Alcon Inc (ALC) 2025 Q4 法說會逐字稿

Welcome to Alcon's fourth quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

歡迎參加愛爾康2025年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Dan Cravens, Vice President and Head of Investor Relations. Thank you. You may begin.

現在我將把會議交給副總裁兼投資者關係主管丹·克雷文斯。謝謝。你可以開始了。

Welcome to Alcon's fourth quarter 2025 earnings conference call. Yesterday, we issued our press release, interim financial report, and earnings presentation. We also published our annual report on Form 20-F. All these documents are available 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.

歡迎參加愛爾康2025年第四季財報電話會議。昨天，我們發布了新聞稿、中期財務報告和收益報告。我們也發布了 20-F 表格的年度報告。所有這些文件都可以在我們的網站 investor.alcon.com 上查閱。今天與我一起參加電話會議的有我們的執行長大衛恩迪科特和財務長提姆史東西弗。

Before we begin, please note that our press release, presentation and remarks today will include forward-looking statements including statements regarding our future outlook. We undertake no obligation to update these statements as a result of new information or future events, except as required by law. Actual results may differ materially from those expressed or implied in these forward-looking statements. Please do not place undue reliance on them.

在開始之前，請注意，我們今天的新聞稿、簡報和演講將包含前瞻性聲明，包括有關我們未來展望的聲明。除法律另有規定外，我們不承擔因新資訊或未來事件而更新這些聲明的義務。實際結果可能與這些前瞻性聲明中明示或暗示的結果有重大差異。請不要過度依賴他們。

Important factors that could cause actual results to differ materially are included in our Form 20-F, earnings press release and interim financial report, each of which is on file with the SEC and available on their website at sec.gov.

可能導致實際結果與預期結果有重大差異的重要因素已包含在我們的 20-F 表格、獲利新聞稿和中期財務報告中，這些文件均已提交給美國證券交易委員會 (SEC)，並可在其網站 sec.gov 上查閱。

We will also discuss certain non-IFRS financial measures. These measures may be calculated differently from and may not be comparable to similar measures used by other companies. They should be considered in addition to and not as a substitute for IFRS prescribed performance measures.

我們也將討論一些非國際財務報告準則的財務指標。這些指標的計算方法可能與其他公司使用的類似指標不同，因此可能不具可比性。它們應該作為 IFRS 規定的績效指標的補充，而不是替代方案。

Reconciliations between our non-IFRS measures and the most directly comparable IFRS measures can be found in our earnings press release. For discussion purposes, our comments on growth rates are expressed in constant currency.

有關我們非 IFRS 指標與最直接可比較的 IFRS 指標之間的調節表，請參閱我們的獲利新聞稿。為了便於討論，我們對成長率的評論均以不變貨幣表示。

In a moment, David will begin with highlights from the fourth quarter. After his remarks, Tim will walk through our financial performance and outlook for 2026, David will then return with closing comments before we open the line for Q&A.

稍後，大衛將開始介紹第四節的精彩片段。提姆發言結束後，將介紹我們的財務表現和 2026 年展望，之後大衛將作總結發言，然後我們將開放問答環節。

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

接下來，我想把電話交給我們的執行長大衛恩迪科特。

Good morning, everyone, and thank you for joining us. Before we begin, I want to express my appreciation to our more than 25,000 associates. Your commitment to customers, your passion for innovation and your resilience continues to fuel our performance.

各位早安，感謝各位的參與。在開始之前，我想對我們超過 25,000 名員工表示感謝。你們對客戶的承諾、對創新的熱情和韌性不斷推動著我們的業績成長。

Each advancement we'll discuss this morning begins with the work that you do every day. And while our full year results reflect softer markets, the second half of 2025 and especially the fourth quarter, demonstrated the strength and momentum of our business.

今天早上我們將討論的每一項進步都始於你們每天所做的工作。儘管我們全年的業績反映了疲軟的市場，但 2025 年下半年，尤其是第四季度，展現了我們業務的實力和發展勢頭。

I'm going to start my remarks today with innovation, which is the engine behind our growth. Over the past 18 months, Alcon has entered one of the most productive launch cycles in our history. And today, I'll highlight a few of the most impactful advances.

今天，我將從創新開始我的發言，創新是我們發展的引擎。在過去的18個月裡，愛爾康公司進入了公司歷史上最高效的發射週期之一。今天，我將重點介紹一些最具影響力的進展。

First, we're excited about the progress we're making with our Unity VCS and CS platforms. Unity VCS, our next-generation vitreoretinal and cataract combination system was recognized recently by the Business Intelligence Group for outstanding technology achievements.

首先，我們對我們在 Unity VCS 和 CS 平台方面的進展感到非常興奮。Unity VCS 是我們新一代的玻璃體視網膜和白內障聯合系統，最近因其傑出的技術成就而受到商業智慧集團的認可。

This prestigious award recognizes companies, products, and leaders that are transforming industries through applied innovation, intelligent platforms and measurable real-world impact, and we're honored that Unity was selected as this year's overall winner.

這項享有盛譽的獎項旨在表彰那些透過應用創新、智慧平台和可衡量的實際影響來改變行業的公司、產品和領導者，我們很榮幸 Unity 被選為今年的總冠軍。

Surgeons have responded enthusiastically to Unity, highlighting its enhanced control, improved efficiency and integrated user experience. Since launching in mid-2025, Unity VCS has been introduced across most major markets worldwide and continues to build momentum.

外科醫生對 Unity 系統給予了熱烈的反響，強調了其增強的控制性、提高的效率和整合的用戶體驗。自 2025 年年中推出以來，Unity VCS 已在全球大多數主要市場推出，並持續成長。

In Unity CS, our stand-alone cataract system was designed to increase throughput while maintaining precision and safety. Early surgeon feedback has been encouraging, particularly regarding its seamless workflow and next-generation energy delivery, which helps optimize case efficiency without compromising outcomes.

在 Unity CS 中，我們設計的獨立式白內障手術系統旨在提高手術效率，同時保持精確度和安全性。早期外科醫生的回饋令人鼓舞，特別是關於其無縫的工作流程和下一代能量輸送，這有助於優化手術效率而不影響結果。

We launched CS late last year, and we will continue expanding its global availability throughout 2026. The Unity platform represents one of the largest upgrade opportunities in our surgical portfolio in more than a decade. And with its large installed base and compelling value proposition, we continue to expect this platform to be a steady contributor to growth through the coming decade.

我們在去年底推出了 CS，並將於 2026 年繼續擴大其全球可用性。Unity平台代表了我們外科手術產品組合十多年來最大的升級機會之一。憑藉其龐大的用戶基礎和極具吸引力的價值主張，我們繼續預期該平台將在未來十年內為成長做出穩定貢獻。

Now let me move to IOLs. In the coming years, we expect to launch a wave of new lenses that will expand our portfolio and strengthen our competitive position. I'll start with PanOptix Pro. PanOptix Pro is off to an excellent start and has meaningfully stabilized trifocal share in the US. Building on the proven performance of PanOptix, Pro reduces light scatter, a feature surgeons associated with an improved visual disturbance profile and delivers even greater quality of vision.

現在讓我來談談人工水晶體。未來幾年，我們預計將推出一系列新鏡頭，這將擴大我們的產品組合，並增強我們的競爭地位。我先從 PanOptix Pro 開始。PanOptix Pro 開局良好，在美國的三焦點眼鏡市佔率已顯著穩定。在 PanOptix 久經考驗的性能基礎上，Pro 減少了光散射，外科醫生認為這一特性可以改善視覺幹擾情況，並提供更高品質的視覺效果。

Adoption in the US has exceeded our expectations, and we're now rolling out the lens in Japan and Australia, with more markets to follow pending regulatory approvals. Adding to the strong momentum of PanOptix Pro, we're expanding our portfolio with TruePlus, which recently received PMA approval from the FDA and is on track to launch at the ASCRS in April.

該產品在美國的市場接受度超出了我們的預期，我們現在正在日本和澳洲推出這款鏡頭，待監管部門批准後，我們將陸續進入更多市場。繼 PanOptix Pro 的強勁勢頭之後，我們正在透過 TruePlus 擴展我們的產品組合。 TruePlus 最近獲得了 FDA 的 PMA 批准，並預計在 4 月的 ASCRS 會議上推出。

Importantly, TruePlus strengthens our position in the monofocal Plus segment, enabling us to more effectively convert competitive offerings while also defending and extending our Clareon base among surgeons seeking an enhanced monofocal option.

重要的是，TruePlus 鞏固了我們在單焦點 Plus 領域的地位，使我們能夠更有效地轉化競爭產品，同時在尋求增強單焦點選擇的外科醫生中捍衛和擴大我們的 Clareon 客戶群。

TruePlus is engineered to deliver enhanced intermediate vision compared to existing offers in this category without compromising the distance performance that surgeons expect from a monofocal. TruePlus will also launch with a toric option. Toric's availability is a meaningful lever to increase our ability to compete in the toric segment and grow ATI Wells share.

TruePlus 的設計旨在提供比同類現有產品更好的中距離視力，同時又不影響外科醫生期望的單焦點鏡片的遠距離性能。TruePlus也將推出環面鏡片選項。Toric 的可用性是一個重要的槓桿，可以提高我們在 Toric 領域的競爭力，並增加 ATI Wells 的市場份額。

And next, later this year, we also expect to receive regulatory approval on an upgraded version of Vivity. Vivity is already the most implanted EDOF lens in the world, and this advancement will build upon its success. This improvement is designed to enhance near vision while preserving the visual disturbance profile that surgeons expect from Vivity. We're excited to launch this innovation in most major markets in early 2027.

接下來，我們預計今年晚些時候，Vivity 的升級版也將獲得監管部門的批准。Vivity 已經是世界上植入量最大的 EDOF 鏡頭，而這項進步將進一步鞏固其成功。這項改進旨在增強近距離視力，同時保持外科醫生對 Vivity 的視覺幹擾特性的期望。我們很高興能在 2027 年初在大多數主要市場推出這項創新技術。

Finally, we continue to advance our accommodating lens program. Last year, we extended the clinical program after seeing some refractive changes in a portion of patients in our early clinical work. As part of this extension, we amended the protocol to include changes in intraoperative and postoperative medications. Given these changes, we now expect to read out the complete data towards the middle part of 2026.

最後，我們將繼續推進我們的調節鏡片專案。去年，我們在早期臨床工作中發現部分患者出現了一些屈光變化，因此我們擴大了臨床計畫。作為此次擴展的一部分，我們修改了方案，納入了術中和術後用藥的變更。鑑於這些變化，我們現在預計將在 2026 年年中公佈完整數據。

Switching now to Retina. Valeda, our photo biomodulation device is showing encouraging adoption trends and is helping deepen our engagement in the dry AMD space. Valeda uses three distinct wavelengths of light to improve mitochondrial activity in retinal health, giving clinicians a noninvasive treatment option they haven't had before. This is the first and only treatment clinically shown to maintain visual improvement in dry AMD patients. We're excited about its long-term potential as treatment is now being reimbursed by six of the seven MAX.

現在切換到 Retina 顯示器。我們的光生物調節設備 Valeda 展現出令人鼓舞的普及趨勢，並有助於我們加深在乾性 AMD 領域的參與。Valeda 使用三種不同波長的光來改善視網膜健康中的粒線體活性，為臨床醫生提供了一種他們以前從未有過的非侵入性治療選擇。這是目前唯一經過臨床驗證能夠維持乾性老年黃斑部病變患者視力改善的治療方法。我們對其長期潛力感到興奮，因為目前七家 MAX 保險公司中有六家正在報銷治療費用。

Our team is continuing to build awareness and adoption within ophthalmology to complement our strong OR-based retina portfolio.

我們的團隊正在不斷提高眼科領域的認知度和應用率，以完善我們強大的手術室視網膜產品組合。

Moving to Vision Care. Reusable contact lenses continue to be a strategically important part of our portfolio, where we're under-indexed versus the market. More than half of new wearers start in a reusable lens, and this category offers long-term patient loyalty with attractive margins.

前往視力保健中心。可重複使用的隱形眼鏡仍然是我們產品組合中具有重要戰略意義的一部分，但我們在該領域的比例低於市場平均水平。超過一半的新配戴者從可重複使用的隱形眼鏡開始，這個類別能夠帶來長期的患者忠誠度和可觀的利潤。

Our growing reusable portfolio is anchored by TOTAL30 of the industry's first and only monthly lens with water gradient technology. The TOTAL30 family already includes sphere, toric and multifocal lenses.

我們不斷壯大的可重複使用產品組合以 TOTAL30 為核心​​，它是業界首款也是唯一一款採用水梯度技術的月拋型隱形眼鏡。TOTAL30 系列產品已經包括球面鏡片、散光鏡片和多焦點鏡片。

And this month, we expanded the family with the introduction of TOTAL30 multifocal for astigmatism. This is Alcon's first multifocal toric lens and a key step in expanding our innovative monthly portfolio. It positions us to compete strongly in the multifocal category, the fastest-growing segment in contact lenses by addressing presbyopic patients with the stigmatism a group that historically has had limited options.

本月，我們推出了 TOTAL30 多焦點散光矯正鏡片，進一步豐富了產品線。這是愛爾康推出的首款多焦點散光隱形眼鏡，也是我們拓展創新月拋型隱形眼鏡產品線的重要一步。它使我們能夠在多焦點鏡片類別中佔據強大的競爭力，這是隱形眼鏡中成長最快的細分市場，它能夠滿足老花眼患者（尤其是散光患者）的需求，而這一群體在歷史上選擇有限。

Alongside the TOTAL30 family, PRECISION7 provides an accessible high-quality weekly option that broadens our reach within the reusable segment. Launched early last year, PRECISION7 was designed to meet the needs of both eye care professionals and cost-conscious patients by delivering week long comfort and consistent vision in spherical and toric modalities. Combined, these innovations helped drive significant share gains in the reusable category in 2025.

除了 TOTAL30 系列產品外，PRECISION7 還提供了一種價格親民的高品質周用選擇，擴大了我們在可重複使用產品領域的覆蓋範圍。PRECISION7 於去年年初推出，旨在滿足眼科專業人士和注重成本的患者的需求，提供長達一周的舒適度和球面及散光模式下的穩定視力。這些創新加在一起，幫助推動了可重複使用產品類別在 2025 年取得顯著的市佔率成長。

And finally, in ocular health, we continue to develop products that meet the needs of the expanding dry eye category. Dry eye remains one of the most prevalent and persistent ocular conditions worldwide and our innovation continues to strengthen Alcon's leadership.

最後，在眼部健康領域，我們將繼續開發滿足不斷增長的乾眼症患者需求的產品。乾眼症仍然是全球最普遍、最頑固的眼部疾病之一，而我們的創新將繼續鞏固愛爾康的領先地位。

I'll start with the over-the-counter SYSTANE family, where we saw a strong quarter of double-digit growth. This performance was supported by new formulations such as SYSTANE Complete PF and our newest launch, SYSTANE PRO.

我先從非處方藥 SYSTANE 系列說起，該系列產品在本季實現了兩位數的強勁成長。這項表現得益於 SYSTANE Complete PF 和我們最新推出的 SYSTANE PRO 等新配方。

In the fourth quarter, we also launched a direct-to-consumer advertising campaign on SYSTANE PRO to help broaden awareness and drive trial. SYSTANE PRO is our most advanced artificial tier. It's designed to hydrate, restore and protect the ACA surface and deliver long-lasting relief. This multi-dose preservative-free formulation fills an important need in the US market by offering a premium artificial tier without preservatives a feature that clinicians and patients increasingly value.

第四季度，我們也針對 SYSTANE PRO 發起了一項直接面向消費者的廣告活動，以幫助擴大知名度並推動試用。SYSTANE PRO 是我們最先進的人工層級。它旨在滋潤、修復和保護 ACA 表面，並提供持久的舒緩效果。這種多劑量無防腐劑配方滿足了美國市場的重要需求，提供了一種不含防腐劑的優質人工製劑，這一特性越來越受到臨床醫生和患者的重視。

The pharmaceutical space trip tier continues to perform exceptionally well. By year-end, it surpassed approximately 84,000 total prescriptions and achieved a 3% share of the US market, which is a great result for a product only five months into its life cycle.

醫藥太空旅行領域持續表現出色。到年底，該產品的總處方量超過約 84,000 張，並在美國市場佔有 3% 的份額，對於一個上市僅五個月的產品來說，這是一個非常好的結果。

Physicians appreciate its unique mechanism of action, which stimulates natural tear production as early as day one. Refill rates are high, signaling meaningful patient benefit and acceptance, as well as strong engagement from eye care professionals. We've also made great progress with reimbursement from commercial carriers like Express Scripts, Kaiser Permanente and Highmark and now have more than one third of commercial lives covered.

醫生們讚賞其獨特的作用機制，它能從出生第一天起就刺激天然淚液的分泌。續藥率很高，顯示患者從中獲益良多，並被廣泛接受，同時也顯示眼科護理專業人員的積極參與。我們在與 Express Scripts、Kaiser Permanente 和 Highmark 等商業保險公司的報銷方面也取得了巨大進展，現在超過三分之一的商業人壽保險都已覆蓋。

In 2026, our focus will be expanding the prescriber base and improving coverage. We continue to expect to expand Medicare coverage in the next 18 months. SYSTANE PRO and TRYPTYR represent significant innovation in the dry eye space, broadening our reach across the full spectrum of dry eye patients and reinforcing Alcon's leadership in this growing category.

2026年，我們的重點將是擴大處方醫生群體並提高覆蓋範圍。我們預計在未來 18 個月內繼續擴大聯邦醫療保險的覆蓋範圍。SYSTANE PRO 和 TRYPTYR 代表了乾眼症領域的重大創新，擴大了我們對所有乾眼症患者的覆蓋範圍，並鞏固了愛爾康在該不斷增長的類別中的領先地位。

Now to bring this all together, Alcon is delivering sustained high-quality innovation across the company. We're advancing a portfolio of products across both of our segments, each with multiyear commercial potential.

為了將這一切整合起來，愛爾康正在全公司範圍內持續推行高品質的創新。我們正在推進涵蓋我們兩個業務領域的一系列產品，每款產品都具有多年的商業潛力。

I'll close with a few observations on the market during the fourth quarter. In cataract, we estimate that global procedure volumes grew approximately 3%. Additionally, ATI well penetration globally was up 90 basis points. In contact lenses, global market growth was approximately 4%, which is primarily driven by the strength within the US.

最後，我想就第四季的市場狀況談談我的幾點看法。據估計，全球白內障手術量增加了約 3%。此外，ATI全球油井滲透率上升了90個基點。隱形眼鏡全球市場成長率約為 4%，主要得益於美國市場的強勁表現。

With that, I'll turn it over to Tim who will walk us through the financials.

接下來，我將把麥克風交給提姆，他將為我們解釋財務狀況。

Thanks, David. Our fourth quarter sales of $2.7 billion were up 7% versus prior year. In our surgical franchise, revenue was up 6% year-over-year to $1.5 billion. Implantable sales were $474 million in the quarter, up 2% versus the prior year period. As David mentioned, PanOptix Pro continue to perform well in the US, and we're in the early stages of launching it in select international markets. Even so, during the quarter, we continue to see an increasingly competitive IOL market.

謝謝你，大衛。我們第四季銷售額為 27 億美元，比上年同期成長 7%。在我們的外科手術業務中，營收年增 6%，達到 15 億美元。本季植入式醫療器材銷售額為 4.74 億美元，較上年同期成長 2%。正如大衛所提到的，PanOptix Pro 在美國繼續表現出色，我們目前正處於在部分國際市場推出產品的早期階段。即便如此，在本季度，我們仍然看到人工水晶體市場競爭日益激烈。

In consumables, fourth quarter sales of $794 million were up 5%, which reflects growth in cataract and vitreoretinal procedures, as well as price increases. In equipment, we saw another quarter of acceleration with sales of $277 million and growth of 18%, driven by the launch of Unity.

耗材方面，第四季銷售額為 7.94 億美元，成長 5%，這反映了白內障和玻璃體視網膜手術的成長以及價格上漲。在設備方面，我們看到了另一個季度的加速成長，銷售額達到 2.77 億美元，成長了 18%，這主要得益於 Unity 的推出。

Turning to Vision Care. Fourth quarter sales of $1.2 billion were up 7%. Contact lens sales were up 4% to $683 million in the quarter, primarily driven by price increases and product innovation. Partially offset by declines in legacy products where we have limited our promotional activity. Please recall that this quarter, we faced particularly tough comparisons with double-digit sales growth in the fourth quarter of 2024.

轉向視力保健。第四季銷售額為12億美元，成長7%。本季隱形眼鏡銷售額成長 4%，達到 6.83 億美元，主要受價格上漲和產品創新推動。部分被傳統產品的下滑所抵消，因為我們在這些產品上限制了促銷活動。請注意，本季我們面臨著特別嚴峻的業績比較，因為 2024 年第四季的銷售額實現了兩位數的成長。

In ocular health, fourth quarter sales of $474 million were up 12%, led by continued strength of our dry eye portfolio including TRYPTYR and SYSTANE. As David mentioned, TRYPTYR's launch is tracking ahead of expectations with strong early refill rates and broad prescriber enthusiasm. As access expands and awareness builds, we expect TRYPTYR to be a meaningful growth driver in 2026. The same also had a great quarter with mid-teens revenue growth.

在眼科健康領域，第四季銷售額為 4.74 億美元，成長 12%，這主要得益於我們乾眼症產品組合（包括 TRYPTYR 和 SYSTANE）的持續強勁表現。正如大衛所提到的，TRYPTYR 的上市進展超出預期，早期續約率強勁，處方醫師也普遍熱情高漲。隨著使用者群體擴大和認知度提高，我們預期 TRYPTYR 將在 2026 年成為一個重要的成長驅動力。該股本季業績同樣出色，營收成長超過15%。

Now moving down the income statement. Fourth quarter core gross margin was 62.5% down 50 basis points year-over-year, mainly driven by incremental tariffs, partially offset by price increases. Core operating margin was 19%, down 160 basis points, driven by lower gross margin, increased sales and marketing investments behind new product launches, and increased R&D investment. This was partially offset by favorability from lower annual incentive compensation compared to prior year.

現在來看損益表。第四季核心毛利率為 62.5%，較去年同期下降 50 個基點，主要受關稅上漲影響，部分被價格上漲所抵銷。核心營業利潤率為 19%，下降了 160 個基點，主要原因是毛利率下降、新產品上市後銷售和行銷投入增加以及研發投入增加。與前一年相比，年度激勵薪酬有所降低，這在一定程度上抵消了上述不利影響。

Fourth quarter interest expense was $53 million and other financial income and expense was a net benefit of $6 million. The average core tax rate in 2025 was 17.5% down from 19% in the prior year due to discrete tax benefits. Finally, core diluted earnings were $0.78 per share in the quarter.

第四季利息支出為 5,300 萬美元，其他財務收入和支出淨收益為 600 萬美元。由於特殊的稅收優惠，2025 年的平均核心稅率從上一年的 19% 下降到 17.5%。最後，本季核心稀釋後每股收益為 0.78 美元。

Turning to cash. We generated $1.7 billion of free cash flow in 2025 compared to $1.6 billion in 2024. In addition, in 2025, our free cash flow as a percentage of core net income was 114%, well ahead of our long-range goals. Our robust cash generation has enabled us to return $848 million to shareholders in 2025, comprised of $682 million in share repurchases and $166 million in dividend payments.

兌換現金。2025 年，我們產生了 17 億美元的自由現金流，而 2024 年為 16 億美元。此外，到 2025 年，我們的自由現金流佔核心淨收入的百分比為 114%，遠遠超過我們的長期目標。我們強勁的現金流使我們能夠在 2025 年向股東返還 8.48 億美元，其中包括 6.82 億美元的股票回購和 1.66 億美元的股息支付。

Moreover, I'm pleased to report that in January, we completed the repurchase program and returned the full $750 million to shareholders more than two years ahead of schedule. Regarding tariffs, we incurred $91 million of tariff-related charges in 2025, of which $67 million was recognized in cost of sales.

此外，我很高興地報告，今年 1 月，我們完成了股票回購計劃，並提前兩年多向股東返還了全部 7.5 億美元。關於關稅，我們在 2025 年產生了 9,100 萬美元的關稅相關費用，其中 6,700 萬美元計入了銷售成本。

Now moving to our outlook. As I'm sure you've noticed, starting this year, we are updating the way we present guidance to more closely align with the framework we outlined at our last Capital Markets Day. Our outlook assumes that aggregate eye care markets grow 3% to 4% for the year, that exchange rates as of the end of January hold through year-end, and regarding tariffs, this outlook assumes an average tariff rate of approximately 15% for imports into the US for the remainder of the year. Additionally, we've assumed that retaliatory tariffs remain unchanged.

現在談談我們的展望。正如您肯定已經注意到的，從今年開始，我們將更新我們發布指導意見的方式，使其與我們在上一次資本市場日上概述的框架更加緊密地保持一致。我們的展望假設全年眼科護理市場總量增長 3% 至 4%，1 月底的匯率將維持到年底，關於關稅，該展望假設今年剩餘時間內美國進口商品的平均關稅稅率約為 15%。此外，我們假設報復性關稅維持不變。

Starting with sales, we expect top line growth of between 5% and 7%. We believe this outlook reflects a balanced view of market conditions complemented by the steady progress of recent product launches. Although we had a strong fourth quarter exit rate, we feel this guidance is prudent given the soft market conditions in 2025.

先從銷售額來看，我們預期營收成長將在 5% 到 7% 之間。我們認為，這項展望反映了對市場狀況的平衡看法，並輔以近期產品發布的穩步進展。儘管我們第四季的退出率表現強勁，但考慮到 2025 年疲軟的市場狀況，我們認為這一預期是審慎的。

Importantly, given our innovation pipeline and new product launches over the coming years, we remain committed to our long-range Capital Markets Day goals. In terms of phasing, we expect sales growth to be relatively level loaded throughout the year given the cadence of new product launches.

重要的是，鑑於我們未來幾年的創新計劃和新產品發布，我們將繼續致力於實現我們的長期資本市場日目標。就發展階段而言，鑑於新產品推出的節奏，我們預計全年銷售成長將相對穩定。

Turning to gross margin. While we're not providing formal guidance, we currently expect 2026 to look broadly similar to 2025. Efficiency gains and the launch of TRYPTYR should continue to support margins while headwinds from tariffs and the ramp up equipment launches largely offset those benefits.

接下來我們來看毛利率。雖然我們沒有提供正式的指導意見，但我們目前預期 2026 年的情況與 2025 年大致相似。效率的提高和 TRYPTYR 的推出應該會繼續支撐利潤率，但關稅和設備投產加速帶來的不利因素在很大程度上抵消了這些好處。

Moving to operating expenses. We expect SG&A leverage to be the primary driver of operating margin expansion. R&D expense is expected to be approximately 9% of sales. Additionally, as we've discussed previously, over the past several years, we made significant investments in operational improvements and system enhancements to drive efficiencies. Building on this progress, and as outlined in our earnings release, we've announced new efficiency measures to further optimize our cost structure and support long-term margin expansion.

接下來是營運費用。我們預期銷售、管理及行政費用槓桿將是營業利潤率擴張的主要動力。研發費用預計約為銷售額的9%。此外，正如我們之前討論過的，在過去幾年裡，我們對營運改善和系統增強進行了大量投資，以提高效率。在此基礎上，正如我們在獲利報告中所述，我們宣布了新的效率措施，以進一步優化成本結構並支持長期利潤率擴張。

We expect approximately $100 million in annualized run rate savings, with about $50 million realized in 2026. This initiative is expected to cost approximately $150 million and be completed by year-end. So in aggregate, we expect full year core operating margin to improve by approximately 70 basis points to 170 basis points.

我們預計每年可節省約 1 億美元，其中約 5,000 萬美元將在 2026 年實現。這項計劃預計耗資約 1.5 億美元，將於年底前完成。因此，總體而言，我們預計全年核心營業利潤率將提高約 70 個基點至 170 個基點。

Moving to the bottom line, we expect core diluted EPS to grow between 9% and 12%. And in terms of phasing, given the cadence of product launches and the run rate savings, we expect the second half of the year to benefit from higher profitability than the first half.

最後來看結論，我們預期核心稀釋後每股盈餘將成長 9% 至 12%。就分階段實施而言，考慮到產品發布的節奏和持續的節省成本，我們預計下半年的獲利能力將高於上半年。

Before I wrap up, I'm pleased to report that our Board has proposed a dividend of CHF28 per share. This is in line with our payout policy of approximately 10% of the previous year's core net income. Shareholders will vote on this proposal at the upcoming Annual General Meeting in April. And lastly, I, too, would like to extend my thanks to our more than 25,000 associates across the organization for their dedication and hard work.

最後，我很高興地宣布，董事會已提議派發每股 28 瑞士法郎的股息。這符合我們按上一年核心淨收入的約 10% 進行分紅的政策。股東們將在即將於四月舉行的年度股東大會上對該提案進行投票表決。最後，我也要感謝我們公司超過 25,000 名員工的奉獻和辛勤工作。

And with that, I'll turn it back to David.

接下來，我將把麥克風交還給大衛。

Thanks, Tim. Before we open the line for questions, I want to briefly step back and summarize what we believe is most important.

謝謝你，提姆。在開放式提問環節之前，我想先簡單回顧一下我們認為最重要的事情。

First, our fundamentals remain strong. We delivered solid fourth quarter performance, exited the year with momentum and continue to invest behind innovation that supports sustainable long-term growth. Our portfolio is broader, deeper and more differentiated than at any point in our history.

首先，我們的基本面依然強勁。我們第四季業績穩健，以強勁勢頭結束了這一年，並將繼續投資於支持可持續長期成長的創新。我們的產品組合比以往任何時候都更加廣泛、深入和多元化。

Second, our innovation engine is working. Across surgical, Vision Care, including ocular health, we are advancing multiple platforms with multiyear commercial potential. This breadth matters. It gives us a broad portfolio of potential revenue opportunities that reinforces our confidence in consistently creating value for shareholders.

其次，我們的創新引擎正在運轉。在外科手術、視力保健（包括眼部健康）等領域，我們正在推進多個具有多年商業潛力的平台。這種廣度很重要。它為我們提供了廣泛的潛在收入機會，增強了我們持續為股東創造價值的信心。

Third, we remain disciplined. As Tim just outlined, our 2026 outlook reflects a balanced view of market conditions while preserving our commitment to margin expansion, strong cash generation and shareholder returns. We're investing where returns are highest while continuing to optimize our cost structure to support long-term performance.

第三，我們保持自律。正如蒂姆剛才概述的那樣，我們對 2026 年的展望反映了對市場狀況的平衡看法，同時保持我們對利潤率擴張、強勁現金流和股東回報的承諾。我們將投資於回報最高的領域，同時不斷優化成本結構，以支持長期績效。

And finally, none of this happens without our people, and I want to thank our more than 25,000 associates again around the world for their dedication, resilience and focus on serving eye care professionals and their patients every day.

最後，這一切都離不開我們員工的付出，我要再次感謝我們遍布全球的 25,000 多名員工，感謝他們每天為眼科護理專業人員及其患者所展現出的奉獻精神、韌性和專注精神。

And with that, operator, please open the line for questions.

接線員，現在可以開始接受提問了。

(Operator Instructions) Graham Doyle, UBS.

（操作說明）格雷厄姆‧多伊爾，瑞銀集團。

Just a question on the guidance. So obviously, last year, we had a couple of missteps really around the market. Could you give us a sense as to how comfortable you are today in terms of visibility? Because when I look at sort of equipment in TRYPTYR, it feels to me like you get halfway towards the midpoint of your guide already.

關於指導原則，我有個問題。很顯然，去年我們在市場方面確實犯了一些錯誤。您能否描述一下您目前在視野方面的舒適度？因為當我查看 TRYPTYR 中的各種裝備時，我覺得你已經完成了指南的一半內容。

And then to Tim's comments on phasing, it strikes me that you should -- you've got some relatively soft comps in Q1, Q2, and you've obviously exited quite a strong rate. So should you be kind of in the middle or the upper end of the revenue guidance range we think of the first half.

至於 Tim 關於分階段實施的評論，我覺得你應該這樣做——第一季和第二季的比較數據相對較低，而且你顯然已經退出了相當高的利率時期。所以，如果您的期望處於我們上半年營收預期範圍的中間或較高位置，那就對了。

Graham, thanks for the question. Let me -- just on the markets, the markets improved in the fourth quarter. They were improving most of the year as we kind of indicated. but they aren't quite back to normal yet. And so I think the balanced view that we have right now is that we should call it about where it finished.

格雷厄姆，謝謝你的提問。讓我說說市場狀況——市場在第四季有所改善。正如我們之前指出的那樣，他們今年大部分時間都在進步，但目前還沒有完全恢復正常。所以我認為，目前比較平衡的觀點是，我們應該就此結束比賽。

And so when you look at this year, the way we see the market broadly is the surgical market finished about three. That's probably where we'll call it for next year. Vision Care was 4% and change. That's probably where we'll call it. So in aggregate, being in the 3% to 4% range for now makes a lot of sense to us.

因此，縱觀今年，我們對市場的總體看法是，外科手術市場最終收在三點左右。明年我們大概會把比賽定為這個名字。視力保健費用佔比 4% 多一點。我們大概會把它叫這個名字。因此，總的來說，目前將比例維持在 3% 到 4% 的範圍內對我們來說是比較合理的。

And maybe that's disciplined, but I think that's the right answer. So that's how we're thinking about the market for the year. And on the front.

或許這顯得有些自律，但我認為這才是正確的答案。這就是我們對今年市場的看法。正面也是如此。

I mean, I would just say on the phasing, Graham, I think surgical, to your point, is going to be driving that first half growth if you think about PanOptix Pro equipment's continuing to do well. And then as you get in the back half, I think Vision Care is really going to be driving that. TRYPTYR is really going to be building a lot of momentum. We're also going to see some nice growth in P7 and T30, so it should be relatively balanced for the year.

我的意思是，格雷厄姆，就發展階段而言，我認為正如你所說，如果考慮到 PanOptix Pro 設備繼續表現良好，那麼外科手術將成為上半年成長的主要驅動力。然後到了後半段，我認為視力保健將會真正成為推動成長的主要因素。TRYPTYR 將會迅速發展壯大。P7 和 T30 也將迎來一些不錯的成長，因此今年的整體情況應該會比較平衡。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Yes, I wanted to start with equipment, really strong growth, 18% in Q4. So any color on how much Unity contributed to equipment growth in Q4. If we look at year-over-year growth of about $48 million, did -- was that mostly due to Unity? And how should we think about equipment growth in 2026? David, you've talked about 3,000 placements per year just on average.

是的，我想先從設備說起，設備產業成長非常強勁，第四季成長了 18%。所以，請問Unity在第四季對設備成長的貢獻有多大？如果我們看一下同比增長約 4800 萬美元，這主要是因為 Unity 嗎？那我們該如何看待2026年的設備成長呢？大衛，你之前提到平均每年有 3000 個就業安置名額。

How should we think about that in '26? And I have one follow-up.

2026年我們該如何看待這個問題？我還有一個後續問題。

Yes, Larry, we had a great quarter on equipment. Obviously, we got CS out in the quarter as well. So -- but if you look at year-on-year, for example, Unity for Retina, our VCS, our revenue doubled in that category. Now it's not the way you should think about the going-forward number, but I would just say that we had really strong demand. We filled that demand pretty well in the fourth quarter, and we really didn't get CS out.

是的，拉里，我們本季在設備方面取得了巨大成功。顯然，我們這季度也推出了CS課程。所以——但如果你看看同比數據，例如，Unity for Retina，我們的VCS，我們在該類別的收入翻了一番。現在你不應該這樣看待未來的數字，但我只想說，我們當時的需求非常強勁。我們在第四季度很好地滿足了這一需求，而且我們實際上並沒有推出 CS。

So I would say we've got really good visibility to a funnel of contracts that are ready to go. We have visibility to the install rates. We feel really good about the number that we've given in the past. So I think if you're referring to the number we gave midyear last year, certainly on our exactly -- no change to that, I would just say, and I think the kind of the important part of it is the feedback we're getting on the product itself is positive and a little bit of that I commented on relative to the award we won from the BIG thing.

所以我覺得我們對即將簽訂的合約管道有了非常清楚的了解。我們可以掌握安裝率數據。我們對過去捐贈的金額感到非常滿意。所以，如果你指的是我們去年年中給出的數字，那麼肯定不會有任何變化，我只想說，而且我認為最重要的是，我們收到的產品反饋是積極的，我之前也提到過，我們獲得了BIG Thing的獎項。

The customer really appreciates at this moment in time, in particular, being able to do more surgeries in a day in a very safe way. And that's kind of the core of the proposition. So we feel good about Unity right now, and it was a big part of the equipment growth.

這位客戶目前尤其感激能夠以非常安全的方式在一天內進行更多手術。這就是該提議的核心所在。所以我們現在對 Unity 的前景感到滿意，它對我們設備的成長起到了很大的作用。

That's helpful. And David, it looks like TRYPTYR sales are actually tracking better than the IQVIA prescription data. I guess my question is, was there any stocking in Q4? And how should we think about TRYPTYR in '26? Is $80 million to $100 million the right range?

那很有幫助。David，看起來 TRYPTYR 的銷售情況實際上比 IQVIA 的處方數據要好。我想問的是，第四季有庫存嗎？那我們該如何看待 2026 年的 TRYPTYR 呢？8000萬美元到1億美元是合適的範圍嗎？

And are you still comfortable with that $250 million to $400 million peak sales?

你仍然對2.5億美元至4億美元的銷售高峰感到滿意嗎？

Yes. Look, TRYPTYR really is taking off nicely for us, and we're excited about the enthusiasm that I think the patients are describing, which is this kind of rapid onset and tolerance that we are kind of is expected to see, but I think it's pleasing to see it. I think ophthalmologists and optometrists around the world, I think, are looking forward to this product.

是的。你看，TRYPTYR 對我們來說真的發展得不錯，我們對患者們所描述的熱情感到興奮，這種快速起效和耐受性是我們預期會看到的，但看到這種情況仍然令人欣慰。我認為世界各地的眼科醫生和驗光師都非常期待這款產品。

But I think in the US where we see it now, it's exciting to watch. You can't track it in IQVIA because it's obviously flowing through a third party right now to kind of make sure that we handle reimbursement best. But we're very comfortable with peak sales right now. In fact, I would say we probably are edging towards the higher end of the range we've given, which is that $250 million to $400 million range.

但我認為，就我們目前在美國看到的情況而言，觀看這一切令人興奮。你無法在 IQVIA 中追蹤它，因為它顯然正在透過第三方進行處理，以確保我們能夠最好地處理報銷事宜。但我們對目前的銷售高峰非常滿意。事實上，我認為我們可能正在接近我們給出的範圍的上限，也就是 2.5 億美元到 4 億美元之間。

Veronika Dubajova, Citi.

Veronika Dubajova，花旗銀行。

On a strong finish to 2025. Two things, please, if I can. One, just, David, I'd like to circle back to your comments around the Unity order book. And I don't know if you can describe how much visibility you have at this point in time? And I guess, sort of the demand CS versus VCS and how you kind of characterize your confidence in the sort of sustaining a healthy double-digit growth rate in equipment as we enter 2026.

2025年將強勢收官。如果可以的話，請允許我提兩件事。大衛，我想再談談你之前關於 Unity 訂單簿的評論。我不知道您能否描述一下您目前所擁有的知名度？我想，這有點像是CS與VCS的需求對比，以及您如何描述您在2026年之前對設備保持兩位數健康成長率的信心。

And then my second question is for Tim, please. I noticed that the guidance assumes 498 of shares. Obviously, we finished the year at 488. Any kind of reasons for that and then sort of indications around desire to do more buybacks as we move through this year, given that maybe there's a bit less M&A in the pipeline than there might have been before?

那麼，我的第二個問題請問提姆。我注意到該指引假設持有 498 股。顯然，我們最終以 488 的成績結束了這一年。造成這種情況的原因是什麼？鑑於今年併購交易可能比以前有所減少，是否有跡象表明公司希望在今年進行更多股票回購？

Yes. Veronika, thanks for the question. I would just say the key is we do have kind of a very detailed view of our funnel and the order book, as you will. Everything from prospects through to installations. So we track contracts, we track shipped products and all the way through to installation and follow-up.

是的。維羅妮卡，謝謝你的提問。我想說的是，關鍵在於我們對銷售漏斗和訂單簿有著非常詳細的了解。從潛在客戶開發到產品安裝，所有環節都涵蓋在內。因此，我們會追蹤合約、追蹤已出貨產品，直到安裝和後續服務。

So we're very confident in what we've got out there in terms of demand, and we expect the product to do really well this year.

因此，我們對目前市場上的需求非常有信心，並預期該產品今年會取得非常好的銷售業績。

Yes. And I would just say on the share buyback, the $498 million versus the $48 million, that's basically how the employee vesting is treated. So that's kind of the mechanics of the buyback. I would say, in general, on future buybacks, listen, our capital allocation philosophy hasn't changed.

是的。關於股票回購，我想說的是，4.98 億美元與 4,800 萬美元之間的差距，基本上就是員工權益歸屬的處理方式。這就是回購機制的大致運作方式。總的來說，關於未來的股票回購，我想說的是，我們的資本配置概念並沒有改變。

Our first priority is going to be investing in organic investments. Again, if you think about PanOptix Pro, Vivity, those types of things, those are doing very, very well. At the same time, we realize that we can't develop everything. So we will continue to be active in BD&L and M&A.

我們的首要任務是投資有機成長型專案。再說一遍，想想 PanOptix Pro、Vivity 之類的產品，它們都做得非常好。同時，我們也意識到我們不可能開發所有東西。因此，我們將持續活躍於業務拓展與租賃以及併購領域。

And then obviously, the third leg of the stool is the returning cash to shareholders. So we review that every year with the Board when we do our strategic plan. So if we have any changes or any more buybacks, we'll certainly announce it as appropriate.

很顯然，第三個支柱就是向股東回饋現金。因此，我們在每年制定策略計劃時都會與董事會一起審查這一點。因此，如果情況有變化或需要進行更多回購，我們一定會在適當的時候公佈。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

So I wanted to follow up on some of the dynamics in the IOL market, cataract market a little bit if you could maybe elaborate on anything that you're seeing in market capacity and market volumes trends that could be improving there.

所以我想進一步了解人工晶體市場和白內障市場的動態，如果您能詳細說明您在市場容量和市場交易量趨勢方面觀察到的任何可能正在改善的因素，那就太好了。

And then anything in the pipeline that PanOptix Pro has been great and your market leadership is impressive. But anything that you think could help sort of either expand laterally or penetration or drive share in other geographies or pick up the growth a little bit closer to some of the competitors in that segment?

PanOptix Pro 目前的發展勢頭良好，其市場領導地位令人印象深刻。但您認為有什麼方法可以幫助公司橫向擴張、提高市場滲透率、擴大在其他地區的市場份額，或是幫助公司在細分市場中更接近一些競爭對手，從而實現成長呢？

Yes. Thanks, Matt. And let me just comment a little bit on the IO market broadly. It's kind of a -- this quarter, fourth quarter itself was a bit of a -- kind of a very different market for the US and for the international group. I would say the US market was solid. The IO market for us was very good. We had a very strong quarter in -- with PanOptix Pro kind of leading the way. And so we gained some share. ATI penetration was high. And I think that is where I think the market will go.

是的。謝謝你，馬特。最後，我想就 I/O 市場整體情況簡單談談我的看法。本季度，第四季度本身對於美國和國際集團來說，市場情況有點——有點非常不同。我認為美國市場表現穩健。對我們來說，IO市場非常好。我們上一季業績非常強勁，其中 PanOptix Pro 表現尤為突出。因此，我們獲得了一些市場份額。ATI滲透率很高。我認為這就是市場未來的方向。

Look, there's going to be a continued competition in the year should for it. We've got Pro doing very well. We've got TruePlus coming right now. We've got Vivity 2.0 at the end of the year. And frankly, over the longer haul, we've got a number of ideas on how to continue to stay out in front of competition on this one.

你看，今年還會有一場持續的競爭。Pro 版本表現非常出色。TruePlus 即將上線。我們將在年底推出 Vivity 2.0。坦白說，從長遠來看，我們有很多想法，可以讓我們在這一領域繼續保持領先。

So we feel pretty good about the US we weathered a bit of a storm there. And at this point, I think we feel like we've kind of got it under control, if you will.

所以我們對美國的情況感覺還不錯，我們挺過了那場風暴。而現在，我覺得我們基本上已經控制了局面。

Internationally, a little bit different, much more competitive. And I would just say -- we still haven't launched Pro, and we need to do that. We haven't got -- we will get TruePlus out, and we will get a new Vivity product late this year.

國際上情況略有不同，競爭更加激烈。我只想說——我們還沒有推出 Pro 版本，我們需要盡快推出。我們還沒有——我們會推出 TruePlus，並且我們將在今年稍後推出一款新的 Vivity 產品。

But those products are yet to be seen into the market, and I think that's where we'll see a bit of turn there. The other dynamic in the market for international was international was soft in Japan and soft in Asia, in particular, partly because China ran into some trouble with their AT IOL market.

但這些產品尚未推出市場，我認為這將是我們會看到一些轉機的地方。國際市場的另一個動態是，日本和亞洲的國際市場疲軟，尤其是中國，部分原因是其 AT IOL 市場遇到了一些問題。

So they hit a bit of a cap in the VBP where they run out of money at a hospital level. Vivity had done so well during the year, they ended up using a lot of bifocal product towards the end of the year. And so we had a little bit of a challenge in the China market for us that's a little bit different than the market per say, but the market, generally speaking, was soft.

因此，在以價值付費模式下，他們在醫院層級遇到了資金瓶頸。Vivity 在這一年中業績非常出色，以至於在年底時他們大量使用了雙光眼鏡產品。因此，我們在中國市場遇到了一些挑戰，這與一般市場的情況略有不同，但總的來說，市場疲軟。

And generally speaking, China has made up a big part of that in terms of growth in AT IOLs where it was soft. So -- if you look at that part of it, it needs to improve, but I think generally speaking, we're well positioned.

總的來說，中國在AT人工水晶體市場疲軟的情況下，彌補了成長方面的很大一部分缺口。所以——如果你看一下這部分，它需要改進，但我認為總的來說，我們處於有利地位。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

On the guidance, I want to ask a question. I think you kind of alluded to this, but I just want to be clear, historically, we've thought about 200 basis points of innovation coming from Alcon on top of market growth. But if you look at the high end of the guide, at 7% and given where you assume markets to be. That implies about 300 basis points. So it's a little bit higher than what we've historically thought of on top of your market growth rates.

關於指導意見，我想問一個問題。我想你已經暗示過這一點了，但我還是想明確一點，從歷史上看，我們認為愛爾康在市場成長的基礎上還能帶來 200 個基點的創新。但如果你看看指南中的高端部分，也就是 7%，考慮到你對市場現狀的假設。這意味著大約300個基點。所以，這比我們以往根據市場成長率所預估的水平還要高一些。

And so if you kind of bridge that 100 basis point delta for us, David, is that mostly TRYPTYR and Unity? Or is there anything embedded in that higher growth rate at the top end of the guide that we're not thinking about from a product standpoint?

所以，David，如果你能幫我們把這 100 個基點的差值拉近，那主要是 TRYPTYR 和 Unity 嗎？或者說，指南高端部分的較高成長率中是否蘊含著一些我們從產品角度沒有考慮到的東西？

Yes. Look, we've been disciplined about the guide here. And I think what I'm trying to do here is say, look, we think the prudent thing to do at this moment is pick up the fourth quarter rate. We don't think that's the normalized rate. But at the same time, that is what we've seen for the last couple of quarters.

是的。你看，我們一直嚴格遵守這份指南。我覺得我在這裡想表達的是，我們認為目前謹慎的做法是採用第四季的利率。我們認為這不是正常水平。但同時，這正是我們在過去幾季所看到的。

So let's start there. To your point, we always say we got a couple of hundred basis points of new product flow which should sit on top of that. So if you say three to four, which is where roughly the market was in the fourth quarter, then I think you add 200 basis points, and you're exactly right. We've added a little bit on the top because we don't really know what the new product flow is going to do.

那就讓我們從這裡開始吧。正如您所說，我們總是說我們有幾百個基點的新產品流量，應該在此基礎上增加。所以，如果你說三到四，這大致是第四季市場的水平，那麼我認為你加上 200 個基點，你就完全正確了。我們在頂部增加了一些，因為我們不太清楚新產品流程會如何發展。

And I think, look, if it does well, we'll be on the upper end of that, if it does kind of what we expected or a little bit -- any other kind of concerns that show up, we'll see it in that range. So we've been, I think, disciplined about the way we think this one through.

我認為，如果一切順利，我們就能達到預期的上限；如果達到或略高於預期——如果出現其他問題，我們也會在這個範圍內看到結果。所以，我認為，我們在思考這個問題時一直都很嚴謹。

Okay. And then, David, I'd like to ask maybe what is the strategy in refractive at this point? I know we went through the Star Saga. There was a share buyback, obviously, on the back of that. But do you feel like -- and again, appreciating that it's not needed necessarily to achieve your growth targets as you alluded to on the last call. But where do you stand on refractive and what do you want to do at this point?

好的。然後，David，我想問一下，目前折射方面的策略是什麼？我知道我們經歷過星際傳奇。很顯然，在此之後進行了股票回購。但您是否覺得——再次強調，正如您在上次通話中提到的，這並非實現成長目標的必要條件。但您對折射技術持什麼立場？您目前想做什麼？

Well, I mean, first and foremost, we're excited about WaveLight. And WaveLight Plus, in particular, if you compare it to, for example, the competitive procedures, particularly the lenticular extraction procedure. We're getting a substantially better outcome. And I think our main objective right now is for six and unders, these minus six patients, they should be getting LASIK.

嗯，我的意思是，首先，我們對 WaveLight 感到非常興奮。特別是與競爭性手術（例如水晶體摘除術）相比，WaveLight Plus 的優勢就更加明顯了。我們獲得了明顯更好的結果。我認為我們目前的主要目標是為六歲及以下兒童，也就是六歲以下的患者，讓他們接受雷射近視手術。

LASIK is a better procedure in our minds, and I think the data bears that out. I think we had almost 50% or 60% at 2014 postoperative 100% at 2020 and something like 80% at -- what was it, 2018, I think. So it was -- I mean, we're getting tremendous results from this customized LASIK. We're going to keep moving down that path.

我們認為雷射近視手術是一種更好的手術方式，我認為數據也證實了這一點。我認為我們在 2014 年術後成功率接近 50% 或 60%，2020 年達到 100%，而 2018 年左右達到 80%——我想是吧。所以——我的意思是，我們從這種客製化的雷射手術中獲得了巨大的成功。我們將繼續沿著這條路走下去。

We obviously would like to augment that with an ICL. Whether that -- it doesn't look like it's going to be star at this point, but there's a lot of ICLs out there. And I think maybe the good news on this is we've got lots of other options out there. We're not in a hurry on refractive, but we are definitely moving down a path of committing to the refractive area, whether that's RLE, whether that's laser work, whether that's an ICL, there's a lot of options here that we are going to work at.

我們當然希望透過植入ICL來增強它的功能。不管怎樣——目前看來它不太可能成為明星，但市面上有許多ICL。我覺得好消息是，我們還有很多其他選擇。我們並不急於進行屈光手術，但我們肯定會朝著屈光手術領域邁進，無論是RLE手術、雷射手術還是ICL手術，這裡有很多選擇，我們將努力嘗試。

But refractive is clearly one of a number of white spaces for us that we're interested in glaucoma as well. In the Vision Care business, we've got a lot, pharmaceuticals we're interested in. So we're looking broadly at white space. Refractive is certainly one of them.

但屈光不正顯然是我們感興趣的眾多空白領域之一，我們也對青光眼感興趣。在視力保健領域，我們有許多感興趣的藥品。所以我們是從宏觀角度來看留白。折射現象當然是其中之一。

Jack Reynolds-Clark, RBC Capital Markets.

Jack Reynolds-Clark，加拿大皇家銀行資本市場。

My first one is on implantables. Could you just remind us what your expectations are around the time line of the launch of PanOptix Pro outside the US. And just to kind of dig in a bit deeper here. What point do you expect growth in this segment to grow in line with the market? Is it '27 thing?

我的第一篇是關於植入式醫療器材的。您能否提醒我們一下，您對 PanOptix Pro 在美國以外地區上市的時間安排有何預期？我們想更深入地探討一下這個問題。您預期該細分市場何時才能與市場整體成長一致？是「27」這個梗嗎？

Or is it '28 thing? And our launches sufficient to make that happen? Or is there something else that you think is needed to make that happen?

還是說這是「28」的梗？我們的發射數量足以實現這一目標嗎？或者，您認為還需要其他什麼措施才能實現這一目標？

And then sorry, just to ask you again on the guidance. But it's a wide range on the revenue side for the year. Obviously, you've given the market growth range too. What is it that drives kind of revenues coming in at 5% constant currency growth versus the top end 7%?

還有一件事，不好意思，我想再請教您一些指導方面的問題。但就全年營收而言，波動幅度大。顯然，您也給出了市場成長範圍。是什麼因素導致營收成長率（以固定匯率計算）僅為 5%，而不是最高的 7%？

Yes. The second one is pretty easy. Let me kind of give you where it is. I mean, we basically are saying 3% to 4% with the market. If the market does better than that, that's -- or worse than that, that's the low and the high on the market.

是的。第二個很簡單。我來告訴你它在哪裡。我的意思是，我們基本上認為市場漲幅在 3% 到 4% 之間。如果市場表現優於此，那就是——或者劣於此，那就是市場的低點和高點。

And then the new product flow trajectory, we got 10 or actually more than that now. New products kind of in play that have variation around the mean. So we're obviously going to have some variable answers there.

然後是新產品流軌跡，我們現在有了 10 個，實際上不只 10 個。新產品正在市面上銷售，但價格波動幅度較大。所以很顯然，我們會得到一些不同的答案。

Some of them are going to do better, some are may not do as well as we expect. But how that mix is -- will also give us a high and a low around the range. So think about it as both a market dynamic and then also a new product trajectory dynamic. On the implantables piece, look, we're launching PanOptix Pro in Japan right now in Australia right now. I think we're waiting on a regulatory approval in Europe.

他們當中有些人會表現得更好，有些人可能不會像我們預期的那樣出色。但這種組合方式——也會為我們帶來價格區間的高低波動。所以，既可以把它看作是市場動態，也可以把它看作是新產品發展軌跡的動態。關於植入式設備方面，我們目前正在日本和澳洲推出 PanOptix Pro。我想我們正在等待歐洲監管部門的批准。

I think you're going to see TruePlus and Vivity 2.0, I think late this year. So maybe it's early next year. But I would say that we've got lots coming ex US

我認為你會在今年晚些時候看到 TruePlus 和 Vivity 2.0。所以可能要等到明年年初。但我認為我們有很多來自美國的貨物即將到貨。

And I do think that, that will help a lot in our competitive fight there because I would just say this TruePlus product, we've kind of ignored the multifocal plus category for a while. We found a very clever way to do something. I don't think anybody else can do with our optical design on that.

而且我認為，這將對我們在該領域的競爭大有幫助，因為我想說的是，我們已經有一段時間忽略了多焦點增強鏡片這一類別，而這款 TruePlus 產品正是如此。我們找到了一個非常巧妙的做事方法。我認為其他人無法在這方面採用我們的光學設計。

And so we're excited about -- particularly internationally, the toric monofocal plus and the monofocal plus base lens are relatively good side and so we like our chances in that market with new products. So we'll see how those go.

因此，我們感到非常興奮——尤其是在國際市場上，散光單焦點加強型鏡片和單焦點加強型基礎鏡片都相對不錯，所以我們對新產品在該市場上的發展前景充滿信心。所以，我們拭目以待。

Anthony Petrone, Mizuho Group.

Anthony Petrone，瑞穗集團。

Thank you, and good morning, everyone. I actually had a question on the US IOL cataract market. David, you spoke in the past about how surgeon capacity was constrained for a good part 2025 of timing on that was a little bit opaque. So wondering where US surgeon capacity is on the cataract side as we enter 2026? And I'll have a quick follow-up on margins.

謝謝大家，大家早安。我其實對美國的白內障人工晶體市場有個疑問。大衛，你之前說過，到 2025 年的大部分時間裡，外科醫生的能力都會受到限制，但具體時間安排有點不明確。那麼，我們想知道，到了2026年，美國外科醫師在白內障手術方面的能力如何？接下來我再簡單談談利潤率的問題。

Yes, Anthony, it's a really good question. We've been working on this one for a while. And I do think that surgeon productivity is the main dynamic. We've got -- when you look out and you see where the practice of cataract surgery or ophthalmology is going, there are some practices, for example, in the Midwest that we follow very carefully and -- what they're doing is they're doing more surgery days right now by employing optometrists to do some of the pre-op work, some of the post-op work. They're using parent professionals around the clinic days so that they've got more time to spend in the OR.

是的，安東尼，這確實是個好問題。我們已經為此努力了一段時間。而且我認為外科醫生的工作效率是主要驅動因素。我們看到——當你放眼白內障手術或眼科的發展趨勢時，你會發現，例如在中西部地區，我們非常密切地關注著一些做法——他們現在正在做的是，透過聘用驗光師來做一些術前準備工作和一些術後工作，從而增加手術日。他們在診所工作日安排了家長專業人員，以便他們有更多的時間待在手術室。

And then to a large degree, in states where you don't need a certificate of need to get an ASC. There's a lot of ASC movement right now. And then I would say, in other states, where you do need a certificate of need and where hospital time has been difficult to get because there's so much other demand. You see the societies and the surgeons looking for alternative ways to get OR time.

而且在很大程度上，在某些州，你不需要提供必要性證明就可以獲得ASC。目前ASC（美國外科醫師協會）的動向非常活躍。然後我想說，在其他一些州，你需要一份必要性證明，而且由於其他方面的需求太多，醫院的住院時間很難獲得。你會看到各個學會和外科醫生都在尋找獲得手術室時間的替代方法。

And so I think the market is working it out, and it makes sense that they should because there's a lot of demand for cataract surgery right now. Days are actually going up in terms of wait time, not down. So there's a lot to be done out there and money to be made if the facilities can provide the time and the surgeons can provide the skill.

所以我認為市場正在自行解決這個問題，而且這樣做也很有道理，因為目前對白內障手術的需求很大。實際等待時間反而增加了，而不是減少了。所以，如果醫療機構能夠提供時間，外科醫生能夠提供技術，那麼有很多事情要做，也有很多錢可以賺。

And so I think you're going to see that normalize as we said it would. But again, we're playing that just a little bit more balanced than perhaps we have in the past just because we haven't seen it happen yet. We expect it to, but we'll see when it happens.

所以我認為你會看到這種情況像我們之前說的那樣逐漸正常化。但是，我們採取的策略可能比以往更加平衡一些，因為我們還沒有看到這種情況發生。我們預計會這樣，但具體何時發生，我們拭目以待。

Great. And then just a follow-up on margins would be when you look at the high end of the range here, 170 basis points. I know you called out the restructuring program, $50 million this year, $150 million total. But you also have some pretty good new product mix. TRYPTYR is doing well.

偉大的。然後，關於利潤率的後續問題是，當你查看這個範圍的高端時，即 170 個基點。我知道你提到了重組計劃，今年 5000 萬美元，總共 1.5 億美元。但你們也有一些相當不錯的新產品組合。TRYPTYR運作良好。

Unity is getting off and running. So I'm just wondering to what extent new products plus price is in that margin guide versus the $50 million cost out program.

Unity 正在啟動並運行。所以我想知道，與 5000 萬美元的成本削減計劃相比，新產品價格在利潤率指導中佔多大比例。

Yes. Again, I would say that we're going to continue to get price this year, probably not as much as we got last year, but we'll continue to get price. We're going to continue to get leverage out of the M&S. Again, think about we invested a lot in the new product launches last year. We're going to invest more this year.

是的。我再次強調，今年我們仍會獲得價格優勢，可能不會像去年那麼多，但我們仍會獲得價格優勢。我們將繼續利用M&S的優勢。再想想，我們去年在新產品發布方面投入了大量資金。今年我們將增加投資。

But when you look at it from a year-over-year comparison, we're not going to see as much pressure. And then the new product launches, again, to David's point, it just depends how that flows. TRYPTYR should be favorable. The more equipment we do puts pressure on the overall margin rates. But we feel comfortable with the range we provided.

但從年比來看，我們不會看到那麼大的壓力。然後，新產品發布的時候，正如大衛所說，這取決於發布過程的進展。色氨酸應該是有利的。我們投入生產的設備越多，整體利潤率就會面臨壓力。但我們對所提供的範圍感到滿意。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Just two quick ones. First one around Voyager, how you guys are feeling about things are going there? How it fits into glaucoma treatment and how that's gone recently?

就兩個簡單的問題。首先是圍繞著「旅行者號」的討論，你們覺得那裡的情況如何？它如何融入青光眼治療，以及最近的進展如何？

Yes. Look, Voyager we're excited about Voyager. SLT is one of those things that if you ask surgeons or ophthalmologist generally speaking, should you do SLT, they're all 100% of them, I think, will say yes, that's where we should start. And then you asked a second question, which is how many you all are doing it, and you get a kind of a mixed bag.

是的。瞧，旅行者號，我們對旅行者號感到興奮。SLT 就是那種如果你問外科醫生或眼科醫生，一般來說，是否應該做 SLT，他們 100% 都會說是的，我們應該從 SLT 開始。然後你又問了第二個問題，那就是有多少人在做這件事，結果得到的答案五花八門。

And that's because it is a tedious procedure to sit and click from the kind of the traditional laser systems that are in the office. So Voyager represents something that's very efficient, but really great for patients. And I think this is a move that is going to take some time, but I think the glaucoma community is definitely on board with this.

這是因為坐在辦公室裡，透過傳統的雷射系統進行操作是一個繁瑣的過程。所以 Voyager 代表了一種非常高效，而且對患者來說真的很好的東西。我認為這項舉措需要一些時間才能完成，但我相信青光眼患者群體肯定會支持這項舉措。

We made a good move, I think, this year in the US in particular, in consolidating Voyager with our Valeda product to improve our in-office coverage. So remember, this is an in-office equipment. This is a piece of equipment that sits in the office, not in the OR. And I think one of the challenges we had last year with Voyager was we were in the OR because of Hydrus and we were struggling to get everybody covered properly.

我認為，今年我們在美國採取的一項明智舉措是將 Voyager 與我們的 Valeda 產品合併，以改善我們的辦公室覆蓋範圍。所以請記住，這是辦公室內使用的設備。這是放在辦公室的設備，而不是放在手術室裡的。我認為去年我們在 Voyager 專案上遇到的挑戰之一是，由於 Hydrus 的緣故，我們不得不待在手術室裡，努力確保每個人都得到妥善照顧。

So I think you see a nice move on Voyager and Valeda, both of which, I think, sit in that kind of efficiency play for in-office equipment, which, again, in the US, we're doing a lot with, and we'll see how that goes. Obviously, internationally, there's some reimbursement challenges that we're going to continue to work through. But we're very excited about Voyager directionally.

所以我認為 Voyager 和 Valeda 的推出是一個不錯的舉措，我認為這兩款產品都屬於辦公設備效率提升的範疇，而我們在美國也正在大力推進這一領域，讓我們拭目以待。顯然，在國際層面，我們面臨一些報銷的挑戰，我們將繼續努力解決這些問題。但我們對「旅行者號」的發展方向感到非常興奮。

Makes a ton of sense. And then just quickly as a follow-up. You guys touch the consumer in a whole bunch of different categories in different ways, whether it's contracts or whether it's the non-Rx business, in OH. Like, what do you think you're seeing? How do you think the consumer's health is?

很有道理。然後，作為後續的簡短說明。在俄亥俄州，你們以各種不同的方式在許多不同的類別中與消費者接觸，無論是合約還是非處方藥業務。你覺得你看到了什麼？您認為消費者的健康狀況如何？

I know that's a very broad question, but is promotional activity going up on the retail side? I'm just curious for a big picture how you think the consumer is doing based on the categories you guys are on.

我知道這是一個非常廣泛的問題，但零售方面的促銷活動是否有增加？我只是好奇，從整體來看，你們認為在你們所關注的各個類別中，消費者的消費狀況如何。

Well, I think big picture, I'd say the US is pretty okay for us. International may be a little bit more mixed. It's hard to tell. In the contact lens business, which is probably one of our -- if there was a sensitive business, it's probably that one.

嗯，從大局來看，我覺得美國對我們來說還不錯。國際情況可能比較複雜。很難說。在隱形眼鏡產業，這可能是我們——如果有什麼產業比較敏感的話，那可能就是這個產業了。

That particular business internationally has resisted price, partly because it's chain dominant. So if you look at the Europe market, you've got a lot of big chains who basically are telling us we're not going to take price from you.

該企業在國際上一直抵制價格戰，部分原因是其連鎖經營模式佔據主導地位。所以，如果你看看歐洲市場，你會發現很多大型連鎖店基本上都在告訴我們，我們不會接受你們的價格。

And that is really what's causing the kind of a big chunk of the challenge in market growth in the international business. I think the same is in Japan. Japan is a big contact lens market, and it has a lot of chains, which, frankly, just aren't going to take price right now. So for a number of years, we took price pretty easily. That has slowed down, certainly last year, it did.

而這正是國際商業市場成長面臨巨大挑戰的真正原因。我認為日本的情況也是如此。日本是隱形眼鏡的大市場，有很多連鎖店，坦白說，他們現在肯定不會接受降價。所以有好幾年，我們都很輕鬆地接受了價格因素。這種趨勢已經放緩，至少去年是這樣。

So I think, generally speaking, the US was very healthy. I think we were 6% or 7% growth in the US. So I think the US also, if you look at the consumer, if you think about sensitivities that would matter to us, our OTC business, should -- we had, I think, a 6% artificial tier growth in that market.

所以我覺得，總的來說，美國當時的健康狀況非常好。我認為我們在美國的成長率為 6% 或 7%。所以我認為，在美國，如果你看看消費者，如果你想想對我們而言重要的敏感因素，我們的非處方藥業務應該——我認為，我們在該市場實現了 6% 的人為分層增長。

That was a valuable market for us. And the promotional -- well, I would just say either the promotional efforts or the health of the consumer is driving AT IOL penetration up significantly in the US So US, I think, was up 100 and some-odd basis points in promotion. There was really any consumer sensitivity.

那對我們來說是一個很有價值的市場。至於促銷——嗯，我只能說，促銷活動或消費者的健康狀況正在顯著推動美國 AT IOL 的滲透率上升。所以我認為，美國的促銷活動使滲透率上升了 100 多個百分點。消費者對此真的沒什麼感覺。

You'd see it in one of those categories in the US and really hasn't appeared to us, at least in the data that's what's going on. A little bit more sensitive maybe outside the US, but I think that's -- again, none of our markets are terribly sensitive to the consumer. Eye Care, as you know, is obviously a very kind of inelastic demand.

在美國，你會在其中一個類別中看到它，但至少從數據上看，我們還沒有看到這種情況。美國以外的市場可能稍微敏感一些，但我認為——再說一遍，我們任何一個市場對消費者來說都不是很敏感。如您所知，眼科護理顯然是一種需求彈性非常低的需求。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

I wanted to start on Unity and the cataract system in particular. I appreciate it's only a couple of months and relatively early within the launch. But what are you seeing in terms of your placement rates? I know with VCS perhaps there were some difficulties in getting doctors trained up. Is that something you're seeing with the CS system? Just wondering about the momentum there? And then I have a follow-up on contact lenses.

我想先從 Unity 入手，特別是白內障系統部分。我知道現在才幾個月，而且距離產品上市還處於比較早期的階段。但就就業安置率而言，你們的情況如何？我知道VCS可能在培訓醫生方面遇到了一些困難。你在客戶服務系統中也遇到過這種情況嗎？想了解目前的勢頭如何？接下來，我還要跟進一下關於隱形眼鏡的問題。

Issie, like I said earlier, I would say the visibility to the order book is very high. And obviously, the cataract system is going to be the bigger of the systems. The VCS, which we spent most of last year on is really a retina system with, I think, some degree of -- actually, we sold a lot into mixed groups where there was a retina person and a cataract surgeon. So there was quite a little bit of that.

Issie，就像我之前說的那樣，我認為訂單簿的可見度非常高。顯然，白內障系統將是所有系統中規模最大的。VCS 是我們去年大部分時間都在研發的，它實際上是一個視網膜系統，我認為，它在某種程度上——實際上，我們向混合群體銷售了很多，這些群體中有視網膜醫生和白內障外科醫生。所以這種情況還挺多的。

But I do think the volume is going to be in the cataract system because that's just naturally where most of the volume is. So we have real good visibility to that. And I would just say that the response has been excellent. I mean, I think we're working our way through as fast as we can, getting these things installed, but the demand is high right now.

但我認為大部分液體會流向白內障系統，因為大部分液體自然都會流到那裡。所以我們對此有非常清晰的了解。我只想說，反應非常好。我的意思是，我認為我們正在盡最大努力加快安裝速度，但目前需求量很大。

Great. And then actually, as my follow-up, just sticking on cataracts. Are you seeing any benefit really to the broader portfolio within particularly the implantables business when you are placing a cataract system. I'm just wondering if there's any sort of real halo effect coming through with having an Alcon rep in the door, ramping the system up?

偉大的。然後，實際上，作為我的後續，就直接討論白內障吧。在植入白內障手術系統時，您是否看到對整個產品組合（尤其是植入物業務）有任何實際益處？我只是想知道，有愛爾康公司的代表加入，是否會對整個系統產生某種真正的光環效應，從而提升整個系統？

Well, I mean, obviously, all these decisions are independent on a product basis. And I think certainly, one of the beautiful things about having a really important piece of equipment is that you get to be in the OR a lot. So you do have opportunities to talk with, the staff and the surgeons a little bit more than perhaps people who aren't there every day. But I do think that really what's driving our IOL share in the US is PanOptix Pro.

嗯，我的意思是，很顯然，所有這些決定都是基於產品本身的獨立決策。而且我認為，擁有一件非常重要的設備的好處之一就是你可以經常待在手術室裡。所以，比起那些不是每天都在那裡的人，你確實有更多機會與工作人員和外科醫生交談。但我認為真正推動我們在美國 IOL 市場佔有率成長的是 PanOptix Pro。

We had a really good quarter on Pro. Share was up and stabilized year-on-year. So I think we're feeling pretty good about the potential of that product around the international markets as we kind of get out there.

我們在Pro賽季的表現非常出色。市佔率較去年同期上升並趨於穩定。所以我覺得我們對這款產品在國際市場上的潛力相當有信心，隨著我們逐步走向國際市場，這種信心會越來越強。

So really, I think as we go forward, think about it mostly as discrete choice of is our lens better than their lens. And I think that's a fight we're really taking on most every day.

所以，我認為，隨著我們不斷前進，應該主要把它看作是一個獨立的選擇，即我們的鏡頭是否比他們的鏡頭更好。我認為這是我們幾乎每天都在面對的一場戰鬥。

Tom Stephan, Stifel.

湯姆·史蒂芬，斯蒂費爾。

First one on cataract physician fee cuts just here in the US David, maybe if you can talk about how you're seeing to date or expecting these dynamics to potentially impact different areas of the business like AT IOLs like capital equipment? And then I have a follow-up.

David，首先要談談美國白內障醫生收費削減的問題，您能否談談您目前的看法，或者您認為這些動態可能會對業務的不同領域（例如AT人工晶體和資本設備）產生哪些潛在影響？然後我還有一個後續問題。

Yes. Oddly enough, I think cataract fee cuts, which again, for the -- just for everybody who may not know this, physician fee came down, I think it's about 450 or something like that per procedure. Actually, facility fee went up 3%. So just to be clear, there wasn't a cut in the facility fee and the facility is generally who purchases the AT IOL. So just -- that's an important distinction.

是的。奇怪的是，我認為白內障手術費用降低了，再說一遍，可能有些人不知道，醫生費用也降低了，我認為每次手術大約是 450 美元左右。實際上，設施費上漲了 3%。所以說清楚點，設施費沒有減少，而且通常情況下，AT IOL 是由設施購買的。所以——這是一個重要的區別。

What's interesting though is penetration in the US, for example, was up 130 basis points for AT IOLs. And I do think there's -- look, there's some promotional effect going on here, but we've seen a couple of three quarters now where you're seeing very significant AT-IOL growth, but particularly in the fourth and first -- fourth quarter we saw kind of a step up in it.

不過，有趣的是，例如在美國，AT IOL 的滲透率上升了 130 個基點。而且我認為——你看，這裡確實存在一些促銷效應，但我們已經看到兩三個季度以來 AT-IOL 增長非常顯著，尤其是在第四季度和第一季——我們看到它出現了某種程度的增長。

And I do think that people are aware that if they're going to do a limited amount of surgery, they're going to get paid $450 for it, they can make money, getting the patient a better lens and kind of talking to them about what it looks like to invest a little bit more, but get them a better outcome. And that is, I think, what's driving some of this. And I think some of that is actually coming off of these fee cuts that has kind of moved people to say, hey, I could do something else here.

而且我認為人們也意識到，如果他們只做有限的手術，就能獲得 450 美元的報酬，他們可以透過為病人配製更好的鏡片來賺錢，並和病人談談多投入一點資金，就能獲得更好的結果。我認為，這就是造成這種情況的部分原因。我認為部分原因實際上是由於費用削減，這促使人們說，嘿，我可以做點別的事情。

Got it. That's great. And then my follow-up is just on contact lenses, grew about 5% this year. So probably still above market, but maybe a smaller delta than usual. So David, to stick with you, I mean, can you talk about just your confidence in growing above market?

知道了。那太棒了。然後我的後續業務是隱形眼鏡，今年成長了約 5%。所以可能還是高於市場水平，但漲幅可能比平常小。所以大衛，我想問你，你能談談你對高於市場平均成長的信心嗎？

And more importantly, what are the kind of incremental drivers, I guess, T30 and PRECISION7, but just curious if you can speak a bit to how we should think about growth next year relative to market.

更重要的是，我想問的是，T30 和 PRECISION7 這類成長動力是什麼？我只是好奇您能否談談我們應該如何看待明年相對於市場的成長。

Yes, really important comment, and I think probably we haven't talked enough about it. Look, the market was pretty solid. I mean, it remained on the low end of normal, but I think it was probably 5% globally last year. And I would just be careful with our fourth quarter because we're wrapping around an 11% number from the prior year, which involved our P7 launch and some inventory there.

是的，這確實是一個很重要的觀點，而且我認為我們可能還沒有對此進行足夠的討論。你看，市場相當穩健。我的意思是，雖然仍處於正常水平的低端，但我認為去年全球的感染率可能在 5% 左右。我建議大家謹慎對待第四季度，因為我們的銷售額比上一年同期增長了 11%，這其中涉及到 P7 的上市以及一些庫存問題。

So again, I think if you normalize for all of that, we've been growing ahead of market most of the year. And you can see that we had a very good quarter in the fourth quarter in contact lenses. If you look at the audited data, our global share contact lenses was up. Maybe we gained almost a full share point like 70 basis points. Our global share of reusables was well over that.

所以，我認為如果把所有這些因素都考慮進去，我們今年大部分時間的成長都超過了市場平均。你可以看到，我們在第四季隱形眼鏡業務取得了非常好的成績。如果查看經過審計的數據，就會發現我們全球隱形眼鏡市佔率有所上升。或許我們獲得了接近一個百分點的市場份額，也就是70個基點。我們在全球可重複使用產品中所佔的份額遠遠超過這個數字。

Our daily disposable SiHy was double digits. We had a really nice share growth in dailies and reusables in the fourth quarter. So I think we're feeling good about contact lenses. And it's really coming from, I think, a combination of our ability to focus on both reusables and daily.

我們每天消耗的矽水合物數量是兩位數。第四季度，我們在日常用品和可重複使用用品方面取得了非常不錯的市場份額成長。所以我覺得我們對隱形眼鏡的接受度還是不錯的。我認為這其實源自於我們能夠同時專注於可重複使用產品和日常用品。

So our obviously, our DAILIES TOTAL1 product, our P1 product, those are, we believe, really well positioned for both value and then premium markets. The reusable market is a very profitable, and I think kind of under appreciated market because almost half of the patients are going into reusables.

所以很明顯，我們的 DAILIES TOTAL1 產品和 P1 產品，我們認為，它們在價值市場和高端市場都佔據了非常好的市場地位。可重複使用醫療器材市場利潤豐厚，而且我認為它在某種程度上被低估了，因為幾乎一半的患者都在使用可重複使用醫療器材。

So we're gaining a good bit of share there by focusing on it. I don't know that a lot of other people are, and that's been very positive for us.

因此，我們透過專注於此，正在獲得相當大的市場份額。我不知道其他人是否也這樣，這對我們來說非常有利。

So we're continuing to work on our multifocal toric, which is exciting to get into that. But I would just say that -- if there's one place where a little bit soft, it's probably in that multifocal area where we've been losing a little bit of share.

所以我們正在繼續研發多焦點環曲面鏡片，能夠涉足這個領域令人興奮。但我只想說——如果有什麼地方稍微鬆懈了，那可能就是我們在多焦點領域失去了一些市場份額。

And I say all of that with the underlying belief that we have been letting go a little bit of our DACP product. So we've got some downward pressure from some of the older legacy brands that we are trying to move away from and get them into the higher end, more profitable brands. So we had a good quarter in contact lens.

我之所以這麼說，是因為我內心深處認為我們已經放慢了DACP產品的發展速度。因此，我們面臨著一些老牌企業的下行壓力，我們正在努力擺脫這些老牌企業，並將它們轉型為更高端、更賺錢的品牌。所以，我們本季在隱形眼鏡業務上取得了不錯的成績。

Thanks for asking.

謝謝你的提問。

Susannah Ludwig, Bernstein.

蘇珊娜‧路德維希，伯恩斯坦。

I guess I wanted to follow up in terms of international IOLs. You guys talked about China. Can you remind us what percentage of your implantables business, China is and what your expectations are for the upcoming VBP?

我想了解一下國際人工晶體方面的情況。你們聊到中國了。能否告知我們中國市場在貴公司植入式醫療器材業務中所佔的百分比，以及您對即將到來的價值導向型業務計劃 (VBP) 有何預期？

Yes, I don't think -- we don't break it out at that level. I think China broadly is 5% or 6% of the total, and you can find that in the general financials of our total business. But -- and I would just also say that China is mostly a surgical business. Relative to the IOLs in China, what really went on, I think, was we had a really fast-growing business with Vivity that kind of hit a ceiling because there's a DRG level of reimbursement that comes to the hospital level.

是的，我認為──我們不會把它細化到那個層次。我認為中國市場大致佔總業務量的 5% 或 6%，你可以在我們整體業務的財務報表中找到這一點。但是──我還想說，中國主要是外科手術產業。就中國的 IOL 市場而言，我認為真正發生的事情是，我們與 Vivity 的業務成長非常迅速，但後來遇到了瓶頸，因為 DRG 報銷是按醫院層級進行的。

The -- a lot of the hospitals ran up against and they kind of had to slow everybody down in the hospital. So they went to a lot of bifocals. So when you look into it, monofocal growth was pretty high. Foldable growth was pretty high, but it wasn't coming out of ATI wells, I think that was a valuable lesson for us. The VBP expectation going forward, it's going to be tough.

很多醫院都遇到了這種情況，他們不得不放慢醫院裡所有人的速度。所以他們很多人都配了雙光眼鏡。所以仔細研究一下就會發現，單焦點病例的成長率相當高。可折疊裝置的成長速度相當快，但這並非來自 ATI 的油井，我認為這對我們來說是一個寶貴的教訓。展望未來，VBP 的前景將十分黯淡。

We expect some price erosion here. We expect to get into this and kind of continue to be roughly year-on-year, I would say roughly flat would be a good number for us.

我們預計價格會有所下跌。我們預計會繼續保持這種狀態，大致與去年同期持平，我認為大致持平對我們來說是一個比較理想的數字。

So I think we'll get volume, but we're going to have to give up some price and that assumes we win. So all of those things are in play. Middle part of the year is the current expectations, but we'll see how that all plays out. It's an increasingly competitive market in China, but it's also a very big market. So we think volume will grow nicely and offset some of the pricing erosion.

所以我認為我們會獲得銷量，但我們必須犧牲一些價格，而且這還是假設我們能贏的話。所以所有這些因素都在起作用。目前預計會在年中實現，但具體情況如何，我們拭目以待。中國的市場競爭日益激烈，但同時也是一個非常大的市場。因此我們認為銷售量將穩定成長，並能抵銷部分價格下跌的影響。

And again, prices are still pretty good in China actually. So when you look at it relative to Europe, they're pretty similar.

而且，中國的價格其實仍然相當實惠。所以，如果從歐洲的角度來看，它們其實非常相似。

Okay. And then I guess just as a follow-up to that, how do you guys think about sort of long term? Would you ever sort of look at long-term moving production to China given their focus on local production?

好的。那麼，我想就此追問一下，你們是如何看待長期發展的呢？鑑於中國注重本地化生產，您是否考慮將生產長期轉移到中國？

Well, we'll look at that every year and see, right now, we don't produce in China. We are manufacturing a couple of things in the equipment land that we're thinking about moving there because for exactly the reason you indicate, which is there is a buy-China rule there for folks that are making product there. There is a small advantage depending on what product we're talking about. So we'll move a little bit of equipment there.

我們會每年都考察這個問題，目前，我們在中國沒有生產。我們正在考慮將設備生產轉移到那裡，原因正如您所指出的那樣，那裡對在中國生產產品的企業有「購買中國產品」的規定。根據具體產品的不同，可能會有輕微的優勢。所以我們會把一些設備搬到那裡去。

But generally speaking, we're sourcing China out of other locations than the US. So I think we're trying to do that. There's obviously some challenge with that, particularly around equipment, but IOLs, I think we can move to a neutral location for trying to avoid tariffs if that's the purpose of your question. But in terms of long-term production in China, good question, not sure we've discussed it in a broad sense for anything other than equipment.

但總的來說，我們從美國以外的地方採購中國產品。所以我覺得我們正在努力做到這一點。這顯然存在一些挑戰，尤其是在設備方面，但對於人工水晶體（IOL），我認為我們可以轉移到一個中立的地方來盡量避免關稅，如果你的問題是為了避免關稅的話。但就中國的長期生產而言，這是一個很好的問題，我不確定我們是否從更廣泛的意義上討論過設備以外的其他方面。

David Saxon, Needham & Company.

David Saxon，Needham & Company。

Just a couple of quick ones. Maybe starting with Tim. You talked in the script, I believe, about TRYPTYR starting to benefit margins in the back half. So can you talk about just the magnitude of the investments you're making behind that product? And once that does turn profitable, kind of the magnitude of the benefit you could see?

就簡單問幾個問題。或許可以從提姆開始。我相信你在劇本中提到過，TRYPTYR 將在下半年開始提高利潤率。那麼，您能否談談您在該產品上投入了多少資金？一旦該專案開始獲利，您能獲得的收益規模大概有多大？

Yes. Again, we're not going to give product level margin analysis, but we're investing what we feel is appropriate to make sure that, that launch is successful. And as David said, right now, it's performing better than expectations.

是的。再次聲明，我們不會提供產品層面的利潤率分析，但我們會投入我們認為合適的資金，以確保產品發布成功。正如大衛所說，目前它的表現比預期好。

Okay. Great. And then just on Unity, as it relates to consumables, I mean, how soon after a unit is placed, you start to see those Unity consumables start flowing through? And if the market growing 3%. I mean, can you get a couple or a few extra points from the Unity consumable pricing?

好的。偉大的。然後就 Unity 而言，就消耗品而言，我的意思是，單位放置後多久才能看到那些 Unity 消耗品開始流動？如果市場成長3%。我的意思是，你能從 Unity 的消耗品定價中獲得一些額外的積分嗎？

Yes. I mean, I think generally speaking, you can as I'll just call it a broad rule of thumb, and it depends on lots of things. But I would say we generally look at the market and say, consumables will run a couple of points hotter than the market. That's generally what happens and has happened in the past. I would expect that to continue.

是的。我的意思是，總的來說，我認為可以，我姑且稱之為一條大致的經驗法則，但這取決於許多因素。但我認為，我們通常會觀察市場，然後說，消耗品的價格會比市場價格高出幾個百分點。通常情況下，事情就是這樣發生的，過去也確實發生過。我預計這種情況還會持續下去。

I wouldn't really interpret the Unity placements as driving a lot of additional above that. I think a couple of points above market growth would be the right way to think about it.

我並不認為 Unity 的排名會帶來額外的收益。我認為，從市場成長的角度來思考這個問題比較適合。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

I'll be quick here with just two questions. David, going back just on your TruePlus comments, I think you alluded to this, but I don't believe you've ever had a monofocal plus. Can you just, one, confirm that?

我只提兩個問題，簡單問兩句。David，就你之前對 TruePlus 的評論而言，我想你暗示過這一點，但我認為你從未戴過單焦點 Plus 眼鏡。能確認一下嗎？

Two, can you remind us monofocal versus monofocal plus kind of mix in the US but especially in some of the international markets? How much monofocal plus share has been taken over the last, call it, couple of years or something in what the current mix is? And remind me if you do get a little pricing premium on a monofocal plus over a monofocal.

第二，您能否提醒我們美國以及一些國際市場上的單焦點眼鏡與單焦點眼鏡+混合眼鏡的差異？在過去的幾年裡，單焦點增強眼鏡在目前的眼鏡市場格局中佔據了多少份額？如果你發現單焦點加強型眼鏡比單焦點眼鏡貴一些，請提醒我。

Yes. You do get a little bit of a price premium. Let me start by saying in the US, the monofocal business, monofocal plus business hasn't been a huge phenomenon. It probably had the biggest effect on the toric business. And I would say, partly because you can -- in the ad collect space, you can -- for a toric patient, you can collect extra money from them for an advanced technology lens like this.

是的。價格會稍微貴一些。首先我想說的是，在美國，單焦點眼鏡和單焦點眼鏡的市場並不大。這可能對環形磁體產業產生了最大的影響。而且我認為，部分原因是——在廣告收入空間裡，你可以——對於散光矯正患者，你可以從他們那裡收取額外的費用，購買像這樣的先進技術鏡片。

And so they positioned the toric lens, I think, with an increased amount of intermediate vision, which is really nice. And it's better than the monofocal, but the impact has been really in the toric space. So we lost a fair bit of share in the US over the last several years in toric and I think to some degree, it was to the monofocal plus. So we're looking and specifically, that's the opportunity I think in the US

因此，他們採用了散光鏡片，我認為，這樣可以增加中距離視力，這真的很好。它比單焦點鏡片好，但其影響主要體現在散光鏡片領域。所以，在過去幾年裡，我們在美國散光鏡片市場失去了相當一部分份額，我認為在某種程度上，這是被單焦點鏡片搶佔的。所以我們正在尋找機會，我認為，尤其是在美國，這就是機會所在。

Internationally, a little bit different because they really, I think, had a price point challenge internationally and the Monofocal Plus did do a better job, I think, in the -- I just saw it somewhere between monofocal lenses and AT IOL lenses. They carved out some space. I'm not sure what the size of that was, but it's meaningful. And I do think that when you really think about it, this world may just turn into being a -- the monofocal business turns into monofocal plus.

國際上的情況略有不同，因為我認為他們在國際上確實面臨價格方面的挑戰，而 Monofocal Plus 在這方面做得更好——我認為它介於單焦點晶體和 AT IOL 晶體之間。他們騰出了一些空間。我不太清楚具體規模有多大，但這意義重大。而且我認為，當你真正思考這個問題時，這個世界可能會變成——單焦點眼鏡產業會變成單焦點加強版。

I mean, I think it comes with a little bit of a premium, and this is a better lens than our core lens because you get more intermediate, but you don't give up much distance. So I'm excited about the opportunity. It's a modest one, but I think important in terms of our share in toric.

我的意思是，我認為它的價格會稍微高一些，而且這是一款比我們的核心鏡頭更好的鏡頭，因為它能提供更多的中距離成像，但你不會失去太多遠距離成像。所以我很興奮能有這個機會。雖然規模不大，但我認為就我們在環面體中所佔的份額而言，它很重要。

Fair enough. And then, Tim, just one quick question on EPS gating. I heard your comments on second half profitability higher than first half profitability, but you also are guiding to a couple of 100 basis points of FX tailwind to earnings to EPS growth, I'm sorry, this year.

很公平。提姆，關於 EPS 門控機制，我還有一個問題。我聽到了您對下半年盈利能力高於上半年盈利能力的評論，但您也預計今年外匯市場將對每股收益增長帶來幾百個基點的利好，抱歉，應該是幾百個基點。

So I just want to make sure I'm understanding. gating of EPS because I think those currency tailwinds should be probably more first half weighted, should gating of EPS throughout the year be relatively flat or consistent even if profitability improves in the back half of the year?

所以我想確認一下我的理解是否正確。關於每股盈餘（EPS）的限制，因為我認為匯率利好因素可能更集中在上半年，那麼即使下半年獲利能力有所改善，全年的EPS限制是否也應該相對平穩或保持一致？

Yes. Again, the EPS growth that we're talking about is in constant currency. But if you think about sort of phasing in general and profitability, I'll just go down the P&L. We talked about revenue. We talked about gross margin, gross margin flat year-over-year.

是的。再次強調，我們所說的每股盈餘成長是以固定匯率計算的。但如果你從整體上考慮分階段實施和獲利能力，我就直接看損益表了。我們討論了收入問題。我們討論了毛利率，毛利率比去年同期持平。

The only thing I would say there is the first half will be lighter than the second half, and that's because you have the impact of the tariffs coming through.

我唯一要說的是，上半年會比下半年輕鬆一些，這是因為關稅的影響即將到來。

But overall, they should be flat year-over-year. SG&A will be a similar profile as last year when you think about it on a percent of revenue basis. Again, as you've seen in the last two or three years, be a little careful with Q2. That's a heavy M&S spend for us from a back-to-school perspective. So I go back and look at the prior years and see how much is $40 million or $50 million probably more in Q2 versus Q1.

但總體而言，它們應該與去年同期持平。從收入百分比來看，銷售、一般及行政費用將與去年類似。再次強調，正如你在過去兩三年所看到的，對第二季度要稍微謹慎一些。從返校季的角度來看，這筆在瑪莎百貨的支出對我們來說是一筆不小的開銷。所以我回顧了前幾年的數據，看看第二季是否比第一季多出 4,000 萬美元或 5,000 萬美元。

The savings we talked about, that will be probably 60%, 70% back half loaded.

我們之前提到的節省金額，大概能省下 60% 到 70%，後半段會再返還一半。

So that's another driver why profitability is better, and then you can work the rest of P&L. But we feel pretty good about the guide and we're going to continue to grow the business faster than the market. We're going to continue to expand margins, and that should drop through some nice free cash flow.

所以，這也是獲利能力提高的另一個原因，然後你就可以處理損益表的其他部分了。但我們對這份指南很有信心，我們將繼續以高於市場的速度發展業務。我們將繼續擴大利潤率，這應該會帶來可觀的自由現金流。

Steven Lichtman, William Blair.

史蒂文·利希特曼，威廉·布萊爾。

Thank you. Maybe a couple for you. First, any color you can give on free cash flow outlook for this year. You gave some inputs with CapEx and looks like a restructuring charge. But any other color you could provide on puts and takes and where you could end up would be great.

謝謝。或許有幾件適合你。首先，請您對今年的自由現金流前景給予一些看法。您就資本支出方面提供了一些信息，看起來像是一筆重組費用。但如果您能提供其他顏色來表示下注和下注，以及最終可能的結果，那就太好了。

Yes. Again, I think as we continue to drive margin expansion and grow the business, that's going to drop through some nice free cash flow. So I would expect it to be similar to what we had last year. That would include the restructuring charges that we talked about, but we feel pretty good about the free cash flow this business can generate.

是的。我認為，隨著我們不斷擴大利潤率和發展業務，這將帶來可觀的自由現金流。所以我認為今年的情況會跟去年差不多。這其中就包括我們之前提到的重組費用，但我們對這項業務所能產生的自由現金流感到非常樂觀。

Okay. Got it. And then are you still expecting some incremental spend on Orion this quarter? It looks like you're talking about getting some leverage on the R&D line. So any update on where you are with that program and the incremental costs.

好的。知道了。那麼，您是否仍預期本季在Orion專案上會有額外的支出？看來你是想在研發上獲得一些優勢。那麼，關於該專案的進度以及新增成本，您有什麼最新進展嗎？

Yes. There's still probably 40 basis points, as we talked about last time. That really hasn't changed from the Orion perspective. But again, we've talked about over the last, call it, 12 to 18 months about some of the efficiency programs that we're working on. One of them is in the create to make space that we've talked about.

是的。正如我們上次討論的那樣，可能還有 40 個基點的差距。從獵戶座的角度來看，這一點其實並沒有改變。但是，在過去的 12 到 18 個月裡，我們已經討論過一些我們正在進行的效率提升專案。其中之一是創造空間，我們之前討論過。

Our internal goal there is about a 20% improvement of getting product to market faster. Now some of that is in these numbers, which is why you're seeing a little bit of the leverage, but certainly not all of it. But we feel pretty good about the R&D spend and the innovation pipeline that we have. And we feel like we're investing appropriately behind it.

我們內部的目標是將產品推向市場的速度提高約 20%。現在，其中一些因素已經體現在這些數字中，所以你會看到一些槓桿效應，但肯定不是全部。但我們對目前的研發投入和創新管道感到非常滿意。我們覺得我們在這方面投入了足夠的資源。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Dan for closing remarks.

我們的問答環節到此結束。我謹將會議交還給丹，請他作閉幕致詞。

Great. Well, thank you, and thanks again for joining us this morning for any follow-up questions. From an investor standpoint, please reach out to either Allen Trang or myself. And for media reach out to our corporate comm department. Thanks again. Have a good day.

偉大的。好的，謝謝。也再次感謝您今天早上收看我們的節目，並提出任何後續問題。從投資者的角度來看，請聯絡 Allen Trang 或我本人。媒體聯絡請聯絡我們的企業公關部門。再次感謝。祝你有美好的一天。

Thank you. This will conclude today's conference disconnect at this time. Thank you for your participation.

謝謝。今天的會議中斷環節到此結束。感謝您的參與。