Alcon AG (ALC) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Alcon third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Cravens, Vice President, Investor Relations. Thank you, sir. You may begin.

您好，歡迎參加愛爾康 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁 Dan Cravens。謝謝您，先生。你可以開始了。

Welcome to Alcon's third-quarter 2024 earnings conference call. Yesterday, Alcon was alerted that our third quarter earnings press release and interim financial report were inadvertently posted early to our investor website. We immediately accelerated our disclosure process. The NYSE briefly halted trading pending the issuance of the release. Trading was resumed on the NYSE shortly after the release crossed the newswire.

歡迎參加愛爾康 2024 年第三季財報電話會議。昨天，愛爾康獲悉我們的第三季度收益新聞稿和中期財務報告無意中提前發佈到了我們的投資者網站上。我們立即加快了揭露流程。紐約證券交易所短暫停止交易，等待新聞稿的發布。新聞專線發布消息後不久，紐約證券交易所就恢復交易。

In addition, earlier today, we also posted a supplemental slide presentation on our website to enhance today's call. You can find all of these documents in the Investor Relations section of our website at alcon.com. Joining me on today's call are David Endicott, our Chief Executive Officer; and Tim Stonesifer, our Chief Financial Officer.

此外，今天早些時候，我們還在我們的網站上發布了補充幻燈片演示，以增強今天的電話會議。您可以在我們網站 alcon.com 的投資者關係部分找到所有這些文件。參加今天電話會議的還有我們的執行長 David Endicott；以及我們的財務長 Tim Stonesifer。

Our press release, presentation and discussion will include forward-looking statements. Please note that we expressly disclaim any obligation to update forward-looking statements as a result of new information or future developments, except as required by law.

我們的新聞稿、演示和討論將包括前瞻性陳述。請注意，我們明確不承擔因新資訊或未來發展而更新前瞻性聲明的任何義務，除非法律要求。

Our actual results may differ materially from those expressed or implied in our forward-looking statements. And as such, you should not place undue reliance on any forward-looking statements. Important factors that could cause our actual results to differ materially from those in our forward-looking statements are included in our Form 20-F, earnings press release and interim financial report which are all on file with the Securities and Exchange Commission and available on their website at sec.com.

我們的實際結果可能與我們的前瞻性陳述中明示或暗示的結果有重大差異。因此，您不應過度依賴任何前瞻性陳述。可能導致我們的實際結果與前瞻性陳述中的結果有重大差異的重要因素包含在我們的20-F 表格、收益新聞稿和中期財務報告中，這些因素均已向美國證券交易委員會備案，並可在其網站查閱。

Non-IFRS financial measures used by the company may be calculated differently from and may not be comparable to similar measures used at other companies. These non-IFRS financial measures should be considered along with but not as alternatives to the operating performance measures as prescribed per IFRS.

本公司使用的非國際財務報告準則財務指標的計算方式可能與其他公司使用的類似指標不同，也可能無法進行比較。這些非國際財務報告準則財務指標應與國際財務報告準則規定的營運績效指標一起考慮，但不能作為其替代方案。

Please see a reconciliation between our non-IFRS measures with directly comparable measures presented in accordance with IFRS in our public filings. For discussion purposes, our comments on growth are expressed in constant currency. In a moment, David will begin by recapping highlights from the third quarter. After his remarks, Tim will discuss our performance and outlook for the remainder of 2024. Then David will wrap up and we'll open the call for Q&A.

請在我們的公開文件中查看我們的非 IFRS 衡量標準與根據 IFRS 提出的直接可比較衡量標準之間的調節表。出於討論目的，我們對成長的評論以固定匯率表示。稍後，大衛將首先回顧第三節的精彩片段。演講結束後，蒂姆將討論我們 2024 年剩餘時間的業績和前景。然後大衛將結束，我們將開始問答環節。

With that, I will now turn the call over to our CEO, David Endicott.

現在，我將把電話轉給我們的執行長 David Endicott。

Thanks, Dan, and thanks, everyone, for joining today's call. I'm pleased to report another solid quarter with sales of $2.4 billion and sales growth of 6%. Core diluted earnings were $0.81 per share, which grew 25% and core operating margin was 20.6%.

謝謝丹，謝謝大家參加今天的電話會議。我很高興地報告又一個強勁的季度，銷售額達 24 億美元，銷售額增長 6%。核心攤薄收益為每股 0.81 美元，成長 25%，核心營業利益率為 20.6%。

Additionally, we generated $1.3 billion of free cash flow in the first 9 months of this year which is a record for this company. Now these results demonstrate our ability to continue to outpace our markets driven by our broad geographic footprint, our innovative portfolio and our category leadership.

此外，今年前 9 個月我們創造了 13 億美元的自由現金流，這是該公司的記錄。現在，這些結果表明，在我們廣泛的地理足跡、我們的創新產品組合和我們的品類領導地位的推動下，我們有能力繼續超越市場。

In addition to our ongoing focus on operational excellence, this quarter, we continue to prepare for a series of product launches that will drive growth. We intend to discuss many of these in detail at our upcoming Capital Markets Day this March.

除了持續專注於卓越營運之外，本季我們還將繼續準備推出一系列將推動成長的產品。我們打算在今年三月即將舉行的資本市場日上詳細討論其中的許多內容。

Today, I'll start with our recently announced launch of Precision7. Precision7 is a new one-week replacement contact lens that provides 16 hours of outstanding comfort and precise vision even on day seven. Most optometrists agree that a one-week replacement schedule is more intuitive for patients as compared with a two-week schedule.

今天，我將從我們最近宣布推出的 Precision7 開始。Precision7 是一款全新的一周更換隱形眼鏡，即使在第七天也能提供 16 小時的卓越舒適度和精準視力。大多數驗光師都認為，與兩週更換計畫相比，一週更換計畫對患者來說更直觀。

The two-week category is well established and represents a meaningful growth opportunity for us. Precision7 offers a breakthrough and comfort by leveraging our proprietary [ActiveFlow] system. ActiveFlow is a unique combination of a moisturizing agent embedded in the lens and a replenishing agent that continually releases moisture to the surface over seven days.

兩週類別已經成熟，對我們來說是一個有意義的成長機會。Precision7 利用我們專有的 [ActiveFlow] 系統提供突破性的舒適體驗。ActiveFlow 是嵌入鏡片中的保濕劑和補充劑的獨特組合，可在 7 天內不斷向表面釋放水分。

Select optometrists in the United States began fitting both the sphere and the toric modalities earlier this year, and feedback has been extremely positive. We plan to make this lens fully available in the US beginning in January 2025 with markets outside the US to follow later. Now turning to ocular health, where we have several exciting developments.

今年早些時候，美國的精選驗光師開始驗配球面鏡和複曲面鏡，回饋非常正面。我們計劃從 2025 年 1 月開始在美國全面推出這款鏡頭，隨後將在美國以外的市場推出。現在轉向眼健康，我們在這方面取得了一些令人興奮的進展。

I'll start with Systane, the world's leading over-the-counter artificial tear. Systane had its fifth consecutive quarter of double-digit growth driven by our multi-dose preservative-free formulations. Now we're going to strengthen the Systane brand with the launch of Systane Pro Preservative Free, our newest and longest-lasting formulation that hydrates, restores and protects dry eyes.

我將從 Systane 開始，它是世界領先的非處方人工淚液。在我們的多劑量無防腐劑配方的推動下，Systane 連續第五個季度實現兩位數成長。現在，我們將透過推出 Systane Pro Preservative Free 來強化 Systane 品牌，這是我們最新、最持久的配方，可滋潤、恢復和保護乾眼症。

Importantly, this formulation includes nano-sized lipids and hyaluronic acid to both reduce tier evaporation and provide long-lasting hydration. Based on market research, we're seeing very strong interest to purchase from consumers and intent to recommend from eye care professionals. We look forward to bringing this eye drop to the US in the first half of next year.

重要的是，該配方包含奈米級脂質和透明質酸，可減少水分蒸發並提供持久的水合作用。根據市場調查，我們發現消費者有非常強烈的購買興趣，並且有眼科護理專業人士的推薦意願。我們期待明年上半年將這款眼藥水引入美國。

Moving to pharmaceutical eye drops. I'm pleased to announce that we recently finalized our strategic arrangement with OcuMension Therapeutics in China. Like Alcon, OcuMension is singularly focused on eye care.

轉向藥物滴眼劑。我很高興地宣布，我們最近與 OcuMension Therapeutics 在中國敲定了戰略安排。與愛爾康一樣，OcuMension 也專注於眼部護理。

As a China-based company, OcuMension has demonstrated success in identifying, developing and commercializing ophthalmic pharmaceuticals. We believe this expertise paired with OcuMension local presence and established capabilities will help maximize the value of our dry eye products and procedural eye drops, including the Systane family.

作為一家中國公司，OcuMension 在眼科藥物的識別、開發和商業化方面取得了成功。我們相信，這種專業知識與 OcuMension 的本地影響力和既定能力相結合，將有助於最大限度地提高我們的乾眼產品和手術眼藥水（包括 Systane 系列）的價值。

Importantly, OcuMension has committed to develop and commercialize AR-15512 in China. In exchange for the divestiture of approximately $40 million in annual eye drop sales, Alcon received approximately 17% of the equity in OcuMension, royalties on the existing business as well as royalties and sales milestones on 512.

重要的是，OcuMension致力於在中國開發和商業化AR-15512。作為剝離約 4000 萬美元年度滴眼劑銷售額的交換，愛爾康獲得了 OcuMension 約 17% 的股權、現有業務的特許權使用費以及 512 的特許權使用費和銷售里程碑。

Now I'll discuss the anticipated US launch of 512 for which Phase III pivotal studies were presented at the American Academy of Ophthalmology. 512 is a novel prescription candidate for the treatment of dry eye, and we estimate the US prescription dry eye market is worth about $1.4 billion. 512 works by stimulating receptors on corneal sensory nerves to rapidly increase natural tear production.

現在我將討論 512 預計在美國上市的情況，美國眼科學會對此進行了 III 期關鍵研究。 512是一種治療乾眼症的新型候選處方藥，我們估計美國乾眼處方藥市場價值約14億美元。 512 透過刺激角膜感覺神經上的受體來快速增加自然淚液的產生。

As we mentioned in our last earnings call, we have received our PDUFA date of May 30, 2025, and look forward to bringing the medication to the US market in the second half of next year, pending FDA clearance. We've already started developing our launch strategy and engaging with payers. And given the timing of a midyear launch, we do not expect meaningful revenue contribution before 2026.

正如我們在上次財報電話會議中提到的，我們已收到 2025 年 5 月 30 日的 PDUFA 日期，並期待在明年下半年將該藥物推向美國市場，等待 FDA 批准。我們已經開始製定推出策略並與付款人互動。考慮到年中推出的時間，我們預計 2026 年之前不會產生有意義的收入貢獻。

Now I'll transition to surgical, where I'll start with implantables. I've been particularly pleased by the international uptake of our AT-IOLs, where we're seeing high single-digit or double-digit growth in most regions. I expect the international market to remain our main growth driver in implantables as we've seen penetration in these markets drive AT-IOL growth in recent quarters.

現在我將轉向外科手術，從植入物開始。我對我們的 AT-IOL 在國際上的採用感到特別高興，我們在大多數地區看到了高個位數或兩位數的成長。我預計國際市場仍將是我們植入式設備的主要成長動力，因為我們已經看到這些市場的滲透推動了近幾個季度 AT-IOL 的成長。

In particular, we continue to see positive momentum in China on both share and penetration as we work through VBP implementation. International penetration growth, combined with consistent market share growth should enable us to continue to offset the slower market conditions in the US.

特別是，在我們實施 VBP 的過程中，我們繼續看到中國在份額和滲透率方面的積極勢頭。國際滲透率的成長，加上市場份額的持續成長，應該使我們能夠繼續抵消美國市場狀況放緩的影響。

I'm also excited to announce that we've completed migration of all of our intraocular lenses, including PanOptix, Vivity and their toric modalities to the Clareon material. Our lenses are now available on the Clareon platform in most markets globally.

我還很高興地宣布，我們已經完成了所有人工水晶體（包括 PanOptix、Vivity 及其複曲面模式）向 Clareon 材料的遷移。我們的鏡片現已在全球大多數市場的 Clareon 平台上銷售。

As a reminder, Clareon is a unique material formulation that provides excellent visual performance and sets a new standard for Iowa clarity characteristics. It has amongst the lowest levels of surface haze and subsurface glistening of any IOL material.

需要提醒的是，Clareon 是一種獨特的材料配方，可提供出色的視覺性能，並為愛荷華州的透明度特性樹立了新標準。它是所有 IOL 材料中表面霧度和次表面反光度最低的材料之一。

We're also excited to announce that we are continuing to expand our AT-IOL offering in major markets across the globe with autonomy the first and only automated pre-loaded delivery system. Notably, we're finishing the inventory build for the launch of Clareon AutonoMe Toric in the US and rounding out our toric offering in Japan.

我們也很高興地宣布，我們將繼續在全球主要市場擴展我們的 AT-IOL 產品，其中 Autonomous 是第一個也是唯一一個自動化預載輸送系統。值得注意的是，我們正在完成在美國推出 Clareon AutonoMe Toric 的庫存建設，並完善我們在日本的 Toric 產品。

Next, I'll turn to surgical equipment, where we have several exciting launches, including Unity VCS and the Voyager DSLT system. I'll start with Unity VCS, our combined phaco and vitret platform.

接下來，我將談談手術設備，我們在這方面推出了多項令人興奮的產品，包括 Unity VCS 和 Voyager DSLT 系統。我將從 Unity VCS 開始，這是我們的超音波乳化和玻璃體複合平台。

This system builds on Alcon's expertise in surgical equipment with pioneering innovations to deliver breakthrough workflow efficiencies that enable excellent outcomes for the patient and the practice. For cataract surgery, Unity leverages a novel ultrasound modality to deliver up to 2 times faster phaco removal with 40% less energy into the eye as compared to Centurion.

該系統以愛爾康在手術設備方面的專業知識為基礎，透過開創性創新，提供突破性的工作流程效率，為患者和診所帶來出色的結果。對於白內障手術，與 Centurion 相比，Unity 利用新穎的超音波模式將超音波乳化去除速度加快 2 倍，同時進入眼睛的能量減少 40%。

In vitro retinal advancements, this new technology provides up to 1.5 times faster vitrectomy with cutting speeds of up to 30,000 cuts per minute, which is significantly faster than Constellation's [hyperbiprobe]. We'll continue to work with surgeons for final user experience testing ahead of the expected commercial launch in the second quarter of 2025. Additionally, we expect to receive CE Mark in the first quarter of 2025.

在體外視網膜方面的進步，這項新技術可提供高達 1.5 倍的玻璃體切除術速度，切割速度高達每分鐘 30,000 次切割，明顯快於 Constellation 的玻璃體切除術[超級雙探針]。在預計 2025 年第二季商業發布之前，我們將繼續與外科醫生合作進行最終用戶體驗測試。此外，我們預計將在 2025 年第一季獲得 CE 標誌。

Now I'll discuss the Voyager Direct laser trabeculoplasty device formerly known as the Belkin Eagle. We demonstrated this device at the recent AAO conference in Chicago and saw strong interest from our core customer base. Voyager delivers laser energy to the [derbecular] meshwork using proprietary robotic eye-tracking technology for accurate, automated treatment.

現在我將討論 Voyager Direct 雷射小梁成形術設備，以前稱為 Belkin Eagle。我們最近在芝加哥舉行的 AAO 會議上展示了該設備，並看到我們的核心客戶群產生了濃厚的興趣。Voyager 使用專有的機器人眼動追蹤技術將雷射能量傳輸到[小斑]網狀結構，以實現準確、自動化的治療。

This eliminates the need for a gonioscope or manual naming, which is necessary with traditional SOT. This design is friendly for both patients and physicians, its precision and streamlined workflow positioned Voyager to become a first-line treatment for glaucoma.

這樣就無需傳統 SOT 所必需的房角鏡或手動命名。這種設計對患者和醫生都很友好，其精確和簡化的工作流程使 Voyager 成為青光眼的第一線治療方法。

Voyager is already available in certain markets in the EU, and we plan to launch this device in the U.S. in the first quarter of 2025. Finally, I'll briefly discuss market dynamics for the third quarter. In cataract, we estimate that the global procedures grew approximately 4%. Additionally, global AT-IOL well penetration was up approximately 200 basis points year-over-year, primarily driven by international markets.

Voyager 已在歐盟某些市場上市，我們計劃於 2025 年第一季在美國推出該設備。最後，我將簡要討論第三季的市場動態。在白內障方面，我們估計全球手術量增加了約 4%。此外，全球 AT-IOL 井滲透率年增約 200 個基點，這主要是由國際市場推動的。

In contact lenses, we estimate the retail market was up approximately 5%. This growth was mainly driven by pricing and lens trade-up. To wrap up, we have one of the most exciting product pipelines that we've had in years, and we're looking forward to bringing them to market over the next 12 to 24 months.

在隱形眼鏡方面，我們估計零售市場成長了約 5%。這一成長主要是由定價和鏡頭換購所推動的。總而言之，我們擁有多年來最令人興奮的產品管道之一，我們期待在未來 12 至 24 個月內將它們推向市場。

And with that, I'll pass it to Tim who'll take you through our financial results and provide more color on our outlook.

接下來，我會將其轉交給蒂姆，他將帶您了解我們的財務業績，並為我們的前景提供更多資訊。

Thanks, David. We're pleased to report third quarter sales of $2.4 billion, up 6% versus prior year on both a reported and constant currency basis. This growth was primarily driven by strength in our innovative contact lens portfolio and consumables.

謝謝，大衛。我們很高興地報告第三季銷售額為 24 億美元，按報告匯率和固定匯率計算均較上年增長 6%。這項成長主要得益於我們創新隱形眼鏡產品組合和耗材的實力。

In our surgical franchise, revenue was up 5% year over year to $1.3 billion. Implantable sales were $422 million in the quarter, up 5% year-over-year, mainly driven by our advanced technology intraocular lenses in international markets, including a benefit in China, primarily related to volume-based procurement.

在我們的外科專營業務中，營收年增 5%，達到 13 億美元。本季植入式銷售額為 4.22 億美元，年增 5%，主要受到我們在國際市場上先進技術人工水晶體的推動，其中包括在中國的收益，主要與大量採購有關。

This is partially offset by slower market conditions in the United States. In consumables, our third quarter sales were up 6% to $701 million, driven by vitret consumables in international markets, cataract consumables and price increases. In equipment, sales of $215 million were up 1% year-over-year, in line with our expectations. We continue to expect equipment sales growth to be broadly flat until after the planned commercial launch of Unity VCS.

這被美國市場狀況放緩所部分抵銷。在消耗品方面，受國際市場上的vitret消耗品、白內障消耗品和價格上漲的推動，我們第三季的銷售額成長了6%，達到7.01億美元。設備方面，銷售額為 2.15 億美元，年增 1%，符合我們的預期。我們仍然預計，在 Unity VCS 計劃商業發布之前，設備銷售成長將基本持平。

Turning to vision care. Third-quarter sales of $1.1 billion were up 7%. Contact lens sales were up 8% to $664 million in the quarter. Our innovative lenses, including toric and multifocal modalities continue to win in the market. Additionally, we had another quarter with solid contribution from price. In ocular health, third quarter sales of $431 million were up 4% year over year.

轉向視力保健。第三季銷售額達 11 億美元，成長 7%。本季隱形眼鏡銷售額成長 8%，達到 6.64 億美元。我們的創新鏡片，包括複曲面和多焦點鏡片，繼續贏得市場。此外，我們還有一個季度的價格貢獻強勁。在眼健康領域，第三季銷售額為 4.31 億美元，較去年同期成長 4%。

We saw strong performance in our portfolio of eyedrops, including another quarter of double-digit growth with Systane. This growth was partially offset by declines in contact lens care in international markets. Now moving down the income statement. Third quarter core gross margin was 63.2%, broadly in line with last year.

我們的眼藥水產品組合表現強勁，其中 Systane 又一個季度實現兩位數成長。這一增長被國際市場隱形眼鏡護理產品的下降部分抵消。現在將損益表向下移動。第三季核心毛利率為63.2%，與去年同期大致持平。

Looking to the fourth quarter, similar to last year, we expect to see normal seasonal pressure in the gross margin as we perform annual preventative maintenance at many of our plants around the end of the year. Core operating margin was 20.6%, up 120 basis points year-over-year, driven by operating leverage in SG&A from higher sales, partially offset by investment in R&D, particularly in surgical.

展望第四季度，與去年類似，我們預計毛利率將出現正常的季節性壓力，因為我們在年底左右對許多工廠進行年度預防性維護。核心營業利潤率為 20.6%，年成長 120 個基點，這是由於銷售額增加帶來的 SG&A 營業槓桿推動的，但部分被研發投資（尤其是外科領域的投資）所抵消。

Third quarter interest expense was $49 million, broadly in line with last year. Other financial income and expense was a net benefit of $10 million compared to a net expense of $8 million in the third quarter of last year. This improvement was primarily driven by higher interest income and lower foreign currency losses. The third quarter average core tax rate was 12.8% compared to 17.2% in the prior year period.

第三季利息支出為 4,900 萬美元，與去年基本持平。其他財務收入和支出為淨收益 1000 萬美元，而去年第三季的淨支出為 800 萬美元。這項改善主要是由於利息收入增加和外匯損失減少所致。第三季平均核心稅率為12.8%，去年同期為17.2%。

The decrease in tax rate was primarily driven by favorable geographic mix of profit and higher discrete tax benefits in the current year. Core diluted earnings were $0.81 per share in the quarter, up 25% from last year. Turning to cash. On a year-to-date basis, free cash flow was a record $1.3 billion compared to $592 million in 2023. This improvement was mainly driven by higher cash from operations.

稅率下降主要是由於有利的利潤地理組合和本年度較高的離散稅收優惠。該季度核心攤薄收益為每股 0.81 美元，較去年增長 25%。轉向現金。年初至今，自由現金流達到創紀錄的 13 億美元，而 2023 年為 5.92 億美元。這一改善主要是由於營運現金增加所致。

As you've seen in prior years, we expect to see a meaningful step up in CapEx in the fourth quarter during our plant's annual maintenance period. Now moving to 2024 guidance. Our current outlook now assumes that markets grow in line with recent quarters and exchange rates as of the end of October hold through year-end.

正如您在前幾年所看到的那樣，我們預計第四季度在我們工廠的年度維護期間，資本支出將出現有意義的成長。現在轉向 2024 年指導。我們目前的前景假設市場成長與最近幾季一致，並且截至 10 月底的匯率一直維持到年底。

Starting with sales, we are updating our full year revenue guidance range to $9.8 billion to $9.9 billion, and our constant currency sales growth rate to 6% to 7%. Moving to operating expenses. We continue to expect full year core R&D expense to be toward the high end of the range of 7% to 9% of sales.

從銷售額開始，我們將全年營收指引更新為 98 億美元至 99 億美元，並將固定貨幣銷售額成長率更新為 6% 至 7%。轉向營運費用。我們繼續預計全年核心研發費用將達到銷售額的 7% 至 9% 的高端。

Turning to profitability. We are tightening our guidance range to 20.5% to 21% and are trending towards the low end of the range. This reflects 30 basis points of pressure from the inventory provision we recorded in the second quarter as well as our planned investment behind new product launches.

轉向盈利能力。我們將指導範圍收緊至 20.5% 至 21%，並趨向該範圍的低端。這反映了我們第二季度記錄的庫存準備金以及新產品推出後的計劃投資帶來的 30 個基點的壓力。

Moving down the income statement. We now expect interest and other financial expense to be between $155 million and $165 million. This improvement is primarily due to higher interest income as a result of a higher cash balance and higher interest rates.

將損益表向下移動。我們現在預計利息和其他財務費用將在 1.55 億美元至 1.65 億美元之間。這項改善主要是由於現金餘額增加和利率上升導致利息收入增加。

Turning to tax, given the discrete benefits we've received this year, we now expect our full year core effective tax rate to be approximately 19%. Based on all these factors, we are tightening our core diluted earnings guidance range to $3 to $3.05 per share which corresponds to 15% to 17% constant currency growth over 2023. Given recent movements in foreign currency, we are absorbing approximately $0.08 of FX headwind versus the guidance we issued in February.

談到稅收，考慮到我們今年收到的離散福利，我們現在預計全年核心有效稅率約為 19%。基於所有這些因素，我們將核心攤薄收益指引範圍收緊至每股 3 至 3.05 美元，相當於 2023 年 15% 至 17% 的恆定貨幣成長率。鑑於最近的外匯走勢，與我們 2 月發布的指引相比，我們吸收了約 0.08 美元的外匯逆風。

To wrap up, I want to thank the entire Alcon team for another great quarter. And with that, I'll turn it back to David.

最後，我要感謝整個愛爾康團隊的另一個出色季度。說到這裡，我會把它轉回給大衛。

Thanks, Tim.

謝謝，蒂姆。

And to wrap up, our investments in R&D have created one of the most productive periods since our spin, and I want to thank the teams working on innovation and manufacturing excellence for their dedication and efforts to making these projects successful. These projects will drive meaningful long-term growth across both our franchise, and we look forward to solving some of the most complex challenges in eye care.

總而言之，我們在研發方面的投資創造了自我們成立以來最富有成效的時期之一，我要感謝致力於創新和卓越製造的團隊為使這些項目取得成功而付出的奉獻和努力。這些項目將推動我們兩個特許經營業務的有意義的長期成長，我們期待解決眼部保健領域的一些最複雜的挑戰。

And with that, let's open the line for Q&A.

接下來，讓我們打開問答熱線。

(Operator Instructions) Graham Doyle, UBS.

（操作員說明）Graham Doyle，UBS。

Just as we look into next year, and obviously, the stock is weak to, I suspect, given people are slightly worried about the slower growth in Q4. So when we think about the exit rate in terms of top line for Q4, would you be comfortable talking about the incremental growth we can get next year when we think about VBP and product launches?

正如我們展望明年一樣，顯然，考慮到人們對第四季度成長放緩的擔憂，該股顯然疲軟。因此，當我們考慮第四季度營收的退出率時，當我們考慮 VBP 和產品發佈時，您是否願意談論明年我們可以獲得的增量成長？

Just to give us a sense as to whether a 7%, 8%, 9% sort of growth rate next year is doable. And maybe just a quick one on the margins. Could you contextualize again how we think about investments next year versus margin expansion?

只是為了讓我們了解明年 7%、8%、9% 的成長率是否可行。也許只是邊緣的一個快速的。您能否再次結合我們對明年投資與利潤擴張的看法？

Yes, Graham, thanks for the question. And look, I mean, I think when we get to next year, we'll certainly guide next year. I think what we would start with is just saying that, look, the slower quarter in the third in the US specifically was probably a consequence of a couple of things, but certainly, competitive sampling into the market will obviously dampen revenue reported units and our audited data does that. So you see a 1.5% growth in the US, it's probably dampened by whatever was going on in that sense.

是的，格雷厄姆，謝謝你的提問。我的意思是，我認為當我們到明年時，我們肯定會為明年提供指導。我認為我們首先要說的是，看，美國第三季度的放緩可能是由幾件事造成的，但當然，市場的競爭性抽樣將明顯抑制報告的收入單位和我們的收入。做到這一點。所以你看到美國成長了 1.5%，它可能會因為這個意義上發生的事情而受到抑制。

And I think that should stabilize. Our sense of the market, particularly at cataracts is it's very stable over the long term. And I think very good international growth for us. The market internationally was up, I think, 5%. And so I expect that over the long haul, these are very stable, very normal markets.

我認為這應該會穩定下來。我們對市場的感覺，特別是在白內障方面，長遠來看是非常穩定的。我認為我們的國際成長非常好。我認為國際市場上漲了 5%。因此，我預期從長遠來看，這些都是非常穩定、非常正常的市場。

But obviously, it was a weird one for us in the third quarter and in the US and specific. But after that, I mean, I think what we would say about new product flow is we're excited about it. I do think that you need to be careful about how you cadence it because a lot of these products are coming out second, third quarter, and so you won't get a full year impact. The first full year impact is going to be '26.

但顯然，這對我們第三季、特別是美國來說是一個奇怪的情況。但在那之後，我的意思是，我認為我們對新產品流會說我們對此感到興奮。我確實認為你需要小心如何調整它的節奏，因為許多這些產品將在第二、第三季推出，所以你不會得到全年的影響。第一個全年影響將是 26 年。

But obviously, it contributes to the back half growth of next year. So perhaps think about the front half as a little bit more in line with where we've been in the back half a little bit more aggressive as we kind of get products into play.

但顯然，它對明年下半年的成長做出了貢獻。因此，也許可以認為前半部分與我們在後半部分的情況更加一致，因為我們讓產品發揮了作用。

And then on the margin front, we'd expect to continue to get operating leverage next year. I mean if you look at the last couple of years, we've expanded margins by, call it, 150 basis points a year in constant currency I do think next year will be a little bit less than that given the investments we want to make to think about 512, think about Unity VCS, Precision7.

然後在利潤方面，我們預計明年將繼續獲得營運槓桿。我的意思是，如果你看看過去幾年，我們每年將利潤率擴大 150 個基點（以固定匯率計算），我確實認為，考慮到我們想要進行的投資，明年的利潤率會略低一些想想512，想想Unity VCS、Precision7。

But we're committed to making the appropriate investments to drive the long-term revenue growth. But overall, we'd expect to see nice operating leverage next year. And we continue to be comfortable with the long-term margin goals we discussed at our last Capital Markets Day.

但我們致力於進行適當的投資以推動長期收入成長。但總體而言，我們預計明年將看到良好的營運槓桿。我們仍然對上一次資本市場日討論的長期利潤目標感到滿意。

Jack Reynolds-Clark, RBC Capital Markets.

傑克雷諾茲-克拉克，加拿大皇家銀行資本市場。

Just 2 for me, please. Firstly, on consumables. Could you kind of talk about what drove specifically the demand for sort of direct consumables here? Is it sort of muted going on there. And just on Voyager, how well recognized are the potential benefits of DSLT in your customer base? And what's the plan to roll out here from a kind of geographic perspective? And what kind of launch curve are you expecting next year?

請給我 2 個。首先，在消耗品上。您能談談是什麼推動了這裡對直接消耗品的需求嗎？那裡發生的事情有點安靜嗎？就 Voyager 而言，您的客戶群對 DSLT 潛在優勢的認可程度如何？從地理角度來看，這裡推出的計畫是什麼？您預計明年的發布曲線會是什麼樣的？

Yes, Jack, thanks for the question. I think on consumables, we had a nice quarter with vitret, and I think that was positive. Obviously, we had a solid quarter for the global consumables in cataract as well. Retina -- sorry, refractive was soft. So we had a little bit of an offset there.

是的，傑克，謝謝你的提問。我認為在消耗品方面，我們與 vitret 度過了一個愉快的季度，我認為這是積極的。顯然，我們在白內障領域的全球消耗品也有穩定的季度。視網膜——抱歉，屈光度很軟。所以我們在那裡有一點偏移。

But I think, directionally, very good consumables number for us given where the market was again growing faster than the market in consumables. On Voyager, I think SLT is very well accepted as an idea. And I think if you ask glaucoma folks and really general ophthalmologists whether the data is there to believe that SLT is the right place to start. Almost everyone agrees. I think it is really good.

但我認為，從方向來看，鑑於市場的成長速度再次快於消費品市場，我們的消費品數量非常好。在 Voyager 上，我認為 SLT 作為一個想法已被廣泛接受。我認為，如果你詢問青光眼患者和普通眼科醫生，是否有數據表明 SLT 是正確的起點。幾乎所有人都同意。我認為這真的很好。

What has not been agreed is -- and it's not an easy thing to do, and a lot of people don't do it. And I think that's really what the DSLT has an opportunity to fix, which is -- this is a product that fundamentally has an eye-tracking robotics that gives an accurate and automated delivery of laser light into the trabecular meshwork, whereas opposed to what you have to do now which is this manually hold the gonioscope, anesthetize the eye. It's a bit of an exercise to really get it done right now.

尚未達成一致的是──這不是一件容易做的事情，很多人都沒有這麼做。我認為這確實是DSLT 有機會解決的問題，即，這是一種從根本上具有眼球追踪機器人技術的產品，可以將激光精確且自動地傳送到小梁網中，而不是像您所看到的那樣。現在要真正完成它需要一點練習。

And I think what we believe is we can make this a good bit more acceptable for patients and for physicians. So over time, we think this is a positive change. And I think directionally, that adds to our glaucoma portfolio where we see an algorithm that is very widely accepted, I think, which will be SLT drops into Hydrus. I mean, really, that is what we're trying to create is a new and recognized algorithm that drives real benefits to patients.

我認為我們相信我們可以讓患者和醫生更容易接受這一點。所以隨著時間的推移，我們認為這是一個積極的變化。我認為，從方向上來說，這會增加我們的青光眼投資組合，我們看到一種廣泛接受的演算法，我認為，這將是 SLT 融入 Hydrus。我的意思是，實際上，我們正​​在嘗試創建一種新的、公認的演算法，為患者帶來真正的好處。

That's great. Just on the geographic launch or launch in kind of geographic.

那太棒了。只是地理上的發布或某種地理上的發布。

Yes, yes. Sorry, Jack. Yes, indeed, we'll start with the US, and we'll have -- there is some product available in the European markets now. So it's CE Marked already. But I think directionally, we're going to put most of the inventory we have at the US market in the beginning and then we will -- as we lift the ability to -- and our capacity to make the product, we'll move market to market, but largely Europe after the US.

是的，是的。對不起，傑克。是的，確實，我們將從美國開始，現在歐洲市場上有一些產品。所以它已經獲得了 CE 標誌。但我認為，從方向上講，我們一開始會將大部分庫存放在美國市場，然後當我們提高生產產品的能力時，我們將採取行動市場到市場，但主要是歐洲，僅次於美國。

David Saxon, Needham.

大衛‧撒克遜，李約瑟。

Great. David, I just have two kind of product pipeline related questions. The first is on AR 512, just thoughts about the adverse events, the staining and burning, how much does that impact the opportunity? And then it sounds like you're expecting immaterial revenue contribution next year when it launches kind of midyear, how should we think about the level of investments needed to support kind of the second half launch? And then I'll have one follow-up.

偉大的。大衛，我只有兩種與產品管道相關的問題。第一個是關於 AR 512，僅考慮不良事件、染色和燃燒，這對機會有多大影響？然後，聽起來您預計明年年中推出時會產生無關緊要的收入貢獻，我們應該如何考慮支持下半年推出所需的投資水平？然後我會進行一項後續行動。

Yes. So burning and stinging is very common with eye drops as you probably know, I think it was about 50% in the trial. So -- but 97% of that was mild and I don't think anybody, maybe one patient or something knocked out of the trial. So I think we believe it to be very, very manageable. And obviously, what really matters is how well it works.

是的。因此，正如您可能知道的那樣，使用滴眼劑時出現灼熱感和刺痛感是很常見的，我認為在試驗中大約有 50% 的人出現這種情況。所以，但 97% 的症狀是輕微的，我認為沒有任何人，也許是患者或其他東西被排除在試驗之外。所以我認為我們相信這是非常非常容易管理的。顯然，真正重要的是它的運作效果如何。

And I think what we're after is something that works much more quickly than the alternatives that are out there. That is the data that we seem to have right at this point. So instead of waiting a month to figure out or even 2 or 3 to find out whether something is working or not, I think you can find this out quite quickly, which is good for payers, good for patients. I think we'll see some very positive response to that. The revenue contribution, obviously, we get it out midyear.

我認為我們所追求的是比現有替代方案見效更快的東西。這就是我們目前掌握的數據。因此，我認為你可以很快發現這一點，而不是等待一個月甚至兩三個月才知道某些東西是否有效，這對付款人有利，對患者有利。我想我們會看到一些非常正面的回應。顯然，收入貢獻是我們在年中公佈的。

By the time we get it out and get -- start working with payers in earnest, you're really not going to see much in the back half of next year. What we have said is we're going to be thoughtful about our promotion as we kind of move forward. We'll put certainly more folks on the ground behind this, and there'll be more advertising promotion.

當我們把它拿出來並開始認真與付款人合作時，明年下半年你真的不會看到太多。我們已經說過，隨著我們的前進，我們將認真考慮我們的促銷活動。我們肯定會派更多的人來支持這件事，並且會有更多的廣告促銷。

But we're going to be thoughtful about the timing of all that, and we'll work our way through next year. And I think -- think about this as a full speed idea and really in '26.

但我們會仔細考慮這一切的時間安排，我們將努力完成明年。我認為——將此視為一個全速的想法，而且確實是在 26 年。

Okay. Great. That's helpful. And then my second question is just on PanOptix Pro. When will we hear which of the two lenses that are currently approved will be the one you ultimately go through with commercializing? And then kind of thoughts around launching that in the US while it seems like the USmarket is kind of softer.

好的。偉大的。這很有幫助。我的第二個問題是關於 PanOptix Pro 的。我們什麼時候才能聽到目前批准的兩種鏡頭中哪一種將是您最終進行商業化的鏡頭？然後是關於在美國推出該產品的想法，而美國市場似乎比較疲軟。

Yes. Look, I mean, I think we have a lot of market share in the US. And so we're obviously very interested in getting it here first. We'll certainly take it around the world as we get approvals and CE Marks for it. But in this case, we should have a decision made in the first quarter.

是的。我的意思是，我認為我們在美國擁有很大的市場份額。所以我們顯然非常有興趣首先把它帶到這裡。當我們獲得批准和 CE 標誌時，我們肯定會將其帶到世界各地。但在這種情況下，我們應該在第一季就做出決定。

We'll certainly manufacture it as quickly as we can and get it out quickly. So my hope is that we've got it out end of the first quarter, early second, something in that zone. We should be ready to go. But we're excited about what we've got. We've got two very good ideas, and it is very difficult.

我們一定會盡快生產並盡快推出。所以我希望我們能在第一季末、第二季初，在這個區域內完成任務。我們應該準備出發了。但我們對我們所擁有的感到興奮。我們有兩個非常好的想法，但這非常困難。

I mean I think one of the cool things about PanOptix has been it's a very, very good lens. I mean if you want a true multifocal, this is the lens out there that provides tremendously positive near-term midrange and distance vision without a lot of visual disturbance. And that's something everybody else has got to come to. We're going to improve on it. I don't think people have gotten there yet.

我的意思是，我認為 PanOptix 的最酷之處之一是它是一款非常非常好的鏡頭。我的意思是，如果您想要真正的多焦點鏡片，那麼這款鏡片可以提供非常積極的近中距離視力，而不會造成太多視覺幹擾。這是其他人都必須意識到的。我們將對此進行改進。我認為人們還沒有到達那裡。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Maybe, Tim, could you give a little bit more color on the factors that led to the top line guidance reduction? The reported range came down by about $150 million at the midpoint, constant currency range, maybe 50 bps. Just a little bit more granularity on the guidance change, just bridge from the old to the new. And I had one follow-up.

提姆，您能否對導致營收指引減少的因素提供更多資訊？報告的範圍在固定貨幣範圍的中點下降了約 1.5 億美元，可能是 50 個基點。只是指導變更的粒度更細一些，只是從舊到新的橋樑。我有一個後續行動。

Yes, sure. Thanks, Larry. If you look at the beginning of the year, markets were pretty good. Our performance was very good, and that's why we increased the guide after the Q1 call. When you get into Q2, we started to see a little softness in the US surgical market, probably in the June timeframe. That softness continued in Q3. So that's really what drove the adjustment to the revenue guide.

是的，當然。謝謝，拉里。如果你看看今年年初，市場表現相當不錯。我們的表現非常好，這就是為什麼我們在第一季電話會議後增加了指南。當進入第二季時，我們開始看到美國外科手術市場有些疲軟，可能是在六月的時間範圍內。第三季持續疲軟。這確實是推動收入指南調整的原因。

And that $40 million in the divestiture of the eye drop sales, Tim, is that -- where does that show up? And just for my follow-up, David, maybe just give us an update on the Unity VCS soft launch and feedback so far. And if we should expect above-average growth next year for your equipment and surgical businesses given that launch, understanding that, that will probably accelerate through the year, David, as you said, it's a second quarter launch.

提姆，剝離眼藥水銷售的 4000 萬美元是——這出現在哪裡？David，請為我的後續行動提供有關 Unity VCS 軟啟動的最新資訊和迄今為止的回饋。如果我們預計明年您的設備和外科業務的成長將高於平均水平，那麼大衛，正如您所說，這可能會在今年加速，這是第二季度的推出。

The $40 million is an annualized number that will show up in the ocular health segment.

4000萬美元是一個年化數字，將出現在眼部健康領域。

Then on the Unity VCS stuff, it's obviously great. I mean we've really -- we've been patient with this because we've got 2 really terrific products out there in Constellation and Centurion. And as I said in the prepared remarks, this product is doing really amazing things.

然後在 Unity VCS 方面，它顯然很棒。我的意思是，我們真的——我們對此一直很有耐心，因為我們在 Constellation 和 Centurion 中擁有兩款非常出色的產品。正如我在準備好的演講中所說，這個產品正在做一些非常了不起的事情。

And I think we've had a very positive set of feedback and a lot of good input too on just the way it's set up in the software and how it looks to the surgeons. So we're making some small changes as we go through this.

我認為我們已經收到了一系列非常積極的回饋，並且就軟體中的設定方式以及外科醫生的外觀也提供了很多很好的意見。因此，我們在經歷這個過程時會做出一些小小的改變。

But all things that I think are -- I would just call them cosmetic or small-ish which is exactly what we wanted to find out. So where we are right now is feeling very good about this launch. And I would say that you expect in a 10-year cycle to see, especially when you get the new thing out, a little bit more accelerated growth in the first couple of years, last couple a little soft.

但我認為所有的東西都是——我只會稱它們為裝飾性的或小東西，而這正是我們想要找出的。所以我們現在對這次發布感覺非常好。我想說的是，你預計在 10 年周期中，特別是當你推出新產品時，前幾年的成長會更加加速，最後幾年會有點疲軟。

As you see right now, this year is going to be a little soft for us in equipment, all kind of expected as you normally through cycle equipment like this. So I do think that the growth will certainly accelerate in the back half of next year as opposed to the front half because it will take us a while to kind of get things move in and get everything going. So -- but yes, I mean, equipment should pick up next year from this year, for sure.

正如您現在所看到的，今年對我們來說設備會有點軟，正如您通常通過這樣的自行車設備一樣，這都是預料之中的。因此，我確實認為，與上半年相比，明年下半年的成長肯定會加速，因為我們需要一段時間才能讓事情進展順利並讓一切順利進行。所以——但是，是的，我的意思是，明年的設備肯定會比今年增加。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Beautiful. I'd love on the OUS and ex China AT-IOL business, I mean, it's been strong for a little while now and definitely above trend. Could you unpack that for a little bit? I mean Vivity and PanOptix have been in the market a while. There's not been a huge change in structure. We're not really seeing that increased adoption in other areas of medtech. So what do you think is driving that strength? And how sustainable is it ex China, OUS?

美麗的。我喜歡 OUS 和前中國 AT-IOL 業務，我的意思是，它已經強勁了一段時間了，而且絕對高於趨勢。你能稍微解壓一下嗎？我的意思是，Vivity 和 PanOptix 已經上市一段時間了。結構上並沒有發生巨大的變化。我們並沒有真正看到醫療技術其他領域的採用有所增加。那麼您認為是什麼推動了這種力量呢？除中國以外，OUS 的可持續性如何？

Well, look, I mean, if you take a part of the international businesses in surgical, the AT-IOL penetration is probably what's driving the overperformance. So there's some share movement in here positive for us for sure.

好吧，我的意思是，如果你看外科領域的國際業務，AT-IOL 的滲透率可能是推動業績超預期的原因。因此，這裡的一些股票變動肯定對我們有利。

And I would call that -- we start with a much lower share historically. We were later to market in Europe and in Japan and in Eastern Europe and the rest of Asia. So all those markets, I think, are still on the rise, and they continue to grow nicely.

我會這樣稱呼──我們從歷史上低得多的份額開始。後來我們在歐洲、日本、東歐和亞洲其他地區上市。因此，我認為所有這些市場仍在成長，並且繼續良好成長。

And remember, too, we didn't really get Vivity out there in every market everywhere. So we're still -- for example, we got Japan autonomy to go with Vivity. So we're -- there's a bit of a sequencing that goes on as we kind of put capacity out there in all of the markets. So that's part of it. So the share growth, I think, internationally was very solid.

還要記住，我們並沒有真正將 Vivity 推廣到每個市場。因此，我們仍然——例如，我們獲得了日本的自主權，以配合 Vivity。因此，當我們在所有市場上投入產能時，會發生一些排序。這就是其中的一部分。因此，我認為，國際上的份額成長非常穩健。

But penetration in Europe, for example, was up 70 basis points. It was up 30 basis points in Japan. It was up a lot in China. It's really been a positive everywhere on penetration. General APAC was up 120, that would include Korea.

但以歐洲為例，滲透率上升了 70 個基點。日本上漲 30 個基點。在中國它上漲了很多。這對於滲透率來說確實是正面的。亞太地區整體上漲 120，其中包括韓國。

So I think there is a general move from a lower base into a more aware market that is very interested in these cash-paying products that do more than what the government is going to pay for. And so I think you see kind of -- they start from a low base in the kind of low teens and then depending on which market you're in, they're moving up towards where the US is, obviously, US is more like 19.

因此，我認為，人們普遍從基礎較低的市場轉向意識更清醒的市場，這些市場對這些現金支付產品非常感興趣，這些產品的功能超出了政府將要支付的範圍。所以我認為你會看到——他們從十幾歲的低基數開始，然後根據你所在的市場，他們正在向美國的方向發展，顯然，美國更像是19.

But I think it's I think that's mostly penetration. And then there's a fair bit of share on our benefit because we're putting products out there and we start again from a lower starting point.

但我認為這主要是滲透。然後我們的利益也得到了相當大的份額，因為我們正在推出產品，並且我們從一個較低的起點重新開始。

Got you. And then maybe just as a quick follow-up. Like what's the holistic appetite internally around slightly more therapeutic assets? I mean I know you've got your stake in Aurion on the cell therapy side. Like is that generally a direction of travel that you want to take the business in totality? Or is it more of a sort of -- I don't want to say side venture, but how is the appetite for more pharma like assets?

明白你了。然後也許只是作為一個快速的後續行動。例如內部對稍微多一點的治療資產的整體興趣是什麼？我的意思是，我知道您在細胞治療方面持有 Aurion 的股份。這通常是您想要全面開展業務的一個發展方向嗎？或者它更像是一種——我不想說副業，但對更多製藥類資產的興趣如何？

Well, I think it's appropriately sized. I think we have a desire to get back into biopharma. I think we are capable of it in quite a significant way. Aurion has given us a real beachhead there with our glaucoma drops. And I think if you kind of think through what we're doing now, we're doing -- we're very patient around this, but I think we are very interested in what's the front edge of what happens next.

嗯，我認為它的大小合適。我認為我們渴望重返生物製藥領域。我認為我們有能力在很大程度上做到這一點。Aurion 的青光眼滴劑為我們提供了真正的灘頭陣地。我想，如果你仔細想想我們現在正在做的事情，我們正在做的事情——我們對此非常有耐心，但我認為我們對接下來發生的事情的前沿非常感興趣。

And we certainly like things like cell therapy. We do like small molecules still, but formulation is probably where we've always had our strength. So think about drug delivery as a primary idea, think about other kinds of ideas that we would patiently develop over time. So I would think long term, absolutely interested and would like to build the business there, not in a hurry to do it. We've got a great plan right now.

我們當然喜歡細胞療法之類的東西。我們仍然喜歡小分子，但配方可能是我們一直以來的強項。因此，將藥物輸送視為主要想法，並考慮我們將隨著時間的推移耐心開發的其他類型的想法。因此，我會從長遠考慮，絕對感興趣，並且願意在那裡開展業務，而不是急於這樣做。我們現在有一個偉大的計劃。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Sorry to be a little myopic here, Dave and Tim, I want to ask about the fourth quarter. If you look last year in terms of 3Q to 4Q, there's been a less pronounced step-up from 3Q to 4Q, about 1.3%. This year, you're pacing of maybe a little over 3%.

抱歉，戴夫和提姆有點短視，我想問第四季的情況。如果你看去年第三季到第四季的情況，你會發現第三季到第四季的增幅不太明顯，約 1.3%。今年，您的增速可能略高於 3%。

And which, based on my model is evident in equipment and ocular health. But I'm wondering if you can kind of talk about kind of how you see and what's underlying your assumptions for the fourth quarter, maybe from a segment perspective?

根據我的模型，這在設備和眼睛健康方面很明顯。但我想知道您是否可以從細分市場的角度談談您對第四季度的看法以及您對第四季度的假設是什麼？

Well, let me try and kind of give you a broad sense, Ryan. And myopic is always the right word for us. We spend a lot of time on that topic. We -- when you look at implantables and our consumables business, it is dependent on the procedural growth. And so based on what we've seen in the kind of end of the second quarter and the third quarter, we're just being appropriate, I think, in the way we're thinking about the fourth quarter volumes.

好吧，讓我試著給你一個廣泛的認識，瑞安。近視這個詞對我們來說永遠是正確的。我們在這個話題上花了很多時間。當你觀察植入物和消耗品業務時，我們會發現它取決於程序的成長。因此，根據我們在第二季末和第三季所看到的情況，我認為我們對第四季銷售的思考方式是適當的。

I mean that drives obviously those two categories. They run very close, we're going to grow faster than the market, but we lose one point on the market and all of a sudden, that affects us, it's a difference between 6% and 7%. So I think that's one element. I think the -- when you get to equipment, I think there's a natural tendency right now to wait for a lot of things that we've got going on.

我的意思是，這顯然推動了這兩個類別。他們的表現非常接近，我們的成長速度將快於市場，但我們在市場上失去了一分，突然間，這對我們產生了影響，這是 6% 和 7% 之間的差異。所以我認為這是一個因素。我認為，當你談到設備時，我認為現在有一種自然的傾向，就是等待我們正在進行的許多事情。

So I think you just got to chop that one up to if we hold at stable, which is again our goal this year, and we've done a little better than that, that's really what's going on in that market. It's not a market phenomenon. It's not really a capital thing. It is really -- we've got some awesome technology coming, and I think people are waiting for it. And we kind of knew that was what was going to happen. It's happened in prior launches.

所以我認為，如果我們保持穩定，你就必須削減這一點，這又是我們今年的目標，而且我們做得比這更好一點，這確實是該市場正在發生的事情。這不是市場現象。這其實不是什麼資本的事情。確實——我們已經有了一些很棒的技術，我認為人們正在等待它。我們有點知道會發生什麼事。在之前的發布中就發生過這種情況。

And then when you move to Vision Care, contact lens was pretty solid actually. So I think we look at contact lens, we had a little less price in the third quarter and the fourth quarter should be pretty solid. So I don't really anticipate a lot of change there. And I think ocular health has been set a little bit by some one-offs, right? So you've got a contact lens care problem that we had with some inventory in China last year that we're wrapping around as a comp.

然後當你轉向視力保健時，隱形眼鏡實際上非常堅固。所以我認為我們看看隱形眼鏡，我們第三季的價格有點低，第四季應該相當穩定。所以我並不真正預期那裡會發生很大的變化。我認為眼部健康是由一些一次性事件造成的，對吧？因此，去年我們在中國的一些庫存存在隱形眼鏡護理問題，我們將其作為比較品進行包裝。

And then we had, of course, a bit of a mistake with a vendor in the third quarter on the gross margin with the product that we had to spoil. So I think in the fourth quarter, we should be kind of relatively stable and those markets look fine to us.

當然，我們在第三季與供應商的毛利率上犯了一些錯誤，我們不得不破壞產品。所以我認為在第四季度，我們應該相對穩定，這些市場對我們來說看起來不錯。

And our performance has been really even despite that, quite good in the Systane product, for example, which has been double digit. So I think segment to segment, if you cut it all there, it should be pretty close to what we're describing. We have a pretty good read on it. So again, I think it's -- we'll grow faster than market. We hope the market grows well.

儘管如此，我們的表現仍然非常均衡，例如 Systane 產品的表現相當不錯，達到了兩位數。所以我認為逐個細分，如果你把它全部剪掉，它應該非常接近我們所描述的。我們對此有很好的了解。再說一遍，我認為我們的成長速度將快於市場。我們希望市場能夠良好發展。

Okay. And then I got a lot of questions. I'm going to actually ask about P7 just because it is such a paradigm shift in contact lens adoption. And so -- maybe you could spend a minute kind of -- is the target to switch the two-week wearers, is the target to go the initial target on the month, please? How are you thinking about kind of segmenting the market, I mean, in order to drive what is essentially a new category in contact lenses?

好的。然後我收到了很多問題。我實際上要問的是 P7，因為它是隱形眼鏡採用的典範轉移。那麼——也許你可以花一點時間——是更換兩週佩戴者的目標，是達到本月初始目標的目標嗎？我的意思是，您如何考慮對市場進行細分，以推動隱形眼鏡本質上的新類別？

Yes. It's an interesting question, and it's a really good one. That's why we've been a little bit careful with this product. We've talked about it really for maybe 18, 24 months because we had the idea some time ago, but we wanted to test it. We've had it in the market now for about 6 months with maybe 30 to 50 KOLs that we really think a lot of.

是的。這是一個有趣的問題，也是一個非常好的問題。這就是為什麼我們對這個產品非常小心。我們已經討論了大約 18、24 個月，因為我們很久以前就有了這個想法，但我們想測試它。我們已經將其投放到市場大約 6 個月了，可能有 30 到 50 個我們非常重視的 KOL。

And I think what we believe is that everybody believes that dailies should be the product people should use because it's -- they're healthier, they're easy to use, all of those things. But not everybody can afford it. And today, still, about half the market goes into a reusable lens, which is usually a monthly lens, sometimes a 2-week lens.

我認為我們相信每個人都認為日報應該成為人們應該使用的產品，因為它們更健康，易於使用，所有這些。但並不是每個人都能負擔得起。如今，仍有大約一半的市場進入可重複使用的鏡片，通常是每月一次的鏡片，有時是兩週一次的鏡片。

As a consequence of that, what we kept asking ourselves is, well, is that -- is there something in between there? And the answer is, we believe so. And it is basically this two-week market or the monthly market that we're thinking about because a one-week lens is certainly more intuitive, every Monday, every Sunday, whatever you want to do, you take it that, you toss it. And then you use it reusably all week, and you get rid of it. But that's a much more intuitive replacement profile.

因此，我們不斷問自己，嗯，這之間是否存在某種東西？答案是，我們相信是這樣。我們考慮的基本上是兩週市場或每月市場，因為一周鏡頭肯定更直觀，每週一，每週日，無論你想做什麼，你拿它，你扔它。然後你整個星期都可以重複使用它，然後你就把它丟掉了。但這是一個更直觀的替換配置。

It's healthier it's a lot more comfortable than a monthly lens, especially as you get to the end of the month or you get to the end of the two weeks, what we believe is that putting this lens in every week gives you a fresh lens every day and day seven.

它比每月佩戴的鏡片更健康、更舒適，尤其是當您到了月底或兩週結束時，我們相信每週戴上這款鏡片都會為您帶來新的鏡片日和第七日。

So at the core of that is we think there's a price point and a comfort benefit, a wearability benefit that is very meaningful to the two-week wearer and the monthly wearer. So that's roughly how we see it. For everybody who can't afford dailies, this is going to be the best lens [form].

因此，核心是我們認為有一個價格點和舒適度優勢，耐磨性優勢對於兩週佩戴者和每月佩戴者非常有意義。我們大致上就是這樣看的。對於每個買不起樣片的人來說，這將是最好的鏡頭[形式]。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

I'm wondering if I could ask maybe two clarifying on the model and then just a contact lens question. On the model itself, 4Q implied guidance seems to be kind of a broad range in 5% to 9% at the organic growth level. Tim, can you kind of narrow us into that 5% to 9%? What would it take to be at the bottom end of the range at the top end of the range? Is that the right range doing the math? And I guess I'll listen there and then ask one other question.

我想知道我是否可以問兩個關於模型的澄清問題，然後只是一個隱形眼鏡問題。就模型本身而言，第四季的隱含指引似乎在有機成長水準上的 5% 至 9% 範圍內。提姆，你能把我們的範圍縮小到 5% 到 9% 嗎？怎樣才能達到該範圍的底端和該範圍的頂端？這是進行數學計算的正確範圍嗎？我想我會聽完然後問另一個問題。

Yes. I mean as far as the ranges go to David's point, I think you laid out sort of the sequential growth that we're expecting. I think what moves that market would be one of them. Again, we've assumed the market will be consistent with what we saw in Q3. So if that's a little bit softer than we thought, that would bring it down.

是的。我的意思是，就大衛的觀點而言，我認為你列出了我們預期的連續成長。我認為推動市場發展的因素就是其中之一。同樣，我們假設市場將與我們在第三季看到的情況一致。因此，如果這比我們想像的要軟一點，那就會降低它。

If it's a little bit better than we thought that would bring you up. And then again, performance. I mean, again, we have a lot of momentum, international -- in particular, contact lenses to David's point, internationally, a lot of momentum there, gaining a lot of share, ocular health, we have a favorable comp. So those would be the movers.

如果比我們想像的好一點，我們就會提拔你。然後再說一下性能。我的意思是，我們在國際上有很大的動力——特別是大衛的觀點，在隱形眼鏡方面，在國際上，有很大的動力，獲得了很多份額，在眼健康方面，我們有一個有利的競爭。所以這些將是推動者。

All right. Fair enough. And David, I think I heard you say, correct me if I'm wrong, kind of whatever the second half is where fourth quarter shakes out once the third quarter you'd be somewhat comfortable with that being kind of the stepping off point for the first half of next year and then maybe some acceleration on top of that, is that correct, number one.

好的。很公平。大衛，我想我聽到你說，如果我錯了，請糾正我，無論下半場是什麼，第四節一旦第三節結束，你就會對這作為下半場的出發點感到有些舒服。 ，然後可能會出現一些加速，這是正確的，第一。

And number two, just on the contact lens market, the 5% growth you cited for the market this quarter seemed maybe a point softer than the first half. Anything to read into that. Our recent survey picked up maybe a point of softening as well. So just wondering if anything's changed in the market, or if that's just kind of normal variability by quarter.

第二，就隱形眼鏡市場而言，您提到的本季市場成長 5% 似乎比上半年軟一些。任何可以讀到的東西。我們最近的調查也可能發現了一個軟化點。所以只是想知道市場是否發生了變化，或者這是否只是季度的正常變化。

Jeff, I think that's -- for the second part, I mean, we've always said the contact lens market runs between 4% and 6%. It's right in the middle of that right now. So I would call that normal I think the first part of your question, front half versus back half, what I was really trying to imply was we really have a lot of stuff coming in, in the front half, but it doesn't really generate full-speed revenue until you start getting to the back half.

傑夫，我認為，對於第二部分，我的意思是，我們一直說隱形眼鏡市場的份額在 4% 到 6% 之間。現在就在中間。所以我認為這很正常，我認為你問題的第一部分，前半部分與後半部分，我真正想暗示的是，我們確實有很多東西進來，在前半部分，但它並不真正產生全速收入，直到你開始進入後半段。

So I would think about the back half a little bit stronger than the front half next year, and that's really all we can guide you at this point until we get really into next year and have all our thoughts together on the market and how these things are going to actually roll out.

因此，我認為明年的後半部分會比前半部分更強一點，這就是我們目前所能為您提供的全部指導，直到我們真正進入明年，並將我們所有的想法集中在市場上以及這些事情如何將會真正推出。

Anthony Petrone, Mizuho.

安東尼佩特隆，瑞穗。

Maybe one on IOLs and one just a broader new product question. You mentioned a couple of times, David, on competitive dynamics, but also the market is a little bit soft in the US. Maybe if you segment between those, how long do you expect trialing of competitive lenses, I think, in the PC-IOL side? Will that bleed into the first half of next year and then does it subside, so a little bit on those dynamics.

也許一個是關於人工水晶體的問題，另一個只是一個更廣泛的新產品問題。大衛，你多次提到競爭動態，但美國市場也有點疲軟。也許如果您對這些進行細分，我想您預計在 PC-IOL 方面試用競爭鏡片需要多長時間？這種情況會持續到明年上半年嗎？

And just that underlying market in the US has been, I think, a little bit soft, so is there any update on the state of the consumer. And then just sneak in the one on new products. You have three new products coming next year that are pretty substantial, when you think about contribution of new product growth, is that something that we should be thinking 200 to 300 basis points or perhaps more as this gets going?

我認為，美國的基礎市場有點疲軟，那麼消費者的狀況有什麼更新嗎？然後就偷偷地看一下新產品。明年將推出三款相當可觀的新產品，當您考慮新產品成長的貢獻時，我們是否應該考慮 200 到 300 個基點或更多基點？

Yes. Let me take on the first one. Look, there's two dynamics, you're right. I mean there's one that won't last that long, but certainly, it's hard to know how big it is. And that is competitive sampling.

是的。讓我來承擔第一個。看，有兩種動力，你是對的。我的意思是，有一個不會持續那麼久，但當然，很難知道它有多大。這就是競爭性抽樣。

I mean, sampling takes out revenue units that should depress the market. So some of that is in there for sure because they were relatively new products into the market with competition in the third quarter. So started kind of the second, but -- and that could explain some of it.

我的意思是，抽樣消除了應該抑制市場的收入單位。因此，其中一些肯定存在，因為它們是進入市場的相對較新的產品，在第三季度面臨競爭。所以開始了第二個，但是——這可以解釋其中的一些原因。

There's also a lot of other views on this, which is we can see that some of our largest accounts have been a little bit less productive this year than they have been in the past. But the thing I'd tell you is there is no shortage of cataracts.

對此還有很多其他觀點，我們可以看到，我們一些最大的客戶今年的生產力比過去有所下降。但我要告訴你的是，白內障並不缺乏。

There's plenty of cataracts to go. We -- they can do as many as they want to do. The limiting factor is how long they're in the OR and how many they schedule. And so really, I expect all this stuff to kind of naturalize into what has historically been the global growth rate. We kind of called that 4% to 5% range globally is the right answer.

還有很多白內障需要治療。我們——他們可以做他們想做的事。限制因素是他們在手術室待的時間以及他們安排的人數。事實上，我預計所有這些東西都會自然化為歷史上的全球成長率。我們認為全球 4% 到 5% 的範圍是正確的答案。

So we're on the low end of that because the US was a little bit of soft. International was solid. They were right in the middle of where they should be. There were 5%, I think. So I think we were pleased with, I think, what happened in international. We continue to see strong growth out there. It's been the US dynamic that we're just trying to figure out. How long does it last?

所以我們處於低端，因為美國有點軟弱。國際很穩固。他們就在他們應該在的地方的中間。我想有 5%。所以我認為我們對國際比賽中發生的事情感到滿意。我們繼續看到強勁的成長。我們只是想弄清楚美國的動態。持續多久？

I don't know. I mean -- but I wouldn't really worry about it over the long haul. I think if you're in this for the long haul, like we are, cataracts come back. This is a 3% growth market in the US, has been for a long time. So I wouldn't expect it to be different than that of the genuine long-term horizon.

我不知道。我的意思是——但從長遠來看我不會真正擔心它。我認為如果你像我們一樣長期從事這種工作，白內障就會復發。這是美國一個成長3%的市場，已經存在很久了。所以我不認為它會與真正的長期視野有所不同。

On the other piece, you mentioned on the consumer. I would really take the consumer out of this. The consumer is really not part of the cataract surgery discussion really. I think we know there's a lot of headroom for AT-IOL. We know there's a line of -- right now, I think the wait times even in the US have gotten to be four and five months.

在另一篇文章中，您提到了消費者。我真的會讓消費者擺脫這個困境。消費者其實並沒有真正參與白內障手術討論。我認為我們知道 AT-IOL 有很大的發展空間。我們知道現在需要排隊，我認為即使在美國，等待時間已經達到了四到五個月。

So there's a significant amount of wait time out there, plenty of consumers who will come and pay for their surgery. On the last bit on product growth for new products, give us a little bit of time to think that through. We need to position that a little bit better, but I think what we're trying to figure out as we get into next year will be how much we're going to put into that when they launch and how to think about that.

因此，等待時間很長，大量消費者會來支付手術費用。關於新產品的產品成長的最後一點，請給我們一點時間思考。我們需要把它定位得更好一點，但我認為，進入明年，我們要弄清楚的是，當它們推出時，我們將投入多少，以及如何考慮這一點。

But as I said before, what I do right now is back half is probably stronger than the front half.

但正如我之前所說，我現在所做的就是後半場可能比前半場更強。

Tom Stephan, Stifel.

湯姆·史蒂芬，斯蒂菲爾。

Two on the consumables opportunity for Unity. I'll ask both upfront. I think it's understood price is a potential growth driver for Unity consumables' flight. What about the share gain opportunity? David, can you talk about that a bit?

兩個關於 Unity 的消耗品機會。我會提前問清楚。我認為價格是 Unity 耗材飛行的潛在成長動力是眾所周知的。股票增值機會怎麼樣？大衛，你能談談這個嗎？

And I guess, if and how that can also drive consumables growth? And then second, my tack on, is there any sort of tail or lag on the consumables revenue from Unity compared to system placements that we should be thinking about as we try to model out the impact from Unity consumables?

我想，這是否以及如何也能推動消費品的成長？其次，我的觀點是，與系統佈局相比，Unity 的消耗品收入是否有任何形式的尾部或滯後，我們在嘗試模擬 Unity 消耗品的影響時應該考慮這一點？

Yes. The last one is pretty easy. There isn't really a lag different than what you'd see on our normal sales. And we do -- but you do see -- when you bring a new machine in, there is a cutover period, so you start a little bit slower and then it accelerates up. So just you're going to have to put in a lag of growth to full speed.

是的。最後一項非常簡單。與您在我們的正常銷售中看到的延遲並沒有什麼不同。我們確實這樣做——但你確實看到——當你引進一台新機器時，會有一個轉換期，所以你開始的速度會慢一點，然後就會加速。因此，你將不得不在全速增長方面施加滯後。

But that's not different than what we would sell now. So I would think about it that way. We've been very fortunate in the last couple of years, we've gained share in our platforms. So I think we've gained one or two share points of the platform around the world, largely international, I would say, and a little bit in the US.

但這與我們現在出售的沒有什麼不同。所以我會這樣想。在過去的幾年裡，我們非常幸運，我們在我們的平台上獲得了份額。因此，我認為我們已經在全球範圍內獲得了該平台的一兩個份額點，我想說，主要是在國際上，還有一點在美國。

But I think there is some share in the US to be had. I would not say there's a lot. I would really think about it as a replacement cycle for our current machines with a premium to that replacement, both on the consumables and the consumables. Internationally, I do think there's a share opportunity.

但我認為美國也有一些份額。我不會說有很多。我真的會將其視為我們當前機器的更換週期，並且在消耗品和消耗品上都比更換有溢價。在國際上，我確實認為有分享機會。

But again, you have to divide the world up into the kind of world that can afford this machine in the world that is using very kind of inexpensive what they can afford machines where we really don't compete. And that's a significant part of the international share as you would look at it. So you think about India, you think about developing markets where, frankly, there would be some of our machines in there, but only in very large centers, in very large metro areas.

但同樣，你必須將世界劃分為能夠負擔得起這台機器的世界和使用非常便宜的機器的世界，而我們確實沒有競爭。正如你所看到的，這是國際份額的重要組成部分。所以你想想印度，你想想發展中市場，坦白說，那裡會有我們的一些機器，但只在非常大的中心，在非常大的都市區。

So we tend to have a very low share in some of those developing markets. But those are opportunities for us, but probably opportunities for others of our products, so say, our legacy brands and our LEGION product. And I think that was probably what it was.

因此，我們在一些發展中市場的份額往往非常低。但這些對我們來說是機會，但對我們的其他產品也可能是機會，例如我們的傳統品牌和 LEGION 產品。我認為事情可能就是這樣。

But I think direction of the growth is going to be positive in consumables because, of course, we're looking to get a premium on the packs as we go forward.

但我認為消耗品的成長方向將是正面的，因為當然，我們希望在前進的過程中獲得包裝的溢價。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc 資本市場。

Just had a brief one on the contact lens business trend. So I think you annualized one of two pricing increases that you took last year and still through approximately 8% constant currency in the subsegment. So just curious how much of that performance was tied to volume and mix versus pricing growth this quarter?

剛剛簡要介紹了隱形眼鏡業務的趨勢。因此，我認為您對去年兩次定價上漲中的一次進行了年化，並且仍然通過該細分市場中大約 8% 的固定匯率。那麼，只是好奇本季的業績成長與銷售和產品組合以及價格成長有多少相關？

Yes, I think you've got it exactly right. We've got -- we had a lot more price last quarter than we did this quarter. And obviously, I think we grew 9% last quarter at contact lenses, would be great this time. So I think there was a slight -- I think you can attribute that 1%, certainly to the price that was in last quarter. And then I'm not sure we've broken down in general what the price element of the lens category was.

是的，我認為你說得完全正確。我們上個季度的價格比本季高得多。顯然，我認為上個季度隱形眼鏡業務成長了 9%，這次會很棒。所以我認為有一點——我想你可以將這 1% 歸因於上個季度的價格。然後我不確定我們是否已經大致細分了鏡頭類別的價格要素。

But I would think about it as generally the category runs a third, a third, a third, which is for us a a third volume coming from share, a third of trade up and about a third of price.

但我認為，一般來說，該類別佔三分之一、三分之一、三分之一，對我們來說，三分之一來自份額，三分之一來自交易，大約三分之一來自價格。

All right. Helpful. And then just one more kind of clarifying question on operating margin. So you started the year with guidance of 20.5% to 21.5% and now trending towards the lower half of that range. I was just curious if you could hit on kind of like the biggest moving pieces there other than a little bit less sales leverage. And then specifically, the estimated FX impact versus the original guidance?

好的。有幫助。然後是另一個關於營業利潤率的澄清問題。因此，今年年初的指導值為 20.5% 至 21.5%，現在正趨向於該範圍的下半部。我只是很好奇，除了稍微減少一點銷售槓桿之外，你是否還能找到最大的動人之處。然後具體來說，估計的外匯影響與最初的指導相比？

Yes. Well, we had roughly 30 basis points of pressure driven by the supplier issues that we had in Q2. So if you kind of take that out, then we're right in the middle of the range that we had guided before. And from an FX pressure, let me see, I can't see that far, roughly 40 basis points.

是的。嗯，由於第二季的供應商問題，我們承受了大約 30 個基點的壓力。因此，如果你把它去掉，那麼我們就處於我們之前指導的範圍的中間。從外匯壓力來看，我看不到那麼遠，大約 40 個基點。

David Adlington, JPMorgan.

大衛‧阿德靈頓，摩根大通。

Two, please. Firstly, on Chinese and the VBP. I just wondered if you help us try to quantify what sort of tail you're seeing in China and how you expect that to evolve from here? Should we see a bigger tailwind developing from here?

請兩位。首先，關於中文和VBP。我只是想知道你是否能幫助我們嘗試量化你在中國看到的是什麼樣的尾巴以及你期望它從這裡如何演變？我們是否應該看到更大的順風從這裡發展？

And then secondly, on 512, just in your discussion with payers, just wondering how that early onset of action is resonating with payers. And is it enough to see 512 as first-line therapy?

其次，在 512 上，在與付款人的討論中，只是想知道早期採取的行動如何與付款人產生共鳴。將 512 作為一線治療就足夠了嗎？

On the China piece, I think we're exactly where we had hoped to be. Right now, we feel really good about our progress.

在中國方面，我認為我們完全達到了我們所希望的水平。現在，我們對自己的進步感到非常滿意。

As you know, you've got to get the products listed. You've got to get them inventoried into the hospital and then you've got to convert surgeons to a new method. Many of these surgeons have never had the opportunity to use a Vivity, although they've obviously heard about it around the world, same thing with PanOptix.

如您所知，您必須列出產品。你必須將它們存入醫院，然後你必須讓外科醫生採用新的方法。這些外科醫生中的許多人從未有過使用 Vivity 的機會，儘管他們顯然在世界各地都聽說過它，PanOptix 也是如此。

So for us, this is an exciting time, and we're moving nicely through our cadence of activity. And I think we're kind of, as I would say, full year effect next year is probably the thing to think about we're getting some effect on it this year, but largely it's distribution and the inset of inventory into -- and we're getting some pull-through right now, which has been great.

因此，對我們來說，這是一個令人興奮的時刻，我們的活動節奏進展順利。我認為，正如我所說，明年的全年影響可能是我們今年要考慮的問題，但主要是分銷和庫存注入——我們現在正在取得一些進展，這非常棒。

But I think our share is moving nicely, but again, relatively early days for us there. Look for next year to be a bigger step forward. I think on 512, the payers piece of it, I think, has been pretty good. Again, we're very early in this conversation. So I would say we have a thesis on this that we are testing it seems to work well. I do think that first-line therapy is going to be almost always given to a generic if there's one available in many of the payers, and you need to be thoughtful about that because you're going to have to clear that hurdle.

但我認為我們的份額進展順利，但同樣，對我們來說，這還處於相對早期的階段。期待明年能向前邁出更大的一步。我認為在 512 上，付款人的部分已經相當不錯了。再說一次，我們的對話還處於早期階段。所以我想說，我們有一篇關於這個的論文，我們正在測試它似乎運作得很好。我確實認為，如果許多付款人都有可用的仿製藥，一線治療幾乎總是會給予仿製藥，並且您需要仔細考慮這一點，因為您將必須清除該障礙。

And that's not new news. I think what's exciting about this, though, is that even in that circumstance, the economics of knowing that something works in a week versus knowing that something might work a month from now and then having to have another visit around it, I think has a real opportunity to save money to the system and to the patients.

這並不是什麼新消息。不過，我認為令人興奮的是，即使在這種情況下，知道某件事在一周內有效與知道某事可能在一個月後有效然後必須再次訪問它的經濟學，我認為有一個為系統和病人省錢的真正機會。

And obviously, if you can create a substantial impact early on. That is our economic thesis right now. And I do think it certainly resonates. We're going to need to make sure that we can make that come alive for people as we go forward. I think first line will be largely driven by historically lower-priced products as it is today, and we'll be competing for what happens right after that or [how] we compete with that.

顯然，如果你能儘早產生重大影響。這就是我們現在的經濟論點。我確實認為這肯定會引起共鳴。我們需要確保在我們前進的過程中能夠讓人們感受到這一點。我認為第一線將主要由歷史上價格較低的產品驅動，就像今天一樣，我們將爭奪之後發生的事情或我們[如何]與之競爭。

Giang Nguyen, Citi.

江阮，花旗銀行。

I have two, please. So the first thing is, could you just give us a quick update on how the penetration of AT-IOL in the US trended in the quarter. And if you're seeing anything different in the first half of Q4. And then the second question is on the contact lens business, seeing that the organic growth has been trending down over the course of the last three quarters. Aside from pricing, is there anything else that you would like to call out about this business?

我有兩個，拜託。首先，您能否為我們快速介紹本季 AT-IOL 在美國的滲透率趨勢。如果您在第四季度上半段看到任何不同的情況。第二個問題是關於隱形眼鏡業務，因為過去三個季度的有機成長一直呈下降趨勢。除了價格之外，您還有什麼想對這項業務提出要求的嗎？

On the penetration in the US, it was up about 70 basis points. So I think nice movement up. I think it was in the low 19s, so again, kind of returning back to where it was after a bit of a hiatus there. So we were pleased with the sequential growth in the year-over-year, both of them were up. I think directionally, that the contact lens organic growth trending down, I think has more to do with price than it does anything else.

美國的滲透率上升了約 70 個基點。所以我認為向上的移動很好。我認為那是在 19 年代初，所以，在短暫的中斷之後，又回到了原來的狀態。因此，我們對同比的連續成長感到滿意，兩者均有所上升。我認為，隱形眼鏡的有機成長呈下降趨勢，這與價格的關係比其他任何因素都更大。

I think underneath that, trade-ups are pretty solid. And again, mix has been good for us. So again, we're getting some good reusable mix in here, which is good for profit. You will have seen our sector profit up. And I think directionally, our contact lens business seems like it's doing quite well, both on a share basis, but also on a I'll call it, trade up and our prices seem to be holding nicely.

我認為在此之下，交易是相當穩固的。再說一遍，混合對我們有好處。再說一次，我們在這裡得到了一些很好的可重複使用的組合，這對利潤有利。您將看到我們行業的利潤成長。我認為，從方向上看，我們的隱形眼鏡業務似乎表現得相當不錯，無論是在股票基礎上，還是在我稱之為「向上交易」的基礎上，我們的價格似乎都保持得很好。

And if I could just quickly follow up. What is your view on pricing going forward into the new year?

如果我能快速跟進就好了。您對新一年的定價有何看法？

We take that kind of quarter-by-quarter. What we're looking at is, obviously, our input prices first. So what does it cost us to make this product and what's the inflation from suppliers. So we take that into account. We're also looking at very quickly every quarter, we look at what the trade-up looks like.

我們按季度採取這種做法。顯然，我們首先關注的是我們的投入價格。那我們生產這個產品的成本是多少，供應商的通貨膨脹是多少。所以我們考慮到這一點。我們每季都會很快地進行觀察，看看交易會是什麼樣子。

So is there any hesitation as prices moved up from consumers trading from a reusable lens into a daily lens because we don't want to price anybody out. And obviously, we're always sensitive to a reasonable value relative to competitors. So that's what we're trying to figure out.

因此，當消費者從可重複使用的鏡片換成日常鏡片時，價格上漲，是否會有任何猶豫，因為我們不想讓任何人出局。顯然，我們總是對相對於競爭對手的合理價值很敏感。這就是我們想要弄清楚的。

So we'll reserve judgment on what we're going to do forward as we collect that information in the new year.

因此，當我們在新的一年收集這些資訊時，我們將對未來要做什麼保留判斷。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

I was just wondering if you could talk to some of the dynamics supporting the Systane growth. This has been very impressive growth for some time now. Just wondering if you could help us understand the extent to which this is share gains versus market transition into preservative-free and the sustainability of that growth into next year?

我只是想知道您是否可以談談支持 Systane 成長的一些動力。一段時間以來，這種增長令人印象深刻。只是想知道您是否可以幫助我們了解相對於市場向無防腐劑轉型的份額收益的程度以及明年增長的可持續性？

And then my follow-up is on the surgical margins, which were a little bit softer this quarter. Just if you could talk to some of the moving parts within that surgical contribution margin, if it is mix pressure coming through from the implantable slowdown and how we should be thinking about that division into '25?

然後我的後續行動是手術邊緣，本季手術邊緣稍微軟一點。只是如果你能談談手術貢獻邊際內的一些活動部件，如果它是來自植入性放緩的混合壓力，以及我們應該如何考慮將其劃分為“25”？

Yes. Well, thanks for noticing the Systane growth. It has been terrific. And I think probably an underappreciated asset for us. One of the things that we have noticed, obviously, when we put this product out was the preservative-free, multi-dose format is a very attractive format for people.

是的。好吧，感謝您注意到 Systane 的成長。太棒了。我認為這對我們來說可能是一項被低估的資產。顯然，當我們推出該產品時，我們注意到的一件事是不含防腐劑的多劑量形式對人們來說是一種非常有吸引力的形式。

And the unit dose preservative-free products are good products. And what was surprising to us is that those have really persisted pretty well. I think some people find them convenient. But what's exciting is that most of the market, I think, has taken to the multi-dose version of the preservative-free product quite well. And we have always thought that it would kind of approximate the international markets in its penetration ultimately.

而且單位劑量不含防腐劑的產品都是好產品。令我們驚訝的是，這些確實堅持得很好。我想有些人覺得它們很方便。但令人興奮的是，我認為大多數市場已經很好地接受了無防腐劑產品的多劑量版本。我們一直認為它最終的滲透率會接近國際市場。

So I would say it's a little bit of sharing, but it's a lot of movement to preservative-free multi-dose on the Systane piece. Now we hope that the share gain will pick up as well next year as we launch Systane, what we're calling Systane Pro.

所以我想說，這只是一點分享，但它是 Systane 片上無防腐劑多劑量的一大進步。現在，我們希望明年我們推出 Systane（我們稱之為 Systane Pro）時，份額成長也會增加。

Systane Pro has hyaluronic acid, which is, as most people know, it's a really popular lubricant and does a lot of really nice hydrating qualities if you include it in a tear, and so we've been able to formulate Systane complete with hyaluronic acid and some other kind of clever ideas that the folks that come up with to really give us a durable comfort, which I think gives Systane another boost as we go forward next year on a share basis.

Systane Pro 含有透明質酸，正如大多數人所知，它是一種非常受歡迎的潤滑劑，如果將其加入眼淚中，可以發揮很多非常好的保濕功效，因此我們能夠配製出含有透明質酸的Systane以及其他一些聰明的想法，人們提出的這些想法確實給我們帶來了持久的舒適感，我認為這會給 Systane 帶來另一個推動力，讓我們明年在共享的基礎上前進。

So we're excited about that. It comes out in the first quarter. And so I would look for steady growth in Systane through next year.

所以我們對此感到興奮。它在第一季發布。因此，我希望 Systane 明年能夠穩定成長。

And if you look at the surgical margins, there was a little bit of pressure on gross margin, which is primarily mix. That was a piece of it, but it was really predominantly incremental R&D.

如果你看一下手術利潤率，你會發現毛利率受到了一點壓力，這主要是混合因素。這是其中的一部分，但它實際上主要是增量研發。

Okay. That's helpful. And if I can just squeeze in a clarification. I think at the start, you mentioned 1.5% growth in the US. I just wanted to confirm, was that an implant or broader surgical?

好的。這很有幫助。如果我能擠出一點澄清的話。我想一開始您就提到了美國 1.5% 的成長。我只是想確認一下，這是植入還是更廣泛的手術？

That's surgical procedures as we define them, and that's largely around implants.

這就是我們所定義的外科手術，而且主要是圍繞著植入物進行的。

(inaudible) HSBC.

（聽不清楚）匯豐銀行。

One on the tax and cash flows rate was lower and cash flows were much stronger than Q3. So the question is, is there any pull-forward effect? Should we expect normalization of that and how it will be a phase it be going into 2025.

其中稅收和現金流率較低，現金流比第三季強得多。那麼問題來了，有沒有拉動效應呢？我們是否應該期待這種情況的正常化以及它將如何進入 2025 年。

And the second question is, can you give us some more color about how value-based procurement has evolved for you, maybe some insight into the share gains and whether that was any -- that had any impact on the lower surgical margins that you had this quarter?

第二個問題是，您能否給我們更多關於基於價值的採購是如何為您發展的信息，也許對份額收益有一些見解，以及這是否對您較低的手術利潤有任何影響這個季度？

Yes. On the tax front, we did settle some tax disputes, one in the US, I think one in Germany. So we had some discrete benefits. So that's what you're seeing in Q3. So the overall tax rate that we updated, moving it from 20% to 19%. That was really driven by the fact that we had more favorable discretes than we had anticipated. And then on the free cash flow, yes, we're excited about the free cash flow performance.

是的。在稅務方面，我們確實解決了一些稅務糾紛，其中一個在美國，我認為一個在德國。所以我們有一些離散的好處。這就是你在第三季看到的情況。因此，我們更新了總體稅率，從 20% 提高到 19%。這實際上是因為我們擁有比我們預期更有利的分立元件。然後在自由現金流方面，是的，我們對自由現金流表現感到興奮。

We've been talking about this step up. We actually saw that in Q3. And what you're basically seeing is now that we're done with separation, now that we're done with transformation, we've flowed through the higher cost inventory that we bought when inflation was a problem, and supply was a problem, you're sort of seeing all that flow through right now.

我們一直在討論這一步驟。我們實際上在第三季度看到了這一點。你基本上看到的是，現在我們已經完成了分離，現在我們已經完成了轉型，我們已經流通了在通膨問題和供應問題時購買的成本較高的庫存，你現在就看到了所有的事情。

So we're getting to a much more normalized free cash flow, and we expect that to continue to grow as we improve our operating performance going forward.

因此，我們正在實現更正常化的自由現金流，隨著我們未來經營績效的改善，我們預期自由現金流將持續成長。

Yes. And on the global share, I would just say we have -- our global total IOL share has been relatively flat. So we are trading international share for US share. And I think as a consequence, there is some price erosion around that.

是的。就全球份額而言，我只想說我們的全球 IOL 總份額相對持平。因此，我們正在用國際股票交易美國股票。我認為因此，價格會受到一些侵蝕。

Now we're making that gross margin up and productivity inside of the manufacturing groups. So again, you don't really see a net effect in gross margin on that but it is obviously a lower price on the European stage and on the China stage, for example.

現在我們正在提高製造集團內部的毛利率和生產力。再說一次，你並沒有真正看到毛利率對此的淨影響，但例如在歐洲舞台和中國舞台上，價格顯然較低。

Our share gains have been meaningful in China, but it's hard to tell right now. whether or not -- what they are because the data is a little bit muddy, I would just say. So we're very pleased with our performance. It's exactly what we'd hoped for. But I would just say, I wouldn't want to overread the positives we're getting.

我們在中國的市佔率成長意義重大，但現在還很難說。無論是否——它們是什麼，因為數據有點混亂，我只想說。所以我們對我們的表現非常滿意。這正是我們所希望的。但我只想說，我不想過度解讀我們所得到的正面因素。

Falko Friedrichs, Deutsche Bank.

法爾科·弗里德里希，德意志銀行。

Two questions, please, for me. Firstly, on the US market, I think you said that you noticed that it turned a little bit softer in June. Did this turn -- did this get worse throughout the third quarter? Or did it just stay on this slightly softer level in June. So essentially, did the US market deteriorate further in Q3? Or did it just sort of stay on a stable softer level that you saw in June?

請問我兩個問題。首先，關於美國市場，我想您說過您注意到六月的情況有所轉軟。第三季情況是否變得更糟？或者說它只是停留在六月稍微疲軟的水平。那麼本質上，美國市場第三季是否進一步惡化？或者它只是停留在你在六月看到的穩定的疲軟水平上？

And then my second question is, if the root cause of this lower US growth is IOL customers sampling competitive products Isn't there a risk that some of those customers stay with a competitive product, in which case your implantable growth might be a little bit slower structurally heading into next year or asking it differently, what gives you confidence that you can keep your share in the IOL market in the US?

然後我的第二個問題是，如果美國成長放緩的根本原因是IOL 客戶採樣競爭產品，那麼是否存在其中一些客戶繼續使用競爭產品的風險，在這種情況下，您的植入式成長可能會有點進入明年結構性放緩或換個角度問，是什麼讓您有信心保持在美國 IOL 市場的份額？

Well, first of all, on the tempo, it was slightly slower in June, and it pretty much stayed there. It was pretty -- kind of just stable through the third quarter. So nothing to really drive home about, I would just say it was a kind of a low end of normal is what I would typically say.

嗯，首先，就節奏而言，六月稍微慢一些，而且幾乎保持不變。整個第三季都非常穩定。所以沒什麼值得真正開車回家的，我只想說這是我通常會說的一種低階正常。

And on the -- I think the question ultimately is, if it's really sampling, then you're going to have to -- people have to stop sampling at some point and try to make some money. So I suspect that when they have to pay for the lens, it will be a little bit of a different story because at some level, you've got to be better than the lens that I'm putting in, and I feel very confident about the performance of PanOptix and Vivity against all of the competitive lenses.

我認為最終的問題是，如果真的是抽樣，那麼你就必須——人們必須在某個時候停止抽樣並嘗試賺一些錢。所以我懷疑當他們必須為鏡頭付費時，情況會有所不同，因為在某種程度上，你必須比我安裝的鏡頭更好，而且我感到非常有信心關於PanOptix 和Vivity 相對於所有競爭鏡頭的性能。

So there's going to be a market for price there's certainly a market for free. And I think what we believe right now is that we'll do well when it comes time to really perform.

因此，將會有一個價格市場，當然也有一個免費市場。我認為我們現在相信的是，當真正表現出色時，我們會做得很好。

Okay. And if I can squeeze in a quick follow-up. I think you said that you expect the market growth sort of to be closer to the growth over the recent quarters. Could you put a number on that for us? Is it 3%? Is it 2%?

好的。如果我能抽出時間進行快速跟進。我認為您說過您預計市場成長將接近最近幾個季度的成長。您能為我們提供一個數字嗎？是3%嗎？是2%嗎？

I'm sorry, what was the question again? Market closer to --

抱歉，剛才問的是什麼問題？市場更接近--

The recent quarter.

最近一個季度。

The recent quarters.

最近幾季。

Yes, you said market growth is closer to what you've seen over the recent quarters rather than what you've seen historically. Can you put a number on that? Is that, do you mean 3%?

是的，您說過市場成長更接近您最近幾季所看到的情況，而不是您歷史上看到的情況。你能給出一個數字嗎？你是說3%嗎？

No, we're in the middle of the quarter right now, but I'll give you the third quarter, it was 1.5% in the U.S., and it was solid overall. It was 4% globally, 5% international. So those are the numbers that you had in the third quarter. They were a little bit softer than the second quarter.

不，我們現在正處於季度中期，但我會告訴你第三季度的情況，美國的成長率為 1.5%，總體來說很穩健。全球為 4%，國際為 5%。這些是第三季的數字。他們比第二季稍微軟一些。

Okay. And that's just a little bit less than the 4% to 5% for the market you've seen historically?

好的。這比您歷史上看到的市場 4% 到 5% 的比例略低一點嗎？

Yes, that's right.

是的，沒錯。

I guess that's what you want to say, right? Okay.

我想這就是你想說的，對吧？好的。

Yes.

是的。

There are no further questions at this time. I would now like to turn the floor back over to Dan Cravens for closing comments.

目前沒有其他問題。我現在想把發言權交還給丹·克雷文斯（Dan Cravens）以供結束評論。

Well, great. Thanks, everybody, again for joining us. If you have any follow-up questions, certainly reach out to either Allen Trang or myself. And also, just as a reminder, as David mentioned, we are planning our next Capital Markets Day for the end of March of 2025. And that will be at our [Forward Campus] in Forward Texas, and we'll plan on revealing the save to date through the end of the year. Thanks again, and enjoy the rest of your day.

嗯，太好了。再次感謝大家加入我們。如果您有任何後續問題，請聯絡 Allen Trang 或我本人。此外，正如 David 所提到的，謹提醒您，我們計劃在 2025 年 3 月底舉辦下一個資本市場日。這將在我們位於德克薩斯州前進的 [前進校園] 進行，我們計劃在今年年底之前公佈迄今為止的保存內容。再次感謝，祝您有個愉快的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。