麼問。我認為，當我們審視我們的血管業務並真正關注外圍設備的增長時，這確實會產生巨大的影響。您可以看到，我們一直在戰略性地添加，要么有機地添加我們正​​在試驗中的膝下支架，然後添加我們一直在進行的所有無機舉措。所以這一點非常明確，我們對 Abbott 擁有 CSI 投資組合感到非常興奮。

Yes, and you highlighted one of the ones that, as we're looking at it, that we were super excited about, and the IVL product. I'll put it this way, as we look and do a lot of the integration efforts, and we did a lot of that in St. Jude, and we learned a lot, I would say, from an R&D and portfolio perspective, as part of that integration exercise, that's one that gets probably a disproportionate amount of attention and share of mind from us as we're doing the integration and as we're looking at the program and thinking about would the program benefit with additional resources, et cetera.

是的，您強調了我們正在研究的其中一個讓我們非常興奮的產品，即 IVL 產品。我會這樣說，因為我們觀察並做了很多整合工作，我們在聖裘德做了很多整合工作，我想說，從研發和投資組合的角度來看，我們學到了很多東西，作為整合工作的一部分，當我們進行整合時，當我們正在考慮該計劃並思考該計劃是否會通過額外的資源而受益時，這可能會得到我們不成比例的關注和關注。

So I'm not prepared to comment on that right now, Matt. But rest assured that this one is high on my priority list as we're going through these next kind of quarters here of integration.

所以我現在不准備對此發表評論，馬特。但請放心，這個問題在我的優先事項列表中名列前茅，因為我們正在經歷下一個季度的整合。

Operator, we'll take one more question, please.

接線員，我們再回答一個問題。

Our final question will come from Jayson Bedford from Raymond James.

我們的最後一個問題將來自雷蒙德·詹姆斯的傑森·貝德福德。

Maybe just on margins. It looked like there was a nice lift to base business' up margin. And I'm just wondering, is this all related to the improvement in Infant Nutrition? Or are there other factors at work? And then maybe just as a bit of a related question. You talked about the inflationary impacts on gross margin. I think we all understand that. But I'm wondering if you're seeing input costs actually start to come down now? And if so, when will we start to see that impact the P&L?

也許只是處於邊緣。看起來基礎業務的利潤率得到了很好的提升。我只是想知道，這是否與嬰兒營養的改善有關？還是有其他因素在起作用？然後也許只是一個相關的問題。您談到了通貨膨脹對毛利率的影響。我想我們都明白這一點。但我想知道您現在是否看到投入成本實際上開始下降？如果是這樣，我們什麼時候會開始看到它對損益表的影響？

Sure. Regarding the op margin profile, we're actually back to our pre-pandemic op margin profile. So that's -- I think that's really positive. Obviously, the mix of how we get there is a little different. We got a little bit less gross margin from some of the points that Bob has raised here. But that op margin profile is really a combination of 2 things. I'd say, we made a lot of investments during COVID. I talked about them. We outlined them over the last couple of years.

當然。關於運營利潤率概況，我們實際上回到了大流行前的運營利潤率概況。所以我認為這非常積極。顯然，我們實現這一目標的方式有所不同。從鮑勃在這裡提出的一些觀點來看，我們的毛利率略有下降。但運營利潤率實際上是兩件事的結合。我想說，我們在新冠疫情期間進行了大量投資。我談到了他們。我們在過去幾年中概述了它們。

And as we go into this year, you're seeing this accelerated top line. We're seeing a lot of leverage in the P&L because of those investments, haven't had to make the kind of SG&A or R&D investments to be able to drive this 11.5% or low double-digit top line growth rate. So that's one of the big drivers there.

當我們進入今年時，您會看到收入的加速增長。由於這些投資，我們在損益表中看到了很大的槓桿作用，不需要進行SG&A或研發投資就能夠推動11.5%或較低的兩位數營收增長率。這是最大的推動因素之一。

Yes, your question on infant formula, that obviously contributes as the product -- as we're recovering the share and the manufacturing is ramping up again. But it's really a combination of all the areas, right? As the device business grows and grows disproportionately, that has a higher gross margin profile, too. So I'd say it's really across the board on all the businesses. And this is an area of focus that we have.

是的，你關於嬰兒配方奶粉的問題，這顯然是作為產品做出的貢獻——因為我們正在恢復份額，並且製造量正在再次增加。但這確實是所有領域的結合，對吧？隨著設備業務的增長和不成比例的增長，其毛利率也更高。所以我想說，這對所有企業來說都是全面的。這是我們關注的一個領域。

To your question on gross margin, this is our biggest opportunity, I would say, maintaining this kind of growth rate and then looking at areas where we can improve our gross margins. Your point on endpoint costs are true. We are seeing certain input costs come down, certain commodities come down. And if we see that continue throughout -- going into next year, I think we'll have a great opportunity there.

對於你關於毛利率的問題，我想說，這是我們最大的機會，保持這種增長率，然後尋找可以提高毛利率的領域。您關於端點成本的觀點是正確的。我們看到某些投入成本下降，某些商品下降。如果我們看到這種情況持續到明年，我認為我們將在那裡有一個很好的機會。

One of the things that I wanted to make sure we focused on going into this year was that we had the inventory we needed to be able to capitalize on the opportunities we have from a top line perspective. And if you remember, Jayson, second half of last year, supply chain is really challenged, and we had some challenges, right? And that -- those supply chain challenges had an impact on our top line.

我想確保今年我們重點關注的一件事是，我們擁有所需的庫存，能夠從營收角度充分利用我們擁有的機會。如果你還記得，傑森，去年下半年，供應鏈確實受到了挑戰，我們也遇到了一些挑戰，對嗎？這些供應鏈挑戰對我們的營收產生了影響。

So going into this year, we told the team, let's make sure we've got all the inventory we need to capitalize on these opportunities. And one of the ways you do that is you've got to lock in your supply, you've got to lock in your volume, you've got to lock in your price. So as commodities come down and we start to look at our contracts for next year, I think that will be a great opportunity for us as we go through it.

因此，進入今年，我們告訴團隊，讓我們確保擁有利用這些機會所需的所有庫存。做到這一點的方法之一就是你必須鎖定你的供應，你必須鎖定你的數量，你必須鎖定你的價格。因此，隨著大宗商品價格下跌，我們開始考慮明年的合同，我認為這對我們來說將是一個很好的機會。

So that being said, I'll just wrap up here with a few closing comments. We had a very strong start to the first half of the year. We achieved double-digit organic sales growth on the underlying business. We've done it for 2 quarters in a row now. The growth was broad-based. It's not focused on one specific area or one geographic area, it's across the entire portfolio. And all of the areas have delivered great performance.

話雖這麼說，我將用一些結束語來結束這裡。今年上半年我們有一個非常強勁的開局。我們的基礎業務實現了兩位數的有機銷售增長。我們已經連續兩個季度這樣做了。增長是廣泛的。它並不專注於某一特定領域或某一地理區域，而是涵蓋整個投資組合。所有領域都取得了出色的業績。

The pipeline has been highly productive. And I think that's the key for us and for our strategy is to make sure that we're bringing new innovations to the market that can kind of sustain our top line and meet unmet needs for patients.

該管道的生產效率很高。我認為這對我們來說至關重要，我們的戰略是確保我們向市場帶來新的創新，以維持我們的營收並滿足患者未滿足的需求。

We've raised the organic sales growth and the EPS guidance on the base business. And the EPS guidance on the base business is now forecast, as I said in the beginning, to be about $0.15 higher than our original guidance back in January. So momentum is building. We're well positioned for the second half of the year and heading into next year. So with that, thank you for joining us.

我們提高了基礎業務的有機銷售增長和每股收益指導。正如我在開頭所說，現在預測基礎業務的 EPS 指導將比我們 1 月份的原始指導高出約 0.15 美元。因此，勢頭正在增強。我們為今年下半年和明年做好了準備。因此，感謝您加入我們。

Thank you, operator, and thank you all for 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.

謝謝接線員，也謝謝大家的提問。雅培的電話會議到此結束。本次電話會議的網絡直播重播將於今天中部時間上午 11:00 後在雅培投資者關係網站 abbottinvestor.com 上播出。感謝您今天加入我們。

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

謝謝。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。祝大家度過美好的一天。