百特醫療 (BAX) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International's Second Quarter 2024 earnings conference call. Your lines will remain in a listen-only mode until the question-and-answer segment of today's call. (Operator Instructions) As a reminder, this call is being recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission. If you have any objections, please disconnect at this time. I would now like to turn the call over to Ms. Clare Trachtman, Senior Vice President, Chief Investor Relations Officer at Baxter International. Ms. Trachtman, you may begin.

女士們、先生們，早安，歡迎參加百特國際2024年第二季財報電話會議。在今天電話會議的問答環節開始之前，您的線路將保持只聽模式。（操作員說明）提醒您，本次通話由 Baxter 公司錄音，錄音內容受著作權保護。未經巴克斯特許可，不得錄製或重播。如有任何異議，請立即斷開連接。現在，我將把電話交給百特國際高級副總裁兼首席投資者關係官克萊爾·特拉赫特曼女士。特拉赫特曼女士，您可以開始了。

Good morning, and welcome to our second quarter 2024 earnings conference call. Joining me today are Joe Almeida, Baxter's Chairman and Chief Executive Officer, and Joel Grade, Baxter's Executive Vice President and Chief Financial Officer. On the call this morning, we will be discussing Baxter's Second Quarter 2024 results, along with our financial outlook for the third quarter and full year 2024.

早安，歡迎參加我們2024年第二季財報電話會議。今天與我一同出席的有百特公司董事長兼執行長喬·阿爾梅達，以及百特公司執行副總裁兼財務長喬爾·格雷德。在今天上午的電話會議上，我們將討論百特公司 2024 年第二季的業績，以及我們對 2024 年第三季和全年的財務展望。

With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the third quarter and full year 2024, this status and anticipated timing of our ongoing strategic actions, including the proposed Kidney Care separation and the potential impact of our recent pricing actions, regulatory matters and the macro-economic environment on our results of operations contained forward looking statements that involve risks and uncertainties and of course, our actual results could differ materially from our current expectations.

首先，我要提醒大家，本次演講，包括對2024年第三季度和全年財務展望的評論、我們正在進行的戰略行動的現狀和預期時間安排（包括對2024年第三季度和全年財務展望的評論、我們正在進行的戰略行動的現狀和預期時間安排（包括擬議的腎臟護理業務分拆）以及我們最近的定價行動、監管事項和宏觀經濟環境對我們經營業績的潛在影響，都包含前瞻性陳述，這些陳述當然涉及風險和不確定性，當然與我們的實際結果可能存在重大差異。

Please refer to today's press release and our SEC filings for more detail concerning factors that could cause actual results to differ materially.

有關可能導致實際結果與預期結果存在重大差異的因素的更多詳細信息，請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件。

In addition, on today's call, non-GAAP financial measures will be used to help investors understand Baxter's ongoing business performance. A reconciliation of the non-GAAP financial measures being discussed today to the comparable GAAP financial measures is included in the accompanying investor presentation and also available in our earnings release issued this morning, which are both available on our website.

此外，在今天的電話會議上，我們將使用非GAAP財務指標來幫助投資者了解百特公司持續的業務表現。今天討論的非GAAP財務指標與相應的GAAP財務指標的調節表包含在隨附的投資者演示文稿中，也可在我們今天早上發布的盈利報告中查閱，這兩份文件均可在我們的網站上找到。

Now I'd like to turn the call over to Joe. Joe?

現在我想把電話交給喬。喬？

Thank you, Clare, and good morning, everyone. Thank you for joining us. Our second quarter 2024 results reflect the continued progress and momentum of our ongoing strategic transformation. Our performance in the quarter was strong, reinforcing the benefits of our redesigned operating model, fueled by the commitment and hard work of our outstanding Baxter team.

謝謝你，克萊爾，大家早安。感謝您的參與。我們2024年第二季的業績反映了我們正在進行的策略轉型所取得的持續進展和良好勢頭。本季業績表現強勁，鞏固了我們重新設計的營運模式的優勢，得益於我們傑出的百特團隊的奉獻和努力。

I will start the call today with some brief commentary on our strong second quarter performance before turning the call over to Joel to provide more detail on our results, as well as our outlook for the rest of the year. Then as always, we'll open up to your questions.

今天我將首先簡要介紹我們強勁的第二季業績，然後再將電話會議交給 Joel，讓他詳細介紹我們的業績以及對今年剩餘時間的展望。然後，我們將照例回答大家的問題。

As you saw in this morning's earnings release, Baxter's second quarter results exceeded our previously issued guidance on both the top and bottom line. This performance further enhances our confidence in our ability to continue executing against our strategic priorities and build upon this underlying momentum. As such, we have increased our full year sales outlook and adjusted EPS guidance accordingly.

正如您在今天早上發布的財報中所看到的，百特公司第二季度的業績，無論營收還是利潤，都超過了我們之前發布的預期。這項業績進一步增強了我們對繼續執行策略重點並在此基礎上繼續發展的信心。因此，我們提高了全年銷售預期，並相應地調整了每股收益預期。

Our second quarter performance provides further evidence that the steps we have taken to date to centralize and streamline our operating model are yielding results with these actions allow for improved visibility, both externally and internally through our markets as well as increased accountability for our segment leaders. These benefits, coupled with enhanced operational rigor, have enabled our teams to better identify opportunities to accelerate innovation to drive growth and expand margins.

第二季業績進一步證明，我們迄今為止為集中和簡化營運模式所採取的措施正在取得成效，這些措施提高了我們市場內外的可見性，並增強了我們各部門負責人的責任感。這些優勢，加上營運嚴謹性的提升，使我們的團隊能夠更好地發現加速創新、推動成長和擴大利潤的機會。

Turning to some of the highlights from the quarter. Second quarter sales from continuing operations grew 3% on a reported basis and 4% at constant currency rates. As a reminder, continuing operations exclude the impact of our BioPharma Solutions business, BPS, which we divested at the close of the third quarter of 2023, in line with our strategic transformation roadmap.

接下來回顧本季的一些亮點。第二季持續經營業務的銷售額按報告匯率計算成長了 3%，以固定匯率計算成長了 4%。需要提醒的是，持續經營業務不包括我們的生物製藥解決方案業務 (BPS) 的影響，我們已於 2023 年第三季末根據我們的策略轉型路線圖剝離了該業務。

Sales growth was broad-based with all four Baxter segments delivering growth above our expectations, reflecting positive demand and improved pricing for products across much of the portfolio. On the bottom line, adjusted earnings per share from continuing operations were $0.68. These results were driven by our top line performance, combined with our continued emphasis on operational efficiency across the company with ongoing contributions from our integrated supply chain network.

銷售成長全面，百特所有四個業務部門的成長均超出預期，反映出市場對大部分產品組合的需求積極，且產品價格有所提高。最終，持續經營業務的調整後每股收益為 0.68 美元。這項業績得益於我們營收的強勁成長，以及我們持續重視公司營運效率的提升，同時我們一體化的供應鏈網路也做出了持續貢獻。

Our strong operational performance more than offset a negative impact from foreign exchange any higher-than-expected tax rate in the quarter.

我們強勁的營運業績足以抵銷外匯波動帶來的負面影響以及本季​​高於預期的稅率。

Now looking at performance by segment. Medical Products and Therapies, or MPT, delivered second quarter sales growth of 4% at reported rates and 5% at constant currency rates. Growth was fueled by demand across the segment and results included first US sales of our leading-edge, Novum IQ large-volume pump with Dose IQ Safety Software.

現在來看看各細分市場的表現。醫療產品和療法（MPT）第二季銷售額按報告匯率計算成長了 4%，以固定匯率計算成長了 5%。整個細分市場的需求推動了成長，業績包括我們領先的 Novum IQ 大容量幫浦（配備 Dose IQ 安全軟體）在美國的首次銷售。

Customer interest is high for the Novum platform, including both large volume and syringe pumps with their ability to advance an activity and intelligent infusion therapy. These pumps are already live and in-use in multiple sites, making a difference for caregivers and the patients they serve.

客戶對 Novum 平台表現出濃厚的興趣，包括大容量輸液泵和注射泵，它們能夠推進活動並實現智慧輸液治療。這些幫浦已經在多個地點投入使用，為護理人員和他們服務的患者帶來了改變。

We have a healthy funnel of opportunities and anticipate continued strong, steady uptake from Novum across the balance of 2024 and beyond through the upgrades of existing customers and conversions of new customers.

我們擁有充足的銷售機會，預計在 2024 年剩餘時間及以後，Novum 將繼續保持強勁、穩定的成長，現有客戶的升級和新客戶的轉換都將帶來成長。

Our Pharmaceuticals segment grew 9% at reported rates and 11% at constant currency rates. Performance was driven by double digit growth in our Specialty Injectables portfolio, reflecting the recent launches of a range of new differentiated injectables as well as significant growth in our drug compounding business. Growth in the segment was partially offset by lower sales of inhaled anesthetics.

我們的製藥業務板塊按報告匯率計算成長了 9%，以固定匯率計算成長了 11%。業績成長主要得益於我們特種注射劑產品組合的兩位數成長，這反映了近期一系列新型差異化注射劑的推出，以及我們藥物配製業務的顯著成長。該細分市場的成長被吸入麻醉劑銷售量的下降部分抵消。

Health Care Systems and Technologies, or HST performance advanced to 1% in both reported and constant rates. Our Care and Connectivity Solutions division delivered mid-single digit growth, reflecting positive market demand and strong US capital orders, which increased meaningfully both sequentially and year over year.

醫療保健系統和技術（HST）的績效在報告率和實際成長率中均達到 1%。我們的關懷與互聯解決方案部門實現了中等個位數的成長，反映了積極的市場需求和強勁的美國資本訂單，這些訂單環比和同比均有顯著增長。

Growth in the quarter was partially offset by an expected decline in the frontline care division, primarily due to a difficult comparison to the prior year period and continued softness in the US primary care market. Overall, HST results in the quarter benefited from the operational improvements that we are in process of implementing to enhance ongoing performance. As we discussed last quarter, we expect to see these efforts continue to yield positive results as 2024 continues and going forward.

本季成長被第一線護理部門的預期下滑部分抵消，這主要是由於與去年同期相比比較困難，以及美國初級保健市場持續疲軟。總體而言，本季 HST 的業績受益於我們正在實施的營運改善措施，這些措施旨在提高持續的績效。正如我們上個季度所討論的，我們預計這些努力將在 2024 年及以後繼續取得積極成果。

Finally, Kidney Care was flat year over year at reported rates and grew 3% at constant currency rates. Performance continues to be fueled by demand for our Acute Therapies portfolio, plus strong growth for peritoneal dialysis products due to positive volume and pricing globally. Growth was partially offset by an expected decline in sales of in-center hemodialysis products due to select product and market exits.

最後，腎臟護理的年增長率與上年持平，按固定匯率計算增加了 3%。業績持續成長得益於市場對我們急性治療產品組合的需求，以及全球腹膜透析產品銷售和價格的正面成長。由於部分產品和市場退出，中心血液透析產品的銷售額預計下降，部分抵消了成長。

Looking ahead, we remain confident and excited about the future of our company and our potential to continue to accelerate sales growth, expand our margins and drive innovation that will deliver benefits to our customers, shareholders and many other stakeholder communities.

展望未來，我們對公司的未來充滿信心和熱情，並相信我們有潛力繼續加速銷售成長，擴大利潤率，推動創新，從而為我們的客戶、股東和許多其他利害關係人群體帶來利益。

As you all know, we launched our strategic transformation in January of 2023 to recast Baxter as a more simplified, more agile and more focused company, passionate in its commitment to operational excellence and better positioned to accelerate growth through customer inspired innovation.

如大家所知，我們於 2023 年 1 月啟動了策略轉型，旨在將百特重塑為一家更精簡、更敏捷、更專注的公司，致力於卓越運營，並透過以客戶為中心的創新更好地加速成長。

Among the elements central to our plan was the separation of the Kidney Care business from Baxter in order to provide both companies with improved strategic clarity and greater flexibility to pursue their unique investment priorities. We are continuing to make steady progress towards the separation. And while the ultimate pathway has not yet been determined, we currently expect the separation will occur in late 2024 or early 2025.

我們計劃的核心要素之一是將腎臟護理業務從百特公司分離出來，以便為兩家公司提供更清晰的策略方向和更大的靈活性，從而追求各自獨特的投資重點。我們正穩步推進分離進程。雖然最終路徑尚未確定，但我們目前預計分離將在 2024 年底或 2025 年初發生。

With the separation of Kidney Care, we have a unique opportunity to redefine ourselves while also remaining firmly grounded in what has powered our success for nearly a century.

隨著腎臟護理業務的分離，我們迎來了一個獨特的機會，可以在重新定義自身的同時，牢牢紮根於近一個世紀以來推動我們成功的根本要素。

Our life-sustaining mission, our focus on essential health care, our commitment to innovation and at the heart of it all, our employees, whose unparalleled dedication turns our aspirations into impact. Together, we are united, energized and eager to take backs into a future of sustained health care leadership.

我們以維持生命為使命，專注於基本醫療保健，致力於創新，而這一切的核心是我們的員工，他們無與倫比的奉獻精神將我們的願景轉化為實際影響。我們團結一致，充滿活力，渴望重返醫療保健領域的永續發展領導地位。

With that, I'll pass it over to Joel to provide more detail on our results for the quarter and outlook for the balance of the year.

接下來，我將把發言權交給喬爾，讓他詳細介紹我們本季的業績以及對今年剩餘時間的展望。

Thanks, Joe, and good morning, everyone. As Joe mentioned, we are pleased with our second quarter results, which came in ahead of our expectations and further reinforce our goal and consistently meeting and exceeding our financial objectives. Second Quarter 2024 global sales of $3.8 billion increased 3% on a reported basis and 4% on a constant currency basis. And as mentioned, compared favorably to our previously issued guidance.

謝謝你，喬，大家早安。正如喬所說，我們對第二季的業績感到滿意，該業績超出了我們的預期，進一步鞏固了我們的目標，並持續達到和超越了我們的財務目標。2024 年第二季全球銷售額為 38 億美元，以報告匯率計算成長 3%，以固定匯率計算成長 4%。如前所述，與我們之前發布的指導意見相比，情況良好。

Our performance in the quarter benefited from better-than-expected sales in many product categories and particularly in Patient Support Systems, Infusion Therapies, peritoneal dialysis and drug compounding. As compared to the prior year period, sales, excluding Kidney Care, increase approximately 5% on a constant currency basis.

本季業績得益於許多產品類別的銷售額超出預期，尤其是患者支持系統、輸液療法、腹膜透析和藥物配製方面的銷售額。與去年同期相比，不包括腎臟護理業務在內，銷售額以固定匯率計算成長約 5%。

On the bottom line, adjusted earnings from continuing operations totaled $0.68 per share, increasing 24% versus the prior year period and ahead of our prior guidance of $0.65 - $0.67 per share. Results in the quarter were driven by strong operational performance with continued momentum commercially, partially offset by a negative impact from nonoperational items totaling $0.05 per share due to foreign exchange and a higher than anticipated tax rate.

最終，持續經營業務的調整後每股收益為 0.68 美元，比去年同期成長 24%，高於我們先前預測的每股 0.65 美元至 0.67 美元。本季業績主要得益於強勁的營運表現和持續的商業發展勢頭，但部分被非營運項目帶來的負面影響所抵消，這些影響總計為每股 0.05 美元，原因是外匯波動和高於預期的稅率。

Now I'll walk through our results by reportable segments. Commentary regarding sales growth reflect growth at constant currency rates. Sales in our medical products and therapies or MPT segment were $1.3 billion, increasing 5%. Then MCT, second quarter sales from our infusion therapies and technologies division totaled $1 billion and increased 5%. Sales in the quarter benefited from strong growth internationally across the division, particularly for our IT solutions and Infusion Systems products, which benefited from both volume and pricing gains.

現在我將按可報告部分逐一介紹我們的業績。有關銷售成長的評論反映的是以固定匯率計算的成長。我們的醫療產品和療法（MPT）部門銷售額為 13 億美元，成長了 5%。然後，MCT，我們輸液療法和技術部門第二季的銷售額總計 10 億美元，成長了 5%。本季銷售額受益於該部門在國際市場的強勁成長，尤其是我們的 IT 解決方案和輸液系統產品，銷售和價格的雙重成長都促進了銷售額的成長。

Solid demand for nutrition globally also contributed to growth in the quarter. Sales of Advanced Surgery totaled $277 million and grew 4%, reflecting solid growth internationally. For our healthcare systems and technologies or HST segment sales in the quarter were $748 million and increased 1% coming in ahead of our expectations. Within HST segment, sales in our care and connectivity solutions or CCS division were $452 million, growing 4% performance rebounded in the quarter, driven by a significant growth in orders, both sequentially and year over year for our CCS products.

全球對營養品的強勁需求也促進了本季的成長。高級外科手術的銷售額總計 2.77 億美元，成長 4%，反映出國際市場的穩健成長。本季度，我們的醫療保健系統和技術（HST）部門銷售額為 7.48 億美元，成長 1%，超出預期。在 HST 業務部門中，我們的護理和連接解決方案或 CCS 部門的銷售額為 4.52 億美元，增長了 4%，本季度業績反彈，這主要得益於 CCS 產品訂單的顯著增長，無論是環比增長還是同比增長。

As Joe mentioned, the actions we're taking to enhance our operational rigor and improve execution are yielding results. These factors contributed to orders growth across our CCS division of more than 40% compared to the prior year and over 60% sequentially. Results in the quarter included upgrades to both existing customers and competitive gains within our Patient Support Systems business.

正如喬所說，我們為加強營運嚴謹性和提高執行力而採取的措施正在取得成效。這些因素促使我們CCS部門的訂單量比上年成長超過40%，較上季成長超過60%。本季度業績包括現有客戶的升級以及我們在患者支援系統業務方面的競爭優勢。

We are very encouraged by the growth of orders in the US this quarter, which will be phased in over the course of the second half of this year and into 2025. Overall, we believe the initiatives we are implementing to improve commercial execution will continue to lead to improved performance both in the second half of this year and beyond.

本季美國訂單的成長令我們倍感鼓舞，這些訂單將在今年下半年及2025年分階段交付。整體而言，我們相信我們正在實施的旨在提高商業執行力的各項舉措，將在今年下半年及以後繼續帶來業績的提升。

Frontline care sales in the quarter were $296 billion, declining 4% in line with our expectations and represented a double-digit improvement sequentially. Growth in the quarter continued to be impacted by a difficult comparison to the prior year as backlog reductions positively contributed to growth in the prior year period. Performance of the quarter was also impacted by ongoing softness in the primary care market, which negatively impacted growth in both our connected monitoring and intelligent diagnostics product portfolios.

本季第一線護理銷售額為 2,960 億美元，下降 4%，符合我們的預期，但環比實現了兩位數的成長。由於上年同期積壓訂單的減少對成長做出了積極貢獻，因此本季的成長持續受到與去年同期相比的不利影響。本季業績也受到初級保健市場持續疲軟的影響，這對我們的互聯監測和智慧診斷產品組合的成長都產生了負面影響。

The timing and release of government orders in the US also impacted growth in the quarter. We expect this division return to growth in the second half of the year as growth for products in other settings such as cardiology and acute is anticipated to more than offset the continued softness in primary care and the lower government orders.

美國政府命令的發佈時間和時機也影響了本季的成長。我們預計該部門將在下半年恢復成長，因為心臟病學和急症等其他領域的產品成長預計將足以抵消初級保健的持續疲軟和政府訂單的減少。

The [anniversary] of the prior year impact from a backlog reduction will also benefit performance in the second half of the year.

上一年積壓訂單減少帶來的影響[週年紀念日]也將有利於下半年的業績。

Moving on to pharmaceuticals. Sales in this segment were $602 million, increasing 11%. Performance in the quarter reflects double-digit growth in our US injectables portfolio, driven by new product launches as well as strong demand for services during our drug compounding portfolio internationally, which has benefited from supply constraints for certain customers that are expected to ease in the second half of the year.

接下來談談製藥業。該業務類銷售額為 6.02 億美元，成長 11%。本季業績反映了我們美國注射產品組合的兩位數成長，這得益於新產品的推出以及我們國際藥品配製產品組合服務的強勁需求，而這得益於某些客戶的供應限制，預計這種情況將在下半年有所緩解。

Performance of the quarter was partially offset by lower sales of inhaled anesthetics globally. Sales in the quarter for our Kidney Care segment totaled $1.1 billion, increasing 3%. Then Kidney Care, global sales of chronic therapies were $917 million, increasing 1%. Strong [TD] growth in the quarter was partially offset by the expected negative impact from certain product and market exits in our in-center HD business as well as lower sales in China due to government procurement initiatives.

本季業績部分被全球吸入麻醉劑銷售額下降所抵銷。本季腎臟護理業務的銷售額總計 11 億美元，成長 3%。其次是腎臟護理，慢性病治療的全球銷售額為 9.17 億美元，成長了 1%。本季強勁的[TD]成長被中心高清業務中某些產品和市場退出帶來的預期負面影響以及由於政府採購舉措導致中國銷售額下降所部分抵消。

We estimate that these items negatively impacted sales by just had over $50 million in the quarter. Sales in our Acute Therapies business were $201 million, representing growth of 9%, driven by strong demand and competitive conversions in the United States. Other sales, which represent sales not allocated to a segment and primarily includes sales of products and services provided directly to certain of our manufacturing facilities were $22 million and declined 5% during the quarter.

我們估計這些項目對本季銷售額產生了超過 5,000 萬美元的負面影響。我們的急性治療業務銷售額為 2.01 億美元，成長了 9%，這主要得益於美國市場的強勁需求和競爭性轉換。其他銷售額（指未分配到任何業務部門的銷售額，主要包括直接向我們某些製造工廠提供的產品和服務的銷售額）為 2,200 萬美元，本季下降了 5%。

Now moving on to the rest of the P&L. Our adjusted gross margin totaled 41.2% and represented an increase of 80 basis points over the prior year. The year-over-year improvement in gross margin primarily reflects the strong operational efficiencies we are realizing within our integrated supply chain network, resulting from execution of the margin improvement programs we are implementing and the anniversary of the negative margin impacts from inflationary pressures that drove higher cost of goods sold in the prior year period.

接下來我們來看損益表的其餘部分。我們調整後的毛利率總計為 41.2%，比前一年增加了 80 個基點。毛利率年比改善主要反映了我們一體化供應鍊網絡營運效率的顯著提升，這得益於我們正在實施的利潤率提升計劃，以及上一年通膨壓力導致銷售成本上升，從而對利潤率造成負面影響的周年紀念。

Price initiatives in select markets also positively contributed to margin improvement in the quarter. Product mix and foreign exchange partially offset margin expansion in the quarter.

部分市場的價格策略也對本季利潤率的提高做出了積極貢獻。產品組合和外匯波動部分抵銷了本季利潤率的擴張。

Adjusted SG&A totaled $873 million or 22.9 as a percentage of sales, an increase of 10 basis points from the prior year period as we are making selective investments to support our growth objectives and new product launches. SG&A leverage is expected to continue to improve as sales ramp over the course of the year.

經調整的銷售、一般及行政費用總計 8.73 億美元，佔銷售額的 22.9%，比上年同期增長 10 個基點，因為我們正在進行選擇性投資以支持我們的成長目標和新產品發布。隨著年內銷售額的成長，預計銷售、管理及行政費用槓桿率將持續改善。

Adjusted R&D expense in the quarter totaled $175 million and represented 4.6 as a percentage of sales, an increase of 10 basis points compared to the prior year period and reflects our continued investments in advancing new products across the portfolio and bringing innovation to patients across our segments.

本季經調整的研發費用總計 1.75 億美元，佔銷售額的 4.6%，比上年同期增長 10 個基點，反映了我們持續投資於推進產品組合中的新產品，並為各業務部門的患者帶來創新。

These factors resulted in an adjusted operating margin of 13.7%, an increase of 50 basis points versus prior year, driven by the factors above which more than offset a negative impact on operating margins of approximately 70 basis points in the foreign exchange.

這些因素導致調整後的營業利潤率為 13.7%，比上年增長 50 個基點，主要得益於上述因素，而這些因素的增長足以抵消外匯對營業利潤率約 70 個基點的負面影響。

Net interest expense totaled $85 million in the quarter, a decrease of $39 million versus the prior year period, driven by debt repayments in the fourth quarter of 2023 associated with the proceeds of our BPS divestiture. We plan to continue to repay debt in 2024, consistent with our stated capital allocation priorities.

本季淨利息支出總計 8,500 萬美元，比去年同期減少了 3,900 萬美元，主要原因是 2023 年第四季償還了與我們 BPS 資產剝離所得相關的債務。我們計劃在 2024 年繼續償還債務，這與我們既定的資本配置優先事項一致。

During July, Baxter finalized a bank financed bridge loan in the form of the delayed draw term loan for DTTL in lieu of a public bond financing with a total size of $2.05 billion. The DTTL provides certain availability to fund debt maturities coming due in the fourth quarter and the events we haven't completed in the Kidney Care separation by that time.

7 月，百特最終敲定了一筆銀行融資的過渡貸款，以延期提取定期貸款的形式向 DTTL 提供資金，以代替總額為 20.5 億美元的公開債券融資。DTTL 提供了一定的資金，用於支付第四季度到期的債務以及我們屆時尚未完成的腎臟護理分拆項目。

We expect to utilize proceeds from the separation to repay the loan if outstanding. We felt this is a better option as compared to bond financing, given the more temporary nature of the cash need and the high cost to issue new term debt in current markets.

我們預計將利用分拆所得款項償還未償貸款。鑑於現金需求的暫時性以及在當前市場發行新定期債務的高昂成本，我們認為這比債券融資是一個更好的選擇。

Adjusted other nonoperating income totaled $20 million in the quarter compared to an expense of $22 million in the prior year period, which included losses on both foreign exchange and marketable securities. The adjusted tax rate for the quarter of 23.9% came in higher than expectations and increased as compared to the prior year tax rate of 17.8%.

本季經調整後的其他非經營性收入總計 2,000 萬美元，而去年同期則為支出 2,200 萬美元，其中包括外匯和有價證券的損失。本季調整後的稅率為 23.9%，高於預期，並且比前一年的稅率 17.8% 有所上升。

The year-over-year increase was primarily driven by the geographic mix of earnings, decreased utilization of foreign tax credits in the current year period and a nonrecurring foreign tax incentive in the prior year period. And as previouslpy mentioned, adjusted earnings from continued operations totaled $0.68 per share and increased 24% versus the prior year, primarily driven by improved commercial performance and a reduction in interest expense offset by the impact of foreign exchange and a higher tax rate.

年比增幅主要受以下因素驅動：獲利的地域組成、本年度外國稅收抵免利用率下降以及上年度非經常性外國稅收優惠。如前所述，持續經營業務的調整後每股收益總計 0​​.68 美元，比上年增長 24%，主要得益於商業業績的改善和利息支出的減少，但被外匯影響和更高的稅率所抵消。

Let me conclude my remarks by discussing our outlook for the third quarter and full year 2024, including some key assumptions underpinning the guidance. For full year 2024, Baxter now expects total sales growth of approximately 3% on both reported and constant currency basis, which is an increase from prior guidance of 2% to 3% on a constant currency basis. This increase reflects the outperformance we realized in the second quarter and continued momentum across our businesses.

最後，我想談談我們對 2024 年第三季和全年的展望，包括支撐這項展望的一些關鍵假設。Baxter 目前預計 2024 年全年總銷售額將按報告匯率和固定匯率計算將成長約 3%，高於先前以固定匯率計算 2% 至 3% 的預期。這一成長反映了我們在第二季度取得的優異業績以及我們各項業務持續成長的勢頭。

Constant currency sales and guidance for the full year by reportable segment is as follows. For MPT, we now expect sales growth of approximately 5%. This is an increase from the prior guidance of 4% to 5% and reflects the outperformance year to date and continued momentum for our Novum platform.

按報告分部劃分的全年固定匯率銷售額及預期如下。對於 MPT，我們現在預計銷售額將成長約 5%。這比之前 4% 至 5% 的預期有所提高，反映了我們 Novum 平台今年迄今的優異表現和持續成長勢頭。

Sales in our healthcare systems and technology segment are expected to be approximately flat to the prior year, consistent with prior guidance. This guidance reflects improved performance in the second half of the year, but also assuming the installation of some CCS orders and sales to 2025.

我們醫療保健系統和技術部門的銷售額預計將與去年基本持平，與先前的預期一致。該指導意見反映了下半年業績的改善，但也假設到 2025 年將完成一些 CCS 訂單和銷售。

In addition, our guidance assumes FLC performance also improves in the second half of the year, plus that both primary care and government orders declined in 2024 neither of which we believe represent market share losses. We expect both the primary care market and orders from the government will improve in 2025.

此外，我們的預測假設 FLC 的表現在下半年也有所改善，並且 2024 年初級保健和政府訂單均有所下降，但我們認為這兩者都不代表市場份額的損失。我們預計到 2025 年，初級保健市場和政府訂單都會有所改善。

We now expect pharmaceutical sales growth of approximately 7%, which compares favorably to prior guidance of 6% to 7% and reflects the strong start to the year and continued momentum for our new product launches as well as increased contribution from drug compounding. The contributions from drug compounding is expected to meaningfully slow in the second half of the year as supply constraints for certain hospital customers in use and the business focuses on driving more profitable growth.

我們現在預計藥品銷售額將成長約 7%，這比之前 6% 至 7% 的預期更為樂觀，反映了今年的強勁開局、新產品上市的持續勢頭以及藥物配製業務貢獻的增加。預計下半年藥物配製業務的貢獻將顯著放緩，因為某些醫院客戶的供應受到限制，而且該業務將專注於推動更盈利的成長。

Collectively, sales for these three remaining Baxter segments are now expected to increase approximately 4% in 2024 and exit the second half of the year at the higher end of our prior expectation of 4% to 5%. For Kidney Care, we now expect sales growth of 1% to 2% as compared to 2023. This also compares favorably to prior guidance and reflects the underlying momentum of this business.

總體而言，預計百特剩餘的這三個業務部門的銷售額將在 2024 年成長約 4%，並在下半年達到我們先前預期的 4% 至 5% 的較高水準。腎臟護理業務方面，我們預計銷售額將比 2023 年成長 1% 至 2%。與先前的預期相比，這一業績也表現良好，反映了該業務的潛在發展勢頭。

Now turning to our outlook for other P&L line items. We continue to expect adjusted operating margin to increase by more than 50 basis points in 2024. We expect our non-operating expenses, which include net interest expense and other income and expense to total approximately $330 million in aggregate during 2024.

現在讓我們來看看其他損益項目的情況。我們仍預計，2024 年調整後的營業利潤率將成長超過 50 個基點。我們預計 2024 年的非經營性支出（包括淨利息支出和其他收入和支出）總計約為 3.3 億美元。

We now anticipate a full year adjusted tax rate of approximately 23%. We expect our diluted share count to average $511 million shares for the year. Based on all these factors, we now anticipate full year adjusted earnings, excluding special items of $2.93 to $3.01 per diluted share, which also compares favorably to prior guidance of $2.88 and $2.98 per diluted share and reflects the outperformance we realized in the second quarter and expect for the remainder of the year and includes an incremental headwind from nonoperational items totaling approximately $0.02 per share.

我們現在預計全年調整後稅率約為 23%。我們預計全年稀釋後的平均股數為 5.11 億股。基於所有這些因素，我們現在預計全年調整後收益（不包括特殊項目）為每股攤薄收益 2.93 美元至 3.01 美元，這也優於之前每股攤薄收益 2.88 美元和 2.98 美元的預期，反映了我們在第二季度實現的超額收益，並預期在今年剩餘時間內繼續保持這一業績。此外，還包括非經營性項目帶來的額外不利影響，總計約為每股 0.02 美元。

Specific to the third quarter of 2024, please expect Novum sales growth of 3% to 4% on a reported basis and 4% to 5% on a constant currency basis. And we expect adjusted earnings, excluding special items of $0.77 $0.79 per diluted share.

具體到 2024 年第三季度，預計 Novum 的銷售額將按報告匯率計算將成長 3% 至 4%，以固定匯率計算將成長 4% 至 5%。我們預計調整後收益（不包括特殊項目）為每股攤薄收益 0.77 美元至 0.79 美元。

With that, we can now open up the call for Q&A.

接下來，我們可以開始問答環節了。

(Operator Instructions)

（操作說明）

I would like to remind participants that this call is being recorded and a digital replay will be available on the Baxter International website for 60 days at www.baxter.com.

我想提醒各位參與者，本次電話會議正在錄音，錄音將在百特國際網站 www.baxter.com 上提供 60 天的數位回放。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Well, great. Thanks for taking the questions and congrats on a nice quarter. Two from me. I wanted to start with the revised guidance, and it looks like it's pretty much going higher from the second quarter beat and then third quarter upside versus the street. So you gave a lot of detail, but I was hoping you could just walk us through the underlying drivers. And did I get the raise and impact correct? Thanks.

嗯，太好了。感謝您回答問題，並祝賀您本季業績出色。我投兩票。我想先談談修訂後的業績指引，看起來它比第二季超乎預期還要高，第三季也比華爾街預期好。您提供了很多細節，但我希望您能直接帶我們了解背後的驅動因素。我計算出的加薪幅度和影響值是否正確？謝謝。

Hi, good morning, Robin. This is Joel. Thank you for the questions. Yes, I think certainly the new guidance is actually starts with the performance we had in Q2. We had a strong operational quarter and obviously, that's part of what's carrying through the rest of the year. What I would just say in general is that our businesses continue to have strong momentum in them. And so I think when you think about this from a sales perspective, it's the recovery, the continued recovery of over the course of the year sequentially in HST.

你好，早安，羅賓。這是喬爾。謝謝大家的提問。是的，我認為新的業績指引確實是從我們第二季的業績開始製定的。我們本季營運表現強勁，顯然，這在一定程度上將延續到今年剩餘的時間。總的來說，我想說的是，我們的業務仍然保持著強勁的發展勢頭。所以我認為，從銷售的角度來看，關鍵在於 HST 的復甦，以及全年持續的復甦。

Again, we've raised the guidance for MPT as well from a sales perspective as well as pharma. And so I think the -- and all those businesses are going to continue to improve from a sales perspective to a top line. That's part of the really key driver.

再次強調，我們從銷售和製藥的角度都提高了MPT的指導方針。所以我認為，所有這些企業的銷售額和營收都將持續成長。這是真正關鍵的驅動因素之一。

From a margin perspective, we continue to expect a positive progress from a pricing standpoint, from an [ISC] standpoint. The margin improvement programs and the continued work there are also a part, obviously, what's driving, ultimately the bottom line beat as well.

從利潤率的角度來看，我們繼續預期在定價方面以及[ISC]方面都會取得積極進展。利潤率提升計劃及其持續推進，顯然也是最終實現盈利超預期的部分原因。

You know, the offset to some of that from an operating margin perspective, we are making continued investments in our business from a sales and marketing standpoint, from an R&D perspective, from new product launch perspective. And so those things considered impact in the opposite direction as well as, I was [I would say] in pharma that I think you're aware of, was related to [BPF] sales. So that's an offset.

你知道，從營業利潤率的角度來看，為了抵消部分損失，我們正在從銷售和行銷的角度、研發的角度、新產品發布的角度對我們的業務進行持續投資。因此，這些因素也被認為會產生相反方向的影響，而且，我當時在製藥業工作，我想你也知道，這與[BPF]的銷售有關。所以這是一個偏移量。

And then finally, on the bottom line, from a -- we do have a headwind from an [OpEx] and a tax rate perspective. But again, punchline here, continued sales momentum, margin expansion, with a couple of the offsets I talked about.

最後，從根本上來說，從營運支出和稅率的角度來看，我們確實面臨一些不利因素。但再次強調，關鍵在於銷售動能持續強勁，利潤率不斷擴大，儘管存在我之前提到的一些抵銷因素。

Thanks. And maybe just a quick follow up here. The HST had a a tough first quarter. It looks like it improved sequentially in second quarter. Frontline care still negative year over year. Maybe just speak to the underlying trends you're seeing in the two businesses there and your confidence in a reacceleration and return to positive growth in the second half of the year. Thanks.

謝謝。這裡或許還需要補充一點。HST第一季表現艱難。第二季度似乎有所改善。第一線醫療服務仍較去年同期下降。或許您可以談談您在這兩個業務中觀察到的潛在趨勢，以及您對下半年業務重新加速成長並恢復正成長的信心。謝謝。

Hi, Robbie. Good morning. We feel that a great deal of the operational issues are being addressed and behind us. We still are addressing them and will be throughout the 2024 calendar year, primarily the one involving one of our plants transfers, it's been addressed and is in really, really good shape at the moment.

嗨，羅比。早安.我們感覺很多營運問題都已解決，並已成為過去。我們仍在處理這些問題，並將持續到 2024 年全年，其中最主要的是涉及我們工廠搬遷的問題，目前已經解決，情況非常好。

I want to make sure that we also have -- our sales force is doing a fantastic job, and we did a significant motor revamping there. So we see that going well. We also see a very positive trend in capital. And the positive trends in capital allows us to have very strong -- one of the strongest quarters we've ever had in orders; it was the second quarter.

我想確保我們還有——我們的銷售團隊做得非常出色，而且我們在那裡進行了重大的引擎改造。所以我們看到進展順利。我們也看到資本方面呈現非常正面的趨勢。資本的正面趨勢使我們獲得了非常強勁的訂單——這是我們有史以來訂單量最大的季度之一；這是第二季。

So we see that going extremely well. This is in the CCS business, which is our beds and nurse call systems. FLC completed different dynamic that has to do with the primary care market that has significant shifts during 2020 forward. Big players coming in and out. We believe our market share is still growing in that slightly, but it's very high and we feel that business is going to come back into normality towards the end of the year as well as the government orders, which has been very, very low.

所以我們看到進展非常順利。這是 CCS 業務的一部分，也就是我們的床位和護士呼叫系統。FLC完成了與初級保健市場相關的不同動態，該市場在2020年及以後發生了重大變化。大牌球員進進出出。我們相信我們的市場份額仍在略微增長，而且非常高，我們感覺到年底業務和政府訂單（目前非常非常低）都會恢復正常。

And the most important factor was the comp versus last year. All in all, I think it just took us during the quarter, we see some very interesting dynamics on the market with our product offering, gaining ground and stable market share and possibly growing into Q3 and Q4.

最重要的因素是與去年同期相比的情況。總而言之，我認為我們僅用了一個季度的時間就看到了市場上一些非常有趣的動態，我們的產品正在獲得穩定的市場份額，並有可能在第三季和第四季繼續成長。

Great. Thanks a lot.

偉大的。多謝。

Travis Steed, Bank of America Securities.

特拉維斯·斯蒂德，美國銀行證券。

Hey. Thanks for taking the question. I wanted to ask about the Kidney Care separation. I think that was new that you added early 2025. So I wanted to ask about that. And has your thinking changed at all on spin versus sell -- and also noticed on the impairment charge on that business. So wasn't sure if there's anything to kind of read into that impairment charge this quarter?

嘿。感謝您回答這個問題。我想詢問一下腎臟護理部門的分離情況。我認為這是你在 2025 年初新增的內容。所以我想問這個問題。您對分拆還是出售的看法是否有所改變？另外，您也注意到了該業務的減損費用。所以不太確定這筆本季的減損費​​用是否有什麼意義？

So couple of things on this. First of all, thanks for the question, Travis. From a timing perspective, you'll get -- and look, we're continuing to make progress and continue to move forward and [what I'm going to do a] path to ensure that we're ready for both from a sale and the spin process. And so we're obviously doing that in a way that's going to maximize our shareholder value for all of our stakeholders. And so we continue to make solid progress with that, I would say.

關於這一點，有幾點需要說明。首先，謝謝你的提問，崔維斯。從時間安排的角度來看，你會得到——而且你看，我們正在不斷取得進展，繼續向前邁進，[我將要做的是]制定一條路徑，以確保我們為出售和分拆過程做好準備。因此，我們顯然是以一種能夠最大限度提升所有利害關係人股東價值的方式來做到這一點的。因此，我認為我們在這方面繼續取得了穩步進展。

I think the timing difference, I just look at it -- as we've continued to evolve the process and move it forward, again, I think we're in a good place from the perspective of both, but the timing has shifted a little bit as we continue to move through the year. And so our plan is still to continue to get it done by the end of 2024, but it could move into the early part of 2025, which is why we put the guidance out that it did.

我認為時間上的差異，我只是這樣看待這個問題——隨著我們不斷改進和推進流程，我認為從雙方的角度來看，我們都處於一個良好的狀態，但隨著時間的推移，時間上發生了一些變化。因此，我們的計劃仍然是在 2024 年底前完成，但可能會推遲到 2025 年初，這就是我們發布相關指導方針的原因。

From a goodwill perspective, the way I would think that is, we now have a process where we actually had bidders for a value into what the will is and sort of this. We assess that relative to the value of the books. There's a negative impact there from a goodwill perspective. I wouldn't say this -- in the event that there was a sale moving forward, we would be recognizing a gain on that sale. So there's a little bit of a timing issue from that perspective.

從善意的角度來看，我認為，我們現在有了一個流程，在這個流程中，我們實際上有競標者來評估遺囑的價值，以及類似這樣的事情。我們根據書籍的價值來評估這一點。從信譽角度來看，這會造成負面影響。我不會這麼說——如果未來真的有銷售發生，我們會確認這筆銷售的收益。所以從這個角度來看，時間安排上存在一些問題。

But this is part of a normal process to reassess our goodwill. Now that again, we have an actual kind of, what I call, market value for that so to speak, and then that's where that came from.

但這只是重新評估我們善意的正常過程的一部分。現在，我們又有了某種實際的，我稱之為市場價值的東西，這就是它的由來。

Great. I wanted to ask a follow-up on the margins. So first of all, the second half, total company, you got a couple hundred basis points, second half margin ramp. So wanted to ask about the confidence and kind of what's driving that. But also, if you think about the segment margins in the first half of the year, all the margin expansion for the total company was more on the renal side and the core Baxter business down year over year.

偉大的。我想就邊際效益問題再問一下。首先，就下半年而言，公司整體利潤率提高了幾百個基點，下半年利潤率有所提升。所以我想問這種自信是什麼，以及是什麼驅使這種自信。但是，如果你考慮今年上半年的各個業務板塊的利潤率，你會發現整個公司的利潤率擴張更多地集中在腎臟業務方面，而百特的核心業務利潤率同比下降。

I wanted to kind of think about how we get confidence that extra renal co longer term like the RemainCo Baxter business again, to be expanding margins kind of 50 basis points or so a year that you've kind of set out in the past?

我想思考一下，我們如何更有信心，讓額外的腎臟業務，例如 RemainCo Baxter 業務，能夠像你們過去設定的那樣，每年將利潤率提高 50 個基點左右？

Sure. Let me start by taking, what I call, some of the drivers of our margin perspective, and then I'll get to the second part of your question. The margin drivers continue to be from a couple of different things. One is, our top line, obviously, our top line growth and stability and new product launches that are coming into play. That's both a short-term and something over the longer term. That's going to be a driver from a margin perspective.

當然。首先，我想談談我所謂的影響我們利潤率的一些因素，然後再回答你問題的第二部分。影響利潤率的因素仍主要來自以下幾個方面。首先，顯然，我們的營收成長和穩定性，以及即將推出的新產品，都發揮了作用。這既包括短期因素，也包括長期因素。從利潤率的角度來看，這將是一個驅動因素。

Our pricing, we continue to see upside opportunities from a pricing perspective. In the current year, it's been primarily outside the US. We look for some of that in the US next year is, again some of the GPO contracts that take hold, et cetera, and we continue to take pricing.

從定價角度來看，我們仍然看到上漲空間。今年以來，主要發生在美國以外的地方。我們預計明年在美國也會有一些類似的情況發生，例如一些 GPO 合約生效等等，我們將繼續關注價格。

[ISC] continues to be a area where we expand our margins, again both the margin improvement programs. Just the efficiencies we continue to gain from smart investments in automation, et cetera. So that's where the kind of the really key drivers and why we feel continued confidence in our ability to actually drive our margins going forward.

[ISC] 仍然是我們擴大利潤率的領域，這再次體現在利潤率提升計畫中。我們透過在自動化等領域進行明智投資，不斷提高效率。所以，這就是真正關鍵的驅動因素所在，也是我們對未來持續提高利潤率充滿信心的原因。

And then from an activity perspective, there's a couple of things that I would just say. Number one, as we move to a vertical structure of the company, we've continued to refine our process of allocations. Some of this from an activity perspective is as an impact. Again, as we continue to refine our allocation methodology, and you see some of that again impacting the kidney and some margins ex kidney.

從活動角度來看，我有幾點想說。第一，隨著公司向垂直結構轉型，我們不斷完善分配流程。從活動角度來看，其中一些會產生影響。再次，隨著我們不斷改進分配方法，您會看到其中一些方法再次影響腎臟和一些不含腎臟的利潤率。

The other parts of it, from a just -- as I mentioned in my comments in the earlier question, we are continuing to invest in R&D. We are continuing to invest in new product launches and things that ultimately are going to drive growth that are impacting operating margins in general. So that's the -- that answer your question?

至於其他部分，正如我在前面問題的評論中提到的那樣，我們正在繼續投資研發。我們將繼續投資於新產品發布以及其他最終將推動成長並影響整體營運利潤率的項目。所以這就是──這就是你問題的答案嗎？

Yeah. Thanks a lot. Appreciate that.

是的。多謝。謝謝。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Thank you, and good morning, everybody. I wanted just to start on the revenue outlook for the balance of the year and recognizing the comment on exiting the year at the higher end of the 4% to 5% on the core Baxter business. But as you look at the sort of guidance that you've provided for Q3 and the balance of the year, I think that implies revenue growth in Q4 below 1%. Can you just help us understand the drivers of the phasing of revenue for the balance of the year. And then I have one follow up on the strategic capital allocation side.

謝謝大家，大家早安。我只想先談談今年剩餘時間的收入前景，並注意到有人評論說，Baxter 核心業務的年增長率將達到 4% 到 5% 的較高水平。但從你們對第三季和今年剩餘時間的業績指引來看，我認為這意味著第四季的營收成長將低於 1%。能否請您幫我們了解今年剩餘時間收入分階段發放的驅動因素？然後，我還有一個關於策略資本配置的後續問題。

Sure. Thanks for the question. Yeah, that's the primary driver of some of the movement there in terms of, what I'll call the squeeze ramp in the fourth quarter is really a product mix impacted. It starts with compounding in pharma. We've had some -- that's been a significant driver of some of the upside in addition to the other parts of the business, and that actually starts to slow down in the second half of the year, but particularly in the fourth quarter.

當然。謝謝你的提問。是的，這正是推動部分市場走勢的主要因素，我稱之為第四季度的擠壓式成長，實際上受到了產品組合的影響。一切都始於製藥業的配製。我們已經取得了一些成長——這是除其他業務部門之外，推動業績上漲的重要因素，但這種情況實際上在下半年開始放緩，尤其是在第四季度。

And then so, I would say, that's really one of the key drivers of some of the little bit of the phasing and move from what we call a third quarter perspective. And again, the squeeze math on the fourth quarter.

所以，我認為，這確實是推動我們所謂的第三季階段性調整和改變的關鍵因素之一。再次強調，第四季需要進行擠壓式計算。

Got it. And then maybe just a follow-up. As you look at kind of the increases in discretionary spending on the SG&A and R&D side, can you maybe go into a little bit more detail about the internal capital allocation priorities? Where those incremental dollars in SG&A and R&D are being deployed? And maybe any early look you can give us into some of the other product launches or geographic expansion initiatives that may come out the other side of these investments?

知道了。然後或許只需要後續跟進。鑑於銷售、管理及行政費用和研發方面的可自由支配支出增加，您能否更詳細地介紹內部資本配置的優先事項？這些增加的銷售、管理及行政費用和研發投入都用在了哪裡？能否提前透露這些投資之後可能推出的其他產品或地理擴張計劃？

Good morning, David. How are you?

早安，大衛。你好嗎？

I'm good. Thanks you for asking. Nice to talk to you.

我很好。謝謝你的提問。很高興和你聊天。

Likewise. Listen, just adding a bit to Joe's previous answer, is compounding. We had a customer in Australia, which had maintenance planned into their hospitals. We took a great deal of their volume. So you see, therefore, a drilling down in the third and fourth quarter, which we knew about it. So when you do this creation method in the fourth quarter, you have got to watch you get. But primarily driven by that part of the business, had a specific event in the first and second quarter.

同樣地。聽著，我只是在喬之前的回答上補充一點，但這會產生疊加效應。我們在澳洲有一位客戶，他們的醫院已經制定了維護計畫。我們拿走了他們很大一部分業務量。所以，你看，第三季和第四季出現了下滑，而我們對此早已知曉。所以當你在第四季採用這種創作方法時，你必須注意你的收穫。但主要受該業務部分的驅動，在第一季和第二季發生了一些特定事件。

Moving to the capital allocation. Our capital allocation now, putting kidney care on the side, is driven by innovation. So what is the highest innovation drivers for the company? It's going to be in infusion technology. So we have more investment to do into new categories of pump more software. We have intelligent software coming out in 2025 with artificial intelligence [adjacent] just so the pump.

接下來討論資本配置。我們現在的資本配置，將腎臟護理放在次要位置，主要由創新驅動。那麼，公司最重要的創新驅動因素是什麼？它將應用於輸液技術領域。因此，我們需要對新型泵送軟體進行更多投資。我們將在 2025 年推出一款具有人工智慧的智慧軟體[相關]，專門用於泵浦。

We also have five new product launches that we're planning in the next 12 months for HST, significant ones, really good ones. We need to put the money behind to close the gap in the research and development regulatory affairs as well as the commercial launch. So that is where we allocate the money and we have some more like you're still in pharmaceuticals.

未來 12 個月，我們也計劃為 HST 推出五款新產品，都是非常重要、非常好的產品。我們需要投入資金來彌補研發監管事務以及商業化推出的差距。所以這就是我們分配資金的地方，我們還有一些資金，就像你仍然在製藥業一樣。

We are talking about infusion systems, specifics into PS SaaS and get communications and what we call the injectable specialty drugs, primarily via flows, via [biodel ahead] coming out of one of our facilities. So all the capital allocation going into products that have higher margin and higher contribution to the company plus associated to debt is the spending that goes along. Some good spending, spending for good use. We did a lot of work internally to understand the major drivers of shareholder value to be able to achieve that.

我們正在討論輸液系統，具體到 PS SaaS 和通信，以及我們稱之為注射型特種藥物的藥物，主要透過流程，透過 [biodel ahead] 從我們的一家工廠出來。因此，所有投入利潤率更高、對公司貢獻更大的產品中的資本，以及與之相關的債務，都是隨之而來的支出。一些值得的消費，花在了刀刃上。為了實現這一目標，我們內部做了大量工作，以了解股東價值的主要驅動因素。

Very helpful. Thank you for taking the question.

很有幫助。感謝您回答這個問題。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good morning. Thanks for taking the question and congrats on the nice quarter here. Joe, I was hoping you could just give us a refresher on the key assumptions for kidney care sale or spin. The tax basis, how might it look different from the BPS sale. Just the margins for kidney co. First half was 10.9%, which is much higher than in prior years. So when we're trying to estimate the dilution, what should we think about for margins and the stranded cost assumptions and use of proceeds would be helpful. Any color on that?

早安.感謝您回答這個問題，也恭喜您本季業績優異。喬，我希望你能給我們回顧一下腎臟護理銷售或包裝的關鍵假設。稅基與BPS銷售有何不同？僅僅是腎臟公司的利潤。上半年成長率為10.9%，遠高於往年。因此，當我們試圖估算稀釋效應時，我們應該考慮利潤率和擱淺成本假設，以及收益用途，這將很有幫助。上面有顏色嗎？

Thanks for taking the question.

感謝您回答這個問題。

Sure. Thanks for the question. Let me just start with the, -- again a little bit from a margin perspective. Again, our first quarter with kidney, you'll recall, had some substantial one-time impact that drove that margin that, what I'll call a disproportionately high level. So I think as we've talked about kidney in general, you know, the thing about that I think is the high single digit sort of low double digit margin profile at this point. And again, that was somewhat inflated, so particularly in Q1, would be Larry when answered that question.

當然。謝謝你的提問。讓我先從邊際效益的角度談談。再說一遍，你們應該還記得，我們​​第一季的腎臟業務帶來了一些實質的一次性影響，導致利潤率達到了我所說的過高的水平。所以我覺得，就像我們之前討論腎臟手術時提到的那樣，我認為目前腎臟手術的利潤率在個位數高位到兩位數低位之間。而且，這在某種程度上是誇大的，尤其是在第一季度，拉里在回答這個問題時會這麼說。

From a stranded cost perspective, this is an area -- we haven't specifically given that type of guidance yet on that. What I will tell you is that that's one of the key initiatives that I'm driving personally in terms of our ability to again reduce the dilutive impact on that. And so I think that's something we're going -- you'll hear more about as we go forward.

從擱淺成本的角度來看，這是一個我們尚未就此給予具體指導的領域。我可以告訴你們的是，就我們再次減少稀釋效應的能力而言，這是我個人正在推動的關鍵舉措之一。所以我覺得這是我們接下來要做的事情——隨著我們不斷推進，你們會聽到更多相關資訊。

But that's really, we haven't come out yet and given that type of information. And we have plans that are underway and starting to execute that to get ahead of it. Certainly, from a sale versus spin perspective, obviously, the overarching goal is to maximize shareholder value and so we're going to do what is best in order to accomplish that.

但實際上，我們還沒有公開提供這類資訊。我們已經制定了計劃，並開始執行，以搶佔先機。當然，從出售或分拆的角度來看，很顯然，首要目標是最大化股東價值，因此我們將採取最佳措施來實現這一目標。

And, if I weigh the puts and takes on some of that kind of stuff, obviously all those -- the evaluations being equal, so to speak. There's certain advantages of a sale from the perspective of the [immorial] cash earlier, from the perspective of valuations, certainly et cetera. But obviously, there's lots of parts to play in that.

而且，如果我權衡這類事情的利弊，顯然所有這些——可以說，評估是相同的。從早期現金交易、估價等方面來看，出售肯定有一些優勢。但很顯然，這其中有很多因素在起作用。

And then from a tax perspective, I guess to answer your final question, I think I look at that as a part of the overall economics of what we're going to do. I think there's been a lot of questions on tax leakage, et cetera. But in the end, it really is about economics in terms of what we end up with, from the net tax proceeds. And then again, what maximizes shareholder value.

從稅收的角度來看，我想回答你最後一個問題，我認為這是我將要做的事情的整體經濟考慮的一部分。我認為大家對稅務漏洞等方面有很多疑問。但歸根結底，這真的關乎經濟，關乎我們最終從淨稅收中獲得什麼。最後，什麼才能最大程度地提升股東價值？

Alright. I'll leave it at that. Thanks for taking the question, guys.

好吧。我就說到這兒吧。謝謝各位回答這個問題。

Thank you, Larry.

謝謝你，拉里。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hey, guys, thanks for taking my question. Joe, I just wanted to go back on the fourth quarter implied sort of 1% organic. If I heard you correctly, the only thing that's changing is that growth compounding. So should the exit rates for MPT, HST, Kidney Co, they should all be in that sort of annual range rate, in the low to mid-singles for MPT, HST, Kidney Co in the 1% to 2%. And only thing that changes for Q4 is growth compounding, is that correct?

嘿，各位，謝謝你們回答我的問題。喬，我只是想再說說第四季隱含的1%的有機成長率。如果我理解沒錯，唯一的改變就是成長是複利式的。所以 MPT、HST、Kidney Co 的退出率也應該在這種年利率範圍內，MPT、HST、Kidney Co 的退出率應該在 1% 到 2% 之間。第四季唯一的變化就是成長率的複利計算方式，是這樣嗎？

It's primarily that, and some kidney. But I think the growth compounding is the main part of it. We have talked about the fact that they are ex kidney exit range for the year will be 4%, 5% range. So I think, it's primarily compounding and then some slowdown in kidney.

主要是腎臟方面的問題。但我認為成長的複利效應才是關鍵。我們已經討論過，他們今年的腎臟移植出口範圍將是 4%、5% 的範圍。所以我覺得，主要是複利作用，然後腎臟功能減緩。

So VJ. The kidney part is primarily driven by value-based procurement in that specific business. So as we await the inclusion or not, we look at our forecast and we look -- that is the biggest impact that we're going to have in kidney is VBP. Of course, data associated with drug compounding have muted the good growth and results of the rest of the businesses is advanced.

所以VJ。腎臟部分主要受該特定業務中基於價值的採購方式所驅動。所以，在我們等待是否納入研究的同時，我們審視了我們的預測，並認為——我們在腎臟領域將產生的最大影響是VBP。當然，與藥物配製相關的數據掩蓋了其他業務的良好成長和業績，但其他業務仍然取得了進展。

Understood, Joe. And maybe, Joe, a bigger picture question for you. If I just go back last 18 months, it's been a lot of moving parts challenges. A lot of questions raised on -- is Baxter losing share. When I look at your order commentary within HS&T, in some of the performance in the core business, it looks like we're back to four plus. When we look at the sort of the forward trajectory here, right, the implied exit rate, is that 4% plus organic sustainable? Any one-offs we should be aware of? I know this year we had China, VBP and some product exits and any other noise factors that we need to be aware of as you look at the outlook and your comments on share losses?

明白了，喬。或許，喬，我還有一個更宏觀的問題想問你。如果只回顧過去18個月，那段時間充滿了各種變數和挑戰。很多人提出了這樣的問題──百特是否正在失去市場份額。當我查看 HS&T 內部的訂單評論時，在核心業務的一些業績方面，看起來我們已經回到了 4 以上。當我們觀察未來的發展軌跡時，對吧，隱含的退出率，4% 以上的有機成長是可持續的嗎？有哪些需要注意的特殊狀況嗎？我知道今年我們經歷了中國市場、VBP以及一些產品退出等一系列事件，還有其他一些我們需要注意的干擾因素嗎？您在展望未來以及對股價下跌的評論中也提到了這些因素。

Let me start from the end of your question on VBP. VBP is a factor in Kidney Care. It is a very muted factor in the rest of Baxter because our presence in China is quite different. Kidney holds the vast majority of profitability in China for Baxter and the product offering as well. So with that aside now, so we would be Baxter ex kidney is a nonevent at the moment.

讓我從你關於VBP問題的最後一個問題開始回答。VBP是腎臟護理中的一個因素。在百特的其他業務中，這是一個非常微弱的因素，因為我們在中國的業務情況截然不同。腎臟業務在中國市場為百特公司貢獻了絕大部分利潤，其產品供應也佔了絕大部分利潤。撇開這一點不談，目前來看，Baxter 的腎臟移植手術並不是什麼大事。

Moving to share, we had a tough first quarter for HST. In debt, greatly was self-inflicted. We had execution issues, which are behind us. As you could see, we had really good performance in PSS. Our orders are significantly up and we're back on the standalone debt without any hesitation. I see us moving forward into Q3 and Q4 with possibility of share gains in that space due to our offering and our ability to bring Baxter together, okay.

再說一下，HST第一季的業績很艱難。負債累累，很大程度是咎由自取。我們之前遇到了一些執行方面的問題，但這些問題已經解決了。如你所見，我們在PSS比賽中取得了非常好的成績。我們的訂單量大幅成長，我們毫不猶豫地恢復了獨立債務融資。我認為，憑藉我們的產品和服務以及我們整合百特的能力，我們在第三季和第四季有可能在該領域獲得市場份額的成長。

We have a great offering that actually underscore our mission to save and sustain lives, and that is becoming more clear to hospital customers and IDNs when we present, then we've seen a movement towards Baxter accounts.

我們提供的產品非常出色，真正體現了我們拯救和維持生命的使命，當我們進行展示時，醫院客戶和IDN（整合交付網路）越來越清楚地認識到這一點，然後我們看到越來越多的客戶轉向百特公司。

The other portion of the market share, which has been spoken as off lately, some of the other cost is on the pump. Baxter will continue to gain 1% plus the Novum can get up to 2% the market share points on a yearly basis, and hopefully more as we continue to see great opportunities. Baxter has called for some really large and important accounts from the competition with our northern pump.

最近有傳言說，市場份額的另一部分有所下降，其他一些成本則反映在加油站上。Baxter 將繼續成長 1%，而 Novum 每年可成長高達 2% 的市場份額，隨著我們不斷看到巨大的機遇，希望還能成長更多。Baxter公司憑藉其北方泵業，從競爭對手那裡爭取了一些非常重要的大客戶。

So I want to make sure that we are a really strong company competing in the marketplace and we're having some successes, as you can see by our guidance going into Q3 and Q4. And in Q4, just to close the loop on that, is depressed primarily by Kidney Care, going into negative growth territory for sales and the reduction into compounding sales.

所以我想確保我們是一家在市場上具有強大競爭力的公司，而且正如你從我們對第三季和第四季的業績預期中看到的那樣，我們已經取得了一些成功。最後，為了完整說明這一點，第四季主要受到腎臟護理業務的拖累，銷售額進入負成長區間，並且複合銷售額下降。

Fantastic. Thanks, guys, and congrats on the execution.

極好的。謝謝各位，恭喜你們成功執行。

Thank you.

謝謝。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Hey. Good morning, everyone. Thank you so much for taking the question. Congrats on a good quarter here. Joe, I wanted to ask a high-level question, and that was really you've been undertaking a sort of a restructuring over the last few quarters here. I'm just curious about, Joe, where you think you guys are? Have you completely turned the corner? This was obviously quite a good quarter, relatively speaking -- and even not relative, you know, on an absolute basis. So have you guys turned the corner? Where are there still more areas for improving execution that you see going forward? Or are we faster, more consistent improvement from here? I'll leave it at that. Thanks so much.

嘿。各位早安。非常感謝您回答這個問題。恭喜你們本季業績出色。喬，我想問一個比較宏觀的問題，那就是你最近幾季一直在進行某種重組。喬，我只是好奇，你覺得你們現在在哪裡？你已經徹底走出困境了嗎？顯然，從相對意義上講，這是一個相當不錯的季度——即使不從相對意義上講，從絕對意義上講也是如此。你們的情況好轉了嗎？您認為未來還有哪些面向需要改善執行？或者我們能否從現在開始取得更快、更穩定的進步？我就說到這兒吧。非常感謝。

Thank you, Danielle. Listen, one of the things I wanted to underscore has been Baxter's capability, bringing together a life-saving portfolio of products, and we have made significant progress in the last two years in our enterprise accounts and how Baxter connected products now are starting to show to our customers and how interested they are. So I feel that commercial execution, not by segment or division only, but as a company has been very successful as of late, and we are starting to see that coming around.

謝謝你，丹妮爾。聽著，我想強調的一點是百特的能力，它匯集了一系列拯救生命的產品，在過去的兩年裡，我們在企業客戶方面取得了顯著進展，百特互聯產品現在開始向我們的客戶展示，他們也對此非常感興趣。所以我覺得，最近公司整體的商業執行，不只是各個部門或分支機構，而是整個公司，都非常成功，我們開始看到這種成功正在發生。

Second thing is now moving down from the sales into the ISC. We have turned a corner. Our colleagues in supply chain in our presidents of -- the segments have worked very, very closely and have devised and I implemented and executed and executing really good plans in terms of cost optimization. And we can see that in our margins to start to turn the corner, and we have made great changes to accomplish that.

第二件事是從銷售部門往下轉移到ISC部門。我們已經渡過了難關。我們在供應鏈領域的同事，以及各部門的總裁們，都進行了非常密切的合作，制定了非常有效的成本優化計劃，並且正在實施和執行這些計劃。我們可以從利潤率中看出這一點，我們開始扭轉局面，並且為了實現這一目標，我們做出了巨大的改變。

Going down one level, SG&A is all about what Joel spoke about. It's our stranded costs associated with other efficiencies, primarily in G&A. This is where the recipe is for the next 12 to 24 months. Is to optimize the Baxter shared services organization even further. And there's great opportunity there as well as county and offset the stranded cost, so we can show progressively in the next year, two, three consistent improvement in operating income margins.

再往下看，SG&A 就是 Joel 所說的那些。這是與其他效率提升相關的擱淺成本，主要體現在一般及行政費用方面。這是未來 12 到 24 個月的配方。旨在進一步優化百特共享服務組織。而且，那裡也蘊藏著巨大的機遇，可以彌補擱淺成本，因此我們可以在未來兩三年內逐步提高營業利潤率。

Thank you..

謝謝..

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Hey. Thanks so much and congrats on a really strong quarter here. Wanted to just touch on a couple of things that I don't know were (technical difficulty) call. One was just where you are in terms of the pricing sort of resets that you talked about a fair amount. And then also just any sense that you can get from the sort of patient support side of the business or call it the capital equipment side of the business that maybe speaks to overall demand in the market that you're seeing around investment, in infrastructure and capacity as that's come up a few times in this earning cycle. And again, congrats and thanks so much for taking the questions.

嘿。非常感謝，也恭喜你們本季業績非常出色。想簡單提一下我不太清楚的一些事情（技術難題）呼叫。其中一個問題是，正如你多次提到的，價格重置方面的情況如何。此外，從病患支援業務方面，或資本設備業務方面，你也能感受到一些與市場整體需求相關的跡象，例如投資、基礎設施和產能的需求，因為在這個獲利週期中，這個問題已經出現過幾次了。再次恭喜你，也非常感謝你回答這些問題。

Thank you. As we have previously disclosed, we have negotiated two very large GPO agreements and conversations now have moved to the IDN level. As expected, customers are being thoughtful and thorough while evaluating the options. We believe now with the Novum launch in our ability to provide product, our supply chain resilience, by the way is second to none. We have proven that over the years and that resonates with our customers tremendously.

謝謝。正如我們之前披露的那樣，我們已經談判了兩項非常大的 GPO 協議，現在對話已經轉移到 IDN 層級。正如預期的那樣，顧客在評估各種選擇時都非常認真和周全。我們相信，隨著 Novum 的推出，我們現在有能力提供產品，而且我們的供應鏈韌性也是首屈一指的。多年來我們已經證明了這一點，而且這一點也引起了客戶的極大共鳴。

The association of that and the ability to have a large volume parenteral pump as well as a syringe pump on a Novum platform on the market makes a huge difference. So I feel optimistic that we're going to close those negotiations in the next four months and be able to move along on 2025 with these things behind us.

諾瓦姆平台能夠同時提供大容量腸外輸液泵和注射泵，這與市場上其他同類產品有著巨大的關聯。因此，我樂觀地認為，我們將在未來四個月內完成這些談判，並能夠克服這些困難，朝著 2025 年的目標邁進。

And by the way, pricing has been a contributor to Baxter in Q2 2024, was about 100 basis points and expect to be roughly 100 basis points for the full year.

順便一提，定價因素對百特公司2024年第二季的業績產生了一定影響，約為100個基點，預計全年也將維持在100個基點左右。

Yeah. And then, I'll just take there from a capital perspective. You'd asked about investments in capacity and then other types of things. I mean, I think the novel thing about this, obviously, is as we contemplate our world of post separation, this certainly is an opportunity to really evaluate the [ROI of our] overall network.

是的。然後，我將從資本的角度來探討這個問題。你問過產能投資以及其他類型的投資問題。我的意思是，我認為這件事的新穎之處在於，當我們思考分離後的世界時，這無疑是一個真正評估我們整個網路投資報酬率的機會。

Yeah, there's a lot of things that are intertwined while kidney is part of our company. And the ability to actually really reevaluate that once again, the separation that happen, is really going to be a key driver of how we think about our network, how we think about manufacturing, how we think about our distribution network, et cetera.

是的，腎臟是我們公司業務的一部分，它涉及很多方面，彼此交織在一起。而能夠再次真正重新評估這種分離，將成為我們如何思考我們的網絡、我們如何思考製造、我們如何思考我們的分銷網絡等等的關鍵驅動因素。

So again, as we think about our capital spend moving forward -- and again, with the ability to allocate capital, if you will, in a way that's really focused on building out both companies too. So our both companies can really focus their capital on their highest priorities. Again, that's really how we're going to think about the way we evaluate our star capital investments and our infrastructure report.

所以，當我們考慮未來的資本支出時——並且再次強調，我們有能力分配資本，以一種真正專注於發展兩家公司的方式進行。這樣一來，我們兩家公司就能真正將資金集中投入最重要的事情。再次強調，這正是我們評估明星資本投資和基礎建設報告的方式。

Rick Wise, Stifel.

Rick Wise，Stifel。

Good morning to you both. Joe, I was just hoping you could expand on your Novum comment. Where are we in the rollout? Is this -- you talked about the positives about a high customer interest and the healthy backlog or funnel of orders. Does adoption this growth accelerate in the second half and into '25? Is that the right way to think about it? And are you seeing more orders than you were expecting last quarter or sort of in line?

兩位早安。喬，我只是希望你能詳細解釋一下你對 Novum 的評論。目前的推廣進度如何？這是——你談到了客戶興趣高漲和訂單積壓或訂單管道暢通等積極因素。這種成長勢頭在下半年和 2025 年是否會加速？這是正確的思考方式嗎？上季您的訂單量是否超出預期，還是基本上符合預期？

Rick, Good morning. We found, as a matter of fact, we have sales of Novum in the second quarter, which we did not expect to have. We're a little faster in having the product ready for the market. What we've seen is great interest. It plays well for our ability to compete. As you know, in fact it's a great product. But does not have a syringe pump. And having a syringe pump makes a huge difference. So we're very happy with the momentum we're getting with Novum.

里克，早安。事實上，我們發現第二季 Novum 的銷售額超出了我們的預期。我們的產品上市速度稍微快一些。我們看到的是大家對此表現出極大的興趣。這有利於提升我們的競爭力。如您所知，這實際上是一款很棒的產品。但它沒有註射泵。擁有註射幫浦會帶來巨大的改變。我們對Novum目前的發展動能非常滿意。

We'd be showing that to very large hospital systems and small as well. Our team is very hard to work. And we feel confident in the technology. So we have the ability to take market share. I think that is an important thing. You know, this is about providing our patients and our customers, the best technology on the market, not a reengineered technology from many, many years.

我們會向大型醫院系統以及小型醫院系統展示這一點。我們的團隊工作非常努力。我們對這項技術充滿信心。因此我們有能力搶佔市場份額。我認為這很重要。你知道，我們的目標是為我們的患者和客戶提供市場上最好的技術，而不是對很多年前的技術進行重新設計。

Got you. And Joel, maybe just one for you. You obviously, you and Joe, highlighted multiple times in multiple ways frontline care and your optimism that things improve from here. And I was hoping you could just dig in a little deeper on the turnaround. So will patient care and government, is that potentially going to get better? Maybe talk about that transition to cardiology and acute. I think those are two areas you mentioned. What do you need to do to get there and how soon can it have a positive impact? Thank you. Both.

抓到你了。喬爾，或許就給你一杯。很顯然，你和喬多次以多種方式強調了前線護理的重要性，以及你們對情況會從此好轉的樂觀態度。我希望你能更深入地探討這個轉機問題。那麼，病患照護和政府狀況是否有可能改善？或許可以談談向心臟病學和急診醫學過渡的話題。我想你提到的就是這兩個面向。你需要做些什麼才能達到這個目標？多久才能產生正面影響？謝謝。兩個都。

You're welcome. So, Rick, let me break up a little bit of a breakdown of FLC for our frontline care to all listening to the call. Primary care is one segment, one division of that business. We have other divisions such as cardiology and monitor, those are going very well. We have no issues in the acute care space. So let's focus on specific, the patient, the primary care physician office.

不客氣。里克，讓我為所有收聽電話會議的聽眾們簡單介紹一下我們一線護理人員的 FLC 情況。初級保健是該業務的一個組成部分，一個部門。我們還有其他部門，例如心臟科和監護科，這些部門運作得都非常好。我們在急診護理領域沒有任何問題。所以讓我們具體來說，關注患者和初級保健醫生的診間。

We believe this market has two dimensions. One is the amount of backlog we had in 2023 that we're able to catch up and ship and sell and fulfill orders that were outstanding. The second one is the slowdown in churn that we've seen due to several of these large primary care outfits exiting the market and moving. The demand is still there. Primary care demand is still there. We're number one shareholder gaining slight share with 80 plus percent of market share already.

我們認為這個市場有兩個維度。一是我們 2023 年積壓的訂單數量，我們能夠趕上進度，出貨、銷售並完成未完成的訂單。第二個原因是，由於幾家大型初級保健機構退出市場並搬遷，我們看到了人員流動速度的放緩。需求依然存在。初級醫療服務需求仍然存在。我們是第一大股東，市佔率略有成長，目前已佔80%以上。

So we see that coming back because the demand is not going anywhere, demand is high. So is the churn due to the changes on the market as well as what we saw last year while catching up with a backlog. The government orders is a completely different thing altogether. So eventually, the government will need to buy the products that are needed for the government. And when that happens, we'll see the orders come in.

所以我們看到這種情況正在好轉，因為需求並沒有減少，需求仍然很高。因此，人員流動是由於市場變化以及我們去年在處理積壓訂單時所看到的情況造成的。政府命令則完全是另一回事。所以最終，政府還是需要購買政府所需的商品。到那時，我們就會看到訂單紛至沓來。

We are a very large supplier of the government, and I feel comfortable that those problems that we've seen in '24 with the decline in primary care, this year, we'll turn the corner in 2025. The business has solid 14 good technology.

我們是政府的大型供應商，我相信，我們在 2024 年看到的初級保健下降問題，將在 2025 年解決。該公司擁有14項可靠的技術。

On the other side of frontline care, we have technology will be launched in early '20 -- in mid 2025 to competing to monitoring. And we are very happy with new launches that will happen in the metric net search monitoring products that we have coming out in mid 2025. So technology launches will fuel FLC in 2025 as well as the comp of between '24 and '25, a re-emerging of the primary care and probably resuming orders within the government.

在第一線護理的另一端，我們將在 2020 年初推出技術，到 2025 年中期與監測技術競爭。我們非常高興地宣布，我們將在 2025 年中推出新的指標網路搜尋監控產品。因此，技術發布將推動 2025 年 FLC 的發展，以及 2024 年至 2025 年之間的成長，初級保健的重新出現，並可能恢復政府內部的訂單。

That's a great overview. Thanks, Joe.

這是一篇很棒的概述。謝謝，喬。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Hey. Good morning, guys. Nice quarter and thanks for fitting me in here. Looking at the infusion pumps, wouldn't you think the market is growing sort of, you know, in 2024? And are you guys sort of picking up or losing share this year? And with all the RFPs out for '25 and beyond, do you guys see yourselves as market share gainers or sort of market share containers? And then on the strong pricing gains for infusion that you talked about, as you think about pricing in 2025, should we see an acceleration of this pricing for next year?

嘿。各位早安。這間公寓很不錯，謝謝你們安排我住在這裡。從輸液幫浦的角度來看，你不覺得市場會在 2024 年有所成長嗎？你們今年的市佔率是上升了還是下降了？鑑於 2025 年及以後的所有 RFP 都已發出，你們認為自己是市場份額的增長者，還是市場份額的容器？關於您提到的輸液價格的強勁增長，當您考慮 2025 年的定價時，我們是否應該看到明年價格加速上漲？

Peter, can you repeat the last part of your question on the price increase?

Peter，你能再重複一下你關於物價上漲問題的最後一部分嗎？

Yeah. So like you talked about the 100 basis points of pricing sort of this core and that continued in the back half of the year. Shouldn't that be accelerating in 2025 as you think about the GPO contracts?

是的。就像你剛才提到的，這核心價格有 100 個基點，而且這種情況在下半年仍在繼續。考慮到 GPO 合同，到 2025 年，這種情況不應該加速發展嗎？

Yeah. So, this Joe, let me take that. I think the way I would think about that is we talked about some pricing of the 100 basis points this year as part of the gain that was again, mostly outside the US across our portfolio. We feel that it's about that same pricing bump from next year as we think about as we move into the GPO contracts that come through, and again, that's primarily US pricing.

是的。好了，這位喬，讓我來接手吧。我認為，我們今年討論過 100 個基點的定價，這是收益的一部分，而這些收益主要來自美國以外的投資組合。我們認為，隨著我們進入 GPO 合約階段，明年價格上漲幅度應該與此相同，而且這主要是指美國的價格。

So I think that's [way to look at that]. I don't know I'd call accelerating, that is sure but I would call it consistent with what our expectations for this year heading into next year.

所以我認為這[看待這個問題的方式]。我不知道該如何稱之為加速，但可以肯定的是，我認為這與我們對今年及明年的預期是一致的。

And Pito, answering the question on the infusion pump. First of all, we are market share gainers and have been for a long time, just about 100 basis points a year. This will accelerate and is accelerating with Novum. And we're going to see Q3, Q4 and into 2025. So we find that we have great interest in our pump. I think there is a natural churn of the market in terms of number of pumps that need to be replaced. And our objective is to be -- in every competitive account with our new technology.

還有皮托，他回答了關於輸液幫浦的問題。首先，我們一直是市場佔有率的成長者，而且這種情況已經持續了很長時間，每年大約成長 100 個基點。隨著 Novum 的推出，這種情況將會加速，而且正在加速發展。我們將看到第三季、第四季以及2025年的情況。所以我們發現，我們對這款幫浦非常感興趣。我認為，就需要更換的水泵數量而言，市場存在著自然的更替。我們的目標是憑藉我們的新技術，在每個競爭客戶中都佔有一席之地。

And then a quick follow-up to David's question. You're not asking 2024 (technical difficulty) but in the gregs in the year with revenues growing under sort of 1% with compounding slowing due to competitors is lapping. How should we model revenue growth compounding in the fourth quarter? And then look, what are the headwinds and tailwinds that we should be thinking about for 2025 revenues?

然後，我快速地回答大衛的問題。你問的不是 2024 年（技術上困難），而是 GRGS 中收入成長低於 1% 且由於競爭對手的追趕而放緩的年份。我們該如何模擬第四季營收的複合成長？那麼，我們應該考慮哪些不利因素和有利因素會影響 2025 年的收入呢？

Can you just repeat that? I'm sorry, your phone was going in and out during that question. I apologize. Do you mind repeating that one more time, please?

你能再說一次嗎？抱歉，您提問時手機斷斷續續的。我道歉。請您再重複一次好嗎？

So, apologies. A follow-up to David's question just about the fourth quarter revenues. The erection, you're growing less than 1% with compounding becoming a headwind in the fourth quarter. So I guess question number one is, how should we model a compound growth in the fourth quarter? And number two, with the compounding slowing, how should we think about headwinds and tailwinds for 2025 revenue growth?

所以，抱歉。這是對大衛提出的第四季度營收問題的後續提問。勃起功能障礙，你的成長率不到 1%，在第四季複利成長成為不利因素。所以我想第一個問題是，我們該如何模擬第四季的複合成長？第二，隨著複合成長放緩，我們該如何看待 2025 年營收成長的不利因素和有利因素？

Yeah. I mean, I think, look, I think the main thing here is really we're going to continue to see again improvement in HFT. So that's what I'm going to start with. In other words, we have seen that over the course of this year, as that HST businesses continue to accelerate, and we think probably as strong as the rate for that business at a level that will continue to accelerate into 2025.

是的。我的意思是，我認為，你看，我認為最重要的是，我們將繼續看到高頻交易領域的進步。所以，我就從這裡開始。換句話說，我們已經看到，在今年，HST業務持續加速成長，我們認為其成長可能會與該業務的成長一樣強勁，而這種成長勢頭將持續到2025年。

I think as we talked about from a pharma perspective, again, compounding is going to be a portion of that that's going to drag it. And I don't know that we've specifically guided the actual compounding business, but that is something that is going to be a continued. It's slow. As Joe talked about for various customer reasons that that's happened. From an MPT perspective, again, we continue to believe we've got some really solid momentum going into 2025, certainly coming out of 2024.

我認為正如我們從製藥角度討論的那樣，複配藥物將是拖累整個過程的因素之一。我不知道我們是否已經具體指導了複利業務，但這將會是持續發展的方向。很慢。正如喬所說，由於各種客戶原因，這種情況已經發生了。從 MPT 的角度來看，我們仍然相信，我們在進入 2025 年時，尤其是在 2024 年之後，將會擁有非常強勁的發展勢頭。

And then obviously, so just to kind of summarize all that, I think the [quality] is a bit of a squeeze enhanced from the -- we talked about the kidney and the compounding. The reality of it is that we have of a 4% to 5% growth ex kidney that we're heading into. We're exiting the year with and heading into next year. So that momentum is really strong, I guess, ex kidney, and that's the part that we feel really excited about as we head into 2025.

然後很明顯，總而言之，我認為[品質]有點受到擠壓，增強了——我們談到了腎臟和複合。現實情況是，我們即將迎來 4% 到 5% 的成長（不包括腎臟移植）。我們即將告別過去的一年，邁向新的一年。所以，這種勢頭非常強勁，我想，腎臟移植手術除外，這也是我們展望 2025 年時感到非常興奮的部分。

Petto. Just reinforcing and underscoring. Our exit rate is 4% to 5%. We feel comfortable with that. That's our back [stakes] into 2025. And we tend to think that our business, any innovation can drive even further going into '26 and '27.

佩托。只是重申和強調一下。我們的退出率為 4% 至 5%。我們對此感到滿意。這就是我們重返 2025 年的決心。我們傾向於認為，我們的業務，任何創新，都能在 2026 年和 2027 年取得更大的發展。

Great. Thanks so much.

偉大的。非常感謝。

Ladies and gentlemen, this concludes today's conference call with Baxter International. Thank you for participating.

女士們、先生們，今天與百特國際的電話會議到此結束。感謝您的參與。