美國雅培 (ABT) 2025 Q3 法說會逐字稿

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

早安，感謝您的支持。歡迎參加雅培2025年第三季財報電話會議。（操作員指示）本次通話由雅培公司錄音。除了參與者在問答環節提出的問題外，整個通話內容（包括問答環節）均為雅培公司享有版權的資料。未經艾伯特先生明確的書面許可，不得錄製或重播。

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

現在我謹向大家介紹投資人關係副總裁麥克‧科米拉先生。

Good morning, and thank you for joining us. With me today are Robert Ford, Chairman and Chief Executive Officer; and Phil 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，感謝各位的參與。今天陪同我的是董事長兼執行長羅伯特福特，以及執行副總裁兼財務長菲爾布德羅。羅伯特和菲爾將致開幕詞。在他們發言結束後，我們將回答你們的問題。

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.

在我們開始之前，今天發表的一些聲明可能屬於 1995 年《私人證券訴訟改革法案》所指的前瞻性聲明，包括對 2025 年的預期財務表現。雅培提醒，這些前瞻性聲明存在風險和不確定性，可能導致實際結果與前瞻性聲明中指出的結果有重大差異。

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, 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.

可能影響雅培營運的經濟、競爭、政府、技術和其他因素，已在截至 2024 年 12 月 31 日的年度 10-K 表格年度報告的第 1A 項「風險因素」中進行了討論。除法律要求外，雅培公司不承擔因後續事件或發展而公開修訂前瞻性聲明的任何義務。

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.

與以往一樣，在今天的電話會議上，我們將使用非GAAP財務指標來幫助投資者了解雅培公司持續的業務表現。這些非GAAP財務指標與可比較的GAAP財務指標已在今天發布的盈利新聞稿和監管文件中進行了核對，這些文件可在我們的網站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，雅培公司並未就其提供指引的非GAAP財務指標提供相關的GAAP財務指標的前瞻性數據，因為該公司無法在不付出不合理努力的情況下合理確定地預測某些項目的發生時間和影響，而這些項目可能會根據GAAP對雅培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指的是有機銷售成長，其定義見今天早些時候發布的新聞稿。

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

接下來，我會把電話交給羅伯特。

Thanks, Mike. Good morning, everyone, and thank you for joining us. Today, we reported organic sales growth of 7.5% excluding COVID test sales. Our growth was led by double-digit growth in Medical Devices where several high-growth segments showed an acceleration in growth in the third quarter compared to growth in the first half of this year and also high single-digit growth in Established Pharmaceuticals led by double-digit growth in our key 50 markets.

謝謝，麥克。各位早安，感謝各位的參與。今天，我們公佈的有機銷售額成長了7.5%，其中不包括新冠病毒檢測銷售額。我們的成長主要得益於醫療器材業務的兩位數成長，其中幾個高成長細分市場在第三季的成長速度比今年上半年有所加快；此外，成熟製藥業務也實現了較高的個位數成長，這主要得益於我們重點 50 個市場中兩位數的成長。

Earnings per share rose to $1.30, up high single digits compared to last year and up double digits when excluding the impact of the expected large year-over-year decline in COVID test sales that occurred in the third quarter. Our performance continues to be driven by innovation, positioning Abbott to consistently deliver high-quality results and durable long-term value to our shareholders.

每股收益增至 1.30 美元，與去年相比實現了接近兩位數的增長，如果排除第三季度預期中 COVID 檢測銷售額同比大幅下降的影響，則實現了兩位數的增長。我們的業績持續由創新驅動，使雅培得以持續為股東帶來高品質的業績和持久的長期價值。

Recently launched new products generated nearly $0.5 billion in sales this quarter and added more than 100 basis points to organic sales growth. Looking ahead, we expect increasing contributions from new products across the portfolio with a balanced mix of iterative and transformative innovation. I'll now summarize our third quarter results in more detail before turning the call over to Phil.

近期推出的新產品本季創造了近 5 億美元的銷售額，並為有機銷售成長貢獻了 100 多個基點。展望未來，我們預期產品組合中的新產品將做出越來越大的貢獻，實現迭代式創新和變革式創新的平衡組合。接下來，我將更詳細地總結我們第三季的業績，然後把電話會議交給菲爾。

I'll start with Nutrition, where sales increased 4% in the quarter, led by adult nutrition business. Ensure remains the cornerstone of our adult nutrition portfolio, trusted by millions of consumers seeking to maintain or improve their health, strong brand recognition, combined with favorable demographic and dietary trends, including an increased focus of protein intake and immune system health continues to fuel our growth.

我先從營養品業務說起，該業務本季銷售額成長了 4%，其中成人營養品業務表現突出。Ensure 仍然是我們成人營養產品組合的基石，深受數百萬尋求維持或改善健康的消費者的信賴。強大的品牌知名度，加上有利的人口結構和飲食趨勢（包括對蛋白質攝取和免疫系統健康的日益關注），繼續推動我們的成長。

Growth in Adult Nutrition was driven by 10% growth in international markets where we continue to see strong demand for both Ensure and Glucerna and to support future growth, we continue to invest in these well-known brands to ensure they evolve along with changing consumer preferences. We recently launched a new version of Glucerna that contains only 1 gram of sugar, and later this month, we'll launch a new version of Ensure that contains 42 grams of protein.

成人營養品業務的成長主要得益於國際市場 10% 的成長，在這些市場中，我們對 Ensure 和 Glucerna 的需求持續強勁。為了支持未來的成長，我們將繼續投資這些知名品牌，以確保它們能夠隨著消費者偏好的變化而發展。我們最近推出了新版 Glucerna，每份僅含 1 克糖；本月晚些時候，我們將推出新版 Ensure，每份含 42 克蛋白質。

Moving to Diagnostics where we saw modest sales growth in the quarter excluding COVID testing sales. As expected, challenging market conditions in China impacting both price and volume remain a headwind for our core lab diagnostic business. Excluding China, Core Lab Diagnostics grew 7% with markets such as the US, showing an acceleration in growth in the third quarter compared to growth in the first half of this year.

轉而專注於診斷業務，本季銷售額（不包括新冠病毒檢測銷售額）實現了小幅成長。正如預期的那樣，中國充滿挑戰的市場環境對價格和銷售都造成了影響，這仍然是我們核心實驗室診斷業務面臨的不利因素。除中國市場外，核心實驗室診斷業務成長了 7%，美國等市場第三季的成長速度較今年上半年加快。

Our strong consistent performance outside of China reflects durable underlying demand in markets around the world. And growth of 8% in point-of-care diagnostics was driven by growing adoption of two first-of-a-kind tests, our point-of-care concussion test and a high-sensitivity troponin test, which allows for earlier and more accurate detection of a heart attack.

我們在中國以外地區的強勁持續業績反映了全球市場持久的潛在需求。即時診斷業務成長 8%，這主要得益於兩項首創測試的日益普及，即我們的即時腦震盪測試和高靈敏度肌鈣蛋白測試，這兩項測試能夠更早、更準確地檢測出心臟病發作。

Turning to EPD. Sales increased 7%, led by double-digit growth in our key 15 markets, highlighting broad-based demand and strong commercial execution. From a product portfolio perspective, several therapeutic areas delivered strong contributions, including gastroenterology, cardiometabolic and pain management. These areas continue to benefit from favorable demographic trends and growing demand for high-quality, affordable medicines. We continue to make good progress as it pertains to our biosimilar strategy, a key growth pillar for EPD. During the quarter, we advanced the regulatory approval process for several biosimilars and remain on track with our planned cadence of product and geographic launches that began this year.

轉向EPD。銷售額成長了 7%，其中 15 個主要市場實現了兩位數成長，凸顯了廣泛的市場需求和強勁的商業執行力。從產品組合的角度來看，包括胃腸病學、心血管代謝和疼痛管理在內的幾個治療領域都做出了強勁貢獻。這些地區持續受益於有利的人口趨勢和對高品質、價格合理的藥品日益增長的需求。我們在生物相似藥策略方面持續取得良好進展，這是EPD的關鍵成長支柱。本季度，我們推動了多個生物相似藥的監管審批流程，並繼續按計劃推進今年開始的產品和地理上市步伐。

And I'll wrap up with Medical Devices, where sales grew 12.5% and driven by double-digit growth in Diabetes Care, in Electrophysiology, in cardiac rhythm management, in heart failure and in structural heart. In Diabetes Care, sales of continuous glucose monitors were $2 billion in the quarter and grew 17%.

最後，我將介紹醫療器材業務，該業務銷售額增長了 12.5%，這主要得益於糖尿病護理、電生理、心臟節律管理、心臟衰竭和結構性心臟病等領域的兩位數增長。在糖尿病照護領域，連續血糖監測儀的季度銷售額為 20 億美元，成長了 17%。

In Electrophysiology, sales grew double digits in the US and internationally. The launch of our new Volt PFA catheter in Europe continues to go very well and helped deliver double-digit growth in ablation catheters and international markets this quarter. Feedback from European physicians who have used Volt continues to be very positive, and we look forward to bringing bulk to the US market next year.

在電生理領域，美國和國際市場的銷售額均實現了兩位數成長。我們在歐洲推出的新型 Volt PFA 導管繼續取得非常好的進展，並幫助消融導管和國際市場在本季度實現了兩位數的成長。使用過 Volt 的歐洲醫生的回饋一直非常積極，我們期待明年將 Volt 批量引入美國市場。

In Structural Heart, growth of 11% was led by share gains in TAVR and growing adoption of TriClip. During the quarter, we achieved important milestones in our Structural Heart business. In July, we received regulatory approval for TriClip in Japan. TriClip is the first and only minimally invasive treatment option available to patients in Japan to treat tricuspid regurgitation.

在結構性心臟病領域，11% 的成長主要得益於 TAVR 市場份額的提升和 TriClip 技術的日益普及。本季度，我們在結構性心臟病業務方面取得了重要的里程碑式成就。今年7月，TriClip在日本獲得了監管部門的批准。TriClip 是日本目前唯一可用於治療三尖瓣逆流的微創治療方案。

And in August, we received CE Mark for an expanded indication for our TAVR valve Navitor to treat people who are at low or intermediate risk for open heart surgery. This expanded indication is supported by data from our VANTAGE study which was presented as a late breaker at the European Society of Cardiology Congress.

8 月，我們的 TAVR 瓣膜 Navitor 獲得了 CE 認證，其適應症擴大，可用於治療接受開胸手術風險較低或中等的患者。這項擴大適應症的數據來自我們的 VANTAGE 研究，該研究已在歐洲心臟病學會大會上作為最新研究成果發表。

In Cardiac Rhythm Management, growth of 13% was led by strong uptake of our leadless pacemaker Aveir, which is expanding the market and capturing share in both the single and dual chamber pacing segments. Our vision for Aveir was to help change the standard of care for cardiac pacing and that vision is now becoming a reality with our Cardiac Rhythm Management business outperforming the market for 10 consecutive quarters and driving an acceleration in growth from high single digits last year to double digits this quarter.

在心臟節律管理領域，13% 的成長主要得益於我們無導線起搏器 Aveir 的強勁市場表現，該產品正在擴大市場，並在單腔和雙腔起搏領域都佔據了市場份額。我們對 Aveir 的願景是幫助改變心臟起搏的護理標準，而這個願景現在正逐漸成為現實。我們的心臟節律管理業務連續 10 個季度跑贏市場，並推動成長從去年的高個位數加速到本季的兩位數。

In heart failure growth of 12% was driven by growth across our portfolio of ventricular assist devices and growth of CardioMEMS our implantable sensor used for the early detection of heart failure and vascular growth of 5% was led by continued strong performance in our market-leading portfolio of vessel closure products and increasing contributions from Espirit, our below the knee, resorbable stent. In August, we received CE Mark for Espirit and we look forward to offering this innovative technology to people outside the United States who suffer from peripheral artery disease.

心臟衰竭業務成長 12%，這主要得益於我們心室輔助設備產品組合的成長以及用於早期檢測心臟衰竭的植入式感測器 CardioMEMS 的成長；血管業務成長 5%，這主要得益於我們市場領先的血管閉合產品組合的持續強勁表現，以及我們的膝下可吸收支架 Espirit 貢獻的不斷增加。今年 8 月，Espirit 獲得了 CE 認證，我們期待將這項創新技術帶給美國以外患有周邊動脈疾病的人。

Lastly, Neuromodulation growth of 7% was led by strong performance of our Eterna rechargeable spinal cord stimulation device in international markets, reflecting both continued uptake in existing markets and launches in new markets.

最後，神經調控業務成長 7%，這主要得益於我們的 Eterna 可充電脊髓刺激設備在國際市場上的強勁表現，這不僅反映了現有市場的持續成長，也反映了新市場的推出。

So in summary, we delivered another very good quarter. Our pipeline has been highly productive and continues to fuel growth, and we remain on track to deliver high single-digit organic sales growth and double-digit EPS growth.

總而言之，我們又完成了一個非常出色的季度。我們的產品線一直非常高效，並持續推動成長，我們仍有望實現高個位數的有機銷售成長和兩位數的每股盈餘成長。

I'll now turn over the call to Phil.

現在我將把電話交給菲爾。

Thanks, Robert. As Mike mentioned earlier, note that all references to sales growth rates, unless otherwise noted, are on an organic basis. Turning to our third quarter results. sales increased 5.5% or 7.5% when excluding COVID testing-related sales. Adjusted earnings per share of $1.30 was in line with the consensus estimate.

謝謝，羅伯特。正如麥克之前提到的，請注意，除非另有說明，所有關於銷售成長率的引用都是基於自然成長的。接下來來看看我們第三季的業績。銷售額成長了5.5%，如果排除與新冠病毒檢測相關的銷售額，則成長了7.5%。調整後每股收益為 1.30 美元，與市場普遍預期相符。

Foreign exchange had a favorable year-over-year impact of 1.4% on third quarter sales, which was less favorable than what we forecasted at the time of our earnings call in July. Regarding other aspects of the P&L, the adjusted gross margin profile was 55.8% of sales, which, as expected, reflects a decrease compared to the prior year due to the impact of tariffs.

外匯匯率對第三季銷售額產生了1.4%的年比有利影響，但這低於我們在7月財報電話會議的預測。至於損益表的其他方面，調整後的毛利率為銷售額的 55.8%，正如預期的那樣，由於關稅的影響，與前一年相比有所下降。

Adjusted R&D was 6.4% of sales and adjusted SG&A was 26.4% of sales. Adjusted operating margin was 23.0% of sales, which reflects an increase of 40 basis points compared to the prior year. And based on current rates, we expect exchange to have a favorable impact of approximately 1.5% on our fourth quarter reported sales.

調整後的研發費用佔銷售額的 6.4%，經調整後的銷售、一般及行政費用佔銷售額的 26.4%。經調整後的營業利潤率為銷售額的 23.0%，比上年同期成長了 40 個基點。根據目前的匯率，我們預計匯率將對我們第四季報告的銷售額產生約 1.5% 的有利影響。

With that, we will now open the call for questions.

接下來，我們將開始接受提問。

(Operator Instructions)

（操作員指示）

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Congrats on the quarter. Robert, back in July, you sounded comfortable with consensus sales and EPS for 2026. I'd love to hear your high-level thoughts on next year. if you're still comfortable with consensus, it seems like you have some nice tailwinds next year.

恭喜你本季取得佳績。羅伯特，早在 7 月份，你似乎對 2026 年的普遍預期銷售額和每股盈餘感到滿意。我很想聽聽您對明年的整體看法。如果您仍然傾向於達成共識，那麼明年您似乎會有一些不錯的順風。

Yes, Larry. Yes, I'm very comfortable with consensus. In fact, this is a question that was asked last year in our Q3 earnings call and consensus for 2025 at that time was 7.5% sales and EPS growth of 10%. That's the same consensus estimates that we have today, and I was comfortable with delivering that type of growth this time last year, and I'm comfortable again today forecasting to deliver that type of growth next year. These estimates that you referenced, they're pretty much in line with the results that we've delivered year-to-date.

是的，拉里。是的，我非常樂於達成共識。事實上，去年我們在第三季財報電話會議上就提出了這個問題，當時對 2025 年的共識是銷售額成長 7.5%，每股盈餘成長 10%。這與我們目前的共識預測相同，去年這個時候我就有信心實現這種成長，今天我仍然有信心預測明年也能實現這種成長。您提到的這些估算結果，與我們今年迄今所取得的成果基本一致。

And we delivered those results in a year where we faced, I'd say, larger-than-expected headwinds in Diagnostics and unexpected impact here from tariffs. I think that's just a great example of the culture we have here at Abbott.

而且，我們在這一年裡取得了這些成果，儘管我們在診斷領域面臨著比預期更大的阻力，關稅也帶來了意想不到的影響。我認為這正是雅培企業文化的絕佳體現。

So it's just no excuses, just adapt and deliver with the portfolio that we have, and we have the ability to do that. But when I think about our ability to sustain this level of performance that we're seeing in '25 into 2026, I really see it as kind of three key buckets of growth for us, Larry.

所以沒有任何藉口，我們只需要調整策略，利用我們現有的產品組合交付成果，而我們有能力做到這一點。但當我思考我們能否將 2025 年的這種業績水準延續到 2026 年時，我真的認為這主要取決於三個方面的成長，拉里。

First of all, there's underlying momentum in the current portfolio, whether it's med tech, in Established Pharmaceuticals or a large portion of our diagnostic business, I expect that momentum to continue. We've got high-growth products here, whether it's TAVR, Libre or TriClip, I'm sure we'll talk about those. So that's one big driver of our growth sustaining into next year.

首先，目前的投資組合具有潛在的成長勢頭，無論是醫療技術、成熟製藥還是我們診斷業務的大部分，我預計這種成長勢頭將會持續下去。我們這裡有一些高成長產品，無論是 TAVR、Libre 還是 TriClip，我相信我們都會談到這些。所以這是我們明年能夠持續成長的一大驅動力。

Second one, I'd say is new product launches. We've got a lot of new product launch cadence into next year, whether it's Volt in the US, TactiFlex Duo, our dual analyte sensor, the new Alinity N diagnostic system, biosimilars. I mean, these are whole product launches here that will add to our sales and sales growth, and that will gain momentum over the course of the year.

第二點，我認為是新產品發布。明年我們將推出許多新產品，包括美國的 Volt、TactiFlex Duo、我們的雙分析物感測器、新的 Alinity N 診斷系統以及生物相似藥。我的意思是，這些都是全新的產品發布，它們將促進我們的銷售和銷售成長，而這種成長勢頭將在今年內持續增強。

And then as I said also, we've got, I'd say, some easing of some of the headwinds that we had this year, pretty significant headwind in diagnostics. We talked about that, I guess, in July, over $1 billion of headwind, whether it's the VBP pricing dynamics in China this year or the decline in COVID testing. I think we'll start to see a full lapping of that next year on a full year basis, but we'll start to see some of it, quite frankly, in Q4.

而且正如我剛才所說，我們今年遇到的一些不利因素有所緩解，尤其是在診斷方面，這些不利因素相當顯著。我想，我們在7月討論過這個問題，超過10億美元的不利因素，無論是今年中國的價值導向型定價機制，還是新冠檢測量的下降。我認為明年我們將開始看到這種情況全面改變，但坦白說，我們將在第四季開始看到一些改變。

So I feel very confident comfortable with that type of top line growth. And if you look also why we're in this position, Larry, I mean, we made investments in 2020, 2021. These product launches that I'm highlighting here, those are investments that we made. So we'll be able to deliver the high single-digit top line growth, double-digit EPS growth, while at the same time, I'm going to remain unwavering here and the commitment to invest in the pipeline and drive growth organically.

所以我對這種營收成長模式感到非常有信心。拉里，如果你看看我們為什麼會處於這種境地，我的意思是，我們在 2020 年和 2021 年進行了投資。我在這裡重點介紹的這些產品發布，都是我們進行的投資。因此，我們將能夠實現高個位數的營收成長和兩位數的每股盈餘成長，同時，我將堅定不移地致力於投資產品線並推動內生成長。

We'll have close to 200 clinical trials across all of our businesses across a variety of different geographies next year. And within those, we're going to initiate some really important pivotal trials next year that we're funding for products that we expect are going to be significant contributors in the future, whether it's the mitral valve replacement clinical trial that will go into IDE, or balloon TAVR trial will go into IDE, Aveir conduction system pacing, a peripheral IVL IDE trial, or a continuous lactate monitor sensor IDE trial.

明年，我們將在各個業務領域、不同地區進行近 200 項臨床試驗。其中，我們將在明年啟動一些非常重要的關鍵性試驗，我們資助這些試驗的產品，我們預計它們將在未來做出重大貢獻，無論是即將進入 IDE 的二尖瓣置換臨床試驗，還是即將進入 IDE 的球囊 TAVR 試驗，Aveir 傳導系統起搏，外周 IVL IDE 試驗，還是乳酸連續監測感測器 IDE 試驗。

So we can maintain this top and bottom line growth while at the same time making the investments in the portfolio that we know we need to do. And then we've got a good track record here of expanding our gross margins and our op margins. We've got great gross margin improvement teams. We've been able to work hard this year to be able to mitigate the impact of tariffs as they have full year effect next year. So we feel good about being able to drive the top and the bottom line. The portfolio has been pretty resilient over these years. It's got nice offensive and some defensive kind of characteristics. Overall, I feel very good about the momentum we have going into -- the momentum that we have in the second half and of this year carrying into next year and just feel good about the outlook that we've got for next year.

因此，我們可以在保持營收和利潤成長的同時，對投資組合進行我們知道必須進行的投資。而且我們在提高毛利率和營業利潤率方面也有著良好的業績記錄。我們擁有優秀的毛利率提升團隊。今年我們一直努力減輕關稅的影響，因為關稅將在明年全年生效。因此，我們對能夠提升營收和利潤感到滿意。這些年來，該投資組合一直表現出相當強的韌性。它兼具不錯的進攻能力和一定的防守能力。總的來說，我對我們目前的勢頭感到非常滿意——我們今年下半年的勢頭能夠延續到明年，我對明年的前景感到非常樂觀。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Robert, two quick ones for me, one on diabetes, one on EP. Maybe first on diabetes, such an important growth driver to Abbott, beat overall driven by outside the US with a slight miss in the US. Just given the investor focus there, I was hoping you could give a little more color on what's happening in the US and outside the US and how you're thinking about the market developing, particularly in the US with the key tone sensor on its way hopefully next year, and what seems like increasing commentary on CMS coverage of non-intensive type 2.

羅伯特，給我兩個簡短的問題，一個是關於糖尿病的，一個是關於電生理的。或許首先是糖尿病領域，這是雅培公司重要的成長驅動力，在美國以外地區的成長推動下，整體業績超出預期，但在美國略有失利。鑑於投資者的關注點，我希望您能更詳細地介紹一下美國和美國以外正在發生的事情，以及您如何看待市場的發展，尤其是在美國，鍵音感測器有望明年上市，而且似乎越來越多的評論關注CMS對非強化型2型糖尿病的覆蓋範圍。

Sure, Robbie. Yes, US grew 19%. We didn't really have any kind of comps on that and year-to-date, the US is up 25%. I think growth, I think what you're referring to a little bit there is growth in the first half of the year. It was a little bit higher, really due to some shelf restocking dynamics that we saw. If you remember last year, Robbie, we launched Libre 3 and had significant driving demand here higher than what we had anticipated. And the manufacturer -- the new manufacturing facility we made the investment in wasn't fully up and running, so that caused backorders with customers and back orders for wholesalers at the pharmacy channel. The way we had planned this year was our manufacturing site would come up and be running and it would be more of a linear kind of recovery, but the factory actually did really well in the first half. So that led to customers doing some restocking earlier than what we had thought and a little bit higher, quite frankly, just given the demand that they were seeing in Libre 3. So that resulted in a little bit of a pull forward of a couple of percentage points of growth. So I think it's just a little bit of a timing dynamic. I think most importantly, we remain on track with the original US full year growth assumption of over 20%.

當然，羅比。是的，美國成長了19%。我們當時並沒有任何可比較數據，而今年迄今，美國經濟成長了 25%。我認為成長，我想你剛才提到的，是指今年上半年的成長。價格略高一些，這主要是由於我們觀察到的一些貨架補貨情況造成的。羅比，如果你還記得去年，我們推出了 Libre 3，而這裡的駕駛需求遠遠超出我們的預期。而我們投資興建的新製造工廠還沒有完全投入運營，因此導致客戶訂單積壓，藥局通路的批發商訂單也出現積壓。我們今年的計劃是，我們的製造基地會建成並投入運營，然後經濟會逐步復甦，但實際上，工廠上半年的業績非常好。因此，坦白說，由於 Libre 3 的需求，客戶們比我們預想的更早地進行了補貨，而且補貨量也略高一些。因此，這導致成長率提前了幾個百分點。所以我認為這只是時機把握上的小問題。我認為最重要的是，我們仍然能夠實現最初對美國全年成長超過 20% 的預期。

So demand is still very, very strong, and we're seeing that. To your question on kind of next year, yes, I expect to see another real strong year of growth in the US with additional demand coming from the new sensor the new dual analyte sensor. I think that's going to help drive increasing penetration in that intensive insulin user segment.

所以需求依然非常非常強勁，我們已經看到了這一點。關於你提出的明年市場前景的問題，是的，我預計美國市場將迎來另一個強勁增長的年份，這主要得益於新型雙分析物感測器帶來的額外需求。我認為這將有助於提高胰島素重度使用族群的滲透率。

So I'd say there's still room for penetration internationally, I would say, in that segment. In the US, there's still some room also, but I'd say that's going to really help us drive share gains. whether it's in the pumper segment or just in general intensive insulin user segments.

所以我認為，在這個細分市場，國際市場仍有滲透空間。在美國，也還有一些成長空間，但我認為這將真正幫助我們提升市場份額，無論是在胰島素幫浦使用者群體還是在一般的強化胰島素治療使用者群體中。

There's still a lot of penetration in the basal segment. I mean, I know because of the dual analyte sensor, we got a lot of attention on this insulin intensive insulin segment. But I'm still very bullish on the basal segment in the US, it's only about 20% penetrated today. Internationally, it's only 5% -it's less than 5%. So I think there's still a lot of opportunity for growth in the US with continued basal penetration and then not to mention the potential for CMS to cover type 2 non-insulin. I think that's an opportunity. I see positive signs of that developing and the ADA has been very supportive of that. I think you could probably see proposed coverage on that come out sometime next year, maybe in the first half.

基底段仍有較多的滲透。我的意思是，我知道由於雙分析物感測器，我們在胰島素強化治療領域獲得了很多關注。但我仍然非常看好美國的基礎免疫市場，目前其滲透率只有20%左右。國際上，這個比例只有 5%——不到 5%。所以我認為，隨著基礎胰島素治療的持續普及，美國仍然有很多成長機會，更不用說美國醫療保險和醫療補助服務中心（CMS）有可能將第 2 型糖尿病非胰島素治療納入健保範圍了。我認為這是一個機會。我看到這方面出現了正面的發展跡象，美國殘疾人協會也對此給予了大力支持。我認為你或許可以在明年某個時候看到有關此事的報道，可能是在上半年。

But then you've got, and you know this pretty well, Robbie, you got your normal timing there of comment periods, the final coverage decision when the actual date is going to be. So I think there's a scenario where that could happen next year and we'll be ready to execute. But I'm not building that assumption of that segment coming in or having any significant contributions in 2026. It's not in my base forecast for 2026, but I think if it becomes a reality, I think this will be a real nice win for CMS patients.

但是，羅比，你很清楚，接下來會有正常的評論期，以及最終的報道決定，也就是實際的報道日期。所以我認為明年這種情況可能會發生，我們將做好執行準備。但我並沒有假設該部分市場會在 2026 年進入市場或做出任何重大貢獻。雖然我的 2026 年基本預測中沒有包含這一項，但我認為如果這項預測成真，對於 CMS 患者來說將是一個非常不錯的勝利。

So I think we've got a lot of growth opportunities between the patient segments, between the technology being launched across geographies. I know your question was focusing a lot on the US I think we've got a great portfolio and a great lineup as we go into the US next year.

所以我認為，在不同的病人群體之間，以及在不同地區推出的技術之間，我們有很多成長機會。我知道你的問題主要集中在美國市場，我認為我們明年進軍美國市場時，擁有非常出色的產品組合和強大的產品線。

But I also think there's just tremendous opportunity internationally, and that's an area of particular strength for us that we built the scale, that we've built the technology, and the cost positions there. So yes, I feel good about Libre. I feel good about our US position and the momentum that we're going to have US and internationally.

但我認為國際市場也蘊藏著巨大的機遇，而這正是我們的強項，因為我們已經建立了規模、技術以及成本優勢。是的，我對 Libre 感覺很好。我對我們在美國的地位以及我們在美國和國際上將要取得的進展感到滿意。

I appreciate that. And then you talked about new product launches, Volt was one that you highlighted. We're expecting that, I believe, around midyear next year in the US, just maybe speak to Volt, the early feedback in Europe that you've received, and how people should think about the ramping cadence of Volt and overall EP as we move into next year.

我很感激。然後你們談到了新產品發布，Volt 就是你們重點介紹的產品。我認為，我們預計明年年中左右，在美國，或許可以談談 Volt，以及你在歐洲收到的早期回饋，還有人們應該如何看待 Volt 和整個 EP 在明年的推廣節奏。

Sure. Well, we're seeing an acceleration of our growth rate in EP, obviously, in the second half, we knew that was going to be the case. Second half was going to be better than the first half and '26 will be better than '25.

當然。顯然，我們在下半年看到了EP業務成長速度的加快，我們也預料到了這種情況。下半場會比上半場好，2026年會比2025年好。

I think that you've seen here double-digit growth across the board, more specifically also in our ablation catheter portfolio. So yes, I feel good about what we've done here, Robbie. I mean this idea that we've been playing defense over the last couple of years, it's actually been a quite offensive strategy where we've used the adoption of PFA on other systems - other competitive systems to increase our capital footprint, and now we'll be in a position to bring in the catheter, the PFA catheter.

我認為你們已經看到，我們各個業務都實現了兩位數的成長，尤其是在消融導管產品組合方面。是的，羅比，我對我們在這裡所做的一切感到很滿意。我的意思是，過去幾年我們一直採取防守策略，但實際上我們採取的是一種相當積極的策略，即在其他系統（其他競爭系統）上採用 PFA 技術來增加我們的資本投入，現在我們將能夠引進導管，即 PFA 導管。

It's doing very well. I just got some feedback yesterday and been following the rollout. It's going very well. I'd say efficacy and efficiency, those seem to be table stages right now. PFA has proven to work and get the job done more quickly. So I think what I'm seeing now is longer-term durability results, safety these are becoming quickly, I think, the point of competitive differentiation, and I think Volt is going to offer a couple of areas there. I'm not the expert on all of this, but what I've heard so far has been that two advantages that come across loud and clear for Volt is it delivers energy in a very kind of focused direction. The lesions are broader, they're deeper, seem to be more durable and minimizes the risk of hemolysis. And then the second thing I continue to hear resounding positive feedback is the integration with EnSite is a game changer, right. That real-time contact visualization that we always talked about. We thought that that was going to be an important differentiation, and we're seeing that it reduces, because you've got that real time, we're seeing that it's reducing the amount of applications. And as a result of that, minimizing muscle contraction and that minimization of muscle contraction allows us to then run these procedures with conscious sedation rather than exclusively with general anesthesia. I think that's hugely important aspect, if you look at what's going on with health care systems and difficulties with general anesthesia and having that specialty ready to go at any given time. So that gives us flexibility in a lot of European markets in a lot of segments here in the US, so we'll continue to roll it out internationally.

它做得很好。我昨天剛收到一些回饋，一直在關注推廣情況。一切進展順利。我認為功效和效率目前還處於階段性發展階段。PFA已被證明行之有效，並且能夠更快地完成工作。所以我認為我現在看到的是長期耐用性和安全性，這些正在迅速成為競爭差異化的關鍵，我認為Volt將在這些方面有所作為。我不是這方面的專家，但我目前聽到的關於Volt的兩個顯而易見的優勢是，它的能量輸出非常集中。病灶更寬、更深，似乎更持久，並最大限度地降低了溶血的風險。其次，我不斷聽到的正面回饋是，與 EnSite 的整合改變了遊戲規則，對吧。我們一直在談論的即時接觸視覺化功能。我們原本以為這會是重要的差異化優勢，但我們發現它反而減少了，因為有了即時性，我們發現它減少了申請數量。因此，透過最大限度地減少肌肉收縮，我們可以在清醒鎮靜的情況下進行這些手術，而不是僅僅依靠全身麻醉。我認為這是一個極其重要的方面，如果你看看醫療保健系統正在發生的事情，以及全身麻醉方面遇到的困難，以及隨時準備好提供這種專業服務的重要性。這樣一來，我們就能在許多歐洲市場和美國的許多細分市場中獲得靈活性，因此我們將繼續在國際上推廣這項服務。

And I think your timing for Volt is an okay timing for now. I mean obviously, we're going to try and target to see an earlier approval. But for that, for now, I think that's not a bad timing to have. And I think what's been clear for me over these last couple of years, is just the importance of the full portfolio. And I think that Abbott’s shown that it does have a full portfolio, not just of the mapping, the capital, the talent and the clinical specialists that are out in the field but also bringing in a wide variety of different PFA tools, whether it's a one shot, or whether it's going to be a focal PFA through our TactiFlex that we expect to get approval in Europe next year.

我認為你現在推出Volt的時機還算合適。我的意思是，很顯然，我們會努力爭取早日獲得批准。但就目前而言，我認為時機還不錯。而我認為，在過去幾年裡，我越來越清楚地認識到全面投資組合的重要性。我認為雅培已經證明，它擁有完整的產品組合，不僅包括市場研究、資金、人才和臨床專家，還包括各種不同的 PFA 工具，無論是單次檢測，還是透過我們的 TactiFlex 進行重點 PFA 檢測（我們預計明年將在歐洲獲得批准）。

And quite frankly, it’s been increasingly clear to me that the companies are going to need more than just PFA. You're going to need to have PFA and you're going to need to have LAA, and we've got both of those. So I don't think it's a question of Abbott being late, we're right on time and we're complete with the full portfolio that we need. I expect EP to do much better in '26 than what it did this year and I think this year has done pretty well, too.

坦白說，我越來越清楚地認識到，這些公司需要的不僅僅是 PFA。你需要有 PFA 和 LAA，而我們兩者都有。所以我不認為這是雅培公司遲到的問題，我們完全按時完成了所有需要的產品組合。我預計EP在2026年的表現會比今年好得多，而且我認為今年的表現也相當不錯。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I wanted to switch gears a little bit on to the Diagnostics business. I mean clearly, a lot of focus this year on some of the discrete headwinds that you faced around China VBP and DRG update, the dynamics of the USAID and COVID testing. I think you made clear in your comments around '26 an expectation that those headwinds start to moderate. But could you maybe talk a little bit more about some of the underlying drivers of the business and how you think about an overall acceleration in the Diagnostics business going forward?

我想稍微轉換一下話題，談談診斷業務。我的意思是，很明顯，今年我們非常關註一些與中國價值導向型支付 (VBP) 和 DRG 更新、美國國際開發署 (USAID) 和 COVID 檢測相關的具體不利因素。我認為你在 26 年左右的評論中已經明確表示，預計這些不利因素將開始減弱。但您能否再多談談推動業務發展的幾個根本因素，以及您如何看待診斷業務未來整體加速發展？

Sure. I don't think the dynamics that we've been talking about, David, have changed. And I don't think that's a bad thing to be quite honest with you because it just shows that I think we've got a handle on kind of the headwind that we've been facing which was really the VBP in the diagnostic area. I think one of the things I talked about different from other VBPs that we've seen in China is that usually if you won a VBP kind of tender, you have a price hit, but then you've got a volume offset. I think you just raised.

當然。大衛，我認為我們一直在討論的那些動態並沒有改變。坦白說，我不認為這是件壞事，因為它顯示我們已經控制住了我們一直面臨的逆風，也就是診斷領域的 VBP。我認為我談到的與我們在中國看到的其他 VBP 不同的一點是，通常如果你贏得了 VBP 類型的招標，你會遭受價格打擊，但隨後你會獲得數量上的補償。我覺得你剛才提了。

One of the challenges we've seen in this segment specifically, is you had to price hit, which was the majority of our headwind, but you also saw some changes in the DRG model that has impacted volume a little bit also. I was actually in China last week, I spent a week there. I was there over the weekend and I had an opportunity to really go in depth with all the different stakeholders. I think the team has done a really good job at navigating this and I think that if you look at some of the dynamics that we're seeing in some of the accounts, we're starting to see a little bit now of some of that volume start to re-pick up. I'm not going to say that it's fully back, but I'm encouraged to see some of the signs start to pick up in terms of volume there. And if you look at how that happens to us, it really started happening in Q4 of last year. So we'll start to see a little bit of that headwind kind of that comp start to be minimized in Q4 this year in China. And then next year, like I said, we've made changes. We've brought in new products, new management teams, et cetera, and I feel good about what I saw there last week, David. So I don't think that that's changing. And like I said, I think that's not a bad thing. We'll be lapping all of that, and we're seeing nice progress there from the team, too. I do think that the aspect that is changing is we are seeing our business outside of China continue to accelerate, and that's going to be the other dynamic here. To be able to move our diagnostic business from being kind of low single-digit growth and now kind of mid-single-digit, mid to high single-digit growth next year.

我們在這個領域遇到的一個挑戰是，你必須控制價格，這是我們面臨的主要阻力，但你也看到DRG模型的一些變化也對銷售產生了一定的影響。我上週其實在中國，在那裡待了一週。我週末去了那裡，有機會與所有不同的利害關係人進行了深入的交流。我認為團隊在應對這種情況方面做得非常好，而且我認為，如果你看看我們在一些帳戶中看到的一些動態，我們現在開始看到一些交易量開始回升。我不會說它已經完全恢復，但我很高興看到一些跡象表明，銷量開始回升。如果你看看我們是如何遇到這種情況的，你會發現它實際上是從去年第四季開始發生的。因此，我們將在今年第四季看到中國市場這種不利因素（例如同店銷售）開始有所緩解。然後，就像我剛才說的，明年我們會做出一些改變。大衛，我們引進了新產品、新的管理團隊等等，我對上週在那裡看到的景象感到很滿意。所以我認為這種情況不會改變。就像我說的，我認為這不是一件壞事。我們將超越所有這些，而且我們也看到團隊在這方面取得了良好的進展。我認為正在改變的一點是，我們看到我們在中國以外的業務持續加速發展，這將是另一個動態因素。明年，我們將把診斷業務的成長速度從目前的個位數低段提升到個位數中段，甚至接近個位數中段的成長。

US has done incredibly well. I give a lot of kudos to the team there. They were up 10% this quarter, and that's driven by a lot of new business capture. So again, the portfolio is very competitive. We got a large number of new business that we acquired last year and continue to see new business converting to Abbott this year. So I think share gains in the US is really what's driving that. European region did very well too this quarter. I think they were up 6% to 7%, and they're doing very well also. And then Latin America, for us is growing mid-teens, consistently growing mid-teens here also. So I think the dynamic is not changing. So we're not seeing the situation get hit worse in China. And I think the team is doing really well there, and we'll be out of that next year. And outside of China, I think the dynamics are going exactly how we've expected them to go, which is Alinity N being rolled out. It's a very competitive system. The teams are hitting their stride here in various important geographies and I expect that to continue. So you put that combination together, David, of passing the headwinds of the VBP in China and continue acceleration in all the other geographies. I think diagnostics is set up for a nice recovery year next year.

美國做得非常出色。我非常讚賞那裡的團隊。本季成長了 10%，這主要得益於新業務的拓展。所以，這個投資組合的競爭力非常強。去年我們獲得了大量新業務，今年也繼續看到新業務轉向雅培。所以我認為，美國市場佔有率的成長才是真正推動這一趨勢的因素。歐洲地區本季表現也非常出色。我認為他們的漲幅在 6% 到 7% 之間，而且他們的業績也非常好。然後是拉丁美洲，對我們來說，這裡正處於十幾歲到二十歲出頭的階段，而且這種成長勢頭一直都很強勁。所以我認為這種局面並沒有改變。所以，我們並沒有看到中國的情況進一步惡化。我認為球隊在那裡表現非常出色，明年我們就能擺脫那裡的困境了。在中國以外，我認為市場動態正按照我們預期的那樣發展，Alinity N 正在逐步推出。這是一個競爭非常激烈的系統。各隊在各個重要地區都漸入佳境，我預計這種情況會持續下去。所以，David，你要把這些因素結合起來，克服中國 VBP 的逆風，並在所有其他地區繼續加速發展。我認為診斷技術已經為明年的良好復甦做好了準備。

Very helpful. And maybe just one follow-up here on the P&L. I think in the gross margin line, there are probably a lot of moving parts this quarter around the first quarter burdening the impact of tariffs. And then also probably some foreign exchange-related dynamics on the significant move in the euro, for example. Can you maybe help us decompose a little bit to the operational performance in the P&L from some of those other factors and how we should think about margin trajectory on a go-forward basis?

非常有幫助。或許這裡還需要補充一點損益表的資訊。我認為本季毛利率方面可能有很多變數，第一季關稅的影響尤其顯著。此外，歐元的大幅波動也可能與外匯市場的一些動態有關。您能否幫我們從其他一些因素中分析損益表中的營運績效，以及我們該如何看待未來的利潤率走勢？

Yes, I'll ask Phil to take that one. Phil?

好的，我會讓菲爾去拍那張照片。菲爾？

Yes. Thanks, David, and I think you touched on the right elements there. Gross margin continues to be a key area of focus for us. We've spoken in the past of the dedicated teams that we have in each of our businesses that drive the constant ideation and execution throughout our supply chains and operations even our affiliates, and that's progress that we continue to make good traction on here. The step back that you referred to here in Q3 sequentially, certainly reflects a normal pattern that we have more of our plant operational maintenance shutdowns that occur in the third quarter,and so that's a normal sort of phenomenon. Also, as you touched on, the first meaningful impact of tariffs that we're feeling in gross margin is in the third quarter there as well. I would say we've done a really nice job in terms of the team that I chartered to work on tariff mitigation. And so we continue to make good progress there and implement ideation not only on how to improve that impact going forward,but also the team is generating ideas to pass over to the gross margin expansion teams to continue to feed that funnel. And I think we are kind of on track with year-to-date 60 basis points of gross margin expansion and comfortable that, that pattern will continue here and kind of maintain that sort of 57% outlook and the profile going forward.

是的。謝謝你，大衛，我覺得你提到的重點都很到位。毛利率仍然是我們關注的重點領域。我們過去曾談到，我們每個業務部門都有專門的團隊，負責推動整個供應鏈和營運（包括我們的附屬公司）的持續創新和執行，而我們在這方面也一直在取得良好的進展。您提到的第三季度環比下滑，確實反映了一種正常模式，即我們的工廠運營維護停機時間通常會在第三季度增加，所以這是一種正常的現象。另外，正如您所提到的，關稅對毛利率的第一個實質影響也是在第三季出現的。我認為，我組建的負責關稅減免工作的團隊做得非常出色。因此，我們繼續在這方面取得良好進展，並實施各種想法，不僅思考如何進一步提高這種影響，而且團隊還在提出各種想法，傳遞給毛利率擴張團隊，以繼續為該管道提供資金。我認為我們基本上按計劃實現了今年迄今為止 60 個基點的毛利率增長，並且有信心這種趨勢將繼續下去，並保持 57% 的增長預期和未來發展態勢。

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD Cowen。

I wanted to circle back on the EP franchise and the outperformance in 3Q. Sorry to get a little bit granular, Robert, but I was hoping you could just help us better understand the drivers of the double-digit ablation catheter growth one. and then sorry for a three-part question, but hopefully it will be pretty easy to digest.

我想再談談EP系列以及第三季的優異表現。羅伯特，不好意思問得這麼細緻，但我希望你能幫我們更能理解消融導管使用量兩位數成長的驅動因素。另外，很抱歉我的問題分成了三個部分，但希望你能容易理解。

Second, it's just, I think the consensus for you is that Abbott's mapping franchise has been driving the double-digit growth this year, to date. Can you just help us understand, as a competitive environment, as mapping evolves, how do you see the mapping franchise performance in 2026. And then lastly on the third part, where do you - where does Abbott see PFA penetration in the US and OUS by the time Volt's launched globally. So I guess in 2026, do you think we could be north of 80% in the US and a little bit lower than that OUS?

其次，我認為大家的共識是，到目前為止，雅培的地圖繪製業務一直是今年兩位數成長的主要驅動力。您能否幫助我們了解一下，在競爭激烈的環境下，隨著地圖繪製技術的不斷發展，您如何看待地圖繪製特許經營行業在 2026 年的表現？最後，在第三部分，您認為—雅培認為到 Volt 在全球上市時，PFA 在美國和美國境外的滲透率會達到什麼程度？所以我想，到 2026 年，你認為美國的疫苗接種率可能會超過 80%，而美國以外的地區可能會略低於這個數字嗎？

Sure. Let me see if I can kind of go through all of them here on this. I think the first question was just what's driving the ablation, the double-digit ablation growth. That's significantly driven by international as you probably would have expected, Josh. So a big driver there has been that.

當然。讓我看看能不能在這裡把它們都逐一介紹一下。我認為第一個問題是，是什麼因素推動了消融術的普及，實現了兩位數的消融術成長。正如你可能預料到的那樣，喬希，這很大程度上是由國際因素驅動的。所以，這方面有很大的推動作用。

But we've got good growth, good mapping growth in the United States still. So we still believe that we're, the data shows, that we're still market leader in mapping cases. Obviously, with other competitors launching their mapping systems, we've seen an uptake in their mapping, in the amount of cases that they're now mapping tied to their own catheters but even with that, we still feel that we've got a leadership position in the amount of PFA cases that we've mapped.

但是，我們在美國仍然保持著良好的成長勢頭，地圖繪製業務也取得了良好的成長。因此，我們仍然相信，數據顯示，我們仍然是地圖繪製案例領域的市場領導者。顯然，隨著其他競爭對手推出他們的映射系統，我們看到他們的映射應用有所增加，他們現在映射的病例數量與他們的導管相關，但即便如此，我們仍然認為我們在映射的 PFA 病例數量方面處於領先地位。

We have added other products also that help drive our growth there. Again, this goes back to this understanding of all the different segments in the EP area. Yes, ablation catheters are important, they're a big segment of the market and so are diagnostics. But we've got other parts of the portfolio also that are driving growth. We recently launched our 13 french sheath which is viewed as one of the best introducer sheaths for not only our product, but even for competitive systems also. So that helps launching it. That's also a driver. So again, going back to my comment, you’ve got to have a whole portfolio here and I think trying to pin it down to like is it mapping, is it this? Yes, I mean, obviously, we're tracking all those different segments, Josh. But we kind of view it as looking at the amount of cases that we're doing and looking at it on a revenue per case, and our revenue per case is actually going up as we're introducing more and more new products to support those cases.

我們還增加了其他產品，這些產品也有助於推動我們在該地區的成長。這又回到了對EP領域所有不同細分市場的理解。是的，消融導管很重要，它們佔據了很大的市場份額，診斷設備也是如此。但我們投資組合中的其他部分也在推動成長。我們最近推出了 13 法式鞘，它不僅被認為是我們產品的最佳導入鞘之一，而且對於競爭系統來說也是如此。這樣有助於它的啟動。那也是一個驅動因素。所以，回到我剛才的評論，你必須在這裡展示完整的作品集，我認為試圖把它具體化為地圖繪製，還是其他什麼？是的，我的意思是，很顯然，我們正在跟踪所有這些不同的細分市場，喬希。但我們看待這個問題的方式是，要看我們處理的案例數量，並看每個案例的收入，而隨著我們推出越來越多的新產品來支持這些案例，我們的每個案例的收入實際上正在上升。

And then I think your last question was about penetration of PFA. It seems like it is becoming the go-to energy source here. I think the numbers that you threw out there sound reasonable. If you think about 2026, you'll now have all four manufacturers with PFA ablation catheters with mapping systems tied to patient catheters. So I think that number sounds reasonable to me. And then internationally, it's a little bit less, but we'll see. We'll see what will happen. I think that Volt could actually change that dynamic internationally in maybe it can lead to a much higher penetration rate in international markets, specifically in Europe that mimics the US penetration. But that's not a bad assumption to have for now.

然後，我想你最後一個問題是關於PFA的滲透性。它似乎正在成為這裡的主要能源來源。我認為你提出的那些數字聽起來比較合理。展望 2026 年，屆時所有四家製造商都將擁有與患者導管相連的 PFA 消融導管和標測系統。所以我覺得這個數字聽起來比較合理。國際上的情況稍好一些，但我們拭目以待。我們拭目以待。我認為Volt實際上可能會改變國際上的這種格局，它或許能夠帶來更高的國際市場滲透率，尤其是在歐洲，使其滲透率達到美國的水平。但就目前而言，這種假設並非壞事。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

I had one on maybe high level on China, right. I know there is -- outside of VBP, I think some macro issues are challenging volumes, right? So when you look at overall China, inclusive of diagnostics in MedTech and EPD franchise, can you just remind us, what China has done for you year-to-date? What was it last year? What is your view on normalized growth outlook for China?

我之前可能對中國有過一次高層次的討論，對吧。我知道除了 VBP 之外，我認為一些宏觀問題也對交易量構成挑戰，對嗎？那麼，當您縱觀整個中國市場，包括醫療技術和EPD特許經營領域的診斷業務時，您能否提醒我們一下，今年迄今為止，中國市場為您帶來了哪些貢獻？去年是什麼？您如何看待中國經濟成長正常化的前景？

I think one of your peers just said that they expect a mid-teens organic growth outlook for China. I'm curious to hear your view on China.

我認為你的一位同行剛才說過，他們預計中國市場的有機成長率將達到15%左右。我很想聽聽你對中國的看法。

Yes, sure. I was there last week, like I said, it's an important market for us, and it's going to continue to be an important market. But as the company has grown its portfolio, it's participation in our total revenue as a percent of total revenue has come down a little bit, right? So if you look at that, China let's say, 10 years ago, Vijay, was probably close to like 9 - 10% of total Abbott revenue. Today, it's less than 6% but it doesn't mean that it's not an attractive area of the world for us to continue to invest in and drive to.

是的，當然。我上週去過那裡，就像我說的，對我們來說是一個重要的市場，而且它將繼續是一個重要的市場。但隨著公司產品組合的擴大，其在公司總收入中所佔的百分比有所下降，對吧？所以如果你看一下，比如說 10 年前，Vijay 在中國的收入可能占到雅培總收入的 9% 到 10%。如今，這一比例不到 6%，但這並不意味著該地區對我們來說不是一個有吸引力的地區，值得我們繼續投資和前往。

If you look at our EPD and nutrition businesses, those two businesses have been up double digits year-to-date. And the team has done a really good job there about building the portfolio and taking advantage of the growing segments, that we can offer innovation and solutions there. Our cardio neuro business has actually seen sequential growth step-up throughout this year. So I think if you take a look, the real challenge for us has been, obviously, the diagnostic piece and that was one of our larger businesses in China before the VBP. So Q3 decline was pretty much in line with what we saw in Q1 and Q2. But if you remove that, I'd say our growth rate in China is around 5% to 7% if you take out the diagnostic piece. And I think that, that's probably not a bad place to be in. And as we expand the portfolio there, bringing new innovations, I think that that's probably a good growth target that I look at for 2026.

如果你看一下我們的EPD和營養業務，這兩個業務今年迄今都實現了兩位數的成長。團隊在建立產品組合和利用不斷增長的細分市場方面做得非常出色，我們可以在這些領域提供創新和解決方案。今年以來，我們的心肺神經業務實際上實現了持續成長。所以我覺得，仔細看看，我們面臨的真正挑戰顯然是診斷部分，而這在VBP之前是我們在中國的主要業務之一。因此，第三季的下滑情況與第一季和第二季的情況基本一致。但如果去掉診斷部分，我認為我們在中國的成長率在 5% 到 7% 之間。我覺得，那可能不是個糟糕的處境。隨著我們擴大產品組合，引入新的創新，我認為這可能是我展望的 2026 年的一個不錯的成長目標。

I don't know who you're referring to talking about mid-teens. If it's a company that doesn't have a lot of business, then yes, then you've got opportunities to grow your position. We've got a lot of business in China and I think that a growth rate of mid-single digits, at least how we're planning for is how we're looking at our 2026 and quite frankly, as we look kind of going forward.

我不知道你指的是哪個十幾歲中期的人。如果公司業務不多，那麼是的，你就有機會升遷。我們在中國有很多業務，我認為成長率將達到個位數中段，至少我們是這樣規劃的，也是我們展望 2026 年以及未來發展的方向。

So placing a lot more emphasis on growth contributions from other geographies, I think we've got a lot more opportunities than over here. But again, like I said, still remains an important market for us, and we're committed to it.

因此，如果我們更加重視其他地區的成長貢獻，我認為我們擁有的機會比這裡多得多。但正如我所說，它仍然是我們一個重要的市場，我們將繼續致力於此。

That's helpful. And then maybe one quick one on, I think CRM is kind of your fastest-growing product line within medtech and that's kind of crazy when you think about diabetes and all the other things that are happening. Can you remind us on how big is this category, the dual chamber leadless pacemaker, and where are we from a penetration standpoint, what innings are we in?

這很有幫助。然後，也許可以快速地補充一點，我認為 CRM 是你們在醫療技術領域成長最快的產品線，考慮到糖尿病以及正在發生的所有其他事情，這有點不可思議。您能否提醒我們一下，雙腔無導線起搏器這一類別有多大？從市場滲透率的角度來看，我們目前處於什麼階段？我們正處於哪個階段？

Yes. I'm going to pick up on its kind of crazy comment that you made. For us, it's actually taking a vision that we had, like I said in my opening comments, to change the standard of care here. Make the investment. That's been done. And I think now we're seeing the benefit. It's fundamentally changed the growth trajectory of our business. I'd say five years ago, our CRM business was flat, flat business, then it moved to mid-single digit, high single digit and then this quarter hitting double digits. It's pretty remarkable, I would say, given the fact that this has historically been a low growth market. So we're obviously taking market share. I give total kudos to the team in terms of how they went about this, all the way from R&D, operations, clinical and commercial, I think they've done a really good job, and I think Aveir is just now really hitting its stride and we're driving uptake in both single and dual chamber. I expect this to continue. I expect this type of performance to continue for the next few years. They've established a very large base of US physicians that are now implanting this. I'd say on the single chamber, we're probably about 50% penetrated and so there's still room to grow there. But half of our implants so far have been dual chamber, and we're probably sub-10% penetration there and those penetration rates are mostly US. So I think there's a lot of opportunity here for us to do this and to live up to that vision. We've got great opportunity international, too. We're seeing really nice momentum in Europe and Japan and I think the long-term aspiration here is to be able to convert a significant portion of this market. We estimate the low voltage pacing market to be around $4 billion. We want to convert a significant portion of that and in doing so, become the market leader in this segment.

是的。我要說說你剛才那句有點離譜的評論。對我們來說，這實際上是將我們一直以來的願景——正如我在開場白中所說——付諸實踐，改變這裡的護理標準。進行投資。這件事已經辦妥了。我認為現在我們已經看到了好處。它從根本上改變了我們業務的成長軌跡。五年前，我們的客戶關係管理業務非常低迷，然後成長到個位數中段、個位數高段，而本季則達到了兩位數。考慮到這歷來是一個低成長市場，我認為這相當了不起。顯然，我們正在搶佔市場份額。我對團隊的工作方式表示由衷的讚賞，從研發、營運、臨床到商業，我認為他們做得非常出色，我認為Aveir現在正處於真正的發展階段，我們正在推動單腔和雙腔產品的普及。我預計這種情況還會持續下去。我預計這種表現將在未來幾年內持續下去。他們已經建立了一個非常龐大的美國醫生群體，這些醫生現在正在植入這種設備。我認為在單腔方面，我們大概已經完成了 50% 的開發，所以還有成長空間。但到目前為止，我們植入的假體有一半是雙腔假體，而雙腔假體的普及率可能不到 10%，而且這些普及率主要來自美國。所以我認為我們在這裡有很多機會來實現這個願景。我們也有很好的機會走向國際。我們看到歐洲和日本的發展勢頭非常好，我認為長遠目標是能夠拿下這個市場的大部分份額。我們估計低壓起搏器市場規模約為 40 億美元。我們希望轉換其中很大一部分客戶，並以此成為該細分市場的領導者。

The team has done a really good job. There's pipeline, there's innovation, there's clinical work, and there is investment behind it. It's not crazy to think about it, if you look at all the work that the team has done and put forward. And I think they're ready to capitalize on this, and they've got pretty high aspirations of where they want to take their sales and their market position.

團隊做得非常出色。有研發管線，有創新，有臨床研究，背後還有投資。如果你看看團隊已經完成和提出的所有工作，這麼想也並非異想天開。我認為他們已經準備好利用這一點，並且對銷售額和市場地位的提升抱有很高的期望。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Robert, I wanted to touch on the two questions, one on Diabetes, one on Structural Heart. Just wanted to touch on the structural heart piece of the business. And specifically in left at rail appendage closure and how you guys are thinking about that has been a high-growth market. It feels like you guys might not really be benefiting yet from the concomitant procedure. Maybe you could talk a little bit how you see left atrial appendage closure evolving for Abbott specifically in 2026 and beyond? And then just one quick follow-up on diabetes.

羅伯特，我想談談這兩個問題，一個是關於糖尿病的，一個是關於結構性心臟病的。我只想簡單談談企業結構的核心部分。特別是左側鐵路附屬設施的關閉，以及你們對此的看法，這一直是一個高成長的市場。感覺你們可能還沒有真正從伴隨手術中受益。您能否談談您認為在2026年及以後，雅培公司左心耳封堵術的發展趨勢？然後，再簡單問一個關於糖尿病的問題。

Yes, sure. Listen, I think it's a really important area of growth. You're right. I don't think that we've taken the right amount of share with concomitant procedure. I know that the teams are looking at how to do that more effectively as we go into beginning of next year, but this is an area that we continue to invest in. I think that what I'm seeing right now from the results or at least the feedback that I've heard from physicians on our next-generation Amulet device is significantly positive versus what I've heard from other products that we put into trial. So when I get calls and texts and things like that from some of the KOLs that are working on the trial, really making sure that we understand how competitive and how good this next generation is, I think that's going to allow us to do that. We've actually completed the enrollment of that trial so we're going to be filing. We got to do the follow-up and then we'll be filing in the first half of next year. So we'll see if this is a 2026 launch or if it's more of a 2027 launch, but I think that's going to be hugely important. And I think it's going to be hugely important as it relates to our full portfolio here. We think that it's going to be a differentiator for us to be able to have not only all the PFA tools and mapping tools, service and support, but now to be able to add a much more competitive device on the LAA side.

是的，當然。聽著，我認為這是一個非常重要的發展領域。你說得對。我認為我們在採取相應措施的同時，並沒有取得應有的份額。我知道各隊都在研究如何更有效地進行這項工作，尤其是在明年年初，但我們會繼續在這個領域投入。我認為，從目前的結果，或至少從醫生那裡聽到的回饋來看，我們下一代 Amulet 設備的效果明顯優於我們之前試驗過的其他產品。所以，當我接到一些參與試驗的關鍵意見領袖的電話、簡訊等等，確保我們真正了解下一代產品的競爭力和性能時，我認為這將使我們能夠做到這一點。我們已經完成了該試驗的受試者招募工作，所以我們將提交申請。我們需要進行後續跟進，然後我們將在明年上半年提交申請。所以我們將拭目以待，看看這款產品是在 2026 年發布，還是更傾向於在 2027 年發布，但我認為這將非常重要。我認為這對我們整個投資組合來說將至關重要。我們認為，能夠擁有所有 PFA 工具和地圖工具、服務和支持，現在還能在 LAA 方面添加更具競爭力的設備，這將使我們脫穎而出。

We've got a readout of our trial against NOAC, that will be in 2027. I understand that there will be a readout from competitive system next year. But I think that this is a high-growth area and one that's got a lot of attention for me and from the management of our device teams on how we can kind of leverage the portfolio better. So I've got high expectations as we go into next year and especially with the next-generation product.

我們將在 2027 年公佈針對 NOAC 的試驗結果。我了解到明年將會有競爭系統公佈結果。但我認為這是一個高成長領域，我和我們設備團隊的管理層都非常關注如何更好地利用產品組合。因此，我對明年，特別是下一代產品，抱持著很高的期望。

Got you. And then just a quick question on diabetes. We've talked in the past about CGM becoming standard of care. And I'll be very honest, it surprises me that we're still only 20% penetrated in the US and basal, what do you think are still the barriers to this? And how long will they persist? I mean you talk to clinicians, and it feels like the momentum is there. And quite frankly, we should be inflecting at this point. And I just can't tell if we are.

明白了。然後，我想問一個關於糖尿病的問題。我們之前討論過 CGM 成為標準治療方案的問題。說實話，令我驚訝的是，我們在美國的基礎胰島素滲透率仍然只有 20%，您認為目前還有哪些障礙？它們能持續多久？我的意思是，你和臨床醫生談談，就會覺得這種勢頭已經形成了。坦白說，我們現在應該有所轉變了。我實在無法判斷我們是否是。

So just curious what you think is maybe preventing that or maybe you think we're in the inflection, I don't know. I don't want to speak for you, but just if you could comment on that.

所以我很好奇，你認為是什麼因素可能阻止了這種情況的發生，或者你認為我們正處於轉折點，我不知道。我不想替你說話，但如果你能就此發表一下看法就好了。

Yes. I think it's difficult to generalize. Every market that we see on the basal has gone at different speeds. If I look at some of the key European markets where we got full basal, it's actually gone, I would say, maybe at three quarters of the speed that the intensive insulin user kind of got picked up.

是的。我覺得很難一概而論。我們看到的每個基礎市場的發展速度都不一樣。如果我看一些我們全面推廣基礎胰島素治療的關鍵歐洲市場，實際上，我認為，它的普及速度可能只有強化胰島素治療普及速度的四分之三。

And you're right, the US is a little bit slower. I think there’s a large universe of primary care docs that needs to be covered. There's probably more awareness that needs to be built. I know you might think, well, there's already a lot of awareness, how come it's not offered, but there's still a lot of pockets around this country where we're going in with our sales force for the first time. And there's a very high-level understanding of what CGM is, but there hasn't been a lot of experience. So that's what we're working on. A lot of sampling programs. I think the work that we did, that the team did for Epic integration, and in a more turnkey versus every different office doing their own integration. So to have it fully integrated into Epic, I think that will be good.

你說得對，美國的速度確實慢一點。我認為需要涵蓋的初級保健醫生群體非常龐大。可能還需要提高人們的意識。我知道你可能會想，嗯，人們的意識已經很強了，為什麼還沒有提供這項服務呢？但是，在這個國家還有很多地方，我們的銷售團隊是第一次進入這些地區開展業務。人們對 CGM 的概念有很高的理解，但缺乏實務經驗。這就是我們正在努力的方向。很多抽樣程序。我認為我們團隊為 Epic 整合所做的工作，以及我們採用的更方便的交鑰匙解決方案，比每個不同的辦公室自行整合要好得多。所以，如果能將其完全整合到 Epic 系統中，我認為這會是件好事。

And I think the other thing that is going to be important for the primary care doc, I mean, these are very fast visits, Danielle. They don't have a lot of time. So I think they're starting to really understand the benefit of using ambulatory glucose profiles and look at those and be able to find out where the problem is in that basal population. It's 20%. There are probably pockets of the United States where I've seen higher penetration rates, but that's okay. I think that what's important for us is that we're continuing to see an increased sustained penetration. And I think that if I were to sum it up, it's probably more dependent on us than it is about concern about whether there's value or no value. I mean I think the clinical data is pretty resound in terms of the benefit that it has. So this for me is just more about us. doing better, investing more, covering more physicians, and that's what we're doing.

我認為對初級保健醫生來說，另一件很重要的事是，丹妮爾，這些就診時間非常短。他們沒有太多時間。所以我認為他們開始真正理解使用動態血糖監測圖的好處，並查看這些圖，從而找出基礎血糖人群的問題所在。是20%。在美國某些地區，我可能會看過更高的滲透率，但這沒關係。我認為對我們來說重要的是，我們看到市場滲透率持續穩定提高。如果要總結一下，我認為這取決於我們自己，而不是取決於是否存在價值。我的意思是，我認為臨床數據相當有力地證明了它的益處。所以對我來說，這更多的是關於我們自身。我們要做得更好，投入更多資金，涵蓋更多醫生，而這正是我們正在做的。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

Two quick questions on Nutrition, so I'll put them both up front. Could you give us an update, please, on where we're sitting on the NEC litigation. And then it looks like there were some pockets of nutrition that were weaker this quarter than we would have expected. And if you could just sort of address that and how you think about that going forward, that would be great.

關於營養學有兩個簡單的問題，所以我先把這兩個問題放在前面。請您向我們通報NEC訴訟案的最新進展。而且，本季似乎有些地區的營養狀況比我們預期的還要差。如果您能談談這個問題以及您未來對此的看法，那就太好了。

Yes, sure. On the litigation, as I've done in the past, I'm not going to comment on anything deep into any specific cases. I think you saw over the last couple of months, you saw some of the federal cases go through the process. In both those cases, Abbott won on summary judgment.

是的，當然。關於訴訟，就像我過去所做的那樣，我不會對任何具體案件發表深入評論。我想在過去的幾個月裡，你們也看到了部分聯邦案件的審理過程。在這兩起案件中，艾伯特都以簡易判決勝訴。

So we stand behind the products. I stand behind our label and the importance of these products in the health care system. So we'll see more cases progress this year and then into next year. There's clearly a difference in terms of how the federal cases are being looked at versus maybe some of those earlier cases on how the states are being looked at. But we remain committed, and we'll commit to defending the product and defending the use of it going forward.

所以我們對產品充滿信心。我堅信我們品牌的品質，也深知這些產品在醫療保健系統中的重要性。因此，我們將看到今年以及明年出現更多病例。聯邦案件的審理方式顯然與先前一些州級案件的審理方式有所不同。但我們依然堅定不移，並將繼續致力於捍衛該產品及其使用權。

I think here, the comment was pockets of softness in Nutrition. I'd say for me, I think if you look at the 4% growth, it's pretty much in line with our kind of historical growth rate. I think the one that was a little bit off, where we historically had been, was on our US pediatric. And that's I mean, that's just a competitive impact. We gave back some share that we had captured last year when a competitor experienced a supply disruption. I knew it was going to be difficult to hold on to it permanently, but still I'm disappointed that we saw that happen. And then on top of that, we also saw a large WIC contract, state contract, move from Abbott to a competitor in the quarter. So that had an impact over there. I expect some of these share losses that we've seen in the US to impact our growth rate here in the US pediatric for the next couple of quarters. But you know what I'll say is, we faced this during the supply disruption in 2022, and we got our share back. It takes a few quarters, but I'm very confident that the team will be able to do that first because we recently won two new WIC contracts. The combination of those two contracts actually are higher than the one that we lost, but those go into effect Q1 and Q2 of next year, and then we've got several new product launches that we'll be launching here in the US over the next couple of quarters. So it's going to take a couple of quarters, but I'm confident we'll be able to get our share back.

我認為這裡的評論是營養學中存在的軟弱之處。我認為，4%的成長率與我們歷史上的成長率基本一致。我認為我們過去所處的美國兒科學界有點偏差。這就是我的意思，這只是競爭方面的影響。去年，由於競爭對手遭遇供應中斷，我們失去了部分市佔率。我知道要永久擁有它很難，但看到這種情況發生，我仍然感到失望。此外，我們還看到本季一份大型 WIC 合約（州政府合約）從雅培轉移到了競爭對手那裡。所以這件事在那邊產生了一定的影響。我預計我們在美國看到的這些市場份額損失將在未來幾季影響我們在美國兒科市場的成長率。但我想說的是，我們在 2022 年的供應鏈中斷期間也遇到這種情況，但我們最終還是拿回了屬於我們的那一份。雖然需要幾個季度的時間，但我非常有信心球隊能夠做到這一點，因為我們最近贏得了兩份新的WIC合約。這兩份合約加起來的金額實際上比我們失去的那份合約要高，但這兩份合約要到明年第一季和第二季才會生效，而且在接下來的幾個季度裡，我們還會在美國推出幾款新產品。所以這需要幾個季度的時間，但我相信我們能夠收回我們的份額。

Travis Steed, BofA Securities.

Travis Steed，美國銀行證券。

I guess, kind of big picture, I wanted to talk about the sustainability of the device business. You've had kind of 10-plus quarters of double-digit growth. Just trying to think about the sustainability of that going forward when you think about the procedures and underlying procedure market growth in the pipeline that you guys have. I just want to think about your view their kind of longer term.

我想，從宏觀角度來說，我想談談設備產業的可持續性。你們已經連續十幾個季度實現了兩位數的成長。我只是在思考，考慮到你們正在籌備的流程和潛在的流程市場成長，這些流程和市場成長能否持續下去。我只是想了解你對他們長遠發展的看法。

Yes. I mean I think the way our device portfolio has evolved, if you look back five, six years ago, it was a high single-digit grower in the combination, really you had double-digit growth in diabetes and EP and structural heart. And then you had say about 40% of our revenue in vascular and CRM that was relatively flat.

是的。我的意思是，我認為我們的設備產品組合的發展方式，如果你回顧五、六年前，綜合成長只有個位數，而糖尿病、電生理和結構性心臟病領域的成長卻達到了兩位數。然後，血管和客戶關係管理（CRM）領域約占我們收入的 40%，而這部分收入相對相當。

So the way we've done this, and I've talked about this also, is okay, how do we ensure that the high-growth areas continue to grow and accelerate, and that's what we're seeing in structural heart and EP and diabetes, even in heart failure. And then how do we reposition what we would characterize as historically slower growth segments of a very large portion of our portfolio, how do we get them from being flat to at least growing mid-single digits. And if you get them to grow mid-single digits, then you move up to double digits. And that's what essentially has happened. If you look at our CRM business, I talked about this -- it's gone from being flat to now being double digit. That has a tremendous impact, and I think that there is a lot of sustainability in that. And then in our Vascular business, we started to reposition the portfolio. I would say Vascular is on the same journey that CRM was on maybe a year or so behind them. But we're already seeing the impact. We've been able to show pretty consistent delivery of 5% to 6% growth in our vascular business over the last year or so. So I think they're on their kind of journey to reposition the portfolio to higher growth.

所以我們採取的方式，我也談到了這一點，就是如何確保高成長領域繼續成長和加速發展，而這正是我們在結構性心臟病、電生理和糖尿病，甚至心臟衰竭領域所看到的。那麼，我們如何重新定位我們投資組合中很大一部分成長速度歷來較慢的板塊，如何使它們從停滯不前至少實現個位數中段的成長呢？如果能讓它們長到個位數，那麼就可以提高到兩位數。而這基本上就是實際發生的情況。如果你看看我們的客戶關係管理業務，我之前也提到過——它已經從停滯不前發展到現在的兩位數成長。這會產生巨大的影響，我認為這其中蘊含著許多永續性。然後，在我們的血管業務中，我們開始重新調整產品組合。我認為 Vascular 的發展歷程與 CRM 的發展歷程大致相同，但可能晚了一年左右。但我們已經看到了這種影響。在過去一年左右的時間裡，我們的血管業務一直保持著 5% 到 6% 的穩定成長。所以我認為他們正在努力調整投資組合，以實現更高的成長。

So my expectation is it is very sustainable. We're in these very high-growth markets. We have great portfolios. We've been investing significantly and disproportionately in those programs in product development, clinical trials. And so I think it's very sustainable.

所以我預計它非常具有可持續性。我們身處這些高速成長的市場。我們擁有優秀的投資組合。我們一直在產品開發和臨床試驗等項目中投入大量且不成比例的資金。所以我認為這是一種非常永續的方式。

Great. I wanted to follow up on some of the balance sheet and M&A, kind of a lot of cash in the balance sheet, how are you thinking about the portfolio over the medium term? Do you have the right assets going forward in the new markets you want to be in. At some point, are we going to see you guys’ kind of utilize the balance sheet and the cash.

偉大的。我想就資產負債表和併購方面的問題再了解一下，資產負債表上有很多現金，您對中期投資組合有何看法？你是否擁有進入新市場所需的合適資產？在某個時候，我們是否會看到你們利用資產負債表和現金？

Yes. Well, we have been using it in terms of dividend and growing our dividend. We have been using it in terms of share buybacks. We've been using it in terms of debt and debt paydown. We've got $3 billion of debt to pay down next year and I think I prefer to pay that down when it comes due, but we'll wait and see what interest rates look like. So we have been using it. We've been making investments, internal investments with manufacturing and some of our digital solutions. So yes, I don't think that we've just been sitting on it. Obviously, we've got businesses that are very strong positive cash flow generators. On the M&A side, yes, I talked about there being opportunities, very good opportunities out there. We've got a strong organic pipeline, which allows us to be a little bit more selective. But there are a lot of opportunities that fit us strategically and make and can generate an attractive return. We've got capacity to do that, too. So I like the position we're in, but we are putting our cash to use.

是的。我們一直將其用於分紅和提高分紅。我們一直將其用於股票回購方面。我們一直將其用於債務和償還債務方面。明年我們有 30 億美元的債務要償還，我更傾向於等到到期日再償還，但我們會等等看利率走勢如何。所以我們一直在使用它。我們一直在進行投資，包括對製造業和一些數位化解決方案的內部投資。所以，是的，我認為我們並非一直對此置之不理。顯然，我們有一些企業能夠產生非常強勁的正現金流。在併購方面，是的，我談到了存在機會，非常好的機會。我們擁有強大的有機成長管道，這使我們能夠更加挑剔一些。但有很多機會符合我們的策略，並且能夠帶來可觀的回報。我們也有能力做到這一點。所以我很滿意我們目前的處境，但我們正在充分利用我們的資金。

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

接線員，請再問一個問題。

Suraj Kalia, Oppenheimer & Co.

蘇拉吉·卡利亞，奧本海默公司

So Robert, Structural Heart continues to be an important segment for Abbott and you talked about some of the new products on the horizon, balloon expandable valves, Cephea, so on and so forth. Would love to get your thoughts specifically on the mitral and tricuspid US TAM. The landscape seems to be changing with SGLT2 inhibitors, cath lab capacity and so on. What are the puts and takes for realizing this TAM.

羅伯特，結構性心臟病仍然是雅培公司的一個重要業務板塊，你也談到了一些即將推出的新產品，例如球囊擴張瓣膜、Cephea 等等。很想聽聽您對二尖瓣和三尖瓣美國TAM的具體看法。隨著SGLT2抑制劑的出現、導管室容量的提升等等，情況似乎正在改變。要實現這項TAM目標需要付出哪些努力和採取哪些行動？

I mean I think there's a lot of opportunity in those two products that you just referred to. I think on the tricuspid side, I'd say what needs to be done here is continue to invest in data and data generation to be able to strengthen the referral pathways to be able to have broader adoption. I think between repair and replace, it's good to have both those tools. Right now, what I'm seeing is repair is being the preference just given the safety profile.

我的意思是，我認為你剛才提到的那兩款產品蘊藏著很大的商機。我認為在三尖瓣方面，我們需要做的是繼續投資於數據和數據生成，以加強轉診途徑，從而實現更廣泛的應用。我認為維修和更換兩種工具最好都具備。目前來看，考慮到安全因素，維修是更優的選擇。

On the MitraClip side, we've invested in a clinical trial to look at using MitraClip in low intermediate risk patients. So I think for those two products, you're going to have to continue to invest in clinical and clinical evidence. obviously, you support that with your field-based teams, et cetera. But I think the real big drivers and continued drivers of that are going to be clinical evidence. I take a step back here and maybe just look at how you started your question about Structural Heart. You went quickly into those two products. But this is an area that in my view, if you want to be a cardiovascular med tech leader, you have to have a strong, robust, and differentiated portfolio and strong position in structural heart. If you look at the revenue across the players, last year, I think we crossed over to number two, so we have a number two position and I don't think that's by accident. We've invested in that area. We've invested heavily in that area. We've got a portfolio of great products. Yes, MitraClip, TriClip, you got Navitor, you got the Amulet. And you've got several, if I look at the next couple of years, there are multiple catalyst here to sustain and even accelerate this double-digit growth that we got. Whether it's label expansions and Navitor, MitraClip, we launched our fifth generation MitraClip and TriClip product, that's important. We've seen the guideline changes happen. You saw some of that guideline change happen in the European conference about a month ago, expanding the product and the technologies to other markets. I think the launch of TriClip in Japan is going to be a real important move for us.

在 MitraClip 方面，我們已經投資了一項臨床試驗，以研究 MitraClip 在低危險群至中危險群患者的應用。所以我認為對於這兩種產品，你們需要繼續投資於臨床和臨床證據。顯然，你們需要透過你們的現場團隊等來支持這些工作。但我認為真正的主要驅動力和持續驅動力將是臨床證據。我先退後一步，看看你最初是如何提出關於結構性心臟病的問題的。你很快就選擇了那兩款產品。但在我看來，如果你想成為心血管醫療技術領域的領導者，你必須擁有強大、穩健且差異化的產品組合，並在結構性心臟病領域佔據強大的地位。如果縱觀所有球員的收入，我認為去年我們已經躍升至第二位，所以我們現在排名第二，我認為這並非偶然。我們已在該領域進行了投資。我們在該領域投入了大量資金。我們擁有一系列優質產品。是的，MitraClip，TriClip，你有Navitor，你有護身符。展望未來幾年，有許多催化劑可以維持甚至加速我們目前兩位數的成長。無論是標籤擴充和 Navitor，還是 MitraClip，我們推出了第五代 MitraClip 和 TriClip 產品，這都很重要。我們已經看到指導方針發生了變化。大約一個月前，在歐洲會議上，您已經看到了一些指導方針的改變，將產品和技術推廣到其他市場。我認為TriClip在日本的上市對我們來說將是一個非常重要的措施。

We've done some bolt-on M&A in this space, also this quarter, we actually bought an AI-powered imaging software company in Europe that specialize in interventional cardio pre-procedure planning. I think that's going to be hugely important in this space. So we've added to that and integrating that team into our programs and then the pipeline. Like you said, whether it's balloon TAVR, Amulet 2 our next-generation Amulet, or our mitral replacement valve. I actually have been pretty close, been closer to the mitral replacement program recently and the feedback that I've heard from this product is just spectacular. And I think it's got the potential to live up to the expectations that we all had back in 2015 when all of us made significant investments in buying early assets and with the belief that mitral could be as big as TAVR. I think that this is the product that's going to, it's got the potential to fulfill that promise. So I put all that together, I think that we're in a tremendously competitive position and structural heart portfolio is very complete and we're going to continue to invest in it and be a leader here. I feel good about that part of our med tech portfolio and be able to kind of sustain that double-digit growth going forward.

在這個領域，我們也進行了一些補充性併購，在本季度，我們實際上收購了一家歐洲的人工智慧成像軟體公司，該公司專門從事介入性心臟病術前規劃。我認為這在這個領域將至關重要。因此，我們在此基礎上，將團隊整合到我們的專案和人才培育體系中。如你所說，無論是球囊經導管主動脈瓣置換術（TAVR）、我們的下一代 Amulet 2 瓣膜，或是我們的二尖瓣置換瓣膜。實際上，我最近離二尖瓣置換手術項目很近了，而且我聽到的關於這款產品的回饋簡直太棒了。我認為它有潛力不負眾望，實現我們所有人在 2015 年的期望。當時我們都投入巨資購買早期資產，並相信二尖瓣手術的規模可能與經導管主動脈瓣置換術 (TAVR) 一樣大。我認為這款產品有潛力實現這項承諾。綜上所述，我認為我們處於極具競爭力的地位，結構性心臟病產品組合非常完善，我們將繼續投資並成為該領域的領導者。我對我們醫療技術投資組合的這一部分感到滿意，並有能力在未來保持兩位數的成長。

Well, I realize we've hit our time here. Let me just make some closing remarks, we delivered another very good quarter. Year-to-date, we delivered 7.5% organic growth, 10% EPS and shown that we can expand our op margin profile, we've expanded that by 100 basis points and I think we've delivered all of that, as I said in one of the questions here with some larger-than-expected headwinds here that we faced in our businesses that we feel will be kind of behind us next year. So our organic R&D engine continues to be highly, highly productive. And I expect that we'll be able to sustain this performance, this growth as we carry into 2026 and beyond. So with that, I'll wrap it up and thank you for joining us today.

好吧，我知道我們在這裡的時間到了。最後我再說幾句，我們又完成了一個非常好的季度。今年迄今為止，我們實現了 7.5% 的有機成長，10% 的每股收益，並證明我們可以擴大營業利潤率，我們已經將其提高了 100 個基點。我認為我們已經實現了所有這些目標，正如我在這裡的一個問題中所說，儘管我們在業務中遇到了一些比預期更大的不利因素，但我們認為這些不利因素將在明年基本消除。因此，我們的自主研發引擎仍保持著極高的生產力。我預計我們將能夠保持這種業績和成長勢頭，並將這種勢頭延續到 2026 年及以後。那麼，我就說到這裡，感謝各位今天的收看。

Thank you, operator, and thank you all for your questions. This now concludes Abbott's conference call. A webcast replay of this call will be available after 11:00 AM, Central Time today on Abbott's Investor Relations website at abbottinvestor.com. Thank you for joining us today.

謝謝接線員，也謝謝大家的提問。至此，雅培的電話會議結束。本次電話會議的網路直播回放將於美國中部時間今天上午11:00後在雅培投資者關係網站abbottinvestor.com上提供。感謝您今天參加本次會議。

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。祝大家今天過得愉快。