美國雅培 (ABT) 2025 Q2 法說會逐字稿

Good morning and thank you for standing by. Welcome to Abbott's second-quarter 2025 earnings conference call. (Operator Instructions)

早安，感謝您的支持。歡迎參加雅培 2025 年第二季財報電話會議。（操作員指示）

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

雅培正在錄音此次通話。除在問答環節中參與者提出的問題外，整個通話（包括問答環節）均屬於雅培的版權資料。未經 Abbott 書面許可，不得錄製或轉播。

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

現在我想介紹投資者關係副總裁 Mike Comilla 先生。

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

早安，感謝您加入我們。今天與我一起的還有董事長兼執行長羅伯特福特 (Robert Ford) 和財務執行副總裁兼財務長菲利普布德羅 (Philip Boudreau)。羅伯特和菲爾將致開幕詞。根據他們的評論，我們將回答您的問題。

Before we get started, some statements made today may be forward-looking for purposes of the Private Securities Litigation Reform Act of 1995, including the expected financial results for 2025. 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. 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, 2024. 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.

在我們開始之前，今天所作的一些聲明可能是根據 1995 年《私人證券訴訟改革法案》做出的前瞻性聲明，包括 2025 年的預期財務結果。雅培警告稱，這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與前瞻性陳述中所示的結果有重大差異。我們截至 2024 年 12 月 31 日的 10-K 表年度報告第 1A 項「風險因素」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。除非法律要求，雅培不承擔因後續事件或發展而公開發布對前瞻性陳述的任何修訂的義務。

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

今天的電話會議將與以往一樣，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。這些非 GAAP 財務指標與我們今天的收益新聞稿和監管文件中的可比較 GAAP 財務指標相協調，可在我們的網站 Abbott.com 上查閱。

Note that Abbott has not provided the related GAAP financial measures on a forward-looking basis for the non-GAAP financial measures for which it 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. 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，雅培並未前瞻性地提供其正在提供指導的非 GAAP 財務指標的相關 GAAP 財務指標，因為公司無法在不付出不合理努力的情況下以合理的確定性預測某些項目的時間和影響，而這些項目可能會對雅培根據 GAAP 得出的業績產生重大影響。除非另有說明，我們對銷售成長的評論是指有機銷售成長，這在今天稍早發布的新聞稿中有定義。

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. Good morning, everyone, and thank you for joining us. At the halfway point of the year, we are on track with our key priorities and objectives. In the first half, we delivered high single-digit sales growth over 100 basis points of margin expansion in both gross margin and operating margin, double-digit earnings per share, and we achieved a number of important milestones related to advancing key programs in our new product pipeline.

謝謝，麥克。大家早安，感謝大家的收看。今年已過半，我們的主要優先事項和目標正在穩步推進。上半年，我們的銷售額實現了高個位數成長，毛利率和營業利潤率均擴大了 100 個基點，每股收益實現了兩位數增長，並且在推進新產品線關鍵項目方面取得了許多重要里程碑。

Our sales growth, excluded COVID testing sales, was 7.5% in the second quarter and 8% in the first half of the year. Our second quarter adjusted earnings per share was $1.26 and exceeded the consensus estimate and reflects 11% growth versus the prior year and 16% growth on a sequential basis compared to the first quarter.

不包括 COVID 檢測銷售額，我們的銷售額在第二季度增長了 7.5%，在上半年增長了 8%。我們第二季的調整後每股收益為 1.26 美元，超過了普遍預期，比上年增長了 11%，與第一季相比環比增長了 16%。

I'll now summarize our second quarter results in more detail before I turn the call over to Phil. And I'll start with Nutrition, where sales increased 3.5% in the quarter. Growth in the quarter was driven by 6.5% growth in Adult Nutrition, where Abbott is the global market leader, we continue to see strong demand for our Ensure and Glucerna brands in the markets around the world, and this growing demand is driven by consumers seeking a source of complete and balanced nutrition, especially for those focused on protein-rich diets and meeting the dietary requirements for managing diabetes.

在將電話轉給菲爾之前，我將更詳細地總結我們的第二季業績。我首先從營養品開始，該部門的銷售額本季成長了 3.5%。本季的成長得益於成人營養品 6.5% 的成長，雅培是該領域的全球領導者，我們繼續看到全球市場對 Ensure 和 Glucerna 品牌的強勁需求，而這種不斷增長的需求是由尋求全面均衡營養來源的消費者推動的，特別是那些注重高蛋白飲食和滿足管理糖尿病飲食要求的消費者。

Moving to Diagnostics, sales declined 1.5% in the quarter, predominantly due to the year-over-year decline in COVID testing sales and the impact of volume-based procurement programs in China. Together, these represent a projected headwind of around $700 million or 750 basis points on the full year 2025 sales growth in Diagnostics. Excluding China, Core Lab Diagnostics grew 8%, reflecting strong underlying demand in the markets around the world.

轉向診斷，本季銷售額下降了 1.5%，主要是由於 COVID 檢測銷售額同比下降以及中國批量採購計劃的影響。加起來，這些因素預計將對診斷行業 2025 年全年的銷售成長造成約 7 億美元或 750 個基點的阻力。除了中國外，Core Lab Diagnostics 成長了 8%，反映出全球市場強勁的潛在需求。

Turning to EPD. Our sales grew nearly 8% in the quarter, driven by strong performance in our key 15 markets, which surpassed $1 billion in quarterly sales for the first time. Key 15 markets include India, China, and other markets across Asia, Latin America, and Middle East. These markets represent the most attractive areas of growth for branded generic medicines. The growth in these markets is supported by favorable long-term healthcare economic and demographic trends, including higher birth rates, and expanding middle class aging populations and growing demand for access to high-quality healthcare solutions.

轉向 EPD。本季我們的銷售額成長了近 8%，這得益於我們主要的 15 個市場的強勁表現，這些市場的季度銷售額首次超過 10 億美元。主要 15 個市場包括印度、中國以及亞洲、拉丁美洲和中東的其他市場。這些市場是品牌仿製藥最具吸引力的成長領域。這些市場的成長受到長期有利的醫療經濟和人口趨勢的支持，包括更高的出生率、不斷擴大的中產階級老齡人口以及對獲得高品質醫療解決方案的需求不斷增長。

We serve this growing demand by offering a broad portfolio of branded generic medicines tailored to local conditions with a focus on key therapeutic areas. And additionally, we continue to make good progress towards building a best-in-class portfolio of biosimilars having completed 10 regulatory approval submissions across a range of emerging markets with launches projected to begin in 2026.

我們提供一系列根據當地情況量身定制的品牌仿製藥，重點關注關鍵治療領域，以滿足日益增長的需求。此外，我們在打造一流的生物相似藥產品組合方面繼續取得良好進展，已在一系列新興市場完成了 10 份監管審批，預計將於 2026 年開始上市。

And I'll wrap up with Medical Devices, where sales grew 12%, driven by double-digit growth in diabetes care, heart failure, structural heart, electrophysiology, and cardiac rhythm management. In Diabetes Care, sales of continuous glucose monitors were $1.9 billion in the quarter and grew 19.5%.

最後，我想談談醫療器材業務，該業務的銷售額成長了 12%，這主要得益於糖尿病護理、心臟衰竭、結構性心臟、電生理學和心律管理等領域的兩位數增長。在糖尿病照護領域，本季連續血糖監測儀的銷售額為 19 億美元，成長 19.5%。

In April, we announced a first of its kind collaboration with Epic, enabling direct integration of Libre sensor data into the leading electronic health record system. This seamless integration allows healthcare providers to easily view their patient's glucose data before, during, and after meeting with patients, supporting our goal of simplifying care to help deliver better outcomes for both healthcare providers and patients.

今年 4 月，我們宣布與 Epic 首次合作，將 Libre 感測器數據直接整合到領先的電子健康記錄系統中。這種無縫整合使醫療保健提供者能夠在與患者會面之前、期間和之後輕鬆查看患者的血糖數據，從而支持我們簡化護理的目標，幫助醫療保健提供者和患者獲得更好的結果。

In electrophysiology, we had several key accomplishments in the quarter, including delivering another quarter of double-digit sales growth, initiating the launch of our new Volt PFA catheter and completing enrollment ahead of schedule in our TactiFlex Duo US pivotal trial.

在電生理學方面，我們在本季度取得了幾項重要成就，包括再次實現兩位數的銷售額成長、啟動我們新的 Volt PFA 導管的上市，以及提前完成 TactiFlex Duo US 關鍵試驗的招募。

In Structural Heart, growth of 12% was led by a combination of continued share gains in TAVR, strong adoption of TriClip, and contributions from Amulet and MitraClip. During the quarter, we achieved several important milestones that demonstrate our commitment and progress toward expanding our portfolio of solutions to treat mitral valve disease.

結構性心臟領域實現了 12% 的成長，這得益於 TAVR 市場份額的持續成長、TriClip 的強勁採用以及 Amulet 和 MitraClip 的貢獻。在本季度，我們實現了幾個重要的里程碑，表明了我們致力於擴大治療二尖瓣疾病的解決方案組合的承諾和進展。

As the market leader in mitral valve repair, we continue to invest in the success of MitraClip. So in addition to currently pursuing a label expansion to increase the addressable market, we recently launched a next-generation version of MitraClip, that further enhances the procedure with improved deployment and deliverability.

作為二尖瓣修復市場的領導者，我們繼續投資 MitraClip 的成功。因此，除了目前正在尋求標籤擴展以增加可尋址市場之外，我們最近還推出了下一代版本的 MitraClip，透過改進部署和可交付性進一步增強了流程。

And to accompany our leading position in mitral valve repair, we expanded our focus several years ago to include the development of mitral valve replacement technologies. And in May, we announced FDA approval of our Tendyne mitral replacement valve, which offers a new treatment option for those who are not candidates for open heart surgery or mitral valve repair procedure.

為了鞏固我們在二尖瓣修復領域的領先地位，幾年前我們將重點擴大到二尖瓣置換技術的開發。今年 5 月，我們宣布 FDA 批准了 Tendyne 二尖瓣置換瓣膜，這為那些不適合接受心臟直視手術或二尖瓣修復手術的患者提供了一種新的治療選擇。

And at New York Valves conference a few weeks ago, we provided an encouraging update on the development of our new transfemoral mitral valve replacement product. We acquired this innovative technology as part of our venture investments program, which led to the acquisition of Cephea Valve Technologies in 2019. And following that acquisition, we continue to iterate and enhance the technology, and the FDA recently granted breakthrough designation. We plan to start the pivotal trial next year and look forward to creating a new solution to help treat the world's most common heart valve disease, which impacts the lives of millions of people around the world.

幾週前在紐約瓣膜會議上，我們提供了有關新型經股二尖瓣置換產品開發的令人鼓舞的最新消息。我們作為創投計畫的一部分收購了這項創新技術，並於 2019 年收購了 Cephea Valve Technologies。收購之後，我們繼續迭代和增強該技術，FDA 最近也授予了突破性技術頭銜。我們計劃明年開始關鍵試驗，並期待創造一種新的解決方案來幫助治療世界上最常見的心臟瓣膜疾病，影響著全世界數百萬人的生活。

In Rhythm Management, our strong performance is a result of our strategy to build a comprehensive portfolio capable of significantly outperforming the market on our own historical growth rates. Our growth this quarter of 10% was led by strong uptake of AVEIR, our innovative leadless pacemaker, which is driving growing adoption of leadless pacemakers in both the single and dual chamber pacing segments of the market.

在節奏管理中，我們強勁的業績源自於我們的策略，即建立一個全面的投資組合，該投資組合能夠憑藉我們自身的歷史成長率顯著超越市場。本季我們的成長 10%，這得益於我們創新無導線起搏器 AVEIR 的強勁成長，它推動了無導線起搏器在單腔和雙腔起搏器市場的日益普及。

In April, we announced late-breaking data from the AVEIR conduction system pacing feasibility study. This was the first study to evaluate using a leadless pacemaker to deliver a conduction system pacing which is a novel approach to pacing that closely mimics the heart's natural electrical rhythm. And following the successful outcome of this study, we are targeting to start the pivotal trial next year.

四月，我們公佈了 AVEIR 傳導系統起搏可行性研究的最新數據。這是第一個評估使用無線心律調節器進行傳導系統起搏的研究，這是一種與心臟自然電節律緊密相關的新型起搏方法。隨著這項研究的成功，我們計劃明年開始關鍵試驗。

In our heart failure business, often overshadowed by other high-growth businesses in our Medical Device portfolio, sales grew 14% in the quarter. This was driven by balanced growth across the portfolio, which included double-digit growth in ventricular assist devices used to treat both chronic and acute conditions, and double-digit growth in CardioMEMS, our implantable sensor for the early detection of heart failure. In Vascular, growth of 3.5% was led by double-digit growth in vascular imaging and vessel closure products and increasing contributions from Esprit, our below-the-knee resorbable stent. And lastly, in neuromodulation, growth of 4%, was led by strong performance of our alternate rechargeable spinal cord stimulation device in international markets, reflecting both continued uptake in existing markets and launches in new markets.

在我們的心臟衰竭業務中，該業務經常被醫療器材產品組合中的其他高成長業務所掩蓋，但本季的銷售額成長了 14%。這是由整個產品組合的均衡增長所推動的，其中包括用於治療慢性和急性疾病的心室輔助裝置的兩位數增長，以及用於早期檢測心臟衰竭的可植入感測器 CardioMEMS 的兩位數增長。在血管領域，3.5% 的成長得益於血管成像和血管閉合產品的兩位數成長，以及膝下可吸收支架 Esprit 的貢獻不斷增加。最後，在神經調節領域，4% 的成長得益於我們的替代可充電脊髓刺激裝置在國際市場的強勁表現，這反映了現有市場的持續成長和新市場的推出。

So in summary, our diversified model continues to provide a strong foundation that is both resilient and designed to sustainably deliver top-tier results now and in the future. And that's evident in our performance in the first half of the year, which, along with our outlook for the remainder of the year and the momentum heading into next year aligns with our long-term sustainable growth objectives of delivering high single-digit growth, healthy margin expansion, and double-digit EPS growth.

總而言之，我們的多元化模式繼續提供強大的基礎，既具有彈性，又旨在現在和將來可持續地提供一流的成果。這在我們上半年的業績中得到了明顯體現，加上我們對今年剩餘時間的展望和明年的發展勢頭，都符合我們長期可持續增長的目標，即實現高個位數增長、健康的利潤率擴張和兩位數的每股收益增長。

I'll now turn over the call to Phil.

我現在將電話轉給菲爾。

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

謝謝，羅伯特。正如 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基於有機基礎的。

Turning to our second quarter results. Sales increased 6.9% or 7.5% when excluding the COVID testing-related sales. Adjusted earnings per share of $1.26 increased 11% compared to the prior year and was above the consensus estimate.

談到我們的第二季業績。銷售額成長了 6.9%，若不包括 COVID 檢測相關銷售額，則成長了 7.5%。調整後每股收益為 1.26 美元，較上年增長 11%，高於普遍預期。

Foreign exchange had a favorable year-over-year impact of 0.5% on second quarter sales. During the quarter, we saw the US dollar weaken, which resulted in a favorable impact on sales compared to exchange rates at the time of our earnings call in April.

外匯對第二季銷售額產生了 0.5% 的年比有利影響。本季度，我們看到美元走弱，與 4 月財報電話會議時的匯率相比，這對銷售產生了有利影響。

Regarding other aspects of the P&L, the adjusted gross margin profile was 57% of sales, which reflects an increase of 100 basis points compared to the prior year.

至於損益表的其他方面，調整後的毛利率為銷售額的 57%，與前一年相比增加了 100 個基點。

Adjusted R&D was 6.3% of sales and adjusted SG&A was 27.7% of sales. Adjusted operating margin was 22.9% of sales, which also reflects an increase of 100 basis points compared to prior year.

調整後的研發費用佔銷售額的 6.3%，調整後的銷售、一般及行政費用佔銷售額的 27.7%。調整後的營業利益率為銷售額的 22.9%，與前一年相比增加了 100 個基點。

Based on current rates, we now expect exchange to have a relatively neutral impact on our full year sales, which includes an expected favorable impact of approximately 2% on our third quarter sales.

根據當前匯率，我們目前預計匯率將對我們的全年銷售額產生相對中性的影響，其中包括預計對我們第三季銷售額產生約 2% 的有利影響。

And lastly, for the third quarter, we forecast adjusted earnings per share to be in the range of $1.28 to $1.32.

最後，我們預測第三季調整後每股盈餘將在 1.28 美元至 1.32 美元之間。

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

現在，我們開始回答問題。

(Operator Instructions) David Roman, Goldman Sachs.

（操作員指示）高盛的 David Roman。

Thank you. Good morning. Appreciate you taking the question here. Maybe Robert, you could start by just putting 2025 performance into context for us. As I listen to the walk from the prior guidance to the updated guidance, I think it's pretty clear that it comes from some factors outside the US in Diagnostics plus COVID diagnostic headwinds. But maybe you could help us think through the headwinds you're seeing this year, the extent to which those are transient versus more permanent changes in the growth rate and what that looks like next year?

謝謝。早安.感謝您在此回答這個問題。也許羅伯特，你可以先為我們介紹 2025 年的表現。當我聽到從先前指南到更新指南的變化時，我認為很明顯，它來自美國以外的一些診斷因素以及 COVID 診斷阻力。但也許您可以幫助我們思考今年您看到的逆風，這些逆風在多大程度上是暫時的，而在多大程度上是增長率的更持久的變化，以及明年的情況會如何？

Sure, David. I guess I'll just start off with like our goal is to always ensure that every one of our businesses is meeting and beating, right? The reality is in the portfolio of Abbott and complexity and the broadness that we're geographically across the different types of products. You're going to have some businesses that will fall short time to time and others do better and we've seen that time and again.

當然，大衛。我想我應該先說，我們的目標是始終確保我們的每項業務都達到並超越預期，對嗎？現實情況是，雅培的產品組合非常複雜，而且我們在地理上涉及不同類型的產品。我們會發現有些企業時不時會失敗，有些企業會做得更好，這種情況我們已經多次看到。

The goal here, David, is always to really take all of that, all that complexity and just translate into reliable and sustainable growth. And that's what we've been doing this year. So when you say characterize your growth this year. Listen, we've got a device business that for the first half of the year has grown over 12%, double-digit growth in a lot of our businesses, our pharma business, has done very well, 8% growth in the first half, building the biosimilar portfolio. Nutrition first half about 5%, which is in the range that we've always expected them now that we've lapped a lot of the market share kind of recovery process here.

大衛，這裡的目標始終是真正將所有這些、所有這些複雜性轉化為可靠且可持續的成長。這就是我們今年一直在做的事情。所以當你說描述你今年的成長。聽著，我們的設備業務上半年成長了 12% 以上，許多業務都實現了兩位數成長，我們的製藥業務表現非常好，上半年成長了 8%，建立了生物相似藥產品組合。營養品上半年的成長率約為 5%，這符合我們的預期，因為我們已經完成了大部分市佔率的恢復過程。

So really, the challenge that we've had is twofold here. It's really drop-off on our COVID testing sales and some challenges in the China Core Lab market together with some changes that we've seen in the US funding for HIV testing. So you -- you look at that and say, okay, I'm not sure these are impacts that are 100% definite in the second half of the year, but I'm not going to sit here and try and kind of forecast what COVID testing is going to do.

所以實際上，我們面臨的挑戰是雙重的。我們的 COVID 檢測銷售額確實下降了，中國核心實驗室市場也面臨一些挑戰，同時我們看到美國愛滋病毒檢測資金也發生了一些變化。所以你——你看到這個然後說，好吧，我不確定這些影響在下半年是否 100% 確定，但我不會坐在這裡試圖預測 COVID 測試會產生什麼影響。

We had expected to see a China recovery in volume. We knew the price impact in China Core Lab, David, and we rolled that into our guidance. We had expected a market volume recovery to start happening quite frankly, starting in Q2. We haven't seen that. So we've moved that out into Q4.

我們原本預計中國銷量將回升。大衛，我們知道中國核心實驗室的價格影響，並將其納入我們的指導中。坦白說，我們曾預計從第二季開始市場銷售將開始復甦。我們還沒見過這種情況。因此我們將其移至第四季。

But you put all that together, it's -- together with the -- with the funding for HIV testing, that's over $1 billion of I guess, a headwind. And even with that $1 billion, we're still forecasting high single-digit growth and absorbing the impact of tariffs, which we now expect to be just $200 million of impact.

但如果你把所有這些加在一起，再加上愛滋病毒檢測的資金，我想這已經超過 10 億美元了，這是一個阻力。即使有這 10 億美元，我們仍然預測會有較高的個位數成長，並吸收關稅的影響，我們現在預計關稅的影響僅為 2 億美元。

FX, as Phil kind of said in his comments, is still a headwind versus prior year on the EPS side, but much less of a headwind than what we originally kind of anticipated back in January and quite frankly, people, too. So that helps offset some of the tariff impact.

正如菲爾在評論中所說的那樣，外匯對 EPS 方面來說與去年同期相比仍然是一個阻力，但與我們在 1 月份最初預期的阻力相比要小得多，坦率地說，人們也是如此。這有助於抵消部分關稅的影響。

So I put this all together, and you got -- it will be nice, David, to lap these to see these headwinds behind us next year. And then as you look to next year, you got all this great launch activity across all the businesses, whether it's Volt in the US, TactiFlex Duo internationally, the dual analyte sensor, the launch of the new Alinity system, the biosimilar kind of rollout.

所以我把這些都放在一起，你就得到了——大衛，明年把這些都繞一圈，看看我們是否能克服這些逆風，這將會很棒。展望明年，你會看到所有業務都推出了精彩的發布活動，無論是美國的 Volt、國際上的 TactiFlex Duo、雙分析物感測器、新 Alinity 系統的推出，還是生物仿製藥的推出。

So I look at all of that and I say, okay, you've got this headwind that we're facing here. Still we're committed to high single-digit growth and double-digit EPS growth. And then as you look into 2026, those headwinds aren't going to be there. And then you've got all this kind of great momentum, which I'm sure we'll talk about in other parts of the business.

所以當我看著這一切時，我說，好吧，我們正面臨逆風。我們仍然致力於實現高個位數成長和兩位數每股收益成長。展望 2026 年，這些不利因素將不再存在。然後你就獲得了這種巨大的動力，我相信我們會在業務的其他部分討論它。

So I look at 2026, I look at -- I know what the consensus are. They look very reasonable to me in that range of high single digits, double-digit EPS. It's in line with our historical growth. It's in line with the guidance we've given this year, and it's in line with what our long-term sustainable growth targets are. So yeah, it will be good to see these elements here that I've just kind of highlighted that are specific to diagnostics.

所以我展望 2026 年，我展望——我知道共識是什麼。在我看來，它們的每股盈餘在高個位數到兩位數的範圍內非常合理。這與我們的歷史成長一致。這符合我們今年給予的指導，也符合我們的長期永續成長目標。是的，很高興看到這裡我剛剛強調的這些特定於診斷的元素。

And I'll just take it a step further here. I mean if you look at our -- and I mentioned this in the opening comments here, our core lab business outside, and I hate doing this, but I think it gives context. If you look at the US was up 7%, 8%. The European region was up 8%. Our Latin America region was high teens. So our Core Lab business is very well. Alinity is doing very well.

我在這裡將更進一步。我的意思是，如果你看看我們的——我在開場白中提到了這一點，我們在外面的核心實驗室業務，我不喜歡這樣做，但我認為它提供了背景。如果你看美國，你會發現它上漲了 7%、8%。歐洲地區上漲了8%。我們的拉丁美洲地區的比例高達十幾歲。因此我們的核心實驗室業務非常好。Alinity 表現非常好。

We just got this issue that we're going to have to go through this year as it relates to VBP and the disruption that happened in our Core Lab business in China. But we're still very bullish on this segment. We still believe it's a very important part of the healthcare system. So like I said, looking forward for these headwinds to be behind us and we're well set up for next year.

我們剛剛遇到了這個問題，今年我們必須解決這個問題，因為它與 VBP 以及我們在中國的核心實驗室業務發生的中斷有關。但我們仍然非常看好這一領域。我們仍然相信它是醫療保健體系中非常重要的一部分。所以就像我說的，我們期待這些不利因素能夠過去，並為明年做好充分的準備。

That's very helpful. Maybe just push a little bit harder on one point there. If I look at the guidance for this year, it's really kind of 8.5% when you take out some of those onetime headwinds. One thing you didn't mention was -- obviously, in EP, you faced a little bit of a portfolio gap this year, and that looks to fully resolve as you head into the back half of the year and into next year.

這非常有幫助。也許只要在某一點上再加把勁兒就行了。如果我看今年的預期，如果消除一些一次性的不利因素，成長率實際上會達到 8.5%。您沒有提到的一件事是——顯然，在 EP 中，您今年面臨一些投資組合缺口，而隨著您進入下半年和明年，這個問題似乎會完全解決。

So is there a scenario in which we could see some of these onetime headwinds reverse and see the growth rate accelerate into 2026? And correspondingly, do you see that fall through to the bottom line, recognizing it's early to talk about '26, but just conceptually some of these headwinds fading and some of those pipeline drivers starting to kick in more significantly?

那麼是否存在這樣一種情景：我們可以看到這些曾經的逆風發生逆轉，成長率在 2026 年加速？相應地，您是否認為這會影響到最終結果，承認現在談論 26 年還為時過早，但從概念上講，其中一些不利因素正在消退，而一些管道驅動因素開始發揮更重要的作用？

Yeah. Listen, there's definitely a scenario where you could see that growth rate accelerate, right? I mean it's a little bit early to kind of put a full stop on that. But there's definitely opportunities across the portfolio, which we'll talk about likely that said, hey, this -- you mentioned electrophysiology. I mean that's been one part of our portfolio that has consistently kind of exceeded the expectations, both expectations, quite frankly, that you guys have had and the expectations that we've had.

是的。聽著，肯定存在這樣一種情況，你可以看到增長率加速，對嗎？我的意思是現在就結束這件事還為時過早。但整個投資組合中肯定存在機會，我們很可能會談論這一點，嘿，這個 - 你提到了電生理學。我的意思是，這是我們投資組合的一部分，它一直超出預期，坦白說，既超出了你們的預期，也超出了我們的預期。

So yeah, I mean, there's definitely opportunity as these reverse out to see that acceleration. Maybe a little bit early to say that. But right now, in terms of where we're sitting for '26, I feel very comfortable with that.

是的，我的意思是，隨著這些逆轉的出現，肯定有機會看到加速。現在這麼說也許有點早。但就目前而言，就我們 26 年的處境而言，我對此感到非常滿意。

Thanks. Appreciate you taking the question and bearing with me here as I have a cold today. Thank you.

謝謝。感謝您回答這個問題並耐心等待我，因為我今天感冒了。謝謝。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Great. Good morning. Thanks for taking the questions. Two for me. I'll ask them both upfront, both product questions. Diabetes and EP, both performed really well in the quarter, particularly US Libre, it was good to see US double-digit EP. Maybe just walk through some of the trends you're seeing in each of those product lines, especially in diabetes, there was a lot of buzz around Ketone integration and that product coming from Abbott. So what are you seeing in diabetes? And then also EP, especially now with Volts launching outside the US. Thanks.

偉大的。早安.感謝您回答這些問題。對我來說是兩個。我會提前問他們兩個關於產品的問題。糖尿病和 EP 在本季度都表現良好，尤其是美國 Libre，很高興看到美國 EP 達到兩位數。也許只是瀏覽一下您在每條產品線中看到的一些趨勢，特別是在糖尿病領域，圍繞酮整合和雅培推出的產品有很多討論。那麼，您在糖尿病中看到了什麼？還有 EP，尤其是現在 Volts 已經在美國以外推出。謝謝。

Sure, Robbie. Yes, another great quarter of Libre, almost 26% in the US, an acceleration internationally. Also, I think all three months we're seeing great momentum. So if you look at intensive -- the intensive insulin user segment, obviously, that's been a key growth driver for the market. But there are still segments there that are underpenetrated, and we're seeing nice growth in there. And the new sensor you referenced, I think, is going to definitely accelerate there.

當然，羅比。是的，Libre 又迎來了一個出色的季度，在美國市場成長了近 26%，國際市場也加速成長。此外，我認為在這三個月裡我們都看到了強勁的發展勢頭。因此，如果你看一下密集型——密集型胰島素用戶群，顯然，這是市場成長的關鍵動力。但那裡仍有一些領域尚未完全滲透，而且我們看到那裡出現了良好的成長。我認為，您提到的新感測器肯定會在那裡加速發展。

The Basal segment is doing very well. A big growth driver for us and still market leader here. Our view globally is we've got about a 70% share, you know some of the markets that have kind of began reimbursing for Basal, Robbie. We're starting to see more markets go down this path and start reimbursing Basal, whether it's like specific tenders and regions or different parts of healthcare systems. So that's good, and we see like sustainability to that growth rate and our position in those international markets.

基礎部分錶現非常好。這對我們來說是一個很大的成長動力，並且仍然是這裡的市場領導者。我們在全球範圍內的觀點是，我們擁有大約 70% 的份額，你知道一些市場已經開始為 Basal、Robbie 償還費用。我們開始看到越來越多的市場走上這條道路並開始報銷基本醫療費用，無論是特定的招標和地區，還是醫療保健系統的不同部分。這很好，我們看到了這種成長率和我們在國際市場上的地位的可持續性。

And then the noninsulin user segment is doing very well, very nicely too. I mean I think right now, you've seen commercial coverage here in the United States. I'd say round about 30% is what we're seeing, and that's doubled over the last three years. So I think the trends are doing very nicely there. And can see that continuing for the foreseeable future as part of our road to $10 billion in revenue.

非胰島素使用者群體的表現也非常好。我的意思是，我認為現在您已經在美國看到了商業報道。我想說我們看到的大約是 30%，並且在過去三年中翻了一番。所以我認為那裡的趨勢非常好。並且可以看到，在可預見的未來，這種情況將繼續下去，這是我們實現 100 億美元收入的一部分。

Your question on -- or at least your comment on the dual analyte sensor, I think this is going to be, I think, a real next level, kind of, I'd say, significant change in the CGM market, specifically for the intensive users. Ketone monitoring helps prevent diabetic ketoacidosis. We have a legacy of being in that we were the first company to develop a blood test, a rapid blood test for that many decades ago. So we know how important it is. It could be life-threatening.

關於您的問題——或者至少是您對雙分析物感測器的評論，我認為這將是一個真正的下一個層次，可以說是 CGM 市場的一個重大變化，特別是對於密集用戶而言。酮監測有助於預防糖尿病酮酸中毒。我們擁有悠久的歷史，我們是第一家開發血液檢測的公司，幾十年前就開發了快速血液檢測。所以我們知道它有多重要。這可能會危及生命。

The ADA conference you referenced, I thought there was some interesting clinical data that showed it was 30% of pediatric patients and 40% of adult participants in this trial saw like increased Ketone levels that put them at risk if there was an interruption on insulin delivery. So there's clearly a need for this patient segment. I think you saw that all the announcements that came out during the conference with all the pump integration. So there's clearly a need there. It's understood.

您提到的 ADA 會議，我認為有一些有趣的臨床數據顯示，在本次試驗中，30% 的兒科患者和 40% 的成人參與者出現酮水平升高，如果胰島素輸送中斷，他們會面臨風險。因此，顯然對這個患者群體有需求。我想您已經看到了會議期間發布的所有有關泵浦整合的公告。所以顯然存在這種需求。明白了。

And an opportunity to expand even further, we know that Ketone monitoring here is going to create a path for doctors to prescribe SGLT2s for type 1s. These are great drugs that offer a lot of cardiovascular benefits, but they come with a DKA risk. So we think that's going to have a huge opportunity, too.

這是一個進一步擴展的機會，我們知道這裡的酮監測將為醫生為 1 型糖尿病患者開出 SGLT2 藥物開闢一條途徑。這些都是對心血管有許多益處的優秀藥物，但也伴隨 DKA 風險。因此我們認為這也將是一個巨大的機會。

So good trends in the existing segments right now, Robbie. And I think that our position is just going to be strengthened even more as we bring out the innovation. And I am so looking forward to that.

羅比，目前現有領域的趨勢良好。我認為，隨著我們不斷推出創新，我們的地位將會進一步加強。我非常期待這一點。

I think on your question on EP, yes, we saw good double-digit growth in EP this quarter, double-digit growth last quarter, saw an acceleration in the US growth rate this quarter versus last quarter. and a lot of attention now shifting towards rolling out of Volt to the international markets.

關於您關於 EP 的問題，是的，本季度 EP 實現了良好的兩位數增長，上個季度也實現了兩位數增長，而且本季度美國的增長率與上個季度相比有所加快。現在很多注意力都轉向將 Volt 推向國際市場。

We tend to like -- we like to launch our products in a more kind of limited fashion. So when you move from clinical trials to full out launch, we like to have this little period in between here, Robbie, where we get to just put it out in a little bit more of an environment that we can just make sure that we're clearly understanding and getting all the feedback in a more direct fashion. And when you go a little bit more focused, you get a great opportunity to do that.

我們傾向於以更有限的方式推出我們的產品。因此，當你從臨床試驗轉向全面推出時，羅比，我們希望在這中間有一段短暫的時間，我們可以把它放在一個更加舒適的環境中，這樣我們就可以確保我們能夠清楚地理解並以更直接的方式獲得所有的反饋。當你更加專注時，你就會得到一個很好的機會來實現這一點。

So really focusing right now on the sites that were that were enrolled in our trials, and the feedback has been excellent. I think that it stacks up very well versus competitors. I think the balloon design is perfect for PVI. I think it optimizes a lot of the process. And if you think about where the prior balloon-based systems were used in Europe, I think this fits very nicely there. But its efficacy is great. Peroxisomal data is best-in-class.

因此，我們現在真正關注的是參與試驗的站點，而且回饋非常好。我認為它與競爭對手相比非常出色。我認為氣球設計非常適合 PVI。我認為它優化了很多流程。如果您想想之前在歐洲使用氣球系統的情形，我認為這非常適合那裡。但其功效卻是很大的。過氧化物酶體數據是同類最佳的。

As we said during the period we were talking about the development of Volt, we believe in mapping and contact and visualization of contact. And I think that's what we're seeing for these early cases here. We're just providing really real-time feedback on tissue contact. That leads to fewer applications leads to fewer less fluoro time, leads to less muscle contraction which I think is really important.

正如我們在討論 Volt 開發期間所說的那樣，我們相信映射、接觸以及接觸的可視化。我認為這就是我們在早期病例中看到的情況。我們只是提供有關組織接觸的即時回饋。這會導致應用次數減少，導致氟時間減少，導致肌肉收縮減少，我認為這非常重要。

If you think about some of the segments globally that are going to start to really advance in terms of market segments, segments that will benefit by having a procedure that could be done without general anesthesia and just with general sedation. And I think Volt fits very nicely into those segments there, too.

如果你考慮一下全球範圍內一些將在市場區隔方面開始真正取得進步的領域，這些領域將受益於無需全身麻醉、只需全身鎮靜即可完成的手術。我認為 Volt 也非常適合這些領域。

So -- so far, so good. The team is doing a great job. They've been doing a great job over the last couple of years. And I think they're excited now to transition to this phase of the strategy, now that we've gained a lot of market share with mapping, and that's not bringing the PFA catheter that we think is very competitive.

所以——到目前為止，一切都很好。該團隊表現出色。過去幾年他們一直表現得非常出色。我認為他們現在很高興過渡到戰略的這個階段，因為我們現在已經通過映射獲得了很大的市場份額，而且這並沒有帶來我們認為非常有競爭力的 PFA 導管。

Appreciate it. Thanks, Robert.

非常感謝。謝謝，羅伯特。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning. Thanks for taking the question. Robert, I just wanted to ask one follow-up question or multipart follow-up question on Libre. First, I'd love to get your reaction to the proposed competitive bidding for CGM and what that could mean for you.

早安.感謝您回答這個問題。羅伯特，我只想問一個關於 Libre 的後續問題或多部分後續問題。首先，我很想了解您對 CGM 擬議的競爭性投標的反應以及這對您意味著什麼。

Second, the RFK junior comments on wearables, do you think that could accelerate type 2 non-insulin CMS coverage? And just lastly, on the dual Ketone sensor, do you think that could drive share gains for you in intensive insulin patients where your share is lower? Thank you.

其次，RFK 小輩對穿戴式裝置的評論，您認為這可以加速 2 型非胰島素 CMS 覆蓋嗎？最後，關於雙酮感測器，您是否認為這可以為您在密集胰島素治療患者中的市場份額帶來成長？因為您的市場佔有率較低。謝謝。

Sure. So three-parter. So on competitive bidding, Larry, listen, there was nothing unexpected in the CMS proposal document here. I don't think there's any major changes as it relates to CGM. If CMS chooses to do competitive -- go down the competitive bidding route. It's really going to be the DMEs that are going to be the ones doing the bidding, not the CGM manufacturers.

當然。所以分為三部分。因此，關於競爭性投標，拉里，聽著，CMS 提案文件中沒有什麼意外的事情。我認為與 CGM 相關的不會有任何重大變化。如果 CMS 選擇競爭——那就走競爭性投標路線。真正參與競標的是 DME，而不是 CGM 製造商。

I think this is probably going to take a couple of years to fully implement the process. And I don't expect there to be an impact on Abbott, but we're going to continue to monitor. And as I've said in other situations, one of the things that we've got to keep on doing here is to be the leader of scale, leader of cost and so we'll continue to monitor, and we'll be ready.

我認為，這項進程可能需要幾年的時間才能完全實施。我預計這不會對雅培產生影響，但我們會繼續關注。正如我在其他情況下所說的那樣，我們必須繼續做的事情之一就是成為規模的領導者、成本的領導者，因此我們會繼續監控，並做好準備。

Your other question was regarding the comments from the Secretary of HHS regarding wearables. Listen, wearables are powerful. We've known this since we've launched Libre. They're very powerful behavior modification tools. And behavior modification has really proven to really drive significant impact on one's health. And so I think if you can keep your glucose levels in a healthy range. It offers a lot of benefits. There's lower risk of diabetes, heart disease, it helps with weight loss. We've seen that, improves productivity, et cetera.

您的另一個問題是關於衛生與公共服務部部長對穿戴式裝置的評論。聽著，穿戴式裝置功能強大。自從我們推出 Libre 以來我們就知道這一點。它們是非常強大的行為矯正工具。事實證明，行為改變確實能對人們的健康產生重大影響。所以我認為如果你能將血糖水平保持在健康範圍內。它提供了很多好處。降低糖尿病、心臟病的風險，有助於減重。我們已經看到，它提高了生產力等等。

So I appreciate the Secretary's efforts here to promote improving the health and wellness of all Americans. And I think that's in line with our company's mission and certainly supportive of this initiative we would hope that it would be Americans wearing CGM that were made in the United States. We have two manufacturing sites. But anyway, we support that initiative.

因此，我讚賞國務卿在此為促進改善所有美國人的健康和福祉所做的努力。我認為這符合我們公司的使命，並且肯定支持這一舉措，我們希望美國人佩戴在美國製造的 CGM。我們有兩個生產基地。但無論如何，我們支持這項倡議。

And then I think your question was regarding the continuous glucose Ketone sensor. Do we think that that can accelerate our share gain? 100%, yes.

然後我認為您的問題是關於連續葡萄糖酮感測器的。我們是否認為這可以加速我們的份額成長？100% 是的。

Very clear. Thank you.

非常清楚。謝謝。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Hi, Robert. Good morning, and thanks for taking my question. I had one product related and one P&L question. On the product side, our CRM is doing really, really well. How I guess, are there any metrics you could share on that? What percentage of your installed base has been updated or convert to a -- where are we in the conversion cycle and is this now like a double-digit or teens for the foreseeable future? What do you think is the ultimate TAM for this kind of product is?

你好，羅伯特。早上好，感謝您回答我的問題。我有一個與產品相關的問題和一個損益問題。在產品方面，我們的 CRM 表現非常非常好。我猜，您能分享一些相關指標嗎？您的安裝基數中有多少百分比已更新或轉換為 - 我們處於轉換週期的哪個階段，在可預見的未來，這個比例現在是兩位數還是十幾個百分點？您認為這種產品的最終TAM是多少？

Yes. I think it's fundamentally changed the growth trajectory of our CRM business. And now you're trying to ask yourself, okay, is this a one-off thing? Or can we bank on this?

是的。我認為它從根本上改變了我們的 CRM 業務的成長軌跡。現在你要問自己，這是一次性的事嗎？或者我們可以依賴這個嗎？

If you look at the trajectory of our CRM business, 2023, when we launched single chamber, our growth rate was 7%. 2024 was 7% and first half this year, it's 8%, showing 10% growth this quarter. I think that achieving this is very sustainable. I talked about what we wanted to do with here with AVEIR in the past. So you've got a $4 billion global pacing market that really hasn't seen much innovation, Vijay.

如果你看我們 CRM 業務的發展軌跡，2023 年我們推出單腔時，我們的成長率是 7%。 2024 年是 7%，今年上半年是 8%，本季成長了 10%。我認為實現這一目標是非常永續的。我之前談論過我們想與 AVEIR 合作做什麼。所以，全球心律調節器市場規模達 40 億美元，但實際上並沒有太多創新，維傑。

And what we wanted to do was to really make sure that as we roll this out, we weren't just looking for kind of a niche kind of jump in sales, and then that's it. So the team has done a really good job here in terms of coordinating between marketing and clinical and sales. And I think these teams have now really gotten full -- are really aligned. I think they're really hitting their stride here to be able to look at expanding not just in the US but also internationally.

我們真正想要做的是確保在推出這項產品時，我們不只是尋求某種利基銷售的成長，然後僅此而已。因此，該團隊在協調行銷、臨床和銷售方面做得非常出色。我認為這些團隊現在已經真正團結一致了。我認為他們確實取得了長足進步，不僅在美國而且在國際上都有擴張的打算。

So I think it's the work that they're doing here to be able to get physicians trained and hospitals set up and it's a little bit of a different implant procedure so you do need to go through that. But we took our time to do this and do this right. And I think we're seeing the benefits here of taking that time to do it right. I think it's really driving uptake, not just in single, but without a doubt, in dual chamber. So we're seeing an increase in the number of accounts from a year ago.

所以我認為他們在這裡所做的工作是為了培訓醫生並建立醫院，這是一種略有不同的植入程序，所以你確實需要經歷它。但我們花了時間去做好這件事。我認為我們看到了花時間做好這件事的好處。我認為它確實推動了普及，不僅是在單室，而且毫無疑問在雙室。因此，我們看到帳戶數量比一年前增加。

We've seen an increase in the amount of physicians that have been trained that that's increased, like by 50%, I think it was the last time I saw it. The implants per day have doubled as a result of that. So I think it's going very well. And I think I expect to see this out performance continue here in the next kind of several years.

我們看到接受訓練的醫生數量增加，增加了 50%，我想這是我最後一次看到這種情況。因此，每天的植入數量增加了一倍。所以我認為一切進展順利。我認為，我預計這種優異表現將在未來幾年繼續保持。

One of the things that we're also doing to kind of be able to support that, and I said that in my prepared comments, was we got to continue to innovate here if we want to be able to kind of support that growth, right? So we'll launch a next generation over that's got a 25% longer battery life. That's going to add another two years, and we're developing this conduction system pacing product here, which we're targeting to start up pivotal call in 2026. And I think given the excitement that we have with the product, I think it's -- I think we're going to see kind of good enrollment there, too.

為了支持這一點，我們正在做的事情之一就是，如果我們想要支持這種成長，我們就必須繼續在這裡創新，對嗎？因此我們將推出下一代產品，其電池壽命將延長 25%。這還需要兩年時間，我們正在開發這種傳導系統起搏產品，目標是在 2026 年開始關鍵的通話。而且我認為，鑑於我們對該產品的興奮之情，我認為——我認為我們也將在那裡看到良好的註冊率。

So -- and then on top of that, we're rolling it out internationally too, right? So right now, it's -- it's launched in 50 countries. Some of them have been launched for a year or two years. Some of them were just in the process of launching. So I think there's a lot of good momentum here with this portfolio, not just in terms of execution out in the market, but also in terms of R&D and clinical work.

那麼——除此之外，我們還將在國際上推廣它，對嗎？目前，它已在 50 個國家推出。有些項目已經上線一年、兩年了。其中一些項目正處於啟動階段。因此，我認為這個投資組合有很多良好的發展勢頭，不僅在市場執行方面，而且在研發和臨床工作方面。

That's helpful. And maybe one P&L on the EPS guidance here. The top end was lowered by $0.05, and midpoint was maintained despite, I think, operating margins tweak down, organic coming down, where are the offsets here? Maybe some comments on what is underlying operational versus perhaps change in FX and tariff assumptions?

這很有幫助。這裡也許有一份關於 EPS 指導的損益表。最高價降低了 0.05 美元，儘管我認為營業利潤率有所下降，有機利潤率有所下降，但中點保持不變，這裡的抵消因素在哪裡？也許可以對基本營運以及外匯和關稅假設的變化發表一些評論？

I'll let Phil take that one.

我會讓菲爾拿那個。

Yeah. Thanks, Vijay. Very quickly here, Robert touched on some of the sales drivers and kind of derisking elements there. And we also touched on kind of the FX impact going forward at current rates, at least and kind of that relationship that's not a one-for-one fall through just kind of the mechanics of how inventory moves through the system and the like.

是的。謝謝，維傑。羅伯特很快就談到了一些銷售驅動因素和降低風險的因素。我們也談到了當前匯率對未來外匯的影響，至少是這種關係，它不是一對一的關係，只是庫存在系統中移動的機制等等。

So while there's a neutral top line impact, there's still a headwind both year-over-year, as Robert touched on in his opening comments, but still a headwind on the bottom line here, along with kind of tariffs kind of rolling in second half of the year as those work their way through inventory as well. So those are the elements of derisk and kind of normal headwinds.

因此，雖然對營收的影響是中性的，但與去年同期相比仍然存在阻力，正如羅伯特在開場白中提到的那樣，但對利潤的影響仍然很大，同時下半年關稅也會對庫存產生影響。這些都是降低風險的因素和正常的逆風。

Sorry, could you quantify which -- what was tariff contribution versus operational?

抱歉，您能否量化一下—關稅貢獻與營運貢獻是什麼？

Yes. I think Robert mentioned tariffs are a little less than $200 million impact here, so down from previous estimates and then the FX impact here. I think over the last several years, if you look at it on average, we face on average about 4% EPS headwind on the bottom line. And that kind of moves as currencies will and do, along with factors on inflation and interest rates and the like, but we're in that same relative impact a little less than that historical 4%, but certainly a year-on-year negative impact from FX of roughly a nipple.

是的。我認為羅伯特提到的關稅對這裡的影響略低於 2 億美元，因此低於先前的估計，然後是外匯影響。我認為，如果平均來看，過去幾年我們的每股盈餘平均面臨 4% 左右的不利因素。貨幣會隨著通貨膨脹、利率等因素而變動，但我們所受的相對影響略低於歷史上的 4%，但外匯對人民幣的年比負面影響肯定約為 1/3。

Thank you.

謝謝。

Travis Steed, BofA Securities.

美國銀行證券公司的特拉維斯·斯蒂德 (Travis Steed)。

Hey, thanks for taking the question. First question was on M&A. Just kind of curious how you're seeing the pipeline shape up in diagnostics and med tech. And if you could see Abbott a more sizable transaction this year on the M&A side.

嘿，謝謝你回答這個問題。第一個問題是關於併購的。我只是有點好奇您如何看待診斷和醫療技術領域的管道發展。如果你能看到雅培今年在併購方面有更大規模的交易。

And then it sounds like on EPS, like you're comfortable with the Street consensus double-digit EPS growth next year, is that assuming tariffs in rates? Or do you have a lot of P&L flexibility next year as well as tariff rates move a bit from here?

然後聽起來，就每股收益而言，您對華爾街普遍認為明年每股收益將實現兩位數增長感到滿意，這是假設關稅稅率嗎？或者明年您是否擁有很大的損益彈性以及關稅稅率是否會從現在開始有所變動？

Sure. What was the first question again? M&A. Yes, it's a good environment for M&A, good opportunities out there, got a strong organic pipeline. So that allows us to be a lot more selective here. We're seeking the opportunities that will fit us strategically and going to generate an attractive return. So not looking just to acquire a business to make our top line larger here. The profitability, as I've said, the earnings, the ROIC that all matters to us.

當然。第一個問題又是什麼？併購。是的，這是一個適合併購的環境，有很好的機會，並且擁有強大的有機管道。這樣，我們就可以更有選擇性。我們正在尋找適合我們策略並能產生可觀回報的機會。因此，我們不只是想透過收購一家企業來增加我們的營業額。正如我所說，獲利能力、收益、投資報酬率 (ROIC) 對我們來說都很重要。

And then your question on EPS for next year, does it include -- well, listen, it includes what we know right now, Travis. And those -- as we're all going through, they can change they can kind of move around. But as I said in the call in April, our goal here is not to use focus on mitigating items that would cause a year-over-year kind of impact.

然後，您關於明年每股收益的問題，它是否包括 - 嗯，聽著，它包括我們現在所知道的，特拉維斯。而那些 — — 正如我們都在經歷的那樣，它們可以改變，可以四處移動。但正如我在四月的電話會議上所說，我們的目標不是把重點放在緩解會造成同比影響的項目上。

So we didn't go out and build a bunch of inventory over the last couple of months. We did do some of that where we thought it was important to do. But using that as the way to mitigate tariffs this year is not going to cause, I think, headwinds if you just rely exclusively on that.

因此，過去幾個月我們並沒有出去建立大量庫存。我們確實做了一些我們認為重要的事情。但我認為，如果僅僅依靠這種方式來降低今年的關稅，並不會帶來阻力。

So as we've said, we're building -- we have a whole team that's been working on this. There are like 6 different work streams that we're looking at. And we've got a very strong manufacturing network around the world, around 90 manufacturing sites. We're going to build another cardiovascular manufacturing site here in the US and began that process also.

正如我們所說的，我們正在建立——我們有一個完整的團隊致力於此。我們正在研究 6 種不同的工作流程。我們在全球擁有非常強大的製造網絡，約有 90 個製造基地。我們將在美國建立另一個心血管製造基地，也已開始這項進程。

So we're thinking about it once tariffs get set in place -- they're very difficult to walk away from. So we have to think also medium term but also long term.

因此，我們認為，一旦關稅確定下來，就很難取消。因此，我們不僅要考慮中期，還要考慮長期。

Great. Thanks a lot.

偉大的。多謝。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Hey. Good morning, guys. Thanks so much for taking the question. Robert, I actually just have -- I'll keep it to one product question and that's within med tech, specifically structural heart.

嘿。大家早安。非常感謝您回答這個問題。羅伯特，我其實只是──我會把它限制在一個產品問題上，那就是醫療科技領域，特別是結構心臟。

I mean you guys have been launching Amulet for a while now, and we have a pretty potentially big game-changing trial readout coming for your competitor early next year, which, to me, feels like a rising tide, lifts all boats situation potentially. So I'm just curious, looking at the structural heart consensus estimates for next year modeling deceleration. I mean, I just have to imagine that, that could actually accelerate Amulet growth.

我的意思是，你們推出 Amulet 已經有一段時間了，而且我們將在明年初為你們的競爭對手發布一個可能改變遊戲規則的重大試驗讀數，對我來說，這感覺就像潮水漲起來，可能會讓所有船隻的情況都好轉。所以我只是很好奇，看看明年結構性心臟共識估計的減速模型。我的意思是，我只需要想像一下，這實際上可以加速護身符的成長。

And I would just love to hear your thoughts on how you're thinking about that and the potential TAM expansion that I think would be a class effect for both devices that are on the market today. And sort of how you're factoring that into the long-term outlook here for the Structural Heart business.

我很想聽聽您對此的看法，以及潛在的 TAM 擴展，我認為這將對目前市場上的兩種設備產生類別效應。以及您如何將其納入結構心臟業務的長期前景中。

Sure. Well, I mean -- so yes, with all the things you've been talking about there, this is a very important kind of growth opportunity that we see also. A competitor is -- has been investing in a trial that could potentially expand the market. So are we. So we have our own trial here. I think it's going to be important to have the data to be able to kind of support your product. So we've made that investment. We should complete enrollment in our trial this year.

當然。嗯，我的意思是——是的，根據您所談論的所有事情，我們也看到了一個非常重要的成長機會。競爭對手一直在投資可能擴大市場的試驗。我們也是。所以我們在這裡有自己的試驗。我認為擁有能夠支持你的產品的數據非常重要。所以我們進行了這項投資。我們應該在今年完成試驗的招募。

And then like I said, if these are all great trials and positive trials, I think it's going to have a big impact here in terms of our ability to expand the market. Our job, as we're not the market leader, so we have things that we also have to address. So we've spent a good amount of R&D money, Danielle, to make sure that we can accelerate here our second-generation device, and we're enrolling in that pivotal trial.

就像我說的，如果這些都是很好的嘗試和積極的嘗試，我認為這將對我們擴大市場的能力產生重大影響。我們的工作，因為我們不是市場領導者，所以我們也有一些事情需要解決。因此，丹妮爾，我們投入了大量研發資金，以確保我們能夠加速第二代設備的研發，並且我們正在參與這項關鍵試驗。

I'd say what we were trying to resolve there was, or improve upon, is we've got great -- we've got a superior sealing capability, and we've got this much broader range of ability to hit a lot of different types of anatomies. But one of the feedbacks that we got is like can you make it easier for deployment and delivery. So teams have done a really good job with that.

我想說，我們試圖解決或改進的是，我們已經擁有了出色的密封能力，並且我們擁有更廣泛的能力來擊中許多不同類型的解剖結構。但是我們收到的回饋之一是，您能否讓部署和交付變得更容易。所以團隊在這方面做得非常好。

The feedback that I have gotten not only from my team but also from the physicians that are enrolling in our trial for this next-generation product has been spectacular. Very positive on those issues that we were trying to improve upon. So we look -- we think this is a very strong opportunity for us. tying in with our EP and AFib procedure. We know there's a growth in concomitant procedures here, too. So I think that this is an important growth driver for us. And I share your view -- and I think that our product here is very competitive, and it's going to become very, very competitive as we launch the second generation.

我不僅從我的團隊那裡得到了回饋，而且從參加我們下一代產品試驗的醫生那裡也得到了非常積極的回饋。對於我們試圖改進的那些問題，我們持非常積極的態度。所以我們認為——這對我們來說是一個非常好的機會。與我們的 EP 和 AFib 程式結合。我們知道這裡的伴隨程序也在成長。所以我認為這對我們來說是一個重要的成長動力。我同意你的觀點——我認為我們的產品非常有競爭力，而且隨著我們推出第二代產品，我們的產品將變得更加具有競爭力。

Thanks for that.

謝謝。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Hi. Good morning. Thanks for taking the question. I wanted to just ask about your TAVR franchise. And maybe, Robert, if you could help or share your expectations for market growth here. The commercial effort for Navitor and then the addition of this pipeline, balloon-expandable and Kantor platform. I mean how does Abbott view the market? And how do you see the franchise taking share and what will drive that?

你好。早安.感謝您回答這個問題。我只是想問一下你們的 TAVR 特許經營權。羅伯特，也許您可以提供幫助或分享您對市場成長的期望。Navitor 的商業努力以及隨後添加的管道、球囊擴張和 Kantor 平台。我的意思是雅培如何看待市場？您如何看待特許經營權的市場份額以及推動其發展的因素是什麼？

And just a quick nuance. If you can you talk about anything that you're seeing in Europe with the Boston exit and Navitor uptake or share gains from that competitor event would be great.

這只是一個簡單的細微差別。如果您可以談談您在歐洲看到的有關波士頓退出和 Navitor 吸收的任何情況，或者分享該競爭對手活動的收益，那就太好了。

Sure. Well, listen, we wanted to be -- our vision here is to be the leading structural heart company, global structural heart company. And the only way you can actually do that is to really have a full portfolio of products here. And obviously, I talked a little bit in my comments about mitral. We've made the investments in the tricuspid area and making the investments in the TAVR side, too.

當然。好吧，聽著，我們想要成為—我們的願景是成為領先的結構心臟公司，全球結構心臟公司。而真正能做到這一點的唯一方法就是擁有完整的產品組合。顯然，我在評論中談到了二尖瓣。我們對三尖瓣區域進行了投資，並且也在 TAVR 方面進行了投資。

So specifically on TAVR, Navitor continues to get a lot of positive feedback from the physician to very -- it's a very compelling offering. It's an excellent Volt design, easy to implant, got great clinical data. Our sales have doubled over the past two years. The big driver of that, I would say, over these past two years has been international has really been the driving factor here of success, and I expect that to continue. There's an opportunity here to accelerate that growth internationally with a competitor market exit. I know the team is all over that.

特別是在 TAVR 方面，Navitor 繼續從醫生那裡得到很多積極的回饋——這是一項非常引人注目的產品。這是一個出色的 Volt 設計，易於植入，並獲得了出色的臨床數據。過去兩年我們的銷售額翻了一番。我想說，過去兩年來，國際化一直是我們成功的主要動力，我希望這種情況能持續下去。這是一個透過退出競爭對手市場來加速國際成長的機會。我知道整個團隊都在關注這件事。

And with the upcoming CE mark that we have planned for Navitor to have low and intermediate risk label expansion. It couldn't come at a more perfect time to be quite honest with you. So I expect that to continue and accelerate for us, Josh. And then we're building our position here in the United States. Right now, we're in about 20% of the centers in the United States. And the way to expand our position here is we got to be in more centers. And the way to do that is you need more clinical people; you need more feet on the street. And that's what we're doing.

隨著 CE 標誌即將推出，我們計劃將 Navitor 的低風險和中度風險標籤擴展。說實話，這真是個完美的時機。因此，我希望這種情況能夠繼續下去並加速發展，喬希。然後我們正在美國建立我們的地位。目前，我們的業務已覆蓋美國約 20% 的中心。擴大我們在此地位的方法是我們必須進入更多的中心。要做到這一點，你需要更多的臨床人員；你需要更多的街頭人員。這正是我們正在做的事情。

So we've actually -- we will be doubling the size of our team -- and I'd say, putting ourselves in the realm of being more competitive in terms of access to sites. By the end of this year, we'll have doubled it versus last year. And there's a normal ramp-up in terms of rep productivity that we know in this space.

因此，我們實際上——我們將把團隊規模擴大一倍——我想說，這將使我們在網站訪問方面更具競爭力。到今年年底，我們的數字將比去年翻倍。我們知道，在這個領域，銷售代表的生產力正正常提升。

So all the people that we've been adding, I expect that to now start to really have a nice impact as we go into 2026. It's definitely a competitive space. There's no doubt. But I think here, between the commercial investments we've made in the United States, the opportunity we have with label expansion and just a market disruption in international markets, I think that is a tailwind for us to there.

因此，我希望我們所增加的所有人能夠在 2026 年真正開始產生正面的影響。這絕對是一個競爭激烈的領域。毫無疑問。但我認為，我們在美國的商業投資、我們在品牌擴張方面的機會以及國際市場的市場混亂，對我們來說都是一個順風。

And then once you commit yourself to developing next-generation kind of balloon expandable TAVR, that also opens up a nice opportunity for us, even though that will probably be more towards the end of this decade in terms of full launch, but it does help as you're rolling out all these strategies that I've talked about. So we feel good about the TAVR team is doing a good job like them to do better. But so far, so good, and there's a lot of good momentum for us on this business.

然後，一旦您致力於開發下一代球囊可擴展 TAVR，這也為我們打開了一個很好的機會，儘管這可能要到本世紀末才能全面推出，但它確實有助於您推出我所談到的所有這些策略。因此，我們對 TAVR 團隊的工作感到滿意，他們做得很好，並且會做得更好。但到目前為止，一切都很好，我們的業務發展勢頭良好。

Appreciate it. Thank you.

非常感謝。謝謝。

Adam Maeder, Piper Sandler.

亞當梅德、派珀桑德勒。

Hi. Good morning. Thank you for taking the questions. Two quick ones for me. I'll ask them both upfront. Robert, first I was hoping for an update on infant formula litigation and the MDL process. And how you think about potential pathway to resolution from here?

你好。早安.感謝您回答這些問題。對我來說，有兩個簡單的問題。我會提前詢問他們兩個。羅伯特，首先我希望了解嬰兒配方奶粉訴訟和 MDL 流程的最新情況。您認為從現在開始解決問題的潛在途徑是什麼？

And for the second question, I wanted just to go a little bit deeper on the dual analyte sensor, specifically around expected approval and launch timing? Is that first half '26, pricing strategy and how quickly you'll integrate with the different pumps?

對於第二個問題，我想更深入地了解雙分析物感測器，特別是預期的批准和發佈時間？這是 26 年上半年的定價策略嗎？您將多快與不同的幫浦進行整合？

Yeah, sure. Listen, I'm not going to comment specifically on any kind of upcoming case regarding the NEC litigation. I'm going to commit to what I've always said, which is this is a product that has been supported by the medical community by the regulatory community, by the scientific community. It's been in the market for -- it's been in the market for a long time. It does not represent much to our revenues. And we stand behind the product, it's safety.

是的，當然。聽著，我不會對任何即將發生的與 NEC 訴訟有關的案件發表具體評論。我將信守我一直以來所說的話，那就是這是一款得到了醫學界、監管界和科學界支持的產品。它已經在市場上存在了很長時間了。這對我們的收入來說意義不大。我們保證該產品的安全。

The regulators have stood behind it and kind of issued statements about the product. And we're going to stand behind it. If we need to take action on the product, and that, like I've said in the past, it's a small part of our revenue. And if we have to take action on the availability of that product, we will.

監管機構對此表示支持，並就該產品發表了一些聲明。我們將支持它。如果我們需要對產品採取行動，那麼就像我過去所說的那樣，這只是我們收入的一小部分。如果我們必須對該產品的可用性採取行動，我們就會這麼做。

If the science is not respected, if the regulatory process is not respected, if the medical community is not respected, then it's going to be difficult to keep that product on the market. But so far, I think there's been a lot of support from the physicians and from the regulators, a lot of support from a variety of different stakeholders to want to see this result and this product remain on the market. And ultimately, those making the decisions and how to feed the most vulnerable of the American citizens here should be physicians and neonatologists and not lawyers and court rooms.

如果不尊重科學，如果不尊重監管程序，如果不尊重醫學界，那麼該產品就很難在市場上銷售。但到目前為止，我認為醫生和監管機構給予了很多支持，各種不同的利害關係人也給予了很多支持，希望看到這個結果並且這個產品能夠繼續在市場上銷售。最終，那些做出決定並決定如何為美國最脆弱的公民提供食物的人應該是醫生和新生兒科醫生，而不是律師和法庭。

So -- and then -- sorry, what was your second question?

那麼——然後——抱歉，您的第二個問題是什麼？

Sure. The second question was just a couple of follow-ups on the dual analyte sensor. I wanted to just better understand expected launch timing in the United States if you're giving any color around pricing strategy and just how quickly you'll integrate with the different pump players?

當然。第二個問題只是雙分析物感測器的幾個後續問題。如果您對定價策略有任何疑問，我只是想更了解在美國預計推出的時間，以及您將多快與不同的泵浦廠商整合？

Okay. So three questions there. On timing, I'm not going to talk about timing of that. I'm not going to talk about when we've submitted, how we've submitted. All I'll say is that this is a first time that you'll have a sensor that will measure continuously two different analytes. So we've done a lot of clinical work approximately five different trials to be able to support its submission. We've already completed those trials.

好的。所以有三個問題。關於時間，我不會談論這個時間。我不會談論我們何時提交、如何提交。我想說的是，這是第一次使用可以連續測量兩種不同分析物的感測器。因此，我們做了大量臨床工作，大約進行了五次不同的試驗，以支持其提交。我們已經完成了這些試驗。

So I'm not going to give timelines as to when the product is out. Neither am I going to give any details on pricing and how we will think about pricing. But as it relates to integration, one of the reasons we wanted to line up, have the conversations with the different insulin delivery pump companies, is to make sure that when we do have it approved, that it will be available as quick as possible for that -- for the population.

所以我不會給出產品上市的具體時間表。我也不會透露任何有關定價的細節以及我們將如何考慮定價。但就整合而言，我們希望與不同的胰島素輸送幫浦公司合作和對話的原因之一是確保當我們的產品獲得批准後，能夠盡快為大眾所用。

So as you saw during the ADA, there were some announcements over there. And I think that's -- that's a little bit of the strategy behind that.

正如您在 ADA 期間看到的，那裡有一些公告。我認為這就是背後的一點策略。

Thank you.

謝謝。

Matt Miksic, Barclays

巴克萊銀行的馬特·米克西克

Hey. Thanks so much for taking the questions. I know we've covered a lot of the products and some of the key elements of the quarter and the guide. Maybe just a couple of quick follow-ups. One on M&A. I know you remain important part of your strategy. I'd love it if you could share any color as to kind of where you see the most -- next most likely kind of investments or where you think there are kind of gaps in the portfolio you'd like to fill, whether it's tricuspid or in diagnostics or across the board, would be super helpful.

嘿。非常感謝您回答這些問題。我知道我們已經涵蓋了許多產品以及本季和指南的一些關鍵要素。也許只是一些快速的後續行動。一個是關於併購的。我知道你仍然是你的策略的重要組成部分。如果您能分享您最看好的地方——下一個最有可能的投資類型，或者您認為您想要填補的投資組合中的哪些空白，無論是三尖瓣、診斷還是全面投資，我都會非常有幫助。

Yeah. I get that people always like to triangulate. I'm not going to tell you. I'm not going to telegraph where we're going. But I mean, I've been pretty clear. It's diagnostics. It is devices. Those are the areas that are of interest to us.

是的。我知道人們總是喜歡三角測量。我不會告訴你的。我不會用電報告訴你我們要去哪裡。但我的意思是，我已經說得很清楚了。這是診斷。它是設備。這些都是我們感興趣的領域。

Like I said, there's a lot of opportunity in both those areas. And we'll just continue to apply the framework that we've always applied to when we do M&A, which is a belief that can we make these -- can we make these assets better, can we bring them to more people -- can we bring care to more people as a result of them.

正如我所說的，這兩個領域都有很多機會。我們將繼續運用我們在進行併購時一直採用的框架，即我們堅信我們能否讓這些資產變得更好，能否將它們帶給更多的人，能否因此為更多的人帶來關懷。

So I don't think I've got more to add on that, Matt. On top of that, as I said, we've got great growth rates here right now across the businesses. And so again, that puts us in a space where we can be a little bit more selective.

所以我認為我對此沒有什麼可補充的，馬特。最重要的是，正如我所說，我們目前各項業務都實現了很高的成長率。因此，這又讓我們處於一個可以更具選擇性的空間。

Great. We'll leave it there.

偉大的。我們就把它留在那裡。

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

好的。接線員，請再回答一個問題。

Thank you. And our last question will come from Marie Thibault from BTIG. Wanted to follow up here. You've mentioned that we'll see biosimilars on the market soon. I wanted to get a little more detail on how to think about kind of the reach of those products, the investments needed on your end maybe in SG&A and things and the size of some of those markets that you're trying to reach.

謝謝。我們的最後一個問題來自 BTIG 的 Marie Thibault。想在這裡跟進。您提到我們很快就會在市場上看到生物相似藥。我想更詳細地了解如何考慮這些產品的覆蓋範圍、您在銷售、一般及行政費用等方面所需的投資以及您試圖涵蓋的一些市場的規模。

Sure. This is an opportunity for us to really look at how do you sustain that growth rate in this business. This is a business that has been growing between 8%, 10%. It's learned through a very strong management team how to manage through kind of FX cycles and inflation in markets. So they've been able to expand margins.

當然。這對我們來說是一個真正思考如何維持該業務成長率的機會。這是一個年增長率在 8% 到 10% 之間的業務。它透過一個非常強大的管理團隊學會如何管理外匯週期和市場通貨膨脹。因此他們能夠擴大利潤。

So this is about how do we do this in a capital-efficient way to bring more assets to an existing infrastructure that's pretty well set up, Marie, between the sales force that calls on the doctors, that calls on retail distribution, the teams that we have in place that work with government agencies and regulators. So the infrastructure in place is there.

所以，這就是關於我們如何以資本高效的方式做到這一點，以便將更多的資產帶入現有的基礎設施，瑪麗，包括拜訪醫生的銷售人員、拜訪零售分銷的銷售人員、以及我們與政府機構和監管機構合作的團隊。所以現有的基礎設施已經存在。

Do I think that there's -- there will be some need to add some SG&A to be able to educate the market because this is a very underpenetrated market when it comes to biologics, so there is some SG&A involved in that, but it's not like this -- you're really taking advantage of the infrastructure and the scale that you have in these markets across different channels and regulators to be able to add in this.

我是否認為有必要增加一些銷售、一般和行政費用 (SG&A) 來教育市場，因為就生物製劑而言，這是一個滲透率很低的市場，因此其中涉及一些銷售、一般和行政費用，但事實並非如此——你真正利用了你在這些市場中通過不同渠道和監管機構所擁有的基礎設施和規模來增加這部分費用。

So I think we'll leverage our existing presence in these emerging markets. We're going to bring these cutting-edge medicines into these countries that I say that historically lacked the access. The predominance of the diseases are just as large from a percent perspective than they are in the developed markets.

因此我認為我們將利用我們在這些新興市場的現有影響力。我們將把這些尖端藥物引入這些歷史上無法獲得這些藥物的國家。從百分比來看，這些疾病的盛行率與已開發市場一樣高。

And if you look at the portfolio, it will look -- we've looked at where the areas that we think will be of interest. So autoimmune disease, women's health oncology, access to GLP-1s. So the team has really done a good job laying in here a real nice pipeline of products. And as I said, we're going to start launching in a small market this year, and then we'll start rolling them out, obviously, as they become, from a regulatory perspective, available to us, we'll be rolling them out next year. And I think this can be a nice contributor here to our growth in this business in the next few years.

如果你看一下投資組合，你會發現——我們已經研究了我們認為會引起人們興趣的領域。因此，自體免疫疾病、婦女健康腫瘤學都可以使用 GLP-1。因此，該團隊確實做得很好，建立了非常好的產品線。正如我所說的，我們今年將開始在一個小市場推出這些產品，然後我們將開始推廣它們，顯然，從監管的角度來看，當它們可供我們使用時，我們將在明年推出它們。我認為這對我們未來幾年的業務成長將起到很大的促進作用。

Okay. Well, listen, I -- just a few comments here to close. I'm pleased with what we've accomplished in the first half. We've delivered high single-digit sales growth and double-digit EPS. We've expanded our gross margin and operating margin, which is something that we've committed to when we talked about, and we've done it by about 100 basis points.

好的。好吧，聽著，我——這裡只想說幾句評論作為結束。我對我們上半年所取得的成績感到滿意。我們的銷售額實現了高個位數成長，每股收益也實現了兩位數成長。我們擴大了毛利率和營業利潤率，這是我們在談論時承諾的，我們已經實現了約 100 個基點的提高。

The second half sales growth guidance is derisked to account for some of these items here that I consider to be a little bit more transitory that are specific in the diagnostic space, and we're going to be lapping this next year. That still leaves $1 billion-plus revenue -- quarterly revenue growing high single digits throughout the rest of the year. And on top of that, we've reaffirmed our guidance despite some of these headwinds and the impact of tariffs.

下半年的銷售成長指引已降低風險，以考慮其中一些項目，我認為這些項目在診斷領域具有一定的暫時性，我們將在明年實現這些目標。這樣一來，公司的收入仍然超過 10 億美元——今年剩餘時間的季度收入將保持高個位數成長。最重要的是，儘管面臨一些不利因素和關稅的影響，我們仍然重申了我們的指導方針。

So I think this is another great example of how our diversified model continues to provide that strong foundation, it's resilient and it's well positioned to deliver top-tier results. So we've got good underlying momentum here that I'm very confident will carry into next year. So with that, I'm going to wrap up. Thank you for joining us.

所以我認為這是另一個很好的例子，說明我們的多元化模式如何繼續提供堅實的基礎，它具有彈性，並且能夠提供一流的結果。因此，我們擁有良好的潛在勢頭，我非常有信心這種勢頭將持續到明年。就這樣，我要結束了。感謝您加入我們。

Thank you, operator. 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. Thank you all for joining us today.

謝謝您，接線生。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回放將於今天美國中部時間上午11:00後在雅培投資者關係網站abbottinvestor.com上提供。感謝各位今天的參與。

Thank you. This concludes today's conference call. Thank you for participating. 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。