百特醫療 (BAX) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International's second quarter 2025 earnings call. (Operator Instructions) As a reminder, this call is being recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission. If you have any objections, please disconnect at this time.

女士們、先生們，早安，歡迎參加百特國際 2025 年第二季財報電話會議。（操作員指示）提醒一下，此通話由 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 second 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 Executive Vice President and Chief Operating Officer. On the call this morning, we will be discussing Baxter's second quarter 2025 results, along with our financial outlook for the third quarter and full year 2025.

早安，歡迎參加我們的 2025 年第二季財報電話會議。今天與我一起出席的還有百特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) 以及百特執行副總裁兼首席營運官希瑟·奈特 (Heather Knight)。在今天早上的電話會議上，我們將討論百特 2025 年第二季的業績，以及我們對 2025 年第三季和全年的財務展望。

With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the third quarter and full year 2025, the anticipated impact of our strategic actions, the potential impact of various regulatory and operational matters, including matters related to the Novum IQ Large Volume pump and continuing fluid conservation and the global macroeconomic environment on our results of operations contain forward-looking statements that involve uncertainties. And of course, our actual results 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，請允許我首先提醒大家，本次演示，包括對我們 2025 年第三季度和全年財務前景的評論、我們戰略行動的預期影響、各種監管和運營事項的潛在影響（包括與 Novum IQ 大容量泵和持續流體保護相關的事項以及全球宏觀經濟環境對我們的經營業績的影響），包含涉及不確定性的前瞻性陳述。當然，我們的實際結果與我們目前的預期有很大差異。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 comparable GAAP 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. As a reminder, continuing operations exclude Baxter's Kidney Care business, which is now reported as discontinued operations.

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。提醒一下，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. As you saw in this morning's release, our second quarter performance for continuing operations met our previously issued guidance on both top and bottom line. Specifically, second quarter sales from continuing operations grew 4% on a reported basis and 1% on an operational basis, with growth coming from all three segments. And on the bottom line, adjusted earnings per share from continuing operations were $0.59, increasing 28% over the prior year.

謝謝，克萊爾，大家早安。感謝您加入我們。正如您在今天早上的發布中看到的，我們第二季度的持續經營業績符合我們先前發布的頂線和底線指引。具體而言，第二季持續經營銷售額報告成長 4%，營運成長 1%，三個部門均成長。最終，調整後的持續經營每股收益為 0.59 美元，較上年增長 28%。

These results did come in at the low end of our guidance ranges, reflecting softness in demand for certain products within the Medical Products and Therapies and Pharmaceutical segments. Heather and Joel will walk through more details on these factors during their remarks.

這些結果確實處於我們指導範圍的低端，反映了醫療產品和療法以及製藥領域某些產品的需求疲軟。希瑟和喬爾將在演講中詳細介紹這些因素。

Importantly, with the sale of Vantive now complete, we have now created a more agile and focused business designed to deliver incremental value for all of our stakeholders. We expect to continue to identify opportunities to further advance our operational effectiveness and improve performance, which will be a key focus area for our next CEO, Andrew Hider. I'll comment more on Andrew's appointment at the close of the call.

重要的是，隨著 Vantive 的出售完成，我們現在創建了一個更靈活、更專注的業務，旨在為所有利害關係人提供增量價值。我們希望繼續尋找機會進一步提高我們的營運效率並改善績效，這將是我們下一任執行長 Andrew Hider 關注的重點領域。我將在通話結束時對安德魯的任命發表更多評論。

We are confident in our strategy and our future opportunities to accelerate innovation, growth and performance overall. We continue to build on the strength of our streamlined profile and to benefit from our portfolio of medically essential products. I also want to recognize our exceptional Baxter colleagues globally, united by our mission to save and sustain lives. I'm grateful for their dedication to our company and our stakeholders.

我們對我們的策略和未來機會充滿信心，將全面加速創新、成長和績效。我們將繼續鞏固我們精簡的產品組合優勢，並從我們的醫療必需產品組合中獲益。我還要表彰我們全球傑出的百特同事，他們團結一致，共同完成拯救和延續生命的使命。我感謝他們對我們公司和利害關係人的奉獻。

Now, I'd like to turn it over to Heather and Joel, who will share details on individual segment results, financial performance and updated guidance. Heather?

現在，我想把時間交給 Heather 和 Joel，他們將分享各部門的表現、財務表現和最新指引的詳細資訊。希瑟？

Thanks, Brent, and welcome, everyone. I'm pleased to be here with you this morning to discuss our second 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 updated financial outlook for the third 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二季業績。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，以及我們對第三季和 2025 年全年的最新財務展望。

Before I begin the sales discussion, I want to provide a reminder that results discussed on today's call will reference operational growth, which excludes the impact of foreign exchange, MSA revenues from Vantive and the planned exit of IV solutions from China. Second quarter 2025 global sales from continuing operations totaled $2.8 billion and increased 4% on a reported basis and 1% on an operational basis.

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，其中不包括外匯、Vantive 的 MSA 收入以及計劃從中國退出 IV 解決方案的影響。2025 年第二季全球持續經營銷售額總計 28 億美元，報告基礎上成長 4%，營運基礎上成長 1%。

Performance in the quarter reflected strength in Drug Compounding, Advanced Surgery and Care & Connectivity Solutions, which offset declines in Injectables & Anesthesia, Infusion Therapies & Technologies and Front Line Care.

本季度的業績反映了藥物配製、先進外科手術和護理與連接解決方案的強勁表現，抵消了注射劑和麻醉劑、輸液療法和技術以及一線護理的下滑。

Now, I'll walk through our results by reportable segment. Commentary regarding sales growth will reflect growth on an operational basis. Sales in our Medical Products & Therapies or MPT segment were $1.3 billion and increased 1% in the quarter. Performance in the quarter reflected strong demand for Advanced Surgery products, offset by softness in Infusion Therapies & Technologies or ITT.

現在，我將按報告部分介紹我們的結果。有關銷售成長的評論將反映營運基礎上的成長。我們的醫療產品和療法或 MPT 部門的銷售額為 13 億美元，本季成長了 1%。本季的業績反映了對先進外科產品的強勁需求，但被輸液治療和技術或 ITT 的疲軟所抵消。

Within MPT, second quarter sales from our ITT division totaled $1 billion and declined 1%, primarily reflecting the previously discussed impact of hospital IV fluid conservation efforts and slightly lower US patient admissions than previously anticipated. As noted in the press release, we have removed allocations for all IV solutions manufactured at North Cove and are working closely with our customers regarding current practices.

在 MPT 內部，我們 ITT 部門第二季度的銷售額總計 10 億美元，下降了 1%，這主要反映了之前討論過的醫院靜脈輸液節約措施的影響以及美國患者入院人數略低於之前的預期。正如新聞稿中所述，我們已經取消了在 North Cove 生產的所有 IV 解決方案的分配，並正在與我們的客戶密切合作，以製定當前的做法。

While we have started to see a slight improvement with hospitals reducing fluid conservation efforts, our current outlook builds in potential downside risk that conservation efforts don't materially improve in the second half of the year and US patient admission levels remain consistent with the second quarter. We continue to believe that hospitals will return to historic practices over time.

雖然我們已經開始看到醫院減少液體保存措施的情況略有改善，但我們目前的展望包含潛在的下行風險，即下半年保存措施不會出現實質改善，且美國患者入院水準與第二季度保持一致。我們仍然相信，隨著時間的推移，醫院將恢復歷史做法。

The fundamentals of the business remain strong, and we continue to recapture business from existing customers and take on new customers following the recovery of North Cove. We are committed to maintaining the broadest and most comprehensive IV solutions portfolio offering in the market, which strongly resonates with our customers.

業務基礎依然強勁，隨著北灣的復甦，我們將繼續從現有客戶手中奪回業務，並吸收新客戶。我們致力於維護市場上最廣泛、最全面的 IV 解決方案組合，這與我們的客戶產生強烈共鳴。

Notably, last week, Vizient announced the expansion of its reserve program to include Baxter IV fluids through a strategic partnership to help ensure reliable access to these critical products during times of supply disruption. The Baxter program provides participating healthcare organizations with dedicated on-demand inventory warehoused here in the US. Strength in infusion systems from the rollout of our Novum LVP Infusion platform helped offset the impact from fluid conservation efforts.

值得注意的是，上週，Vizient 宣布透過戰略合作夥伴關係擴大其儲備計劃，將 Baxter IV 液體納入其中，以幫助確保在供應中斷期間可靠地獲得這些關鍵產品。巴克斯特計劃為參與的醫療保健組織提供位於美國境內的專用按需庫存倉庫。我們的 Novum LVP 輸液平台的推出增強了輸液系統的性能，有助於抵消液體節約工作帶來的影響。

I do want to pause here and acknowledge a decision we made a couple of weeks ago. To address feedback that has been identified through our ongoing quality procedures and in careful consideration of customer insights, we communicated to our customers that we have decided to voluntarily and temporarily pause shipments and planned installations of the Novum LVP.

我確實想在這裡停下來並承認我們幾週前做出的一個決定。為了解決透過我們正在進行的品質程序發現的回饋，並仔細考慮客戶的意見，我們已告知客戶，我們決定自願並暫時停止 Novum LVP 的發貨和計劃安裝。

During this temporary ship and install pause, our customers have been working with us as we incorporate their feedback into our process. We are focused on supporting our existing customers' continued use of the device as they implement recommended actions from the recent Novum LVP corrections. We remain confident in the Novum IQ infusion platform and its support of safe and connected infusion therapy, while recognizing that real-world implementation always provides opportunities to learn, adapt and improve.

在此暫時停止出貨和安裝期間，我們的客戶一直與我們合作，我們將他們的回饋納入我們的流程。我們專注於支援現有客戶繼續使用該設備，因為他們實施最近的 Novum LVP 更正中建議的操作。我們仍然對 Novum IQ 輸液平台及其對安全和互聯輸液治療的支持充滿信心，同時認識到現實世界的實施總是提供學習、適應和改進的機會。

While we are unable to currently commit to an exact timing for resuming shipment and installation for Novum IQ LVPs, our goal is to resume both as soon as possible this year, depending on the progress we make with the related corrections and feedback from our customers. We are handling the situation with our mission in mind and with the utmost priority speed and care. We will continue to work in partnership with our customers and in alignment with regulatory agencies.

雖然我們目前無法承諾恢復 Novum IQ LVP 發貨和安裝的確切時間，但我們的目標是今年盡快恢復這兩項工作，具體取決於我們在相關更正和客戶反饋方面取得的進展。我們會牢記自己的使命，以最快的速度和最謹慎的態度處理這個情況。我們將繼續與客戶合作並與監管機構保持一致。

Sales in Advanced Surgery totaled $296 million and grew 5% globally. Results in the quarter reflected solid demand for our portfolio of hemostats and sealants, strong commercial execution across geographies and steady procedure volumes. In Healthcare Systems & Technologies or HST, sales in the quarter were above expectations and totaled $767 million, increasing 2%.

先進外科手術的銷售額總計 2.96 億美元，全球成長 5%。本季的業績反映了市場對我們的止血鉗和密封劑產品組合的強勁需求、跨地區的強勁商業執行力以及穩定的手術量。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 7.67 億美元，成長 2%。

Growth in the quarter reflected continued strong sales in the Care & Connectivity Solutions or CCS division, increasing 4% to $474 million with a noted improvement internationally, where sales rose 7%. US CCS sales increased 3% in the quarter, driven by strength in care communications and surgical solutions. Total US capital orders for CCS declined in the second quarter, primarily due to a difficult compared to the prior year period, where US capital orders rose 40%, which included a large contract win. To date, we have not observed a slowdown in US hospital capital spending. However, given the broader macroeconomic uncertainty, we continue to closely monitor the situation.

本季的成長反映了護理與連接解決方案或 CCS 部門持續強勁的銷售，成長 4% 至 4.74 億美元，國際市場也出現了顯著改善，銷售額成長了 7%。受護理通訊和外科手術解決方案強勁成長的推動，美國 CCS 銷售額本季成長了 3%。CCS 在第二季度在美國的資本訂單總額有所下降，主要原因是與去年同期相比形勢艱難，去年同期美國資本訂單增長了 40%，其中包括一份大合約。到目前為止，我們還沒有觀察到美國醫院資本支出放緩的現象。然而，鑑於更廣泛的宏觀經濟不確定性，我們將繼續密切關注局勢。

Front Line Care sales in the quarter were $293 million and declined 1% compared to the prior year but increased mid-single digits sequentially. Performance in the quarter reflected a high single-digit decline internationally, driven by softness in select markets outside the US.

本季第一線護理銷售額為 2.93 億美元，較上年下降 1%，但季增中個位數。本季業績反映出國際市場出現高個位數下滑，主要受美國以外部分市場疲軟的影響。

Moving on to our Pharmaceuticals segment. Sales in the quarter totaled $612 million, increasing 1%. Second quarter sales within Injectables & Anesthesia were $332 million and declined 4%. Performance in the quarter reflected a 1% decline in our injectables portfolio, driven in part by a difficult comparison to the prior year period due to the timing of a US government order. We have also experienced some softness in demand for select premixed products within our US injectables portfolio.

接下來是我們的藥廠。本季銷售額總計 6.12 億美元，成長 1%。注射劑和麻醉劑第二季度的銷售額為 3.32 億美元，下降了 4%。本季的業績反映出我們的注射劑產品組合下降了 1%，部分原因是由於美國政府下達命令的時間，與去年同期的業績難以進行比較。我們也發現，美國注射劑產品組合中部分預混產品的需求已疲軟。

We attribute a portion of the softness in demand to follow-on impacts related to hurricane, which caused some hospitals to evaluate IV infusion protocols, including utilizing IV push in lieu of premix products in certain situations. Our commercial teams are working with customers to reinforce the clinical benefit and value proposition of premixed injectables, while also continuing to execute on our new product launches. Lower sales of inhaled anesthesia continued to weigh on performance and declined low double digits in the quarter globally.

我們將需求疲軟的部分原因歸咎於颶風帶來的後續影響，颶風導致一些醫院評估靜脈輸液方案，包括在某些情況下使用靜脈推注代替預混產品。我們的商業團隊正在與客戶合作，以加強預混注射劑的臨床益處和價值主張，同時繼續執行我們的新產品發布。吸入麻醉劑銷售下降持續對業績造成壓力，本季全球吸入麻醉劑銷售量下降了兩位數。

Drug Compounding grew 7% and reflected strong demand for our services outside the US. And other sales, which represent sales not allocated to a segment and primarily include sales of products and services provided directly through certain manufacturing facilities, were $13 million in the quarter. During the quarter, MSA revenue from Vantive totaled $98 million. As a reminder, these sales are included in our reported growth, however, are not reflected in our operational growth for the quarter.

藥物配製業務成長了 7%，反映出美國以外對我們服務的強勁需求。其他銷售額（未分配給某部門的銷售額，主要包括透過某些製造設施直接提供的產品和服務的銷售額）本季為 1,300 萬美元。本季度，來自 Vantive 的 MSA 收入總計 9,800 萬美元。提醒一下，這些銷售額包含在我們報告的成長中，但並未反映在本季的營運成長中。

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

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。喬爾？

Thanks, Heather, and good morning, everyone. I'll start my remarks today with some additional commentary regarding the P&L profile for the second quarter before turning to our updated outlook for the remainder of the year. Second quarter adjusted gross margins from continuing operations were 14.7%, a decrease of 170 basis points compared to the prior year. The year-over-year decline primarily reflected the impact from the Vantive MSA, lower manufacturing volumes drive these solutions and an unfavorable product mix.

謝謝，希瑟，大家早安。在今天的演講中，我將首先對第二季的損益狀況發表一些補充評論，然後再談談我們對今年剩餘時間的最新展望。第二季調整後持續經營毛利率為 14.7%，較前一年下降 170 個基點。年比下降主要反映了 Vantive MSA 的影響、較低的製造量推動了這些解決方案和不利的產品組合。

As a reminder, starting in the first 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 in SG&A and support manufacturing and are now classified as indirect costs subject to inventory capitalization and recorded in cost of sales goods sold.

提醒一下，從第一季開始，我們在完成腎臟護理業務的出售後，將某些功能性支出從銷售、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，現在被歸類為需進行庫存資本化的間接成本，並記錄在銷售商品銷售成本中。

Second quarter adjusted SG&A from continuing operations totaled $639 million or [22.7] as a percentage of sales, a decrease of 170 basis points from the prior year period. Results in the quarter reflect continued investments in sales and marketing efforts and a headwind related to certain employee benefit-related costs. These costs were offset by the benefits from the reclassification of functional costs and continued disciplined expense management focused on mitigating the stranded cost impact.

第二季調整後的持續經營業務銷售、一般及行政費用總計 6.39 億美元，佔銷售額的百分比為 [22.7]，比去年同期下降 170 個基點。本季度的業績反映了對銷售和行銷工作的持續投資以及與某些員工福利相關成本相關的阻力。這些成本被功能成本重新分類和持續嚴格的費用管理（專注於減輕擱淺成本的影響）所帶來的收益所抵消。

Adjusted R&D spending from continuing operations in the quarter totaled $134 million and represented 4.8 as a percentage of sales, consistent with the prior year period. We continue to make targeted investments focused on advancing our new product portfolio and bringing customer-focused innovation to patients across our segments.

本季來自持續經營業務的調整後研發支出總計 1.34 億美元，佔銷售額的 4.8%，與去年同期持平。我們將繼續進行有針對性的投資，重點是推進我們的新產品組合，並為各領域的患者帶來以客戶為中心的創新。

TSA income and other reimbursements totaled $52 million in the quarter. This came in higher than anticipated and reflected increased levels of support for Vantive. As previously discussed, the associated expenses related to this income are reflected in other lines of the P&L, including cost of goods sold and SG&A. These factors resulted in an adjusted operating margin at 15.1% on a continuing operations basis, improving 180 basis points compared to the prior year period.

本季度，TSA 收入和其他報銷總額為 5,200 萬美元。這一數字高於預期，反映出對 Vantive 的支持程度有所提高。如前所述，與該收入相關的費用反映在損益表的其他項目中，包括銷售成本及銷售、一般及行政費用。這些因素導致持續經營基礎上的調整後營業利潤率達到 15.1%，比去年同期提高了 180 個基點。

Operating margin in the quarter reflects the lower gross margin due to the factors just mentioned, offset by continued focus on operational execution as well as the benefit of TSA income and other reimbursements from Vantive.

本季的營業利潤率反映了剛才提到的因素導致的毛利率下降，但被對營運執行的持續關注以及 TSA 收入和 Vantive 的其他報銷帶來的好處所抵消。

Taking a look at adjusted operating margin by each reportable segment. MPT's adjusted operating margin totaled 18.1% for the quarter, increasing 10 basis points over the prior year period and reflecting positive pricing in the quarter, partially offset by the sales and manufacturing impact related to reduced fluid volumes associated with demand softness due to the factors we've discussed. R&D investments also increased in the quarter. TSA income contributed to positive performance in the quarter as well.

查看每個報告部門的調整後營業利潤率。MPT 本季度調整後的營業利潤率總計 18.1%，比去年同期增加了 10 個基點，反映了本季度的積極定價，但由於我們討論過的因素導致需求疲軟，流體量減少對銷售和製造的影響部分抵消了這一影響。本季研發投資也有所增加。TSA 收入也為本季的積極業績做出了貢獻。

HST adjusted operating margin increased sequentially and totaled 15.4% for the quarter. Margins declined 60 basis points from the prior year period, reflecting increased investments and higher corporate allocation expenses following the sale of Kidney Care. TSA income partially offset these increased expenses. Pharmaceuticals adjusted operating margin totaled 10.5% for the quarter, decreasing 200 basis points compared to the prior year. These results reflect an unfavorable product mix, increased investments and increased corporate allocation expenses. These expenses were partially offset by TSA income.

HST 調整後的營業利益率較上季增加，本季總計 15.4%。利潤率較去年同期下降了 60 個基點，反映出出售腎臟護理業務後投資增加以及公司配置費用增加。TSA 收入部分抵消了這些增加的支出。本季製藥業務調整後的營業利益率為 10.5%，較前一年下降 200 個基點。這些結果反映了不利的產品組合、增加的投資和增加的公司配置費用。這些費用被 TSA 收入部分抵銷。

Net interest expense from continuing operations totaled $58 million in the quarter, a decrease of $28 million versus the prior year period, reflecting lower interest expense following the pay down of existing debt with proceeds to the sale of Vantive, including the recent repayment of an outstanding European bond.

本季持續經營業務的淨利息支出總計 5,800 萬美元，比去年同期減少 2,800 萬美元，反映出在使用出售 Vantive 所得款項償還現有債務（包括最近償還的一筆未償還的歐洲債券）後利息支出的降低。

Adjusted other non-operating income expense was not meaningful in the quarter, compared to income of $24 million in the prior year period, primarily reflecting the impact of losses from foreign exchange balance sheet accounts recorded in the quarter. The continuing operations adjusted tax rate for the quarter was 16.7%, decreasing 400 basis points over the prior year period. The year-over-year decrease is primarily driven by benefits from the strategic use of select tax attributes as we continue to optimize our global structure following the sale of Kidney Care.

本季調整後的其他非營業收入支出與去年同期的 2,400 萬美元收入相比並無重大變化，主要反映了本季記錄的外匯資產負債表帳戶損失的影響。本季持續經營調整後稅率為 16.7%，較去年同期下降 400 個基點。年比下降主要是由於我們在出售腎臟護理業務後繼續優化全球結構，策略性地使用精選稅收屬性帶來的好處。

And as previously mentioned, adjusted earnings from continuing operations were $0.59 per share for the quarter and increased 28% versus the prior year. Contributions to earnings growth include positive pricing, the receipt of TSA income and other reimbursements as well as the benefit of lower expenses from nonoperational items, including interest and tax.

如前所述，本季調整後的持續經營收益為每股 0.59 美元，較上年增長 28%。獲利成長的貢獻因素包括積極的定價、TSA 收入和其他報銷的收到以及非營運項目（包括利息和稅收）費用降低的好處。

Before turning to our updated outlook, I want to briefly comment on our cash flows. On a year-to-date basis, we have incurred negative free cash flows of $144 million. Although during the second quarter, we generated $77 million of positive free cash flows. As a reminder, the first half of the year included certain Hurricane Helene related costs that were paid this year. We are intensely focused on improving our cash flow generation in the second half of the year. To achieve this objective, we are taking several actions with a key focus area being on our inventory management.

在談到我們最新的展望之前，我想先簡單評論一下我們的現金流。今年迄今為止，我們的自由現金流為負 1.44 億美元。儘管在第二季度，我們產生了 7,700 萬美元的正自由現金流。提醒一下，今年上半年包括了今年支付的某些與颶風海倫相關的費用。我們高度重視提高下半年的現金流產生。為了實現這一目標，我們採取了多項措施，其中重點關注庫存管理。

Let me conclude my remarks by discussing our 2025 outlook for the full year and the third quarter, including some key assumptions underpinning the guidance. For full year, Baxter expects total sales growth of 6% to 7% on a reported basis. This guidance reflects current foreign exchange rates, which are expected to contribute approximately 50 basis points to top line growth for the year. In addition, our reported sales guidance includes the contribution of approximately $320 million of anticipated MSA revenues from Vantive. Excluding the impact of foreign exchange, the MSA revenues and the exit of IV solutions in China, Baxter now expects operational sales growth of 3% to 4% for 2025.

最後，我想討論我們對 2025 年全年和第三季的展望，包括支撐指引的一些關鍵假設。百特預計全年總銷售額將成長 6% 至 7%。該指引反映了當前的外匯匯率，預計將為今年的營收成長貢獻約 50 個基點。此外，我們報告的銷售指引包括來自 Vantive 的預期約 3.2 億美元 MSA 收入貢獻。排除外匯、MSA 收入和中國靜脈注射解決方案退出的影響，百特目前預計 2025 年營運銷售額將成長 3% 至 4%。

This is a reduction from our prior expectations of 4% to 5%. So I'd like to take a moment to walk through some of the assumptions underpinning this updated outlook. While we never went to lower expectations, our overall objective is reducing the outlook was to capture more of the potential downside risks associated with some of the factors we've discussed today, primarily around infusion pumps and fluid conservation.

這比我們之前預期的 4% 至 5% 有所下降。因此，我想花點時間來闡述這項更新展望的一些假設。雖然我們從未降低預期，但我們的總體目標是降低前景，以捕捉與我們今天討論的一些因素相關的更多潛在下行風險，主要是圍繞輸液泵和液體保護。

With respect to the Novum infusion pump, as Heather mentioned, we have implemented a voluntary and temporary shift in implementation hold as we work through various updates for the Novum LVP. We are working closely with our customers, and our goal is to resume shipments as soon as possible this year, pending our review of the process for implementing related corrections. In addition, we offer customers the option of our Spectrum infusion pump as an alternative. The low end of our current guidance assumes we don't resume shipments for Novum prior to the end of the year.

關於 Novum 輸液泵，正如 Heather 所提到的，我們在對 Novum LVP 進行各種更新的過程中，自願並暫時停止了實施。我們正在與客戶密切合作，我們的目標是在今年盡快恢復出貨，等待我們對實施相關更正措施的流程進行審查。此外，我們也為客戶提供 Spectrum 輸液幫浦作為替代方案。我們目前指引的低端假設我們不會在年底之前恢復 Novum 的出貨。

With respect to fluid conservation, our current expectation is that fluid conservation levels will begin to lessen over the course of 2025 and into 2026. But the low end of our guidance range assumes conservation levels remained similar to the first half of the year. Our teams continue to work closely with our customers to improve utilization as our supply levels have stabilized.

關於流體守恆，我們目前的預期是，流體守恆水準將在 2025 年至 2026 年間開始降低。但我們指導範圍的低端假設保護水準與上半年保持相似。隨著供應水準的穩定，我們的團隊繼續與客戶密切合作，以提高利用率。

At this time, we felt this was a prudent approach to take with respect to our sales guidance. We are hopeful that we can resume shipments of Novum prior to the year-end, and that fluid conservation levels will continue to improve. Our teams are working diligently and expeditiously to execute on these objectives. The fundamentals of our business remains strong, and we are committed to accelerating sales growth and advancing innovation to drive incremental value.

目前，我們認為就我們的銷售指導而言，這是一種謹慎的做法。我們希望能夠在年底之前恢復 Novum 的發貨，並且液體保護水平將繼續提高。我們的團隊正在勤奮、迅速地實現這些目標。我們的業務基礎依然強勁，我們致力於加速銷售成長和推進創新以推動增量價值。

Operational sales guidance for the full year by reportable segment is as follows. For MPT, we now expect sales to increase 3% to 4%, reflecting the impact of the factors just discussed. We now expect sales in our HST segment to increase 3% to 4%. We continue to be pleased with the building momentum we are experiencing in HST, but we'll continue to closely monitor the capital environment for any changes to hospital spending expectations.

報告分部的全年經營銷售指引如下。對於 MPT，我們現在預計銷售額將成長 3% 至 4%，這反映了剛才討論的因素的影響。我們現在預計 HST 部門的銷售額將成長 3% 至 4%。我們繼續對 HST 所經歷的建設勢頭感到高興，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。

We now expect Pharmaceuticals to increase approximately 4% to 5%, which reflects some of the softness we're experiencing in the US for injectables. The teams are executing on the new product launches and working with customers to reinforce the benefits and value proposition of injectables. We are optimistic these actions will drive improvements over time.

我們現在預計製藥業將成長約 4% 至 5%，這反映了美國注射劑市場的部分疲軟。這些團隊正在執行新產品的發布並與客戶合作以強化注射劑的優勢和價值主張。我們樂觀地認為這些行動將會隨著時間的推移而推動改善。

Before turning to our outlook for other P&L line items, I wanted to provide our latest thoughts regarding assumptions around the impact from tariffs. Given what has been announced to date, we now estimate the net impact to our results from tariffs is approximately $40 million in 2025, which is a reduction from our prior estimate of $60 million to $70 million. This remains a dynamic area. And as such, we will continue to evaluate adjustments to our supply chain network and targeted pricing actions in response to various tariff impacts.

在談到其他損益項目的展望之前，我想先提供我們對關稅影響假設的最新想法。根據迄今為止宣布的情況，我們現在估計，到 2025 年，關稅對我們業績的淨影響約為 4,000 萬美元，低於我們先前估計的 6,000 萬至 7,000 萬美元。這仍然是一個充滿活力的領域。因此，我們將繼續評估對供應鏈網路的調整以及針對各種關稅影響的有針對性的定價行動。

Note, these assumptions do not reflect any potential tariffs related to pharmaceutical products. As a reminder, the cash related costs for tariffs will be higher than the P&L impact due to the capitalization and associated rollout timing for these costs. TSA income and other reimbursements are now expected to range between $170 million to $180 million. This increase reflects incremental services provided to Vantive with the related expenses reflected in the other lines of the P&L.

請注意，這些假設並未反映與藥品相關的任何潛在關稅。提醒一下，由於這些成本的資本化和相關推出時間，關稅的現金相關成本將高於損益影響。目前預計 TSA 收入和其他報銷金額將在 1.7 億美元至 1.8 億美元之間。這一增長反映了向 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 now expect full year adjusted operating margin from continuing operations between 15% to 16%, which reflects the top line sales reduction and the associated impact on our integrated supply chain costs from lower volumes flowing through our manufacturing facilities. We expect our non-operating expenses, which included net interest expense and other income and expense, to total between $210 million and $220 million.

我們現在預計全年調整後持續經營的營業利潤率將在 15% 至 16% 之間，這反映了營收的下降以及製造工廠產量下降對我們綜合供應鏈成本的影響。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 2.1 億美元至 2.2 億美元之間。

On a continuing operations basis, we now anticipate a full year tax rate of approximately 18% to 18.5%. We expect our diluted share count to average approximately 515 million shares for the year, which does not contemplate any share repurchases.

在持續經營基礎上，我們現在預計全年稅率約為 18% 至 18.5%。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。

Based on all these factors, we have adjusted our outlook for full year adjusted earnings on a continuing operations basis to $2.42 per share to $2.52 per diluted share from the prior guidance of $2.47 to $2.55 per share. This update reflects the impact from lowering our operating margin expectations, partially offset by a benefit from lower interest expense and tax rate assumptions.

基於所有這些因素，我們已將全年持續經營調整後收益預期從先前的每股 2.47 美元至 2.55 美元調整為每股 2.42 美元至每股 2.52 美元。此次更新反映了降低營業利潤率預期的影響，但部分被降低利息支出和稅率假設帶來的好處所抵消。

Specific to the third quarter of 2025, we expect continuing operations sales growth of approximately 6% to 7% on a reported basis and 3% to 4% on an operational basis. For the third quarter, foreign exchange is expected to positively impact the top line by approximately 100 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 third quarter. On a continuing operations basis, we expect adjusted earnings per share of $0.58 to $0.62 per share.

具體到2025年第三季度，我們預期持續經營銷售額報告成長約為6%至7%，營運成長約為3%至4%。第三季度，外匯預計將對營業收入產生約 100 個基點的正面影響，MSA 收入預計總計約為 8,000 萬美元。預計國四解決方案的退出將對第三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 0.58 美元至 0.62 美元。

Now, I'd like to turn it back over to Brent for some closing comments.

現在，我想把發言權交還給布倫特，請他發表一些結束語。

Thank you, Joel, and thank you, Heather. As we look to the future, I want to share my thoughts on the recent news that Andrew Hider will join Baxter in the coming weeks as our next CEO. The Board led a comprehensive and thorough search and sought a range of experience in the candidates, including a track record of value creation, innovation and transformation and the ability to drive quality and operational excellence.

謝謝你，喬爾，謝謝你，希瑟。展望未來，我想分享我對最近有關安德魯·海德 (Andrew Hider) 將在未來幾週加入百特擔任下一任首席執行官的消息的看法。董事會進行了全面而徹底的搜索，並尋求候選人的一系列經驗，包括價值創造、創新和轉型的記錄以及推動品質和卓越運營的能力。

We determined that Andrew is the right leader for Baxter's next chapter to build on our rich history and nearly a century of leadership. I've had the opportunity to spend time with Andrew during the process and since the announcement, and I directly observed his character, deep respect for the Baxter brand and passion about our team, our culture and our Mission to Save and Sustain Lives.

我們認定安德魯是百特下一個篇章的合適領導者，他將在我們豐富的歷史和近一個世紀的領導基礎上繼續前進。在整個過程中以及宣布這一消息後，我有機會與安德魯共度時光，我直接觀察到了他的性格、對百特品牌的深深尊重以及對我們的團隊、我們的文化和拯救和維持生命的使命的熱情。

Andrew is a highly experienced public company CEO with a strong operational background. He will bring a fresh perspective and new ideas to the table from his 25 years of cross-industry experience. Throughout his career, he has consistently demonstrated an ability to advance innovation, drive growth, deliver commercial success and create shareholder value. I can tell you that Andrew is very eager to join the Baxter team to make an impact and to meet many of you.

安德魯是一位經驗豐富的上市公司首席執行官，擁有強大的營運背景。他將憑藉自己 25 年的跨行業經驗帶來新的視角和新的想法。在他的整個職業生涯中，他始終展現出推動創新、推動成長、實現商業成功和創造股東價值的能力。我可以告訴你們，安德魯非常渴望加入巴克斯特團隊，發揮影響力並與你們見面。

Finally, I want to thank all of Baxter's 38,000 employees across the globe, our patients, customers and other stakeholders. It's been my great honor to serve as interim CEO for Baxter these last several months, and I'm pleased to continue to serve the company as Chair of the Board of Directors following Andrew's official start date.

最後，我要感謝百特全球 38,000 名員工、我們的病患、客戶和其他利害關係人。過去幾個月來，我很榮幸能夠擔任百特的臨時首席執行官，並且很高興在安德魯正式上任後繼續擔任公司董事會主席。

With that, we'll begin our question-and-answer session for the call.

接下來，我們將開始本次電話會議的問答環節。

(Operator Instructions) 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. Robbie Marcus, JPMorgan.

（操作員指示）我想提醒各位與會者，本次通話將被錄音，數位回放將在百特國際網站 www.baxter.com 上保留 60 天。摩根大通，羅比馬庫斯。

Two for me. Maybe first on Novum. And maybe you could help us understand exactly how much weakness in the quarter was related to this, both on sales and on the operating margin line. And it sounds like you have a voluntary temporary pause. How do you get comfort in the implied guidance for the rest of the year? If it's a temporary pause, what happens to the guide if it turns out to be something more durable than that?

對我來說是兩個。也許是 Novum 上的第一個。也許您可以幫助我們確切地了解本季的疲軟程度與此有關，包括銷售額和營業利潤率。聽起來您是自願暫時停頓了一下。您如何從今年剩餘時間的隱含指引中獲得安慰？如果這只是暫時的停頓，那麼如果情況變得更為持久，指南又會怎麼樣呢？

Hi, Robbie, this is Heather. Thanks for the question. So there was no impact in the second quarter from Novum. As I said in the prepared remarks, we just made this decision voluntarily a couple of weeks ago. And just want to reinforce that we remain confident in the Novum platform. There are significant advantages with this pump over others on the market and our customer receptivity to this platform even in light of some of these field actions has been positive. But with patient safety and quality really at the forefront of everything that we do as a company, this decision aligns with our mission focus as an organization.

你好，羅比，我是希瑟。謝謝你的提問。因此，Novum 對第二季度沒有產生影響。正如我在準備好的演講中所說，我們幾週前才自願做出這項決定。我只是想強調一下，我們對 Novum 平台仍然充滿信心。與市場上的其他泵浦相比，該泵浦具有明顯的優勢，即使考慮到一些現場操作，我們的客戶對該平台的接受度也是積極的。但由於病人安全和品質確實是我們公司所做一切工作的重中之重，因此這項決定與我們作為一個組織的使命重點一致。

So I think highlighting that it's important to recognize that infusion pumps are one of the most widely used electromechanical devices in the healthcare setting, and you're solving for millions of permutations around infusion therapy. And this is relevant because when we assess the various care settings, the patient conditions, the thousands of drug combinations, fluid dynamics, human factors, all of that creates complexity.

因此，我認為強調指出，重要的是要認識到輸液幫浦是醫療保健領域使用最廣泛的機電設備之一，並且您正在解決輸液治療中數百萬種排列組合的問題。這是很有意義的，因為當我們評估各種護理環境、患者狀況、數千種藥物組合、流體動力學、人為因素時，所有這些都會產生複雜性。

So the field actions that we have out there pertain to a very small subset of clinical use cases and particular workflows that we've identified. And we're working closely with our customers and importantly, leveraging data that we have from our connected ecosystem to understand where those are happening and working with our customers, where we see those instances.

因此，我們目前採取的現場行動只涉及我們已確定的一小部分臨床用例和特定工作流程。我們正在與客戶密切合作，重要的是，利用來自互聯生態系統的數據來了解這些情況發生在哪裡，並與我們的客戶合作，了解我們在哪裡看到這些情況。

So our decision to voluntarily institute the ship and implementation hold was really because we're working transparently with our customers. And we wanted to stop and pause and take their feedback and make sure that we're working through the interim mitigations with them. We don't need to have a permanent fix in place to release the ship hold. We're working through those interim mitigations as we speak and that time line of just those mitigations and corrections. We want to get this right and our focus is on doing this the right way, like we always do here at Baxter.

因此，我們決定自願實施船舶和實施暫停，實際上是因為我們與客戶的合作是透明的。我們希望停下來並暫停並聽取他們的反饋，並確保我們正在與他們一起制定臨時緩解措施。我們不需要採取永久性措施來釋放船艙。我們正在努力實施這些臨時緩解措施以及這些緩解和糾正措施的時間表。我們希望把這件事做好，我們的重點是以正確的方式去做，就像我們在 Baxter 一直在做的那樣。

So we've set expectations and time lines at this point that we're communicating that we feel like we can meet and that's being done in close concert with the mitigations and corrections that we're putting in place, working with our customers. But as I said again in the remarks, we're moving with care and speed and urgency. And the goal is to start shipping as soon as possible, targeting by the end of the year with our process overview, and certainly, we'll keep you posted on that front. But I want to reinforce that we believe that this is transient in nature.

因此，我們目前已設定了期望和時間表，我們正在傳達我們認為可以滿足的期望和時間表，並且正在與客戶密切合作，採取緩解和糾正措施。但正如我在演講中再次提到的那樣，我們正在謹慎、迅速、緊迫地採取行動。我們的目標是盡快開始出貨，目標是在今年年底前完成流程概述，當然，我們隨時都會向您通報這方面的情況。但我想強調的是，我們認為這本質上是暫時的。

And I want you to know, like, I'm still really excited about Novum, our continued ability to convert competitive accounts. And we've signed a number of new contracts recently and our customers are looking forward to the Novum platform and the advantages that it offers. There's a lot of commercial momentum on capital and MPT, including Spectrum and Novum, and I think it really positions us well for when this hold is released.

我想讓你知道，我仍然對 Novum 感到非常興奮，我們繼續轉換競賽帳戶的能力。我們最近簽署了許多新合同，我們的客戶對 Novum 平台及其提供的優勢充滿期待。資本和 MPT 方面有很多商業動力，包括 Spectrum 和 Novum，我認為當這項保留被解除時，它確實為我們做好了準備。

Yeah. And Robbie, if I could just add your, guidance question. Essentially, the 2026 guidance assumes we're actually not shipping -- '25 -- I'm sorry, I said '26. '25 guidance assumes that we're actually not shipping another Novum pump essentially the rest of the year, the low end of that. So the low end of the guidance assumes no more Novum being shipped the rest of the year. So I just -- to be clear on that. Your question is what else could go wrong. We actually feel that is capturing the downside risk that we think is appropriate at this time.

是的。羅比，我可以補充一下你的指導性問題嗎？本質上，2026 年的指導假設我們實際上沒有發貨 - '25 - 對不起，我說的是'26'。 '25 指導假設我們實際上不會在今年剩餘時間內（也就是最低限度）運送另一台 Novum 泵。因此，該指導意見的低端假設今年剩餘時間內不會再運送 Novum。所以我只是──要清楚這一點。你的問題是還有什麼可能出錯。我們實際上認為這正在捕捉我們認為此時適當的下行風險。

Great. Maybe just to tag along on that. So it sounds like the upper end of the range does assume that there is a resumption. So Joel, maybe you could bridge the lowered EPS guide and what's happening down the P&L. It sounds like there's some other margin weakness in the business. And then as we follow that into 2026, I know after the Vantive deal, there were some preliminary thoughts on 2026. What's the updated thought? And how do you want the Street to take into account Novum here?

偉大的。也許只是為了附和這一點。因此聽起來範圍的上限確實假設存在恢復。所以喬爾，也許你可以將降低的每股盈餘指南與損益表中發生的情況連結起來。這聽起來好像該業務的利潤率還存在著其他一些弱點。然後，當我們進入 2026 年時，我知道在 Vantive 交易之後，人們對 2026 年有了一些初步的想法。更新後的想法是什麼？您希望華爾街如何看待 Novum？

Yeah. Thanks, Robbie. I'd say a couple of things. First of all, the guide for '25 contemplates really primarily the impact of both what we talked about here with Novum, but also the -- as we commented in our prepared remarks, the downside view of the fact that we're not going to have any further improvement in fluid conservation.

是的。謝謝，羅比。我想說幾件事。首先，25 年的指南主要考慮了我們與 Novum 討論的內容的影響，以及——正如我們在準備好的評論中評論的那樣，我們不會在流體保護方面有任何進一步改善的不利觀點。

So what that impact significantly is the amount of volume running through our manufacturing plants. And so therefore, the -- really the operating income and EPS part of that is really, number one, a big kind of is a volume impact that you're talking about for the rest of the year.

因此，其顯著影響的是我們的製造工廠的產量。因此，實際上，營業收入和每股盈餘部分實際上是第一大類，對您在今年剩餘時間內談論的銷售量影響很大。

Second piece is mix. As we talked about some of the products, we talk about growth in compounding versus injectables and pharma. Again, obviously, the pump sales themselves would have a positive impact on that. But from a mix perspective, again, that's really the second component to this. Now, we do have continued price benefit. I want to be clear on that. We're actually, I would say, ahead of schedule, if you will, on some of the impact of the GPO pricing. But again, those two key areas are offsetting, which is really, kind of, I'd say, the primary driver of our OI impact for the rest of this year.

第二部分是混合。當我們談論一些產品時，我們談論的是複合物與注射劑和製藥的成長。再次，顯然，泵的銷售本身會對此產生積極的影響。但從混合的角度來看，這實際上是第二個組成部分。現在，我們確實擁有持續的價格優勢。我想明確這一點。實際上，我想說，我們在 GPO 定價的一些影響方面已經提前完成了計劃。但同樣，這兩個關鍵領域正在相互抵消，我想說，這實際上是我們今年剩餘時間內 OI 影響的主要驅動因素。

I'd say as we head into 2026, Robbie, the way I would look at this, obviously, given what we assume is going to be, again, a positive impact on volume as we head into next year. In other words, some of the fluid conservation we certainly expect will ease. As Heather indicated, we do -- again, we're hopeful that we're going to be able to continue and resume shipping Novum. Those things as we head into '26 relative to '25 are going to be a driver of some margin expansion relative to this year because, again, volume matters a lot in this company. When you don't have it, it impacts downward. But when we do, it obviously drops through.

我想說，當我們進入 2026 年時，羅比，我看待這個問題的方式顯然是考慮到我們假設這將再次對明年的銷售產生積極影響。換句話說，我們預期的一些流體守恆現象將會緩解。正如 Heather 所指出的，我們確實——再次，我們希望能夠繼續並恢復運送 Novum。當我們進入 26 年（相對於 25 年）時，這些因素將成為今年利潤率擴張的驅動力，因為對於這家公司來說，銷售非常重要。當你沒有它時，它會產生向下的影響。但當我們這樣做時，它顯然就失敗了。

And so that's one thing. I would say the second really is our continued efforts around stranded costs. and the work that we're doing there, along with margin improvement programs in our supply chain, new product introductions and again, just general growth that we anticipate heading into next year. So again, we're not going to quantify what that is from a margin perspective, obviously, at this time. But certainly, we do expect we're going to have continued opportunities to expand our margins in 2026 relative to 2025.

這是一回事。我想說的第二點實際上是我們在擱淺成本方面的持續努力，以及我們在那裡所做的工作，以及我們供應鏈中的利潤率提高計劃、新產品的推出，以及我們預計明年將實現的總體增長。因此，顯然，我們目前不會從利潤角度量化這一點。但可以肯定的是，我們確實預計，相對於 2025 年，2026 年我們將繼續有機會擴大利潤率。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

I wanted just to start with the broader evolution of business trends throughout the quarter. As we reflect on the May earnings call and the dynamics you introduced then as well as some of the public disclosure throughout the quarter, it does sound like business trends did worsen materially as you progress through the quarter. So can you maybe help us understand how things evolved and to what extent the exit rate in the business is reflected in the 1% or did you exit the quarter at a growth rate below that? And then I have a P&L follow-up.

我只是想從整個季度商業趨勢的更廣泛演變開始。當我們回顧 5 月的收益電話會議和您當時介紹的動態以及整個季度的一些公開披露時，聽起來隨著整個季度的進展，業務趨勢確實出現了實質惡化。那麼，您能否幫助我們了解事情是如何發展的，以及業務的退出率在多大程度上反映在 1% 中，或者您是否以低於該水平的增長率退出了本季度？然後我會跟進損益情況。

Yeah, David, I'll start and then have Joel chime in. So thanks for the question. This is Heather. So we were very purposeful in the guidance that we set. And I know originally, maybe folks thought it was conservative, but we knew, particularly coming out of the hurricane, that the first half would be a bit choppy.

是的，大衛，我先開始，然後讓喬爾加入。感謝您的提問。這是希瑟。因此，我們所製定的指導方針非常有目的性。我知道最初人們可能認為這是保守的，但我們知道，特別是在颶風過後，上半年會有點不穩定。

So it played out in IV Solutions, I would say, largely as we expected in the half. We had a strong first half. Again, with our speed and urgency, we delivered every timeline coming out of North Cove that we had set, and our goal was to get the channel restocked as urgently and quickly as possible. And we saw that in Q1. And then in Q2, kind of the subsequent bleed down of that inventory across the channel. At the end user level, we really saw conservation pretty consistent through the half.

所以我想說，IV Solutions 的上半年表現基本上符合我們的預期。我們上半場表現強勁。再次，憑藉我們的速度和緊迫感，我們實現了我們設定的來自 North Cove 的每一個時間表，我們的目標是盡快恢復渠道的庫存。我們在第一季就看到了這一點。然後在第二季度，庫存通過管道逐漸減少。在最終使用者層面，我們確實看到半年來的節省情況相當一致。

So I would say IV Solutions largely played out as we expected. A bit of the surprise in the quarter was US injectables and pharma. So we saw an elevated amount of IV push in the quarter that was a bit of a surprise. We expected a bit more recovery of that, quite honestly, and have now contemplated that in the guidance that's been set.

所以我想說 IV Solutions 基本上按照我們的預期發揮了作用。本季令人有些意外的是美國注射劑和製藥業。因此，我們看到本季 IV 推動量有所增加，這有點令人驚訝。坦白說，我們預計會有更多復甦，並且已經在製定的指導方針中考慮到了這一點。

So we felt like at this point, it was prudent to be a little bit more reserved, and I would say measured in our approach for the second half just based on the utilization and consumption backdrop that we're seeing across the market and the current macroeconomic environment. We put what I would call a realistic level-loaded assumption, assuming what we saw in Q2 remains for the rest of the year. Again, I think this is temporary. We fully expect that customers will resume normal practices, and we've started to see that already, but we're taking just a more prudent approach at this point.

因此，我們覺得在這一點上，採取更保守的態度是明智的，我想說，我們對下半年的態度只是基於我們在整個市場和當前宏觀經濟環境中看到的利用率和消費背景來衡量。我們提出了所謂的現實水平負載假設，假設我們在第二季度看到的情況將在今年剩餘時間內保持不變。我再說一遍，我認為這只是暫時的。我們完全相信客戶將恢復正常行為，而且我們已經開始看到這種情況，但目前我們只是採取了更謹慎的做法。

I'll let Joel comment on -- any other comments you want --

我會讓喬爾評論——任何其他你想評論的評論--

Yeah. No, I think I would just reinforce again the point that we certainly -- we had been very clear and purposeful on suggesting the second quarter is going to be our toughest comparison. And as we headed into the year, the 1% to 2%, I know a lot of people, I think, thought that was, I don't know, super conservative all the way to a sandbag. We didn't see it that way, obviously. And we actually, I think, came in, as Heather said, for the most part, where we anticipated. I think I would agree the injectables is a piece that was probably the biggest surprise.

是的。不，我想我只是想再次強調這一點，我們確實——我們已經非常明確和有目的地表明第二季度將是我們最艱難的比較。當我們進入新的一年時，我知道很多人認為 1% 到 2% 的利率是極度保守的，甚至是無稽之談。顯然，我們並不這麼認為。事實上，正如 Heather 所說，我認為，我們在很大程度上達到了預期目標。我認為注射劑可能是最令人驚訝的。

Very helpful. And maybe just a follow-up on the P&L. As we look at the TSA income interplay with stranded costs, can you maybe help us think about the timelines of working down stranded costs and the process by which the TSAs roll off? And how do you avoid a gap there, whereby the TSA roll-off is faster than your ability to work down stranded costs?

非常有幫助。也許只是損益表的跟進。當我們研究 TSA 收入與擱淺成本之間的相互作用時，您能否幫助我們思考降低擱淺成本的時間表以及 TSA 的取消過程？那麼，如何避免差距，即 TSA 的下達速度比您降低擱淺成本的能力更快？

Yeah. Thanks, David. So a couple of things I would say. First of all, we are on track with our progress towards mitigating our stranded costs. So let me start with that. And one of the things we said during this year is we anticipated about 40 basis points impact negatively from unsolved stranded costs, I'll call it. We're on track with that for what we anticipated for 2025. We're also on what I would consider on track to be, as we talked about, we're going to have them all removed by 2027. And so again, that's just to remind you of the commitment we made as it relates to that.

是的。謝謝，大衛。我想說幾件事。首先，我們在減少擱淺成本方面正在取得進展。那麼就讓我從這個開始吧。我們今年說過的一件事是，我們預計未解決的擱淺成本將產生約 40 個基點的負面影響，而我是這麼認為的。我們正在按照預期實現 2025 年的目標。正如我們討論過的，我們也正在按計劃進行，到 2027 年我們將把它們全部清除。所以，再次強調，這只是為了提醒您我們對此的承諾。

The TSAs, think about those generally as about a 24 month from the start of -- we obviously remember we closed the deal at the end of January of this year. And so think about that for the most part is about a 24-month time period while those TSAs will be in place.

TSA，一般認為從開始到結束大約需要 24 個月——我們顯然記得我們在今年 1 月底完成了交易。因此，請考慮一下，這些 TSA 的實施時間大部分約為 24 個月。

Now, they will be working themselves down to some degree as we go towards the 24-month time period. But David, that's where, obviously, the work that we're doing on the stranded cost is specifically designed to ensure we stay ahead of that, so to speak, so that we're not in a situation, to your point, where we -- for whatever the reason, the TSA falls off and the cost has been taken out. We're obviously working through a lot of stranded cost programs. And we've actually been working through that since the end of last year to really stay ahead of that, David.

現在，隨著我們進入 24 個月的時間週期，它們將在一定程度上逐漸減少。但是，大衛，顯然，我們在滯留成本方面所做的工作是專門為確保我們能夠領先於這一水平而設計的，這樣我們就不會陷入您所說的情況下——無論出於何種原因，TSA 都會失敗，成本也會被消除。我們顯然正在努力解決許多擱淺成本項目。事實上，自去年年底以來，我們就一直在努力解決這個問題，以保持領先地位，大衛。

So like I said, I think we're on track. We're certainly well aware of that phenomenon and trying to stay well ahead of that, and I feel good about where we're at today.

所以就像我說的，我認為我們正走在正確的軌道上。我們當然很清楚這種現象，並試圖保持領先地位，我對我們今天所處的位置感到滿意。

Travis Steed, BofA Securities.

特拉維斯‧史蒂德 (Travis Steed)，美國銀行證券公司。

First, the $100 million guide reduction on revenue this year, how much of that is Spectrum versus IV Solutions versus Pharma? And then on the Spectrum, I guess that's like a $200 million product annualized. So maybe you're assuming $50 million of that comes out. Just what are you assuming on Spectrum fill-in versus kind of Spectrum loss there?

首先，今年的營收預計減少 1 億美元，其中 Spectrum、IV Solutions 和 Pharma 分別減少了多少？然後在 Spectrum 上，我猜這就像是每年價值 2 億美元的產品。因此，也許您假設其中有 5,000 萬美元會流出。您對頻譜填充與頻譜損失有何假設？

Thanks for the question, Travis. I don't know that we're going to give specific guidance around the numbers themselves. But here's what I would say, again, just to reiterate, we're assuming in the low end of our guidance that we're not going to ship Novum. We are assuming in the low end of our guidance that we assume that we're going to ship some Spectrum, although some of that is going to be offset by things where we may end up, again, replacing Novum and there will be a credit involved, etc, etc. So I would say that's the sort of the best way to think about that.

謝謝你的提問，崔維斯。我不知道我們是否會針對這些數字本身給出具體的指導。但我想再次重申的是，我們假設在我們的指導低端，我們不會運送 Novum。我們假設在我們的指導的低端，我們假設我們將運送一些 Spectrum，儘管其中一部分將被我們最終可能再次替換 Novum 的東西所抵消，並且會涉及信用等。所以我認為這是思考這個問題的最佳方式。

The other part of it, again, regarding the fluid conservation piece. So again, there is essentially no improvement assumed, if you will, over the next second half of the year in fluid conservation for the low end of our guidance. And so in the event there is improvements, which certainly, again, the team is working day and night in order to work with our customers for that to happen. That would be an improvement over the lower end of our guidance. But again, assuming the low end of the guidance essentially assumes that there's not any improvement from where we are in the first half. That's, I think, the most clarity I can give you in terms of how to think about that.

另一部分則與流體節約部分有關。因此，如果您願意的話，我們再次假設，在接下來的下半年，流體保護方面基本上不會有任何改善，這是我們指導的低端。因此，如果有改進，當然，團隊會日以繼夜地工作，以便與我們的客戶合作實現這一目標。這將比我們預期的下限有所改善。但再次強調，假設指導的低端基本上假設我們的情況與上半年相比沒有任何改善。我想，這就是我能給你提供的關於如何思考這個問題的最清晰的解釋。

Yeah. I'll just add one more bit of color. I mean, I've personally been working with a lot of our top customers, and they have minimum committed volumes and compliance with Baxter, and they fully expect that they will either get back to those minimum committed volumes or we will get price in the process. So the contracts are pretty clear, and we'll be working with our customers directly as they resume practices. But again, that gives me confidence that this is temporary in nature. And we factored in what should be a relatively modest forecast at this point.

是的。我只想添加一點顏色。我的意思是，我個人一直在與我們的許多頂級客戶合作，他們有最低承諾量並遵守 Baxter 的規定，他們完全期望他們要么回到那些最低承諾量，要么我們將在此過程中獲得價格。因此合約非常明確，我們將在客戶恢復營業時直接與他們合作。但這又讓我相信，這本質上只是暫時的。我們目前已經考慮到了應該相對溫和的預測。

Okay. Yeah, I think the second question is more on the kind of the long term. You guys have kind of talked about 4% to 5% revenue growth. Clearly, not there this year. Kind of what needs to go right to get back to that is the new CEO coming in kind of an opportunity to kind of reevaluate kind of the long-term growth model? And can you kind of get back to kind of high single-digit EPS growth next year?

好的。是的，我認為第二個問題更多的是關於長期的問題。你們談到了 4% 到 5% 的營收成長。顯然，今年沒有。為了回到這一點，需要採取哪些正確措施？新任執行長的上任是否為公司提供了一個重新評估長期成長模式的機會？明年您的每股盈餘能否恢復到較高的個位數成長？

Yeah, I'll take a stab at a few things that I've personally been focused on and let Joel add some color. I mean, Baxter, we're really starting to hit a momentum in innovation and new product launches, and we're going to start to see that. We're starting to see some in '25, moving into 2026 and a more aggressive cadence over the LRP.

是的，我會嘗試一些我個人關注的事情，讓喬爾添加一些色彩。我的意思是，巴克斯特，我們真的開始在創新和新產品發布方面獲得動力，我們將開始看到這一點。我們在 2025 年開始看到一些變化，進入 2026 年，LRP 的節奏將更加積極。

So innovation is something I'm definitely focused on and excited about. Some of these headwinds definitely will start to abate, I think, as we move into 2026. And we've got a number of transformational programs that we're focused on, and we'll be working with Andrew on reshaping the organization and the company for growth, driving both top and bottom line contribution.

因此，創新是我絕對關注並且興奮的事情。我認為，隨著我們進入 2026 年，其中一些不利因素肯定會開始減弱。我們專注於一系列轉型計劃，並將與安德魯合作重塑組織和公司，推動成長，推動營收和利潤的貢獻。

So I think there's a lot to like about where we're headed as an organization. And as we've talked about, we completed a lot of the strategic transformation items over the last few years that I think sets us up well to get through some of these temporary headwinds and then just execute like crazy.

所以我認為我們作為一個組織的發展方向有很多值得稱道的地方。正如我們所討論的，過去幾年我們完成了很多戰略轉型項目，我認為這讓我們能夠很好地克服一些暫時的阻力，然後瘋狂地執行。

Joel?

喬爾？

Yeah, Travis, I think a couple of things I would say. I mean, you're sort of what gets you back to a 4% to 5%. I mean, I think a few things there. I mean, number one, clearly, as Heather has already said, we're very bullish on the NOVUM platform. So clearly, some of the impact we're talking about this year is related to that. But as we've said before, we continue to be in a pump replacement cycle. The product itself, we've had a lot of competitive wins in that space.

是的，崔維斯，我想說幾件事。我的意思是，這就是讓你回到 4% 到 5% 的原因。我的意思是，我認為有幾件事。我的意思是，首先，正如 Heather 所說，我們非常看好 NOVUM 平台。顯然，我們今年談論的一些影響與此有關。但正如我們之前所說，我們仍然處於泵浦更換週期。就產品本身而言，我們在該領域已經取得了許多競爭勝利。

And again, I think we certainly anticipate as we get through this. And again, we're doing the right thing for the right reasons. And when the time comes and we continue to move forward, that's certainly something we anticipate being a driver of growth. Certainly, again, the volumes that we're seeing from a fluid perspective, again, these are key components of that. But clearly, we're not anticipating that remaining in the place that it is today.

再次，我認為我們肯定會期待度過這一難關。再次強調，我們做事是出於正確的理由。當時機成熟並且我們繼續前進時，我們預計這肯定會成為成長的動力。當然，從流體角度來看，我們看到的體積是其中的關鍵組成部分。但顯然，我們不希望它維持在目前的狀態。

You asked about pharma a little bit. I think some of the pharma, we see some of the impact that we talked about in the prepared remarks, also as temporary in nature as it relates to -- again, they're somewhat tied to some of the fluid discussions we've had. But we certainly anticipate the focus on injectables, the new product launches in pharma.

您問了一些有關製藥業的問題。我認為，我們看到了一些製藥公司在準備好的評論中談到的一些影響，這些影響也是暫時的——同樣，它們與我們進行過的一些流動討論有一定聯繫。但我們確實預期注射劑將成為製藥領域新產品的重點。

And again, really new product launches across the business itself, I think, are going to be our key elements of that. Second half of this year from a pharma standpoint, we do anticipate compounding actually having a fair amount of, again, pretty strong second half of the year. So from a growth standpoint, we anticipate that kicking in as well.

而且，我認為，在整個企業範圍內推出真正的新產品將是我們實現這一目標的關鍵要素。從製藥業的角度來看，我們確實預計今年下半年複合成長率將相當可觀，而且相當強勁。因此，從成長的角度來看，我們預計這也將發揮作用。

And so I think I would just say those are things that -- and as Heather said, part of the work that we're doing today in terms of driving innovation really focusing on processes around new product introductions, product life cycle management, some of those things, we're really excited about. And as we think about the efficiencies, we're going to continue to drive through some of the transformation program that really are looking to be reinvested into the business for growth. And so that's how I think about the opportunity to go back to that 4% to 5% growth, which we certainly believe is still very doable for this company.

所以我想我只想說這些都是——正如 Heather 所說，我們今天在推動創新方面所做的工作的一部分，真正關注新產品推出、產品生命週期管理等流程，我們對其中的一些事情感到非常興奮。當我們考慮效率時，我們將繼續推動一些真正希望重新投資於業務以實現成長的轉型計劃。這就是我認為重回 4% 至 5% 成長的機會，我們當然相信這對我們公司來說仍然是非常可行的。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Maybe my first one for Heather on MPT. IV fluids are off allocation. Like why are hospitals still conserving fluids? And this Novum, I think, the FDA letter noted two deaths. Historically, when we've had recalls, like sometimes it's taking years. Any thoughts around how you would rate the current issues with Novum in terms of severity? Whether this is something more severe, could take years or is more temporal, if you will?

這可能是我為 Heather 在 MPT 上創作的第一部作品。靜脈輸液已分配完畢。例如為什麼醫院仍在保存液體？我認為，今年 Novum 期間，FDA 在信中提到了兩人死亡。從歷史上看，當我們進行召回時，有時需要花費數年時間。您對 Novum 當前問題的嚴重性有何看法？如果您願意的話，這是否是一個更嚴重的事情，是否可能需要花費數年時間，或者是否只是暫時的？

Yeah, I'll start, Vijay. Thanks for the question. So the change in MPT, I think, as we've stated here throughout the call, is really driven by a more modest approach to fluid conservation. And hospitals are still conserving because I think, as you know, nothing changes fast in healthcare. And so we're working directly with our customers as they start to resume normal practices. But if you think about it, and we've communicated this, we were in force majeure really through the end of May.

是的，我先開始，維傑。謝謝你的提問。因此，我認為，正如我們在整個通話過程中所說的那樣，MPT 的變化實際上是由更溫和的流體守恆方法所驅動的。醫院仍在保存，因為我認為，正如你所知，醫療保健領域沒有任何快速的變化。因此，當客戶開始恢復正常運作時，我們會直接與他們合作。但如果你仔細想想，我們已經傳達了這一點，到五月底我們確實處於不可抗力狀態。

So we've been working over the last coming weeks just with our customers on getting back to their minimum committed volumes, helping with our medical affairs and commercial teams and resume normal practices and again, ensuring confidence around supply. So the Vizient partnership and program is one of the first that we've launched, just emphasizing and reinforcing that we have good supply in the US and confidence that they can resume normal practices.

因此，在接下來的幾周里，我們一直在與客戶合作，恢復他們的最低承諾產量，幫助我們的醫療事務和商業團隊恢復正常運作，並再次確保對供應的信心。因此，Vizient 合作夥伴關係和計劃是我們啟動的首批計劃之一，它強調並強調了我們在美國擁有良好的供應，並且有信心他們可以恢復正常運作。

And then, regarding Novum, as I communicated earlier, this was something that we did voluntarily and temporarily just to start to work with our customers. This is the field actions that we're addressing around a very small subset of clinical use cases and particular workflows that we've identified and we saw through our quality listening systems, customer feedback and honestly, our own infusion data. So we're working through that. We do not have to have permanent fixes in place. We're working transparently with the regulators on this. But I would say that this is very different than maybe what you've seen historically with competitors.

然後，關於 Novum，正如我之前所說的，這是我們自願和暫時做的事情，只是為了開始與我們的客戶合作。這是我們圍繞已確定的一小部分臨床用例和特定工作流程所採取的現場行動，我們透過品質監聽系統、客戶回饋以及我們自己的輸液數據看到了這些情況。所以我們正在努力解決這個問題。我們不需要採取永久性的解決方案。我們正在就此事與監管機構進行透明的合作。但我想說的是，這可能與您過去在競爭對手身上看到的情況非常不同。

So we did this on our own to just take a pause and listen to our customers and look internally about the work that we needed to do. And as Joel said and as we reflected in the guidance right now, we're assuming that we don't ship any Novums for the rest of 2025. But our goal is to resume shipping as soon as possible and before the end of the year. So we're hopeful to beat that. But at this point, we thought that it was prudent to bake that in for the second half of the year.

因此，我們自己做了這件事，只是停下來，聽聽客戶的意見，並從內部審視我們需要做的工作。正如喬爾所說，正如我們現在在指導中所反映的那樣，我們假設在 2025 年剩餘時間內不會推出任何 Novum。但我們的目標是盡快恢復運輸，並在年底前。因此我們希望能夠戰勝它。但目前，我們認為在下半年實施這項措施是明智之舉。

That's helpful. And maybe, Joel, one for you on operating margins, down 80 basis points versus prior guidance. Is it possible for you to give us a bridge, right? I think the fiscal '24 jump off of 16.5%. I know, we have a number of moving parts between TSA, MSA, stranded costs. There are some tariff assumptions, et cetera. If you don't mind building a bridge on a 16.5% jump versus 15.5%.

這很有幫助。喬爾，也許，營業利潤率與先前的預期相比下降了 80 個基點。你能給我們一座橋樑嗎？我認為 24 財年增長率將達到 16.5%。我知道，TSA、MSA 和滯留成本之間存在許多變動因素。有一些關稅假設等等。如果你不介意以 16.5% 而非 15.5% 的漲幅建造一座橋樑。

Yeah. So I would say there's a couple of key puts and takes of that. I'll just address the tariff point for a second. Again, we did actually lower our assumption of the net impact of tariffs. And so on the positive side, that is something that actually we are suggesting that our prior was $60 million to $70 million, with a $65 million kind of midpoint, if you want to call it that. We talked about the fact that we're actually going to lower that. We're lowering that given what we know today and not including pharmaceutical tariffs, but that's a $40 million impact. So that on the positive side, Vijay is a $25 million net positive impact.

是的。所以我想說，這其中有幾個關鍵點。我只想談關稅問題。再次，我們確實降低了對關稅淨影響的假設。因此，從積極的一面來看，實際上我們建議的金額是 6000 萬美元到 7000 萬美元，中間值是 6500 萬美元，如果你願意這麼稱呼的話。我們討論過我們實際上要降低這個數字。根據我們目前掌握的情況，我們降低了這個數字，並且不包括藥品關稅，但這將產生 4000 萬美元的影響。因此，從正面的一面來看，Vijay 的淨正面影響為 2,500 萬美元。

I think the -- and again, as I mentioned earlier, the pricing is actually something that we continue to -- we're on track with and we've had a positive impact of this. The main impact really and truly is a volume impact on our integrated supply chain. From an absorption perspective, that's something that is -- as volume declines, particularly in the fluids area, the absorption is impacted from an ISC standpoint. And that's one of the really main drivers of this.

我認為——正如我之前提到的，定價實際上是我們一直在做的事情——我們正在按計劃進行，並且已經產生了積極的影響。真正主要的影響是對我們的綜合供應鏈的數量影響。從吸收的角度來看，隨著體積的下降，特別是在流體區域，從 ISC 的角度來看吸收會受到影響。這是真正主要的驅動因素之一。

And then the other one really is mix. Again, I think the -- some of the mix of products that we assumed, again, particularly driven by pharma in this case, this is something that is -- I think really those are the two main impacts, Vijay, of the drop, if you will, in the operating income percentage. And so I think main puts and takes there. On the EPS part, again, as we've indicated, it's the tax rate lower down, but those are the main drivers.

另一個確實是混合。再次，我認為——我們假設的一些產品組合，特別是在這種情況下由製藥業推動的，這是——維傑，我認為這確實是營業收入百分比下降的兩個主要影響。所以我認為主要的投入和產出都在那裡。關於每股收益部分，正如我們所指出的，稅率較低，但這些是主要驅動因素。

Lawrence Biegelsen, Wells Fargo.

勞倫斯‧比格森，富國銀行。

Just one for Joel, one for Brent. So Joel, just the gross margin was a little lighter in Q2 than we expected. Just talk about how we should think about the gross margin the rest of this year.

喬爾只用一個，布倫特也用一個。所以喬爾，第二季的毛利率比我們預期的要低。只討論我們應該如何考慮今年剩餘時間的毛利率。

And Brent, just more color on what attracted the Board to Andrew, given he looks like a strong candidate but he doesn't have direct device experience. So what were the skills and experiences that the Board thought were most applicable to Baxter? How long do you think it will take for him to get his arms around the business and provide an update to investors on his goals and priorities? And just lastly, the press release said his start date is -- could be earlier than September 3. Any update on when he's starting?

布倫特，我想進一步解釋董事會為什麼選擇安德魯，因為他看起來是個強有力的候選人，但他沒有直接的設備經驗。那麼董事會認為最適合 Baxter 的技能和經驗是什麼？您認為他需要多長時間才能掌握業務並向投資者介紹他的目標和優先事項？最後，新聞稿稱他的開始任職日期可能會早於 9 月 3 日。有關於他何時開始的最新消息嗎？

Yeah, why don't I start your question regarding gross margin. I think the thing I would probably encourage you to do is to actually think about this on an operating margin perspective. And I guess I'll tell you why. There's a couple -- as we've talked about in the past, there's some reclassifications going back and forth between SG&A and our COGS lines. Also, the TSA revenues, which again are listed in a separate other line, some of those sit in SG&A, some of those sit in COGS. And so there's a lot of noise, I'm going to call it, between our gross margin and our SG&A lines. So they really truly -- the way to look at this is on an operating income basis.

是的，我為什麼不開始回答你關於毛利率的問題呢？我認為我可能會鼓勵你做的事情是從營業利潤率的角度來考慮這個問題。我想我會告訴你原因。有幾個——正如我們過去談到的，銷售、一般和行政費用與我們的銷貨成本線之間存在一些重新分類。此外，TSA 收入也列在另一行中，其中一些屬於銷售、一般及行政費用，一些屬於銷貨成本。因此，我認為我們的毛利率和銷售、一般及行政費用之間存在很大差異。所以他們確實——看待這個問題的方式是基於營業收入。

And so again, as we guided for the remainder of this year, I would say, really truly the primary drivers of that impact on the low end really is from volume. I think I already kind of commented on the tariff piece being a positive but that low end of the OI range really does assume that our fluid conservation does not come back and that obviously the impact from not shipping Novum. Those really are the main drivers of that. Obviously, you've got the -- again, the positive from pricing, the positive from the TSA revenues and then between those two items and the MSA dilution, those really are the main drivers. But I just encourage you to think about that at an OI level because of the noise I just outlined between those other two lines.

因此，正如我們對今年剩餘時間的指導一樣，我想說，對低端市場產生影響的主要驅動因素實際上來自於銷量。我想我已經對關稅部分是積極的方面發表了評論，但 OI 範圍的低端確實假設我們的流體保護不會恢復，而且顯然不會運送 Novum 的影響。這些確實是主要驅動因素。顯然，你又得到了——再次，來自定價的積極影響，來自 TSA 收入的積極影響，然後是這兩項和 MSA 稀釋之間的積極影響，這些確實是主要驅動力。但我只是鼓勵你在 OI 層面上思考這個問題，因為我剛才在另外兩行之間概述了噪音。

Brent?

布倫特？

Greg, thanks for the question. We feel very good about Andrew coming in based on his experience and his background. And, of course, I sure looked at his record with ATS value creation and what he brought to that company. And you probably saw that prior to that, he was with Danaher for a number of years. So he's very steep in the operating system and is a very disciplined operator and prior to that was with GE. So these are all strong operating environments. And he brings that, I think, that mentality and experience with him.

格雷格，謝謝你的提問。鑑於安德魯的經驗和背景，我們對他的加入感到非常高興。當然，我確實看了他在 ATS 價值創造方面的記錄以及他為該公司帶來的貢獻。您可能已經看到，在此之前，他在丹納赫工作了多年。因此，他對作業系統非常精通，並且是一位非常自律的操作員，之前曾在通用電氣公司工作。所以這些都是強大的營運環境。我認為，他帶來了這種心態和經驗。

And as you hear from talking to us, Baxter is a big organization. It's a manufacturing organization with a lot of operational complexities. So that operational discipline and skill set, I think, is a big advantage and I think he can bring a lot to the company. He's also a very energetic and passionate leader and moves at a quick pace.

正如您在與我們交談時所聽到的，Baxter 是一家大型組織。這是一個運作非常複雜的製造組織。因此，我認為，這種營運紀律和技能是一個很大的優勢，我認為他可以為公司帶來很多東西。他也是一位精力充沛、充滿熱情的領導者，行動迅速。

So I think to your question about how long to come up to speed, I think it will be a quick study. That's my assessment of his personality. He's a sharp guy, he's quick and I think it will be a quick ramp. And we're fortunate to have a great management team surrounding him, who will be helping him come up to speed, who are very deep in the healthcare environment and know it very well. So I'm sure he'll be tapping into that and absorbing it quickly.

因此，對於您關於需要多長時間才能達到要求的問題，我認為這將是一個快速的學習過程。這就是我對他的性格的評價。他是一個敏銳的傢伙，他動作很快，我認為他會很快進步。我們很幸運，他身邊有一支優秀的管理團隊，他們將幫助他快速上手，他們對醫療保健環境有著深入的了解。所以我相信他會很快利用並吸收這一點。

And I think he'll also bring some fresh ideas to the company, and that's part of the benefit. And as far as the start date, we expect to be able to announce a date relatively soon. It should be a bit before the stated end of the month timeframe but that will come shortly. So I appreciate the question, and we're looking forward to having him on board soon.

我認為他還會為公司帶來一些新想法，這也是好處的一部分。至於開始日期，我們希望能夠相對快速地宣布。它應該比規定的月底時間稍早一點，但很快就會到來。我很感謝你提出這個問題，我們期待他能盡快加入我們。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

You just covered a lot here. Maybe just two quick clarifying questions. On the fluid conservation efforts, I think last quarter, you mentioned that you're sort of thinking about exiting the year like 10% hospitals still engaged in those programs. So maybe some color on what your current assumptions now assume? And then the other just was on just like how one-time or transitory or I think there was a government contract that impacted pharma. How much of that is kind of lumpy? And how much of that is sort of more just a little bit slower demand that you're baking into the rest of the year?

您在這裡講了很多內容。也許只是兩個快速澄清的問題。關於液體保護工作，我想在上個季度您提到過，您考慮在今年年底前仍有 10% 的醫院參與這些專案。那麼也許您現在的假設有些道理？另一個只是一次性的或暫時的，或者我認為有一份政府合約影響了製藥業。其中有多少是塊狀的？其中有多少是由於需求略微放緩，而您將在今年剩餘時間內消化掉呢？

Yeah, I can start. Thanks for the question. So we've assumed at the low end of our guidance regarding IV conservation that we maintain about minus 20% regarding IV conservation. So again, we expect based on feedback from customers that hopefully, we do better than that, but we're taking, as I said, a very modest and prudent approach at this point just based on the utilization backdrop and assuming minimal improvement really throughout the year. That's regarding IV conservation versus the minus 10% that we had stated before.

是的，我可以開始了。謝謝你的提問。因此，我們假設在 IV 守恆方面的指導低端，我們維持 IV 守恆約 -20%。因此，根據客戶的回饋，我們再次期望我們能做得更好，但正如我所說，我們目前採取了一種非常謙虛和謹慎的方法，僅基於利用率背景並假設全年實際上只會有微小的改善。這是關於 IV 守恆，而不是我們之前提到的 -10%。

And then the pharma government order, we've taken that out just based on some of the recent trends with government ordering. And there was an order last year, and we're assuming that, that order does not repeat this year.

然後是製藥業政府訂單，我們根據政府訂單的一些最新趨勢將其取消。去年曾下過命令，我們假設今年不會再下達該命令。

And ladies and gentlemen, that is the end of our Q&A session, and this also concludes today's conference call with Baxter International. Thank you for participating.

女士們、先生們，我們的問答環節到此結束，今天與百特國際的電話會議也結束了。感謝您的參與。

Thank you.

謝謝。