美國雅培 (ABT) 2026 Q3 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Abbott's third-quarter 2026 earnings conference call.

早安，感謝各位耐心等候。歡迎參加雅培 2026 年第三季財報電話會議。

(Operator Instructions)

（接線員指示）

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

本次電話會議由雅培錄音。除問答環節中任何與會者提出的問題外，整場電話會議（包括問答環節）之內容均為雅培享有著作權之資料。未經雅培明確書面許可，不得錄音或轉播。

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

現在我想介紹雅培投資人關係副總裁 Mike Comilla 先生。

Good morning, and thank you for joining us. With me today are Robert Ford, Chairman and Chief Executive Officer; 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. Before we get started, some statements made today may be forward-looking for purposes of the Private Securities Litigation Reform Act of 1995.

早安，感謝各位加入我們。今天與我一同出席的有董事長兼執行長 Robert Ford，以及財務執行副總裁兼財務長 Phil Boudreau。Robert 與 Phil 將先發表開場談話。在他們的評論之後，我們將回答各位的提問。在開始之前，提醒各位，今天所作的部分陳述可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological, and other factors that may affect Abbott's operations are discussed in Item 1A, Risk Factors to our annual report on Form 10-K for the year ended December 31, 2025.

雅培提醒，這些前瞻性陳述受到風險與不確定性影響，可能導致實際結果與前瞻性陳述所示存在重大差異。可能影響雅培營運的經濟、競爭、政府、技術及其他因素，已於我們截至 2025 年 12 月 31 日止年度之 Form 10-K 年報第 1A 項「風險因素」中討論。

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. 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.

除法律要求外，雅培不承擔因後續事件或發展而公開發布任何前瞻性陳述修訂的義務。如同以往，在今天的電話會議中，我們將使用非 GAAP 財務衡量指標，以協助投資人了解雅培持續性業務表現。這些非 GAAP 財務衡量指標已在我們今日發布的財報新聞稿與監管申報文件中，與可比的 GAAP 財務衡量指標進行調節，相關資料可於我們網站 abbott.com 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，雅培未就其所提供指引的非 GAAP 財務衡量指標，以前瞻性基礎提供相關 GAAP 財務衡量指標，因公司無法在合理確定性且不付出不合理努力的情況下，預測某些項目的發生時點與影響；而這些項目可能依 GAAP 對雅培業績造成重大影響。

Unless otherwise noted, our commentary on sales growth refers to comparable sales growth. Our definition of comparable sales growth can be found on page 2 of our press release issued earlier today. And a reconciliation table containing the data needed to calculate comparable sales growth can be found on pages 16 and 17.

除非另有說明，我們對銷售成長的評論係指可比銷售成長。我們對可比銷售成長的定義可見於今日稍早發布之新聞稿第 2 頁。而包含計算可比銷售成長所需數據的調節表可見於第 16 與第 17 頁。

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

接下來，我把電話交給 Robert。

Thanks, Mike. Today marks an important milestone in Abbott's history. Along with reporting our third-quarter results, we announced our intention to separate our Nutrition business into an independent publicly traded company. This decision follows a comprehensive strategic review and reflects our strong belief that both Abbott and the Nutrition business can create greater value and achieve their maximum potential as independent organizations.

謝謝你，Mike。今天是雅培歷史上的重要里程碑。在公布第三季業績的同時，我們也宣布有意將營養品業務分拆為一家獨立的上市公司。此決策源自全面的策略檢視，並反映我們堅信：雅培與營養品業務若以獨立組織運作，將能創造更大價值並充分發揮各自的最大潛力。

Abbott entered the Nutrition business more than 60 years ago. Since that time, we built a strong foundation anchored by a talented global organization, iconic brands, and established market leadership positions across the paediatric and adult nutrition categories. The nutrition market has evolved over time with the pace of change accelerating significantly in recent years. What was once predominantly viewed as a health care market, almost exclusively shaped by health care professionals, has increasingly become a market shaped by changing consumer preferences, wellness trends, and retail execution.

雅培在 60 多年前進入營養品業務。自那時起，我們建立了堅實基礎，核心在於具才華的全球團隊、具代表性的品牌，以及在兒科與成人營養品類別中已建立的市場領導地位。營養品市場隨時間演變，而近年變化速度顯著加快。過去主要被視為醫療保健市場、幾乎完全由醫療專業人士所形塑的市場，如今愈來愈受到消費者偏好變化、健康趨勢與零售執行所影響。

While this market evolution is not inherently positive or negative, it has fundamentally changed the environment in which we operate. So to best position our Nutrition business for maximum long-term success, we must evolve and adapt accordingly.

這種市場演變本身並非必然正面或負面，但它從根本上改變了我們所處的營運環境。因此，為了讓我們的營養品業務在長期取得最大成功，我們必須相應地演進並調整。

At the same time, Abbott has strategically repositioned its portfolio over the past decade into attractive high-growth markets that require sustained investment to drive innovation and support long-term growth. So we believe both businesses will be better positioned for the future as independent organizations, each with a distinct identity, reflecting their different customer bases, growth profiles, investment requirements, and innovation cycles.

同時，過去十年雅培已策略性地重新定位其產品組合，聚焦於具吸引力的高成長市場；這些市場需要持續投資，以推動創新並支持長期成長。因此我們相信，兩項業務在未來以獨立組織運作將更具優勢；各自擁有清晰的定位，反映其不同的客戶基礎、成長特性、投資需求與創新週期。

And the separation will enable both companies to sharpen strategic and operational focus, direct resources more effectively, and enhance commercial and R&D effectiveness. As an independent company, Nutrition will be uniquely positioned to capitalize on the growing demand for healthy nutrition as consumers increasingly recognize the importance of metabolic health and the role healthy nutrition plays in disease prevention and overall wellness. The new Nutrition Company will be created from a position of strength.

此外，分拆將使兩家公司得以更聚焦於策略與營運，讓資源配置更有效率，並提升商業與研發效能。作為獨立公司，營養品業務將能把握健康營養需求成長的趨勢；隨著消費者日益認知代謝健康的重要性，以及健康營養在疾病預防與整體健康中的角色。新的營養品公司將在穩固優勢的基礎上成立。

The team has done an exceptional job building a balanced growth model supported by sustainable mix of volume and price. The portfolio includes several iconic brands, including Similac, PediaSure, Ensure, Glucerna, and Pedialyte, which have market-leading positions across the paediatric and adult nutrition categories.

團隊在建立兼具平衡的成長模式方面表現卓越，該模式由可持續的銷量與價格組合所支撐。產品組合包含多個具代表性的品牌，包括 Similac、PediaSure、Ensure、Glucerna 與 Pedialyte，並在兒科與成人營養品類別中均擁有市場領先地位。

With approximately $8.5 billion in annual sales, 16,000 employees, and 14 manufacturing sites, this will be the largest globally scaled pure-play company in the healthy nutrition market. Given its scale and financial profile, we would expect this new company to qualify for inclusion in the S&P 500.

憑藉約 85 億美元的年銷售額、16,000 名員工以及 14 座製造據點，這將成為健康營養市場中全球規模最大的純營養品公司。鑑於其規模與財務概況，我們預期這家新公司將符合納入標普 500 指數的資格。

I'm pleased to share that Daniel Salvadori, Executive Vice President and Group President of Established Pharmaceuticals and Nutrition Products, will become Chief Executive Officer of the new Nutrition Company. Daniel joined Abbott in 2014 as Senior Vice President in our Established Pharmaceuticals business for Latin America and also served as Executive Vice President of Nutrition Products for four years before being appointed to his current position in 2021.

我很高興分享，既有藥品與營養品事業群執行副總裁暨事業群總裁 Daniel Salvadori 將出任新營養品公司的執行長。Daniel 於 2014 年加入雅培，擔任拉丁美洲既有藥品事業的資深副總裁；在 2021 年獲任現職之前，他也曾擔任營養品事業執行副總裁四年。

Throughout his career at Abbott, Daniel has demonstrated outstanding strategic insight and operational excellence. His broad international experience and proven track record of delivering results as a business operator make him exceptionally well suited for this role, and I'm confident he will be a tremendous success.

在雅培任職期間，Daniel 一直展現出卓越的策略洞察力與營運執行力。他廣泛的國際經驗，以及作為業務經營者交付成果的良好實績，使他非常適任此職務；我也相信他將取得巨大成功。

Daniel will be joined by an experienced leadership team with deep industry experience. And this is a battle-tested team that has demonstrated exceptional resilience and dedication while navigating a dynamic and evolving operating environment. Following the separation, Abbott will remain one of the largest, most diversified, and fastest-growing health care companies in the world. The Abbott portfolio will consist of even stronger mix of higher growth, higher-margin businesses powered by technology and innovation. As a result, we expect Abbott's sales growth to accelerate and margin profiles to expand.

Daniel 將與一支具備深厚產業經驗的資深領導團隊共同合作。這是一支久經考驗的團隊，在充滿動態且不斷演變的營運環境中展現出非凡的韌性與投入。分拆完成後，雅培仍將是全球規模最大、最多元化且成長最快的醫療保健公司之一。雅培的產品組合將由科技與創新驅動，形成更強的高成長、高毛利業務組合。因此，我們預期雅培的銷售成長將加速，利潤率結構也將擴張。

While the Abbott portfolio will evolve, maintaining balance across products, payers, and geographies will remain a key strength and source of resilience for the company. We built this portfolio to hold market-leading positions in three of the most attractive areas of health care. Medtech, diagnostics, and established pharmaceuticals. The portfolio was also intentionally built to align with durable health care trends, including an aging population, increasing prevalence of chronic disease, and a growing demand for earlier diagnosis and more personalized treatment.

儘管雅培的產品組合將持續演進，但在產品、支付方與地理區域之間維持平衡，仍將是公司的關鍵優勢與韌性來源。我們打造此產品組合，旨在於醫療保健領域三個最具吸引力的領域中取得市場領先地位：醫療科技、診斷，以及既有藥品。此產品組合亦刻意與長期醫療趨勢保持一致，包括人口老化、慢性疾病盛行率上升，以及對更早期診斷與更個人化治療日益增加的需求。

With market-leading positions, an industry-leading pipeline, and a proven ability to consistently generate strong earnings growth and cash flow, Abbott is exceptionally well positioned to deliver sustainable growth and create long-term shareholder value in the years ahead. I cannot be more excited about this future. I have tremendous confidence in Abbott's future as an innovation-driven health care company, and I'm also confident in the opportunities that lie ahead for the new Nutrition Company.

憑藉市場領先地位、業界領先的產品研發管線，以及一貫創造強勁獲利成長與現金流的能力，雅培具備極佳條件在未來數年實現可持續成長並創造長期股東價值。我對這個未來感到無比振奮。我對雅培作為以創新驅動的醫療保健公司的未來充滿信心，也同樣看好新營養品公司未來的機會。

Most importantly, this creates two stronger organizations that will both continue to fulfil our mission of helping people live better lives. We look forward to sharing updates on our progress as we move through the separation process.

最重要的是，這將打造兩個更強健的組織，雙方都將持續履行我們「幫助人們活得更好」的使命。在推進分拆流程的過程中，我們期待與各位分享最新進展。

I'll now review the third-quarter results before I turn the call over to Phil. Sales grew 7% in the third-quarter and earnings per share grew 9%, representing an acceleration in growth on both top and bottom lines compared to our results in the first half of the year.

在我把電話會議交給 Phil 之前，我先回顧第三季的業績。第三季銷售成長 7%，每股盈餘成長 9%，相較於今年上半年，我們在營收端與獲利端的成長皆呈現加速。

Turning to Diagnostics, where sales grew 6.5%, driven by performance in our core laboratory and cancer diagnostic businesses. Core Lab sales grew 5.5%, driven by strong performance in the US, Europe, Japan, and Latin America. On our earnings call in July, I highlighted that test volume data sourced directly from thousands of instruments located across the US and around the world showed a pattern of strong and stable demand. We view this as a positive indicator of the underlying demand for health care more broadly.

接著看診斷事業，銷售成長 6.5%，主要由我們核心實驗室與癌症診斷業務的表現所帶動。核心實驗室銷售成長 5.5%，受惠於美國、歐洲、日本與拉丁美洲的強勁表現。在 7 月的法說會上，我曾強調，直接來自美國及全球各地數千台儀器的檢測量數據顯示需求強勁且穩定的型態。我們將此視為更廣泛醫療照護基本需求的正向指標。

During the third-quarter, our testing data continued to support that view with testing demand remaining healthy and at durable levels. In cancer diagnostics, sales growth of 14% was driven by Cologuard and contributions to growth from our Precision Oncology and international businesses. In September, we launched our first blood-based colorectal cancer screening test. As the only company to offer both stool-based and blood-based screening options, we are expanding the options available to health care providers and patients to help achieve the goal of getting more people screened.

在第三季，我們的檢測數據持續支持上述觀點，檢測需求仍維持健康且具持續性的水準。在癌症診斷方面，銷售成長 14%，主要由 Cologuard 帶動，並且我們的精準腫瘤學與國際業務亦對成長有所貢獻。9 月，我們推出首款以血液為基礎的大腸直腸癌篩檢測試。作為唯一同時提供糞便型與血液型篩檢選項的公司，我們正在擴大醫療照護提供者與病患可用的選擇，以協助達成讓更多人接受篩檢的目標。

Turning to Nutrition. Sales grew 5%, reflecting broad-based growth across all four categories. US paediatric, international paediatric, US adult, and international adult. As I mentioned earlier, the team has done an exceptional job executing a more balanced growth strategy, achieving a more sustainable mix of volume and price-driven growth.

接著看營養事業。銷售成長 5%，反映四大類別皆呈現廣泛成長。包括美國兒科、國際兒科、美國成人與國際成人。如我先前提到的，團隊在執行更均衡的成長策略方面表現出色，達成更可持續的量與價驅動成長組合。

In Paediatric Nutrition, sales grew 9%, led by growth of 11% in the US. As I noted last quarter, the strong performance in the US includes the benefit from WIC contract wins secured earlier this year, which helped Abbott regain its market leadership position in both the WIC and non-WIC segments.

在兒科營養方面，銷售成長 9%，其中美國成長 11%居功厥偉。如我上季所提到，美國的強勁表現包含今年稍早取得 WIC 合約勝利所帶來的效益，這也協助 Abbott 在 WIC 與非 WIC 兩個市場區隔中重新奪回市場領導地位。

In Adult Nutrition, sales increased 2%, driven by growth of 3.5% in the US as retail consumption data continues to trend in a positive direction. We also continue to deliver strong growth on a sequential basis with worldwide nutrition sales increasing more than $100 million compared to the second-quarter.

在成人營養方面，銷售增加 2%，主要由美國成長 3.5%所帶動，因為零售消費數據持續呈現正向趨勢。我們也持續在季對季基礎上交出強勁成長，全球營養品銷售較第二季增加超過 1 億美元。

And finally, we continue to make good progress advancing our innovation pipeline. During the quarter, we launched a new version of our Similac infant formula made with whole milk. This new product is the first and only commercially sterile ready-to-feed liquid infant formula made with whole milk available in the United States.

最後，我們在推進創新產品管線方面持續取得良好進展。本季我們推出以全脂牛奶製成的新版本 Similac 嬰兒配方奶。此新產品是美國市場上第一且唯一一款以全脂牛奶製成、商業無菌、可即飲的液態嬰兒配方奶。

Turning to EPD, where sales increased 8.5% in the quarter. Our broad portfolio of prescription and over-the-counter medicines tailored to address local health care needs continues to drive strong growth across emerging markets. Growth in the quarter was broad-based across geographies and therapeutic areas, and this included double-digit growth in several countries across Asia, Latin America, and the Middle East, highlighting the strong and durable demand that has long been a hallmark of this business.

接著看 EPD，本季銷售增加 8.5%。我們涵蓋處方藥與非處方藥的廣泛產品組合，並針對在地醫療需求量身打造，持續推動新興市場的強勁成長。本季成長在各地區與治療領域皆相當廣泛，其中包含亞洲、拉丁美洲與中東多個國家達到兩位數成長，凸顯這項業務長期以來一貫具備的強勁且持久需求。

And I'll wrap up with Medical Devices, where sales grew 8%. Growth was well balanced across the portfolio, led by double-digit growth in electrophysiology and rhythm management. In Electrophysiology, our third-quarter results reflect the early beginning of our growth acceleration phase. Growth in the quarter was mid-teens or high teens when excluding LAA. In the US, growth was in the high teens and exceeded 20%, excluding LAA. This performance was driven by increasing adoption of our new Volt PFA catheter with momentum accelerating in September following the transition to a full US market release in mid-August.

最後我以醫療器材作結，本季銷售成長 8%。成長在整體產品組合中相當均衡，其中以電生理與節律管理的兩位數成長領先。在電生理方面，我們第三季的結果反映出成長加速階段的早期開端。若排除 LAA，本季成長約為十幾個百分點的中段或高段。在美國，成長為十幾個百分點的高段，若排除 LAA 則超過 20%。此表現主要由我們新款 Volt PFA 導管的採用率提升所帶動，且在 8 月中旬轉為美國全面上市後，9 月動能進一步加速。

International growth also accelerated as we continue to capture market share in Europe, driven by increasing uptake of our new PFA catheters and growth in other categories across our broad portfolio. In September, we received FDA approval earlier than expected for our TactiFlex Duo catheter. This catheter enables physicians to seamlessly switch between using RF and PFA energy during a procedure. Given physicians' familiarity with the TactiFlex platform, we expect to execute a broad US launch starting in the fourth-quarter.

國際市場成長也加速，我們持續在歐洲擴大市占，主要由新款 PFA 導管的採用增加，以及我們廣泛產品組合中其他類別的成長所帶動。9 月，我們的 TactiFlex Duo 導管比預期更早取得 FDA 核准。該導管讓醫師能在手術過程中無縫切換使用 RF 與 PFA 能量。鑑於醫師對 TactiFlex 平台的熟悉度，我們預期自第四季起在美國展開大規模上市。

In the third-quarter, we also received CE Mark for our new Amulet 360 left atrial appendage device designed to help reduce the risk of stroke in patients with AFib. We look forward to bringing this new technology to the US In Rhythm Management, sales grew 10%, driven by increased adoption of Aveir across both single and dual chamber segments of the pacemaker market. This expanding use of Aveir is occurring in both the US and international markets.

第三季我們也取得新款 Amulet 360 左心耳封堵器的 CE 認證，該裝置旨在協助降低 AFib（心房顫動）患者的中風風險。我們期待將這項新技術帶到美國。在節律管理方面，銷售成長 10%，主要由 Aveir 在心律調節器市場的單腔與雙腔區隔採用率提升所帶動。Aveir 的使用擴大同時發生在美國與國際市場。

And in diabetes care, continuous glucose monitoring sales grew 8% in the quarter. In August, we received FDA approval for Libre Duo, the world's first dual glucose ketone biowearable sensor. This marks the first time that people with diabetes will be able to monitor ketones without the need for traditional blood or urine tests, and we expect to launch this new sensor in the US in December.

在糖尿病照護方面，本季連續血糖監測銷售成長 8%。8 月，我們的 Libre Duo 取得 FDA 核准，這是全球首款可同時監測葡萄糖與酮體的雙重生物穿戴式感測器。這是糖尿病患者首次能在不需要傳統血液或尿液檢測的情況下監測酮體，我們預期於 12 月在美國推出這款新感測器。

So in summary, we delivered an acceleration in growth on both top and bottom lines. Innovation continues to be a key differentiator for Abbott, highlighted by multiple new product approvals and launches that further strengthen our ability to deliver sustainable growth in the years ahead, and we took an important strategic step towards shaping our future through the planned creation of a new market-leading nutrition company.

總結來說，我們在營收端與獲利端皆交出加速成長。創新仍是 Abbott 的關鍵差異化因素，多項新產品核准與上市進一步強化我們在未來數年實現可持續成長的能力；同時，我們也透過規劃成立一家新的市場領先營養公司，朝塑造未來邁出重要的策略一步。

I'll now turn over the call to Phil.

接下來我把電話會議交給 Phil。

Thanks, Robert. Let me begin my remarks with an overview of some of the key aspects of our planning process for the separation. The new Nutrition Company will become a publicly traded company through a planned tax-free distribution to Abbott shareholders. Upon completion of the separation, Abbott shareholders will own shares of both Abbott and the new Nutrition Company, enabling our shareholders to participate in the value creation opportunities of both businesses.

謝謝你，Robert。我先就分拆規劃流程中的幾個關鍵面向做概述。新的營養公司將透過規劃中的免稅分配方式，向 Abbott 股東配發，並成為一家公開上市公司。分拆完成後，Abbott 股東將同時持有 Abbott 與新營養公司的股份，使股東能參與兩項業務的價值創造機會。

The final share distribution ratio will be communicated prior to the separation, which we anticipate completing by the end of next year, subject to the required approvals. We expect to incur separation-related costs as we progress through the separation process. These costs will be treated as specified items and excluded from adjusted earnings.

最終的配股比例將在分拆前對外公布；在取得必要核准的前提下，我們預期於明年年底前完成分拆。隨著分拆流程推進，我們預期將發生與分拆相關的成本。這些成本將被視為特定項目，並自調整後盈餘中排除。

As a result, we do not expect the separation to have an impact on what we plan to provide in January. As we prepare for the separation, we intend to establish capital structures that ensure both companies have a strong financial foundation. This includes ensuring adequate capital to support long-term growth objectives and capital allocation priorities while maintaining strong investment-grade credit ratings for both companies.

因此，我們不預期分拆會影響我們計畫在 1 月提供的內容。在準備分拆的同時，我們打算建立資本結構，以確保兩家公司都具備強健的財務基礎。這包括確保有足夠資本以支持長期成長目標與資本配置優先事項，同時維持兩家公司皆具備強勁的投資等級信用評等。

As part of that process, we are planning for the new company to raise debt with a portion of the proceeds to be distributed to Abbott. The amount of debt to be raised and the amount to be distributed to Abbott will be determined at a later date.

作為該流程的一部分，我們規劃由新公司舉債，並將部分募集資金分配給 Abbott。將募集的債務金額以及分配給 Abbott 的金額，將於日後決定。

Finally, we expect that both Abbott and the new Nutrition Company will pay a dividend that, when combined will equal Abbott's dividend at the time of the separation. Following the separation, we expect Abbott's financial profile to reflect an acceleration in the sales growth and increased profitability.

最後，我們預期 Abbott 與新營養公司都將支付股利，兩者合計將等同於分拆時 Abbott 的股利水準。分拆完成後，我們預期 Abbott 的財務概況將反映銷售成長加速以及獲利能力提升。

Excluding the current profile of the Nutrition business from the current profile of the Abbott portfolio, we would expect sales growth to accelerate by 50 to 100 basis points, gross margin as a percent of sales to increase by more than 200 basis points, and an operating margin as a percent of sales to increase by approximately 100 basis points.

若將營養業務目前的概況自 Abbott 產品組合的現況中排除，我們預期銷售成長將加速 50 至 100 個基點，毛利率（占銷售比重）將提高超過 200 個基點，營業利益率（占銷售比重）將提高約 100 個基點。

Now turning to our third-quarter results. Sales increased 7% on a comparable basis and adjusted earnings per share of $1.42 was in line with our guidance and the consensus estimate. Foreign exchange had an unfavourable year-over-year impact of 0.4% on third-quarter sales, which was a slight improvement compared to our expectations at the time of our earnings call in July.

現在轉到我們第三季的業績。以可比基礎計算，銷售成長7%，調整後每股盈餘為1.42美元，符合我們的指引以及市場一致預期。外匯對第三季銷售的年對年影響為不利0.4%，相較於我們在7月財報電話會議時的預期略有改善。

Regarding other aspects of the P&L, the adjusted gross margin profile was 57.2% of sales, representing an increase of 140 basis points compared to the prior year. The improvement in gross margin was broad-based, reflecting favourable business mix within the legacy Abbott portfolio and from the addition of Exact Sciences, as well as the continued operational improvements and disciplined execution of our margin expansion initiatives.

就損益表的其他面向而言，調整後毛利率為銷售額的57.2%，較去年同期提升140個基點。毛利率的改善相當全面，反映了既有Abbott產品組合中有利的業務組合，以及納入Exact Sciences所帶來的貢獻，同時也反映我們持續的營運改善與對毛利率擴張計畫的嚴謹執行。

Adjusted R&D was 6.9% of sales and adjusted SG&A was 26.9% of sales. Our operating margin of 23.4% expanded by 40 basis points compared to the prior year. And based on current rates, we expect exchange to have a negative impact of approximately 1% on fourth-quarter sales. For the fourth-quarter, we forecast adjusted earnings per share of $1.62 to $1.67. With that, we'll now open the call for questions.

調整後研發費用占銷售額6.9%，調整後銷售、一般及行政費用（SG&A）占銷售額26.9%。我們的營業利益率為23.4%，較去年同期擴大40個基點。並且以目前匯率水準來看，我們預期外匯將對第四季銷售造成約1%的負面影響。就第四季而言，我們預估調整後每股盈餘為1.62至1.67美元。接下來我們開放提問。

(Operator Instructions)

（接線員指示）

Robert Marcus, JPMorgan.

JPMorgan 的 Robert Marcus。

I'm sure others will ask on the business and the guide. But Robert, given the news this morning on Nutrition, I want to start with that to make sure we address it. Maybe you could run through the strategic rationale, why now? Why spin versus sell? And any other important points you want to highlight for us?

我相信其他人會就業務與指引提問。不過Robert，鑑於今天早上關於營養業務（Nutrition）的消息，我想先從這裡開始，確保我們把它說清楚。你是否可以說明一下策略上的理由，為什麼是現在？為什麼選擇分拆而不是出售？以及還有哪些你希望我們注意的重要重點？

Sure, Robbie. I actually think that's the right call to start off -- the right question to start off with, to be quite honestly. It's a pretty big announcement for us, and we've gone through a lot of work to be able to make this announcement today. I've seen a lot of notes be written about, kind of, the portfolio, and all of those notes are from sum-of-the-parts and, kind of, growth rates and impact to growth rates and margin profiles. And I think Phil mentioned some of those.

當然，Robbie。老實說，我其實覺得從這裡開始是對的——這是個很好的開場問題。這對我們而言是相當重大的宣布，而我們也做了大量工作，才能在今天做出這項宣布。我看到很多報告在談產品組合之類的議題，而那些分析多半是從分部加總估值（sum-of-the-parts）、成長率以及對成長率與毛利率結構的影響來切入。我想Phil也提到其中一些。

And those are all, I would say, good outputs of a decision like this. But I think it really starts with a very simple as I laid it out, which is there's a huge opportunity that I think is building in this market in this segment.

我會說，這些確實都是做出這類決策後的良好結果。但我認為它真正的起點其實很簡單，就像我所說的：我認為在這個市場、這個細分領域，正醞釀著一個巨大的機會。

And we're seeing a shift towards a much more healthy nutrition behaviour from consumers, not just in this country but around the world. You're seeing a lot of traditional food companies try to reposition their portfolios, moving away from ultra-processed to try and look at their portfolios and ultimately try and build portfolios that try to mimic actually the portfolio that we actually have today.

我們看到消費者正轉向更健康的營養行為，不僅在美國，在全球也是如此。你也看到許多傳統食品公司試圖重新定位其產品組合，從高度加工食品（ultra-processed）轉移，重新檢視其產品組合，最終希望打造出能夠模仿我們目前所擁有之產品組合的組合。

So, so, I just think that strategically over the next decade, this is -- there's going to be a lot of segments in this nutrition business that we've built that are going to be very differentiated and, kind of, high growth. And if you look at Nutrition's portfolio, its position today, the capabilities that it has, it is destined to be a market leader and a market shaper of that entire segment that's going to have this accelerating growth here.

所以，我認為從策略角度看，未來十年，我們在這個營養業務中建立的許多細分領域將會非常差異化，且具備相對高的成長性。如果你看Nutrition的產品組合、目前的市場地位以及其具備的能力，它注定會成為這個將加速成長之整體領域的市場領導者與市場塑造者。

But they are going to need to adapt. As I said in my comment, they are going to need to evolve. And ultimately, they are going to need to invest, invest in, kind of, sales and marketing, even maybe look at tuck-in M&A from their perspective to accelerate their growth rates and all of that. And I just -- we just came to the conclusion that this was too exciting of an opportunity, and we just believe that all the things that they would need to do, they'd probably be able to do it faster and more efficiently and effectively as an independent company.

但他們需要調整。如我在評論中所說，他們需要演進。最終，他們需要投資——投資於銷售與行銷，甚至可能從他們的角度考慮小型併購（tuck-in M&A）以加速成長率等等。而我們得出的結論是：這個機會太令人振奮了；我們也相信，他們需要做的所有事情，作為一家獨立公司可能能更快、更有效率且更有效地完成。

So, it really just comes down to that. Yes, there's the -- I would say, the ancillary effects of those decisions, Robbie. I think you've written -- done a good analysis on that in terms of what that does to our growth rates and all of that. But I think it really comes down to really the driver of the decision is this is going to be an exciting space. And as a result, we think that the Nutrition business is going to be able to capitalize better on that by being an independent company.

所以，核心就是這一點。是的，Robbie，我會說這些決策也有一些附帶效應。我想你已經就這些對我們成長率等的影響做了很好的分析。但我認為真正驅動這項決策的原因在於：這將是一個令人興奮的領域。因此，我們認為Nutrition業務作為一家獨立公司，將能更好地把握這個機會。

From a financial asset perspective, I think this is going to be a very -- as we look at the spin, I think this is going to be a very, very unique asset. If you benchmark it versus its category peers, and not necessarily versus, kind of, the med tech peers that they're currently part of right now. It will have a very -- it will be a very differentiated asset, whether you think about growth, mix, the scientific capabilities it has, its growth prospects. It's going to be, as I said, the only scaled truly global scale pure play in this, kind of, healthy nutrition. So I think this is going to be a very, very distinct asset.

從金融資產的角度來看，當我們看待這次分拆時，我認為這將是一項非常、非常獨特的資產。如果你拿它與同類別的同業做比較，而不是與它目前所屬的醫療科技同業做比較，它會是一項高度差異化的資產——不論你從成長、組合、其科學能力或成長前景來看。正如我所說，它將是唯一具備規模、真正全球化規模、且專注於健康營養（healthy nutrition）的純粹標的（pure play）。所以我認為這將是一項非常、非常突出的資產。

To your question on why now? Listen, we've got a history of shaping the company. I think that's one of the hallmarks of Abbott, and that's, I think, why we're still relevant today after 138 years is that we will look at shaping the portfolio to align to where we see the market trending and where we see clinical needs and problems to be solved occurring. But as you do that, you also need to be thinking about sequencing. And I think sequencing is a key element as you think about shaping the portfolio.

至於你問為什麼是現在？聽著，我們一向有塑造公司樣貌的歷史。我認為這是Abbott的標誌之一，也正因如此，138年後我們仍然具有相關性：我們會透過調整產品組合，使其與我們看到的市場趨勢、以及我們看到的臨床需求與待解決問題的出現方向相一致。但在這麼做的同時，你也必須思考先後順序（sequencing）。我認為在塑造產品組合時，先後順序是一個關鍵要素。

And there are very different elements of shaping. But for me, from an operational standpoint, I just think you need to be mindful of, kind of, organizational bandwidth and ability for the organization here to absorb the moves.

塑造產品組合有非常不同的面向。但就我而言，從營運角度來看，我認為你必須留意組織的承載能力（organizational bandwidth），以及組織吸收這些變動的能力。

So we have an order of events in mind of how we're thinking about things. I think we identified, for example, if you go back a couple of years like we identified precision diagnostics as the next area that we wanted to be a part of. So we announced our acquisition of Exact Sciences last year. The integration is going great. Actually, I think we've done a lot of heavy lifting in these first 6 months have got a lot done.

因此，我們對事情的推進有一個事件順序的規劃。例如，我想我們在幾年前就辨識出精準診斷（precision diagnostics）是我們下一個想要參與的領域。所以我們在去年宣布收購Exact Sciences。整合進展非常順利。事實上，我認為我們在前6個月做了很多艱鉅的工作，也完成了很多事情。

I'm sure we'll talk about that, too. So I just think that now is the right time to start that process of creating the new company. It's coming from a position of strength, as I said in my comment, I think I read a story that just came out -- a headline that just came out on Barron's, who got it totally wrong. I'm just going to say it. I mean it's coming out of a position of strength.

我相信我們也會談到那部分。所以我認為現在是啟動建立新公司的流程的適當時點。正如我在評論中所說，這是從一個強勢的基礎出發；我想我剛看到Barron's出了一則報導——剛出來的標題——完全搞錯了。我就直說了。這是從強勢地位出發。

And we've got a very sustainable growth model. If you look at the volume growth that Nutrition had this quarter and what we're projecting to have in the next few quarters, it is significantly higher than what its peer set is given the portfolio that we've built and the segments that we're in. So the business has returned to growth. The pipeline is very healthy. We're bringing innovations to the market.

而且我們擁有非常可持續的成長模式。如果你看Nutrition本季的銷量成長，以及我們預期未來幾季的表現，考量我們建立的產品組合與所處的細分領域，它顯著高於同業群。因此，該業務已回到成長軌道。產品研發管線非常健康。我們正把創新帶到市場上。

There's going to be a lot of interesting innovation over the next, kind of, 12 months here, got strong brands, experienced, and very capable team.

未來大約12個月內將會出現許多有趣的創新，我們擁有強勢品牌，以及經驗豐富且能力非常出色的團隊。

As I said in my comment, I specifically chose the term battle tested because that's, kind of, what it felt like over the last four, five years. And if I had to pick a team to go to battle with in this nutrition space, I'd pick that team. I think they've navigated very well, everything that they've done and all the environment that they've operated in. So I think this is just a unique opportunity for us and for the Nutrition business. And I think you had a question on spin versus sell.

如同我在評論中所說，我特別選用「久經沙場（battle tested）」這個詞，因為過去四、五年確實就是那種感覺。如果要我在這個營養領域挑一支可以一起上戰場的團隊，我會選那支團隊。我認為他們在所做的一切，以及所處的整體營運環境中，都應對得非常好。所以我認為這對我們以及營養業務而言，是一個獨特的機會。我想你也問到分拆（spin）與出售（sell）的問題。

Yes, I mean, we just thought that this was -- after we went through the analysis, after you make a decision that it's probably going to operate better as an independent company, what's the right mechanism there to be able to position it to be a leading company and ultimately to drive shareholder value.

是的，我的意思是，我們認為——在完成分析之後，當你做出判斷：它作為一家獨立公司運作可能會更好——接下來就是要選擇正確的機制，讓它能被定位為領先企業，並最終推動股東價值。

And we just concluded that the spin-off here was absolutely the right approach. A sale of a business like this, as I said, we've been in this business since the 1960s. So if you think about the sale, the sale is going to come with an obvious tax implication there. And then a time line that is not necessarily within -- entirely within our control here. So I think these two factors might be a little bit prohibitive here for anybody that's got any interest.

而我們的結論是，這次採取分拆絕對是正確的做法。像這樣的業務若要出售，如我所說，我們自1960年代起就一直在這個業務中。因此若考慮出售，會伴隨明顯的稅務影響。此外，交易時程也不一定——完全在我們的掌控之內。所以我認為這兩個因素，對任何有興趣的人來說，可能都會有些限制。

So we have no interest in selling the business, have no intention to selling, not even looking at selling it and just think that spin-off is the better value creation for shareholders here.

因此我們對出售該業務沒有興趣，也沒有出售的打算，甚至沒有在評估出售；我們只是認為分拆對股東而言是更好的價值創造方式。

We've done a couple -- obviously, we've done a couple of spin-offs in our history. Those have gone very well. Obviously, different circumstances, different times, different management teams. And -- but I think one of the things that is clear to us in these processes is I think one of the big indicatives indications here of a successful spin. I think a lot is attributed, I think, to a very highly group of Abbott people that become founders, so to say, of the new company, and they instill a lot of, kind of, the Abbott, kind of, culture and the Abbott way of doing things into that business. And I think that helps set a strong foundation here.

我們過去確實做過幾次分拆。那些都進行得非常順利。當然，情境不同、時點不同、管理團隊也不同。不過我認為，在這些流程中有一點對我們很清楚：成功分拆的一個重要指標——我認為很大程度上要歸功於一群非常優秀的雅培（Abbott）人才，他們可以說成為新公司的「創辦人」，並把許多雅培的文化與做事方式帶入那個業務。我認為這有助於建立強而有力的基礎。

So, like I said, I think this is a unique opportunity, growing demand for healthy nutrition. This will be a very differentiated asset here, and that's why I thought the spin was the better move here. So, and obviously, we're going to be working over the next, kind of, 12 months here to be able to get ready for that.

所以如我所說，我認為這是個獨特的機會，健康營養的需求正在成長。這將是一項高度差異化的資產，這也是我認為分拆是更好選擇的原因。而且很明顯，接下來大約12個月我們會努力推進，為此做好準備。

And as we do with these, I think, Robbie, is we're obviously going to prepare to set up the Nutrition Company for success. But it's also an opportunity for us to relook also at existing Abbott and looking at our cost profiles and things like that, it's going to be a great opportunity for us to relook at everything from that perspective.

而且就像我們以往做這類事情一樣，我想，Robbie，我們顯然會準備把營養公司設立成能夠成功的狀態。但這同時也是一個機會，讓我們重新檢視現有的雅培本體，檢視我們的成本結構等事項；從這個角度來看，這會是一次重新檢視所有事情的絕佳機會。

So I think I'm excited about this. I think this is -- was a good process. I think we came to the right long-term strategic decision here. And now it's all about execution.

所以我對此感到興奮。我認為這——是一個良好的流程。我認為我們做出了正確的長期策略決策。現在重點就是執行。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行（Wells Fargo）。

Robert, congrats on the Nutrition spin. Just confirm, please, that the net liability will remain with Abbott. That seems logical from what we've seen from other spins. And secondly, can you please talk about the drivers of the revenue guidance reduction this year? It looks like it implies about 8% growth in Q4. And what are the implications for 2027?

Robert，恭喜完成營養業務分拆。請確認一下，淨負債（net liability）將會留在雅培。從我們看到的其他分拆案例來看，這似乎合乎邏輯。第二，能否談談今年營收指引下修的驅動因素？看起來這意味著第四季約8%的成長。那對2027年有何影響？

Sure. I figured this question would come up, Larry. I thought it will come up a little bit down in the list here. But well, I mean, I think like you said, as it pertains to the announcement that we just made, how to deal with litigation matters is it's a common topic when it comes to business separations. We're not the first company that's had to deal with this.

當然。我就知道這個問題會出現，Larry。我原本以為它會在問題清單更後面才出現。不過，嗯，我想如你所說，針對我們剛剛發布的公告，如何處理訴訟事項，是企業分拆時常見的議題。我們不是第一家必須面對這個問題的公司。

Like you said, I don't think -- actually pretty clear that we don't need to fully resolve the litigation matters. It's not a prerequisite for completing the separation. I'd say both Abbott and the new company are going to be well capitalized, well capitalized to pursue their respective growth opportunities, well capitalized to execute their respective capital allocation priorities that they might have and also well capitalized to continue to defend the legal positions here.

如你所說，我認為——其實很清楚，我們不需要把訴訟事項完全解決。這不是完成分拆的先決條件。我會說，雅培與新公司都將具備充足資本，足以追求各自的成長機會，足以執行各自可能有的資本配置優先事項，也足以持續捍衛我們在此的法律立場。

So I'll provide more details of that as we progress in terms of exactly where the liability will sit. But for me, both companies are going to be super well capitalized to be able to deal with that. At the same time, I think we continue to focus on achieving what we want to be a logical and sensible, kind of, resolution. You saw we took a meaningful step back in August when we settled 2,000 claimants. But that settlement in no way reflects any change to the position that I've made here about these products, which is continue to stand behind their efficacy and safety.

至於責任最終會落在哪一方，隨著進程推進我會提供更多細節。但對我而言，兩家公司都將資本非常充足，足以應對此事。同時，我認為我們仍會專注於達成我們認為合乎邏輯且合理的解決方案。你也看到我們在8月採取了重要一步，與2,000名原告達成和解。但該和解並不代表我先前對這些產品立場有任何改變；我們仍然支持其有效性與安全性。

They remain essential component to neonatal care. They are a standard of care. I think if these products weren't available, I think you would see a little bit of a public health crisis there. And I think that view is supported by regulators and medical societies, including the FDA, NIH, CDC, and the American Academy of Paediatrics.

它們仍是新生兒照護中不可或缺的組成部分。它們是標準照護（standard of care）。我認為如果這些產品無法供應，可能會出現某種公共衛生危機。而且我認為這個觀點也獲得監管機構與醫學學會的支持，包括FDA、NIH、CDC，以及美國兒科學會（American Academy of Paediatrics）。

So I think the litigation environment now is shifting a little bit, I would say, a little bit to our favour. We prevailed a lot in federal MDL cases, and there's going to be important decisions in both federal and state courts that have helped increase our position. So we'll provide updates as we go through the process in terms of a little bit more specificity and details. But all I can say is not a prerequisite to resolve it before the separation, and both companies will be well capitalized to be able to deal with this. So and then, sorry, what was your second question, Larry?

所以我認為目前的訴訟環境正在出現一些轉變，我會說，稍微朝對我們有利的方向。我們在聯邦MDL案件中取得了許多勝訴，而且聯邦與州法院都將有一些重要裁決，有助於強化我們的立場。因此在流程推進過程中，我們會提供更新，並給出更具體與更詳細的資訊。但我能說的是：在分拆前解決它並非先決條件，而且兩家公司都將資本充足，足以處理此事。那麼，抱歉，你的第二個問題是什麼，Larry？

Yes, sorry. The revenue guidance reduction, I think, to 6% this year implies about 8% for Q4. What was the driver or drivers of the revenue reduction and implications for next year?

好的，抱歉。營收指引下修，我想今年降到6%意味著第四季約8%。造成營收下修的驅動因素是什麼？以及對明年有何影響？

Sure. Yes, listen, our Q3 growth was in line with the expectation of 7%. We had the normal puts and takes, Larry, that you have when it comes to managing a large portfolio like us. We had two businesses that beat expectations, one business that met expectations and then one business that missed expectations. So the reduction in Q4 to -- for the full year around 6%, like you said, implies just north of 8%, which is at least accelerating versus where we were in Q3.

當然。是的，聽著，我們第三季的成長符合7%的預期。我們有一些正常的此消彼長（puts and takes），Larry，這就是管理像我們這樣大型投資組合時會遇到的情況。我們有兩個事業部門優於預期，一個事業部門符合預期，然後有一個事業部門低於預期。因此，如你所說，把全年成長下修到約6%，意味著第四季略高於8%，至少相較第三季是加速的。

I mean it's really driven by two businesses here. And I would characterize these as they're not, kind of, permanent changes to the growth rate. It's just adjusting based on, kind of, what we're seeing right now, which is EP and diabetes.

我的意思是，這主要是由兩個事業部門所驅動。而我會把這些描述為：它們並不是成長率的永久性變化。只是根據我們目前看到的情況做調整，也就是EP與糖尿病（diabetes）。

So let me unpack that a little bit for you. In EP, we're facing some short-term headwind from the dynamics related to the LAA market. It's become an increasingly headwind to our EP growth, not only due to the market challenges that I think a competitor has discussed pretty ample. But I'd say for us, so we saw that maybe with a quarter or two delayed versus where they were seeing it. And maybe that's just because of our size and market share position.

所以讓我為你稍微拆解一下。在 EP 業務方面，我們正面臨一些與 LAA 市場相關動態所帶來的短期逆風。這已經愈來愈成為我們 EP 成長的阻力，不僅是因為我認為某位競爭對手已相當充分談到的市場挑戰。但我會說，就我們而言，我們看到這個情況可能比他們晚了一到兩個季度才顯現。而這也許只是因為我們的規模以及市占率位置所致。

But what was interesting is as soon as we got CE Mark for the new LAA device, there was almost like an immediate slowdown in orders here in the US as I think accounts are waiting for the new product.

但有趣的是，一旦我們的新 LAA 裝置取得 CE Mark，我認為由於客戶在等待新產品，美國這邊的訂單幾乎立刻就出現了放緩。

So that's probably a little bit different for us. And so when I got that, I was like really -- and they were able to show me clearly, kind of, trends that we were seeing even with the slowdown and the impact of that CE Mark. So I expect that dynamic to be there in Q4. And I think that's going to be the last quarter where we're going to see this dynamic of accelerating, kind of, ablation business being offset a little bit by this headwind here. I think as we bring in 360 to the market, I think we'll start to, kind of, reignite that growth and capture share, at least that's my goal.

所以這對我們來說可能有點不同。因此當我看到這個情況時，我真的——而且他們也能很清楚地向我展示我們所看到的趨勢，包括在放緩以及 CE Mark 影響下的走勢。所以我預期這種動態會在第四季持續存在。我認為第四季將會是我們最後一個會看到這種動態的季度：也就是消融業務加速的動能在某種程度上被這邊的逆風稍微抵銷。我認為當我們把 360 推向市場後，我們將開始在某種程度上重新點燃成長並取得市占，至少那是我的目標。

But listen, despite the headwind, as I said in the prepared comments, I think the quarter we acted with a lot of great momentum, continue to capture share in Europe. Europe growth was up 25% and you have both combination -- you have both platforms there, Volt and TactiFlex Duo.

不過你看，儘管有逆風，正如我在事先準備的評論中所說，我認為本季我們仍展現了很強的動能，並持續在歐洲取得市占。歐洲成長達 25%，而且你在那裡同時有兩個平台——Volt 與 TactiFlex Duo。

We're going to launch Volt in Japan sometime in Q4. That's going to turn Japan from a headwind to a tailwind for us. Japan, kind of, followed very much a US type model where there was very rapid adoption of PFA. So we're excited about coming to the market in the fourth-quarter in Japan.

我們將在第四季的某個時間點於日本推出 Volt。這會讓日本從我們的逆風轉為順風。日本某種程度上非常遵循美國的模式，也就是 PFA 的採用非常快速。因此我們對於在日本第四季進入市場感到很興奮。

And I think Volt transitioned from limited market release to full market release in the US in mid-August. So Q4, you'll have this, kind of, full quarter of the impact over there. And the product is doing very well. And I think that -- I think people might not have understood, kind of, the dynamics of what a limited market release is and then how you transition to full market release, and I explained why we do that for all of our products.

我認為 Volt 在 8 月中旬於美國從有限市場釋出（limited market release）轉為全面市場釋出（full market release）。因此在第四季，你會看到那邊完整一季的影響。而且產品表現非常好。我認為——我想大家可能不太理解有限市場釋出是什麼樣的動態，以及你如何轉換到全面市場釋出；我也解釋了為什麼我們對所有產品都這麼做。

So TactiFlex Duo got approval in September. That came a little bit earlier than I expected. And as I said in the comments, this is one where the TactiFlex chassis, like I'll say, is widely used already. So we'll probably do a very short limited market release here very short and then go to full launch already in Q4. So I think that's going to provide a lot of momentum here.

所以 TactiFlex Duo 在 9 月獲得核准。這比我預期的稍微早一些。而正如我在評論中所說，這是一個 TactiFlex 底盤（chassis）本來就已經被廣泛使用的產品。因此我們可能只會做一個非常短的有限市場釋出，然後在第四季就直接進入全面上市。我認為這將帶來很大的動能。

So we've got a lot of catalysts lined up for our EP business. So I think the impact of that is about 5 points of growth versus where we were previously around 25%. I think we'll be around 20% in Q4. But I still believe even with that number, we're going to be taking market share. So that's one of the drivers.

所以我們的 EP 業務已經排好了很多催化劑。因此我認為其影響大約是成長率少了 5 個百分點，相較於我們先前大約 25% 的水準。我認為第四季大概會在 20% 左右。但我仍相信即便是這個數字，我們也會持續拿下市占。所以這是其中一個驅動因素。

The other driver is diabetes. I think in the July call, Larry, I talked about that the CGM market had not seen a significant new reimbursement expansion for quite some time, and that led us to revise our diabetes growth outlook to high-single. If I look into Q4 right now and probably for the next few quarters, and I expect that growth rate to be in, kind of, that low to mid-single range. And that really is -- that change really reflects, I think, two things. One of them is a little bit of a harder challenge in penetrating the type two population in absence of the reimbursement expansion.

另一個驅動因素是糖尿病業務。我想在 7 月的電話會議上，Larry，我提到 CGM 市場已經有一段時間沒有看到顯著的新給付（reimbursement）擴張，這也促使我們把糖尿病業務的成長展望下修到高個位數。如果我現在看第四季以及可能接下來幾個季度，我預期成長率會落在某種程度上的低到中個位數區間。而這個變化——我認為主要反映兩件事。其中之一是在缺乏給付擴張的情況下，滲透第二型族群變得更具挑戰。

So that's probably one, kind of, key driver. And like I said, that's going to be when we see the reimbursement expansion occur at CMS, like I said, I think we'll see a very strong, kind of, reimbursement growth. So that's one element there, Larry.

所以這大概是一個關鍵驅動因素。而如我所說，當我們看到 CMS 的給付擴張發生時，如我所言，我認為我們會看到非常強勁的、某種程度上的給付帶動成長。所以這是其中一個面向，Larry。

And I think the other element that we're seeing is a little bit more pricing pressure in the international markets. And as you might know, we have significant market share in the international markets. If you look at all the major countries, we'll range between 50% to 70% market share. And we've always expected there to be some pricing pressure, especially with the growth of the category and the excitement. And we've been -- internationally, I think you see a lot more competition.

我認為我們看到的另一個面向，是國際市場的價格壓力稍微變大。而你可能知道，我們在國際市場擁有顯著的市占率。如果你看所有主要國家，我們的市占率大約介於 50% 到 70%。而我們一直預期會有一些價格壓力，尤其是在品類成長與市場熱度提升之下。而且我們——在國際市場，我認為你會看到更多競爭。

And we've been very good. I think the team has done an excellent job through marketing, through clinical, through all the superiority of the product over the last couple of years to be able to defend that.

而我們一直做得很好。我認為團隊在行銷、臨床，以及過去幾年產品各方面的優勢上都做得非常出色，因而能夠守住這一點。

And so I expect it to be a little bit more price pressure internationally a little bit earlier. So I think the team did a really good job there. But I think our pricing actions here that we're going to have to take internationally are going to, kind of, mute a little bit of the volume growth that we're seeing. And I think it will be a strategic mistake for us to lose market share based on price in these international markets. And we're not having to match the pricing, Larry, but I think we're having to adjust a little bit here as we go through this.

因此我預期國際市場的價格壓力會稍微更早出現、也更大一些。所以我認為團隊在那方面做得非常好。但我認為我們接下來在國際市場必須採取的定價行動，將會在某種程度上稍微削弱我們目前看到的出貨量成長。而我認為如果我們因為價格而在這些國際市場失去市占，對我們來說會是一個策略性錯誤。而我們並不需要去完全匹配對手的價格，Larry，但我認為在推進過程中，我們需要做一些調整。

And I think that's what I'm forecasting here over the next, kind of, few quarters is we'll make some pricing adjustments. As we do those, we're going to secure longer-term contracts and then also have language there regarding, kind of, expansions of patient populations also.

我認為這就是我在接下來幾個季度所做的預測：我們會進行一些定價調整。在我們做這些調整的同時，我們會簽下更長期的合約，並且也會在合約中加入一些條款，涉及某種程度上的病患族群擴張。

So I think you have this dynamic here for a couple of quarters in our diabetes business so that we can make sure that we can defend our market share position. And then I think what you'll see then is, kind of, similar to the kind of, decisions we made in other parts of the portfolio where you have a little bit of an impact for a couple of quarters and then you, kind of, reignite.

所以我認為在我們的糖尿病業務上，這種動態會持續幾個季度，以確保我們能夠捍衛我們的市占率位置。接著我認為你會看到的情況，會有點類似我們在產品組合其他部分所做的決策：先在幾個季度受到一些影響，然後再某種程度上重新點燃成長。

I don't think this is at all any issue with the market. I've been pretty adamant about the ability still for there to be lots of market penetration. But I mean, we're not going to have our heads in the sand here and just think that you've got this great market and not expect there to be some price competition.

我不認為這完全是市場本身的問題。我一直相當堅定地認為，市場仍然有很大的滲透空間。但我的意思是，我們也不會把頭埋在沙子裡，只因為市場很棒就不去預期會有一些價格競爭。

The good thing for us, though, I would say, is because of the scale that we built and because we've been planning for this and being ready for this, we're going to be able to offset, kind of, the margin impact of that through our COGS programs and the things that we've been doing in our manufacturing setup.

不過對我們來說好的一點是，我會說，因為我們建立起來的規模，以及因為我們一直在為此做規劃並做好準備，我們將能夠透過我們的 COGS（銷貨成本）專案，以及我們在製造佈局中所做的各項工作，來抵銷這對毛利的影響。

So I think that's really the driver. But I would say, if you look at -- we've got plenty of growth opportunities also, Larry. So when I, kind of, set that target of, kind of, low to mid, if I look at what we've got ahead of us, Libre Duo is going to launch. We really haven't launched that product yet, and I think that's going to be a nice growth driver for us next year.

所以我認為這才是真正的驅動因素。但我會說，如果你看——我們也還有很多成長機會，Larry。所以當我設定那個低到中個位數的目標時，如果我看我們接下來的布局，Libre Duo 將會上市。我們其實還沒有真正推出那個產品，而我認為那將會在明年成為我們一個不錯的成長驅動因素。

We're going to have a benefit here in the US from a pretty significant payer formulary coverage that flipped in our favour, and that's going to go into effect January 1. So there's a lot of growth opportunities that we've got in our diabetes business. Would I be surprised that we would do much better than that next year? It would not surprise me at all that we would do better. But at this point, I'd say we got to make sure we get the pricing aspect right. And then we'll -- as we go through the year, we'll be factoring in some of these growth drivers and the implications that they have.

我們在美國這邊將受惠於相當顯著的付款方處方集（formulary）給付覆蓋轉向對我們有利，而這將於1月1日生效。因此，我們的糖尿病業務有很多成長機會。如果明年我們表現遠優於此，我會感到意外嗎？我一點也不會意外我們能做得更好。但就目前而言，我會說我們必須確保把定價這一塊做對。然後——隨著我們走過明年，我們會把其中一些成長驅動因素及其影響納入考量。

So if you think about 2027, then I think as you're looking at, okay, how does that translate into 2027, I expect to see acceleration in our total company growth rate. And there's a lot of reasons why we would expect that. But I would say we're probably going to take a little bit more of a conservative approach here in terms of how we've guided historically, at least on the top line. We've maintained, I'd say, a pretty impressive track record for delivering on our EPS targets. I think if you go back for the last six years, we've met or beat our EPS targets every single quarter.

所以如果你把時間拉到2027年，那麼我認為當你在看，好，這如何轉化到2027年時，我預期會看到我們整體公司成長率加速。而我們之所以會這麼預期，有很多原因。但我會說，至少在營收端（top line）方面，就我們過去的指引方式而言，我們可能會採取稍微更保守一點的做法。我們在達成每股盈餘（EPS）目標方面，維持了相當亮眼的紀錄。我想如果你回頭看過去六年，我們每一季都達到或超越我們的EPS目標。

And if you look at the annual growth rate of those -- of what we've been doing to our EPS, it's been around 9% EPS growth. So I think we've been really good and strong over there. As it relates to our top line, I think we've been very good, but I'd say the track record here in the last couple of quarters, especially during this year, has been a little bit more inconsistent, let's call it like that, and then we've fallen short from some of the expectations.

而如果你看我們EPS的年成長率——也就是我們在EPS上所做的表現——大約是9%的EPS成長。所以我認為我們在那方面一直做得非常好、很強。至於營收端，我認為我們一直也做得很好，但我會說最近幾季的表現，特別是今年，紀錄有點不那麼一致，就先這麼說吧，而且我們也低於了一些市場預期。

So I think for 2027, I think we'll set our guidance that's going to create opportunity for us to move up from there in January. I'm not going to give an official guidance here before our January's call, but high level, I'd say forecasting sales to be as we come out of the gate, pretty similar to this year.

所以我認為在2027年，我們會設定一個指引，讓我們在1月有機會從那個基礎往上調。我不會在1月電話會議之前在這裡給出正式指引，但從高層次來看，我會說，我們在一開始對銷售的預測，會與今年相當接近。

And I think that just probably feels like the right place to start. And Larry, I say that while I acknowledge that we had a lot of new product launches this year, there's a lot of carryover from the products we launched this year into next year. There's a lot of new products we're launching in 2027. I get that there's probably some comps also, especially in the first half. So I get all that.

而我認為那大概是個合適的起點。Larry，我這麼說的同時也承認，我們今年有很多新產品上市，而我們今年推出的產品有很多會延續到明年帶來貢獻。我們在2027年也會推出很多新產品。我也理解可能會有一些比較基期（comps），尤其是在上半年。所以這些我都理解。

And all of that would obviously say, hey, you're probably going to accelerate your 2027 growth versus your 2026. I strongly feel that that's going to be the case. But I said to start off, I think we'll take a little bit more of a different approach than what we've done in the past, and then we'll be able to, kind of, go up and move up from there.

而這一切顯然都會讓人說，嘿，你在2027年的成長可能會相較2026年加速。我強烈覺得情況會是如此。但我一開始就說過，我認為我們會採取一個與過去稍有不同的做法，然後我們就能夠在此基礎上，某種程度上，往上調、逐步上修。

That being said, we're still going to have great opportunity for gross margin and gross margin expansion. We're still going to have earnings growth. We're still going to be investing in our near and long-term product pipelines. We're still going to be able to generate real strong cash flows. We'll grow our dividend, all the stuff that you would expect from Abbott, we're going to be doing and all of that.

話雖如此，我們在毛利率以及毛利率擴張方面仍然會有很好的機會。我們仍然會有獲利成長。我們仍然會投資於我們的中短期與長期產品研發管線。我們仍然能夠產生非常強勁的現金流。我們會提高股利——所有你對雅培（Abbott）所期待的事情，我們都會做，而且都會做到。

But I think that's probably the prudent way to start the year, and that's going to give us the opportunity to, kind of, move up through the -- as the year progresses.

但我認為那大概是以審慎方式來開啟新年度，而這也會給我們機會，隨著年度推進，某種程度上逐步往上調整。

Patrick Wood, UBS.

Patrick Wood，瑞銀（UBS）。

Really appreciate it. I'd love to start on the pipeline and really just dig into that because obviously, you've got conduction system pacing midterm, Amulet 360, probably $200 billion of biologic drugs going through LOE. There's obviously a lot midterm that's going on. And so I guess my question is in two parts. A, how do you feel about the forward pipeline today compared to the forward pipeline in the past? How would you rate it?

非常感謝。我想先從研發管線開始，並深入探討，因為很明顯你們有中期的傳導系統起搏（conduction system pacing）、Amulet 360，以及大概2,000億美元的生物製劑正面臨專利到期（LOE）。中期顯然有很多事情在發生。所以我想我的問題分兩部分。A，你如何看待目前的前瞻研發管線，相較於過去的前瞻研發管線？你會怎麼評價？

And b, as you're thinking about it, not asking me to pick your favourite children, but what do you feel like either gets missed by the market or less attention or something that's really on your radar and very personally a big sort of focus area for you?

以及B，當你在思考時——不是要你選最喜歡的孩子——但你覺得有哪些是市場可能忽略、或關注較少、或是某些其實在你雷達上、而且你個人非常重視、投入很大心力的重點領域？

Sure. I mean I love all of our innovations, Pat. I don't think you're going to get me to go there. But I would say, listen, I think the market recognizes the pipeline that Abbott's built. I don't think that there is a misunderstanding of what we're assembling over here.

當然。我是說，我喜歡我們所有的創新，Pat。我想你不會讓我在這裡選邊站。但我會說，聽著，我認為市場其實認可雅培所建立的研發管線。我不認為外界對我們在這裡所打造的內容有什麼誤解。

So we can talk about those, but I don't think there's like some misunderstanding. I think it's clearly visible to investors that we've got multiple shots we're developing across all of our businesses. Yes, and some of them will do better than others, but I think all of them will have great contributions to our growth rate. And yes, all we need is one or two to, kind of, completely blow it out, and it, kind of, changes the entire trajectory. But we're building a pipeline of products organically here that we're anticipating what our customers need, and we're making those investments.

所以我們可以談那些，但我不覺得存在什麼誤解。我認為投資人很清楚地看到，我們在所有業務領域都在開發多個機會點。是的，其中有些會比其他做得更好，但我認為它們都會對我們的成長率做出很大的貢獻。而且是的，我們只需要其中一兩個，某種程度上就能完全爆發，並且某種程度上改變整體成長軌跡。但我們正在以內生成長的方式建立產品管線，預判客戶需求並進行投資。

If you look at the R&D spend for Abbott pre-COVID, I mean, we were averaging around $1.7 billion, $1.8 billion. We're crossing $3 billion this year, and we'll be increasing that into next year, which was, kind of, to my comment in 2027. We're going to continue to make our investments. We're going to continue to expand margins, and we can do all that because of how the portfolio is positioned into these very high growth, high margin and quite frankly, a lot of clinical problems to solve. So I think you mentioned a couple of them there.

如果你看雅培在COVID之前的研發支出，我是說，我們平均大約是17億到18億美元。今年我們會突破30億美元，而且明年還會再增加，這也呼應了我對2027年的評論。我們會持續投資。我們會持續擴張利潤率，而我們之所以能做到這些，是因為我們的產品組合定位在這些高成長、高毛利的領域，而且坦白說，還有很多臨床問題需要解決。所以我想你剛才提到其中幾個。

I've talked about some of them. I'm excited about the -- you mentioned right off the get-go, the Aveir CSP that's going into trial right now, the conduction system pacing leadless product. I'm excited about that because our goal is to completely change how pacemakers have been used in the past.

我也談過其中一些。我對——你一開始就提到的——Aveir CSP 目前正進入試驗的項目感到興奮，也就是傳導系統起搏的無導線（leadless）產品。我對此感到興奮，因為我們的目標是徹底改變過去心律調節器（pacemakers）的使用方式。

And I think our latest technology shows that, that is possible. And we're looking about really building a kind of, sustained growth rate. Many people didn't think that CRM was a growth business. We're showing that with good innovation, good insights, good relationships with KOLs, we can drive that. I'm excited about the mitral replacement valve.

而我認為我們最新的技術顯示，這是有可能做到的。而我們著眼於真正建立一種可持續的成長率。很多人過去不認為心律管理（CRM）是一門成長型業務。我們正在證明，透過良好的創新、良好的洞察，以及與關鍵意見領袖（KOLs）的良好關係，我們可以推動那樣的成長。我也對二尖瓣置換瓣膜感到興奮。

I spent some time close to that program, probably a little bit more closer than others, and had opportunity to interact with the KOLs. And I know because I've seen how these things play out, I can read people in terms of how they talk about innovations. And you can tell sometimes when innovation is good and it will compete well. And you can tell when a KOL tells you that this is really going to be a game changer, and it's going to change, kind of, the standard. And I think our Cephea program is going to do that. We've got a balloon-expandable TAVR valve going in. We've got IVL programs on the MedTech. We've got neuromodulation, kind of, investments that we're making also.

我在那個專案旁邊花了一些時間，可能比其他人更貼近一點，也有機會和KOL互動。我之所以知道，是因為我看過這些事情如何發展，我能從人們談論創新的方式來判讀他們。有時你能看得出來創新是好的，而且會有很強的競爭力。你也能看得出來，當一位KOL告訴你這真的會是顛覆性的改變，會在某種程度上改變標準。我認為我們的Cephea專案就會做到這一點。我們有一款球囊擴張式的TAVR瓣膜正在導入。我們在醫療科技（MedTech）上也有IVL專案。我們也在進行神經調節方面的投資。

We're making investments in our Libre platform, not just on a new diabetes sensor, but also looking at how to use the platform that we've built, the manufacturing, the technology platform to expand into other analytes, and we're going to go into trial with a lactate sensor.

我們正在對Libre平台進行投資，不只是投入新的糖尿病感測器，也在思考如何運用我們已建立的平台——製造能力與技術平台——擴展到其他分析物（analytes），而且我們將以乳酸感測器進入臨床試驗。

But I can tell you, there's at least five or six that the team is really excited that we're funding and that we're working on. Will all of them hit? Probably not. But if two or three hit, it will be incredible, I think, to be able to, kind of, leverage that. So I think you mentioned the biosimilars in our EPD business.

但我可以告訴你，至少有五到六個專案，團隊非常興奮，我們正在提供資金並推進開發。它們全部都會成功嗎？可能不會。但如果其中有兩三個成功，我認為能夠在某種程度上加以槓桿運用，將會非常驚人。所以我想你提到了我們EPD業務中的生物相似藥。

I mean, yes, there's a significant amount of LOE that's happening in the biologics space. And a lot of these products aren't available in these emerging markets by decisions from the originators. So this is going to be a huge opportunity for us to leverage the regulatory, the government, the physician, the distribution relations that we have to bring these products on.

我的意思是，是的，生物製劑領域正在發生相當可觀的專利到期（LOE）。而且由於原研廠的決策，許多這些產品在這些新興市場並未供應。因此，這將是我們的一個巨大機會，去運用我們既有的法規、政府、醫師與通路關係，把這些產品導入市場。

And you've got this business that's been growing at least for the last five years between 7.5% and 8% pretty consistently every single quarter. I think that is going to be very exciting also. So and then on top of that, we're going to get into a bunch of new tests, new personalized diagnostic tests with our cancer diagnostic business. Extremely, we're going to be reporting data on our MRD test at ESMO. I'm extremely excited about that test.

而且這項業務在過去至少五年裡，每一季都相當穩定地成長約7.5%到8%。我認為這也會非常令人振奮。此外，我們的癌症診斷業務也將切入一系列新檢測、新的個人化診斷檢測。我們將在ESMO上公布MRD檢測的數據。我對那項檢測非常、非常期待。

And I think it's going to provide us an opportunity also to start to be a player or at least to compete effectively in that segment of the market. So I'm sure I'm missing a bunch out already, too, but I'd say there is a deliberate effort on behalf of the entire management team here to make sure that as we find sometimes challenges and we have to look at our operational expenses that R&D is really never an area that we're going to touch because we feel that our productivity in that, even with a 7% profile, we're getting a lot of productivity out of the pipeline.

我認為這也會為我們帶來機會，讓我們開始成為該市場區隔的參與者，或至少能有效競爭。我確定我也漏掉了不少，但我會說，整個管理團隊有一個刻意的努力：確保當我們有時遇到挑戰、必須檢視營運費用時，研發（R&D）絕對不是我們會去動的領域，因為我們覺得在那方面的生產力——即使以7%的配置水準——我們仍從產品線（pipeline）中獲得很高的產出。

So I think that, that is ultimately the lifeline that it's going to be the growth driver for us. I'm sure that somebody in my team has got a map. I'm sure that my IR team has a map that lists out all the products between 28, 29, 30, 31, and those are all projects that we're constantly looking at, looking at ways to accelerate them, looking at ways to make them better. So we feel very good about our pipeline.

所以我認為，最終那就是生命線，也將成為我們的成長驅動力。我確定我團隊裡有人有一張地圖。我也確定我們的IR團隊有一張地圖，列出28、29、30、31年之間的所有產品；而那些都是我們持續在檢視的專案，尋找加速的方法、讓它們更好的方法。因此我們對我們的產品線非常有信心。

At the same time, we don't suffer from the syndrome of not invented here. We never have. Do I prefer to have more of my organic innovation being organic? I do. But we've got plenty of capacity also to be able to, kind of, add to the portfolio.

同時，我們並沒有「非我發明不可」（not invented here）的症候群。我們從來沒有。我是否更偏好更多的內生創新來自內部？是的。但我們也有充足的能力，能夠在某種程度上把產品組合再擴充。

And if we see opportunities to do that, we'll do that. I've talked about probably going forward, at least for the foreseeable future here in the short term, there'll probably be more tuck-in deals, but we can do all that. We can have organic innovation, and we can also look externally. And I think external partners look at Abbott as like, okay, this is a company that can actually make these innovations really impactful and global in the market.

如果我們看到有機會這麼做，我們就會做。我之前也談過，往後至少在可預見的短期內，可能會有更多補強型（tuck-in）交易，但我們都做得到。我們可以有內生創新，也可以向外部尋找。我認為外部夥伴看Abbott會覺得：好，這是一家真的能把這些創新做得很有影響力、並在全球市場推廣的公司。

So I think we have a good position there, too. So pipeline is super healthy. And if my R&D team is listening to this, they'll probably say, yes, but we could probably use more. They probably have a bunch of projects under the line, and that's good, too. But I think we're investing in all the right areas to be able to sustain our growth.

所以我認為我們在那方面也有不錯的位置。因此產品線非常健康。如果我的研發團隊正在聽，他們可能會說，是的，但我們可能還可以再多一些。他們可能還有一堆專案在水面下，這也很好。但我認為我們正在所有正確的領域投資，以維持我們的成長。

Matt Taylor, Jefferies.

Matt Taylor，Jefferies。

I was hoping we could spend a minute or two on diagnostics and focus on cancer diagnostics and the trends there. It looks like you did a little bit better this quarter, but I know you're hoping for a step-up into the mid-teens. Could you just touch on the dynamics with Cologuard, the rest of the business and maybe give us some thoughts on Freenome?

我希望我們能花一兩分鐘談談診斷業務，並聚焦在癌症診斷及其趨勢。看起來你們這一季表現稍微好一些，但我知道你們希望能提升到十幾%的中段水準。你能否談談與Cologuard、其餘業務的動態，並且也分享一下你們對Freenome的看法？

Sure. Yes. So we were -- we grew 14%. I think consensus was just north of that, like 15%, 15.5%. So it came a little bit short.

當然。是的。所以我們——我們成長了14%。我想市場共識略高於此，大概是15%、15.5%。所以我們稍微低了一點。

Was I expecting to do higher than both those numbers? You bet I was. I'd say the biggest driver of that delta versus expectation there was the cybersecurity event that we had in July. That caused us to lose a little bit of momentum. I think you see a lot of companies, including a few of our health care peers have had to deal with that.

我原本預期會高於這兩個數字嗎？當然是。我會說，造成與預期之間差距的最大因素，是我們7月遭遇的資安事件。那讓我們失去了一點動能。我想你也看到很多公司，包括我們一些醫療保健同業，都不得不面對這類事件。

Some of them with, I'd say, worse outcomes than what we went through. I think the team did a really good job. I mean, if you think about an integration process, dealing with a cyberattack that is not on the menu. And I think that the guys did an incredible job to be able to mitigate that.

其中有些公司的結果，我會說，比我們經歷的更糟。我認為團隊做得非常好。我的意思是，如果你想想整合流程，處理網路攻擊並不在菜單上。我認為同仁們在緩解影響方面做得非常出色。

When they did bring me the forecast and they talked about, well, the cyber had an impact, as you would expect, I had to double-click on that. And we saw a couple of accounts, Matt, because of the connectivity in the system, the way we're connected to the system, you saw a couple of systems shut the connectivity down until we could bring them evidence that, hey, everything was up to speed.

當他們把預測帶給我、並談到資安如你所預期地造成影響時，我必須再深入追問一下。我們看到有幾個客戶，Matt，因為系統連線性、以及我們與系統的連接方式，有幾個系統先把連線關掉，直到我們能提供證據說：嘿，一切都已恢復到最新、符合要求的狀態。

So then when you do that, then you're reverting back to faxes and e-mails and stuff like that, that -- so there were notable, kind of, drops. But then as soon as the systems returned right back on, you saw that they pop right back up.

所以當你那樣做時，你就會退回用傳真、電子郵件之類的方式——因此出現了明顯的、某種程度上的下滑。但一旦系統連線恢復，你就看到它們立刻又彈回來。

So that -- those blips, which lasted about 7 to 10 days, that caused us about a point of growth. So yes, I expect it to do better than what we delivered. But still -- and I know the team did also, but I think they did a really good job managing that. But I think that the growth is great. I think we're seeing -- I'm really pleased with the integration and, kind of, how things are going.

所以——那些持續約7到10天的短暫波動，讓我們的成長少了大約1個百分點。所以是的，我原本預期會比我們實際交出的表現更好。但仍然——我知道團隊也是這麼想的，不過我認為他們在管理這件事上做得非常好。但我認為這樣的成長仍然很不錯。我覺得我們看到——我對整合進展以及事情的推進方式感到非常滿意。

Cologuard grew mid-teens and continues to accelerate. We're seeing growth in new users, which is really important to be able to show that growth in new users. Obviously, the rescreen business is doing very well. The international growth rate is happening. The care gap program is growing also. It's definitely a growth segment for us. It's just probably a little bit harder to forecast.

Cologuard 成長達到十幾個百分點，且持續加速。我們看到新使用者的成長，這非常重要，因為能夠展現新使用者的成長。顯然，重複篩檢（rescreen）業務表現非常好。國際成長率也正在發生。照護缺口（care gap）計畫也在成長。這絕對是我們的成長區塊。只是可能比較難以預測。

And I'm learning a little bit more about the difficulties in that forecasting right now. We obviously build a plan as to when we're going to send these orders out. Obviously, the insurance companies and the health systems will determine when they want that out and sometimes they're managing their expenses, but it's very clear to me that the need for these programs in place so that it feeds into their star ratings and into all of their Medicare CMS rebates is super important, and they value this hugely.

而我現在也正在更深入了解這種預測上的困難。我們當然會制定一個計畫，規劃何時要把這些訂單寄出。顯然，保險公司與醫療體系會決定他們希望何時發出，有時他們也在管理支出；但對我來說非常清楚的是，建立這些計畫以便反映在他們的星級評等（star ratings）以及所有 Medicare CMS 回饋款（rebates）上，極其重要，而且他們非常重視這一點。

It's really a question of timing. But we had good growth in our care gap programs, too. So I'd say from a top line perspective, I feel very good about where this business is going, and it's doing everything that we expected it to do. I'm excited about the pipeline also. You mentioned the CRC blood test.

這其實就是時間點的問題。不過我們的照護缺口計畫也有不錯的成長。所以我會說，從營收（top line）的角度來看，我對這項業務的走向感覺非常好，而且它的表現完全符合我們的預期。我也對產品管線（pipeline）感到興奮。你提到了 CRC 血液檢測。

I mean we just -- it literally was, Matt, I think it was like September 30 that they started, kind of, sending out the e-mails and starting to promote and all of that. So really didn't have much impact in Q3. Do I think it's going to have a contribution to our growth rate? Yes, it will. Obviously, the ASP for that product is higher than the ASP that we have for Cologuard. So that's going to be a growth driver for us also.

我的意思是，我們剛剛——真的就是，Matt，我想大概是 9 月 30 日左右他們才開始，算是，發送電子郵件並開始宣傳等等。所以在第三季其實沒有太大影響。我認為它會對我們的成長率有所貢獻嗎？會的，會。顯然，該產品的平均售價（ASP）高於我們 Cologuard 的 ASP。因此那也會成為我們的成長動能。

It's obviously got a different margin profile as we're working with a partner. But we factored all that in, not only in our deal model, but as we're going forward. I think it's going to play an important role. Do I think it's the preferred test? No, I don't. And nor does the medical societies, the cancer society and a lot of the standard of care recommendations to go with stool first for a lot of reasons, but predominantly because you've got a better performance in earlier detection. And ultimately, that's what screening is all about. You're trying to detect early.

顯然，因為我們與合作夥伴合作，它的毛利結構（margin profile）也不同。但我們已把這些因素納入考量，不只是在交易模型（deal model）中，也在我們後續推進時一併納入。我認為它會扮演重要角色。我認為它是首選檢測嗎？不，我不這麼認為。醫學會、癌症協會以及許多標準照護建議也不這麼認為；基於多種原因，他們建議多數情況先做糞便檢測，主要是因為在更早期偵測方面表現更好。而最終，篩檢的核心就是這件事。你要做的是早期偵測。

So but it does play a role in the portfolio. And I think that gives us the opportunity, as I said in my comments, we're really positioning ourselves here as the only company that has the broadest portfolio with both blood-based and stool-based testing.

不過它確實在產品組合中扮演一個角色。而我認為，正如我在評論中所說，這讓我們有機會把自己定位為唯一一家同時擁有血液檢測與糞便檢測、且產品組合最完整的公司。

And I think that puts us in an advantage as we talk to all the different value players, all the different stakeholders in the value chain. I think that puts us in the position of, okay, we've got all the different technologies here to be able to do that. So I feel good about the test. I think it's going to be an important test to have in the bag, especially for those that aren't doing anything.

我認為，當我們與各種價值導向的參與者、價值鏈中的不同利害關係人對話時，這會讓我們處於更有利的位置。我認為這讓我們能夠站在這樣的位置：好，我們具備所有不同的技術來做到這件事。所以我對這項檢測感覺良好。我認為它會是一項很重要、可以放在工具箱裡的檢測，特別是針對那些目前什麼都沒做的人。

So maybe this could be used as a way to get them to start to think about it since it's pretty convenient -- but I'm -- we just got to be careful about how these things are promoted and how the accuracy of the information that's being portrayed to the consumer is complete and transparent and some of the deficiencies that the blood still has. I mean I think it's going to get better. It's got to get better. It will get better. It's just right now, the detection on the precancerous lesion side is not as good as what Cologuard is.

所以也許這可以作為一種方式，讓他們開始思考篩檢，因為它相當便利——但我——我們必須小心這些產品如何被推廣，以及對消費者所呈現資訊的準確性是否完整且透明，並且要揭露血液檢測目前仍存在的一些不足。我的意思是，我認為它會變得更好。它必須變得更好。它會變得更好。只是就目前而言，在癌前病灶（precancerous lesion）的偵測方面，還不如 Cologuard。

So and then as I said also, I think the MRD test that we're going to be presenting at ESMO, I think that's going to be a great opportunity. So pipeline is doing good. The international business, the opportunity to bring this technology international, we've been doing a lot of great work over there. We've already selected the markets that we're going to go after and they wouldn't be what you would typically expect those markets to be, but they're the markets that we feel will have the biggest impact.

另外，正如我也提到的，我們將在 ESMO 發表的 MRD 檢測，我認為那會是一個很好的機會。所以產品管線進展良好。國際業務方面，把這項技術帶到海外的機會，我們在那邊做了很多很棒的工作。我們已經選定要進攻的市場，而且那些市場可能不是你一般會預期的，但它們是我們認為影響力最大的市場。

But I'll tell you what I'm really impressed is, kind of, the progress we're making from a margin perspective. We're able to do all this, grow the business, invest in the pipeline and really, kind of, also change the trajectory of the profitability there. So if you look at this business and its operating margin profile before we acquired it, it just turned slightly positive. We're exiting Q3 with an operating margin profile in the high teens already with this business. So I think that's very positive also that we can drive the top line and also drive the bottom line.

但我要說我真正印象深刻的是，我們在利潤率（margin）面向所取得的進展。我們能在做所有這些事情的同時——擴張業務、投資產品管線——並且真正改變獲利能力的走勢。所以如果你看這項業務在我們收購之前的營業利益率（operating margin）狀況，它才剛剛轉為小幅正值。而我們在第三季結束時，這項業務的營業利益率已經來到十幾個百分點的高段（high teens）。所以我認為這也非常正面，因為我們既能推動營收，也能推動獲利（bottom line）。

As I've always said, EPS for us does matter. Yes, we do care about the top line, but EPS also matters. And I think the teams have been able to do both of those. So overall, I think the business is going well, and we've got a lot of growth opportunities ahead of us, whether it's with existing products, expanding to different areas, segments, countries, or bringing new products to the market also.

我一直都說，對我們而言 EPS（每股盈餘）很重要。是的，我們在意營收（top line），但 EPS 也同樣重要。而我認為團隊已經能同時做到這兩點。所以整體而言，我認為業務進展順利，而且我們前方有很多成長機會——不論是既有產品、擴展到不同領域／區隔／國家，或是把新產品推向市場。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

I have two questions. Maybe I'll ask both of them upfront. One, a follow-up on this Exact. Did Cologuard 2.0, the next-gen Cologuard, did the reimbursement get cut, Robert? And what's the ASP for the blood test, right? It feels like Exact should accelerate.

我有兩個問題。也許我先把兩個都問完。第一個，延續剛才關於 Exact 的問題。Cologuard 2.0，也就是下一代 Cologuard，它的給付（reimbursement）有被砍嗎，Robert？另外，血液檢測的 ASP 是多少？感覺 Exact 應該會加速。

And then my second question was fiscal 27. Thanks for the color on top line, but are you still -- should we still be aiming for double-digit EPS growth?

然後第二個問題是關於 2027 會計年度。謝謝你對營收端的補充說明，但你們是否仍然——我們是否仍應以 EPS 兩位數成長為目標？

Yes, sure. Let's talk about your first question regarding Cologuard Plus and getting a reimbursement cut. Listen, Cologuard Plus is a new test. So the process for setting CMS reimbursement is a little bit different versus tests that have been on the market for a while. We've been in active discussions with CMS.

好的，當然。我們先談你第一個問題：關於 Cologuard Plus 是否遭到給付下調。聽著，Cologuard Plus 是一個新檢測。因此，CMS 設定給付的流程，會與已上市一段時間的檢測有些不同。我們一直在與 CMS 進行積極討論。

The conversations have been very productive. I'll just say the following. I find it very hard to imagine that when the process is done that the reimbursement rate for Cologuard Plus would go down. And I'm just going to leave it at that. It is an interesting process, very different, I would say, from, kind of, NCDs and some of the med tech, kind of, process.

這些對話非常有建設性。我只想說以下幾點。我很難想像，當流程走完之後，Cologuard Plus 的給付費率會下降。我就先說到這裡。這是一個有趣的流程，我會說，它與 NCD（全國給付決定）以及某些醫療科技（med tech）的流程非常不同。

So it is a new -- it's a little bit of a new process for us. But like I said, I'd be very surprised if that were to happen. I think you asked about the price of our blood test. Yes, I'm not going to divulge that because for obvious competitive reasons. There's somewhat of a, kind of, price that's been set by the market right now.

所以這對我們來說是一個新的——算是有點新的流程。但如我所說，如果真的發生那種情況，我會非常驚訝。我想你也問到我們血液檢測的價格。是的，基於顯而易見的競爭因素，我不會透露。目前市場上大致已形成一個、算是既定的價格水準。

We have an opportunity here to think about broad adoption of the technology. I find it difficult to believe that you'll get the, kind of, uptake in any, kind of, blood type test at these rates. Yes, they'll show good growth rates and you'll penetrate a very small part of the market and you'd be able to show -- but I think that for this market to really expand -- and now I'm going beyond just, kind of, simple screen. I'm just talking about it just more holistically.

我們在這裡有一個機會，可以思考這項技術的廣泛採用。我很難相信在這樣的費率水準下，任何一種血型檢測能獲得那種程度的採用。是的，它們會呈現不錯的成長率，你也會滲透市場中非常小的一部分，並且你能夠展示——但我認為，要讓這個市場真正擴大——而且我現在談的不只是某種簡單的篩檢。我是在更全面、更整體的層面來談這件事。

If we're going to want to see this type of testing become, kind of, standard of care, and there's going to be a very large amount of -- at least in this country, forecast is that 40% of adults are going to have some level of cancer. If you're going to have an impact and using diagnostics as a way to, kind of, help eradicate and bring down these rates and increase, like there needs to be a much broader adoption, and you're not going to be able to get that broader adoption with the, kind of, pricing strategies that are being applied today.

如果我們希望這類檢測成為某種標準照護（standard of care），而且將會有非常大量的——至少在這個國家，預測是有40%的成年人會在某個程度上罹患癌症。如果你要產生影響，並把診斷作為一種方式來協助根除、降低這些比率並提升——就必須有更廣泛的採用；而以目前正在採用的這類定價策略，你不可能達到那種更廣泛的採用。

So we're being mindful of that, and we're thinking about that. We're in discussions with payers, and we're really looking at how do we compose a full portfolio of cancer diagnostic solutions for those that are paying for it. So that's what I'll say about pricing right now. And then what was your other question?

所以我們對此保持警覺，也在思考這件事。我們正在與支付方（payers）討論，並且真正地在看：我們要如何為付費者打造一個完整的癌症診斷解決方案產品組合。所以，這就是我目前對定價能說的。那你另一個問題是什麼？

Double-digit EPS for fiscal 27. Is that still the right number?

2027財年EPS達到兩位數。那仍然是正確的數字嗎？

Yes. I get that you guys are going to start to try and triangulate as much as you can there. Like I said, I'm not going to give, kind of, total guidance from -- on this call. We're probably going to do that in January. All I'll say is, I mean, I gave you a little bit in terms of how we're thinking about our top line.

是的。我理解你們會開始盡可能在那裡做各種交叉推算。如我所說，我不會在這通電話上給出——某種——完整的指引。我們可能會在一月提供。我只能說，我確實在我們如何看待營收（top line）方面給了你們一點資訊。

But like I said, we're going to have EPS growth. We're going to have gross margin expansion. We're going to have all the things that you would expect and probably leave the actual specific guidance range for EPS and all other elements, cash flow, all that. We'll leave that to January.

但如我所說，我們會有EPS成長。我們會有毛利率擴張。我們會有你所預期的一切，並且可能把EPS以及其他所有要素（現金流等等）的具體指引區間留到一月再說。我們會留到一月。

Travis Steed, BofA Securities.

Travis Steed，美國銀行證券（BofA Securities）。

At TCT in a couple of weeks, you've got Amulet 360 pivotal data and coronary IVL pivotal data. Just curious, anything you'd say on that and then how quickly those products can launch? It seems like doctors are already waiting on Amulet 360 today. Comment on how much share you can take or kind of view on when the left atrial appendage closure market stabilizes?

在幾週後的TCT上，你們會有Amulet 360的關鍵性（pivotal）數據，以及冠狀動脈IVL的關鍵性數據。想請教，你對此有什麼要說的？以及這些產品能多快上市？看起來醫師現在就已經在等Amulet 360了。也請評論一下你們能拿下多少市占，或你們對左心耳封堵市場何時趨於穩定的看法？

Yes. So you got two important readouts for us at TCT this year. I think we'll have more. But yes, I know those will gain a lot of attention. I mean I'm not going to preface what the data is going to say. We'll wait for the investigators to, kind of, lay out that information. But I think these are -- I think we showed 45-day data at the Boston meeting back in January, Travis, for our LAA device. And I think that's a, kind of, good benchmark to have there.

是的。所以今年在TCT上，我們會有兩個重要的結果揭露（readouts）。我想我們還會有更多。但沒錯，我知道那兩個會受到很多關注。我的意思是，我不會預先鋪陳數據會怎麼說。我們會等研究者（investigators）來——某種程度上——把資訊完整呈現。但我認為這些是——我想，Travis，我們在一月波士頓的會議上已經展示過我們LAA裝置的45天數據。我認為那是一個不錯的基準可供參考。

Regarding the market, yes, I mean, we started to feel some of these challenges, I'd say, maybe one or two quarters after the market leader. I think that the way to counter that is there's definitely an opportunity here still to educate this opportunity to make continued clinical investments to be able to show the technology.

關於市場，是的，我的意思是，我們開始感受到其中一些挑戰，我會說，大概比市場領導者晚了一到兩個季度。我認為應對的方法是：這裡仍然明確存在機會去教育市場、持續進行臨床投資，以便能展示這項技術。

Obviously, the market leader has been doing that. But so have we. I mean, we're going to have a readout of our trial, not next year, but probably the year after that on our trial versus NOACs. And I just think you got to keep on investing. It's clearly a benefit here for the patients and the health systems. They want this.

顯然，市場領導者一直在做這件事。但我們也一樣。我的意思是，我們會有我們試驗的結果揭露，不是在明年，而可能是在後年，針對我們與NOACs（新型口服抗凝血劑）的對照試驗。而我只是認為你必須持續投資。這對病患與醫療體系顯然是有益的。他們需要這個。

We are investing in a lot of stroke prevention technologies. This is one. It's obviously the one that gets a lot of attention. But we probably have another two or three products that are in early stage in our venture arms that we're also, kind of, working on because I think this is just going to be a need, a continued need -- so I think the market is going to continue to grow, and that's why we're going to continue to invest in it. In terms of our ability to forecast, how much share, I'll let you guys -- you'll probably do your checks with physicians and try and triangulate that.

我們正在投資許多中風預防技術。這是其中之一。它顯然是最受關注的那一個。但我們在創投部門（venture arms）可能還有另外兩到三個早期產品也在——某種程度上——推進，因為我認為這將會是一個需求、持續的需求——所以我認為市場會持續成長，這也是為什麼我們會持續投資。至於我們預測能拿下多少市占，我就讓你們——你們大概會去跟醫師做訪查並嘗試交叉推算。

I'll let you guys, kind of, decide what that's going to be. But we think we've got a very competitive product that not only has added some ease of use to its implant, but it also maintains what we believe is a superior seal technology there. So yes, we feel good about it. And I think -- I think yes on the IVL, yes, I think this is an interesting category. It's a $1 billion-plus market that's growing.

我就讓你們——某種程度上——自行判斷那會是多少。但我們認為我們有一個非常具競爭力的產品，不僅在植入操作上增加了一些易用性，同時也維持了我們認為更優異的密封（seal）技術。所以，是的，我們對此感覺良好。而且我想——我想在IVL方面，是的，我認為這是一個有趣的類別。這是一個超過10億美元、且正在成長的市場。

We didn't have to spend over $10 billion to get an asset like this. We did it through our acquisition of CSI. Team took over the project, did some modifications, really good work by the team and our partner.

我們不需要花超過100億美元去取得這樣的資產。我們是透過收購CSI做到的。團隊接手了這個專案，做了一些修改，團隊和我們的合作夥伴都做得非常出色。

And we filed for -- at least for the coronary side, we filed for approval. I don't know exactly when, but I know we're expecting it sometime in the first half and maybe we might surprise on the earlier side there. But I think we feel good about it, adding that to the portfolio. I think the vascular team is really looking forward to this. I think you've seen that we've been able to accelerate our growth from, kind of, a negative flat business to like now consistently delivering mid-single digits.

而且我們已經提交——至少在冠狀動脈這一端，我們已經申請核准。我不確定確切時間點，但我知道我們預期會在上半年某個時候取得，而且也許我們會在更早的時間點帶來驚喜。但我想我們對把它納入產品組合感到很有信心。我想血管團隊非常期待這個。我想你們也看到，我們已經能把成長從——某種程度上——負成長或持平的業務，加速到現在穩定交付中個位數成長。

And I think this just adds to the ability to, kind of, accelerate growth in our vascular business, too. So and I think we'll start our peripheral IVL trial at the end of the year. So those two products will add to the growth rate in our Vascular business.

而我認為這也會提升——某種程度上——我們血管業務加速成長的能力。另外，我們會在年底啟動周邊（peripheral）IVL試驗。所以這兩個產品都會推升我們血管業務的成長率。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗（Citi）。

On the Nutrition spin. Briefly, can you comment on potential reimbursement from CMS for non-intensive type two for CGM use? And a quick follow-up. Does anything in your pending spin of Nutrition impact any of your other strategic plans such as future M&A?

關於營養業務的分拆。簡要地說，你能否評論一下CMS對於非密集型第二型（糖尿病）使用CGM的潛在給付（reimbursement）？以及一個快速追問。你們正在進行中的營養業務分拆，是否會影響你們其他策略規劃，例如未來的併購（M&A）？

Sure. I know this is the -- I don't know what, kind of -- what the question -- how we would characterize it, but I know it's a big question, which is when do we expect the type 2 non-insulin user reimbursement, CMS reimbursement to kick in. I'm just going to be consistent here, Joanne, is I'm not going to try and forecast that.

當然。我知道這是——我不知道該怎麼——怎麼描述這個問題，但我知道這是一個很大的問題，也就是我們預期第二型非胰島素使用者的給付、CMS給付何時會開始生效。我在這裡會保持一致，Joanne，我不會嘗試去預測那個時間點。

What I can say is that the clinical data is significant. It is very real. I know that there are many in those that are making those decisions that believe in the value of data, of predictive data, of using continuous data to be able to, kind of, shape behaviour. I've said this multiple times. CGMs, they are behaviour modification tools. They're not doing anything to your body. They're not changing any of the biology, anything in there. They're just giving you information.

我能說的是，臨床數據很有意義。這些數據非常真實。我知道，在做這些決策的人當中，有很多人相信數據的價值、預測性數據的價值，以及運用連續數據來在某種程度上塑造行為的價值。我已經多次說過。CGM（連續血糖監測）是行為改變工具。它們不會對你的身體做任何事。它們不會改變任何生物學機制，或裡面的任何東西。它們只是提供你資訊。

And there's a lot of people that believe that, that information is valuable to change behaviour, especially with type 2 non-insulin using patients. And the clinical data that has been presented has shown that. The same way the clinical data with basal patients has shown that, too. So there is definitely support for it. There's a clinical support. And -- but trying to forecast exactly when that's going to happen, I am not going to do that.

而且有很多人相信，這些資訊對改變行為很有價值，特別是對第二型、未使用胰島素的患者。而已呈現的臨床數據也顯示了這一點。同樣地，針對使用基礎胰島素的患者，臨床數據也顯示了這一點。所以這方面確實有支持。有臨床面的支持。但是——要精準預測這會在什麼時候發生，我不會去做這件事。

I am not going to say that it is embedded in the forecast for next year or right now, what I can say is I'm not really factoring it in. But I know that when it does kick in, like we've seen this in the past, acceleration happens. And when that happens, I think that what we're doing is preparing ourselves to be in the best possible position. It is a different channel, right? You're not in the diabetes, endo clinics. You're in primary care.

我不會說這已經被納入明年的預測或現在的預測；我能說的是，我其實沒有把它真正納入考量。但我知道，一旦它開始啟動，就像我們過去看到的那樣，成長會加速。而當那發生時，我認為我們正在做的，就是讓自己做好準備，處於最佳位置。這是一個不同的通路，對吧？你不在糖尿病、內分泌門診。你是在基層醫療。

This is a different -- it's a different field to play, and we've been investing in that field for quite some time now. So I think we'll be in a good position to be able to capitalize on that. But trying to forecast it, I'm not going to try and do that, Joanne. But I can say that the momentum to be able to do it, the clinical support, all of that is all in place. It's really a question as to when that's going to happen. I'm sure you maybe have read the comments, the open comment period, there's plenty of support. It's just really an opportunity here as to when that's going to happen.

這是不同——這是一個不同的競技場，而我們在這個領域已經投資相當長一段時間了。所以我認為我們會處於一個很好的位置，能夠把握這個機會。但要去預測它，我不會嘗試那樣做，Joanne。不過我可以說，推動它的動能、臨床支持等等，這些都已經到位。真正的問題只是它什麼時候會發生。我相信你可能也讀過那些評論，在公開意見徵詢期間，有很多支持。所以這裡真的只是個機會點：它什麼時候會發生。

And then what was your second question again?

那你第二個問題是什麼來著？

It had to do with the nutrition spin, if it impacts any of the other changes. M&A, et cetera. It's the M&A question.

是關於營養業務拆分，是否會影響其他變動。併購等等。就是併購（M&A）那個問題。

It's the M&A question. That's fine. Listen, the answer to that is a big no. It has no, kind of, impact. If anything, I'd say once we go through that, I think it even strengthens it even more. Our balance sheet is in very good, great shape. We've got a lot of flexibility. You know our philosophy here of taking more of a balanced approach. I'm not going to give you percentages of how much goes there, how much -- but we take a balanced approach. We'll grow the dividend next year, right? We've got probably the last big tower of debt paydown related to the St. Jude and Alere acquisitions will occur this year.

是併購（M&A）問題。沒問題。聽著，答案是明確的：不會。它沒有任何、算是、影響。如果真要說，我會說一旦我們完成那件事，我認為反而會讓它更強。我們的資產負債表狀況非常好、非常強健。我們有很大的彈性。你也知道我們一貫的理念是採取更平衡的做法。我不會給你各自分配多少比例、多少——但我們採取的是平衡策略。我們明年會提高股利，對吧？而且，與聖猶達（St. Jude）與 Alere 併購相關的債務償還，可能最後一個大的償債高峰會在今年發生。

And then we have very few, kind of, debt payments in the couple of years following that. So I think we'll be in a good position there. We'll have opportunity for buyback. We've got plenty of dry powder there. On the M&A side, yes, I mean, I said this last time, we're obviously focusing on the Exact integration.

接著在之後的幾年裡，我們需要支付的債務款項就很少了。所以我認為我們在那方面會處於很好的位置。我們也會有庫藏股回購的機會。我們有充足的「乾火藥」（可動用資金）。在併購（M&A）方面，是的，我的意思是，我上次也說過，我們顯然正專注於 Exact 的整合。

I think the team has done an amazing job at the speed at which they've done this is really good. Our net debt to EBITDA is going to be around two times. So we still have plenty of capacity. But I would say, as we look around, it's probably more in the tuck-in range than it is on, kind of, more transformative, I would say, just because I don't -- I'm not sure I see anything that's terribly exciting out there right now, at least, kind of, in, kind of, in that, kind of, start-up, kind of, mode.

我認為團隊做得非常出色，他們完成整合的速度真的很不錯。我們的淨負債對 EBITDA 比率大約會在 2 倍左右。所以我們仍然有很充足的承載能力。但我會說，當我們放眼四周，可能更偏向補強型（tuck-in）的併購，而不是那種、算是、更具變革性的併購；原因是我——我不確定我現在看到外面有什麼特別令人興奮的標的，至少在那種、算是、處於新創階段的模式裡。

I think there's some really early-stage stuff that we're very excited about and that we're investing in from a venture perspective. But we've got plenty of opportunity. And if there's going to be -- and if there -- if the opportunity aligns with the right moment and sequencing, like I said, we've got capacity to do that. But I'd say they're probably more tuck-in than anything else. So no, that doesn't affect our ability to continue to grow the dividend, invest in our organic opportunity and do M&A, too.

我認為有一些非常早期的項目讓我們很興奮，我們也正以創投的角度在投資。但我們有很多機會。如果——如果機會在正確的時點與順序上對齊，就像我說的，我們有能力去做。但我會說，它們大概更偏向補強型（tuck-in），而不是其他類型。所以不，這不會影響我們持續提高股利、投資於內生成長機會，以及同時進行併購（M&A）的能力。

So I think we're in good shape. So I know I've gone over here, and I expect it to go over. So I appreciate everybody, kind of, hanging in there. I'd say, listen, we had a very good quarter, delivered an acceleration on the top and the bottom line. I think to one of the questions that was asked there, as I've said, innovation is the key differentiator at Abbott.

所以我認為我們狀況很好。我知道我這邊已經超時了，而且我也預期會超時。所以我很感謝大家、算是、一直撐到現在。我會說，聽著，我們這一季表現非常好，營收端與獲利端都交出了加速成長。我想回應剛才其中一個問題：正如我所說，創新是 Abbott 的關鍵差異化因素。

And we don't want to be overly reliant on one or two products. We've got opportunities across all of our businesses. And we've got multiple new product approvals that are going to carry into next year. We're going to have product launches that are going to go into -- that are going to occur in next year and will ramp up in next year.

而且我們不希望過度依賴一兩個產品。我們在所有業務上都有機會。我們也有多項新產品核准，將延續到明年。我們也會有產品上市——會在明年發生，並在明年逐步放量。

So I think that, that is probably our biggest driver of sustainability here as our pipeline is very healthy. Teams are doing a great job at navigating what I would say is a pretty, pretty volatile environment right now around the globe, and teams have done an incredible job there. And I think they're going to continue to do that job as they continue to be motivated and inspired by the work that we're doing. And we took this pretty big important step here towards shaping the future. And I think that's how one needs to look at this is we're not making quarterly decisions here.

所以我認為，這大概是我們在此最重要的永續性驅動因素，因為我們的產品管線非常健康。團隊在我所說的、目前全球相當、相當動盪的環境中，仍然做得非常好，團隊在那方面表現令人驚豔。而我認為他們會持續把工作做好，因為他們持續被我們正在做的事情所激勵與啟發。而且我們在這裡邁出了相當重大且重要的一步，朝向塑造未來。我認為看待這件事的方式應該是：我們不是在做季度性的決策。

We're looking ahead the next 5, 10 years and what's the right portfolio to assemble. And I think the opportunity that's going to be ahead of this nutrition company is going to be pretty significant. And I'm excited for them, but I'm also excited for the Abbott portfolio. So thanks for being on the call.

我們是在看未來 5 年、10 年，並思考要組建什麼樣的正確投資組合。而我認為，這家營養公司未來的機會將會相當可觀。我為他們感到興奮，但我也對 Abbott 的投資組合感到興奮。所以謝謝大家參與這通電話會議。

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 at abbott.com. Thank you all for joining us.

謝謝各位的提問。Abbott 的電話會議到此結束。本次電話會議的網路重播將於今日中部時間上午 11:00 之後在我們的網站 abbott.com 提供。感謝各位加入我們。

Thank you. This concludes today's conference call. Thank you for your participation. 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。您現在可以掛線。各位，祝大家有美好的一天。