美國雅培 (ABT) 2024 Q4 法說會逐字稿

Good morning, and thank you for standing by.

早安，感謝您的支持。

Welcome to Abbott's Fourth Quarter 2024 Earnings Conference Call.

歡迎參加雅培 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

This call is being recorded by Abbott.

雅培正在錄音此次通話。

With the exception of any participant's questions asked during the question-and-answer session, the entire call, including the question-and-answer session, is material copyrighted by Abbott.

除參與者在問答環節中提出的問題外，整個通話過程（包括問答環節）均為雅培 (Abbott) 的版權資料。

It cannot be recorded or rebroadcast without Abbott's express written permission.

未經 Abbott 明確書面許可，不得錄製或重播。

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.

早安，感謝您加入我們。

With me today are Robert Ford, Chairman and Chief Executive Officer; and Phil Boudreau, Executive Vice President, Finance and Chief Financial Officer.

今天與我在一起的有董事長兼執行長羅伯特福特；以及財務執行副總裁兼財務長 Phil Boudreau。

Robert and Phil will provide opening remarks.

羅伯特和菲爾將致開幕詞。

Following their comments, we'll take your questions.

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 2025.

在我們開始之前，今天發表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 2025 年預期的財務結果。

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.

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.

我們截至 2023 年 12 月 31 日的 10-K 表年度報告第 1A 項「風險因素」中討論了可能影響雅培營運的經濟、競爭、政府、技術和其他因素。

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.

除非法律另有規定，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.

在今天的電話會議中，與以往一樣，將採用非公認會計準則財務指標來幫助投資者了解雅培的持續業務表現。

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. Note that Abbott has not provided the related GAAP financial measures on a forward-looking basis for the non-GAAP financial measures for which the company is providing guidance because the company is unable to predict with reasonable certainty and without unreasonable effort, the timing and impact of certain items, which could significantly impact Abbott's results in accordance with GAAP.

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。請注意，雅培並未前瞻性地提供公司正在提供指導的非 GAAP 財務指標的相關 GAAP 財務指標，因為公司無法以合理的確定性和不合理的努力來預測其發生的時間和影響某些項目可能會對雅培根據GAAP 得出的​​業績產生重大影響。

Unless otherwise noted, our commentary on sales growth refers to organic sales growth, which is defined in the press release issued earlier today.

除非另有說明，我們對銷售成長的評論均指有機銷售成長，其定義已在今天稍早發布的新聞稿中提及。

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

說完這些，我現在將電話轉給羅伯特。

Thanks, Mike.

謝謝，麥克。

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

大家早安，感謝大家的收看。

First, I want to express gratitude to my Abbott colleagues around the world whose hard work and passion with the driving forces of Abbott's continued success.

首先，我要向雅培世界各地的同事們表示感謝，他們的辛勤工作和熱情是雅培不斷取得成功的驅動力。

Abbott's commitment to innovation, operational excellence, and serving the needs of our customers resulted in another year of exceptional performance, which included achieving sales growth of 9.5% excluded COVID testing, delivering 70 basis points of gross margin profile improvement, driving acceleration in the growth of our earnings per share throughout the year, and developing and advancing new products through our rich pipeline.

雅培致力於創新、卓越營運和滿足客戶需求，從而在新的一年裡取得了卓越的業績，其中包括實現銷售額增長 9.5%（不包括 COVID 檢測），毛利率提高 70 個基點，推動增長加速全年每股收益，並透過我們豐富的產品線開發和推廣新產品。

The strong performance resulted in generating $8.5 billion of operating cash flow, which was used to reinvest in the business, fund capacity expansions, repay debt and returned $5 billion to shareholders in the form of dividends and share repurchases.

強勁的業績產生了 85 億美元的經營現金流，用於再投資業務、資助產能擴張、償還債務，並以股息和股票回購的形式向股東返還 50 億美元。

These accomplishments played a key role in continuing our well-established track record for delivering on our financial commitments, which included achieving results that finished at the high end of our initial guidance ranges we provided for 2024.

這些成就對於我們繼續履行財務承諾發揮了關鍵作用，其中包括實現 2024 年最初指導範圍高端的業績。

These results included exiting the year with a very strong momentum as fourth quarter sales grew 10%, excluding COVID testing sales, and adjusted earnings per share increased 13% versus the prior year.

這些業績包括以非常強勁的勢頭結束今年，因為第四季度的銷售額增長了 10%（不包括 COVID 檢測銷售額），調整後的每股收益較上年增長了 13%。

For 2025, we're well positioned to deliver another year of strong growth.

展望 2025 年，我們已做好準備，再次實現強勁成長。

As we announced this morning, we forecast organic sales growth to be in the range of 7.5% to 8.5% and adjusted earnings per share to be in the range of $5.05 to $5.25, which reflects double-digit growth at the midpoint.

正如我們今天早上宣布的那樣，我們預測有機銷售額增長將在 7.5% 至 8.5% 之間，調整後每股收益將在 5.05 美元至 5.25 美元之間，中間值反映了兩位數的增長。

I'll now summarize our fourth quarter results in more detail before turning the call over to Phil.

在將電話轉給菲爾之前，我將更詳細地總結我們第四季的業績。

I'll start with nutrition.

我先從營養開始。

Our sales increased 7% in the quarter.

本季我們的銷售額成長了 7%。

Growth in the quarter was driven by double-digit growth in adult nutrition, led by our market-leading Ensure and Glucerna brands.

本季的成長主要得益於成人營養產品的兩位數成長，其中以我們市場領先的 Ensure 和 Glucerna 品牌最為突出。

We achieved a significant milestone last year with annual sales of Ensure surpassing $3 billion.

去年，我們實現了一個重要的里程碑，Ensure 的年銷售額超過了 30 億美元。

This achievement helped deliver another year of strong performance in adult nutrition, with annual sales of adult nutrition products growing 9% last year.

這項成就助力成人營養品領域再創佳績，去年成人營養產品的年銷售額成長了 9%。

This strong performance is a continuation of a well-established trend.

這種強勁的表現是既定趨勢的延續。

The five-year compound annual growth rate in adult nutrition is 9%, which reflects the impact of our well-known and respected brands, favorable demographic trends, and the significant investments we've made to expand manufacturing capacity to serve the growing global demand for our products.

成人營養品的五年複合年增長率為 9%，這反映了我們知名和受人尊敬的品牌、有利的人口趨勢以及我們為擴大生產能力以滿足日益增長的全球需求而進行的重大投資的影響我們的產品。

Moving to diagnostics, where sales increased 6%, excluded COVID testing sales.

診斷業務的銷售額成長了 6%，但不包括 COVID 檢測銷售額。

Growth in the quarter was led by rapid diagnostics where excluded COVID testing sales increased 16% in the quarter.

本季的成長主要由快速診斷產品推動，其中不包括 COVID 檢測的銷售額在本季度增長了 16%。

This was driven by strong demand for our portfolio of respiratory disease tests used to help diagnose influenza, strep throat and RSV.

這是由於市場對用於幫助診斷流感、鏈球菌性咽喉炎和呼吸道合胞病毒的呼吸道疾病測試產品組合有著強烈的需求。

In core laboratory diagnostics, growth of 4% was driven by continued strong demand for our market-leading immunoassay, clinical chemistry, hematology, and blood screening testing panels.

在核心實驗室診斷領域，4% 的成長得益於對我們市場領先的免疫測定、臨床化學、血液學和血液篩檢測試面板的持續強勁需求。

Excluding the impact of challenging market dynamics in China, the combined growth in all other markets was double digits in the quarter.

除中國市場嚴峻情勢的影響外，本季其他所有市場合計均達到兩位數成長。

Turning to EPD, where sales increased 8.5% in the quarter.

談到 EPD，本季銷售額成長了 8.5%。

Growth was well balanced across markets and therapeutic areas that we participate in, including gastroenterology, women's health, CNS, and pain management.

我們參與的各市場和治療領域的成長都很均衡，包括胃腸病學、婦女健康、中樞神經系統和疼痛管理。

EPD also delivered broad-based growth across the markets we serve, including double-digit growth in several countries across Latin America, Southeast Asia, and the Middle East.

EPD 也在我們服務的市場實現了廣泛的成長，其中拉丁美洲、東南亞和中東的多個國家實現了兩位數的成長。

By focusing on the therapies most needed in these faster-growing markets, we continue to sustain our long track record of delivering strong growth, which includes a five-year compound annual growth rate for EPD of 8%.

透過專注於這些快速成長的市場中最需要的治療方法，我們繼續保持長期強勁成長的記錄，其中 EPD 五年複合年增長率為 8%。

And I'll wrap up with medical devices, where sales grew 14%.

最後我想說一下醫療設備，該領域的銷售額成長了 14%。

In diabetes care, sales of continuous glucose monitors were $1.8 billion in the quarter and grew 23%.

在糖尿病照護領域，本季連續血糖監測儀的銷售額為 18 億美元，成長 23%。

For the full year 2024, sales of continuous glucose monitors were approximately $6.5 billion and grew 22%.

2024 年全年，連續血糖監測儀的銷售額約為 65 億美元，成長 22%。

This included growth of 27% in the US where our market share on a revenue basis has increased by more than 10 share points over the last three years.

其中在美國實現了 27% 的成長，以收入為基礎的市佔率在過去三年中增加了 10 個百分點以上。

In electrophysiology, growth of 9% was well balanced across the US and international markets.

在電生理學領域，美國和國際市場均實現了 9% 的均衡成長。

As expected, growth in the quarter was impacted by a challenging comparison versus the prior year where we saw a sharp increase in demand for our Insight cardiac mapping systems as customers prepared for the launch of PFA catheters.

正如預期的那樣，與上年相比，本季度的成長受到了嚴峻的考驗，隨著客戶為推出 PFA 導管做準備，我們看到對我們的 Insight 心臟測繪系統的需求急劇增加。

Excluding the impact of this prior year comparison dynamic, growth would have been double digits globally in the US and internationally.

若不考慮去年同期動態的影響，美國乃至全球的成長率都將達到兩位數。

In structural heart, growth of 23% was driven by strong performance across our market-leading portfolio of surgical valves, structural interventions, and transcatheter repair and replacement products.

在結構性心臟領域，23% 的成長得益於我們市場領先的外科瓣膜、結構幹預以及經導管修復和更換產品組合的強勁表現。

Structural heart represents one of the most attractive areas in the field of medical technologies.

結構性心臟是醫療技術領域最具吸引力的領域之一。

It is an area that we have invested in heavily, and we're seeing those investments yield outstanding results.

我們在該領域投入了大量資金，並且我們看到這些投資取得了顯著的成果。

Our comprehensive portfolio of products drove an acceleration in sales growth in structural heart throughout the year.

我們全面的產品組合推動了結構心臟全年銷售成長的加速。

In rhythm management, growth of 7% was led by Aveir, our innovative leadless pacemaker, and Assert, our newest implantable cardiac monitor, which we launched in the US last year.

在心律管理方面，7% 的成長得益於我們創新的無導線心律調節器 Aveir 和我們去年在美國推出的最新植入式心臟監視器 Assert。

With growth of 7% for the full year, our rhythm management business delivered another year of performance that far exceeded the market, and we expect that to continue this year.

我們的節奏管理業務全年成長 7%，再次取得了遠超市場的業績，我們預計今年將繼續保持這一勢頭。

Last month, we announced that we completed the first-in-human implant of a new version of Aveir specifically designed to deliver pacing to the left bundle branch area of the heart, activating the heart's natural conduction system.

上個月，我們宣布完成了新版 Aveir 的首次人體植入，專門設計用於向心臟左束支區提供起搏，激活心臟的自然傳導系統。

This highly innovative device currently in development was granted breakthrough designation by the FDA.

這款目前正在開發的高度創新設備已被 FDA 授予突破性稱號。

In heart failure, growth of 9.5% was driven by our market-leading portfolio of heart assist devices, which offer treatment for chronic and temporary conditions.

在心臟衰竭方面，9.5% 的成長得益於我們市場領先的心臟輔助設備組合，可用於治療慢性和暫時性疾病。

In vascular, growth of 7% was led by double-digit growth in vessel closure products and growth from Esprit, our below-the-knee resorbable stent.

在血管領域，7% 的成長得益於血管閉合產品的兩位數成長以及膝下可吸收支架 Esprit 的成長。

And lastly, in neuromodulation, sales grew 8%, driven by strong demand in international markets for our Eterna rechargeable spinal cord stimulation device.

最後，在神經調節方面，銷售額成長了 8%，這得益於國際市場對我們的 Eterna 充電式脊髓刺激裝置的強勁需求。

So in summary, we delivered another quarter of strong growth, with sales growing 10% and earnings per share growing 13%.

總而言之，我們又實現了一個季度的強勁成長，銷售額成長了 10%，每股盈餘成長了 13%。

For the year, we achieved the upper end of the initial guidance ranges we provided for 2024.

今年，我們實現了 2024 年設定的初始指導範圍的上限。

We made great progress expanding our gross margin profile, and we expect that progress to continue into 2025.

我們在擴大毛利率方面取得了巨大進展，預計這一進展將持續到 2025 年。

The pipeline continues to provide a steady cadence of new growth opportunities, and we're well positioned to deliver another year of strong growth in 2025.

該通路繼續提供穩定的新成長機會，我們已準備好在 2025 年實現另一年的強勁成長。

I'll now turn over the call to Phil.

我現在將電話轉給菲爾。

Thanks, Robert.

謝謝，羅伯特。

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

正如 Mike 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以有機為基礎的。

Turning to our fourth quarter results.

談談我們第四季的業績。

Sales increased 8.8% on an organic basis and increased 10.1% when excluding COVID testing sales.

銷售額有機成長 8.8%，若不包括 COVID 測試銷售額則成長 10.1%。

Foreign exchange had an unfavorable year-over-year impact of 1.4% on fourth quarter sales.

外匯對第四季度的銷售額產生了 1.4% 的同比不利影響。

During the quarter, we saw the US dollar strengthen against most currencies, which resulted in unfavorable impact on sales compared to exchange rates at the time of our earnings call in October.

在本季度，我們看到美元兌大多數貨幣走強，與 10 月財報電話會議時的匯率相比，這對銷售產生了不利影響。

Regarding other aspects of the P&L, the adjusted gross margin ratio was 56.9% of sales, adjusted R&D was 6.3% of sales, and adjusted SG&A was 26.3% of sales in the fourth quarter.

至於損益表的其他方面，第四季調整後的毛利率為銷售額的 56.9%，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 26.3%。

Lastly, our fourth quarter adjusted tax rate was 15%.

最後，我們第四季的調整後稅率為 15%。

Turning to our outlook for 2025.

展望 2025 年。

Today, we issued guidance for full year adjusted earnings per share of $5.05 to $5.25, which reflects double-digit growth at the midpoint of the range and contemplates an adjusted earnings per share forecast of $1.05 to $1.09 for the first quarter.

今天，我們發布了全年調整後每股收益 5.05 美元至 5.25 美元的預期，這反映了區間中點的兩位數增長，並預計第一季調整後每股收益為 1.05 美元至 1.09 美元。

For the year, we forecast organic sales growth to be in the range of 7.5% to 8.5%.

我們預測今年的有機銷售額成長率將在 7.5% 至 8.5% 之間。

Please note that we are no longer providing separate guidance for the sales growth, excluding COVID testing sales as COVID testing sales represents less than 2% of total company sales in 2024.

請注意，我們不再提供單獨的銷售成長指引（不包括 COVID 測試銷售額），因為 COVID 測試銷售額在 2024 年占公司總銷售額的不到 2%。

Based on current rates, we would expect exchange to have an unfavorable impact of around 2.5% on full year reported sales, which includes an expected unfavorable impact of approximately 3.5% on our first quarter reported sales.

根據當前匯率，我們預計匯率將對全年報告銷售額產生約 2.5% 的不利影響，其中包括對我們第一季報告銷售額產生約 3.5% 的不利影響。

We expect our full year 2025 adjusted gross margin profile to be around 57% of sales, which reflects an improvement of around 80 basis points versus the prior year.

我們預計 2025 年全年調整後毛利率將達到銷售額的 57% 左右，比前一年提高約 80 個基點。

We forecast our full year 2025 adjusted operating margin profile to be in the range of 23.5% to 24% of sales, which reflects an improvement of 150 basis points versus the prior year at the midpoint of the range.

我們預測 2025 年全年調整後的營業利潤率將在銷售額的 23.5% 至 24% 之間，與前一年的中間值相比，將提高 150 個基點。

This improvement is driven by a combination of strong gross margin expansion and operating margin leverage.

這項改善是由強勁的毛利率擴張和營業利潤率槓桿共同推動的。

We forecast our adjusted tax rate to be in the range of 16% to 17%, which reflects an increase compared to last year related to the adoption of the Pillar 2 tax framework.

我們預測調整後的稅率將在 16% 至 17% 之間，這反映了與去年採用第二支柱稅收框架相關的成長。

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

現在，我們可以開始提問了。

(Operator Instructions) Robbie Marcus, JPMorgan.

(操作員指示) 摩根大通 (JPMorgan) 羅比·馬庫斯 (Robbie Marcus)。

Congrats on a nice quarter and guide.

恭喜本季取得的良好成績並取得良好的指導。

And maybe, Robert, I could start with the 2025 guide, once again guiding to high single-digit organic sales growth, healthy operating margin expansion and nice to see 10% EPS growth back in the algorithm again.

羅伯特，也許我可以從 2025 年的指南開始，再次引導高個位數的有機銷售額增長、健康的營業利潤率擴張，並且很高興看到演算法中再次出現 10% 的每股收益增長。

Maybe you could just speak to some of the key growth drivers and how we should think about the different business segments on the top line and some of the components of the operating margin expansion down the P&L?

也許您可以談談一些關鍵的成長動力，以及我們應該如何看待營業收入中的不同業務部門以及損益表中營業利潤率擴大的一些組成部分？

Sure, Rob.

當然，羅布。

Yes, it's nice to see kind of the headline print now back to double-digit EPS growth.

是的，很高興看到頭條新聞現在又回到了兩位數的每股收益成長。

I think that's probably one of the things that -- it's one of the things you'll see now, Robbie, as we go into 2025.

我認為這可能是其中之一——羅比，當我們進入 2025 年時，你會看到其中之一。

I mean, you've got a lot of growth drivers there.

我的意思是，那裡有很多成長動力。

But I think one of the big things is that you don't have the COVID sales decline cloud that's kind of overshadowing all these real strong growth drivers that we got in the business.

但我認為最重要的一點是，新冠疫情導致的銷售下滑陰雲並沒有遮蔽我們業務中所有真正強勁的成長動力。

And you saw that in Q3 as we showed 13% EPS -- sorry, in Q4 as we showed 13% EPS growth.

您在第三季度看到了這一點，當時我們的每股收益增長了 13%——抱歉，在第四季度，我們的每股收益增長了 13%。

So I think that's one big aspect.

所以我認為這是一個重要方面。

It's just not having those sales decline.

只是銷售額沒有下降而已。

I mean we've got COVID sales in 2025, but it's, as Phil said in his comments, significantly less from our total revenue perspective.

我的意思是我們在 2025 年實現了 COVID 銷售額，但正如菲爾在評論中所說，從我們的總收入角度來看，這一數字要少得多。

I think it starts with the top line always, Robbie, and the markets that we compete in, they remain attractive.

羅比，我認為這總是從營收開始，而我們競爭的市場仍然具有吸引力。

We're seeing acceleration in several of them.

我們看到其中幾個正在加速發展。

I mean we're a very diversified healthcare companies, so we get to benefit from all the different dynamics that are going on in healthcare, whether it's increased health and wellness focus from consumers, we get to benefit from that on our nutrition business.

我的意思是，我們是一家非常多元化的醫療保健公司，因此我們可以從醫療保健領域正在發生的所有不同動態中受益，無論是消費者對健康和保健的關注度增加，我們都可以從我們的營養業務中受益。

Every treatment requires a diagnostic test, about 70% of them require a diagnostic test, so we're seeing continued growth over there.

每種治療都需要進行診斷測試，其中約 70% 需要進行診斷測試，因此我們看到這方面的持續成長。

And then we've got two areas where we focus on treatments, whether it's pharmaceuticals or med tech.

我們有兩個重點治療領域，無論是藥品或醫療技術。

And so all of those markets, they're accelerating.

所有這些市場都在加速發展。

And then within them, we've got strong product portfolios that are either keeping up with these very high-growth markets, or we're outperforming the market and taking shares.

然後在這些市場中，我們擁有強大的產品組合，這些產品組合要么能跟上這些高成長市場的步伐，要么能超越市場並佔據份額。

And if you look at the contributions, we've got your current drivers, whether it's Libre, TriClip, Aveir, Navitor, Amulet, all of those products in the cardiovascular space.

如果你看一下貢獻，我們就會得到您目前的驅動因素，無論是 Libre、TriClip、Aveir、Navitor、Amulet，還是心血管領域的所有這些產品。

So the bases are loaded, I would call that.

所以我會稱之為壘上有滿員。

And then you've got a nice on-deck circle and the lineup of batters that are coming up right after that, whether it's biosimilars, volt, innovations in the Libre portfolio, some clinical trial readouts.

然後，您會看到一個漂亮的準備圈和緊隨其後的擊球陣容，無論是生物相似藥、伏特、Libre 產品組合中的創新，還是一些臨床試驗讀數。

So I think we feel very good about all of the businesses, and you saw all the businesses improved their growth from Q3 to Q4.

所以我認為我們對所有業務都感到非常滿意，而且您會看到所有業務從第三季到第四季都實現了成長。

So I think it starts with the top line, and I think we're well positioned in them.

所以我認為這是從營收開始的，而且我認為我們在營收方面處於有利地位。

To your question on the margin drivers, I'd say we've got -- we've done a lot of work on gross margin expansion.

對於你提到的利潤驅動因素的問題，我想說我們已經做了很多工作來提高毛利率。

We've talked about that committing to a 70-basis-point improvement in 2024.

我們已經討論過到 2024 年實現 70 個基點的改善。

We achieved that.

我們做到了。

We believe that we can achieve another 80 basis points of improvement in 2025, and that's what's embedded in that guide is continuous improvement on the gross margin in the tune of 80 basis points, will be driven by continued focus on gross margin improvement programs and then mix as some of the higher gross margin products continue to grow ahead of the company average, you get that mix effect.

我們相信，到2025 年，我們可以再實現80 個基點的改善，而這正是該指南中所包含的內容，即毛利率將持續提高80 個基點，這將透過持續關注毛利率改善計劃來推動，然後當一些毛利率較高的產品繼續以高於公司平均的速度成長時，您就會獲得組合效應。

And then down the P&L, I think you've got an opportunity, as we've talked about in the past, to be able to leverage the business and obtain spending leverage across the business.

然後，從損益表中可以看出，正如我們過去談到的那樣，我認為你有機會利用業務並獲得整個業務的支出槓桿。

And again, I think that was another challenge we had during COVID or as COVID was coming down, we really only relied on one lever of margin expansion, which was gross marginexpansion.

而且，我認為這是我們在 COVID 期間或 COVID 緩解過程中面臨的另一個挑戰，我們實際上只依賴一個利潤率擴張槓桿，那就是毛利率擴張。

I'd say now you've got two.

我想說現在你已經有兩個了。

We actually have two, which is our original formula, gross margin expansion and then spending leverage.

我們實際上有兩個，這是我們最初的公式，毛利率擴張和支出槓桿。

So you put all that together, you've got about 16% actually underlying growth in the EPS coming from the top line, the gross margin improvement and the spending leverage.

所以，把所有這些放在一起，你會發現，每股盈餘實際上有 16% 的潛在成長，這來自於營業收入、毛利率的提高和支出槓桿。

And then we've got, obviously, some friction on FX.

然後，我們顯然在 FX 上遇到了一些摩擦。

I think every company is going to face that as we've seen the strengthening dollar, and increased tax rates, which also aren't a surprise.

我認為每家公司都會面臨這種情況，因為我們已經看到美元走強，稅率上升，這並不令人意外。

We've known about that.

我們已經知道那件事了。

And so that brings us down to that 10%.

這樣我們就把這個數字降到 10%了。

So I kind of look at this and say, okay, what you've seen now for 2025 is the Abbott that we know, the Abbott identity that we built, which is high single-digit top line, double-digit bottom line, gross margin improvement, spending, leverage and productivity, strong operating cash flow.

所以，我看著這一切，然後說，好吧，你現在看到的2025 年是我們所知道的雅培，是我們建立的雅培身份，也就是高個位數的營收，兩位數的利潤，毛利利潤率提高、支出、槓桿率和生產力提高、營運現金流強勁。

We know how to deal with FX.

我們知道如何處理外匯。

So we deal with it every year, and we're dealing with it again this year and still being able to deliver double-digit EPS.

因此，我們每年都會處理這個問題，今年我們再次處理這個問題，並且仍然能夠提供兩位數的每股盈餘。

Dealing with a higher tax rate, so I think I saw some some notes about calendarization about maybe Q1 not coming in.

由於要處理更高的稅率，所以我認為我看到了一些關於日曆化的說明，關於第一季可能不會到來。

I could tell you, we looked at our Q1 and all of our gaiting or EPS is very much aligned to what it was in 2024.

我可以告訴你，我們查看了我們的第一季業績，發現我們所有的業績或每股盈餘都與 2024 年的水準非常一致。

It's very much aligned to what it was pre-COVID.

這與新冠疫情之前的情況非常一致。

So again, all the elements of Abbott and the Abbott identity that we know are there, and we're looking forward to 2025.

所以，我們所熟知的雅培的所有元素和雅培身份都還存在，我們期待著 2025 年。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

So Robert, I guess you talked about, it starts with the top line.

所以羅伯特，我想你談到了，它從頂線開始。

You had another really strong year for CGM with over 20% constant currency growth of $6.5 billion in sales.

今年對 CGM 來說又是一個強勁發展的年份，銷售額以固定匯率計算成長超過 20%，達到 65 億美元。

So I'd love to hear you talk about your expectations for growth in 2025 the status of the Libre 3 supply issues and any color you have on the LINGO launch?

所以我很想聽聽您談談對 2025 年成長的期望、Libre 3 供應問題的現狀以及您對 LINGO 發布的看法？

Sure.

當然。

So let me talk about Libre 3 supply.

那麼讓我來談談 Libre 3 的供應。

As we spoke about during the last call, Larry, there was a little bit of a mismatch, but our manufacturing coming up online and the demand that we were seeing, especially here in the US.

正如我們在上次電話會議中談到的那樣，拉里，存在一些不匹配的情況，但我們的製造業正在上線，我們看到了需求，尤其是在美國。

That caused a little bit of friction there, but as I said, we were in process of getting our new manufacturing site up and running.

這確實引起了一些摩擦，但正如我所說，我們正在啟動和營運新的生產基礎。

I was there in November and seen the team and that's going now at full force.

我去年 11 月去過那裡，見過那支球隊，現在他們正全力以赴。

So Libre 3 supply with two manufacturing sites up and running and I think you'll start to see throughout the next one or two quarters a change here and a little bit on the NBRXs and the TRXs.

因此，Libre 3 供應兩個已投入營運的製造基地，我認為您將在接下來的一兩個季度內開始看到這裡的變化，以及 NBRX 和 TRX 上的變化。

I know you guys like to look at those quite often, I guess, those are an important metric to look at it, Larry, but they're not the only metric to see how the businesses are doing.

我知道你們喜歡經常看這些，我想，這些是觀察它的重要指標，拉里，但它們並不是衡量企業運作的唯一指標。

I mean, I think you saw that in our Q4, we're able to grow the US 24%.

我的意思是，我想您已經看到，在我們的第四季度，我們能夠將美國經濟成長 24%。

So there are other elements that aren't measured.

因此還有其他元素未被測量。

I think you also -- you guys also saw the impact of relying exclusively on those data in Q3 as competitors had challenges also.

我認為你們也看到了在第三季完全依賴這些數據的影響，因為競爭對手也面臨挑戰。

So it's an important metric to look at, but I would say, it's not the only one, and I think we've kind of shown that here.

所以這是一個需要關注的重要指標，但我想說，它不是唯一的指標，我想我們在這裡已經展示了這一點。

So Libre 3 is doing pretty well and it's just going to get better.

所以 Libre 3 表現相當不錯而且會變得更好。

As I look at 2025, I'd say there are some pretty interesting kind of growth drivers here for us.

展望2025年，我想說我們將面臨一些相當有趣的成長動力。

I'd say, first, as a base case, I still think there's under-penetration in the intensive insulin using segment.

我想說，首先，作為基本情況，我仍然認為強化胰島素使用領域的滲透率不足。

I mean, if you look at the US, there's still 25% of that segment that are not on CGMs, and if you think about that international, it's more like 50%.

我的意思是，如果你看看美國，仍然有 25% 的人沒有使用 CGM，而如果你考慮國際，這個數字更有可能是 50%。

So I still think as a base case to driving all this growth, there's all this opportunity in this segment.

因此，我仍然認為，作為推動所有這些成長的基本情況，該領域存在著所有這些機會。

But I think there are three areas in 2025 that I believe accelerates that opportunity for us.

但我認為，2025 年有三個領域可以加速我們的這個機會。

One of them is obviously basal coverage.

其中之一顯然是基礎覆蓋。

And we continue to see, with the publication of more clinical evidence, you see more and more markets move towards expanding basal coverage, reimbursement coverage.

而且我們繼續看到，隨著更多臨床證據的公佈，越來越多的市場正朝著擴大基礎覆蓋範圍和報銷覆蓋範圍的方向發展。

Now we have a couple of markets where we're the only ones that do have that coverage, whether it's Japan or Canada.

現在我們是唯一在幾個市場上提供這種覆蓋的公司，無論是日本還是加拿大。

These are large markets.

這些都是很大的市場。

So these are great opportunities for us where we've got this head start and we'll keep on driving that.

所以這對我們來說是絕佳的機會，我們已經領先一步，並將繼續推動這一進程。

So I think Basel is a big bucket of growth.

所以我認為巴塞爾是一個巨大的成長空間。

I think the other area that I talked about as being an area of growth for us is more a kind of share -- ability to take share, and that's through connectivity strategies with insulin delivery systems.

我認為我談到的另一個對我們來說也是成長的領域更多的是一種份額——獲取份額的能力，那就是透過與胰島素輸送系統的連接策略。

We've been talking about all the things that we've been doing with regards to partnership with insulin pump companies.

我們一直在討論與胰島素幫浦公司合作所做的所有事情。

And I think you'll see throughout this year several announcements on connectivity in different geographies, and that gives us the opportunity to penetrate, albeit a smaller segment, but be able to penetrate that segment and take share.

我認為，今年您將會看到針對不同地區的多份連通性公告，這為我們提供了滲透的機會，儘管滲透的市場規模較小，但我們能夠滲透到該市場並佔據份額。

And I think the third area of growth for us of acceleration is just the whole OTC non-diabetes application, with the launch of LINGO, we continue to see very nice trends.

我認為我們加速發展的第三個成長領域是整個 OTC 非糖尿病應用，隨著 LINGO 的推出，我們繼續看到非常好的趨勢。

We've launched it in a restricted number of US cities, but I think now that we understand what it takes to be able to drive adoption with this completely different consumer segment that we'll probably be expanding this and expanding this more nationally here in the US and potentially looking at other areas internationally due to bring this.

我們已經在美國有限的幾個城市推出了這項服務，但我認為，既然我們現在已經了解如何才能推動這個完全不同的消費者群體採用這項服務，我們可能會在明年擴大這項服務，並在全國推廣。

So I think the LINGO launch is going very well.

所以我認為 LINGO 的發布進展非常順利。

In several areas, I think, it surpassed some of my expectations, especially regarding reorder rates.

我認為，在幾個方面，它超出了我的預期，特別是在重新訂購率方面。

And I think those continue, and I think that's going to be another kind of leg of the stool so to say on growth.

我認為這些趨勢將會持續下去，我認為這將成為經濟成長的另一個支柱。

So I think those are really the kind of growth drivers that we've got planned for Libre.

所以我認為這些確實是我們為 Libre 規劃的成長動力。

I think the insulin -- intensive insulin segment is still an opportunity, a pretty significant opportunity.

我認為胰島素強化胰島素領域仍然是一個機會，一個相當重要的機會。

And then you've got these three accelerators on top of that.

然後你就得到了這三個加速器。

Travis Steed, BofA Securities.

美國銀行證券公司的特拉維斯‧斯蒂德 (Travis Steed)

I wanted to ask about EP growth, so still strong high single digits in the quarter, and I think it was even faster than that, excluding the tough mapping comp.

我想問一下 EP 的成長情況，本季仍然保持強勁的高個位數成長，而且我認為，除艱難的映射比較外，成長速度甚至比這還要快。

There's a lot of things moving around in that market right now.

目前，市場上有很多事情正在改變。

One competitor had a big setback in PFA and your progress is moving forward withVOLT.

一位競爭對手在 PFA 中遭遇重大挫折，而您在 VOLT 中取得了進步。

So just thinking about how how you're thinking about EP growth in '25 as you bridge the PFA in '26 and your ability to kind of regain market share once VOLT launches?

那麼，試想一下，當您在 26 年彌合 PFA 差距時，您如何看待 25 年的 EP 成長，以及您在 VOLT 推出後重新獲得市場份額的能力？

Sure.

當然。

Yes.

是的。

I mean I think this was not a surprise for us, and it wasn't really driven by any kind of adoption of PFA regarding our Q4 growth rate.

我的意思是，我認為這對我們來說並不意外，而且這實際上並不是由我們第四季成長率採用任何形式的 PFA 所推動的。

In fact, as I've said in previous calls, I think the net effect for us has actually been very positive.

事實上，正如我在之前的電話會議中所說的那樣，我認為對我們來說，淨效應實際上是非常積極的。

What we did have was an execution of that strategy, Travis, where we said, okay, we're going to bridge ourselves, and one of the ways to do that is through our mapping.

特拉維斯，我們確實執行了這一策略，我們說，好吧，我們要建立橋樑，而實現這一目標的方法之一就是透過我們的繪圖。

And that's what really drove our success in 2024 is what we did in Q4 of 2023, really taking advantage of our ability to offer the only real open -- truly open mapping system.

這才是我們在 2024 年取得成功的真正動力，我們在 2023 年第四季所做的努力，真正利用了我們提供唯一真正開放——真正開放的地圖系統的能力。

So that created that comp issue.

所以這就產生了那個補償問題。

It was double digits in Q4, 12% in the US, 12% internationally, so still seem very good.

第四季的成長達到了兩位數，美國為 12%，國際為 12%，所以看起來仍然非常好。

And I think, again, I would say -- these results, I think we outperformed a lot of the expectations that many of you guys had about our EP business.

我想，我再說一次 — — 這些結果超出了你們許多人對我們的 EP 業務的預期。

And I think the driver of that has been the team.

我認為推動這項進程的是團隊。

The team in the field has just been spectacular, I think.

我認為，該領域的團隊表現非常出色。

And I've been close to them last year, and I think what they did was really strong.

去年我和他們關係密切，我認為他們的表現非常出色。

So I guess I answered your question on 2025, really looking at what we did in 2024.

所以我想我已經回答了你關於 2025 年的問題，真正看看我們在 2024 年做了什麼。

And I expect to continue to benefit in 2025 from the -- just the general increasing procedure trends.

我預計到 2025 年，我們將繼續受益於整體成長的程序趨勢。

We've got opportunities to grow with some recently launched products, whether it's our GridX our next-generation mapping catheter, our new Agilis introducer sheath, I mean that's a great opportunity for us also.

我們有機會透過一些最近推出的產品來實現成長，無論是我們的下一代映射導管 GridX，還是我們的新型 Agilis 導管鞘，這對我們來說也是一個很好的機會。

So yes, it's going to be a little bit more competitive.

所以是的，競爭將會變得更激烈一些。

It's been pretty competitive in 2024.

2024 年的競爭相當激烈。

I expect that intensity to increase when it comes to the ablation catheters.

我預計，當談到消融導管時，這種強度會增加。

But I'm confident that we can maintain a strong position in the mapping segment and everything that comes with all the consumables that come with that.

但我有信心，我們可以在測繪領域以及與之相關的所有消耗品領域保持強勢地位。

On top of that, our pipeline is very strong.

最重要的是，我們的管道非常強大。

We'll continue to engage KOLs and our customers.

我們將繼續與 KOL 和客戶互動。

We've got an ongoing trial right now with a dual energy source catheter internationally and in the US.

我們目前正在國際上和美國進行雙能量源導管的試驗。

We've got integration with ICE.

我們已經與 ICE 進行了整合。

We've got kind of new heaths to launch.

我們有一些新的健康問題需要解決。

So I think the pipeline allows us to continue that interaction with the KOLs and with the users.

所以我認為這個管道可以讓我們繼續與 KOL 和用戶互動。

So we should expect -- I think you mentioned bridging to PFA in 2026.

所以我們應該期待——我想你提到過 2026 年過渡到 PFA。

It's more like 2025 on PFA, at least internationally.

就 PFA 而言，這更像是 2025 年，至少在國際上是如此。

So I feel good about it.

所以我感覺很好。

And maybe you've got a tale of two halves, where the second half is going to grow faster than the first half as VOLT comes on board.

或許，你的故事分為兩個部分，隨著 VOLT 的加入，後半部分將比前半部分增長更快。

But I'd say, for the full year, high single digits seems like a good place to start, call that our base case.

但我想說，對於全年而言，高個位數似乎是一個好的起點，可以稱之為我們的基準情況。

And then to the point that you made about competition and some of the dynamics that have occurred in the last couple of weeks, it's still a little bit too early to tell, but that could be an opportunity for us also.

至於您提到的競爭以及過去幾週發生的一些動態，現在說還為時過早，但這對我們來說也可能是一個機會。

So I feel good about the business, not only the pipeline, but more importantly, the team that we've got.

因此，我對公司業務感到很滿意，不僅是產品線，更重要的是我們擁有的團隊。

They're doing an incredible real strong job.

他們做得非常出色。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Congrats on a strong finish to the year.

恭喜您今年取得了圓滿的成績。

I guess I had a two-part question, if you don't mind.

如果您不介意的話，我想我的問題分為兩部分。

Really strong operating margins, driven both by gross margins and operating leverage, but your gross margins are still below pre-pandemic.

營業利潤率確實很高，這得益於毛利率和營業槓桿，但您的毛利率仍低於疫情前的水平。

So I'm curious, when you look at the margins, how sustainable are these trends, perhaps not at triple digits, but should we be thinking about about trend margin framework as gross margins normalize?

所以我很好奇，當你看利潤率時，這些趨勢有多可持續，可能不是三位數，但隨著毛利率正常化，我們是否應該考慮趨勢利潤框架？

And my second part is on balance sheet.

我的第二部分是資產負債表。

I'm curious there's been some M&A activity picking up in medtech.

我很好奇，醫療科技領域的一些併購活動正在興起。

How you're thinking about devices versus diagnostics?

您如何看待設備與診斷？

I'm curious any thoughts on that cancer screening, MRD, et cetera?

我很好奇，對於癌症篩檢、MRD等，您有什麼看法？

I'll let Phil talk to the gross margin and the sustainability of that margin improvement, and then I'll take your balance sheet question.

我將讓菲爾談談毛利率以及利潤率提高的可持續性，然後我將回答您的資產負債表問題。

Yes.

是的。

Thanks, Robert and Vijay.

謝謝，羅伯特和維傑。

On the gross margin front, I think we spoke to this in the last few calls and nothing here has really changed relative to an underlying focus of the business and of the organization, as Robert touched on here.

在毛利率方面，我想我們在最近的幾次電話會議中已經談到了這個問題，但正如羅伯特在這裡提到的那樣，相對於業務和組織的根本重點而言，這裡並沒有什麼改變。

I think the difference in recent years causing that erosion was the significant inflation in commodity prices, which has really sort of resorted back to, I'd call it, normalized inflationary pressures that we're very much accustomed to managing through with our organizations and focus on gross margin expansion.

我認為近年來造成這種侵蝕的不同之處在於大宗商品價格的大幅上漲，這實際上已經回歸到我所說的正常化通膨壓力，我們非常習慣於透過我們的組織來管理這種壓力，注重毛利率的擴大。

And so what you saw in 2024 was exactly that, the recipe we're accustomed to and the commitment in 2025 we expect to do much of the same.

因此，您在 2024 年看到的正是我們習慣的做法，而我們預期 2025 年的承諾也會大致相同。

So from an expansion standpoint, we expect this to continue, and it's not a matter of if, but when we get back to the legacy historical gross margin profiles.

因此，從擴張的角度來看，我們預計這種情況將會持續下去，這不是是否的問題，而是當我們回到傳統的歷史毛利率狀況時。

Yes.

是的。

I guess on your question on balance sheet.

我想你的問題是關於資產負債表的。

I've always talked about this, Vijay.

我一直在談論這個，維傑。

I mean we do take this kind of balanced approach.

我的意思是我們確實採取了這種平衡的方法。

I'm not going to give you a formula of how much goes to here, how much goes to there.

我不會給你一個公式來告訴你這裡有多少，那裡有多少。

We do take a balanced approach.

我們確實採取了平衡的方法。

And on your M&A question, yes, there's been an uptake of activity, no doubt.

關於您提到的併購問題，是的，毫無疑問，併購活動有所增加。

There are some good opportunities out there and I don't think you're going to see a change in kind of rate environment, but maybe on the regulatory environment, I think that creates opportunity.

這裡存在一些很好的機會，我認為你不會看到利率環境的變化，但也許在監管環境方面，我認為這創造了機會。

I've said that we've got a strong organic pipeline.

我說過，我們擁有強大的有機管道。

It allows us to be selective.

它使我們能夠進行選擇。

It allows us to look at opportunities that make sense strategically, but also generate an attractive return.

它使我們能夠尋找具有戰略意義的機會，同時也能產生可觀的回報。

I talked about how ROIC is important for us also.

我也談論了ROIC對我們的重要性。

So not just top line, but return on that capital.

因此，不僅是營業收入，還有資本報酬率。

So we do take a position here of being stewards of that capital.

因此，我們確實在這裡扮演資本管理者的職責。

So I'd say, yes, we're in a great position.

所以我想說，是的，我們處於非常有利的地位。

We do have some debt to pay down this year, which we will.

我們今年確實有一些債務需要償還，我們會償還的。

I don't anticipate rates coming down to the point that we might want to look at refinancing that.

我預計利率不會下降到我們需要考慮再融資的水平。

So we'll pay off that debt.

所以我們會償還這筆債務。

It's about $1.5 billion this year.

今年約15億美元。

But even with that, we're in a great position to -- with our balance sheet to be able to leverage opportunities that we'll see, we talked about them.

但即便如此，我們仍然處於有利地位——透過我們的資產負債表，我們能夠利用我們看到的機會，我們已經討論過這些機會了。

There's opportunities in med tech, there's opportunities in diagnostics, and we're in a great position, and it allows us to be selective.

醫療科技領域存在機遇，診斷領域也存在機遇，我們處於有利地位，這讓我們可以選擇。

Josh Jennings, TD Cowen.

喬許詹寧斯（Josh Jennings），TD Cowen。

I echo Vijay's congrats on a strong finish to the year.

我與 Vijay 一樣對今年取得圓滿成功表示祝賀。

Another margin question just because the operating margin guidance for '25 was much stronger-than-expected, I think you talked about a lot of the drivers, Robert and Phil, but just a continued positive mix shift from stronger macro device contributions and the strong top line growth.

另一個利潤率問題只是因為 25 年的營業利潤率指引遠高於預期，我認為您談到了很多驅動因素，羅伯特和菲爾，但只是宏觀設備貢獻增強和強勁的持續積極組合轉變營業額增長。

But I was hoping you may just help us think through just the margin expansion opportunities in EPD, nutrition, and diagnostics.

但我希望您能幫助我們思考 EPD、營養和診斷領域的利潤擴張機會。

And just with the outsized expansion in '25, how should we be thinking about sustained open expansion in '26 and beyond?

那麼，鑑於25年的超大規模擴張，我們該如何考慮26年及以後的持續開放擴張呢？

And then should we be thinking about 50 to 100 basis points a year?

那我們是否應該考慮每年50到100個基點呢？

I appreciate you taking the question.

感謝您回答這個問題。

Yes.

是的。

I mean I'd like to get to that pre-pandemic gross margin.

我的意思是，我希望達到疫情前的毛利率。

I mean I know we talk a lot about this being behind where we were from a prepandemic.

我的意思是，我知道我們經常談論這種情況，因為我們的情況落後於疫情前的情況。

But our op margin profile, especially after our guidance for 2025 is actually ahead of that.

但我們的營業利潤率狀況，特別是在我們對 2025 年的預期之後，實際上已經高於這一水平。

So we've been able to achieve that through our spending and spending efficiencies.

因此，我們能夠透過支出和支出效率來實現這一目標。

But I think that's the right range to have.

但我認為這是正確的範圍。

I mean I think we've always had this notion.

我的意思是，我認為我們一直都有這種想法。

I mean, I talked about being able to offset FX and things like that and not provide any surprises.

我的意思是，我談到了能夠抵消外匯和類似的東西並且不會帶來任何意外。

That's part of the algorithm there, which is we're just constantly having to address gross margin.

這是演算法的一部分，也就是說我們必須不斷解決毛利率問題。

It's not like this initiative either because of inflation or bits of tariffs or anything like that, it's just we're constantly working to improve gross margins.

這項措施並不是因為通貨膨脹或關稅或諸如此類的原因，而只是我們一直在努力提高毛利率。

I'd say, on the nutrition side, those gross margins, given what we encountered over the last two years, those came down.

我想說，在營養方面，考慮到我們過去兩年遇到的情況，這些毛利率已經下降了。

But if you look at them, they have been improving sequentially almost like every quarter.

但如果你看一下它們，你會發現它們幾乎每季都在不斷進步。

We've got a ways to go to get back to where we were in 2022, Josh.

喬希，我們還有很長的路要走才能回到 2022 年的狀態。

That's a little bit more dependent on commodities and freight and distribution, things like that.

這更依賴商品、貨運和配送等。

But I think the teams have got a really good strategy here of kind of working on cost to serve and even, quite frankly, using some pricing where we felt we had to because of some of the increase in those commodities.

但我認為，我們的團隊已經制定了非常好的策略，即致力於降低服務成本，甚至坦白說，由於部分商品價格上漲，我們認為有必要採用某些定價方式。

So I think the nutrition gross margin is definitely an opportunity that we've got over the next couple of years.

因此我認為營養毛利率絕對是我們未來幾年的一個機會。

The pharmaceutical teams have done an incredible job at maintaining a gross margin under pretty significant FX.

製藥團隊在相當顯著的外匯影響下，在維持毛利率方面做出了令人難以置信的貢獻。

I mean they do a fantastic job at offsetting FX.

我的意思是他們在抵消外匯方面做得非常出色。

If you look at the margin profile in that business, it's actually increased several -- couple of hundred basis points over the last couple of years.

如果你看一下該業務的利潤率，你會發現過去幾年它的利潤率實際上增加了幾百個基點。

So they've been able to do that also through gross margin.

因此他們也可以透過毛利率來做到這一點。

And I think the other element is just ensuring that we keep on driving the med tech business that have accretive gross margins quite frankly, across all of those different business units.

我認為另一個因素是確保我們繼續推動醫療技術業務，坦白說，在所有不同的業務部門中實現毛利率的成長。

And if we can continue to do that, then that's how you get to that model of maybe 50 to 100 basis points every single year.

如果我們能夠繼續這樣做，那麼我們每年就能達到 50 到 100 個基點的水平。

That's our target.

這就是我們的目標。

We committed to 70, and we deliver to 70%, we're now committing to 80 for 2025.

我們承諾 70%，並且已經實現了 70%，現在我們承諾在 2025 年實現 80%。

And getting us closer to where we were pre pandemic.

讓我們更接近疫情前的狀態。

So I feel good about what we're doing, the strategy we got in place, the discipline that we have as a management team to review these programs and dedicate time.

因此，我對我們正在做的事情、我們制定的策略以及我們作為管理團隊審查這些計劃並投入時間的紀律感到滿意。

They don't just happen.

這些事情不會自然發生。

We've got to make decisions.

我們必須做出決定。

There's oversight.

存在疏忽。

So I feel good about it.

所以我感覺很好。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

I was hoping, Robert, you could go into a little bit more detail on the Structural Heart business.

羅伯特，我希望您能更詳細地介紹結構心臟業務。

As you kind of break down the pieces of that portfolio, you have a balance of drivers, some more legacy like MitraClip and some that are more emerging categories, like TriClip and the tricuspid repair segment.

當你對該產品組合進行細分時，你會發現驅動因素之間存在平衡，有些是較為傳統的，如 MitraClip，而有些則是較為新興的類別，如 TriClip 和三尖瓣修復部分。

But maybe you could help us think about the evolution of that business, which did very nicely through 2024, and how we should think about that into 2025?

但也許您可以幫助我們思考一下該業務的發展，該業務在 2024 年表現非常出色，以及我們應該如何思考 2025 年的發展？

And maybe I could just contextualize the broader outlook here, and I appreciate your comments about getting back to the Abbott of high single-digit top line and double-digit bottom line.

也許我可以在這裡將更廣泛的前景闡述清楚，我很欣賞你關於回到 Abbott 高個位數營收和兩位數利潤的評論。

But it looks like 2025 does carry some headwinds that may prove to be onetime in nature like VBP dynamics in China on the diagnostics side, the transient competition in EP.

但看起來 2025 年確實會帶來一些阻力，這些阻力可能被證明是一次性的，例如中國在診斷方面的 VBP 動態、EP 方面的短暫競爭。

So maybe you could kind of give us some color on Structural Heart, but also help contextualize the growth rate in 2025 as we think about the long term as well?

所以也許您可以給我們介紹一下“結構心臟”，同時也幫助我們從長期角度了解 2025 年的增長率？

Sure.

當然。

I think it's interesting, like the sixth question comes on Structural Heart after we posted a 23% growth.

我認為這很有趣，例如，在我們公佈了 23% 的成長率之後，第六個問題出現在 Structural Heart 上。

So thank you, David.

所以謝謝你，大衛。

As I said in my opening comments, I think this is one of the most attractive areas in med tech.

正如我在開場白中所說，我認為這是醫療科技領域最具吸引力的領域之一。

And it's one that we looked at several years ago and said we're going to build truly a market-leading portfolio of products.

這是我們幾年前就研究過的，我們說過要打造一個真正市場領先的產品組合。

And we're not going to just kind of rely on one platform to kind of drive growth, we're really going to assemble a full area here and look across the entire area.

我們不會僅僅依靠一個平台來推動成長，我們實際上會在這裡組成一個完整的區域並審視整個區域。

And even in surgical, I mean I think, I look at our Epic valve, the feedback I keep getting on the surgical side of it is just doing incredibly well and it's really a preferred go-to on the mitral side for surgical repair, replacement.

即使在外科手術中，我的意思是，我認為，我看看我們的Epic 瓣膜，我不斷收到的關於外科手術方面的反饋是它表現得非常好，它確實是二尖瓣手術修復、置換的首選。

But yes, I think in the past, David, I think our structural heart portfolio was just viewed as MitraClip.

但是的，大衛，我認為在過去，我們的結構性心臟投資組合僅被視為 MitraClip。

And quite frankly, the sales would say, yes, that's probably the case.

坦白說，銷售人員會說，是的，可能確實如此。

But as we've been building out the portfolio, building on our stroke prevention with PFO approval, with Amulet approval and driving growth there, Amulet did very well in Q4 also grew 25%.

但隨著我們不斷擴大產品組合，在獲得 PFO 批准的基礎上加強我們的中風預防，獲得 Amulet 批准並推動成長，Amulet 在第四季度表現非常出色，成長了 25%。

Getting into the aortic segment, right, and really being a player there that has established now clinical credibility, whether it's through clinical trials, but also actual real-world usage of the product.

進入主動脈領域，真正成為該領域中已經建立臨床信譽的參與者，無論是透過臨床試驗，還是實際在現實世界中使用該產品。

They've been seeing some of Navitor cases here in the US and just the feedback has been very, very positive.

他們已經在美國看到了一些 Navitor 案例，而且回饋非常非常積極。

So our aortic portfolio, therewe're making big investments, whether it's in our clinical trials or to build out our indications.

因此，我們正在對主動脈產品組合進行大規模投資，無論是在臨床試驗中還是為了確定我們的適應症。

We recently talked about -- shared that we are developing a balloon expandable TAVR valve, and we want to have a full aortic portfolio.

我們最近談到——我們正在開發一種球囊擴張式 TAVR 瓣膜，並且我們希望擁有完整的主動脈產品組合。

On the tricuspid side, we were one of the leaders there to say, hey, there's no real good transcatheter opportunity here here to treat TR.

在三尖瓣方面，我們是該領域的領導者之一，我們說，嘿，這裡沒有真正好的經導管機會來治療三尖瓣關閉不全症。

And TriClip has done very well.

TriClip 的表現非常出色。

It's done extremely well, quite frankly, throughout this year.

坦白說，今年以來，我們的表現非常出色。

I think the team has done an incredible job getting approved behind the competitor.

我認為該團隊在獲得競爭對手的認可方面做得非常出色。

I would say right now, our data says that the ratio of repair and replace is about 2:1, and we're leveraging all of that built in with MitraClip.

我現在想說的是，我們的數據顯示修復和更換的比例約為 2：1，我們正在利用 MitraClip 內建的所有這些功能。

So what you see is a Structural Heart portfolio, $2.5 billion growing, let's call it, more diversified and, quite frankly, very competitive products in these high-growth areas.

因此，您看到的是一個結構心臟投資組合，可以稱之為 25 億美元的成長，更加多樣化，坦白說，在這些高成長領域的產品非常有競爭力。

So I think that's going to continue, and we're committed to making these investments.

所以我認為這將會持續下去，並且我們致力於進行這些投資。

We've got new versions of Amulet to launch.

我們即將推出新版本的 Amulet。

We just got an approval for an updated version of TriClip to ease even more of the implant.

我們剛剛獲得了 TriClip 更新版本的批准，這將使植入操作更加簡單。

You're going to see clinical trials read out in this area for label expansion indications in TAVR and in LAA.

您將會看到該領域關於 TAVR 和 LAA 標籤擴展適應症的臨床試驗報告。

So this is an area that I think what you're seeing now, that kind of growth rate coming from the investments and just great execution from the team so

所以我認為你現在看到的這個領域，這種成長率來自於投資和團隊的出色執行，所以

--

--

What was your -- your question was about growth rate and

你的問題是──你的問題是關於成長率和

--

--

Yes, I was trying to seek a second question just to contextualize the 25% growth rate given some onetime-ish headwinds like VBP in China Diagnostics and the dynamics in EP being potentially kind of transient as well?

是的，我試圖尋找第二個問題，只是為了將 25% 的成長率與一些一次性阻力（例如中國診斷的 VBP 和 EP 的動態）聯繫起來，而這種阻力也可能是短暫的？

Yes.

是的。

I mean, listen, every quarter, every year, there's always going to be some headwind.

我的意思是，聽著，每季、每年，總是會遇到一些阻力。

I want to do is be able to assemble, David, more tailwinds than headwinds, right?

我想要做的是能夠聚集更多的順風而不是逆風，大衛，對嗎？

But yes, I mean, you mentioned one, which is a little bit of a headwind for us in our diagnostic business regarding VBP.

但是的，我的意思是，您提到了一個，這對我們關於 VBP 的診斷業務來說是一個小小的阻力。

That's going to be with us in 2025 as they're rolling out new panels of testing that's going to go through that.

2025 年我們也會遇到這種情況，因為他們將推出經過這項測試的新面板。

But outside of that, I'd say, the diagnostics business is doing very well.

但除此之外，我想說，診斷業務表現非常好。

Q4 growth rates in most areas were actually higher than the full year growth rate in those same areas, US, Latin America, Europe, even Japan were faster in Q4.

大多數地區第四季的成長率實際上高於全年成長率，美國、拉丁美洲、歐洲甚至日本在第四季的成長率都更快。

So yes, we do have a challenge, but most companies are going to do it.

是的，我們確實面臨挑戰，但大多數公司都會這樣做。

And you know what, we've gone through these, David.

你知道嗎，我們已經經歷過這些了，大衛。

Every company goes through a VBP, and what we're trying to do is, okay, we're not going to define the company by having this one kind of headwind.

每家公司都會經歷 VBP，而我們試圖做的是，我們不會透過這種逆風來定義公司。

We've got a lot more tailwinds to leverage.

我們還有很多順風可以利用。

We still have to deal with it.

我們仍需處理此事。

We're still managing it.

我們仍在管理它。

It's still an important part of the business.

它仍然是業務的重要組成部分。

But the company is more than just VBP in diagnostics and one important market, not just one market.

但該公司不僅在診斷領域擁有 VBP，而且還有一個重要市場，而不僅僅是一個市場。

So I think the growth rate is very robust.

所以我認為成長率非常強勁。

I mean, 8% at the midpoint on a base of $40 billion-plus, I think is pretty strong and pretty good.

我的意思是，在 400 多億美元的基礎上，中間值 8% 的成長率我認為是相當強勁、相當不錯的。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Nice quarter.

不錯的季度。

I'm curious if you could just sort of step back and talk about the overall health of the med tech market.

我很好奇，您是否可以退一步談談醫療科技市場的整體健康狀況。

I feel like I'm constantly answering questions on things such as volume and price.

我感覺我一直在回答有關數量和價格等問題。

And looking at you delivering mid-teens revenue growth, and I think you're seeing something that maybe not everybody is seeing, so I'd love to get your view on that.

看到你們實現了中等程度的收入成長，我想你們看到了一些可能不是每個人都看到的東西，所以我很想聽聽你們對此的看法。

Sure.

當然。

I mean I think it does put us -- I mean the way our portfolio is structured, Joanne, is that it does give us a little bit of bird's eye view into the entire healthcare system and the spectrum, right?

我的意思是，我認為它確實讓我們——我的意思是我們的投資組合的結構方式，喬安妮，它確實讓我們對整個醫療保健系統和範圍有了一點鳥瞰，對吧？

And I think if you're getting questions on med tech and med tech growth, I think all you've got to do is continue to look at what companies are reporting.

我認為，如果您對醫療技術和醫療技術成長有疑問，那麼您所要做的就是繼續關注公司報告的內容。

And what they're reporting is ultimately what we're seeing in the market, which is, it's not a pre-COVID pent-up demand.

他們所報告的最終就是我們在市場上看到的情況，即這不是疫情之前被壓抑的需求。

You are seeing a greater focus from whether consumers or the technologies that are being developed that are attracting more people into these procedures.

您會看到，無論是消費者還是正在開發的技術，都越來越受到關注，吸引了更多的人參與這些程序。

So I think what we're seeing here is continued utilization growth really driven by whether it's demographics, combined with the innovation.

所以我認為我們在這裡看到的是持續的利用率成長，這實際上是由人口統計和創新共同推動的。

I mean what the industry is doing in terms of the innovation that we're bringing to the market, it's pretty spectacular and the procedures are getting faster, they're getting less invasive, and that's attracting more people to look at, and select these procedures as a real viable first-line option versus guided medical therapy.

我的意思是，就我們為市場帶來的創新而言，這個行業正在做的事情相當了不起，而且程序越來越快，侵入性越來越小，這吸引了更多的人來關注和選擇這些與指導性藥物治療相比，手術是真正可行的第一線選擇。

So I think that's going to continue as long as we continue to see this innovation where we are obviously positioning ourselves pretty strongly in this, and you've seen sequential improvement in the growth rate across quite frankly, a lot of our businesses in med tech.

所以我認為，只要我們繼續看到這種創新，這種情況就會持續下去。成長率連續提高。

So I think the utilization is definitely increasing.

所以我認為利用率肯定在增加。

I think there's maybe some questions, okay, what's going to happen with pricing?

我想可能會有一些疑問，好吧，定價會發生什麼變化？

We've historically seen some price erosion in the past.

從歷史上看，我們曾經見過一些價格下跌的情況。

I'd say, over the last couple of years, it's actually been pretty stable.

我想說，在過去幾年裡，它實際上一直相當穩定。

So I don't know how that's going to play out.

所以我不知道事情會如何發展。

We've got a scenario here where we believe that with our portfolio, we'll see some pretty stable pricing.

我們目前的情況是，我們相信憑藉我們的投資組合，我們將看到相當穩定的價格。

But I think utilization, combined with stable pricing is what's driving this medtech growth.

但我認為利用率加上穩定的價格才是推動醫療技術成長的因素。

And we're seeing it in diagnostics, too.

我們在診斷中也看到了這一點。

A lot of our diagnostic business is actual hospital-based diagnostics.

我們的許多診斷業務都是實際的基於醫院的診斷。

So we're seeing those diagnostic tests and those routine diagnostics tests continue to increase, high single, double-digit, low double-digit growth rates in terms of utilization.

因此，我們看到這些診斷測試和常規診斷測試的使用率持續增加，呈現出高個位數、兩位數、低兩位數的成長率。

So I think that med tech is benefiting from just this increased utilization and consumers wanting to take care of themselves and looking at these technologies as a viable option for treatment.

所以我認為，醫療技術正受益於這種利用率的提高，以及消費者想要照顧自己並將這些技術視為可行的治療選擇。

Danielle Antalffy, UBS.

瑞銀的丹妮爾‧安塔菲 (Danielle Antalffy)。

Congrats on a really good quarter, strong end to the year.

恭喜您度過了一個非常好的季度，為今年畫上了圓滿的句號。

Robert, we've talked in the past, I mean, obviously, we talked a lot about med tech in the high-growth areas, but some areas where you've excelled or the legacy sort of slower growth businesses, I'm obviously thinking CRM being one of those mid- to high single digits growth.

羅伯特，我們過去談過，我的意思是，顯然，我們談了很多關於高成長領域的醫療技術，但你在某些領域表現優異，或者說是傳統的成長較慢的業務，我顯然我認為CRM 將會達到中高個位數的成長。

Can you talk about (technical difficulty) that you find in CRM (technical difficulty) other legacy businesses.

您能談談您在 CRM 和其他傳統業務中發現的技術難題嗎？

I'm thinking like heart failure, peripheral, and maybe how you're thinking about elevating those growth profiles in '25, but then also longer term?

我在想像心臟衰竭、週邊神經疾病，也許您如何考慮在 25 年提升這些增長概況，但隨後又是更長遠的？

Yes.

是的。

So one of our strategies that we looked at a couple of years ago, Danielle, was if you looked at our med tech business, it was growing like 8%, 9%.

丹妮爾，我們幾年前研究的策略之一是，如果你看看我們的醫療科技業務，你會發現它的成長率達到了 8%、9%。

And that was a combination of probably like high-growth areas like EP, structural heart, diabetes, even heart failure.

這可能是 EP、結構性心臟病、糖尿病甚至心臟衰竭等高成長領域的組合。

And 40% of the portfolio was relatively flat and that was mostly our vascular business and our CRM business.

40% 的投資組合相對平穩，主要是我們的血管業務和 CRM 業務。

And the way we looked at it is to get our med tech to be best-in-class, to be able to grow 12%, 13%, 14%, we need to continue the strong growth rate of structural heart, EP, diabetes, et cetera.

我們的看法是，要讓我們的醫療技術達到一流水平，才能實現 12%、13%、14% 的增長，我們需要繼續保持結構性心臟病、EP、糖尿病等疾病的強勁增長率等等。

But we had to find a way to accelerate the growth rate of our vascular and CRM businesses.

但我們必須找到一種方法來加速我們的血管和 CRM 業務的成長速度。

And we said, if we can get them, these have historically been flat growth markets.

我們說，如果我們能夠得到它們，這些市場在歷史上一直是平穩成長的市場。

If we can get them to grow 5% the way that would then work out is that we'd be able to elevate our med tech portfolio to the mid-teens.

如果我們可以讓它們成長 5%，那麼我們就能夠將我們的醫療技術投資組合提升到十五六歲時的水平。

So that's what we've been doing over the last couple of years, and the team have been executing on that.

這就是我們過去幾年一直在做的事情，團隊也一直在執行。

I think on the vascular space, what you've seen us do is kind of used a little bit a combination of organic and inorganic to accelerate and increase our participation in higher growth areas, specifically in the peripheral side.

我認為在血管領域，您看到我們所做的是使用有機和無機的結合來加速和增加我們在更高成長領域的參與，特別是在周邊領域。

So -- and I think you started to see that we've been growing -- this quarter was a good quarter.

所以 — — 我想你開始看到我們一直在成長 — — 這個季度是一個好季度。

Our target was around 5% for our vascular business by having those -- by having stronger pipelines and portfolios in that more peripheral space.

我們的目標是透過在更外圍的領域擁有更強大的管道和產品組合，將血管業務的成長率提高到 5% 左右。

And you're seeing that now start to happen.

現在您已經看到這種情況開始發生了。

On the CRM side, our big strategy here was organic and getting to launch a very comprehensive and be the leaders -- sorry, leaders in leadless.

在 CRM 方面，我們的主要策略是有機的，並推出非常全面的產品並成為領導者 - 對不起，是無領先領域的領導者。

So we launched a single chamber a couple of years ago, launched a dual chamber last year, going to get into conduct and pacing leadless also.

因此，我們幾年前推出了單室，去年推出了雙室，並將進入無線傳導和起搏領域。

And I think that you've seen that over the last two years, our CRM business has grown 7%.

我想大家已經看到，在過去的兩年裡，我們的 CRM 業務成長了 7%。

And I think we can continue to extend that with the strategy that we're doing, which is to really lead in this area.

我認為，我們可以繼續延續我們正在實施的策略，即真正引領這一領域。

I actually think that Aveir is probably the most underappreciated opportunities that we have in our portfolio.

事實上，我認為 Aveir 可能是我們投資組合中最被低估的機會。

Look at it right now, you're asking the question towards the end of the call, but I think really what you're seeing is these businesses, the focus, the innovation, the execution and now you're seeing those start to deliver on that strategy to bring these flat businesses up to mid -- at least mid-single-digit growth.

看看現在，你在通話結束時問了這個問題，但我認為你真正看到的是這些業務、重點、創新、執行，現在你看到它們開始發揮作用這項策略將使這些持平的業務實現中等－至少是中等個位數的成長。

I think there's the team doesn't like that I characterize them like that.

我認為球隊不喜歡我這樣描述他們。

So that's good.

這很好。

I'm glad that they think that they can do better than that.

我很高興他們認為他們可以做得更好。

But we've got a lot of opportunity in those big areas, and we think there's innovation to be had in those.

但我們在這些大領域中有很多機會，我們認為這些領域中可以進行創新。

So we feel good about it.

因此我們對此感覺很好。

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

接線員，請我們再回答一個問題。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Just maybe a follow-up here, given the tax guidance you gave for this year and some of the dynamics in US and overseas on tax policy.

考慮到您今年給出的稅收指導以及美國和海外稅收政策的一些動態，也許這只是一個後續問題。

It'd be great to get your perspective on maybe the direction of where those things are going and how we should think about them for Abbott.

我很想聽聽您對於這些事情的發展方向的看法，以及我們應該如何為 Abbott 考慮這些事情。

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

There's a lot of narrative at the moment going on.

目前有很多敘述正在發生。

But to your point and to kind of the guide that we referenced in our opening comments here, what we've reflected is all kind of current tax laws and guidance and geographic mix of where our business growth is coming from, which is about a 150-basis-point increase in the midpoint of this guide.

但對於你的觀點以及我們在開場白中提到的指南，我們反映的是所有現行稅法和指導以及我們業務增長的地理分佈，大約是 150 - 本指南中點的基點增加。

That increase in the guide is driven by the increased adoption of the rollout here of Pillar 2 as is currently enacted in countries.

指南的增加是由於各國越來越多地採用目前已頒布的第二支柱政策。

And so that's what we reflect.

這就是我們所反映的。

We continue to be a good taxpayer, compliant taxpayer, and we'll see how more of this narrative unfolds here.

我們將繼續做一個優秀的納稅人、遵紀守法的納稅人，我們將拭​​目以待這個故事將如何進一步展開。

But currently, we're running the operations and reflecting kind of what's known and as Robert highlighted, absorbing this still within kind of the way we run the business.

但目前，我們正在進行業務並反映已知的情況，正如羅伯特所強調的那樣，我們仍然將其融入我們經營業務的方式中。

Let me -- I want to add in on that one, Matt.

讓我——我想補充一下這一點，馬特。

I think you'll hear this topic come up quite a bit.

我想您會經常聽到這個話題。

And if I just take a bigger picture here.

如果我在這裡拍一張更大的照片。

I mean corporate tax rates tend to get politicized and especially during election years, and it's really not a political debate.

我的意思是，企業稅率往往會被政治化，尤其是在選舉年，而這其實並不是一場政治辯論。

In the business world, it's just an expense.

在商業世界中，這只是一項費用。

It's just another form of expense.

這只是另一種形式的開支。

And in our world, when one expense goes up, you've got to manage and other expenses have got to come down or maybe not increase at the same rate that they were increasing.

在我們的世界中，當一項費用增加時，你必須進行管理，而其他費用必須下降，或者可能不會以相同的速度增加。

And I think what you'll find -- what you find sometimes, you get a small handful of companies that maybe had a really low tax rate and then that viewpoint then gets unfairly applied to everyone -- every large company and then you get these predictable narratives of companies have got to pay their fair share, et cetera.

我認為你會發現——有時你會發現，有一小部分公司的稅率可能非常低，然後這種觀點被不公平地應用到每個大公司身上，然後你會發現這些可預見的公司必須支付其應付的份額，等等。

The reality is, most companies pay their fair share and then some.

實際情況是，大多數公司都支付了應付的份額，甚至更多。

I mean I could talk about Abbott.

我的意思是我可以談論阿博特 (Abbott)。

We -- our cash taxes are over 20%, and that's one thing that people never talk about is we use these kind of GAAP rates.

我們的現金稅超過 20%，人們從來不談論的一件事是，我們使用這種 GAAP 稅率。

But what really matters is cash taxes.

但真正重要的是現金稅。

That's the money that's going to be paid.

這就是要支付的錢。

And -- but more importantly, US companies, companies like Abbott, we play a key role in making the US economy so successful.

但更重要的是，美國公司，像雅培這樣的公司，在美國經濟如此成功的過程中扮演關鍵角色。

We're conducting a significant portion of the R&D in the US.

我們很大一部分研發工作是在美國進行的。

We invest billions of dollars in capital projects, which then drive this -- drive job growth.

我們在資本項目上投資了數十億美元，從而推動了就業成長。

Our CapEx spend has increased over 60% over the last couple of years.

在過去幾年裡，我們的資本支出增加了 60% 以上。

We increased our workforce by 20%.

我們的員工人數增加了20%。

And when you increase that workforce, you're investing hundreds of millions of dollars in employee healthcare and employee benefits.

當你增加勞動力時，你就要在員工醫療保健和員工福利方面投資數億美元。

So this Pillar 2 legislation -- this Pillar 2 rule here that got adopted, that's added.

因此，這項第二支柱立法——這項已通過的第二支柱規則是新增的。

And we -- I think this rate that Phil is kind of quoting that's an additional $200 million of expense.

而且我們 — — 我認為菲爾引用的這個費率是額外的 2 億美元支出。

That's all it is.

就是這樣。

It's $200 million of expense that is not going to investing in other areas.

這 2 億美元的開支是不會投資其他領域的。

And what's even more challenging is of those $200 million, two-thirds of it is actually going to be paid taxes to overseas countries.

更具挑戰性的是，這 2 億美元中，三分之二實際上要向海外納稅。

So that's not really a good policy for the US, and so we're absorbing this.

所以這對美國來說並不是一個好政策，所以我們正在吸收這項政策。

We're managing it.

我們正在管理它。

And I think I still said there are a couple still some new policies or new issues that we have to kind of work on.

我認為我仍然說過，還有一些新政策或新問題需要我們去處理。

But I think the overall goal here has got to be to ensure the competitiveness of US companies and US multinationals.

但我認為這裡的總體目標必須是確保美國公司和美國跨國公司的競爭力。

And I'm hoping we can get to that during the next 12 months or so.

我希望我們能在未來 12 個月左右實現這一目標。

Let me just kind of close then on the call.

那麼讓我結束這通通話。

I think we had a really strong finish to 2024.

我認為我們在 2024 年取得了非常好的成績。

We're exited our Q4 organic sales growth was over 10% on top line, 13% EPS, as I said, finished at the higher end of our range, expanded our gross margin, delivered what we said we were going to do.

我們非常高興看到第四季度有機銷售額成長超過 10%，每股盈餘成長 13%，正如我所說，達到了我們預期範圍的高端，提高了我們的毛利率，兌現了我們的預期目標。

The pipeline continues to be highly, highly attractive, steady cadence of great new growth opportunities.

此管道持續保持高度、極具吸引力，並穩步帶來巨大的新成長機會。

And I think, to Vijay's question, we've got a balance sheet that's going to provide us a lot of strategic flexibility.

我認為，回答維賈伊的問題時，我們的資產負債表將為我們提供很大的策略彈性。

So I think we're really well positioned to 2025.

所以我認為我們已經為 2025 年做好了充分準備。

So with that, I want to thank you for joining us today.

因此，我要感謝你們今天的參與。

Thank you, operator, and thank you all for your questions.

謝謝接線員，也謝謝大家的提問。

This now concludes Abbott's conference call.

雅培的電話會議到此結束。

A webcast replay of this call will be available after 11 AM Central Time today on Abbott's Investor Relations website at abbottinvestor.com. Thank you all for joining us today.

本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。感謝大家今天的參與。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a wonderful day.

祝大家有美好的一天。