美國雅培 (ABT) 2025 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Abbott's fourth quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded by Abbott. With the exception of any participants' 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. I would now like to introduce Mr. Mike Comilla, Vice President, Investor Relations.

早上好，感謝您的耐心等待。歡迎參加雅培2025年第四季財報電話會議。 （操作說明）本次電話會議由雅培公司錄音。除在問答環節中與會者提出的問題外，本次電話會議的全部內容，包括問答環節，均為雅培公司版權所有。未經雅培公司書面許可，不得錄音或轉播。現在，我謹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。今天與我一同出席的有董事長兼執行長羅伯特·福特先生，以及執行副總裁兼財務長菲爾·布德羅先生。羅伯特先生和菲爾先生將致開幕詞。他們的發言結束後，我們將回答各位的問題。

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 results for 2026. 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.

在開始之前，需要說明的是，根據1995年《私人證券訴訟改革法案》，今天所作的一些陳述可能屬於前瞻性陳述，包括對2026年業績的預期。雅培提醒，這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與前瞻性聲明中指明的結果有重大差異。

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.

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 日的年度報告 10-K 表格第 1A 項「風險因素」中進行了討論。

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. 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.

除法律另有規定外，雅培不承擔因後續事件或發展而公開修訂任何前瞻性聲明的義務。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的持續業務表現。

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.

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.

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。

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

除非另有說明，我們對銷售成長的評論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. Before discussing our fourth quarter results, I want to take a moment to reflect on 2025, a year that demonstrated Abbott's leadership and innovation, disciplined execution and strategic actions taken to position the company for sustainable long-term growth.

謝謝，麥克。大家早安，感謝各位的參與。在討論第四季業績之前，我想先回顧一下2025年，這一年展現了雅培的領導力和創新精神，嚴謹的執行力以及為公司實現可持續長期增長而採取的戰略舉措。

Innovation continues to be the foundation of our success. In 2025, we achieved several important milestones that strengthen our position for the future, including regulatory approvals for our Volt and TactiFlex Duo PFA products, a new indication for Navitor TAVR valve, CMS, national coverage for TriClip and CardioMEMS, completing enrollment in our pivotal trial to bring a new LAA device to market, filing for FDA approval for our dual glucose ketone sensor, initiating the pivotal trial of our coronary IVL device, starting to launch sequence in EPD to bring biosimilars to emerging markets, and recently started the launch sequence in Nutrition to bring new products to market that meet evolving consumer preferences.

創新始終是我們成功的基石。 2025年，我們取得了多項重要里程碑式的成就，進一步鞏固了我們未來的市場地位，其中包括：Volt和TactiFlex Duo PFA產品獲得監管部門批准；Navitor TAVR瓣膜獲得新的適應症；TriClip和CardioMEMS獲得美國醫療保險和醫療補助服務中心（CMS）的全國醫保覆蓋；完成一項旨在將新型左心耳封堵器推向市場的關鍵性試驗的患者招募；向美國食品藥品監督管理局（FDA）提交雙葡柏糖酮感測器的上市申請；啟動冠狀動脈腔內碎石術（IVL）裝置的關鍵性試驗；啟動電子產品開發（EPD）領域的產品上市計劃，將生物類似藥推向新興市場；以及近期啟動營養品領域的產品上市計劃，將滿足消費者不斷變化的需求的新產品推向市場。

2025 was also a year of disciplined execution. We delivered top-tier margin expansion and achieved our original target of double-digit earnings growth in earnings per share despite the implementation of new tariffs and heightened market challenges in China.

2025年也是執行力強的一年。儘管面臨新關稅的實施和中國市場挑戰加劇，我們依然實現了利潤率的顯著提升，並達成了每股收益兩位數成長的既定目標。

Finally, in 2025, we made important strategic moves to shape Abbott's future. Our announced acquisition of Exact Sciences will allow Abbott to enter and lead in the fast-growing cancer diagnostics market and adds a new high-growth business with an attractive pipeline to the Abbott portfolio. We expect 2026 to be another year powered by innovation, operational excellence and strategic execution.

最後，在2025年，我們採取了重要的策略性措施來塑造雅培的未來。我們宣布收購Exact Sciences，這將使雅培能夠進入並引領快速成長的癌症診斷市場，並為雅培的產品組合增添一項具有吸引力的、高成長的新業務。我們預計2026年將是另一個由創新、卓越營運和策略執行驅動的年份。

As we announced this morning, we forecast the midpoint of our 2026 organic sales growth range to be 7% and the midpoint of our adjusted earnings per share range to reflect 10% growth.

正如我們今天早上宣布的那樣，我們預測 2026 年有機銷售成長範圍的中位數為 7%，調整後每股收益範圍的中位數為 10%。

I'll now summarize the fourth quarter results in more detail. I'll start with Nutrition, where sales declined in the quarter. Abbott has been in Nutrition business for more than 60 years. And with that history comes experience, not just in times of growth, but in times that require navigating challenges. And as I mentioned last quarter, the US pediatric business is seeing an impact from market share loss, partly due to the loss of a large weight contract last year.

接下來，我將更詳細地總結第四季業績。首先是營養品業務，該業務的銷售額在本季有所下降。雅培在營養品領域已有60多年的歷史。悠久的歷史累積了豐富的經驗，不僅包括成長時期的經驗，也包括應對挑戰的經驗。正如我在上個季度提到的，美國兒科業務正受到市場份額下降的影響，部分原因是去年失去了一份重要的體重管理合約。

But our results this quarter underscore a broader challenge, which is the need to reignite volume growth, a challenge many consumer goods businesses face today. Over the last several years, we've seen manufacturing costs in Nutrition rise, in part due to a post-pandemic driven surge in commodity costs that remains in our cost base today.

但我們本季的業績凸顯了一個更廣泛的挑戰，即重振銷售成長的必要性，這也是許多消費品企業目前面臨的挑戰。過去幾年，營養品產業的製造成本上升，部分原因是疫情後大宗商品價格飆升，而這項成本至今仍是我們成本結構的一部分。

We've increased prices to help mitigate the impact of higher manufacturing costs, but those price increases in the current economic environment have become a factor in constraining volume growth. Many consumer good businesses are facing this dynamic. Higher manufacturing costs led to higher prices, which in turn are suppressing demand as consumers become increasingly more price sensitive. Path is not sustainable long term so we began to make changes in the fourth quarter.

我們提高了價格以緩解製造成本上漲的影響，但在當前的經濟環境下，價格上漲反而抑制了銷售成長。許多消費品企業都面臨著同樣的困境。製造成本上漲導致價格上漲，而隨著消費者對價格越來越敏感，價格上漲反過來又抑制了需求。這種模式無法長期持續，因此我們從第四季開始做出調整。

Our goal is to transition our business back to one with a more balanced growth profile with volume growth playing a greater role going forward. In the fourth quarter, we began implementing price and promotion initiatives to help start the process of reigniting volume growth.

我們的目標是使業務轉型為更均衡的成長模式，未來銷售成長將發揮更大作用。第四季度，我們開始實施價格和促銷策略，以期重振銷售成長。

To further drive volume growth, we are increasing our focus on innovation, which is an area that was deprioritized for the last few years given the necessary heavy focus on production and supply chain management in this business.

為了進一步推動銷售成長，我們將更加重視創新。過去幾年，由於本產業必須高度重視生產和供應鏈管理，創新領域並未優先考慮。

Following the launch of two new versions of Ensure late last year, we expect to launch at least eight new products over the course of the next 12 months. We expect performance in the Nutrition to remain challenged in the first half of the year with a return to growth in the second half.

繼去年底推出兩款新版Ensure營養液之後，我們預計未來12個月內至少會推出八款新產品。我們預期營養品業務上半年業績仍將面臨挑戰，下半年將恢復成長。

While this transition back to a more sustainable, volume-driven business as consequences on our near-term results, these are the right steps to take to better position the business for long-term success.

雖然這種向更永續、以銷售為導向的業務轉型會對近期業績產生影響，但這些是為企業長期成功奠定更好基礎的正確步驟。

Moving to Diagnostics, where sales declined 3.5% due to the anticipated year-over-year decline in COVID testing sales. Core Lab Diagnostics grew 3.5%, achieving a third consecutive quarter of accelerating growth and building steady momentum as we enter 2026.

診斷業務方面，由於預期新冠病毒檢測銷售額年減，銷售額下降了3.5%。核心實驗室診斷業務則成長了3.5%，連續第三個季度實現加速成長，並在進入2026年之際保持了穩定成長動能。

For the full year, excluding China, growth in Core Lab Diagnostics was 7%, reflecting durable demand in markets around the world. In Point of Care Diagnostics, sales grew 7% in the quarter, driven by adoption of our high sensitivity troponin test, which allows for earlier and more accurate detection of heart attack.

全年來看，剔除中國市場後，核心實驗室診斷業務成長7%，反映出全球市場需求的持續強勁。即時診斷業務本季銷售額成長7%，主要得益於高靈敏度肌鈣蛋白檢測的廣泛應用，該檢測能夠更早、更準確地檢測出心臟病發作。

Turning to EPD where sales increased 7% in the quarter. Growth was well balanced across the markets and therapeutic areas that we participate in, including double-digit growth in India and several countries across Latin America and the Middle East.

再來看EPD，該季度銷售額成長了7%。我們參與的各個市場和治療領域的成長都比較均衡，其中印度以及拉丁美洲和中東的多個國家實現了兩位數的成長。

By focusing on high-demand therapies in faster-growing markets, EPD delivered its fifth consecutive year of sales growth exceeding 7%. And I'll wrap up with Medical Devices, where sales grew 10.5%. In Diabetes Care, sales of continuous glucose monitors grew 12% in the fourth quarter and 17% for the year with sales in 2025 exceeding $7.5 billion.

透過專注於快速成長市場中的高需求療法，EPD實現了連續第五年超過7%的銷售成長。最後，我想介紹一下醫療器材業務，該業務的銷售額成長了10.5%。在糖尿病護理領域，連續血糖監測儀的銷售額在第四季度增長了12%，全年增長了17%，預計到2025年銷售額將超過75億美元。

This marks the third consecutive year that our CGM sales have grown by more than $1 billion. Our success in CGM continues to be driven by strong underlying market fundamentals, a leading position in cost and scale and an unwavering commitment for market-leading innovation. These factors have led to a continued increase in adoption across all of the various use groups.

這標誌著我們的 CGM 銷售額連續第三年成長超過 10 億美元。我們在 CGM 領域的成功持續得益於強勁的市場基本面、成本和規模方面的領先地位以及對市場領先創新的一貫承諾。這些因素促使 CGM 產品在所有應用群體中的普及率持續成長。

In electrophysiology, sales grew double digits in the US and internationally. In December, we announced FDA approval of our Volt PFA Catheter, which represents our first PFA product offering in the United States. And earlier this week, we announced that we obtained CE Mark for our new TactiFlex Duo Ablation Catheter, which offers both RF and PFA energy to treat patients battling AFib.

在電生理領域，我們在美國和國際市場的銷售額均實現了兩位數成長。去年12月，我們宣布Volt PFA導管獲得FDA批准，這是我們在美國推出的首款PFA產品。本週早些時候，我們宣布新款TactiFlex Duo消融導管獲得CE認證，該產品同時提供射頻和PFA能量，用於治療心房顫動患者。

In structural heart, growth was driven by double-digit growth in Navitor, double-digit growth in TriClip, double-digit growth in MitraClip. In the coming weeks, we'll achieve an important milestone by completing enrollment in our CATALYST trial.

在結構性心臟病領域，成長主要得益於Navitor、TriClip和MitraClip的兩位數成長。未來幾週，我們將完成CATALYST試驗的患者招募，這將是一個重要的里程碑。

This trial is evaluating the performance of Amulet, left atrial appendage device compared to oral anticoagulants in patients with AFib. This trial is designed to generate the evidence to demonstrate the clinical benefits of Amulet, which could lead to broader adoption and expansion of the addressable market.

這項試驗旨在評估左心耳植入裝置 Amulet 與口服抗凝血劑在心房顫動患者的療效。該試驗旨在獲得證據，證明 Amulet 的臨床獲益，從而促進其更廣泛的應用並擴大目標市場。

In heart failure, growth of 12% was driven by growth across our market-leading portfolio of ventricular assist devices, which offer treatment for chronic and temporary conditions and growth in CardioMEMS, our implantable sensor used for the early detection of heart failure.

在心臟衰竭領域，12% 的成長得益於我們市場領先的心室輔助設備產品組合的成長，可用於治療慢性或暫時性疾病；此外，CardioMEMS（我們用於早期檢測心臟衰竭的植入式感測器）的成長也推動了成長。

Our investment strategy in Medical Devices is based upon a two-pronged approach. We invest to sustain strong performance in high-growth segments like diabetes, structural heart, electrophysiology and heart failure, and we invest to increase the growth outlook in more foundational segments like Rhythm Management and Vascular. While the investments in traditionally high-growth segments tend to get more attention, the investments we've made in our foundational businesses are generating very impressive returns.

我們在醫療器材領域的投資策略是基於雙管齊下的策略。一方面，我們投資於糖尿病、結構性心臟病、電生理和心臟衰竭等高成長領域，以維持其強勁的業績；另一方面，我們也投資於節律管理和血管等基​​本領域，以提升其成長前景。雖然對傳統高成長領域的投資往往更受關注，但我們對基礎性業務的投資也帶來了非常可觀的回報。

In Rhythm Management, growth of 12% was led by continued strong uptake of our Leadless Pacemaker, AVEIR. For the full year, growth of 10% in Rhythm Management represents the third consecutive year of significantly outperforming the market. With AVEIR and the investments we're making in conduction system pacing and other novel technologies, we see the $10 billion Rhythm Management market as a great opportunity to capture market share and drive sustainable growth for years to come.

在心律管理領域，12%的成長主要得益於我們無導線心律調節器AVEIR的持續強勁成長。全年來看，心律管理業務成長10%，已是連續第三年大幅跑贏大盤。憑藉著AVEIR以及我們在傳導系統起搏和其他創新技術領域的投資，我們認為價值100億美元的心律管理市場蘊藏著巨大的機遇，能夠幫助我們搶佔市場份額，並在未來幾年實現可持續增長。

In vascular, growth of 6.5% was led by double-digit growth in vessel closure products and growth from spree are below the knee resorbable stent. For the full year, vascular sales grew 5% making this the second consecutive year of vascular has delivered mid-single-digit growth.

血管外科業務方面，成長6.5%，主要得益於血管閉合產品兩位數成長以及膝下可吸收支架的快速成長。全年血管外科銷售額成長5%，這是該業務連續第二年實現中等個位數成長。

With the expected approval of our coronary IVL device next year, we expect growth in vascular to follow a similar pattern of acceleration that we've seen in Rhythm Management. And lastly, a neuromodulation growth of 5.5% was led by strong international growth to return our rechargeable spinal cord stimulation device.

隨著我們冠狀動脈IVL裝置預計明年獲批，我們預期血管領域的成長將與心律管理領域的成長模式類似，呈現加速成長的態勢。最後，神經調控領域5.5%的成長主要得益於國際市場的強勁成長，這推動了我們可充電脊髓刺激裝置的重新上市。

So in summary, despite facing some challenges in 2025, we achieved our original target of double-digit earnings per share growth. Our new product pipeline continues to be highly productive, and combined with the strategic steps we took to shape the company for the future, we're well positioned for accelerating growth in 2026.

總而言之，儘管2025年面臨一些挑戰，我們仍實現了最初設定的每股盈餘兩位數成長目標。我們的新產品研發管線持續高效運轉，加之我們為公司未來發展採取的策略舉措，我們已做好充分準備，在2026年加速成長。

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

謝謝羅伯特。正如麥克之前提到的，請注意，除非另有說明，所有提及的銷售成長率均指自然成長。

Turning to our fourth quarter results. Sales increased 3.8% when excluding COVID testing sales. Adjusted earnings per share of $1.50 reflects growth of 12% compared to the prior year. Foreign exchange had a favorable year-over-year impact of 1.4% on fourth quarter sales, which was in line with our expectations at the time of our earnings call in October.

接下來來看看我們第四季的業績。剔除新冠病毒檢測銷售額後，銷售額成長了3.8%。調整後每股收益為1.50美元，較上年同期成長12%。匯率波動對第四季銷售額產生了1.4%的有利影響，這與我們10月份財報電話會議的預期一致。

Regarding other aspects of the P&L, the adjusted gross margin profile was 57.1% of sales, which despite the impact of tariffs, increased 20 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 57.1%，儘管受到關稅的影響，但與前一年相比仍增長了 20 個基點。

Adjusted R&D was 6.2% of sales and adjusted SG&A was 25.1% of sales. Adjusted operating margin was 25.8% of sales, which reflects an increase of 150 basis points compared to the prior year.

經調整後的研發費用佔銷售額的6.2%，經調整後的銷售、管理及行政費用佔銷售額的25.1%。經調整後的營業利益率為銷售額的25.8%，較上年同期成長150個基點。

Turning to our outlook for 2026. Today, we issued guidance for full year adjusted earnings per share of $5.55 to $5.80, which reflects 10% growth at the midpoint of the range and contemplates an adjusted earnings per share forecast of $1.12 to $1.18 for the first quarter.

接下來談談我們對 2026 年的展望。今天，我們發布了全年調整後每股收益預期為 5.55 美元至 5.80 美元，其中值反映了 10% 的增長，並預計第一季調整後每股收益為 1.12 美元至 1.18 美元。

For the year, we forecast organic sales growth to be in the range of 6.5% to 7.5%. Based on current rates, we expect exchange to have a favorable impact of around 1% on full year reported sales, which includes an expected favorable impact around 3% on first quarter reported sales and we forecast our adjusted tax rate to be in the range of 15% to 16%.

我們預計全年有機銷售成長率將在6.5%至7.5%之間。以目前匯率計算，我們預期匯率將對全年報告銷售額產生約1%的有利影響，其中包括預期對第一季報告銷售額產生約3%的有利影響，我們預計調整後的稅率將在15%至16%之間。

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

接下來，我們將開始接受提問。

(Operator Instructions) Larry Biegelsen, Wells Fargo.

（操作說明）拉里·比格爾森，富國銀行。

So Robert, on the last call, you seem comfortable with consensus revenue growth, but you're guiding a little bit lower today. I assume that's related to Nutrition. Can you talk about what's changed since the last call? And how you're thinking about the year playing out from a cadence standpoint? I assume you would expect growth to accelerate through the year, given your comments on Nutrition and some of the launches. I'll leave it at that.

羅伯特，上次電話會議上，你似乎對市場普遍預期的營收成長感到滿意，但今天你的預期略有下調。我猜這與營養品業務有關。你能談談自上次電話會議以來發生了哪些變化嗎？以及你從節奏角度如何看待今年的發展？鑑於你對營養品業務和一些新品發布的評論，我猜你預計今年的成長速度會加快。我就說這麼多吧。

Thanks, Larry. I think if I remember you, you're the one who asked that question back in October. And when I -- when we when I answered that question, I think consensus was 7.5% top line. EPS was 10%. So today, we guided the midpoint at 7% on top line, 10% on the bottom.

謝謝，拉里。如果我沒記錯的話，你就是十月問過這個問題的人。當時我回答這個問題的時候，市場普遍預期營收成長7.5%，每股盈餘成長10%。所以今天，我們給出的預期中位數為營收成長7%，每股盈餘成長10%。

So midpoint here is 0.5% lower than what was consensus. And -- but other than that, nothing has really changed. The EPS is in line with consensus, expecting healthy margin expansions. I'm sure we're going to talk a lot about the pipeline, which is either on target or ahead of schedule in certain products, balance sheet's in great shape, feel good about us closing Exact. So the 0.5 point change on the top line, as you pointed out, is really the -- the change in the near-term outlook, I'd say, of our Nutrition business.

所以，這裡的中點比市場普遍預期低了0.5%。除此之外，其他方面基本上沒有改變。每股盈餘與市場普遍預期一致，預期利潤率將穩定提升。我相信我們會專注於產品線，某些產品的研發進度要麼按計畫進行，要麼提前完成；資產負債表狀況良好；我們對Exact的順利交割充滿信心。正如您所指出的，營收的0.5個百分點的變化，實際上反映的是我們營養品業務近期前景的變化。

You saw in our quarter in our Q4, we had a negative quarter. And as I said in my comments, there's a component of this business, it's a healthcare-driven product portfolio, but there's a component of it, a dynamic of it that is very much aligned with consumer packaged goods.

正如您在第四季財報中看到的，我們出現了負成長。正如我在評論中所說，這項業務的一部分是醫療保健產品組合，但另一部分，或者說它的動態，與消費品包裝業務非常契合。

And I'd say, the challenges that CPG businesses have been facing are pretty well known following pandemic, pretty significant surge in costs between 2022 and 2024 to offset that. I think we all went ahead and tried to mitigate it with price increases that obviously drove top line, but more importantly, I would say, improved or didn't allow the economics and the profitability of the businesses to deteriorate.

我認為，疫情後消費品企業面臨的挑戰眾所周知，2022年至2024年間成本大幅上漲，需要彌補損失。我們都嘗試透過漲價來緩解這個問題，這無疑推動了營收成長，但更重要的是，我認為提價改善了企業的獲利能力，至少沒有導致其進一步惡化。

If you look at our profitability in that business, 2024, 2025, where it was back in 2022, it had that impact. But the higher prices that have resulted now in what I see is kind of suppressing demand and lowering the volume growth and the pressure on the volume growth accelerated, I'd say, as we move throughout Q4 and consumers became increasingly more price sensitive.

如果你看看我們這項業務在2024年、2025年的獲利情況，再看看2022年的水平，就會發現它確實產生了影響。但如今更高的價格導致需求下降，銷售成長放緩，隨著第四季的推進，銷售成長的壓力也在加劇，消費者對價格變得越來越敏感。

So as I said in my comment, it's not a sustainable path. You'll get down into the spiral if you keep increasing prices, you'll keep on driving volume down. So we could have could -- we could have gone a couple more quarters, maybe nine more months doing this, but it would not be sustainable.

正如我在評論中所說，這條路不可持續。如果繼續漲價，就會陷入惡性循環，銷售量也會持續下降。所以我們本來可以再堅持幾個季度，或許九個月，但這終究是不可持續的。

And at some point, something fundamentally has to change here. And I just felt that the longer -- the long we took to make this change, the more painful of it be. If I look at the strength of the portfolio right now and the growth -- all the growth prospects we have, the ability to add a whole new growth vertical. I just thought that the timing was right to do this and do this as quickly as possible to get through it. So we began implementing price promotion initiatives that are going to help invigorate growth.

遲早，這裡必須發生根本性的改變。我覺得，我們拖得越久，改變就越痛苦。看看我們目前的投資組合實力和成長潛力－我們擁有所有成長前景，還有拓展全新成長領域的潛力。我認為現在正是進行改變的最佳時機，而且要盡快完成。因此，我們開始實施價格促銷活動，以促進成長。

I think early signs right now, Larry, are encouraging. Obviously, we're going to have to keep monitoring that. And then we're also launching a lot of new products to be able to kind of support that volume growth. We haven't had to reallocate R&D resources to be able to do that. This is a business that operates around 2%, 2.2% of R&D. So we just reallocated within that budget to focus on new product development.

拉里，我認為目前的早期跡象令人鼓舞。當然，我們還需要繼續密切關注。同時，我們也正在推出許多新產品，以支持銷售成長。我們無需為此重新分配研發資源。我們公司的研發投入通常只佔總投入的2%到2.2%左右。所以我們只是在現有預算範圍內重新分配了資金，以專注於新產品開發。

So we'll have a couple of quarters here where growth in Nutrition is going to be challenged. And then in the second half, we'll return to positive growth. And I've got confidence in the team that's in place today that we can execute this transition back to more of a volume base -- more of a volume-driven growth business.

因此，未來幾季營養品業務的成長將面臨挑戰。但下半年，我們將重回正向成長軌道。我對目前的團隊充滿信心，相信我們能夠成功完成向銷售驅動型業務的轉型。

If you look at what we did back in 2022 when we had supply disruption, it took us about 9 to 12 months to get our share back, I don't think it's going to take that long. So I think it's about a six-month process here of reshifting that. And that's really what's creating -- I would say, part of it was creating a little bit of this first half, second half dynamic in our growth forecast.

回顧2022年我們遭遇供應中斷時的做法，我們花了大約9到12個月才恢復市場份額，我認為這次不會花那麼長時間。所以我認為這次的調整過程大約要六個月。而這正是造成我們成長預測中出現上半年和下半年這種動態變化的部分原因。

But outside of that, Larry, versus where we were in October, nothing has really changed. In fact, I'd say a significant majority of the company here is either maintaining high single-digit top line growth or low-teens growth or they're accelerating their growth versus 2025, whether it's our cardiovascular franchise, our diabetes products, EPD, our pharma business, we're going to be lapping the core diagnostic headwinds that we faced last year.

但除此之外，拉里，與十月的情況相比，其實並沒有什麼改變。事實上，我認為公司絕大多數業務要不是保持著接近兩位數的營收成長，就是實現了兩位數的低點成長，甚至在2025年之前還在加速成長。無論是我們的心血管業務、糖尿病產品、EPD業務或製藥業務，我們都將克服去年在核心診斷領域遇到的不利因素。

If you remember, we had about $1 billion of headwind that we faced last year in our Diagnostic business, whether it was COVID and the China challenges, that's mostly going to be behind us. We're going to be adding another high-growth vertical with Exact Sciences. So I think there's a lot to like here. I think there's a lot of growth here.

如果你還記得，去年我們在診斷業務方面面臨約10億美元的阻力，包括新冠疫情和中國市場帶來的挑戰，但這些挑戰基本上已經過去。我們將透過收購Exact Sciences，新增一個高成長垂直領域。所以我認為這裡有很多值得期待的地方，也蘊藏著巨大的成長潛力。

And while we know we've got some work to do in Nutrition, I can guarantee to you that we're not distracted by that from all the great opportunities that we have here. So like I said, I think we've got a good setup for 2026, a lot of accelerating growth as we progress through the year.

雖然我們知道在營養方面還有一些工作要做，但我可以向你們保證，我們不會因此而忽略這裡的所有絕佳機會。所以就像我說的，我認為我們已經為2026年做好了充分的準備，隨著時間的推移，我們將迎來快速成長。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I did want to start, Robert, on the pipeline and then maybe just ask a follow-up question, if we have time on the guidance and the outlook. You did talk about some of the approvals in the EP business and most specifically, can you help us sort of frame the Abbott portfolio in EP? Maybe looking back 6 months, where we are today, where you are then 6 to 12 months from now and contextualize kind of the portfolio relative to competition and where you see the biggest opportunities to accelerate growth there with Volt, TactiFlex Duo, TactiFlex [VP], I think you have a next-gen Agilis, EnSite X, et cetera.

羅伯特，我想先談談產品線，然後如果時間允許，再問一個關於業績指引和展望的問題。您剛才提到了一些電生理業務的核准產品，特別是，您能否幫我們梳理一下雅培在電生理領域的產品組合？回顧過去六個月，看看我們目前的狀況，再展望未來六到十二個月，並分析一下產品組合相對於競爭對手的優勢，以及您認為在哪些方面，例如Volt、TactiFlex Duo、TactiFlex [VP]、下一代Agilis、EnSite X等等，有哪些最大的成長機會？

Sure. I mean I think that -- I do have to put that into context, though. I mean if you go back three years, David, there was a lot of concern about our franchise that was growing double digits, that was going to be flat or even negative because we didn't have a PFA catheter. We developed a strategy. The team put together a strategy we presented to our Board three years ago in terms of what we were going to do. And over the last couple of years, even without PFA products, we've been able to actually sustain our double-digit growth rate, '24 and 2025 without a PFA catheter.

當然。我的意思是，我覺得──不過我得把它放在特定的背景下說。我的意思是，David，如果你回顧三年前，當時我們非常擔心我們這個兩位數成長的業務會停滯不前甚至出現負成長，因為我們沒有PFA導管。我們制定了一項策略。三年前，團隊制定了一項策略，並提交給了董事會，闡述了我們接下來要做的事情。在過去的幾年裡，即使沒有PFA產品，我們也能夠在2024年和2025年保持兩位數的成長率，而這段期間我們並沒有推出PFA導管。

So the strategy that you're now referencing about our PFA products, that's just part of our strategy that we presented three years ago and laid out here. So we began launching the PFA product line in a much larger installed base of capital and mapping systems.

所以，您現在提到的關於我們PFA產品的策略，只是我們三年前提出並在此闡述的策略的一部分。因此，我們開始在更大的已安裝資本和測繪系統群體中推出PFA產品線。

The launch of Volt in Europe has gone very well. I'd say, when we talked about developing Volt, we said, let's look at where some of the shortcomings of our first-generation products are and can we build those into Vault.

Volt 在歐洲的上市非常成功。我想說，在討論 Volt 的開發時，我們曾說過，讓我們看看第一代產品有哪些不足之處，以及我們能否將這些不足之處融入 Vault 中。

And the feedback that I continue to see from the European market and quite frankly, through the last couple of weeks as we began our limited market release here in the US, is two things keep jumping out pretty continuously is: one, the elegance, the ease and the smoothness and the predictability of the mapping integrated with the catheter, the visualization. All of that, that we spend a lot of time putting together. I continue to hear very positive feedback on that. And then the ability to potentially do these procedures with sedation versus general anesthesia, that is a recurring theme that I keep on hearing here.

我從歐洲市場持續收到的回饋，坦白說，在過去幾週我們開始在美國進行有限市場推廣之後，有兩點反覆出現：第一，導管整合的映射功能非常優雅、便捷、流暢且可預測，可視化效果也十分出色。所有這些都是我們投入大量時間研發的。我不斷收到對此的正面回饋。第二，能夠在鎮靜麻醉下而非全身麻醉下進行這些手術，這也是我反覆聽到的話題。

So I'd say the Volt launch has gone very much aligned to what we expected as we were putting the program together. This year, we'll have the launch of Volt here in the US and TactiFlex Duo internationally. I think it comes down to -- we always wanted to make sure that we had a toolbox approach here for the physicians. So they can have choice and they can have greater flexibility about how they use these products.

所以我覺得Volt的上市進展非常順利，完全符合我們當初制定計畫時的預期。今年，Volt將在美國上市，TactiFlex Duo將在全球上市。我認為關鍵在於──我們始終希望為醫師提供一套完整的工具箱方案，讓他們有更多選擇，也能更靈活地使用這些產品。

I'm sure that there will be cases and types of patients and patient profiles that will lend itself more to a balloon and basket Volt-type design, and there are going to be types of patients and situations where TactiFlex Duo whether its dual energy source will be preferred.

我相信，對於某些患者類型和患者情況，球囊和籃框式 Volt 設計會更加適用；而對於某些患者類型和情況，TactiFlex Duo 及其雙能量源則會更受歡迎。

And ultimately, it's going to be up to the physician to make those decisions. But I like the fact that the team, as they put the strategy together, that we would have both these products. I think you raised this point very well, which is I don't think that there is a company right now that's better positioned in terms of the completeness of the portfolio than what we have, whether it's technology or the scale and the infrastructure starting with the capital placements that we've got, the incredibly competent clinical specialists that we have out in the field that have shown their value to our customers right now.

最終，這些決定將由醫生做出。但我很欣賞團隊在製定策略時考慮到了這兩款產品的共存。我認為您提出的觀點非常精闢，那就是就產品組合的完整性而言，目前沒有哪家公司比我們更有優勢，無論是技術、規模還是基礎設施，從我們擁有的資本配置到我們遍布一線、能力卓越的臨床專家團隊（他們已經向我們的客戶證明了自身的價值）。

We've got both RF and PFA products. We've got all the diagnostic elements, whether it's catheters, patches, et cetera, introducer sheets, all of that that you referenced. And on top of that, we've got an LAA device, which is -- I would say, is becoming pretty clear that if you want to be a leader in this space, you can't just look at having a PFA catheter, you got to have the full portfolio, including this device.

我們同時擁有射頻消融術（RF）和PFA產品。我們擁有所有診斷元件，包括導管、貼片、導入片等等，您提到的所有產品我們都具備。除此之外，我們還有一款左心耳封堵器（LAA）。我認為，越來越明顯的是，如果你想在這個領域成為領導者，僅僅擁有PFA導管是不夠的，你必須擁有完整的產品組合，包括這款產品。

Right now, it seems like 25% of LAA procedures are done concomitantly. So I think if you put all of that together, the portfolio that we've assembled, combined with the resilience of what this team has done and how they've executed, I've got high expectations for this business this year. The team knows that.

目前看來，大約有25%的左心耳封堵術是同時進行的。所以我覺得，綜合所有因素，包括我們累積的業務組合、團隊展現的韌性和執行力，我對今年的業務發展充滿信心。團隊成員也明白這一點。

I expect that we should grow at least in line with the market, David, which I expect -- I think it seems like the forecast here is is mid to high teens. So I think we're in a really good position, and I'm excited to see the second part of the strategy that we put together three years ago, and we're really excited to kind of put that -- second part of that phase into action now.

戴維，我預計我們的成長至少會與市場持平，我預計——我認為目前的預測是十幾到二十幾的成長率。所以我認為我們處於非常有利的位置，我很興奮地看到我們三年前製定的策略的第二部分得以實施，我們非常高興現在能將這一階段的第二部分付諸行動。

Very helpful. Maybe just a follow-up on the guidance. Look, I think we all know that you don't solve your guidance to meet short-term consensus and you are committed to achieving your commitments. But as you've thought about putting together the outlook for 2026 considering some of the different variables that you faced over the past couple of quarters, like how did you think about risk-adjusting the outlook? And maybe just help us think about the considerations in the guidance and maybe just your philosophy as you kind of put the outlook together here?

非常有幫助。或許可以就業績指引做個後續補充。我們都知道，您不會為了迎合短期共識而調整績效指引，您也始終致力於履行承諾。但是，當您考慮過去幾季面臨的各種變數，並據此制定2026年展望時，您是如何進行風險調整的呢？能否請您分享績效指引中的考量因素，以及您在製定展望時的理念？

Well, I mean, listen, I think if you look at our growth for 2026, I mean we've always targeted high single digits and double digit -- high single-digit top line, double-digit bottom line. That's our investment identity and we've kind of followed through with that.

嗯，我的意思是，聽著，如果你看看我們2026年的成長目標，我們一直都以接近兩位數的營收成長和兩位數的利潤成長為目標。這是我們的投資理念，我們也一直堅持這樣做。

If you look at our 2026, I think the way you need to kind of look at it is you've got a very big portion of the company that is going to -- that we're sustaining that growth. In some cases, it will be accelerating. But a large portion of the company sustaining this high single-digit growth, whether it's in cardiovascular, whether it's in diabetes, we've got a bunch of new products launching to be able to support those kind of growth profiles in the business. EPD supporting with the biosimilar launch, that high single-digit kind of growth rate.

展望2026年，我認為應該這樣看待：公司很大一部分業務將會保持成長，在某些情況下，成長速度還會加快。無論是在心血管領域還是糖尿病領域，公司的大部分業務都將保持高個位數的成長，我們有許多新產品即將上市，以支持這些業務的成長。 EPD的生物相似藥上市將進一步推動高個位數的成長率。

So you've got large portions and even some geographies that we can sustain that growth, and we feel that supporting it with product launches and investment to sustain what I consider a pretty differentiated growth rate.

因此，我們擁有很大一部分市場，甚至在某些地區，我們可以維持這種成長，我們認為透過產品發布和投資來支持這種成長，可以維持我認為相當獨特的成長率。

Then you've got the second bucket, which is, I'd say, an acceleration in our diagnostics. And all that really is, is we've been doing very well taking share in our Core Lab business across the world. And what we had a challenge with last year is with COVID coming down. In 2024, I think it was like $750 million coming down to $250 million. So you had $0.5 billion headwind there. And then you had another $400 million headwind in China VBP, right?

然後是第二個方面，我認為是我們在診斷領域的加速發展。實際上，我們在全球核心實驗室業務的市佔率成長非常順利。去年我們面臨的挑戰是新冠疫情的影響。 2024年，我們的預算從7.5億美元驟降至2.5億美元，這意味著我們面臨5億美元的阻力。此外，在中國價值導向業務（VBP）方面，我們也面臨4億美元的阻力，對吧？

Our forecast for COVID is around that same number, around $200 million. So I'm not expecting any significant growth or decline. And a lot of the VBP, they come in waves. The vast majority of our sales in China have gone through the VBP in 2025. So we really felt that impact in 2025.

我們對新冠疫情的預測也差不多是這個數字，大約2億美元。所以我預計不會有明顯的成長或下降。而且，許多價值導向型計劃（VBP）都是分階段進行的。我們在中國的大部分銷售額都經歷了2025年的價值導向計畫。所以我們在2025年確實感受到了它的影響。

There's going to be more VBPs in China, but the shares that we have in those waves are very, very small compared to what we have. So you've got this whole lapping of our diagnostic business. And as long as we keep on doing what we're doing in the United States, in Europe and Latin America and other parts in Asia, which we have been doing, you're going to see a nice acceleration in our Diagnostic business. And you started to see that throughout the year as the VBP impact started to dissipate a little bit as the year progressed.

中國未來將有更多基於價值的採購（VBP）項目，但我們在這些項目中的份額與我們目前的業務規模相比非常非常小。因此，我們的診斷業務幾乎完全被這些項目所涵蓋。只要我們繼續維持目前在美國、歐洲、拉丁美洲和亞洲其他地區的做法（而我們也一直在這樣做），我們的診斷業務就會迎來顯著成長。隨著VBP計畫的影響在年內逐漸減弱，這種成長趨勢也開始顯現。

You've got then, obviously, as I spoke quite a lengthier about this transition with Nutrition. You've got probably one or two quarters here where our growth is going to be challenged. But I am confident that what we're going to be able to do here is to reignite the volume growth, and you'll see that business get back to growth. So those elements there, Dave, really look at it, say, okay, you've got continued momentum in a large portion of the business. You've got some lapping that's going to be happening. And then we've got this transition, which I consider to be pretty short term here for a couple of quarters, to be able to get to this -- to get to this guide on the Nutrition side.

顯然，正如我之前詳細討論過的營養業務轉型，未來一到兩個季度我們的成長可能會面臨挑戰。但我相信，我們能夠重振銷售成長，你會看到這項業務恢復成長。所以，戴夫，仔細分析一下，你會發現，業務的大部分領域都保持著持續成長勢頭。當然，也會有一些業務重疊。然後，我們面臨一個轉型期，我認為這個轉型期很短，大概只有幾個季度，目的就是為了實現營養業務的轉型目標。

And then I'm sure we'll talk about Exact Sciences, but that's another factor here about add-on, $3 billion-plus business growing 15% with a lot of growth opportunities for us. So that's kind of how we looked at at least from a top line. And then having that flow through down to the bottom line, making investments in the areas that we need to and nice gross margin and op margin profile expansion too.

接下來我們肯定會談到Exact Sciences，但這是另一個需要考慮的因素，這家公司年營業額超過30億美元，年增長率達15%，為我們提供了大量的成長機會。至少從營收角度來看，我們是這樣看待的。然後，我們也要考慮如何將這種成長轉化為利潤，在需要的領域進行投資，以及毛利率和營業利潤率的顯著提升。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Two for me. Robert, last week when we were talking, you said you expect CGM to continue the track higher at about $1 billion a year. That would put 2026 somewhere in the low to mid-teens. Is that the right way to think about CGM growth next year? And maybe if you just want to give your updated thoughts on market growth and Abbott's position there? And then I have a follow-up.

我有兩個問題。羅伯特，上週我們聊天的時候，你說你預計 CGM 市場將繼續成長，年銷售額約 10 億美元。這樣算下來，2026 年的銷售額應該在 10 億美元左右。你認為明年 CGM 市場的成長預期是這樣嗎？另外，你能否分享一下你對市場成長以及雅培在該領域地位的最新看法？我還有一個後續問題。

Sure. When you said next year, you mean 2026, right?

當然。你說明年，是指2026年，對吧？

Yeah.

是的。

Yeah. I mean, I think, yeah, there's all this debate that I read about that the market slowing. And I get if you're just looking at percentages, and that's how you base yourself off it, then I guess, if it's that myopic, then I think, okay, I understand the conclusion. But I don't consider growing $1 billion every single year and doing it four years in a row to be slowing down here, Robbie.

是的。我的意思是，我看到很多關於市場放緩的討論。如果你只看百分比，並以此作為判斷依據，那好吧，如果這種短視的觀點成立，我也能理解這個結論。但是，羅比，我不認為每年增長10億美元，連續四年都做到這一點，就算是放緩。

I think the math will work out to what you just kind of highlighted there in the kind of low teens. But I think that's got a lot -- still a lot of opportunity for penetration in this, both from a market perspective, but then also from our opportunity, our ability to drive market share and market expansion.

我認為最終的計算結果會和你剛才提到的差不多，大概在十幾個百分點左右。但我認為這方面仍有很大的滲透空間，無論是從市場角度來看，或是從我們自己提升市場佔有率、拓展市場的能力來看。

I think that if you look at across all three patient groups, whether it's the intensive insulin user, the basal insulin user and the non-insulin user, all of those areas still there's so much penetration to be able to have here. And you can see across the world, not just in the United States, but across the world, a lot of movement, whether it's patient groups, healthcare systems, looking to expand the use and the adoption of the technology into all these patient segments.

我認為，如果你縱觀所有三個患者群體，無論是強化胰島素治療患者、基礎胰島素治療患者或非胰島素治療患者，所有這些領域都還有很大的滲透空間。而且你可以看到，不僅在美國，而是全世界範圍內，無論是患者群體還是醫療保健系統，都在積極尋求將這項技術推廣到所有這些患者群體中。

I know the US gets a lot of attention, and it's an important market, and there's a lot of great opportunities for us there in terms of the non-insulin user reimbursement opportunity, I continue to see -- continue to see nice progress in this process. There seems to be a lot of support to do this. And the data that we've shown, like we've published three studies already that show that this patient segment also benefits with lower A1c, greater time and range, all the things that have driven kind of reimbursement in the other segments.

我知道美國備受關注，它是一個重要的市場，就非胰島素使用者報銷而言，我們在那裡有很多絕佳的機會。我持續看到這一進程取得了良好的進展。似乎各方都對此給予了大力支持。我們已經發表的三項研究表明，這群患者也能從中受益，例如降低糖化血紅蛋白A1c水平、延長胰島素治療時間和擴大胰島素治療範圍，而這些因素也正是其他患者群體獲得報銷的原因。

So I think that this is a very strong opportunity for us here in the US. And we'll see how it plays out. I think we'll see some language in the first half. And then how it all plays out with comment periods. You know this, Robbie, there's common periods with all of this.

所以我認為這對我們美國來說是一個非常好的機會。我們拭目以待。我認為上半場會出現一些措辭。然後，透過評論期，一切都會如何發展。你知道的，羅比，所有這些事情都有常見的階段性階段。

So I'm not baking that into my guidance, but I can tell you, we will be 150% ready to execute, whether it's having manufacturing capacity and having the scale and the position in the primary care -- on the primary care side, which is where that will probably play out more. We'll be ready. So that provides an opportunity to outperform that consensus forecast.

所以，我並沒有把這一點納入我的預期，但我可以肯定地說，我們將做好萬全準備，無論是在生產能力、規模還是在基層醫療領域的地位——尤其是在基層醫療領域，這或許才是真正能體現這一點的關鍵所在。我們將做好充分的準備。因此，我們有機會超越市場普遍預期。

I think on the intensive insulin users side, I still think there's penetration to be had and adoption to be had, especially in international markets. I think it's only about 50% penetrated. So I think there's still a lot of opportunity to do the work that we're doing there. Obviously, scale and cost matter in the international markets, and I think we've got that position set.

我認為在重症胰島素治療使用者群體中，市場滲透率和普及率仍有提升空間，尤其是在國際市場。目前滲透率大約只有50%。所以我覺得我們在這方面的工作還有很多機會。當然，規模和成本在國際市場至關重要，而我認為我們已經做好了充分的準備。

And then as you look at what I think is more specific to us, the opportunity to bring in a very differentiated product to look at market share shift in a segment that I'd say we're probably a little bit underrepresented from a market share perspective, which is on the pumper side with the launch of our GKS sensor, I think that's going to provide us a great opportunity.

然後，從我們自身的角度來看，我認為更具體的情況是，我們有機會推出一款差異化的產品，以期在市場份額方面有所突破，尤其是在我們市場份額可能略顯不足的領域，即泵送領域。隨著我們推出 GKS 感測器，我認為這將為我們帶來巨大的機會。

I'm not going to try and pinpoint the exact quarter here, Robbie, when we get approval, we'll issue the press release and we'll be out. But we've been working hard already concomitantly with the regulatory process, with KOLs, with physician groups, with payers, and I think there was an article that came out in The Lancet in January talking about beginning of this year, talking about the importance of measuring continuously ketones as DKA is still a major care gap here for people with diabetes. So I think you've got a big opportunity here with this product for market share conversion.

羅比，我不會在這裡精確預測具體是哪個季度，一旦獲得批准，我們就會發布新聞稿，一切就緒。但我們一直在與監管機構、關鍵意見領袖、醫生團體和支付方密切合作，努力推動審批流程。我記得今年一月《柳葉刀》雜誌上發表了一篇文章，談到了持續監測酮體的重要性，因為糖尿病酮症酸中毒仍然是糖尿病患者護理方面的一大缺口。所以我認為，這款產品在市場份額轉換方面有著巨大的潛力。

I think one of the surprising things for me in this as we started to really double-click on these patient segments as we talked about the SGLT2 population. So we did some analysis in the US. You got about 6 million SGLT2 users in the US. And if you cross reference their usage of CGM through all the databases, only about 1 million of those six are on CGMs. So I think there's -- I think there's going to be an opportunity here also to kind of create market expansion with this product. So not just share capture, but also market expansion. So this market is still very robust. It's becoming larger. So I get the law of big numbers kind of lowers those percentages.

我認為，當我們開始深入研究這些患者群體，特別是SGLT2人群時，最讓我感到驚訝的一點是，我們在美國進行了一些分析。美國約有600萬SGLT2患者。如果我們透過所有資料庫交叉比對他們使用CGM的情況，會發現這600萬患者中只有大約100萬在使用CGM。所以我認為這裡存在著一個機會，可以利用這款產品拓展市場。不僅是市場佔有率的獲取，更是市場的擴張。這個市場仍然非常強勁，而且還在不斷擴大。我知道，由於數量龐大，市場佔有率的百分比會隨之降低。

But if you just look at it from a penetration perspective, Robbie, there's still so much to do in all these segments in different geographies that we're still very excited and making big investments, whether it's in sales and marketing, clinical, R&D and manufacturing because we still think that we -- this is still -- I'm not going to say it's the first or second inning, but we're far away from being -- from the seventh inning on this one. So I think there's still a lot of opportunity here and we're in a good position.

但羅比，如果你只從市場滲透的角度來看，各個細分市場在不同地區都還有很多工作要做，所以我們仍然充滿熱情，並進行大量投資，無論是在銷售和市場營銷、臨床、研發還是生產製造方面，因為我們仍然認為——這仍然——我不會說這是第一局或第二局，但我們離第七局還很遠。所以我認為這裡仍然有很多機會，我們處於有利地位。

Great. Maybe just a quick follow-up. It's great to see you're still able to do double-digit EPS growth in 2026. I would imagine that's coming through the top line and margin expansion. How should we think about the magnitude of margin expansion and the drivers of it?

太好了。或許可以再補充一點。很高興看到你們在2026年仍然能夠實現兩位數的每股盈餘成長。我想這主要得益於營收和利潤率的提升。我們該如何看待利潤率提升的幅度及其驅動因素呢？

I'll let Bill take that.

我請比爾來拿吧。

Yeah. Thanks, Robin. I couldn't be more proud of what the team accomplished in 2025, as Robert outlined, overcoming uncertainties, volatilities and whatnot to still drive margin expansion. And that commitment to the execution and excellence there maintains in 2026. Expect to do more of the same, focus on the things that are strategically aligned and the execution here to where we continue to look at a 50 to 70 basis point improvement in operating margins every year and that's kind of what we've got built into this and fully expect we'll do that through Volt gross margin expansion as we've done, but continue to gain leverage in the P&L where appropriate. So that's kind of how we've constructed that double-digit earnings.

是的，謝謝，羅賓。正如羅伯特所概述的，我為團隊在2025年所取得的成就感到無比自豪，他們克服了各種不確定性、波動性等等，最終實現了利潤率的提升。這種對執行力和卓越性的承諾在2026年也將持續維持。我們將繼續保持這種勢頭，專注於策略契合的事項，並致力於每年將營業利潤率提高50到70個基點。這正是我們所設定的目標，我們完全有信心透過Volt毛利率的提升來實現這一目標，就像我們之前所做的那樣，同時在損益表中適當地提升槓桿作用。這就是我們實現兩位數獲利的策略。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

My first one on -- maybe on the product side, AVEIR. Like you mentioned, another double-digit quarter. Just curious on where are we from a penetration standpoint, what innings are we in? And how durable is this double-digit growth in a category that's a pacemaker serve low single-digit growth category and you guys are doing double digits?

我的第一個問題——或許是從產品方面來說，AVEIR。正如你所提到的，又是一個兩位數成長的季度。我只是好奇，從市場滲透率的角度來看，我們目前處於什麼階段？我們進展到什麼階段了？在一個通常只有個位數成長的領先品類中，你們卻實現了兩位數成長，這種成長能持續多久？

Sure. Well, I made some comments about -- we look at this Rhythm Management, $10 billion market as actually an opportunity to grow. So we have been making our investments there. Obviously, it's a big driver of that, but we're making investments in other areas of the portfolio to kind of be able to support our ability to take market share and grow at a differentiated rate here.

當然。我之前也提到過——我們認為這個價值100億美元的節奏管理市場實際上是一個成長機會。所以我們一直在進行這方面的投資。顯然，這是一個重要的驅動因素，但我們也在投資組合的其他領域進行投資，以增強我們獲取市場份額並以差異化速度成長的能力。

To your question on penetration, listen, the global low voltage or pacing segment market is around $5 billion, whatever, $4.8 billion to $5.2 billion, depending on what you're looking at, but let's just call it $5 billion. I'd say AVEIR is about 10% of that right now. So early innings here for us for sure.

關於你提到的市場滲透率問題，聽著，全球低壓或起搏器市場規模大約在50億美元左右，具體數字可能在48億美元到52億美元之間，取決於你關注的領域，但我們暫且就按50億美元算吧。我估計AVEIR目前的市佔率大約佔其中的10%。所以對我們來說，這絕對還處於起步階段。

And as I said, previously when we began this process, I wasn't interested in just getting a flash in the pan sales growth for like a year or six quarters. So we really worked hard and the team did an incredible job to really establish a new standard of care and get physicians trained. It's a different type of implant. So what we're seeing here is really nice growth in places that a year, years and a half ago, we began the training process and really seeing really strong penetration there.

正如我之前所說，當我們啟動這個專案時，我並不追求曇花一現的銷售成長，例如一年或六個季度。所以我們付出了巨大的努力，團隊也出色地完成了工作，真正建立了一套新的護理標準，並對醫生進行了培訓。這是一種不同類型的植入物。因此，我們現在看到的是，在一年到一年半前我們開始培訓的地區，產品銷售出現了非常可觀的成長，市場滲透率也非常高。

If you look at just single chamber, I think right now the US single-chamber pacing, which is about 15% of the total market, that's about 50% penetrated. So there's still a long opportunity here in the US and quite frankly, globally, too. So I think the team has done an incredible job here.

如果只看單腔起搏器，我認為目前美國單腔起搏器市場約佔總市場的15%，滲透率約為50%。因此，美國乃至全球單腔起搏器市場仍有很大的發展空間。所以我認為團隊在這方面做得非常好。

We've launched new products. We'll continue to launch new products in this space. And we think that this is the next standard in CRM, is these devices that are communicating with each other that can be implanted transfemoraly and don't use leads. The clinical evidence in terms of what they're able to deliver is pretty impressive right now. So I think it's I think we've got a lot of investment here that will support this type of differentiated growth rate.

我們已經推出了新產品，並且會繼續在這個領域推出新產品。我們認為，這些可以經股動脈植入、無需導線且彼此通訊的設備，將成為客戶關係管理（CRM）領域的下一個標準。就目前而言，它們所展現的臨床效果令人印象深刻。因此，我認為我們在這方面的大量投資將支持這種差異化的成長率。

That's helpful, Robert. And my follow-up on -- or I guess the second question is on capital allocation. Any updated thoughts on Exact deal close timing, the dilution, I think you mentioned $0.20. When you think about your leverage levels, it's still, post deal, pretty modest. You still have capacity. I'm curious, when you think about M&A versus divestitures or spinoffs, medtech right now seems to be -- spin-off seems to be the flavor of the season. I'm curious how you're thinking about those decisions.

羅伯特，這很有幫助。我的後續問題──或者說第二個問題──是關於資本配置的。關於交易完成的具體時間、股權稀釋（我記得你提到過每股0.2美元）你有什麼最新的想法嗎？交易完成後，你的槓桿水平仍然相當低，你還有餘力。我很好奇，在併購、剝離或分拆方面，你有什麼看法？目前醫療科技領域似乎──分拆似乎很受歡迎。我很想知道你是如何考慮這些決策的。

You put a lot into that one there, Vijay. Let me see if I can unpack that. I think from a capital allocation perspective, I've always been pretty consistent with our approach. I don't have a formula that X percent goes here, Y percent goes there. We are committed to a growing dividend and we did that again for 2026 when we announced our dividend back in December.

Vijay，你在那件事上投入了很多心血。讓我來幫你解讀一下。我認為從資本配置的角度來看，我們的做法一直相當一致。我沒有固定的公式，像是X%投到這裡，Y%投到那裡。我們致力於提高股息，去年12月宣布2026年股息時，我們也再次重申了這一點。

So we're growing our dividend. But outside of that, we'll allocate our capital in terms of what we believe is the best balance between short term and long term for our shareholders where we can create value. Regarding M&A, listen, my focus right now is integration closing Exact Science integration. That's going to be my primary focus. I think post close, our gross debt-to-EBITDA ratio will be around 2.7 times. So to your point, we still have plenty of capacity.

所以我們正在提高股利。除此之外，我們會根據我們認為能夠為股東創造價值的短期和長期利益之間的最佳平衡點來分配資本。關於併購，聽著，我現在的重點是完成對Exact Science的整合。這將是我的首要任務。我認為交易完成後，我們的總債務與EBITDA之比將在2.7倍左右。所以正如您所說，我們仍然有充足的能力。

But I think in the near term, I'd say focus on integrating Exact Sciences. And if there's opportunities for us to add, there are probably more tuck-in type size deals to take advantage of. Regarding the status right now of Exact, I think we're making great progress towards closing.

但我認為短期內，我們應該專注於整合Exact Sciences。如果未來有機會進行收購，我們可能會抓住更多小型收購的機會。就Exact目前的狀況而言，我認為我們在完成收購方面取得了巨大進展。

We've submitted all of our required clearances over here. There's a shareholder vote on February 20. So right now, I'm not changing any assumption regarding timing of close or kind of EPS impact. And as we integrate and as we put -- as we integrate the business, then we'll go updating it as we go along. But right now, there's no change in terms of timing and in terms of dilution.

我們已經提交了所有必要的審批文件。股東投票將於2月20日舉行。所以目前，我不會改變關於交易完成時間或每股盈餘影響的任何假設。隨著業務整合的推進，我們會隨時更新相關資訊。但就目前而言，交易完成時間和股權稀釋方面沒有任何變化。

So I read your note last night, Vijay, I thought that you would have been asking a question about multi-cancer early detection and the opportunity that exists. I largely agree with your report. I think this is going to be another great opportunity for us. And it's one that, as we looked at the deal, says, okay, greater reimbursement of this type of test will really make this a very, very large segment.

昨晚我讀了你的信，Vijay，我以為你會問關於多癌種早期檢測及其潛在機會的問題。我基本上同意你的報告。我認為這對我們來說又是一個絕佳的機會。而且，正如我們研究這項交易時所發現的，如果這類檢測的報銷比例能夠提高，那麼它將成為一個非常龐大的市場。

I think the way I see this is the same way that we have our lipid panel test every year, the same way that we do a cardiometabolic panel or a white and red blood count panel every year. After a certain age, I believe that if the product is right and performance is right, and it's priced the right way, I just envision this being that type of test. So I think that if that becomes the case, I think your forecast is way undercalled even on the upper side. But okay.

我認為，這就像我們每年做血脂檢查、心血管代謝檢查或紅血球和白血球計數檢查一樣。到了某個年齡，我相信，如果產品表現好、價格合理，那麼這種檢測就應該成為一種常規檢測。所以，如果是這樣，我認為即使是你的預測也遠遠低估了它的潛力。好吧。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Thanks so much for taking the question and Robert, just two questions for you on Nutrition. I appreciate all that you're saying about the strategy there going forward. But I guess first part of the question is, what gives you confidence that these are the right prices that you're landing at today to drive that volume increase? Like did you guys do -- it's global, so I imagine it differs by market.

非常感謝您回答這個問題，羅伯特，關於營養方面我還有兩點疑問。我很欣賞您之前談到的未來策略。我想先問的是，是什麼讓您確信目前的價格是能夠有效推動銷售成長的合適價格？你們是如何做到的？畢竟是全球性的市場，我想不同市場的具體情況應該會有所不同。

And then the second question is now -- and tell me if I'm wrong here, but presumably Nutrition has a different profitability profile? And maybe talk about whether -- how it changes your view about how this fits into the entire Abbott portfolio?

那麼第二個問題是──如果我理解有誤請指正，營養品業務的獲利模式應該有所不同吧？或許可以談談這會如何改變您對營養品業務在雅培整體產品組合中定位的看法？

Sure. Regarding the pricing, so we did some pricing work just before Thanksgiving in time for what usually is a pretty busy kind of retail activity. And so we did different testing here in the United States. We did different testing internationally also. We got the results back on the US side pretty quickly, you get to see the impact pretty quickly.

當然。關於定價，我們在感恩節前夕做了一些定價工作，因為那通常是零售業的旺季。我們在美國進行了不同的測試，也在國際上進行了不同的測試。我們很快就收到了美國方面的測試結果，很快就能看到影響。

And like I said in the comments, I think the early signs are encouraging. But I also said, hey, we got to keep monitoring this. You got to keep monitoring it for the consumer. You got to keep monitoring for competitive activities. But I think right now, based on what we have, I think we've kind of called it right.

就像我在評論裡說的，我認為目前的跡象令人鼓舞。但我也說過，我們必須繼續密切注意。為了消費者，我們必須持續關注。我們必須持續關注競爭對手的動向。但我認為，就目前我們掌握的資訊來看，我們的判斷基本上已經正確。

And regarding kind of allocating expenses, listen, we don't have a cookie-cutter approach across all the businesses. It always depends on momentum, opportunity, the balance of the short and the long term. And so we take a very kind of detailed view in terms of how we're allocating.

至於費用分配方面，我們並沒有對所有業務都採用千篇一律的方法。這始終取決於發展動能、機會以及短期和長期利益的平衡。因此，我們在分配費用方面會採取非常細緻的考量。

Yeah, the profitability has improved in this business. I'd say, it's probably, from a profile perspective, going to be in line with what it was in 2025. We've obviously got to make some adjustments in our spend level and learn how to spend a little bit better, and we did that also in Q4, shifting some of the focus from kind of marketing and brand to a little bit more kind of price and promotion at least for these next six months. And that way, we're able to at least kind of maintain a kind of steady profile over here.

是的，這項業務的獲利能力有所提升。我認為，從整體來看，它可能會與2025年的水平持平。顯然，我們需要調整支出水平，學習如何更有效地利用資金。我們在第四季也做了一些調整，將部分重點從行銷和品牌推廣轉移到價格和促銷方面，至少在接下來的六個月內會這樣做。這樣，我們至少能夠維持業務的穩定發展。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

So I wanted to start with Diagnostics and see if you could unpack some of the dynamics there a little bit more. You touched on the China headwinds in VBP and mentioned some smaller programs or categories there. What's the outlook like for Diagnostics in China? It does seem like the rest of the world is doing fairly well. But what do you foresee for China growth this year and next in Diagnostics?

所以我想先從診斷領域談起，看看您能否更深入分析這方面的動態。您之前提到過基於價值的支付模式（VBP）在中國面臨的挑戰，也提到了一些較小的項目或類別。那麼，中國診斷領域的前景如何呢？看起來世界其他地區的情況都相當不錯。但您預計中國診斷領域今年和明年的成長情況如何？

Well, specifically in Diagnostics, like I said, I think we've gone through what I would consider the bulk of our VBP based on the strength and the market share we have and the different assays, the way they're going about this is they're just looking at categories of assays and then kind of implementing it in the first -- the first two were the ones that we had over 40%, 45% market share in those markets. So we kind of felt that pretty significantly.

嗯，具體到診斷領域，就像我剛才說的，我認為我們已經完成了大部分基於價值的支付計劃（VBP），這得益於我們自身的實力、市場份額以及不同的檢測方法。他們的做法是，先檢視檢測方法的類別，然後在前兩個類別中實施──前兩個類別是我們各自市佔率超過40%、45%的類別。所以我們對此感受相當深刻。

I think the next -- the next big area of VBP is going to be in the -- on the -- just your regular kind of core lab oncology testing, and we have very little market share over there. So listen, we put a new management team in place there, put our most experienced commercial person that is driving that business. We've done a lot of work there between working with our distributors, segmenting the market, looking at our product portfolio, looking at different types of product offerings, new product offering versus legacy product offering.

我認為VBP的下一個重要發展領域將是常規的核心實驗室腫瘤檢測，而我們在該領域的市佔率非常小。因此，我們為此組建了新的管理團隊，並安排了我們經驗最豐富的商務人員來負責這項業務。我們投入了大量精力，包括與經銷商合作、進行市場區隔、審視產品組合、研究不同類型的產品，以及新產品與傳統產品的比較。

So I think the teams have done a really good job there. And my expectation with that business going forward is, listen, I'm not expecting big growth out of it. All I need for it is to be pretty stable. And it being stable, I get to have the other parts of the portfolio that are accelerating. Our US business has actually done better than what it's done in the past. So we're capturing market share over there.

所以我認為團隊在這方面做得非常好。至於這項業務未來的發展，我的預期是，我並不指望它能大幅成長。我只需要它保持穩定。而它的穩定，才能讓我專注於投資組合中其他正在加速成長的部分。事實上，我們在美國的業務表現比以往都好。因此，我們正在那裡不斷擴大市場份額。

Our Latin America business is doing better than what it's done in the past, capturing market share there. Our European business is -- continue to grow. We've got a good position over there. So I'd say the outlook of that business is, we will be, I'd say, mid-single-digit growth this year versus kind of where we were in 2025.

我們在拉丁美洲的業務表現比以往更好，市佔率也不斷擴大。我們的歐洲業務也在持續成長，我們在那裡佔據了有利地位。因此，我認為該業務今年的成長幅度將達到中等個位數，而我們先前預期的2025年水準將與之相當。

And if you if you remove China, again, this is a full year view. If you remove China, then you're in the -- you're in that kind of 7% to 8% kind of range. So I don't like doing that, Matt, because China is part of our business. So -- but you'll see an acceleration even with China just because it's a little bit more stable versus where it was last year.

如果你把中國的數據剔除出去──當然，這是全年的數據──那麼成長率大概在7%到8%之間。所以我不太想這麼做，馬特，因為中國是我們業務的一部分。所以，即使把中國的數據也算進去，你還是會看到成長加速，因為中國市場比去年更穩定了。

Great. And maybe I could just ask a follow-up on diabetes. You talked about some optimism for the outlook for the market and specifically around the non-insulin Type 2 coverage. We've seen the guidelines change inside and definitely see a potential for that coverage to expand significantly. You mentioned you've seen some progress in the process. And I guess I was wondering how you think that could play out in the first half of the year? What forms the new coverage could take? Or any other thoughts that you had on that?

好的。或許我可以再問一個關於糖尿病的問題。您談到對市場前景，特別是非胰島素治療的2型糖尿病醫保覆蓋範圍持樂觀態度。我們看到相關指南有所變化，也確實看到了醫保覆蓋範圍大幅擴大的潛力。您提到您已經看到了一些進展。我想知道您認為今年上半年情況會如何？新的健保覆蓋範圍可能會採取哪些形式？或者您對此還有其他想法嗎？

I don't want to get ahead of myself. What I can tell you is, listen, there's definitely support. The support from the ADA, their support from other physician groups, okay? And the support because the clinical data is backing that support up, right? I mentioned that we've got three studies that we did with that patient segment, and it shows this improved A1c and this better time in range.

我不想操之過急。但我可以告訴你的是，這方面一定有支持。美國糖尿病協會（ADA）支持，其他醫生團體也支持，好嗎？而且臨床數據也支持這種支持，對吧？我之前提到過，我們針對這部分患者做了三項研究，結果顯示糖化血紅素（A1c）水平有所改善，血糖達標時間也更長了。

So I think the support is backed up by clinical evidence and you've got a US HHS and CMS that sees the value of this type of technology, sees the value of being proactive in managing your health even if you're not taking medications or you're not taking insulin, bring this type of technology, improves outcomes. So you have a receptive CMS, let's call it like that.

所以我認為，這種支持是由臨床證據支持的，而且美國衛生與公眾服務部（HHS）和醫療保險和醫療補助服務中心（CMS）也看到了這類技術的價值，看到了積極主動地管理自身健康的價值——即使你不服用藥物或註射胰島素，引入這類技術也能改善治療效果。所以，CMS對此持開放態度，我們姑且這麼說吧。

Like I said, I think you're going to see some sort of language, Matt, first half, okay? But I know how these things go. We've gone through them so many different times in different parts of the product. Language will come out, then there'll be a 90-day comment period, and then there will be a 60-day period to be able to evaluate it.

就像我說的，馬特，我覺得你會看到一些措辭，至少在前半部分是這樣，好嗎？但我知道這種事情的流程。我們在產品的不同部分已經經歷過很多次了。措辭會先公佈，然後會有90天的意見徵詢期，之後還有60天的評估期。

And right now, could that be a different process? There could be a different process. It could be a much shorter comment period. It could be a much shorter implementation timeline because there is this support and desire to bring this to more people. But like I said, I'm not going to bake that in, I'm not going to bake that in just yet, but I am being prepared. I mean the team is prepared. I mean if it happens next week, I'd tell you they'd be prepared.

現在，流程會不會有所不同？確實有可能。意見徵詢期可能會大大縮短。實施時間表也可能大大縮短，因為大家都很支持，也希望讓更多人體驗這項服務。但就像我說的，我現在還不會把這些都確定下來，但我已經準備好了。我的意思是，團隊也做好了準備。如果下週就實施，我可以告訴你，他們已經準備好了。

So we're doing a lot of work there. I think the key aspect, as you think about that expansion, is that it's going to happen predominantly in primary care. So how well are you set up, how well is your sales force deployed? How well is your integration into the healthcare systems with Epic and other. So that's going to be an important part.

所以我們在那方面做了很多工作。我認為，在考慮擴張時，關鍵在於它主要將發生在基層醫療領域。所以，你們的準備工作做得如何？你們的銷售團隊部署得如何？你們與Epic等醫療體系的整合程度如何？這些都是非常重要的部分。

And outside of that, I think we should just be, I think, very enthused. I'm very enthusiastic that this will happen. Whether it happens in the second quarter, the third quarter. For me, like I'm thinking about this, this is going to be a huge opportunity for this market, not just in the US but globally for years and years to come. So let's just get it right.

除此之外，我認為我們應該感到非常興奮。我非常期待這件事能夠發生。無論是在第二季度還是第三季度，對我來說，我認為這將為市場帶來巨大的機遇，不僅在美國，而且在未來許多年都將惠及全球。所以，讓我們確保一切順利進行。

Travis Steed, BofA Securities.

Travis Steed，美國銀行證券。

Maybe to spend some time talking about in medtech kind of the macro procedure environment, given some of the worries on ATA subsidies? And then I'll just go ahead and throw my second question out. When you think about for total Abbott in growth over 2026, should we think about more Q1 first half being more in line with kind of the Q4 growth and then improve from there over the second half?

鑑於目前對ATA補貼的一些擔憂，或許我們可以花點時間討論醫療科技領域的宏觀流程環境？然後，我直接提出我的第二個問題。展望雅培2026年的整體成長，我們是否應該認為第一季上半年的成長會更接近第四季的成長水平，然後在下半年逐步提升？

Yeah. So yeah, I think that's probably good. I mean I think sometimes these puts and takes, it kind of just max. Sometimes it feels like you're better than what you are because you're lapping something. So I tend to look at it also on a two-year stack basis.

是的。所以，我覺得這可能不錯。我的意思是，有時候這些買賣操作，感覺就像是達到了極限。有時候你會覺得自己比實際水準更高，因為你一直在超越別人。所以我傾向於從兩年的持倉週期來看這個問題。

So if you look at it on a two-year stack basis, it looks pretty -- there is some acceleration in Q3 and Q4, but not to the extent without just on a one-year basis. But I think that's the right way to look at it. Obviously, we're always striving to do better, but I think that's -- it's a good starting point.

所以，如果從兩年的整體數據來看，情況相當不錯——第三季和第四季確實有所加速，但加速幅度不如一年期數據顯著。但我認為這才是正確的看待方式。當然，我們一直在努力做得更好，但我認為這是一個很好的起點。

What was your other question on medtech volumes? Listen, I think I read some report that there were some concerns about medtech volumes in Q4. We just reported our Q4, you're going to have a bunch of medtech companies that will report over the next couple of weeks. I would be extremely surprised if you hear that volumes were short in Q4. Our volumes are really good in Q4 across all of our categories, even what is considered -- what we call more foundational or traditionally more slower growth kind of segment.

您之前關於醫療科技產品銷售的問題是什麼？我好像看過一些報道，說有人擔心第四季醫療科技產品的銷售量。我們剛發布了第四季財報，接下來幾週還會有很多醫療科技公司陸續發布財報。如果您聽到第四季度銷量下滑，我會非常驚訝。我們第四季所有品類的銷量都非常好，即使是那些我們通常認為比較基礎或成長比較慢的領域也是如此。

So I think the evidence on our print and our guide is not suggesting that the medtech volumes are slowing. And I think there continues to be -- given the innovation that's happening in the space, given the clinical evidence that's being generated with that innovation, I still see this as a very attractive segment, not just for this year or next quarter, but for many, many years to come.

所以我認為，我們印刷品和指南中的證據並沒有顯示醫療科技領域的銷售量正在放緩。而且我認為，鑑於該領域正在發生的創新，以及這些創新所產生的臨床證據，我仍然認為這是一個極具吸引力的領域，不僅是今年或下個季度，而且在未來很多年裡都將如此。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

I think I'm allowed to still say Happy New Year. Two questions on -- I'll put them right up front. EPD has sort of held up there in high single digits pretty consistently, but the macro landscape is getting a little bit more complicated as we sit still here. I'd be curious if you see anything that we need to sort of be aware of over the next 12 -- maybe 12 to 18 months?

我想我還是可以祝大家新年快樂。關於新年，我有兩個問題──我就開門見山地說吧。 EPD（預期產出差）一直穩定在個位數高位，但宏觀情勢正變得越來越複雜。我想知道，在未來12到18個月裡，您認為我們有哪些需要特別注意的事項？

And then my second question has to do with structural heart. It looks like your multiple products, we'll call them multiple shots on goal, is keeping that growth rate going nicely. Anything you want to call out in particular or anything we should be looking at for the upcoming medical meetings.

我的第二個問題與結構性心臟病有關。看起來你們的多款產品（我們姑且稱之為「多重攻勢」）正保持著良好的成長動能。您有什麼特別想強調的，或是我們應該在即將召開的醫學會議上關注哪些面向嗎？

Sure. Regarding EPD, yeah, I mean, I think this team is incredibly resilient. And I get that there is some concern about geopolitics going forward. But let's face it, Joanne, there's been macro challenges, at least since I've been in this role for the last five years.

當然。關於EPD，是的，我的意思是，我認為這支球隊的韌性非常強。我也理解大家對未來的地緣政治局勢有些擔憂。但說實話，喬安妮，至少在我擔任這個職務的這五年裡，宏觀層面的挑戰一直存在。

And so I -- yeah, we've got to pay attention to them. Yeah, we've got to navigate, but I'm going to rely heavily on a team that have shown that they can actually do that and do that in pretty difficult circumstances already and continue to be able to drive the business in that 7%, 8%, 9% range here.

所以，是的，我們必須關注他們。是的，我們必須應對，但我會高度依賴一支已經證明他們能夠做到這一點，並且在相當困難的情況下也能做到這一點，並且能夠繼續將業務增長維持在7%、8%、9%的範圍內的團隊。

So yeah, it's -- we got to be mindful of it, but this is a team that -- at least in these markets, have proved to be very resilient, have deep connections in the market, deep relationships clinical distribution-wise. So -- and now that we're bringing our biosimilar portfolio into these markets -- biosimilars are now the fastest-growing generic kind of segment, I feel good about this business.

所以，是的，我們必須對此保持警惕，但至少在這些市場，這支團隊已經證明他們非常有韌性，在市場上擁有深厚的人脈，在臨床分銷方面也建立了穩固的關係。現在，隨著我們將生物相似藥產品組合引入這些市場——生物相似藥目前是成長最快的仿製藥類別——我對這項業務充滿信心。

I think the idea of bringing this differentiated portfolio into a team that has done extremely well in navigating all of this, I think we've got also strong aspirations for this business. So yeah, we'll keep an eye on that, but I don't think that it's something completely new for us for this business. We operate in 160 countries. We're truly a global company. So we will have to figure it out.

我認為，將這種差異化的產品組合引入一個在應對所有這些挑戰方面表現非常出色的團隊，這個想法本身就很有吸引力。而且，我們對這項業務也抱有很高的期望。所以，我們會密切關注此事，但我認為這對這項業務來說並非完全陌生。我們的業務遍及160個國家，我們是一家真正的全球性公司。因此，我們必須找到解決方案。

And then I think your question on structural heart I mean this is an area that we've invested heavily over the last couple of years. We've developed a, what I would consider, best-in-class portfolio across all three valves. And I think we've got a lot of upcoming growth catalyst that will move its way through.

至於您提到的結構性心臟問題，我認為過去幾年我們在這個領域投入了大量資金。我們已經開發出我認為業內領先的產品組合，涵蓋所有三種瓣膜。而且我認為我們有很多即將到來、具有成長潛力的產品。

I think the -- got great new products with Navitor, TriClip, Amulet. Most of these on the early are, I believe, still in their early cycle. You guys always would ask me about like when will MitraClip grow -- get back to growth, I just clearly say, we did double-digit growth in MitraClip. I think that's a result of some of the guideline changes that we're seeing and kind of reigniting some of the growth here in the US.

我認為我們推出了很棒的新產品，例如 Navitor、TriClip 和 Amulet。我相信，這些產品目前大多還處於早期階段。你們總是問我 MitraClip 什麼時候才能恢復成長，我的回答很明確：MitraClip 已經實現了兩位數的成長。我認為這得益於一些指導方針的調整，這些調整重新激活了美國市場的成長。

But we've got a lot of opportunities, we've got a lot of things going on in this business. We had label expansions in Navitor and MitraClip. We got a next-generation repair technology coming out with both MitraClip and TriClip, our fifth generation. I mentioned guideline changes to MitraClip and TriClip, that's having an impact. We just got approval -- we got approval for TriClip in Japan. That's a whole new market for us that we see a huge opportunity, a big opportunity for us, and we're launching that as we speak in Q1.

但我們有很多機會，在這個行業裡有很多事情正在發生。我們擴大了Navitor和MitraClip的品牌範圍。我們即將推出MitraClip和TriClip的第五代產品，這兩款產品都採用了新一代的維修技術。我之前提到MitraClip和TriClip的指導方針有所變更，這正在產生影響。我們剛剛獲得了TriClip在日本的認證。這對我們來說是一個全新的市場，我們看到了巨大的機遇，我們正在第一季正式推出這款產品。

We've done some bolt-on M&A in this business. I think I mentioned this last time, we acquired a company called LARALAB Lab, which is an AI-powered imaging interventional cardiology company, that's -- we're integrating that into our product offerings now for pre-procedure planning. So I think that's going to help also since imaging is such an important part in these procedures.

我們在這個行業進行了一些補充性併購。我想我上次提到過，我們收購了一家名為LARALAB Lab的公司，這是一家利用人工智慧進行介入性心臟病學影像的公司，我們現在正在將其整合到我們的產品中，用於術前規劃。我認為這也會有所幫助，因為影像在這些手術中至關重要。

And then the pipeline looks really good, too. We've got our next-generation Amulet, expect to be launching that beginning of next year. We're going to go into trial into our ID trial with our balloon TAVR in the second half of this year.

而且，我們的研發管線也進展順利。我們已經有了下一代Amulet設備，預計明年初上市。今年下半年，我們將啟動球囊TAVR的ID臨床試驗。

So again, as I'm thinking about, I know what's going to launch in 2027, and I know the impact that those launches are going to have in terms of our growth rate, and we're building our pipeline to be able to ensure that we can sustain that growth in 2028. And I look at this balloon TAVR program has really been important to do that.

所以，正如我所思考的，我知道2027年將推出哪些產品，也知道這些產品推出會對我們的成長率產生怎樣的影響，我們正在建立產品線，以確保我們能夠在2028年維持這種成長。我認為，球囊式TAVR計畫對於實現這一目標至關重要。

And then we're also going to start our an IDE trial for our transfemoral transseptal Mitral valve replacement program, too, which I think is going to be best in class. So I think this team has got not only an incredible pipeline to work with, but we've also been making the investments on the clinical side, clinical teams, sales reps across the world. So I think we're well positioned in our structural heart business.

此外，我們還將啟動經股動脈經房間隔二尖瓣置換術計畫的IDE試驗，我認為這將是同類最佳的。所以，我認為我們的團隊不僅擁有強大的研發管線，而且在臨床方面也投入了大量資源，包括臨床團隊和遍布全球的銷售代表。因此，我認為我們在結構性心臟病領域處於有利地位。

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

克麗絲特爾，請再問一個問題。

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD Cowen。

Just keep it to one on capital allocation, sort of circle back. But I think the focus for your team, Robert, has been to kind of look at inorganic adds for the devices and diagnostics franchise that played out with the Exact acquisition. I mean is -- should we be thinking that that remains the focus or is the Nutrition recovery -- can that business get back to mid-single-digit growth without any business of external business development initiatives?

資本配置方面就先說到這裡，再慢慢討論。但我認為，羅伯特，你們團隊的重點一直是研究如何透過收購Exact來拓展設備和診斷業務。我的意思是──我們是否應該認為這仍然是重點，還是應該把重心放在營養業務的復甦上？這個業務能否在不進行任何外部業務拓展的情況下，恢復到個位數的中段成長？

Sure. Yeah. Listen, I'd say the capital allocation regarding M&A and kind of our focus is -- it's going to be in those two areas, right? Medtech and Diagnostics is where we see an opportunity. I don't consider a need for inorganic in our Nutrition business to execute the strategy that I just described, which is to place a lot more emphasis on volume growth.

當然。是的。聽著，關於併購方面的資本配置，我想說我們的重點——也就是醫療科技和診斷這兩個領域——將會是重點，對吧？我們認為這兩個領域存在機會。我認為，為了執行我剛才提到的策略，也就是更重視銷售成長，我們的營養品業務不需要進行非內生性收購。

I think we've got the right products, the right brands and the right teams in place to be able to kind of do that. I think the biggest investment that we're making is we're seeing the impact of that now, which is addressing kind of price points and doing it comprehensively across the world so that we can get everything kind of reignited back to volume growth. So I'd say, that's the focus, is medtech and diagnostics. So I don't think anything changes there.

我認為我們已經擁有了合適的產品、品牌和團隊，能夠做到這一點。我們最大的投資在於價格策略，並且在全球範圍內全面實施，這讓我們能夠重振銷售成長，而我們現在也看到了這些投資帶來的影響。所以，我認為我們的重點是醫療技術和診斷領域。因此，我認為這方面不會有任何改變。

So I'll just close here with a few comments. Listen, we've got -- I think we delivered a pretty strong year in 2025. Obviously, there were challenges. There will always be challenges. We delivered on our original EPS target of double-digit, healthy margin expansion. I think I spent some time on this call talking about our pipeline and how we think about our pipeline and ensuring that we have a nice cadence of pipeline going forward. Not just what we're launching this year, but what we're investing in this year so that we can be ready to launch in '27 and '28.

最後我再補充幾點。我認為我們在2025年取得了相當不錯的成績。當然，挑戰也一直存在。我們實現了最初設定的兩位數每股收益目標，利潤率也實現了穩健成長。在這次電話會議上，我花了一些時間討論我們的產品線，以及我們如何看待產品線，並確保未來產品線的推進節奏良好。這不僅包括我們今年即將推出的產品，還包括我們今年的投資，以便為2027年和2028年的產品發布做好準備。

So I think the pipeline has been very productive. And we took a very important strategic step to shape Abbott for the future with the announcement of the Exact Science acquisition. I think that's going to add a whole new growth vertical for Abbott. And I think that cancer diagnostics is going to be a very important clinical and medical need for society -- for global society. So I think we're going to be well positioned there, and I feel good about the timing and everything that we put in place there.

所以我認為我們的研發管線非常有效率。透過宣布收購Exact Science，我們邁出了塑造雅培未來發展的重要策略一步。我認為這將為雅培開闢一個全新的成長領域。而且我認為癌症診斷將成為社會——甚至全球社會——非常重要的臨床和醫療需求。因此，我認為我們在這一領域將佔據有利地位，我對我們所做的一切以及時機都感到非常滿意。

So as we transition to 2026, I think I highlighted here, we've got a lot of businesses that are going to sustain what I would consider pretty differentiated growth rates, high single digits teens and we can support those with the investments we made and the product launches that we've got. And then we've got some large businesses that are going to having some inflection points and some acceleration, whether it's Core Lab or even our Electrophysiology business here.

因此，隨著我們邁向2026年，正如我剛才強調的，我們有很多業務將保持相當顯著的成長率，接近兩位數，我們可以利用現有的投資和產品發布來支持這些業務。此外，一些大型業務也將迎來轉捩點和加速發展，無論是核心實驗室還是我們的電生理業務。

So I feel good about what we've got put in -- what we've laid out here in terms of our plan. Obviously, we strive to do better than that, and there's opportunities to do better than that. But I think as we sit here in January, this is a good starting point.

所以我對我們目前所做的工作——也就是我們所製定的計劃——感到滿意。當然，我們力求做得更好，也有機會做得更好。但我認為，在1月的這個時間點，這是一個好的開始。

And with that, I'll wrap up and thank you for joining us.

好了，我的分享就到這裡，感謝各位的收看。

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 our website, abbott.com. Thank you for joining us today.

感謝各位的提問。雅培的電話會議到此結束。本次電話會議的網路直播回放將於今天中部時間上午11:00後在我們的網站abbott.com上提供。感謝您今天參加我們的會議。

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。感謝各位的參與。現在可以掛斷電話了。祝大家有美好的一天。