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。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 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 2026 年的預期結果。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.

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。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。

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.

謝謝你，麥克。各位早安，感謝各位的參與。在討論我們第四季度業績之前，我想花點時間回顧一下 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實現可持續長期增長而採取的戰略行動。

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，我們實現了幾個重要的里程碑，鞏固了我們未來的地位，包括 Volt 和 TactiFlex Duo PFA 產品獲得監管批准，Navitor TAVR 瓣膜獲得新的適應症，TriClip 和 CardioMEMS 獲得 CMS 全國醫保覆蓋，完成將新型左心耳封堵器招募市場的關鍵性試驗機招募市場的關鍵性葡萄糖，完成將設備的關鍵性試驗，開始在 EPD 領域推出生物相似藥，將生物相似藥推向新興市場，以及最近開始在營養領域推出新產品，以滿足不斷變化的消費者偏好。

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年也是執行嚴謹的一年。儘管中國實施了新的關稅，市場面臨更大的挑戰，但我們實現了一流的利潤率擴張，並實現了每股收益兩位數成長的最初目標。

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 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加一項具有吸引力的產品線的高成長新業務。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一年。

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 WIC contract last year.

接下來我將更詳細地總結第四季業績。我先從營養品業務說起，該業務的銷售額在本季有所下降。雅培公司從事營養品業務已有60多年歷史。而這段歷史也帶來了經驗，不僅在成長時期，而且在需要應對挑戰的時期。正如我在上個季度提到的，美國兒科業務正受到市場份額損失的影響，部分原因是去年失去了一份大型 WIC 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，那就是需要重振銷售成長，這是許多消費品企業目前面臨的挑戰。過去幾年，我們看到營養品製造成本上升，部分原因是疫情後大宗商品成本飆升，而這種飆升至今仍是我們成本的一部分。

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. This path is not sustainable long term so we began to make changes in the fourth quarter.

我們提高了價格以幫助減輕製造成本上漲的影響，但在當前的經濟環境下，這些價格上漲已成為限制銷售成長的因素。許多消費品企業都面臨這種局面。製造成本上升導致價格上漲，進而抑制了需求，因為消費者對價格越來越敏感。這條路無法長期持續，所以我們從第四季開始做出改變。

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.

我們的目標是讓業務轉型為成長模式更均衡，銷售成長在未來發揮更大的作用。第四季度，我們開始實施價格和促銷措施，以幫助啟動重新點燃銷售成長的進程。

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 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本的 Ensure 之後，我們預計在接下來的 12 個月內至少推出八款新產品。我們預計營養業務在上半年仍將面臨挑戰，下半年將恢復成長。

While this transition back to a more sustainable, volume-driven business has 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我們的近期業績產生影響，但這些是為更好地使業務長期成功而採取的正確步驟。

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.

再來看診斷業務，由於預期 COVID 檢測銷售額年減，該業務銷售額下降了 3.5%。核心實驗室診斷業務成長了 3.5%，連續第三個季度實現加速成長，並在進入 2026 年之際保持了穩定的成長動能。

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 a heart attack.

全年（不包括中國）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。在即時診斷領域，本季銷售額成長了 7%，這主要得益於我們高靈敏度肌鈣蛋白測試的普及，該測試能夠更早、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. 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. 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 user groups.

再來看看EPD，該季度銷售額成長了7%。在我們參與的各個市場和治療領域，成長都相當均衡，其中印度以及拉丁美洲和中東的幾個國家實現了兩位數的成長。透過專注於快速成長市場中需求量大的療法，EPD 連續第五年實現了超過 7% 的銷售成長。最後，我再介紹一下醫療器材產業，該產業的銷售額成長了 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。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堅定承諾。這些因素導致該產品在各個使用者群體中的採用率持續成長。

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，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，我們宣布我們的新型 TactiFlex Duo 消融導管獲得了 CE 認證，該導管可提供射頻和 PFA 能量來治療與心房顫動作鬥爭的患者。

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. 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.

在結構性心臟病領域，成長主要由 Navitor 的兩位數成長、TriClip 的兩位數成長和 MitraClip 的兩位數成長所驅動。在接下來的幾周里，我們將完成 CATALYST 試驗的招募工作，以實現一個重要的里程碑。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。這項試驗旨在產生證據，證明 Amulet 的臨床益處，可能促使其得到更廣泛的應用，並擴大其目標市場。

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方法。我們投資以維持糖尿病、結構性心臟病、電生理和心臟衰竭等高成長領域的強勁業績，並投資以提升節律管理和血管等基​​礎領域的成長前景。雖然對傳統高成長領域的投資往往更受關注，但我們對基礎業務的投資正在產生非常可觀的回報。

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的無導線起搏器 AVEIR 的持續強勁成長。全年來看，節奏管理業務成長了 10%，這標誌著該業務連續第三年大幅跑贏大盤。憑藉 AVEIR 以及我們在傳導系統起搏和其他創新技術方面的投資，我們認為 100 億美元的節律管理市場是一個絕佳的機會，可以搶佔市場份額，並在未來幾年內推動永續成長。

In vascular, growth of 6.5% was led by double-digit growth in vessel closure products and growth from Esprit, our 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. 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 of Eterna, our rechargeable spinal cord stimulation device.

在血管領域，成長了 6.5%，這主要得益於血管閉合產品的兩位數成長以及我們的膝下可吸收支架 Esprit 的成長。全年來看，血管產品銷售額成長了 5%，這是血管產品連續第二年達到個位數中段成長。隨著我們的冠狀動脈 IVL 設備預計在明年獲得批准，我們預計血管領域的成長將遵循與心律管理領域類似的加速模式。最後，神經調控業務成長了 5.5%，這主要得益於我們可充電脊髓刺激設備 Eterna 在國際市場的強勁成長。

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，儘管在 2025 年面臨一些挑戰，我們實現了最初設定的每股盈餘兩位數成長的目標。我們的新產品研發管線持續高效運轉，再加上我們為公司未來發展所採取的策略舉措，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.

謝謝你，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參考資料都是基於自然成長的。

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。不計入新冠病毒檢測銷售額，銷售額成長了3.8%。調整後的每股收益為 1.50 美元，比上年增長 12%。外匯匯率對第四季銷售額產生了1.4%的年比有利影響，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、一般及行政費用佔銷售額的 25.1%。經調整後的營業利潤率為銷售額的 25.8%，比去年同期成長了 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.

接下來展望2026年。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%.

我們預測今年有機銷售成長率將在 6.5% 至 7.5% 之間。根據目前的匯率，我們預計匯率將對全年報告銷售額產生約 1% 的有利影響，其中包括預計對第一季報告銷售額產生約 3% 的有利影響，我們預測調整後的稅率將在 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 seemed 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收入成長感到滿意，但今天你的預期略有下調。我猜這跟營養有關。您能談談自上次通話以來發生了哪些變化嗎？從節奏的角度來看，你如何看待今年的發展？鑑於您對營養和一些新品發布的評論，我猜您會預期今年的成長速度會加快。我就說到這兒吧。

Thanks, Larry. I think if I remember you, you're the one who asked that question back in October. And 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.

謝謝你，拉里。我想如果我沒記錯的話，你就是十月問過那個問題的人。當我回答這個問題時，我認為大家的共識是總成長率為 7.5%。每股收益為 10%。所以今天，我們給的指導價位是：上軌7%，下軌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，這裡的中間值比市場普遍預期低0.5%。除此之外，其他一切都沒有真正改變。每股盈餘符合市場預期，預期利潤率將穩定提升。我相信我們會經常談到產品線，某些產品的進度要么按計劃進行，要么提前完成；資產負債表狀況良好；我對完成 Exact 的交易感到樂觀。正如你所指出的，營收的 0.5 個百分點的變化，實際上反映了我們營養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.

如您所見，我們第四季業績為負。正如我在評論中所說，這項業務的一部分是以醫療保健為導向的產品組合，但它的另一部分，它的動態，與消費品包裝非常契合。

And I'd say, the challenges that CPG businesses have been facing are pretty well known following the 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.

而我認為，疫情後消費品企業面臨的挑戰已經眾所周知，2022 年至 2024 年間成本大幅上漲，以抵銷疫情帶來的影響。我認為我們都試圖透過提價來緩解這種情況。這顯然推動了營收成長，但更重要的是，我認為，它改善了或至少阻止了企業的經濟效益和獲利能力惡化。

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 年的獲利能力，再看看 2022 年的情況，就會發現它產生了這樣的影響。但我認為，價格上漲導致需求受到抑制，銷售成長放緩，隨著第四季的推進，銷售成長的壓力也隨之加劇，消費者對價格越來越敏感。

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 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，這不是一條可持續的道路。如果你不斷提高價格，就會陷入惡性循環，銷量也會不斷下降。所以，我們或許還能再堅持幾個季度，也許再撐九個月，但這不可持續。

And at some point, something fundamentally has to change here. And I just felt that the longer we took to make this change, the more painful it would 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.

總有一天，這裡必須發生根本性的改變。我當時就覺得，我們拖得越久，做出改變就越痛苦。如果我看一下目前的投資組合實力和成長潛力——我們擁有的所有成長前景，以及增加一個全新的成長垂直領域的能力。我只是覺得時機剛好，應該趕快完成這件事。因此，我們開始實施價格促銷措施，這將有助於促進成長。

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。顯然，我們需要繼續關注此事。同時，我們也推出許多新產品，以支持銷售量的成長。我們無需重新分配研發資源就能做到這一點。這是一家研發投入約佔總投入 2% 或 2.2% 的企業。因此，我們重新分配了預算，將重點放在新產品研發上。

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 based -- more of a volume-driven growth business.

因此，未來幾季營養領域的成長將面臨挑戰。然後，在下半年，我們將恢復正成長。我對目前的團隊充滿信心，相信我們能夠成功轉型，重新成為以銷售為基礎、以銷售驅動成長的業務模式。

If you look at what we did back in 2022 when we had the 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情況，我們花了大約 9 到 12 個月的時間才恢復市場份額，我認為這次不會花那麼長時間。所以我認為這需要大約六個月的時間來重新調整。而這正是造成——我認為，部分原因在於造成了我們成長預測中上半年和下半年的這種動態變化。

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，和十月的情況相比，其他方面並沒有發生什麼真正的改變。事實上，我認為公司絕大多數業務要么保持著接近兩位數的營收成長，要么實現了兩位數的低增長，或者正在加速增長，與 2025 年相比，無論是我們的心血管業務、糖尿病產品、EPD 還是製藥業務，我們都將克服去年面臨的核心診斷方面的不利因素。

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.

如果你還記得的話，去年我們在診斷業務方面面臨約 10 億美元的逆風，無論是新冠疫情還是來自中國的挑戰，這些大多都已成為過去。我們將透過與 Exact Sciences 的合作，新增一個高成長垂直領域。所以我覺得這裡有很多值得喜歡的地方。我認為這裡有很大的發展空間。

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所有美好的機會。正如我所說，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，成長速度將會加快。

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，我想先談談管道方面的問題，然後如果時間允許的話，再問一個關於指導方針和前景的後續問題。您確實談到了 EP 業務的一些審批情況，更具體地說，您能否幫助我們大致了解一下雅培在 EP 領域的業務組合？或許可以回顧過去 6 個月，看看我們今天所處的位置，再展望未來 6 到 12 個月，並將產品組合與競爭對手進行比較，看看您認為在哪些方面有最大的機會加速增長，例如 Volt、TactiFlex Duo、TactiFlex [VP]，我認為你們還有下一代 Agilis、EnSite X 等等。

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 in '24 and 2025 without a PFA catheter.

當然。我的意思是，我覺得──不過，我得把它放在具體的脈絡中來看。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增長的特許經營業務會停滯不前甚至出現負增長，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，並向董事會提交了該策略，闡述了我們將採取的行動。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，而無需 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的、並在這裡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基礎中推出 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 Volt.

Volt在歐洲的上市非常成功。我想說，當我們討論開發 Volt 時，我們說，讓我們看看我們第一代產品的一些不足之處，看看我們能否將這些不足之處融入 Volt 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.

我從歐洲市場以及坦白說，在過去幾週我們開始在美國進行有限市場發布之後，不斷看到的反饋是，有兩件事反復出現：一是導管集成的映射的優雅、便捷、流暢和可預測性，以及可視化。所有這些都是我們花費大量時間整理出來的。我不斷收到這方面的非常正面的回饋。還有一種可能性是，可以用鎮靜劑而不是全身麻醉來進行這些手術，這是我在這裡一直聽到的一個反覆出現的主題。

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的發布與我們在製定專案計畫時所預期的非常吻合。今年，我們將在美國推出 Volt，並在國際市場上推出 TactiFlex Duo。我認為關鍵在於——我們一直希望確保我們能為醫生提供一套工具箱式的解決方案。這樣一來，他們可以有選擇權，並且在使用這些產品方面可以有更大的靈活性。

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 with its dual energy source will be preferred.

我相信，有些病例、某些類型的患者以及某些患者情況更適合使用球囊和籃筐式 Volt 設計，而有些類型的患者和某些情況下，具有雙能量源的 TactiFlex Duo 將是更好選擇。

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，最後決定同時推出這兩款產品。我認為你提出的這一點非常好，那就是，就產品組合的完整性而言，我認為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開始，還有我們擁有的非常稱職的臨床專家，他們已經在現場為我們的客戶證明了他們的價值。

We've got both RF and PFA products. We've got all the diagnostic elements, whether it's catheters, patches, et cetera, introducersheaths, 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've got to have the full portfolio, including this device.

我們有射頻產品和PFA產品。我們有所有診斷所需的要素，無論是導管、補片等等，還是導管鞘，你提到的所有這些東西。除此之外，我們還有一款 LAA 設備，我想說，越來越明顯的是，如果你想成為這個領域的領導者，你不能只專注於 PFA 導管，你必須擁有完整的產品組合，包括這款設備。

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% 的左心耳手術是同時進行的。所以我覺得，把所有這些因素綜合起來，包括我們組成的投資組合，以及這個團隊展現的韌性和執行力，我對今年的業務發展抱有很高的期望。團隊明白這一點。

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 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.

大衛，我預計我們的成長至少會與市場成長持平，我認為目前的預測應該是十幾到二十幾的水平。所以我認為我們現在處境非常好，我很興奮地看到我們三年前製定的策略的第二部分，我們也很興奮地將該階段的第二部分付諸實踐。

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 out look 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?

很有幫助。或許只是對指導意見的後續跟進。你看，我想我們都知道，你不會為了迎合短期共識而改變你的指導方針，你會致力於實現你的承諾。但是，在考慮過去幾季面臨的一些不同變量，並據此制定 2026 年展望時，您是如何考慮風險調整展望的呢？或許您可以幫我們思考指導意見中的一些考量因素，以及您在建構這些觀點時所秉持的理念？

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，我認為如果你看看我們 2026 年的成長目標，我的意思是，我們一直以接近兩位數的營收成長和兩位數的利潤成長為目標——接近兩位數的營收成長和兩位數的利潤成長。這就是我們的投資理念，我們也一直貫徹著這個理念。

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，我認為你應該這樣看待：公司很大一部分業務將會持續成長。在某些情況下，這種趨勢會加速。但公司很大一部分業務，無論是心血管領域還是糖尿病領域，都保持著這種高個位數的成長，我們有許多新產品即將推出，以支持業務的這種成長動能。EPD支持生物相似藥的上市，實現了高個位數的成長率。

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.

然後是第二個桶，我認為，它加快了我們的診斷速度。而實際上，我們在全球核心實驗室業務的市場份額方面做得非常出色。而我們去年面臨的挑戰是新冠疫情的蔓延。我認為到 2024 年，金額大概會從 7.5 億美元降到 2.5 億美元。所以你們當時面臨5億美元的阻力。然後，你們又面臨來自中國價值導向採購（VBP）的 4 億美元阻力，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.

我們對新冠疫情造成的損失預測也差不多是這個數字，大約是 2 億美元。所以我預計不會有明顯的成長或下降。而且很多VBP都是一波一波出現的。我們在中國的絕大部分銷售額都已透過 2025 年的 VBP 計畫實現。因此，我們在 2025 年真切地感受到了這種影響。

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've had. 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.

中國將會有更多的價值導向型融資項目，但我們在這些項目中所佔的份額與我們之前所佔的份額相比非常非常小。所以，你們完全是在拿我們的診斷業務來做文章。只要我們繼續在美國、歐洲、拉丁美洲和亞洲其他地區做我們正在做的事情，而我們一直在這樣做，你們就會看到我們的診斷業務得到很好的加速發展。隨著時間推移，VBP 的影響開始逐漸減弱，這現像在這一年逐漸顯現出來。

You've got then, obviously, as I spoke quite at length 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, David, 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.

很顯然，正如我之前詳細談到的，營養方面的這種轉變。未來一到兩個季度，我們的成長可能會面臨挑戰。但我相信，我們能夠在這裡重振銷售成長，你會看到業務恢復成長。所以，大衛，仔細看看這些因素，比如說，好的，你在業務的很大一部分方面都保持著持續的成長勢頭。接下來會有一些圈速測試。然後我們進入了過渡期，我認為這只是暫時的，大概幾個季度，目的是為了達到這個目標——達到營養方面的指導目標。

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 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，這家公司是一家市值超過 30 億美元的企業，年增長率達 15%，為我們提供了大量的成長機會。所以，至少從整體來看，我們的情況大致是如此。然後讓這些收益最終轉化為利潤，在我們需要的領域進行投資，並實現良好的毛利率和營業利潤率成長。

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.

我兩個。羅伯特，上週我們談話時，你說你預計 CGM 將繼續保持成長勢頭，每年獲利約 10 億美元。這樣一來，2026 年的預測數字應該在十幾到五幾之間。這種看待明年 CGM 成長的方式是否正確？如果您只是想分享一下您對市場成長以及雅培在該領域地位的最新看法呢？然後我還有一個後續問題。

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

當然。你說的明年是指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，是的，我看到很多關於市場放緩的討論。我明白，如果你只看百分比，並且以此為依據得出結論，那麼我想，如果你的目光如此短淺，那麼我想，好吧，我理解你的結論。但羅比，我不認為每年增長 10 億美元，連續四年做到這一點，就意味著發展速度放緩。

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.

我認為計算結果會和你剛才提到的差不多，大概在十度左右。但我認為這方面還有很多——仍然有很多滲透的機會，無論是從市場角度來看，還是從我們自身的機會、我們推動市場份額和市場擴張的能力來看。

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，無論是強化胰島素使用者、基礎胰島素使用者或非胰島素使用者，所有這些領域仍然有很大的滲透空間。而且，不僅在美國，在全世界範圍內，我們都可以看到很多變化，無論是患者群體還是醫療保健系統，都在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 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，而且是一個重要的市場，就非胰島素使用者報銷機會而言，我們在那裡有很多很好的機會，我繼續看到這一進程取得了良好的進展。似乎很多人都支持這樣做。我們已經展示了數據，例如我們已經發表了三項研究，這些研究表明，該患者群體也能從更低的 A1c、更長的治療時間和更廣的治療範圍中受益，所有這些因素都推動了其他群體獲得報銷。

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 comment periods with all of this.

所以我認為這對我們美國人來說是一個非常難得的機會。我們拭目以待。我認為上半場會出現一些語言上的內容。然後，評論期將如何影響最終結果。羅比，你知道的，所有這些都有評論期。

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.

所以我不會把這一點納入我的指導方針中，但我可以告訴你，我們將做好 150% 的準備來執行，無論是在生產能力、規模還是在初級保健領域的地位——在初級保健方面，這可能是它發揮更大作用的地方。我們會做好準備。因此，這提供了一個超越市場普遍預測的機會。

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，對於需要大量使用胰島素的人來說，仍有提升市場滲透率和推廣應用的空間，尤其是在國際市場上。我認為滲透率只有50%左右。所以我認為我們仍然有很多機會在那裡繼續我們正在做的工作。顯然，規模和成本在國際市場上很重要，我認為我們已經佔據了有利地位。

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，我不會在這裡精確指出具體是哪個季度，一旦獲得批准，我們就會發布新聞稿，然後就一切就緒。但是，我們一直在與監管流程、關鍵意見領袖、醫生團體、支付方密切合作，而且我認為今年一月《柳葉刀》上發表了一篇文章，談到了今年年初持續測量酮體的重要性，因為糖尿病酮症酸中毒仍然是糖尿病患者護理方面的一個重大缺口。所以我認為，這款產品在市場份額轉換方面有著巨大的機會。

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've 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.

我認為讓我感到驚訝的一點是，當我們開始真正深入研究這些患者群體，特別是 SGLT2 患者群體時，我發現了一些意想不到的事情。因此，我們在美國進行了一些分析。美國約有600萬SGLT2用戶。如果將所有資料庫中 CGM 的使用情況進行交叉比對，會發現這六個人中只有大約 100 萬人使用 CGM。所以我認為——我認為這裡也存在著利用這款產品拓展市場的機會。所以不僅要搶佔市場份額，還要拓展市場。所以這個市場依然非常強勁。它變得越來越大了。所以我覺得大數定律會降低這些百分比。

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，如果你只從滲透率的角度來看，在各個地區的各個細分市場還有很多工作要做，所以我們仍然非常興奮，並進行大量投資，無論是在銷售和市場營銷、臨床、研發還是製造方面，因為我們仍然認為——這仍然是——我不會說這是第一局或第二局，但我們離——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?

偉大的。或許只需要簡單跟進。很高興看到你們在 2026 年仍然能夠實現兩位數的每股收益成長。我認為這會體現在營收和利潤率的成長。我們該如何看待利潤率擴張的幅度及其驅動因素？

I'll let Phil take that.

我請菲爾來處理這件事。

Yeah. Thanks, Robbie. 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 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。謝謝你，羅比。正如羅伯特所概述的那樣，我為團隊在 2025 年取得的成就感到無比自豪，他們克服了不確定性、波動性等等，仍然實現了利潤率的擴張。而這種對執行力和卓越性的承諾在 2026 年依然保持不變。預計我們將繼續沿用先前的做法，專注於策略上一致的事情，並在此基礎上繼續努力，爭取每年營業利潤率提高 50 至 70 個基點。這正是我們一直以來所追求的，我們完全有信心透過提高毛利率來實現這一目標，就像我們過去所做的那樣，同時也會在適當的時候繼續提高損益表中的槓桿作用。這就是我們實現兩位數獲利的方法。

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 - low single-digit growth category and you guys are doing double digits?

我的第一個專案——或許是在產品方面，AVEIR。正如你所說，又是一個兩位數成長的季度。我只是好奇從滲透率的角度來看，我們目前處於什麼階段，我們打了多少局？在一個成長率通常只有個位數的領跑品類中，你們卻實現了兩位數的成長，這種兩位數的成長能持續多久？

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。我發表了一些評論——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的機會。所以，我們一直在那裡進行投資。顯然，這是推動成長的一個重要因素，但我們正在對投資組合的其他領域進行投資，以支持我們獲取市場份額並以差異化的速度成長的能力。

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.

關於你提出的市場滲透率問題，聽著，全球低壓或起搏器細分市場規模約為 50 億美元，或者說 48 億美元到 52 億美元，這取決於你關注的是什麼，但我們就暫且稱之為 50 億美元吧。我認為 AVEIR 目前大約只有這個數字的 10%。對我們來說，這肯定只是比賽的開始階段。

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, year and a half ago, we began the training process and really seeing really strong penetration there.

正如我之前所說，當我們開始這個過程時，我並不想只追求一年或六個季度的曇花一現的銷售成長。因此，我們付出了巨大的努力，團隊也出色地完成了工作，真正建立了一個新的護理標準，並對醫生進行了培訓。這是一種不同類型的植入物。所以，我們現在看到的是，在一年到一年半前我們開始進行培訓的地方，發展勢頭非常強勁，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. 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約佔整個市場的 15%，滲透率約為 50%。所以，在美國，乃至全球，仍然存在著巨大的發展機會。團隊在這裡做得非常出色。

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, these devices that are communicating with each other that can be implanted transfemoral and don't use leads. The clinical evidence in terms of what they're able to deliver is pretty impressive right now. So we've got a lot of investment here that will support this type of differentiated growth rate.

我們推出了新產品。我們將繼續在這個領域推出新產品。我們認為這是 CRM 的下一個標準，這些設備可以相互通信，可以透過股動脈植入，而且不使用導線。就他們目前所能提供的療效而言，臨床證據相當令人印象深刻。因此，我們在這裡投入了大量資金，這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.

那很有幫助，羅伯特。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0.20美元）等問題，你有什麼新的想法嗎？考慮到你們的槓桿水平，交易完成後，股權稀釋仍然相當溫和。你還有能力。我很好奇，當你考慮併購、剝離或分拆時，目前醫療科技領域似乎——分拆似乎是當下的熱門選擇。我很想知道你是如何考慮這些決定的。

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。讓我看看能不能解釋清楚。我認為從資本配置的角度來看，我們的做法一直相當一致。我沒有一個公式可以告訴大家X%放在這裡，Y%放在那裡。我們致力於不斷提高股息，我們在去年 12 月宣布 2026 年股息時再次重申了這一承諾。

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。但除此之外，我們將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我們的資本。關於併購，聽著，我現在的重點是完成對Exact Science的整合。那將是我的主要工作重點。我認為交易完成後，我們的總債務與 EBITDA 比率將在 2.7 倍左右。所以正如您所說，我們仍然有足夠的產能。

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，在短期內，應該專注於精確科學的整合。如果還有機會增加，我們或許可以抓住更多類似「塞進式」的優惠機會。就Exact目前的狀況而言，我認為我們在完成交易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 the business, then we'll update 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需要的審批文件。2月20日將舉行股東投票。所以目前，我不會改變任何關於收盤時間或每股盈餘影響的假設。隨著業務的整合，我們會隨時更新相關資訊。但就目前而言，無論是時間安排或稀釋程度，都沒有任何變化。

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.

昨晚我讀了你的留言，Vijay，我以為你會問關於多癌早期檢測以及存在的機會的問題。我基本上同意你的報告。我認為這將是我們又一次絕佳的機會。我們仔細研究了這筆交易，發現提高此類檢測的報銷額度，確實會使其成為一個非常非常大的市場。

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 if that becomes the case, I think your forecast is way undercalled even on the up side. But okay.

我認為，這就像我們每年進行血脂檢查、心血管代謝檢查或白血球和紅血球計數檢查一樣。到了某個年紀，我認為如果產品合適、性能優良、定價合理，那麼這就是對消費者的考驗。所以如果真是那樣的話，我認為即使是樂觀的預測也遠遠低估了。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 research-- it's global, so I imagine it differs by market.

非常感謝您回答這個問題，羅伯特，關於營養學，我只有兩個問題想問您。我非常感謝您就未來策略提出的所有建議。但我想，問題的第一部分是，是什麼讓你確信你今天設定的這些價格是能夠推動銷售成長的正確價格？你們做過市場調查嗎？這是全球性的，所以我估計不同市場的情況會有所不同。

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，但營養品產業的獲利模式應該有所不同吧？或許還可以談談—這會如何改變您對該產品在雅培整個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。關於定價方面，我們在感恩節前夕進行了一些定價工作，以應對通常非常繁忙的零售活動。因此，我們在美國進行了不同的測試。我們也進行了國際上不同的測試。美國方面很快就收到了結果，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.

正如我在評論裡說的那樣，我認為目前的跡象令人鼓舞。但我同時也說，嘿，我們必須繼續關注這件事。你必須持續關心消費者權益。你必須持續注意競爭對手的動向。但我認為，就目前我們掌握的情況來看，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，聽著，我們並沒有對所有業務都採取一成不變的方法。這始終取決於勢頭、機會以及短期和長期之間的平衡。因此，我們在分配資源方面採取了非常細緻的視角。

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，這個行業的獲利能力有所提高。我認為，從概況來看，它可能與 2025 年的情況一致。我們顯然需要調整支出水平，學習如何更好地花錢。我們在第四季也這樣做了，將一些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裡是如此。這樣一來，我們至少能夠在這裡保持一種穩定的形象。

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?

所以我打算先從診斷部分入手，看看你能不能更深入地剖析一下其中的一些動態。您在VBP中談到了中國帶來的不利因素，並提到了一些較小的項目或類別。中國診斷產業的前景如何？世界其他地方似乎都過得相當不錯。但您預計今年和明年中國診斷領域的成長情況如何？

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，就像我說的，我認為我們已經完成了大部分基於我們實力和市場份額以及不同檢測方法的價值導向型支付 (VBP) 工作。他們的做法是，他們只是研究檢測類別，然後在前兩個市場實施——前兩個市場是我們擁有超過 40%、45% 市場份額的市場。所以，我們對此感受相當強烈。

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。所以聽著，我們在那裡組建了一個新的管理團隊，並安排了我們經驗最豐富的商業人士來推動這項業務。我們在這方面做了很多工作，包括與經銷商合作、細分市場、審視我們的產品組合、研究不同類型的產品供應、新產品供應與傳統產品供應。

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.

所以我認為各隊在這方面做得非常好。對於這項業務未來的發展，我的預期是，聽著，我並不指望它能大幅成長。我只需要它足夠穩定就行。由於它保持穩定，我就可以投資投資組合中其他正在加速成長的部分。我們的美國業務實際上比以往做得更好。所以我們正在那邊搶佔市場。

Our Latin America business is doing better than what it's done in the past, capturing market share there. Our European business is continuing 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比以往做得更好，在那裡搶佔市場份額。我們的歐洲業務持續成長。我們在那邊佔據了有利位置。所以我認為，該業務的前景是，今年我們將實現個位數中段的成長，而我們預計在 2025 年將達到這個水準。

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.

如果把中國排除在外，這又是一整年的情況了。如果把中國排除在外，那麼你的比例就處於──你的比例就處於7%到8%的範圍內。所以，我不喜歡那樣做，馬特，因為中國是我們業務的一部分。所以——但即使在中國，你也會看到成長加速，因為與去年相比，中國的經濟狀況更加穩定了一些。

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?

偉大的。或許我還可以問一些關於糖尿病的後續問題。您談到了對市場前景的樂觀態度，特別是對非胰島素型 2 型糖尿病保險覆蓋範圍的樂觀態度。我們已經看到內部準則發生了變化，並且肯定看到了覆蓋範圍大幅擴大的潛力。你提到在這個過程中已經取得了一些進展。我想知道您認為今年上半年情況會如何發展？新的保險覆蓋範圍可能採取哪些形式？或者你有其他想法嗎？

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。我可以告訴你的是，絕對會有支持。得到美國牙醫協會的支持，以及其他醫師團體的支持，好嗎？而且這種支持是有臨床數據支持的，對吧。我提到過，我們針對該患者群體進行了三項研究，結果顯示 A1c 水平有所改善，血糖達標時間也有所延長。

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有臨床證據支持的，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) 也看到了這種技術的價值，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不注射胰島素，引入這種技術也能改善治療效果。所以你有一個響應式內容管理系統，我們就這麼稱呼它吧。

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粗俗的語言，上半場是這樣，好嗎？但我知道事情會如何發展。我們在產品的不同部分已經多次遇到這些問題。語言文本將公佈，然後有 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.

而現在，這會不會是一個不同的過程呢？可能還有其他流程。公眾評議期可能會大大縮短。由於各方支持和希望將這項技術推廣給更多人，因此實施時間可能會大大縮短。但就像我說的，我不會現在就把那件事考慮進去，但我正在為此做準備。我的意思是，球隊已經準備好了。我的意思是，如果下週發生這件事，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 others. So that's going to be an important part.

所以我們正在那邊做很多工作。我認為，在考慮這種擴張時，關鍵在於它主要發生在基層醫療領域。那麼，你們的組織架構是否完善？你們的銷售團隊部署是否到位？您與Epic及其他醫療系統的整合情況如何？所以這將是重要的一部分。

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。無論發生在第二季還是第三季。對我來說，就像我剛才思考的那樣，這將是這個市場的巨大機遇，不僅在美國，而且在未來很多年裡，在全球範圍內都是如此。所以，我們一定要把事情做好。

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?

鑑於人們對ATA補貼的一些擔憂，或許可以花點時間討論醫療科技領域的宏觀流程環境？然後我就直接提出我的第二個問題了。在考慮雅培公司 2026 年的整體成長時，我們是否應該認為第一季上半年的成長更接近第四季度的成長水平，然後在下半年在此基礎上有所提高？

Yeah. So yeah, I think that's probably good. I mean I think sometimes these puts and takes, it kind of just masks. 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，我覺得這應該是件好事。我的意思是，我覺得有時候這些買賣交易，其實只是掩蓋了真相。有時你會覺得自己比實際水平更高，因為你超越了某些人。所以我傾向於以兩年為週期來看這個問題。

So if you look at it on a two-year stack basis, 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.

因此，如果以兩年為週期來看，第三季和第四季會有一些加速成長，但不如僅以一年為週期來看那麼顯著。但我認為這才是正確的看待這個問題的方式。顯然，我們一直在努力做得更好，但我認為這——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？聽著，我好像看過一份報告，說第四季醫療科技產品的銷售量存在一些問題。我們剛發布了第四季財報，接下來幾週將會有許多醫療科技公司陸續發布財報。如果聽到第四季銷量不足，我會非常驚訝。第四季我們所有類別的銷售量都非常不錯，即使是那些我們稱之為基礎性較強或傳統上成長較慢的品類也是如此。

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業務量正在放緩。而且我認為，鑑於該領域正在發生的創新，鑑於這些創新所產生的臨床證據，我仍然認為這是一個非常有吸引力的領域，不僅是今年或下個季度，而且在未來很多年裡都是如此。

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?

我想我仍然可以說新年快樂。我有兩個問題——我直接把它們提出來。EPD 一直穩定在個位數高位，但隨著我們繼續觀察，宏觀情況變得越來越複雜。我很想知道，在接下來的 12 個月（也許是 12 到 18 個月）裡，您是否看到任何我們需要注意的事情？

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.

我的第二個問題與心臟結構有關。看來你們的多款產品（我們姑且稱之為多重嘗試）正在保持良好的成長動能。有什麼特別想提的嗎？或者有什麼我們應該在即將召開的醫學會議上關注的事項？

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，我認為這支隊伍的韌性非常強。我理解大家對未來的地緣政治局勢感到擔憂。但說實話，喬安妮，至少在我擔任這個職位的這五年裡，一直存在著宏觀層面的挑戰。

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，我們必須重視他們。是的，我們必須想辦法應對，但我會非常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，我們必須注意這一點，但這個團隊——至少在這些市場中——已經證明自己非常有韌性，在市場上擁有深厚的人脈，在臨床分銷方面擁有深厚的關係。所以——現在我們將生物相似藥產品組合引入這些市場，生物相似藥現在是成長最快的仿製藥類別，我對這項業務感覺很好。

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 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帶入一個在應對這一切方面做得非常出色的團隊，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，但我認為這對我們這個行業來說並非完全是新鮮事。我們的業務遍及160個國家。我們是一家真正的全球性公司。所以我們必須想辦法解決這個問題。

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. I think we've got great new products with Navitor, TriClip, Amulet. Most of these I believe are 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.

至於你提到的結構性心臟病問題，我的意思是，這是我們在過去幾年投入大量資金的領域。我們已經開發出我認為是同類最佳的三種閥門產品組合。我認為我們有很多即將到來的成長催化劑將會逐步發揮作用。我認為我們推出了很棒的新產品，包括 Navitor、TriClip 和 Amulet。我認為其中大多數仍處於早期階段。你們總是問我 MitraClip 什麼時候才能成長——什麼時候才能恢復成長，我只會很明確地告訴你們，MitraClip 已經實現了兩位數的成長。我認為這是由於我們看到的一些指導方針變化，以及這些變化重新點燃了美國的一些成長勢頭。

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've 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，我們這個行業有很多事情正在發生。我們在 Navitor 和 MitraClip 中進行了標籤擴充。我們即將推出下一代維修技術，包括 MitraClip 和 TriClip，這是我們的第五代產品。我提到了MitraClip和TriClip指南的變更，這正在產生影響。我們剛剛獲得了批准——TriClip 在日本獲得了批准。這是一個全新的市場，我們看到了巨大的機遇，一個非常重要的機遇，我們正在第一季推出這項服務。

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，這是一家由人工智慧驅動的介入性心臟病成像公司，我們現在正在將其整合到我們的產品中，用於術前規劃。所以我認為這也會有所幫助，因為影像檢查在這些手術過程中非常重要。

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.

而且管道看起來也非常好。我們已經有了下一代護身符，預計明年初發布。我們將於今年下半年開始進行球囊TAVR的ID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什麼影響，我們正在建立我們的產品線，以確保我們能夠在 2028 年維持這種成長。我覺得這個球囊TAVR計畫對於達成這個目標真的非常重要。

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，這支團隊不僅擁有令人難以置信的人才儲備，而且我們還在臨床方面進行了投資，包括臨床團隊和遍布全球的銷售代表。所以我認為我們在結構性心臟病業務領域處於有利地位。

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?

資本配置方面就維持一個不變，有點像繞圈圈。但我認為，羅伯特，你們團隊的重點一直是專注於設備和診斷業務的非有機成長，就像收購 Exact 一樣。我的意思是——我們是否應該認為這仍然是重點，或者營養復甦——在沒有任何外部業務發展舉措的情況下，該業務能否恢復到個位數中段的增長？

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，我認為關於併購的資本配置以及我們的重點——將會集中在這兩個領域，對吧？我們認為醫療技術和診斷領域存在機會。我認為，在我們的營養品業務中，無需進行非有機成長即可執行我剛才描述的策略，也就是更重視銷售成長。

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 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、合適的品牌和合適的團隊，能夠做到這一點。我認為我們目前最大的投資正在產生影響，那就是解決價格問題，並在全球範圍內全面實施，以便我們能夠重新點燃對銷售成長的熱情。所以我覺得，重點是醫療技術和診斷。所以我覺得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。聽著，我認為我們在 2025 年取得了相當不錯的成績。顯然，其中存在著挑戰。挑戰總是存在的。我們實現了最初設定的每股盈餘兩位數成長、利潤率健康成長的目標。我認為我在這次電話會議上花了一些時間討論我們的產品線，以及我們如何看待我們的產品線，並確保我們未來能夠保持良好的產品線節奏。不僅是我們今年推出的產品，還有我們今年投資的產品，以便我們能夠為 2027 年和 2028 年的發布做好準備。

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.

所以我認為這條人才培養管道非常有效率。我們透過宣布收購 Exact Science，邁出了塑造雅培未來發展方向的一個非常重要的策略步驟。我認為這將為雅培開闢一個全新的成長領域。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。所以我認為我們在那裡會佔據有利位置，我對時機以及我們所做的一切安排感到滿意。

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，隨著我們過渡到 2026 年，我認為我在這裡強調過，我們有很多企業將保持我認為相當不同的成長率，接近兩位數的成長率，我們可以透過我們已經進行的投資和已經推出的產品來支持這些企業。然後，我們有一些大型企業將迎來轉折點和加速發展，無論是核心實驗室還是我們這裡的電生理業務。

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.

所以我對我們投入的精力——也就是我們在這裡制定的計劃——感到很滿意。顯然，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，這是一個很好的起點。

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。感謝您的參與。您現在可以斷開連線了。祝大家今天過得愉快。