百特醫療 (BAX) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International's second quarter 2026 earnings conference 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.

各位女士、各位先生，早安，歡迎參加百特國際（Baxter International）2026 年第二季財報電話會議。（接線員指示）提醒各位，本通話由百特錄音並受著作權保護。未經百特許可，不得錄音或轉播。如有任何異議，請於此時中斷連線。

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.

現在我想將電話會議交給百特國際投資人關係副總裁 Kevin Moran 先生。Moran 先生，請開始。

Good morning, and welcome. Today, we'll discuss Baxter's second quarter results, along with our updated financial outlook for the full year 2026. 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.

早安，歡迎各位。今天我們將討論百特第二季業績，以及我們對 2026 全年更新後的財務展望。今天上午，我們已發布新聞稿，內容包含初步的盈餘結果與更新後的展望。新聞稿與投資人簡報可於百特網站的「投資人」專區取得。

Joining me today are Andrew Hider, President and Chief Executive Officer; and Anita Zielinski, Interim Chief Financial Officer, Chief Accounting Officer and Controller. During the call, we will be making forward-looking statements, including comments regarding our updated financial outlook for the full year 2026 and the anticipated drivers of the third quarter and second half 2026 performance.

今天與我一同出席的有：總裁暨執行長 Andrew Hider，以及臨時財務長、會計長暨財務控制長 Anita Zielinski。在本次電話會議中，我們將發表前瞻性陳述，包括對 2026 全年更新後財務展望的評論，以及對 2026 年第三季與下半年業績之預期驅動因素。

The anticipated impact of various regulatory and operational matters, including ones related to our infusion pump platform and ongoing supply chain challenges and commentary regarding the global macroeconomic environment, including tariff impacts and the broader inflationary pressures.

以及各項法規與營運事項的預期影響，包括與我們輸注幫浦平台相關的事項、持續的供應鏈挑戰，並就全球總體經濟環境發表評論，包括關稅影響與更廣泛的通膨壓力。

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 detail.

前瞻性陳述涉及風險與不確定性，可能導致實際結果與我們目前預期出現重大差異。更多細節請參閱今日新聞稿、投資人簡報開頭的前瞻性陳述投影片，以及我們向美國證券交易委員會（SEC）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 can be found in the schedules attached to our press release and our investor presentation.

此外，請注意，除非特別指出為 GAAP，否則我們今天的所有評論皆以非 GAAP 基礎呈現。非 GAAP 財務衡量指標用於協助投資人了解百特持續性業務的經營表現。GAAP 與非 GAAP 的調節表可見於新聞稿所附之附表以及投資人簡報中。

On the call, we will reference organic growth, which excludes the impact of foreign exchange, MSA revenues from Vantive and the impacts associated with business acquisitions or divestitures. Unless otherwise noted, all financial results on today's call reflect continuing operations and exclude Baxter's former Kidney Care business, which is reported as discontinued operations.

在本次電話會議中，我們將提及有機成長（organic growth），其排除外匯影響、Vantive 的 MSA 收入，以及與企業併購或處分相關的影響。除非另有說明，今天電話會議中的所有財務結果均反映持續營運，並排除百特先前的腎臟照護業務；該業務以停業單位（discontinued operations）列報。

Finally, Andrew, Anita and I will take questions following the prepared remarks, and we ask that you limit yourself to one question and one brief follow-up, so follow-up so that we can give as many people in the queue and opportunity.

最後，在準備好的發言結束後，Andrew、Anita 與我將回答問題；我們請各位每次僅提一個問題並加上一個簡短追問，以便讓排隊中的更多人都有機會提問。

With that, I'd like to turn the call over to Andrew.

接下來，我想把電話會議交給 Andrew。

Thank you, Kevin, and good morning, everyone. I am encouraged by our second quarter financial results that came in ahead of expectations, demonstrating continued steady progress on our strategic priorities and improved execution across the business.

謝謝你，Kevin，各位早安。我們第二季財務結果優於預期，令我備受鼓舞，這展現了我們在策略優先事項上的持續穩健進展，以及全公司執行力的提升。

In the quarter, broad-based operating performance drove organic revenue growth of 5%. Additionally, results reflect a tariff refund that was not contemplated in our original guidance and free cash flow generation was again positive, which reflects our focus on strengthening financial flexibility.

本季，廣泛的營運表現帶動有機營收成長 5%。此外，業績亦反映一筆未納入原先指引的關稅退稅（tariff refund），且自由現金流再次為正，顯示我們致力於強化財務彈性。

We are now in a stronger position to deliver on the financial goals we set at the start of the year. I am pleased with the progress we are making, but I'm far from satisfied. We are still early in our turnaround and have more work ahead of us. We are laser-focused on executing in the second half of the year as well as driving improved performance and long-term shareholder value creation. With that, let me provide some highlights of our performance in the quarter.

我們目前處於更有利的位置，可實現年初設定的財務目標。我對我們取得的進展感到滿意，但仍遠未滿足。我們的轉型仍在早期階段，前方仍有許多工作要做。我們高度聚焦於下半年的執行，同時推動更佳表現與長期股東價值創造。接下來，我先提供本季表現的幾項重點。

Second quarter global sales totaled approximately $3 billion, representing an increase of 5% on both a reported and organic basis. We saw growth across the portfolio, led by Advanced Surgery and drug compounding. Every segment and division contributed with sales increasing in both the US and internationally.

第二季全球銷售額約為 30 億美元，按報告基礎與有機基礎皆成長 5%。我們看到整體產品組合皆有成長，其中以先進外科（Advanced Surgery）與藥品調配（drug compounding）領先。各事業部與各部門皆有貢獻，美國與國際市場的銷售均呈現成長。

Adjusted earnings for the quarter were $0.56 per diluted share versus $0.59 in the prior year period. As expected, this reflects the known mechanical headwinds that we have previously discussed and that Anita will cover in more detail. It also includes a tariff refund of $75 million that was not assumed in our previous guidance and contributed approximately $0.11 per diluted share.

本季調整後每股盈餘為稀釋後每股 0.56 美元，去年同期為 0.59 美元。如預期所示，這反映了我們先前已討論過的已知機械性逆風，Anita 將進一步說明。其中亦包含 7,500 萬美元的關稅退稅，該項並未納入我們先前的指引，約貢獻稀釋後每股 0.11 美元。

Importantly, absent this benefit, margins and earnings still exceeded our expectations due to the strength of the operating performance. With respect to Novum IQ LVP, we have identified corrections to address the field actions and are in the early stages of verification testing.

重要的是，即使不計入此項利益，受惠於強勁的營運表現，毛利率與盈餘仍高於我們的預期。就 Novum IQ LVP 而言，我們已找出可用以處理現場行動（field actions）的修正措施，目前正處於驗證測試的早期階段。

We continue to work closely with the regulatory authorities and support our current Novum LVP customers who continue to operate with the available mitigations while also continuing to serve the market with our broader pump portfolio. Overall, we saw steady demand across our end markets during the quarter.

我們持續與監管機關密切合作，並支援現有 Novum LVP 客戶在可用的緩解措施下持續運作，同時也透過我們更廣泛的幫浦產品組合持續供應市場。整體而言，本季我們在各終端市場看到穩健需求。

Growth remains strong in Advanced Surgery, and we have a healthy order book in our Care & Connectivity Solutions business. Of course, we continue to closely monitor the broader environment, including macroeconomic uncertainty and volatility in oil prices.

先進外科的成長仍然強勁，而我們的 Care & Connectivity Solutions 業務也擁有健康的訂單能見度（order book）。當然，我們也持續密切關注更廣泛的環境，包括總體經濟不確定性以及油價波動。

Looking ahead, we are raising our outlook for full year organic sales growth to reflect the strong Q2 performance and our confidence in the back half of the year. We are also increasing our outlook for adjusted EPS to reflect the tariff refund. We continue to expect margins to expand in the second half of the year, driven by higher volumes, consistent with typical seasonality, benefits from our cost structure actions and the roll-through of higher cost inventory.

展望未來，我們上調全年有機銷售成長展望，以反映第二季的強勁表現以及我們對下半年表現的信心。我們也上調調整後 EPS 展望，以反映關稅退稅的影響。我們仍預期下半年毛利率將擴張，主要由更高出貨量（符合典型季節性）、成本結構行動帶來的效益，以及較高成本庫存的逐步轉嫁所驅動。

Shifting now to our turnaround efforts. We continue to show progress on our three strategic priorities. The first of those priorities is stabilizing the business, particularly in areas that require increased focus. For example, we continue to focus on improving supply reliability across portions of our pharmaceutical portfolio, recognizing that challenges remain, including with certain products supplied by a contract manufacturer.

接著談我們的轉型工作。我們在三項策略優先事項上持續展現進展。第一項優先事項是穩定業務，特別是在需要加強聚焦的領域。例如，我們持續致力於提升部分製藥產品組合的供應可靠性，同時也認知仍存在挑戰，包括某些由委外製造商供應的產品。

Additionally, we had strong execution against customer demand in Care & Connectivity Solutions. Overall, we are seeing encouraging progress and are focused on building greater consistency across the portfolio. As part of our efforts to stabilize and improve performance, earlier this year, we brought together our Pharmaceuticals and Infusion Therapies & Technologies businesses under a single leader.

此外，我們在 Care & Connectivity Solutions 方面針對客戶需求展現強勁執行力。整體而言，我們看到令人鼓舞的進展，並專注於在整體產品組合中建立更高的一致性。作為穩定並改善績效的一部分，今年稍早我們將製藥（Pharmaceuticals）與輸注治療與技術（Infusion Therapies & Technologies）業務整合至同一位領導者之下。

Our new reporting structure reflects that change with the combined business now reported as Infusion Therapies & Platforms, or ITP, within the Medical Products & Therapy segment. We believe the combination will support stronger coordination, execution and innovation across businesses that share common customers, capabilities and workflows in the pharmacy space.

我們新的報告架構反映了此項變更，合併後的業務現以「輸注治療與平台」（Infusion Therapies & Platforms，簡稱 ITP）在醫療產品與治療（Medical Products & Therapy）事業群中列報。我們相信，此一整合將有助於在藥局領域中，對共享客戶、能力與工作流程的業務之間，強化協同、執行與創新。

Moving on to our second strategic priority, which is strengthening the balance sheet. During the quarter, we again saw positive free cash flow generation, bringing our year-to-date total to $257 million. This is another positive step forward and reflects our continued focus on improving working capital and strengthening cash flow generation across the organization.

接下來談第二項策略優先事項，也就是強化資產負債表。本季我們再次實現正向自由現金流，使年初至今累計達 2.57 億美元。這是另一項正向進展，反映我們持續專注於改善營運資金，並在整個組織中強化現金流創造能力。

There is still significant work ahead. The strides we have made in the first half give us increased confidence in our ability to achieve our net leverage target of approximately 3 times by the end of the year. Achieving a stronger and more flexible balance sheet unlocks more optionality to drive shareholder value, including strategic tuck-in M&A that enhances our customer offerings and growth profile as well as the option to return capital through share repurchases.

前方仍有大量工作要做。我們在上半年取得的進展，讓我們對於在年底前將淨槓桿達到約 3 倍的目標更具信心。打造更強健且更具彈性的資產負債表，將釋放更多推動股東價值的選擇性，包括可強化我們客戶產品組合與成長輪廓的策略性補強型併購（tuck-in M&A），以及透過股票回購回饋資本的選項。

Turning to our third priority, driving continuous improvement. Now in its third quarter since deployment, the Baxter Growth and Performance System, or Baxter GPS has taken hold in the company culture and is becoming increasingly embedded in how each division operates. Through the first half of the year, we have completed over 400 continuous improvement events held across Baxter.

接著談到我們的第三項優先事項：推動持續改善。自導入以來已進入第三個季度，Baxter Growth and Performance System（Baxter GPS）已在公司文化中扎根，並日益融入各事業部的營運方式。在今年上半年，我們已在 Baxter 全公司完成超過 400 場持續改善活動。

We have nearly 200 in flight and another 400 planned in the pipeline. While no single event will define our future, small improvements over time should lead to big improvements. Cross-functional teams are using Baxter GPS tools to identify execution risks earlier and implement mitigating actions sooner.

目前仍有近 200 項正在進行中，另有 400 項已規劃在管線中。雖然沒有任何單一事件能定義我們的未來，但隨時間累積的小幅改善，應能帶來重大的提升。跨職能團隊正運用 Baxter GPS 工具更早識別執行風險，並更快採取緩解措施。

Continuous improvement activity is supporting working capital, commercial, manufacturing and R&D priorities with early examples of improved efficiency and simplification across the business. We are also making focused investments in innovation to drive growth across the portfolio.

持續改善活動正支援營運資金、商務、製造與研發等優先事項，並已出現提升效率與簡化流程的早期案例，涵蓋整體業務。我們也正針對創新進行聚焦投資，以推動整體產品組合的成長。

We recently launched PeerVue, a differentiated digital benchmarking application that enables hospitals to compare infusion data and drive infusion therapy best practices. This is strategically important for the ITP business because it enhances our digital road map for our infusion systems platform by including PeerVue and our IQX platform as a core digital capability, further differentiating our infusion offering versus competitors.

我們近期推出 PeerVue，這是一款具差異化的數位基準比較（benchmarking）應用程式，可讓醫院比較輸注（infusion）數據並推動輸注治療的最佳實務。這對 ITP 業務具有策略性重要性，因為它將 PeerVue 與我們的 IQX 平台納入核心數位能力，強化我們輸注系統平台的數位路線圖，並進一步使我們的輸注產品相較競爭對手更具差異化。

In Front Line Care, we recently launched a limited market release of Vest APX Acute Care, an airway clearance device featuring a smaller and lighter platform, updated interface and improved patient comfort. Early customer response has been positive with full market release planned towards the end of Q3. Additionally, adoption continues to build for the ConneX 360 connected patient monitoring platform with strong order growth throughout Q2 and a growing sales funnel.

在 Front Line Care 方面，我們近期在有限市場推出 Vest APX Acute Care，這是一款氣道清除裝置，具備更小、更輕的平台、更新的介面與更佳的病患舒適度。早期客戶回饋正面，並計畫在第三季末前後全面上市。此外，ConneX 360 連網病患監測平台的採用持續提升，第二季訂單成長強勁，銷售漏斗亦持續擴大。

In Care & Connectivity Solutions, early momentum for Dynamo, our smart hospital stretcher continues with a strong commercial funnel and positive customer feedback. Additionally, we recently launched Dynamo in Canada, our first international expansion of the stretcher.

在 Care & Connectivity Solutions 方面，我們智慧醫院病床推車 Dynamo 的早期動能持續，商務漏斗強勁且客戶回饋正面。此外，我們近期在加拿大推出 Dynamo，這是該推車的首次國際擴張。

And beyond product development, innovation is being advanced broadly across the company as we continue to prioritize using AI internally to work smarter, move faster and operate more efficiently. I am encouraged by the early progress we have made. and even more excited about the future of Baxter.

除了產品開發之外，隨著我們持續優先推動在內部運用 AI，以更聰明地工作、更快速地推進並更有效率地營運，創新也正在全公司範圍內廣泛推進。我對我們已取得的早期進展感到振奮，也對 Baxter 的未來更加期待。

My visits with stakeholders around the world, engagement with our team and conversations with our customers have validated the opportunity I saw when I decided to join the company. Baxter sits on a foundation of good businesses with leading positions and time-trusted brands with clear opportunities for more rigorous execution to unlock our full potential and deliver consistent and sustainable earnings growth and long-term value for our shareholders.

我走訪全球利害關係人、與團隊互動並與客戶對話的經驗，驗證了我決定加入公司時所看到的機會。Baxter 建立在優質業務的基礎之上，擁有領先的市場地位與長期受信賴的品牌；同時也存在明確機會，透過更嚴謹的執行來釋放全部潛力，為股東帶來一致且可持續的獲利成長與長期價值。

I will now turn the call over to Anita to provide more detail on our second quarter results, including segment level performance as well as our 2026 guidance. Anita, over to you.

接下來我將把電話會議交給 Anita，請她就我們第二季業績提供更多細節，包括各事業部層級的表現以及我們對 2026 年的指引。Anita，交給你。

Thanks, Andrew, and good morning, everyone. I'm happy to be joining the call this morning to cover the details of Baxter's second quarter financial performance as well as commentary on our updated outlook for the remainder of 2026.

謝謝你，Andrew，各位早安。我很高興今天早上加入電話會議，說明 Baxter 第二季財務表現的細節，並就我們更新後的 2026 年剩餘期間展望提供評論。

Second quarter 2026 global sales totaled approximately $3 billion and increased 5% on both a reported and organic basis. On the bottom line, adjusted earnings were $0.56 per share, a decrease of 5%. This decline reflects two known and expected headwinds that we have talked about previously.

2026 年第二季全球銷售額約為 30 億美元，無論以報告基礎或有機基礎計算皆成長 5%。在獲利方面，調整後每股盈餘為 0.56 美元，下降 5%。此一下降反映了我們先前已談及、且已知並預期的兩項逆風因素。

First, the roll-through of higher cost inventory produced at the end of 2025; and second, an unfavorable comparison to the prior year period, which benefited from a change in estimate that resulted in a reclassification between SG&A and cost of sales. These 2 headwinds were partially offset by a $0.11 per diluted share benefit related to an IEEPA tariff refund.

第一，是 2025 年底生產的較高成本庫存之成本遞延影響（roll-through）；第二，是與去年同期的不利比較，去年同期受惠於估計變更，導致 SG&A 與銷貨成本之間出現重分類。這兩項逆風部分被與 IEEPA 關稅退稅相關、每股稀釋後 0.11 美元的利益所抵銷。

Now I'll walk through our results by reportable segment. Commentary regarding sales growth will be on an organic basis. As a reminder, beginning with our reporting this quarter, our Pharmaceuticals business has been consolidated into the former Infusion Therapies & Technologies or ITT division within our Medical Products & Therapies segment. The combined division is now named Infusion Therapies & Platforms or ITP. In addition, certain sales previously reported within Other, primarily related to products and services provided through manufacturing facilities aligned with ITP are now included within the division.

接下來我將按可報告部門說明我們的業績。關於銷售成長的評論將以有機基礎計算。提醒各位，自本季開始的財報揭露起，我們的 Pharmaceuticals 業務已併入 Medical Products & Therapies 部門中原先的 Infusion Therapies & Technologies（ITT）事業部。合併後的事業部現更名為 Infusion Therapies & Platforms（ITP）。此外，先前在 Other 中揭露的部分銷售（主要與 ITP 對應之製造設施所提供的產品與服務相關）現已納入該事業部。

Sales in our Medical Products & Therapy segment, or MPT, were $2.1 billion and increased 5% in the quarter. Within MPT, sales of our new Infusion Therapies & Platforms division totaled $1.7 billion and increased 4%. Growth was driven by drug compounding and IV Solutions. This growth was partially offset by lower sales within Infusion Systems and Injectables.

我們 Medical Products & Therapy（MPT）部門的銷售額為 21 億美元，本季成長 5%。在 MPT 之中，我們新成立的 Infusion Therapies & Platforms 事業部銷售額為 17 億美元，成長 4%。成長動能來自藥物調配（drug compounding）與 IV Solutions。此成長部分被 Infusion Systems 與 Injectables 的較低銷售所抵銷。

Within IV Solutions, performance reflects growth of the new lower baseline of demand following clinical practice changes in the market. In Infusion Systems, results in the quarter reflect the net impact of lower sales due to the ongoing shipment and installation hold of the Novum IQ LVP, customer returns and transitions to Spectrum. Importantly, demand for Spectrum IQ remains steady.

在 IV Solutions 方面，表現反映在市場臨床實務改變後、需求基準下移的新水準之成長。在 Infusion Systems 方面，本季結果反映 Novum IQ LVP 持續暫停出貨與安裝、客戶退貨以及轉換至 Spectrum 所造成的較低銷售之淨影響。重要的是，Spectrum IQ 的需求仍維持穩定。

Consistent with the first quarter, we did not see a material impact from Novum LVP-related returns in the second quarter. Performance in the quarter also reflects continued strong demand for our drug compounding services, which grew double digits. This strength was partially offset by lower injectable sales due to supply constraints and continued softness in certain premixed products.

與第一季一致，我們在第二季未看到 Novum LVP 相關退貨帶來重大影響。本季表現亦反映我們藥物調配服務需求持續強勁，成長達雙位數。此一強勢部分被因供應限制導致的較低注射劑（injectable）銷售，以及部分預混產品（premixed products）持續疲弱所抵銷。

Sales in Advanced Surgery totaled $331 million and grew 12%. Results reflect continued strong demand and increased volumes from our global portfolio of hemostats and sealants, strong commercial execution across regions and steady procedure volumes. MPT's adjusted operating margin totaled 19.3% for the quarter, decreasing 350 basis points. Results reflect higher manufacturing costs, including lower absorption and the unfavorable impact from the Section 122 tariffs. Performance also reflects the unfavorable prior year cost timing comparison as well as a lower contribution from pricing.

Advanced Surgery 的銷售額為 3.31 億美元，成長 12%。結果反映我們全球止血劑與封合劑產品組合需求持續強勁、出貨量增加、各區域商務執行有力，以及手術量穩定。MPT 本季調整後營業利益率為 19.3%，下降 350 個基點。結果反映較高的製造成本，包括吸收率降低，以及第 122 條關稅的不利影響。表現亦反映去年成本時點比較的不利因素，以及定價貢獻較低。

These were partially offset by the benefit related to the IEEPA tariff refund as well as increased sales volumes. In our Healthcare Systems & Technologies segment, or HST, sales totaled $801 million and increased 4% in the quarter.

上述因素部分被 IEEPA 關稅退稅帶來的利益以及銷售量增加所抵銷。在 Healthcare Systems & Technologies（HST）部門，本季銷售額為 8.01 億美元，成長 4%。

Within HST, sales of our Care & Connectivity Solutions, or CCS division were $502 million and grew 5%. Within CCS, performance was driven by strong patient support systems volumes globally, including execution against the US backlog and growth across international markets. To date, in the US, we have not observed any change in hospital capital spending, and our order book continues to reflect solid demand.

在 HST 之中，我們 Care & Connectivity Solutions（CCS）事業部的銷售額為 5.02 億美元，成長 5%。在 CCS 內，表現主要由全球病患支援系統出貨量強勁所帶動，包括美國積壓訂單的執行，以及國際市場的成長。截至目前，在美國我們尚未觀察到醫院資本支出有任何變化，而我們的訂單簿仍反映穩健需求。

However, given broader macroeconomic uncertainty, we continue to closely monitor the environment. Front Line Care sales were $299 million and grew 2%. Performance in the quarter reflects continued momentum from Connex 360 and the timing of large customer deals relative to the first quarter.

然而，鑑於更廣泛的總體經濟不確定性，我們將持續密切監測環境。Front Line Care 銷售額為 2.99 億美元，成長 2%。本季表現反映 Connex 360 的動能延續，以及大型客戶交易相對於第一季的時點差異。

Partially offsetting these benefits were planned global product exits in the portfolio. HST adjusted operating margin totaled 20.3% for the quarter, flat compared to the prior year period. Results benefited from the tariff refund as well as increased sales volumes. These benefits were offset by the previously discussed unfavorable year-over-year comparison related to cost timing.

部分抵銷上述利多的是產品組合中已規劃的全球產品退出。HST 調整後營業利益率本季為 20.3%，與去年同期持平。業績受惠於關稅退稅以及銷售量增加。但上述利多被先前提及、與成本入帳時點相關的不利年對年比較所抵銷。

Finally, other sales, which now solely represent MSA revenue from Vantive totaled $83 million. As a reminder, these sales are included in our reported growth, but they are not reflected in our organic growth.

最後，其他銷售目前僅代表來自 Vantive 的 MSA 收入，本季合計 8,300 萬美元。提醒一下，這些銷售會納入我們的申報（reported）成長，但不會反映在我們的有機成長中。

Now moving through the rest of the second quarter P&L. Adjusted gross margins were 38.6%, a decrease of 210 basis points driven by the previously discussed headwinds in cost of goods sold. These impacts were partially offset by the tariff refund benefit. Adjusted SG&A totaled $648 million or 21.9% of sales, a decrease of 80 basis points.

接著說明第二季損益表其餘項目。調整後毛利率為 38.6%，下降 210 個基點，主因為先前討論過的銷貨成本逆風。上述影響部分被關稅退稅效益所抵銷。調整後 SG&A 合計 6.48 億美元，占銷售額 21.9%，下降 80 個基點。

This reflects the benefits from previously implemented cost actions. Adjusted R&D spending totaled $125 million or 4.2% of sales. TSA income and other reimbursements totaled $52 million in the quarter, which came in favorable versus expectations. This favorability was offset by higher TSA-related expenses and therefore, did not have a material net impact to earnings.

這反映先前已實施的成本措施所帶來的效益。調整後研發支出合計 1.25 億美元，占銷售額 4.2%。本季 TSA 收入及其他補償合計 5,200 萬美元，優於預期。此有利因素被較高的 TSA 相關費用所抵銷，因此對獲利的淨影響並不重大。

Altogether, these factors resulted in an adjusted operating margin of 14.2%, a decrease of 90 basis points. The year-over-year change reflects the same underlying factors discussed earlier, including higher manufacturing costs and the unfavorable prior year comparison, partially offset by the benefit from the tariff refund.

綜合而言，這些因素使調整後營業利益率為 14.2%，下降 90 個基點。年對年變動反映先前討論的相同基本因素，包括較高的製造成本與不利的去年同期比較，部分被關稅退稅效益所抵銷。

Net interest expense and other expense totaled $59 million in the quarter. The adjusted tax rate for the quarter was 19.9%, driven primarily by the mix of earnings across jurisdictions. In total, adjusted earnings were $0.56 per share for the quarter.

本季淨利息費用及其他費用合計 5,900 萬美元。本季調整後有效稅率為 19.9%，主要由各司法管轄區的獲利組合所驅動。總計而言，本季調整後每股盈餘為 0.56 美元。

Before turning to our 2026 outlook, I want to comment on cash flow and liquidity. Second quarter free cash flow was $181 million, improving sequentially from the first quarter and reflecting continued progress in cash generation. This progress was driven by improved operational performance and focused execution across targeted areas of working capital.

在談 2026 年展望之前，我想先評論現金流與流動性。第二季自由現金流為 1.81 億美元，較第一季呈現季增，反映我們在現金創造方面持續取得進展。此進展來自營運表現改善，以及在特定營運資金領域的聚焦執行。

We remain focused on strengthening cash flow generation and improving the balance sheet. Reducing leverage remains our top near-term capital allocation priority, and we continue to target approximately 3 times net leverage by year-end.

我們仍專注於強化現金流創造並改善資產負債表。降低槓桿仍是我們近期資本配置的首要優先事項，我們持續以年底淨槓桿約 3 倍為目標。

Now turning to our updated outlook for the full year 2026. For the full year, we now expect total sales growth to be 3% to 4% on a reported basis. This reflects current foreign exchange rates, which are expected to contribute approximately 100 basis points to top line growth for the year.

接著說明我們更新後的 2026 全年展望。就全年而言，我們目前預期申報口徑的總銷售成長為 3% 至 4%。此反映目前外匯匯率水準，預期將為全年營收成長貢獻約 100 個基點。

In addition, reported sales are expected to include a headwind of approximately $25 million from MSA revenues from Vantive, representing approximately 30 basis points of impact on reported growth. Excluding the impact of foreign exchange and MSA revenues, we now expect organic sales growth of 2% to 3% for 2026.

此外，申報銷售預期將包含來自 Vantive 的 MSA 收入約 2,500 萬美元的逆風，約對申報成長造成 30 個基點的影響。排除外匯與 MSA 收入影響後，我們目前預期 2026 年有機銷售成長為 2% 至 3%。

This reflects the stronger performance year-to-date and our expectation for continued growth in the second half. As it relates to the segments, in MPT, we now expect full year organic sales to grow low single digits. This reflects stronger year-to-date performance, including in drug compounding.

此反映年初至今較強的表現，以及我們對下半年持續成長的預期。就各事業部而言，在 MPT，我們目前預期全年有機銷售成長為低個位數。此反映年初至今較強的表現，包括在藥物調配（drug compounding）方面。

As a reminder, the year-over-year comparison in Infusion Systems improves in the second half as we lap the shipment and installation hold of Novum LVP. Our outlook continues to incorporate potential customer uncertainty surrounding the Novum ship and installation hold. In HST, we continue to expect full year organic sales to grow low single digits, supported by anticipated contributions from both the CCS and Front Line Care divisions.

提醒一下，隨著我們跨過 Novum LVP 出貨與安裝暫停的基期，輸注系統（Infusion Systems）的年對年比較在下半年將改善。我們的展望仍納入客戶對 Novum 出貨與安裝暫停可能產生的不確定性。在 HST，我們仍預期全年有機銷售成長為低個位數，並預期由 CCS 與 Front Line Care 兩個事業部的貢獻所支撐。

Turning to our outlook for other P&L line items and key assumptions beginning with tariffs. We continue to expect approximately $40 million of impact net of mitigating actions in the second half of the year. TSA income and other reimbursements is now expected to range between $155 million to $165 million. Higher TSA income is expected to be offset by higher TSA-related expenses and therefore, not expected to have a material net impact to earnings. We continue to expect full year adjusted operating margin to range between 13% to 14%.

接著說明其他損益表項目展望與關鍵假設，先從關稅開始。我們仍預期在下半年，扣除緩解措施後的淨影響約為 4,000 萬美元。TSA 收入及其他補償目前預期介於 1.55 億至 1.65 億美元。較高的 TSA 收入預期將被較高的 TSA 相關費用所抵銷，因此預期對獲利的淨影響不重大。我們仍預期全年調整後營業利益率介於 13% 至 14%。

We now expect our nonoperating expenses, which include net interest expense and other income and expense to total between $260 million to $280 million. We continue to anticipate our full year tax rate to range between 18.5% and 19.5%. We continue to expect our diluted share count to average approximately 518 million shares for the year.

我們目前預期非營業費用（包含淨利息費用以及其他收入與費用）合計介於 2.60 億至 2.80 億美元。我們仍預期全年稅率介於 18.5% 至 19.5%。我們仍預期全年稀釋後加權平均股數約為 5.18 億股。

Given the tariff refund in the quarter, we are raising our full year adjusted earnings from $1.85 to $2.05 per diluted share to $1.95 to $2.15 per share. While we are not providing quarterly guidance, I will offer some additional color on how we expect performance to progress over the remainder of the year.

鑑於本季的關稅退稅，我們將全年調整後每股盈餘由原先的每股 1.85 至 2.05 美元，上調至每股 1.95 至 2.15 美元。雖然我們不提供季度指引，但我會補充一些說明，談談我們預期今年剩餘期間的表現走勢。

Overall, we are reiterating the framework we have consistently laid out for 2026. Known mechanical headwinds in the first half, followed by expected improvement in the second half. The drivers of this improvement remain consistent with what we laid out last quarter. First, we continue to expect higher volumes and the associated operating leverage in the second half of the year relative to the first half. This is consistent with our historic seasonality and aligns with our updated outlook for sales.

整體而言，我們重申先前一貫提出的 2026 年架構。上半年存在已知的機械性逆風，之後下半年預期改善。推動改善的因素與我們上季所述一致。第一，我們仍預期下半年相較上半年將有更高的出貨量，以及隨之而來的營運槓桿。這與我們歷史季節性一致，並與我們更新後的銷售展望相符。

Second, we continue to expect to see the benefits from the cost structure actions taken earlier this year. As I noted in the quarter, we have already begun to realize these. And third, as previously referenced, the higher cost inventory produced at the end of 2025 has now rolled through our P&L. With respect to free cash flow, our performance through the first half represents meaningful progress and supports our expectation for improved free cash flow generation in 2026 relative to 2025.

第二，我們仍預期將看到今年稍早採取的成本結構措施所帶來的效益。如我在本季所提到，我們已開始實現這些效益。第三，如先前所述，2025 年底生產的較高成本庫存如今已在我們的損益表中反映完畢。就自由現金流而言，我們上半年表現代表顯著進展，並支持我們預期 2026 年相較 2025 年自由現金流創造將改善。

In closing, I'm also encouraged by both our second quarter results as well as the continued traction we are seeing across the organization from Baxter GPS.

最後，我也對第二季業績以及我們在全組織推動 Baxter GPS 所看到的持續進展感到鼓舞。

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

接下來，我們可以開始進行問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Robert Marcu, JP Morgan.

Robert Marcu，摩根大通。

Oh, great. Good morning and congrats on the nice 2Q.

喔，很好。早安，恭喜第二季（2Q）表現亮眼。

I will ask both my questions upfront here. Clearly, a better-than-expected result on the top and bottom line in second quarter. I'd love if you could speak to some of the drivers of the acceleration on the top line and the confidence in the guidance raise.

我先把兩個問題一起問。很明顯，第二季營收與獲利都優於預期。想請你談談推動營收加速成長的幾個因素，以及你們對上調財測指引的信心來源。

Same question on the bottom line, but it does appear like there were a number of onetime items in 2Q, and you did raise the EPS guide less than the 2Q beat, implying perhaps softer second half underlying EPS. And then on 2027, given the onetime items, do you still feel confident you'll be able to grow EPS next year? Thanks a lot.

獲利端也是同樣的問題，但看起來第二季有不少一次性項目，而你們上調EPS指引的幅度小於第二季超預期的幅度，這可能意味著下半年基礎EPS較疲弱。另外談到2027年，考量這些一次性項目，你們仍有信心明年能讓EPS成長嗎？非常感謝。

Yeah. Hey, good morning, Robbie. Look, if I do a step back, I'll walk this through in pieces. First, we're pleased with the quarter. This demonstrates continued steady progress on our strategic priorities and improved execution across the business. Now even more importantly is we saw broad-based operational performance improvement and all segments and divisions were growing.

是的。嗨，早安，Robbie。我先退一步，分段說明。首先，我們對本季表現感到滿意。這顯示我們在策略優先事項上持續穩健推進，且全公司執行力有所提升。更重要的是，我們看到營運表現廣泛改善，所有事業群與部門都在成長。

A couple of callouts. In MPT, we saw strength driven by double-digit growth in drug compounding. We also saw continued strong performance in our Advanced Surgery business. And also, while the baseline was lower, we saw strong performance in our IV Solutions organization. In HST, CCS benefited from strong patient support systems demand.

幾點重點說明。在MPT方面，我們看到由藥品調配（drug compounding）雙位數成長所帶動的強勁表現。我們的先進外科（Advanced Surgery）業務也持續表現強勁。此外，雖然基期較低，我們的靜脈輸液（IV Solutions）組織也有強勁表現。在HST方面，CCS受惠於病患支持系統需求強勁。

And within our FLC business, our Connex 360 product line continues to resonate well with customers, and we see improved performance on our funnel and our ability to execute. Now as a reminder, and I did walk through this or we did walk through this in our prepared remarks, there was a tariff refund that was not contemplated initially.

在我們的FLC業務中，Connex 360產品線持續獲得客戶良好回響，我們也看到銷售漏斗（funnel）與執行能力的改善。另外提醒一下，我們在事先準備的發言中也提到，出現了一筆起初未納入考量的關稅退稅（tariff refund）。

It's about $0.11. Absent this, we continue to be focused on how we're going to strengthen the organization and continue to perform. As we look at '27, the path to '27 is through execution in '26 and especially the second half of '26. While certainly pleased with the quarter, it's 1 quarter.

約為0.11美元。若不含這項因素，我們仍專注於如何強化組織並持續交出表現。展望2027年，通往2027年的路徑在於2026年的執行，尤其是2026年下半年。雖然我們對本季表現感到滿意，但這畢竟只是1個季度。

Our team is focused on driving the business and continuing to execute through the remainder of the year. Now as we know, the nonrecurring tariff benefit won't flow through next year. And we're going to give you additional color on '27 at the appropriate time. But right now, we're focused on executing in '26.

我們的團隊專注於推動業務，並在今年剩餘時間持續落實執行。如各位所知，這項非經常性的關稅利益明年不會延續。我們會在適當時點提供更多關於2027年的細節。但目前我們的重點是把2026年執行好。

Travis Steed, Bank of America.

Travis Steed，美國銀行。

Hey, congrats. I guess Q2 was a pretty high say-do ratio. So nice to see. Maybe I would start with the Q2. I'm curious how big the drug compounding was in Q2. How much of that was that 20% plus? Is that something that drove more of the upside this quarter, just given the mix on gross margin was a little bit light. So if there's anything you could say on drug compounding this quarter and how much that was of the beat?

嗨，恭喜。我想第二季的「說到做到」比率（say-do ratio）相當高。很高興看到這點。我先從第二季開始問。我很好奇第二季藥品調配的規模有多大。其中有多少是那個20%以上的成長？考量本季毛利率的組合（mix）稍微偏弱，這是否是本季超預期的主要推動因素之一？所以想請你談談本季藥品調配的情況，以及它對超預期的貢獻有多大？

Hey, Travis. This is Kevin. We did call out drug compounding as a good chunk of the beat in the quarter. And when you think about our raise for the second half of the year, it kind of reflects what we saw in the second quarter. It grew double digits. And you're absolutely right, that inherently does have lower margin. And so that does impact our mix.

嗨，Travis。我是Kevin。我們確實提到藥品調配是本季超預期的重要部分。當你看我們對下半年上調的幅度時，某種程度上反映了我們在第二季看到的情況。它呈現雙位數成長。而你說得完全沒錯，這項業務本質上毛利率較低。因此會影響我們的產品組合。

I do want to add on this a little bit. While we're certainly pleased with the double-digit growth. Additionally, this business has favorable cash conversion, and there is some improvement on where we're focused on driving margin in a better place. So overall, again, pleased with this. We have some work to do to get this more in line with the overall Baxter performance.

我也想再補充一點。除了我們對雙位數成長感到滿意之外，這項業務的現金轉換（cash conversion）也相當有利，而且在我們著力提升毛利率的方向上也有一些改善。整體而言，我們仍然對此感到滿意。我們還有一些工作要做，讓它更貼近Baxter整體的表現水準。

Makes sense. And then I do want to push a little bit more on the guide. Earnings beat $0.19 this quarter, tax -- the tariff refund, $0.11, TSA $0.04, lower interest, $0.02 to $0.03, only raising by $0.10. Is this just being conservative on the second half? And then curious how you're thinking about the TSA income dynamic and the headwind for next year. Is that something you can offset or have to lap?

了解。我也想再追問一下財測指引。本季盈餘超預期0.19美元，其中稅務—關稅退稅0.11美元、TSA 0.04美元、利息較低0.02到0.03美元，但你們只上調0.10美元。這只是對下半年採取保守假設嗎？另外也想了解你們如何看待TSA收入的變化，以及明年帶來的逆風。這是你們可以抵消的，還是必須面對基期效應（lap）？

Travis, let me start real quick just on the TSA, and then I'll turn it back to Andrew on kind of the overall confidence in the second half. So we did see higher TSA income in the quarter than we were expecting.

Travis，我先很快回應TSA，然後再交給Andrew談談對下半年整體信心。我們確實看到本季TSA收入高於我們原先預期。

But importantly, we also saw higher TSA-related expenses. So when we think about it at a net level, at the operating income, it was not a material impact. And it's the same story for the full year. So yes, expecting higher TSA income, but you should think about it as not a big change when we're thinking about dropping through to the bottom line.

但重要的是，我們也看到與TSA相關的費用更高。因此從淨額來看、以營業利益層級而言，影響並不重大。全年也是同樣的情況。所以是的，我們預期TSA收入會更高，但在考量落到最終獲利（bottom line）的影響時，你應該把它視為不會有太大變化。

Yeah. And not much more to add here, except, look, we're pleased with the performance in the quarter, but a lot of work remains and our team is very focused on this, and it's just 1 quarter. So to your point, say-do ratio, we are very focused on executing for the second half of the year, getting ready for '27 and aligning the organization around how we perform. And at its core is how we align GPS in action and that becoming our driver across the organization.

是的。除此之外沒有太多補充；我們對本季表現感到滿意，但仍有大量工作要做，團隊也非常專注，而且這只是1個季度。所以如你所說的「說到做到」比率，我們非常專注於下半年的執行，為2027年做準備，並讓組織在如何交付表現上達成一致。核心在於我們如何讓GPS落地（GPS in action），並使其成為全組織的驅動力。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行。

Good morning. Thanks for taking the question. Congrats on the progress here, Andrew. Maybe a little bit more of an update on Novum IQ. You talked about it early in the validation process. What are the kind of the next steps here, Andrew? And if you don't get Novum back on the market, how durable is Spectrum IQ as a workhorse pump?

早安。謝謝讓我提問。Andrew，恭喜你們在這裡取得進展。想再更新一下Novum IQ。你提到它仍在驗證流程的早期階段。Andrew，接下來的步驟是什麼？如果Novum無法重新上市，Spectrum IQ作為主力幫浦（workhorse pump）的耐久性如何？

Yeah, good morning, Larry. And a couple of items here. Punch line is we're making progress. Now we continue to closely work with regulatory authorities, and we support our current Novum LVP customers, and they're working with the mitigating actions that are in place.

是的，早安，Larry。這裡有幾點。結論是我們正在取得進展。我們持續與監管機關密切合作，也支援目前的Novum LVP客戶，他們正在配合現行的緩解措施（mitigating actions）。

As we do a step back, we like our total pump portfolio. We have Novum syringe. We have Spectrum LVP and they're on the IQX platform. And as I mentioned in my prepared remarks, we've even launched PeerVue that enables these to really bring higher value for our customers.

當我們退一步來看時，我們很喜歡我們整體的輸注幫浦產品組合。我們有 Novum 注射器幫浦。我們有 Spectrum LVP，而且它們都在 IQX 平台上。正如我在事先準備的發言中提到的，我們甚至已推出 PeerVue，使這些產品能真正為客戶帶來更高的價值。

So overall, we're pleased with our total offering. We're pleased with the value proposition it brings to customers, and we're continuing to drive to when it's ready, launch LVP. That said -- or Novum LVP, that said, we're very focused on bringing that value to customers today and continuing to expand our value proposition.

整體而言，我們對我們的完整產品供應感到滿意。我們對其為客戶帶來的價值主張感到滿意，並且我們持續推進在準備就緒時推出 LVP。也就是 Novum LVP；話雖如此，我們非常專注於今天就把這個價值帶給客戶，並持續擴大我們的價值主張。

That's helpful. Andrew, obviously, compounding was strong. You talked about that earlier. Talk about injectables and anesthesia, what the plan is to turn that around? When we had visibility on that, it was -- those were declining, I believe.

這很有幫助。Andrew，顯然，藥品調配（compounding）表現強勁。你先前也談到過。談談注射劑與麻醉業務，扭轉局面的計畫是什麼？我們之前看到能見度時，我記得那些是在下滑。

Absolutely. Look, this business, look, it remained pressured due to ongoing supply constraints and continued softness in premix. Now we are taking very specific actions to improve some supply conditions, select products. And there's an area, and I've talked about this in the past, and we're staying very focused on a contract manufacturer, and that does remain constrained.

當然。你看，這項業務仍然因持續的供應限制以及預混（premix）需求持續疲弱而承壓。目前我們正在採取非常具體的行動，以改善部分供應狀況，聚焦於特定產品。另外有一個領域，我過去也談過，我們仍非常專注於一家合約製造商，而那邊確實仍然受限。

We are working extremely close with them on how to improve operational efficiency, how to align around product and continued high level of quality within the solution set. As just outlined is our full year guidance does have this built in. So we are in our stages around how do we execute and continue to perform in this space. We have taken that into account in our full year.

我們正與他們非常緊密合作，探討如何提升營運效率、如何在產品上取得一致，並在整體解決方案中維持持續的高品質水準。如我剛才所說，我們的全年指引已將這些因素納入。因此，我們正處於思考如何在這個領域落實執行並持續交付表現的階段。我們已在全年規劃中把這點考量進去。

Vijay Kumar, Evercore.

Vijay Kumar，Evercore。

Hi, Andrew. Good morning, and congrats on a nice sprint here. Maybe just on the performance within second quarter, Andrew, some questions around were there any one-timers? Was there any restocking benefit from IV fluid? I know the market went through a rebasing effort, if you will. And also any quarter end phenomenon, how talk about phasing in the quarter, anything that stand out to you?

嗨，Andrew。早安，恭喜這一季衝刺得很漂亮。想請教第二季的表現，Andrew，有沒有任何一次性因素？IV 輸液是否有任何補庫存（restocking）的助益？我知道市場經歷了一次重新定基（rebasing）的調整。另外，季末是否有任何現象？能否談談季度內的節奏（phasing），有沒有什麼特別突出的地方？

Yes. So let me take those in 2 areas. First, in IV Solutions, look, we didn't see a massive restocking. So I'd say it's not material in our overall IV business. That said, this is the new norm.

有。我把你的問題分兩個部分回答。第一，在 IV Solutions 方面，我們沒有看到大規模的補庫存。所以我會說，對我們整體 IV 業務而言並不重大。話雖如此，這就是新的常態。

And we've talked about how this is the baseline and how our product set and our alignment with customers, we bring a high value here.

我們也談過，這就是基準水準（baseline），以及我們的產品組合與客戶的協同如何在這裡帶來高價值。

And so we're -- we feel good about our market position, but we don't rest on this. We're always focused on how to improve for our customers and align this business to execute. We have a high value creation. We have the ability to help our customers as they utilize this solution set. But we are at the new norm within the business.

因此，我們對自身的市場地位感到不錯，但我們不會因此自滿。我們始終專注於如何為客戶做得更好，並讓這項業務對齊以確實執行。我們具備很高的價值創造能力。我們有能力在客戶使用這套解決方案時提供協助。但就這項業務而言，我們已處在新的常態之中。

And the second piece of your question throughout the quarter, look, all I can say is we saw broad-based strength across the business. And certainly, when we look -- and I called out a few of the areas that we saw some additional increase throughout the quarter, we're pleased across the board. That said, we've got a lot of work to do to finish the year strong, and our teams are very focused on rolling our sleeves up, continuing to execute and utilizing our GPS as our guide forward.

至於你問題的第二部分，關於整個季度的情況，我只能說我們看到業務各面向都有廣泛的強勁表現。當然，回頭看——我也點出幾個我們在季度內看到額外增長的領域——我們對整體表現感到滿意。話雖如此，我們還有很多工作要做，才能以強勁態勢完成全年；我們的團隊非常專注於捲起袖子持續執行，並以我們的 GPS 作為前進的指引。

That's helpful, Andrew. And then maybe one more product-related question, if you will, on Connected Care. There's been some concerns around maybe cautiousness by hospitals on utilization and maybe that spills over into their CapEx outlook. So can you talk about your order book within Connected Care that business did well. Any signs of slowdown that we're seeing from a customer CapEx spending standpoint?

這很有幫助，Andrew。再問一個產品相關的問題，關於 Connected Care。市場上有些擔憂，醫院在使用量上可能更為謹慎，並且可能外溢影響到他們的資本支出（CapEx）展望。能否談談你們 Connected Care 的訂單簿？該業務表現不錯。從客戶 CapEx 支出的角度來看，你們是否看到任何放緩的跡象？

Yes. So a couple of items here, and I'll walk through what our teams are executing to. I'll walk through my current engagement with customers and how we view this space. But demand remains stable. And this is really supported by US strong capital order book and funnel visibility across PSS and our GSS business.

是的。這裡有幾點，我會說明我們團隊正在如何執行。我也會談談我目前與客戶的互動，以及我們如何看待這個領域。但需求仍然穩定。這主要是由美國強勁的資本設備訂單簿，以及在 PSS 與我們 GSS 業務上的銷售漏斗能見度所支撐。

And so we've continued to see our ability to support our customers as they're investing for the future. That said, we are staying very close to this market, and we want to ensure that we are aligned with their needs. I will also additionally add that I have met and part of my standard work as a CEO is to meet with customers on an ongoing basis.

因此，我們持續看到自己有能力在客戶為未來投資時提供支持。話雖如此，我們仍非常密切關注這個市場，並希望確保我們與他們的需求保持一致。我也補充一點，作為 CEO 的例行工作之一，我會持續定期與客戶會面。

And what we're hearing from them is a few items. First, their continued focus on how they're investing to improve their workflow, improve their process alignment to our business. Number two, I've been able to see real time firsthand how our new stretcher is resonating with our customers and the excitement that they have around this Dynamo platform and what it's going to mean to them as far as the ability to utilize this in their network.

我們從他們那裡聽到幾點。第一，他們持續聚焦於如何投資以改善工作流程、改善流程，並與我們的業務更好地對齊。第二，我能即時、第一手看到我們的新型擔架如何引起客戶共鳴，以及他們對這個 Dynamo 平台的興奮程度；這將意味著他們在其網路中使用這項產品的能力。

Early days, but certainly pleased with the progress. All that to be said, we are not immune. We continue to stay very focused on this to ensure we've got alignment for our business.

目前仍在早期階段，但我們對進展確實感到滿意。總而言之，我們也不是不受影響。我們會持續非常專注於此，以確保我們的業務保持一致與對齊。

Pito Chickering, Deutsche Bank.

Pito Chickering，德意志銀行。

Hey, good morning, guys. Thanks for taking my question. I'm going to ask the drug compounding question a little differently. Just looking at the organic revenue guidance raise of 200 basis points to 300 basis points, -- and the implied EPS in the back half of the year was a little lighter than the Street despite some good guys like interest. What is the margin contribution of the guidance raise that you put in the guidance?

嘿，各位早安。謝謝讓我提問。我想用不同方式問一下藥品調配的問題。就有機營收指引上調 200 個基點到 300 個基點來看——而且儘管有一些利多因素（例如利息）——下半年隱含的 EPS 仍比市場預期（Street）略輕。你們把指引上調納入指引時，其對毛利/利潤率的貢獻是多少？

Hey, Peter, this is Kevin. So just to kind of reiterate a couple of points, drug compounding a good chunk of the performance in Q2. And when we think about overall first half performance, organic sales grew about 2%.

嗨，Peter，我是 Kevin。我先重申幾點：藥品調配是第二季表現中相當大的一部分。而當我們看整體上半年表現時，有機銷售大約成長 2%。

Our new full year sales outlook of 2% to 3% means we expect sales to be at that growth rate or higher. So continued momentum. When we think about the EPS guidance raise, I think the easiest way to think about it is that reflects the tariff refund that we received in the quarter. That was $0.11. That was onetime in nature that was not previously included in our EPS guidance. And that is what the new EPS guidance reflects is the inclusion of that refund in Q2.

我們最新的全年銷售展望為 2% 到 3%，意味著我們預期銷售將以該成長率或更高的速度成長。也就是動能持續。至於 EPS 指引上調，我認為最簡單的理解方式是：它反映了我們在本季收到的關稅退稅。那是 0.11 美元，屬於一次性項目，先前並未納入我們的 EPS 指引。因此，新 EPS 指引所反映的，就是把第二季這筆退稅納入其中。

Okay. So maybe I'll just -- I guess, a little differently, like you're raising EPS by the tariff. You're increasing revenues in the back half of the year on continuation, but there's no EPS flow-through on that despite, I think, $0.03 coming from better interest rates. I guess, can you give me like the good guys and bad guys on margins in the back half of the year versus previous guidance and things like oil and shipping costs sort of keep put that in there as well? Thank you.

好的。所以也許我就——我想換個方式問，你們是透過關稅把 EPS 拉高。你們在下半年因為延續性而提高營收，但儘管我認為有約 0.03 美元來自較佳的利率，卻沒有 EPS 的傳導效應。我想問的是，你能不能把下半年相較於先前指引的毛利率（或利潤率）裡，哪些是正面因素、哪些是負面因素講清楚一點？也請把像油價與運輸成本這類因素一併納入說明。謝謝。

Yes. So I think the punchline is, from an operating margin standpoint, we've been pretty clear about first half headwinds followed by expected improvement in the second half. The new item this quarter is the tariff refund, which is nonrecurring in Q2. And so if you're thinking about kind of modeling on a sequential basis for the balance of the year, you normalize for the tariff benefit in Q2 and then you think about the drivers for sequential improvement that we've talked about, higher volumes in the second half, benefits from the cost structure actions.

是的。我想重點是，從營業利益率的角度來看，我們一直很清楚地說明：上半年有逆風，接著預期下半年會改善。本季的新項目是關稅退稅，這是在第二季的一次性（非經常性）項目。因此，如果你在思考要如何以逐季方式來建模今年剩餘期間，你需要先把第二季的關稅利益正常化（剔除），然後再去看我們談過的逐季改善驅動因素：下半年更高的銷量，以及成本結構行動帶來的效益。

We've already seen that start to manifest in our Q2 results and then rolling through the higher cost inventory produced at the end of 2025, which importantly, we saw that recognized in the first half of the year. And so that item specifically is going to be a Q2 to Q3 sequential improvement. And so I think, again, as kind of an overall, the framework we've laid out is consistent. Obviously, the first half of the year from a top line has come in a bit stronger than we expected. But we are still very confident on the full year guidance and reiterated kind of the same underlying operating performance that we had before.

我們已經看到這些開始反映在第二季的結果中，接著還有在 2025 年底生產的較高成本庫存逐步出清；重要的是，我們在上半年已經認列了那部分影響。因此，這個項目具體而言會帶來從第二季到第三季的逐季改善。所以我想，再次強調，整體而言我們所提出的框架是一致的。當然，今年上半年在營收端的表現比我們原先預期稍微強一些。但我們對全年指引仍然非常有信心，並且重申與先前相同的基本營運表現假設。

And just to add additional minor color around the supply question. Look, it's something we continue to closely monitor. And like everyone else, we've seen some pressure here, but it has been manageable, and it's within our guidance. So to be very clear, it's within our guidance.

另外再補充一點關於供應面的問題。你看，這是我們持續密切監控的事項。而且跟其他人一樣，我們也看到一些壓力，但目前是可控的，而且在我們的指引範圍內。所以非常明確地說，這是在我們的指引範圍內。

And so overall, I would say we're taking a very proactive approach on where we might have challenges and then we take mitigating actions and align around what actions are going to get us back in line.

因此整體來說，我會說我們採取非常主動的方式來因應可能出現挑戰的地方，然後採取緩解措施，並就哪些行動能讓我們回到既定軌道達成一致。

On oil prices, I've talked to that quite a bit with the Vantive spin, it's obviously lesser of an impact on our business. Therefore, we're continuing to monitor it. That said, we've been able to offset.

關於油價，我在 Vantive 分拆（spin）相關議題上談過不少，這對我們業務的影響顯然比較小。因此，我們會持續監控。不過，我們已經能夠加以抵銷。

Patrick Wood, UBS.

Patrick Wood，瑞銀（UBS）。

Beautiful. Thanks for taking the questions. But I'll ask them both upfront. I guess first one, if you could unpack a little bit more on the Advanced Surgery side, the hemostats and sealants growth. I mean that stayed a lot stronger for a lot longer than at least we had anticipated. So that's one.

太好了。謝謝讓我提問。我先把兩個問題一起問。第一個是，能否再多拆解一下先進外科（Advanced Surgery）那邊，止血材料與封合劑（hemostats and sealants）的成長？我的意思是，那個表現維持強勁的時間比至少我們原先預期的要長很多。這是第一個。

And then the second one, just -- I know you're not guiding on '27, but as we contemplate '27 and the TSA income that comes out, is that still EPS neutral in that year? Or is this something that we should at least be conceiving could be a factor to put into our models for next year? Thanks.

第二個是——我知道你們不會對 2027 年提供指引，但當我們思考 2027 年以及 TSA 收入退出之後，那一年仍然是對 EPS 中性嗎？或者這是我們至少應該納入明年模型、可能會影響的因素？謝謝。

Yeah. So to walk through Advanced Surgery, look, pleased with the progress here. Strong performance for the team, strong alignment with customers and having traveled with this team and having been seeing firsthand with our customers our product set, our enablement and how our customers really look to us to help in the patient and having high patient care really aligns with our mission and save and sustain lives at Baxter is very important to us, and this business is front and center on that. So strong performance, strong growth.

是的。先談先進外科：你看，我們對這裡的進展感到滿意。團隊表現強勁，與客戶的協同也很到位；我跟著這個團隊出差，也親眼看到我們的產品組合、我們的賦能方式，以及客戶如何真正依賴我們來協助病患、提供高品質照護——這與我們在 Baxter「拯救並維持生命」的使命高度一致，對我們非常重要，而這個事業正是核心。所以表現強勁、成長強勁。

The team continues to align around strong demand and increased volumes for our global portfolio and execution and staying very close to our customers through this. As far as '27, look, the only thing I can add on this, and of course, there's a lot of moving parts. We're laser-focused on finishing '26 strong.

團隊持續圍繞全球產品組合的強勁需求與增加的出貨量保持一致，並在執行上緊貼客戶。至於 2027 年，你看，我能補充的只有這些，當然其中有很多變動因素。我們目前是高度聚焦把 2026 年收尾做強。

We have aligned around the actions we have to take as an organization and being very focused on what those align to for getting us ready as we finish the year and get ready for '27, and we will provide more color on '27 as the year comes closer. And that includes TSA, that includes a continued view on markets and ensuring that we've got clear focus on how we want to execute to finish the year out.

我們已就組織必須採取的行動達成一致，並非常專注於這些行動在年底收官、以及為 2027 年做準備時所對應的目標；隨著時間接近，我們會提供更多關於 2027 年的說明。其中包括 TSA，也包括對市場的持續觀察，並確保我們清楚聚焦於希望如何執行，以完成年度收尾。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗（Citi）。

Good morning and thank you for taking the question and really nice revenue results. I have two quick ones. The first one has to do with just the overall hospital environment and procedures. There's a pretty active debate out there on how much changes to the ACA is impacting procedures and with your presence in the hospital, I suspect you have a frontline seat.

早安，謝謝讓我提問，而且營收結果真的很不錯。我有兩個簡短問題。第一個是關於整體醫院環境與手術量（procedures）。外界對 ACA 變動在多大程度上影響手術量有相當熱烈的辯論；以你們在醫院端的布局，我猜你們應該有第一線的觀察。

And then the second one is I just want to make sure I understand the moving parts on gross margins, impact of tariffs on the second quarter specifically? And then how should we think about full year gross margins and that strength of recovery? Thank you.

第二個是，我想確認我是否理解毛利率的各項變動因素：關稅對第二季的具體影響是什麼？以及我們應該如何看待全年毛利率與復甦力道？謝謝。

All right. So I'll take the first part of that. And look, if I just do a step back, overall, we're not seeing any changes with behavior from our customers and the overall environment.

好的。我先回答第一部分。你看，如果我先退一步看整體，我們沒有看到客戶行為或整體環境出現任何變化。

And we're staying very close to this, and we're not immune. That said, we have not seen a change in behavior and/or view on our product set. But we are staying very close around this. And as a reminder, I visit customers often. We align around understanding what their needs are. And we're launching new products to expand that and to truly support their focus on patient care and also workplace optimization and Baxter has a strong ability to support that.

我們也非常密切地關注這件事，我們並非不受影響。但話說回來，我們確實沒有看到客戶行為改變，和／或對我們產品組合的看法改變。不過我們仍然會非常緊密地追蹤。也提醒一下，我經常拜訪客戶。我們會對齊並理解他們的需求。我們也在推出新產品來擴充，真正支持他們對病患照護的重點，以及工作場所最佳化；而 Baxter 在這方面有很強的支援能力。

And then as far as gross margins for the full year, we haven't provided explicit guidance at the gross margin level. But when you think about some of the items we've talked about and some of the moving pieces, mostly focused on operating margin, they're obviously relevant to gross margin.

至於全年毛利率，我們沒有在毛利率層級提供明確指引。但當你思考我們談到的一些項目與一些變動因素——雖然主要聚焦在營業利益率——它們顯然也與毛利率相關。

So obviously, the tariff refund in Q2 was a positive rolling through the higher cost inventory, that was the largest headwind this quarter. And as we've noted, importantly, we've now cycled through that. And so if you're looking at Q2 as kind of your starting point after normalizing for the tariff refund, you should expect sequential improvement for the balance of the year.

很明顯，第二季的關稅退稅是正面因素；而較高成本庫存的逐步出清，是本季最大的逆風。正如我們所指出的，重要的是，我們現在已經走過（cycle through）那段影響。因此，如果你把第二季視為起點，並先將關稅退稅正常化（剔除），你應該預期今年剩餘期間會逐季改善。

Rick Wise, Stifel.

Rick Wise，Stifel。

Good morning, Andrew. Two questions. My first is on Front Line Care, up 2% in the quarter. Anita, you highlighted planned product exits. My question is, what -- can you quantify the specific 2Q impact on growth? What would it have been ex that?

早安，Andrew。兩個問題。第一個是關於 Front Line Care，本季成長 2%。Anita，你提到有計畫性的產品退出。我的問題是：你能否量化這對第二季成長的具體影響？如果排除那個因素，原本會是多少？

Or maybe it wasn't large enough to really quantify. But when do we get past that? And maybe a bigger question is, how do we think about Front Line Care growth going forward? Or what are you aspiring to? Is this a mid-single-digit grower? Is there something in the innovation pipeline that's going to change the trajectory? And then I have a follow-up. Thank you.

或者也許影響不大，難以真正量化。但我們何時能走過這段影響？另外更大的問題是：我們該如何看待未來 Front Line Care 的成長？或者你們的目標是什麼？這會是中個位數成長的業務嗎？創新管線中是否有什麼會改變成長軌跡？然後我還有一個追問。謝謝。

Hey, Rick, this is Kevin. Maybe let me start here just talking about kind of the Q2, and then I'll turn it back to Andrew for kind of a broader innovation discussion. So as it relates to Q2, Connex 360 did contribute to the growth year-over-year of Front Line Care.

嗨，Rick，我是 Kevin。也許我先從第二季的情況談起，然後再交給 Andrew 來談更廣泛的創新議題。就第二季而言，Connex 360 確實對 Front Line Care 的年對年成長有所貢獻。

Obviously, in the context of total Baxter, it's less of a contributor. But for Front Line Care, it was impactful in the quarter. Andrew, maybe a little more on the second part of his question on innovation more broadly.

當然，在 Baxter 整體的脈絡下，它的貢獻相對較小。但對 Front Line Care 來說，本季影響是顯著的。Andrew，或許你可以就他問題的第二部分，也就是更廣泛的創新，再多補充一些。

Yeah. And the piece on planned exits, I would say they're not material, but we do monitor these. And I'll just say a couple of items on this business and overall. We are focused on really alignment to where we have value creation for customers.

是的。至於計畫性的退出，我會說它們並不重大，但我們確實會監控。我就這個業務以及整體再補充幾點。我們專注於真正與我們能為客戶創造價值的領域對齊。

And part of that is going to be strong portfolio management. And look, we're -- I'm a markets first person. And so we want to understand where we have value for customers, aligned with that value is and ensure that we're not only launching products to meet that and expand that, we sustain our solution set that's going to keep our customers in a good place. And so think about this as base hits, that constant drive to always get better, be better and be in front and relevant in front of our customer base.

其中一部分會是強而有力的產品組合管理。而且你看，我——我是以市場為先的人。所以我們想了解我們在哪些地方能為客戶帶來價值，並與該價值對齊，確保我們不僅推出產品來滿足並擴大這些價值，同時也維持我們的解決方案組合，讓客戶能處於良好狀態。因此，把這視為「基本安打」：持續推動不斷變得更好、更出色，並在客戶群面前保持領先與相關性。

And overall, long term within this business, look, we've seen improvement. It's early days. And I would say the leadership team is really laser-focused on how to execute and the right value creation for customers. And that ultimately then what that means for the business growth.

整體而言，從長期看這個業務，我們確實看到改善。目前還在早期階段。我會說領導團隊非常聚焦於如何執行，以及如何為客戶創造正確的價值。而這最終意味著業務成長會如何呈現。

Yes. And Andrew, this is more for you and sort of a big picture question. Obviously, you -- these are your words you said earlier, you've made continuous positive progress. It's impressive. It's good to see the quarter. And I know you're pleased with the progress. I suspect my sense of you is I doubt you're satisfied.

是的。Andrew，這題比較是給你、偏大方向的問題。顯然——這是你先前說過的話——你們已經持續取得正向進展。很令人印象深刻。很高興看到這一季的表現。我知道你對進展感到滿意。但以我對你的理解，我猜你應該不會就此滿足。

But my question is, where has it gone better, faster, bigger than you -- what's the biggest better, faster thing that's happened that you're pleased about. But where are you -- I don't want to say disappointed or frustrated, but where would you have wished it could go faster? And maybe talk to us about how you personally are evolving your focus to make the faster stuff go faster and make the stuff that's maybe been a little slower than you would have wanted to go -- turn around better. Thank you for that.

我的問題是：哪些地方比你預期的更好、更快、規模更大？你最滿意的「更好、更快」的事情是什麼？但哪些地方——我不想說失望或挫折——你會希望它能更快？也請談談你個人如何調整你的聚焦重點，讓快的事情更快，並讓那些可能比你期望更慢的事情——能更好地扭轉過來。謝謝。

You bet, Rick. And let me just walk through a couple of items. And I've been very pleased with how GPS has taken shape across the organization. And look, having done this before and I've been a part of many organizations that have led this -- the team at Baxter has really embraced this.

當然，Rick。我先帶大家走過幾個重點。我對 GPS 在整個組織中逐步成形的方式感到非常滿意。而且你看，我以前做過這類事情，也參與過許多推動這件事的組織——Baxter 的團隊確實非常投入並擁抱這套方法。

And if I were to coin a phrase, boring in consistency, brilliant execution, we want to be consistent, and we want to continue to execute. And so the nuance that I want you to think through is, and I referenced this, we have done -- and think about this, year-to-date, we have done over 400 continuous improvement events.

如果要我用一句話來形容：在一致性上「無聊」，在執行上「卓越」。我們要保持一致，並持續執行。我希望你思考的細節是：我也提過，截至目前為止，我們已經完成了超過 400 場持續改善活動。

We have almost 200 in flight, and we have another 400 planned in the pipeline. And when we think through that, that is the driving force. And if you look at the flywheel of our GPS system. It starts with strategy. It starts with understanding the markets, understanding the position, understanding the products.

我們目前有將近 200 項正在進行中，另外還有 400 項已規劃在管線中。當我們這樣看，這就是驅動力。如果你看我們 GPS 系統的飛輪。它從策略開始。從了解市場、了解定位、了解產品開始。

And then it aligns to what are the breakthroughs that we want to drive within each business, within each segment. Then it goes to how we're going to measure KPIs, and we look at annual, we look at quarter, we look at monthly, we look at daily where possible. And then it's on our teams actually, and I travel a lot.

接著對齊到：我們希望在每個事業、每個部門推動哪些突破。然後進入我們要如何衡量 KPI：我們看年度、看季度、看月度，能做到的地方也看每日。接著就落在我們的團隊身上，而我也經常出差。

And I get to see firsthand how the teams have embraced this concept, this drive, their passion for making tomorrow better than today. And I can go reference point after reference points I can give you examples of examples. But to me, that's how we think about the future.

我能第一手看到團隊如何擁抱這個概念、這股推動力，以及他們讓明天比今天更好的熱情。我可以一個又一個參考點地舉例，例子多到說不完。但對我而言，這就是我們如何看待未來。

There's no one innovation that will define our future. There's no one continuous improvement event that will. It's the accumulation and combination of all of them that puts us in that execution cadence. That said, it starts with leaders. And even this week, we have a leadership team here that's going through their view on how to get better every day, how to build capable teams, that drive and that passion around making tomorrow better than today. And so we're early in our journey.

沒有任何單一創新能定義我們的未來。也沒有任何單一的持續改善活動能做到。是所有這些的累積與組合，讓我們進入那種執行節奏。話雖如此，一切從領導者開始。甚至就在這週，我們有一個領導團隊在這裡，檢視他們如何每天變得更好、如何打造有能力的團隊，以及那種讓明天比今天更好的推動力與熱情。因此，我們仍在旅程的早期。

Now you nailed it in the question, which is, am I ever satisfied? No, I'm that constant drive to always get better, but I am pleased with our progress. That said, 1 quarter is 1 quarter. It's that drive to finish the year strong, get ready for '27, launch new exciting products that are base hits and build the team's momentum around how we continue to perform, continue to drive. Thank you for the question.

你在問題中說得很到位：我會不會有滿足的一天？不會，我就是那種持續推動自己不斷變得更好的人，但我對我們的進展感到滿意。話雖如此，一個季度就是一個季度。關鍵是要推動我們把今年收尾做強，為 2027 年做好準備，推出令人振奮的新產品——這些都是「基本安打」——並建立團隊的動能，讓我們持續表現、持續推進。謝謝你的問題。

Matt Taylor, Jefferies.

Matt Taylor，Jefferies。

Good morning. Thank you for taking the question. So first, I wanted to ask a follow-up on the operating environment because there are several places in the release and the materials where you talked about stable demand for patient support for your products.

早安。謝謝讓我提問。首先，我想就營運環境追問一下，因為在新聞稿與資料中有好幾處你們提到，對你們產品的病患支持（patient support）需求保持穩定。

It really seems like you're saying nothing is changing with CapEx spending. So could you be specific, are you seeing any impact from ACA or HIC subsidies and/or Medicaid? And do you expect any impact from that? If you could help to frame that risk at all, that would be great.

聽起來你是在說資本支出（CapEx）沒有任何變化。那麼你能否具體說明，你是否看到《平價醫療法案》（ACA）或 HIC 補貼和／或 Medicaid 帶來任何影響？你是否預期會有任何影響？如果你能幫忙界定一下這項風險，那就太好了。

Yeah. So a couple of items here, look, we are not immune. We stay very focused on this, and it's a part of -- look, we assess customer base. We go through all the external documentation. And what I can tell you is net-net, we've not seen a massive change in behavior and buying behavior.

是的。這裡有幾點要說，首先，我們並非不受影響。我們對此保持高度專注，這也是——你看，我們會評估客戶基礎。我們會檢視所有外部文件資料。我可以告訴你的是，整體而言，我們尚未看到行為以及採購行為出現巨大的變化。

And -- but we're staying very close around it. And I walked through a little bit of that earlier around funnel, around outlook. So again, we're seeing strong demand for our product set. That said, we're staying very, very close to this to ensure we've got alignment with customers on their buying behaviors and their needs. So overall, no update on our expectation. That said, it's something we are continuing to monitor and continuing to assess.

不過——我們會非常密切地關注。我先前也稍微談到一些，包含漏斗（funnel）以及展望（outlook）。所以再次強調，我們看到對我們產品組合的需求依然強勁。話雖如此，我們仍會非常、非常密切地追蹤，以確保我們與客戶在其採購行為與需求上保持一致。因此整體來看，我們對預期沒有更新。但這確實是我們會持續監控並持續評估的事項。

Got it. Thank you. And can I ask one follow-up on '27? I know you're not going to be specific, but previously, you had talked about confidence in at least being able to grow the top line and earnings in '27. Can we still assume that's the case or maybe you have more confidence in that now that you've produced some good results here in Q2?

了解。謝謝。我可以就 2027 年再追問一題嗎？我知道你不會講得很具體，但你之前談到對於 2027 年至少能夠讓營收與獲利成長是有信心的。我們現在仍可假設情況如此嗎？或者在你們第二季交出不錯的結果之後，你對此更有信心了嗎？

So a couple of things. And I'll just walk through it. Look, we are pleased with our progress. No one quarter is going to define us. Now we're pleased with the progress in Q2.

有幾點。我簡單說明一下。我們對目前的進展感到滿意。任何單一季度都不會定義我們。不過我們確實對第二季的進展感到滿意。

That said, as I talk to the team, look, we've got a lot of areas we want to target and drive in the second half of the year. And certainly, we don't want that to get ahead of ourselves. And so as we look at '27 to get there goes through '26. And so we'll give update and color at the appropriate time. But right now, we are laser-focused on executing for the remainder of the year.

話雖如此，當我和團隊交流時，我們在下半年有很多領域想要鎖定並推動。當然，我們不希望因此操之過急。因此，從 2027 年的角度來看，要達成目標必須先經過 2026 年。我們會在適當的時間提供更新與更多說明。但目前，我們全神貫注於把今年剩餘時間的執行做好。

Josh Jennings, TD Cowen.

Josh Jennings，TD Cowen。

Hi, good morning. Thanks for taking the questions. Andrew, I know it's Baxter's has some comp variability as we're trying to assess each business unit and the go forward as Matt's question addressed about 2027. But I was hoping to just get an update on your team's view on the weighted average market growth rate of the portfolio, various business units, many different product lines.

嗨，早安。謝謝讓我提問。Andrew，我知道 Baxter 的可比基期（comp）存在一些波動性，我們也正嘗試評估各事業單位以及未來走向，正如 Matt 的問題所提到的 2027 年。但我希望能請你更新一下，你們團隊對於整體投資組合加權平均市場成長率的看法——涵蓋不同事業單位、許多不同產品線。

But historically, we've thought of the weighted average market growth rate of Baxter's portfolio around 3% to 4%. I mean does that hold true when comps stabilize and as you look forward? And where do you see Baxter's portfolio, which business units are primed to gain share as you reach that steady state and maybe in 2027 and beyond? Thanks for taking the question.

過去我們一直認為 Baxter 投資組合的加權平均市場成長率大約在 3% 到 4%。當可比基期趨於穩定、並往前看時，這個看法仍然成立嗎？另外，當你們達到穩態（steady state），也許在 2027 年及之後，你認為 Baxter 的投資組合中哪些事業單位最有機會提升市占？謝謝你回答這個問題。

You bet. And look, if I just do a step back, look, we view this as a low single-digit area, and that's overall. Now if we then piece this apart and we go into different areas of the business, we've obviously seen and continue to see strong areas, and I'll just call out a couple. We've seen strong performance in our Advanced Surgery business.

當然。你看，如果我先退一步來看，我們認為整體屬於低個位數成長區間（low single-digit），這是就整體而言。如果再把它拆開、深入到業務的不同領域，我們確實看到、也持續看到一些表現強勁的領域，我點出幾個。我們在先進外科（Advanced Surgery）業務看到強勁表現。

Compounding has obviously been a strong grower. That said, all of our businesses are focused on executing and bringing value and innovation to our customers and alignment to that cadence around that. And what gets me excited as we continue our execution journey is how -- and I know we didn't talk about this, but how we're looking at leverage. And we talked in our prepared remarks around getting to approximately 3 times by year-end, obviously, gaining confidence in that, gaining our ability and what that means for our future.

複配（Compounding）顯然一直是強勁的成長動能。話雖如此，我們所有業務都專注於執行，並為客戶帶來價值與創新，並在這樣的節奏上保持一致。而隨著我們持續推進執行之旅，讓我感到振奮的是——我知道我們沒有談到這點——我們如何看待槓桿（leverage）。我們在事先準備的發言中提到，目標是在年底前降到約 3 倍，顯然我們對此更有信心，也更有能力，而這對我們的未來意味著什麼。

And how we think about capital allocation with our alignment to internal investment as well as potential tuck-in M&A as well as other opportunities that are going to really be part of the future narrative. That said, it's about execution. It's about how we align. It's about GPS being at the core of everything we do and our people to align to that future. Thank you.

以及我們如何思考資本配置（capital allocation），在與內部投資的配置一致之下，同時也考量可能的補強型併購（tuck-in M&A）以及其他機會——這些都將成為未來敘事的一部分。話雖如此，關鍵在於執行。關鍵在於我們如何對齊。關鍵在於 GPS 作為我們一切工作的核心，以及我們的人才與之對齊、邁向未來。謝謝。

There are no further questions at this time. I will now turn the call back to Andrew for closing remarks.

目前沒有其他問題。我現在把電話交回給 Andrew 作結語。

Thanks, operator. We are encouraged by the progress we're making and remain focused on the work ahead. Our turnaround is gaining traction. Execution is improving. We're building momentum across the business.

謝謝，接線員。我們對正在取得的進展感到鼓舞，並持續專注於前方的工作。我們的轉型正在加速見效。執行力正在改善。我們正在全公司範圍內建立動能。

We believe this positions Baxter to deliver more consistent performance, sustainable growth and long-term value for shareholders. Thank you for your time. Appreciate the interest. Stay safe, and goodbye for now.

我們相信，這將使 Baxter 能夠交出更一致的表現、可持續的成長，以及為股東創造長期價值。感謝各位撥冗。感謝各位的關注。請注意安全，我們暫時先說再見。

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

各位女士、先生，Baxter International 今日的電話會議到此結束。感謝各位參與。