百特醫療 (BAX) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International's third-quarter 2024 earnings conference call. (Operator Instructions)

早安，女士們先生們，歡迎參加百特國際 2024 年第三季財報電話會議。（操作員說明）

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.

提醒一下，此通話由 Baxter 錄音，並且是受版權保護的資料。未經百特許可，不得錄製或轉播。如果您有任何異議，請此時斷開連接。

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 now begin.

我現在想把電話轉給百特國際公司高級副總裁兼首席投資者關係官克萊爾·特拉赫特曼女士。Trachtman女士，您現在可以開始了。

Good morning, and welcome to our third quarter 2024 earnings conference call. Joining me today are Jose 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 third quarter 2024 results along with our financial outlook for the fourth quarter and full year 2024.

早上好，歡迎參加我們的 2024 年第三季財報電話會議。今天與我一起出席的還有百特董事長兼執行長何塞‧阿爾梅達 (Jose Almeida)；以及百特執行副總裁兼財務長 Joel Grade。在今天早上的電話會議上，我們將討論百特 2024 年第三季的業績以及我們對第四季和 2024 年全年的財務前景。

With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the fourth quarter, full year 2024 and 2025 and the status and anticipated timing and impact of our ongoing strategic actions, including the pending Kidney Care sales and cost savings initiatives. Regulatory matters and the macroeconomic environment on our results of operations contains forward-looking statements that involve risks and uncertainties.

首先，我要提醒大家，本次演講包括對我們第四季度、2024 年和2025 年全年財務前景的評論，以及我們正在進行的戰略行動（包括懸而未決的腎臟行動）的狀況、預期時間和影響。監管事項和宏觀經濟環境對我們經營績效的影響包含前瞻性陳述，涉及風險和不確定性。

And of course, our actual results could differ materially from our current expectations. Please refer to today's press release and our SEC filings for more detail concerning factors that could cause actual results to differ materially.

當然，我們的實際結果可能與我們目前的預期有重大差異。請參閱今天的新聞稿和我們向 SEC 提交的文件，以了解有關可能導致實際結果出現重大差異的因素的更多詳細資訊。

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 certain 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，將使用非公認會計準則財務指標來幫助投資者了解百特持續的業務表現。今天討論的某些非公認會計準則財務指標與可比較的公認會計準則財務指標的調節表包含在隨附的投資者演示文稿中，也可以在我們今天早上發布的收益報告中找到，這兩個報告都可以在我們的網站上找到。

Please note, following the announcement of Baxter's pending sale of our Kidney Care business to Carlyle, the Kidney Care business met the conditions to be reported as a discontinued operation. Accordingly, the Kidney Care business is now reported in discontinued operations, and the company's prior period results have been adjusted to reflect the discontinued operations presentation. Restated historical results reflecting the Kidney Care segment as a discontinued operation for the prior six quarters can be found on Baxter's website in the Investor Relations section.

請注意，在百特宣布將我們的腎臟護理業務出售給凱雷之後，腎臟護理業務滿足了報告為已終止業務的條件。因此，腎臟護理業務現已在終止經營業務中報告，並且公司前期業績已進行調整以反映終止經營業務的列報。重述的歷史業績反映了腎臟護理業務在前六個季度已停止運營，可以在百特網站的投資者關係部分找到。

Discontinued operations for 2023 also includes Baxter's former BioPharma Solutions or BPS business, which was divested at the end of the third quarter of 2023. Current and prior year periods now reflect the continuing operations of Baxter's Medical Products & Therapies, Healthcare Systems & Technologies and Pharmaceuticals segments.

2023 年終止的業務還包括百特的前生物製藥解決方案或 BPS 業務，該業務於 2023 年第三季末剝離。目前和去年同期反映了百特醫療產品和療法、醫療保健系統和技術以及製藥部門的持續運作。

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

現在我想把電話轉給喬。喬？

Thank you, Clare, and good morning, everyone. We appreciate you taking the time to join us today. I will start with a brief update on the hurricane recovery progress at our North Cove, North Carolina facility followed by some comments regarding our third quarter performance. Joel will provide a closer look at our third quarter results and our outlook for the remainder of the year.

謝謝你，克萊爾，大家早安。我們感謝您今天抽出時間加入我們。我將首先簡要介紹我們北卡羅來納州北灣工廠的颶風恢復進展情況，然後對我們第三季的業績發表一些評論。喬爾將仔細研究我們第三季的業績以及今年剩餘時間的前景。

We will also share some preliminary thoughts regarding our financial outlook following the completion of the pending sale of the Kidney Care business. Then, as always, we'll take your questions.

我們也將分享一些有關腎臟護理業務出售出售完成後的財務前景的初步想法。然後，我們將一如既往地回答您的問題。

As you know, Hurricane Helene caused unprecedented devastation in Western North Carolina in the closing days of September. This region is home to Baxter's North Cove manufacturing facility, the largest plant in our global network and a critical source of IV and peritoneal dialysis for the US market.

如您所知，颶風海倫在九月最後​​幾天給北卡羅來納州西部造成了前所未有的破壞。該地區是百特北灣製造工廠的所在地，該工廠是我們全球網路中最大的工廠，也是美國市場靜脈注射和腹膜透析的重要來源。

I want to first recognize the amazing tireless work of our North Cove team, who have helped to rapidly advance the ongoing site recovery efforts while also navigating this storm's personal toll. Our heart goes out to the entire community, and we are so proud of what our colleagues across the Baxter network are accomplishing daily to help return this site to normal operations.

我首先要感謝我們北灣團隊所做的令人驚嘆的不懈工作，他們幫助快速推進了正在進行的現場恢復工作，同時也應對了這場風暴造成的個人損失。我們的心與整個社區同在，我們為百特網路的同事每天為幫助該站點恢復正常運作而取得的成就感到非常自豪。

In just six weeks, the North Cove team has devoted more than 1 million hours collectively to restoring operations. This dedication was evidenced last week as our highest throughput IV solutions line in North Cove was able to restart production.

在短短六週內，North Cove 團隊總共投入了超過 100 萬小時來恢復營運。上週，我們位於北灣的最高吞吐量 IV 解決方案生產線得以重新啟動生產，證明了我們的奉獻精神。

We also expect to restart a second IV solutions manufacturing line in the coming week. Together, these two lines represent at their peak operation of approximately 50% of the site's total production. These milestones were achieved ahead of our original expectations.

我們也預計在下週重啟第二條 IV 解決方案生產線。這兩條生產線在高峰期的營運量合計約佔該工廠總產量的 50%。這些里程碑的實現超出了我們最初的預期。

However, I want to emphasize that in coordination with the FDA, the earliest that new North Cove product could start to ship is in late November, and more hard work remains as we return the plant to full production. Throughout this effort, our focus has remained squarely on our customers and their patients and our employees.

不過，我想強調的是，在 FDA 的協調下，新的 North Cove 產品最早可以在 11 月下旬開始發貨，當我們讓工廠恢復全面生產時，還有更多艱苦的工作要做。在整個努力過程中，我們的重點仍然是我們的客戶及其患者和我們的員工。

And to this end, we have not spared any resource to ensure the needs of these key stakeholders are prioritized. Parallel to our North Cove recovery efforts, we have activated nine sites across our global manufacturing network to help increase available US inventory to serve our patients and customers, and we work to bring North Cove fully back online.

為此，我們不遺餘力地確保優先考慮這些關鍵利害關係人的需求。在 North Cove 恢復工作的同時，我們也啟動了全球製造網路中的 9 個工廠，以幫助增加可用的美國庫存，為我們的患者和客戶提供服務，並且我們致力於使 North Cove 完全恢復生產。

As we have shared previously, we anticipate restarting North Cove production in phases by the end of the year. And our current expectation is that all lines in North Cove will have resumed production before the end of this year.

正如我們之前所分享的，我們預計在今年年底前分階段重新啟動 North Cove 的生產。我們目前的預期是，North Cove 的所有生產線將在今年年底前恢復生產。

Throughout this journey, our North Cove and global teams have demonstrated an unwavering commitment to Baxter's life-sustaining mission. I also want to express our gratitude to ASPR, FDA and the State of North Carolina and HHS, among other federal, state and local entities for their steadfast support. And we deeply appreciate the patience and partnership of our customers as recovery efforts continue. We will continue to provide updates through baxter.com on planned recovery, supply continuity and how Baxter is making a difference for its employees and the community.

在整個旅程中，我們的北灣和全球團隊展現了對百特維持生命使命的堅定承諾。我還要對 ASPR、FDA、北卡羅來納州和 HHS 以及其他聯邦、州和地方實體的堅定支持表示感謝。在恢復工作持續進行的過程中，我們深深感謝客戶的耐心與合作。我們將繼續透過 baxter.com 提供有關計劃恢復、供應連續性以及百特如何為其員工和社區帶來改變的最新資訊。

Now turning to our third quarter performance. Given the pending sale of our Kidney Care business, current and prior period results for this business are now reported as discontinued operations. As Clare mentioned, restated historic results can be found on Baxter's website.

現在轉向我們第三季的業績。鑑於我們的腎臟護理業務待出售​​，該業務的當期和前期業績現已報告為終止業務。正如克萊爾所提到的，重述的歷史結果可以在百特的網站上找到。

For today's discussion, we will be focusing our commentary on total company performance in the third quarter, which includes the impact of Kidney Care in both the current and prior periods but excludes the impact of BioPharma Solutions business, which moved to discontinued operations in the third quarter of 2023. On that basis, total company's third quarter 2024 sales grew 4% on both a reported and constant currency basis, in line with our prior guidance.

在今天的討論中，我們將重點評論第三季度的公司整體業績，其中包括腎臟護理在本期和前期的影響，但不包括生物製藥解決方案業務的影響，該業務在第三季度轉為停產業務。在此基礎上，該公司 2024 年第三季的總銷售額按報告和固定匯率計算增長了 4%，與我們先前的指導一致。

All of our Baxter segments increased year-over-year on both a reported and constant currency basis. As always, we benefit from our focus on essential health care needs, combined with the diversity and durability of our portfolio.

我們所有的百特業務部門在報告和固定貨幣基礎上均較去年同期成長。一如既往，我們受益於對基本醫療保健需求的關注，以及我們產品組合的多樣性和持久性。

In Q3, strength in our Medical Products & Therapies and Kidney Care segments helped offset softness in the Healthcare Systems & Technologies and Pharmaceuticals segments. On the bottom line, total company adjusted earnings per share across continuing and discontinued operations totaled $0.80, ahead of our guidance range of $0.77 to $0.79 per share. Performance was fueled by top line strength, continued improvements in integrated supply chain efficiency and disciplined management of operating expenses.

第三季度，我們的醫療產品和療法以及腎臟護理領域的實力幫助抵消了醫療保健系統和技術以及製藥領域的疲軟。總而言之，公司持續經營業務和終止經營業務的調整後每股收益總計為 0.80 美元，高於我們每股 0.77 美元至 0.79 美元的指導範圍。績效的推動因素包括營收實力、綜合供應鏈效率的持續改善以及營運費用的嚴格管理。

Taking a closer look by segment, I will begin with the businesses that will comprise the new Baxter following the pending Kidney Care sale. Medical Products & Therapies led all segments with 7% growth at both reported and constant currency rates, fueled by positive demand across the portfolio.

我將按照細分市場進行仔細研究，首先討論即將進行的腎臟護理銷售後將構成新百特的業務。在整個投資組合的積極需求的推動下，醫療產品和治療以報告匯率和固定匯率計算均成長 7%，引領所有細分市場。

I particularly want to highlight the strong uptake of our Novum IQ platform in the US, including our large volume pump, the syringe pump, both between Dose IQ Safety Software. The new platform is well recognized across the market. It's advancing pump connectivity intelligence infusion therapy, and we foresee sustained positive momentum, both through existing customer upgrades and competitive conversions. Performance in this segment also benefited from strength globally in our Advanced Surgery division.

我特別想強調我們的 Novum IQ 平台在美國的強勁應用，包括我們的大容量泵、注射泵，兩者都在 Dose IQ 安全軟體之間。新平台得到了市場的廣泛認可。它正在推進泵連接智慧輸液治療，我們預計透過現有客戶升級和競爭轉換，將保持持續的積極勢頭。該細分市場的業績也得益於我們高級外科部門在全球的實力。

Our Healthcare Systems & Technologies or HST segment grew 1% on both reported and constant currency rates. Growth was driven by strong US performance in the Care & Connectivity Solutions [division], particularly for our patient support systems products, which increased low double digits in the quarter.

我們的醫療保健系統和技術或 HST 部門按報告匯率和固定匯率計算均成長了 1%。成長是由美國護理和連接解決方案部門的強勁業績推動的，特別是我們的患者支援系統產品，該產品在本季度實現了低兩位數的成長。

This growth was partially offset by a decline in US online care sales, largely reflecting the ongoing dynamics impacting US primary care market, which we have discussed previously, plus a difficult comparison to the prior year period, which reflected that benefit from backlog reduction efforts. Softness internationally in Care & Connectivity Solutions also muted overall HST growth as lower sales in China and France impact performance in the quarter.

這一增長被美國在線護理銷售的下降部分抵消，這在很大程度上反映了我們之前討論過的影響美國初級護理市場的持續動態，以及與上年同期的艱難比較，這反映了減少積壓工作帶來的好處。由於中國和法國銷售額的下降影響了本季的業績，護理和連接解決方案領域的國際疲軟也抑制了整體 HST 的成長。

We fully recognize the need to drive continued improvement in the growth profile for both the Front Line Care division and HST as a whole. Our current expectation is that the US primary care market begins to stabilize over the coming years.

我們充分認識到需要推動前線護理部門和整個 HST 的成長狀況持續改善。我們目前的預期是美國初級保健市場在未來幾年開始穩定。

In addition, we are keenly focused on enhancing performance through innovation and launched new products to augment growth in both FLC and the broader HST segment. We have several new products scheduled to launch in 2025 and beyond that we believe will contribute to improved performance for this segment over time.

此外，我們熱衷於透過創新來提高業績，並推出新產品，以促進 FLC 和更廣泛的 HST 領域的成長。我們計劃在 2025 年及之後推出幾款新產品，我們相信隨著時間的推移，這些產品將有助於提高該細分市場的表現。

Sales in our Pharmaceuticals segment increased 1% on both the reported and constant currency basis. Double-digit growth in Drug Compounding was partially offset by a high single-digit decline in our Injectables & Anesthesia division.

我們的藥品部門的銷售額按報告和固定匯率計算均成長了 1%。藥物複合業務的兩位數成長被我們的注射劑和麻醉部門的個位數大幅下降所部分抵消。

Sales of Injectables & Anesthesia were impacted by phasing of selected sales into the fourth quarter, combined with supply constraints impacting international sales. While performance in the quarter was disappointing, we believe the weakness is temporary, and we have already observed a course correction to start the fourth quarter.

注射劑和麻醉劑的銷售受到第四季度部分銷售階段的影響，加上供應限制影響了國際銷售。儘管本季的表現令人失望，但我們認為這種疲軟是暫時的，我們已經觀察到第四季開始的路線調整。

At the same time, the injectable sales force continues to enhance its new product launch capabilities and remain focused on successfully driving the commercial launch of several new injectables in 2024 and beyond.

同時，注射劑銷售團隊繼續增強新產品上市能力，並繼續專注於在 2024 年及以後成功推動多種新註射劑的商業上市。

Now shifting to our Kidney Care segment, which will be known as Vantive following its separation from Baxter. This segment grew 4% on a reported basis and 5% at constant currency, driven by both demand and pricing for acute therapies and [impaired to] new dialysis products. These results reflect positive momentum as the segment prepares to operate as a separate entity.

現在轉向我們的腎臟護理部門，該部門從百特分離後將被稱為 Vantive。在急性療法和新透析產品的需求和定價的推動下，該細分市場按報告基礎增長 4%，按固定匯率計算增長 5%。這些結果反映了該部門準備作為獨立實體運作的積極勢頭。

Progress on the pending sale to Carlyle continues with the process well underway. We continue to expect the sale to close in late 2024 or early 2025 subject to receipt of regulatory approvals and other customary conditions.

向凱雷出售的待辦事項仍在繼續，進展順利。我們仍然預計，在獲得監管部門批准並滿足其他慣例條件的情況下，此次出售將於 2024 年底或 2025 年初完成。

As you know, this sale represents a key milestone across the three-pillar strategic transformation we announced in January 2023. These steps also included the realignment of our operating model and the divestiture of our non-core BioPharma Solutions contract manufacturing business, both of which were executed over the course of last year. Taken together, these three transformational actions have been uniformly focused on enhancing value for all stakeholders and are powering our ongoing transformation.

如您所知，此次出售是我們於 2023 年 1 月宣布的三大支柱策略轉型的一個重要里程碑。這些步驟還包括調整我們的營運模式以及剝離我們的非核心生物製藥解決方案合約製造業務，這兩項措施都是在去年執行的。總而言之，這三項轉型行動一致致力於提高所有利害關係人的價值，並為我們正在進行的轉型提供動力。

In addition, we remain committed to crisp execution of several initiatives across the enterprise focused on enhancing the efficiency of our operations, heightening the productivity of research and development and offsetting the impact from stranded costs that result from the pending sale of Kidney Care.

此外，我們仍然致力於在整個企業範圍內迅速執行多項舉措，重點是提高我們的營運效率，提高研發生產力，並抵消腎臟護理待售產品造成的擱淺成本的影響。

Post the separation of Kidney Care, we continue to expect our business can deliver 4% to 5% top line growth and achieve an adjusted operating margin of 16.5% in 2025 with annual operating margin expansion thereafter. I'm excited about what we have accomplished to date, while also recognizing there's still more to do. Our progress, as always, is due entirely to the hard work and commitment of our Baxter colleagues globally.

腎臟護理分拆後，我們繼續預期我們的業務能夠實現 4% 至 5% 的營收成長，並在 2025 年實現 16.5% 的調整後營業利潤率，此後每年營業利潤率都會擴大。我對我們迄今為止所取得的成就感到興奮，同時也意識到還有更多工作要做。我們的進步一如既往，完全歸功於百特全球同事的辛勤工作和奉獻。

Whether these efforts involve restoring our North Cove facility, powering our ongoing transformation or delivering on our goals in countless other ways, our colleagues are motivated by unparalleled dedication to advancing Baxter's mission to save and sustain lives. I salute this extraordinary team today and every day.

無論這些努力涉及恢復我們的北灣設施、推動我們正在進行的轉型，還是以無數其他方式實現我們的目標，我們的同事都以無與倫比的奉獻精神推動百特拯救和維持生命的使命。我今天和每一天都向這支非凡的團隊致敬。

Now I will pass it to Joel, who will provide more detail on our third quarter, our outlook for the balance of the year and our trajectory following the pending Kidney Care divestiture. Joel?

現在我將其傳遞給喬爾，他將提供有關我們第三季度的更多詳細資訊、我們對今年剩餘時間的展望以及我們在即將進行的腎臟護理剝離後的發展軌跡。喬爾？

Thanks, Joe, and good morning, everyone. Before I begin, I would like to reiterate Joe's remarks regarding the presentation of our financial results for the third quarter.

謝謝喬，大家早安。在開始之前，我想重申喬關於第三季財務業績介紹的言論。

Beginning this quarter, the Kidney Care business is now reported as discontinued operations. The company's prior period results have been adjusted to reflect the discontinued operations presentation, and historical restated schedules are available on our website. For comparability purposes, -- previously issued guidance, commentary surrounding our third quarter performance will be provided on both a total company and continuing operations basis.

從本季開始，腎臟護理業務據報告已停止運作。該公司前期業績已進行調整，以反映已終止經營業務的情況，歷史重述時間表可在我們的網站上找到。出於可比性目的，先前發布的有關我們第三季業績的指導和評論將在公司整體和持續營運的基礎上提供。

Now turning to some specific comments regarding the quarter. As Joe mentioned, in general, we're pleased with our third quarter results, which came in line with our expectations on the top line and compared favorably to our previously issued guidance on the bottom line.

現在轉向有關本季的一些具體評論。正如喬所提到的，總的來說，我們對第三季的業績感到滿意，這符合我們對營收的預期，並且與我們之前發布的淨利潤指引相比更加有利。

Excluding the effect of BPS sales in the prior year period, third quarter 2024 global total company sales of $3.85 billion increased 4% on both a reported and constant currency basis. Performance in the quarter reflected better-than-expected sales in infusion therapies, chronic therapies, Drug Compounding and US patient support systems, which more than offset softness in Injectables & Anesthesia and HST.

排除上年同期 BPS 銷售額的影響，2024 年第三季全球公司總銷售額為 38.5 億美元，按報告和固定匯率計算均成長 4%。本季的業績反映出輸液療法、慢性療法、藥物複合和美國患者支持系統的銷售優於預期，遠遠抵消了注射和麻醉以及 HST 的疲軟。

Sales from continuing operations has increased 4% on both a constant currency and reported basis with all segments contributing to growth. On the bottom line, total company adjusted earnings, including continuing operations and discontinued operations, raised sales per share ahead of our prior guidance of $0.77 to $0.79 per share.

以固定匯率計算和報告的基礎上，持續經營業務的銷售額成長了 4%，所有部門都對成長做出了貢獻。總而言之，公司調整後的總收入（包括持續經營業務和終止經營業務）提高了每股銷售額，高於我們先前每股 0.77 美元至 0.79 美元的指引。

Earnings growth in the quarter was driven by operational performance and lower interest expense as compared to the prior year period. Adjusted earnings from continuing operations, which excludes Kidney Care, and EPS for both periods totaled $0.49 per share and increased 14% compared to the prior year.

本季的獲利成長是由營運績效和與去年同期相比較低的利息支出所推動的。兩個時期的持續經營業務調整後收益（不包括腎臟護理）和 EPS 總計為每股 0.49 美元，比上一年增長 14%。

Now I'll walk through our results by reported segments. Commentary regarding sales growth reflects growth at constant currency rates. Sales in our Medical Products & Therapies or MPT segment were $1.3 billion, increasing 7% and coming in ahead of expectations.

現在我將按報告的部分介紹我們的結果。有關銷售成長的評論反映了以固定匯率計算的成長。我們的醫療產品和療法或 MPT 部門的銷售額為 13 億美元，成長 7%，超出預期。

Within MPT, third quarter sales from our infusion therapies and technologies division totaled $1.1 billion and increased 7%. Sales in the quarter benefited from significant growth for our US infusion systems portfolio as the rollout of our Novum IQ pump platform continues to build momentum with orders coming in from both new and existing customers.

在 MPT 內，輸液治療和技術部門第三季的銷售額總計 11 億美元，成長 7%。本季的銷售額受益於我們的美國輸液系統產品組合的顯著成長，因為我們的 Novum IQ 幫浦平台的推出持續增強勢頭，來自新客戶和現有客戶的訂單不斷增加。

The US infusion systems sales in the quarter also benefited from strong customer demand for our spectrum pump. IV solutions internationally continued to deliver solid performance driven by favorable pricing and underlying volume demand.

本季美國輸液系統的銷售也受惠於客戶對我們頻譜幫浦的強勁需求。在有利的定價和潛在銷售需求的推動下，IV 解決方案在國際上繼續提供穩健的業績。

Mid-single-digit growth in nutrition globally also contributed to ICT performance in the quarter. Sales in Advanced Surgery totaled $272 million and grew 7% globally. Results in the quarter reflect demand for our portfolio of hemostats and sealants as well as favorable prices.

全球營養領域中個位數的成長也為本季的 ICT 績效做出了貢獻。高級手術銷售額總計 2.72 億美元，全球成長 7%。本季度的業績反映了對我們的止血劑和密封劑產品組合的需求以及優惠的價格。

Strong sales and operational performance in MPT resulted in adjusted operating margin of 20% for the quarter, which represented an improvement of 50 basis points year-over-year and 200 basis points sequentially.

MPT 強勁的銷售和營運業績導致本季調整後營運利潤率為 20%，年增 50 個基點，較上季提高 200 個基點。

For our Healthcare Systems & Technologies or HST segment, sales in the quarter were $752 million and increased 1%. Within the HST segment, sales of our Care & Connectivity Solutions or CCS division were $456 million, growing 3%.

對於我們的醫療保健系統和技術或 HST 部門，本季銷售額為 7.52 億美元，成長 1%。在 HST 細分市場中，我們的護理與連接解決方案或 CCS 部門的銷售額為 4.56 億美元，成長了 3%。

Performance in the quarter was driven by continued strength in our US Patient Support Systems or PSS business, which delivered double-digit growth. Orders for US PSS capital increased mid-teens in the quarter driven by existing accounts and competitive [ways]. Performance was partially offset by a weaker sales outside the US driven by softness in China due to ongoing government policy initiatives and the delay in the release of stimulus funding.

本季的業績得益於我們美國患者支援系統或 PSS 業務的持續強勁，該業務實現了兩位數的成長。在現有帳戶和競爭的推動下，本季美國 PSS 資本的訂單增加了 15%左右[方式]。由於持續的政府政策舉措和刺激資金發放的延遲，中國市場疲軟，導緻美國以外地區的銷售疲軟，部分抵消了業績。

In addition, sales in Western Europe declined on a year-over-year basis due to certain market exits and weaker demand due to delayed government funding. While year-to-date, we have seen strong order growth for our care, communications and connectivity business, sales performance has been impacted by the timing of installations as many of our hospital customers are delaying installs to future periods.

此外，由於某些市場退出以及政府融資延遲導致需求疲軟，西歐銷售額較去年同期下降。雖然今年迄今為止，我們的護理、通訊和連接業務的訂單增長強勁，但銷售業績受到安裝時間的影響，因為我們的許多醫院客戶將安裝推遲到未來的時期。

Our backlog is strong, and we have a very low cancellation rate for this business. And as such, we see many of these installs phasing into 2025.

我們的積壓量很大，而且這項業務的取消率非常低。因此，我們看到許多此類安裝將逐步進入 2025 年。

Finally, sales for our Global Surgical Solutions or GSS business declined as compared to the prior year period due to ongoing supply constraints, which the company continues to quickly work to remediate and expects to be largely resolved by the end of the year.

最後，由於持續的供應限制，我們的全球手術解決方案或 GSS 業務的銷售額與上年同期相比有所下降，該公司將繼續迅速採取補救措施，預計到年底將基本解決。

Front Line Care sales in the quarter were $296 million and declined 2%. Growth in the quarter continue to be impacted by a difficult comparison in the prior year as backlog reductions positively contributed to growth in the prior year period.

該季度 Front Line Care 銷售額為 2.96 億美元，下降 2%。本季的成長繼續受到去年同期的困難比較的影響，因為積壓訂單的減少對去年同期的成長做出了積極貢獻。

Performance in the quarter was also impacted by ongoing softness to the primary care market. We have been in close contact with our distributor partners, who have also acknowledged the challenging market dynamics in US primary care market. Our current assumption is that the market begins to stabilize over the course of 2025.

本季的業績也受到初級保健市場持續疲軟的影響。我們一直與我們的經銷商合作夥伴保持密切聯繫，他們也承認美國初級保健市場充滿挑戰的市場動態。我們目前的假設是市場在 2025 年開始穩定。

Notably, HST recognized significant expansion in operating margins during the quarter driven by improved operational efficiency. HST third quarter adjusted operating margins of 18.1% increased 260 basis points year-over-year and 210 basis points sequentially.

值得注意的是，HST 意識到，由於營運效率提高，本季營運利潤率大幅成長。HST 第三季調整後營業利益率為 18.1%，較去年同期成長 260 個基點，較上季成長 210 個基點。

Moving on to Pharmaceuticals. Sales in this segment were $588 million, increasing 1%. Sales within Injectables & Anesthesia declined high single digits. Performance in the quarter reflected a mid-single-digit decline in our injectables portfolio driven by a difficult comparison to the prior year period, which benefited from a competitor being out of the market.

轉向製藥業。該細分市場的銷售額為 5.88 億美元，成長 1%。注射劑和麻醉產品的銷售額出現高個位數下降。本季的業績反映了我們的注射劑產品組合出現中個位數下降，這是由於與去年同期的困難比較所致，這得益於競爭對手退出市場。

In addition, sales in the quarter were impacted by some orders shifting to the fourth quarter and the delay in anticipated new product launch. Supply constraints outside of the United States also impacted performance in the quarter.

此外，本季的銷售也受到部分訂單轉移到第四季以及預期新產品發布延遲的影響。美國以外的供應限制也影響了本季的業績。

Lower sales in anesthesia continue to [wait] our performance and declined mid-teens in the quarter. As Joe mentioned, we have seen sales rebound in this business to start the fourth quarter. In addition, the injectable team continues to enhance its new product launch playbook, given the volume of new products the team is targeting to launch over the coming months and years.

麻醉銷售額的下降繼續[等待]我們的業績，並在本季度下降了十幾歲。正如喬所提到的，我們看到該業務的銷售從第四季度開始反彈。此外，鑑於團隊計劃在未來幾個月和幾年內推出大量新產品，注射團隊將繼續增強其新產品發布策略。

Within Drug Compounding, strong demand for services continued in the quarter, resulting in double-digit growth. Given lower sales in Injectables & Anesthesia in the quarter, Pharmaceuticals margins declined both year-over-year and sequentially.

在藥物複合領域，本季對服務的強勁需求持續存在，實現了兩位數的成長。鑑於本季注射劑和麻醉劑銷售額下降，製藥利潤率年比和季比均下降。

Pharmaceuticals adjusted operating margins were 9.9% for the quarter. The Pharmaceuticals team is keenly focused on expanding margins through improved mix with injectables growth accelerating, taking action stabilizing the anesthesia business, driving cost improvements in the compounding business and executing on margin improvement initiatives and integrated supply chain.

製藥業本季調整後營業利益率為 9.9%。製藥團隊熱衷於透過改善組合和加速注射劑成長來擴大利潤，採取行動穩定麻醉業務，推動複合業務的成本改善，並執行利潤改善計劃和整合供應鏈。

Sales in the quarter for our Kidney Care segment totaled $1.2 billion, increasing 5%. Within Kidney Care, global sales for chronic therapies were $952 million, increasing 5%. Strong P&E growth in the quarter was partially offset by the expected negative impact from certain product and market exits in our in-center HD business.

我們的腎臟護理部門本季的銷售額總計 12 億美元，成長 5%。在腎臟護理領域，慢性療法的全球銷售額為 9.52 億美元，成長 5%。本季的強勁本季度成長被中心高清業務中某些產品和市場退出的預期負面影響部分抵消。

Sales in our Acute Therapies business were $203 million, representing growth of 9% driven by strong demand in the United States. Other sales, which represent sales not allocated to a segment and primarily includes sales of products and services provided directly through certain of our manufacturing facilities were $17 million and increased 12% during the quarter.

我們的急性治療業務銷售額為 2.03 億美元，在美國強勁需求的推動下成長了 9%。其他銷售額（代表未分配給某個部門的銷售額，主要包括透過我們的某些製造設施直接提供的產品和服務的銷售額）為 1,700 萬美元，本季成長了 12%。

Before moving on to the rest of the P&L results, I wanted to make some comments regarding our continuing operations results. Given the reporting change to move Kidney Care business results to discontinued operations, corporate costs that had previously been allocated in the Kidney Care segment and will not convey with the Kidney Care business and the pending sale are now reported in unallocated corporate costs.

在繼續討論其餘損益表結果之前，我想對我們的持續經營績效發表一些評論。鑑於將腎臟護理業務業績轉移至已終止經營業務的報告變化，先前分配在腎臟護理業務部門且不會隨腎臟護理業務和待售銷售一起轉移的企業成本現在在未分配的企業成本中報告。

These stranded costs may impact Vantive's results in the quarter and prior periods but are expected to be mostly offset in 2025 through income to be received from Vantive on the transition service agreements or TSAs as well as cost-containment initiatives the company is in process of undertaking. As we previously stated, we currently expect to fully offset the impact of these stranded costs and loss of -- income by the end of 2027.

這些擱淺成本可能會影響 Vantive 本季和前期的業績，但預計將在 2025 年透過 Vantive 從過渡服務協議或 TSA 獲得的收入以及公司正在進行的成本控制舉措大部分抵消。正如我們之前所說，我們目前預計到 2027 年底將完全抵銷這些擱淺成本和收入損失的影響。

Third quarter total company adjusted gross margin, including discontinued operations from Kidney Care, was 42.5% and represented an increase of 80 basis points over the prior year. The year-over-year expansion in gross margin primarily reflects the continued efficiencies within our integrated supply chain network as well as pricing initiatives in select markets. Overall, product mix partially offset margin expansion in the quarter.

第三季公司調整後總毛利率（包括已終止的腎臟護理業務）為 42.5%，比上年增長 80 個基點。毛利率的年增率主要反映了我們整合供應鏈網路的持續效率以及特定市場的定價措施。整體而言，產品組合部分抵銷了本季利潤率的擴張。

Adjusted gross margin from continuing operations totaled 43.7% and declined 110 basis points versus the prior year period driven by a mix in the quarter and the impact of the contract manufacturing agreement we entered into following the sale of BPS.

持續經營業務的調整後毛利率總計 43.7%，較上年同期下降 110 個基點，原因是本季度的混合因素以及我們在出售 BPS 後簽訂的合約製造協議的影響。

Adjusted SG&A, including discontinued operations from Kidney Care, totaled $871 million or 22.6% as a percentage of sales, an increase of 50 basis points from the prior year period as we continue to make select investments to support our growth objectives and new product launches.

調整後的銷售及管理費用（包括腎臟護理業務的終止業務）總計8.71 億美元，佔銷售額的22.6%，比上年同期增加50 個基點，因為我們繼續進行精選投資以支持我們的成長目標和新產品推出。

Adjusted SG&A has from continued operations totaled $665 million or 24.6% as a percentage of sales, an increase of 20 basis points versus the prior year. This increase is partially offset in another P&L line item referred to as other operating income and expense, which reflects income of the company has received from TSAs entered into following the BPS sales.

持續營運帶來的調整後銷售、一般管理費用總計 6.65 億美元，佔銷售額的 24.6%，比前一年增加了 20 個基點。這一增長被稱為其他營業收入和支出的另一個損益項目部分抵消，該項目反映了公司從 BPS 銷售後簽訂的 TSA 中獲得的收入。

Total adjusted R&D spending in the quarter, including discontinued operations for Kidney Care, totaled $169 million and represented 4.4% 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.

本季調整後的研發支出總額（包括已終止的腎臟護理業務）總計1.69 億美元，佔銷售額的4.4%，與去年同期相比增加了10 個基點，反映了我們在推進新產品方面的持續投資產品組合併為我們各個細分市場的患者帶來創新。

Adjusted R&D from continued operations totaled $129 million or 4.8% as a percentage of sales and decreased 20 basis points versus prior year. These factors resulted in an adjusted operating margin of 15.6%, inclusive of discontinued operations, an increase of 40 basis points versus the prior year driven by the factors above as well as a favorable impact from foreign exchange.

持續營運調整後的研發總額為 1.29 億美元，佔銷售額的 4.8%，較上年下降 20 個基點。這些因素導致調整後營業利潤率為 15.6%（包括已終止經營業務），在上述因素以及外匯的有利影響的推動下，較上年增加了 40 個基點。

Adjusted operating margin from continuing operations totaled 14.5% as a reflection of approximate $55 million headwind for stranded costs, which negatively impacted operating margin by 240 basis points in the quarter. 2024 year-to-date continuing operations adjusted operating margins reflect approximately $200 million or 250 basis points of negative impact on stranded costs.

持續經營業務調整後的營業利潤率為 14.5%，反映出約 5,500 萬美元的擱淺成本逆風，這對本季的營業利潤率產生了 240 個基點的負面影響。 2024 年至今持續經營業務調整後營業利潤率反映了對擱淺成本約 2 億美元或 250 個基點的負面影響。

Net interest expense totaled $88 million in the quarter, a decrease of $40 million versus the prior year period driven by debt repayments completed with the proceeds from our BPS divestiture.

本季淨利息支出總計 8,800 萬美元，比去年同期減少 4,000 萬美元，原因是我們用 BPS 剝離所得款項完成了債務償還。

Adjusted other nonoperating income totaled $9 million in the quarter compared to income of $7 million in the prior year period. Adjusted other nonoperating income from continuing operations totaled $1 million in the quarter compared to income of $12 million in the prior year.

本季調整後的其他非營業收入總計 900 萬美元，而去年同期營收為 700 萬美元。本季來自持續經營業務的調整後其他非營業收入總計 100 萬美元，而前一年的收入為 1,200 萬美元。

The total company adjusted tax rate for the quarter, including discontinued operations from Kidney Care, was, decreasing 100 basis points as compared to the prior year and came in slightly lower than expectations. The year-over-year decrease is primarily driven by changes in earnings base and incremental R&D tax credit benefits in the US versus the prior year.

本季公司調整後的總稅率（包括腎臟護理業務中止的業務）比前一年下降了 100 個基點，略低於預期。年比下降的主要原因是美國與前一年相比獲利基礎的變化和增量研發稅收抵免福利。

And as previously mentioned, total adjusted earnings were $0.80 per share for the quarter and increased 18% versus the prior year primarily driven by improved commercial performance and a reduction in interest expense.

如前所述，本季調整後總收益為每股 0.80 美元，比上年同期增長 18%，主要是由於商業業績改善和利息費用減少。

Adjusted earnings from continuing operations totaled $0.49 per share, increasing 14% versus the prior period and reflected an $0.11 per share headwind related to stranded costs. Year-to-date adjusted earnings from continuing operations totaled $1.31 per share, increasing 25% versus the prior period and reflecting an approximate $0.30 per share headwind related to stranded costs.

持續經營業務調整後每股收益總計 0​​.49 美元，較上一期成長 14%，反映出與擱淺成本相關的每股 0.11 美元的不利因素。年初至今，持續經營業務調整後收益總計為每股 1.31 美元，較上一期增長 25%，反映出與擱淺成本相關的每股約 0.30 美元的阻力。

Let me conclude my remarks by discussing our outlook for the fourth quarter and full year 2024, including some key assumptions underpinning the guidance. First, given the unprecedented impact of Hurricane Helene on the company's North Cove operations and related production, we have adjusted our full year 2024 financial outlook to reflect the estimated impact of the hurricane on our fourth quarter results.

最後，我想討論我們對第四季和 2024 年全年的展望，包括支撐指引的一些關鍵假設。首先，鑑於颶風海倫對公司北灣業務和相關生產造成了前所未有的影響，我們調整了 2024 年全年財務展望，以反映颶風對我們第四季業績的估計影響。

We expect the effects from the hurricane to negatively impact total company fourth quarter sales by approximately $200 million, including an estimated $40 million to $50 million impact on Kidney Care sales and approximately $150 million to $160 million impact on MPT sales.

我們預計颶風的影響將對公司第四季總銷售額產生約2 億美元的負面影響，其中包括對腎臟護理銷售額的估計4,000 萬至5,000 萬美元的影響以及對MPT 銷售額的約1.5 億至1.6 億美元的影響。

Total company adjusted earnings per share, including discontinued operations, are expected to be negatively impacted by $0.15 to $0.20 per share. In addition, all guidance provided on a total company basis includes the impact of Kidney Care discontinued operations and excludes the impact of BPS discontinued operations.

該公司調整後每股收益（包括終止經營業務）預計將受到每股 0.15 美元至 0.20 美元的負面影響。此外，在整個公司基礎上提供的所有指導均包括 Kidney Care 已終止業務的影響，但不包括 BPS 已終止業務的影響。

Based on these factors, for full year 2024, Baxter now expects total sales growth of 1% to 2% as reported and approximately 2% on a constant currency basis, reflecting a 100-plus basis point negative top line impact from Hurricane Helene. On a continuing operations basis, Baxter expects sales growth of approximately 2% on both reported and constant currency basis, inclusive of an approximately 150 basis points negative impact from Hurricane Helene.

基於這些因素，百特目前預計 2024 年全年總銷售額將成長 1% 至 2%，以固定匯率計算約為 2%，反映出颶風海倫對營收造成 100 多個基點的負面影響。在持續經營的基礎上，百特預計按報告匯率和固定匯率計算的銷售額將增長約 2%，其中包括颶風海倫帶來的約 150 個基點的負面影響。

Constant currency sales guidance for the full year by reportable segments is as follows. For MPT, we now expect sales to increase 2% to 3%, reflecting a 300-plus basis point negative impact from Hurricane Helene. Shares of our HST segment are now expected to decline low single digits, reflecting year-to-date results and the continued slow market recovery in US primary care.

以可報告分部劃分的全年以固定匯率計算的銷售指引如下。對於 MPT，我們現在預計銷售額將成長 2% 至 3%，反映出颶風海倫帶來的 300 多個基點的負面影響。我們的 HST 部門的股價目前預計將下跌低個位數，反映了今年迄今的業績以及美國初級保健市場持續緩慢的復甦。

We continue to expect Pharmaceuticals to increase approximately 10%, which reflects the phasing of some Injectables & Anesthesia sales in the fourth quarter and better expected sales in Drug Compounding.

我們繼續預期藥品業務將成長約 10%，這反映了第四季度部分注射劑和麻醉劑銷售的分階段以及藥物複合銷售的更好預期。

For Kidney Care, we now expect sales growth of approximately 2%, inclusive of an approximate 100 basis points headwind from Hurricane Helene. This compares favorably to prior guidance and reflects the underlying momentum of this business.

對於腎臟護理，我們現在預計銷售額將成長約 2%，其中包括颶風海倫帶來的約 100 個基點的逆風。這與先前的指導相比是有利的，反映了該業務的潛在勢頭。

Now turning to our outlook for other P&L line items. We continue to expect full year adjusted operating margin to increase by more than 50 basis points in 2024, inclusive of an approximate 50 basis points headwind to full year adjusted operating margin from Hurricane Helene.

現在轉向我們對其他損益項目的展望。我們仍預期 2024 年全年調整後營業利潤率將增加 50 個基點以上，其中包括颶風海倫對全年調整後營業利潤率帶來約 50 個基點的逆風。

On a continuing operations basis, Baxter expects adjusted operating margins to decline 90 basis points to 100 basis points. The headwind from stranded costs is expected to impact full year 2024 adjusted operating margin by approximately 250 basis points.

在持續經營的基礎上，百特預計調整後的營業利潤率將下降 90 個基點至 100 個基點。擱淺成本帶來的不利影響預計將影響 2024 年全年調整後營業利潤率約 250 個基點。

Full year 2023 adjusted operating margins of 14.7% reflected approximately 300 basis points negative impact from stranded costs. We expect our nonoperating expenses, which include net interest expense and other income and expense, to total approximately $320 million in aggregate during 2024 or approximately $300 million on a continuing operations basis.

2023 年全年調整後營業利益率為 14.7%，反映了擱淺成本約 300 個基點的負面影響。我們預計 2024 年我們的非營運支出（包括淨利息支出以及其他收入和支出）總計約為 3.2 億美元，或在持續營運的基礎上約為 3 億美元。

We now anticipate a total company full year adjusted tax rate of approximately 22%. On a continuing operations basis, we anticipate a full year tax rate of approximately 18.5%. We expect our diluted share count to average 511 million shares for the year.

我們現在預計公司全年調整後稅率約為 22%。在持續經營的基礎上，我們預計全年稅率約為 18.5%。我們預計今年攤薄後的股票數量平均為 5.11 億股。

Based on all these factors, we now anticipate full year total company adjusted earnings, excluding special items and inclusive of discontinued operations, of $2.90 to $2.94 per diluted share. This guidance reflects the $0.15 to $0.20 per share headwind from Hurricane Helene.

基於所有這些因素，我們現在預計全年公司調整後總收益（不包括特殊項目並包括已終止業務）稀釋後每股收益為 2.90 美元至 2.94 美元。該指引反映了颶風海倫帶來的每股 0.15 美元至 0.20 美元的阻力。

Additionally, given that the Kidney Care business met the criteria to be classified as a discontinued operation in the quarter, US GAAP guidance requires the company to cease the reporting of certain depreciation and amortization on Kidney Care assets. This accounting change makes a full year benefit of approximately $0.10 per share, which will be reflected in adjusted discontinued operations.

此外，鑑於腎臟護理業務符合本季被歸類為已終止業務的標準，美國公認會計準則指引要求該公司停止報告腎臟護理資產的某些折舊和攤提。這項會計變更使全年收益約為每股 0.10 美元，這將反映在調整後的終止經營業務中。

On a continuing operations basis, we expect full year adjusted earnings per share before special items of $1.81 to $1.84 per share, reflecting the negative impact from Hurricane Helene and an approximate $0.42 per share headwind from stranded costs. 2023 full year continuing operations adjusted earnings per share of $1.70 reflect and approximately $0.48 per share headwind from stranded costs.

在持續經營的基礎上，我們預計全年調整後不計特殊項目的每股收益為 1.81 美元至 1.84 美元，反映了颶風海倫的負面影響以及擱淺成本帶來的每股約 0.42 美元的阻力。 2023 年全年持續經營業務調整後每股收益為 1.70 美元，反映出擱淺成本帶來的每股約 0.48 美元的阻力。

Specific to the fourth quarter of 2024, we expect total company and continuing operation sales to decline low single digits on both reported and constant currency basis. This guidance is inclusive of a 500 basis points negative headwind from Hurricane Helene.

具體到 2024 年第四季度，我們預計公司總銷售額和持續經營銷售額將按報告和固定匯率計算下降個位數。該指引包含颶風海倫帶來的 500 個基點的負面影響。

We expect total company adjusted earnings, excluding special items and inclusive of discontinued operations of $0.77 to $0.81 per diluted share. This outlook reflects a headwind of $0.15 to $0.20 per share related to the hurricane and an approximately $0.08 per share depreciation benefit.

我們預計公司調整後每股收益（不包括特殊項目並包括終止經營業務）稀釋後每股收益為 0.77 美元至 0.81 美元。這一前景反映了與颶風相關的每股 0.15 美元至 0.20 美元的阻力以及每股約 0.08 美元的折舊收益。

On a continuing operations basis, we expect adjusted earnings per share before special items of $0.50 to $0.53 per share, reflecting the negative impact from Hurricane Helene and an approximately $0.12 per share headwind for stranded costs.

在持續經營的基礎上，我們預計不計特殊項目的調整後每股收益為 0.50 美元至 0.53 美元，反映了颶風海倫的負面影響以及每股約 0.12 美元的擱淺成本阻力。

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

至此，我們現在可以開始問答環節了。

(Operator Instructions)

（操作員說明）

Travis Steed, Bank of America Securities.

特拉維斯·斯蒂德，美國銀行證券公司。

Can you hear me okay?

你聽得到我說話嗎？

Yes.

是的。

Yes, we can, Travis.

是的，我們可以，崔維斯。

Great. I had two questions. I'll just go and ask them upfront. One, I wanted to ask on HST in the quarter, a little bit light versus the Street. So I wanted to make sure what you're seeing in that business versus expectations this quarter and the confidence that the primary care market is going to improve under '25.

偉大的。我有兩個問題。我就去提前問他們。第一，我想問本季的統一銷售稅（HST），與華爾街相比有點輕鬆。因此，我想確定您在本季看到的該業務與預期的情況，以及對初級保健市場將在 25 年後改善的信心。

And the second question I'll ask is on 2025. What do you assume for the hurricane impact on 2025? And how do you still get the confidence to literate with the guidance of 4 to 5 and 16.5% on the margin, given the hurricanes and what you're seeing in HST at the moment.

我要問的第二個問題是關於 2025 年的。您對 2025 年颶風的影響有何看法？考慮到颶風和您目前在 HST 中看到的情況，您如何在 4 到 5 和 16.5% 的指導下仍然有信心識字。

Thank you, Travis. Listen, let me start with US PSS. This was the biggest concern in the first quarter and throughout the year, a lot of questions. That business is -- has grown now low double digits. We actually converted some really key competitive accounts, we see as not stabilized but start to gain market share.

謝謝你，崔維斯。聽著，讓我從美國 PSS 開始。這是第一季和全年最大的擔憂，很多問題。該業務目前已實現低兩位數成長。我們實際上轉換了一些真正關鍵的競爭客戶，我們認為這些客戶尚未穩定，但開始獲得市場份額。

The team went through a lot of transformation. And I think it's getting to the point that it's really, really competitive. And the market share gain demonstrates our superiority in our product lines.

團隊經歷了許多轉變。我認為它已經到了非常非常有競爭力的地步。市場佔有率的成長證明了我們在產品線方面的優勢。

Second, when I think about the orders coming in for that, we have a very healthy pipeline of orders coming into that. So about 20% growth at the moment on the pipeline. And the operational issues in PSS are all resolved. We have made a transition between two plants, and we see that going well.

其次，當我想到為此收到的訂單時，我們有一個非常健康的訂單管道。目前正在醞釀約 20% 的成長。PSS中的操作問題全部解決了。我們已經在兩家工廠之間進行了轉型，並且進展順利。

Care communications, we see a very healthy 14% growth in orders. That business has suffered from some delays in installation that we've seen mainly because hospital volumes are healthy, and those are -- that hospitals need a break to take rooms down so we can install our equipment. But the orders are in the book, and the postponement of some of these installations will come into first quarter of next year and beyond.

就通訊而言，我們看到訂單成長了 14%，非常健康。這項業務在安裝方面受到了一些延誤，我們看到這主要是因為醫院的數量健康，而醫院需要休息一下以騰出房間，以便我們可以安裝我們的設備。但訂單已在書中，其中一些安裝將推遲到明年第一季及以後。

So let's focus on FLC because FLC is the part of your question in terms of we see the US primary care market weakness. That weakness and softness has been demonstrated by our distributors, which actually destocked some of our products throughout this year.

因此，讓我們專注於 FLC，因為 FLC 是您問題的一部分，因為我們看到美國初級保健市場的疲軟。我們的經銷商已經證明了這種弱點和疲軟，他們實際上在今年減少了我們的一些產品的庫存。

And -- but we see that starting to stabilize. And we see that normalize into 2025. So if I look outside the US as the third piece of this puzzle, China and France has shown weakness in their orders with capital being postponed. And so you know capital outside the US is much more prevalent for this business than in the US. And we also exit low-margin business, which also shows some comp issues.

而且——但我們看到這種情況開始穩定下來。我們看到這種情況到 2025 年就會正常化。因此，如果我把美國以外的地區視為這個難題的第三塊，中國和法國的訂單就顯示出疲軟，資本被推遲。所以你知道，美國以外的資本對這項業務來說比美國更普遍。我們也退出了低利潤業務，這也顯示了一些競爭問題。

Going in 2025, US PSS continued the momentum, good order levels. Surgical solutions is stabilizing from 2023 to '24 with significant growth in '23, showing some level of negative growth in '24 due to the very significant growth in '23. We go back into growth in '25.

展望2025年，美國PSS延續勢頭，訂單水準良好。手術解決方案從 2023 年到 24 年保持穩定，23 年顯著增長，由於 23 年增長非常顯著，24 年出現一定程度的負增長。我們在 25 年恢復成長。

FLC, easier comps. We have a significant amount of new products being launched. The supply constraints will be all but resolved, most of them resolved into the fourth quarter and stabilize into 2025.

FLC，更簡單的比較。我們正在推出大量新產品。供應限制將全部解決，其中大部分將在第四季度解決，並穩定到 2025 年。

So overall, we see the business fully recovering from most of the operational issues that we had and stabilization of the primary care market, which has been the biggest derailer for FLC in 2024.

因此，總體而言，我們看到業務已從我們遇到的大部分營運問題中完全恢復，初級保健市場也趨於穩定，這是 FLC 2024 年最大的脫軌因素。

Let me talk about start 2025, and Joel, take it from there. The way we see 2025, Helene is going to impact mostly Q4 of 2024. We see some impact in the first quarter of 2025. As we announced, all lines will be producing product by the end of this year.

讓我談談 2025 年開始，喬爾，從那裡開始。根據我們對 2025 年的看法，Helene 將主要影響 2024 年第四季。我們預計 2025 年第一季會產生一些影響。正如我們所宣布的，所有生產線都將在今年年底前投入生產。

We give priority to the highest demand and the one most critically medically needed on the market. So our 1 liter bags coming out of the plant, which is almost 50% of its production, will be fully operational going into 2025 and the other lines to follow.

我們優先考慮市場上最高需求和最急需的醫療需求。因此，我們從該工廠生產的 1 公升袋子（幾乎佔其產量的 50%）將在 2025 年全面投入運營，其他生產線也將緊隨其後。

So we see this first quarter a slight impact because of that. But then I turn into a significant improvement that we made in pumps, not only we are growing above the competitors who recently announced, but we are actually seeing significant competitive conversions, which have helped us that, hence, you see the growth of our business in the third quarter of 7%.

因此，我們認為第一季會受到輕微影響。但後來我發現我們在泵方面取得了重大改進，不僅我們的成長超過了最近宣布的競爭對手，而且我們實際上看到了顯著的競爭轉變，這對我們有幫助，因此，您可以看到我們業務的成長第三季成長7%。

That is driven significantly by pumps and sets. So I will tell you that we see great growth of 50% in 2024 and to continue significant growth in 2025. So that gives us a really good view of how our business will offset some of the Helene impact in the first quarter. HST normalizing and pharma has a fluke quarter that we had really goes back to above mid-single-digit growth mostly with injectables being driven by new products job.

這是由泵浦和機組驅動的。因此，我會告訴您，我們預計 2024 年將實現 50% 的大幅成長，並將在 2025 年繼續大幅成長。因此，這讓我們很好地了解了我們的業務將如何抵消第一季海倫的一些影響。HST 正常化和製藥行業經歷了一個僥倖的季度，我們確實回到了中個位數增長以上，主要是因為新產品工作推動了注射劑的增長。

Yes. Thanks, Joe. And Travis, I'd add a couple of things here to this related to our confidence in 2025. Number one, we are certainly anticipating continued positive impact from pricing as we've talked about heading into the next year.

是的。謝謝，喬。 Travis，我想在此補充一些與我們對 2025 年的信心相關的事情。第一，正如我們所討論的進入明年一樣，我們當然預計定價將繼續產生積極影響。

And then certainly, in addition to what Joe just talked about, that doesn't change. We also continue to expect positive impact from ISC. They continued MIPs and again continue to drive efficiencies that we have from the growth that we're expecting next year again. So that's a second part of the positive.

當然，除了喬剛才談到的內容之外，這一點也不會改變。我們也繼續期待 ISC 的正面影響。他們繼續實施 MIP，並再次繼續提高我們預計明年的成長所帶來的效率。這是積極的第二部分。

Third is just what I'll call the benefit of expense leverage from the growth that we're anticipating having. I think, again, with the growth that we're anticipating in the businesses, we're certainly expecting leverage growth from that standpoint.

第三就是我所說的費用槓桿從我們預期的成長中帶來的好處。我再次認為，隨著我們預期業務的成長，從這個角度來看，我們當然預期槓桿率會成長。

And then finally, there is some headwind impact of the MSAs that we've called out before, but the work that we're doing in terms of cost attainment is to eliminate stranded costs, the TSA income that we're anticipating. And I guess I'd say in addition, there's some onetime issues this year that we had that were not expected to repeat next year.

最後，我們之前曾指出過，MSA 存在一些不利影響，但我們在成本實現方面所做的工作是消除擱淺成本，也就是我們預期的 TSA 收入。我想我還想說，今年我們遇到了一些一次性問題，預計明年不會再出現。

So all in all, the idea that we essentially reaffirming our confidence in the 4% to 5% from a top line perspective and the 16.5 from the bottom line.

總而言之，我們本質上重申了我們對頂線 4% 至 5% 和底線 16.5 的信心。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Great. Maybe to follow-up on Travis' question. I wanted to ask about the '25 guidance. It seems like there'll be a little bit of impact going into at least first quarter of next year. So I guess what gives you the confidence to be able to reiterate 16.5?

偉大的。也許是為了跟進崔維斯的問題。我想詢問 '25 指南。看來至少會在明年第一季產生一些影響。那我猜是什麼讓您有信心重申 16.5？

And do you view that as sort of a target you should be able to reach or in more like historical Baxter guidance philosophy, is that a margin that you should be able to exceed?

您是否認為作為您應該能夠達到的目標，或者更像是歷史上的百特指導理念，您是否應該能夠超越這個界限？

And then I'll just throw part two of the question in since it might be a longer answer. Maybe walk us through some of the initiatives you're taking to offset the stranded cost and over time the lost TSAs to be able to grow underlying operating margin expansion while offsetting some of the declining income from Vantive.

然後我將提出問題的第二部分，因為它可能是一個更長的答案。也許可以向我們介紹一下您正在採取的一些舉措，以抵消擱淺的成本以及隨著時間的推移失去的 TSA，以便能夠增加基本的營業利潤率擴張，同時抵消 Vantive 收入下降的一些影響。

Yes. Thanks, Robbie. It's Joel. I think a couple of things. First of all, I guess what I would say that 16.5 was set as what we believe was a good anchoring point for the organization in terms of how we see it, again, post separation, again, both from, as we've talked about here from a growth standpoint, from a margin standpoint, again, both on the gross margin and then obviously down all the way to the line.

是的。謝謝，羅比。是喬爾。我認為有幾件事。首先，我想我想說的是，我們認為 16.5 被設定為組織的一個很好的錨定點，就我們如何看待它而言，再次，在分離後，再次，正如我們所討論的那樣從增長的角度來看，從利潤的角度來看，同樣是毛利率，然後明顯一路下降。

I think the -- it also was, if you remember, almost a kind of a starting point for what we -- the continued margin expansion over the longer-term horizon. And so again, I just would reiterate the fact that, as Joe said, we are expecting some impact, but relatively minimal in the first quarter relative to Helene impact. And then all the things we talked about in terms of just reiterating pricing, I see MIP opportunities leverage our expenses, which we continue to anticipate gaining.

我認為，如果你還記得的話，這幾乎也是我們長期利潤率持續擴張的一個起點。再次，我想重申一個事實，正如喬所說，我們預計會產生一些影響，但相對於海倫的影響，第一季的影響相對較小。然後，我們在重申定價方面討論的所有事情，我認為 MIP 機會利用了我們的支出，我們繼續預期會獲得收益。

And so I think if you think about what -- how do we see our company post separation, that was the amount that we would anchor the company on for us to continue to build on over the next years to come.

所以我認為，如果你想一想，我們如何看待我們公司在分拆後的情況，這就是我們為公司在未來幾年繼續發展奠定的基礎。

I think the -- some of the actions we're taking, certainly, if you think about these things as the -- what we call the elimination of stranded costs, one of the things we've talked about is this idea that we have a very dense distribution center network in the United States today because of our Kidney business.

我認為——當然，我們正在採取的一些行動，如果你把這些事情看作是——我們所說的消除擱淺成本，我們討論過的事情之一就是我們的想法由於我們的腎臟業務，今天美國有一個非常密集的配送中心網路。

With the home deliveries of that business, we have a large number of distribution centers in the US, That ultimately will be something that we'll rationalize down significantly based on our new business. This improves not only our operational efficiency. It improves our inventory management.

透過該業務的送貨上門，我們在美國擁有大量的配送中心，最終我們將根據我們的新業務大幅精簡這些配送中心。這不僅提高了我們的營運效率。它改善了我們的庫存管理。

There's a whole set of things from that perspective. We've talked about essentially the size that we -- ensuring we are rightsized as an organization to support the size of the business going forward. And so as we plan for that, we'll certainly be taking those type of actions.

從這個角度來看，有一整套事情。我們基本上已經討論了我們的規模——確保我們作為一個組織的規模能夠支持未來業務的規模。因此，當我們為此制定計劃時，我們肯定會採取此類行動。

And then if you think about some of TSAs, obviously, we've talked about the fact that we're anticipating TSA income in particular in 2025 to offset some of those expenses. But obviously, we are anticipating that, that's not something that will last over a multiyear time period.

然後，如果您考慮一些 TSA，顯然，我們已經討論過這樣一個事實，即我們預計 TSA 收入（特別是 2025 年）將抵消其中一些費用。但顯然，我們預計這不會持續多年。

And so therefore, we're planning carefully on activities to ensure that as those start to fall off, we're ahead of the game and that we have the opportunity to eliminate the stranded costs, which, as we've said, we're planning to do by the end of 2027. So I'll pause there. Is there anything else?

因此，我們正在仔細規劃活動，以確保當這些成本開始下降時，我們處於領先地位，並且我們有機會消除擱淺成本，正如我們所說，我們「重新計劃在 2027 年底前完成。所以我就在這裡暫停一下。還有別的嗎？

No, that's it. I appreciate the insight.

不，就是這樣。我很欣賞這種洞察力。

Philip Chickering, Deutsche Bank.

菲利普‧奇克林，德意志銀行。

I guess two questions here. So the first one is like a few months ago, like IV solutions was viewed as a commodity product. In a few weeks, after the facility was shut down, hospitals and GPOs were in a full-fledged panic mode and asking for governments to nationalize companies to solve this problem.

我想這裡有兩個問題。所以第一個就像幾個月前一樣，IV 解決方案被視為商品。在該設施關閉後的幾週內，醫院和政府公共機構陷入了全面的恐慌，並要求政府將公司國有化來解決這個問題。

So huge congrats to your team for solving what could have been a nightmare for the country. As you look back at sort of at what happened, do you begin to spread out manufacturing among other facilities to reduce this risk in the future?

非常恭喜您的團隊解決了這個國家可能面臨的噩夢。當您回顧所發生的事情時，您是否開始將製造分散到其他設施以減少未來的這種風險？

And we're talking to customers that couldn't do surgeries due to bag of IV. Do you think that this is going to lead to a new recognition and increased pricing due to importance of IV bags within the health care system? Or is it more of a headwind as hospitals look to diversify their suppliers to multiple manufacturers?

我們正在與因靜脈注射袋而無法進行手術的客戶進行交談。您認為由於靜脈輸液袋在醫療保健系統中的重要性，這是否會導致新的認可並提高價格？或者，當醫院希望將供應商多元化到多個製造商時，這更像是一種逆風？

The recognition by Baxter has been a long coming. We recognize this is not a commodity. Commodities defined by something that is readily available and where the barriers to entry are very low. We have invested over $0.5 billion in that facility since 2016 to date with highly automated. And our recovery and the time that we are recovering is very fast compared to what some of the competitors would have experienced themselves.

巴克斯特的認可由來已久。我們認識到這不是商品。商品是指容易取得且進入障礙非常低的商品。自 2016 年以來，我們已在該設施上投資了超過 5 億美元，目前已實現高度自動化。與一些競爭對手自己經歷的情況相比，我們的恢復和恢復的時間非常快。

So they spoke on our behalf. We never did. We are much faster than they are in recovery. This shows that not only we have the ability to come back fast after a devastating event. We are producing product as we speak today, by the way, to have a worldwide network of plants that can actually bring products into this country, registered -- cross registered at lightning speed.

所以他們代表我們發言。我們從來沒有這樣做過。我們的恢復速度比他們快得多。這表明我們不僅有能力在災難性事件發生後快速恢復。順便說一句，正如我們今天所說，我們正在生產產品，擁有一個全球工廠網絡，實際上可以將產品帶入這個國家，並以閃電般的速度進行交叉註冊。

And that is the difference between us and our competitors. Our competitors have capacity constraints every place in Europe and other parts of the world. We are able to have capacity in other parts to bring together the plant in North Cove and augment the market even faster.

這就是我們和競爭對手之間的差別。我們的競爭對手在歐洲和世界其他地區的每個地方都受到產能限制。我們能夠在其他地區擁有產能，將北灣的工廠整合在一起，從而更快地擴大市場。

So we have -- of course, we have some lessons learned. We're going to get even better at this, but we have facilities in Spain, UK, Canada, Mexico, Brazil, Colombia, Australia, China, just to give you a few names -- a few places that allow Baxter to bring products back.

當然，我們也吸取了一些教訓。我們將在這方面做得更好，但我們在西班牙、英國、加拿大、墨西哥、巴西、哥倫比亞、澳洲、中國設有工廠，僅舉幾個名字——這些地方允許百特帶來產品後退。

Our people have done a wonderful job, and Baxter is an example why this product is not a commodity. I don't want to get into pricing. What I want to tell you is that what we have invested and how we do things is what made us come back so fast. It is -- and having products being produced as we speak out of that plant.

我們的員工做得非常出色，百特就是為什麼該產品不是商品的例子。我不想談論定價。我想告訴大家的是，正是我們的投資和做事方式讓我們能夠如此迅速地回歸。正如我們所說，該工廠正在生產產品。

Okay. Great. And then a follow-up question on 2025. Fourth quarter sales are impacted by the $200 million split between Kidney and Medical Products & Therapies. Because distributors are provider to the drawdown on inventories to supply patients and North Cove is offline, as you think about the first quarter of '25, shouldn't we get back the bulk of the $150 million to $160 million back from IV as you restock the inventory channel?

好的。偉大的。然後是關於 2025 年的後續問題。第四季的銷售額受到腎臟產品和醫療產品與療法之間 2 億美元的分成的影響。因為分銷商是減少庫存以供應患者的供應商，而North Cove 處於離線狀態，正如您想到25 年第一季一樣，我們難道不應該在補貨時從IV 收回1.5 億至1.6 億美元的大部分資金嗎？

Just looking at the revenue guidance for next year, it's implying revenue growth of less than $500 million. And I'm wondering why that $150 million, $160 million sort of loss in the fourth quarter didn't sort of recover next year so that revenue growth may be sort of conservative.

光是看明年的營收指引，就代表營收成長不到 5 億美元。我想知道為什麼第四季 1.5 億美元、1.6 億美元的損失明年沒有恢復，因此收入成長可能有點保守。

Yes. If you think about something similar that happened to us in the past with Maria. So I think there is -- we have not factored that in the calculus yet because we need to get certainty that all lines are producing at pre-Helene volumes.

是的。如果你想想過去我們和瑪麗亞發生過類似的事情。所以我認為，我們還沒有在計算中考慮到這一點，因為我們需要確定所有生產線的產量都是海倫之前的產量。

But of course, you're going to have -- you have a destocked situation, not only in Baxter's inventory, but also in the market. And I fully expect us to be producing 24/7 for many months, trying to restock the market and trying to get things back at the level they were before and furthermore, also offer some alternatives for people to restock things that they need that they have not stocked in the past.

但當然，你將會遇到庫存減少的情況，不僅是百特的庫存，而且是市場。我完全希望我們能夠連續幾個月 24/7 生產，努力補充市場庫存，努力讓商品恢復到之前的水平，此外，還為人們提供一些替代方案來補充他們需要的東西過去沒有庫存。

So I think I see potential upside on that area, but we need to get our lines all fully up to speed, and then we go from there. But I find that as an opportunity that we have not explored yet.

所以我認為我看到了該領域的潛在優勢，但我們需要讓我們的生產線完全加快速度，然後我們就從那裡開始。但我發現這是一個我們尚未探索的機會。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Joe, maybe off of those comments you just made, right? What is the right framework for fiscal '25 guidance? Is the 4% to 5% organic growth coming off of a lower base? And if I understood you correctly, you're not assuming the $150 million of the IV fluid shortage impact to come back next year, right?.

喬，也許是因為你剛剛發表的評論，對吧？25 財年指導的正確架構是什麼？4% 到 5% 的有機成長是否來自較低的基數？如果我沒理解錯的話，您不會假設 1.5 億美元的靜脈輸液短缺影響會在明年再次出現，對吧？

Are those lost revenues? Or should they come back to Baxter? I'm just trying to see what is the conservatism being baked into this guidance.

這些是收入損失嗎？或者他們應該回到巴克斯特身邊？我只是想看看這個指導方針包含了什麼保守主義。

Yes. Vijay, I guess what I would say is that, I mean, so -- and as Joe talked about, again, the revenue ramp again in the year, there's going to be some potential impact that we've talked about here in the first quarter. But again, we're certainly comfortable holding our guidance of the 4% to 5%.

是的。Vijay, I guess what I would say is that, I mean, so -- and as Joe talked about, again, the revenue ramp again in the year, there's going to be some potential impact that we've talked about here in the first四分之一.但同樣，我們當然願意維持 4% 至 5% 的指導。

So I will add, Vijay, what are the builders for this of 4% to 5%, okay. So first is in the very beginning of the quarter, of course, we have an impact of the [plant] coming up to speed. But as I said in the previous question to Peter was specifically, we will see a destocking and then restocking, and that balances out the rest of the year.

所以我要補充一下，Vijay，4% 到 5% 的建造者是什麼，好吧。首先是在本季初，當然，我們對[工廠]的加速產生了影響。但正如我在上一個問題中向彼得明確指出的那樣，我們將看到庫存減少，然後重新庫存，這將平衡今年剩餘時間。

So the first thing is you may see a dislocation of growth just because what comes in the first couple of months of that early in the year, picking up towards the end of the year, first of all. Second of all, the product launch that we have primarily in the three businesses.

因此，第一件事是，您可能會看到成長錯位，因為年初的前幾個月發生了什麼，首先是在年底之前有所回升。其次，我們主要在三個業務領域推出產品。

We have remarkable product launches coming out at HST. We have several molecules that are slated for 2025, coming off a significant amount of launch since 2024 and our pharma team getting much more accustomed to a large number of product launches and our pump, which is doing extraordinarily well in 2025 -- in 2024, following 2025 just to underscore, again, 50% growth in 2024 with significant potential for growth in 2025.

我們在 HST 上推出了引人注目的產品。我們有幾種分子計劃在 2025 年推出，自 2024 年以來已經大量推出，我們的製藥團隊越來越習慣於大量產品的推出，而我們的泵在 2025 年表現非常好——在 2024 年，繼2025 年後，再次強調2024 年成長50%，2025 年成長潛力巨大。

So those are the main drivers then of the top line. Bottom line will be mostly driven by the drop-through of this innovation. When you start restocking the market with IV solutions, those have disproportional better margins that go into the business.

因此，這些是營收的主要驅動力。利潤將主要由這項創新的下降所驅動。當您開始用靜脈輸液解決方案重新進貨市場時，這些解決方案將帶來不成比例的更高利潤。

Thirdly is the efforts that we already started in 2024 is offsetting the stranded costs that will start to come in to -- which will offset the difference between our TSAs and our cost of doing the TSAs. So the strength of our conviction today at the moment are on the top line buildup I just told you and also the ability to offset that and the manufacturing cost reductions that continue like clockwork come in every single year is slightly better than we planned.

第三，我們在 2024 年已經開始的努力正在抵消即將開始出現的擱淺成本，這將抵消我們的 TSA 與執行 TSA 的成本之間的差異。因此，我們目前的信念力量在於我剛才告訴你的營收成長，以及抵消這一影響的能力，以及每年像發條一樣持續不斷的製造成本降低，比我們計劃的要好一些。

Understood. And maybe my second one for Joel. When you look at the operating margins in the third quarter, 14.5, it's down optically I think 90 basis points year-on-year on a comparable basis. Is that like an apples-to-apples comparison, Joel? Any cost allocation which makes the comparison hard?

明白了。也許是我給喬爾的第二個。當你看到第三季的營業利潤率為 14.5 時，我認為在可比較基礎上比去年同期下降了 90 個基點。喬爾，這就像同類比較嗎？任何成本分配使得比較變得困難？

And the reason I'm asking is when you look at the 16.5 for next year, that's a 200 basis points jump off. Are there the bridge to that 16.5 and any implications on free cash flows and guidance -- excuse me, dividend policy? Is Baxter committing to hold the dividend here?

我問的原因是，當你看到明年的 16.5 時，你會發現這是 200 個基點的跳躍。是否有通往 16.5 的橋樑以及對自由現金流和指導的任何影響——請問，股息政策？百特是否承諾在此持有股利？

Yes. So thanks, Vijay. I think there are a couple of things here. First of all, again, one of the things that we've talked about previously is the difficulty of comparison, if you will, between what you'd see on a continuing operations basis and next year.

是的。謝謝，維傑。我認為這裡有幾件事。首先，我們之前討論過的一件事是，如果你願意的話，在持續運營的基礎上看到的情況與明年的情況之間進行比較是困難的。

You might recall, please, that the continuing operations in the fourth quarter includes stranded cost that is essentially was previously allocated to kidney, but now is actually sitting in you call it unallocated corporate cost. And in 2024, that does not yet show the impact of some of our cost out work.

您可能還記得，第四季度的持續營運包括擱淺成本，這些成本以前基本上分配給腎臟，但現在實際上屬於您所謂的未分配企業成本。到 2024 年，這還沒有顯示出我們一些成本支出工作的影響。

And so if you look at -- as we head into 2025, that 16.5 clearly represents the opportunities that we're taking or the things that Joe just talked about in the previous question. But in addition to that, the -- starting to work on receiving TSA income against our expenses, starting the work of our cost-containment measures that we're already starting to take this year that will start to impact next year.

因此，當我們進入 2025 年時，如果你看一下，16.5 清楚地代表了我們正在抓住的機會或喬剛剛在上一個問題中談到的事情。但除此之外，我們開始努力從我們的開支中獲得 TSA 收入，並開始實施我們今年已經開始採取的成本控制措施，這些措施將在明年開始產生影響。

And so I guess that's the way I would think about this thing again. It's not necessarily a comparison that you can make based on what we have on a continuing ops basis here versus the 16.5 next year.

所以我想這就是我再次思考這件事的方式。您不一定可以根據我們目前的持續營運情況與明年的 16.5 進行比較。

Sorry, on the dividends?

抱歉，關於股利？

Yes. And from a free cash flow standpoint, I think just kind of a couple of comments on this year, obviously, this year has been a choppy year from a free cash flow standpoint. We continue to have separation-related costs that are impacting this as well as, I'd call, some discrete items we have in the first -- particularly the first half of the year.

是的。從自由現金流的角度來看，我想對今年做一些評論，顯然，從自由現金流的角度來看，今年是動盪的一年。我們繼續受到與離職相關的成本的影響，我稱之為，我們在上半年——尤其是今年上半年——的一些離散項目。

We do have seasonality in our cash flows. That happens as we head into the second half of the year. And we certainly anticipate, as usual, some continued seasonal positive impact as we head into the fourth quarter.

我們的現金流確實有季節性。當我們進入下半年時，這種情況就會發生。像往常一樣，我們當然預計進入第四季時會出現一些持續的季節性正面影響。

The one thing I would remind you also of though is that we do now have some cash flow impacts that we're -- from North Cove. And so while there is a -- we will have some insurance proceeds that will be coming back as an offset to that.

不過，我還要提醒您的一件事是，我們現在確實對來自北灣的現金流產生了一些影響。因此，儘管有——我們將獲得一些保險收益，這些收益將作為補償回來。

There will be some impact from both the fourth quarter and heading into next year from a cash flow perspective for North Cove. But again, our cash flow as we head into next year, we anticipate continued leverage from an expense perspective, continued benefits from improved working capital.

從現金流的角度來看，第四季和進入明年都會對北灣產生一些影響。但同樣，當我們進入明年時，我們的現金流預計會從費用角度繼續發揮槓桿作用，並從改善的營運資本中持續受益。

And they -- and again, just a generally beneficial perspective from the proceeds of the Kidney Care sales. And obviously, as we head into the second part of the year, we've targeted again 3x leverage by the end of the year. Again, with a combination of free cash flow, the proceeds of kidney, we're certainly anticipating being on track for our cash flow forecast in the second half of the year.

再說一次，他們只是從腎臟護理銷售收入中獲得普遍有利的視角。顯然，隨著進入今年下半年，我們再次設定了在年底槓桿率達到 3 倍的目標。同樣，結合自由現金流和腎臟收益，我們肯定預計下半年的現金流預測將步入正軌。

And with respect to the dividend, do you want to comment on the dividend too as well then?

關於股息，您也想對股息發表評論嗎？

Yes. So from a dividend perspective, obviously, we are anticipating, as we've said, resetting our dividend from the perspective of essentially resizing it, if you will, based on the new size of our organization. We are committed to a dividend, and we obviously will be coming out with that shortly here as it relates to what the sizing of it will be.

是的。因此，從股息的角度來看，顯然，正如我們所說，我們預計將根據我們組織的新規模，從本質上調整股息規模的角度重新調整股息。我們致力於派發股息，顯然我們很快就會公佈這一點，因為這與股息的規模有關。

Joanne Wuensch, Citi.

喬安妮‧溫施，花旗銀行。

I'll put them both right upfront. I'd love to get your view on what you're seeing in China and with that, the discussion of the week, the potential for tariffs and the impact.

我會把它們都放在前面。我很想了解您對中國所看到的情況以及本週的討論、關稅的潛力及其影響的看法。

And then as a secondary question, just anything you could add on what you're seeing in new uptake of your Novum pump and expectations for next year.

然後作為次要問題，您可以添加任何您在 Novum 泵的新使用中看到的內容以及對明年的期望。

In China specifically, Joanne, China post Vantive for Baxter is going to be with some of the exits that we're having right now, less than 2% of our sales. So the impact for us is quite small despite the fact we had some impact this quarter for HST in the VBP. But it's remarkably different, the new Baxter versus the old Baxter.

具體來說，喬安妮，在中國，百特的 Vantive 後的產品將與我們目前的一些退出一起，占我們銷售額的不到 2%。因此，儘管本季我們對 VBP 中的 HST 產生了一些影響，但對我們的影響相當小。但新 Baxter 與舊 Baxter 之間有顯著差異。

So the tariffs that we're talking about here would be very much related to raw materials, to the chips that we still buy there and other things that will impact the industry in general. But we do not make specifically products in China for the US as Baxter.

因此，我們在這裡討論的關稅與原材料、我們仍然在那裡購買的晶片以及其他會影響整個行業的因素有很大關係。但我們不像百特那樣在中國專門為美國生產產品。

Even today with Vantive, with the renal business, we don't have that. Post Vantive, we will not have that. And with the reduction in sales volume and some exits, we're going to be very much not exposed to future VBPs at the level that you see in the industry, first of all.

即使在今天，對於 Vantive，對於腎臟業務，我們也沒有做到這一點。萬蒂夫之後，我們不會再有這樣的事情了。首先，隨著銷售量的減少和一些退出，我們將不會像您在行業中看到的那樣面臨未來的 VBP。

And let me give you some context. I think your question about the Novum update is that is going extremely well. The market share growth, we, usually in the past, used to gain about 1% market share every year just by rule of thumb. We are seeing 2% to 2.5% by the end of this year. And we're going to continue to accelerate that.

讓我給你一些背景資訊。我認為您關於 Novum 更新的問題是進展非常順利。市場佔有率的成長，過去我們通常每年僅憑經驗就能獲得約1%的市佔率。到今年年底，我們預計這一比例將達到 2% 至 2.5%。我們將繼續加速這一進程。

The acceptance of the pump has been significant. And we're very happy how the team has launched the product. It's one of the best launches that I've seen in my career. Kudos to Heather Knight and her team.

此幫浦的接受度非常高。我們對團隊推出該產品的方式感到非常高興。這是我職業生涯中見過的最好的發布之一。感謝希瑟奈特和她的團隊。

We've seen significant uptick in interest, not only the large part of pump but also the syringe pump. The syringe pump market share growth is actually double that taking from incumbents to date, who, in the past, have supplemented our spectrum by not having the syringe availability today because we have it. We're going back to the accounts and actually paying those back.

我們看到人們的興趣顯著上升，不僅是泵的大部分，還有註射泵。注射幫浦市場份額的成長實際上是現有企業迄今為止的兩倍，過去，他們透過今天沒有註射器可用性來補充我們的產品範圍，因為我們擁有註射器。我們將回到帳目並實際償還這些款項。

Yes. And I'll just add to that. Our infusion hardware is actually up 50% this year, and that's on top of actually a significant growth in the prior year as well to that point. So that's certainly been the strength of the business that we anticipate continuing on as we head into 2025.

是的。我將對此進行補充。今年我們的輸液硬體實際上成長了 50%，而且這是在去年實際顯著成長的基礎上實現的。因此，這肯定是我們預計在進入 2025 年時將繼續保持的業務優勢。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Joel, obviously, people have been trying to figure out the 16.5 for next year. Should we be taking kind of -- you have the year-to-date continuing ops operating margin of 13.4. Should we be adding back the stranded costs on slide 19 to get to kind of a 15.9 year-to-date because the TSAs will offset that? Is there any way to kind of help us understand what the year-to-date -- what the '24 kind of underlying number is to bridge that 16.5?

喬爾，顯然，人們一直在努力計算明年的 16.5。如果我們採取某種方式——今年迄今為止的持續營運營運利潤率為 13.4。我們是否應該將幻燈片 19 上的擱淺成本加回，以達到年初至今的 15.9 美元，因為 TSA 會抵銷這筆成本？有什麼方法可以幫助我們了解今年迄今為止的 24 世紀 16.5 的基本數字是什麼？

And secondly, the nonoperating expense, I think you said $300 million for continuing ops in 2024. Any color on how much lower those could be next year?

其次，非營運費用，我認為您說過 2024 年持續營運費用為 3 億美元。有什麼顏色可以說明明年這些數字會低多少嗎？

So Larry, first of all, I'll start with the first one. The 16.5, again, I don't mean to sound unhelpful here, but the bridge between our fourth quarter continuing ops and the 16.5 is really complicated.

拉里，首先，我將從第一個開始。再次強調，16.5 並不是說聽起來毫無幫助，但我們第四季的持續營運和 16.5 之間的橋樑確實很複雜。

Our whole purpose of setting the 16.5 out there was to give people something to really anchor on in terms of what our company looks like post separation. And I think the -- again, the cost that we're seeing in the continuing ops basis, again, really is impacted significantly, as we've said, by the stranded costs.

我們設定 16.5 的全部目的是讓人們能夠真正了解我們公司在離職後的情況。我認為，正如我們所說，我們在持續營運基礎上看到的成本確實受到了擱淺成本的顯著影響。

That does not reflect any TSA income in 2024 and does not reflect any impact of cost-containment measures in 2024. Now again, we are taking cost-containment measures now that will impact '25, but you're just not seeing that in the results in 2024. And so that comparison, again, I wish I could give you a better answer on that bridge, but the 16.5 is really designed to be an anchoring point for our continued build going forward.

這並不反映 2024 年任何 TSA 收入，也不反映 2024 年成本控制措施的任何影響。現在，我們再次採取成本控制措施，這將影響 '25，但您在 2024 年的結果中看不到這一點。因此，再次進行比較，我希望我能為您提供有關該橋樑的更好答案，但 16.5 的設計確實是為了成為我們繼續建造的錨點。

Larry, just one thing I'll add. I did include a stranded cost by quarter in our earnings presentation that's available on our website. So you'll be -- there's a slide within the deck. So you'll be able to go and see what that impact is on a quarterly basis, both for 2023 by quarter and then for the first three quarters of 2024 as well. So that is available.

拉里，我只想補充一件事。我確實在我們網站上提供的收益演示中按季度列出了擱淺成本。所以你會——甲板上有一張幻燈片。因此，您將能夠按季度查看該影響，包括 2023 年的每個季度以及 2024 年的前三個季度。所以這是可用的。

And the non-op expense, Joel, how should we think about that next year, how much lower than the 300?

還有非手術費用，Joel，我們明年該如何考慮，比 300 低多少？

Yes. I guess I'd say at this point, Larry, there's not -- we don't anticipate something materially different from that perspective, again, obviously, other than size proportionate to the organization.

是的。我想我現在會說，拉里，沒有——我們預計從這個角度來看不會有什麼實質性的不同，顯然，除了與組織相稱的規模之外。

We will see some reduction, Larry, obviously, because we do plan, obviously, to utilize the proceeds from Kidney Care towards debt repayment. So we should see some benefit within our interest expense.

拉里，顯然我們會看到一些減少，因為顯然我們確實計劃利用腎臟護理的收益來償還債務。因此，我們應該在利息支出中看到一些好處。

But obviously, on the other income expense line, that's something we'll have to look at as well. So premature right now, but I'd say we do expect interest expense to come down a little bit next year.

但顯然，在其他收入支出方面，我們也必須考慮這一點。現在還為時過早，但我想說，我們確實預計明年的利息支出會略有下降。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

I wanted to come back a little bit to the revenue outlook on the 4% to 5%. And maybe if you can contextualize the bridge from kind of 2Q and 3Q of '24 where you grew 4%-ish in the Baxter business ex Kidney Care from -- because those are probably your two kind of normalized quarters this year, given the HST issues in 1Q and the IV dynamics in Q4.

我想稍微回顧一下 4% 到 5% 的收入前景。也許如果你能將 24 年第二季度和第三季度的橋樑聯繫起來，你的百特業務（前腎臟護理）增長了 4% 左右——因為考慮到 HST，這些可能是今年的兩個標準化季度第一季的問題和第四季的IV 動態。

So as we go from the 4% to the 4% to 5%, what specifically changes next year that would give you an opportunity to see an acceleration? Because you're already seeing good price. You talked about 50% growth in hardware. Maybe just help us understand what are the levers to get from 2Q, 3Q this year up back into the mid or higher end of the range?

那麼，當我們從 4% 上升到 4% 再到 5% 時，明年具體有哪些變化會讓您有機會看到加速？因為您已經看到了優惠的價格。您談到硬體成長 50%。也許只是幫助我們了解從今年第二季、第三季回到該範圍的中階或高端的槓桿是什麼？

Other than compounding growth that you're going to see for the pump hardware sets and going back perhaps to IV pricing and other things that you're going to see that we already had to count on is basically HST getting to normality in primarily FLC. We're seeing the normality already in the US for PSS.

除了您將看到泵浦硬體組的複合成長以及可能回到 IV 定價和其他您​​將看到我們已經必須依靠的東西之外，基本上 HST 在主要 FLC 中恢復正常。我們看到美國的 PSS 已經恢復正常。

And so we expect to see our Front Line Care business under HST to go back to a normal growth pace that had before normalized for the growth in '23 driven by the backlog catch-up and the impact of that in '24 plus the softness that we had and some operational issues. So that going back to normal is the main driver.

因此，我們預計 HST 下的前線護理業務將恢復到正常增長速度，該增長速度在 23 年增長正常化，這是由於積壓訂單追趕和 24 年增長的影響以及 24 年的疲軟所推動的。到了一些營運問題。因此，恢復正常是主要驅動力。

So you have that level there. And that is our level of confidence that our operational issues will be behind us mostly by the end of the fourth quarter, then the normalization of the primary care market and the resolution of some of the OUS softness that we saw primarily in the third quarter related to France and China.

所以你有那個水平。我們有信心，我們的營運問題將在第四季度末基本解決，然後初級保健市場的正常化以及我們主要在第三季度看到的一些 OUS 疲軟問題的解決到法國和中國。

All right. Got it. Very helpful. And then maybe just a follow-up on the capital allocation side. I think on a year-to-date basis, you've been growing SG&A and R&D in dollars to reinvest for future growth.

好的。知道了。非常有幫助。然後也許只是資本配置的後續行動。我認為，從今年至今，你們一直在以美元計增加銷售、行政管理和研發費用，以便為未來的成長進行再投資。

But as you look into the fourth quarter, you're able to offset almost all of the IV impact through strength in the business elsewhere and maybe some proactive measures you're taking down the P&L. So how -- can you help us think about the trajectory of internal capital allocation around different spending levels, what that trends in Q4 and how we should think about that into next year?

但當你展望第四季時，你可以透過其他地方的業務實力以及可能採取的一些積極措施來降低損益表來抵消幾乎所有的 IV 影響。那麼，您能否幫助我們思考圍繞不同支出水準的內部資本配置軌跡、第四季度的趨勢以及我們應該如何考慮明年的情況？

Yes. Thanks for the question. Look, I think the -- as you said, we are making some continued level of investment in our business in order to facilitate some of the growth that we're talking about, which is what you've seen throughout the course of this year.

是的。謝謝你的提問。看，我認為 - 正如您所說，我們正在對我們的業務進行一定程度的持續投資，以促進我們正在談論的一些增長，這就是您在今年整個過程中看到的。

But I think as we think about going forward, again, we are anticipating both the continued allocation of resources to R&D and that we again anticipate continued modest growth in that area, but also gaining leverage in some of the things that we're doing from an SG&A perspective.

但我認為，當我們考慮前進時，我們再次預計將繼續向研發分配資源，並再次預期該領域將持續適度成長，但也會在我們正在做的一些事情中獲得影響力SG&A 角度。

Again, as we work through our cost-containment measures and stranded costs, as we do head into next year, we are anticipating some level of leverage out of our growth that we anticipate on our SG&A line in particular. So I think that's the way I would say it again, we're -- innovation is going to be a big part of our story going forward. And the continued investment in R&D will reflect that. But again, you should expect some leverage out of the SG&A line as we go into next year.

再次，當我們努力實施成本控制措施和擱置成本時，當我們進入明年時，我們預計我們的成長會產生一定程度的槓桿作用，特別是在銷售、管理和行政費用方面。所以我想這就是我要再說一次的方式，我們——創新將成為我們未來故事的重要組成部分。對研發的持續投資將反映這一點。但同樣，當我們進入明年時，您應該期望 SG&A 線會發揮一些槓桿作用。

Due to the constraints of time, we will close the Q&A session here. I would like to thank our speakers for today's presentation, and also thank you all for joining us. This concludes today's conference call. Enjoy the rest of your day. You may now disconnect.

由於時間關係，我們的問答環節就到這裡結束了。我要感謝今天的演講者的演講，也感謝大家加入我們。今天的電話會議到此結束。享受你一天剩下的時間。您現在可以斷開連線。