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。 （操作員說明）此通話由 Abbott 錄音。 （操作員說明）

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

現在我想介紹一下投資者關係副總裁邁克爾·科米拉（Michael Comilla）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。今天與我在一起的有董事長兼執行長羅伯特福特 (Robert Ford)；以及財務執行副總裁兼財務長 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，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2024 年的預期財務業績。的影響。

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 表格年度報告的第 1A 項（風險因素）中討論。事件或事態發展而產生的前瞻性陳述，法律要求的除外。

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目前的業務表現。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較 GAAP 財務指標進行了調整，這些數據可在我們的網站 abbott.com 上取得。

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有機銷售成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成長。除非另有說明，我們對銷售成長的評論指的是有機銷售成長，這是在今天早些時候發布的新聞稿中定義的。

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，謝謝您加入我們。今天，我們報告的有機銷售額成長超過 9%，不包括新冠病毒檢測銷售額。我們也公佈了調整後每股收益 1.14 美元，超出了分析師的一致預期，較第一季環比增長 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.

根據我們本季的業績以及對今年剩餘時間的前景的信心，我們提高了指導，現在預測全年有機銷售增長（不包括新冠病毒測試銷售）將達到 9.5% 至 10%，調整後每股收益為範圍為4.61 美元至4.71 美元。

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.

我們的業績繼續受到整個投資組合的廣泛增長的推動，本季度的增長由醫療設備的兩位數增長以及成熟的藥品和營養品的高個位數增長帶動。

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外，我們還看到毛利率擴張的積極貢獻來自我們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。

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.

現在，我將更詳細地總結我們第二季的業績，然後再將電話轉交給菲爾。現在我要從營養開始。本季銷售額成長 7.5%。本季的強勁成長得益於國際成人營養和美國兒童營養的兩位數成長。

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高水準。該業務的五年複合成長率超過 10%，除了我們的市場領先地位和商業執行力之外，還反映出積極的人口趨勢的影響，這些趨勢推動了對我們 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，我們處於有利地位，可以繼續利用長期需求趨勢。關於早產兒配方奶粉和強化母乳的訴訟話題。 Abbott 支援我們的產品以及向使用這些產品數十年的新生兒專家提供的資訊。

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，對家庭來說是毀滅性的。然而，原告律師提出的理論缺乏科學根據。這些供醫院使用的產品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醫學協會的支持。這些產品及其成分已經過審查，監管機構也審查了其標籤，認為可以安全使用。

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 的發生率並沒有增加，這意味著這些病例的出現並不是針對趨勢或任何新資訊。然而，我們看到原告律師投入數百萬美元用於誤導性電視廣告，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，並且在過去幾年中一直保持在這一水平。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。這將造成一場影響全國每個州的公共衛生危機。我們認為，對於所有關心早產兒健康的人來說，認識到對這些產品的需求並採取相應行動非常重要。

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.

轉向診斷領域，不包括新冠病毒檢測銷售額，該領域的銷售額增長了 6%。本季的成長是由核心實驗室診斷的高個位數成長和床邊診斷的兩位數成長所推動的。

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.

在核心實驗室診斷領域，我們透過提高市場領先系統的採用和利用率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繼續推動成長。

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 診斷系統系列在六年多前首次推出，但考慮到診斷行業的長合約週期評論，我們繼續看到我們的合約續約和競爭性獲勝率方面的優勢，最近的幾個大客戶獲勝預計將越來越多地做出貢獻下半年有望實現成長。

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，該季度的銷售額增長了8%，EPD 繼續保持高水平，因為該業務在新興市場執行其獨特的品牌通用戰略，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、中產階級不斷壯大並更加重視擴大醫療保健的覆蓋範圍。

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.

正如您所記得的，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業務，我們擁有獨特的機會來擴展資本效率高的授權模式，並使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.

去年，當我們宣布達成一項將腫瘤學和女性健康領域的幾種生物相似藥商業化的協議時，我們就開始實施這項策略。其中第一個預計將於 2025 年推出。

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.

生物相似藥代表了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.

最後我要講的是醫療設備，該領域的銷售額成長了 12%。在糖尿病照護領域，FreeStyle Libre 本季銷售額為 16 億美元，成長 20%。我們在 6 月宣布，我們獲得了 FDA 批准兩款新型非處方連續血糖監測系統，名為 Lingo 和 Libre Rio，它們基於 Libre 的葡萄糖技術，目前全球有超過 600 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.

雖然非處方藥在美國是一種新選擇，但自 10 年前推出 Libre 以來，我們一直在國際市場進行非處方藥銷售。鑑於我們在這些市場中明確的領導地位，我們已經證明了我們有能力為構成 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狀況的消費者而設計。 Lingo 穿戴式感測器和 Apple 追蹤血糖，提供個人化的數據見解和指導，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的成年人而設計，他們不使用胰島素，通常透過改變生活方式來控製糖尿病。在電生理學領域，17% 的成長是由所有主要地理區域的兩位數成長推動的，其中美國成長了 17%，與第一季的成長相比有所加速。整個產品組合的成長基礎廣泛，其中消融導管成長了 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.

在結構性心臟領域，超過15% 的成長反映了與第一季相比成長的加速，並由最近推出的幾款產品帶動，這些產品正在推動TAVR、LAA 和三尖瓣修復等有吸引力的高成長領域的新採用和份額佔領。本季度，我們在美國推出了三尖瓣修復設備TriClip，並繼續搶佔全球TAVR市場份額。

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，我們高度創新的無引線起搏器 AVEIR 帶動了 6% 的成長。 6 月，我們宣布 AVEIR 在歐洲獲得了 CE 標誌，用於雙腔起搏程序，這是起搏市場最大的部分。

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.

在心臟衰竭領域，我們市場領先的心臟輔助設備產品組合推動了 9% 的成長，這些設備為慢性和暫時性疾病提供治療。在神經調節領域，國際市場對 Eterna 充電脊髓刺激設備的強勁需求推動了 8% 的成長。去年獲得了歐洲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.

在血管方面，我們的 Esprit 可溶性支架於 4 月下旬獲得 FDA 批准，這對於膝蓋以下動脈阻塞的患者來說是一項突破性創新。 Esprit 旨在保持動脈暢通，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.

像 Esprit 這樣的新產品，加上我們對血管業務的投資，有機和無機地擴大了我們在快速成長領域的業務，並增強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，我們上調了今年的財務前景。我們在毛利率計劃方面繼續取得良好進展，更重要的是，我們的產品線繼續保持高生產力，因此，我們有能力在今年剩餘時間內取得強勁業績。

I'll now turn over the call to Phil.

我現在將把電話轉給菲爾。

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，所有提及的銷售成長率均基於有機成長率。

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.

轉向我們第二季的業績，銷售額有機成長 7.4%，不包括新冠檢測銷售額則成長 9.3%。外匯對第二季銷售額較去年同期產生了 3.5% 的不利影響。

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%.

在本季度，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，這對銷售造成了更不利的影響。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，調整後的研發佔銷售額的 6.3%，調整後的 SG&A 佔銷售額的 27.7%。最後，我們第二季調整後的稅率為 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，這比我們 4 月份提供的指導範圍有所增加。我們也提高了有機銷售成長指引的中點。我們現在預測，不包括新冠病毒檢測銷售額的有機銷售成長將在 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.

根據目前的匯率，我們預計交換將對全年報告的銷售額產生超過 2.5% 的不利影響，其中包括對第三季報告的銷售額預計約 3% 的不利影響。最後，我們預計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.

至此，我們現在開始提問。

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

這時我們將進行問答環節。 （操作員說明）

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

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.感謝您提出問題。羅伯特，恭喜您度過了一個美好的季度。感謝您對網路訴訟的評論。羅伯特，我想知道你是否還有什麼要補充的，我還有一個後續問題。

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，我在準備好的評論中說了我所說的一切，我想這裡唯一的補充是我認為這在其影響方面被誇大了。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，以便他們了解事態發展的具體情況。

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，我已經在準備好的評論中說了我現在要說的所有內容，如果需要進一步更新，我們會的。

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，你們的 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%。是什麼推動了這一點？您對不同地區的 PFA 有何看法？在這兩款產品推出之前，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，我看到了我以為我會看到的東西。這可能與你們中的一些人想像中會看到的有所不同。但我們所看到的顯然是市場的成長。所以現在市場已經加速了。似乎成長超過20%。

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，當你看到我們的 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，成長顯然是有價值的。我們將看看程式的成長是否真正轉化為實際情況，考慮到我們的地圖和團隊，我們實際上比過去經歷了更多的程式。

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，隨著這種新產品的推出，現在主要是價格。它主要用於 novo 手術、Esprit 手術，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。另外三分之二我們繼續觀察是否為重做、VT、SVT、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。隨著時間的推移，我們將看到這將如何轉化。

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 OUS 的滲透率始終在 10%、15% 左右，從映射的角度來看，它相當穩定。我認為我們在上次電話會議中看到的最初幾個月的情況並沒有發生真正的重大變化。

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 90% 以上的案例仍在用作地圖繪製。我們有 50 份這些地圖案例。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基本上擁有最好的存取權限。從我們所看到的來看，這個比例約為 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 與我們在上次電話會議中看到的類似，仍在約 20% 的 PSA 病例中使用。所以我們繼續看到這一點。所以我認為所有這一切的淨效應是市場的成長。它正在加速。我們擁有強大的地位，我們過去談論的有關我們在地圖和所有其他消耗品方面的機會的一切都在那裡。我們的 PFA 發揮著重要作用，我們的業務實際上成長得比以前更快。

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.

如果你看看 2019 年，我們大約是 12%，2018 年大約是 14%。所以我們現在實際上做得更好了。所以我認為這對市場來說是積極的，這就是為什麼我們對 PFA 投資組合進行了大量投資，你會在明年開始看到它進入市場，我不會說，嘗試將這個季度綁在這裡，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，團隊在執行我們所製定的策略方面做得非常出色。所以向他們致敬。

Travis Steed, BofA Securities.

特拉維斯·斯蒂德（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，恭喜這個季度的好成績。我想問的是，本季的結構性心臟確實比上季加速了。只是好奇 MitraClip 恢復有多少？您已提前獲得 TriClip 批准。您從 TriClip 方面看到了多少，以及從 Amulet 和 Navitor 等其他一些新產品獲得了多少？

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 是一次重要的發布，有助於加快成長率，Travis。但我認為這裡的基礎相當廣泛。我的意思是，如果你看看 TriClip，我們就已經做好了準備，因為我們在這個領域擁有某些固有的優勢，對吧。我們有規模、有銷售團隊、有製造能力。所以我們準備出發了。

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，儘管我們比競爭對手晚了四分之一才推出他們的系統。我認為修復設備準備就緒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，並且案例表現非常好。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.

但我認為它的基礎非常廣泛。 Navigator 在國際市場和美國市場都表現出色，其價值主張開始獲得更多關注，出色的臨床特徵、出色的血流動力學，這為我們在國際和美國市場帶來了許多機會。我們分享了日本註冊中心的一些數據，安全性也很高。

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 我們在美國看到了非常好的成長。本季 Amulet 的佔比約為 45%。所以說這個產品做得非常好。我們在這裡關注的是持續的——我稱之為同店銷售的滲透率。因此，我們在客戶中的份額接近 20%。因此，我們的機會是繼續擴大銷售團隊並持續接觸新客戶。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，我認為我們在美國的國際競爭活動中繼續看到一些持續成長。這有點減緩了成長。但我認為，隨著 TriClip 現在進入市場並獲得關注，我們將能夠為維修系統和駕駛提供價值主張。

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，從結構性的角度來看，成長率從第一季開始就已經加速，表現非常好，我想說，這實際上是在整個投資組合方法中，而不是只是試圖挑選出一種產品或一項技術。我們必須在 MitraClip 中做一些工作，但這很明確。在美國，在國際上，這方面做得非常好。

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出色，並獲得了市場份額和採用。這就是為什麼你看到結構性心臟成長率實際上加速了。我仍然認為這肯定會持續到今年剩餘時間並進入明年。

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。然後，關於您的感測器業務，您如何考慮使用 Lingo 和 Rio 來細分市場？您認為這些市場隨著時間的推移將如何發展？當您審視自己的核心 Libre 業務時，您會想到什麼名稱以及美國與國際市場動態的變化嗎？

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，你試圖用這個問題涵蓋很多基礎知識。您可能會花費整個通話時間來完成所有這些事情。我認為 Libre 在最高水平上仍然表現出色。還有很多成長機會。顯然，基礎機會是最大的機會，我們正在那裡取得巨大進展。

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，您也知道，MDI 領域仍有大量滲透。我認為在美國仍有大約三分之一的日常注射者使用 CGM，而國際已開發市場這一比例約為 50%。所以 Libre 有很大的成長。

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 的策略實際上是擁有完整的產品組合，並將其視為一個平台，我們可以在該平台上將感測器技術的使用擴展到不同類型的糖尿病族群。但更大的市場可能是沒有糖尿病的人，對吧？

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，如果你的意思是如果你現​​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，我們會看看它是什麼樣子的，在那裡獲勝需要什麼。但根據英國的經驗，我確實知道，需要一些時間來教育患者並與患者溝通，而他們對擁有新工具來養成更健康的習慣感到興奮。他們確實需要一些時間來了解其用途。

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很大的機會。我們投入了不成比例的投資才能達到這個地位。我認為，如果你看看 Lingo，看看美國和西歐，這些市場中的成年人口大約有 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.

如果你採用個位數的滲透率，每年使用幾個感測器，你會看到那裡有數十億的機會，但我們還沒有實現。我認為，一旦我們更好地理解了它是如何運作的，我們就會更好地預測它。

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.

但只是從高水準來看，從成年人口總數和相對而言，我想說，滲透率適中。這是一個相當大的機會。因此，就像我在評論中所說的那樣，自從我們在國際上推出以來，我們已經這樣做了一段時間，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.

羅比馬庫斯，摩根大通。

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。我將對這個季度的良好表現表示祝賀。給我兩個。兩個產品問題。也許只是為了跟進糖尿病自由問題。羅伯特，您如何看待這些新產品的廣告和口碑的整體驅動力，特別是當我們進入非處方藥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?

需要多少，因為我回想五年前，我們今天所處的位置可能不在大多數人的預測之內，而且根據我們在非糖尿病患者中顯示的大量數據，CGM 有多麼有益。那麼，您如何看待資料保險範圍、非資料保險範圍和非資料保險範圍？市場看起來如何？

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。從保險保障的角度來看。我的意思是，如果你指的是專門針對非糖尿病患者的 Lingo，你知道，我認為這將是我認為這不會成為我們正在建立的預測，假設它有報銷範圍，即使雖然我同意你的觀點，但有很好的數據表明，沒有糖尿病的人可以從這個羅比中受益。

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，為他們提供更多信息，並確保他們能夠改善自己的習慣或改變習慣。所以我認為核心是它真正直接與消費者溝通。

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採用 CGM，那麼與患者和您需要的溝通，顯然是與醫生的溝通。我認為這對非糖尿病患者仍然很重要。我認為有些人會希望得到醫療保健專業人士的某種認可，認為這可能是一項很好的投資，而且是正確的。

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.

這裡的關鍵是利用率。我認為您不會看到沒有糖尿病的人一年 365 天都使用這個感測器。但就像我說的，如果他們每年使用幾次，仍然有好處，隨著時間的推移，我們將產生這方面的數據。我認為產生數據非常重要，即使它不是為了與付款人溝通以獲得報銷，但即使它是為了向醫生、初級保健人員和直接消費者傳達這樣做的價值。

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。但我不認為根據我們在這裡的經驗，你可以只在電視和黑色電視廣告上做廣告，你就會得到如此大的關注，你將不得不做一些實地的遊擊營銷，讓我們這麼說吧，加上電視廣告，才真正能夠打開市場，然後維繫它，正確的、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，而不是一種一發不可收拾的增長。我知道每個人都關注下半年的銷售情況，無論是我還是競爭對手。我認為這裡的大局是這樣的，嘿，這裡有一個非常大的機會，如果我們做得正確，這個機會將不僅僅是煎鍋中的曇花一現。它只會，它會自我維持，並且可能成為標準，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，阿維爾和無引線節奏，特別是現在有覆蓋的雙室，我認為這是一個被低估的機會。如果您不介意的話，也許可以花一點時間，您如何看待這個市場的演變？到目前為止，發布的早期回饋是什麼？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，我認為整個無領導將改變我們 CRM 業務的成長軌跡，對吧。如果你看看 CRM 去年成長了 7%，那麼今年上半年它就成長了 7%，而之前的業務表現平平。我想說，我們一直在這樣做，在雙重方面取得了巨大成功。但我不會說這是一個完整的週期，因為我們正在做的事情之一是確保我們正在進行培訓，讓醫生對手術感到滿意，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。我們將討論胸部上方的口袋的生長與運動。

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.

所以它有點不同，我們正在關注這一點。但話雖這麼說，我們只用一個房間就能夠加快成長率。我認為現在，兩年後，我們可能會獲得大約 50 份份額。但就你而言，更大的機會和雙重以及程序進展順利。一旦醫生到達，他們中的一些人就會根據他們的經驗進行治療。

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。你知道，我們如何加速這一進程，並有機會吸引更多患者參與其中，但我們希望確保我們在美國各地擁有相當大的訓練有素、效果良好的醫生基礎。聽著，這是一個價值 30 億美元的全球細分市場，而且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.

在這裡，您擁有真正獨特且與眾不同的東西。我想說的是，一旦我們覺得我們已經達到了對現有的能力、培訓以及醫生覆蓋範圍感到滿意的地步。我認為這絕對是一款產品，它會變得更加主流，因為它的價值主張和它能夠提供更直接的消費者溝通。

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。但我、設備團隊和 CRM 團隊絕對對此表示讚賞，我們正在努力工作，以達到您可以真正讓它強大的程度。

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

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.感謝您提出問題。羅伯特，我想開始詢問雅培的多年發展軌跡。在過去的兩年中，您一直在提供頂級的有機收入成長業績，並且明年可能會實現兩年兩位數的疊加業績。

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，業務成長可能會超過疫情前的水平，即 7%、8% 的範圍。我認為在這次電話會議中，您提出了很多支持這種軌蹟的觀點，但也許只是重申您的信心水平，這種在中期超過大流行前水平的速度是否取決於併購，或者真正能夠推動內部發展計劃的核心業務以及未來幾年的頂級成長前景嗎？

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.

這是試圖回答 2025 年的問題嗎？我想說，聽著，我們一直在說，我們在新冠疫情期間進行了投資，以加速公司發展，使其變得更強大，建立我們的投資組合，以便我們能夠加速成長，對吧。如果你看看過去的六個季度，我們一直在實現頂級的、高個位數、兩位數的成長，而且這是一家收入超過 400 億美元的公司，所以我認為——令人印象深刻。

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，今年第一季成長最快。我們將看看第二季會發生什麼，但我們將公司定位為能夠實現這一目標。我是否認為我們可以在今年和明年繼續提供這種頂級表現？

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，絕對可以。因為一個原因，我們所建構的東西，以及我們能夠可靠且可持續地實現這一目標的證據和證明點。所以，是的，我們對自己的能力感到滿意，我們參與的市場很有吸引力。因此，我們領導著一些市場，當這些市場成長時，就像我們的領導優勢一樣，我們正在進入一些有吸引力的市場。獲得市場份額的機會很多，而且我們正在開發一些具有吸引力的市場。

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.

沒有真正的臨床機會，或者我們正在開發的產品有臨床機會。因此，當我們建立這些市場時，它們就會變得有吸引力，我們的地位也會被鞏固。我認為該框架適用於我們所有四個業務部門，在這三個框架中都有機會。

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，如果我們能夠找到一項對我們具有策略意義、財務意義的資產，可以進一步促進成長。然後我們就有了能夠做到這一點的資產負債表。所以，但正如我告訴你的那樣，它不是依賴的，它真正專注於有機方面，以便能夠實現這種頂級增長。

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。還有一種你可能經常收到但只是想要的高級問題。我們的理解是，我的意思是，您的團隊、董事會每年至少一次，也許每年多次，只考慮雅培四大主要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分拆潛力的最新想法。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.

好吧，我們將持續關注我們的投資組合。我認為一年中沒有這樣的時刻我們這樣做。我們正在持續這樣做。該公司有著確保所組合的產品組合不僅為患者、政府和醫療保健系統帶來價值的歷史。但它也為我們的股東創造了價值。

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，我們並沒有迴避問自己這些問題並回答這些問題。如果有機會透過加法或減法創造價值，那麼該公司已經表明它已經準備好這樣做。

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？是否有人可以將我們的業務做得更好？現在你看看我們在業務上所做的事情，我們在所有四個領域都表現出最高水準。

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.

我們將在這裡看看這個財報季會發生什麼，但我對團隊和他們所做的事情感覺非常好。顯然，有些領域我們總是可以做得更好，我們會專注於此。但在最高層面上，我們的所有四個部門都實現了出色的成長，市場領先的成長，坦白說，創新並實現了我們的目標和使命，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，多樣性提供了防禦和進攻的能力。只要你在他們的每個細分市場中管理他們，分配與他們的成長和行業相稱的資本。我們花了很多時間來管理所有四個部分，然後我認為我們在運行它們方面做得很好。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

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.

也許我會從這裡的損益表開始。請看一下今年下半年的指導。我們的計算顯示大約有 100 個基點，再加上營業利潤率同比擴張以及每股收益增長約 9%（處於該範圍的中點）。

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.

您能否談談支撐利潤率同比擴張的一些驅動因素，顯然我們在第二季度看到了與第一季相比的轉變。但也許可以讓我們了解一些在今年下半年實現利潤率和獲利成長表現改善的驅動因素。

Sure, I’ll let Phil take that.

當然，我會讓菲爾接受。

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。羅伯特在他的開場評論中談到了今年已經進行的一些擴張，就我們的運營利潤狀況而言，我們相對於一些同行處於非常獨特的地位，我們已經回到了之前的水平- 大流行水平。我們透過在新冠病毒檢測的起起落落中管理支出來策略性地做到了這一點。正如我們今年稍早所說，第一季實際上是最後一次大型比較，測試了新冠病毒對銷售和利潤擴張和毛利率的影響。

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.

特別是，正如您所強調的，今年的指引約為 75 個基點，這裡取得了一些進展，還有更多工作要做。但軌跡就在那裡。我們專注於我們可以控制和執行的事情。特別是，我們的銷售收入表現（尤其是增值業務）所做出的巨大投資組合貢獻是這裡的一個貢獻者，我們預計這項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.

我們的每一項業務都有專門的團隊，專注於毛利率的提高、生產力、產量的提高、成本的降低以及為產品組合帶來增值的創新。所有這些因素都在季度和季度中做出貢獻，並在今年剩餘時間內繼續做出貢獻。

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.

然後我們也討論了我們在大宗商品市場中經歷的一些週期以及過去幾年的一些通貨膨脹，這些週期開始趨於穩定和正常化。我們看到貨運和配送狀況正常化，並開始變得更多順風而不是逆風。

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.

我們在大宗商品市場也看到，情況不僅趨於穩定，而且有所下降，也對毛利率產生了推動作用，並預計這種情況也將持續存在。因此，所有這些因素的結合有助於增強人們的信心，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。然後，也許只是在資本配置方面，也許考慮一下喬許問題的另一面，如果你縱觀整個產業，我們會發現併購在第二季略有回升。我認為宣布的交易金額超過 20 億美元，交易倍數開始趨向歷史水準的下限。但是，您能否向我們介紹一下您對併購環境的最新看法，以及您在現金餘額持續良好增長的情況下如何考慮資本配置？

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，我在每次電話會議上都說得很清楚，我們有一個平衡的方法。我知道，你們涵蓋了很多公司，你們知道，它們有不同的方法。我們的做法是平衡的，我們相信平衡的做法有利於股東的長期權利。

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，大衛是評估資本部署有效性的一個很好的衡量指標，那就是投資報酬率。如果你看看過去三年的投入資本回報率，我們的平均水平約為十幾歲，這在我們經常比較的醫療科技同行中處於較高水平。因此，我們相信投資回報率是衡量我們如何有效部署資本的一個很好的衡量標準，我們尋求一種平衡的方法，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，其他推動未來成長的內部資本投資，我們一直在談論我們擁有的所有這些巨大機會，我們正在為它們提供資金，它們將帶來巨大的回報。

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.

債務還清了，今年我們沒有太多，但去年我們照顧了一些塔樓，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身分的核心，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?

即便如此，正如您可能看到的那樣，我們有機會從資產負債表的角度來看，從併購的角度進行部署。我們一直在花時間談論我們強大的營收和我們開發的管道，這使我們能夠更有選擇性。您查看發生的其他交易並且必須詢問。好吧，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成長率，對吧？如果您從事透過收購來提高收入的業務，那麼您就必須將其納入您的模型中。無論估值是對還是錯，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.

但我們看看這些策略是否契合呢，它們能否產生有吸引力的回報。我們能否讓我們正在收購的業務變得更好？我們不想只是控股。我認為我們已經表明，當我們進行收購時，這就是你知道的框架，它在戰略上適合，它會產生不錯的回報，我們傾向於運營它們或為它們增加價值，而不是它們獨立時，所以。

Danielle Antalffy, UBS.

丹妮爾·安塔菲，瑞銀集團。

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，早上好，夥計們。非常感謝您提出問題，並祝賀您度過了一個非常好的季度。羅伯特，當我們談到兩個產品問題（特定於產品的問題）時，令我印象深刻的事情之一。當我們上次交談時，您如何看待歷史緩慢的企業和麵臨歷史成長緩慢市場的地區的可持續性？

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，我正在考慮 CRM，您能談談那裡的策略嗎？顯然，有很大一部分只是讓我們整體上保持節奏以及永續性如何。我的意思是，現在已經有多個季度有機成長在中位數以上了。

And then just one follow up another product question.

然後只需跟進另一個產品問題即可。

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投資組合時，很明顯，EDP、結構性心臟、糖尿病護理、神經、心臟衰竭等領域擁有高成長動力，我們也關注了 CRM 和血管業務，這些業務更加扁平化。因此，醫療科技投資組合的綜合成長率為每季 7%、8%，甚至 9%，達到兩位數。我們需要這兩家公司的表現至少達到中個位數。我想說，在 CRM 方面，我們的策略是真正專注於 Aveir 無引線心律調節器。

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。我不想在這裡傾斜我的手，但我們沒有做 Aveir DR 並就此止步。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，以及我們可以做哪些創新機會，因為該市場有創新空間。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，對吧。如果你專注於滿足需求和未滿足的需求的創新，你就可以扭轉市場。

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，我們正在努力將投資組合重新定位到更高成長的領域、外圍領域、血管內領域，但我們的起步比 CRM 的起步晚一點。因此，我預計我們的血管業務也將開始為更高的成長率做出貢獻。就像 CRM 一樣，這只是增強了我們整個醫療科技產品組合，讓我們實現 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。接下來的問題是關於事物的結構核心面向。我知道 Amulet 已經在這裡上市一段時間了。但我的印像是，現在雅培不再將一隻手綁在背後戰鬥。您能否談談這一點，以及您在本季所說的 45% 的成長，Amulet 下一步將走向何方？非常感謝您提出問題。

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。我認為球隊現在正在大步前進。正如我所說，我們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 個中心正在做這些植入手術，我們現在可能參與其中大約一半的工作。現在，這很好，對，這為美國提供了市場擴張動力。

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，我看到的一些數據確實令我感到鼓舞，而且我認為這始於正確的數據。我們公佈了病患登記資料。我們表明，植入後實現了 95% 的閉合率，並在 45 天後持續，對於實際上無法透過競爭產品實現適當閉合率的患者，使用 Amulet 實現了 90% 的閉合功率。

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有一個機會。然後我們必須繼續投資。我們已經在投資下一代分析，專注於易用性，我們將保持我們的優勢，我們相信我們在 LEA 的上限方面擁有優勢。

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 Catalyst，這是一項將 Amulet 與 NOAC 和消融治療進行比較的試驗。因此，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，歸結為真正關注電生理學家最全面的產品組合，無論是起搏器和 ICD、預防中風的結構性心臟幹預，以及明顯的消融和 AF 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 Amulet 發揮著重要作用，儘管據報道是結構性心臟，但它確實在這裡發揮著作用，為醫生和急診室提供他們需要的推進護理的工具。

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

接線員，我們再回答一個問題。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，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?

嗨，羅伯特，感謝您提出我的問題，並祝賀您在這裡取得了良好的衝刺。但我想談談生物相似藥。您在電話會議上提到了這一點。您打算生產這些產品嗎？ Abbott 會成為該領域的 CDMO 嗎？您是否計劃推出自己的生物相似藥，或者這更多的是雅培作為分銷商利用您在新興市場的品牌影響力？雅培在該領域的角色是什麼？什麼時候應該開始為雅培做出貢獻？

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，在 Vijay 的核心前提下，該策略分為幾個階段，如果你看看新興市場以及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。我的意思是，你可以看看一些更高的等等。

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引入新興市場，但由於多種原因，這些市場並不是原創者的優先考慮。他們的主要關注點顯然是國際已開發市場，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，這提供了我們想要擴大規模的患者需求機會，我們從一些我們已經推出的更多區域性生物仿製藥交易中看到了這一點。我們看到分子的生長顯著成長。一旦你知道，一旦生物相似藥滲透到患者群體中，正如我們所知，在已開發市場中就會出現不同的動態。但在新興市場，這一類別確實在擴大。

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.

所以我們想做的是說，好吧，在我們開始考慮製造之前，我們希望能夠了解一旦你繼續努力並共同努力，這些產品的採用率會是多少在新興市場開發這些類型的產品，對吧？它非常適合我們與政府建立關係的駕駛室。我們與醫生和分銷區域都有關係。

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該策略——這既具有資本效率，又不會侵蝕該業務的毛利率。我對這個團隊深表敬意，因為他們確實能夠將我們在這些市場的存在定位為對那些真正不專注於新興市場的參與者的優勢。他們更專注於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，以便能夠在其他市場中利用這一能力。所以我想說我們現在正處於這個階段。好的，這有可持續性嗎？

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，我們所做的交易使我們的毛利率不會被稀釋，我們將看看情況如何。當您考慮我們正在開發的產品時，我們將在 2025 年開始推出。

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.

但你看看一些將在 26 年、27 年出現的大分子。這就是我的想法，當我們擁有一些非常大的機會（例如腫瘤學）時，這將為我們發揮巨大的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。也許是關於資本部署的最後一篇。我知道有人問過這個問題。 -- 我對股票回購很好奇。你們取得了驚人的成長。街道似乎並沒有給予讚揚。為什麼不？上半年你沒有看到任何股票回購。雅培為何對股票回購持保守態度？

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.

在過去的幾年裡，我們進行了大量的股票回購，可以說也趕上了一點，也許在我們2017 年和2018 年的兩次收購之後，我們沒有進行那麼多的回購。看我們的回購和股息，過去幾年我們的回報約為 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。今年還沒結束。再說一次，如果我們看到機會，我們就有很多機會可以做到這一點。所以我想說，我認為過去幾年我們在向股東返還現金方面做得非常好，而且這一承諾將繼續下去。

So I'll just close here.

所以我就在這裡結束吧。

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.

這對我們來說是一個偉大的季度，坦白說，與之前的五個季度相比，這是一個偉大的季度，我們實現了高於市場的成長。我對我們持續強勁的表現感到非常滿意。我們上調了銷售預期。我們的每股收益今年第二次上漲。

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.

最艱難的新冠病毒測試對比現已成為過去。所以我期待著——我們顯然會報告我們的新冠病毒測試銷售額，但你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恢復成長。我認為其中一個問題是顯示我們的每股收益以高個位數、兩位數的範圍結束今年，然後回到我們的公式，這就是我們感興趣的。半年。

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

那麼，我們就結束了，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 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。本次電話會議的網路直播重播將於今日中部時間上午 11 點後在雅培投資者關係網站 abbottinvestor.com 上播出。

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。