百特醫療 (BAX) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Baxter International's first-quarter 2025 earnings conference call.

女士們、先生們，早安，歡迎參加百特國際 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

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，本次通話由 Baxter 錄音，且屬於受版權保護的資料。未經 Baxter 許可，不得錄製或轉播。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，你可以開始了。

Good morning, and welcome to our first-quarter 2025 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 Chief Operating Officer.

早上好，歡迎參加我們的 2025 年第一季財報電話會議。今天與我一起出席的還有百特公司董事長兼臨時首席執行官布倫特·謝弗 (Brent Shafer)；百特執行副總裁兼首席財務官喬爾·格雷德 (Joel Grade)；以及百特首席營運官 Heather Knight。

On the call this morning, we will be discussing Baxter's first-quarter 2025 results along with our financial outlook for the second-quarter and full-year 2025.

在今天早上的電話會議上，我們將討論百特 2025 年第一季的業績以及我們對 2025 年第二季和全年的財務展望。

With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the second-quarter and full-year 2025, the anticipated impact of our strategic actions, the potential impact of various regulatory and operational matters in the global macroeconomic environment, including new and proposed tariffs on our results of operations contain forward-looking statements that involve risks and uncertainties. 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.

因此，請允許我在開始我們的準備好的發言時提醒大家，本次演示，包括對我們 2025 年第二季度和全年財務前景的評論、我們戰略行動的預期影響、全球宏觀經濟環境中各種監管和運營事項的潛在影響（包括新的和擬議的關稅）對我們的經營業績的影響，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。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。

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 in financial measures is included in the accompanying investor presentation and available in our earnings release issued this morning, both of which are available on our website.

此外，在今天的電話會議上，將採用非公認會計準則財務指標來幫助投資者了解百特的持續業務表現。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, which is now reported as discontinued operations.

需要提醒的是，持續經營不包括百特的腎臟護理業務，該業務目前被報告為已停止經營。

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？

Thanks, Clare, and good morning, everyone. Thank you for joining us.

謝謝，克萊爾，大家早安。感謝您加入我們。

Our results for the first quarter reflect the building momentum of our strategic transformation journey and the hard work of our Baxter colleagues globally.

我們第一季的業績反映了我們戰略轉型歷程的不斷增強的勢頭以及全球百特同事的辛勤工作。

As you saw in this morning's press release, our first-quarter performance for continuing operations exceeded our previously issued guidance on both the top and bottom line. We're leveraging our verticalized operating model to create a more agile, focused product portfolio, and advance innovation, improve execution and drive profitable growth.

正如您在今天早上的新聞稿中看到的，我們第一季的持續經營業績超過了我們之前發布的頂線和底線業績預期。我們正在利用垂直營運模式來創建更靈活、更專注的產品組合，並推動創新、提高執行力並推動獲利成長。

First-quarter sales from continuing operations grew 5% on a reported and operational basis. As a reminder, continuing operations exclude the impact of our Kidney Care business, which was acquired by Carlyle on January 31, 2025.

第一季持續經營銷售額按報告和營運基礎計算成長了 5%。提醒一下，持續經營不包括我們的腎臟護理業務的影響，該業務於 2025 年 1 月 31 日被凱雷收購。

Sales rose in all three of Baxter's continuing segments with performance and medical products and therapies and healthcare systems and technologies coming in ahead of expectations. Heather and Joel will share more on individual segment results later in the call.

百特三大持續經營業務部門的銷售額均有所成長，其中高性能醫療產品、療法以及醫療保健系統和技術部門的銷售額均超出預期。Heather 和 Joel 將在稍後的電話會議中分享更多有關各個細分市場結果的資訊。

On the bottom line, adjusted earnings per share from continuing operations were $0.55. These results were fueled by top-line performance, our continued emphasis on driving operational efficiency, and a benefit from lower non-operational expenses.

最終，調整後的持續經營每股收益為 0.55 美元。這些業績得益於營業額的優異表現、我們對提高營運效率的持續重視以及非營運費用降低的好處。

We're pleased with our strong Q1 performance and confident in our strategic trajectory. At the same time, we're cognizant of the volatility that is present in the global macro environment and the resulting uncertainty that has been created in the marketplace.

我們對第一季的強勁表現感到滿意，並對我們的策略軌跡充滿信心。同時，我們意識到全球宏觀環境的波動性以及由此產生的市場不確定性。

We, like others, are keenly focused on evaluating and working to address the impact of newly enacted global tariffs and future potential tariffs as well as a range of other interrelated factors. As you're all aware, this remains an evolving and fluid situation. Joel will walk you through our key assumptions as they relate to our financial outlook for the remainder of this year, and also how we plan to mitigate a portion of these impacts.

與其他人一樣，我們也熱衷於評估並努力應對新頒布的全球關稅和未來潛在關稅以及一系列其他相關因素的影響。眾所周知，情況仍在不斷變化和動盪。喬爾將向您介紹我們與今年剩餘時間的財務前景相關的關鍵假設，以及我們計劃如何減輕部分影響。

To be clear, we remain positive about our opportunities to accelerate sales growth and expand margins. We continue to build on the strengths of our operating model and the reinvigorated profile, and as always, we benefit from our durable portfolio of medically essential products, which has served as the underlying foundation of our strength for decades.

需要明確的是，我們對加速銷售成長和擴大利潤率的機會仍然持樂觀態度。我們將繼續鞏固我們的營運模式和煥然一新的形象，並且一如既往地受益於我們持久的醫療必需產品組合，幾十年來，這些產品一直是我們實力的根本基礎。

Finally, I want to address a topic that I'm certain is on your mind, which is the identification of Baxter's next permanent CEO. Well, I'm not able to provide a detailed update, I can't confirm that the search process is active and well underway, with the Board being assisted by a leading search firm in these efforts.

最後，我想談談我相信你們都在關注的一個話題，那就是確定百特的下一任常任執行長。嗯，我無法提供詳細的更新信息，我無法確認搜索過程是否正在進行中並且董事會是否得到了一家領先的搜索公司的協助。

As I shared previously, the Board is moving expeditiously, but also deliberately to make sure we identify the right candidate to make the most of this opportunity to harness the potential our employees have helped create. We will of course keep our stakeholders updated on new developments as we are able to share them.

正如我之前所說，董事會正在迅速採取行動，同時也刻意確保我們找到合適的候選人，以充分利用這一機會，並發揮我們的員工幫助創造的潛力。當然，只要我們能夠分享，我們就會隨時向我們的利害關係人通報新的進展。

In closing, I want to recognize our global team for their dedication to our mission, and outstanding contributions to Q1 performance.

最後，我要感謝我們的全球團隊對我們使命的奉獻以及對第一季業績的傑出貢獻。

With that, I'll turn it over to Heather for a closer look at performance by segment.

接下來，我將把任務交給 Heather，讓她仔細研究各部分的表現。

Thanks, Brent, and welcome everyone. I'm pleased to be here with you this morning to discuss our first-quarter results. I'm going to walk through our sales performance in the quarter, and then we'll hand it over to Joel to walk through performance across the rest of the P&L along with our financial outlook for the second-quarter and full-year 2025.

謝謝，布倫特，歡迎大家。我很高興今天早上能在這裡與大家討論我們的第一季業績。我將介紹本季的銷售業績，然後我們將交給喬爾介紹其餘損益表的業績以及我們對第二季和 2025 年全年的財務展望。

Before I begin the sales discussion, I want to provide a reminder that results discussed on today's call will reference operational growth, which, as stated last quarter when providing guidance, excludes the impact of foreign exchange, MSA revenues from Vantive, and the planned exit of IV Solutions from China.

在我開始銷售討論之前，我想提醒一下，今天電話會議上討論的結果將參考營運成長，正如上個季度提供指導時所述，這不包括外匯、Vantive 的 MSA 收入以及 IV Solutions 計劃退出中國的影響。

As Brent referenced and as you've seen from our release, all three Baxter segments delivered year-over-year growth for the quarter at both reported and operational rates, helping fuel company-wide top-line outperformance.

正如布倫特所提到的以及您從我們的發布中看到的，百特所有三個部門在本季度的報告和運營率均實現了同比增長，從而推動了全公司營收的優異表現。

First-quarter, 2025 global sales from continuing operations totaled $2.63 billion and increased 5% on both a reported basis and operational basis. This compared favorably to our previous guidance, which called for sales to increase 3% to 4% on a reported basis and approximately 4% on an operational basis. Outperformance in the quarter was led by our HST segment with particular strength in our care and connectivity solutions division, along with better-than-expected sales in MPT.

2025 年第一季度，持續經營全球銷售額總計 26.3 億美元，報告基礎和營運基礎均成長 5%。這與我們先前的預期相比更為有利，我們先前的預期是報告銷售額成長 3% 至 4%，營運銷售額成長約 4%。本季的優異表現得益於我們的 HST 部門，尤其是我們的護理和連接解決方案部門的強勁表現，以及 MPT 部門優於預期的銷售額。

Now we'll walk through our results by reportable segments. Again, commentary regarding sales growth will reflect growth on an operational basis at constant currency rates. Sales in our medical products and therapies or MPT segment were $1.3 billion, increasing 6% in the quarter and came in ahead of expectations. Within MPT, first-quarter sales from our Infusion Therapies & Technologies division totaled $994 million and increased 6%.

現在我們將按報告部分介紹我們的結果。再次強調，有關銷售成長的評論將反映以固定匯率計算的營運成長。我們的醫療產品和療法或 MPT 部門的銷售額為 13 億美元，本季成長 6%，超出預期。在 MPT 內部，我們的輸液治療和技術部門第一季的銷售額總計 9.94 億美元，成長 6%。

Sales in the quarter benefited from double digit growth for our US infusion Systems portfolio as the rollout of our Novum IQ pump platform continues. Nutrition sales in the quarter advanced mid-single digits globally, reflecting strong growth in the US due to the continued progress we are experiencing in alternate sites for this business as well as improved supply for certain products that resulted in the clearance of backorders.

隨著我們 Novum IQ 幫浦平台的持續推出，本季銷售額受益於我們美國輸液系統產品組合的兩位數成長。本季度，全球營養品銷售額成長了中等個位數，反映出美國市場的強勁成長，這得益於我們在該業務的替代地點不斷取得進展，以及某些產品供應的改善導致積壓訂單得到清理。

We also realized low-single digit growth for IV Solutions as we noted on the first-quarter call, thanks to the team's [stellar] recovery efforts, production at our North Cove IV Solutions facility is back to pre-hurricane levels following the impact of Hurricane Helene. We're now focused on replenishing inventory and making continued progress on allocations for our customers. We expect to be off virtually all product allocations this month.

正如我們在第一季電話會議上所指出的，我們還實現了 IV Solutions 的低個位數增長，這要歸功於團隊的[出色]恢復工作，在颶風海倫的影響之後，我們 North Cove IV Solutions 工廠的產量已恢復到颶風前的水平。我們現在專注於補充庫存並繼續為客戶分配。我們預計本月幾乎所有產品分配都會取消。

IV Solution sales in the quarter reflected continued conservation of fluids at hospitals across the US while the network fully recovers. Our current outlook reflects our expectation that hospitals will continue to conserve fluids in the near term, but that utilization levels will improve, particularly as our allocations are removed and the US supply returns to normal levels.

本季靜脈輸液銷售反映了美國各地醫院在網路全面恢復期間繼續節省液體。我們目前的展望反映了我們的預期，即醫院將在短期內繼續節約液體，但利用率水平將會提高，特別是當我們的分配被取消並且美國供應恢復到正常水平時。

During the first quarter, we did see some distributors begin to rebuild their inventory levels, which helped to offset the impact from the conservation efforts. Our original expectation was that these rebuilds would likely occur more in the second quarter.

在第一季度，我們確實看到一些分銷商開始重建庫存水平，這有助於抵消保護措施的影響。我們最初的預期是，這些重建可能會在第二季度發生更多。

Sales in Advanced Surgery totaled $268 million and grew 4% globally. Results in the quarter reflected solid growth outside the US due to increased demand for our hemostats and sealants and the timing of sales to distributors. Sales in the US reflected one less billing day as compared to the prior-year period. In addition, the prior-year period reflected the benefit of a backorder clearance for one of our hemostat products.

先進外科手術的銷售額總計 2.68 億美元，全球成長 4%。本季業績反映出美國以外地區的穩健成長，這得益於我們的止血鉗和密封劑的需求增加以及向經銷商銷售的時機。與去年同期相比，美國銷售額的結算日減少了一天。此外，去年同期也反映了我們其中一款止血藥產品的延期交貨清倉帶來的好處。

In Healthcare Systems & Technologies or HST, sales in the quarter were above expectations and totaled $704 million, increasing 6%. Within the HST segment, sales in the quarter for our Care & Connectivity Solutions CCS division were $427 million advancing 7% globally.

在醫療保健系統和技術（HST）領域，本季的銷售額超出預期，總計 7.04 億美元，成長 6%。在 HST 領域，我們的護理與連結解決方案 CCS 部門本季的銷售額為 4.27 億美元，全球成長 7%。

Performance in the quarter was driven by 14% 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 surge and ICU product lines as well as upgrades for existing customers.

本季度業績受到美國 CCS 14% 成長的推動，這得益於我們的患者支援系統或 PSS 業務的持續發展勢頭，該業務再次實現了強勁增長，並反映了我們在醫療急診和 ICU 產品線的競爭優勢以及現有客戶的升級。

Total US capital orders for CCS rose 20% in the quarter, creating a healthy backlog to support future growth for this division. To date, we have not seen a slowdown in US capital hospital spending, but in light of the macroeconomic uncertainty, we are closely monitoring the situation. Our focus remains on highlighting the benefits of our broad portfolio and the enhanced digital capabilities we have added to improve workflow efficiency. Performance for this division was partially offset by weaker sales outside the US. Importantly, we did see capital orders pick up internationally, and these are anticipated to contribute to growth over the course of the year.

本季度，CCS 在美國的資本訂單總額增加了 20%，形成了健康的積壓訂單，以支持該部門的未來成長。到目前為止，我們還沒有看到美國資本醫院支出放緩，但鑑於宏觀經濟的不確定性，我們正在密切關注局勢。我們的重點仍然是突出我們廣泛的產品組合的優勢以及我們為提高工作流程效率而添加的增強數位功能。該部門的業績因美國以外地區銷售疲軟而部分抵銷。重要的是，我們確實看到國際資本訂單回升，預計這些訂單將在今年促進經濟成長。

Front line Care sales at the quarter were $277 million and increased 5%. Performance in the quarter reflected a favorable comparison as well as continued signs of stabilization of the primary care market in the US.

本季第一線護理銷售額為 2.77 億美元，成長 5%。本季的業績反映了良好的對比以及美國初級保健市場持續穩定的跡象。

Moving to our pharmaceutical segment, sales in the quarter totaled $581 million increasing 3%. First-quarter sales within injectables and anesthesia of $335 million grew 4%. Performance in the quarter reflected mid-single-digit growth in our specialty injectables portfolio, driven by strong international growth reflecting a government order and increased demand. This performance was partially offset by lower sales of anesthesia in the quarter. Our expectation is that the anesthesia business will begin to stabilize and the rate of decline for this business will start to slow. Drug Compounding grew 2% and reflected a difficult comparison to the prior-year period.

轉向我們的製藥部門，本季銷售額總計 5.81 億美元，成長 3%。第一季注射劑和麻醉劑銷售額為 3.35 億美元，成長 4%。本季的業績反映了我們的專業注射產品組合實現了中等個位數成長，這得益於政府訂單和需求增加帶來的強勁國際成長。這一業績因本季麻醉藥品銷售額下降而部分抵銷。我們預計麻醉業務將開始穩定，並且該業務的下降速度將開始放緩。藥物配製成長了 2%，與去年同期相比難以比較。

And in other sales which represents sales not allocated to a segment and primarily includes sales of products and services provided directly through certain manufacturing facilities worth $15 million in the quarter. During the quarter, MSA revenue from Vantive totaled $63 million. These sales are not reflected in our operational growth, but are included in our reported growth for the quarter.

其他銷售額代表未分配給某個部門的銷售額，主要包括本季透過某些製造設施直接提供的產品和服務的銷售額，價值 1500 萬美元。本季度，來自 Vantive 的 MSA 收入總計 6,300 萬美元。這些銷售額沒有反映在我們的營運成長中，但包含在我們本季報告的成長中。

Before turning it over to Joel, I want to take a step back. Looking holistically, our strength across the segments reflects both the power and the trajectory of our newly defined enterprise. Our confidence and our future potential remains high and we are committed to executing on our strategic objectives even amid a more dynamic global macroeconomic environment. I'm confident we'll navigate this uncertainty just as we always do with the support of our 38,000 colleagues across the globe and with our mission to save and sustain lives helping define our path forward.

在將任務交給喬爾之前，我想先回顧一下。從整體來看，我們在各個領域的實力反映了我們新定義的企業的實力和發展軌跡。我們依然對未來充滿信心，並堅信即使在更動態的全球宏觀經濟環境下，我們仍將致力於實現我們的戰略目標。我相信，在全球 38,000 名同事的支持下，在我們拯救和維持生命的使命的幫助下，我們將一如既往地應對這種不確定性，幫助我們確定前進的道路。

Now I'll pass it over to Joel, who will discuss performance down the rest of the P&L along with our updated financial outlook.

現在我將把它交給喬爾，他將討論其餘損益表的表現以及我們最新的財務前景。

Joel?

喬爾？

Thanks, Heather, and good morning, everyone.

謝謝，希瑟，大家早安。

As my colleagues mentioned, we were pleased with our first quarter results, which came in ahead of our expectations on both the top and bottom lines.

正如我的同事所提到的，我們對第一季的業績感到滿意，無論是營收還是淨利潤，都超出了我們的預期。

Before I begin, I want to highlight a point that both Brent and Heather referenced. As we're all aware, we now face a more dynamic global macroeconomic environment which has created a level of uncertainty for everyone, including our customers.

在開始之前，我想強調布倫特和希瑟都提到的一點。眾所周知，我們現在面臨著更動態的全球宏觀經濟環境，這給包括我們的客戶在內的每個人帶來了一定程度的不確定性。

We remain squarely focused on addressing the needs of our customers through a broad portfolio of medically essential products and evaluating opportunities to better optimize our supply chain network in light of new tariffs, with some activities already underway.

我們始終專注於透過廣泛的醫療必需產品組合來滿足客戶的需求，並根據新關稅評估更好地優化供應鏈網路的機會，其中一些活動已在進行中。

Importantly, we remain committed to accelerating our investments in innovation, focus on bringing products to the marketplace that solve the problems that our customers face and help redefine healthcare delivery. Importantly, we will not compromise on our efforts to thoughtfully accelerate innovation in targeted areas of the business as this is critical to support our future growth aspirations.

重要的是，我們將繼續致力於加速對創新的投資，專注於將產品推向市場，解決客戶面臨的問題並協助重新定義醫療保健服務。重要的是，我們不會妥協於我們在業務目標領域深思熟慮地加速創新的努力，因為這對於支持我們未來的成長願望至關重要。

Starting with the bottom line, first-quarter adjusted earnings per share from continuing operations were $0.55 per share and came in ahead of our prior guidance of $0.47 to $0.50 per share, driven by the favorable top-line results, lower than expected SG&A expenses and a benefit from TSA income and other reimbursements. In addition, our tax rate and other non-operational items came in favorable to our expectations, which more than offset a negative impact from foreign exchange.

從底線開始，第一季調整後持續經營每股收益為 0.55 美元，高於我們先前預測的 0.47 美元至 0.50 美元，這得益於良好的營收業績、低於預期的銷售、一般及行政費用以及 TSA 收入和其他報銷帶來的收益。此外，我們的稅率和其他非經營性項目符合我們的預期，足以抵銷外匯帶來的負面影響。

Before more specifically addressing the rest of the P&L results, I wanted to make some comments regarding our continuing operations reporting. As a reminder, prior to the close of the Vantive deal, corporate costs that had previously been allocated in the Kidney Care segment that would not convey with the Kidney Care business in the sale were reported in unallocated corporate costs. Post close, these costs are now allocated to each of our segments, along with income from our Transition Services Agreements or TSAs as well as cost containment initiatives, the company is in the process of undertaking. Our goal remains to fully offset the impact of these [stranded] costs and loss of TSA income by the end of 2027.

在更具體地討論其餘損益結果之前，我想對我們的持續經營報告發表一些評論。提醒一下，在 Vantive 交易結束之前，之前已分配到腎臟護理部門但不會隨腎臟護理業務一起出售的公司成本被報告為未分配的公司成本。交易完成後，這些成本連同公司正在實施的過渡服務協議或 TSA 收入以及成本控制措施一起分配給我們的各個部門。我們的目標仍然是到 2027 年底完全抵銷這些（擱淺）成本和 TSA 收入損失的影響。

In addition, during the quarter, we reclassified certain functional expenses to cost of goods sold from SG&A following the completion of the sale of our Kidney Care business. These functional costs were previously recorded at SG&A and support manufacturing and are now classified as indirect costs, subject to inventory capitalization, and recorded in cost of sales when sold.

此外，在本季度，隨著腎臟護理業務的出售完成，我們將某些職能支出從銷售、一般及行政費用重新分類為銷售成本。這些功能成本以前記錄在銷售、一般和行政費用以及支援製造中，現在被歸類為間接成本，需進行庫存資本化，並在銷售時記錄在銷售成本中。

First-quarter adjusted gross margin from continuing operations was 41.8%, a decrease of 160 basis points compared to the prior year. The year-over-year decline reflected the impact of MSA revenues from Vantive and higher expenses related to planning and fulfillment.

第一季調整後持續經營毛利率為41.8%，較上年同期下降160個基點。同比下降反映了 Vantive 的 MSA 收入以及與規劃和履行相關的更高費用的影響。

First-quarter adjusted SG&A from continuing operations totaled $608 million or 23.2% as a percentage of sales, a decrease of 310 basis points from the prior-year period. This year-over-year decrease reflects the benefit from the reclassification of functional costs, along with lower stock compensation expenses in the quarter, and continued disciplined expense management.

第一季調整後的持續經營業務銷售、一般及行政費用總計 6.08 億美元，佔銷售額的 23.2%，較去年同期下降 310 個基點。這一同比下降反映了職能成本重新分類的好處，以及本季股票薪酬費用的降低，以及持續嚴格的費用管理。

Adjusted R&D spending from continuing operations in the quarter, totaled $138 million and represented 5.3% as a percentage of sales, an increase of 50 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.

本季來自持續經營的調整後研發支出總計 1.38 億美元，佔銷售額的 5.3%，比去年同期增長 50 個基點，反映了我們持續投資於整個產品組合中的新產品開發以及為各個部門的患者帶來創新。

TSA income and other reimbursements totaled $40 million in the quarter. This came in higher than expected and reflected increased levels of support currently required by Vantive. The associated expenses are reflected in other lines of the P&L. These factors resulted in an adjusted operating margin of 14.9% on a continuing operations basis, improving 260 basis points compared to the prior-year period. This performance reflects a continued focus on operational execution as well as the benefit of TSA income and other reimbursements from Vantive.

本季度，TSA 收入和其他報銷總額為 4000 萬美元。這一數字高於預期，反映出 Vantive 目前需要更高水準的支持。相關費用反映在損益表的其他項目。這些因素導致持續經營基礎上的調整後營業利潤率為 14.9%，比去年同期提高了 260 個基點。這一業績體現了對營運執行的持續關注以及來自 TSA 收入和 Vantive 的其他報銷的好處。

Taking a look at adjusted operating margin by each reportable segment. MPT's adjusted operating margin for the quarter was 19.3%, increasing 80 basis points over the prior-year period and reflecting positive pricing in the quarter, partially offset by elevated costs as we continue to improve volumes at North Cove and experience higher planning and fulfillment costs.

查看每個報告部門的調整後營業利潤率。MPT 本季調整後的營業利潤率為 19.3%，比去年同期增加了 80 個基點，反映了本季積極的定價，但由於我們繼續提高 North Cove 的產量並經歷更高的規劃和履行成本，成本上升部分抵消了這一增長。

TSA income contributed to positive performance in the quarter. HST first-quarter adjusted operating margins of 13.2%, a 320-basis-point improvement from the prior year driven primarily by improved top-line performance. TSA income also contributed to performance and helped to offset increased corporate allocation expenses.

TSA 收入為本季度的積極業績做出了貢獻。HST 在第一季調整後的營業利潤率為 13.2%，比上年同期提高了 320 個基點，主要得益於營業收入的提高。TSA 收入也對業績做出了貢獻，並有助於抵消增加的公司分配費用。

Pharmaceuticals adjusted operating margins were 10.8% for the quarter, decreasing 270 basis points compared to the prior year. These results reflect certain one-time expenses realized in the quarter and an increase in corporate allocations. These expenses were partially offset by TSA income.

本季製藥業務調整後的營業利益率為 10.8%，較前一年下降 270 個基點。這些結果反映了本季實現的某些一次性支出和公司撥款的增加。這些費用被 TSA 收入部分抵銷。

Net interest expense from continuing operations totaled $64 million in the quarter, a decrease of $14 million versus the prior-year period reflecting lower interest expense following the paydown of existing debt with proceeds from the sale of Vantive.

本季持續經營業務的淨利息支出總計 6,400 萬美元，比去年同期減少 1,400 萬美元，這反映了在使用出售 Vantive 所得收益償還現有債務後利息支出的降低。

Adjusted other non-operating income to $17 million in the quarter compared to income of $9 million in the prior-year period, primarily reflecting lower losses from foreign exchange balance sheet [accounts]. The continuing operations adjusted tax rate for the quarter was 17.4%, benefiting from the strategic use of select tax attributes as we optimize our global structure following the sale of Kidney Care. And as previously mentioned, adjusted earnings from continuing operations were $0.55 per share for the quarter and increased 53% versus the prior year.

本季調整後其他非營業收入為 1,700 萬美元，而去年同期為 900 萬美元，主要反映了外匯資產負債表損失的減少[帳戶]。本季持續經營調整後的稅率為 17.4%，這得益於我們在出售腎臟護理業務後優化全球結構時對精選稅收屬性的策略性使用。如前所述，本季調整後的持續經營收益為每股 0.55 美元，較上年增長 53%。

Contributions to earnings included improved commercial performance, positive pricing, the receipt of TSA income, and other reimbursements as well as the benefit of lower expenses from non-operational items, including interest and tax.

收益貢獻因素包括商業表現改善、積極定價、收到 TSA 收入和其他報銷，以及非營運項目（包括利息和稅收）費用降低的好處。

Let me conclude my remarks by discussing our outlook for the full-year 2025 and the second quarter of 2025, including some key assumptions underpinning the guidance. For full-year 2025, Baxter expects total sales growth of 7% to 8% on a reported basis. This guidance reflects current foreign exchange rates which are expected to minimally impact growth on the top line. This is an increase relative to our prior guidance, which had assumed that foreign exchange would negatively impact sales by approximately 200 basis points.

最後，我想討論我們對 2025 年全年和 2025 年第二季的展望，包括支撐指引的一些關鍵假設。百特預計 2025 年全年總銷售額將成長 7% 至 8%。該指引反映了目前的外匯匯率，預計對營業收入成長的影響很小。這比我們先前的指導有所增加，我們先前的指導假設外匯將對銷售產生約 200 個基點的負面影響。

In addition, our reported sales guidance includes the contribution of approximately $310 million of anticipated MSA revenues from Vantive, down slightly from our original expectations of $345 million. Operationally, Baxter continues to expect sales growth of 4% to 5%. As a reminder, this guidance excludes the impact of foreign exchange, MSA revenues, and the planned exit of IV Solutions in China. The negative impact from exiting the IV Solutions business in China continues to be approximately 50 basis points to growth.

此外，我們報告的銷售指引包括 Vantive 預計的約 3.1 億美元 MSA 收入貢獻，略低於我們最初預期的 3.45 億美元。從營運角度來看，百特預計銷售額仍將成長 4% 至 5%。提醒一下，本指南不包括外匯、MSA 收入以及 IV Solutions 計劃退出中國市場的影響。退出中國靜脈注射液業務的負面影響仍將對成長造成約 50 個基點的拖累。

Operational sales guidance for the full year by reportable segments is as follows. For MPT, we continue to expect sales to increase approximately 5%, driven by strength in our infusion systems business, positive pricing, and other underlying business momentum. As mentioned earlier, we do expect IV Solutions growth to improve as we remove allocations in some of their conservation efforts. This guidance excludes the impact of exiting the IV Solutions market in China, which is estimated to impact sales growth by 100 basis points.

報告分部的全年經營銷售指引如下。對於 MPT，我們繼續預計銷售額將成長約 5%，這得益於我們輸液系統業務的強勁成長、積極的定價以及其他潛在的業務動能。如前所述，隨著我們取消部分保護工作的撥款，我們確實預期 IV Solutions 的成長將會改善。該指引不包括退出中國靜脈注射解決方案市場的影響，預計這將對銷售成長產生 100 個基點的影響。

We continue to expect sales on our HST segment to increase approximately 3%. While we are very pleased with the building momentum and healthy backlog we have built in HST, we will continue to closely monitor the capital environment for any change to the hospital spending expectations. We continue to expect Pharmaceuticals to increase approximately 5% to 6%.

我們繼續預計 HST 部門的銷售額將成長約 3%。雖然我們對 HST 的建設勢頭和健康積壓感到非常高興，但我們將繼續密切關注資本環境，以了解醫院支出預期的任何變化。我們繼續預計製藥業將成長約 5% 至 6%。

Before turning to our outlook for other P&L line items, I want to provide some thoughts regarding our assumptions around tariffs. Our updated guidance now includes the estimated impact from tariffs, based on the current proposals enacted and assumes a reversion back to original proposed tariff rates following the 90-day suspension. In addition, our guidance does take into account that we are able to mitigate a portion of these impacts.

在談到我們對其他損益項目的展望之前，我想就我們對關稅的假設提供一些想法。我們更新後的指南現在包括根據目前頒布的提案估計的關稅影響，並假設在 90 天的暫停後恢復到最初提議的關稅稅率。此外，我們的指導確實考慮到我們能夠減輕部分影響。

In general, Baxter strives to make where we sell and buy where we make as part of our broader integrated supply chain approach. This allows us to deliver our products and solutions around the world with greater control and visibility to our operations. Currently, the majority of Baxter's products sold in the US are manufactured in the US and made largely from US-made components. However, international procurement is part of our business operations, and as such, we are impacted from the US and retaliatory tariffs that have been issued.

總體而言，作為我們更廣泛的整合供應鏈方法的一部分，百特致力於在銷售地生產、在生產地採購。這使我們能夠在世界各地提供我們的產品和解決方案，並對我們的營運具有更好的控制力和可視性。目前，百特在美國銷售的大部分產品都是在美國製造的，並且主要採用美國製造的零件。然而，國際採購是我們業務運作的一部分，因此，我們受到美國和已經實施的報復性關稅的影響。

We plan to take several actions to help minimize the impacts related to tariffs. Some of these actions will be able to be realized more near term to help mitigate the impact in 2025, and others will require more time to be implemented, but will help offset the impact in future years. Some of these mitigation opportunities include actively communicating with and assessing our supplier base to identify risks and work to implement mitigations, which could include carrying additional inventory and identifying alternative suppliers or manufacturing locations, identifying alternative shipping routes for suppliers and finished goods to help minimize the overall impact, assessing targeted pricing actions, and finally, continuing to work closely with our trade association partners in various countries to advocate for possible exemptions.

我們計劃採取多項措施，幫助最大限度地減少與關稅相關的影響。其中一些行動可以在近期實現，以幫助減輕2025年的影響，而其他行動則需要更多時間來實施，但將有助於抵消未來幾年的影響。這些緩解機會包括積極與我們的供應商群體溝通和評估，以識別風險並努力實施緩解措施，其中可能包括攜帶額外的庫存和確定替代供應商或製造地點，確定供應商和成品的替代運輸路線以幫助最大限度地減少整體影響，評估有針對性的定價行動，最後，繼續與我們在各個國家的貿易協會合作夥伴密切合作，倡導可能的豁免。

Taking all this into account, we estimate the net impact to our results from tariffs is approximately $60 million to $70 million in 2025. Additionally, based on our standard rollout period, we expect to see the majority of the tariff impact in the second half of the year. I note that while China represents a very small percentage of our total sales, given the magnitude of the tariffs that have been enacted between the two countries, these tariffs now account for nearly half of the total impact. At this time, our tariff assumptions do not reflect any potential tariffs related to pharmaceutical products.

考慮到所有這些因素，我們估計到 2025 年，關稅對我們業績的淨影響約為 6,000 萬至 7,000 萬美元。此外，根據我們的標準推出期，我們預計大部分關稅影響將在下半年顯現。我注意到，雖然中國在我們的總銷售額中所佔比例很小，但考慮到兩國之間已經實施的關稅規模，這些關稅現在佔總影響的近一半。目前，我們的關稅假設並未反映與藥品相關的任何潛在關稅。

One other item I'd like to highlight is that while current foreign exchange rates are expected to benefit topline relative to prior guidance, they do negatively impact our adjusted operating margins and adjusted earnings per share, which is driven by our current infrastructure footprint that remains post the sale of Vantive. We have plans over time to optimize our global footprint.

我想強調的另一點是，雖然預計當前外匯匯率相對於先前的指引將有利於營收，但它將對我們的調整後營業利潤率和調整後每股收益產生負面影響，這是由我們在出售 Vantive 後仍保留的現有基礎設施足跡所致。我們制定了長期計劃來優化我們的全球影響力。

(technical difficulty) inclusive of these factors and underlying business performance, we now expect full-year adjusted operating margin from continuing operations between 16% to 16.5%. TSA income and other reimbursements are now expected to range between $140 million to $150 million. This increase reflects incremental services provided by Vantive with the related expenses reflected in the other lines of the P&L.

（技術難度）考慮到這些因素和基礎業務表現，我們現在預計全年調整後持續經營業務的營業利潤率將在 16% 至 16.5% 之間。目前預計 TSA 收入和其他報銷金額將在 1.4 億美元至 1.5 億美元之間。這一增長反映了 Vantive 提供的增量服務，相關費用反映在損益表的其他項目中。

We expect our non-operating expenses, which include net interest expense and other income and expense, to total between $220 million to $240 million. On a continuing operations basis, we anticipate a full-year tax rate of approximately 19% to 19.5%. We expect our diluted share count to average approximately 515 million shares for the year, which does not contemplate any share repurchases. Based on all these factors, we are increasing the low end of our prior guidance range and now anticipate full -ear adjusted earnings on a continuing operations basis for $2.47 to $2.55 per diluted share.

我們預計非營業支出（包括淨利息支出和其他收入和支出）總額將在 2.2 億美元至 2.4 億美元之間。在持續經營基礎上，我們預計全年稅率約為 19% 至 19.5%。我們預計今年稀釋後的股份數量平均約為 5.15 億股，不考慮任何股份回購。基於所有這些因素，我們提高了先前指導範圍的低端，目前預計全年調整後持續經營每股收益為 2.47 美元至 2.55 美元。

Specific to the second quarter of 2025, we expect continuing operations sales growth of approximately 4$ to 5% on a reported basis and 1% to 2% on an operational basis. For the second quarter, foreign exchange is expected to positively impact the top line by approximately 50 basis points, and MSA revenues are expected to total approximately $80 million. The China IV Solutions exit is expected to impact top-line growth by approximately 70 basis points in the second quarter. On a continuing operations basis, we expect adjusted earnings per share of $0.59 to $0.63.

具體到 2025 年第二季度，我們預計持續經營銷售額報告成長約為 4% 至 5%，營運成長約為 1% 至 2%。對於第二季度，預計外匯將對營業收入產生約 50 個基點的正面影響，MSA 收入預計總計約為 8,000 萬美元。預計中國IV解決方案的退出將對第二季的營收成長產生約70個基點的影響。在持續經營基礎上，我們預計調整後每股收益為 0.59 美元至 0.63 美元。

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

好了，我們現在可以開始問答環節了。

(Operator Instructions)

（操作員指示）

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

我想提醒與會者，本次通話將被錄音，數位回放將在 Baxter International 網站 www.baxter.com 上保留 60 天。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

It's Joanne Wuensch and very nice quarter and start to the year.

這是 Joanne Wuensch，這是一個非常好的季度，也是今年的開始。

I have to ask the obligatory [tarot] question specifically what you are pulling back on or managing to offset some of the headwinds, and then how should we think about 2026? Should we just annualize your run rate that you gave for '25, and then I'll give you my second question up front.

我必須問一個必問的 [塔羅牌] 問題，具體來說，您正在努力克服什麼困難或設法抵消一些不利因素，然後我們應該如何看待 2026 年？我們是否應該將您給出的 25 年運行率按年化，然後我會提前向您提出第二個問題。

The HST business, I think this was your (technical difficulty) strongest quarter since 2023. How should we think about that recovery and the sustainability?

對於 HST 業務，我認為這是你們自 2023 年以來（技術難度）最強勁的一個季度。我們應該如何看待復甦和永續性？

Thanks, Joanne. Good morning. It's Joe. I'll take the first part and I'll pass it over to Heather for the second.

謝謝，喬安妮。早安.是喬。我負責第一部分，然後交給 Heather 負責第二部分。

So from a tariff perspective, certainly, we do have a number of mitigation activities. Some of which are underway already. Others which are continuing to be developed that I saw from a timing perspective, again, there's going to be some spread on that, but I group it in a couple of things.

因此，從關稅角度來看，我們確實採取了一些緩解措施。其中一些已在進行中。從時間角度來看，我看到其他正在繼續開發的東西，同樣，它們會有一些擴散，但我把它分成幾類。

I mean one from a supply chain perspective, certainly some optimization activities around negotiating with suppliers, finding potential alternative supply, whether it's different suppliers or the other we different places.

我的意思是從供應鏈的角度來看，肯定有一些圍繞與供應商談判的最佳化活動，尋找潛在的替代供應，無論是不同的供應商還是不同的地方。

Looking to do things we're optimizing freight, optimizing supply, I think about routes and whether we need to go from one country to another to another or we can go direct. Again, there's certain things we're looking to really do to optimize those things.

我們正在尋求優化貨運、優化供應的方法，我考慮路線以及我們是否需要從一個國家到另一個國家，或者我們可以直接運輸。再次強調，我們確實希望採取某些措施來優化這些事情。

We're certainly -- from a pricing standpoint, I'd say, it's very targeted. There's some very targeted areas around that, and not a broad strategy there necessarily, but then from -- and then finally just from -- continuing to seek additional exemptions on working with our government team and then the various countries we operate in and certainly in our industry groups to find different ways to potentially have exemptions for other products. So those are some of the things I'd say broadly are the things we're focused on from litigation perspective.

我們當然——從定價的角度來看，我想說，這是非常有針對性的。圍繞這一點有一些非常有針對性的領域，而且不一定有一個廣泛的策略，但最終只是透過與我們的政府團隊以及我們經營所在的各個國家和我們的行業團體合作，繼續尋求額外的豁免，以找到可能對其他產品進行豁免的不同方法。所以我想說的是，從訴訟角度來看，這些是我們所關注的一些事情。

And I guess what I'd say from the 2026, the way I would look at that again is, I think it's probably fair, although, as I said in my comments, the mitigation impacts aren't necessarily all in place now. And so those things are going to phase and so the impact -- the mitigation activities will be phasing as we go into next year as well.

我想從 2026 年開始說，我會再次以這樣的方式看待這個問題，我認為這可能是公平的，儘管正如我在評論中所說，緩解影響現在不一定全部到位。因此，這些事情將分階段進行，其影響——緩解活動也將在明年分階段進行。

So I'll -- for the second part now, I'll pass that over to Heather.

所以我現在將第二部分交給 Heather。

Yeah, hi, good morning, Joanne, and thanks for the question and thanks for acknowledging the HST performance. We're really pleased with the first quarter and our teams have been working really hard with our customers, so we're pleased overall with the beat. It was broad based and across all of our businesses really exceeding expectations, particularly around the building momentum that we're seeing across the US, so we've got a healthy backlog, particularly in the PFS business as I mentioned, strong order growth and a lot of competitive account wins. So the commercial excellence that we talked about last year and customer programs are starting to pay off as we've managed the supply recovery that we talked about last year.

是的，嗨，早上好，喬安妮，感謝您的提問，也感謝您對 HST 表現的認可。我們對第一季的業績非常滿意，我們的團隊一直在與客戶一起努力工作，因此我們對整體業績感到滿意。它的基礎廣泛，我們所有的業務都超出了預期，特別是圍繞我們在美國看到的建設勢頭，所以我們有一個健康的積壓訂單，特別是在我提到的 PFS 業務中，訂單增長強勁，並且贏得了很多有競爭力的賬戶。因此，隨著我們實現了去年談到的供應恢復，我們去年談到的商業卓越和客戶計劃開始獲得回報。

While we haven't seen any slowdown today in the capital environment, we are monitoring the situation, but didn't feel even based on the momentum that it was prudent to just raise guidance in HST this year, but more maintained. But overall, I would say we're happy with the momentum of the team and the business and the leadership across the organization.

雖然我們今天沒有看到資本環境有任何放緩，但我們正在監測情況，但即使基於這種勢頭，我們也不認為今年僅僅提高 HST 指導是謹慎的，而應該保持這種勢頭。但總的來說，我想說我們對團隊、業務和整個組織的領導感到滿意。

So thanks for the question.

感謝您的提問。

Yeah, and actually, if I could just add one thing Heather to that, even in the FLC side, I think one of the things that was actually a good impact on this quarter was a balanced growth between both the CCS and Front Line Care. And I think the -- we saw some stabilization I'd say in the primary care markets. On the FLC side, we also had [less headwinds] in '25 and '24, we kind of talked about that heading into the year. Our backlogs are closer to normal levels than FLC and then obviously we also had some favorable year-over-year comparisons that we're up against. But just want to add to Heather is went there I think again it really was not only the CCS part, which we're really pleased with but also again balanced really across that portfolio.

是的，實際上，如果我可以補充一點的話，希瑟，即使在 FLC 方面，我認為對本季度產生積極影響的因素之一是 CCS 和 Front Line Care 之間的平衡增長。我認為—我們看到初級保健市場有所穩定。在 FLC 方面，我們在 25 年和 24 年也遇到了較少的阻力，我們在進入今年時就談到了這一點。我們的積壓訂單比 FLC 更接近正常水平，而且顯然我們也有一些有利的同比比較。但我只想補充一下 Heather 去那裡的情況，我認為這不僅僅是 CCS 部分，我們對此感到非常滿意，而且在整個投資組合中也實現了平衡。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

I wanted just to start here on the IV side.

我只是想從靜脈注射方面開始。

Hospitals have been pretty successful at implementing conservation programs, and we haven't seen much of a disruption at least it's seems from the outside and hospital operations or elective procedure volumes. So if you remove hospitals from allocation, can you maybe help us frame what you expect the impact to be to your business and then also if you think hospitals will return to pre-hurricane inventory management levels or there's something that may have more structurally changed in how they approach managing this particular supply line, and then I have a follow-up on tariffs.

醫院在實施保護計畫方面相當成功，我們至少從外部和醫院運作或選擇性手術量來看，沒有看到太大的干擾。因此，如果您將醫院從分配中移除，您能否幫助我們確定您預計這會對您的業務產生什麼影響，然後您是否認為醫院將恢復到颶風前的庫存管理水平，或者在管理這條特定供應線的方式上可能會發生更結構性的變化，然後我將跟進關稅問題。

Sure. Hi David, good morning, it's Heather.

當然。嗨，大衛，早安，我是希瑟。

So I'll start. So when you think about conservation, it's really not across all hospitals. There's a subset of hospitals that are conserving right now, and we still assume in our outlook that there will be conservation as we exit the year in the 10%- to 12%-range is what we're assuming when you exit the year, so that's broadly for the US.

那我就開始了。因此，當你考慮節約時，它實際上並不適用於所有醫院。目前有一部分醫院正在節約開支，我們仍然認為，到今年年底，醫院的節約幅度將在 10% 到 12% 之間，這對美國來說大致是如此。

So there are many customers that are actually using more solutions than pre-hurricane levels, so it's definitely not a one-size fits all, but we are assuming that conservation continues, that there's been some adjustment in practice and we saw some of that with Hurricane Maria as well. It sort of took about a year or so for that utilization to continue. So we baked that into the forecast. I think it's important to know when you think about MPT for the half, we worked really hard to make sure that we could stabilize our customers with inventory and IV.

因此，實際上有很多客戶使用的解決方案比颶風前水平還要多，所以這絕對不是一刀切的做法，但我們假設節約會繼續，實踐中會有一些調整，我們在颶風瑪麗亞中也看到了一些調整。這種利用方式持續了大約一年左右的時間。因此我們將其納入預測之中。我認為，當你考慮上半年的 MPT 時，重要的是要知道，我們非常努力地確保我們能夠透過庫存和 IV 來穩定我們的客戶。

So the timing of how we manage that in the half, we recovered really quickly and we're focused in Q1 on getting inventories back to good with our customers and with distributors, but the half, when you look at it, is really largely in line with our expectations. So that is driving, how we're thinking about MPT, particularly for the first half, but, I would say that customers now are starting to really think about safety stock in an area like IVs that is critical to healthcare and overall very happy with the recovery out of North Cove, and I'm really proud of our teams and the work that they did to make sure that we could get products to patients as quickly as possible. So that drove some of the overachievement and the beat and MPT but largely have baked in conservation to the forecast for the rest of the year.

因此，我們在上半年管理這一問題的時機選擇上，我們恢復得非常快，並且我們在第一季專注於讓庫存恢復到與客戶和分銷商的良好狀態，但從上半年來看，這實際上基本上符合我們的預期。因此，這推動了我們如何考慮 MPT，特別是上半年，但我想說，客戶現在開始真正考慮靜脈注射等領域的安全庫存，這對醫療保健至關重要，總體而言，我對北灣的恢復感到非常高興，我為我們的團隊和他們所做的工作感到非常自豪，他們確保我們能夠盡快將產品送到患者手中。因此，這推動了一些超額完成任務、節拍和 MPT，但在很大程度上已經將保守性納入了今年剩餘時間的預測中。

Thanks, David.

謝謝，大衛。

All right. Great, thank you. Yeah, thank you for that detail.

好的。太好了，謝謝。是的，謝謝你提供的詳細資訊。

I think Joel on the tariff side, there was a significant amount of confusion, and I would say you misinformation that entered the market on your tariff exposure the past several weeks. So, are you -- I understand that we don't know what the pharma tariff may or may not be, but can you give us any parameters to frame how to think about that because if a pharma tariff is announced between now and when you report earnings again, we're all going to try to quantify it so.

我認為喬爾在關稅方面存在相當大的混亂，我想說的是，過去幾週有關關稅風險的錯誤訊息進入了市場。那麼，您——我知道我們不知道藥品關稅是多少或不是多少，但您能否給我們任何參數來框定如何考慮這個問題，因為如果從現在到您再次報告收益期間宣布藥品關稅，我們都會嘗試量化它。

Maybe help us understand where the exposure is, how much do you import and finished goods from the Claris plant. I think it's very small, but, there's obviously an API. In fact, maybe just walk us through the moving parts there and the level of potential exposure.

也許可以幫助我們了解風險暴露在哪裡，以及您從 Claris 工廠進口了多少成品。我認為它非常小，但是顯然有一個 API。事實上，也許只是帶我們來了解那裡的活動部件和潛在的暴露程度。

Yeah, David, thanks. I mean, first of all to answer your Claris question, that's a very small thing again, that's not a material impact there. I guess I'm not sure exactly what to give you there other than we're just going to be continuing to wait and see how this develops. I mean, we're certainly -- some of the things we're thinking through from mitigation perspective obviously applied there as well and so we're trying to be very proactive and thinking about sort of the scenario planning around that.

是的，大衛，謝謝。我的意思是，先回答你關於 Claris 的問題，這又是一件非常小的事情，不會造成實質的影響。我想我不知道該給你什麼，除了我們將繼續等待並觀察事情如何發展。我的意思是，我們當然——我們從緩解角度考慮的一些事情顯然也適用於那裡，所以我們正試圖非常積極主動地思考並圍繞這一點制定情景規劃。

At this point though, obviously it's still pretty up in the air where that's going to go or how that's going to land and what if any types of exemptions may be part of that. And so certainly again, as I mentioned earlier, the part of our industry conversations with governments are around the ability to have some of these type of product exemptions and obviously for us being generics versus some of the larger brand, obviously that is a sizable -- more sizable impact for us from a margin perspective potentially. But again, nothing really to say other than we're trying to be very proactive thinking about the scenario planning and what we would do to mitigate, but really nothing else to add at this point.

不過，目前，顯然這一切仍懸而未決，例如這件事將走向何方、如何實現，以及是否會有任何類型的豁免。因此，正如我之前提到的，我們行業與政府的對話部分圍繞著能否獲得某些此類產品豁免，顯然對於我們這些仿製藥而非一些大品牌來說，從利潤率的角度來看，這顯然會對我們的利潤產生相當大的影響。但是，除了我們正在嘗試積極主動地思考情境規劃以及我們將採取哪些措施來緩解影響之外，目前真的沒有什麼可說的了，沒有什麼可補充的了。

Travis Steed, BofA Securities.

特拉維斯‧史蒂德 (Travis Steed)，美國銀行證券公司。

I first wanted to ask a margin question both kind of short term and long term.

我首先想問一個保證金問題，包括短期和長期保證金。

First on the gross margin. There's a little bit of a delta between your gross margin and consensus. I assume that's the reclassified certain functional expenses from COGS to SG&A, so I wanted to touch on that. And kind of understand when you kind of think about TSA and MSAs over the course of this year and next year, how to think about the margin impact, and then longer-term kind of the path back to that kind of pre-COVID 19% operating margins for this business.

首先是毛利率。您的毛利率和共識之間存在一些差異。我認為這是將某些功能性支出從 COGS 重新分類為 SG&A，所以我想談談這一點。而當您考慮今年和明年的 TSA 和 MSA 時，您會理解如何看待利潤率的影響，以及長期來看該業務如何恢復到疫情之前 19% 的營業利潤率。

Sure. Thanks, Travis. I'll take that.

當然。謝謝，崔維斯。我會接受的。

A couple of things. From the margin -- gross margin perspective question you had, it really comes down to you said it's the reclassification is a part of this -- the dilution from the -- from MFA income is also a sizable part of that. And then, just other things that I would say we're still recovering from some of the planning and fulfillment costs that occurred in North Cove that are also contributing to our gross margins this particular quarter.

有幾件事。從利潤率 - 毛利率角度來看，您提出的問題是，重新分類是其中的一部分 - 來自 MFA 收入的稀釋也是其中相當大的一部分。然後，我想說的是，我們仍在從 North Cove 發生的一些規劃和履行成本中恢復，這些成本也影響了我們本季的毛利率。

So I think those are really some of the main puts and takes as it relates to the gross margin perspective. Again, some of that, particularly the last one that I talked about, we do anticipate some of that mitigating over the course of the year.

所以我認為這些確實是與毛利率角度相關的一些主要優點和缺點。再次，我們確實預計其中一些問題，特別是我談到的最後一點，在今年內會得到緩解。

The long-term path and from the TSA and MSA perspective, again, our anticipation, is that from a TSA perspective as I've said previously, our -- we anticipate those being part of our world for certainly a good 18 to 24 months. Now, again, we're certainly planning for the phasing off of those things where we have a lot of cost containment activities that are happening today, that are happening in preparation for the TSA's falling off but certainly, the anticipation of the TSA is being where they are this year, we talked about a 40 bps impact on a net basis from a [Australian] cost perspective. I think that's something you should still expect throughout the course of this year.

從長期路徑以及從 TSA 和 MSA 的角度來看，我們的預期是，從 TSA 的角度來看，正如我之前所說，我們預計這些將成為我們世界的一部分，為期 18 到 24 個月。現在，我們當然正在計劃逐步停止這些活動，我們今天正在進行許多成本控制活動，這些活動正在為 TSA 的停止做準備，但當然，對 TSA 的預期與今年的水平相同，我們談到了從 [澳大利亞] 成本角度來看淨基礎上 40 個基點的影響。我認為這是今年你仍然應該期待的事情。

And MSAs as well, we did talk about the fact that the MSA income is slightly less than we had anticipated, which therefore has again a slightly less diluted impact from a margin perspective, but I think the $310 million number we talked about, this will eventually phase out, but that's something that'll be in here over certainly for the next couple of years.

還有 MSA，我們確實談到了 MSA 收入略低於我們預期的事實，因此從利潤率的角度來看，這再次對稀釋的影響略小，但我認為我們談到的 3.1 億美元的數字最終將逐步消失，但這肯定會在未來幾年內持續下去。

I would say the long-term path towards margin expansion, it really comes down to a number of different items. Starting with just our continued opportunity to continue to have our again strong growth. We've talked about the ideas of how we plan to invest in innovation and so new product launches are certainly an element of how over time we continue to expand from a margin perspective.

我想說，長期擴大利潤率的途徑實際上取決於許多不同的因素。首先，我們將繼續有機會再次實現強勁成長。我們已經討論了計劃如何投資創新的想法，因此新產品的推出無疑是我們如何隨著時間的推移從利潤率的角度繼續擴張的一個因素。

Pricing, certainly we see some of that this year. Obviously, on an ongoing basis, pricing will have on a -- kind of a normal year a little lesser impact, but then again, we do have another -- some GPO renegotiation coming up in a couple of years, so there may be some pricing impact there as well.

定價方面，我們今年肯定會看到一些這樣的情況。顯然，從持續的角度來看，定價在正常年份的影響會小一些，但話又說回來，幾年後我們還會進行另一次 GPO 重新談判，因此也可能會對定價產生一些影響。

From a product mixed standpoint and again, I'll call a business mixed perspective is another area that we continue to see opportunities from a margin expansion and selling more of those areas that generate the higher margins. And then finally, things like our margin improvement programs along the way that we continue to have in our supply chain. These are areas that again, our continuous drivers are marginal expansion in addition to obviously between now and 2027, there are the full removal, if you will, of our stranded costs that are left over from the kidney. And so, that's a few of the areas that our puts and takes as it relates to margins and how we see that opportunity to expand as we go forward.

從產品混合的角度來看，我再次將業務混合視角稱為另一個領域，我們繼續從利潤率擴張和銷售更多產生更高利潤率的領域中看到機會。最後，我們在供應鏈中持續推行利潤改善計畫。這些領域是我們持續的驅動力，除了邊際擴張之外，顯然從現在到 2027 年，如果你願意的話，我們將完全消除腎臟留下的擱淺成本。因此，這些是我們在利潤方面投入和取得的一些領域，以及我們如何看待未來擴張的機會。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Hey guys, thanks for taking my question and congrats on a nice execution here.

嘿夥計們，感謝你們回答我的問題，祝賀你們在這裡取得了良好的表現。

Joe, may be my first one for you on the guidance kind of question. You look at the second quarter, 1% to 2% for core Baxter, that's a 350 basis points decel at the midpoint from Q1 levels. I think it [coms] get a little bit harder, a couple of 100 basis points. So what's driving this deceleration in the second quarter in the operating margins, so prior to 16.5%, did that change because of tariffs?

喬，這可能是我第一次問你指導性的問題。看看第二季度，核心百特的成長率為 1% 至 2%，與第一季水準相比，中點下降了 350 個基點。我認為它會變得有點困難，幾百個基點。那麼，是什麼原因導致第二季營業利益率下降呢？之前是 16.5%，是因為關稅嗎？

Yeah, thanks for the question. So from a revenue standpoint in Q2, it's really a couple of things that are driving that outcome. One, as we've talked about some of the conservation that is happening in some of the hospital systems from an IV fluid perspective is one of the key drivers, this is one of the things we've talked when we've got a preview that we anticipated happening for a while and we're seeing some of that and certainly that's one of the key drivers of that impact in the second quarter.

是的，謝謝你的提問。因此，從第二季的營收角度來看，確實有幾個因素推動了這個結果。首先，正如我們所討論的，從靜脈輸液的角度來看，一些醫院系統正在進行的一些節約是關鍵驅動因素之一，這是我們在預覽時談到的事情之一，我們預計會在一段時間內發生，並且我們已經看到了其中的一些，當然這是第二季度產生影響的關鍵驅動因素之一。

I think another one part I would just say is I guess I'll call it a degree of a conservatism as it relates to some of the performance from an HST perspective. Obviously, as we've talked about, we're pleased with the momentum in that business. We're pleased with the (technical difficulty) side and some of the stabilization impact on Front Line Care. But I guess, I would just say there is an element to this that is continuing to just be -- have some level of conservatism in that as it relates to that business in particular. But certainly those are some of the main drivers of the change from a Q1 to Q2 perspective.

我想說的另一部分是，我猜我會稱之為某種程度的保守主義，因為它與 HST 角度的一些表現有關。顯然，正如我們所討論的，我們對該業務的發展勢頭感到滿意。我們對（技術難度）方面以及對前線護理的一些穩定影響感到滿意。但我想，我只想說，這其中有一個因素，那就是繼續存在——在與該業務特別相關的方面，存在著一定程度的保守主義。但從第一季到第二季的角度來看，這些無疑是變化的一些主要驅動因素。

The other thing I would point out is that well that is the case, obviously some of the overperformance in Q1, when you factor in, then a little bit of the impact we discussed in Q2, our H1, for the most part, comes in right around where we had expected. So while there was a little bit of a shift in distribution between the quarters, the first half of the year is something that we (technical difficulty) how we had anticipated it coming in.

我想指出的另一件事是，情況確實如此，顯然，如果將第一季度的一些超額表現考慮進去，再加上我們在第二季度討論過的一點影響，我們的上半年在很大程度上達到了我們預期的水平。因此，儘管各季度之間的分佈略有變化，但上半年的情況是我們（技術難度）預期的。

Your second question, yes, the operating margin impact that you're referencing was related to tariffs as well as some of the FXs. The impact that we talked about from a foreign exchange perspective. Again, we -- while we have some positive impact on the top line of FX, we actually do have a diluted impact, I'll call it, on the bottom line as it relates to foreign exchange and this relates to some of the operations that we still have outside the US, again I'll say it's still a remnant from the Vantive business that we have. This is, over time, plans to continue to optimize our infrastructure and our business of US, but that's the other part of it that I would say is driving some of that impact as well.

您的第二個問題，是的，您所提到的營業利潤率影響與關稅以及一些外匯有關。我們從外匯角度討論了這一影響。再說一次，雖然我們對外匯的營收產生了一些積極影響，但實際上我們對與外匯相關的利潤產生了稀釋影響，我稱之為稀釋影響，這與我們在美國境外仍開展的一些業務有關，我再說一遍，這仍然是我們 Vantive 業務的殘餘。隨著時間的推移，我們計劃繼續優化我們的基礎設施和美國業務，但我想說，這也是推動部分影響的另一部分。

Understood. And maybe Heather, one follow-up for you on this -- very strong numbers. Can you just remind us for context like what's been shared gains for the past few quarters? Has it accelerated and if these trends sustain what's the downstream implication from a consumables and IV fluid standpoint?

明白了。也許 Heather，您可以就此問題繼續提問——數據非常強勁。您能否提醒我們過去幾季的共享收益情況？它是否已經加速？如果這些趨勢持續下去，從消耗品和靜脈注射液的角度來看，下游影響是什麼？

Yeah, hi Vijay, I'll tackle the first one -- first question on Novum. So the backlog and pipeline on Novum is strong. So yes, we have taken market share in the low-single-digit range already. So there's good momentum in the Novum franchise, not just for the launch, Novum has been in the market now less than a year, but also the innovation pipeline coming behind it is pretty robust and rich, so we're excited and our customers are excited about partnering with us around Novum. A lot of the pumps in the market have been a decade-plus old, so we're bringing new technology to the market with smarter, more sophisticated capabilities on interoperability with digital suites that are going to follow to supplement that launch. So a good momentum around Novum and happy with the progress.

是的，你好，Vijay，我將解決第一個問題——關於 Novum 的第一個問題。因此，Novum 的積壓訂單和管道都很充足。是的，我們的市佔率已經達到了個位數的低點。因此，Novum 特許經營業務發展勢頭良好，不僅是因為其推出，Novum 進入市場不到一年，而且背後的創新管道也相當強大和豐富，因此我們很高興，我們的客戶也很高興與我們圍繞 Novum 進行合作。市場上的許多泵浦已有十多年的歷史，因此我們將向市場推出新技術，該技術具有更智慧、更複雜的互通能力，並與即將推出的數位套件一起提供補充。Novum 的發展勢頭良好，我們對進展感到滿意。

And then your second question was about consumables, behind that was a IV solutions?

然後你的第二個問題是關於消耗品，背後是靜脈注射溶液嗎？

Yes.

是的。

Yeah, so similar to what I shared with David, we are seeing -- we saw a steady uptick in customers rebuilding and rebalancing their inventory and consumption in the first quarter and we're largely seeing what we expected in the half in terms of consumption and conservation. Some customers that maintained inventory and are taking advantage of the volumes in the market are using more than they used before the hurricane. Some have confirmed just as a result of lacking of inventory in the market, but that is really starting to stabilize. And as I mentioned in my opening remarks, we'll have allocations off really almost fully by this month in the month of May, by about mid-May.

是的，與我與大衛分享的情況類似，我們看到——第一季客戶重建和重新平衡庫存和消費的情況穩步上升，而且就消費和節約而言，我們在上半年基本上看到了預期的結果。一些保留庫存並利用市場供應量的客戶使用的庫存比颶風來襲之前還要多。有些人已經確認這只是由於市場缺乏庫存，但情況確實開始穩定下來。正如我在開場白中提到的那樣，到五月份，也就是五月中旬左右，我們將幾乎完全完成分配。

So rebuilding customer confidence that they can order normally and stock their shelves normally with IV solutions that's all of the things that go along with IV therapy. That's been really a big part of it working (technical difficulty) working with our customers. So hopefully, that addresses the consumable question.

因此，重建客戶信心，讓他們能夠正常訂購並正常向貨架上供應靜脈注射溶液，這就是靜脈注射治療的全部內容。這確實是與我們的客戶合作（技術難題）的很大一部分。希望這能解決消耗品的問題。

But thank you, Vijay, and thanks for acknowledging the quarter.

但謝謝你，維傑，謝謝你對本季的認可。

Robbie Marcus, JP Morgan.

摩根大通的羅比·馬庫斯。

Nice quarter. Two for me. One, I guess 2.5 -- a quick clarifying.

不錯的季度。對我來說是兩個。一，我猜是 2.5——快速澄清一下。

How much of stocking and fluids is moving from second quarter to first quarter? And then the I guess the first real question, HST had nice performance, drove a good part of the beat in the quarter, maybe speak to the trends you're seeing there and how you're feeling about the sustainability of the performance.

有多少庫存和液體從第二季轉移到第一季？然後我想第一個真正的問題是，HST 表現良好，推動了本季的很大一部分成長，也許可以談談您在那裡看到的趨勢以及您對錶現可持續性的看法。

Yeah, Robbie, this is Heather. Good morning. I'll start that.

是的，羅比，這是希瑟。早安.我先開始吧。

So in terms of the stocking that we saw, I would say roughly about [1.5] on the total company that we saw in terms of the distributor stocking. Again, our priority was to make sure that we could get product to customers and rebuild the network as quickly as possible so people could resume normal patient care.

因此，就我們所看到的庫存而言，我認為分銷商庫存大約佔整個公司的 [1.5]。再次強調，我們的首要任務是確保能夠將產品送到客戶手中，並儘快重建網絡，以便人們能夠恢復正常的病人護理。

So having that in Q1 versus Q2 is actually a good thing and as I said, largely in line with what we expected in the half. So about I would think about 1.5 in terms of the total company impact and then HST's performance again, very pleased with the first quarter as both Joel and I have mentioned, we've got a strong order book that we built in CCS. Strong order growth. We've got competitive share gains that we've seen primarily in CCS.

因此，第一季相對於第二季而言出現這種情況實際上是一件好事，正如我所說，這與我們對上半年的預期基本一致。因此，就整個公司的影響而言，我認為大約是 1.5，然後是 HST 的表現，對第一季非常滿意，正如 Joel 和我提到的那樣，我們在 CCS 建立了強大的訂單簿。訂單增長強勁。我們獲得了有競爭力的市場份額，主要體現在 CCS 上。

Additionally, we've got higher-than-expected nurse call installations and really positive response so far to the launch of Voalte Linq with Scotty. So and that's CCS, so there's a lot of reasons to believe not just in the US but also building momentum OUS. And then, as Joel mentioned, FLC has largely stabilized, so we are seeing some really good benefits around our vital signs monitoring and recovering from some of the backlog in our cuff business and strength OUS as well.

此外，到目前為止，我們的護理人員呼叫安裝量高於預期，而 Voalte Linq 與 Scotty 的推出獲得了非常積極的反響。這就是 CCS，因此有很多理由相信，不僅在美國，而且在 OUS 中也正在建立勢頭。然後，正如喬爾所提到的，FLC 已基本穩定，因此我們看到生命體徵監測方面獲得了一些非常好的好處，並且袖帶業務和強度 OUS 的一些積壓也得到了恢復。

So right now there's a lot of reasons to believe, but I think like many other companies that are reporting, we're being a little cautious on the capital and environment that we're seeing just because of some of the reimbursement challenges that our customers are facing tariff concerns I'm not sure how pricing is going to roll out but you know internally within Baxter, we're really pleased with where HST is. I think HST we feel like is back and based on a lot of the work that we've done around again commercial excellence, customer programs, partnering with our customers on the things that they need, and then furthering the integration of HST, I think we can sort of all acknowledge at the beginning of that integration, it didn't quite go as planned, but we've done a lot of work over the last 12 months to really get that business back on track and delivering the growth that we expect. So we're pretty bullish internally on HST and what that team can deliver. So thanks for that comment (multiple speakers)--

因此，現在有很多理由相信，但我認為，與許多其他正在報告的公司一樣，我們對所看到的資本和環境持謹慎態度，只是因為我們的客戶面臨著一些報銷挑戰，關稅問題我不確定定價將如何推出，但你知道在 Baxter 內部，我們對 HST 的現狀非常滿意。我認為 HST 已經回歸了，並且基於我們在商業卓越、客戶計劃、與客戶合作滿足其需求以及進一步整合 HST 方面所做的大量工作，我認為我們都承認在整合開始時，它並沒有完全按照計劃進行，但在過去的 12 個月裡，我們做了很多工作，真正讓業務重回正軌，實現我們預期的增長。因此，我們內部對 HST 及其團隊所能取得的成果非常看好。謝謝你的評論（多位發言者）——

Maybe just a quick follow-up, Joe, you put out comments for 2026, I believe it was maybe 75 to 100 basis points of operating margin expansion. You did a really impressive job offsetting the tariff impact in 2025. Does that commentary still hold for 2026 or is it under evaluation given the tariff environment?

也許只是一個快速的跟進，喬，你對 2026 年發表了評論，我認為這可能是 75 到 100 個基點的營業利潤率擴張。你們在抵銷 2025 年關稅影響方面做得非常出色。這項評論對於 2026 年是否仍然適用，還是考慮到關稅環境而對其進行評估？

Yeah, so, thanks, Robbie. So a couple of things on that. I mean, obviously the -- we're certainly committed to continued margin expansion. So let me just start with that.

是的，謝謝你，羅比。關於這一點，有幾件事需要說明。我的意思是，顯然——我們當然致力於繼續擴大利潤率。那我就從這個開始吧。

And obviously, there's a lot to play out here yes as it relates to the tariffs in general. As I mentioned in our prepared remarks, we did put some pretty conservatives assumptions in there in terms of how we anticipated that and we're, as I also mentioned, continuing to work through mitigation activities that are -- I'll say our building over the course of the year. So again, like, I would say generally speaking again, we feel, good about the underlying momentum in the business. We continue to really strive and execute on consistent execution, managing our expenses. And so, in the end, like I said, we're committed to expanding margins and I'll just, leave it at that.

顯然，這裡有很多事情要做，因為這與總體關稅有關。正如我在準備好的發言中提到的那樣，我們確實在如何預測這一點方面提出了一些相當保守的假設，而且正如我所提到的，我們正在繼續開展緩解活動 - 我想說的是，我們的建設將在一年內完成。所以，我想說，總的來說，我們對業務的潛在發展勢頭感到滿意。我們將繼續努力並堅持執行，管理我們的開支。所以，最後，就像我說的，我們致力於擴大利潤率，我就不多說了。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Congrats on a really nice quarter here. Just that most might have been asked and answered, so just a couple of quick ones.

恭喜您度過了一個非常愉快的季度。大部分問題可能都已經被問過並得到解答，因此只簡單回答幾個。

Maybe Brent, just any update on the timing for CEO -- permanent CEO announcement, and Joe, on -- just I'll ask them both up front here, and Joe, oil prices have come down a lot, we remember when oil prices were going up, it negatively impacted Baxter. I mean, how should we think about the reduction in oil prices potentially benefiting you.

也許布倫特，只是關於首席執行官任命時間的任何更新——永久首席執行官的公告，以及喬，我只是在這裡提前問他們兩位，喬，油價已經下降了很多，我們記得當油價上漲時，它對巴克斯特產生了負面影響。我的意思是，我們應該如何看待油價下降可能為您帶來的好處。

Oh great, this is Brent. I appreciate the question.

哦，太好了，這是布倫特。我很感謝你提出這個問題。

Obviously, I don't have a specific date. What I can tell you is the Board is very focused and has been very diligent in their efforts to keep the process moving. We're really pleased with the search firm and their efforts as well. So I can't give you an exact date, we don't expect it to be an extended period. I think it's making good progress.

顯然，我沒有具體的日期。我可以告訴你們的是，董事會非常專注並且一直非常勤勉地努力推動這項進程。我們對搜尋公司及其努力感到非常滿意。所以我無法給你一個確切的日期，我們預計這不會是一個延長的時期。我認為它正在取得良好進展。

Joe?

喬？

Great, Larry, thanks again for the questions.

太好了，拉里，再次感謝您的提問。

And from an oil perspective, I mean, yes, the price of oil is going down. The one thing I would remind you of is that for us, there's a lot less variability in the company as it relates to that now that the kidney business has exited. That was part of the business that obviously from delivering supply chain perspective at a higher level of consumption on that. So while there is some impact, again it's somewhat diluted pretty significantly given the fact that the kidney business now has exited.

從石油角度來看，是的，石油價格正在下降。我想提醒你的一件事是，對我們來說，由於腎臟業務已經退出，公司在這方面的變化已經小了很多。這顯然是從供應鏈角度實現更高層次消費的業務的一部分。因此，儘管存在一些影響，但考慮到腎臟業務現已退出，這種影響在某種程度上已被大大削弱。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Looking at the updated EPS guidance, definitely a lot of moving parts here. Can you bridge the previous EPS guidance to the updated EPS guidance in terms of the good guys from operational strength and FX to bad guys from terrorists?

查看更新的 EPS 指南，這裡肯定有很多活動部件。您能否將先前的 EPS 指導與更新後的 EPS 指導在從作戰實力和外匯的好人到從恐怖分子的壞人方面聯繫起來？

Sure, so I mean, obviously the top of the line I stayed and obviously we moved a little bit underneath. I would say a couple of things. One of the things we talked about is the -- again, continued strong operational performance, the downside of it -- as we talked about was really related to some tariff impact and impact of the FX. Those are basically the main drivers of the downside of that, it's probably $0.15 on the EPS side that those are combined at -- from there, obviously though, we continue to talk about some of the strong operational performance as well as some under -- beneath the line interest in taxes are obviously our interests coming a little bit better than we anticipated and the work that we did from a tax perspective (inaudible) the buyers, some of the opportunities there is the other part that's really driving that. So that's probably the best bridge I've got for you.

當然，我的意思是，顯然我留在了最頂端，而我們顯然向下移動了一點。我想說幾件事。我們談到的事情之一是——再次強調，持續強勁的營運業績，其不利之處——正如我們所討論的，實際上與關稅影響和外匯影響有關。這些基本上是造成這種不利影響的主要因素，這些加起來的每股收益大概是 0.15 美元——從那裡開始，顯然，我們繼續談論一些強勁的運營業績以及一些稅收方面的利益，這顯然比我們預期的要好一些，我們從稅收角度所做的工作（聽不清）買家，那裡的一些機會是真正推動這一趨勢的另一部分。這可能是我能為你提供的最好的橋樑。

Okay, fair enough. Then looking at the CCS wins that you saw in the US this quarter, what's sort of really driving that and how big is the backlog at this point and then looking outside the US, you talked about softness in the quarter and then you talked about why it should rebound and go back to growth, I guess why do you guys see the softness and why do you think this should sort of return back to growth?

好吧，夠公平。然後看看本季在美國看到的 CCS 勝利，真正的推動因素是什麼，目前的積壓訂單量有多大，然後看看美國以外，您談到了本季度的疲軟，然後您談到了為什麼它應該反彈並恢復增長，我想你們為什麼會看到疲軟，為什麼你們認為它應該恢復增長？

So from CCS perspective, a couple of things I would say. Again, we do have a strong backlog. I want to start with that. We've been talking about this now really since the latter part of last year that we've had a consistent strong build. In fact, our order book growth this quarter was in the 20% range.

因此，從 CCS 的角度來看，我想說幾件事。再次強調，我們確實有大量積壓訂單。我想從那裡開始。事實上，自從去年下半年以來，我們就一直在談論這個問題，我們一直保持著強勁的成長勢頭。事實上，本季我們的訂單成長率在 20% 左右。

And so, I think that's really around part of what's driving that. I think, as I said in the earlier comments. There's probably an element of conservatism in this and if you think about the -- I think Heather said earlier, we haven't yet seen any impact from the capital purchasing standpoint. But that's something we're certainly closely monitoring, and I would say part of the conservatism built into this is simply around that as we monitor that situation and obviously just to give ourselves a little breathing room in terms of how that business is performed. But again we feel good about it. Some conservative assumptions, but a lot of it has to do with what I just referred to.

所以，我認為這確實是推動這現象的部分原因。我認為，正如我在之前的評論中所說的那樣。這其中可能存在一些保守主義的因素，如果你想想——我想希瑟之​​前說過，從資本購買的角度來看，我們還沒有看到任何影響。但這是我們一直在密切關注的事情，我想說，我們之所以採取這種保守態度，部分原因就在於此，因為我們在監控這種情況，顯然只是為了在業務開展方面給我們自己一點喘息的空間。但我們再次對此感到高興。一些保守的假設，但很多都與我剛才提到的有關。

Yeah, I can just add to that. I mean, Pito, we've really been focused on advancing and furthering our connected care agenda to and the digital enhancements that we've added in the CCS portfolio and then, recovery and FLC is a big one and then there's some new product launches also coming across that business, but in light of the dynamic environment that we're in didn't feel like it was prudent to really raise it at this point, but the backlog is strong, the competitive wins are strong at this point, and there's been a lot of great commercial work done to further the HST business. So a lot of reasons to believe at this point.

是的，我可以補充一點。我的意思是，Pito，我們一直致力於推進和發展我們的互聯護理議程以及我們在 CCS 產品組合中添加的數字增強功能，然後，恢復和 FLC 是一個重要的方面，然後還有一些新產品的推出也涉及該業務，但鑑於我們所處的動態環境，我們覺得現在真正提高它是不明智的，但積壓訂單很強大，目前已經進一步發展了很多因此，現在有很多理由可以相信。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

We can go to the next question. And that will be our final question.

我們可以進入下一個問題。這是我們的最後一個問題。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Thanks so much for squeezing me in and congrats on a really good start to the year.

非常感謝您抽出時間邀請我，並祝賀您今年有一個非常好的開始。

This might be jumping the gun a little bit, but it feels like now the Baxter business is stabilized back on track, and I appreciate we're awaiting a CEO announcement and all this could change, but just curious, Brent, Heather, Joel, if you guys could provide some commentary on how you're thinking about when Baxter or maybe even just broadly the approach to organic versus inorganic investment. I know paying down debt is a top priority. You got a nice chunk of change to do that with the Kidney Care sale. So just high-level thoughts there, again, appreciating with the new CEO announcement that could change a little bit but doubt it will change that much. So thanks so much.

這可能有點操之過急，但感覺現在 Baxter 的業務已經穩定下來，回到正軌，我很感激我們正在等待首席執行官的聲明，所有這一切都可能改變，但我只是好奇，Brent、Heather、Joel，你們是否可以提供一些評論，說明你們是如何考慮 Baxter 的，或者甚至只是大致上是如何考慮有機投資與無機投資的。我知道償還債務是當務之急。透過腎臟護理促銷，您可以獲得一大筆錢來做這件事。因此，這只是高層的想法，再次感謝新任執行長的宣布，這可能會帶來一些改變，但懷疑它是否會改變這麼多。非常感謝。

Absolutely. Thanks for the question and the acknowledgment of the quarter. I'll say a couple of things about that. Number one, as we talked about the opportunity now post kidney, is for us to really focus and target our investments around those areas that are accelerating growth, and that includes both organic and inorganic opportunities in the sense of folding, tucking deals.

絕對地。感謝您的提問和對本季的認可。關於這一點，我想說幾件事。首先，正如我們談到腎臟疾病之後的機會一樣，我們要真正集中精力，將投資重點放在那些正在加速成長的領域，這包括折疊、合併交易意義上的有機和無機機會。

We have said that we anticipate our net debt-to-EBITDA ratio of 3 times by the end of this year. We, despite some of the -- some negative cash impact from tariffs, we still anticipate that and on target to do so. And, once we -- so from there, then though this is the time when I think our opportunity to actually start to make those kinds of investments in inorganic opportunities is a key part of our growth strategy.

我們曾表示，預計今年底我們的淨債務與 EBITDA 比率將達到 3 倍。儘管關稅會對現金產生一些負面影響，但我們仍然預期會實現這一目標。而且，一旦我們 - 所以從那時開始，雖然我認為這是我們真正開始對無機機會進行此類投資的機會是我們成長策略的關鍵部分。

I would also say it and I know you didn't ask this, but I'll say it anyway, that's also an opportunity to reinstate a buyback program where we are not only taking out some of the dilution from not having bought shares back for the last couple of years, but also now a regular program of buying a stock back. So broadly speaking, certainly the capital allocation opportunity very much does change. Again, we are on target with our year-end goal of 3 times net debt-to-EBITDA ratio, really looking forward to all those opportunities ahead.

我也會這麼說，我知道你沒有問這個，但我還是會說，這也是一個恢復回購計劃的機會，我們不僅在過去幾年沒有回購股票的情況下消除了一些稀釋，而且現在還有一個定期回購股票的計劃。因此從廣義上講，資本配置機會確實發生了很大變化。再次，我們已達到年底目標，即淨債務與 EBITDA 比率達到 3 倍，我們真誠期待未來的所有機會。

Thank you very much.

非常感謝。

There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call with Baxter International. Thank you for participating.

目前沒有其他問題。女士們、先生們，今天與百特國際的電話會議到此結束。感謝您的參與。