百特醫療 (BAX) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International's third-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加百特國際2025年第三季財報電話會議。（操作說明）

As a reminder, this call is being recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcasted without Baxter's permission. If you have any objections, please disconnect at this time.

再次提醒，本次通話由 Baxter 公司錄音，錄音內容受著作權保護。未經巴克斯特許可，不得錄製或重播。如有任何異議，請立即斷開連接。

I would now like to turn the call over to Mr. Kevin Moran, Vice President, Investor Relations at Baxter International. Mr. Moran, you may begin.

現在我願將電話交給百特國際投資者關係副總裁凱文‧莫蘭先生。莫蘭先生，你可以開始了。

Good morning, and welcome. Today, we'll discuss Baxter's third quarter 2025 results, along with an update to our full year 2025 outlook and newly issued fourth quarter 2025 guidance. This morning, a press release was issued with our preliminary earnings results and updated outlook. The press release and investor presentation are available on the Investors section of the Baxter website. Joining me today are Andrew Hider, President, Chief Executive Officer; and Joel Grade, Executive Vice President and Chief Financial Officer.

早安，歡迎。今天，我們將討論百特公司 2025 年第三季的業績，以及我們對 2025 年全年展望的更新和新發布的 2025 年第四季業績指引。今天上午，我們發布了一份新聞稿，其中包含了初步的獲利結果和更新後的展望。新聞稿和投資者簡報可在百特公司網站的投資者關係部分查閱。今天與我一同出席的有總裁兼執行長安德魯·海德，以及執行副總裁兼財務長喬爾·格雷德。

During the call, we will be making forward-looking statements, including comments regarding our financial outlook for the fourth quarter and full year 2025 and matters related to future dividend declarations, the anticipated impact of the Kidney Care sale, including our ability to eliminate related costs, the anticipated impact of various regulatory and operational matters, including ones related to our infusion pump platform, what we believe to be continuing fluid conservation and heightened inventory levels and commentary regarding the global macroeconomic environment, including tariffs and proposed mitigating actions.

在電話會議期間，我們將發表前瞻性聲明，包括對 2025 年第四季度和全年財務展望的評論，以及與未來股息宣告相關的事項、腎臟護理業務出售的預期影響（包括我們消除相關成本的能力）、各種監管和運營事項的預期影響（包括與我們的輸液泵經濟相關的事項）、我們認為將繼續保持對約

Forward-looking statements involve risks and uncertainties, which could cause our actual results to differ materially from our current expectations. Please refer to today's press release, the forward-looking statement slide at the beginning of our investor presentation and our SEC filings for more details.

前瞻性陳述涉及風險和不確定性，可能導致我們的實際結果與我們目前的預期有重大差異。更多詳情請參閱今天的新聞稿、投資者簡報開頭的前瞻性聲明幻燈片以及我們向美國證券交易委員會提交的文件。

In addition, please note that on today's call, all our comments will be on a non-GAAP basis unless they are specifically called out as GAAP. Non-GAAP financial measures are used to help investors understand Baxter's ongoing business performance. GAAP to non-GAAP reconciliations for all relevant periods can be found in the schedules attached to our press release and in our investor presentation. Finally, as a reminder, continuing operations excludes Baxter's Kidney Care business, which is now reported as discontinued operations.

此外，請注意，在今天的電話會議上，除非特別註明是按照公認會計準則 (GAAP) 發表，否則我們所有的評論都將是按照非公認會計準則 (non-GAAP) 發表的。非GAAP財務指標用於幫助投資者了解百特公司持續的業務表現。所有相關期間的 GAAP 與非 GAAP 調整表可在我們的新聞稿附件和投資者簡報中找到。最後提醒一下，持續經營業務不包括百特腎臟護理業務，該業務現已被列為終止經營業務。

Now I'd like to turn the call over to Andrew.

現在我想把電話交給安德魯。

Thank you, Kevin. Let me welcome you officially as the new Head of Baxter's Investor Relations team, and good morning, everyone. I am pleased to be here for my first earnings call as CEO and look forward to getting to know everyone here better as the quarters progress. As I've said in many settings over the last several weeks, it is an honor to have the responsibility to lead this new chapter at Baxter.

謝謝你，凱文。讓我正式歡迎您擔任百特公司投資人關係團隊的新任負責人，大家早安。我很高興能以執行長的身份參加我的第一次財報電話會議，並期待在接下來的幾個季度中更好地了解在座的各位。正如我在過去幾週的許多場合所說，能夠領導百特公司開啟新的篇章，我深感榮幸。

Our company is essential to healthcare with an iconic brand that is valued and trusted by caregivers and patients globally. Since joining the company, I've immersed myself in Baxter's business, leading teams around the world. 14 site visits across 7 countries and counting, working side-by-side with employees, speaking directly with customers and gaining a more detailed view of the opportunities and challenges we face. I have learned a great deal in a short period, but I want to reflect on two things that clearly stand out.

我們公司對醫療保健至關重要，擁有一個標誌性品牌，深受全球醫護人員和患者的重視和信賴。自從加入公司以來，我全心投入百特的業務中，領導世界各地的團隊。我已經走訪了7個國家的14個地點，而且還在不斷增加，與員工並肩工作，直接與客戶交流，從而更深入地了解我們面臨的機會和挑戰。我在短時間內學到了很多東西，但我想專注於反思兩件特別突出的事情。

First is that we are building from a fundamental position of opportunity. I have been struck by the commitment and pride this team brings to Baxter's mission to save and sustain lives and to serving our customers. This is a business whose portfolio has proven resilient over its almost 100-year history, one that has delivered significant revenues and attractive operating margins and generated solid cash flow over the years.

首先，我們是從一個巨大的機會出發進行建造的。我被這支團隊對百特拯救和延續生命以及服務客戶的使命所展現出的奉獻精神和自豪感深深打動了。這家企業在其近百年的歷史中，其業務組合已證明具有強大的韌性，多年來一直帶來可觀的收入、可觀的營業利潤率和穩定的現金流。

The strength of our business, the critical role we play in health care and the talent and dedication of our people who are committed to win should position us well to deliver lasting value. Second is that we are proactive and clear-eyed about what needs to improve and change at the company, so we're better positioned to deliver on our potential.

我們強大的業務實力、我們在醫療保健領域發揮的關鍵作用，以及員工的才華和奉獻精神（他們致力於取得成功），應該能夠讓我們更好地創造持久價值。其次，我們對公司需要改進和改變的地方有積極主動、清醒的認識，因此我們更有能力發揮我們的潛力。

Let me be clear about that, we are not satisfied with our current performance. There is a recognition that challenges must be met head on with both immediate actions as well as real long-term solutions. I am also very realistic about the road in front of us as we work to prioritize our areas of focus, improve execution and business performance, deliver sustained growth and improve profitability and cash flows.

我要明確指出，我們對目前的表現並不滿意。人們體認到，必須正面應對挑戰，既要採取立即行動，也要製定真正的長期解決方案。對於我們未來面臨的挑戰，我也非常務實，我們需要優先考慮重點領域，提高執行力和業務績效，實現持續成長，並提高獲利能力和現金流。

Turning briefly to this quarter's results, which Joel will speak to in detail. Our third quarter top line performance came in lower than our previously issued guidance and exceeded expectations on the bottom line due to a favorable tax rate. These results reflect challenges in two divisions: the Infusion Therapies and Technologies division within the Medical Products & Therapy segment and the Injectables and Anesthesia division within the Pharmaceuticals segment. Importantly, Baxter's Healthcare Systems & Technologies segment demonstrated improved performance.

接下來簡單談談本季的業績，Joel 將會詳細解說。由於稅率有利，我們第三季的營收低於先前發布的預期，但淨利超出預期。這些結果反映了兩個部門面臨的挑戰：醫療產品與治療部門內的輸液療法與技術部門，以及製藥部門內的注射劑與麻醉部門。值得注意的是，百特醫療保健系統與技術部門的績效有所提升。

Before I turn it to Joel to discuss financial results in more detail, I want to give you a better sense of how I'm approaching the first several months of my time at Baxter and to give you some context on the decisions and actions that we have taken to date and will take in the coming months. We will have more opportunities to discuss long-term strategy down the road. But in the near term, you will see us take actions and decisions designed to support three areas: first, stabilizing the areas of the business that require increased focus; second, strengthening our balance sheet; and third, driving a culture of continuous improvement and enterprise-wide efficiency.

在將討論轉交給 Joel 更詳細地討論財務業績之前，我想讓大家更好地了解我如何安排我在 Baxter 的頭幾個月的工作，並向大家介紹一下我們迄今為止已經採取和將在未來幾個月採取的決策和行動的背景。未來我們將有更多機會討論長期策略。但在短期內，您將會看到我們採取旨在支持三個領域的行動和決策：第一，穩定需要更多關注的業務領域；第二，加強我們的資產負債表；第三，推動持續改進和全企業效率的文化。

Let me share my initial thoughts on each. I'll start with stabilizing the business. Baxter already has undergone significant transformation in recent years and is now a more streamlined and focused enterprise. But of course, there have been challenges in certain areas that have hampered growth and consistent execution, and we expect our growth algorithm to continue to be pressured in the near term.

讓我分享一下我對每件事的初步想法。我將首先穩定公司營運。近年來，百特公司經歷了重大轉型，現在是一家更精簡、更專注的企業。當然，某些領域也存在一些挑戰，阻礙了成長和持續執行，我們預期在短期內，我們的成長演算法將繼續面臨壓力。

With my background in operations, I am bringing a keen eye to people, process and performance of Baxter, along with what we call uniform value creators, standardized metrics that we are focused on value creation. One critical area of focus and attention right now, for example, is related to the pause we've taken on deliveries and installations of the Novum IQ Large Volume pump. While we're disappointed that we expect the current hold to remain in place beyond year-end, we are working tirelessly to evaluate and test potential corrections to fully resolve the flow rate issues. In parallel, we will continue to closely support current Novum IQ LVP users.

憑藉我在營運方面的背景，我將以敏銳的眼光審視百特公司的人員、流程和績效，以及我們所謂的統一價值創造者，也就是我們專注於價值創造的標準化指標。例如，目前一個重要的關注領域與我們暫停交付和安裝 Novum IQ 大容量幫浦有關。雖然我們對目前的凍結措施預計將持續到年底後感到失望，但我們正在不懈地評估和測試潛在的糾正措施，以徹底解決流量問題。同時，我們將繼續密切支援現有的 Novum IQ LVP 用戶。

We will also continue to offer Baxter's Spectrum IQ LVP, a long-standing and well-known product used in more than 1,500 facilities across the US and Canada, as a leading option for infusion therapy, one that Baxter continues to invest in. The Spectrum IQ LVP now operates on a shared gateway with Novum IQ syringe, creating a cohesive user experience and is built for the future with EMR interoperability, enhanced software and innovative analytical capabilities.

我們將繼續提供百特公司的 Spectrum IQ LVP，這是一款歷史悠久、廣為人知的產品，在美國和加拿大的 1500 多家醫療機構中使用，是輸液治療的領先選擇，百特公司也將繼續對其進行投資。Spectrum IQ LVP 現在與 Novum IQ 注射器共用一個網關，從而創造了一致的用戶體驗，並面向未來構建，具有 EMR 互通性、增強的軟體和創新的分析功能。

A second area of focus will be improving Baxter's balance sheet. It is from the basis of a strong balance sheet that we will be better able to invest in the business, support innovation and deliver and return increased value to our shareholders. This means focusing on improved cash flow and taking a consistent approach to our capital allocation objective.

第二個重點領域是改善百特公司的資產負債表。憑藉穩健的資產負債表，我們將能夠更好地投資於業務，支持創新，並為股東創造和回報更高的價值。這意味著要專注於改善現金流，並採取一致的方法來實現我們的資本配置目標。

The first step in addressing our balance sheet is taking decisive and clear steps to reduce our leverage. It is in this context that we and the Board intend to reduce the quarterly dividend to $0.01 per share, beginning with the dividend to be paid in January 2026. This will free up cash to accelerate deleveraging, consistent with our prior commitments. Joel will provide more details on that in his section of the call as well.

解決資產負債表問題的第一步是採取果斷明確的措施來降低槓桿比率。正是在此背景下，我們和董事會打算將季度股息減少至每股 0.01 美元，從 2026 年 1 月支付的股息開始。這將釋放現金以加速去槓桿化，這與我們先前的承諾一致。喬爾將在電話會議的相應部分提供更多細節。

The last area you will continue to see us prioritize is building enterprise efficiency into everything we do at Baxter. Earlier this month, we rolled out Baxter GPS, our new growth and performance system, aimed at driving continuous improvement and a growth and performance mindset. This data-driven system is inspired by best-in-class models from organizations known for strong cultures of continuous improvement and represents a positive change in how we work.

您將會看到我們繼續優先考慮的最後一個領域是將企業效率融入我們在百特所做的每一件事中。本月初，我們推出了 Baxter GPS，這是我們新的成長和績效系統，旨在推動持續改進和成長與績效思維。這個數據驅動系統借鑒了以持續改善文化著稱的組織的最佳實踐模式，代表了我們工作方式的積極變革。

It also adapts in real time, helping to ensure we are moving toward greater efficiency, stronger performance and impact. Ultimately, this will help build the habits and discipline across the enterprise that will define our future success. I've led this type of system successfully at several other companies, and I'm confident it will lead to improved performance of Baxter over the long term.

它還能即時適應，幫助確保我們朝著更高的效率、更強的性能和更大的影響力邁進。最終，這將有助於在整個企業中培養習慣和紀律，這將決定我們未來的成功。我曾在其他幾家公司成功領導過這種類型的系統，我相信從長遠來看，它將提高百特公司的表現。

In closing, I want to step back and reflect on what makes me confident and excited about Baxter's future. Yes, there is work ahead. And the coming quarters will require significant focus, discipline and execution. But I see a company with a strong foundation, a clear path forward and the ability to turn challenges into opportunities. You can expect us to work with urgency and focus to accelerate growth, improve margins and cash flow and drive enhanced innovation.

最後，我想回顧一下，是什麼讓我對百特的未來充滿信心和興奮。是的，前面還有很多工作要做。接下來的幾季需要高度集中、嚴於律己、有效率地執行。但我看到的是一家基礎雄厚、發展方向明確、能夠將挑戰轉化為機會的公司。您可以期待我們以緊迫感和專注力來加速成長、提高利潤率和現金流，並推動創新。

We are on a journey to build a better Baxter that is more resilient, more agile and more capable than ever, a Baxter with a more consistent execution, what I like to call a higher say-do ratio, a Baxter that will work to redefine health care delivery and in doing so, continue to deliver meaningful impact for customers, patients and long-term value creation for shareholders. I look forward to keeping you updated on our progress and getting to know you all better in the coming weeks and months.

我們正在努力打造一個更強大的百特，一個比以往任何時候都更具韌性、更敏捷、更有能力的百特，一個執行力更強、言行一致的百特，一個致力於重新定義醫療保健服務的百特，並在此過程中，繼續為客戶、患者帶來有意義的影響，並為股東創造長期價值。我期待在接下來的幾週和幾個月裡，向大家報告我們的進度，並更了解大家。

With that, I will now turn it over to Joel. Joel, over to you.

接下來，我將把麥克風交給喬爾。喬爾，該你了。

Thanks, Andrew, and good morning, everyone. Let me also take a moment to welcome Kevin Moran as our new Vice President of Investor Relations. Many of you already know Kevin from his prior IR roles at other companies in the space. Kevin brings valuable finance, IR and importantly, healthcare experience to the team. We're excited to have Kevin on the team and look forward to his leadership in continuing to strengthen our relationships with you all.

謝謝你，安德魯，大家早安。我也想藉此機會歡迎凱文·莫蘭先生擔任我們新的投資者關係副總裁。你們中的許多人可能已經透過 Kevin 之前在其他公司擔任投資者關係職位而認識他了。Kevin 為團隊帶來了寶貴的財務、投資者關係以及非常重要的醫療保健經驗。我們很高興凱文加入團隊，並期待在他的領導下，繼續加強我們與大家的關係。

Before I begin the sales discussion, 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 previously announced exit of IV solutions from China. Third quarter 2025 global sales from continuing operations totaled $2.8 billion and increased 5% on a reported basis and 2% on an operational basis.

在開始銷售討論之前，提醒大家，今天電話會議上討論的結果將指的是營運成長，但不包括外匯影響、Vantive 的 MSA 收入以及先前宣布的退出中國 IV 解決方案業務的影響。2025 年第三季全球持續經營業務銷售額總計 28 億美元，以報告基準計算成長 5%，以營運基準計算成長 2%。

Performance in the quarter reflects growth across nearly all divisions. On the bottom line, total company adjusted earnings from continuing operations were $0.69 per share. Results in the quarter reflect positive pricing in select segments, receipt of Kidney Care TSA income and lower non-operating expenses, including interest and tax.

本季業績反映出幾乎所有部門均實現成長。最終，公司持續經營業務調整後的總收入為每股 0.69 美元。本季業績反映了特定細分市場的積極定價、腎臟護理 TSA 收入的收到以及包括利息和稅收在內的非經營性支出的減少。

Now I'll walk you through 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 declined 1% in the quarter. Performance in the quarter reflects softness in Infusion Therapies & Technologies or ITT, slightly offset by strong demand for advanced surgery products.

現在我將按可報告細分市場帶您了解結果。有關銷售成長的評論將反映營運層面的成長。我們的醫療產品和療法（MPT）部門的銷售額為 13 億美元，本季下降了 1%。本季業績反映出輸液療法和技術（ITT）業務的疲軟，但先進外科手術產品的強勁需求略微抵消了這種疲軟。

Within MPT, third quarter sales from our ITT division totaled $1 billion and declined 4%, primarily reflecting lower infusion pump sales due to the previously discussed ship and installation hold of Novum LVP and ongoing softness in US hospital IV solutions, which we believe is due to continuing post-Hurricane Helene fluid conservation efforts.

在 MPT 內部，我們 ITT 部門第三季度的銷售額總計 10 億美元，下降了 4%，主要反映出輸液泵的銷售額下降，這是由於之前討論過的 Novum LVP 的發貨和安裝暫停，以及美國醫院靜脈輸液解決方案的持續疲軟，我們認為這是由於颶風海倫過後持續的液體節約措施所致液體節約措施所致。

Sales decline in Infusion Systems includes lost sales, Novum LVP customer returns and certain customers electing to transition to our Spectrum IQ LVP. We expect sales across our Infusion Pump portfolio to remain under pressure as we work with our customers to complete the necessary corrections to fully address the outstanding field actions and lift the shipment and installation hold on Novum.

輸液系統銷售額下降包括銷售損失、Novum LVP 客戶退貨以及某些客戶選擇過渡到我們的 Spectrum IQ LVP。我們預計，隨著我們與客戶合作完成必要的糾正措施，以徹底解決未決的現場行動並解除對 Novum 的發貨和安裝限制，我們輸液泵產品組合的銷售將繼續面臨壓力。

While we see continued interest in our Pump portfolio, we recognize that the timing and nature of the resolution of the Novum LVP hold is leading some customers to evaluate alternative solutions. We are actively supporting Novum customers with both initial and eventually additional corrections as well as offering Spectrum IQ as an alternative. We remain focused on minimizing disruption and maintaining strong relationships across our installed base.

雖然我們看到客戶對我們的泵浦產品組合持續表現出興趣，但我們也意​​識到，Novum LVP 暫停交易的解決時間和性質導致一些客戶正在評估替代解決方案。我們正積極為 Novum 客戶提供初始和後續的修正服務，同時也提供 Spectrum IQ 作為替代方案。我們將繼續致力於最大限度地減少干擾，並與所有已安裝用戶保持牢固的關係。

Within IV solutions, US demand remains below pre-Hurricane Helene levels. Based on our current expectations, we expect further recovery in demand, though at a more moderate pace and some level of fluid conservation is likely to remain in 2026. Over the medium and longer term, we remain confident in the strength of our IV Solutions business.

在靜脈輸液領域，美國的需求量仍低於颶風海倫之前的水平。根據我們目前的預期，我們預計需求將進一步復甦，儘管速度會更加溫和，而且到 2026 年，一定程度的液體節約措施可能會繼續存在。從中長期來看，我們對靜脈輸液解決方案業務的實力仍然充滿信心。

Sales in Advanced Surgery totaled $306 million and grew 11% globally. Results in the quarter reflect solid demand for our portfolio of hemostats and sealants, strong commercial execution across all regions and steady procedure volumes. MPT's adjusted operating margin totaled 20.5% for the quarter, increasing 50 basis points over the prior year period and reflecting positive pricing in the quarter, partially offset by lower sales volumes and increased manufacturing and supply costs resulting from the factors previously discussed. R&D expense declined in the quarter, primarily due to onetime items, while underlying investment remained unchanged. Kidney Care TSA income contributed to positive performance in the quarter as well.

高級外科手術產品銷售額總計 3.06 億美元，全球成長 11%。本季業績反映了市場對我們止血劑和密封劑產品組合的強勁需求、所有地區強勁的商業執行力以及穩定的手術量。MPT 本季度調整後的營業利潤率為 20.5%，比上年同期增長 50 個基點，反映了本季度積極的定價策略，但部分被之前討論過的因素導致的銷售量下降和製造及供應成本增加所抵消。本季研發費用下降，主要原因是部分一次性項目，而基礎投資維持不變。腎臟護理 TSA 收入也為本季業績的積極表現做出了貢獻。

In Healthcare Systems & Technologies or HST, sales in the quarter totaled $773 million, increasing 2%. Within HST, sales of our Care and Connectivity Solutions or CCS division were $473 million and grew 3% globally. Performance in the quarter was driven by 4% growth in the US for CCS, reflecting double-digit growth in our Surgical Solutions business and continued momentum across our Patient Support Systems and Care Communications portfolios.

在醫療保健系統與技術（HST）領域，本季銷售額總計 7.73 億美元，成長 2%。在 HST 內部，我們的 Care and Connectivity Solutions（CCS）部門的銷售額為 4.73 億美元，全球成長了 3%。本季業績主要得益於美國 CCS 業務 4% 的成長，這反映了我們外科解決方案業務的兩位數成長，以及我們的病患支援系統和護理通訊產品組合的持續成長勢頭。

Total US capital orders for CCS increased 30% compared to the prior year, driven by broad-based strength across Patient Support Systems, Care Communications and Surgical Solutions. We continue to believe our order pipeline remains strong. 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.

受患者支持系統、護理通訊和外科解決方案等各領域整體強勁成長的推動，美國 CCS 的總資本訂單比上一年增長了 30%。我們仍然相信我們的訂單管道依然強勁。迄今為止，我們尚未觀察到美國醫院資本支出放緩的跡象。然而，鑑於宏觀經濟情勢存在較大不確定性，我們將繼續密切關注事態發展。

Front Line Care sales in the quarter were $300 million and increased 1%. Performance in the quarter reflects increased demand in our Cardiology portfolio. HST adjusted operating margin totaled 13.5% for the quarter, decreasing 460 basis points compared to the prior year. These results reflect higher costs related to tariffs, increased R&D investments and increased corporate allocation expenses following the sale of Kidney Care. TSA income partially offset these increased expenses.

本季第一線護理銷售額為 3 億美元，成長 1%。本季業績反映了我們心臟病產品組合需求的成長。本季經 HST 調整後的營業利益率為 13.5%，較上年同期下降 460 個基點。這些結果反映了出售腎臟護理業務後，關稅相關成本上升、研發投資增加以及公司分配費用增加。TSA收入部分抵銷了這些增加的支出。

Moving on to our Pharmaceuticals segment. Sales in the quarter totaled $632 million, increasing 7%. Within Pharmaceuticals, sales of our Injectables and Anesthesia division were $333 million and grew 3% globally. Performance in the quarter reflects high single-digit growth in our Anesthesia portfolio, driven by increased volumes in certain markets outside the US.

接下來是我們的藥廠。本季銷售額總計 6.32 億美元，成長 7%。在製藥業務方面，我們的注射劑和麻醉劑部門的銷售額為 3.33 億美元，全球成長了 3%。本季業績反映了我們麻醉產品組合的高個位數成長，這主要得益於美國以外某些市場銷售的成長。

Injectables growth benefited from a favorable comparison to the prior year period, which was negatively impacted by the timing of certain sales and supply constraints impacting international sales. We continue to experience softness in certain premix products, largely consistent with the dynamics discussed last quarter related to IV infusion protocols and increased use of IV push in select hospital settings. Our teams remain focused on reinforcing the clinical value of our Premix portfolio and driving improved commercial execution.

注射劑業務的成長得益於與上年同期相比的利基數效應，而上年同期則受到某些銷售時間表和供應限制對國際銷售的負面影響。我們繼續感受到某些預混產品的疲軟，這與上個季度討論的與靜脈輸液方案和在特定醫院環境中增加靜脈推注相關的動態基本一致。我們的團隊將繼續專注於加強預混料產品組合的臨床價值，並推動商業執行的改進。

Drug Compounding grew 11% and reflects strong demand for our services outside the US. Pharmaceuticals adjusted operating margin totaled 8.9% for the quarter, decreasing 100 basis points compared to the prior year. These results reflect the unfavorable product mix, increased procurement costs and increased corporate allocation expenses. These expenses were partially offset by Kidney Care TSA income.

藥物配製業務成長了 11%，反映出美國以外地區對我們服務的強勁需求。本季製藥業務調整後營業利益率為 8.9%，較上年同期下降 100 個基點。這些結果反映了不利的產品組合、增加的採購成本和增加的公司分配費用。這些支出部分被腎臟護理TSA收入抵銷。

Finally, 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 $16 million in the quarter. MSA revenue from Vantive totaled $85 million. As a reminder, these sales are included in our reported growth; however, they are not reflected in our operational growth for the quarter.

最後，本季其他銷售額為 1,600 萬美元，這部分銷售額未分配到任何業務部門，主要包括透過某些製造工廠直接提供的產品和服務的銷售額。來自 Vantive 的 MSA 收入總計 8500 萬美元。需要提醒的是，這些銷售額已計入我們報告的成長；但是，它們並未反映在我們本季的營運成長中。

Before moving on to the rest of the P&L, an important reminder on our continuing operations reporting. Following the sale of the Kidney Care business, certain corporate costs that did not convey with the business are now allocated across our segments in both cost of goods sold and SG&A, along with income from the TSAs, which is currently recognized within other operating income.

在繼續分析損益表的其餘部分之前，需要對我們的持續經營報告做一個重要的提醒。腎臟護理業務出售後，一些未隨業務轉移的公司成本現在已分配到我們各個業務部門的銷售成本和銷售、一般及行政費用中，同時，來自 TSA 的收入目前已計入其他營業收入中。

In addition, as previously discussed, we reclassified certain functional expenses from SG&A to cost of goods sold beginning earlier this year. These costs support manufacturing and are now treated as indirect expenses, subject to inventory capitalization and recognized in cost of sales when sold. Therefore, as a result of these cost shifts across the P&L, we believe it is most appropriate to focus on operating income expansion.

此外，正如之前討論過的，我們從今年年初開始將某些功能性費用從銷售、一般及行政費用重新分類到銷售成本中。這些成本用於支持生產製造，現在被視為間接費用，需進行存貨資本化，並在售出時計入銷售成本。因此，由於損益表中這些成本轉移，我們認為最適當的做法是專注於擴大營業收入。

Importantly, operating margin on a continuing operations basis was 14.9% in the quarter, improving 40 basis points compared to the prior year period. Results reflect disciplined expense management and the benefit of TSA income, partially offset by softer volumes and mix.

值得注意的是，本季持續經營業務的營業利潤率為 14.9%，比去年同期提高了 40 個基點。結果反映了嚴格的費用管理和 TSA 收入的好處，但部分被銷售和產品組合的疲軟所抵消。

Third quarter adjusted gross margins from continuing operations were 39.4%, a decrease of 430 basis points compared to the prior year. The decline reflects the factors I just discussed. Third quarter adjusted SG&A from continuing operations totaled $629 million or 22.2% as a percentage of sales, a decrease of 240 basis points from the prior year period. Results reflect disciplined expense management and the benefit from the reclassification of functional costs.

第三季持續經營業務的調整後毛利率為 39.4%，較上年同期下降 430 個基點。這一下滑反映了我剛才討論的因素。第三季持續經營業務的調整後銷售、一般及行政費用總計 6.29 億美元，佔銷售額的 22.2%，比上年同期下降 240 個基點。結果反映了嚴格的費用管理以及功能性成本重新分類的好處。

Adjusted R&D spending from continuing operations in the quarter totaled $115 million or 4.1% as a percentage of sales, a decrease of 70 basis points from the prior year period. Results reflect the timing of certain R&D expenses currently expected to shift into the fourth quarter and certain onetime items and, therefore, do not reflect our anticipated level of R&D spend going forward.

本季持續經營業務的調整後研發支出總額為 1.15 億美元，佔銷售額的 4.1%，比去年同期下降了 70 個基點。結果反映了某些研發費用目前預計將轉移到第四季度以及某些一次性項目的時間安排，因此並不反映我們未來預期的研發支出水準。

Kidney Care TSA income and other reimbursements totaled $85 million in the quarter and came in line with our expectations. 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. Altogether, these factors resulted in an adjusted operating margin of 14.9% on a continuing operations basis, improving 40 basis points compared to the prior year period.

本季腎臟護理 TSA 收入和其他報銷總額為 8,500 萬美元，符合我們的預期。如前所述，與此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。綜合這些因素，持續經營調整後的營業利益率為 14.9%，比上年同期提高了 40 個基點。

Net interest expense from continuing operations totaled $58 million in the quarter, a decrease of $29 million versus the prior year period, reflecting lower interest expense following the paydown of existing debt with proceeds from the sale of Vantive. Adjusted other nonoperating income totaled $7 million, reflecting lower losses from foreign currency translation compared to the prior period.

本季持續經營業務的淨利息支出總計 5,800 萬美元，比上年同期減少了 2,900 萬美元，反映出在用出售 Vantive 所得款項償還現有債務後利息支出減少。經調整後的其他非經營性收入總計 700 萬美元，與上期相比，外幣折算損失減少。

The continuing operations adjusted tax rate for the quarter was 5.1%, driven primarily by the release of reserves withholding taxes and discrete benefits related to mix of earnings across jurisdictions. And as previously mentioned, adjusted earnings from continuing operations were $0.69 per share for the quarter and increased 41% versus the prior year. Contributions to earnings growth included positive pricing, the receipt of Kidney Care TSA income as well as lower non-operating expenses, including interest and tax.

本季持續經營調整後稅率為 5.1%，主要原因是釋放了準備金、預扣稅以及與不同司法管轄區收益組合相關的特殊收益。如前所述，本季持續經營業務的調整後每股收益為 0.69 美元，比去年同期成長 41%。獲利成長的因素包括積極的定價、腎臟護理 TSA 收入的獲得以及非經營性支出（包括利息和稅收）的降低。

Before turning to our updated outlook, I want to comment on cash flow and liquidity. Third quarter free cash flow was $126 million, bringing year-to-date free cash flow to roughly flat. As we close out the year, we expect continued free cash flow generation in Q4. We remain focused on strengthening cash flow generation through improvement across all areas of working capital.

在討論我們更新後的展望之前，我想先談談現金流和流動性問題。第三季自由現金流為 1.26 億美元，使年初至今的自由現金流基本持平。隨著年末臨近，我們預計第四季將繼續產生自由現金流。我們將繼續致力於透過改善營運資金的各個方面來增強現金流產生能力。

As Andrew mentioned, to prioritize and accelerate our deleveraging, we anticipate reducing the quarterly dividend to $0.01 per share beginning with the next payment scheduled to be made in January of 2026. This action is expected to free up more than $300 million in annual cash flow.

正如安德魯所提到的，為了優先加快去槓桿化進程，我們預計將從 2026 年 1 月的下一次付款開始，將季度股息減少至每股 0.01 美元。預計此舉每年將釋放超過3億美元的現金流。

Given our year-to-date business challenges, we now expect to achieve our 3 times net leverage target by the end of 2026. Once achieved, we will look to expand our aperture for capital deployment. We recognize the importance of improving our balance sheet and are continuing to prioritize deleveraging in the near term, including with cash made available from the proposed reduction in our dividend.

鑑於我們今年迄今面臨的業務挑戰，我們現在預計到 2026 年底將實現 3 倍淨槓桿率目標。一旦實現目標，我們將尋求擴大資本部署範圍。我們認識到改善資產負債表的重要性，並將繼續優先考慮近期去槓桿化，包括利用擬議削減股利所獲得的現金。

Let me conclude my remarks by discussing our 2025 outlook for the full year and the fourth quarter, including some key assumptions underpinning the guidance. For full year 2025, Baxter expects total sales growth of 4% to 5% 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.

最後，我想談談我們對 2025 年全年和第四季的展望，包括支撐這項展望的一些關鍵假設。Baxter預計2025年全年報告銷售額將成長4%至5%。該指引反映了當前的匯率，預計匯率將為全年營收成長貢獻約 50 個基點。

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 1% to 2% for 2025. This reflects a reduction from our prior expectations of 3% to 4% as we have updated our outlook to better reflect the evolving dynamics across select parts of the business.

此外，我們公佈的銷售預期包括 Vantive 預計 MSA 將收入約 3.2 億美元。剔除匯率影響、MSA 收入以及退出中國 IV 解決方案市場的影響，百特目前預計 2025 年營運銷售額將成長 1% 至 2%。這反映出我們先前預期的 3% 至 4% 有所下調，因為我們已更新了展望，以更好地反映業務特定領域不斷變化的動態。

Operational sales guidance for the full year by reportable segments is as follows: For MPT, we now expect sales to be flat to 1%, reflecting the uncertainty around the Novum situation as discussed previously. We continue to expect sales in our HST segment to increase 3% to 4%. Performance reflects sustained momentum across the portfolio, supported by a healthy order pipeline and strong execution. We now expect Pharmaceuticals to increase approximately 2%, which reflects the continued softness in select premixed products, which we continue to work through.

按報告分部劃分的全年營運銷售預期如下：對於 MPT，我們現在預計銷售額將持平至 1%，這反映了先前討論過的 Novum 情況的不確定性。我們繼續預期 HST 業務的銷售額將成長 3% 至 4%。業績反映了產品組合的持續成長勢頭，這得益於健康的訂單儲備和強勁的執行力。我們現在預計藥品價格將上漲約 2%，這反映了部分預混產品持續疲軟的局面，我們將繼續努力應對。

Turning to our outlook for other P&L line items, beginning with tariffs, we continue to estimate the net impact to our results is approximately $40 million in 2025. TSA income and other reimbursements are expected to range between $170 million to $180 million. We now expect full year adjusted operating margin from continuing operations between 14.5% and 15%, 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.

展望其他損益表項目，首先是關稅，我們繼續估計到 2025 年，關稅對我們業績的淨影響約為 4000 萬美元。TSA 的收入和其他補償預計將在 1.7 億美元至 1.8 億美元之間。我們現在預計全年持續經營業務的調整後營業利潤率在 14.5% 至 15% 之間，這反映了銷售額下降以及由於我們製造工廠的產量下降而對我們一體化供應鏈成本產生的相應影響。

We expect our non-operating expenses, which include net interest expense and other income and expense to total between $210 million to $220 million. On a continuing operations basis, we now anticipate a full year tax rate of approximately 15%. We expect our diluted share count to average approximately 515 million shares for the year. Based on all these factors, we have adjusted our outlook for full year adjusted earnings per share on a continuing operations basis to $2.35 to $2.40 per diluted share from the prior guidance of $2.42 to $2.52 per share. This reflects our updated adjusted operating margin and tax rate assumptions.

我們預計非經營性支出（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。依照持續經營原則，我們預計全年稅率約為 15%。我們預計全年稀釋後的平均股數約為 5.15 億股。基於所有這些因素，我們將全年持續經營調整後每股收益預期從先前的每股 2.42 美元至 2.52 美元調整為每股攤薄收益 2.35 美元至 2.40 美元。這反映了我們更新後的調整後營業利潤率和稅率假設。

Specific to the fourth quarter of 2025, we expect continuing operations sales growth of approximately 2% on a reported basis and declined approximately 2% on an operational basis. For the fourth 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.

具體到 2025 年第四季度，我們預計持續經營業務的銷售額將按報告基準將成長約 2%，按營運基準將下降約 2%。預計第四季度外匯匯率將對營收產生約 100 個基點的正面影響，MSA 收入預計總計約為 8,000 萬美元。

Note that we have now mostly lapped the China IV solutions exit and is not expected to have a meaningful impact to top line growth in the fourth quarter. On a continuing operations basis, we expect adjusted earnings per share of $0.52 to $0.57.

請注意，我們現在已經基本完成了中國 IV 解決方案的退出，預計不會對第四季度的營收成長產生實質影響。在持續經營的基礎上，我們預計調整後每股收益為 0.52 至 0.57 美元。

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

接下來，我們可以開始問答環節了。

(Operator Instructions) 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.

（操作員說明）我想提醒各位參與者，本次通話正在錄音，錄音回放將在百特國際網站 www.baxter.com 上保留 60 天。

Robert Marcus, JPMorgan.

Robert Marcus，摩根大通。

Great. Thank you, and welcome, Andrew and Kevin. I'll ask both of mine upfront. They're sort of intertwined.

偉大的。謝謝，歡迎安德魯和凱文。我會事先問我的兩個孩子。它們之間有點交織在一起。

Andrew, you've been there for two months, almost two months, making some pretty important and bold moves on capital allocation. Maybe you could just help us understand your vision for Baxter, what you've learned, what you've seen, how you feel about the health and trajectory of the business and any other changes we should be expecting in the future as you look to right the ship?

安德魯，你在那裡已經待了將近兩個月了，在資本配置方面做出了一些非常重要和大膽的舉動。或許您可以幫助我們了解您對百特公司的願景，您所學到的，您所看到的，您對公司目前的健康狀況和發展軌跡有何看法，以及在您試圖扭轉局面的過程中，我們應該期待的任何其他變化？

And then part two, obviously, fourth quarter is coming in well below the Street. Third quarter EPS probably would have been a lot lower without tax. With that lower jumping off point into 2026, how do you want people to think about their models as we extrapolate into next year? Do you think there's still a potential you can grow on the top and bottom line next year? And maybe any early thoughts on puts and takes? Thanks a lot.

其次，很明顯，第四季的數據遠低於華爾街的預期。如果不計稅，第三季每股收益可能會低得多。鑑於 2026 年的起點較低，您希望人們在推斷明年數據時如何看待他們的模型？你認為明年公司在營收和利潤方面還有成長潛力嗎？關於賣出和賣出，大家有什麼初步想法嗎？多謝。

Great. Hey, good morning, Robert. I'll take the first part and then, certainly, we can dig into the second and make sure I don't miss any of the part of the question. But look, first and foremost, as you're well aware, it's still early in the journey, yet really gained a lot of insight, and I've been most impressed with our people, deep commitment to building the best Baxter and advancing our mission to save and sustain lives.

偉大的。嘿，早上好，羅伯特。我先回答第一部分，然後我們當然可以深入探討第二部分，確保我不會遺漏問題的任何部分。但首先，正如您所知，我們仍處於起步階段，但我們已經獲得了許多深刻的見解，我最欣賞的是我們的員工，他們致力於打造最好的百特，並推進我們拯救和延續生命的使命。

And I'll tell you, and I outlined this in my initial kind of highlights in the quarter. Look, our focus is on three areas: First, stabilizing the areas of the business that need focus and really driving our business around execution, and I referenced this say-do ratio. Second, strengthening our balance sheet and really aligning to enabling this for future investment back into the business and long-term shareholder value. And you're going to hear me say that quite often, how we think about capital allocation as our guide to long-term shareholder value. And then third, driving a culture of continuous improvement.

我會告訴你，我在本季的初步總結中已經概述了這一點。我們關注的重點是三個面向：首先，穩定業務中需要重點關注的領域，真正圍繞著執行力推動業務發展，我之前提到過這個言行比。第二，加強我們的資產負債表，真正實現未來對業務和長期股東價值的投資。你會經常聽到我說，我們將資本配置視為實現長期股東價值的指導原則。第三，營造持續改善的文化。

And we've launched GPS, which is our growth and performance system. It's early in our journey, yet the excitement on the team is aligned around how we monitor, track and improve every day as we move forward. Now these journeys take time, but our team is committed and aligned to this is becoming the future of Baxter. And we often reference building the best Baxter. It will be underpinned with our continuous improvement journey, our GPS.

我們已經推出了 GPS，這是我們的成長和績效系統。雖然我們才剛起步，但團隊上下都對我們如何每天監控、追蹤和改進前進充滿熱情。這些旅程需要時間，但我們的團隊致力於此，並朝著這個方向努力，這將成為百特的未來。我們經常提到要打造最好的Baxter。它將以我們持續改進的歷程（我們的GPS）為基礎。

And lastly, and I'll just highlight around strategy. And look, we do anticipate an Investor Day in 2026. We'll give a lot more insight around the long-term strategy, our portfolio focus, and deeper insight into our financial outlook. But as we sit today, we are obviously not providing guidance for 2026, and we'll continue to update as the year unfolds, but we'll -- certainly, we will be providing that as we go into next year.

最後，我只想重點談談戰略方面。而且，我們預計在 2026 年會舉辦投資者日活動。我們將就長期策略、投資組合重點以及財務前景提供更多見解。但就目前而言，我們顯然不會提供 2026 年的指導意見，我們會隨著這一年的進展繼續更新，但可以肯定的是，到了明年，我們一定會提供這方面的指導意見。

Thanks. Maybe if I could just ask, do you think Baxter can have positive growth in '26? Are you willing to comment on that?

謝謝。我可以問一下嗎？您認為 Baxter 在 2026 年能達到正成長嗎？您願意對此發表評論嗎？

No, what I'll say, Robbie, is part of my standard work as a CEO is I go and visit customers on a frequent basis, and I visited several customers. Our customers really value Baxter. They value the products we have, the solutions and our ability to help them in their focus on patients. And so certainly, markets will do what markets do. We look to outpace the markets we participate in. And so I would anticipate a growth. But again, we are not providing guidance today.

不，羅比，我要說的是，作為首席執行官，我的日常工作之一就是經常拜訪客戶，而且我今天也拜訪了幾位客戶。我們的客戶非常重視百特。他們重視我們的產品、解決方案以及我們幫助他們專注於患者的能力。因此，市場當然會依照市場規律運作。我們力求超越我們所參與的市場。因此，我預計會有成長。但是，我們今天仍然不提供指導。

Great. Looking forward to working together. Appreciate it.

偉大的。期待與您合作。謝謝。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Thank you. Good morning, everyone. Andrew, nice to meet you. I look forward to working with you. Kevin, welcome to Baxter.

謝謝。各位早安。安德魯，很高興見到你。我期待與您合作。凱文，歡迎來到巴克斯特。

I wanted just to start a little bit more. I understand you're going to have an Analyst Day meet that you just referenced to ultimately lay out the long-term strategy. But Andrew, as you come into the company now, the business has spent the better part of the past, call it, five to seven years focused on cost rationalization and balance sheet required capital allocation moves up to the point of cutting the dividend today and potentially further moves beyond that.

我只是想再多做一點。我了解到您將召開分析師日會議，正如您剛才提到的，目的是最終制定長期策略。但是安德魯，你現在加入公司時，公司在過去的五到七年裡，主要致力於成本合理化和資產負債表所需的資本配置調整，以至於今天不得不削減股息，而且未來可能還會進一步削減。

So as you think about the forward identity for Baxter, is this a med-tech company in your eyes? Is this a diversified manufacturing company? And what decisions are you going to make that ultimately align to supporting how you see the business? Then I had a follow-up question.

那麼，當您思考 Baxter 的未來定位時，您認為它是一家醫療技術公司嗎？這是一家多角化製造業嗎？你會做出哪些最終與你對業務的理解一致的決定？然後我還有一個後續問題。

Hey, David. So first and foremost, as you're well aware, I'm going very deep on the business, assessing, understanding our value story to our customers and then how we turn it into long-term shareholder value. If I do a step back for a minute, look, you will often hear me talk about capital allocation as the framework for our success. And that is how we utilize and really drive investment back in the business to really outpace and continue to add high value for our customers, our employees and then, ultimately, our shareholders.

嘿，大衛。首先，如您所知，我正在深入研究業務，評估和理解我們對客戶的價值故事，以及如何將其轉化為股東的長期價值。如果我退後一步，你看，你會經常聽到我把資本配置當作我們成功的框架來談論。這就是我們如何利用投資並真正推動業務發展，從而超越自我，並持續為我們的客戶、員工以及最終的股東創造高價值的方式。

And so you're going to see us continue to focus on that. Again, I will go into a bit more color around where we sit in the markets, how we're utilizing innovation to drive expansion to really align to the needs of our customer base, and how we continue our trajectory in our growth story at Baxter. But to give additional color today is a bit early in the journey, yet we will go into that in 2026 as we lay out our view of the markets, our position and where we're going to invest and also where we're going to continue to drive improvement in our operating system.

所以你會看到我們繼續專注於此。接下來，我將更詳細地介紹我們在市場中的地位，我們如何利用創新來推動擴張，真正滿足客戶群的需求，以及我們如何在百特繼續保持成長勢頭。但今天就對此進行更詳細的闡述還為時過早，不過我們將在 2026 年詳細探討這個問題，屆時我們將闡述我們對市場的看法、我們的立場以及我們將投資的方向，以及我們將繼續在哪些方面推動營運系統的改進。

Okay. And then maybe just on the businesses more specifically, Joel, if you look across the different growth drivers here, whether that's in pharma or parts of MPT, you are seeing a lot of the growth come from, I think, lower-margin segments like compounding versus anesthesia and injectables. Can you maybe help us think about the implications from the drivers of top line growth down the rest of the P&L and how that's factoring into your Q4 and updated guidance for 2025?

好的。然後，更具體地說，就業務而言，Joel，如果你看看這裡不同的成長驅動因素，無論是製藥還是MPT的某些部分，你會發現很多成長都來自利潤率較低的領域，例如配藥，而不是麻醉劑和注射劑。您能否幫我們思考一下，推動營收成長的因素對損益表其他部分的影響，以及這些影響是如何影響您第四季業績和2025年最新業績指引的？

Thanks, David. A couple of things. And first of all, I'll just make one comment. And you're right, one of the challenges we have had and had this quarter was around mix. The one thing I would like to call out, though, is our Advanced Surgery business in MPT, which certainly is on the positive side of mix, continues to have strong performance. And so again, while I agree with your general thesis, just I did want to point that out.

謝謝你，大衛。有幾件事。首先，我只想說一點。你說得對，我們本季面臨的挑戰之一就是產品組合的問題。不過，我想特別指出的是，我們在 MPT 領域的先進外科手術業務，這無疑是業務組合中較為積極的部分，並且持續保持強勁的業績。所以，雖然我同意你的整體論點，但我還是想指出這一點。

Look, there's a number of things I would say that are really factoring into some of the -- both the challenges we've had and sort of the forward look. It's not just one thing. It's a number of different areas. Certainly, we expect the sales across our Infusion Pump portfolio to remain pressured as we work with our customers to fully address the outstanding field actions in order to lift -- to ultimately lift the shipment and install hold on Novum. And so as we sort of think about where we are and where we're headed, our updated guidance reflects the uncertainty around the Novum situation, including the potential impact from various customer responses.

你看，有很多因素確實影響著我們面臨的挑戰以及未來的展望。這並非單一因素造成的。它涉及多個不同的領域。當然，我們預計隨著我們與客戶共同努力，全面解決未決的現場行動，以最終解除對 Novum 的出貨和安裝限制，我們輸液幫浦產品組合的銷售將繼續面臨壓力。因此，當我們思考我們所處的位置和我們將要去向何處時，我們更新後的指導意見反映了 Novum 情況的不確定性，包括各種客戶反應可能產生的影響。

I think within IV solutions, the demand in the US certainly remains below pre-Hurricane Helene levels and certainly below our expectations. And I'd say based on our current expectations, we do expect further recovery in demand, although the pacing and the timing of that, I would say, is at a pace that's -- a pace on a time that's less than we had originally expected. And so there's some level of fluid conservation we're anticipating is likely to remain into 2026.

我認為，就靜脈輸液解決方案而言，美國的需求肯定仍然低於颶風海倫之前的水平，也肯定低於我們的預期。根據我們目前的預期，我們確實預期需求會進一步復甦，儘管復甦的速度和時間比我們最初預期的要慢。因此，我們預計一定程度的流體守恆可能會持續到 2026 年。

From a pharma standpoint, you're right, we certainly grew our compounding at a high rate this quarter. The main challenge really there is in our injectables business in the US. We continue to experience softness there in certain premix products, which is fairly consistent with what we -- the dynamics we discussed last quarter related to IV infusion protocols and the increased use of IV push in select hospital settings.

從製藥業的角度來看，你說得對，我們本季的複合業務確實實現了高速成長。我們面臨的主要挑戰實際上在於我們在美國的注射劑業務。我們繼續在某些預混產品中感受到疲軟，這與我們上個季度討論的與靜脈輸液方案和在特定醫院環境中增加靜脈推注相關的動態相當一致。

Again, some of this is also kind of a follow-on to some of the challenges we've had with IV solutions. But all in all, there, our updated guidance reflects the continued softness in select premixed products, and we continue to work through that. And so from a -- that's really sort of the top line discussion, David. And then as it flows through to the bottom line, the real story there really is around just the volume.

此外，這其中有些內容也是對我們先前在靜脈輸液解決方案方面遇到的一些挑戰的後續跟進。但總而言之，我們更新後的指導意見反映了部分預混產品持續疲軟的局面，我們將繼續努力應對這個問題。所以，從某種意義上說，這就是我們討論的重點，大衛。而最終，真正的問題其實是出在成交量。

For the most part, our pass-through has been pretty predictable and consistent. And in fact, had we actually -- even excluding the tax item, actually, we would have ended up on the lower end of our guidance without some of the tax benefit on an EPS basis just operationally. However, the impacts as we think about our forward look really are truly related to volume and the impact that has on our supply chain.

總的來說，我們的流通情況相當可預測且穩定。事實上，即使不考慮稅務項目，僅從營運角度來看，如果沒有一些稅收優惠，我們最終的每股盈餘將處於預期範圍的下限。然而，當我們展望未來時，真正起作用的因素是銷售量及其對我們供應鏈的影響。

So I'll pause there and, hopefully, that answers your question.

我就先說到這裡，希望這能回答你的問題。

Travis Steed, BofA Securities.

Travis Steed，美國銀行證券。

Welcome, Andrew and Kevin. I look forward to working with you both at Baxter.

歡迎安德魯和凱文。我期待與你們二位在百特公司共事。

I wanted to ask a follow-up on the Novum. First, why is it kind of taking longer? Kind of do you need to redesign the product or refile with the FDA? And you also mentioned, I think, customer responses because of Novum in the last answer. So I just wanted to kind of follow up on that and how much of the guide change is based from the Novum impact?

我想就 Novum 問一些後續問題。首先，為什麼耗時這麼長？您是否需要重新設計產品或向FDA重新提交申請？我想，您在上一個回答中也提到了客戶對 Novum 的回饋。所以我想就此進一步了解一下，指南的修改有多少是基於 Novum 的影響？

Travis, thanks for the question. So let me basically maybe take you back and just for a second and remind that our hold is in place to support our customers' safe use of the device, while we seek to develop additional corrections of the field actions. We're working with urgency with our customers to complete the necessary actions in order to fully address the outstanding field actions and, ultimately, and lift the shipment.

崔維斯，謝謝你的提問。所以，讓我簡單回顧一下，提醒大家，我們之所以暫停使用該設備，是為了保障客戶安全使用，同時我們也尋求對現場操作進行進一步的改進。我們正與客戶緊急合作，完成必要的行動，以徹底解決未決的現場行動，並最終完成貨物運輸。

But certainly, we see continued interest in our Pump portfolio. I want that to be very clear. It's one of the takeaways I want certainly to have here, and that is -- but we do recognize the timing and nature of the resolution of the Novum LVP hold is leading some customers to evaluate alternative solutions. Some of that is they've already initiated returns; some have initiated exchanges for Spectrum.

但可以肯定的是，我們看到市場對我們的泵浦產品組合持續保持著濃厚的興趣。我希望這一點非常明確。這是我在這裡想要強調的一點，那就是——但我們確實意識到，Novum LVP 凍結問題的解決時機和性質正在促使一些客戶評估替代方案。其中一些已經開始退貨；有些人已經開始換購 Spectrum 產品。

Obviously, we're actively supporting our customers in this way with both initial and, obviously, additional corrections eventually, but also offering Spectrum IQ as an alternative. And certainly, we all remain focused on minimizing disruption and maintaining strong relationships across our installed base.

顯然，我們正在積極地以這種方式支持我們的客戶，包括初始修正和最終的額外修正，同時也提供 Spectrum IQ 作為替代方案。當然，我們所有人都將繼續專注於最大限度地減少干擾，並與我們已安裝的客戶群保持牢固的關係。

From a timing standpoint, again, at this point, we're unable to commit to specific timing around the shipment and install for Novum LVP. We do anticipate this though being in place beyond 2025. And I would just say, again, we are certainly working closer with our regulators while implementing field actions any kind. We'll continue to do so and look forward to providing updates on proposed corrections and timing when they become available.

從時間安排的角度來看，目前我們無法確定 Novum LVP 的出貨和安裝的具體時間。我們預計這種情況會持續到 2025 年以後。我再次強調，我們在實施任何形式的現場行動時，肯定會與監管機構更加緊密地合作。我們將繼續這樣做，並期待在擬議的修正方案和時間安排確定後及時向大家提供最新消息。

Okay. Thank you. And Andrew, I know in your past roles, you've done M&A to transform the portfolio. At what stage do you think Baxter is willing to start doing more acquisitions and willingness to take on margin dilution from those acquisitions?

好的。謝謝。安德魯，我知道你過去曾經透過併購來改造投資組合。您認為百特公司在哪個階段才願意開始進行更多收購，並願意承擔收購帶來的利潤率稀釋？

And Joel, in terms of free cash flow, how do you anticipate to improve free cash flow in this business and to kind of help fund some of those acquisitions? If I'm looking at this right, it doesn't look like there's been a lot of free cash flow generation at least over the last nine months. I don't know if there's any kind of onetime things to kind of point out there and underlying free cash flow is better, but kind of wanted to kind of touch on the free cash flow aspect as well.

喬爾，就自由現金流而言，你預計如何改善公司的自由現金流，並為一些收購提供資金？如果我沒理解錯的話，至少在過去的九個月裡，似乎沒有產生太多自由現金流。我不知道是否有需要特別指出的一次性事項，也不知道潛在的自由現金流是否更好，但我還是想稍微談談自由現金流的問題。

So -- and I'll hit the first part here. Look, we're pretty clear on -- as we think about capital allocation, our first priority right now is to strengthen our balance sheet, which means obviously, the drive to delever. While we're going through that, we're continuing to invest in innovation. And just to highlight one area we -- in our business, we did launch a product, very excited about our product in our FLC business. And we're seeing strong uptick in customer excitement around that product around the Connex 360.

那麼——我就從第一部分開始講起。你看，我們很清楚──在考慮資本配置時，我們目前的首要任務是強化資產負債表，這顯然意味著要努力去槓桿化。同時，我們將繼續投資於創新。另外，我想重點介紹一下我們公司在 FLC 業務領域推出的一款產品，我們對此感到非常興奮。我們看到客戶對 Connex 360 等產品的熱情顯著提升。

So first and foremost, delever our balance sheet, continue to invest in areas around innovation. And then to be specific on M&A, this will be part of our journey in the future. We're going to continue to cultivate, build our portfolio. And then when we're in a position to be able to pounce, we'll move forward. That said, we've got our focus around the first two, as I've said earlier.

因此，首要任務是降低資產負債比率，並繼續投資於創新領域。至於併購方面，這將是我們未來發展歷程的一部分。我們將繼續培育和拓展我們的投資組合。然後，當我們處於能夠發動攻擊的位置時，我們就會向前推進。也就是說，正如我之前所說，我們的重點還是放在前兩項。

And I'll take the cash piece and just what may want to add to Andrew's piece, the one thing to be clear on, certainly, as he said, that would eventually certainly be part of our growth story. Think about that as fold-in tuck-in opportunities versus something that would be larger and strategic, clearly. I just wanted to make that clarification.

我來談談現金部分，以及我想在安德魯的觀點基礎上補充一點，有一點需要明確，正如他所說，這最終肯定會成為我們增長故事的一部分。可以把這看作是可折疊的、可嵌入的機會，而不是更大規模、更具戰略意義的事情，顯而易見。我只是想澄清一下。

From a free cash flow perspective, so the good news is we had a really strong September. We did have positive free cash flow of $126 million in the quarter. And I certainly do anticipate having continued positive free cash flow as we head into the fourth quarter. It's typically our strongest quarter of the year. And so I certainly do anticipate that. As we go forward, maybe just a broader comment. I mean, the main issues we've had with cash this year fall into a couple of categories.

從自由現金流的角度來看，好消息是我們九月的業績非常強勁。本季我們實現了1.26億美元的正自由現金流。我當然預計，進入第四季後，我們將繼續保持正的自由現金流。這通常是我們一年中業績最好的一個季度。所以我當然預料到了這一點。接下來，或許可以發表一些更廣泛的評論。我的意思是，我們今年遇到的現金問題主要可以歸納為以下幾個面向。

One, as you probably expect, is operational performance. You'll recall, we did have a fairly large outlay of cash in the first quarter related to Hurricane Helene expenses and the expenses occurred in the prior year, but the payables got paid for the most part in Q1. There's certainly been a tariff impact. And then from a working capital perspective, the payables and receivables are in a pretty decent place. The main issue has really been around inventory. That's been driven really by some of the challenges with the Novum fluid conservation as well as tariffs and a few last time buys.

第一個方面，正如你可能預料到的那樣，是營運績效。您可能還記得，我們​​在第一季確實有一筆與颶風海倫相關的較大現金支出，這些支出發生在去年，但大部分應付帳款在第一季都已支付。關稅肯定產生了影響。從營運資金的角度來看，應付帳款和應收帳款的狀況都相當不錯。主要問題其實出在庫存方面。這主要是由於 Novum 液體節約的一些挑戰、關稅以及一些最後的購買行為。

I do think some of the things, again, I do anticipate as we head into next year, continuing improvement in those areas. We're putting a lot of work and focus around all areas of working capital. But -- and -- so as we head into next year, I do think that's going to improve. And I've talked in the past about a cash conversion of 80%. I think, again, that's something that I think ultimately, this company should aspire to. I look forward to making continued progress towards that target as we head into next year.

我確實認為，隨著我們進入明年，某些方面會繼續改進。我們正投入大量精力，重點關注營運資金的各個面向。但是——而且——所以展望明年，我認為情況會有所改善。我之前也談到 80% 的現金轉換率。我認為，這最終也是這家公司應該努力追求的目標。我期待在新的一年裡，我們能夠繼續朝著這個目標取得進展。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good morning. Thank you for taking the question. Andrew and Kevin, welcome. Andrew, given this is your first call, I wanted to ask you two high-level questions. First, you came -- many of us on this call don't know you from your prior experience, and it was a non-medical device company that you came from. So help us understand how your experience at ATS will help you turn Baxter around. And I had one follow-up.

早安.感謝您回答這個問題。安德魯和凱文，歡迎你們。安德魯，鑑於這是你第一次打電話，我想問你兩個比較高層次的問題。首先，你來了──我們這些參加這次電話會議的人中，很多人都不了解你之前的經歷，而且你之前所在的公司並非醫療器材公司。所以請您幫助我們了解您在 ATS 的經驗將如何幫助您扭轉 Baxter 的局面。我還有一個後續問題。

Good morning, Larry. A couple of things. First, having launched and driven a continuous improvement culture at several businesses, look, it takes time, yet it drives impact at every level of the business. And we've launched GPS to really align around that. And it's more an empowerment tool than a disablement.

早安，拉里。有幾件事。首先，在多家企業中發起並推動了持續改進文化，你看，這需要時間，但它會對企業的各個層面產生影響。我們推出 GPS 就是為了真正圍繞這一點進行調整。它與其說是一種限制，不如說是一種賦能工具。

And so it's really aligning to putting the power in the business units, driving and enabling our teams to have impact. And I'm excited about the passion this team has for Baxter and for our shared future. And that's usually an area that aligns well with continuous improvement.

因此，這實際上是將權力下放給業務部門，推動和賦能我們的團隊發揮影響力。我為這個團隊對百特公司以及我們共同未來的熱情感到興奮。而這通常是一個與持續改善非常契合的領域。

As far as my experience within medical tech and med devices and roughly our space, you got to remember, not only was Baxter a customer, many of our areas and peers were customers as well. So clearly understand the space, and we have a leadership team that has deep insight around our area and where we have a key focus on enabling our customers. So getting comfortable in where we are in the journey, yet we have some work ahead, and you're going to see us continue to highlight where we're making progress and where we need to have laser focus to improve.

就我在醫療科技和醫療器材領域以及我們所在領域的經驗而言，你必須記住，不僅百特是我們的客戶，我們許多領域和同行也是我們的客戶。因此，我們對這個領域有著清晰的認識，我們的領導團隊對我們的領域有著深刻的理解，並且我們專注於如何賦能我們的客戶。所以，我們現在對所處的位置感到滿意，但我們還有一些工作要做，你會看到我們繼續強調我們在哪些方面取得了進展，以及我們需要重點關注哪些方面才能改進。

That's helpful. Andrew, I'd also love to hear your thoughts on the Baxter portfolio. It's still a diversified company with call points in the hospital and physician office. Do you think all the pieces fit together? Or could we see you focus more on the hospital setting, less on the office setting?

那很有幫助。Andrew，我也想聽聽你對Baxter產品組合的看法。它仍然是一家業務多元化的公司，在醫院和醫生辦公室設有服務點。你認為所有碎片都能拼合在一起嗎？或者我們能否看到您更專注於醫院環境，減少對辦公室環境的關注？

So again, and I'll default to two months, yet, I've been able to meet with many customers and -- or several customers. And their focus on Baxter and their feedback on Baxter has been very positive. Now certainly, there's work to do. And I want to be very clear around what that looks like and how we need to drive operational execution.

所以，我還是以兩個月來算吧，我已經能夠與許多客戶見面，或者說，與幾位客戶見面。他們對百特公司的關注以及對百特公司的回饋都非常正面。當然，還有很多工作要做。我想非常清楚地說明這具體是什麼樣子，以及我們需要如何推動營運執行。

And so where we sit today, we believe our portfolio is a strong portfolio for the future. Of course, we're going through the assessment. And we've also done some reassessment of that before my time. And we've become more streamlined, more aligned to our higher-value areas of focus. And so I would say it's early days yet, really, really pleased with the feedback I've received. And as I mentioned, one of my standard works as a CEO is I'll be visiting with customers frequently to gain insight to drive impact into our ability to execute in the markets we serve.

因此，就我們目前的狀況而言，我們相信我們的投資組合對未來來說是一個強大的投資組合。當然，我們正在接受評估。在我上任之前，我們也對此進行過一些重新評估。我們變得更加精簡，更專注於我們更有價值的重點領域。所以我覺得現在下結論還太早，但我對目前收到的回饋真的非常滿意。正如我之前提到的，作為首席執行官，我的標準工作之一就是經常拜訪客戶，以深入了解情況，從而提升我們在所服務市場中的執行能力。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

Good morning and thank you so much taking questions. I look forward to working with you. Two quick questions upfront. I'm a little confused about IV fluid conservation this far after Hurricane Helene. At what stage is this just sort of a more normalized adoption or utilization rate and not a recovery rate?

早上好，非常感謝您回答問題。我期待與您合作。首先問兩個問題。颶風海倫過後這麼久，我對靜脈輸液的節約措施還有些困惑。在什麼階段，這只是一個更正常的採用率或利用率，而不是一個恢復率？

And then my second question, I'll just toss it out there. You guys are always closest to the hospital environment and understanding CapEx and procedures and everything else that's going on there. What are you seeing? And do you anticipate any change or changes given -- I don't know how to word this, politics, we'll just put it at that? Thank you.

那我的第二個問題，我就直接問吧。你們總是最了解醫院環境、資本支出、流程以及那裡發生的一切。你看到了什麼？鑑於──我不知道該怎麼措辭，政治因素，我們就這麼說吧──你預期會有任何改變嗎？謝謝。

Thanks for the question, Joanne. So I'll start with the fluid conservation piece. Certainly, look, this has been an ongoing issue, as you said, the demand remains below the Hurricane Helene levels. Again, we do expect recovery in demand, Joanne. But certainly, what we -- the best estimate and the best information we have available today from our customers, from market insights, we certainly believe our customers' buying patterns still continue to reflect fluid conservation. It's more of a, I'll say, buying pattern issue.

謝謝你的提問，喬安妮。那我就先從流體守恆開始講起。當然，正如你所說，這確實是一個持續存在的問題，需求仍然低於颶風海倫帶來的水平。喬安妮，我們再次強調，我們預期需求將會復甦。但可以肯定的是，根據我們目前從客戶和市場洞察中獲得的最佳估計和最佳訊息，我們當然相信客戶的購買模式仍然反映出節約用水的趨勢。這更像是一個購買模式的問題。

Interestingly, recently, there's been also articles that have come out on this from various interviews with hospitals where they've seen -- they've said, hey, look, there's -- hospitals have reinforced this focus on the fact that they really are focused on conservation. And I would remind you, I mean, again, back in 2017, we did have, again, not directly related, but somewhat similar experience to this and some of the return to buying patterns did take even up to the better part of two years in order to recover. So I think the thing I would leave you with is that over the medium and long term, we certainly remain confident in the strength of our IV solutions business.

有趣的是，最近也有一些文章報導了這一點，這些文章來自對多家醫院的採訪，他們表示——嘿，你看，那裡——醫院也強調了他們確實非常重視環境保護。我還要提醒各位，2017 年，我們也曾經有過類似的經歷，雖然與此沒有直接關聯，但有些類似。當時，一些購買模式的恢復甚至花了近兩年的時間。因此，我想留給大家的印像是，從中長期來看，我們對靜脈輸液業務的實力仍然充滿信心。

Clearly, our teams are actively focused on working closely with our customers to make efforts to improve utilization given certainly the improved supply of fluids that we have and, obviously, the clinical benefits of our products. And so that's -- I guess I'll leave you with that as far as the conservation.

顯然，鑑於我們目前液體供應的改善以及我們產品的臨床益處，我們的團隊正積極專注於與客戶密切合作，努力提高利用率。所以，關於保護工作，我就說到這裡吧。

And then as it relates to your other question from a hospital CapEx, obviously, since certainly I'll just face some of the uncertainty that's been going on in -- coming out of Washington, it's generally been -- we've certainly been looking carefully for signs of hesitancy from a capital spend perspective. And that's just -- it just hasn't been something we've seen at this point.

至於你提出的關於醫院資本支出的另一個問題，顯然，由於我肯定會面臨一些不確定性——尤其是來自華盛頓的不確定性——我們一直在仔細觀察資本支出方面是否存在猶豫的跡象。而這種情況——到目前為止，我們還沒有看到過。

Our order book in our capital business has been -- in our HST business has actually been quite robust. It continues to be. In fact, our year-over-year growth from -- for this quarter, our orders were up around 30%. And so I think we haven't seen that yet, certainly being looking for it, paying attention for that purpose. But at this point, we really haven't seen a slowdown in hospital CapEx, just kind of crimping those buying patterns.

我們在資本業務方面的訂單量—實際上，我們在HST業務方面的訂單量相當強勁。情況依然如此。事實上，本季我們的訂單量年增了約 30%。所以我覺得我們還沒有看到這種情況，當然，我們一直在尋找這種情況，並為此目的而關注這種情況。但目前為止，我們還沒有看到醫院資本支出放緩，只是採購模式有所收緊。

Vijay Kumar, Evercore.

Vijay Kumar，Evercore。

Hey, Andrew. Good morning and thanks for taking my question, and welcome to your inaugural earnings call. I guess my first one, perhaps for you, Joel. Q4, I just want to clarify, is the implied injectables something like down mid-teens on the pharma side? What drives that? And I think guide implies operating margin declines. I just want to make sure we're thinking about the right way.

嘿，安德魯。早安，感謝您回答我的問題，歡迎參加您的首次財報電話會議。我想我的第一個，或許是給你的，喬爾。Q4，我想澄清一下，這裡提到的注射劑是指製藥公司那邊價格在十幾美元左右的藥物嗎？是什麼因素導致了這種情況？我認為指引暗示營業利益率下降。我只是想確保我們思考的方式正確。

Thanks, Vijay. So for pharma, I mean, it really truly is, as I've kind of talked about, it's somewhat of, I'll say, a change in the marketplace that we're working through. Again, there's been softness with some of our premixes. Again, there's always competitive pricing in the space. That's something that's kind of always been a thing there. And so I don't know that there's something new, although there is some shift.

謝謝你，維傑。所以對於製藥業來說，我的意思是，正如我之前談到的，這確實是我們正在經歷的市場變革。我們的一些預混料再次出現了口感偏軟的問題。再次強調，這個領域始終存在著價格競爭。這種情況在那裡一直都有。所以，雖然有所轉變，但我並不認為有什麼新變化。

Again, we talked about using IV push. IV-related protocols have been different where there's some, again, more purchasing of vials versus premixes. So I think there's really, to me, has been some shift that is mostly in the US. Our business outside the US primarily has, for the most part, been quite good. I think one of the things that maybe I would focus on here too is kind of -- so what are we doing about this as opposed to here's some of the things that are being done to us, so to speak.

我們再次討論了使用靜脈推注。與靜脈輸液相關的方案有所不同，再次強調，購買藥瓶的數量比購買預混液的數量要多。所以我覺得，在我看來，這種情況確實發生了一些轉變，而且主要發生在美國。我們在美國以外的業務總體來說相當不錯。我認為我在這裡可能也會關注的一點是——我們正在為此做些什麼，而不是說，我們正在遭受哪些對待。

And one of them is just really remaining focused on reinforcing the clinical value and the value-add of our premix portfolio in order to continue to drive commercial execution of our new product launches. We've taken a real comprehensive kind of cross-functional look at this portfolio to kind of assess the current state of it and identified some areas for improvement in terms of including like really focused teams on how to drive out even more effectively our product launches, active territory management and just a real end-to-end review process.

其中一項重點工作是繼續專注於加強我們預混料產品組合的臨床價值和附加價值，以便繼續推動我們新產品上市的商業化執行。我們對這個產品組合進行了非常全面的跨職能審查，以評估其現狀，並確定了一些需要改進的領域，例如組建真正專注於如何更有效地推動產品發布的團隊、積極的區域管理以及真正的端到端審查流程。

And then on the -- from an OI perspective, how do we think about the ways that we're making investments in that space to optimize our OpEx spend and really to make sure, again, prioritization is the key there. And so that's the best -- that's what I can tell you from a pharma perspective.

然後，從營運投資的角度來看，我們應該如何思考我們在該領域的投資方式，以優化我們的營運支出，並真正確保，再次強調，優先排序是關鍵。所以，從製藥業的角度來看，這就是我能告訴你的最好的情況。

From an OI, I'm taking your question to be an overall OI as it relates to our guidance, that really truly is an impact to, say, of volume declines as we think about the guidance. Again, it's -- our business right now really is a bit of a top line story from a softness perspective. The drop-through really does reflect the -- just the impact of volume on our overall operations.

從 OI 的角度來看，我認為您的問題是一個與我們的指導相關的整體 OI，這確實會對銷售下降等因素產生影響，就像我們在考慮指導時所考慮的那樣。再說一遍，我們目前的業務——從軟實力角度來看，確實有點像是宏觀層面的故事。下降幅度確實反映了——只是銷售量對我們整體營運的影響。

Understood. And then maybe, Andrew, one for you. Look, Novum is such a key topic for the story right now. What is the issue, Andrew, that you've been able to identify, has Baxter been in touch with the FDA? When was the last communication? What has the FDA asked you or asked Baxter from a remediation perspective?

明白了。然後，安德魯，也許還有一杯給你。你看，Novum 是目前這個故事的關鍵話題。安德魯，你目前發現的問題是什麼？百特公司是否已與美國食品藥物管理局（FDA）聯繫過？上次聯繫是什麼時候？從補救措施的角度來看，FDA 向您或 Baxter 提出了哪些要求？

So Vijay, let me take this one. Look, we described the specifics of our field actions. Those have been out there. Obviously, we're working closely with our regulators. And when implementing field actions of any kind, we're going to continue to do so. And our focus team is working really closely both with regulators and customers as it relates to these field actions, again, and those are all out there.

維傑，這次就讓我來吧。你看，我們已經詳細描述了我們的實地行動。那些東西早就存在了。顯然，我們正在與監管機構密切合作。在實施任何類型的實地行動時，我們將繼續這樣做。我們的專案團隊正與監管機構和客戶密切合作，共同推動這些現場行動，所有這些行動的結果都已公佈。

I would say for this audience, the thing I'd like to reinforce as much as anything is we remain confident in our Novum, Spectrum infusion platforms. And as we continue to work through the ship hold, we've been duly focused on supporting our current customers, continued use of the device, determining appropriate additional corrections to fully resolve our field actions. And as I said earlier, we look forward to providing updates as decisions are made as we continue to support our customers, including ramping up production to increase our available Spectrum inventory as, again, as a great alternative as part of our pump portfolio.

我想對在座的各位強調的是，我們仍然對我們的 Novum 和 Spectrum 輸液平台充滿信心。在我們繼續對船艙進行作業的同時，我們也一直專注於支援我們現有的客戶，繼續使用該設備，並確定適當的額外糾正措施，以徹底解決我們的現場行動。正如我之前所說，我們期待在做出決定後及時提供最新消息，我們將繼續支持我們的客戶，包括提高產量以增加我們可用的 Spectrum 庫存，再次強調，Spectrum 是我們泵產品組合中一個很好的替代方案。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

Hi. Thank you for taking the question. Good morning. I guess I wanted to follow up on your comments regarding some of the near-term and long-term actions. I realize you're not going to provide any quantitative guidance, but I'd love to hear from you what you think could happen, what could go right near term with some of these immediate actions you're taking and maybe qualitatively describe the range of possibilities over the coming quarters if things do go your way?

你好。感謝您回答這個問題。早安.我想就您之前提到的一些近期和長期措施發表一些看法。我知道您不會提供任何量化指導，但我很想聽聽您認為可能會發生什麼，您採取的這些緊急措施在短期內可能會有哪些進展，如果事情進展順利，能否定性地描述一下未來幾個季度可能出現的各種可能性？

Good morning, Matt. Look, if I just walk through the journey, first, and I aligned around stabilizing and our focus on areas of the business that need support. We've launched GPS. It's called Growth and Performance System for a reason. Our business is aligned to not only monitoring, but then also how do you improve. And so while we've stated what we're going to be aligning to from a guidance perspective in Q4, we'll be updating as we go into next year on what that would look like.

早安，馬特。你看，如果我回顧整個過程，首先，我圍繞著穩定和專注於需要支援的業務領域達成了一致。我們已經發布了GPS。它之所以被稱為“成長與績效系統”，是有原因的。我們的業務不僅在於監控，還在於如何改善。因此，雖然我們已經公佈了第四季度業績指引的方向，但隨著我們進入明年，我們將根據實際情況更新指引。

Our business has a key area and position with customers, and we want to fully unlock that potential. When we look to future and how we hold ourselves accountable, we'll be driving at or above market performance. And again, as we step back and look at our journey, GPS is early, yet we see real strong followership from the early engagement. And it takes time, but we're excited about the future and where that takes us.

我們的業務在客戶中佔據關鍵地位，我們希望充分發揮這一潛力。展望未來，當我們審視自身責任時，我們將力求達到或超過市場平均。再一次，當我們回顧我們的歷程時，GPS雖然還處於早期階段，但我們從早期互動中看到了非常強大的追隨者群體。這需要時間，但我們對未來以及它將帶我們去向何方感到興奮。

And unfortunately, we are at time for today's call, and this will be our last question.

很遺憾，今天的電話會議時間到了，這將是我們的最後一個問題。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Thanks so much, and welcome, Andrew and Kevin. A lot to cover. So I'm just going to keep it to one question. I'm getting a lot of questions on this issue of IV demand. I guess just zooming out for a second. You maybe can appreciate that investors are having a little difficulty reconciling what's been a pretty strong procedure, surgical quarter for med-tech generally and some sense of like slower demand. So is there a competitive factor here, marginal or significant that's worth mentioning or a mix of procedures shift to outpatient or something else that would explain -- help reconcile that disconnect between pretty strong surgical volumes in Q3 and the ongoing demand around IV solutions that you mentioned? Thanks.

非常感謝，歡迎安德魯和凱文。要講的內容很多。所以我只問一個問題。關於靜脈輸液需求這個問題，我收到了許多提問。我猜只是暫時把鏡頭拉遠了。您或許可以理解，投資人很難理解，一方面是醫療科技產業整體相當強勁的手術季度業績，另一方面卻是需求似乎有所放緩。那麼，這裡是否存在著值得一提的競爭因素，無論是微不足道的還是重要的？或者是否存在手術流程轉向門診或其他因素，可以解釋——有助於調和您提到的第三季度強勁的手術量與持續的靜脈輸液需求之間的脫節現象？謝謝。

Thanks for the question. Look, I guess all I could do is kind of reinforce what I said before. I mean, we spent a lot of time with our customers. We also spent a lot of time gaining market insights. And again, as I referenced earlier, there's been some recent external articles probing on this topic, where actually hospital CEOs and others have talked about their focus -- continued focus on fluid conservation. And so again, I'll just continue to reinforce a couple of key points.

謝謝你的提問。你看，我想我能做的就是重申我之前說過的話。我的意思是，我們花了很多時間與客戶交流。我們也花了很多時間了解市場動態。正如我之前提到的，最近有一些外部文章探討了這個主題，其中醫院執行長和其他人談到了他們的重點——繼續關注液體保護。所以，我再次強調幾個關鍵點。

Number one, we do believe over the medium and longer term, this will continue to recover. And the -- we're very confident in the strength of our IV solutions business. And again, the second point, again, I just -- we're -- our teams are actively and with urgency working with our customers to continue to help improve their utilization because this is not an issue of product availability from our perspective.

第一，我們相信從中長期來看，這種情況會持續復甦。而且——我們對靜脈輸液業務的實力非常有信心。第二點，我再次強調──我們的團隊正在積極、緊急地與客戶合作，繼續幫助他們提高產品利用率，因為從我們的角度來看，這不是產品供應的問題。

And so I think that's just reinforcing that it's available and reinforcing the clinical benefits of those products. There's no question that the recovery to some degree has come in below our expectations. It's taking longer. And again, it's certainly been made that difficult to predict. At the same time, again, our guidance reflects our best expectations of that. And so I'll leave you with that.

所以我認為這正好證明了這些產品是可用的，也進一步證明了這些產品的臨床益處。毫無疑問，復甦在某種程度上低於我們的預期。耗時更長了。而且，預測確實變得非常困難。同時，我們的指導意見也反映了我們對此的最佳預期。我就把這些留給大家了。

And at this time, I'll hand the call back over to Andrew for some closing comments.

此時，我將把電話交還給安德魯，請他作總結發言。

Thanks, operator. As we close, I want to reinforce my confidence and excitement about Baxter's future. We're building on a solid foundation with a clear mandate to drive continuous improvement, strengthen execution and accelerate our shared performance. And we are committed to delivering long-term value for our shareholders. I look forward to sharing our progress in the months ahead. Thanks, and stay safe.

謝謝接線生。最後，我想重申我對百特未來發展的信心和興奮。我們以堅實的基礎為基礎，擁有明確的使命，即推動持續改善、加強執行並加速我們共同的績效提升。我們致力於為股東創造長期價值。我期待在接下來的幾個月與大家分享我們的進展。謝謝，注意安全。

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

女士們、先生們，與百特國際的電話會議到此結束。感謝您的參與。