美國雅培 (ABT) 2024 Q2 法說會逐字稿

Good morning and thank you for standing by. Welcome to Abbott's second quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded by Abbott. (Operator Instructions)

早安，感謝您的支持。歡迎參加雅培 2024 年第二季財報電話會議。（接線員指示）雅培正在錄音此通話。（操作員指示）

I would now like to introduce Mr. Michael Comilla, Vice President, Investor Relations.

現在我想介紹投資人關係副總裁麥可‧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 Philip Boudreau, Executive Vice President, Finance and Chief Financial Officer. Robert and Phil will provide opening remarks. Following their comments, we'll take your questions.

早安，感謝您加入我們。今天與我一起的還有董事長兼執行長羅伯特福特 (Robert Ford) 和財務執行副總裁兼財務長菲利普布德羅 (Philip Boudreau)。羅伯特和菲爾將致開幕詞。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 2024. 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，今天所作的一些聲明可能是根據 1995 年《私人證券訴訟改革法案》做出的前瞻性聲明，包括 2024 年的預期財務結果。雅培警告稱，這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與前瞻性陳述中所示的結果有重大差異。

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, 2023. 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.

可能影響雅培營運的經濟競爭、政府、技術和其他因素在我們截至 2023 年 12 月 31 日的 10-K 表格年度報告第 1A 項「風險因素」中進行了討論。除非法律要求，雅培不承擔因後續事件或發展而公開發布對前瞻性陳述的任何修訂的義務。

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，我們將像過去一樣採用非公認會計準則財務指標來幫助投資人了解雅培的持續業務表現。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較 GAAP 財務指標相協調，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 is defined in the press release issued earlier today.

請注意，雅培尚未提供前瞻性的 GAAP 有機銷售成長財務指標，因為該公司無法預測未來外匯匯率的變化，而這可能會影響報告的銷售成長。除非另有說明，我們對銷售成長的評論是指有機銷售成長，這在今天稍早發布的新聞稿中有定義。

And 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, and good morning, everyone, and thank you for joining us. Today, we reported organic sales growth of more than 9%, excluding COVID testing sales. We also reported adjusted earnings per share of $1.14, which exceeded analyst consensus estimates and represents a 16% sequential increase from the first quarter.

謝謝，麥克，大家早安，謝謝你們加入我們。今天，我們報告有機銷售額成長超過 9%，不包括 COVID 檢測銷售額。我們還報告調整後每股收益為 1.14 美元，超過分析師的普遍預期，較第一季環比成長 16%。

Based on our performance in the quarter and confidence in our outlook for the remainder of the year, we raised our guidance and now forecast full year organic sales growth, excluding COVID testing sales to be 9.5% to 10% and adjusted earnings per share in a range of $4.61 to $4.71.

根據我們本季的表現以及對今年剩餘時間前景的信心，我們提高了預期，現在預測全年有機銷售額成長（不包括 COVID 測試銷售額）將達到 9.5% 至 10%，調整後每股收益將在 4.61 美元至 4.71 美元之間。

Our performance continues to be driven by broad-based growth across the portfolio with growth this quarter led by double-digit growth in medical devices and high single digit growth in established pharmaceuticals and nutrition.

我們的業績持續受到整個投資組合廣泛成長的推動，本季的成長主要由醫療器材的兩位數成長和成熟藥品和營養品的高個位數成長所驅動。

In addition to benefiting from outperforming expectations on the top line, we are also seeing positive contribution from gross margin expansion coming from continued execution from our supply chain teams, lower commodity costs and favorable sales mix.

除了受益於超出預期的營收表現外，我們還看到來自供應鏈團隊的持續執行、較低的商品成本和有利的銷售組合帶來的毛利率擴張的正面貢獻。

I'll now summarize our second quarter results in more detail before turning the call over to Phil. Now I'll start with nutrition. Were sales increased 7.5% in the quarter. Strong growth in the quarter was led by double digit growth in international adult nutrition and US Pediatric Nutrition.

在將電話轉給菲爾之前，我將更詳細地總結我們的第二季業績。現在我先從營養開始。本季銷售額成長了7.5%。本季的強勁成長得益於國際成人營養和美國兒科營養的兩位數成長。

International adult nutrition continues to perform at a very high level. The five-year compound annual growth rate of this business is more than 10%, which in addition to our market-leading position and commercial execution reflects the impact from positive demographic trends that drive increasing demand for our Ensure and Glucerna brands.

國際成人營養持續保持非常高的水平。該業務的五年複合年增長率超過 10%，除了我們的市場領先地位和商業執行力之外，還反映了積極的人口趨勢的影響，推動了對我們的 Ensure 和 Glucerna 品牌的需求不斷增長。

Through the investments we've made to expand capacity, we are well positioned to continue to capitalize on the secular demand trends. On the topic of litigation regarding Preterm Infant formula and Human milk Fortify. Abbott stands by our products and the information provided to the neonatologist specialists who have used them for decades.

透過我們為擴大產能而進行的投資，我們已做好準備繼續利用長期需求趨勢。關於早產兒配方奶粉和母乳強化劑的訴訟主題。雅培對我們的產品以及向數十年來使用這些產品的新生兒專家提供的資訊充滿信心。

Necrotizing Enterocolitis or NEC is a terrible gastrointestinal disease that primarily affects premature infants, and it is devastating to families. However, plaintiffs' lawyers are advancing a theory that is without merit for scientific support. These products, which are sold for hospital use, are incorporated into a feeding regimen along with human milk by experienced specialists and are important part of the standard of care for the majority of preterm infants.

壞死性小腸結腸炎（NEC）是一種可怕的胃腸道疾病，主要影響早產兒，對家庭造成毀滅性打擊。然而，原告律師提出的理論並沒有科學根據。這些產品出售給醫院使用，由經驗豐富的專家與母乳一起納入餵食方案，是大多數早產兒護理標準的重要組成部分。

Their use is supported by medical associations in the United States and other countries around the world. The products and their ingredients have been reviewed and are deemed safe for use by regulators who have also reviewed their labels.

它們的使用得到了美國和世界其他國家的醫學協會的支持。監管機構已審查了這些產品及其成分，並認為這些產品可以安全使用，同時也審查了其標籤。

There has been no increase in the rate of NEC, meaning these cases have not emerged in response to a trend or any new information. Yet we're seeing plaintiffs' lawyers investing millions of dollars in misleading TV advertising in an attempt to move physician decisions from the hospital to the courtroom.

NEC 的發生率並未增加，這意味著這些病例的出現並不是對某種趨勢或任何新資訊的反應。然而，我們看到原告律師投入數百萬美元製作誤導性電視廣告，試圖將醫生的決定從醫院轉移到法庭。

Total revenues for these products are about $9 million annually and have remained at that level for the past several years. If these products were no longer available, physicians would be deprived of the vital food that is needed in the NEC. This would create a public health crisis affecting every state across this country. We believe it's important for all who have an interest in health of preterm infants to recognize the need for these products and to take action accordingly.

這些產品的總收入每年約為 900 萬美元，並且在過去幾年一直保持在這個水平。如果這些產品不再可用，醫生將無法獲得 NEC 所需的重要食物。這將引發一場影響全國每個州的公共衛生危機。我們相信，所有關心早產兒健康的人都應該認識到這些產品的必要性並採取相應的行動。

Moving to diagnostics, where sales increased 6% excluding COVID testing sales. Growth in the quarter was driven by high single digit growth in core laboratory diagnostics and double digit growth in point-of-care diagnostics.

轉向診斷，不包括 COVID 檢測銷售額，銷售額增長了 6%。本季的成長得益於核心實驗室診斷的高個位數成長和即時診斷的兩位數成長。

In Core Lab Diagnostics, we continue to drive growth through increased adoption and utilization of our market-leading systems and global demand for our extensive testing menus across the areas of immuno assay, clinical chemistry, hematology and blood screening.

在核心實驗室診斷方面，我們繼續透過增加採用和利用我們的市場領先系統以及全球對我們在免疫測定、臨床化學、血液學和血液篩檢領域的廣泛測試菜單的需求來推動成長。

While our Alinity family of Diagnostic Systems first launched more than six years ago, given the long contract cycles comment in the diagnostics industry, we continue to see a benefit in our contract renewal and competitive win rates with several recent large account wins expected to increasingly contribute to growth in the second half of the year.

雖然我們的 Alinity 系列診斷系統於六年多前首次推出，但考慮到診斷行業的長合約週期評論，我們仍然看到我們的合約續約和有競爭力的中標率帶來的好處，最近贏得的幾個大帳戶預計將在下半年對增長做出越來越多的貢獻。

Turning to EPD, where sales increased 8% in the quarter, EPD continues to deliver at a high level as this business executes its unique branded generic strategy in emerging markets, where growth is supported by favorable demographic trends, including increasing populations, growing middle classes and increasing focus on expanding access to health care.

談到 EPD，本季度銷售額增長了 8%，由於該業務在新興市場實施其獨特的品牌仿製藥戰略，EPD 繼續保持高水平增長，而新興市場的增長受到有利的人口趨勢的支持，包括人口增長、中產階級壯大以及對擴大醫療保健覆蓋面的日益關注。

As you recall, we identified biosimilars as a new strategic growth pillar for this business. With our extensive presence in emerging markets, we have a unique opportunity to scale a licensing model that is capital efficient and can bring access to these life-changing medicines to millions of people in emerging markets.

您還記得，我們將生物相似藥確定為該業務的新策略成長支柱。憑藉我們在新興市場的廣泛影響力，我們擁有獨特的機會來擴大資本效率高的授權模式，並讓新興市場的數百萬人能夠獲得這些改變生活的藥物。

We began implementing this strategy last year when we announced an agreement to commercialize several biosimilars in the areas of oncology and women's health. With the first of these expected to launch in 2025. We recently completed additional agreements that provide Abbott access to biosimilar versions of market leading autoimmune disease and GLP-1 medications.

我們去年開始實施這項策略，當時我們宣布了一項協議，將在腫瘤學和婦女健康領域將幾種生物相似藥商業化。其中第一艘預計將於 2025 年發射。我們最近完成了額外的協議，使雅培能夠使用市場領先的自體免疫疾病和 GLP-1 藥物的生物相似藥。

Biosimilars represents the highest growth segment in the branded generic pharmaceutical market, and we look forward to continue to build one of the most complete portfolios in the industry.

生物相似藥是品牌仿製藥市場中成長最快的部分，我們期待繼續打造業界最完整的產品組合之一。

I'll wrap up with medical devices, where sales grew 12%. In Diabetes Care, FreeStyle Libre sales were $1.6 billion in the quarter and grew 20%. And we announced in June that we received FDA approval for two new over-the-counter continuous glucose monitoring systems called Lingo and Libre Rio, which are based on Libre's glucose technology that is now used by more than 6 million people around the world.

最後，我想談談醫療器械，該領域的銷售額成長了 12%。在糖尿病護理領域，FreeStyle Libre 本季的銷售額為 16 億美元，成長了 20%。我們在 6 月宣布，兩種新的非處方連續血糖監測系統 Lingo 和 Libre Rio 已獲得 FDA 批准，這兩種系統基於 Libre 的血糖技術，目前全球已有 600 多萬人使用該技術。

While over-the-counter availability is a new option in the United States, we've been selling over the counter in international markets since Libre launched 10 years ago. Given our clear leadership position in these markets, we have demonstrated our ability to tailor solutions, approach and communication to the various types of users who compose the CGM customer base.

雖然在美國，非處方藥銷售是一種新選擇，但自從 10 年前 Libre 推出以來，我們一直在國際市場上進行非處方藥銷售。鑑於我們在這些市場中明顯的領導地位，我們已經證明了我們能夠為構成 CGM 客戶群的各種類型的用戶量身定制解決方案、方法和溝通。

Lingo designed for consumers who are willing to improve their overall health and wellness. The Lingo wearable sensor and Apple tracked glucose, provide personalized data insights and coaching to help create and maintain healthy habits.

Lingo 專為願意改善整體健康和保健的消費者而設計。Lingo 穿戴式感測器和 Apple 追蹤血糖，提供個人化的數據洞察和指導，幫助養成和維持健康的習慣。

Libre Rio is designed for adults with type two diabetes who do not use insulin and typically manage their diabetes through lifestyle modifications. In electrophysiology growth of 17% was driven by double digit growth in all major geographic regions, including 17% growth in the US, which represents an acceleration compared to the growth in the first quarter. Growth was broad-based across the portfolio and included 20% growth in ablation catheters.

Libre Rio 專為患有二型糖尿病、不使用胰島素且通常透過改變生活方式來控製糖尿病的成年人設計。電生理學領域實現了 17% 的成長，這得益於所有主要地理區域的兩位數成長，其中美國的成長速度為 17%，與第一季相比有所加速。整個產品組合均實現廣泛增長，其中消融導管增長 20%。

In structural heart growth of more than 15% reflects an acceleration in growth compared to the first quarter and was led by several recently launched products that are driving new adoption and share capture in attractive high-growth areas, including TAVR, LAA and tricuspid repair. This quarter, we launched our tricuspid repair device TriClip in the United States and continued our trend of capturing market share in the globalTAVR market.

結構性心臟的成長率超過 15%，反映出與第一季相比成長加速，這得益於幾款近期推出的產品，這些產品正在推動具有吸引力的高成長領域的新應用和市場份額的提升，包括 TAVR、LAA 和三尖瓣修復。本季度，我們在美國推出了三尖瓣修復裝置TriClip，並繼續在全球TAVR市場佔據市場份額的趨勢。

In Rhythm Management growth of 6% was led by a AVEIR our highly innovative leadless pacemaker. And in June, we announced that we received CE Mark in Europe for AVEIR to be used in dual chamber pacing procedures, which is the largest segment of the pacing market.

在節律管理領域，6% 的成長是由我們高度創新的無導線心律調節器 AVEIR 所推動的。今年 6 月，我們宣布 AVEIR 已獲得歐洲 CE 標誌，可用於雙腔起搏手術，這是起搏市場中最大的細分市場。

In heart failure growth of 9% was driven by our market-leading portfolio of heart assist devices that offer treatment for both chronic and temporary conditions. In Neuromodulation, growth of 8% was driven by strong demand in international markets for our Eterna rechargeable spinal cord stimulation device. Which obtained CE Mark in Europe last year.

心臟衰竭業務成長 9%，這得益於我們市場領先的心臟輔助設備組合，該設備可治療慢性和暫時性疾病。在神經調節方面，由於國際市場對我們的 Eterna 充電脊髓刺激裝置的強勁需求，推動了 8% 的成長。去年已在歐洲取得CE標誌。

In vascular, we received FDA approval in late April for our Esprit dissolvable stent, a breakthrough innovation for people who suffer from blocked arteries located below the knee. Esprit is designed to keep the arteries open, deliver a drug to support vessel healing prior to completely dissolving over time.

在血管領域，我們在四月底獲得了 FDA 對 Esprit 可溶解支架的批准，這對於膝蓋以下動脈阻塞患者來說是一項突破性的創新。Esprit 的設計目的是保持動脈暢通，輸送藥物以支持血管癒合，然後隨著時間的推移完全溶解。

New products like Esprit, combined with the investments that we made in our vascular business, both organically and inorganically have expanded our presence in faster-growing areas and increased the future growth outlook for this business.

Esprit 等新產品，加上我們在血管業務方面的投資，無論是有機投資還是無機投資，都擴大了我們在快速成長領域的業務，並提高了該業務的未來成長前景。

So in summary, we exceeded expectations on both the top and bottom lines. And as a result, we've raised our financial outlook for the year. We continue to make good progress on our gross margin initiatives and more importantly, our pipeline continues to be highly productive, and thus, we're well positioned to deliver strong results for the remainder of the year.

總而言之，我們的營收和利潤都超出了預期。因此，我們提高了今年的財務前景。我們的毛利率計劃繼續取得良好進展，更重要的是，我們的產品線繼續保持高生產力，因此，我們已做好準備，在今年剩餘時間內取得強勁的業績。

I'll now turn over the call to Phil.

我現在將電話轉給菲爾。

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。正如麥克之前提到的。請注意，除非另有說明，所有對銷售成長率的引用都是基於有機基礎的。

Turning to our second quarter results, sales increased 7.4% on an organic basis and increased 9.3% when excluding COVID testing sales. Foreign exchange had an unfavorable year-over-year impact of 3.5% on second quarter sales.

回顧我們第二季的業績，銷售額有機成長了 7.4%，不包括 COVID 測試銷售額則成長了 9.3%。外匯對第二季銷售額產生了 3.5% 的年比不利影響。

During the quarter, we saw the US dollar strengthened versus several currencies, which resulted in more unfavorable impact on sales compare to exchange rates at the time of our earnings call in April. Regarding other aspects of the P&L, the adjusted gross margin ratio was 56% of sales. Adjusted R&D was 6.3% of sales, and adjusted SG&A was 27.7% of sales in the second quarter. Lastly, our second quarter adjusted tax rate was 15%.

本季度，我們看到美元兌多種貨幣走強，與 4 月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。至於損益表的其他方面，調整後的毛利率為銷售額的56%。第二季度，調整後的研發費用佔銷售額的 6.3%，調整後的銷售、一般及行政費用佔銷售額的 27.7%。最後，我們第二季的調整後稅率為 15%。

Turning to our outlook for the full year, we now forecast full year adjusted earnings per share of $4.61 to $4.71, which represents an increase compared to the guidance range we provided in April. We also raised the midpoint of our guidance for organic sales growth. We now forecast organic sales growth, excluding COVID testing sales to be in the range of 9.5%, 10%.

談到我們對全年的展望，我們現在預測全年調整後每股收益為 4.61 美元至 4.71 美元，與我們 4 月份提供的指導範圍相比有所增加。我們也提高了有機銷售成長預期的中位數。我們現在預測有機銷售額成長率（不包括 COVID 檢測銷售額）將在 9.5% 至 10% 之間。

Based on current rates, we expect exchange to have an unfavorable impact of more than 2.5% on full year reported sales, which includes an expected unfavorable impact of approximately 3% on third quarter reported sales. Lastly, for the third quarter, we forecast adjusted earnings per share of $1.18 to $1.22.

根據當前匯率，我們預計匯率將對全年報告銷售額產生超過 2.5% 的不利影響，其中包括對第三季報告銷售額產生約 3% 的不利影響。最後，我們預測第三季調整後每股收益為 1.18 美元至 1.22 美元。

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

現在，我們開始回答問題。

At this time we will conduct a question and answer session. (Operator Instructions)

此時我們將進行問答環節。（操作員指示）

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning. Thanks for taking the question. Robert, congratulations on a nice quarter. And thanks for your comments on the net litigation. I'm wondering if you have anything to add on that, Robert, and I had one follow-up question.

早安.感謝您回答這個問題。羅伯特，恭喜您本季取得良好業績。感謝您對網路訴訟的評論。羅伯特，我想知道您是否還有什麼要補充的，我有一個後續問題。

No, Larry. I think, I said everything I said during my prepared comments, I guess the only add here was I think this is way overblown in terms of its impact. And we are working to obviously defend our position. And working with all the different stakeholders so that they're aware of the situation that grabbed the situation as it as it progresses.

不，拉里。我想，我已經把準備好的評論中所說的一切都說完了，我想這裡唯一要補充的是，我認為就其影響而言，這被誇大了。我們正在努力捍衛我們的立場。並與所有不同的利害關係人合作，以便他們了解情況的進展。

So but I've said all I had to say right now in my prepared comments and if there's a need to kind of get further updates we will.

所以，但是我已經在準備好的評論中說完了我想說的所有內容，如果需要進一步的更新，我們會提供的。

Thanks. And separately, Robert, your EP business grew nicely in the second quarter, 17% in both the US and international. What drove that? What are you seeing with the PFA in the different geographies? And how are you thinking about the sustainability of that growth before both launches? Thank you.

謝謝。另外，羅伯特，您的 EP 業務在第二季度成長良好，在美國和國際市場均成長了 17%。是什麼導致了這現象？您看到不同地區的 PFA 有何變化？在兩次發布之前，您如何看待這種成長的可持續性？謝謝。

Sure. Well, I'm seeing what I thought I was going to see. It might be a little different from what some of you thought you were going to see. But what we've been seeing is obviously an increase in the market. So right now the market has accelerated. It seems to be growing above 20%.

當然。好吧，我看到了我認為我會看到的東西。它可能與你們中的一些人想像看到的有些不同。但我們顯然看到的是市場正在成長。因此現在市場已經加速發展。它似乎正在以20%以上的速度成長。

So when you look at our 17%, it's lower than the market, but it's actually growing faster than what it was growing pre-pandemic or just after we had done the acquisition. So we'll see if, -- I mean that growth is obviously in value. We'll see if the growth in procedures actually translates, we are actually in more procedures than what we were in the past, given our mapping and our teams.

因此，當您查看我們的 17% 時，它低於市場，但實際上它的成長速度比疫情前或我們完成收購後的成長速度要快。所以我們會看看——我的意思是價值顯然在成長。我們將看看程式的成長是否真的轉化，考慮到我們的映射和我們的團隊，我們實際上比過去進行了更多的程序。

But I think it's a little bit too early to say if the actual number of procedures is going to significantly increase. So the market has accelerated, but it's primarily, I think, price right now with introduction of this new product. It's predominantly being used in novo procedures, Esprit procedures, right.

但我認為現在判斷實際手術數量是否會大幅增加還為時過早。因此，市場已經加速發展，但我認為，隨著這款新產品的推出，目前主要關注的是價格。它主要用於 novo 程序、Esprit 程序，對吧。

And we think that's about a third of all ablation procedures, Larry. The other two-thirds we continue to see whether it’s re-dos, VT, SVT, ablations. In that case, we continue to see our app really being viewed as the better option for those procedures. We'll see how that's going to translate over time on.

我們認為這大約佔所有消融手術的三分之一，拉里。對於剩下的三分之二，我們將繼續觀察是否需要重做、室性心搏過速 (VT)、心室性心搏過速 (SVT) 或消融。在這種情況下，我們繼續看到我們的應用程式確實被視為這些程式的更好選擇。我們將會看到隨著時間的推移這將如何實現。

But OUS, the penetration is always around 10%, 15% it's been pretty stable from the point of view of mapping. I think we haven't seen a real big change of what we saw during those first couple of months of launch in the last call.

但從映射的角度來看，OUS 的滲透率始終在 10% 到 15% 左右，相當穩定。我認為，與上次電話會議中發布的頭幾個月相比，我們並沒有看到真正的重大變化。

So over 90% of cases here in the US are still being used as mapping. We've got a 50 share of those mapping cases. I don't try and look at different types of denominators to get to that market share. So I make sure my team just basically had the best access. And from what we're seeing, it's about 50%.

因此，美國超過 90% 的案例仍被用作地圖。我們擁有這些映射案例的 50% 份額。我不會嘗試透過不同類型的分母來獲得市場份額。所以我確保我的團隊擁有最好的存取權限。據我們了解，這一比例約為 50%。

Our PFA, similar to what we saw in the last call, still being used in about 20% of the PSA cases. So we continue to see that. So I think the net effect of all of this is the market's growing. It's accelerating. We've got a strong position, everything that we've talked about in the past about our opportunity with the mapping and all the other consumables is there. Our PFA plays a role as both an important role and our business is actually growing faster than what it was growing before.

我們的 PFA 與上次通話中看到的類似，仍在約 20% 的 PSA 案例中使用。因此我們繼續看到這種情況。所以我認為所有這些的最終效應就是市場的成長。它正在加速。我們擁有強大的市場地位，我們過去談論過的有關地圖繪製和其他所有消耗品的機會都在這裡。我們的 PFA 發揮著重要作用，我們的業務實際上比以前成長得更快。

If you look at 2019, we're about 12%, 2018 was about 14%. So we're actually doing better now on. So I think that this is positive for the market, which is why we've invested heavily in our PFA portfolio, which will you'll start to see hit the market in the I'd say next year, I'm not going to try and kind of tying the quarter here, but definitely next year.

如果你看 2019 年，我們的成長率約為 12%，而 2018 年約為 14%。所以我們現在實際上做得更好了。所以我認為這對市場有利，這就是我們大力投資 PFA 投資組合的原因，你會開始看到它在明年進入市場，我想說，我不會試圖在這裡將季度聯繫起來，但肯定是明年。

So I think this is good and the teams have done an incredible job at executing the strategy that we laid out. So kudos to them.

所以我認為這很好，而且團隊在執行我們所製定的策略方面做得非常出色。所以向他們表示敬意。

Travis Steed, BofA Securities.

特拉維斯‧史蒂德 (Travis Steed)，美國銀行證券公司。

Hey, congrats on the good quarter. I wanted to ask about structural heart really stood out this quarter accelerated from last quarter. Just curious how much of that on MitraClip recovery? You've got TriClip approved early. How much you're seeing from the TriClip side and how much is coming in from some of the other newer products like Amulet and Navitor?

嘿，恭喜本季取得好成績。我想問一下，本季結構性心臟確實比上一季更突出。只是好奇 MitraClip 恢復的情況如何？您已提前獲得 TriClip 批准。您從 TriClip 方面看到了多少，從 Amulet 和 Navitor 等其他一些新產品方面看到了多少？

Sure. Obviously, TriClip was an important launch, helped accelerate the growth rate, Travis. But I think it's pretty broad-based here. I mean, if you look at TriClip, we were ready to go because we had certain built-in advantages in this area, right. We had the scale, we had the sales force, the manufacturing capacity. So we were ready to go.

當然。顯然，TriClip 的推出非常重要，有助於加快成長速度，崔維斯。但我認為它在這裡的基礎相當廣泛。我的意思是，如果你看看 TriClip，我們已經準備好了，因為我們在這個領域擁有某些內在優勢，對吧。我們有規模，有銷售隊伍，有製造能力。所以我們就準備出發了。

I think from our estimates here, even though we launched a quarter after our competitor with their system. I think the repair devices is ready twice as many accounts as the replacement system. So we had a natural kind of built-in advantage here as we went to the market and the cases are doing very well. The feedback's been very positive.

我認為從我們的估計來看，儘管我們的系統比競爭對手晚一個季度推出。我認為修復設備準備好的帳戶數量是替換系統的兩倍。因此，當我們進入市場時，我們擁有一種天然的內在優勢，而這些案例表現得非常好。反饋非常正面。

But I think it's really broad based here. Navigator has done very well both in international markets and in the US and the value proposition is starting to gain more traction, great clinical profile, excellent hemodynamics, and that's driving a lot of opportunity for us in international and US markets. We shared some data from our registry from our Japan registry and great safety also.

但我認為它在這裡確實具有廣泛的基礎。Navigator 在國際市場和美國市場都表現非常出色，其價值主張開始獲得更多關注，出色的臨床表現、卓越的血液動力學，為我們在國際和美國市場帶來了許多機會。我們從日本註冊中心分享了一些數據，安全性也非常好。

So that's doing very well. Amulet we saw really nice growth in the US. For Amulet this quarter was about 45%. So that product is doing very well. And we're focusing here on continued -- what I would call penetration in same store sales. So we're about close to 20% in the accounts that were in. We're at about half of the market here in the US. So our opportunity here is to continue to expand sales force and come and go to newer accounts. So that's done very well too.

所以這做得很好。Amulet 在美國實現了非常好的成長。對於 Amulet 來說，本季的比例約為 45%。所以該產品的銷售量非常好。我們在這裡關注的是持續的——我稱之為同店銷售滲透率。因此我們的帳戶餘額大約接近 20%。我們佔據了美國大約一半的市場。因此，我們的機會是繼續擴大銷售團隊並贏得新客戶。所以這也做得很好。

MitraClip, I think we continue to see some continued growth internationally in the US with competitive activity. That's kind of slowed down a little bit of the growth. But I think with TriClip now coming into the market and gaining traction, we'll be able to provide a value proposition across both repair systems and drive there.

MitraClip，我認為我們將繼續看到美國在國際上透過競爭活動持續成長。這在某種程度上減緩了成長速度。但我認為，隨著 TriClip 進入市場並獲得關注，我們將能夠為兩種修復系統提供價值主張並推動其發展。

So structural heart, the growth rate has accelerated from Q1 doing very well and I'd say it's really across a full portfolio approach versus just really trying to single out one product or one technology. There's work we have to do in MitraClip, but that's clear. In the US Internationally, it's done very well.

因此，結構核心是，成長率從第一季開始加速，表現非常好，我想說，這實際上是一種全方位的產品組合方法，而不是只是試圖挑出一種產品或一種技術。我們必須對 MitraClip 進行一些工作，但這很明確。在美國和國際上，它都做得很好。

But all the other products that I talked about are doing very well and gaining market share and gaining adoption. So that's why you saw structural heart growth rate actually accelerate. And I continue to see that that's going to be definitely for the rest of this year and going into next year.

但我談到的所有其他產品都表現良好，並且獲得了市場份額和採用率。這就是為什麼你會看到結構性心臟生長速度實際上會加速。而我繼續認為這種情況肯定會持續到今年剩餘時間以及明年。

That's super helpful. And then on your sensor business, how are you thinking about segmenting the market with Lingo versus Rio? And how do you think those markets are going to kind of develop over time. And when you look at your core Libre business, anything to call it and the changes in kind of US versus international market dynamic?

這非常有幫助。那麼，就您的感測器業務而言，您如何考慮用 Lingo 和 Rio 來細分市場？您認為這些市場隨著時間的推移將會如何發展？當您審視您的核心 Libre 業務時，您如何稱呼它以及美國與國際市場動態有何變化？

Well, you're trying to cover a lot of ground there with that question. You could probably spend the whole call going through all of that. I think at its highest level Libre continues to do very well. There's still a lot of growth opportunity. Obviously, the basal opportunity is the biggest one, and we're doing having great progress over there.

嗯，你試圖透過這個問題涵蓋很多內容。您可能需要花整個通話時間來處理所有這些事情。我認為 Libre 在最高水平上繼續表現非常出色。仍有許多成長機會。顯然，基礎機會是最大的機遇，我們在這方面取得了巨大進展。

But even in the MDI segment, you know, there's still a lot of penetration to occur in the MDI segment. I think in the US there's still about a third of multiple daily injectors that are using CGM and international developed markets, it's around 50%. So there's plenty of growth in Libre.

但即使在 MDI 領域，您知道，MDI 領域仍有很大的發展空間。我認為在美國，每天多次注射藥物的注射器中仍有大約三分之一的人使用 CGM，而在國際已開發市場，這一比例約為 50%。因此，Libre 還有很大發展空間。

Our strategy here with Lingo and Libre Rio is just really to have a full portfolio and look at this as a platform where we can expand the use of the sensor technology across a different types of diabetes populations. But also what is probably the larger market, which is people who don't have diabetes, right?

我們與 Lingo 和 Libre Rio 合作的策略實際上是擁有一個完整的產品組合，並將其視為一個平台，我們可以在這個平台上擴大感測器技術在不同類型的糖尿病人群中的使用。但更大的市場可能就是沒有糖尿病的人，對嗎？

And, I think, if you mean if you take a right now, I would say we're going to launch it here in the US and we're going to start expanding globally and we'll see how it kind of looks like and what it what it takes to win there. But what I do know, based in the UK experience is that it takes some time to educate and communicate with a patient population that while excited about having new tools to drive healthier habits. They do need some time to understand its use.

而且，我認為，如果你的意思是現在就採取行動，我會說我們將在美國推出它，我們將開始在全球範圍內擴張，我們將看看它會是什麼樣子，以及它需要什麼才能在那裡取得成功。但根據英國的經驗，我確實知道，需要花一些時間來教育和與患者群體溝通，儘管他們對擁有新工具來推動更健康的習慣感到興奮。他們確實需要一些時間來了解它的用途。

But I think it's a pretty big opportunity for us. And one that we've disproportionately invested to be able to get into this position. I think if you take Lingo and you look at the US and Western Europe, the adult population that you got about 400 million people in those markets.

但我認為這對我們來說是一個相當大的機會。為了取得這一地位，我們投入了不成比例的資金。我認為，如果你以 Lingo 為例，看看美國和西歐，你會發現這些市場的成年人口大約有 4 億。

If you take a single digit penetration rate, a few sensors a year and that you're looking at a multi-billion opportunity there and we're not there yet. I think once we've got better understanding of how this is going to work, we'll be better at forecasting it.

如果您採用個位數滲透率，每年幾個感測器，那麼您就看到了數十億美元的機會，而我們還沒有達到這個目標。我認為，一旦我們更好地了解這將如何運作，我們就能更好地預測它。

But just at a high level and looking at it from a total adult population and relatively, I'd say, modest penetration rate. That's a pretty big opportunity. So and like I said in my comments, we've done this for a while since we've launched it internationally and we've learned a lot and we're going to bring that learning experience here to the US. So it's an exciting opportunity for us.

但從整體成年人口來看，我認為從高層次來看，滲透率相對較低。這是一個相當大的機會。所以，就像我在評論中所說的那樣，自從我們在國際上推出它以來，我們已經做了一段時間了，我們學到了很多東西，我們將把這些學習經驗帶到美國。所以這對我們來說是一個令人興奮的機會。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Okay, great. Thanks. I'll add my congratulations on a good quarter. Two for me. Two product questions. Maybe just to follow up on the diabetes Libre question. Robert, how are you thinking about sort of a holistic drive of advertising and word of mouth for these new products, especially as we move into the OTC versus generating data.

好的，太好了。謝謝。我要對本季的良好業績表示祝賀。對我來說是兩個。兩個產品問題。也許只是為了跟進糖尿病自由問題。羅伯特，您如何看待對這些新產品進行整體廣告和口碑宣傳，尤其是當我們進入 OTC 市場而不是產生數據時。

And how much will be necessary because I just think back five years ago and where we are today was probably not in most people's forecasts and with the amount of data we have showing in non-diabetics, how beneficial CGM is. So how are you thinking about data versus not data insurance coverage versus not insurance coverage? And how do the markets look one way or the other?

我需要多少，因為我回想五年前，我們今天所處的情況可能不在大多數人的預測之中，而且根據我們在非糖尿病患者中顯示的數據，CGM 有多麼有益。那麼您如何看待資料保險覆蓋與非資料保險覆蓋？那麼市場情況又如何呢？

Yes, I don't think so. From an insurance coverage perspective. I mean, if you're referring to Lingo specifically for non-diabetes, you know, I think it's going to be I don't think that's going to be something that we're building a forecast, assuming reimbursement coverage over it, even though I agree with you, there's nice data that shows some that people that don't have a diabetes can benefit from this Robbie.

是的，我不這麼認為。從保險覆蓋角度來看。我的意思是，如果您指的是專門針對非糖尿病患者的 Lingo，您知道，我認為這不會是我們正在建立預測的東西，假設報銷範圍涵蓋它，儘管我同意您的看法，但有很好的數據表明，沒有糖尿病的人也可以從 Robbie 中受益。

And it helps sustain behavior modification, right. I mean, ultimately that this is what it is, right. It's using data to be able to kind of help people that want to stay healthy, give them more information and ensure that they can refine their habits or changed habits. And so I think that is at the core there is it's really communicating directly with consumers.

它有助於維持行為改變，對吧。我的意思是，最終這就是事實，對吧。它利用數據來幫助那些想要保持健康的人們，為他們提供更多信息，並確保他們能夠改善或改變習慣。所以我認為這的核心就是直接與消費者溝通。

If you think about the diabetes space and how CGM uptake you needed, both a communication with the patient and you needed, obviously that communication with the physician. I think that's still important for the non-diabetes. I think that some people will want to have some sort of recognition from the health care professional that this might be a good investment to do and right.

如果您考慮糖尿病領域以及您需要如何吸收 CGM，那麼您既需要與患者溝通，也需要與醫生溝通。我認為這對非糖尿病患者來說仍然很重要。我認為有些人希望得到醫療保健專業人士的某種認可，認為這可能是一項好的、正確的投資。

And the key thing here is just the utilization. I don't think you're going to see, you know, people that don't have diabetes use this, a sensor 365 days a year. But like I said, if they're using it a couple of times a year, there's still a benefit and we'll be generating data on this over time. I think that's going to be important to generate data even if it's not to communicate to payers to get reimbursement, but even if it's to communicate to the physicians, the primary care and the direct consumers that there's value here of doing that.

這裡的關鍵就是利用率。我不認為你會看到沒有糖尿病的人一年 365 天都使用這種感測器。但就像我說的，如果他們每年使用幾次，仍然會有好處，而且我們會隨著時間的推移產生有關它的數據。我認為產生數據很重要，即使不是為了與付款人溝通以獲得報銷，但即使是為了與醫生、初級保健人員和直接消費者溝通，這樣做也是有價值的。

I think the key thing here is personalization and how do you personalize information and the data and the coaching. So the strategy here is, yes, you're going to have to use TV to be able to communicate. But I don't think it's given our experience here that you can just go on TV and your black TV advertising and you'll get this big uptake and you're going to have to do some on the ground kind of guerilla marketing, let's call it like that together with TV advertising to really be able to open up the market and then sustain it, right and sustain its use.

我認為這裡的關鍵是個人化以及如何個人化資訊、數據和指導。所以這裡的策略是，是的，你必須使用電視才能溝通。但根據我們的經驗，我認為僅僅透過電視和黑色電視廣告就能獲得如此大的反響，你必須進行一些實地遊擊行銷，我們稱之為與電視廣告相結合，才能真正打開市場，然後維持它，對，維持它的使用。

So that's how we're thinking about it. And that's why we have a separate team completely removed from the Libre and the diabetes team that they're focusing on how to execute this strategy. I think it's more of a kind of S curve growth versus kind of an out of the gate. I know that everybody's focused on what the sales are in the second half and whether it's me or the competitor. I think the bigger picture here is like, hey, there's a really big opportunity here and if we do it right, it's an opportunity that will be more than a flash in the frying pan. It will just, it will sustain itself and it could become standard, so.

這就是我們的想法。這就是為什麼我們有一個完全獨立於 Libre 和糖尿病團隊的獨立團隊，他們專注於如何執行這項策略。我認為這更像是一種 S 曲線增長，而不是一種突然的增長。我知道大家都在關注下半年的銷售情況，以及是我還是競爭對手。我認為，從更大的角度來看，這裡有一個非常大的機會，如果我們做得對，這個機會將不僅僅是曇花一現。它會自我維持，並可能成為標準，所以。

Great color. One more for me, Aveir and the leadless pacing, particularly the dual chamber now with coverage, I think is an underappreciated opportunity. Maybe, if you don't mind, spend a minute there, how you see this market evolving? And what's the early feedback on the launch so far? Thanks.

顏色很棒。對我來說，還有一個，Aveir 和無鉛起搏，特別是現在有覆蓋的雙腔，我認為是一個被低估的機會。也許，如果您不介意的話，請花一點時間，您如何看待這個市場的發展？到目前為止，發布的早期回饋如何？謝謝。

I mean, ultimately, I think this whole leadless is going to change the growth trajectory of our CRM business, right. If you look at CRM grew 7% last year, it's grown 7% the first half of this year as previously a flat business right on. And we've been doing that, I would say with good success on dual. But I wouldn't say that it's, you know, at full cycle yet because one of the things that we're working on is ensuring that we're doing the training and we're getting physicians comfortable with the procedure, right. It's a completely different procedure versus what the entire industry has been accustomed to. We're using mapping. We're going into the growing versus doing pockets above chest.

我的意思是，最終，我認為整個無鉛化將會改變我們的 CRM 業務的成長軌跡，對吧。如果你看去年 CRM 業務成長了 7%，那麼今年上半年它又成長了 7%，而之前的業務一直持平。我們一直在這樣做，我想說在雙重上取得了良好的成功。但我不會說它已經進入了完整的周期，因為我們正在做的事情之一是確保我們正在進行培訓，讓醫生對這個程序感到滿意，對吧。這是一個與整個行業習慣的完全不同的程序。我們正在使用映射。我們正在研究胸部上方口袋的生長情況。

So it is a little different and we're focusing on that. But that being said, we've been able to accelerate the growth rate just with a single chamber. I think right now, after two years, we probably capture about 50 share. But to your point the bigger opportunities and dual and the procedures are going great. And once physicians get to, several under their experience with several of them.

所以這有點不同，我們正關注這一點。但話雖如此，我們僅用一個腔室就能夠加快生長速度。我認為現在，兩年後，我們可能佔據大約 50% 的份額。但正如您所說，更大的機會和雙重機會以及程序進展順利。一旦醫生開始治療，他們就會根據自己的經驗對其中幾種進行治療。

They're talking about. Okay. How do we accelerate this and come and an opportunity to drive more patients into it, you know, but we want to make sure we've got a pretty large base of well-trained great outcomes physicians across the United States. Listen, this is a $3 billion global segment, and there really hasn't been much innovation in it.

他們正在談論。好的。我們如何加速這一進程並創造機會吸引更多患者參與其中，但我們希望確保我們在美國擁有大量訓練有素、療效顯著的醫生。聽著，這是一個價值 30 億美元的全球市場，但其中確實沒有太多創新。

And here you have something that's truly unique and differentiated. And I'd say once we feel that we've gotten to a point where we feel good about the capabilities and the training and the amount of physician coverage that exist on. This is definitely a product that I can see going a little bit more mainstream having a more direct consumer communications because of the value proposition and it affords them.

這裡有真正獨特和與眾不同的東西。我想說，一旦我們感覺到我們已經達到了一定的水平，我們就會對現有的能力、培訓和醫生覆蓋範圍感到滿意。我認為這款產品肯定會變得更加主流，因為它的價值主張和它所能提供的功能，可以與消費者進行更直接的溝通。

So, I think this is a great opportunity for us. It might be underappreciated with the market. But it is definitely appreciated amongst me and the device team and the CRM team and we're working hard to get to that point where you can really let it let it go strong.

所以，我認為這對我們來說是一個很好的機會。它可能被市場低估了。但我和設備團隊以及 CRM 團隊對此都非常感激，我們正在努力讓它真正發揮強大的作用。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

good morning. Thanks for taking the questions. Robert, I wanted to just start asking about just kind of this multi-year trajectory for Abbott. You've been delivering top-tier organic revenue growth performances over the last two years and potentially have a two year double-digit stacked comp next year.

早安.感謝您回答這些問題。羅伯特，我只是想問雅培多年來的發展軌跡。過去兩年，你們一直提供頂級的有機收入成長業績，並且明年有可能實現兩年兩位數的累積收入成長。

But I think the team is been publicly stating that potentially the business could outpace pre-pandemic levels, which in that 7%, 8% range. I think it during this call, you've put forward a lot that supports that type of trajectory, but maybe just to reiterate your confidence level there, and is this kind of outpacing pre-pandemic levels over the medium term dependent on M&A, or is it just the core business with internal development programs that's really going to drive and this top-tier growth outlook over the next couple of years?

但我認為該團隊已經公開表示，業務可能會超過疫情前的水平，即 7% 到 8% 的範圍內。我認為在這次電話會議中，您已經提出了很多支持這種軌蹟的觀點，但也許只是為了重申您的信心水平，這種在中期內超過疫情前的水平是否取決於併購，還是僅僅是核心業務和內部開發計劃真正會推動未來幾年的頂級增長前景？

Was that an attempt to get to the 2025 kind of question? I’d say, listen, we’ve been saying that we made investments during COVID to accelerate the company, make it stronger, build our portfolio so we could accelerate the growth, right. If you look at the last six quarters, we’ve been delivering top tier, high single digit, double digit growth, and this is on a company that’s doing $40 billion-plus of revenues, so I think that’s pretty impressive.

這是為了回答 2025 年的問題嗎？我想說，聽著，我們一直在說，我們在 COVID 期間進行了投資，以加速公司的發展，使其更加強大，建立我們的投資組合，以便我們能夠加速成長，對吧。如果你回顧過去的六個季度，你會發現我們一直保持著頂級的、高個位數、兩位數的成長，而且我們的公司營收已經超過 400 億美元，所以我認為這是非常令人印象深刻的。

If you look at our MedTech portfolio, it was the fastest growing MedTech portfolio last year, fastest growing in the first quarter of this year. We'll see what happens the second quarter, but we positioned the company to be able to deliver this. And do I think that on we can continue to deliver this top tier performance via the throughout this year and into next year?

如果你看看我們的醫療科技投資組合，它是去年成長最快的醫療科技投資組合，也是今年第一季成長最快的投資組合。我們將看看第二季會發生什麼，但我們已經做好了公司能夠實現這一目標的準備。我是否認為我們能夠在今年全年甚至明年繼續保持這種頂級表現？

Yes, absolutely do. Because of one, what we built and then just the evidence and the proof points that we've been able to reliably and sustainably deliver that on. So yes, we feel good about our ability, the markets that we're participating in are attractive. So there are markets that we lead and when those markets grow, like our leadership benefits, there are markets that are attractive that we're entering. And there's plenty of opportunity for market share gain and there are markets that are attractive that we're building on.

是的，絕對是如此。因為首先，我們所建造的東西以及證據和證明點都表明我們能夠可靠且可持續地實現這一目標。所以是的，我們對我們的能力感到滿意，我們所參與的市場也很有吸引力。因此，有些市場是我們領先的，當這些市場發展壯大時，我們的領導優勢就會顯現，我們就會進入一些有吸引力的市場。我們還有大量機會擴大市場份額，並且正在開拓一些頗具吸引力的市場。

There's no real clinical opportunity or there's a clinical opportunity for our products that we're developing to come in there. So as we build those markets that they become attractive and our position gets solidified. And I think that framework applies to all four of our business units have opportunities across that those three frameworks.

對於我們正在開發的產品來說，沒有真正的臨床機會，或者有臨床機會進入那裡。因此，隨著我們建立這些市場，它們就會變得有吸引力，我們的地位也會得到鞏固。我認為該框架適用於我們所有的四個業務部門，並且都有機會跨越這三個框架。

On the M&A front, if we're able to find an asset that makes sense strategically to us, makes sense financially that could add even further to that growth. And then we've got the balance sheet to be able to do that. So but it's not dependent, as I told you, it's really focused on the organic side to be able to deliver this top-tier growth.

在併購方面，如果我們能夠找到對我們具有戰略意義、財務意義的資產，那麼這將進一步促進成長。然後我們就有了資產負債表，可以做到這一點。所以，但它並不依賴，正如我告訴你的，它真正專注於有機方面，以實現這種頂級增長。

Understood. And thanks for that answer. And another kind of high-level question you probably received regularly, but just wanted. It's our understanding as well that I mean, your team, the Board every year, at least once a year, maybe multiple times years, just considering the strategic fit of the four major business units for Abbott. And maybe just if we could get an update on your thoughts on the business combinations and the potential for spins down the line. Thanks a lot.

明白了。感謝您的回答。您可能經常會遇到另一種高級問題，但您只是想問一下。我們的理解也是，我的意思是，您的團隊、董事會每年至少一次，也許每年多次，只考慮雅培四大業務部門的策略契合度。也許我們可以了解您對業務合併和未來分拆潛力的看法。多謝。

Well, we will look at our portfolio on an ongoing basis. I don't think there's like this one moment in the year that we do it. We're doing it on an ongoing basis. And the company has a history of ensuring that the portfolio that has assembled is not only delivering value to patients and government and healthcare systems. But it's also delivering value to our shareholders.

嗯，我們會持續審視我們的投資組合。我認為我們一年中不會有這樣的時刻這樣做。我們正在持續進行此項工作。該公司一直致力於確保其投資組合不僅為患者、政府和醫療保健系統帶來價值。但它也為我們的股東帶來了價值。

And we historically haven't shied away from asking ourselves the questions and answering those questions. And if there's an opportunity to create value through addition or subtraction, then the company has shown that it's ready to do that.

從歷史上看，我們並不迴避問自己這些問題並回答這些問題。如果有機會透過增加或減少來創造價值，那麼公司已經表明它已經準備好這樣做了。

I think the two fundamental questions about that is, is there an opportunity to create value for shareholders? And is there is somebody that could do better with our businesses. And right now you look at what we're doing with our businesses, we're performing at the highest level across all of the four segments.

我認為關於這一點的兩個基本問題是，是否有機會為股東創造價值？是否有人可以幫助我們更好地開展業務。現在，您可以看看我們在業務方面所做的工作，我們在所有四個領域都表現得最高水準。

We'll see what happens during this earnings season here, but I feel very good about the team and what they're doing. Obviously, there are areas that we could always do better and we focus on that. But at the highest level, all four of our sectors have been delivering outstanding growth, market-leading growth and quite frankly, innovating and fulfilling our purpose and our mission, which is to help people live healthier lives.

我們將看看這個收益季節會發生什麼，但我對這個團隊和他們所做的事情感到非常滿意。顯然，有些方面我們總是可以做得更好，而我們會專注於此。但從最高層面來看，我們的四個部門都實現了出色的成長、領先市場的成長，坦白說，不斷創新並實現我們的目標和使命，即幫助人們過上更健康的生活。

So, I like the diversity, the diversity provides both defense and offense capabilities. And as long as you're managing them within each one of their segments, allocating capital that is proportionate to their growth and their industry. And we spent a lot of time managing all four segments, then I think we're doing a good job at running them.

所以，我喜歡多樣性，多樣性既提供了防禦能力，也提供了進攻能力。只要你在每個細分市場內管理它們，就可以分配與它們的成長和產業成比例的資本。我們花了很多時間來管理所有四個部門，我認為我們在運營它們方面做得很好。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Thank you and good morning, everybody. I was hoping to ask one question on the P&L side and one on the capital allocation side.

謝謝大家，早安。我希望問一個關於損益方面的問題和一個關於資本配置的問題。

Maybe I'll start with the P&L here. Kind of look at the guidance here for the back half of the year. Our math implies something like 100 basis points, plus of year-over-year operating margin expansion and about 9% EPS growth at the midpoint of the range.

也許我應該從這裡的損益表開始。看看今年下半年的指導。我們的計算表明，營業利潤率將同比增長 100 個基點，並且每股收益將增長約 9%。

Can you maybe talk through some of the drivers that underpin that margin expansion on a year-over-year basis, obviously we saw a turn here in Q2 versus what we saw in Q1. But maybe walk us through some of the drivers that get to that improved margin and earnings growth performance in the back half of the year.

您能否談談推動利潤率同比擴大的一些因素，顯然，與第一季相比，我們在第二季度看到了轉機。但也許您可以向我們介紹一下導致下半年利潤率和獲利成長表現提高的一些驅動因素。

Sure, I’ll let Phil take that.

當然，我會讓菲爾來接手。

Good morning David. Robert touched a little bit in his opening comments here on some of that expansion already this year, and we’re in a pretty unique position relative to some of our peers in terms of our op margin profile that we're already back to pre-pandemic levels. And we did that strategically through managing spend through the ups and downs of COVID testing. And as we talked earlier this year, Q1 was really the last big comp on sort of COVID testing impacts on sales and profiles with respect to margin expansion and gross margin.

早安，大衛。羅伯特在開場白中稍微談到了今年的一些擴張，就營業利潤率而言，我們相對於一些同行處於相當獨特的地位，我們已經回到了疫情前的水平。我們透過管理 COVID 檢測過程中的支出來策略性地實現了這一目標。正如我們今年早些時候談到的那樣，第一季實際上是 COVID 測試對銷售額以及利潤率擴張和毛利率方面的影響的最後一次重大比較。

In particular, the guidance for the year is around 75 basis points as you highlighted, some progress here and more to go. But the trajectory is there. We're focused on the things that we can control and execute on. And in particular, some of this great portfolio contribution from our sales top line performance, particularly in accretive businesses, is a contributor here and one that we anticipate will continue to expand here throughout the year.

具體來說，正如您所強調的，今年的指導價約為 75 個基點，這裡取得了一些進展，但還有更多工作要做。但軌跡就在那裡。我們專注於我們能夠控制和執行的事情。特別是，我們的銷售收入表現，特別是增值業務，對投資組合做出了巨大貢獻，這是我們的貢獻之一，我們預計這一貢獻將在全年繼續擴大。

We have dedicated teams in each one of our businesses focused solely on gross margin improvement, productivity, yield improvements, cost reductions, innovation that brings accretion to the portfolio. All of those elements are contributors here quarter in and quarter out and continue to contribute through the rest of the year.

我們在每項業務中都設有專門的團隊，專注於提高毛利率、生產力、收益、成本削減和為投資組合帶來增值的創新。所有這些因素都會在每個季度產生貢獻，並在今年剩餘時間內繼續產生貢獻。

And then we also have elements we've talked about some of the cycles that we go through be it in commodities markets and the like some of the inflation the last few years that are starting to sort of stabilize and normalize. We're seeing freight and distribution profiles normalize and start to be more tailwinds as opposed to headwinds.

然後，我們也討論了一些我們經歷的週期因素，例如大宗商品市場和過去幾年開始趨於穩定和正常化的通貨膨脹。我們看到貨運和配送狀況逐漸正常化，並開始呈現順風態勢，而非逆風態勢。

And we've also seen in commodity markets as well, things not only stabilizing, but coming down and also contributing to tailwinds to gross margin and anticipate that to persist here as well. So the combination of all of those contribute to the confidence here and continuing to drive the top tier sales performance, but also expand margins throughout the year.

我們也看到大宗商品市場不僅趨於穩定，而且有所下降，並為毛利率帶來順風，預計這種情況也將持續下去。因此，所有這些因素的結合增強了信心，並繼續推動頂級銷售業績，同時也擴大了全年的利潤率。

Super helpful. Thank you. Then maybe just on the capital allocation side, maybe thinking about the other side of Josh’s question, if you look across the sector here, we’ve seen M&A pick up a little bit in the second quarter. I think there were $2 billion-plus transactions announced with transaction multiples starting to trend toward the lower end of historical levels. But could you maybe give us your latest perspective on the M&A environment and how you’re thinking about capital allocation as your cash balance continues to build nicely here?

超有幫助。謝謝。那麼也許只是在資本配置方面，也許考慮一下喬希問題的另一面，如果你看一下這個行業，我們發現第二季的併購有所回升。我認為已宣布的交易金額超過 20 億美元，交易倍數開始趨向於歷史水準的低端。但是，您能否向我們介紹一下您對併購環境的最新看法，以及隨著您的現金餘額持續良好增長，您對資本配置有何看法？

Well, on the capital allocation more broadly, listen, I've been pretty clear every call about, we have a balanced approach right. I know, -- you guys cover a lot of companies that, you know, have different approaches. Our approach is balanced, and we believe that balanced approach benefits the long-term shareholder rights.

嗯，關於更廣泛的資本配置，聽著，我在每次通話中都說得很清楚，我們有一個平衡的方法。我知道，你們報道過很多公司，它們有不同的方法。我們的方法是平衡的，我們相信平衡的方法有利於長期股東權益。

One of the metrics that I believe, David is a good measure of evaluating capital deployment effectiveness is ROIC. And if you look at ROIC over the last three years, we've averaged around, high teens, and that's on the higher end of kind of the MedTech peers that we often get compared to. So we believe that ROIC is a good measure of how effectively we're deploying the capital and we look at a balanced approach, right.

我認為，大衛，衡量資本配置效率的一個很好的指標是 ROIC。如果你看一下過去三年的 ROIC，我們的平均水平大約在十幾歲左右，這在我們經常被拿來比較的醫療科技同行中處於較高水平。因此，我們認為 ROIC 可以很好地衡量我們部署資本的有效性，並且我們會採取平衡的方法，對吧。

So other internal capital investments that drive future growth and we've been talking about all these great opportunities we have and we're funding them and they're great returns.

因此，其他內部資本投資將推動未來的成長，我們一直在談論我們擁有的所有這些絕佳機會，我們正在為它們提供資金，它們將帶來豐厚的回報。

Debt pay down, we don’t have much this year, but we took care of some towers last year because we didn’t want, -- we obviously didn’t want to refinance them. Dividend and buybacks are, the dividend is definitely core to our investment identity, and we intend to continue to grow our dividend, so that is a balanced approach.

償還債務，今年我們沒有多少錢，但是去年我們處理了一些塔，因為我們不想——我們顯然不想為它們再融資。股息和回購是，股息絕對是我們投資的核心，我們打算繼續增加股息，所以這是一種平衡的方法。

And even with all of that, we also, as you probably see, we have opportunity from a balance sheet perspective, to deploy that from an M&A perspective. And we've been spending time talking about our strong top line and the pipeline that we've developed and that allows us to be a little bit more selective. You look at other transactions that happen and you have to ask. Okay, what's the strategy behind that?

即使如此，正如您可能看到的，從資產負債表的角度來看，我們也有機會從併購的角度來部署它。我們一直在討論我們強大的營收和我們開發的管道，這讓我們能夠更有選擇性。你看看發生的其他交易，你就必須詢問。好的，這背後的策略是什麼？

And a lot of the times you can see you're having to sustain your growth rates, right? If you're in the business of driving top line through acquisitions, then you got to that's part of your model. You're going to have to keep doing that, whether the valuations are right or wrong or are not right.

很多時候你會發現你必須維持你的成長率，對嗎？如果您從事透過收購來推動營業收入成長的業務，那麼這就是您模式的一部分。無論估值是對是錯，你都必須繼續這樣做。

But we look at these strategic fit it, can they generate an attractive return. Can we make the business better that we're acquiring. We don't want to be just a holding. And I think that we've shown that when we do our acquisitions, that's the framework you know, it fits in strategically, it generates nice return and we tend to operate them or add value to them than when they were standalone, so.

但我們要看這些策略是否適合，它們能否產生有吸引力的回報。我們能否讓我們收購的業務變得更好？我們不想僅僅成為一家控股公司。我認為我們已經證明，當我們進行收購時，這就是我們所知道的框架，它在戰略上是合適的，它能產生不錯的回報，而且我們傾向於運營它們或為它們增加價值，而不是當它們獨立時。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Hey, good morning, guys. Thanks so much for taking the question and congrats on a really good quarter here. Robert, one of the things that struck me when we spoke of two product questions, product-specific questions. And when we last spoke, is how you're looking at the sustainability of historically slower growing businesses and areas exposed to historically slower growing markets?

嘿，大家早安。非常感謝您回答這個問題，並祝賀本季度取得了非常好的成績。羅伯特，當我們談到兩個產品問題時，讓我印象深刻的一件事是特定於產品的問題。我們上次談話時，您如何看待歷史上成長較慢的企業和歷史上成長較慢的市場所處的地區的可持續性？

So obviously, I'm thinking CRM, can you talk a little bit about the strategy there. Obviously, there's a big part of and just leave us pacing in general and how sustainable. I mean, it's like been multiple quarters now of organic growth in the mid plus single digit range.

顯然，我在考慮 CRM，您能談談那裡的策略嗎？顯然，其中很大一部分只是讓我們整體上了解步調以及如何可持續。我的意思是，現在已經有多個季度的有機成長處於中等以上個位數的範圍內。

And then just one follow up another product question.

然後只需跟進另一個產品問題。

Yes, well that was part of our strategy. As we looked at our MedTech portfolio, you've obviously got high growth drivers there with EDP, structural heart, diabetes care, neuro, heart failure, and we looked at CRM and vascular and those are more flat businesses. So the combination of that as you had in MedTech portfolio that was grown, 7%, 8%, maybe 9% at quarter and to get to double digits. We needed those two businesses to get at least to mid-single digits. And I'd say on the on the CRM side, our strategy there was to really focus on Aveir leadless pacemakers.

是的，這是我們策略的一部分。當我們審視我們的醫療科技產品組合時，我們顯然發現 EDP、結構性心臟、糖尿病護理、神經、心臟衰竭等業務具有較高的成長動力，而我們考察了 CRM 和血管業務，發現這些業務較為平穩。因此，正如您在 MedTech 投資組合中所看到的，該組合的成長率為 7%、8%、也許 9%，達到兩位數。我們需要這兩家企業的營收至少達到個位數的中等水準。我想說，在 CRM 方面，我們的策略是真正專注於 Aveir 無導線心律調節器。

There's a pipeline of products there. I don't want to tilt my hand here, but we didn't do Aveir DR and stop there. The teams have gotten R&D programs to continue to advance those. And even to look at, the ICD market also and what are the opportunities that we can do to innovate that there is space to innovate in that market. And that for me is important is the diabetes market. 15 years ago, people would say, that’s a slow growth market. Well, now look at it, right. If you focus on innovation on meeting needs, unmet needs, you can turn a market around.

那裡有一系列產品。我不想在這裡發表意見，但我們並沒有去 Aveir DR 並在那裡停留。這些團隊已經獲得了研發計劃來繼續推進這些工作。甚至看看 ICD 市場，我們可以做哪些創新的機會，該市場有創新的空間。對我來說，重要的是糖尿病市場。 15 年前，人們會說，這是一個成長緩慢的市場。嗯，現在看看吧。如果您專注於創新以滿足需求和未滿足的需求，您就可以扭轉市場局面。

From a vascular perspective, as I said in my comments, we're trying to we've been repositioning the portfolio to more higher growth areas, peripheral areas, endovascular areas, but we started that a little bit later than what we did in CRM. So I expect to start to see our vascular business start to also contribute to a higher growth rate. The same way that CRM is, and that just kind of bolsters our entire MedTech portfolio and gets us into that 12%, 13% kind of growth rate, at least that's our target.

從血管的角度來看，正如我在評論中所說，我們正在嘗試將產品組合重新定位到更高成長的領域、週邊領域、血管內領域，但我們的起步比 CRM 稍晚。因此，我希望看到我們的血管業務也開始為更高的成長率做出貢獻。和 CRM 一樣，它在某種程度上增強了我們整個醫療技術產品組合，使我們達到 12%、13% 的成長率，至少這是我們的目標。

That's helpful. And then the follow-up question is on the structural heart side of things. And I know Amulet, has been on the market for a little bit here. But my impression is that now it's kind of like Abbott no longer fighting with one hand tied behind their back. Can you talk a little bit about that, and your 45% growth, I think you said in the quarter, where to from here for Amulet? Thanks so much for taking the questions.

這很有幫助。後續問題是關於結構核心方面的問題。我知道 Amulet 已經在這裡上市一段時間了。但我的印像是，現在阿博特不再束手無策了。您能否稍微談一談這一點，以及您在本季 45% 的成長率，我想您說過，Amulet 未來會如何發展？非常感謝您回答這些問題。

It was great quarter. I think the team is kind of hitting its stride right now. As I said, our focus here was really to kind of drive adoption in the centers that we were at versus expansion. The competitor has expanded the market. There's probably about 800 centers that are doing these implants, and we're probably in about half of it now. Now, that's good, right, that provides market expansion dynamic here in the US.

這是一個很棒的季度。我認為球隊現在正處於最佳狀態。正如我所說，我們在這裡的重點實際上是推動我們所在中心的採用而不是擴張。競爭對手擴大了市場。大約有 800 個中心正在進行此類植入，而我們目前大概參與了其中的一半。現在，這很好，對，這為美國市場擴張提供了動力。

But, I think, I mean, I'm really encouraged by some of the data that I'm seeing, and I think it starts with the data right. We had a patient registry data come out. We showed that 95% closure rates were achieved post implant and sustained after 45 days, 90% of closure success rate using Amulet for patients that actually fail to achieve proper closure rate with a competitive product.

但是，我認為，我的意思是，我所看到的一些數據確實讓我感到鼓舞，我認為這是從正確的數據開始的。我們獲得了患者登記資料。我們發現，植入後閉合率達到 95%，並且在 45 天後仍能維持閉合率，對於使用競爭產品實際上無法達到適當閉合率的患者，使用 Amulet 的閉合合成功率為 90%。

So I think that there's an opportunity here for our value proposition. And then we've got to continue to invest. We are already investing in our on our next-generation analytics, focusing on ease of use, focusing, and we'll maintain our superiority here that we believe we have regarding the ceiling of the LEA.

所以我認為我們的價值主張在這裡有機會實現。然後我們必須繼續投資。我們已經在投資下一代分析技術，並專注於易用性，我們將保持我們在 LEA 上限方面的優勢。

We're investing in clinical trials. Obviously, we've been public about catalyst, which is a trial that will compare Amulet to NOAC and to ablation treatment. So this is an exciting market for us and we can continue to invest in it. And ultimately, it comes down to really looking at surrounding the electrophysiologist with the most comprehensive portfolio whether it's on pacemakers and ICDs, structural heart interventions with stroke preventions and then obviously ablations and AF treatment.

我們正在投資臨床試驗。顯然，我們已經公開了有關催化劑的消息，這是一項將 Amulet 與 NOAC 和消融治療進行比較的試驗。所以這對我們來說是一個令人興奮的市場，我們可以繼續投資。最終，關鍵在於真正為電生理學家提供最全面的治療組合，無論是起搏器和 ICD、結構性心臟介入措施與中風預防，或是消融和心房顫動治療。

So at its highest level, that's the important side here is Amulet fits an important role, even though reported a structural heart, it's really playing a role here to surround the physician, the EP with the tools that they need to advance care.

因此，在最高層面上，這裡重要的一面是護身符發揮著重要作用，儘管報告稱其為結構性心臟，但它確實在這裡發揮作用，為醫生、EP 提供他們推進護理所需的工具。

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

接線員，請再回答一個問題。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Hi, Robert, thanks for taking my question and congrats on a nice sprint here. But I wanted to touch on biosimilars. You brought this up on the call .-- Can you can you elaborate on your strategy there? Are you planning to and manufacture these products? Is Abbott going to be a CDMO in that space? Could you plan to launch your own biosimilars are or is this more of Abbott being a distributor in taking advantage of your brand presence in emerging markets? which is Abbott's role in that place and have you sized that market opportunity for Abbott? When should that start contributing to Abbott?

你好，羅伯特，謝謝你回答我的問題，並祝賀你在這裡取得了良好的衝刺成績。但我想談談生物相似藥。您在電話中提到了這一點。能詳細說明一下您的策略嗎？您是否計劃生產這些產品？雅培會成為該領域的 CDMO 嗎？您是否計劃推出自己的生物相似藥，或者雅培是否更多地作為分銷商，利用您在新興市場的品牌影響力？雅培在該市場中扮演什麼角色？您是否評估過雅培在該市場的機會？這什麼時候開始對雅培產生貢獻？

Sure. This is one where I'd say there's a couple of phases to the strategy on the core premise of this Vijay, is if you look at the emerging markets and the disease prevalence that exists in these emerging markets, they're no different than the disease prevalence in the US or Europe. I mean, you can look at some of the more higher, et cetera.

當然。我想說的是，這個策略有幾個階段，其核心前提是，如果你看看新興市場和這些新興市場中存在的疾病流行情況，你會發現它們與美國或歐洲的疾病流行情況沒有什麼不同。我的意思是，你可以看看一些更高的東西等等。

But in general, and there's an opportunity to bring these biologics into the emerging markets and for a variety of reasons, those markets have not been a priority for the originators. Their main focus is obviously being in the international developed markets, US, Western Europe, Japan, Canada, Australia, et cetera.

但總的來說，有機會將這些生物製劑帶入新興市場，但由於各種原因，這些市場並不是原廠藥的優先考慮對象。他們的主要關注點顯然是國際已開發市場，如美國、西歐、日本、加拿大、澳洲等。

So this provides just a patient need opportunity that we want to size up, and what we've seen from some of our we have done some more regional biosimilar deals that we've launched. And what we've seen is that the growth of the molecule grows significantly. Once you know, once a biosimilar enters in terms of penetration into a patient population, it's a different dynamic in developed markets, as we know. But in emerging markets, the category really expands.

因此，這僅提供了一個我們想要評估的患者需求機會，而且從我們進行的一些區域性生物仿製藥交易中我們看到了這一點。我們看到的是分子的生長顯著加快。我們知道，一旦生物相似藥進入患者群體，已開發市場就會呈現不同的動態。但在新興市場，這一類別確實擴大了。

So what we wanted to do is to say, Okay, before we start to think about manufacturing before we start to think about that, we want to be able to understand what is the uptake of these products once you go ahead and put a concerted effort to developing these types of products in emerging markets, right? And it fits right into our wheelhouse where we've got relationships with governments. We have relationships with physicians and we've got relationships with the distribution area.

所以我們想說的是，好的，在我們開始考慮製造之前，在我們開始考慮這個問題之前，我們希望能夠了解，一旦你繼續齊心協力在新興市場開發這些類型的產品，這些產品的吸收情況如何，對嗎？這與我們與政府建立關係的職責完全相符。我們與醫生有關係，並且與分銷區域有關係。

And the question is, how can you do it and how can you execute that strategy, -- that's capital efficient and it doesn't erode kind of gross margin of that business. And I get a lot of kudos to the team because they've really been able to position our presence in these markets as an advantage to these players that really aren't focusing on emerging markets. They're focusing more on the opportunities that exist in developed markets, and now they can partner with one single company reputable company to be able to use that capacity in other markets. So I'd say we're in the phase right now of. Okay, is there sustainability to this.

問題是，你如何做到這一點以及如何執行這項策略——既能提高資本效率，又不會侵蝕該業務的毛利率。我對這個團隊非常讚賞，因為他們確實能夠將我們在這些市場中的存在定位為對那些實際上並不關注新興市場的參與者的優勢。他們更加關注已開發市場中存在的機會，現在他們可以與一家信譽良好的公司合作，以便在其他市場中利用這種產能。所以我想說我們現在正處於這個階段。好的，這具有可持續性嗎？

So the deals that we've done give us access our gross margin is not dilutive, and we're going to see how it goes. As you think about the ramp up of what we've got at the pipeline, we'll start launching in 2025.

因此，我們達成的交易使我們能夠獲得毛利率，而不會稀釋我們的毛利率，我們將拭目以待。當您考慮我們在管道上的擴張時，我們將在 2025 年開始啟動。

But you look at some of the big molecules that will come up for us '26, '27. That's what I think when some of these very large like oncology opportunities that we have, that will play a huge role for us and accelerate the growth there.

但你看看 26、27 年會出現的一些大分子。我認為，當我們擁有一些非常大的機會（例如腫瘤學機會）時，這將對我們發揮巨大作用並加速那裡的成長。

That’s helpful. Maybe one last one on capital deployment. I know it’s been asked. -- I’m curious on share repurchases. You guys have done phenomenal growth. The street doesn’t seem to be giving credit. Why not? You didn’t see any share repurchase in the first half. Why is Abbott being conservative on share repurchases?

這很有幫助。也許最後一個問題是關於資本部署。我知道有人問過這個問題。 ——我對股票回購很好奇。你們取得了驚人的進步。這條街似乎並不認可這一點。為什麼不呢？上半年你沒有看到任何股票回購。為什麼雅培在股票回購上持保守態度？

We've done a lot of share repurchases in on over the last couple of years, let's say catching up a little bit too, maybe not doing as much repurchasing after the two acquisitions we did in 2017 and 2018. If you look at our repurchases and dividends, it's been about $20 billion that we've returned over the last for years, Vijay. $20 billion in dividends and buybacks.

我們在過去幾年裡進行了大量股票回購，可以說也趕上了一點，在 2017 年和 2018 年進行兩次收購之後，我們可能沒有進行那麼多的回購。如果你看一下我們的回購和股息，你會發現過去幾年我們已經返還了大約 200 億美元，Vijay。 200 億美元的股利和回購。

And that accounts for a good amount of our of our free cash flow over the last couple of years to our shareholders. So. the year's not over. And again, if we'll see opportunities, we've got plenty of opportunities to be able to do that. So I'd say we I think we've done a pretty good job here at returning cash back to our shareholders over the last couple of years and that commitment will maintain.

這佔了我們過去幾年流向股東的自由現金流的很大一部分。所以，這一年還沒結束。再說一次，如果我們看到機會，我們就有足夠的機會去做到這一點。所以我想說，我認為我們在過去幾年裡在向股東返還現金方面做得相當不錯，而且這一承諾將會保持下去。

So I'll just close here.

我就講到這裡。

This was a great quarter for us and quite frankly, a great quarter in connection with, five quarters before that where we've delivered above market growth. I'm really pleased with our continued strong performance. We've raised our sales outlook. Our EPS ranges for the second time this year.

對我們來說這是一個偉大的季度，坦白說，與之前五個季度相比，這是一個偉大的季度，我們的業績成長超過了市場成長。我對我們持續強勁的表現感到非常高興。我們提高了銷售預期。我們的每股盈餘今年第二次出現區間波動。

The toughest COVID test comps are now behind us. So I look forward to not having, -- we'll obviously report our COVID testing sales, but you'll start to see those comps start to dwindle away now, which means then that our EPS is back to growth. And I think one of the questions there about showing our EPS exiting the year in high single digit, double digit kind of range and getting back to our formula that's what we're interested in. And we've got a lot of positive momentum here heading into the second half of the year.

最艱難的 COVID 測試競賽已經過去了。因此，我期待沒有——我們顯然會報告我們的 COVID 測試銷售額，但您會開始看到這些比較現在開始減少，這意味著我們的每股收益將恢復成長。我認為其中一個問題是，如何讓今年的每股盈餘達到高個位數、兩位數的範圍，並回到我們的公式中，這就是我們感興趣的。進入下半年，我們已經獲得了許多積極的勢頭。

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

就這樣，我們就結束了，感謝您的參與。

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 AM Central Time today on Abbott’s Investor Relations website at abbottinvestor.com.

謝謝接線員，也謝謝大家的提問。雅培的電話會議到此結束。這次電話會議的網路重播將於今天美國中部時間上午 11 點之後在雅培投資者關係網站 abbottinvestor.com 上提供。

Thank you for joining us today.

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。您現在可以斷開連線。祝大家有美好的一天。