Alcon AG (ALC) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Alcon second-quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加愛爾康 2025 年第二季財報電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Dan Cravens, Vice President, Global Head of Investor Relations. Please go ahead, sir.

現在我很高興將電話轉給副​​總裁兼全球投資者關係主管 Dan Cravens。先生，請繼續。

Good morning. Welcome to Alcon second-quarter 2025 earnings conference call. Yesterday, we issued a press release, interim financial report, and presentation. You can find all these documents on our website at investor.alcon.com. Joining me on today's call are David Endicott, our Chief Executive Officer; and Tim Stonesifer, our Chief Financial Officer.

早安.歡迎參加愛爾康 2025 年第二季財報電話會議。昨天，我們發布了新聞稿、中期財務報告和簡報。您可以在我們的網站 investor.alcon.com 上找到所有這些文件。今天與我一起參加電話會議的還有我們的執行長 David Endicott 和財務長 Tim Stonesifer。

Our press release, presentation, and discussion will include forward-looking statements, including statements about our future outlook. We undertake no obligation to update forward-looking statements and as a result of new information or future developments, except as required by law. 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.

我們的新聞稿、演示和討論將包括前瞻性陳述，包括有關我們未來展望的陳述。除非法律要求，我們不承擔根據新資訊或未來發展更新前瞻性聲明的義務。我們的實際結果可能與我們的前瞻性陳述中所表達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。

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 Exchange Commission and available on their website at sec.gov.

可能導致我們的實際結果與前瞻性聲明中的結果大不相同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，這些都已提交給美國證券交易委員會，並可在其網站 sec.gov 上查閱。

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 for IFRS.

該公司使用的非國際財務報告準則財務指標可能與其他公司使用的類似指標的計算方式不同，並且可能無法進行比較。這些非國際財務報告準則的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，但不能取代這些指標。

Please see a reconciliation between our non-IFRS measures with directly comparable measures presented in accordance with IFRS in our press release. For discussion purposes, our comments on growth are expressed in constant currency.

請參閱我們的新聞稿中非國際財務報告準則衡量指標與依照國際財務報告準則呈現的直接可比較指標之間的對帳。為了討論的目的，我們對成長的評論以固定貨幣表示。

In a moment, David will begin by recapping highlights from the second quarter. After his remarks, Tim will discuss our performance and outlook for the remainder of 2025. Then David will wrap up, and we'll open the call for Q&A.

稍後，大衛將開始回顧第二季度的精彩內容。演講結束後，蒂姆將討論我們的表現以及 2025 年剩餘時間的展望。然後大衛將結束演講，我們將開始問答環節。

So with that, I'd like to turn the call over to our CEO, David Endicott.

因此，我想將電話轉給我們的執行長大衛恩迪科特 (David Endicott)。

Good morning, everyone, and thank you all for joining us today. We are entering an exciting phase at Alcon. Several major product launches are now underway and beginning to gain traction. Our innovation and commercial teams continue to deliver, reinforcing our leadership in eye care and deepening our connection with patients and providers worldwide.

大家早安，感謝大家今天的參加。我們正進入愛爾康令人興奮的階段。目前，幾款主要產品的發布正在進行中，並開始獲得關注。我們的創新和商業團隊繼續努力，鞏固我們在眼科護理領域的領導地位，並加深我們與全球患者和供應商的聯繫。

While markets in the first half of the year were softer than anticipated, primarily in Surgical, Vision Care remains solid. And although our second-quarter results fell short of our expectations, we remain confident in the long-term durability of our end markets, the resilience of our customers, and our plan to accelerate growth.

儘管上半年市場表現弱於預期，主要是外科市場，但視力保健市場仍保持穩固。儘管我們的第二季業績未達到預期，但我們仍然對終端市場的長期持久性、客戶的韌性以及加速成長的計畫充滿信心。

Looking ahead, we've never been better positioned for sustained growth. Our teams are executing with focus and agility. And as we discussed at our Capital Markets Day, our robust pipeline and strategic expansion gives us confidence in our growth trajectory into 2026 and beyond.

展望未來，我們從未擁有過比現在更好的持續成長的條件。我們的團隊專注而敏捷地執行任務。正如我們在資本市場日所討論的那樣，我們強大的產品線和策略擴張使我們對 2026 年及以後的成長軌跡充滿信心。

I'll start my remarks today by discussing some of our recent business development and licensing transactions. At Alcon, our BD&L strategy is focused on acquiring transformative technologies in attractive white spaces that address unmet needs in eye care.

今天我將首先討論我們最近的一些業務發展和授權交易。在愛爾康，我們的 BD&L 策略專注於在有吸引力的空白領域中獲取變革性技術，以滿足眼部護理領域尚未滿足的需求。

In glaucoma, we recently integrated the Voyager direct selective laser trabeculoplasty device into our portfolio. This first noncontact laser therapy offers a streamlined patient-friendly alternative to traditional SLT and positions us to accelerate global adoption of laser-first treatments.

在青光眼方面，我們最近將 Voyager 直接選擇性雷射小梁成形術設備整合到我們的產品組合中。這種首創的非接觸式雷射療法為傳統 SLT 提供了一種簡化且對患者友好的替代方案，使我們能夠加速全球採用雷射優先治療方法。

In refractive surgery, our agreement to acquire STAAR, will strengthen our offering with implantable collamer lenses, broadening our solution for high myopes. And in retina, we recently announced the acquisition of LumiThera and its Valeda light delivery system for early and intermediate dry age-related macular degeneration.

在屈光手術方面，我們收購 STAAR 的協議將加強我們提供的植入式膠原晶體產品，拓寬我們針對高度近視的解決方案。在視網膜領域，我們最近宣布收購 LumiThera 及其 Valeda 光傳輸系統，用於治療早期和中期乾性老年黃斑部病變。

Now I'll take a few moments to discuss these last two transactions in a little more detail, starting with STAAR Surgical. As announced, we've entered into a definitive merger agreement to acquire STAAR and its market-leading EVO family of ICLs for vision correction.

現在，我將花幾分鐘時間更詳細地討論最後兩筆交易，首先是 STAAR Surgical。如所宣布的，我們已達成最終合併協議，收購 STAAR 及其市場領先的用於視力矯正的 EVO 系列 ICL。

The Boards of both companies have unanimously approved the transaction, which is valued at $1.5 billion. Upon closing, we expect the merger to be accretive to earnings in year two. ICLs represent one of the few sizable market segments in surgical vision correction, in which Alcon does not currently have a presence. And STAAR is the leader in this space, but remains underrepresented in several global markets.

兩家公司的董事會一致批准了這項價值 15 億美元的交易。交易完成後，我們預計合併將在第二年增加收益。ICL 是手術視力矯正領域中少數幾個規模可觀的細分市場之一，而愛爾康目前尚未涉足該領域。STAAR 是該領域的領導者，但在全球多個市場中仍未充分體現。

By combining forces, we can leverage Alcon's broader commercial infrastructure to accelerate adoption of the EVO ICL platform. Furthermore, the EVO family expands our ability to address significant refractive errors because it can be used to treat high myopes. EVO complements Alcon's laser vision correction platforms which are typically used for patients requiring correction of 6 diopters or less.

透過聯合力量，我們可以利用愛爾康更廣泛的商業基礎設施來加速 EVO ICL 平台的採用。此外，EVO 系列擴展了我們解決嚴重屈光不正的能力，因為它可用於治療高度近視。EVO 是對愛爾康雷射視力矯正平台的補充，該平台通常用於需要矯正 6 屈光度或以下的患者。

Importantly, this transaction brings Alcon a proven technology upon which to build. In the longer term, our internal product development teams will collaborate with STAAR's experts to explore combining our advanced IOL optical designs with their collamer platform, with the goal of developing a presbyopia- correcting ICL.

重要的是，這筆交易為愛爾康帶來了一項成熟的技術。從長遠來看，我們的內部產品開發團隊將與 STAAR 的專家合作，探索將我們先進的 IOL 光學設計與他們的 Collamer 平台相結合，以開發出矯正老花眼的 ICL 為目標。

We expect this transaction to close in 6 to 12 months, subject to customary closing conditions, including regulatory approvals and STAAR's approval of shareholders. Until then, Alcon and STAAR will operate as independent companies.

我們預計此交易將在 6 至 12 個月內完成，但須滿足慣例成交條件，包括監管部門的批准和 STAAR 股東的批准。在此之前，愛爾康和 STAAR 將作為獨立公司運作。

While EVO generates significant revenue in China, we remain confident in the long-term opportunity that that market presents. We recognize that there have been recent macroeconomic headwinds in China, but this transaction is about the future. Long term, we expect China to be the largest single eye care market in the world. And as the global leader in eye care, we expect to have a sizable presence there.

儘管 EVO 在中國創造了可觀的收入，但我們仍然對該市場帶來的長期機會充滿信心。我們體認到中國近期宏觀經濟面臨阻力，但這筆交易關乎未來。從長遠來看，我們預計中國將成為世界上最大的單一眼部保健市場。作為眼科護理領域的全球領導者，我們期望在那裡佔有相當大的份額。

Lastly, EVO's differentiated clinical profile positions us well to drive penetration and treat the myopia epidemic that's unfolding around the world. I'll now shift to our announced acquisition of LumiThera and the Valeda light delivery system. We believe this product is a pivotal shift in the treatment of dry age-related macular degeneration or AMD.

最後，EVO 差異化的臨床特徵使我們能夠推動滲透並治療世界各地正在蔓延的近視流行病。現在我將談談我們宣布收購 LumiThera 和 Valeda 光傳輸系統。我們相信該產品是治療乾性老年黃斑部病變或 AMD 的關鍵轉變。

Dry AMD is a progressive eye disease that leads to irreversible vision loss. It affects nearly 200 million people globally, and that number is expected to rise to over 280 million by 2040. Additionally, there are currently no widely adopted treatments for the early to intermediate stages of dry AMD, which is where the majority of patients sit today.

乾性 AMD 是一種導致不可逆轉的視力喪失的進行性眼疾。它影響著全球近 2 億人，預計到 2040 年這一數字將上升到 2.8 億以上。此外，目前還沒有針對乾性 AMD 早期至中期階段的廣泛治療方法，而大多數患者目前處於此階段。

The Valeda system is the first FDA-authorized medical device that uses a combination of light known as photobiomodulation, to stimulate the retina's natural ability to heal and regenerate. It's a non-invasive in-office therapy that have been shown in clinical trials to improve visual function and slow the progression of AMD.

Valeda 系統是第一個獲得 FDA 授權的醫療設備，它使用光生物調節技術來刺激視網膜的自然癒合和再生能力。這是一種非侵入性的診所內治療方法，臨床試驗顯示它可以改善視覺功能並減緩 AMD 的進展。

Most importantly, it's safe, scalable, and offers a completely new therapeutic option in an area with major unmet need. The pivotal LIGHTSITE III trial showed statistically significant improvements in best-corrected visual acuity over a two-year period. And based on those results, the product received FDA de novo authorization in 2024, a key milestone that clears the path for US market adoption.

最重要的是，它安全、可擴展，並為存在重大未滿足需求的領域提供了全新的治療選擇。關鍵的 LIGHTSITE III 試驗表明，兩年內最佳矯正視力有顯著改善。基於這些結果，該產品於 2024 年獲得 FDA 的 de novo 授權，這是為美國市場採用掃清道路的關鍵里程碑。

We also plan to pursue CMS reimbursement, and recent developments are favorable in terms of gaining coverage. If we're able to secure reimbursement and expand penetration, we estimate the peak recurring revenue could range between $100 million to $150 million by 2030.

我們還計劃尋求 CMS 報銷，並且最近的進展對於獲得報銷有利。如果我們能夠獲得報銷並擴大滲透率，我們估計到 2030 年，尖峰經常性收入可能在 1 億至 1.5 億美元之間。

As we continue to strengthen our portfolio through strategic acquisitions, we're equally focused on driving organic growth through our own innovation and execution. Our recent product launches reflect Alcon's commitment to delivering differentiated, high-performance technologies that meet the evolving needs of doctors and patients.

在我們透過策略性收購不斷加強我們的投資組合的同時，我們同樣注重透過我們自己的創新和執行來推動有機成長。我們最近推出的產品體現了愛爾康致力於提供差異化、高性能技術以滿足醫生和患者不斷變化的需求。

Now let start with Equipment where we're encouraged by the initial demand for Unity VCS, our next-generation combined vitreoretinal cataract system. This device is the result of years of collaboration with surgeons worldwide. It's a fully integrated platform that unifies both anterior and posterior segment capabilities into a single intelligent console, aimed at improving surgical workflow and efficiency.

現在讓我們從設備開始，我們對下一代組合式玻璃體視網膜白內障系統 Unity VCS 的初步需求感到鼓舞。該設備是與世界各地的外科醫生多年合作的成果。它是一個完全整合的平台，將前段和後段功能統一到一個智慧控制台中，旨在改善手術工作流程和效率。

I'm pleased to report that the innovations like 4D Phaco and the HYPERVIT 30K cutter are resonating well with both cataract and retina specialists. Unity has received regulatory approval in key markets, including the US, EU, Japan, and Australia, and we began shipping in May.

我很高興地報告，4D Phaco 和 HYPERVIT 30K 切割器等創新技術得到了白內障和視網膜專家的一致好評。Unity 已獲得美國、歐盟、日本和澳洲等主要市場的監管批准，並於 5 月開始出貨。

And while it's still early in their launch, our order book is strong. We're being deliberate with our installations. We're providing the best possible support to surgeons and clinicians as they adopt the latest advancements in phaco-vit technology.

儘管該產品還處於發布初期，但我們的訂單量很大。我們正在慎重考慮我們的安裝。當外科醫生和臨床醫生採用最新的 phaco-vit 技術時，我們將為他們提供最好的支援。

Now turning to Implantables, we're very pleased with the early market response to our latest innovation, PanOptix Pro. Building on the success of the original PanOptix, our latest advancement represents an important improvement in optical performance and patient outcomes. PanOptix Pro delivers 94% light utilization, which is the highest among trifocal IOLs.

現在談到植入物，我們對市場對我們最新創新產品 PanOptix Pro 的早期反應感到非常滿意。在原始 PanOptix 成功的基礎上，我們的最新進展代表了光學性能和患者結果的重要改善。PanOptix Pro 的光利用率高達 94%，是三焦點 IOL 中最高的。

It also reduces light scatter by 50% compared to its predecessor. This translates to sharper, clearer vision across all distances, with enhanced contrast and reduced visual disturbances. And surgeons feedback has been highly encouraging, and we're seeing solid adoption trends in early launch markets.

與前代產品相比，它還將光散射減少了 50%。這意味著在所有距離上都能獲得更清晰、更銳利的視覺，對比增強，視覺幹擾減少。外科醫生的回饋非常令人鼓舞，我們看到早期推出的市場呈現出穩健的採用趨勢。

Importantly, PanOptix Pro is helping stabilize share in the US premium IOL segment with a modest sequential improvement shown in the second quarter. This is a great example of how Alcon continues to leverage our innovation engine, global scale, and surgeon input to drive differentiated value-driven growth.

重要的是，PanOptix Pro 正在幫助穩定美國高端 IOL 領域的份額，第二季的市場份額出現了適度的環比增長。這是愛爾康如何繼續利用我們的創新引擎、全球規模和外科醫生的投入來推動差異化價值驅動成長的一個很好的例子。

Now shifting to Vision Care, we continue to see solid performance in our contact lens portfolio fueled by innovation. During the quarter, we continued to advance PRECISION7 sphere and toric lenses in the US. These lenses represent a significant step forward in our water innovations portfolio, designed to deliver all-day comfort and convenience for patients who prefer a weekly replacement schedule.

現在轉向視力保健，我們繼續看到由創新推動的隱形眼鏡產品組合的穩健表現。本季度，我們繼續在美國推進 PRECISION7 球面鏡片和散光鏡片。這些鏡片代表了我們水創新產品組合的重大進步，旨在為喜歡每週更換一次的患者提供全天舒適和便利。

PRECISION7 is built on a novel silicone hydrogel material and features our proprietary ACTIV-FLO system. This unique technology embeds a water-loving moisturizing agent directly into the lens matrix and continuously replenishes that agent over seven days. We're seeing strong feedback from practitioners who appreciate the simplicity of the weekly schedule and the performance of the lens, especially for patients who may not be well suited for a daily disposable contact.

PRECISION7 採用新型矽水凝膠材料製成，並採用我們專有的 ACTIV-FLO 系統。這項獨特的技術將親水性保濕劑直接嵌入鏡片基質中，並在七天內持續補充此保濕劑。我們收到了來自從業者的強烈回饋，他們非常欣賞每週計劃的簡單性和鏡片的性能，特別是對於那些可能不適合每日一次性隱形眼鏡的患者。

Turning to Ocular Health, the headline in the second quarter was the FDA approval and subsequent launch of Tryptyr, our new prescription eye drop for the treatment of the signs and symptoms of dry eye disease. While most other dry eye treatments simply mask symptoms or supplement the tear film, Tryptyr addresses the root cause of dry eye.

談到眼部健康，第二季的頭條新聞是 FDA 批准並隨後推出 Tryptyr，這是我們用於治療乾眼症體徵和症狀的新型處方眼藥水。雖然大多數其他乾眼症治療方法只是掩蓋症狀或補充淚膜，但 Tryptyr 解決了乾眼症的根本原因。

It's a first-in-class agonist neuromodulator that stimulates the eye's natural ability to produce tears. It's fast-acting and effective, with clinical trials showing meaningful improvement as early as day one. Tryptyr addresses a major unmet need.

它是一流的激動劑神經調節劑，可刺激眼睛自然產生淚液的能力。它起效快、效果顯著，臨床試驗表明，早在第一天就能看到顯著的改善。Tryptyr 解決了一個尚未滿足的重大需求。

Despite over 35 million people in the US suffering from dry eye, fewer than 10% are treated with a prescription product. We believe Tryptyr has the potential to expand the category, not just compete within it. Now based on our strong clinical data and market dynamics, we estimate peak sales potentially of approximately $250 million to $400 million.

儘管美國有超過 3500 萬人患有乾眼症，但使用處方藥治療的人不到 10%。我們相信 Tryptyr 有潛力擴大該類別，而不僅僅是在該類別內競爭。現在，根據我們強大的臨床數據和市場動態，我們估計高峰銷售額可能約為 2.5 億至 4 億美元。

And while reimbursement timelines vary, we expect full reimbursement in about 18 months. We officially launched Tryptyr in the US in late July. While it's early days, we are encouraged by the initial feedback from physicians and patients. I look forward to sharing more details about the performance of this innovative therapy in the future.

雖然報銷時間各不相同，但我們預計大約 18 個月內即可全額報銷。我們於 7 月底在美國正式推出了 Tryptyr。雖然還處於早期階段，但醫生和患者的初步回饋令我們感到鼓舞。我期待未來分享更多有關這種創新療法表現的細節。

And finally, I'll briefly discuss market dynamics for the second quarter. In cataract, we saw a soft quarter for procedural growth with a modest improvement in the US. In total, we estimate that global cataract volumes grew approximately low single digits in the quarter and the first half of the year. For context, this compares to a historical average of approximately 4%.

最後，我將簡要討論第二季的市場動態。在白內障治療方面，我們看到本季美國手術成長疲軟，但略有改善。總體而言，我們估計本季和上半年全球白內障數量增加了約個位數。就背景而言，這與歷史平均值約 4% 相比。

Additionally, global AT-IOL penetration was up approximately 120 basis points year over year, equally balanced between the US and international markets. In Contact Lenses, we estimate that the retail market grew mid-single digits.

此外，全球 AT-IOL 滲透率年增約 120 個基點，美國和國際市場均衡。在隱形眼鏡方面，我們估計零售市場成長率為中等個位數。

With that, I'll pass it to Tim, who will take you through the financial results and discuss our outlook for the remainder of the year.

說完這些，我將把它交給蒂姆，他將向你們介紹財務結果並討論我們對今年剩餘時間的展望。

Thanks, David. Our second-quarter sales of $2.6 billion were up 3% versus prior year. This growth was largely in line with our first quarter and doesn't reflect the full contribution from our recent product launches. In our Surgical franchise, revenue was up 1% year over year to $1.5 billion. Implantable sales were $456 million in the quarter, down 2% versus the prior year.

謝謝，大衛。我們第二季的銷售額為 26 億美元，比去年同期成長了 3%。這一成長與我們第一季的成長基本一致，並沒有反映出我們最近推出的產品的全部貢獻。在我們的外科特許經營業務中，營收年增 1%，達到 15 億美元。本季植入物銷售額為 4.56 億美元，較上年下降 2%。

This result reflects soft market conditions David just mentioned, as well as competitive pressures. In Consumables, second-quarter sales of $777 million were up 4%. Growth was led by vitret and cataract consumables, as well as price increases.

這結果反映了大衛剛才提到的疲軟市場條件以及競爭壓力。在消耗品方面，第二季銷售額為 7.77 億美元，成長 4%。成長主要由玻璃體和白內障耗材以及價格上漲推動。

This growth also reflects the soft market conditions we've been discussing. In Equipment, sales of $222 million were down slightly, as declines in legacy surgical equipment were partially offset by sales of the recently launched Unity VCS and Voyager DSLT systems.

這種成長也反映了我們一直在討論的疲軟市場狀況。設備業務的銷售額為 2.22 億美元，略有下降，因為傳統手術設備的銷售額下降被最近推出的 Unity VCS 和 Voyager DSLT 系統的銷售額部分抵消。

Turning to Vision Care, second-quarter sales of $1.1 billion were up 5%. Contact Lens sales were up 7% to $692 million in the quarter, primarily driven by product innovation as well as price increases. In Ocular Health, second-quarter sales of $430 million were up 2% year over year.

談到視力保健，第二季的銷售額為 11 億美元，成長了 5%。本季隱形眼鏡銷售額成長 7%，達到 6.92 億美元，主要得益於產品創新和價格上漲。眼科保健業務第二季銷售額為 4.3 億美元，較去年同期成長 2%。

Growth was led by our portfolio of eye drops, partially offset by declines in Contact Lens care. There was also some pressure resulting from the divestment of certain eye drops [Sahaki] mentioned in China, which we expect to continue through the third quarter.

我們的眼藥水產品組合帶動了成長，但隱形眼鏡護理產品的下滑部分抵消了這一增長。[Sahaki] 提到的在中國撤資某些眼藥水也帶來了一些壓力，我們預計這種壓力將持續到第三季。

Now moving down the income statement, second-quarter core gross margin was 62.2%, broadly in line with the prior year. Core operating margin was 19.1%, down 100 basis points, primarily due to increased investment in R&D. Second-quarter interest expense was $51 million, broadly in line with last year. Other financial income and expense was a net benefit of $4 million.

現在查看損益表，第二季核心毛利率為 62.2%，與去年基本持平。核心營業利益率為19.1%，下降100個基點，主要由於研發投入增加。第二季利息支出為 5,100 萬美元，與去年基本持平。其他財務收入和支出的淨收益為400萬美元。

The average core tax rate in the first half of the year was 17.7%, down from 21.2% in the prior year due to discrete tax benefits in the current year compared to discrete tax expenses in the prior year. Core diluted earnings were $0.76 per share in the quarter, broadly in line with last year on a constant currency basis.

今年上半年平均核心稅率為 17.7%，低於去年的 21.2%，原因是本年度的單獨稅收優惠與去年的單獨稅收支出相比有所下降。本季核心稀釋收益為每股 0.76 美元，以固定匯率計算與去年基本持平。

Turning to cash, we generated $681 million of free cash flow in the first half of the year compared to $667 million in 2024. Our robust cash generation enabled us to return $287 million to shareholders during the quarter, comprised of $121 million in share repurchases and $166 million in dividend payments.

談到現金，我們在今年上半年產生了 6.81 億美元的自由現金流，而 2024 年為 6.67 億美元。我們強勁的現金產生能力使我們在本季度向股東返還了 2.87 億美元，其中包括 1.21 億美元的股票回購和 1.66 億美元的股息支付。

Regarding tariffs, we incurred $27 million of tariff-related charges during the second quarter. Of this amount, $12 million was recognized in cost of sales, and $15 million was recorded on the balance sheet for product not yet sold.

關於關稅，我們在第二季產生了 2700 萬美元的關稅相關費用。其中，1,200 萬美元計入銷售成本，1,500 萬美元計入資產負債表，作為尚未售出的產品。

Based on tariff rates as of August 11, we now expect a full-year impact of approximately $100 million to cost of sales. This represents an incremental headwind of approximately $20 million versus the tariff structure in May. Nevertheless, we continue to expect to fully offset the impact through a combination of foreign exchange and operational actions.

根據截至 8 月 11 日的關稅稅率，我們預計全年銷售成本將受到約 1 億美元的影響。與 5 月的關稅結構相比，這代表著約 2000 萬美元的增量逆風。儘管如此，我們仍然期望透過外匯和營運行動相結合來完全抵消影響。

Now moving to our outlook for the remainder of the year, our current guidance assumes that the aggregate global eye care market grows low single digits versus a historical average of mid-single digits. Exchange rates as of the end of July hold through year-end, and that the tariff structure I just described holds for the remainder of the year.

現在轉向我們對今年剩餘時間的展望，我們目前的指導假設全球眼保健市場整體成長率為低個位數，而歷史平均成長率為中等個位數。截至七月底的匯率將維持到年底，而我剛才描述的關稅結構也將維持到今年剩餘時間。

Starting with sales, we are updating our full-year revenue guidance to $10.3 billion to $10.4 billion, which reflects a soft surgical market and recent moves in the US dollar versus our basket of currencies. Additionally, given the soft surgical market, we are updating our sales growth rate guidance to between 4% and 5% in constant currency.

從銷售額開始，我們將全年營收預期上調至 103 億美元至 104 億美元，這反映了外科手術市場的疲軟以及美元兌一籃子貨幣的近期走勢。此外，考慮到軟手術市場，我們將銷售成長率預期更新為 4% 至 5% 之間（以固定匯率計算）。

In terms of phasing, we continue to expect sales growth to accelerate in the second half of the year, predominantly in the fourth quarter. We expect full-year R&D coming in at the top half of our 8% to 10% of sales range.

從分階段來看，我們繼續預期下半年銷售成長將加速，主要是在第四季。我們預計全年研發支出將佔銷售額的 8% 至 10% 左右。

Turning to profitability, we now expect full-year core operating margin to be between 19.5% and 20.5%, which reflects the updated sales outlook. Moving down the income statement, we continue to expect non-operating income and expense to be between $185 million and $205 million.

談到獲利能力，我們現在預計全年核心營業利潤率將在 19.5% 至 20.5% 之間，這反映了最新的銷售前景。在損益表中，我們繼續預期非營業收入和支出將在 1.85 億美元至 2.05 億美元之間。

Turning to tax, we now expect our full-year core average tax rate to be approximately 18%. Based on all these factors, we are maintaining our core diluted earnings guidance range of been $3.05 to $3.15 per share. This range corresponds to a year-over-year change of between 0% and 2% in constant currency.

談到稅收，我們現在預計全年核心平均稅率約為 18%。基於所有這些因素，我們維持核心稀釋收益預期範圍為每股 3.05 美元至 3.15 美元。這一範圍相當於以固定匯率計算的 0% 至 2% 之間的同比變化。

We believe this updated guidance is prudent and reflects the current market conditions. We also remain confident and committed to the long-term goals we outlined at Capital Markets Day in March. Despite near-term softness, we believe favorable market megatrends will persist and enable healthy long-term market growth.

我們認為，這項更新後的指引是審慎的，反映了當前的市場狀況。我們也對三月資本市場日所概述的長期目標充滿信心並致力於實現這一目標。儘管近期市場疲軟，我們相信有利的市場大趨勢將持續下去，並實現長期健康的市場成長。

And from an operational perspective, we will continue to invest behind innovation. We have a solid plan to grow sales faster than the market, and we will continue to be disciplined around costs. And as we've said in the past, these activities will drive strong operating leverage and generate significant free cash flow.

從營運角度來看，我們將繼續投資創新。我們有一個完善的計劃，使銷售額的成長速度快於市場成長速度，並且我們將繼續嚴格控製成本。正如我們過去所說的那樣，這些活動將推動強大的經營槓桿並產生大量的自由現金流。

With that, I want to thank our associates for another quarter of hard work and dedication. And I'll now turn it back to David.

在此，我要感謝我們的同事們又一個季度的辛勤工作和奉獻。現在我將話題轉回給大衛。

Thanks, Tim. To wrap up, we remain focused on executing with discipline, investing behind innovation, and supporting our customers and their patients. Most importantly, we've laid the groundwork for an exciting second half driven by numerous new product entries.

謝謝，蒂姆。總而言之，我們將繼續專注於嚴格執行、投資創新以及支持我們的客戶及其患者。最重要的是，我們為令人興奮的下半年奠定了基礎，這將由許多新產品的推出推動。

These products are the result of years of collaboration with our customers and are a testament to our deep market knowledge and commitment to helping the world see brilliantly. Lastly, we're excited to expand our presence in white spaces like refractive surgery, glaucoma, and retina through acquisitions.

這些產品是我們與客戶合作多年的成果，證明了我們深厚的市場知識和幫助世界看得更清楚的承諾。最後，我們很高興透過收購擴大我們在屈光手術、青光眼和視網膜等空白領域的影響力。

Products like EVO, Voyager, and Valeda are each strategic moves in growing markets with unique technologies. Combining these products with Alcon's global reach and operational excellence, we're poised to accelerate growth, expand patient access, and deliver long-term value to our shareholders.

EVO、Voyager 和 Valeda 等產品都是利用獨特技術在不斷成長的市場中採取的策略性舉措。將這些產品與愛爾康的全球影響力和卓越營運相結合，我們準備加速成長、擴大患者獲取藥物的機會並為股東創造長期價值。

Finally, I'd like to thank our talented teams across the globe for their dedication and passion. With that, I'll open the line for Q&A.

最後，我要感謝我們遍佈全球的優秀團隊的奉獻和熱情。下面我將開始問答環節。

(Operator Instructions) Jeff Johnson, Baird.

（操作員指示）傑夫·約翰遜，貝爾德。

Thank you, guys. Can you hear me okay?

謝謝你們。你聽見我說話嗎？

Yeah, we've got you, Jeff.

是的，我們找到你了，傑夫。

All right, guys. Thank you. So I guess, two questions for me. One, David, I want to understand, I think one of the encouraging points you brought up in the prepared remarks was that your share in PC-IOL was stable in the US and maybe even ticked up sequentially a bit.

好吧，夥計們。謝謝。所以我想，我有兩個問題。首先，大衛，我想了解一下，我認為您在準備好的發言中提出的一個令人鼓舞的觀點是，您在美國 PC-IOL 的份額保持穩定，甚至可能環比略有上升。

Could you flesh that out a little bit more and maybe talk about your AT-IOL share outside the US? You seem to drop some commentary in your slide deck from the first quarter about strength in AT-IOL outside the US that was not included in your slide deck here in the second quarter. Thank you.

您能否進一步詳細說明一下，並談談您在美國以外的 AT-IOL 份額？您似乎在第一季的幻燈片中刪除了一些有關美國以外 AT-IOL 實力的評論，而這些評論在第二季的幻燈片中並未提及。謝謝。

Yes, Jeff, good question. Let me separate the two.

是的，傑夫，好問題。讓我把兩者分開。

The first one was, obviously, the second quarter for us was sequentially better by about 4 share points. It was -- I think, obviously, PanOptix Pro has been well received for all the reasons I mentioned in the remarks. And I'm pleased with the way that it's performing right now. There was obviously also a competitive outage during that period, too. So you need to be thoughtful about what to attribute that to.

首先，顯然，我們的第二季業績比上一季成長了約 4 個百分點。是的——我認為，顯然，PanOptix Pro 因我在評論中提到的所有原因而廣受好評。我對它目前的表現感到滿意。顯然，那段時期也出現了競爭中斷的情況。因此，您需要認真考慮該將其歸因於什麼。

But I would say that generally speaking, we've done a really nice job getting the kind of the surgeons, what they really want, which is less visual disturbance and more light to create contrast. So that's what the design element was. We took the time to kind of choose that element. It plays back really well for us right now. So we're optimistic about, I think, how that plays out with the US market.

但我想說，總的來說，我們確實很好地了解了外科醫生真正想要的東西，即減少視覺幹擾和增加光線以產生對比度。這就是設計元素。我們花了一些時間來選擇該元素。現在它對我們來說播放效果非常好。因此，我認為，我們對美國市場的發展持樂觀態度。

There was pressure in the international markets. And I think you see some new products coming from competitors, particularly in Europe, where we did have some share loss, probably a little more than expected. And I do think that you're going to continue to see the IOL space pressure globally until you kind of see a stabilization of the number of new products entering.

國際市場面臨壓力。我認為你會看到一些來自競爭對手的新產品，特別是在歐洲，我們確實損失了一些市場份額，可能比預期的要多一些。我確實認為，在全球範圍內，您將繼續看到 IOL 空間壓力，直到您看到進入的新產品數量趨於穩定。

And so I think for a number of years now, we've been saying, look, we were -- we had a great run on our own in the US for a while, but the world is complicated. There's lots of products out there. So we were never going to stay forever at a 80% share in the US.

所以我認為，多年來我們一直在說，看，我們——我們在美國獨自發展了一段時間，但世界是複雜的。那裡有很多產品。因此，我們永遠不會在美國永遠保持 80% 的市場份額。

I think what we see now is a nice stabilization process coming forward, solid performance with new products. And we're starting to get a good sense for what competition is doing. So I think you're seeing the beginning of a stabilization process. But I still think that you're going to see some international pressure coming forward.

我認為我們現在看到的是一個良好的穩定過程，新產品的性能穩定。我們開始對競爭對手的行為有了更好的了解。所以我認為你正在看到穩定過程的開始。但我仍然認為你會看到一些國際壓力出現。

All right. Fair enough. And, Tim, maybe just one quick question for you. I know you're not providing 2026 guidance in. I'm sure you won't even fully address this question. But you guys have done, I think, $2.5 billion, maybe a little bit more than that, in deals here in the last 6 to 12 months.

好的。很公平。提姆，我只想問你一個簡單的問題。我知道您沒有提供 2026 年的指導。我確信你甚至不會完全回答這個問題。但我認為，在過去 6 到 12 個月裡，你們在這裡的交易額已經達到 25 億美元，甚至可能略多一些。

You've got five to six new products -- sizable new products here that you're launching and trying to build some new markets in dry eye and DSLT, those kind of areas. Obviously, you're going to be working to mitigate the tariff pressures.

您有五到六種新產品——相當可觀的新產品正在推出，並試圖在乾眼症和 DSLT 等領域開拓一些新市場。顯然，您將努力減輕關稅壓力。

Just how do we think conceptually about how all that comes together through dis-synergies, synergies, maybe some dilution in some of those deals, things like that? Just can next year be a good earnings growth year? Just how do think -- again, not putting us on a number for next year, but just how to successfully set up our models for 2026. Thank you.

我們究竟該如何從概念上思考所有這些是如何透過不協同效應、協同效應、或許是某些交易中的某種稀釋等因素結合在一起的？明年是否能成為獲利成長良好的一年？您如何思考——再說一次，不是為我們設定明年的數字，而是如何成功地為 2026 年建立我們的模型。謝謝。

Yeah. Great question. Again, I'm a little hesitant to talk too much about 2026. But I would say this. We feel great about the deals that we've done. We feel like they add long-term strategic value. Keep in mind, the biggest deal obviously being STAAR, that doesn't close for 6 to 12 months. So that's probably going to have limited impact on next year, but it depends on when we close the deal.

是的。好問題。再次，我有點猶豫是否要談論太多有關 2026 年的事情。但我想這麼說。我們對已經達成的交易感到非常滿意。我們覺得它們增加了長期戰略價值。請記住，最大的交易顯然是 STAAR，它需要 6 到 12 個月才能完成。因此，這可能對明年的影響有限，但這取決於我們何時完成交易。

But with regards to the overall philosophy around synergies, obviously, we're a global company. We have a large footprint. We have -- when you think about it from a functional perspective, we have the resources and shared services in place to support a lot of those activities. So we'll give you more color when we get to the guidance in 2026.

但就綜效的整體理念而言，顯然我們是一家全球性公司。我們的足跡很廣。從功能角度考慮，我們擁有資源和共享服務來支援許多此類活動。因此，當我們在 2026 年制定指導方針時，我們會為您提供更多詳細資訊。

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。

Hi there. Thank you for taking the questions. So my first is just on the market weakness that you discussed and was a driver of the downgrade. What's driven that weakness, and what's the outlook for that? What gives you confidence it's going to return? And kind of what kind of timeframes are you looking for that?

你好呀。感謝您回答這些問題。因此，我首先要談的是您所討論的市場疲軟以及降級的原因。造成這種疲軟的原因是什麼？前景如何？是什麼讓您有信心它會回歸？您正在尋找什麼樣的時間範圍？

Jack, thanks for the question. Look, I mean, the world is aging. Cataract prevalence is growing, and treatment access is increasing. So underneath all of this, there is no shortage of cataracts. So I think the simplest way to think about it is, there aren't fewer cataracts today or tomorrow. There's going to be only an increasing number. And if you look at our procedural volumes, that's what gives us confidence around the treatment in the end.

傑克，謝謝你的提問。看，我的意思是，世界正在老化。白內障盛行率正在上升，治療機會也在增加。因此，在這一切的背後，並不缺乏白內障。所以我認為最簡單的思考方式是，今天或明天白內障的數量不會減少。這個數字只會不斷增加。如果你看一下我們的程序量，你會發現這最終讓我們對治療充滿信心。

Now the reason we've been a little bit careful on this one is because, frankly, the historical surgical procedure volume has been about 4%. But it does have an oscillation in over the last, let's call it, 10, 15 years. If you look back, there's a plus or minus a couple of points on that.

現在我們之所以對此保持謹慎，是因為坦白說，歷史上的外科手術量約為 4%。但它在過去的 10 到 15 年裡確實出現了波動。如果你回顧一下，你會發現這有幾點優點或缺點。

So if you look at our MAT right now, it's probably 2% on the 12 months, but it was closer to 1% last quarter. So that's a relatively normal oscillation but on the low end of what the natural historical average should be. So again, I'm going to lean on the math, and I'm going to tell you that there's no reason to believe from a fundamentals perspective, there's any fewer cataracts.

因此，如果您現在查看我們的 MAT，它 12 個月的成長率可能為 2%，但上個季度的成長率接近 1%。因此，這是一個相對正常的波動，但處於自然歷史平均值的低端。因此，我再次依靠數學，並告訴你們，從基本面來看，沒有理由相信白內障會減少。

And this is probably much more of a return to the norm or aversion to the mean that will happen. We've had a number of really good years that were above 4% globally. And I think what you're seeing right now is just kind of a normalization that's happening.

這可能更像是一種迴歸常態或厭惡平均值的行為。我們經歷了許多非常好的年份，全球成長率都超過了 4%。我認為您現在看到的只是一種正在發生的正常化過程。

So look, we're going to give it a couple of quarters. We've obviously been careful about the next two. And then we'll give you some more guidance for next year as we see what happens in the next third and fourth quarter.

所以，看，我們將給它幾個季度。顯然，我們對接下來的兩次會面非常謹慎。然後，我們將根據明年第三季和第四季的情況為您提供更多指導。

Okay. Fair enough. Thank you. Then my second question is on Unity. So you mentioned there's been some kind of pretty good kind of uptake since the launch at the end of May.

好的。很公平。謝謝。我的第二個問題是關於 Unity 的。所以您提到，自 5 月底推出以來，已經取得了相當不錯的迴響。

Could you just give a bit more color on your order book here? Kind of how much line of sight do you have on placements through the remainder of the year? And kind of what patients been like so far in July and August? Kind of just any color there would be great.

能否在這裡詳細介紹一下您的訂單簿？您對今年剩餘時間的安排有何看法？到目前為止，七月和八月患者的情況如何？任何顏色都很棒。

Yeah, sure. Look, we sold our first VCS, I think, late May. So again, be careful about your timings on these. We've had probably 10 weeks or so. And in that 10 weeks, we've accumulated over 1,000 kind of qualified or quoted or contracted leads.

是的，當然。瞧，我想，我們在五月下旬賣出了第一台 VCS。所以再次強調，要小心把握時間。我們大概已經過了 10 週左右。在這 10 週內，我們累積了超過 1,000 種合格、已報價或已簽約的潛在客戶。

So our funnel is very solid at this point. I think you need to remember, though, this launch is going to be deliberate. And it will be a ramp because we're starting principally with the combined console and the most complicated surgeries. This is principally with the retina specialists because Constellation is almost 17 years old.

因此，我們的漏斗目前非常穩定。不過，我認為你需要記住，這次發射是經過深思熟慮的。這將是一個斜坡，因為我們主要從組合控制台和最複雜的手術開始。這主要是與視網膜專家有關，因為 Constellation 快 17 歲了。

And to succeed here, we've got to train the staff. We've got to train the surgeon. We've got to ensure the settings transfers occur properly. And so we're moving -- look, we're moving deliberately and efficiently. But we're creating the experience that these surgeons expect, and these are the toughest surgeons in the world.

為了取得成功，我們必須培訓員工。我們必須培訓外科醫生。我們必須確保設定傳輸正確進行。所以我們正在行動——你看，我們正在謹慎而有效地行動。但我們正在創造這些外科醫生所期望的體驗，他們是世界上最強壯的外科醫生。

So we're very comfortable with where we are. What we're trying to do is make sure that we handle this thing carefully. And as we launch this thing like late this year, we get CS, the ramp will continue to build. And of course, this is a long game for us.

因此，我們對目前的狀況感到非常滿意。我們正在努力確保謹慎處理此事。當我們在今年稍後推出這個產品時，我們得到了 CS，坡道將繼續建造。當然，這對我們來說是一場持久戰。

Our replacement cycle is 10 years. We've got 30,000 consoles out there. And we are super confident that what we're seeing right now is an efficiency in this machine that we expect to make it a very, very significant part of what happens in the next decade.

我們的更換週期是10年。我們擁有 30,000 台控制台。我們非常有信心，我們現在看到的是這台機器的效率，我們預計它將在未來十年的發展中發揮非常非常重要的作用。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼·佩特羅內。

Thanks, and good morning, everyone. Maybe one on IOLs and one on the STAAR transaction. IOLs, maybe just a little bit on -- we've seen this now for a few quarters reverted to a low single-digit growth rate.

謝謝，大家早安。也許一個是關於 IOL 的，一個是關於 STAAR 交易的。IOL，可能只是一點點——我們已經看到，幾個季度以來，成長率已經回落到較低的個位數。

Talking about a (technical difficulty) business on one hand, but also (technical difficulty) responses here, whether it be now (technical difficulty) the US. What is the timing where you think IOLs in general stabilize? And what does that look like once we get into stabilization phase? I have follow-up on STAAR.

一方面談論（技術難度）業務，另一方面也談論（技術難度）應對措施，無論是現在的（技術難度）美國。您認為 IOL 通常什麼時候會穩定下來？一旦我們進入穩定階段，情況會是如何？我對 STAAR 進行了跟進。

Yeah, I don't know. I'd have to be thoughtful about that one. And I'm not sure I'm able to kind of forecast what everybody is bringing right now. I think the people that we know a lot about who we've seen around the world, I think most of those products get into the market over the next 18 months.

是的，我不知道。我必須認真考慮一下這個問題。我也不確定我是否能夠預測現在每個人會帶來什麼。我認為，我們所了解的那些在世界各地見過的人，其中大多數產品將在未來 18 個月內進入市場。

And I do think it -- almost every product takes about a year to kind of try it, see it stabilize, and then kind of respond. And so I think there's always trial in these categories because it's easy to try these products, and almost everybody wants to.

我確實認為——幾乎每種產品都需要大約一年的時間來嘗試，看它穩定下來，然後做出反應。所以我認為這些類別中總是有試用，因為嘗試這些產品很容易，而且幾乎每個人都想嘗試。

If you -- so I think I guess, the things from a visibility level that we have today, I would say it's kind of in that next 18, 24 months. It's going to be busy in this category. On the other hand, we're also going to be busy in this category.

如果你 — — 所以我想，從我們今天的可見程度來看，我想說它會在未來 18 到 24 個月內發生。這個類別將會很繁忙。另一方面，我們也將在這個類別上忙碌。

So I would tell you, we've got a couple of things coming with -- certainly with Pro around the world. And we've got a few other things that we'll talk more about later. But I think everybody is going to be busy in this category, and I do think that it will be competitive.

所以我想告訴你，我們有一些事情要做——當然是與世界各地的 Pro 一起。我們還有一些其他的事情，稍後我們會詳細討論。但我認為每個人都會在這個類別中忙碌，而且我確實認為這將是競爭激烈的。

So I'd give you kind of a non-answer there, I suppose, because I'm not 100% sure who's got what and what's coming next. And I do think that that's going to be busy.

所以我想我會給你一個非答案，因為我不是 100% 確定誰得到了什麼以及接下來會發生什麼。我確實認為那將會很忙。

Fair enough. Just quickly on STAAR, you had a 12-month review period at the high end. Why is that extended? And, Dave, you mentioned the collamer material, presbyopia potentially. But is there a potential to leverage collamer for an intraocular lens? Thank you.

很公平。簡單來說，STAAR 的審核期最長為 12 個月。為什麼要延長？而且，戴夫，您提到了膠原蛋白材料，可能會導致老花眼。但是，是否有可能利用 Collamer 來製造人工水晶體呢？謝謝。

Yeah. I think conceptually, there is. I don't know that we would necessarily see that as a priority. Whereas I think if you were doing a piggyback lens for a presbyope that's not ready for cataract surgery, let's call that a 45- to 60-year-old, that's a pretty interesting space. And so I think STAAR has worked on PC-ICL before and I think has got some good ideas. That material works really well as a secondary lens.

是的。我認為從概念上來說，是的。我不知道我們是否一定會將其視為優先事項。然而，我認為，如果你為尚未準備好接受白內障手術的老花眼患者製作背負式晶體，我們稱之為 45 至 60 歲，這是一個非常有趣的空間。所以我認為 STAAR 之前曾研究過 PC-ICL，並且我認為有一些很好的想法。這種材質作為輔助透鏡效果非常好。

And I think we've got a series of optical designs, I think, that we might be able to incorporate. So again, that's a long-term project. I wouldn't get too interested in it per se. But it is a great idea, and I think gives us a long-term view that we can add some things into that portfolio.

我認為我們已經有了一系列可以融入的光學設計。所以，這是一個長期計畫。就其本身而言，我不會對此太感興趣。但這是一個好主意，我認為它為我們提供了一個長遠的視角，我們可以將一些東西添加到該​​投資組合中。

On the duration of this, I think this is largely around international regulatory review. In particular, China has a competitive review that we'll need to go through. We've not been through it before. So again, it's a little bit of a guessing game for us as to how long it takes. But the advice we're getting is it could take that long, hopefully not, but we'll see.

就持續時間而言，我認為這主要圍繞著國際監管審查。特別是，中國有一個我們需要經歷的競爭性審查。我們以前沒有經歷過這種情況。所以，對我們來說，這需要多長時間，有點像猜謎遊戲。但我們得到的建議是，這可能需要那麼長時間，希望不會，但我們拭目以待。

Thank you.

謝謝。

Veronika Dubajova, Citi.

花旗銀行的 Veronika Dubajova。

Let's see if you guys can hear me okay?

看看你們能不能聽我說話？

Yeah, we've got you, Veronika. Yeah, we've got you.

是的，我們找到你了，維羅妮卡。是的，我們找到你了。

Excellent. Sorry about that. I'm not sure what happened earlier, but brilliant. Thank you so much for taking my questions. I'll keep it to two, please.

出色的。很抱歉。我不確定之前發生了什麼，但很精彩。非常感謝您回答我的問題。請限制為兩個。

The first one is just circling back on Unity, I guess, I think maybe in the past, you've talked about this idea kind of 3,000 installations in a year. Can you maybe just give us a little bit of flavor of when you think we can get there?

第一個問題只是回到 Unity，我想，也許在過去，您曾談到一年安裝 3,000 個版本的想法。您能否稍微告訴我們一下您認為我們什麼時候可以實現這一目標？

And I guess, maybe contextualize the 1,000 leads versus the 3,000 placements. How should we think about it? And from where you guys sit, do you feel Unity's tracking ahead, behind, or kind of how do we think about that? So that's my first question.

我想，也許可以將 1,000 個線索與 3,000 個職位進行比較。我們該如何思考這個問題？從你們的角度來看，你們覺得 Unity 領先還是落後，或者我們對此有何看法？這是我的第一個問題。

Then I'll have a follow-up. Maybe we can get this one out way first.

然後我會跟進。也許我們可以先解決這個問題。

Yeah, no, we're pretty much what we'd expect to be. I mean, I think we've been out there about 10 weeks, I think, something like that. We've got all we can handle right now. And I think as we work our way through that and place the units and train the units, again, we'll continue to move.

是的，不，我們基本上就是我們所期望的那樣。我的意思是，我想我們已經在那裡待了大約 10 週了，大概是這樣的。我們現在能處理的事情已經全部完成了。我認為，隨著我們努力完成這項工作並部署部隊並進行訓練，我們將繼續前進。

We get faster as we go forward. And again, that's a big part of the ramp of this. The reason I say ramp is you -- these aren't iPhones that we're selling where they turn them on themselves and they fire up. We spent about a week or more in the office, in the OR. And that's new for us, and it's new for them.

我們越往前走，速度就越快。再說一遍，這是實現這一目標的重要部分。我之所以說是“加速”，是因為——我們賣的這些不是 iPhone，它們不會自己啟動。我們在辦公室和手術室裡待了大約一周或更長時間。這對我們來說是新鮮事，對他們來說也是新鮮事。

And so what we're trying to do is make sure that everybody has a brilliant experience. And to the extent that we get that done, we move on. To the extent we don't, we stay. And I think that's the thing we're learning about, and we're getting through it.

因此，我們要做的是確保每個人都有出色的體驗。只要我們完成了這一點，我們就會繼續前進。如果我們不這樣做，我們就留下來。我認為這就是我們正在學習並正在克服的事情。

So I think our -- as I said last time, the gating factor for this will be our installation capacity. And I think we're working on that right now. I don't believe that that's going to keep us from doing 3,000 at steady state a year. We may do a little bit more than that early on, a little bit less than that in the back piece of it.

所以我認為——正如我上次所說，這個限制因素將是我們的安裝能力。我認為我們現在正在努力實現這一點。我不相信這會阻止我們每年穩定地完成 3,000 項工作。我們可能在早期會做更多一點，在後期會做少一點。

But I think we still believe that over the next decade, we're going to see this whole console install base turn because we'll -- obviously, we're going to end of life a lot of these things at some point. And we'll push along the way. So in the near term, we're in pretty good place, probably, as expected in terms of demand. And there's not a lot to report here.

但我認為我們仍然相信，在未來十年，我們將看到整個遊戲機安裝基礎發生轉變，因為我們——顯然，我們將在某個時候終止許多這些東西的使用壽命。我們會繼續努力。因此，就短期而言，我們處於相當不錯的狀態，可能正如預期的那樣，需求方面也是如此。這裡沒有太多可報告的內容。

I think the big thing is people misunderstood a little bit about when we had CS coming out and what the difference between the VCS is and the CS. CS really opens the cataract market to anybody who wants a cataract machine that's at a price point that's considerably lower than the VCS. And the VCS is really for retina specialists to replace Constellation.

我認為最大的問題是人們對 CS 的推出時間以及 VCS 和 CS 之間的差異存在一些誤解。CS 確實為任何想要購買價格遠低於 VCS 的白內障機器的人打開了白內障市場。而 VCS 其實是針對視網膜專家來取代 Constellation 的。

So that's a very much more complicated world than our cataract business at the core of it. So lots of opportunity here, and lots of excitement on the ground.

所以，這個世界比我們白內障業務的核心複雜得多。這裡有很多機會，也有很多令人興奮的事情。

Okay. That's really helpful. And then just maybe a follow-up, do you think you can hit the 3,000 next year? And then, Tim, I don't know if you want to add any color on what you'd expect Equipment to do in the back half of the year since it's been so hard for us to model from the outside, and maybe that would be helpful. Thank you, guys.

好的。這真的很有幫助。然後也許再問一下，您認為明年可以達到 3,000 嗎？然後，提姆，我不知道你是否想對你期望設備公司在今年下半年會做什麼添加任何細節，因為對於我們來說從外部建模非常困難，也許這會有所幫助。謝謝你們。

Yeah. Look, I'm not going to get into the numbers exactly for next year. I think the way we've tried to guide everybody has been, look, we've got 30,000 units on the ground between Constellation and Centurion.

是的。瞧，我不會透露明年的具體數字。我認為我們試圖引導大家的方式是，看，我們在 Constellation 和 Centurion 之間有 30,000 個地面單位。

Over the next 10 years, we'll replace that fleet. It's generally -- if you think about it as an even number across that, it should be a little faster in the front because people are excited about the thing. It will be a little slower because -- in the back because people we'll be waiting for the next one as they have in this last year or so.

未來十年內，我們將更換該艦隊。一般來說——如果你把它看作一個偶數，那麼前面的速度應該會更快一些，因為人們對這件事感到興奮。它會慢一點，因為──在後面，因為人們會等待下一個，就像去年左右一樣。

What you really see in the first and second quarter and late last year was a slowdown in Equipment because people are waiting for this. So now it's just a matter of us getting the work done, and I think that's underway.

你在去年第一季、第二季和年底真正看到的是設備產業的放緩，因為人們在等待這一點。所以現在我們只需要完成工作，我認為這項工作正在進行中。

Yeah. I would just say, Veronika, to give you some color on the new product launches. I mean, with the revenue guide of 4% to 5%, that obviously would imply -- if you take the midpoint, that would imply, call it, 6% in the back half of the year.

是的。我只是想說，維羅妮卡，給你介紹一下新產品的發布。我的意思是，以 4% 到 5% 的收入指導，這顯然意味著——如果取中間值，那就意味著，可以說，下半年的成長率是 6%。

New product launches are going to be a significant driver of that. A big piece of that will be coming in the fourth quarter. And if you look at the new product launches, again, we've got six or seven launches coming out this year. Unity VCS is a big piece of that.

新產品的推出將成為推動這項進程的重要因素。其中很大一部分將在第四季度實現。如果你看一下新產品的發布，你會發現我們今年已經推出了六到七款產品。Unity VCS 是其中的重要組成部分。

Richard Felton, Goldman Sachs.

高盛的理查費爾頓。

Thanks, guys. The first one is on Systane, interested to know how that's performing in the quarter. Some of the industry data that we get, it looks like the brand and the overall category slowed a little bit. So I'd be interested to hear if that's what you're seeing and why you think that is. That's the first one.

謝謝大家。第一個是關於 Systane 的，想知道它在本季的表現如何。根據我們獲得的一些行業數據，品牌和整體類別的成長似乎有所放緩。所以我很想知道您是否看到了這一點，以及您認為為什麼會這樣。這是第一個。

Yeag. Systane and Systane Pro were pretty good. I mean, I think it was kind of mid-single digits, high single-digit growth, somewhere in that zone.

是的。Systane 和 Systane Pro 非常好。我的意思是，我認為它處於中等個位數、高個位數的成長範圍內。

I think what you saw in the quarter, I think, and we saw it, too, was a real pop-up in the category broadly because there's a significant amount of advertising by some competitors. And that's, I think, good for the category. So it certainly helped us and obviously helped them as well.

我認為您在本季度看到的情況，以及我們也看到的情況，是該類別中的一個真正的彈出式現象，因為一些競爭對手投放了大量的廣告。我認為這對該類別來說是件好事。所以這確實幫助了我們，顯然也幫助了他們。

So we saw a little bit of a tick down in share, but actually, the market size grew for us, so perfectly reasonable for us. I think what our category challenge in that area really more about the OcuMension wraparound and some gel stuff that we had some supply issues around. So I would tell you that underlying this is pretty healthy growth in Systane all around world.

因此，我們看到份額略有下降，但實際上，我們的市場規模有所增長，這對我們來說完全合理。我認為我們在該領域面臨的類別挑戰實際上更多地與 OcuMension 包裹和一些凝膠材料有關，我們遇到了一些供應問題。所以我想告訴你，這背後是 Systane 在全球範圍內相當健康的成長。

Great. Thank you. And then the second one is on STAAR. I was interested to know how important the China piece to the business case or that acquisition. And as you sort of think through the growth outlook in China, we're also interested to hear your views on sort of local competition in the ICL space in that market.

偉大的。謝謝。第二個是關於 STAAR 的。我感興趣的是了解中國部分對於該商業案例或收購有多重要。當您思考中國的成長前景時，我們也想聽聽您對該市場 ICL 領域本地競爭的看法。

Well, look, I mean, I think we expect local competition. We know who they are. We participate in that market in a very significant way. It's our second largest market or second or third, depending on where the yen and the Chinese yuan is.

嗯，我的意思是，我認為我們期待本地競爭。我們知道他們是誰。我們以非常重要的方式參與市場。這是我們的第二大市場，或第二或第三大市場，這取決於日圓和人民幣的匯率。

I think the idea for us has been always, how do we expand the refractive options for patients? And LASIK for us is a good business. And we've got a big chunk of business around the world that is the LASIK business. But in China, actually SMILE has done very well. And if you look at our WaveLight Plus data right now, we've got 100% of patients came out of our WaveLight Plus at 20/20 or better. And like 80%-plus came out 20/16.

我認為我們的想法一直是，如何為患者擴大屈光選擇？對我們來說，LASIK 是一門很好的生意。我們在全球擁有很大的業務份額，那就是 LASIK 業務。但在中國，其實SMILE已經做得很好了。如果您現在查看我們的 WaveLight Plus 數據，您會發現 100% 的患者在使用 WaveLight Plus 後視力都達到了 20/20 或更高。大約 80% 以上的結果都是 20/16。

So nobody else can do that. And so we're looking to get critical mass in markets like China, where the demand for refractive surgery is very high. But that's the same in Korea. It's the same in Japan. It's the same as the rest of Southeast Asia. It's the rest in -- really in Europe and the US.

所以沒有其他人可以做到這一點。因此，我們希望在中國等對屈光手術需求很高的市場取得臨界規模。但在韓國也是如此。日本也一樣。和東南亞其他地區一樣。其餘的都在歐洲和美國。

So although I would say China matters a lot, it's not the long term. I mean, long term for us, we'll be there. We're going to be -- it's going to be a huge market for us. And we'll be there with both above 6 diopters for EVO and LASIK for below 6 diopters.

因此，儘管我認為中國很重要，但這不是長期的。我的意思是，從長遠來看，我們會堅持下去。我們將會——這對我們來說將是一個巨大的市場。我們將為 6 屈光度以上的 EVO 和 6 屈光度以下的 LASIK 提供支援。

But with that -- those two products together give us an offering now that, I think, is very competitive with what everybody else is going to bring, and I think also allows us to move into other markets around the world with greater critical mass and greater effectiveness.

但有了這一點——這兩種產品結合在一起，我們現在可以提供的產品，我認為，與其他所有人提供的產品相比，非常具有競爭力，而且我認為，這也使我們能夠以更大的臨界規模和更高的效率進入世界各地的其他市場。

So we see this myopia epidemic as a real opportunity to help patients. This product is a really terrific product. And I think it just needs a little bit more push into new markets, and I think we give STAAR a bit of that critical mass. So that's what we're excited about.

因此，我們將近視疫情視為幫助患者的真正機會。這個產品確實是個非常棒的產品。我認為它只需要在新市場中再多加一點推動，我認為我們為 STAAR 提供了一點臨界質量。這就是我們感到興奮的事情。

Great, thanks very much.

太好了，非常感謝。

Chris Pasquale, Nephron Research.

Chris Pasquale，腎元研究。

Hey, thanks. One on STAAR, and then I had a follow-up on tariffs. So how are you thinking about the sustainable revenue growth rate for the EVO ICL platform once all the noise in China calms down?

嘿，謝謝。一個是關於 STAAR 的，然後我跟進了關稅問題。那麼，一旦中國市場的所有噪音平息下來，您如何看待 EVO ICL 平台的可持續收入成長率？

Yeah, we think it's solid in China, and it's solid everywhere else. I mean, the penetration of EVO is so low relative to the high myopes that it's just really -- I think it's a matter of doc training, business model. Yeah, I don't -- I think competition is real, and I think it's going to -- I think on its own, I think it would have been a difficult road for STAAR in China, in particular.

是的，我們認為它在中國很穩固，在其他地方也很穩固。我的意思是，相對於高度近視患者來說，EVO 的滲透率非常低，這真的只是——我認為這是醫生培訓和商業模​​式的問題。是的，我不這麼認為——我認為競爭是真實存在的，而且我認為競爭將會——我認為就其本身而言，STAAR 在中國的發展道路將會十分艱難。

I think with our critical mass, with our folks on the ground, and frankly, as we look at the total offer we can bring to bear for some of these customers, I think we give a real opportunity to that brand. So I think that's -- for us, we see this as a very positive contribution, accretive to our normal growth rate.

我認為，憑藉我們的臨界規模、憑藉我們在當地的員工，坦白說，當我們考慮可以為這些客戶提供的整體服務時，我認為我們為該品牌提供了真正的機會。所以我認為——對我們來說，這是一個非常積極的貢獻，可以提高我們的正常成長率。

Great. And then the increased tariff headwind you're forecasting makes you a bit of an outlier. Most companies this quarter have been talking about less exposure than they had a few months ago. Is that specifically related to Switzerland, and some of the recent developments there?

偉大的。然後，您預測的關稅逆風增加使您有點異常。本季大多數公司都表示，他們的曝光度比幾個月前有所下降。這是否與瑞士以及那裡的一些最新發展有特別的關係？

And then can you talk about what you're doing in terms of mitigation? Is the ability to offset this really the weak dollar? Or are you guys actually making substantive changes to our supply chain and distribution channel?

然後您能談談您在緩解方面所做的工作嗎？能夠抵銷這影響的真的是弱勢美元嗎？或者你們實際上正在對我們的供應鏈和分銷管道進行實質改變？

Yeah, I would say for us -- I can't talk to other companies. But if you think about the EU as an example, coming in at 15%, I think what we had at the May timeframe, folks were talking about the 10% kind of range. So I would say that's one of the key drivers of it.

是的，我想說的是——我不能與其他公司交談。但如果以歐盟為例，其稅率為 15%，我認為在 5 月份，人們談論的是 10% 左右的範圍。所以我認為這是其主要驅動因素之一。

But the mitigation factors that we have in place, a vast majority right now is dollar and is the currency. But we are continuing to look at things like moving manufacturing footprint where it makes sense. Kind of, I'll call it the non-regret type of things. Because, again, this is a very volatile environment. It takes a lot of thought, money, and effort to move manufacturing. So we're really looking for a stable policy before we start making some larger moves like that.

但我們現有的緩解因素中，絕大多數是美元和貨幣。但我們仍在繼續研究將製造足跡轉移到合理的地方等問題。某種程度上，我會稱之為無悔的事。因為，這是一個非常不穩定的環境。轉移製造業需要投入大量的心思、金錢和精力。因此，在採取類似這樣的更大措施之前，我們確實在尋求一項穩定的政策。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Good morning. Thanks for taking our questions, Dave and Tim. I want to talk about maybe some of the long-term targets that have been out there for some time since the Capital Markets Day in the context of some of these new market growth rates.

早安.感謝戴夫和蒂姆回答我們的問題。我想談談自資本市場日以來，在新的市場成長率背景下已經存在的一些長期目標。

And you laid out a 5% growth rate kind of in line with market, and there's another 200 basis points of innovation, I think, gets you about 7%. With the new market assumptions this year, does that step down over the long term to maybe 3% and 5% on that 200 basis points? Does the long-term targets hold in your view? I'm curious if you could kind of give us your thoughts on that.

您所製定的成長率與市場基本一致，再加上另外 200 個基點的創新，我認為可以達到 7% 左右。根據今年新的市場假設，從長期來看，這一數字是否會在 200 個基點的基礎上下降至 3% 和 5%？您認為長期目標是否成立？我很好奇您是否可以就此告訴我們您的想法。

Yeah. I don't think we feel any differently about the long term. Obviously, we've called the market off three times now. So I mean, we missed the surgical market. That's just a fact. But that is not unusual in the context of 15 years.

是的。我認為我們對長期的看法並沒有什麼不同。顯然，我們已經三次叫停市場交易。所以我的意思是，我們錯過了外科手術市場。這只是一個事實。但從 15 年的時間來看，這並不罕見。

So what we -- if you really look at the market, it's basically a 4% growth market in the surgical procedural growth area. And we don't see any reason why that should change. But I will tell you, there is a plus-minus of 2% around it. So for it to be 2% right now is not where we thought it would be, but it's also within the range of normality.

所以，如果你認真觀察市場，你會發現外科手術成長領域的市場成長率基本上是 4%。我們認為沒有理由改變這個現狀。但我會告訴你，它的正負值大約是 2%。因此，目前的 2% 並不是我們想像的水平，但也在正常範圍內。

So our general view right now is to do nothing other than say, look, there's no fewer cataracts today than they were yesterday. There's not -- we're graduating more surgeons around the world, particularly outside the US than we have. I mean, US productivity needs to pick up a little bit. But I think at the end of the day, there's no reason to believe that anything other than increased productivity is going to be the answer.

因此，我們現在的普遍觀點是，除了說，看，今天的白內障並不比昨天少。沒有——我們在世界各地畢業的外科醫生比我們多，特別是在美國以外。我的意思是，美國的生產力需要稍微提高一點。但我認為，最終，沒有理由相信除了提高生產力之外的任何其他方法能夠解決問題。

That's partly why VCS is so important because we see that it really does have the opportunity. If you were doing 19 cataracts in a day, you could probably do 20 now. I mean, those are the kinds of efficiencies that private equity is looking for, the practices are looking for, that helps the procedural growth.

這就是為什麼 VCS 如此重要的部分原因，因為我們看到它確實有機會。如果您以前一天做 19 次白內障手術，現在可能可以做 20 次。我的意思是，這些是私募股權所尋求的效率，實踐所尋求的效率，有助於程序的成長。

But directionally, we don't expect anything other than normal markets in this -- and very similar to what's gone on for the last 10, 15 years. And I would also just remind you that that's -- we're talking often right now about the surgical procedure market, which is really cataract procedures.

但從方向來看，我們預計此次市場不會出現任何異常——與過去 10 至 15 年的情況非常相似。我還要提醒你，我們現在經常談論的是外科手術市場，實際上是白內障手術。

And there's a lot more to our business in here than just that element. So remember, our Contact Lens business, for example, that market growth is typically mid-single digits, but on the high end of mid-single. We've typically seen that 5% to 7%. So -- and we don't see any real change in that.

我們的業務遠不止這些。因此請記住，以我們的隱形眼鏡業務為例，市場成長通常為中等個位數，但高端為中等個位數。我們通常看到的是 5% 到 7%。所以——我們沒有看到任何真正的改變。

You look at our OTC market, again, the eye drops business has generally been kind of 4% to 5% grower. So we've got a lot of markets that are all pretty healthy. And that's why even today, we're basically growing with market. We'd like to be growing a little faster than that, but the markets are slow. So that's where we are.

再看看我們的非處方藥市場，眼藥水業務的成長率一般在 4% 到 5% 之間。因此，我們擁有許多相當健康的市場。這就是為什麼即使在今天，我們基本上也與市場一起成長。我們希望成長速度能更快一些，但市場發展緩慢。這就是我們現在的處境。

Yeah. I think also to David's point, I alluded to (multiple speakers) go ahead.

是的。我認為對於大衛的觀點也是如此，我暗示（多位發言者）繼續。

Go ahead, Tim.

繼續吧，提姆。

Yeah. Again, if you look at the megatrends that underpin, when you look at the entire company, the population continues to age. The middle class continues to grow.

是的。再者，如果你看一下支撐整個公司的大趨勢，你會發現人口正在繼續老化。中產階級不斷壯大。

Half the world is going to be myopic by 2050, and then the technologies continue to increase access, improve outcomes. So those -- we don't see those trends really changing. And again, when you're looking at the long-term goals, you're talking about sort of a five-year timeframe or so.

到 2050 年，世界上將有一半的人近視，而科技的發展將持續擴大近視的可及性，改善近視的結果。所以，我們認為這些趨勢不會真正改變。再說一次，當你考慮長期目標時，你談論的是五年左右的時間範圍。

Yean. And sorry if I was being a little myopic, I guess, on Surgical. So maybe just on the other kind of long-term target, which is -- Tim, the impression I got out at the Capital Markets Day was that you felt that margins, specifically your operating margins, were reaching a point where cash will kind of flow through the P&L back to shareholders. You've done a lot of M&A now.

是的。如果我對外科手術有點短視的話，我想對此表示抱歉。因此，也許只是關於另一個長期目標，即——蒂姆，我在資本市場日得到的印像是，你認為利潤率，特別是你的營業利潤率，已經達到了現金將透過損益表流回股東的水平。您現在已經做了很多併購交易。

But with the step back in op margins, does -- kind of how you think about cash flow and the ramp in margins change at all? Because arguably, the margin trajectory over the coming years is a little bit more elongated. And I ask that also around -- with the perspective of -- well, you've just done all these deals. And should we not expect maybe as much robust M&A activity given some of these changing factors? Thanks for taking the questions.

但隨著營業利益率的回落，您對現金流和利潤率成長的看法是否會改變？因為可以說，未來幾年的利潤軌跡將會更長一些。我問這個問題也是從這樣的角度——嗯，你剛剛完成了所有這些交易。考慮到這些變化的因素，我們是否不應該期待同樣強勁的併購活動？感謝您回答這些問題。

Yeah, I'd say a couple of things. When you look at the margin profile, so if you look at this year, you take the midpoint, that would imply or that would be a step back from where we were last year. But when you break that down, this year, we're still going to get roughly 150-or-so basis points of operating leverage.

是的，我想說幾件事。當您查看利潤率概況時，如果您查看今年，則取中點，這意味著或將比去年的水平倒退一步。但如果你細分一下，今年我們仍然會獲得大約 150 個基點左右的經營槓桿。

The challenge has been -- what's offsetting that is we've got tariff pressure when you look at the op margin line, and you've got the Aurion pressure. So as you think about going forward into '26 and beyond, we should continue to get that same type of operating leverage, 150, 200 basis points, that we've gotten historically.

挑戰在於——當你看營運利潤線時，我們面臨關稅壓力，還有 Aurion 壓力，這抵消了挑戰。因此，當您考慮進入 26 年及以後時，我們應該繼續獲得與歷史上相同的營運槓桿，即 150、200 個基點。

And you won't have the Aurion pressure. You still have a little bit of tariff pressure because some of that's hung up on the balance sheet. So the fact that the business can continue to generate significant operating leverage, we feel really good about. And when you do that, you obviously generate nice free cash flow.

而且你也不會感受到 Aurion 的壓力。你仍然面臨一些關稅壓力，因為其中一些已經體現在資產負債表上。因此，我們對企業能夠繼續產生顯著的經營槓桿感到非常高興。當你這樣做時，你顯然會產生不錯的自由現金流。

So we feel good about the free cash flow. Our capital allocation philosophy hasn't changed. And again, the balance sheet is very, very healthy. So we've got a lot of capacity, and that gives us a lot of financial flexibility.

因此我們對自由現金流感到滿意。我們的資本配置理念沒有改變。而且，資產負債表非常非常健康。因此，我們擁有很大的產能，這給了我們很大的財務彈性。

The other thing, Ryan, I'd just add, for what it's worth, is you got to think about these acquisitions as really product acquisitions. I recognize their companies, but they're almost all one-product companies, right? So there's a tremendous amount of value in that.

瑞安，我想補充的另一件事是，你必須把這些收購視為真正的產品收購。我認識他們的公司，但他們幾乎都是單一產品公司，對嗎？因此，這具有巨大的價值。

So if you think about Aurion, that's a single-product company despite the fact that it's got a lot of R&D in front of it. LumiThera was Valeda. LENSAR is a FLACS machine. STAAR is EVO, and BELKIN was the Voyager.

所以如果你想想 Aurion，儘管它有大量的研發工作，但它仍然是一家單一產品公司。LumiThera 是 Valeda。LENSAR 是一台 FLACS 機器。STAAR 是 EVO，而 BELKIN 是 Voyager。

So we're getting is leverage off of our infrastructure, our sales force, our manufacturing, most -- all of this stuff has great leverage capability. So we actually benefit a great deal from it, and we can move those products faster than anybody else can. So that's obviously the idea here.

因此，我們利用我們的基礎設施、銷售團隊、製造業等大多數領域來發揮槓桿作用——所有這些東西都具有強大的槓桿能力。因此，我們實際上從中受益匪淺，而且我們可以比任何人都更快地銷售這些產品。這顯然就是這裡的想法。

David Saxon, Needham & Company.

大衛‧薩克森 (David Saxon)，Needham & Company。

Great. Thanks, David and Tim, for taking my questions. Maybe one on Tryptyr here, and then I'll have a pipeline-related question.

偉大的。感謝 David 和 Tim 回答我的問題。也許這裡有一個關於 Tryptyr 的問題，然後我會有一個與管道相關的問題。

So just on Tryptyr, can you talk about the launch strategy since you rolled it out in late July? What's the level of investments baked into guidance? And how should we think about the revenue ramp to peak sales relative to getting to full coverage, I think you said at 18 months or so?

那麼就 Tryptyr 而言，您能談談自 7 月底推出以來的發布策略嗎？指導中包含的投資水準是多少？我們應該如何看待收入成長到高峰銷售相對於實現全面覆蓋的時間，我想您說的是大約 18 個月？

Yeah. I mean, I'd be careful about the revenue ramp, in particular because I think it's just going to depend on how the reimbursement process works. But let me talk to the launch strategy because I think it's really interesting, and we're excited about it.

是的。我的意思是，我會謹慎對待收入成長，特別是因為我認為這將取決於報銷流程如何運作。但讓我談談發布策略，因為我認為這真的很有趣，我們對此感到興奮。

I mean, this is one of our first core entries back into pharmaceuticals, where we've spent a lot of time over the years. We obviously have a good bit of pharmaceutical in the business. But this is a new product, and we have -- this is probably the first new launch we've done in a while. And I will tell you that we've done a really nice job at the beginning of really working on professional education for the last year.

我的意思是，這是我們重返製藥業的首批核心項目之一，多年來我們在該領域投入了大量時間。顯然，我們的業務中有很多製藥業務。但這是一個新產品，這可能是我們一段時間以來推出的第一個新產品。我可以告訴你們，去年我們在專業教育方面確實做得非常好。

Where it's appropriate, we've been talking to payers to make sure that they were -- we understood their process, that we understood how and when we could get involved with the reimbursement process. I think we understand it pretty well. We've been -- we've hired a new sales force. That sales force is working both on Tryptyr plus our Systane Pro.

在適當的情況下，我們一直在與付款人交談，以確保他們——我們了解他們的流程，我們了解如何以及何時參與報銷流程。我認為我們非常了解這一點。我們已經－我們已經僱用了一支新的銷售團隊。該銷售團隊同時致力於 Tryptyr 和我們的 Systane Pro。

So it's really a dry eye-focused group. It's calling on a combination of optometry and ophthalmology but all the highest-using folks who we have good -- pretty good data on. So we've got pretty good targeting there. We have a comprehensive advertising and promotion program that I won't bore you with exactly.

所以這確實是一個專注於乾眼症的群體。它需要驗光和眼科的結合，但我們對所有使用率最高的人都有很好的數據。因此，我們在這方面有很好的目標。我們有一個全面的廣告和促銷計劃，我不會讓您感到厭煩。

But I'll just say that that going forward, we've got things like First Fill Free, which is a program that is -- instead of sampling the product through the office, we're getting making it very easy for patients to get to the pharmacy with a prescription and get that filled without having to worry exactly about that reimbursement the first time around. That gets us going down the path little bit faster.

但我只想說，展望未來，我們將推出「首次配藥免費」等計劃，該計劃旨在讓患者無需透過辦公室試用產品，而是可以非常輕鬆地帶著處方到藥房配藥，而不必擔心第一次的報銷問題。這讓我們的進展速度更快一些。

We've got a number of other clever ideas, I think, that are doing a nice job of helping us build this market. And I think we do see this as a blue ocean. I think what we really believe is there are a whole lot of patients in the office. And if you look at the visit data for ophthalmologists in particular, one of the most common, if not the most common presenting patient is a dry eye patient.

我認為，我們還有許多其他聰明的想法，它們可以很好地幫助我們建立這個市場。我認為我們確實將其視為一片藍海。我認為我們真正相信的是辦公室裡有很多病人。如果你特別查看眼科醫師的就診數據，你會發現最常見的患者之一（如果不是最常見的）就是乾眼症患者。

And often, that's a frustrated patient that the ophthalmologist want something new and different for. And I think this product is being received well. But it's early. We'll see, and we're all of about three, four, five weeks into this thing.

通常，這是因為患者心情沮喪，眼科醫生希望為他們提供一些新的、不同的東西。我認為這款產品很受歡迎。但現在還早。我們會看到，我們已經花了大約三、四、五週的時間來完成這件事。

So we're excited about it. We think it will take, obviously, 18 months, as I said, to get our full reimbursement in there. But directionally, very happy with -- that we're off to the races.

所以我們對此感到很興奮。正如我所說，我們認為顯然需要 18 個月才能獲得全額退款。但從方向上看，我們非常高興——我們已經開始比賽了。

Okay. That's great. And then I wanted to get an update on the PowerVision trial. What have you seen in the study following the new protocol as you talked about at the Capital Markets Day? And then I guess, what's the timing of when that could wrap up? And when could we see data for that expanded trial? Thanks so much.

好的。那太棒了。然後我想了解 PowerVision 試用的最新進展。正如您在資本市場日上所談到的，在遵循新協議的研究中，您看到了什麼？然後我想，什麼時候可以結束呢？我們什麼時候可以看到擴大試驗的數據？非常感謝。

Yeah, you're welcome. The timing on that is end of the year. So we'll have some data -- I don't know if we'll get it out in the fourth quarter or the third quarter call or whether we'll have it for the February call. But somewhere in that zone, we'll have -- we'll work through the data itself.

是的，別客氣。時間是年底。所以我們會有一些數據——我不知道我們是否會在第四季或第三季電話會議上公佈這些數據，或者我們是否會在二月的電話會議上公佈這些數據。但在該區域的某個地方，我們將——我們將透過數據本身進行工作。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning. Thanks for taking the question. Hey, Tim, two for you. The implied second-half guidance declined from, by our math, over 9% to about 5% to 7%. How much of the reduction in the implied second-half guidance is due to slower market growth and other factors such as the slower ramp of new products? And I have one follow-up for you.

早安.感謝您回答這個問題。嘿，提姆，給你兩個。根據我們的計算，隱含的下半年指引從 9% 以上下降至約 5% 至 7%。下半年隱含業績指引的下調在多大程度上是由於市場成長放緩以及新產品上市速度放緩等其他因素造成的？我還有一個後續問題想問您。

Yeah. I think a majority of it is really the market. Again, the ramps and the launches, we feel pretty good about. There was some share loss in there, to be fair. So if you had to split it out, maybe, call it, two-thirds market, maybe some share in there.

是的。我認為其中大部分確實是市場。再次，我們對坡道和發射感到十分滿意。公平地說，這其中確實存在一些份額損失。因此，如果你必須將其分割出來，也許可以稱之為三分之二的市場，也許其中有一些份額。

That's helpful. Tim, I wanted -- you got a couple of questions today on 2026, partly because we see the Street at 16% EPS growth, which is above your Capital Markets Day goal of 12% to 15%. I heard your comments earlier about 150 to 200 basis points leverage underlying.

這很有幫助。提姆，我想——你今天問了幾個關於 2026 年的問題，部分原因是我們看到華爾街的每股盈餘成長率為 16%，高於你在資本市場日設定的 12% 至 15% 的目標。我之前聽到了您關於 150 到 200 個基點槓桿的評論。

Is there any way you could at least tell us kind of the aggregate dilution from the deals next year, incremental tariff impact, and anything else we should contemplate when we kind of calibrate our models for next year?

您能否至少告訴我們明年交易的總體稀釋程度、增量關稅影響以及我們在校準明年模型時應該考慮的其他事項？

Yeah. I really can't get too much into the deals, Larry, in '26 because again, it really depends on when we close them, how we close them, and all of that. I can't give you a little help on tariffs again. Tariffs sort of hit to call it in the April timeframe. A lot of that or some of that is going to get hung up on the balance sheet.

是的。拉里，我真的不能過多談論 26 年的交易，因為這實際上取決於我們何時完成交易、如何完成交易等等。我又沒辦法在關稅問題上給你一點幫助了。4 月份關稅有上漲。其中很大一部分或部分將被計入資產負債表。

So as we roll into 2026, we'll have a full-year impact. I would guess maybe 50 basis points of pressure on the tariff piece, depending -- that's assuming that we don't offset it. So it depends on whether we offset it or not. But if you're looking at just gross tariff impact that's rolling off, that's probably a good number to start with.

因此，當我們進入 2026 年時，我們將產生全年影響。我猜測關稅部分的壓力可能會有 50 個基點，這取決於——這是假設我們不會抵消它。所以這取決於我們是否抵消它。但如果你只考慮正在減少的總關稅影響，那麼這可能是一個不錯的起點數字。

Graham Doyle, UBS.

瑞銀集團的格雷厄姆·道爾。

Thanks, guys. Just one on the kind of a follow-up to Larry's question on the sort of midterm guidance there, which effectively is -- I know you don't want to comment on 2026.

謝謝大家。這只是對拉里關於中期指導問題的後續問題，實際上——我知道你不想對 2026 年發表評論。

But I think even you gave this guidance only a few months ago and it's being reiterated today, I think it's not unreasonable to ask the question, which is you're not going to do 12% to 15% EPS growth this year. It is a CAGR over not that long period. Is it reasonable to think that you do 12% to 15% growth next year?

但我認為，即使你幾個月前才給出這個指導，而且今天又重申了這一點，我認為提出這個問題並非不合理，那就是你今年的每股收益增長率不會達到 12% 到 15%。這是一段不太長的時期內的複合年增長率。您認為明年實現 12% 至 15% 的成長合理嗎？

Again, I'm not going to get into 2026. We're sitting here in August, and we're in a dynamic environment right now. Happy to give you plenty of color to throw all that out in February when we give the guide. But again, I'll just reiterate the guidance that we gave at Capital Markets Day, so that 12% to 15%, that's a CAGR over our long-term goals. And we feel pretty good about that.

再說一次，我不會進入 2026 年。現在是八月，我們正處於一個充滿活力的環境。很高興在二月份我們給予指南時能給你足夠的色彩來把所有這些都拋開。但我再次重申我們在資本市場日給予的指導，即 12% 到 15% 是我們長期目標的複合年增長率。我們對此感覺很好。

We feel good that we're going to continue to invest in the business. The markets -- again, the megatrends haven't changed, so we would assume that the markets come back. We're going to continue to drive operating margin improvement. And when you do that, that generates nice EPS. It generates good free cash flow. And from a long-term goal perspective, we feel pretty good about it.

我們很高興能夠繼續投資這項業務。市場——再說一次，大趨勢沒有改變，所以我們假設市場會回升。我們將繼續推動營業利潤率的提高。當你這樣做時，就會產生不錯的每股盈餘。它產生良好的自由現金流。從長遠目標的角度來看，我們對此感覺非常良好。

Maybe I'll add this color, Graham, just for what it's worth. I mean, the surgical market moving annual total was about 2%, all right? So that's the audited data. That should revert north of that. I would think that's what we're -- that's a belief that we have over the long haul. That should be somewhere around 4% over the long haul.

也許我會添加這種顏色，格雷厄姆，只是為了它的價值。我的意思是，外科手術市場年增率約 2%，好嗎？這就是審計數據。那應該會恢復到那的北部。我想這就是我們的——這是我們長期以來的信念。從長遠來看，這一比例應該在 4% 左右。

The Vision Care market, moving annual right now is about 6%. It's typically been 5% to 7%, so you can pick a number in there. And if those markets hold like that, which is what they should do, and then you lay in VCS, CS, PanOptix Pro, Tryptyr, Voyager, PRECISION7, Systane Pro, Aurion, Valeda, LENSAR, STAAR -- and we got lots of stuff going on that we think adds to our base core business.

視力保健市場目前的年增長率約為 6%。通常為 5% 到 7%，因此您可以在其中選擇一個數字。如果這些市場保持這種狀態，這就是它們應該做的，然後你就投入 VCS、CS、PanOptix Pro、Tryptyr、Voyager、PRECISION7、Systane Pro、Aurion、Valeda、LENSAR、STAAR——我們會有很多事情要做，我們認為這些事情會增強我們的核心業務。

And so look, when you get all through this, we got a tough moment here, but this has always been a backloaded year. We've been saying that from the beginning of the year, and next year looks really good to us.

所以你看，當你度過這一切時，我們經歷了一個艱難的時刻，但這一直是個負擔沉重的一年。我們從年初就一直這麼說，明年對我們來說看起來非常好。

Okay, super clear. Thanks, guys.

好的，非常清楚。謝謝大家。

Issie Kirby, Redburn.

伊西‧柯比 (Issie Kirby)，雷德伯恩 (Redburn)。

Hey, guys. Thanks for taking my question. I wanted to ask on the Contact Lens market dynamics that you're seeing. There were some concerns last quarter about a bit of a weaker demand environment within Contact Lenses.

嘿，大家好。感謝您回答我的問題。我想問一下您所看到的隱形眼鏡市場動態。上個季度，人們對隱形眼鏡的需求環境略顯疲軟感到擔憂。

You put up a pretty decent number. So I was just wondering what you're seeing there. And then how is PRECISION7 doing versus your expectations? Are you seeing any, I guess, positive cannibalization of some of your monthly wearers there? And I have a follow-up.

您給的數字相當可觀。所以我只是想知道你在那裡看到了什麼。那麼 PRECISION7 的表現與您的預期相比如何？我想，您是否看到一些月度佩戴者的積極蠶食現象？我還有一個後續問題。

Yeah. On P7, yeah, look, it's doing very well. It's doing what we expected. And obviously, it is cannibalizing some of our product, but it also is taking share. So we expected it to work against the [two-week] market. It seems to be doing that. So we're pleased with that outcome.

是的。在 P7 上，是的，看，它表現得非常好。它正在做我們預期的事情。顯然，它正在蠶食我們的部分產品，但也在搶佔市場份額。因此我們預計它會對[兩週]市場產生不利影響。它似乎正在這麼做。所以我們對這個結果很滿意。

And I think as we expected, it's a high-margin brand for us. So we like the mix shift to P7 to the extent that we get it from our old monthly lenses or from some of our lower-cost daily lenses. It's priced in a place which will help us on a margin basis. So I think even if we're trading some of our own product into this, I think we're still doing pretty well with it. And then we are taking share with that particular brand in the reusable category.

我認為正如我們預期的那樣，這對我們來說是一個高利潤的品牌。因此，我們喜歡將混合轉換轉移到 P7，就像我們從舊的月拋鏡頭或一些低成本的日拋鏡頭中獲得它一樣。它的定價有利於我們獲得利潤。所以我認為，即使我們將自己的一些產品投入其中，我們仍然做得很好。然後，我們在可重複使用類別中與該特定品牌爭奪市場份額。

I would say on the other piece of this, the demand in the second quarter was a little bit more muted. It was on the low end of mid-single digits, but it's still mid-single digits. And as I just said a minute ago, this contact lens' MAT, the 12-month number is about 6%.

我想說的是，另一方面，第二季的需求稍微低迷一些。它處於中等個位數的低端，但仍然是中等個位數。正如我剛才所說，這種隱形眼鏡的 MAT，12 個月的數字約為 6%。

So I think what you're really seeing right now is a slightly lower amount of price into the market this year. We certainly took a little bit less than we took last year, and that's probably the only effect here. What we saw with the consumer was consistent mix up. The price was still pretty solid. And we -- and frankly, the wearers are about flat, but they're usually flat. So I think we're in a pretty good place with Contact Lens' health.

所以我認為你現在真正看到的是今年市場價格略有下降。我們拿的錢肯定比去年少了一點，這可能是唯一的影響。我們看到消費者的情況一直混亂。價格還是相當穩定。而且我們——坦白說，佩戴者的眼睛是平的，但通常都是平的。所以我認為隱形眼鏡的健康狀況非常好。

Great, thank you. And then just a follow-up on Unity and how revenue is being recognized with this product. Should we think about Unity as really a capital placement? To what extent are you guys leasing or perhaps bundling with your broader portfolio? Just trying to get a sense of how these placements really hit the Equipment line or if there's anything elsewhere within Surgical that we need to consider? Thanks.

太好了，謝謝。然後只是關於 Unity 的後續問題以及如何透過該產品實現收入。我們是否應該將 Unity 視為真正的資本配置？你們在多大程度上進行租賃或與更廣泛的投資組合捆綁？只是想了解這些位置對設備線的影響有多大，或者外科手術中是否還有其他方面需要考慮？謝謝。

Yeah. Generally speaking, this is a capital purchase. I mean, I would just -- I would assume that. I mean, some of our customers are going to lease, but they'll use external leasing agencies to do that. For us, it will be largely capital.

是的。整體來說，這是一項資本收購。我的意思是，我只是——我會假設這一點。我的意思是，我們的一些客戶會選擇租賃，但他們會使用外部租賃機構來做到這一點。對我們來說，這主要是資本。

We don't do any more leasing, I don't think. And there isn't any real volume discounting at this point. So we're early in the cycle. We've got a lot of demand, I think, from the market. So I think our ASPs are holding nicely kind of through this first 10 weeks or so, even though it's a bit early.

我認為我們不會再做任何租賃業務了。目前還沒有任何真正的批量折扣。因此我們正處於週期的早期階段。我認為，市場對我們有很大的需求。因此，我認為我們的 ASP 在前 10 週左右保持良好，儘管現在還為時過早。

Susannah Ludwig, Bernstein.

蘇珊娜‧路德維希，伯恩斯坦。

Hey, good afternoon, and thanks for taking my question. Could you guys just go into a bit more granular detail on the lower growth in the Consumables business, as this is one of the weakest core since the pandemic?

嘿，下午好，感謝您回答我的問題。你們能否更詳細地介紹一下消耗品業務成長放緩的原因，因為這是疫情以來最薄弱的核心業務之一？

You've been talking about for a couple of quarters a softer market that sort -- sequentially, which regions were worse? And should we expect this more subdued growth to continue in Consumables through the rest of each two? And then I guess, is there any difference in the price contribution in Consumables in Q2 versus Q1?

您已經談論過幾個季度以來的市場疲軟現象——按順序來看，哪些地區的情況更糟？我們是否應該預期這種較為溫和的成長趨勢將在接下來的兩年中持續下去？然後我想，第二季與第一季相比，消耗品的價格貢獻有什麼不同嗎？

Yeah, the last one, there's no real difference. I mean, what you see -- I mean, our Consumables market and our Consumables number is a pretty good proxy for what's going on in the market because our shares are meaningful in that area.

是的，最後一個，沒有什麼差別。我的意思是，你所看到的——我們的消耗品市場和消耗品數量可以很好地反映市場的情況，因為我們的份額在該領域具有重要意義。

And what you did see is, I think, correctly identified as a slower market. And that happened both in the US and the international markets. So I would say that around the world, it was a slow quarter for procedures. And I believe that to be kind of temporary. But again, we've called a little bit softer back half of the year, a little more consistent with the front half. And so I would expect similar numbers kind of going forward.

我認為，你所看到的被正確地認定為市場放緩。這種情況在美國和國際市場上都發生過。所以我想說，從全球來看，這是一個程序緩慢的季度。我相信這只是暫時的。但我們再次指出，下半年的業績會稍微疲軟一些，與上半年的業績更一致。因此我預計未來會出現類似的數字。

Great, thanks.

太好了，謝謝。

Thank you. We've reached the end of our question-and-answer session. I'd like to turn the floor back over to Dan for any further closing comments.

謝謝。我們的問答環節已經結束。我想把發言權交還給丹，請他發表進一步的結論。

All right. Thanks, everybody. Thanks again for joining us. If you have any follow-up questions, for investors, certainly reach out to Allen Trang or myself; for media, reach out to our corporate communications team. Appreciate your time. Thanks.

好的。謝謝大家。再次感謝您的加入。如果您有任何後續問題，對於投資者，請務必聯絡 Allen Trang 或我本人；對於媒體，請聯絡我們的企業傳播團隊。感謝您的時間。謝謝。

Appreciate the interest.

感謝您的關注。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。