Alcon AG (ALC) 2026 Q1 法說會逐字稿

Greetings. Welcome to Alcon's first quarter 2026 earnings call. (Operator Instructions) Please note that this conference is being recorded. At this time, I'll turn the conference over to Dan Cravens. Vice President and Global Head of Investor Relations. Thank you. You may now begin.

問候各位。歡迎參加愛爾康（Alcon）2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。現在我將把會議交給 Dan Cravens，投資人關係副總裁暨全球主管。謝謝。您現在可以開始。

Welcome to Alcon's First Quarter 2026 Earnings Conference Call. Yesterday, we issued our press release, Interim financial report and earnings presentation. All of 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 2026 年第一季財報電話會議。昨天，我們發布了新聞稿、期中財務報告以及財報簡報。上述文件皆可於我們的網站 investor.alcon.com 取得。今天與我一同參與電話會議的有：我們的執行長 David Endicott，以及財務長 Tim Stonesifer。

Before we begin, please note that our press release, presentation and remarks today will include forward-looking statements, including statements regarding our future outlook.

在開始之前，請注意，我們的新聞稿、簡報以及今天的發言將包含前瞻性陳述，包括關於我們未來展望的陳述。

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.

除法律要求外，因新資訊或未來事件所致，我們不承擔更新這些陳述的義務。實際結果可能與這些前瞻性陳述中明示或暗示的內容存在重大差異。請勿過度依賴此等陳述。

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

可能導致實際結果出現差異的重要因素，已載於我們的 Form 20-F、財報新聞稿及期中財務報告中；上述文件均已向美國證券交易委員會（SEC）申報，並可於其網站 sec.gov 查閱。

We will 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.

我們將討論若干非 IFRS 財務衡量指標。這些指標的計算方式可能與其他公司不同，且可能無法與其他公司使用的類似指標相比。這些指標應作為 IFRS 規定之績效衡量指標的補充，而非替代。

Reconciliation 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.

我們的非 IFRS 指標與最直接可比的 IFRS 指標之間的調節表，可於我們的財報新聞稿中找到。為便於討論，我們對成長率的評論以固定匯率（constant currency）表示。

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

稍後，David 將先分享第一季重點。接著 Tim 將說明我們的財務表現以及 2026 年剩餘期間的展望。之後 David 會回來做結語，然後我們將開放問答。

Before I turn the call over, I'd like to share that Alan Trang has accepted a new finance leadership role within Alcon, supporting our surgical business in Singapore.

在我把電話交出去之前，我想分享 Alan Trang 已接受愛爾康內部新的財務領導職務，將在新加坡支援我們的手術業務。

On a personal note, I want to thank Alan for his deep expertise, sound judgment and the partnership and friendship he has brought to our team and to our engagement with the investment community.

就個人而言，我要感謝 Alan 深厚的專業、穩健的判斷力，以及他為我們團隊、以及我們與投資社群互動所帶來的合作與友誼。

He has made a meaningful impact on Alcon. And while we'll miss him in his current role, we're excited to see him take on this next chapter within the company, and we expect to announce Alen's replacement in the near future.

他對愛爾康產生了實質且深遠的影響。雖然我們會想念他在現職的貢獻，但也很期待他在公司內開啟下一個篇章；我們預期將在不久的將來宣布 Alan 的接任人選。

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

接下來，我把電話交給我們的執行長 David Endicott。

Good afternoon, and thanks for joining us. Let me start by recognizing the incredible work of our talented teams around the world. Your ongoing dedication, innovation and commitment to our customers continue to move Alcon forward. and make a meaningful difference in patients' lives.

各位下午好，感謝加入我們。首先，我要肯定我們全球各地優秀團隊所做的卓越工作。你們持續的投入、創新以及對客戶的承諾，持續推動愛爾康向前，也為病患的生活帶來實質改變。

Now the first quarter was an important step forward for our new products, demonstrating strong market acceptance and share gains.

第一季是我們新產品向前邁出的重要一步，展現出強勁的市場接受度與市占提升。

In a quarter marked by uneven market conditions, particularly in cataract, our teams stayed focused and delivered results that reflect the strength of our innovative portfolio.

在市場環境不均、特別是白內障領域波動的季度中，我們的團隊仍保持專注並交出成果，反映出我們創新產品組合的實力。

Our recent product launches contributed meaningfully to top line growth in the first quarter, and we expect that contribution to continue to build as the year progresses.

我們近期的產品上市在第一季對營收成長做出重要貢獻，我們預期這項貢獻將隨著年度推進而持續擴大。

Importantly, we're seeing market share gains across key categories particularly in US AT-IOLs, surgical equipment and consumables and contact lenses as well as dry eye that momentum was clear at the ASCRS meeting last month.

更重要的是，我們在多個關鍵品類看到市占提升，特別是在美國 AT-IOL、手術設備與耗材、隱形眼鏡以及乾眼領域；這股動能在上個月的 ASCRS 年會上表現得非常明顯。

Across more than 60 presentations and peer-to-peer sessions, we saw strong surgeon engagement driven by impactful scientific data and hands-on demonstrations.

在超過 60 場簡報與同儕交流（peer-to-peer）場次中，我們看到外科醫師高度參與，主要由具影響力的科學數據與實作示範所帶動。

Discussions focused on consistency, workflow integration and matching technology to patient and doctor needs. This real-time feedback reinforces our confidence in our ability to translate innovation into real-world clinical value. I'll now move to discussing recent innovation, starting with our Unity device.

討論重點聚焦於一致性、工作流程整合，以及讓技術與病患與醫師需求相匹配。這些即時回饋強化了我們的信心：我們有能力把創新轉化為真實世界的臨床價值。接下來我將談近期創新，先從我們的 Unity 設備開始。

As we discussed in the past the Unity platform represents our most significant equipment upgrade opportunity in more than a decade, and the scientific community continues to recognize that.

如同我們過去所提到的，Unity 平台代表我們十多年來最重要的設備升級機會，而科學界也持續認可這一點。

In addition to previous top innovation awards, I'm pleased to report that Unity VCS was named an Edison Award winner last week. This is one of the most recognized honors for market-ready innovation and reflects its meaningful impact on surgical technology.

除了先前獲得的頂尖創新獎項外，我很高興報告 Unity VCS 上週獲選為愛迪生獎（Edison Award）得主。這是市場就緒創新最受認可的榮譽之一，反映其對手術技術的重大影響。

Launched in 2025, Unity VCS is engineered to enhance surgeon control, improve efficiency and streamline the surgical workflow.

Unity VCS 於 2025 年上市，其設計旨在提升外科醫師的控制力、提高效率並簡化手術工作流程。

VCS has been introduced across most major markets worldwide and continues to build momentum and performed well in the quarter. In late last year, we expanded the platform with Unity CS, our stand-alone cataract system. It's designed to increase surgical throughput while maintaining precision and safety.

VCS 已在全球多數主要市場導入，動能持續增強，且本季表現良好。去年年底，我們以 Unity CS 擴展平台，這是我們的獨立白內障系統，旨在在維持精準與安全的同時提升手術量能（throughput）。

Unity CS has also been very well received. Surgeons have noted its seamless workflow and next-generation energy delivery that help optimize case efficiency without compromising outcomes.

Unity CS 也獲得非常好的市場回饋。外科醫師指出其無縫的工作流程與新一代能量傳遞，有助於在不犧牲手術結果的前提下，最佳化病例效率。

With a substantial installed base of legacy machines and a compelling value proposition across both efficiency and clinical performance, Unity represents a significant technology upgrade. Beyond the replacement market, Unity is also showing strengthening share and actually expanding our installed base.

憑藉龐大的既有舊機台裝機基礎，以及在效率與臨床表現兩方面具吸引力的價值主張，Unity 代表一項重要的技術升級。除了汰換市場之外，Unity 也展現出更強的市占提升，並且實際上正在擴大我們的裝機基礎。

As a result, our order pipeline remains robust, especially post ASCRS. We're continuing to work closely with customers to manage all our installations with the quality, service and support they expect from Alcon.

因此，我們的訂單管線仍然強勁，尤其在 ASCRS 之後。我們持續與客戶密切合作，以他們對愛爾康所期待的品質、服務與支援，妥善管理所有安裝作業。

Now alternative plantable where our innovation is strengthening our competitive position and driving solid performance. In fact, in the US, we gained share in IOL category in the first quarter.

接下來談人工水晶體（implantables），我們的創新正在強化競爭地位並帶動穩健表現。事實上，在美國，我們第一季在 IOL 類別的市占有所提升。

I'll start with PanOptix Pro, our latest trifocal IOL. Pro builds on the proven success of PanOptix, which is already the world's number 1 most implanted trifocal with over 4 million implants.

我先從 PanOptix Pro 談起，這是我們最新的三焦點 IOL。Pro 建立在 PanOptix 已被驗證的成功之上；PanOptix 已是全球植入量第一的三焦點產品，累計植入超過 400 萬枚。

Pro introduces new features that reduce light scatter and delivers greater quality of vision. In the US, this lens has helped to drive almost two share points of growth in the PC-IOL category.

Pro 導入可降低光散射的新特性，並提供更高的視覺品質。在美國，這款人工水晶體已協助在 PC-IOL 類別帶動接近 2 個市占點的成長。

Internationally, we're just getting started we recently had an upcoming launch in Australia, Japan, South Korea and now Europe. Feedback from these launches have been positive, and we're confident that PanOptix Pro will bolster our presbyopia correcting Iowa leadership globally.

在國際市場方面，我們才剛開始推進；我們近期在澳洲、日本、南韓以及現在的歐洲陸續展開／即將展開上市。這些上市的回饋相當正面，我們有信心 PanOptix Pro 將在全球強化我們在老花矯正 IOL 的領導地位。

Building on PanOptix Pro momentum, we launched True Plus, our new enhanced monofocal IOL. This lens extends the range of vision of a traditional monofocal providing enhanced intermediate vision without compromising distance performance.

延續 PanOptix Pro 的動能，我們推出 TruPlus——全新的增強型單焦點 IOL。此鏡片可延伸傳統單焦點的視覺範圍，在不影響遠距離表現的情況下，提供更佳的中距離視力。

TruPlus is designed for surgeons who want an enhanced monofocal option. It enables us to compete more effectively while defending our Clarion monofocal base. Importantly, TruPlus launches with a toric version from day one and having a toric modality is a meaningful advantage for competing in the astigmatism-correcting segment and growing our ATIL share.

TruPlus 是為希望採用增強型單焦點選項的外科醫師所設計。它讓我們在更有效競爭的同時，也能鞏固我們的 Clarion 單焦點基礎。重要的是，TruPlus 自上市第一天起即提供散光（toric）版本；具備 toric 形式在競爭散光矯正細分市場、並提升我們 AT-IOL 市占方面，是一項關鍵優勢。

Finally, we remain on track to launch an upgraded version of Vivity, our extended depth of focus well in early 2027. With more than 2 million implants, Vivity is already the world's most implanted EDOF lens and this enhancement is designed to improve near vision while preserving vivity's low visual disturbance profile.

最後，我們仍按計畫在 2027 年初推出 Vivity 的升級版本；Vivity 是我們的延伸景深（EDOF）產品，累計植入已超過 200 萬枚，已是全球植入量最高的 EDOF 鏡片。此次升級旨在改善近距離視力，同時維持 Vivity 低視覺干擾的特性。

Now I'll move to retina, where Valeda, our photo biomodulation device for intermediate dry AMD continues to see encouraging early adoption.

接著我談視網膜領域：Valeda——我們用於中期乾性 AMD 的光生物調節（photobiomodulation）設備——持續看到令人鼓舞的早期採用。

Valeda is the first and only therapy clinically shown to maintain vision improvement in dry AMD patients with some patients achieving about a one-line gain in visual acuity.

Valeda 是第一個也是唯一一個在臨床上證實可維持乾性 AMD 病患視力改善的療法，部分病患的視力（視覺敏銳度）約可提升一行。

This technology uses three specific wavelengths of light to improve mitochondrial activity and retinal health, giving a noninvasive treatment option for dry AMD that they've never had before.

此技術使用三種特定波長的光，以改善粒線體活性與視網膜健康，為乾性 AMD 提供一種非侵入式治療選項——這是他們過去從未擁有的。

Importantly, reimbursement is progressing with all but one Medicare administrative contractor covering Valeda, and we're actively engaging private payers and expanding physician education.

重要的是，給付（reimbursement）正持續推進：除一家 Medicare 行政承包商外，其餘皆已將 Valeda 納入給付；我們也正積極與商業保險方（private payers）溝通，並擴大醫師教育。

Valeda complements Voyager by expanding our office-based procedures, enabling practices to operate more efficiently while offering patients convenient noninvasive options.

Valeda 透過擴展我們以診所為基礎的處置項目，與 Voyager 形成互補，使診所能更有效率地運作，同時為病患提供便利的非侵入式選項。

Now I'll move to contact lenses, where we continue to gain traction with our innovative reusable portfolio. More than half of new wearers started reusables, which is a segment that supports strong patient retention and delivers highly attractive margins.

接著談隱形眼鏡：我們在創新的可重複配戴（reusable）產品組合上持續取得進展。超過一半的新配戴者選擇從可重複配戴產品開始，這個細分市場有助於提升病患留存，並帶來相當具吸引力的毛利。

Given our under-indexed share position, this category remains an important growth opportunity for us. Our reusable portfolio is anchored by total 30 of the industry's first and only monthly lens with water ingredient technology, which delivers exceptional comfort for 30 days of wear.

鑑於我們目前市占相對偏低，這個品類仍是我們重要的成長機會。我們的可重複配戴產品組合以 TOTAL30 為核心——這是業界第一且唯一採用含水成分技術的月拋鏡片，可在 30 天配戴期間提供卓越舒適度。

Last year, we expanded the total 30 family to cover all major modalities, sphere, toric and multifocal. And in February, we introduced total 30 multifocal for astigmatism, which is our first multifocal toric contact lens.

去年，我們擴展了 Total 30 系列，涵蓋所有主要類別：球面、散光與多焦點。並於二月推出適用於散光的 Total 30 多焦點鏡片，這是我們首款多焦點散光隱形眼鏡。

This lens fills an important unmet need for presbyopic patients with the stigmatism, a group that historically has had very few options.

這款鏡片滿足了同時有老花與散光患者一項重要且長期未被滿足的需求；歷史上這一族群可選擇的產品非常有限。

Initial feedback has been excellent with ECPs highlighting Vision at all distances and long-lasting comfort. pAlongside Total 30, Precision7 broadens our portfolio with a high-quality accessible one week replacement lens.

初期回饋非常出色，眼視光專業人員（ECPs）特別強調其在各距離的視覺表現與持久舒適度。p與 Total 30 並行，Precision7 以高品質且可負擔的一週更換鏡片，擴充了我們的產品組合。

Designed for patients where daily disposables are not an option, Precision7 delivers a comfortable experience at an attractive price point while introducing a replacement schedule that many optometrists view as more intuitive than traditional two week lenses. Combined, these innovations drove share gains in the quarter, and we are expected to continue to do so in this category.

Precision7 專為無法選用日拋的患者設計，以具吸引力的價格提供舒適體驗，同時導入一種許多驗光師認為比傳統雙週拋更直覺的更換週期。綜合而言，這些創新在本季帶動市占提升，我們預期在此類別中將持續取得進展。

Now finally, in ocular health, we continue to strengthen our leadership in the expanding dry eye category through innovation in both our over-the-counter and pharmaceutical products.

最後，在眼部健康方面，我們持續透過非處方與處方藥產品的雙重創新，強化我們在快速擴張的乾眼類別中的領導地位。

On the over the counter side, our sustained family of artificial tears delivered another quarter of high single-digit growth. Most notably, last year, we launched SustainPro, our most advanced artificial tier.

在非處方產品方面，我們的 Systane 系列人工淚液本季再度實現高個位數成長。尤其值得一提的是，去年我們推出了 SystanePro，這是我們最先進的人工淚液。

It's triple action formula is designed to hydrate, restore and protect the ocular surface delivering long-lasting relief. Early performance has been strong, contributing to continued share gains in US artificial tears and reinforcing our leadership as that category expands.

其三重作用配方旨在保濕、修復並保護眼表，提供持久舒緩。早期表現強勁，推動我們在美國人工淚液市場持續提升市占，並在類別擴張之際鞏固我們的領導地位。

In Pharmaceuticals, Tryptyr continues to perform well. Doctors appreciate its rapid onset and novel mechanism of action.

在處方藥方面，Tryptyr 持續表現良好。醫師肯定其快速起效與新穎的作用機轉。

Importantly, Tryptyr is already capturing share with approximately 4 share points in just eight months into the launch.

重要的是，Tryptyr 在上市僅八個月內即已取得約 4 個市占百分點，正在快速搶占份額。

We've also made great progress with payers. In the first quarter, we expanded coverage to more than half of our commercial lives, our focus for the remainder of the year is on broadening the prescriber base and securing future Medicare Part D coverage, which will significantly expand patient access and make Tryptyr easier to prescribe.

我們在支付方（payers）方面也取得重大進展。第一季，我們將保險涵蓋擴大至超過一半的商業保險人群；今年剩餘時間的重點是擴大開立處方的醫師基礎，並爭取未來 Medicare Part D 的涵蓋，這將顯著提升病患可近性，並讓 Tryptyr 更容易被開立。

Tryptyr and SustainPro together represent significant innovation in dry eye, extending our reach across the full spectrum of dry eye sufferers and reinforcing Alcon's leadership in this category.

Tryptyr 與 SystanePro 共同代表乾眼領域的重要創新，讓我們能覆蓋乾眼患者的完整光譜，並強化愛爾康在此類別的領導地位。

Looking ahead, our innovation pipeline remains strong. With upcoming launches, including a new entry into a high whitening category as well as UnityM, our newest microscope and UnityDx, our whole eye diagnostic device. And these programs build on the momentum we're seeing across the portfolio and reflect our continued focus on advancing differentiated innovation.

展望未來，我們的創新產品管線依然強勁。即將推出的產品包括：切入高階美白類別的新產品，以及 UnityM（我們最新的顯微鏡）與 UnityDx（我們的全眼診斷設備）。這些計畫延續我們在整體產品組合上看到的動能，並反映我們持續聚焦於推進具差異化的創新。

Together, they reinforce our confidence in the durability of our pipeline and our ability to drive sustained growth over time.

它們共同強化了我們對管線韌性與長期推動持續成長能力的信心。

Now I'd like to turn to operational improvements where we are making a number of things happen internally. As we scale innovation across the portfolio, artificial intelligence has become an important enabler at Alcon, helping us operate faster and make better decisions.

接下來我想談談營運改善，我們在內部推動多項工作。隨著我們在整體產品組合中擴大創新規模，人工智慧已成為愛爾康的重要推動力，協助我們更快速運作並做出更佳決策。

We started applying AI selectively where it enhances productivity, quality and speed. In R&D, we've deployed solutions that we expect will increase speed to approval while working on AI-enabled modeling and simulation for accelerating design and development.

我們開始在能提升生產力、品質與速度的領域選擇性導入 AI。在研發方面，我們已部署解決方案，預期可加快取得核准的速度，同時也在推進 AI 賦能的建模與模擬，以加速設計與開發。

In operations and quality, we are leveraging AI solutions to improve yield and perform automated inspections and on the commercial side, AI-assisted analytics are enabling deeper customer insights and more personalized engagement.

在營運與品質方面，我們運用 AI 解決方案提升良率並進行自動化檢測；在商業端，AI 輔助分析讓我們能更深入洞察客戶，並進行更個人化的互動。

So while it's still early in our journey with AI, these advancements are fortifying our operational foundation at a pivotal moment and enabling us to leverage a more stable cost structure and seize emerging opportunities.

因此，儘管我們的 AI 旅程仍在早期階段，這些進展正於關鍵時刻強化我們的營運基礎，使我們能運用更穩定的成本結構並把握新興機會。

Now before I close, I want to share a few observations on the market environment. In cataract surgery, consistent with prior quarters, we estimate that global procedure volumes grew low single digits.

在結束前，我想分享幾點對市場環境的觀察。在白內障手術方面，與前幾季一致，我們估計全球手術量以低個位數成長。

While this relative softness has persisted for several quarters, we continue to believe that market growth will return to historical levels as health care systems adapt to increasing demand.

雖然這種相對疲弱已持續數季，我們仍相信隨著醫療體系因應日益增加的需求，市場成長將回到歷史水準。

However, for 2026, our guidance continues to assume that current trendscontinue. On the other hand, we estimate that global ATI well penetration was up 130 basis points to approximately 17%.

然而，對於 2026 年，我們的指引仍假設目前趨勢將持續。另一方面，我們估計全球 ATI 良好滲透率上升 130 個基點至約 17%。

There was broad-based strength in most regions of the globe, which was pressured by weakness in China. If you would exclude China, global penetration was up approximately 220 basis points. In contact lenses, we estimate the global market grew at the low end of mid-single digits, led by strength in the United States.

全球多數地區呈現廣泛性強勁表現，但受到中國疲弱的拖累。若排除中國，全球滲透率約上升 220 個基點。在隱形眼鏡方面，我們估計全球市場成長落在中個位數成長區間的低端，主要由美國的強勁表現帶動。

In summary, while market conditions remain mixed, our strong portfolio of innovation is performing well and continues to deliver solid results.

總結而言，儘管市場狀況仍然分歧，我們強大的創新產品組合表現良好，並持續交出穩健成果。

We're operating from a position of greater strength backed by a deeper innovation engine and a more resilient commercial model. This positions us to deliver durable, profitable growth and create meaningful long-term value for shareholders.

我們在更強的基礎上營運，背後有更深厚的創新引擎與更具韌性的商業模式支撐。這使我們能實現持久且具獲利性的成長，並為股東創造有意義的長期價值。

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

接下來我把時間交給 Tim，由他帶各位檢視財務表現。

Thanks, David. Our first quarter sales of $2.7 billion were up 6% versus prior year. In our surgical franchise, revenue was up 6% year-over-year to $1.5 billion. Implantable sales were $438 million in the quarter, up 1% versus the prior year period. As David mentioned, PanOptix Pro growth continued to perform well.

謝謝，David。我們第一季銷售額為 27 億美元，較去年同期成長 6%。在手術事業群方面，營收年增 6% 至 15 億美元。本季植入式產品銷售額為 4.38 億美元，較去年同期成長 1%。如 David 所提，PanOptix Pro 的成長持續表現良好。

We saw solid growth in IOLs in the US, partially offset by ongoing competitive pressures internationally. We also saw some pressure in surgical glaucoma. In consumables, first quarter sales of $769 million were up 4%, which reflects softer than historical market conditions as well as price increases.

我們在美國的 IOL（人工水晶體）看到穩健成長，但部分被國際市場持續的競爭壓力所抵銷。我們也在手術青光眼方面看到一些壓力。在耗材方面，第一季銷售額為 7.69 億美元，年增 4%，反映市場環境較歷史水準疲弱以及價格上調。

In equipment, we saw another quarter of accelerating growth with sales of $253 million, up 23%, driven by strong momentum from Unity.

在設備方面，我們再度看到成長加速的一季，銷售額為 2.53 億美元，年增 23%，主要由 Unity 的強勁動能帶動。

Early adoption has been encouraging, and we're seeing Unity active and meaningful catalysts for equipment growth.

早期採用情況令人鼓舞，我們看到 Unity 正成為推動設備成長的積極且重要的催化劑。

Turning to Vision Care.

接著看視力保健（Vision Care）。

First quarter sales of $1.2 billion were up 6%. The Contact lens sales were up 4% to $738 million. This growth was primarily driven by product innovation and price increases, partially offset by declines in legacy products where we've limited our promotional activity.

第一季銷售額為 12 億美元，年增 6%。隱形眼鏡銷售額年增 4% 至 7.38 億美元。此成長主要由產品創新與價格上調帶動，但部分被傳統產品下滑所抵銷，因為我們已限制相關促銷活動。

In ocular health, first quarter sales of $487 million were up 10%, led by continued strength of our dry eye portfolio, including Tryptyr and sustain. Tryptyr continues to perform well with strong refill rates and broad prescriber enthusiasm.

在眼部健康方面，第一季銷售額為 4.87 億美元，年增 10%，主要由乾眼產品組合的持續強勁表現帶動，包括 Tryptyr 與 Systane。Tryptyr 持續表現良好，補充處方率強勁，且開立處方的醫師反應熱烈。

As access expands and awareness builds, we continue to expect Tryptyr to be a meaningful growth driver this year. And as David mentioned, our sustained family of eyedrops also had another great quarter with high single-digit growth.

隨著可近性擴大與市場認知提升，我們仍預期 Tryptyr 將成為今年重要的成長動能。如 David 所提，我們的 Systane 系列眼藥水本季也再度繳出亮眼表現，達到高個位數成長。

Within that portfolio, our multi-dose preservative-free formulations contributed nicely, growing more than 20% year-over-year.

在該產品組合中，我們的多劑量無防腐劑配方貢獻良多，年增超過 20%。

Now moving down the income statement. First quarter core gross margin was 63%, down 40 basis points year-over-year.

接著往下看損益表。第一季核心毛利率為 63%，較去年同期下降 40 個基點。

This is primarily due to 120 basis points of pressure from incremental tariffs. Core operating margin was 21.2%, which was flat year-over-year. Improved operating leverage from higher sales and manufacturing efficiencies were partially offset by the pressure from tariffs that I just mentioned as well as investment behind new product lenses and R&D.

主要原因是新增關稅帶來 120 個基點的壓力。核心營業利益率為 21.2%，與去年同期持平。較高銷售帶來的營運槓桿改善與製造效率提升，部分被我剛提到的關稅壓力，以及對新產品鏡片與研發的投資所抵銷。

First quarter interest expense was $52 million and other financial income and expense was a net benefit of $2 million. The average core tax rate in the first quarter was 19.7%, down from 21% in the prior year. And finally, core diluted earnings were $0.85 per share in the quarter.

第一季利息費用為 5,200 萬美元，其他財務收益與費用合計為淨收益 200 萬美元。第一季平均核心稅率為 19.7%，低於去年同期的 21%。最後，本季核心稀釋後每股盈餘為 0.85 美元。

Turning to cash.

接著看現金流。

We generated $279 million of free cash flow in the first quarter, which was flat when compared to the same period last year. Lastly, with respect to tariffs, we incurred $33 million of incremental tariff-related charges in the first quarter, which is recognized in cost of sales.

第一季我們產生 2.79 億美元自由現金流，與去年同期持平。最後，關於關稅，我們第一季產生 3,300 萬美元的新增關稅相關費用，並已計入銷貨成本。

Now moving to our outlook for the remainder of the year. Our outlook assumes that aggregate eye care markets grow 3% to 4% for the year at exchange rates as of the end of April hold through year-end, and regarding tariffs, we are now assuming that an average tariff rate of approximately 10% on US imports holds for the remainder of the year versus our previous assumption of 15%. We also assume retaliatory tariffs remain unchanged.

接下來是今年剩餘期間的展望。我們的展望假設：以四月底的匯率並維持至年底計算，全年整體眼科照護市場成長 3% 至 4%；關於關稅，我們目前假設美國進口品的平均關稅稅率約 10% 並在今年剩餘期間維持，低於我們先前假設的 15%。我們也假設報復性關稅維持不變。

This change results in an estimated $25 million reduction in tariff expense versus our February guidance, which we would expect to reinvest back into the business. Based on these assumptions and our performance through the first quarter, our guidance is as follows.

相較於我們二月的指引，此變更使關稅費用估計減少 2,500 萬美元，我們預期將把這部分重新投入業務。基於上述假設以及我們第一季的表現，我們的指引如下。

We continue to expect constant currency sales growth of between 5% and 7%. Turning to margin, we continue to expect core operating margin expansion of between 70 basis points and 170 basis points.

我們仍預期以固定匯率計算的銷售成長介於 5% 至 7%。至於利潤率方面，我們仍預期核心營業利益率將擴張 70 個基點至 170 個基點。

We expect the majority of this expansion to occur in the second half of the year. As in prior years, SG&A is expected to peak in the second quarter due to normal seasonality with incremental spend this year and support of product launches.

我們預期此擴張的大部分將發生在下半年。與往年相同，受正常季節性影響，加上今年的增量支出以及對產品上市的支援，SG&A 預計將在第二季達到高峰。

Accordingly, we expect second quarter core operating margin to be below the prior year period and lastly, we now expect core diluted EPS growth of between 10% and 13%.

因此，我們預期第二季核心營業利益率將低於去年同期；最後，我們目前預期核心稀釋後 EPS 成長介於 10% 至 13%。

Moving on, I'm happy to announce that our Board has approved a new $1.5 billion share repurchase program to be executed over the next three years.

接下來，我很高興宣布，我們董事會已核准一項新的 15 億美元庫藏股回購計畫，將於未來三年內執行。

This authorization reflects the strength of our balance sheet and robust cash flow generation, and is fully aligned with our long standing capital allocation priorities. We will continue to prioritize investments in top line growth through R&D and disciplined bolt-on M&A.

此項授權反映我們資產負債表的強勁以及穩健的現金流創造能力，並與我們長期以來的資本配置優先順序完全一致。我們將持續優先透過研發投資與審慎的補強型併購（bolt-on M&A）來推動營收成長。

This program enables us to return incremental capital to shareholders in a measured and disciplined way without constraining our ability to fund growth or maintain a healthy deal pipeline and before I wrap up, I'm also pleased to report that our -- at our Annual General Meeting last week, our shareholders approved a dividend of $0.28 teams per share, which we expect to pay on or around May 7.

此計畫使我們能以審慎且有紀律的方式向股東返還額外資本，同時不會限制我們為成長提供資金或維持健康的交易管線的能力。在我結束之前，我也很高興報告，我們——在上週的股東常會上，我們的股東核准每股 0.28 美元的股利，我們預期將於 5 月 7 日左右支付。

I'd like to thank our shareholders for their continued support. And lastly, I'd also like to extend my thanks to our more than 25,000 associates across the organization for their dedication and hard work.

我要感謝股東持續的支持。最後，我也要向全公司超過 25,000 位同仁致謝，感謝大家的投入與辛勤工作。

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

接下來，我把時間交還給 David。

Thanks, Tim. To close, the first quarter underscored the strength of our business. Our steady cadence of innovation, balanced portfolio and strong execution are driving durable performance across the company. New product launches are gaining traction.

謝謝，Tim。作為結語，第一季凸顯了我們業務的韌性。我們穩定的創新節奏、均衡的產品組合以及強勁的執行力，正推動公司各部門的持續性表現。新產品上市正逐步獲得市場動能。

Our pipeline continues to advance, and we're utilizing tools like AI to help us operate with greater speed, precision and scale.

我們的產品管線持續推進，並運用 AI 等工具，協助我們以更高的速度、精準度與規模來營運。

Taken together, these advantages position Alcon to navigate the environment with confidence and deliver steady profitable growth and long-term value for our shareholders.

綜合而言，這些優勢使 Alcon 能夠有信心地因應環境變化，並為股東帶來穩健的獲利成長與長期價值。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Ryan Zimmerman with BTIG.

（接線員指示）BTIG 的 Ryan Zimmerman。

Good morning, David and Tim. Thanks for taking the question. Maybe to start with the implantable category growth for a minute here, David. If you look at the growth over the last five quarters or so, you think about the peers in the category, it's been a bit below that market rate.

早安，David 和 Tim。謝謝讓我提問。也許先從植入式品類的成長談一下，David。若看過去大約五個季度的成長，並與同類別的同業相比，你們的表現略低於市場成長率。

And so I'm wondering how much you -- surgical glaucoma dragging down your growth, given what you're seeing in PanOptix Pro and the Clarion launch? And if you could kind of parse out what's China VBP versus glaucoma versus maybe more of your core AT IOL adoption, I'd appreciate it.

因此我想了解，在你們看到 PanOptix Pro 與 Clarion 上市的情況下，手術型青光眼是否在拖累你們的成長？另外，如果你能拆解一下中國 VBP、青光眼，以及可能更偏向你們核心 AT IOL 採用率的影響，我會很感謝。

Yeah. Thanks, Ryan. Really good question. Look, the 1% growth on the implantables broadly is made up of a number of things.

是的。謝謝，Ryan。問題很好。你看，植入式整體 1% 的成長是由多個因素構成的。

And one of the reasons we kind of called out glaucoma implantables is because, as you know, the reimbursement changed this year and we also had about a $3 million, $4 million kind of supply issue on Hydrus kind of late in the quarter.

我們之所以特別提到青光眼植入物，是因為如你所知，今年給付制度有變動，而且我們在本季後段 Hydrus 也出現約 300 萬到 400 萬美元左右的供應問題。

So our core growth there, actually, when you back just the Hydrus piece out is about 3% -- if you looked at it in the US, it was 6%. So we had a very good quarter in the US and if you look at it without China, it gets higher because China, we had -- as we kind of moved forward with last year, we had some inventory come in, so the comp is a little bit big.

所以我們那邊的核心成長，實際上若把 Hydrus 的部分剔除，大約是 3%——如果只看美國則是 6%。因此我們在美國有非常好的季度表現；若再把中國排除，數字會更高，因為中國方面，隨著我們延續去年推進的節奏，有一些庫存到貨，使得比較基期稍微偏高。

So we've actually had a pretty good quarter in implantables around the world in various markets. I think as we go forward, PanOptix Pro really looks to be doing very well. I think in the US, in particular, we gained share in the implantables. It was maybe gained in AT-IOL more than a share point of 1.4. I think.

因此整體而言，我們在全球多個市場的植入式業務其實都有不錯的季度表現。我認為往後看，PanOptix Pro 看起來表現非常好。尤其在美國，我們在植入式品類的市占有所提升；可能是在 AT-IOL 上的市占提升超過 1 個百分點，大約 1.4，我想。

We were up AT-IOL 2.2. So we've stabilized that market a bit. And I think we're feeling like once we get Pro into Europe, which is just launching this month. It's had a nice reception in Japan, but we just got that in, I think, in February. So we're getting a number of other markets now as we launch those, doing well.

我們的 AT-IOL 成長為 2.2。也就是說，我們讓該市場稍微穩定下來。我們也覺得，一旦把 Pro 推進到歐洲——本月才剛上市——情況會更好。在日本的反應也不錯，但我們大概是 2 月才拿到核准/上市，所以現在隨著我們在其他市場陸續上市，表現也都不錯。

And I think when you add to that True Plus. And then you think about going forward at the end of the year, we've got Vivity Pro, we won't have the same kind of exposure for a long duration of periods to competitive products.

再加上 True Plus。然後往後看，到年底我們還有 Vivity Pro；我們不會在很長一段期間內承受同樣程度來自競品的曝險。

Most of the products you're seeing right now come in the market we've seen for a long time. So we've got a number of new things right now coming in that are hopefully going to offset it.

你現在看到的多數產品，其實我們在市場上已經看了很久。因此我們目前有多項新產品進入市場，希望能夠抵消這些影響。

Make no mistake, it's going to be competitive and I think what we've said in the past, and I still would reiterate is I think we can grow at market rate here, but it's going to be competitive. The best thing that happened, honestly, was AT-IOL was up 230 basis points in the US

毫無疑問，競爭會很激烈。我想我們過去說過、現在也仍要重申的是：我認為我們可以在這裡達到與市場相當的成長率，但競爭會很激烈。老實說，最好的消息是 AT-IOL 在美國上升了 230 個基點。

So really nice movement around the world on AT-IOL well penetration, and we seem to be doing pretty well right now in the US We'll see how that takes shape as other products launch, but I generally think it's going to be a competitive fight, but pretty healthy position we're in.

因此在全球 AT-IOL 的滲透率方面有非常好的進展，而我們目前在美國似乎也做得相當不錯。我們會觀察其他產品上市後的走勢，但整體而言，我認為這會是一場競爭激烈的戰役，不過我們所處的位置相當健康。

Maybe for Tim, gross margins came in a bit better than I think the Street was looking for here. It sounds like some of that was priced.

也許給 Tim 一題：毛利率表現比我想華爾街預期的要好一些。聽起來其中一部分來自定價。

You have a little bit less of a tariff impact. You're not assuming refunds, I'm just wondering kind of with gross margins trending higher than maybe the Street was looking for, one, what are your expectations there? But two, why can't that flow through at a higher level to the op margin line and subsequently EPS?

關稅影響也小一些。你們沒有假設退稅/退款。我想問的是，既然毛利率走勢高於市場預期，第一，你們對毛利率的展望是什麼？第二，為什麼這不能以更高的程度流入營業利益率，進而帶動 EPS？

Yes, I think you got the pieces of the pie correct. I mean, we did still see tariff pressure. So when you look at it from a year-over-year perspective, the rate cuts that we talked about, those really will hit in the back half of the year starting, I think it's in March.

是的，我想你把各項因素掌握得很正確。我的意思是，我們仍然看到關稅壓力。所以若以年對年角度來看，我們提到的那些費率下調，確實會在下半年開始反映，我想是從 3 月開始。

But listen, we're seeing some nice when you take into account the projects we're working on in our manufacturing plants from a productivity perspective, to your point, we are still getting price.

但你看，若把我們在製造工廠推動的專案納入考量，從生產力角度來看確實有一些不錯的進展；如你所說，我們也仍然有取得價格（定價）上的成果。

So I'd expect those margins, the gross margin to continue to be in that neighborhood of 63% as we go out through the course of the year. Thank you.

因此我預期在今年接下來的期間，毛利率將大致維持在約 63% 的水準。謝謝。

Veronika Dubajova, Citi.

Citi 的 Veronika Dubajova。

Hi, guys, and thank you for taking my questions. Just first one, kind of how you think about the market momentum, I guess, lots of moving parts, obviously, in Q1, especially on the surgical side with weather and some strikes that some of your peers have called out.

嗨，各位，謝謝讓我提問。第一個問題是，你們如何看待市場動能？我想第一季有很多變動因素，尤其在手術端，包含天氣以及一些同業提到的罷工。

I'm just curious, I think you described the market growing as 3% in Q4. Sounds like maybe Q1 on the surgical side was a little bit softer.

我有點好奇，我記得你們描述第四季市場成長約 3%。聽起來第一季在手術端可能稍微疲弱一些。

What's your degree of confidence that we're going to be within that 3% to 4% range that you guided for the year? And I guess to what extent. And you're seeing a momentum that has improved looking at March and April. If you can comment on that would be super helpful. And then my second question is on contact lenses.

你們對於全年指引的 3% 到 4% 區間有多大信心？以及在什麼程度上，你們看到 3 月與 4 月的動能有所改善？如果能評論一下會非常有幫助。第二個問題是關於隱形眼鏡。

We've seen the gap between you and the market really narrow. And looking at the last couple of quarters, certainly on a sort of selling perspective, it seems to be that you are tracking market very closely.

我們看到你們與市場之間的差距明顯縮小。從最近幾個季度來看，至少從銷售角度，你們似乎非常貼近市場走勢。

I was just hoping, David, you can talk about how you feel about the competitive dynamics there and your degree of confidence in your ability to outgrow. Market as we look through the remainder of the year. Thank you guys so much.

我希望 David 你能談談你對那邊競爭態勢的看法，以及你對於在今年剩餘時間能夠跑贏市場的信心程度。非常感謝。

Yes, thanks, Veronika. Let me start with the surgical market. Yes, there were strikes, there was weather, there was all that stuff going on, and I do think some of that had some effect but I think the way to think about this market is kind of as we described it, 3% to 4%, remember, is the aggregate market number for us.

是的，謝謝你，Veronika。我先從手術市場談起。是的，確實有罷工、有天氣、也有各種狀況，我也認為其中一些確實造成影響；但我認為看待這個市場的方式，是如我們所描述的 3% 到 4%。請記得，3% 到 4% 是我們所看的整體市場加總數字。

So that is contact lenses, which grows 4% to 6% generally. The cataract market, which, again, generally grows kind of in that 3% range and then you've got the pharmaceutical markets and the OTC markets, and those grow right now a little bit better than that. So we are confident in that 3% to 4% range.

所以隱形眼鏡市場一般成長約 4% 到 6%。白內障市場同樣一般大概成長在 3% 左右，然後還有處方藥市場與 OTC（非處方）市場，而這些目前的成長率略高於此。因此我們對 3% 到 4% 的區間很有信心。

In the quarter, we were on the lower end of that because, frankly, the US Market in surgical was soft and so we can put it in the weather, we can put it on strikes, you can do any of that stuff. But I think at the core of it, there is a lot of demand for cataracts that is currently being met.

在本季，我們落在該區間的較低端，因為坦白說，美國手術市場偏疲弱；你可以歸因於天氣、歸因於罷工，怎麼說都可以。但我認為核心在於，目前大量的白內障需求正在被滿足。

The demand for cataract is very high. Number of days of wait time has gone up and I think what's really happening, and we've been seeing it for a while, is this kind of restructuring of the service, the workflow here. Surgeons are hiring optometrists, they're using office-based surgery, they're finding more ASC.

白內障的需求非常高。等候天數增加了，而我認為真正正在發生、且我們已觀察一段時間的是服務與工作流程的重整。外科醫師正在聘用驗光師、採用診所內手術（office-based surgery）、並尋找更多 ASC（門診手術中心）。

Time in other places. But to do that, it takes a little bit of time. And I think as they work through to try and capture the economics of what is kind of a -- I don't want to say an unlimited demand, but there's plenty of cataracts out there to do.

在其他地方安排更多時間。但要做到這些需要一些時間。我認為當他們在努力掌握這種——我不想說是無限的需求——但確實有大量白內障手術可做的經濟效益時，

They need to find more OR time and they need to do more in a day, and that's what they're working through right now. So as we see three to four going forward, I don't really think there's a big change in the US.

他們需要找到更多手術室（OR）時段，也需要在一天內做更多台手術，而這正是他們目前在推進的事情。因此，當我們展望未來 3% 到 4% 的成長時，我不認為美國會有很大的變化。

Cataract market this year. We kind of called the market as we saw it at the beginning of the year. We think that continues all year.

今年的白內障市場。我們在年初依當時所見來判斷市場，我們認為這種情況會持續整年。

But I do think we feel comfortable with that range in aggregate. So again, there'll be some markets that bounce around a little bit more than others, but that's where we are right now.

但我確實認為，整體而言我們對這個區間感到安心。所以再說一次，某些市場的波動可能會比其他市場更大一些，但這就是我們目前的看法。

On the other point on the contact lenses, what I'd say is that we've done real well with a lot of our products. I think reusable, one of the things you'll note is that, for example, we gained, I think, a SharePoint change on reusables.

至於隱形眼鏡的另一點，我想說的是，我們很多產品的表現都非常好。我認為在可重複配戴（reusable）方面，你會注意到，例如我們在可重複配戴產品上，市占率大概提升了 1 個百分點（SharePoint）。

But our dailies business was a little bit flat, it was slightly up. I think we were the only one of two, I think, of the bunch of us that gained share.

但我們的日拋（dailies）業務有點持平，略有成長。我想在我們這一群公司裡，我們可能是僅有的一兩家市占有提升的。

So we are gaining share, but it is more modest than it was when we first came out with P1 or with T30. We're getting a lot of share in the US Right now in reusables, we're getting a lot of share in dailies in the international markets, and then we're kind of losing it, we're kind of flattish in the US On dailies.

所以我們正在提升市占，但幅度比起剛推出 P1 或 T30 時更為溫和。我們目前在美國的可重複配戴產品拿到很多市占；在國際市場的日拋拿到很多市占；而在美國的日拋方面，我們則有點流失，整體偏持平。

So I would say it's a mixed bag, but I do think that if you look at where we are with, for example, Precision 7 and Total 30, we're continuing to grow the market.

所以我會說這是好壞參半，但我確實認為，如果你看我們在例如 Precision 7 與 Total 30 的表現，我們仍在持續帶動市場成長。

I think the drawdown on DAILIES has been our legacy business. So if you think about that legacy business which is kind of getting smaller and smaller, the front half is bigger than the back half obviously and so our comp gets a little easier as you move to the back and that's kind of the that's really the story of the year, which is pretty level loaded year broadly.

我認為需要了解的是，DAILIES 的下滑主要來自我們的既有（legacy）業務。所以如果你把那個既有業務想成是逐漸變得越來越小，前半年當然比後半年大，因此當你走到下半年時，我們的比較基期會變得更容易；這大概就是今年的主軸——整體而言是一個相當平均分布的一年。

I think what's important to know is that the acceleration of new products really takes off kind of front half, let's call it a third, a little bit more than that and the back half, kind of two-thirds, a little bit more than that, that's the truth on all the new products.

我認為重要的是，新產品的加速成長其實在上半年、我們姑且稱之為約三分之一、甚至略多一點時就會真正起飛；而下半年大概是三分之二、甚至略多一點——這對所有新產品都是事實。

Matt Miksic, Barclays.

Matt Miksic，Barclays。

Hey, thanks so much. Can you hear me okay? Great. Thanks. So, listen, I appreciate the color on the market and congrats on the progress on PanObject Pro.

嗨，非常感謝。你們聽得到我嗎？很好，謝謝。那麼，聽著，我很感謝你們對市場的補充說明，也恭喜 PanObject Pro 的進展。

I was just wondering if you could talk a little bit about the effect of some of the pull-through that you've seen from these from from the unity renewals in terms of either kind of locking down or taking more share in monofocal IOL growth and then I had one quick follow-up.

我只是想請你們談談，從這些 Unity 續約所帶來的一些拉動效應（pull-through）——不論是在鎖定、或是在單焦點 IOL（人工水晶體）成長上取得更多市占方面——以及我還有一個簡短的追問。

Well, it's a really good question, Matt, because we did actually see, and I didn't really mention it, but we took a fair bit of share in monofocal actually in the quarter globally. And some of that has to do with our presence in the OR. And when you're selling more stuff in the or, then you can generally sell more stuff.

這是個非常好的問題，Matt，因為我們確實看到——我剛才其實沒有特別提到——但我們在本季於全球的單焦點產品上確實拿到了相當多的市占。其中一部分與我們在手術室（OR）的能見度有關。當你在 OR 裡賣出更多東西時，通常也就能賣出更多東西。

So that's the view that we have on that. So it is connected at one level because we've got a lot of people in the or right now with a lot of new products. So I think that's been a very positive.

所以這就是我們對此的看法。某種程度上它是連動的，因為我們現在有很多人帶著很多新產品在 OR 裡。我認為這一直是非常正面的。

I would just say that the ATIOL business is still the one we pay most attention to because globally, we've got a challenge, I would say, in the international markets, and we're stabilized and kind of beginning to grow again in the US Market, but again, there's more competition coming.

我還想說，ATIOL 業務仍是我們最關注的，因為在全球範圍內，我會說我們在國際市場面臨挑戰；而在美國市場我們已經穩住並開始再度成長，但同樣地，競爭也會變得更多。

So I'd say the fight is really ATIOLs, but you're not wrong, we are gaining a good bit of share. In the monofocal business.

所以我會說真正的戰場是在 ATIOL，但你說得沒錯，我們在單焦點業務上確實取得了相當多的市占。

On the Unity process itself, obviously, the other thing that helps is we just launched CS. And so the benefit of that is, of course, it's a little easier to install, it takes a little less time, it's a less complicated machine and requires a little less hand-holding.

至於 Unity 流程本身，顯然另一個有幫助的因素是我們剛推出 CS。因此它的好處當然是更容易安裝、耗時更少、機器更不複雜，也不需要那麼多的手把手支援。

So we're looking forward to -- and there's a lot of cataract surgeons. So just in terms of total sheer number of placements, we're in a lot more ORs right now as we start to expand beyond retina and really kind of begin to sell the CS machine. So that again gives us an opportunity to sell viscoelastic, sell BSS, sell all kinds of stuff that we generally do. So a really good important point you're making.

所以我們很期待——而且白內障外科醫師的數量很多。就總體裝機數量而言，當我們開始從視網膜領域擴展，並真正開始銷售 CS 機台時，我們現在進入了更多 OR。這也再次給了我們機會去銷售黏彈劑（viscoelastic）、銷售 BSS（平衡鹽溶液）、以及我們通常會賣的各種產品。所以你提出的是一個非常好、也很重要的觀點。

Jack Reynolds-Clark, RBC Capital Markets.

Jack Reynolds-Clark，RBC Capital Markets。

Hi there. Thanks for taking the questions. My first was just coming back to the kind of surgical cataract market.

你好，謝謝讓我提問。我的第一個問題是回到手術白內障市場這一塊。

With these waiting lists so long, what is it that could you just kind of just talk us through exactly what needs to happen for this demand to translate into a higher market growth and when that's going to happen? Is it going to be a '27, '28 thing? What are the drivers there? And then on ATI oil penetration.

在等候名單這麼長的情況下，能否請你們帶我們梳理一下：究竟需要發生什麼，才能讓這些需求轉化為更高的市場成長？以及這會在什麼時候發生？會是 2027、2028 年的事情嗎？背後的驅動因素是什麼？另外還有 ATI 油（ATI oil）滲透率的問題。

So could you just remind us what it was in Europe and how you see that progressing over the next kind of couple of years? Do you expect to catch up with the US or something like that?

所以能否請你們提醒我們歐洲的數字是多少，以及你們如何看待未來幾年它的進展？你們預期會追上美國之類的嗎？

Yeah, look, I mean, I think let me answer the second one while I've got the data in front of me. I mean, I think the Europe PC ATI well penetration was pretty good on the quarter directionally.

好的，你看，我想我先回答第二個，因為我手上正好有數據。我是說，我認為歐洲 PC ATI 的滲透率在本季方向上表現相當不錯。

It was 16.1%, and it was up 260 basis points, so almost the same as the US, a little better than that. It was 230 in the US The only thing that kept it down was China went the wrong direction because there was a recall from one of our competitors, so the data looks a little weird there.

是 16.1%，上升了 260 個基點，幾乎和美國一樣，甚至略好一些。美國是 230 個基點。唯一壓低數字的是中國走了反方向，因為我們某個競爭對手發生召回，所以那邊的數據看起來有點怪。

But fundamentally, most markets are beginning to catch up to the US So I think US Is sitting somewhere in the 20s, like 21 or something, and so. You've got a relative comparison. I do think that historically, this market penetration has grown 50 to 100 basis points. I would still draw that line.

但從根本上說，多數市場正開始追上美國。所以我認為美國大概在 20% 多，像是 21% 左右，因此你可以做相對比較。我確實認為，歷史上這個市場的滲透率每年成長 50 到 100 個基點。我仍會畫那條線。

I think what you're seeing right now is a lot of promotion from a lot of companies, and that's moving people toward ATI Wells, which is a good thing.

我認為你現在看到的是很多公司在大力推廣，這正在把人們推向 ATI Wells，這是一件好事。

There's a lot of room in this market to grow, and I think the upper limit, I think we've said in the past is maybe mid-30s to upper level, high 30s, but that's the ceiling. So it's not everybody going to use one of these, but they're worth a lot more to us on a value basis. So moving this market along, I think, is a very positive sign.

這個市場還有很大的成長空間，而我想我們過去說過，上限可能在 30% 中段到 30% 高段、接近 40% 的高 30% 區間，但那就是天花板。所以不會是每個人都會用其中一種，但就價值而言，它們對我們的貢獻高得多。因此推動這個市場前進，我認為是一個非常正面的訊號。

On the other point you make. Which is the surgical market and what it takes to translate demand into revenue. I think that's the big question that most PE guys have in the US Is what all the big practices are working on and at the core of it really is freeing up time to do more surgery.

關於你提出的另一點，也就是手術市場以及要如何把需求轉化為營收。我認為這是美國多數私募股權（PE）人士最關心的大問題，也是所有大型診所正在努力的方向；其核心其實就是釋放時間，讓醫師能做更多手術。

I mean, that's just that simple. But that's not so easy when you're competing with, for example, a hospital OPD. Who wants to give that time to a more productive, more economically valuable procedure somewhere else.

我的意思是，就這麼簡單。但當你要和例如醫院門診手術部門（OPD）競爭時，就沒那麼容易了。因為誰願意把時間讓出來，去做在別處更具生產力、經濟價值更高的處置呢。

So certain parts of the market are shrinking for available time, and certain parts are growing. So what's really happening right now is you're seeing this rotation into things like office-based surgery, which is very popular right now.

所以市場的某些部分可用時間正在縮減，而某些部分則在成長。眼下真正發生的是，你會看到資源輪動到像是診所內手術（office-based surgery）這類項目，而這目前非常受歡迎。

It's gaining some momentum in the US, where they're putting office facilities in play that can carry our machines, microscopes, they're setting them up to do surgery. It's a friendlier environment. The reimbursement is still complicated, but I would just say that that's creating more capacity and more flexibility for the surgeon.

它在美國正逐步累積動能；他們開始啟用可容納我們設備的診所設施，包括機器、顯微鏡，並把它們配置成可進行手術的環境。這是一個更友善的環境。給付（reimbursement）仍然複雜，但我會說，這正在為外科醫師創造更多產能與更高的彈性。

I think the other thing that happens is you see a lot more ODs entering practices with large group practices, PE groups.

我認為另一個正在發生的事情是，你會看到更多驗光師（OD）加入大型集團診所、PE 支持的診所。

Even small practices, I was in one recently in Boston where they were just hired two ODs, and they're doing some primary care work and some pre and post-op work, and that frees the surgeon to do more time in the OR.

甚至是小型診所也是如此；我最近在波士頓拜訪一家，他們剛聘了兩位 OD，負責一些基層照護以及術前、術後的工作，這就能讓外科醫師把更多時間投入手術室（OR）。

So that's the adaptation of practice pattern that has to occur and it's going to take some time. I mean, I think that's really why we've seen kind of unabated growth by bringing down the time in surgery.

因此，這就是必須發生的診療模式調整，而這需要一些時間。我想這也正是為什麼我們透過縮短手術時間而看到幾乎未曾中斷的成長。

The time in surgery is going to only get better by a little bit now. We're flipping rooms just a little bit about almost as fast as we can we'll get a little bit better there with our machine. But I think the opportunity here is really now to see more days in surgery from the core surgeons.

手術時間接下來只能再小幅改善。我們在翻台（換手術室）方面已經幾乎快到極限了；靠著我們的設備還能再好一點點。但我認為這裡真正的機會，是讓核心外科醫師能有更多手術日。

That's very clear. Thank you.

非常清楚。謝謝。

Susannah Ludwig, Bernstein.

Susannah Ludwig，Bernstein。

Good afternoon and thanks for taking my questions. I guess my first is just on contact lenses, if you could talk a little bit more on the drivers of growth and the contribution from volume price and the mix shift to dailies and then maybe just a little bit about your performance geographically in the US.

午安，謝謝讓我提問。我第一個問題是關於隱形眼鏡：能否再多談一些成長的驅動因素，以及成長中來自量、價與產品組合（mix）轉向日拋（dailies）的貢獻？另外也想請你們談談在美國的地理區域表現。

Versus Europe versus Japan and then second, just to follow-up on the questions on IOLs, you have noted sort of heightened competitive pressure in IOLs and international markets for several quarters now. Could you talk maybe about how this pressure has progressed sequentially and when you will start to lap some of that pressure?

相較於歐洲與日本；第二個問題是延續先前關於 IOL（人工水晶體）的提問：你們已經連續好幾季提到 IOL 與國際市場的競爭壓力升高。能否談談這個壓力在序列上（sequentially）如何演變，以及你們何時會開始「跨過」這些壓力的比較基期（lap）？

Yes, let me take Iman first with the first bit of that, which was the contact lens market. Historically, I think the way to think about the contact lens market is we've always just got a mid-single-digit grower, 4% to 6%. Price is 2% to 3%, mix is 2% to 3%, volume basically has been flat. You pick up 14-year-olds, you lose 40-year-olds and probably about the same rate.

好的，我先回答第一部分，也就是隱形眼鏡市場。歷史上，隱形眼鏡市場一直是中個位數成長，大約 4% 到 6%。價格貢獻 2% 到 3%，組合貢獻 2% 到 3%，而量基本上是持平。你會新增 14 歲族群，同時流失 40 歲族群，兩者大概以相近的速度發生。

What I think is happening right now and most recently has been the resistance to price internationally in particular, where chains and the Internet have a bigger participation.

我認為目前正在發生、而且最近最明顯的是，國際市場對漲價的抗性，特別是在連鎖通路與網路通路參與度更高的地方。

In the process, and they're very sensitive to consumers. So I would say what's really gone on is there's a pause in the ability to push price into the market that's certainly what we see, I think that's really what's driving a little bit of a slower market.

在這個過程中，這些通路對消費者非常敏感。所以我會說，實際上發生的是推動價格進入市場的能力出現暫停；這確實是我們所看到的，我想這也正是市場稍微放慢的主要原因。

But again, we're still in the normal range, I would just say we're on the low end of the normal range there. So going forward, I think what you're going to see is as the consumer gets a little bit stronger and as you see new products and mix, in particular for us, the mix to reusables, the mix to dailies generally allows us to help outperform, we're also gaining share there.

但再說一次，我們仍在正常區間內，只是位於正常區間的低端。往前看，我認為你會看到：隨著消費者狀況轉強，以及新產品與組合的推進——特別是對我們而言，從可重複使用（reusables）到日拋（dailies）的組合變化通常能讓我們表現優於市場——我們也正在提升市占。

Both of those will allow us to kind of grow a little faster than that market. On the geographic performance outside the US, the IOLs, our share in the U.S has been stabilized principally on the back of Panoptix Pro and we really didn't have a new product in the international market until really Japan at the beginning of this year.

這兩點都會讓我們的成長速度略快於市場。至於美國以外的地理表現與 IOL：我們在美國的市占主要靠 Panoptix Pro 而趨於穩定；而在國際市場方面，我們直到今年年初在日本才真正推出新產品。

So I think what you're going to see is a similar playback where you've got some other pressures coming in, I think Odyssey will come in but again, I think we've seen both of these products in the past in different markets, and we've got data now on them, which I think will help manage, let me just say, the impact on that.

所以我認為你會看到類似的重演：會有一些其他壓力進來，我想 Odyssey 也會進來；但同樣地，我們過去已在不同市場看過這兩類產品，而且我們現在也有相關數據，我認為這將有助於管理——我就這麼說——其影響。

So the shared movements have always been a little bit more significant outside the US, where we have, I think, a more competitive market where there's more products.

因此，市占的變動在美國以外一直更為顯著；在那些市場，我們面對的是更具競爭性的環境，產品也更多。

And so I think we continue to believe that the introduction of products, meaning specifically Panoptix Pro, then True Plus, then Vividi, the next Vividi 2.0, I guess, that's the way out of this thing, and so it looks pretty good to us.

所以我們仍然相信，透過產品導入——具體來說是 Panoptix Pro，接著 True Plus，再來 Vividi，以及下一代 Vividi 2.0（我想是這樣稱呼）——這就是走出目前局面的方式；因此對我們來說看起來相當不錯。

Graham Doyle, UBS.

Graham Doyle，UBS。

Thanks a lot for taking the question. It's just one. In the context of the phasing through this year, you've just printed a 6% against what we think is the easiest comp in the year, at least optically.

謝謝讓我提問。我只有一個問題。就今年的節奏而言，你們剛公布了 6% 的成長，而我們認為這是今年最容易的比較基期，至少從表面上看是如此。

And therefore, I think you can see at the share price today, there's disappointment that maybe we're looking at sort of slowing growth or no improvement from here. Is that a reasonable way of thinking or is there actually scope here for growth to improve as you go through the quarters? It'd be good to get that sense, please.

因此，我想從今天的股價反應可以看出，市場可能失望於我們接下來會看到成長放緩，或從這裡起沒有改善。這樣的想法合理嗎？還是其實隨著季度推進，成長是有機會改善的？希望能請你們給我們一些判斷。

Well, Graham, let me just let's clarify the COP itself and the number itself. We had a number of things happen that would have, I think, maybe changed the optics on this a little bit.

嗯，Graham，我先澄清一下 COP 本身以及這個數字。我們發生了幾件事，我認為可能讓外界對這件事的觀感（optics）有些不同。

The Middle East piece of this is that disruption was worth $11 million in shipping to us, which was probably 50 basis points of growth. And then I think if you take the Hydrous piece, there's another 10 basis points. So

其中一部分是中東的影響：那次干擾對我們的出貨造成了 1,100 萬美元的影響，約相當於 50 個基點的成長。再加上 Hydrus 的部分，還有另外 10 個基點。所以——

I think on 6/1, which is where we ended, we would have been something closer to like 6/7, 6/8, something like that. I mean, I think. Handidly, we've had a level loaded plan for a while.

我認為以 6/1（我們結束的時間點）來看，我們本來會更接近 6/7、6/8 之類的數字。我是說，我想坦白講，我們的計畫在一段時間內一直是相對平均分布（level loaded）的。

And what you really see is that the front edge of this, the front half of this year is going to be a lower amount of new products and the back half is going to be a much higher amount of new products and so you're going to see that acceleration kind of coming around on the next comp, which is slightly better than the front half on a comp basis, that's how you make up for it. So I think we've had a point of view on this one from the beginning that.

而你真正會看到的是：今年前段、上半年新產品的量會比較少；下半年新產品的量會高很多，因此你會看到加速在下一個比較基期開始顯現。那個比較基期在可比基礎上會比上半年稍微好一些，這就是你如何把差距補回來。所以我想我們從一開始對這件事就有一個觀點：

We were pretty close to the right answer from the beginning of the year, which is markets are going to be kind of 3% to 4%, which is a little softer than we've seen in the past, but new product flow is going to make up for it and it accelerates in the back half.

我們從年初起就相當接近正確答案：市場大概會是 3% 到 4% 的成長，比過去稍微疲軟一些，但新產品的推出會補上差距，而且在下半年會加速。

So fair to say, you'd hope to maintain this momentum and avoid the sort of hydrous and Middle East shipping issues in the next few quarters effectively.

所以可以說，你們希望維持這個動能，並在接下來幾季有效避免像 Hydrus 與中東出貨這類問題？

Yeah, I mean, I think that's probably fair, right? I mean, I don't think we believe that we're going to have that challenge. One of them was an outage that we created. So I mean, that's a solved problem with Hydrus already. And then I think the other piece is we'll have to see, but I'm not a prognosticator on the Middle East. So what I would say is we just watch and see, but that was obviously a problem for us.

對，我想這樣說大致公平，對吧？我的意思是，我不認為我們相信還會面臨同樣的挑戰。其中一個是我們自己造成的停擺（outage）。所以就 Hydrus 而言，這已經是解決的問題了。至於另一部分，我們得再觀察；但我不是中東局勢的預言家。所以我會說我們就持續觀察，但那顯然對我們造成了問題。

No, that's super helpful. Thanks a lot, guys.

了解，這非常有幫助。非常感謝，各位。

David Saxon, Needham & Company.

David Saxon，Needham & Company。

Thanks, guys, for taking my questions. Congrats on the quarter. I wanted to ask on trip here, David or Tim, maybe you can talk about the contribution to growth there, what kind of traction you're seeing in existing accounts and kind of how you're positioning it for expanding the prescriber base as you kind of move into the next wave?

謝謝各位讓我提問，恭喜本季表現。我想問關於 Trip 這邊，David 或 Tim，也許你們可以談談它對成長的貢獻、你們在既有客戶（accounts）看到的推進力道，以及當你們進入下一波時，如何定位以擴大開立處方者（prescriber）基礎？

Yes, David, we're very excited about what's going on with Triptir and the response. I mean, I don't know that we knew precisely. You never know for sure until you get a product into the market and you have an opportunity to watch it for a while. I think we're at a place now where we have a pretty good feel for it.

是的，David，我們對 Triptir 的進展以及市場反應感到非常振奮。我的意思是，我們也不確定自己是否能精準預判。你永遠不會在產品真正進入市場、並且有機會觀察一段時間之前就完全確定。我認為我們現在已經到了對它有相當不錯掌握的階段。

Our refill rates are 70-plus, which is really great. I mean, I think there was some criticism, I think, about the comfort of this product. I think what patients are finding is that it is worth.

我們的續配率在 70% 以上，這真的很棒。我的意思是，我想之前確實有一些批評，主要是針對這個產品的舒適度。我認為病患的感受是：它值得。

It does have a little bite to it when we put it in, but at the same time, feel relief quickly and that relief day one is worth it and so I think what we're seeing is two things, patient acceptance as a function of refill rates. And then the breadth of prescribing now has gone very wide.

在我們放入時確實會有一點刺痛感，但同時也能很快感到緩解，而第一天就能得到的緩解是值得的。所以我認為我們看到的是兩件事：第一，病患接受度（可從續配率反映）；第二，目前處方的覆蓋範圍已經變得非常廣。

So I think we're getting a lot of trial from the full audience and so I think our Salesforce has done a terrific job of getting out to everybody, but also you're seeing kind of repeat prescriptions and refills come nicely along. So that, I mean, the big thing here, like all pharmaceutical products, is going to be reimbursement.

所以我認為我們從完整受眾那裡獲得了大量試用，因此我覺得我們的銷售團隊（Salesforce）在觸達所有人方面做得非常出色，同時你也看到重複處方與續配的表現也很不錯。也就是說，這裡最大的關鍵，和所有藥品一樣，將會是給付（reimbursement）。

We're about 55% of commercial lives right now covered. We expect that to grow throughout the rest of this year and obviously, as we go into next year, we're expecting to have Medicare coverage come through, so that we'll be kind of positioned for a full run next year. But definitely on plan for us, maybe a little bit better than expected.

目前我們大約覆蓋了 55% 的商業保險人群。我們預期在今年剩餘時間會持續成長；而且很明顯地，進入明年後，我們預期 Medicare 的覆蓋也會到位，這樣我們明年就能為全面放量做好布局。不過整體來說，對我們而言確實符合計畫，甚至可能比預期稍微好一些。

Okay, great. Thanks for that. And then just on implantables, I know a lot of focuses on Panoptix Pro and Vivodi, but would love to hear how you're thinking about the True Plus launch, kind of frame it in terms of how meaningful that could be to recapture some of the share you lost to kind of the competitive monofocal plus launches from the last couple of years?

好的，很棒。謝謝你的說明。接著關於植入式產品（implantables），我知道大家很多焦點放在 Panoptix Pro 和 Vivodi，但我也很想聽聽你們如何看待 True Plus 的上市，尤其是從它在多大程度上能幫助你們收復過去幾年因競品 monofocal plus 上市而流失的市占來框架這件事？

Yes, it's a good question and I'm going to -- I'll just tell you this much. I think the TruPlus brand is a terrific product. And this product actually has got better intermediate than alternatives out there, and it has the same kind of monofocal distance that you would expect that you want from a monofocal.

是的，這是個好問題。我先這麼說：我認為 TruPlus 這個品牌是一個非常出色的產品。而且這個產品在中距（intermediate）視力表現上其實比市面上的替代方案更好，同時它也具備你對單焦點（monofocal）所期待的那種遠距表現。

So if you're going to use and charge a patient, particularly a toric patient, for a monofocal plus product, this is going to be, I think, a terrific choice for you because it's going to give them a little bit more intermediate than what's available. Without compromising any of the kind of monofocal qualities that we would want. I do think we did lose in the toric business, in particular, we lost in the US,

所以如果你要使用一個 monofocal plus 產品並向病患收費，特別是對散光（toric）病患而言，我認為這會是一個非常好的選擇，因為它能提供比目前可得方案更多一點的中距視力，同時不會犧牲我們希望保留的任何單焦點特性。我確實認為我們在散光業務上有所流失，尤其是在美國，

I don't know, about 10 share points to the toric competitors. And I think that internationally, the market size is a little bit bigger than that. I don't know that this is going to be a big product incrementally.

我不確定，大概流失了約 10 個市占點給散光競品。我認為在國際市場，市場規模可能比這還要大一些。我不確定這會不會在增量上成為一個很大的產品。

I do think it will cannibalize and sustain our core business and so think about it maybe more as an upgrade to our current toric monofocal, our current monofocal.

但我確實認為它會對我們的核心業務產生一定的替代（cannibalize）並同時支撐核心業務，所以你可以把它更多視為對我們現有散光單焦點、以及現有單焦點產品的升級。

Focal with a slight price increase and a real safety margin for competitive intrusion because I don't think anybody is going to be able to match this particular brand in the Clarion platform.

在小幅提價的同時，對競爭性侵入提供真正的安全邊際，因為我不認為有人能在 Clarion 平台上匹配這個特定品牌。

Steven Lichtman, William Blair.

Steven Lichtman，William Blair。

Hi, guys. Maybe start, Tim, with one quarter complete here, I'm wondering if you can provide any more color on the operating margin guidance range and whether you see it trending toward upper half or lower half for the year. It seems like FX will be less of a tailwind, but you have the efficiencies kicking in.

嗨，各位。Tim，或許先從這裡開始：今年已經完成一個季度了，我想知道你能否就營業利益率（operating margin）指引區間提供更多細節，以及你認為今年會更偏向區間上半部還是下半部。看起來匯率（FX）的順風會變小，但你們的效率提升正在開始發揮作用。

And I think you said 2Q will be down year-over-year, so it's more emphasis on second-half. So any further color within that range would be helpful, and then I have one quick follow-up.

而且我想你提到第二季會年對年下滑，所以更強調下半年。因此，如果能在該區間內提供更多顏色會很有幫助，然後我還有一個簡短追問。

Yeah, I mean, the 70 basis points to 170 basis points improvement that we guided towards, we're very comfortable with, that's in constant currency, so just keep that in mind. Q2 will be light as we've talked about and as you've seen, if you go back and look at our historical financials, it's a heavy investment period for us from an SG&A perspective when you think about back-to-school programs and other programs like that. So first half op margin will be lower than the second-half, that will start to accelerate in Q3 and Q4. But overall, we feel very good about the 70 basis points to 170 basis points improvement.

是的，我的意思是，我們指引的改善幅度是 70 個基點到 170 個基點，我們對此非常有信心；那是在固定匯率（constant currency）基礎上，所以請記住這點。第二季會比較淡，正如我們討論過、你也看到的；如果你回去看我們歷史財務數據，從 SG&A 的角度來看，第二季通常是我們投資較重的期間，因為有返校（back-to-school）方案以及其他類似方案。所以，上半年營業利益率會低於下半年，並且會在第三季與第四季開始加速。但整體而言，我們對 70 到 170 個基點的改善感覺非常好。

And then just quickly on the accommodating tunable IOL, any further color when we could see that early data? I think you've talked maybe other 2Q call or 3Q call.

接著很快問一下關於可調式調節型 IOL（accommodating tunable IOL），我們何時可能看到早期數據？我記得你們之前提過可能在第二季或第三季的電話會議。

Yeah, I think somewhere between here and the next call. I think we certainly expect that data to come through. I think we've got most of it in-house now. We're looking at it probably mid-year, as I think I said last call.

是的，我想大概在現在到下一次電話會議之間的某個時間點。我們確實預期那些數據會出來。我想我們現在大部分資料已經在內部了。我們正在看，可能在年中左右，正如我上次電話會議所說。

Young Li, Jefferies.

Young Li，Jefferies。

Great. Thanks for taking the questions. I guess to start, maybe just one more on the guidance. So 1Q was the easiest pump of the year.

很好，謝謝讓我提問。我想先從指引再問一個。第一季是全年最容易的比較基期。

It seems like Unity and TripTier are doing better than expected, but hitting the midpoint of the full-year guidance implies a pretty sizable ramp against tougher comps. I guess, can I just maybe push you on thoughts on which segments gets meaningfully better from here and which segments are going to be the laggers?

看起來 Unity 和 TripTier 的表現都優於預期，但要達到全年指引的中位數，意味著在更艱難的比較基期下需要相當可觀的加速。我想追問一下：你們認為從現在開始，哪些事業部/品類會明顯變得更好？哪些會是落後者？

Well, I mean, I would think about -- I would go to the new product law. The easiest way to think about it is I think we have.

嗯，我的意思是，我會這樣想——我會回到新產品法則。最簡單的思考方式是：我認為我們有。

I can't count the number of at this point, but I think there's 10, maybe 6 that are big new products. Almost all of them came out middle of last year.

我現在數不清具體數量，但我想大概有 10 個，也可能是 6 個屬於重磅新產品。幾乎全部都是在去年年中推出的。

So if you think about the back half of last year and product flow, really, we got a little bit in the third quarter. We got a little bit more in the fourth quarter.

所以如果你看去年下半年以及產品推出節奏，實際上第三季我們推出了一點，第四季又多了一些。

But what really you're seeing now is a pickup that's meaningful for the full-year effect. And so by the time you get to the fourth quarter, you're kind of 18 months into some of these products, which is really -- we should be moving quite well.

但你現在真正看到的是一個對全年效應很有意義的拉升。到了第四季時，你對其中一些產品已經上市大約 18 個月了，這其實——我們應該會跑得相當不錯。

I would say all of -- most of the big ones, let's call it Unity, Trip Tier, Pro, and I think -- don't forget our OTC brands, those are doing really well right now.

我會說，大多數重磅產品——就叫它 Unity、Trip Tier、Pro，還有我想——別忘了我們的 OTC 品牌，現在表現也非常好。

I think one of the underestimated parts of our business tends to be the ocular health business. It's the same size as the implantables and similar profitability, and it's growing, I think, at 10%.

我認為我們業務中常被低估的一塊是眼部健康（ocular health）業務。它的規模與植入式產品相當、獲利能力也類似，而且我認為它正以 10% 的速度成長。

So I do think that if you just kind of go through the list of products and think about when they were launched and what they're wrapping around on the back half of last year, you'll find where the growth comes from because the core business is going to continue to grow roughly at the core market, slightly better maybe because we gained some share, but that's basically where we are.

所以我確實認為，如果你把產品清單過一遍，並思考它們何時上市、以及在去年下半年形成的比較基期，你就會找到成長來源；因為核心業務將會大致跟隨核心市場成長，可能略好一些，因為我們拿到了一些市占，但基本上就是這樣。

Very helpful. And then I guess on the implantables growth, there wasn't a competitive launch in 1Q. Going forward, there will be. For this year, I think you're expecting around 2% growth. How much competitive trialing is baked into that number? Is 2% still the right number for annual growth?

非常有幫助。接著我想問植入式產品的成長：第一季沒有競品上市，但接下來會有。今年你們似乎預期大約 2% 的成長。這個數字裡面包含了多少競品試用（trialing）的影響？2% 仍然是年度成長的正確數字嗎？

Yes, I don't know that we've guided individual categories, but I would just say that we're very excited about our competitive launch of Panoptix Pro in Europe because I think we will do some positive momentum for Europe, which really has needed it and I guess you're thinking probably about the US Launch of other products and same thing with Europe competitively.

是的，我不確定我們是否對單一品類給過指引，但我會說，我們對在歐洲推出 Panoptix Pro 的競爭性上市非常興奮，因為我認為這會為歐洲帶來一些正向動能，而歐洲確實一直需要這樣的動能。我猜你可能也在想美國其他產品的上市，以及歐洲同樣的競爭態勢。

My own point of view is we know both those products really well, and I think we've got them pretty much dialed into the forecast as we gave it.

就我個人的觀點，我們對那兩個產品都非常了解，我認為我們在給出預測時，已經把它們相當程度地納入並校準在預估之中。

My hope is that we see with TruePlus and with Panoptix Pro that we do a little better than expected, but we'll see. These have been aggressive markets and aggressive competitors, and we wouldn't expect any less, but we're doing well right now.

我希望我們在 TruePlus 和 Panoptix Pro 上能比預期做得更好一些，但我們再看看。這些市場一直都很激烈、競爭對手也很強勢，我們不會期待情況會不同，但我們目前做得不錯。

Richard Felton, Goldman Sachs.

Richard Felton，高盛。

Thanks very much. Thanks for taking my questions. Two from me, please. The first one is on China IOLs. I know historically, it was a relatively small part of your business, but I guess there's been a lot of growth for AT IOLs and share gains for Alcom post BBP. So any sense of how material that market is for you guys currently?

非常感謝。謝謝讓我提問。我有兩個問題。第一個是關於中國 IOL（人工水晶體）。我知道過去這在你們業務中占比相對不大，但我想 AT IOL 的成長很快，而且 Alcon 在 BBP 之後也有市占提升。所以你們能否談談，這個市場目前對你們而言有多重要、規模有多大？

And linked to that, any expectations for the upcoming round of. Of China IOL VBP? And the next one, it would be great to get an update on Orion, please. What's the feedback been like on the commercial launch in Japan? Any incremental data or insights on efficacy versus transplants? And if possible, can you give us an update on the timeline for Phase III trials in the US, please?

以及與此相關的，你們對即將到來的中國 IOL VBP（集採）下一輪有什麼預期？第二個問題是，想請你們更新一下 Orion。日本商業化上市後的回饋如何？相較於角膜移植，在療效上是否有任何新增數據或洞見？如果可以的話，也請更新一下美國三期臨床試驗的時間表，謝謝。

Yes, just on China. Yes, the IOLs are about the same as the full business, which is about 5%, so I would think about it as that. At one point, we really didn't have much of an IOL business there, we had small bit, but I think we have had a nice run with the VBP piece, it's picked up our shares pretty good.

是的，先談中國。是的，IOL 大概跟整體業務的占比差不多，約 5%，所以你可以這樣看待。曾經有一段時間我們在那邊幾乎沒有什麼 IOL 業務，只有很小一部分，但我認為我們在 VBP 這一塊表現不錯，市占提升得相當好。

We'll see what happens, that VBP rolls around again in the middle part of the year. We'll certainly look forward to that. I think on the Auryon piece, what I would say is that we've started the Phase III already. We had our first dosings, I think, last earlier last month, so middle of last month.

我們會看看接下來會怎麼發展，VBP 會在年中左右再來一輪。我們當然很期待。我想在 Auryon 方面，我要說的是我們已經開始三期了。我們第一次給藥應該是在上個月更早一些的時候，算是上個月中旬。

So we're excited about that. That's a product that I think if they finish the trial this year, we have a potential to file it next year. That's a really exciting opportunity for us to help a lot of patients avoid a corneal transplant. And do something really special for these patients.

所以我們對此很興奮。這是一個產品，我認為如果他們今年完成試驗，我們有機會在明年申報。這對我們而言是非常令人振奮的機會，能幫助很多病人避免角膜移植，並為這些病人做出非常特別的貢獻。

Thank you.

謝謝。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行。

Hi, it's [Lei] calling in for Larry. Thanks for taking the questions. I'll ask both upfront, please. Just on the Unity, you sound very excited by the launch and seems to be doing well. Can you just talk about how you think about equipment growth for the remainder of the year with both of these products?

你好，我是 [Lei]，代 Larry 來電。謝謝讓我提問。我先把兩個問題一起問。關於 Unity，你們聽起來對上市非常興奮，而且看起來進展良好。能否談談，對於今年剩餘時間、在這兩款產品之下，你們如何看待設備（裝機/投放）成長？

And if you can give a timing update and whether it's US or US for some of the new Unity products that are coming to the market like DX, et cetera. My second question is around M&A.

另外，能否提供一下時間點更新，以及一些即將上市的新 Unity 產品（例如 DX 等）會是在美國或美國以外市場先推出？我的第二個問題是關於併購（M&A）。

Alcon has recently exited two deals, I mean, for different reasons, obviously. Do you think the space has become tougher in terms of M&A, maybe given Alcon's size or anything about the valuation environment, anything you're thinking differently in terms of how Alcon is approaching M&A going forward? Thank you.

Alcon 最近退出了兩筆交易，當然原因各不相同。你是否認為在併購方面環境變得更具挑戰，例如因為 Alcon 的規模，或估值環境等因素？在未來 Alcon 的併購策略上，有沒有任何不同的思考？謝謝。

On Unity, we expect Unity to continue to grow. I think we had talked a little bit last year about the number of placements. We're still kind of of that mind.

關於 Unity，我們預期 Unity 會持續成長。我想我們去年有稍微談到投放台數。我們目前仍大致維持那樣的看法。

I don't know that we want to run through the whole thing, but remember, we've got 30,000-ish of a base that we will replace over 10 years. That's the normal cycle.

我不確定我們是否想把整個內容再完整跑一遍，但請記得，我們有大約 30,000 台的既有基礎，會在 10 年內逐步汰換。這是正常的週期。

You put a little more upfront, you take a little away on the back end, and that's what we'll probably see in terms of placements. Now, most of those are sold units, some of them are rental units, some of them are leased. Those are all things that go on.

你會在前期多放一些，後期就會少一些，這大概就是我們在投放量上可能看到的情況。當中多數是銷售出去的設備，有些是租賃（rental）設備，有些是融資租賃（leased）。這些情況都會發生。

But we feel really good about where we are relative to what we've said in the past on Unity and both its timing and to be honest, the Unity CS piece is also exciting because we've kind of gotten through the heavy lifting on the retina side and we can do more of that, but there will be more of that. But I think we're now selling the cataract unit, which will be fun too.

但我們對目前的進展感到非常好，無論是相對於我們過去對 Unity 所說的內容，還是它的時程。坦白說，Unity CS 也令人興奮，因為我們在視網膜端的繁重工作已經大致完成，接下來可以做更多，當然後續還會有更多。但我想我們現在也在銷售白內障機型，這也會很有趣。

I think on the other pieces of that, Unity M is late this year. I would think about it as a first phase of a multi-phase launch. We are excited about it. This is going to be an exciting scope. We'll talk about it later in the year.

至於其他部分，Unity M 會在今年稍晚推出。我會把它視為多階段上市的第一階段。我們對此很興奮。這會是一款令人期待的顯微鏡。我們會在今年稍晚再多談。

And DX, I think, is slated for next year. You'll start to see it later this year, but we're really doing a controlled launch on that one to make sure that that one's perfect. So I think we're going to be patient with DX and make sure that we get that one.

而 DX 我認為是規劃在明年推出。今年稍晚你會開始看到一些動作，但我們會採取受控式上市，確保它做到完美。所以我想我們會對 DX 保持耐心，確保把它做好。

Tied into our Audi planner and the microscope and a lot of the other stuff that it needs to integrate with. So we're being careful around that one.

它需要與我們的 Audi planner、顯微鏡，以及許多其他需要整合的項目連動，所以我們在這一項上會比較謹慎。

On M&A, I would just say that we haven't changed anything on M&A really. Our own point of view is still that most of what we are interested in are. Kind of single product companies that are nice tuck-ins, they probably range and we've often said this kind of 50 to 500 range is still pretty much the majority of what we do.

關於併購，我只能說我們在 M&A 上其實沒有改變什麼。我們自己的觀點仍是：我們感興趣的大多是單一產品公司，作為很好的補強（tuck-in）。它們的規模大概落在我們常說的 50 到 500（的區間），這仍然是我們大部分會做的類型。

We're very capable of doing something a bit larger than that, but we don't see any need to do that and there frankly aren't that many targets that we pay attention to that are like that.

我們當然有能力做比這更大的案子，但我們看不出有這個必要，而且坦白說，符合那種規模、會讓我們關注的標的也不多。

So I would just say that Starr was one of the bigger ones that we talked about, why that didn't happen and Lensar is just another one of these kind of smaller things that, again, I will see what happens on that one, but I think that's a miss in terms of the opinion on where that sits in the market. I think, unfortunately, there's a short life at this point for Femtel relative to robotics and we're really -- we're moving on to robotics at this point.

所以我會說，Starr 是我們談過的比較大型的一個案子，至於為什麼沒有成案；而 Lensar 則是另一個較小的案子。同樣地，我們會看看那個案子最後會怎麼發展，但我認為那反映出市場對它定位的看法有落差。不幸的是，就 Femtel 相對於機器人技術而言，我認為它在這個時間點的生命週期已經很短了，而我們——我們現在正轉向機器人技術。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc 資本市場。

All right, great. Thanks for squeezing me in. I'll try and keep it fairly brief. So you took the tariff estimate down by $25 million within the guide and mentioned that the plan would be to reinvest within the business. So just curious where you saw incremental need for greater investment activity rather than potentially letting that drop down to earnings?

好的，太好了。謝謝把我加進來。我會盡量簡短。你們在指引中把關稅估計下調了 2,500 萬美元，並提到計畫會再投資到業務中。所以我想了解，你們在哪些地方看到需要增加投資活動，而不是讓這部分直接落到獲利？

Yeah, I think a majority of that you're going to see in the R&D line. There's some innovation that we're very excited about, and again, that drives the whole revenue thesis that we have, so we're going to continue to back that when we can.

是的，我想其中大部分你會在研發（R&D）費用線看到。我們對一些創新非常興奮，而這也再次支撐我們整體的營收主張，所以只要可以，我們就會持續加碼支持。

All right, great. And then just follow-up on margins. You kept the 70 basis points to 170 basis points core operating margin expansion guide.

好的，很好。接著追問一下毛利/利潤率。你們維持核心營業利益率擴張 70 個基點到 170 個基點的指引。

But I think since the last call, there have been noise around the macro, especially energy prices and concerns around inflation. So just curious how that's contemplated in the guide and any general thoughts on Alcon's exposure to those items? Thank you.

但我想自上次電話會以來，宏觀環境有一些雜音，特別是能源價格以及對通膨的擔憂。所以想請問，這些因素在指引中是如何被納入考量的？以及對 Alcon 在這些項目的曝險，你們有什麼整體看法？謝謝。

Yeah, it's a great question. It's not really that material for us, it's primarily transportation and resins. So we will see, we've assumed that oil is at a certain price and maintains that price through the course of the year. We've baked that into our guide, but it's not a material amount at this stage.

是的，這是個很好的問題。對我們來說其實沒有那麼重大，主要是運輸與樹脂。我們會再觀察；我們假設油價在某個水準，並在全年維持該水準。我們已把這點納入指引，但在目前階段金額並不重大。

All right, great. Thank you.

好的，很好。謝謝。

Thank you. At this time, I'll turn the floor to Dan Cravens for closing remarks.

謝謝。此時我把時間交給 Dan Cravens 做結語。

Okay. Thanks, Rob, and thanks, everybody, for joining us. If you have any follow-up questions, please don't hesitate to call either Alan or myself. Thanks again for your time. Appreciate.

好的。謝謝你，Rob，也謝謝各位參與。如果你們有任何後續問題，請隨時致電 Alan 或我本人。再次感謝各位的時間。感謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may now disconnect your lines at this time, and have a wonderful day

各位女士先生，感謝您的參與。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。