百特醫療 (BAX) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded by Baxter and its copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission. If you have any objections, please disconnect at this time.

女士們、先生們，早安，歡迎參加百特國際 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次通話正在由 Baxter 及其版權資料進行錄音。未經 Baxter 許可，不得錄製或重播。如果您有任何異議，請立即斷開連接。

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 begin.

現在，我想將電話轉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，您可以開始啦。

Good morning and welcome to our fourth-quarter 2024 earnings conference call. Joining me today are Brent Shafer, Baxter's Chair and Interim Chief Executive Officer; Joel Grade, Baxter's Executive Vice President and Chief Financial Officer; and Heather Knight, Baxter's newly appointed Chief Operating Officer.

早上好，歡迎參加我們的 2024 年第四季財報電話會議。今天與我一起出席的還有百特公司董事長兼臨時執行長布倫特‧謝弗 (Brent Shafer)；百特執行副總裁兼財務長 Joel Grade；以及百特新任營運長 Heather Knight。

On the call this morning, we will be discussing Baxter's fourth-quarter and full-year 2024 results, along with our financial outlook for the first-quarter and full-year 2025. With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the first quarter and full-year 2025, the anticipated impact of our strategic action, the potential impact of the various regulatory and operational matters in the macroeconomic environment on a result of operations contains forward-looking statements that involve risk and uncertainties. And, of course, our actual results could differ materially from our current expectations.

在今天早上的電話會議上，我們將討論百特 2024 年第四季和全年的業績，以及我們對 2025 年第一季和全年的財務展望。首先，我想提醒大家，本次演講，包括對我們 2025 年第一季和全年財務前景的評論、我們策略行動的預期影響、宏觀經濟環境中各種監管和營運事項對經營成果的潛在影響，都包含涉及風險和不確定性的前瞻性陳述。當然，我們的實際結果可能與我們目前的預期有重大差異。

Please refer to today's press release and our SEC filings for more detail concerning factors that could cause the actual results to differ materially. In addition, on today's call, non-GAAP financial measures will be used to help investors understand factors' 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 available in our earnings release issued this morning, which are both available on our website.

有關可能導致實際結果出現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的美國證券交易委員會文件。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各因素的持續業務表現。今天討論的某些非 GAAP 財務指標與可比較 GAAP 財務指標的對帳表已包含在隨附的投資者介紹中，並可在我們今天上午發布的收益報告中查閱，這兩份報告均可在我們的網站上查閱。

As a reminder, continuing operations excludes Baxter's Kidney Care business and Baxter's former BioPharma Solutions business, which are both reported as discontinued operations.

提醒一下，持續經營不包括百特的腎臟護理業務和百特以前的生物製藥解決方案業務，這兩項業務都被報告為已停止經營。

During the Q&A session this morning, Brent, Heather, Joel, and I will be available to address questions. Questions on the results and outlook will be addressed by me and Joel.

在今天上午的問答環節中，布倫特、希瑟、喬爾和我將解答問題。我和喬爾將解答有關結果和前景的問題。

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

現在我想把電話轉給布倫特。布倫特？

Thank you, Clare, and good morning, everyone. I appreciate you joining us. As you know, I've recently stepped into the role of Chair and Interim CEO at Baxter. Joe Almeida led the business through a period of significant evolution over his nine-year tenure, and we're sincerely grateful for his dedication to the company.

謝謝你，克萊爾，大家早安。感謝您加入我們。如您所知，我最近擔任百特公司董事長兼臨時執行長。喬·阿爾梅達 (Joe Almeida) 在任職的九年間帶領公司經歷了一段重大變革時期，我們由衷感謝他對公司的奉獻。

One of the Board's top priorities, of course, is the identification of a permanent CEO. The Board is actively engaged in the search process with the support of the leading firm, evaluating both internal and external candidates.

當然，董事會的首要任務之一是確定常任執行長。董事會在主導公司的支持下積極參與搜尋過程，評估內部和外部候選人。

We're moving expeditiously, but most importantly, we're taking a rigorous approach to ensure we identify the right candidate to lead Baxter into the future. During the transition period, I'm committed to helping ensure we remain focused on crisp execution of our priorities and delivering strong consistent results.

我們正在迅速行動，但最重要的是，我們採取嚴謹的方式，確保找到合適的候選人來帶領 Baxter 走向未來。在過渡期間，我致力於幫助確保我們繼續專注於明確執行我們的優先事項並取得強勁而一致的成果。

I'm pleased to be working with the entire leadership team on these shared goals. We're continuing to move the company forward into a new era and has recently announced that we closed the sale of Vantive on January 31, 2025. This significant milestone was the final step of three strategic actions outlined in January of 2023 to transform the business.

我很高興能與整個領導團隊一起努力實現這些共同目標。我們將繼續推動公司邁向新時代，並最近宣布我們於 2025 年 1 月 31 日完成 Vantive 的出售。這項重要里程碑是 2023 年 1 月概述的商業轉型三項策略行動的最後一步。

You'll recall these actions included the implementation of a new verticalized operating model. As a Director and in my role as Interim CEO, I can confirm that this segment-driven approach has created increased focus and execution related benefits, bringing greater clarity and agility to how we pursue opportunities globally.

您會記得這些行動包括實施新的垂直化營運模式。作為董事和臨時首席執行官，我可以確認，這種以細分市場為導向的方法已經提高了重點並帶來了與執行相關的好處，為我們在全球範圍內尋求機會的方式帶來了更大的清晰度和靈活性。

And as part of our transformation efforts, we completed the divestiture of Baxter's non-core BioPharma Solutions business in 2023. Since joining Baxter's Board in 2022, I've observed and supported these shifts in the company's strategic direction, and I'm extremely proud of the hard work and dedication of our teams to reach this stage. These actions have positioned Baxter to accelerate innovation for patients and customers and to drive profitable growth for our shareholders.

作為轉型努力的一部分，我們於 2023 年完成了百特非核心生物製藥解決方案業務的剝離。自 2022 年加入百特董事會以來，我一直觀察並支持公司策略方向的這些轉變，我為我們團隊為達到這一階段所付出的辛勤工作和奉獻精神感到非常自豪。這些舉措使百特能夠加速為患者和客戶提供創新，並為股東帶來獲利成長。

Later in this call, Joel will provide details on our quarterly and full-year performance as well as our outlook for 2025. As you have seen in this morning's release, we finished 2024 on a high note, meeting our fourth-quarter guidance for continuing operations on both the top and bottom lines. And we're starting 2025 building on positive momentum.

在本次電話會議的稍後部分，喬爾將詳細介紹我們的季度和全年業績以及 2025 年的展望。正如您在今天早上的發布中看到的那樣，我們以高調結束了 2024 年，在第四季度的營收和淨利持續經營方面均達到了預期。我們將以積極的勢頭開啟 2025 年。

During this interim period, I'll be working closely with Heather, Joel, and the rest of Baxter's strong leadership team to ensure we maintain that momentum. I've been very impressed by what I've experienced in the last few weeks: engaged, talented, and highly motivated team that is squarely focused on Baxter's mission to save and sustain lives, a truly collaborative spirit and an intense focus on delivering on our commitments.

在此期間，我將與 Heather、Joel 以及其他百特強大的領導團隊密切合作，以確保我們保持這股勢頭。過去幾週的經歷給我留下了深刻的印象：這支團隊敬業、才華橫溢、積極性很高，他們專注於百特拯救和維持生命的使命，具有真正的合作精神，並高度重視履行我們的承諾。

This includes initiatives focused on innovation and profitable growth to enhance performance, deliver increased value, and to better serve the needs of our patients and customers. To support these efforts and as we've shared earlier this month, we've instituted a new Chief Operating Officer position as a next step in leveraging the potential of our vertical operating model.

這包括專注於創新和獲利成長的舉措，以提高績效、提供更高的價值並更好地滿足我們的患者和客戶的需求。為了支持這些努力，正如我們本月稍早所分享的那樣，我們設立了新的營運長職位，作為發揮垂直營運模式潛力的下一步。

We're fortunate to have Heather Knight step into this role as COO. Heather brings extensive experience and a proven track record to this position after a successful tenure as head of our largest segment, Medical Products & Therapies, among other key leadership roles at Baxter and prior large healthcare companies.

我們很榮幸能夠邀請 Heather Knight 擔任營運長一職。希瑟曾成功擔任我們最大的部門醫療產品和治療部門的主管，並在百特和之前的大型醫療保健公司擔任過其他關鍵領導職務，為這一職位帶來了豐富的經驗和良好的業績記錄。

She'll be leading day-to-day operations across our three segments, encompassing global commercial operations, R&D supply chain, medical and regulatory affairs. Her leadership will be critical as we navigate the next phase of growth.

她將領導我們三個部門的日常運營，包括全球商業運營、研發供應鏈、醫療和監管事務。當我們進入下一階段的成長時，她的領導力至關重要。

Now, I'd like to turn it over to Heather to share her perspective. Heather?

現在，我想讓 Heather 分享她的觀點。希瑟？

Thank you, Brent, and good morning, everyone. I'm very pleased to be joining today's call. I look forward to building upon what we've achieved to date and helping to launch a new chapter of accelerated performance for the company. As Brent mentioned, over the last two years, I've had the privilege of leading Medical Products & Therapies, or MPT, which is Baxter's largest segment with over $5 billion in sales and operations spanning the globe.

謝謝你，布倫特，大家早安。我很高興參加今天的電話會議。我期待著在我們迄今所取得的成就的基礎上再接再厲，幫助公司開啟加速業績的新篇章。正如布倫特所說，在過去的兩年裡，我有幸領導醫療產品和治療部門（MPT），這是百特最大的部門，銷售額超過 50 億美元，業務遍及全球。

During this time, I spearheaded numerous vital initiatives with the support of my talented colleagues including the recent successful launch of our Novum IQ infusion pump platform in the United States. As the leader of NPT, I also helped oversee the North Cove recovery efforts following Hurricane Helene. Given the essential nature of the products that are manufactured in North Cove, we spared no expense in our efforts to help address product supply for patients and customers, including importing products from Baxter sites globally.

在此期間，在才華橫溢的同事的支持下，我帶頭開展了許多重要舉措，包括最近在美國成功推出我們的 Novum IQ 輸液泵平台。身為 NPT 的負責人，我還幫忙監督海倫颶風過後的北灣復原工作。鑑於北灣生產的產品的重要性，我們不遺餘力地幫助解決患者和客戶的產品供應問題，包括從百特全球工廠進口產品。

Thanks to the incredible dedication and resilience of the North Cove and broader Baxter teams, we were able to reach our production on eight of the site's 10 manufacturing lines in the fourth quarter. Our final two manufacturing lines came online in January, and I'm very proud to report that we are now producing at pre-hurricane levels.

感謝 North Cove 和 Baxter 團隊的非凡奉獻精神和堅韌不拔的精神，我們得以在第四季度實現該工廠 10 條生產線中的 8 條的生產。我們的最後兩條生產線於一月份投入使用，我很自豪地報告，我們目前的產量已恢復到颶風前的水平。

This is just another critical milestone in our recovery as we continue to work to replenish inventory and support our customers and patients' needs. Additionally, I've served as the lead interface to many of our key customers and have been deeply involved and successfully renegotiating the recent renewals of select US GPO contracts, helping to ensure we continue to meet our customers' needs while also delivering positive movement in pricing.

這只是我們復甦過程中的另一個重要里程碑，我們將繼續努力補充庫存並滿足我們的客戶和患者的需求。此外，我還擔任我們許多重要客戶的主要介面人，深入參與並成功重新談判最近續約的部分美國 GPO 合同，幫助確保我們繼續滿足客戶的需求，同時實現價格的積極變化。

As COO, I'm excited to build upon my deep knowledge and understanding of our markets and operations to enhance collaboration across our segments and create a more holistic Baxter experience for our customers and the patients they serve.

作為首席營運官，我很高興能夠利用我對我們的市場和營運的深入了解和理解來加強我們各個部門之間的協作，並為我們的客戶和他們服務的患者創造更全面的百特體驗。

I'm confident that by harnessing our combined strength and expertise, we can unlock significant value and accelerate our efforts to drive customer-inspired innovation for all of our stakeholders. I look forward to partnering with Brent, Joel, and the entire Baxter team as we work to achieve our strategic objectives and deliver exceptional results.

我相信，透過利用我們的綜合實力和專業知識，我們可以釋放巨大的價值，並加快努力為所有利害關係人推動以客戶為靈感的創新。我期待與布倫特、喬爾以及整個百特團隊合作，共同努力實現我們的策略目標並取得卓越的成果。

I'll now turn it over to Joel to discuss our financial performance in more detail. Joel?

現在我將把話題交給喬爾，讓他更詳細地討論我們的財務表現。喬爾？

Thanks, Heather, and good morning, everyone. I'm happy to be joining the call this morning to provide some additional details on Baxter's fourth-quarter and full-year 2024 financial performance as well as commentary on our financial outlook for 2025.

謝謝，希瑟，大家早安。我很高興參加今天早上的電話會議，提供有關百特 2024 年第四季度和全年財務業績的更多詳細資訊以及對我們 2025 年財務前景的評論。

As Brent mentioned, we are very pleased with our fourth-quarter results and how we ended the year. Our results came in ahead of our prior guidance on both the top and bottom lines, driven by better-than-expected sales and solid operational performance.

正如布倫特所說，我們對第四季的業績以及今年的收官表現非常滿意。由於銷售額優於預期且營運績效穩健，我們的營收和淨利都超出了我們先前的預期。

Fourth-quarter 2024 global sales from continuing operations of $2.75 billion, increased 1% on a reported basis and 2% on a constant currency basis, and compared favorably to our previous guidance, which called for sales to decline in low-single digits.

2024 年第四季全球持續經營銷售額為 27.5 億美元，按報告基礎計算增長 1%，按固定匯率計算增長 2%，與我們之前的預期相比表現良好，當時我們預計銷售額將下降個位數。

Our performance in the quarter was broad-based and reflected positive sales across most of our product divisions. As expected, during the fourth quarter, Hurricane Helene that negatively impacted our sales by approximately $110 million or approximately 400 basis points. Although the overall magnitude is less than the previously anticipated approximately $150 million, given the company's swift recovery efforts.

我們本季的業績表現廣泛，大多數產品部門的銷售均實現正成長。正如預期的那樣，第四季度，颶風海倫對我們的銷售產生了約 1.1 億美元或約 400 個基點的負面影響。但考慮到該公司迅速的恢復工作，整體損失金額低於先前預期的約 1.5 億美元。

For the full year, Baxter reported sales from considered operations at $10.6 billion, increasing 3% on both the reported and constant currency basis. Hurricane Helene negatively impacted growth for the full year by just over 100 basis points. On the bottom line, fourth-quarter adjusted earnings per share from continuing operations were $0.58 and came in ahead of our prior guidance of $0.50 to $0.53 per share, driven by the favorable half-life results and solid operational performance.

百特報告稱，全年營業收入達 106 億美元，按報告和固定匯率計算均成長 3%。颶風海倫對全年經濟成長造成了超過 100 個基點的負面影響。從底線來看，第四季度調整後持續經營每股收益為 0.58 美元，高於我們先前預期的每股 0.50 至 0.53 美元，這得益於良好的半衰期結果和穩健的營運表現。

In addition, our tax rate came in favorable to our expectations, which offset a negative impact from foreign exchange. On a year-over-year basis, adjusted earnings per share from continuing operations declined 11% in the quarter, primarily due to the negative impact of Hurricane Helene on our results.

此外，我們的稅率符合預期，抵銷了外匯帶來的負面影響。與去年同期相比，本季調整後持續經營每股盈餘下降 11%，主要由於颶風海倫對我們業績的負面影響。

For the full year, adjusted earnings per share from continuing operations totaled $1.89 per share and increased 11% over the prior year, reflecting solid underlying operational performance and a benefit from non-operational items, including lower interest expense and tax rate.

全年調整後持續經營每股收益為 1.89 美元，較上年增長 11%，反映了穩健的基礎營運績效和非營運項目的好處，包括較低的利息支出和稅率。

Now I'll walk through our results for our reportable segments. Commentary regarding sales growth will reflect growth at constant currency rates. Sales in our Medical Products & Therapies, or MPT segment were $1.3 billion, increasing 1% in the quarter and coming in favorable to expectations.

現在，我將介紹我們報告分部的業績。有關銷售成長的評論將反映固定匯率下的成長。我們的醫療產品和治療（MPT）部門的銷售額為 13 億美元，本季成長 1%，符合預期。

Full-year 2024 sales totaled $5.2 billion, advancing 5% and ahead of the prior guidance of 2% to 3% growth. Adjusting for the impact of (inaudible), MPT sales growth in the quarter would have been approximately 9% and approximately 7% for the full year. Within NPT, fourth-quarter sales from our Infusion Therapies & Technologies division totaled $1.0 billion and decreased 1%. Sales in the quarter benefited from significant growth for our US infusion systems portfolio as the rollout of our Novum IQ pub platform continues to build momentum with orders coming in from both new and existing customers.

2024 年全年銷售額總計 52 億美元，成長 5%，高於先前預期的 2% 至 3% 的成長。經過（聽不清楚）的影響調整後，MPT 本季的銷售額成長率將達到約 9%，全年的銷售額成長率將達到約 7%。在 NPT 內，我們輸液療法與技術部門第四季的銷售額總計 10 億美元，下降 1%。由於我們 Novum IQ pub 平台的推出繼續隨著新舊客戶的訂單而增強勢頭，我們美國輸液系統產品組合的顯著增長受益於本季度的銷售。

Nutrition sales in the quarter advanced double digits globally reflecting the strength in the US as we continue to build out our alternate site portfolio. Finally, as anticipated, IV Solutions declined in the quarter due to the impact of Hurricane Helene.

隨著我們繼續拓展替代站點組合，本季全球營養品銷售額成長了兩位數，反映出美國的強勁成長。最後，正如預期的那樣，由於颶風海倫的影響，IV Solutions 本季業績出現下滑。

Q4 sales of Advanced Surgery totaled $292 million and grew 6% globally. Results in the quarter reflected solid demand and positive pricing for our portfolio of (inaudible) and sealant across the globe. MPT's adjusted operating margin for the quarter was 15.5%, coming in better than expected due to the sales outperformance.

Advanced Surgery 第四季銷售額總計 2.92 億美元，全球成長 6%。本季度的業績反映了我們在全球範圍內的（聽不清楚）和密封劑產品組合的強勁需求和積極的定價。MPT 本季調整後的營業利益率為 15.5%，由於銷售業績優異，表現優於預期。

Margins declined year over year, primarily reflecting the impact of the hurricane. In Healthcare Systems & Technologies, or HST, sales in the quarter were in line with expectations and totaled $784 million decreasing 1%. Full-year 2024 sales totaled $3 billion and declined 2%. Within the HST segment, sales in the quarter for our Care & Connectivity Solutions, or CCS division were $504 million, advancing 3% globally.

利潤率同比下降，主要反映了颶風的影響。在醫療保健系統和技術部門（HST），本季的銷售額符合預期，總計 7.84 億美元，下降 1%。2024 年全年銷售額總計 30 億美元，下降 2%。在 HST 部門內，我們的護理與連結解決方案（CCS 部門）本季的銷售額為 5.04 億美元，全球成長 3%。

Performance in the quarter was driven by 9% growth in the US for CCS due to continued momentum in our Patient Support Systems or PSS business, which once again delivered strong growth and reflected a benefit from competitive wins in both our [med search] and ICU product lines as well as upgrades for existing customers.

本季業績主要得益於美國 CCS 9% 的成長，這得益於我們的病患支援系統或 PSS 業務持續成長的勢頭，該業務再次實現強勁成長，並反映了我們在 [med search] 和 ICU 產品線的競爭勝利以及現有客戶的升級帶來的好處。

Total US capital orders for CCS rose 9% in the quarter and increased 15% for the full year. We are exiting the year with a healthy backlog and strong funnel. [And want] to build a positive momentum over the course of 2025. Performance for this division was partially offset by weaker sales outside the US, reflecting a difficult comparison to the prior year period. We saw growth of 12% as well as softness in both China and France in the current year.

CCS 的美國資本訂單總額在本季度增長了 9%，全年增長了 15%。今年，我們擁有健康的訂單積壓和強勁的銷售漏斗。 [並希望]在 2025 年形成積極勢頭。該部門的業績部分被美國以外地區銷售疲軟所抵消，與去年同期相比存在困難。今年，我們看到中國和法國的經濟都實現了 12% 的成長率，但同時也出現了疲軟趨勢。

Front Line Care sales in the quarter were $280 million and declined 8%. Consistent with commentary over the course of this year, performance in the quarter was impacted by the backlog reductions, which positively contributed to sales in the prior year period. Results in the quarter also reflected the impact of certain market exits and supply constraints, which collectively impacted sales by approximately $15 million in the quarter. We expect the supply constraints that impacted the fourth quarter to be largely resolved for most products in the first quarter of 2025.

本季 Front Line Care 的銷售額為 2.8 億美元，下降 8%。與今年全年的評論一致，本季的業績受到積壓訂單減少的影響，這對去年同期的銷售產生了積極的貢獻。本季的業績也反映了某些市場退出和供應限制的影響，這些影響合計對本季的銷售額產生了約 1500 萬美元的影響。我們預計，影響第四季的供應限制將在 2025 年第一季基本解決。

We believe that performance for this division will also benefit from stabilization in the primary care market over the course of 2025 as well as the launch of (inaudible) products in the second half of this year that are expected to contribute to positive performance for FLC in 2025 and beyond. [HST] fourth-quarter adjusted operating margins of 18.5% increased sequentially, continuing the trend of sequential margin improvements.

我們相信，該部門的業績也將受益於 2025 年初級保健市場的穩定以及今年下半年推出的 (聽不清楚) 產品，預計這些產品將為 FLC 在 2025 年及以後的積極業績做出貢獻。 [HST] 第四季調整後營業利益率為 18.5%，較上季成長，延續了利潤率較上季改善的趨勢。

Margins declined year over year, primarily reflecting higher investments. Moving on to our Pharmaceutical segment. Sales in the quarter came in favorable to expectations and totaled $643 million, increasing 8%. Full-year 2024 sales were $2.4 billion, advancing at 7%. Fourth-quarter sales with Injectable & Anesthesia of $383 million grew 8%.

利潤率較去年同期下降，主要反映出投資增加。接下來是我們的藥廠。本季銷售額符合預期，總額為 6.43 億美元，成長 8%。2024 年全年銷售額為 24 億美元，成長 7%。第四季注射劑和麻醉劑銷售額為 3.83 億美元，成長 8%。

Performance in the quarter reflected mid-teens growth in our specialty injectables portfolio, an anticipated rebound from the third quarter, which was impacted by the timing of some orders. Growth was driven by strong demand for US premixed products and the continued rollout of new products as well as the benefit from targeted sales and marketing initiatives that have been implemented.

本季的業績反映了我們的特種注射產品組合的中等成長，這是預期從第三季反彈，受到一些訂單時間的影響。成長的動力來自於美國預混產品的強勁需求、新產品的持續推出以及實施的有針對性的銷售和行銷措施帶來的好處。

As expected, lower sales of [inhaled] anesthesia, which declined mid-single digits, slightly tempered overall performance for the injectables and anesthesia. Within drug compounding, continued demand for services resulted in strong growth of 9% for the quarter.

正如預期的那樣，吸入式麻醉劑的銷售額下降了中等個位數，略微影響了注射和麻醉劑的整體表現。在藥物配製領域，對服務的持續需求推動本季強勁成長 9%。

Pharmaceutical adjusted operating margins were 15.9% for the quarter increasing 600 basis points sequentially. Adjusted operating margins decreased 370 basis points compared to the prior year, reflecting the impact from the MSA entered into following the BPS sales and increased operating expenses to support the new and upcoming launches.

本季製藥業務調整後營業利益率為 15.9%，較上一季增加 600 個基點。調整後的營業利潤率較上年下降了 370 個基點，反映了 BPS 銷售後達成的 MSA 的影響，以及為支持新產品和即將推出的產品而增加的營運費用。

The pharmaceuticals team remains focused on expanding margins through improved mix, stabilizing the anesthesia business, driving cost improvements, compounding business, and executing our margin improvement initiatives in the integrated supply chain.

製藥團隊仍然專注於透過改善產品組合來擴大利潤率，穩定麻醉業務，推動成本改善，複合業務，並在整合供應鏈中執行我們的利潤率提高計劃。

Other sales, which represent sales not allocated to those segments and primarily include sales and products and services provided directly to certain of our manufacturing facilities were $12 million in the quarter and totaled $67 million for full-year 2024.

其他銷售額代表未分配給這些部門的銷售額，主要包括直接向我們的某些製造工廠提供的銷售額和產品和服務，本季為 1,200 萬美元，2024 年全年總計 6,700 萬美元。

Before moving on to the rest of the P&L results, I wanted to make some comments regarding our continuing operations as reported going forward. I mentioned last quarter, due to the change of moving Kidney Care business results to discontinued operations, corporate costs that have previously been allocated to the Kidney Care segment that would not convey with the Kidney Care business in the sale are now reported in unallocated corporate costs.

在討論其餘的損益結果之前，我想對我們未來報告的持續經營業務發表一些評論。我在上個季度提到過，由於將腎臟護理業務結果轉移至已停止運營的業務，之前分配給腎臟護理部門的公司成本（在出售時不會隨腎臟護理業務一起轉移）現在被報告為未分配的公司成本。

As we previously commented, we plan to offset a large portion of these expenses in 2025 through income to be received from Vantive under the transition services agreements, or TSAs, as well as cost containment initiatives the company is already in the process of undertaking.

正如我們之前所說，我們計劃在 2025 年透過根據過渡服務協議 (TSA) 從 Vantive 獲得的收入以及公司已經在實施的成本控制措施來抵消大部分這些費用。

Our goal remains to fully offset the impact of stranded costs and the loss of TSA income by the end of 2027. Fourth-quarter adjusted gross margin from continuing operations was 44.5%, coming in favorable to expectations and reflecting a sequential improvement of 80 basis points.

我們的目標仍然是到 2027 年底完全抵銷擱淺成本和 TSA 收入損失的影響。第四季調整後持續經營毛利率為44.5%，符合預期，較上一季提升80個基點。

On a year-over-year basis, adjusted gross margins declined slightly by 10 basis points driven primarily by the impact of Hurricane Helene, higher spend within (inaudible) manufacturing plants to support product growth as well as the impact of the manufacturing supply agreement following the sale of BPS.

與去年同期相比，調整後的毛利率略有下降 10 個基點，主要原因是受颶風海倫的影響、製造廠為支持產品增長而增加的支出以及出售 BPS 後的製造供應協議的影響。

Positive contributors to margin in the quarter were ongoing benefits from our margin improvement programs within our integrated supply chain network as well as favorable product mix and pricing initiatives in select markets. Adjusted gross margin from continuing operations for the year totaled 43.5%.

本季利潤率的正面貢獻因素包括我們綜合供應鏈網絡內的利潤率提升計劃的持續收益，以及特定市場的有利產品組合和定價舉措。本年度調整後持續經營毛利率總計43.5%。

Fourth-quarter adjusted SG&A from contingent operations totaled $679 million or 24.7% as a percentage of sales, an increase of 190 basis points from the prior year period as we continue to make select investments to support our growth objectives and new product launches. This increase also included approximately $30 million of select discrete items that are not expected to repeat, including increased employee healthcare expenses due to high-cost medical claims incurred during the quarter, fees associated with our tax optimization program, and phasing of stock compensation expenses.

第四季調整後的或有業務銷售、一般及行政費用總計 6.79 億美元，佔銷售額的 24.7%，較去年同期增加 190 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的發布。這一增長還包括約 3000 萬美元的預計不會重複的選定單項項目，包括由於本季度發生的高額醫療索賠導致的員工醫療費用增加、與我們的稅收優化計劃相關的費用以及股票薪酬費用的分階段增加。

These higher expenses were offset by benefits from lower stranded costs. Full-year 2024 adjusted SG&A totaled $2.66 billion and represented 25% of sales. Adjusted R&D spending from continuing operations in the quarter totaled $131 million and represented 4.8% 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.

這些較高的費用被較低的擱淺成本帶來的好處所抵消。2024 年全年調整後的銷售、一般及行政支出總計 26.6 億美元，佔銷售額的 25%。本季來自持續經營的調整後研發支出總計 1.31 億美元，佔銷售額的 4.8%，比去年同期增加 10 個基點，反映了我們持續投資於整個產品組合的新產品開發以及為各個部門的患者帶來創新。

2024 full-year adjusted R&D totaled $510 million or 4.8% as a percent of sales. These factors resulted in an adjusted operating margin of 15.2% on a continuing operations basis, coming in favorable expectations and improving 70 basis points sequentially. Compared to the prior year, adjusted operating margins from continued operations decreased 190 basis points, driven by the factors I just discussed as well as the unfavorable impact from foreign exchange.

2024 年全年調整後研發總額為 5.1 億美元，佔銷售額的 4.8%。這些因素導致持續經營基礎上的調整後營業利潤率達到 15.2%，符合預期，且較上季提高 70 個基點。與前一年相比，持續經營的調整後營業利潤率下降了 190 個基點，這主要是受我剛才討論的因素以及外匯帶來的不利影響所致。

Full-year 2024 adjusted operating margin from continuing operations was approximately $1.5 billion or 13.9% of sales. Net interest expense from continuing operations totaled $90 million in the quarter, an increase of $18 million versus the prior year period, reflecting lower interest income.

2024 年全年調整後持續經營營業利潤率約 15 億美元，佔銷售額的 13.9%。本季持續經營業務的淨利息支出總計 9,000 萬美元，較去年同期增加 1,800 萬美元，反映出利息收入下降。

For the full year, net interest expense totaled $341 million, decreasing $98 million and reflecting the benefit of our debt repayment initiatives. Adjusted other non-operating income totaled $4 million in the quarter compared to income of $10 million in the prior year period. For the full year, adjusted other non-operating income that continue operations tax rate was 17.5%, both the full-year and fourth-quarter tax rates reflect the benefit of initiatives we have undertaken to optimize our global tax rate.

全年淨利息支出總計 3.41 億美元，減少了 9,800 萬美元，反映了我們債務償還措施的效益。本季調整後的其他非營業收入總計 400 萬美元，而去年同期的營收為 1,000 萬美元。全年調整後的其他非營業收入即持續經營收入的稅率為17.5%，全年和第四季度的稅率均反映了我們為優化全球稅率而採取的舉措所帶來的效益。

And as previously mentioned, adjusted earnings from continuing operations were $0.58 per share for the quarter and decreased 11% versus the prior year. Positive contributions to earnings included improved commercial performance from new product launches and positive pricing. In the quarter, these drivers were offset by the negative impact of Hurricane Helene, which we estimate impacted our results by approximately $0.10 per share and an unfavorable impact from foreign exchange and interest expense of approximately $0.06 per share.

如前所述，本季調整後的持續經營收益為每股 0.58 美元，較上年下降 11%。對收益的正面貢獻包括新產品發布和積極定價帶來的商業業績提升。在本季度，這些驅動因素被颶風海倫帶來的負面影響所抵消，我們估計颶風海倫對我們的業績造成了約 0.10 美元/股的不利影響，以及外匯和利息費用對每股約 0.06 美元的不利影響。

Full-year 2024 adjusted earnings per share from continuing operations totaled $1.89 per share, an increase of 11% as compared to the prior year period. Let me conclude my remarks by discussing our outlook for the full year of 2025 and the first quarter of 2025, including some key assumptions underpinning the guidance. All guidance provided excludes the impact of Kidney Care discontinued operations.

2024 年全年調整後持續經營每股盈餘總計 1.89 美元，較去年同期成長 11%。最後，我想討論我們對 2025 年全年和 2025 年第一季的展望，包括支撐指引的一些關鍵假設。提供的所有指導均不包括腎臟護理停止運作的影響。

For full-year 2025, Baxter expects total sales growth of 5% to 6% on a reported basis. This guidance includes an approximate 200 basis points negative impact from foreign exchange based on current rates as well as approximately $345 million of anticipated MSA revenues from Vantive.

百特預計 2025 年全年總銷售額將成長 5% 至 6%。該指引包括基於當前匯率的約 200 個基點的外匯負面影響，以及 Vantive 預計的約 3.45 億美元 MSA 收入。

Operationally, Baxter expects sales to grow 4% to 5%. This guidance excludes the impact of foreign exchange, MSA revenues, and the planned exit of IP solutions from China as the company continues to focus on driving profitable growth. The negative impact from exiting the IV Solutions business in China is approximately 50 basis points to growth.

從營運角度來看，百特預計銷售額將成長 4% 至 5%。由於公司將繼續專注於推動獲利成長，該指引不包括外匯、MSA 收入和計劃從中國退出 IP 解決方案的影響。退出中國靜脈注射液業務將對成長產生約 50 個基點的負面影響。

Operational sales guidance for the full year by reportable segment is as follows: for MPT, we expect sales to increase approximately 5%, driven by continued momentum in our Novum LVP launch, the benefit of positive pricing in the US, and other underlying business from Baxter. This guidance excludes the impact of exiting the IV Solutions market in China, which is estimated to impact sales growth by 120 basis points.

按報告分部劃分的全年經營銷售指引如下：對於 MPT，我們預計銷售額將增長約 5%，這得益於我們 Novum LVP 上市的持續勢頭、美國積極定價帶來的好處以及百特的其他基礎業務。該指引不包括退出中國靜脈注射液市場的影響，預計該影響將對銷售成長產生 120 個基點的影響。

Sales in our HST segment are expected to increase approximately 3% and is expected to be balanced across both CCS and FLC. We expect Pharmaceuticals to increase approximately 5% to 6% and driven by mid-single-digit growth in both specialty injectables and drug compounding.

我們 HST 部門的銷售額預計將成長約 3%，並有望在 CCS 和 FLC 之間保持平衡。我們預計製藥業將成長約 5% 至 6%，這得益於特種注射和藥物配製的中等個位數成長。

Now I'll turn to our outlook for other P&L line items. As previously shared, we expect full-year adjusted operating margin from continuing operations to total approximately 16.5% and includes TSA income of approximately $125 million. We expect our non-operating expenses, which include net interest expense and other income and expense to total between $250 million to $270 million. On a continued operations basis, we anticipate a full-year tax rate of approximately 19.5%.

現在我將談談我們對其他損益項目的展望。如前所述，我們預計全年調整後持續經營營業利潤率總計約為 16.5%，其中包括約 1.25 億美元的 TSA 收入。我們預計非營業支出（包括淨利息支出和其他收入和支出）總額在 2.5 億美元至 2.7 億美元之間。在持續經營的基礎上，我們預計全年稅率約為 19.5%。

We expect our diluted share count to average approximately 55 million shares for the year, which does not contemplate any share repurchases. Based on all these factors, we now anticipate full-year adjusted earnings on a continuing operations basis, of $2.45 to $2.55 per diluted share. This outlook includes an estimated negative impact of approximately $0.03 per share from foreign exchange based on current rates.

我們預計今年的稀釋股數平均約為 5,500 萬股，不考慮任何股票回購。基於所有這些因素，我們現在預計全年調整後持續經營每股收益為 2.45 美元至 2.55 美元。根據當前匯率計算，這一前景預計外匯將產生約 0.03 美元/股的負面影響。

A couple of other quick comments I'd like to make regarding our outlook for 2025. First, I'd point out that our current guidance includes a slight impact from tariffs enacted in China but does not reflect any impact from potential tariffs that are contemplated for Mexico and Canada, given the fluidity of the situation and potential for further delays implementation and possible exemptions.

關於我們對 2025 年的展望，我還想簡單談幾點。首先，我要指出的是，考慮到情況的變化以及實施和豁免的進一步推遲，我們目前的指導方針包括中國實施的關稅的輕微影響，但並未反映墨西哥和加拿大可能實施的關稅的任何影響。

Second, in 2024, (inaudible) has previously been allocated to Kidney Care that did not convey with the discontinued operations presentation were reported in unallocated corporate costs. Starting in 2025, these costs will be allocated to the three segments, along with related TSA income. Specifics in the first quarter of 2025, we expect continued operational sales growth of approximately 3% to 4% on a reported basis, and approximately 4% on an operational basis.

第二，在 2024 年，（聽不清楚）之前已分配給腎臟護理，但未與停止經營業務列報一起報告在未分配的公司成本中。從 2025 年開始，這些成本將與相關的 TSA 收入一起分配給三個部門。具體到2025年第一季，我們預期報告基礎上營運銷售額將持續成長約3%至4%，營運基礎上成長約4%。

For the first quarter, foreign exchange is expected to negatively impact the top line by more than 200 basis points and MSA revenues are expected to total approximately $60 million. The China IV Solutions exit is expected to impact top-line growth by approximately 60 basis points in the first quarter.

第一季度，外匯預計將對營業收入產生超過 200 個基點的負面影響，MSA 收入預計總計約為 6,000 萬美元。預計中國IV解決方案的退出將對第一季的營收成長產生約60個基點的影響。

On a continuing operations basis, we expect adjusted earnings per share of $0.47 to $0.50 per share. This guidance reflects the impact of closing Vantive on January 31, which negatively impacted earnings per share by approximately $0.04 in the quarter as compared to the closing of the sale on December 31, had we been able to close on that date.

在持續經營基礎上，我們預計調整後每股收益為 0.47 美元至 0.50 美元。該指引反映了 1 月 31 日關閉 Vantive 的影響，與 12 月 31 日完成銷售相比（如果我們能夠在該日期完成銷售），這將對本季每股收益產生約 0.04 美元的負面影響。

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

這樣，我們現在就可以開始問答環節了。

(Operator Instructions) I would like to remind the 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.

（操作員指示）我想提醒參與者，本次通話正在錄音，數位回放將在 Baxter International 網站 www.baxter.com 上保留 60 天。

Robbie Marcus, JPMorgan.

摩根大通的羅比馬庫斯 (Robbie Marcus)。

Thank you for taking the questions. Two for me. First, Joel, how should we think about, with all the moving pieces on the top and bottom line the cadence for 2025?

感謝您回答這些問題。對我來說是兩個。首先，喬爾，考慮到頂線和底線的所有變動，我們應該如何思考 2025 年的節奏？

Sure. Robbie, thanks for the question. So I'll start off with sales line. And as you know, we normally have some ramp in our business over the course of the year, but there's a couple of things I'd call up this year. specifically.

當然。羅比，謝謝你的提問。因此我將從銷售線開始。如你所知，我們的業務通常會在一年內有所成長，但今年我想提幾點。具體來說。

First and foremost is, if the -- I'd say, the first quarter, we're taking a somewhat more conservative approach in the sense that we're still recovering from the hurricane. And so we've given ourselves a little bit I'd say services to see how that all plays out. I'd say despite what should be a relatively easier comp with HST, certainly, there's going to be an (inaudible) asset built into the first quarter from a conservatism standpoint.

首先，我想說，如果——第一季度，我們採取了更保守的態度，因為我們仍在從颶風中恢復。因此，我們為自己提供了一些服務，以觀察這一切如何進行。我想說，儘管與 HST 的比較應該相對容易，但從保守主義的角度來看，第一季肯定會有一個（聽不清楚）資產。

I would say the other thing I would call out over the course of the year is that in the fourth quarter, we do anticipate that being a larger quarter in the sense that obviously, we're comparing up against the impact of lean.

我想說的是，在今年期間我要指出的另一件事是，在第四季度，我們確實預計這將是一個更大的季度，顯然我們正在與精益的影響進行比較。

So those are a couple of things that I'd probably call out from a cadence perspective on the top. From an earnings perspective of (inaudible), I think the main thing I'd call out there exactly is that we do anticipate continue to ramp over the course of the year, mostly driven by the impact of our spare cost work that will be kicking in and continued improvements over the course of the year. And so obviously, that's what we've already started to do, but obviously, that will continue to build over the course of the year. And so therefore, we expect some brings perspective for that reason.

因此，從節奏角度來說，我可能會先提到這些事情。從獲利角度來看（聽不清楚），我認為我要說的主要一點是，我們確實預計今年的盈利將繼續增長，這主要得益於我們將在一年內開始發揮作用的備用成本工作和持續改進的影響。顯然，我們已經開始這麼做了，而且顯然，我們會在今年繼續推進這項工作。因此，我們期望出於這個原因帶來一些觀點。

Great. Maybe a quick follow up. The HST business, especially Front Line Care, was still negative growth this quarter. What's the latest you're seeing there? The confidence you could turn it around in 2025 in your level of visibility to it?

偉大的。也許可以快速跟進。HST業務，尤其是Front Line Care，本季仍負成長。您在那裡看到的最新動態是什麼？您是否相信，憑藉自己的洞察力，您可以在 2025 年扭轉局面？

Yeah. So I'd say a couple of things there. I mean, first of all, we are anticipating a stabilization of the primary care markets. And we certainly have seen some of that are starting to see that even as we head into the first quarter. So I think that obviously had a substantial decline in 2024.

是的。因此我想說幾件事。我的意思是，首先，我們預計初級保健市場將會穩定下來。當我們進入第一季時，我們確實已經看到一些這樣的情況。因此我認為到 2024 年這一數字顯然會大幅下降。

And so from that perspective, I think the stabilization of that market is an important piece of this. Yeah, certainly, we do anniversary some difficult costs over the course of the year, for example, things like (inaudible) some of the things that were again -- so the stimulus (inaudible) just some of the spending things in the backlog, we're up against in '24 versus '23. We don't have those headwinds to the extent that we did, obviously, as we enter to '25. So I think that's another important piece of this.

因此從這個角度來看，我認為市場的穩定是其中的重要因素。是的，當然，我們確實會在一年內計算一些困難的成本，例如（聽不清楚）一些事情，例如刺激計劃（聽不清楚）只是積壓的一些支出，我們在 24 年與 23 年相比面臨挑戰。顯然，當我們進入25年時，我們面臨的阻力不再像以前那麼大了。所以我認為這是另一個重要部分。

And then I think some of the things that we called out in the prepared remarks, around some of the supply constraints. I think that's -- we're looking to resolve that, I think by Q1 of this year. And so I think, generally speaking, some of the impacts that we had last year, we won't be up against in the same way this year. And in addition to that, in a little bit of a longer-term perspective, we need to some interesting new product launches that are coming out with that will impact us certainly more later in the year than '26.

然後我認為我們在準備好的評論中提到了一些與供應限制有關的事情。我認為，我們希望在今年第一季解決這個問題。因此我認為，整體而言，我們去年所遭受的一些影響，今年不會再遭遇同樣的情況。除此之外，從更長遠的角度來看，我們需要推出一些有趣的新產品，這些產品肯定會在今年晚些時候而不是 26 年對我們產生更大的影響。

That side to the reason we feel confident in that. And I know you asked about FLC, but just from the perspective of CCS as well. One of the other differences this year versus last year was, as you probably ended in the last year with an order book that actually have quite a bit of softness in it. It has an impact in the early part of the year last year. As we've talked about in the second half of this year, our order book in CCS has remained quite strong, particularly PSS US.

這就是我們對此充滿信心的原因。我知道您問的是 FLC，但也只是從 CCS 的角度來看。今年與去年的另一個不同之處是，去年年底的訂單量實際上相當疲軟。這在去年年初是有影響的。正如我們在今年下半年所談到的，我們在 CCS 的訂單仍然非常強勁，尤其是 PSS US。

And so we hand it to this year with certainly a lot of (inaudible) in that business as well. So I think the combination of those things, Robbie, give us a perspective on why we think there's a good opportunity for some recovery this year on the HST overall.

因此，我們今年在該業務中肯定也有很多（聽不清楚）。因此，羅比，我認為，這些因素的結合，讓我們明白了為什麼我們認為今年的 HST 總體上存在良好的復甦機會。

Appreciate it. Thanks a lot.

非常感謝。多謝。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Heather, congratulations on the new role. I'm looking forward to working with you in this capacity. And Clare, thank you and the finance team for the extensive financial information here at super helpful as we look at the company post Vantive. I guess my first question, in the past several years for Baxter have been characterized by exogenous events like Hurricane Helene, elevated inflationary pressures, the transition with the Hill-Rom deal, and the strategic actions you've taken with BPS and Vantive.

希瑟，恭喜你獲得新的職位。我期待著以這種身份與您合作。克萊爾，謝謝你和財務團隊提供的大量財務信息，這些信息在我們回顧 Vantive 之後的公司時非常有幫助。我想我的第一個問題是，過去幾年，百特公司經歷了一些外部事件，例如颶風海倫 (Hurricane Helene)、通膨壓力上升、Hill-Rom 交易的轉型，以及你們對 BPS 和 Vantive 採取的戰略行動。

Can you help us think about the direction of the company from here and how you're thinking about strategic priorities and maybe at the same time, give us a flavor for how that fits into the profile and characteristics if you go through the CEO search?

您能否幫助我們思考公司的未來發展方向，以及您如何考慮策略重點，同時，如果您進行 CEO 搜尋，能否讓我們了解一下這與公司的概況和特徵如何契合？

Absolutely. I'll start and then Brent can add and he'd like to on the other piece of that. And obviously, you're right, there certainly has been a lot going on here at Baxter. But what I would say, first of all, we this company has done an amazing job of working through these transformational efforts here over the last couple of years, and it really sets us up in a good place for this company moving forward. And so how do I think about priorities for the company.

絕對地。我先開始，然後布倫特可以補充，他想談談另一部分。顯然，您是對的，巴克斯特這裡確實發生了很多事情。但我想說的是，首先，我們公司在過去幾年中透過這些轉型努力做出了出色的工作，這為公司未來的發展奠定了良好的基礎。那我該如何考慮公司的優先事項呢？

And again, certainly, we'll roll more on the Capital Markets Day sometime after the new CEO has been named. But we're start -- I would say, it starts with customer inspired innovation. These are things that we and the company want to make sure that we are driving innovative products and opportunities and obviously inspired by our customers.

當然，在新執行長任命後，我們會在資本市場日推出更多產品。但我們已經開始—我想說，這是從客戶啟發的創新開始的。這些都是我們和公司想要確保我們能夠推動創新產品和機遇，並且顯然受到客戶的啟發。

We're certainly going to have a focus on targeted markets. I would say it's one of the kind of the growth of the growers. How do we find those opportunities where we can actually invest our capital in place that's ultimately going to drive growth for the organization. I'd say, the third thing really, I think about it is how do we optimize the structure of our company.

我們肯定會專注於目標市場。我想說這是種植者成長的一種。我們如何找到那些可以真正投資資本的機會，最終推動組織的成長。我想說的第三件事實際上是如何優化我們公司的結構。

Obviously, with the sale of the kidney business optimizing both our cost structure for the standard strip cost perspective, but also optimizing our supply chain, and some of the things that allow us to take advantage of some of the, I'll call them, more simple supply chain opportunity without having to have our home deliveries in the kidney business. So that's the third thing.

顯然，出售腎臟業務不僅優化了我們的標準條帶成本結構，還優化了我們的供應鏈，還有一些讓我們能夠利用一些我稱之為更簡單的供應鏈機會的東西，而不必在腎臟業務中進行送貨上門。這是第三件事。

I'd say fourth is really around this concept of commercial excellence and how do we drive consistent execution as a company, as again, a key focus. The last I'd say is really around disciplined capital allocation. Those things that allow us to both focus on driving growth both organically and again, in a folded tuck-in way inorganically but then also balanced with returning value to shareholders. And so I would call those things really out is how to think about our company moving forward.

我想說的第四個實際上是圍繞著商業卓越的概念，以及我們如何作為一家公司推動一致的執行，這再次是一個重點。我最後要說的是嚴格的資本配置。這些因素使得我們既可以專注於推動有機成長，也可以以折疊式方式非有機成長，同時也能平衡股東回報。因此，我真正要考慮的是如何思考我們公司未來的發展。

And again, I'll turn it over to Brent in terms of just how does that really fit into the process of the CEO search. Brent?

我再次將這個問題交給布倫特，請他談談這與執行長搜尋過程究竟有何關聯。布倫特？

Well, I'd just add, in this transition period, certainly, I'm looking for stability, predictable, consistent, strong results. And by Joel, I give tremendous credit to this organization for all the things they have worked through, many of them very complex projects, time consuming. So directionally starting to move the organization to more of an emphasis on growth both through innovation and through commercial execution is in the short term moves we can make that accelerate progress in the company.

好吧，我只想補充一點，在這個過渡時期，我當然尋求穩定、可預測、一致、強勁的結果。喬爾，我對這個組織所做的所有工作表示崇高的敬意，其中許多都是非常複雜、耗時的項目。因此，從方向上開始推動組織更加重視透過創新和商業執行來實現成長是我們可以採取的短期舉措，可以加速公司的進步。

And as far as CEO search and how we're looking at that at the Board level, that work is already underway. And as you can imagine, there's a pretty good profile of Baxter Baxter's portfolio where we are at this point in time. So the experience that we're looking for would be appropriate with the company's situation and opportunities in front of us.

至於執行長的搜尋以及我們在董事會層面如何看待這個問題，這項工作已經在進行中。正如您所想像的，目前 Baxter Baxter 的投資組合狀況相當不錯。因此，我們所尋求的經驗應該與公司的狀況和我們面臨的機會相適應。

So the candidates need to have that experience and a vision that can lead the company forward to its next chapter. And having been here and now been on the Board and just working with this management team, I just think there is phenomenal opportunity here because so much heavy lifting has been done over the last few years to streamline and to put this new vertical organization in place, which I think is a real winner, honestly, it's a great opportunity.

因此，候選人需要具備這樣的經驗和遠見，能夠帶領公司邁向下一篇。我曾經在這裡工作，現在進入董事會，並與這個管理團隊一起工作，我認為這是一個絕佳的機會，因為過去幾年來，我們做了很多繁重的工作來精簡和建立這個新的垂直組織，我認為這是一個真正的贏家，老實說，這是一個很好的機會。

And maybe just a quick follow up on the financial side. Joel, can you walk us through the post-Vantive sales capital structure of the company? And just maybe update us on target leverage ratios and the timeframe to achieve that?

或許只是對財務方面進行快速跟進。喬爾，您能向我們介紹一下公司收購 Vantive 後的資本結構嗎？能否請您向我們介紹一下目標槓桿率以及實現該目標的時間表？

Yeah, absolutely. So maybe I'll start with the leverage ratio. Certainly, what we've talked about we're continue to be committed to is a turn leverage ratio around 3 times net debt to EBITDA. And I think that is a level that give us -- gives us opportunity to both balance strategic investments in the company and as well again return value to shareholders in a way that I think balances out our capital structure.

是的，絕對是如此。因此我可能會從槓桿率開始。當然，我們已經討論過，我們將繼續致力於將槓桿率提高到淨債務與 EBITDA 比率的 3 倍左右。我認為這個水準可以給我們機會來平衡公司的策略投資，同時也能以平衡我們資本結構的方式向股東返還價值。

I -- we anticipate that we're able to achieve that term and leverage by the end of 2025, will certainly happen sometime in the later part of the second half of the year. Feel good about that. Obviously, since the deal closed with Vantive, we paid down $3 billion of debt. The first part of this was taking out our delayed drop or loan that we had taken out earlier in 2024. And then we also paid off a portion of about $1 billion with 2026 term load. That was actually our highest compound debt.

我 — — 我們預計我們能夠在 2025 年底實現這一期限和槓桿作用，這肯定會在今年下半年的某個時候發生。感覺很好。顯然，自從與 Vantive 的交易達成以來，我們已經償還了 30 億美元的債務。第一部分是償還我們在 2024 年初申請的延期還款或貸款。然後，我們也以 2026 年的期限償還了約 10 億美元的一部分。這實際上是我們最高的複合債務。

So I guess I would say between that work and our continued efforts in terms of driving free cash flow out of the organization, I feel comfortable with the fact that we're heading towards that target, that will allow us to get really to adjust our capital allocation priorities from what's mostly paying down debt to those areas that it would allow us to get to invest -- continued investments in driving organic growth, continued opportunities for fold-in tuck-in opportunities will that make sense. And the opportunity to restart a buyback program. Certainly, initially, the offset option dilution, that I would say, opportunistically from there.

因此，我想說，在這項工作和我們在推動組織自由現金流方面的持續努力之間，我對我們正朝著這個目標前進感到很滿意，這將使我們能夠真正調整我們的資本配置優先事項，從主要償還債務轉向那些允許我們進行投資的領域——繼續投資於推動有機增長，繼續尋找折疊式收購機會，這些才是有意義的。並有機會重啟回購計畫。當然，最初，我會說抵消選擇權稀釋是從那裡投機而來的。

Terrific. Thanks so much.

了不起。非常感謝。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Thanks so much for taking the question. Congrats on (inaudible) it's busy, busy year. So I wanted to follow up on some of the comments you've made on new product investments and product pipeline. If you could talk a little bit about which business lines those -- which you'd highlight and then maybe timing as to when we might start to see some of the benefits of these investments? And then I have one follow up.

非常感謝您回答這個問題。恭喜（聽不清楚）這是忙碌的一年。因此，我想跟進您對新產品投資和產品線的一些評論。您能否稍微談談您會專注於哪些業務線，以及我們何時可以開始看到這些投資帶來的一些好處？然後我還有一個後續問題。

Sure. So really, let me start with effect is it's really across our portfolio where we actually have really some innovation happening in and certainly, I would start with other (inaudible). Obviously, the Novum pump has been a resounding success as a differentiated product that, again, has got a great customer response. The launch has gone extremely well. Obviously, we got a partial year of that growth last year in 2024. We'll have a full year of that growth heading forward here in 2025. So certainly, Novum is obviously a huge key part of our innovation is, again, really a great success story.

當然。所以，讓我先從效果開始，它確實在我們的投資組合中發生了一些創新，當然，我會從其他方面開始（聽不清楚）。顯然，Novum 泵浦作為差異化產品取得了巨大的成功，並再次獲得了客戶的熱烈回應。此次發布會進展非常順利。顯然，去年，也就是 2024 年，我們實現了部分成長。到 2025 年，我們將實現全年的成長。因此，毫無疑問，Novum 是我們創新的一個重要關鍵部分，而且，這確實是一個偉大的成功故事。

Certainly, in Pharma, one of the things that you've heard from us talk about is the -- our need and our opportunity to continue to accelerate with new product launches in Pharma. This past year, we've launched nearly (inaudible), and we anticipate another double-digit year heading into 2025. That is something you should expect from us to continue to do it.

當然，在製藥業，您聽到我們談論的事情之一就是——我們的需求和機會，即繼續加速製藥業新產品的推出。去年，我們推出了近（聽不清楚），我們預計到 2025 年，我們的銷售額將再創兩位數。您應該期望我們繼續這樣做。

While there's not necessarily one large molecule that you can tie something to that level of activity is something that we are committed to and we have a great pipeline of opportunities ahead of us. I would tell you that the effect of that, you see the growth that we've had in our pharma business, and so you're seeing the impact of some of that that's already happened, and we anticipate, as we head into next year, we have another solid year from pharma in terms of their innovation as well.

雖然不一定有一個大分子可以將某種東西與這種活動水平聯繫起來，但我們致力於此，並且我們面前有大量的機會。我想告訴你的是，你看到了我們的製藥業務所取得的成長，所以你也看到了一些已經發生的衝擊，我們預計，進入明年，製藥業在創新方面也將迎來又一個堅實的一年。

From an HSD perspective --

從 HSD 角度--

Great. Yeah, that's super helpful. The one other comment I wanted to make is maybe a follow up on Robbie's on HSD, it's just the environment for sort of capital and some of the patient support devices and other things that you're selling (inaudible), beds, that you're selling in hospitals. Just maybe a general comment on that environment, demand cycles, sector trends, anything that can help us gauge where that business is going.

偉大的。是的，這非常有幫助。我想要提出的另一個評論可能是對 Robbie 關於 HSD 的後續評論，它只是某種資本環境以及一些病人支持設備和其他你在醫院銷售的東西（聽不清楚），病床。也許只是對環境、需求週期、產業趨勢等任何可以幫助我們判斷業務發展方向的一般性評論。

Yeah, absolutely. Thanks for the question. Yeah. So I would say, generally speaking, the capital environment is quite good. I think as we talked about this year, our capital orders, particularly in PSS in the US, especially in the second half of the year have actually been very consistent.

是的，絕對是如此。謝謝你的提問。是的。所以我想說，整體來說，資本環境是相當好的。我想正如我們今年所討論的那樣，我們的資本訂單，特別是在美國 PSS，特別是在今年下半年實際上一直非常穩定。

And year over year, we had about a 15% growth in those orders, which obviously -- there is a timing element in terms of when the orders turn into cash, that turn the sales. But we certainly had in this next year with some good momentum. We expect to continue to build on that momentum as we have in 2025.

與去年同期相比，我們的訂單成長了約 15%，這顯然與訂單轉化為現金、轉換為銷售額的時間因素有關。但我們在明年肯定會保持良好的勢頭。我們期望在 2025 年繼續保持這一勢頭。

So I would say generally speaking, the capital environment is quite good both from the, I'd say, the monitoring -- the patient monitoring devices as well as from a bed's perspective. Obviously, the continued success with our Progressive Plus model as well. So I think overall, the environment is healthy. We're encouraged by some of the competitive wins that we've had in those areas. As I said, we're anticipating some new products coming out that are better for us as we -- particular to that area we have in 2026.

因此，我想說整體而言，無論是從監測（病人監測設備）還是從病床的角度來看，資本環境都相當好。顯然，我們的 Progressive Plus 模式也將繼續取得成功。所以我認為整體來說，環境是健康的。我們在這些領域取得的一些競爭勝利令我們感到鼓舞。正如我所說的，我們期待推出一些對我們來說更有利的新產品——特別是對我們在 2026 年所處的領域來說。

And maybe, Joel, this is Brent just had a comment here. I believe, from what I've seen, there's been a significant improvement in the commercial organization in the US, particularly in those categories. And so I think we're seeing the benefit of upgrades made in that area and real rigor around the commercial processes there. So a credit to those (inaudible).

也許，喬爾，這是布倫特剛剛在這裡發表的評論。我認為，從我所看到的情況來看，美國的商業組織已經有了顯著的改善，特別是在這些類別方面。因此我認為我們看到了該地區升級帶來的好處以及那裡商業流程的真正嚴謹性。因此，值得讚揚的是（聽不清楚）。

Nice one. Appreciate the color.

好一個。感謝色彩。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Thank you for taking my question. Joel, maybe my first question was on the margins here. I know the optics, these are apples-to-oranges comparison rate. But the year on year, it does look margins were up 150 basis points. So if you can just break the down rate. What is TSA? How much of this was stranded costs, which were there in fiscal '24 and that's going away? What is the pricing element here with the China have fluid exit, is that a headwind or a tailwind to margins?

感謝您回答我的問題。喬爾，也許我的第一個疑問與這裡的邊緣有關。我知道光學原理，這些都是蘋果和橘子之間的比較率。但與去年同期相比，利潤率確實上漲了 150 個基點。所以如果你能分解一下下降率的話。什麼是 TSA？其中有多少是擱淺成本？在中國有流動性退出的情況下，這裡的定價因素是什麼？

Okay. Yes. Thanks for the question, Vijay. Let me start with the -- I guess, I think the easiest way to bridge our -- what ended the year at our [13.9] to our target that we've talked about and guided to [16.5%]. I think the way to think about that is that if you take the [13.9] and you add about 40 basis points for the 2024 impact of Helene. And then you add about 220 basis points of what would be the stranded cost impact. And then you take about 100 basis points of what we call operational improvements as we head into 2025, those are things like in pricing, particularly in the US in our MPT business.

好的。是的。謝謝你的提問，維傑。首先我想說的是，我認為最簡單的方法就是實現去年 13.9 的獲利目標，也就是我們先前討論和指導的目標。[16.5%]。我認為思考這個問題的方式是，如果你取 [13.9]，並為 Helene 在 2024 年的影響增加大約 40 個基點。然後再增加約 220 個基點的擱淺成本影響。然後，當我們邁向 2025 年時，我們所謂的營運改善將增加約 100 個基點，這些是定價方面的因素，特別是在美國的 MPT 業務中。

Those are things like our product mix. One of the things that we talked about is the improvement of our injectables portfolio, the higher growth in our van surgery the improvement in HST, all those are mix elements that add to the -- are positive there.

這些就像我們的產品組合一樣。我們談論的事情之一是我們的注射劑產品組合的改進，我們的廂型車手術的更高成長以及 HST 的改進，所有這些都是混合因素，這些因素都增加了積極影響。

We talked about some of the leverage from -- that we get from volume growth. And so I think -- and again, obviously, some of the things we talked about new product launches. That's really gets to 100 points of benefit. And obviously, we're reinvesting some of that, but that's a key element of it.

我們討論了從銷售成長中獲得的一些槓桿作用。所以我認為——顯然，我們再次談論了一些有關新產品發布的事情。這真是賺到了 100 點好處。顯然，我們正在對其中的一部分進行再投資，但這是其中的關鍵因素。

And then there's two elements of the stranded cost and the MSAs that are in the opposite direction. So there's 40 basis points I'll call the net impact of stranded costs that haven't been addressed in 2025 and about a 60 basis point impact of dilution from MSA revenues that are obviously generate a lower margin -- low-single-digit margin from a gross profit perspective.

然後還有兩個元素，即擱淺成本和 MSA，它們的方向是相反的。因此，我將其中的 40 個基點稱為 2025 年未解決的擱淺成本的淨影響，以及 MSA 收入稀釋的約 60 個基點的影響，這顯然會產生較低的利潤率 - 從毛利潤的角度來看，利潤率較低（個位數較低）。

So that really is the bridge. And so that takes you from the [13.9] to [16.5]. So hopefully, that gives you some perspective on that. Can you repeat your second question?

這確實就是一座橋樑。這樣你就可以從 [13.9] 到[16.5]希望這能給你一些關於此的看法。你能重複一下你的第二個問題嗎？

No, that was extremely helpful, Joel. My second one was on -- if I look at the performance in the quarter, it looks like the beat was -- this was just more than the headwinds from Hurricane Helene coming in slightly better than expectations rate. Can you quantify what the headwind from Helene was in the quarter? And what drove the [big ex] the hurricane impact? It looks like pumps was very strong, so maybe some commentary around pump performance.

不，這非常有幫助，喬爾。我的第二個看法是 — — 如果我看一下本季的表現，看起來業績超出預期 — — 這只不過是颶風海倫帶來的逆風稍好於預期。您能否量化海倫 (Helene) 在本季帶來的不利因素是什麼？那麼，是什麼導致了這場颶風的影響呢？看起來泵非常強勁，因此也許可以對泵的性能進行一些評論。

Yeah. Well, I'll start with the quarter then I'll give -- I'll pass it to Heather and talk a little bit about the performance of (inaudible) and pumps in the quarter. So obviously, the headwinds from Helene, the (inaudible) was at 100 basis points in the quarter --

是的。好吧，我將從本季開始，然後我將把它交給 Heather，並稍微談談本季（聽不清楚）和幫浦的表現。顯然，海倫帶來的阻力（聽不清楚）在本季達到了 100 個基點--

Yeah, about $110 million on the top line and $0.10 on the bottom line.

是的，營業額約為 1.1 億美元，利潤約為 0.10 美元。

Yeah. And then -- but obviously, the great news on that is that we actually, we had, we overperformed in terms of the recovery time, in terms of offsetting some of that. So I don't know, maybe Heather, I'll give you -- over to you to talk a little bit about some of that.

是的。然後——但顯然，好消息是，我們實際上在恢復時間方面，在抵消部分損失方面表現優異。所以我不知道，也許希瑟，我會給你──跟你談一點這方面的事。

Sure. So we did better in Q4 with the swift recovery of our North Cove site, thanks to the great work of our team, so about $45 million [better] on IV solutions as a result of the swift recovery that we had out of that location. So did see strength across our infusion therapies business and the infusion pump platform, in particular in the fourth quarter.

當然。因此，由於我們團隊的出色工作，我們在第四季度表現更好，並迅速恢復了北灣站點，因此由於我們在該地點的快速恢復，我們在 IV 解決方案上節省了約 4500 萬美元。因此，我們的輸液治療業務和輸液幫浦平台確實表現出色，尤其是在第四季。

So I'll say we're very happy with the launch of Novum IQ and where we are. The teams are doing a great job driving this new platform. If you recall, Baxter placed a pretty big bet to internally develop a brand new to market and novel infusion pump platform, both with the hardware, software, and digital platform, and we're seeing it pay off.

所以我想說，我們對 Novum IQ 的推出以及目前的情況感到非常高興。這些團隊在推動這個新平台方面做得非常出色。如果你還記得的話，百特下了很大的賭注，內部開發了一個全新的市場和新穎的輸液泵平台，包括硬體、軟體和數位平台，我們看到它獲得了回報。

So our infusion business grew 50% last year in 2024, and we're expecting another great year this year in 2025. And it's not only important because we get the revenue from the hardware and software, but also because we get to pull through very consistent revenue over the life of that pump. So share capture, competitive gains are really important. And customer satisfaction right now is very high both on the implementation of the pump as well as the EMR integration with the new platform.

因此，我們的輸液業務在去年（2024 年）成長了 50%，我們預計今年（2025 年）又將是一個偉大的一年。這不僅因為我們可以從硬體和軟體中獲取收入而重要，還因為我們可以在泵浦的整個使用壽命期間獲得非常穩定的收入。因此，佔領市場份額、取得競爭優勢確實非常重要。目前客戶對泵浦的實施以及與新平台的 EMR 整合的滿意度非常高。

And this was developed in collaboration with our customers. So again, we're starting to see -- the benefit of that, we took multiple points of market share last year in 2024, and we're expecting to see more of the same, more competitive gains in 2025.

這是與我們的客戶合作開發的。因此，我們再次開始看到—這樣做的好處是，我們在去年（2024 年）佔據了多個點的市場份額，我們預計在 2025 年會看到更多相同且更具競爭力的成長。

And then we have some new complementary digital suites that are now launching that will be a great complement to this launch midyear in 2024 that we released. So I'll tell you, I'm pretty excited about where we are in this new chapter, the new pace momentum that we're building around the Novum platform and IVs are stable. We've gone through the GPO reside and are in line with our expectations, if not slightly better than we expected.

然後，我們現在推出了一些新的補充數位套件，它們將對我們在 2024 年中期發布的新產品起到很好的補充作用。所以我會告訴你，我對我們在這個新篇章中所處的位置感到非常興奮，我們圍繞 Novum 平台和 IV 構建的新步伐勢頭很穩定。我們已經完成了 GPO 駐留，並且符合我們的預期，甚至比我們預期的要好一些。

So we're expecting a great rebound in 2025 and certainly really appreciate our customer support during the recovery of hurricane Helene and hats off to the Baxter team for the fast recovery. So thanks for the question today.

因此，我們預計 2025 年將出現強勁反彈，我們當然非常感謝客戶在颶風海倫 (Helene) 恢復期間提供的支持，也向 Baxter 團隊的快速恢復表示敬意。感謝您今天提出這個問題。

That's helpful. Thank you.

這很有幫助。謝謝。

Yeah, this is Brent. Just to add on -- yeah, I'd just like to recognize Heather and her team and really all the folks who worked on North Cove recovery, it's hard to explain it in a financial setting, but the work to deal with the disaster situation to work through that effectively bring the plant back up and really look after the community at the same time, it's just world-class response by the folks who are involved. And that's -- personally want to thank them all, especially Heather.

是的，這是布倫特。補充一下——是的，我只想表揚 Heather 和她的團隊，以及所有為北灣恢復工作而努力的人們，雖然很難從財務角度來解釋，但應對災難的工作，有效地恢復工廠運轉，同時真正照顧到社區，這些都是參與其中的人們做出的世界級反應。這就是——我個人想感謝他們所有人，特別是希瑟。

Thank you. Very helpful answers.

謝謝。非常有用的答案。

Travis Steed, Bank of America Securities.

美國銀行證券公司的特拉維斯·斯蒂德 (Travis Steed)。

I'll follow up a question on the tailing side. And obviously, a great job on the fast recovery, I think it went better than most expected. But I was just thinking about how you think about the book of [sailing] business kind of before and after the hurricane you see customers add a second source and how you're kind of thinking about the share of that? And then I have a follow-up question on free cash flow.

我將跟進尾隨方面的一個問題。顯然，快速恢復工作做得很好，我認為結果比大多數人預期的要好。但是我只是在想，您如何看待颶風前後的[航行]業務，您看到客戶增加了第二個來源，以及您如何看待其中的份額？然後我有一個關於自由現金流的後續問題。

Yeah. Thanks for the question, Travis. So as I mentioned to Vijay, I mean, our expectations are in line or even slightly better. I think because of the fast recovery that we had, quite honestly, out of North Cove. So we're not seeing as many customers take on a second source, particularly because as we've mentioned, we're back to pre-hurricane levels at this point.

是的。謝謝你的提問，崔維斯。正如我對維賈伊所提到的那樣，我們的預期是一致的，甚至略好。我認為這是因為我們從北灣恢復得很快。因此，我們沒有看到那麼多客戶選擇第二個供應商，特別是因為正如我們所提到的，我們目前已恢復到颶風前的水平。

So these new US GPO contracts, in particular, started on January 1 and February 1. So now that we've fully recovered most customers are still committed to their remaining compliance and minimum committed volumes that they've given to Baxter. So we're pleased with the response on our customers sticking with Baxter.

因此，這些新的美國 GPO 合約特別於 1 月 1 日和 2 月 1 日開始生效。因此，現在我們已經完全恢復，大多數客戶仍然致力於履行他們向 Baxter 提供的剩餘合規性和最低承諾量。因此，我們對客戶繼續使用 Baxter 的回饋感到非常滿意。

During this time, we know the fourth quarter wasn't easy for them, but we proved to them the resiliency that we have in the investments, quite honestly, that we've made over the last few years and our global network and activating that during Helene certainly helped and relieve some of the pressure. So we think that that's pretty unique to Baxter and the hundreds of millions that we've invested in our platform and IV solutions due to the critical nature that they play in healthcare.

在這段時間裡，我們知道第四季度對他們來說並不容易，但我們向他們證明了我們在過去幾年的投資中的彈性，坦白說，我們的全球網路在海倫期間的啟動無疑有所幫助並減輕了一些壓力。因此，我們認為這對百特來說非常獨特，我們已在平台和 IV 解決方案上投資了數億美元，因為它們在醫療保健領域發揮著至關重要的作用。

So again, in line or slightly better and working closely with our customers to make sure that they can resume normal clinical practice as they've had, and patients can get the critical solutions that they need.

因此，我們再次保持一致或略微更好，並與我們的客戶密切合作，以確保他們能夠恢復正常的臨床實踐，並且患者能夠獲得他們需要的關鍵解決方案。

Great. That's helpful. And then I did want to ask on free cash flow generation. I know there was a lot of adjustments this quarter. How should we think about some of these adjustments going forward? When do you think you can kind of get back to kind of 80% free cash flow conversion? I don't think you gave a guidance for free cash flow next year. But curious how you're thinking about that. And then the Front Line Care write-down. Any more color on that on other if that's kind of a change in the growth expectations for that business long term?

偉大的。這很有幫助。然後我確實想問自由現金流的產生。我知道本季有很多調整。未來我們該如何看待這些調整？您認為什麼時候可以恢復到 80% 的自由現金流轉換率？我認為您沒有給出明年自由現金流的指導。但我很好奇你是如何考慮這個問題的。然後是前線護理減記。這是否會對該業務的長期成長預期產生某種變化？

Yeah. Thanks, Travis. So free cash flow, the way I would think about that is that we have talked about the fact that we want to have an 80% conversion of net earnings free cash flow and I expect that to be, generally speaking, what we'll do in the course of the year with caveat to that. And that is in the first quarter, we're anticipating some negative impacts from -- think about it this way, it's two things from a working capital perspective.

是的。謝謝，崔維斯。因此，我對此的看法是，我們已經討論過這樣一個事實，即我們希望將 80% 的淨收益自由現金流轉化為自由現金流，並且我預計，一般來說，這將是我們在今年內要做的事情，但有一點需要注意。那是在第一季度，我們預計會產生一些負面影響——這樣想想，從營運資本的角度來看，有兩件事。

Number one is some of the expenses we incurred in Q4 related to Hurricane Helene are actually to be paid into one. And then secondly, there is going to be some level of restock from an inventory perspective, that could have a negative drag on cash. So I would think about that number for this year is somewhere more like [below 70s] -- but that is mostly impacted by the first quarter, and I anticipate a much more normal cash conversion in the third quarter of the year. And obviously, going forward, we'll hopefully continue to improve that as we go forward.

第一，我們在第四季度因颶風海倫而產生的部分費用實際上應該合併支付。其次，從庫存角度來看，將會出現一定程度的補貨，這可能會對現金產生負面影響。因此，我認為今年的數字更像是 [70 以下] - 但這主要受到第一季的影響，我預計今年第三季的現金轉換將更加正常。顯然，展望未來，我們希望在前進的過程中繼續改善這一點。

Regarding the write-down Front Line Care, the other way I would look at that, Travis, is we do a lot to year review of the -- our goodwill and other (inaudible) as it relates to those assets. And 2024 was obviously an impactful here from an FLC perspective. So I guess I'd characterize it more as impact to 2024 on the model that with any type of overarching concern about the growth prospects going forward.

關於 Front Line Care 的減記，特拉維斯，我從另一個角度來看這個問題，那就是我們每年都會對與這些資產相關的商譽和其他（聽不清楚）進行大量審查。從 FLC 的角度來看，2024 年顯然具有重要影響。因此，我想我會將其更多地描述為對 2024 年模型的影響，並伴隨著對未來成長前景的任何整體擔憂。

Great. Thank you.

偉大的。謝謝。

Lawrence Biegelsen, Wells Fargo.

富國銀行的勞倫斯·比格爾森。

Thanks for taking the questions. Congrats on a nice finish to the year here. Brent, I was hoping to ask you two questions. First, David earlier in the call, talked about the challenges Baxter has had in recent years. How do you think about the pros and cons of an external versus internal candidate for CEO, bringing in a fresh perspective versus someone who kind of already knows Baxter. I have one follow up for you.

感謝您回答這些問題。恭喜您今年取得了圓滿的結局。布倫特，我希望問你兩個問題。首先，David 在電話會議早些時候談到了百特近年來面臨的挑戰。您如何看待外部和內部 CEO 候選人的利弊？ 他們能否帶來新的視角，而不是已經了解 Baxter 的人。我有一個後續問題需要解決。

Well, I mean that's the big question, I guess. And the Board is very focused on that because there are pros and cons to either solution. Obviously, an internal candidate knows all the details of the business, how it runs, how it operates, an external one can bring a fresh perspective, but they have to ramp up quickly to try to catch that same level of knowledge, which takes a while, especially in a complex business.

嗯，我想這是一個大問題。董事會非常關注這一點，因為兩種解決方案都有其優缺點。顯然，內部候選人了解業務的所有細節，包括如何運作、如何運營，而外部候選人可以帶來新的視角，但他們必須迅速提升以達到相同的知識水平，而這需要一段時間，尤其是在複雜的業務中。

So I can just tell you that it is a full Board activity. The Board is very focused on this. And though they would like to move as quickly as possible the general sense is it's more important to get the right fit for the company at this point in time than it is to necessarily be quick. So I hope that gives you a little flavor for it.

因此我只能告訴你，這是一次全體董事會的活動。董事會非常關注這一點。儘管他們希望盡快採取行動，但總體感覺是，在當前這個階段，找到適合公司的正確方法比一定要快速行動更為重要。我希望這能帶給你一點感受。

That does. Thank you. And secondly, Brent, how did you evaluate the guidance as interim CEO? And how do you think about the process for the permanent CEO to reevaluate it. You know that just to be candid, right, you know the investors typically think a new CEO will come in and want to put his or her stamp on the guidance, maybe want to change investment priorities and things like that. So how did you think about that?

確實如此。謝謝。其次，布倫特，您作為臨時執行長如何評價該指引？您如何看待常任執行長重新評估此過程？你知道，坦白說，你知道投資人通常認為新任執行長上任後會希望在指引上留下自己的印記，也許想改變投資重點之類的事情。那您是怎麼想的呢？

How do I think it coming in as an interim you mean?

您指的是我認為它是以臨時方式出現的嗎？

Well, yeah, I mean is there a risk the new CEO comes in and says: hey, we need to invest more. And changes the guidance.

嗯，是的，我的意思是是否存在風險，新任執行長上任後會說：嘿，我們需要加大投資。並改變了指導。

Yeah. Well, I think we've seen at a Board level seeing the three-year look at the business and are aware of the details and what and the drivers and being on Board now and in the business feel good. I feel like there's solid plans in place. Of course, when you have another person at the helm, and I'm an interim leader. So my focus is really on executing the plans that are in place. Another person may put a different filter on it, but the general situation around our markets and our offerings are known very well in the business.

是的。嗯，我認為我們已經在董事會層面看到了未來三年的業務展望，並且了解了細節和驅動因素，現在董事會成員和公司成員都感覺很好。我感覺我們已經制定了周詳的計劃。當然，當有另一個人掌舵時，我是一個臨時領導者。所以我的重點其實是執行現有的計畫。另一個人可能會用不同的眼光來看待它，但我們的市場和產品的整體狀況在業界是眾所周知的。

So anything -- anyone coming in would be building on that. I guess that's -- I can assume. It's kind of a hard question to answer because it depends.

所以任何事 — — 任何人加入都會以此為基礎。我想那是——我可以假設。這個問題很難回答，因為它取決於具體情況。

I think the one thing I would just give out the opportunity that he's talked about it. I would just reiterate the fact that this is a great opportunity for someone to come in. And again, Brent has a perspective on that, and maybe you could share that as well. But I think as we talked about some of the key strategic initiatives that I've done over these last three years, again, there's really the last couple of years, there's a really nice opportunity for some of it coming here and take a company that really -- I think it has actually set up all for success. And so I don't know (multiple speakers) --

我認為我只是想給一個機會，讓他談論這個話題。我只是想重申，這對任何人來說都是一個很好的機會。再說一次，布倫特對此有自己的看法，也許您也可以分享。但我認為，正如我們談到我在過去三年中所做的一些關鍵戰略舉措時所指出的，過去幾年確實存在著一個非常好的機會，可以讓一些戰略來到這裡，並讓一家公司真正——我認為它實際上已經為成功做好了一切準備。所以我不知道（多位發言者）——

Yeah, my comment a little bit about that. I mean the organization, as you know, has been consumed with a lot of projects. We're a very tough detailed work -- working through these separations. And there is a real energy in the organization to turn now to growth and innovation. And so you can feel it.

是的，我對此有一點評論。我的意思是，正如你所知，該組織已經忙於許多專案。我們是一項非常艱鉅的細緻的工作——解決這些分離問題。現在，組織中確實存在著一種致力於成長和創新的能量。所以你就能感覺到它。

You really can. And that is a real opportunity here. There are good leaders ready to move it forward. And I think whoever comes into the role, that is the key piece to drive us that profitable growth from the base that's been down now because a lot of clean up has been done.

你確實可以。這是一個真正的機會。有優秀的領導人準備推動這項進程。我認為，無論誰擔任這一職務，這都是推動我們在基礎之上實現盈利增長的關鍵，因為我們已經進行了大量清理工作。

All right. Very helpful. Thank you for taking the questions.

好的。非常有幫助。感謝您回答這些問題。

Danielle Antalffy, UBS.

瑞銀的丹妮爾‧安塔菲 (Danielle Antalffy)。

Thank you so much for taking the question. And Heather, excited to work with you. Just a quick question. Actually, Larry's question is a good segue into Brent and Joel and Heather. Just as we look to 2025 and sort of some of the pipeline drivers specific to 2025 and maybe even 2026, I know you guys talked about like 10 product launches in Pharma, for example. But any color you can give on sizing these and what we, as analysts and investors, can look forward to over the next 12 to 24 months. And that's all.

非常感謝您回答這個問題。希瑟，我很高興與您合作。這只是一個簡單的問題。實際上，拉里的問題很好地引出了布倫特、喬爾和希瑟的問題。當我們展望 2025 年以及特定於 2025 年甚至 2026 年的一些管道驅動程式時，我知道你們談到了製藥領域的 10 種產品發布。但是您能否對這些規模做出任何具體說明，以及我們作為分析師和投資者對未來 12 到 24 個月的期望是什麼。就這樣。

Sure. I'll start, and others can chime in as they like. So I guess what I'll start with what I'd call a few of the kind of key drivers as we think about our guidance in 2025 a year ahead of us. See, number one, we continue to have strong growth in MPT. I think obviously, as we mentioned a little earlier, the full year of the Novum launches to get -- we're really excited about that.

當然。我先開始，其他人可以隨意發言。所以我想我會從我所說的幾個關鍵驅動因素開始，因為我們要考慮的是未來一年的 2025 年的指導方針。首先，我們的 MPT 業務持續保持強勁成長。我認為顯然，正如我們之前提到的，Novum 將在全年推出——我們對此感到非常興奮。

Our (inaudible) surgery, we're anticipating continued mid-single-digit growth there. Our Clinical Nutrition business, which actually kind of an interesting notice, has started just to penetration into the [ASC] space. So we've seen some nice growth there and anticipate that continuing by the end of next year as well as the impact of GPO pricing. That's a strong element in that business.

我們的（聽不清楚）手術，我們預計那裡將繼續保持中等個位數的成長。我們的臨床營養業務實際上是一個有趣的現象，它已開始滲透到[ASC]領域。因此，我們看到了那裡的一些良好的成長，並預計這種成長將持續到明年年底，同時也產生 GPO 定價的影響。這是該業務的一個強大因素。

We talked a little earlier about the recovery of HFC and the continued momentum on the capital side in particular, PFS of the US as well as the stabilization of FLC. We talked about Pharma is sort of the key of the innovations of new product launches and the mix improvement there of injectables relative to compounding, I'd say, even stabilization on the anesthesia side. I think the -- so I think that's really at the top line.

我們之前談到了HFC的復甦，特別是資本方面的持續發展勢頭，美國的PFS以及FLC的穩定性。我們討論的製藥是新產品發布創新的關鍵，以及相對於複合的注射劑混合改進，我想說，甚至是麻醉方面的穩定性。我認為—所以我認為這確實是最重要的。

And then the drivers of (inaudible) that I talked about the area, some of the GPO pricing, the new product launches the mix continued improvements (inaudible), our supply chain with our margin improvement programs and value leverage.

然後，我談到了該領域的驅動因素（聽不清楚），一些 GPO 定價，新產品的發布，組合的持續改進（聽不清楚），我們的供應鏈以及我們的利潤改進計劃和價值槓桿。

And then over the course of the year, continued impact from driving out some of the training costs, that we've talked about here. So I think those are really the things to look forward to. There are few product launch with respect to just in general again, a renewed focus on that an accelerated focus there that show some impact in the ways that I talked about the '25 but also sets up for some impact beyond that. (multiple speakers)

然後，在這一年中，我們將持續受到我們在此討論過的部分培訓成本的影響。所以我認為這些確實是值得期待的事。總體而言，很少有產品推出，重新關注這一點，加速關注這一點，這不僅在我談到的‘25’方面顯示出一些影響，而且還為超越這一點的影響做好了準備。（多位發言者）

I'll chime in. Yeah, I'm looking forward to working with you, too. This is Heather. So some things that I'm excited about, I mean, the pump platform, as I mentioned, is something that we will continue to build on, and we have additional launches to support Novum IQ and a gateway now that can work across our entire portfolio. So really excited about that in a connected ecosystem in the hospital, which is going to help clinical decision support and more personalized patient care.

我會附和的。是的，我也期待與您合作。這是希瑟。所以，令我興奮的是，正如我所提到的，我們將繼續建造泵平台，我們還推出了其他產品來支援 Novum IQ，並且現在可以在我們整個產品組合中使用網關。因此，我對醫院內互聯的生態系統感到非常興奮，這將有助於臨床決策支援和更個人化的病患照護。

I mean that's something that was the original thesis of the Hill-Rom acquisition, and we're starting to really see good pilots and momentum with our customers on that. HST is going to be introducing some new products. They got launches coming out throughout 2025 and early '26. We're still seeing great momentum on Progressive Plus and PSF, so that continues to pay good dividends and taking market share there.

我的意思是，這是 Hill-Rom 收購的最初論點，而且我們開始真正看到客戶在這方面取得的良好試點和發展勢頭。HST 即將推出一些新產品。他們將在 2025 年和 26 年初推出新產品。我們仍然看到 Progressive Plus 和 PSF 表現出色，因此它們將繼續帶來豐厚的回報並佔據市場份額。

And then Pharma is hitting a really exciting cadence of new product launches getting into more complex molecules, 10 to 12 launches a year that are really going to help buoy and as Joel mentioned, the margins of that business. They're really focused on that. And when they hit this innovation cycle that they're on right now. So those are some of the things that I'm personally excited about. And then he mentioned alternate site.

然後，製藥業正進入一個令人興奮的新產品發布節奏，每年推出 10 到 12 個更複雜的分子，這將真正有助於提振該業務的利潤率，正如 Joel 所提到的那樣。他們確實非常關注這一點。當他們進入現在所處的創新週期。這些都是我個人感到興奮的事。然後他提到了備用地點。

We made investments two years ago an alternate site in the United States. And we are starting to see dividends paid there in the nutrition portfolio and some small tuck-in licensing and distribution deals that we did in MPT, and those are starting to bear fruit. So that momentum in the US will continue. So those are just a few things that I'm personally excited about.

兩年前，我們在美國投資了一個替代站點。我們開始看到營養產品組合支付的股息以及我們在 MPT 達成的一些小型附加許可和分銷交易，這些交易開始取得成果。因此美國的這種勢頭將會持續下去。以上只是我個人感到興奮的幾件事。

So when I talked about a new rhythm, a new pace, and momentum that we're building, we're definitely starting to see that across the portfolio and those investments that we made bearing fruit now moving into '25 and '26.

因此，當我談到我們正在建立的新節奏、新速度和新動力時，我們確實開始看到整個投資組合和我們所做的投資在進入25年和26年時結出了碩果。

Yeah. Thanks, Heather. This is Brent. I'd just add to that, I sort of referred to it, but really starting right now, we're putting the emphasis on accelerating time to market, innovation development. So that is an area, a very strong focus right now is how to speed up that whole innovation cycle and get product solutions to market faster. So that will be ongoing work.

是的。謝謝，希瑟。這是布倫特。我只是想補充一點，我提到過這一點，但實際上從現在開始，我們就把重點放在加快產品上市時間和創新發展上。因此，目前這個領域的重點是如何加快整個創新週期並更快地將產品解決方案推向市場。所以這將是一項持續的工作。

Thank you.

謝謝。

Ladies and gentlemen, those are all the questions that time allows us to take. Therefore, that concludes today's question-and-answer session and today's conference call. We thank you for your participation. You may now disconnect.

女士們、先生們，時間允許我們回答這些問題。今天的問答環節和電話會議就到此結束。我們感謝您的參與。您現在可以斷開連線。