Becton Dickinson and Co (BDX) 2024 Q4 法說會逐字稿

Hello, and welcome to BD's fourth-quarter and full year fiscal 2024 earnings call. At the request of BD, today's call is being recorded and will be available for replay on BD's Investor Relations website, investors.bd.com, or by phone at (800) 839-1337 for domestic calls, and area code +1 (402) 220-0489 for international calls. (Operator Instructions)

您好，歡迎參加 BD 2024 財年第四季和全年財報電話會議。應 BD 的要求，今天的電話會議正在錄音，並將在 BD 的投資者關係網站 Investors.bd.com 上重播，或撥打 (800) 839-1337（國內電話）和區號 +1 (402) ) 220 -0489（國際電話）。（操作員說明）

I will now turn the call over to Greg Rodetis, Senior Vice President, Treasurer and Head of Investor Relations. Please go ahead.

我現在將把電話轉給資深副總裁、財務主管兼投資者關係主管 Greg Rodetis。請繼續。

Good morning, and welcome to BD's earnings call. I'm Greg Rodetis, Senior Vice President, Treasurer and Head of Investor Relations. Thank you for joining us. This call is being made available via audio webcast at bd.com. Earlier this morning, BD releases results for the fourth quarter and full year of fiscal 2024. The press release and presentation can be accessed on the IR website at investors.bd.com.

早安，歡迎參加 BD 的財報電話會議。我是資深副總裁、財務主管兼投資者關係主管 Greg Rodetis。感謝您加入我們。本次電話會議透過 bd.com 上的音訊網路廣播進行。今天早上早些時候，BD 發布了 2024 財年第四季和全年業績。新聞稿和簡報可在投資者關係網站 Investors.bd.com 上存取。

Leading today's call are Tom Polen, BD's Chairman, Chief Executive Officer and President; and Chris DelOrefice, Executive Vice President and Chief Financial Officer. Following this morning's prepared remarks, Tom and Chris will be joined for Q&A by our segment presidents, Mike Garrison, President of the Medical segment; Mike Feld, President of the Life Sciences segment; and Rick Byrd, President of the Interventional segment.

今天的電話會議由 BD 董事長、執行長兼總裁 Tom Polen 主持。以及執行副總裁兼財務長 Chris DelOrefice。在今天早上準備好的演講之後，湯姆和克里斯將與我們的部門總裁、醫療部門總裁邁克·加里森一起進行問答。 Mike Feld，生命科學部門總裁；以及介入部門總裁 Rick Byrd。

Before we get started, I want to remind you that we will be making forward-looking statements. You can read the disclaimer in our earnings release and the disclosures in our SEC filings available on the Investor Relations website. Unless otherwise specified, all comparisons will be made on a year-over-year basis versus the relevant fiscal period.

在我們開始之前，我想提醒您，我們將做出前瞻性陳述。您可以在投資者關係網站上閱讀我們收益報告中的免責聲明以及我們向 SEC 提交的文件中的揭露資訊。除非另有說明，所有比較都將與相關會計期間逐年比較。

Revenue percentage changes are on an FX-neutral basis, unless otherwise noted. Reconciliations between GAAP and non-GAAP measures are included in the appendices of the earnings release and presentation.

除非另有說明，收入百分比變化是在匯率中立的基礎上進行的。公認會計原則和非公認會計原則措施之間的調節包含在收益發布和演示的附錄中。

With that, I am very pleased to turn it over to Tom.

至此，我很高興將其交給湯姆。

Thanks, Greg, and good morning, everyone. First, I'd like to take a moment to welcome Mike Feld, President of our Life Science segment, who joined BD in August from Veralto. Mike is known for building innovative, high-performing teams, and his leadership principles are well aligned with BD's culture.

謝謝格雷格，大家早安。首先，我想花一點時間歡迎 Mike Feld，我們生命科學部門的總裁，他於 8 月從 Veralto 加入 BD。Mike 以打造創新、高績效團隊而聞名，他的領導原則與 BD 的文化非常契合。

Mike also brings deep experience in Shingijutsu Kaizen, which is the heartbeat behind BD Excellence. There is no individual more suited to lead the life sciences team as they continue to expand the value BD brings to our customers, and I look forward to Mike's partnership as we deliver on our strategy.

Mike 也帶來了 Shingijutsu Kaizen 的豐富經驗，這是 BD Excellence 背後的核心。沒有人比他更適合領導生命科學團隊，因為他們將繼續擴大 BD 為我們的客戶帶來的價值，我期待與 Mike 合作，幫助我們實現我們的策略。

Earlier today, we reported strong Q4 results, with 7.4% revenue growth or 6.2% organic, 120 basis points of margin expansion and adjusted diluted EPS, up 11.4%. For the full year, we delivered solid organic revenue growth of 5%. Despite fiscal '24 revenue growth that was below our initial expectations, we are pleased with how we navigated complex market dynamics in China and bioscience pharma.

今天早些時候，我們公佈了強勁的第四季業績，營收成長 7.4%，有機成長 6.2%，利潤率擴張 120 個基點，調整後攤薄每股收益成長 11.4%。全年，我們實現了 5% 的穩健有機收入成長。儘管 24 財年的營收成長低於我們最初的預期，但我們對我們如何應對中國和生物科學製藥複雜的市場動態感到滿意。

Breaking things down, our med tech and diagnostics businesses grew a strong 5.9% this year, inclusive of absorbing a decrease in China, while our bioscience pharma businesses grew about 1%, roughly in line with the end markets.

細分來看，我們的醫療技術和診斷業務今年強勁增長了 5.9%，其中包括吸收了中國市場的下降，而我們的生物科學製藥業務增長了約 1%，與終端市場大致一致。

Over the long term, we see bioscience pharma as a durable higher growth contributors to our portfolio, and we remain confident in gradual market recovery, our competitive position and the team's execution. We consistently executed on margin expansion in FY24, increasing adjusted EPS guidance each quarter and delivering full year EPS of $13.14, adjusted operating margin of 24.2%, and free cash flow of $3.1 billion, all ahead of our original plan, and positioning us well moving into FY25.

從長遠來看，我們認為生物科學製藥是我們投資組合中持久的高成長貢獻者，我們對市場的逐步復甦、我們的競爭地位和團隊的執行力仍然充滿信心。我們在2024 財年持續執行利潤率擴張，每季提高調整後每股收益指導，全年每股收益為13.14 美元，調整後營業利潤率為24.2%，自由現金流為31 億美元，所有這些都超出了我們最初的計劃，並使我們處於良好的發展狀態進入 25 財年。

I'd like to thank our global team of associates whose passionate commitment and focused execution of our strategy is making meaningful impact for the customers and patients we serve.

我要感謝我們的全球員工團隊，他們的熱情承諾和對我們策略的專注執行正在為我們服務的客戶和患者產生有意義的影響。

Reflecting more broadly on our strategic direction and progress this past year, we made important advancements on each of our top three priorities, which are one, drive sustained top line growth through high-impact innovation and commercial excellence; two, execute on BD Excellence to drive operational performance; and three, effectively deploy capital.

更廣泛地反思我們過去一年的策略方向和進展，我們在三大優先事項上都取得了重要進展，其中一是透過高影響力的創新和商業卓越推動持續的營收成長；二、執行 BD Excellence 以推動營運績效；三是有效配置資本。

First, on growth. We advanced multiple new growth platforms that put BD in the middle of the most significant trends reshaping healthcare, including the use of AI and automation and connected care to transform efficiency and outcomes, the shift to new care settings, and the application of medical technology to improve treatment of chronic diseases.

首先，關於成長。我們推進了多個新的成長平台，使BD 處於重塑醫療保健的最重要趨勢之中，包括使用人工智慧、自動化和互聯護理來改變效率和結果、向新護理環境的轉變以及將醫療技術應用到醫療保健領域。

Starting with our BD Medical segment. New biologic drugs promised to have the most significant impact on chronic disease in the history of modern medicine. In FY24, we passed $1 billion of annual revenue in biologic drug delivery sales, driven by our leading prefillable devices and increased manufacturing capacity to serve growing GLP-1 demand.

從我們的 BD 醫療部門開始。新的生物藥物有望對現代醫學史上的慢性疾病產生最重大的影響。2024 財年，我們的生物藥物輸送銷售年收入超過了 10 億美元，這得益於我們領先的預填充設備以及為滿足不斷增長的 GLP-1 需求而提高的製造能力。

As the leader in biologics drug delivery, and with a growing pipeline of targeted innovations such as our Libertas and Evolve wearable devices, we believe no company is better positioned than BD to capitalize on a significant growth opportunity. We continue to advance our platform for pharmacy robotics, which now ranks as one of the largest robotics businesses in med tech, and is enabling the transformation of retail, online and hospital pharmacies, with significant opportunity for future growth.

作為生物製劑藥物傳輸領域的領導者，隨著我們的 Libertas 和 Evolve 穿戴式裝置等有針對性的創新產品不斷增加，我們相信沒有一家公司比 BD 更有能力利用重大成長機會。我們繼續推進我們的藥房機器人平台，該平台現已成為醫療技術領域最大的機器人業務之一，並正在實現零售、線上和醫院藥房的轉型，為未來的成長提供了巨大的機會。

We're also extremely pleased with the first year of the Alaris return to market and its role in our connected medication management strategy. We exited the year at our historical revenue run rate and continue to see strong customer preference for the Alaris Power of One.

我們也對 Alaris 重返市場的第一年及其在我們的互聯藥物管理策略中的作用感到非常滿意。我們以歷史收入運行率結束了這一年，並繼續看到客戶對 Alaris Power of One 的強烈偏好。

Our acquisition of Advanced Patient Monitoring in FY24 expands our connected care solutions in a high-growth market and enables future innovation opportunities in breakthrough closed-loop monitoring and treatment, which BD is uniquely positioned to deliver across our platforms. Integration is going as expected and the commercial teams are fully engaged in maximizing the benefits of APM for our customers.

我們在2024 財年收購了高級病患監護，擴大了我們在高成長市場的互聯護理解決方案，並為突破性閉環監測和治療提供了未來的創新機會，而BD 擁有獨特的優勢，可以在我們的平台上提供這些服務。整合正在按預期進行，商業團隊全力致力於為我們的客戶最大限度地發揮 APM 的優勢。

In BD Interventional, we had a fantastic year advancing our PureWick urinary incontinence platform. Launching our next-gen PureWick Flex and expanding PureWick Male into the home. In our advanced tissue regeneration portfolio, Phasix and GalaFLEX are additional examples of how our tuck-in M&A strategy is now driving strong organic growth.

在 BD Interventional，我們在推動 PureWick 尿失禁平台方面度過了美好的一年。推出下一代 PureWick Flex 並將 PureWick Male 擴展到家庭。在我們先進的組織再生產品組合中，Phasix 和 GalaFLEX 是我們的整合併購策略目前如何推動強勁有機成長的另外例子。

We continue to transform hernia surgery and are expanding this platform into new applications for plastic and reconstructive procedures driven by trends in aging and GLP-1 weight loss, which increasingly call for soft tissue support to restore function and improve appearance.

我們繼續改造疝氣手術，並將平台擴展到整形和重建手術的新應用，這是由老化和 GLP-1 減肥趨勢驅動的，越來越多地需要軟組織支持來恢復功能和改善外觀。

Across BD Life Sciences, we continue to reinvent the field of flow cytometry with the launch of the three-in-four FACSDiscover S8 Sorter and multiple new reagents using unique AI algorithms to optimize dye designs that are enabling new scientific insights.

在BD Life Sciences 中，我們不斷重塑流式細胞儀領域，推出了四分之三的FACSDiscover S8 分選儀和多種新試劑，使用獨特的AI 演算法來優化染料設計，從而實現新的科學見解。

In diagnostics, our new high-throughput molecular platform, BD COR and Onclarity HPV assay, continued to gain traction with self-collection and new care settings for cervical cancer screening now available in many countries around the world, representing a meaningful new growth opportunity for BD.

在診斷領域，我們新的高通量分子平台BD COR 和Onclarity HPV 檢測，憑藉自我收集和子宮頸癌篩檢的新護理環境，繼續受到關注，現已在世界許多國家提供，這為子宮頸癌篩檢帶來了有意義的新增長機會。

While these and other new BD innovations are playing a key role in transforming care, most every significant healthcare procedure uses a BD COR device. Whether robotic surgeries, a valve plant transplant, new cancer treatment or advanced vascular procedures, BD syringes, catheters, pumps, surgical prep, blood collection and other products are there. In FY24, we saw strong growth across our core devices, driven by share gains and procedural volumes.

雖然這些和其他新的 BD 創新在改變護理方面發揮關鍵作用，但大多數重要的醫療程序都使用 BD COR 設備。無論是機器人手術、瓣膜植物移植、新的癌症治療還是先進的血管手術，BD 注射器、導管、幫浦、手術準備、血液採集和其他產品都在那裡。2024 財年，在份額增長和程序數量的推動下，我們的核心設備實現了強勁增長。

Turning to operational performance. We launched BD Excellence about 18 months ago. And it's been incredible to see the momentum behind simplifying our company, improving quality and accelerating margin progression. Through BD Excellence, our team has made strong progress on network optimization, increasing plant productivity and delivering double-digit improvements in waste and operating equipment efficiency or OEE.

轉向營運績效。大約 18 個月前，我們推出了 BD Excellence。看到簡化公司、提高品質和加速利潤成長背後的動力真是令人難以置信。透過 BD Excellence，我們的團隊在網路優化、提高工廠生產力以及廢棄物和營運設備效率或 OEE 方面取得了兩位數的改進。

All of this drove margins, EPS and cash flow above plan. We have much more headroom going forward through BD Excellence, and it positions us well to deliver on our goals for FY25 and beyond. On our third priority of strong stewardship of value-creating capital deployment, our focus on cash generation enabled strong growth in free cash flow, increased free cash flow conversion and allowed us to return capital to shareholders through dividends and share buybacks.

所有這些都推動利潤率、每股收益和現金流超出計劃。透過 BD Excellence，我們有更多的發展空間，這使我們能夠很好地實現 2025 財年及以後的目標。我們的第三個優先事項是對創造價值的資本部署進行強有力的管理，我們對現金產生的關注實現了自由現金流的強勁增長，增加了自由現金流的轉換，並使我們能夠通過股息和股票回購將資本返還給股東。

Earlier this morning, we announced our 53rd consecutive year of dividend increases, extending our long-standing recognition as a member of the S&P 500 Dividend Aristocrats Index, a distinction that reflects the consistency and reliability of our dividend policy. Meaningful return of capital to shareholders will remain a key priority in our capital allocation strategy going forward.

今天早上早些時候，我們宣布連續第 53 年增加股息，延續了我們作為標準普爾 500 股息貴族指數成員的長期認可，這一殊榮反映了我們股息政策的一致性和可靠性。向股東提供有意義的資本回報仍將是我們未來資本配置策略的首要任務。

Beyond those priorities, in FY24, we expanded our position as a leader in corporate responsibility, with significant progress towards our 2030 corporate sustainability goals. We became one of a handful of med tech companies to have near- and long-term greenhouse gas emissions reduction targets and net zero targets approved by the science-based target initiative. We surpassed both our Scope 1 and Scope 2 greenhouse gas emissions targets.

除了這些優先事項之外，2024 財年，我們還擴大了作為企業責任領導者的地位，在實現 2030 年企業永續發展目標方面取得了重大進展。我們成為少數擁有經科學目標倡議批准的近期和長期溫室氣體減排目標和淨零目標的醫療科技公司之一。我們超過了範圍 1 和範圍 2 溫室氣體排放目標。

And as part of our ongoing health equity strategy, we advanced partnerships around the world in areas such as improving access to cervical and breast cancer screening. We are pleased to be recognized for our efforts, most recently being named a 3BL's list of the 100 Best Corporate Citizens and ranking in the top two in healthcare.

作為我們持續的健康公平策略的一部分，我們在改善子宮頸癌和乳癌篩檢等領域推進了世界各地的合作夥伴關係。我們很高興我們的努力得到認可，最近被評為 3BL 100 家最佳企業公民名單，並在醫療保健領域名列前兩名。

Looking ahead to FY25, we will continue to execute in alignment with each of those three priorities. We have more than 25 planned new product launches this year and calling out just a few. In BD Medical, we're launching our next-generation Pyxis platform, which includes the cadence of hardware and software upgrades and releases, which will begin to roll out by the end of calendar year '25 and continue for the next several years.

展望 25 財年，我們將繼續依照這三個優先事項執行。今年我們計劃推出超過 25 個新產品，僅舉出其中幾個。在 BD Medical，我們正在推出下一代 Pyxis 平台，其中包括硬體和軟體升級和發布的節奏，該平台將於 25 日曆年年底開始推出，並在未來幾年內持續推出。

This will be the first system to use BD's new advanced AI platform that will integrate data across BD smart devices. We have a number of new launches planned in our Advanced Patient Monitoring business to revolutionize hemodynamic monitoring. The next-gen HemoSphere ultra monitor will feature a full range of sensors enabled with predictive IQ algorithms that provide comprehensive pressure, flow and tissue oxygenation insights for varying acuities.

這將是第一個使用 BD 全新高級人工智慧平台的系統，該平台將整合 BD 智慧型裝置的數據。我們計劃在高級患者監測業務中推出多項新產品，以徹底改變血流動力學監測。新一代 HemoSphere ultra 監視器將配備全系列感測器，支援預測 IQ 演算法，為不同的嚴重程度提供全面的壓力、流量和組織氧合洞察。

New Swan IQ and ForeSight IQ smart sensors will provide new patient insights, including new-to-world right heart pressures and cerebral oxygenation.

新型 Swan IQ 和 ForeSight IQ 智慧感測器將提供新的患者見解，包括全新的右心壓力和腦部氧合。

In BD Life Sciences, we plan to launch the first BD FACSDiscover Analyzer, the A8, to provide customers high-throughput sample analysis with the same innovative technologies as our breakthrough cell sorter.

在 BD 生命科學領域，我們計劃推出首款 BD FACSDiscover 分析儀 A8，利用與我們突破性細胞分選儀相同的創新技術為客戶提供高通量樣品分析。

And lastly, in BD Interventional, in our PureWick platform, we're advancing the pivotal study for at-home reimbursement and expect to continue the cadence of innovation with the launch of PureWick Portable, a solution that restores mobility to people's lives. We look forward to sharing a full portfolio update at our Investor Day on February 26 at the New York Stock Exchange.

最後，在 BD Interventional 的 PureWick 平台中，我們正在推進家庭報銷的關鍵研究，並期望透過推出 PureWick Portable（一種恢復人們生活移動性的解決方案）來繼續創新的節奏。我們期待在 2 月 26 日紐約證券交易所投資者日分享完整的投資組合更新。

We believe we are well positioned heading into FY25, with the strength of our portfolio enabling us to effectively navigate market dynamics and the momentum of BD Excellence driving margin expansion to deliver a strong earnings and cash profile.

我們相信，進入 25 財年，我們處於有利位置，我們的投資組合實力使我們能夠有效駕馭市場動態，而 BD Excellence 的勢頭推動利潤率擴張，從而實現強勁的盈利和現金狀況。

I'll now turn it to Chris to provide further color on our financials and outlook.

現在我將請克里斯進一步介紹我們的財務狀況和前景。

Thanks, Tom, and good morning, everyone.

謝謝，湯姆，大家早安。

As Tom noted, we delivered competitive organic revenue growth for the fourth quarter and full year even while navigating market dynamics in China and bioscience pharma. And importantly, with strong execution of our BD Excellence programs, we exceeded our full year margin, earnings and cash flow goals. I'll now provide some further insight into our Q4 revenue performance. BD Medical organic growth was led by MMS, with another quarter of exceptional performance in infusion systems driven by the BD Alaris return to market.

正如湯姆所指出的那樣，即使在應對中國和生物科學製藥市場動態的同時，我們在第四季度和全年也實現了具有競爭力的有機收入成長。重要的是，憑藉 BD Excellence 計劃的有力執行，我們超越了全年利潤、收益和現金流目標。現在，我將進一步介紹我們第四季的營收表現。BD Medical 的有機成長由 MMS 引領，在 BD Alaris 重返市場的推動下，輸液系統又實現了一個季度的出色表現。

Higher pull-through and utilization of infusion sets also contributed to MMS growth. The unit's performance was partially offset by a tough prior year comparison in dispensing. Our MDS consumable portfolio also contributed to the segment's Q4 growth.

輸液器的更高的拉通率和利用率也促進了 MMS 的成長。該部門的業績被去年的配藥方面的艱難比較所部分抵消。我們的 MDS 消耗品組合也為該部門第四季度的成長做出了貢獻。

We continue to advance our position in the US with broad volume growth and share gains particularly in our hypodermic and vascular access management portfolios, where our quality and agility to meet increased demand has positively benefited healthcare delivery across our markets.

我們透過廣泛的銷售成長和份額成長，繼續提升我們在美國的地位，特別是在我們的皮下注射和血管通路管理產品組合中，我們滿足不斷增長的需求的品質和敏捷性對我們整個市場的醫療保健服務產生了正面的影響。

Pharm systems performance reflects another quarter of double-digit growth in prefilled devices for biologic drugs, primarily GLP-1s, which was partially offset by market dynamics across the industry, including expected customer inventory destocking.

製藥系統業績反映出生物藥物（主要是 GLP-1）預填充設備又一個季度實現兩位數增長，但這一增長被整個行業的市場動態（包括預期的客戶庫存去庫存）部分抵消。

Rounding out the BD Medical segment, in early September, we closed the acquisition of Edwards Critical Care, now Advanced Patient Monitoring, or APM, which contributed $74 million to BD Medical revenue.

9 月初，我們完成了 Edwards Critical Care（現為高級患者監護或 APM）的收購，為 BD Medical 部門帶來了 7,400 萬美元的收入。

BD Life Sciences performance was led by IDS. Strong mid-single-digit growth in specimen management was driven by volume growth as investment in our US direct sales team drove increased demand and customer upgrades to higher value products to provide an enhanced patient experience.

BD 生命科學的表現由 IDS 領跑。由於對我們美國直銷團隊的投資推動了需求的增加以及客戶升級到更高價值的產品以提供增強的患者體驗，因此銷售增長推動了標本管理的強勁中個位數增長。

Within our Diagnostics business, our results reflect some tough prior year comparisons in lab automation and ID/AST. Offsetting these impacts was good traction, leveraging our molecular platform installed base with double-digit growth in both BD MAX and BD COR.

在我們的診斷業務中，我們的結果反映了實驗室自動化和 ID/AST 方面與前一年的一些艱難比較。抵消這些影響的是良好的牽引力，利用我們的分子平台安裝基礎，BD MAX 和 BD COR 均達到兩位數成長。

BD Life Sciences growth was partially offset by transitory market dynamics, biosciences that resulted in lower market demand for research instruments and reagents. Clinical solutions grew double digits, led by our FACSLyric Cell Analyzer in cancer reagents. We continue to outperform our life science peers given our portfolio mix of leading instruments, including the BD FACSDiscover, antibodies, dyes and software.

BD 生命科學業務的成長被短暫的市場運動所部分抵消，生物科學導致市場對研究儀器和試劑的需求下降。在癌症試劑領域的 FACSLyric 細胞分析儀的引領下，臨床解決方案實現了兩位數成長。鑑於我們擁有領先的儀器組合，包括 BD FACSDiscover、抗體、染料和軟體，我們的表現繼續優於生命科學同行。

We remain excited about the growth opportunities in BDB as a number of new innovations are driving share gains. Strong organic growth in BD Interventional was led by double-digit growth in UCC, with continued momentum in our PureWick franchise. PureWick Female grew double digits and PureWick Male delivered its strongest quarter since its launch in acute care. We are also very pleased with the male direct-to-consumer launch, where the first few months of revenues exceeded our expectations.

我們對 BDB 的成長機會仍然感到興奮，因為許多新的創新正在推動股價上漲。BD Interventional 的強勁有機成長是由 UCC 的兩位數成長所帶動的，同時我們的 PureWick 特許經營權也持續保持成長勢頭。PureWick Female 成長了兩位數，PureWick Male 實現了自在急診護理領域推出以來最強勁的季度表現。我們也對男性直接面向消費者的推出感到非常滿意，前幾個月的收入超出了我們的預期。

Surgery delivered another quarter of above market growth. Within advanced repair and reconstruction, continued strong market adoption of Phasix hernia resorbable scaffold drove double-digit growth. It was partially offset by a tough comparison to the prior year in synthetic mesh.

手術又實現了高於市場成長的四分之一。在進階修復和重建領域，Phasix 疝氣可吸收支架的市場持續強勁採用推動了兩位數的成長。與前一年合成網的艱難比較部分抵消了這一影響。

Performance in surgery was also driven by double-digit growth in infection prevention due to increased demand for ChloraPrep related to strong procedural volumes. BDI performance was also supported by Peripheral Intervention with double-digit growth in peripheral vascular disease and high single-digit growth in end-stage kidney disease.

由於手術量強勁，對 ChloraPrep 的需求增加，感染預防的兩位數成長也推動了手術表現的成長。BDI 的表現也得到了周邊幹預的支持，週邊血管疾病的兩位數增長和終末期腎病的高單位數增長。

PI growth was partially offset by a decrease in oncology due to prior year distributor inventory stocking in the US.

PI 的成長被上一年美國經銷商庫存庫存造成的腫瘤學下降所部分抵消。

Now moving to our P&L. Q4 adjusted diluted EPS of $3.81 reflects double-digit growth of 11.4%. Consistent with our commitments, we delivered strong margin progression in Q4, with adjusted gross margin up 30 basis points sequentially and 200 basis points year over year to 54.6% and adjusted operating margin up 140 basis points sequentially and 120 basis points year over year to 26.6%. Margin expansion was driven by strong leverage on our revenue performance and simplification and efficiencies from BD Excellence.

現在轉向我們的損益表。第四季調整後攤薄每股收益為 3.81 美元，實現 11.4% 的兩位數成長。根據我們的承諾，我們在第四季度實現了強勁的利潤率增長，調整後毛利率環比增長30 個基點，同比增長200 個基點，達到54.6%；調整後營業利潤率環比增長140 個基點，同比成長120 個基點，達到26.6% %。利潤率的成長得益於我們對營收表現的強大槓桿作用以及 BD Excellence 的簡化和效率。

For the full year, we delivered adjusted diluted EPS of $13.14, which represents growth of 7.6%. Adjusted gross margin of 53.3% was in line with our expectations. As planned, strong execution of BD Excellence enabled us to absorb outsized inflation, transactional FX and about 50 basis points from inventory optimization carryover and that supported strong fiscal year '24 cash flow.

全年調整後稀釋後每股收益為 13.14 美元，成長 7.6%。調整後毛利率為53.3%，符合我們的預期。按照計劃，BD Excellence 的強勁執行使我們能夠吸收巨大的通貨膨脹、交易性外匯以及庫存優化結轉帶來的約 50 個基點，並支持 24 財年強勁的現金流。

Adjusted operating margin expanded 70 basis points to 24.2%, exceeding our margin goal for the year, driven by shipping and SG&A leverage. While delivering strong margin performance, we also invested $1.1 billion in R&D to advance our pipeline of innovative programs that will support future growth.

在航運和銷售及一般行政費用槓桿的推動下，調整後的營業利潤率擴大了 70 個基點，達到 24.2%，超過了我們今年的利潤率目標。在實現強勁的利潤率表現的同時，我們也投資了 11 億美元用於研發，以推進我們支持未來成長的創新計畫。

Regarding our cash and capital allocation, our strategic choices of strong execution on cash flow optimization drove a $1 billion or 47% increase in free cash flow to $3.1 billion and a larger-than-expected improvement in free cash flow conversion by 22 percentage points to 82%.

關於我們的現金和資本配置，我們對現金流優化的強有力執行的戰略選擇使自由現金流增加了10 億美元，即47%，達到31 億美元，自由現金流轉換比預期提高了22 個百分點，達到31 億美元。

Broad-based improvements in working capital, including our strategic choice to optimize inventory levels, continued expense management and our ability to leverage capital expenditures from BD Excellence productivity gains were all key factors driving strong execution this year.

營運資本的廣泛改善，包括我們優化庫存水準的策略選擇、持續的費用管理以及我​​們利用 BD Excellence 生產力提升帶來的資本支出的能力，都是推動今年強勁執行力的關鍵因素。

We also benefited from the timing of certain discrete cash items. Our strong cash position supported our acquisition of APM, while also returning $1.6 billion of capital to shareholders through dividends and share repurchases. Cash and short-term investments at September 30 totaled $2.2 billion, inclusive of about $900 million in proceeds from February's debt refinancing.

我們也受益於某些離散現金項目的時機。我們強大的現金狀況支持我們收購 APM，同時也透過股利和股票回購向股東返還 16 億美元資本。截至 9 月 30 日，現金和短期投資總額為 22 億美元，其中包括 2 月債務再融資的約 9 億美元收益。

After closing the Advanced Patient Monitoring acquisition, we ended the year with net leverage of 3 times, which was in line with our expectations. We believe we are well positioned to deleverage to our 2.5 times target over the next 12 to 18 months. We remain focused on underlying cash flow improvements.

完成高級病患監護收購後，我們年底的淨槓桿率為 3 倍，符合我們的預期。我們相信，我們有能力在未來 12 至 18 個月內實現去槓桿化至 2.5 倍的目標。我們仍然關注潛在的現金流改善。

Despite the timing impact of some discrete cash items, we expect next year's organic free cash flow conversion to be consistent with this year due to strong execution in working capital. As expected, due to integration-related investments for APM, we anticipate a moderate step back in free cash flow conversion to around 75%.

儘管一些離散現金項目會產生時間影響，但由於營運資本的強勁執行，我們預計明年的有機自由現金流轉換將與今年保持一致。正如預期的那樣，由於 APM 的整合相關投資，我們預計自由現金流轉換將適度回落至 75% 左右。

However, we expect this will still result in another strong year of free cash flow dollars, which will support investments in growth, debt repayment and returning capital to shareholders. Given the outperformance this year and our confidence in next year's plans, we believe we are in a strong position to execute our net leverage commitments and plan to deploy about $1 billion towards share repurchases over the next 12 to 18 months while still delivering on our deleveraging target of about 2.5 times within this time frame.

然而，我們預計這仍將帶來另一個強勁的自由現金流年，這將支持成長、債務償還和向股東返還資本的投資。鑑於今年的優異表現以及我們對明年計劃的信心，我們相信我們有能力履行我們的淨槓桿承諾，併計劃在未來12 至18 個月內部署約10 億美元用於股票回購，同時仍然實現我們的去槓桿化在此時間範圍內的目標約為2.5倍。

We see this as a value-creating opportunity based on our view of BD's intrinsic value. Moving to our guidance for fiscal year '25. Our initial fiscal year '25 guidance is anchored on high single-digit revenue growth, driven by the contribution from APM, and a broad-based competitive organic revenue growth profile that captures a prudent view of market dynamics in China, in bioscience pharma.

基於我們對 BD 內在價值的看法，我們認為這是一個創造價值的機會。轉向我們 '25 財年的指導。我們最初的25 財年指引以高單位數收入成長為基礎，該成長由APM 的貢獻推動，以及具有廣泛競爭力的有機收入成長概況，該成長概況反映了對中國生物科學製藥市場動態的審慎看法。

We expect increasing momentum from BD Excellence to drive significant margin expansion, which will enable delivery of strong adjusted EPS growth of about 10% at the midpoint. This growth includes increased acquisition-related interest expense and a higher tax rate inclusive of Pillar 2. We expect to deliver total revenues in the range of $21.9 billion to $22.1 billion in fiscal year '25, which reflects a modest foreign currency translation impact of 25 basis points and currency neutral adjusted revenue growth of 8.8% to 9.3%.

我們預計 BD Excellence 的成長動能將推動利潤率顯著擴張，從而實現調整後每股收益中點約 10% 的強勁成長。這一增長包括收購相關利息支出的增加以及包括第二支柱在內的更高稅率。我們預計 25 財年的總營收將在 219 億美元至 221 億美元之間，這反映出 25 個基點的適度匯率影響以及貨幣中性調整後營收成長 8.8% 至 9.3%。

This includes strong performance from our newly acquired APM business consistent with what we previously shared, plus organic revenue growth of 4% to 4.5%. This includes absorbing about 125 basis points impact from China and bioscience pharma, with China expected to decrease by mid-single digits.

這包括我們新收購的 APM 業務的強勁業績（與我們之前分享的一致），以及 4% 至 4.5% 的有機收入成長。這包括吸收來自中國和生物科學製藥約 125 個基點的影響，其中中國預計將下降中個位數。

Across the balance of our portfolio, which represents about 75% of our total organic revenue, we expect to deliver mid-single-digit growth around our 5.5% plus growth profile.

我們的投資組合約佔總有機收入的 75%，我們預計將實現 5.5% 以上的中個位數成長。

Moving to margins and earnings. We are confident in delivering another year of strong operational performance, particularly our ability to expand adjusted operating margin by about 100 basis points and exceed our 25% margin goal we set over two years ago.

轉向利潤率和收益。我們有信心在新的一年裡實現強勁的營運業績，特別是我們有能力將調整後的營運利潤率擴大約 100 個基點，並超過我們兩年前設定的 25% 的利潤率目標。

The primary driver of margin expansion in fiscal year '25 is expected to come from gross margin with an increasing benefit from accelerating BD Excellence momentum. Below gross margin we expect some leverage primarily in shipping and G&A, offset by increasing investments in selling and R&D to further support our growth profile.

預計 25 財年利潤率擴張的主要驅動力將來自於毛利率，而 BD Excellence 勢頭的加速將帶來越來越大的收益。低於毛利率，我們預計主要在運輸和一般管理費用方面存在一些槓桿作用，但透過增加銷售和研發投資來抵消，以進一步支持我們的成長狀況。

We expect interest other to be up year-over-year primarily due to the debt issued in connection with the Advanced Patient Monitoring acquisition. For tax, we expect our adjusted effective tax rate to be between 14% and 15.5%, which includes the impact of Pillar 2.

我們預計其他利息將同比增長，主要是由於與高級患者監護收購相關的債務發行。對於稅收，我們預計調整後的有效稅率在 14% 至 15.5% 之間，其中包括第二支柱的影響。

As a reminder, it would not be unusual for our tax rate to fluctuate on a quarterly basis given the timing of discrete items. Given these considerations, we expect to deliver adjusted diluted EPS of $14.25 to $14.60, inclusive of a modest foreign currency translation headwind. As you think about fiscal 2025 phasing, we expect first half revenue growth to be modestly below the low end of our total revenue guidance and the second half to be modestly above the high end.

提醒一下，考慮到離散項目的時間安排，我們的稅率按季度波動並不罕見。考慮到這些因素，我們預計調整後攤薄每股收益為 14.25 美元至 14.60 美元，其中包括適度的外幣換算阻力。當您考慮 2025 財年的分階段時，我們預計上半年營收成長將略低於我們總收入指引的下限，下半年將略高於總收入指引的上限。

This includes our expectation of a heavier impact to first half revenue growth from the expected decrease in China revenues, a larger impact from bioscience pharma dynamics in Q1 and in comparison to prior year licensing revenue in Q2.

這包括我們預計中國收入下降將對上半年收入成長產生更大影響，第一季生物科學製藥動態以及第二季度授權收入與去年相比將產生更大影響。

As revenue dollars increase sequentially throughout the year, we expect to benefit from BD Excellence and strong OpEx leverage to result in increasing adjusted gross and operating margin throughout the year. This results in strong year-over-year growth in OIBT each quarter.

隨著全年收入連續成長，我們預計將從 BD Excellence 和強大的營運支出槓桿中受益，從而導致全年調整後毛利率和營業利潤率不斷增加。這導致 OIBT 每個季度同比強勁增長。

Based on a ratable tax rate, we expect first half and second half adjusted EPS growth rate to be ratable, which implies about 10% growth at the midpoint of our full year guidance range and is a nicely balanced phasing profile. In closing, our strategy is demonstrating positive amount.

根據應納稅稅率，我們預計上半年和下半年調整後每股盈餘成長率將是可納稅的，這意味著我們全年指導範圍中點的成長率約為10%，並且是一個非常平衡的階段性概況。最後，我們的策略顯示出正面的數量。

We expect to deliver competitive growth that appropriately plans for market dynamics in China, in bioscience pharma. Accelerating momentum in BD Excellence is supporting strong margin expansion, enabling investment in R&D to support further growth. This, coupled with strong cash generation and a disciplined approach to capital allocation, is expected to drive continued value creation for all of our stakeholders.

我們期望在生物科學製藥領域實現有競爭力的成長，並適當規劃中國的市場動態。BD Excellence 的加速勢頭正在支持利潤率的強勁擴張，使研發投資能夠支持進一步的成長。再加上強勁的現金產生和嚴格的資本配置方法，預計將推動我們所有利害關係人持續創造價值。

With that, let's start the Q&A session. Operator, can you please assemble our queue?

那麼，讓我們開始問答環節。接線員，您能整理一下我們的隊列嗎？

(Operator Instructions) Vijay Kumar, Evercore ISI.

（操作員說明）Vijay Kumar，Evercore ISI。

Hey guys, thanks for taking my question and good morning to you, Tom. Maybe on this guidance question here. Thanks for all the details. The 125 basis points of headwinds on pharma biosciences in China, it looks like you're assuming essentially those three segments are flattish for the year. I know China is down. But when you look at all three, is that flattish?

嘿夥計們，謝謝你提出我的問題，早安，湯姆。也許在這裡關於這個指導問題。感謝您提供所有詳細資訊。中國製藥生物科學面臨 125 個基點的逆風，看起來您假設這三個細分市場今年基本上持平。我知道中國正在衰落。但當你看這三個時，是不是很平淡？

And the reason I ask is looks like those three segments together maybe grew slightly here in Q4. And when I look at this comparison versus some of your Life Science Tools peers, they're all declining mid- to high singles given some of these dynamics.

我問的原因是看起來這三個部分在第四季可能會略有成長。當我與一些生命科學工具同行進行比較時，考慮到其中的一些動態，它們都在中高單項下降。

So just want to understand that your trends in those three segments are coming in about peers, but the guidance does feel like conservative. And related to that on phasing here, is Q1 going to be still in that 4% to 4.5%, any impact on the hurricane, IV fluids? Thank you.

因此，我只想了解這三個細分市場的趨勢與同行有關，但指導確實感覺保守。與這裡的分階段相關的是，第一季是否仍將保持在 4% 至 4.5% 的水平，對颶風、靜脈輸液有任何影響嗎？謝謝。

Okay. Good morning. Vijay. I appreciate that comments there. So I'll start off with just some comments on some of our assumptions for the year, and then I'll turn it over to Chris to speak to the phasing.

好的。早安.維傑.我很欣賞那裡的評論。因此，我將首先對我們今年的一些假設進行一些評論，然後我將把它交給克里斯來討論分階段的問題。

So stepping back more broadly, as we think about the Life Science and Bioscience space, as you said, we recognize for the full year, we obviously had to make an adjustment midyear that was below our initial guide to reflect the dynamics that are going on in that market.

因此，更廣泛地退一步，當我們考慮生命科學和生物科學領域時，正如您所說，我們認識到全年，我們顯然必須在年中進行調整，該調整低於我們最初的指導，以反映正在發生的動態在那個市場。

And while we had a very strong Q4, we also recognize that while it was within our range, it was both the organic number was modestly below the Street expectation given those dynamics. I think as we step back, we're really pleased with how our teams have navigated those spaces.

雖然我們的第四季表現非常強勁，但我們也意​​識到，雖然它在我們的範圍內，但考慮到這些動態，有機數字略低於華爾街的預期。我認為，當我們退後一步時，我們對我們的團隊如何駕馭這些空間感到非常滿意。

If you just break out FY24, we grew 5% overall as a company. That's 5.9% in our med tech diagnostics business and about 1% in that biopharma or biosciences pharma space for the full year. If you look at Q4, we were 7.5% growth in the med tech diagnostic space, 1.3% in the bioscience pharma space.

如果你只看 2024 財年，我們公司的整體成長率為 5%。全年醫療技術診斷業務佔 5.9%，生物製藥或生物科學製藥領域佔 1% 左右。如果你看看第四季度，我們在醫療技術診斷領域成長了 7.5%，在生物科學製藥領域成長了 1.3%。

So as you mentioned, Q4 was a little bit of an uptick in the bioscience pharma versus the full year period. But both of those, obviously, very strong on the med tech diagnostic core businesses. And even at 1% for the full year or the 1.3% for the quarter, it was very competitive versus what you're seeing more broadly in the market in those spaces. And so we're pleased with our portfolio. We're pleased with how our teams are executing.

正如您所提到的，與全年相比，第四季度生物科學製藥業務略有上升。但顯然，這兩者在醫療技術診斷核心業務上都非常強大。即使全年成長率為 1%，或季度成長率為 1.3%，與您在這些領域的市場上看到的更廣泛的情況相比，它也非常有競爭力。因此，我們對我們的產品組合感到滿意。我們對團隊的執行方式感到滿意。

And as we look forward, I think we've been -- let me start with maybe just a comment on China since you commented on that, too, and how we've built that into our assumptions for FY25. I've been consistent in taking a cautious view on China in the near term, but also being very positive on the long term, given the large structural unmet healthcare needs and the opportunity for our local capabilities and portfolio to help serve those.

當我們展望未來時，我認為我們已經——讓我先對中國發表評論，因為您也對此發表了評論，以及我們如何將其納入我們對 2025 財年的假設中。近期我一直對中國持謹慎態度，但從長遠來看，我也持非常積極的態度，因為中國存在巨大的未滿足的結構性醫療保健需求，以及我們當地的能力和投資組合有機會幫助滿足這些需求。

And so in China, you're seeing value-based procurement dynamics pretty broad across the industry. We continue to see -- all throughout FY24, we expected to continue very strong volume growth in China, but offset by the impact of VBP on price. Long term, we -- because we're holding a very strong position in the market, we think that's the right thing to do long term, and we feel good about our long-term strategic position. But for FY25, we built in mid-single-digit decline in China into our guide assumptions. That assumes continued very strong volume growth, continued holding our position very nicely there. But overall, that combination still resulting in a mid-single-digit decline that we've built into our guide. We think that's prudent.

因此，在中國，您會看到整個產業基於價值的採購動態相當廣泛。我們繼續看到，在整個 2024 財年，我們預計中國的銷售將繼續強勁增長，但將被 VBP 對價格的影響所抵消。從長遠來看，我們——因為我們在市場上佔據著非常強大的地位，我們認為從長遠來看這是正確的事情，而且我們對我們的長期戰略地位感到滿意。但對於 25 財年，我們將中國的中個位數下降納入了指導假設。這假設銷售量持續強勁成長，並繼續很好地保持我們的地位。但總體而言，這種組合仍然導致我們在指南中納入了中個位數的下降。我們認為這是謹慎的。

On the bioscience pharma space, it's -- we've seen some uptick, as you mentioned, in Q4. I think it's still too early to forecast with high certainty what a recovery curve and timing looks like there. And so we're taking a prudent position on our guide and have that continuing at a rate similar to '24. Again, we really like our position in both the pharma space and in biosciences. We've got a lot of great innovation.

正如您所提到的，在生物科學製藥領域，我們在第四季度看到了一些上升。我認為現在準確地預測復甦曲線和時機還為時過早。因此，我們對我們的指南採取謹慎的立場，並以類似於 24 的速度繼續下去。同樣，我們非常喜歡我們在製藥領域和生物科學領域的地位。我們有很多偉大的創新。

We're extremely well positioned in the biologics. It's interesting, those two spaces that are going through transitory market dynamics. Of course, those two have been two of the fastest-growing businesses for BD over the last several years. And we expect they'll return to being two of the fastest-growing businesses in BD over the more mid and long term. But we do think, given those dynamics that you mentioned, it's prudent for us to take a position that we built into our guide.

我們在生物製劑領域處於非常有利的地位。有趣的是，這兩個領域正在經歷短暫的市場趨勢。當然，這兩項業務是 BD 過去幾年成長最快的兩項業務。我們預計，從中長期來看，它們將重新成為 BD 成長最快的兩家企業。但我們確實認為，考慮到您提到的這些動態，我們採取在指南中納入的立場是明智的。

Just on the hurricane, then I'll turn it over to Chris on phasing. On the hurricane, we're not seeing any impact of that today. I'd say we're monitoring closely the -- any impacts that it could have on procedure volumes, not seeing that broadly at this point. That's just something we're watching, and we'll monitor as we see the recovery of that. There's some modest and small -- we're focused on servicing our customers.

就颶風而言，然後我會把階段性的事情交給克里斯。關於颶風，我們今天沒有看到任何影響。我想說，我們正在密切監視它可能對手術量產生的任何影響，但目前還沒有廣泛觀察到這一點。這只是我們正在觀察的事情，我們將在看到其恢復情況時進行監控。有一些適度和小的——我們專注於為客戶提供服務。

People are using maybe larger volume syringes a bit more as replacements. There's some other products that could help substitute for those where there's gaps in IVs. But overall, we're focusing on servicing our customers during this period of time, but we don't see a significant impact of the business. It's something we're monitoring.

人們更多地使用更大容量的注射器作為替代品。還有一些其他產品可以幫助替代靜脈輸液中存在缺口的產品。但總的來說，我們在這段時間專注於為客戶提供服務，但我們沒有看到業務受到重大影響。這是我們正在監控的事情。

Vijay, it's Chris. On the phasing, just -- so a couple of things. One, relative to where we were last year, like to Tom's point, we've taken a very prudent posture as it relates to the market dynamics that are real. We're not alone there, to your point, we have businesses competing there.

維傑，是克里斯。關於分階段，有幾件事。第一，相對於我們去年的情況，就像湯姆的觀點一樣，我們採取了非常謹慎的態度，因為這與真實的市場動態有關。就你而言，我們並不孤單，我們還有企業在那裡競爭。

As you think of our total phasing of balance across the year, it's actually pretty balanced certainly on earnings, first of all, I shared in the script, first half, second half, very balanced relative to the midpoint of the growth rate of our guide at about 10%.

當你想到我們全年的整體平衡階段時，它實際上在收益方面確實相當平衡，首先，我在腳本中分享，上半年，下半年，相對於我們指南的增長率中點非常平衡約10% 。

So you don't see a lot of fluctuation there. You're going to see strong starting gross margin as you think of Q1 and a steady kind of normalized increase as we move through the year sequentially there. So I think as it relates to kind of P&L dynamics, very strong.

所以你不會看到太多的波動。當你想到第一季時，你會看到強勁的起始毛利率，隨著我們逐年向前推進，你會看到穩定的正常化成長。所以我認為它與損益動態相關，非常強大。

On revenue, we did share that you're going to have a first half, second half dynamic where the growth rate will be below the low end of the total guide range for the first half. It will be above for the second half.

在收入方面，我們確實表示，上半年和下半年將會出現動態，成長率將低於上半年總指引範圍的下限。下半場將如上所述。

One way to think of it, though, is maybe more look at the dollar phasing as a percent of dollars by quarter as we move through the year. We tend to have a lower first half versus second half. We're about 48%, 52% when you think of dollars as a percent of total, with Q1 being lower than the average of the 48%. You're going to see some nuances with the growth rate in Q1 that would be low.

不過，一種思考方式可能是，隨著我們在一年中的推移，美元按季度佔美元的百分比。我們的上半場比數往往低於下半場。當你考慮美元佔總數的百分比時，我們的比例約為 48%、52%，而第一季低於 48% 的平均值。您會看到第一季成長率較低的一些細微差別。

Remember, the market dynamics will be most prominent in Q1. And actually last year, both B2B and Pharm Systems where we had these businesses, we're still at about mid-single digits. If you go back and look at their performance. So you actually also have a comp in the quarter that's impacting us.

請記住，市場動態將在第一季最為突出。事實上，去年，我們擁有這些業務的 B2B 和製藥系統仍然處於中等個位數左右。如果你回去看看他們的表現。因此，實際上該季度的業績也對我們產生了影響。

Thank you, Vijay.

謝謝你，維傑。

Thanks, guys.

謝謝，夥計們。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good morning, thanks for taking my question and congrats on a nice quarter here. I wanted to just ask one question on Alaris, Tom. Did Alaris meet your goal of $350 million for fiscal '24? It sounds like Q4 was about $100 million or slightly below. I think your expectation for $150 million in Q4. And how are you thinking about Alaris sales in fiscal '25 relative to fiscal '24? Thanks for taking the question.

早上好，感謝您提出我的問題，並祝賀您度過了一個愉快的季度。湯姆，我只想問一個關於 Alaris 的問題。Alaris 是否達到了您 24 財年 3.5 億美元的目標？聽起來第四季的銷售額約為 1 億美元或略低。我認為您對第四季度 1.5 億美元的預期。您如何看待 Alaris 在 25 財年相對於 24 財年的銷售額？感謝您提出問題。

Yeah. Thanks for the question, Larry. I'll start off and maybe turn it to Mike here in a moment. But we're really pleased with the first full year of Aleris launches. As we had shared midyears we updated our outlook for Alaris.

是的。謝謝你的提問，拉里。我先開始，也許稍後將其交給麥克。但我們對 Aleris 發布的第一年感到非常滿意。正如我們在年中分享的那樣，我們更新了對 Alaris 的展望。

We expect Alaris to be back at the historical run rate within the first year of launch. And in fact, we saw that come through as expected. And so we feel good as we go into FY25 also with having built a backlog of committed contracts, which is something that we're also focused on rebuilding as we launched here this year.

我們預計 Alaris 將在推出的第一年內恢復到歷史運行率。事實上，我們看到這正如預期的那樣實現了。因此，當我們進入 2025 財年時，我們也感覺良好，因為我們已經積壓了一批已承諾的合同，這也是我們今年在這裡啟動時重點重建的事情。

Maybe, Mike, any additional comments to add?

也許，麥克，還有什麼要補充的嗎？

Just we're really -- like as you mentioned, we're really proud of the performance. I think from the standpoint, yes, we did exceed the $350 million.

正如您所提到的，我們真的為我們的表現感到自豪。我認為從這個角度來看，是的，我們確實超過了 3.5 億美元。

Larry, just to answer the question directly. In the medical number, which was really positive for the quarter and MMS in the times was really positive. There is a very difficult compare to last year with dispensing. We had a very, very strong year last year with dispensing, gained position, did a great job implementing. And that continued through the year, but just from a quarter-to-quarter comparison year on year.

拉里，直接回答問題。在醫療數據方面，本季確實非常積極，而當時的 MMS 也非常積極。與去年相比，分配非常困難。去年我們在分配方面度過了非常非常強勁的一年，獲得了地位，並在實施方面做得很好。這種情況持續了一整年，但只是從同比來看。

There's a little bit of an offset there. So Alaris actually did quite well in the quarter, and we feel good. We feel good kind of feeling like next year, but it's sort of business as usual. We're back to normal in terms of operating the business and continue to serve customers.

那裡有一點偏移。事實上，Alaris 在本季的表現相當不錯，我們感覺很好。我們感覺很好，就像明年一樣，但一切照舊。我們的業務運作已恢復正常，並繼續為客戶提供服務。

Feel good about the committed contract backlog that's been built throughout the year and the progression of how customers have moved through our sales funnel and our ability to ramp up service, ramp up manufacturing, things like that.

對全年建立的承諾合約積壓、客戶在我們銷售管道中的進度以及我們提升服務、提升製造等方面的能力感到滿意。

Maybe just one last thing to add is we really did -- the team did a great job on the remediation efforts as well. We're very much on track. And then we do expect continued strong growth in Alaris as we go into FY25. So thank you for the question, Larry.

也許最後要補充的一件事是我們確實做到了——團隊在補救工作方面也做得很好。我們已經步入正軌。我們確實預計 Alaris 在進入 2025 財年時將繼續強勁增長。謝謝你的提問，拉里。

Thank you.

謝謝。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

Hey thanks for the question. I just wanted to push a little bit on the phasing for '25 and like especially Q1 kind of being kind of sub the guide for the full year, so the 4% with Alaris so strong. You think you'd have a pretty easy Alaris comp. I don't know maybe there's some conservatism built in there.

嘿，謝謝你的提問。我只是想稍微推動一下 25 年的分階段，特別是第一季有點像全年的指南，所以 Alaris 的 4% 非常強勁。您認為您會得到一個非常簡單的 Alaris 組合。我不知道其中是否存在某種保守主義。

And then understanding like the comps get tougher throughout the year, but it's another year of accelerating revenue guide. So just anything you can provide on confidence that you can still accelerate revenue growth over the course of the year against tougher comps?

然後，要理解全年的比較變得更加困難，但這是收入指南加速成長的另一年。那麼，您能提供什麼來讓您相信，在面對更嚴峻的競爭時，您仍然可以在一年內加速收入成長？

Yeah. Thanks, Travis. It's Chris. I'll try and give a little extra color. I think consistent with what I've said, again, the BD profile in terms of how revenue ramps on an absolute dollar basis, it's actually pretty consistent with what you typically see.

是的。謝謝，崔維斯。是克里斯。我會嘗試給一些額外的顏色。我認為，與我所說的一致，BD 的概況（以絕對美元為基礎的收入如何增長）實際上與您通常看到的非常一致。

This is really all about, again, Q1. These market dynamics, you have two businesses that were growing mid-single digits last year. So you actually have a headwind in our -- I know our growth rate looked low last year, but if you recall, we were cycling through moving respiratory into our base business, and there was a big respiratory comp in Q1, which has no effect on this year as you think of growth rate. So really, you have a headwind when you think of year-over-year growth rates. And we feel good.

這其實又是關於第一季的。從市場動態來看，去年有兩家公司實現了中個位數的成長。所以，我們實際上遇到了阻力——我知道我們去年的成長率看起來很低，但如果你還記得的話，我們正在循環地將呼吸系統轉移到我們的基礎業務中，並且第一季有一個很大的呼吸系統補償，這沒有任何影響當你想到今年的成長率。所以說，當你考慮到年比成長率時，你確實會遇到阻力。我們感覺很好。

So we're not reflecting substantial improvement in market dynamics as we move through the year. Q1 is the biggest, and then I would say we continue to see, what I would call, certainly well below our kind of normal growth rate on top line for those businesses that are market impacted.

因此，我們並沒有反映出這一年市場動態的實質改善。第一季是最大的，然後我想說，我們繼續看到，我所說的，肯定遠低於那些受市場影響的企業的正常收入成長率。

Like I said, more importantly, on earnings, we have a super balanced earnings-per-share growth profile with about right around the midpoint of our guide for first half, second half, and you're going to see strong margins out of the gate with Q1 year-over-year margin improvement. And then what I would call just a nice line path of sequential margin improvement throughout the year.

就像我說的，更重要的是，在收益方面，我們的每股盈餘成長狀況非常平衡，大約在我們上半年和下半年指南的中點附近，你會看到強勁的利潤率第一季度利潤率較去年同期改善。然後我稱之為全年利潤率連續改善的良好路線。

Great, thank you

太好了，謝謝

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Good morning and thanks for taking the question. I wanted to ask -- I realize you just gave a fiscal '25 guidance here. But as we kind of strip out the macro dynamics that you called out in the guide, and I think a lot of us will just put Alaris as sort of one-time growth until you get back to the steady run rate probably sometime next year, how are you looking at the underlying growth of the business through '25 and into '26 and the sustainability there? Thanks.

早上好，感謝您提出問題。我想問 - 我知道您剛剛在這裡給出了 25 財年的指導。但當我們剔除您在指南中提到的宏觀動態時，我認為我們許多人都會將 Alaris 視為一次性增長，直到您可能在明年某個時候恢復到穩定的運行速度，您如何看待從25 世紀到26 年間業務的潛在成長以及那裡的可持續性？謝謝。

Yeah. Thanks for the question, Robbie. We feel really good about the -- how we've been moving BD into higher-growth spaces. And you've seen that over the last several years, right? If you look at our underlying top line growth, we obviously look at it without COVID testing in there, and it's been quite strong, right, north of 6% underlying growth for the company in our core business.

是的。謝謝你的提問，羅比。我們對如何將 BD 轉移到更高成長的領域感到非常滿意。在過去的幾年裡你已經看到了這一點，對吧？如果你看看我們的潛在營收成長，你會發現我們顯然沒有進行新冠病毒測試，而且我們的核心業務的潛在成長相當強勁，超過了 6%。

And then obviously, we've got some transitory dynamics here that are affecting two of our strongest growing businesses over that period of time, which are extremely well positioned in fast-growing spaces, right, biologic drug delivery and life science research on single cell -- or on cell analysis.

顯然，我們在這裡遇到了一些短暫的動態，這些動態正在影響我們在那段時間增長最快的兩個業務，它們在快速增長的領域中處於非常有利的位置，對吧，生物藥物輸送和單細胞生命科學研究—或細胞分析。

So as we think about going forward, we continue to view the overall WAM of our space at 5%. We don't change that for the short-term transitory dynamics that one sees happening in destocking in pharma on the life science research side. And so we feel good about that.

因此，當我們考慮未來時，我們仍然認為我們空間的整體 WAM 為 5%。我們不會因為生命科學研究方面製藥去庫存所發生的短期短暫動態而改變這一點。所以我們對此感覺良好。

A number of the -- if you step back and I look at BD 2025 and how we've progressed there, we've got multiple growth platforms and levers now that -- many of which didn't exist at the start of BD 2025, whether or not that's our growth in biologics and GLP-1s, which just crossed the $1 billion size this past year, now $1 billion of biologic drug delivery, the largest of any in the space, and we're really well positioned there.

其中一些 - 如果你退後一步，看看 BD 2025 以及我們在這方面取得的進展，我們現在已經擁有多個增長平台和槓桿 - 其中許多在 BD 2025 開始時並不存在，無論這是否是我們在生物製劑和GLP-1 方面的成長，去年剛剛突破10 億美元規模，現在生物藥物輸送已達到10 億美元，是該領域最大的，我們在這方面確實處於有利地位。

To pharmacy automation to Advanced Patient Monitoring now, a strong growth business. Our tissue reconstruction and infection prevention that you're seeing do really well in the surgery. A PureWick platform, which, as we've shared, we view as $1 billion business opportunity by 2030. Now high throughput molecular on the diagnostic side.

從藥房自動化到現在的高級病患監護，這是一項強勁成長的業務。您看到的我們的組織重建和感染預防在手術中效果非常好。PureWick 平台，正如我們所分享的，我們認為到 2030 年該平台將帶來 10 億美元的商機。現在診斷方面的高通量分子。

So we really like our position in the portfolio. and the spaces that we're in, we're going to continue to reshape -- to continue to advance the portfolio in those spaces and capitalize on the opportunities that we've built.

所以我們真的很喜歡我們在投資組合中的地位。我們將繼續重塑我們所處的領域——繼續推進這些領域的投資組合，並利用我們已經建立的機會。

So thanks for the question, Robbie.

謝謝你的提問，羅比。

Thanks a lot.

多謝。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Beautiful, thank you. Just given it's kind of topical at the moment, question around potential tariffs, supply chain impacts. Do you benefit from onshoring relative to any potential paths to go in? And how are you thinking about pricing as it interrelates within all of that?

美麗，謝謝。鑑於目前這是一個熱門話題，關於潛在關稅、供應鏈影響的問題。相對於任何潛在的進入途徑，您是否從外包中受益？您如何看待定價，因為它與所有這些相互關聯？

Yeah. Thanks for the question, Patrick. From a tariff perspective, when we saw this dynamic that happened in the past, we were -- we didn't see significant impacts from that. Just as a reminder, from a China perspective, our strategy has always been strong local manufacturing in China for China. There's actually only really one product that we export from China today. And it's quite small in the grand scheme of BD.

是的。謝謝你的提問，派崔克。從關稅的角度來看，當我們看到過去發生的這種動態時，我們沒有看到它產生的重大影響。提醒一下，從中國的角度來看，我們的策略始終是在中國本土製造，為中國做強。事實上，今天我們從中國出口的產品只有一種。在BD的宏偉計劃中，它是相當小的。

So as we go forward, that's something we'll certainly watch, but our strategy is -- has been across the board and particularly given the volumes that we talk about when we're moving billions of units. Our network is set up to serve local markets with heavy local manufacturing in many cases.

因此，隨著我們的前進，我們肯定會關注這一點，但我們的策略是——一直是全面的，特別是考慮到我們在移動數十億單位時所談論的數量。我們的網路的建立是為了在許多情況下透過大量的本地製造來服務本地市場。

We're a very strong domestic manufacturer in the US. Obviously, many things in Europe are served out of Europe, et cetera. But that's a space that we'll continue to obviously monitor that. But we do well navigating it the last time.

我們是美國一家非常強大的國內製造商。顯然，歐洲的許多事情都是由歐洲提供的，等等。但我們顯然會繼續關注這一領域。但我們上次的導航做得很好。

Thanks for the question, Patrick

謝謝你的提問，派崔克

David Roman, Goldman Sachs.

大衛羅曼，高盛。

Good morning, everybody. I wanted to just to dig in a little bit more here on the P&L. And as we look at FY25, there’s some sort of discrete items here. You have a year-over-year kind of gross margin normalization as well as accretion from M&A, offset by tax headwinds and higher interest expense.

大家早安。我想進一步深入了解損益表。當我們展望 25 財年時，這裡有一些離散的項目。毛利率年正常化，併購增加，但被稅收不利因素和更高的利息支出所抵銷。

And at the same time, as we look at Q4, we did see a turn in operating expense growth after kind of many quarters of year-over-year declines. So can you maybe just help us think about the construct of the P&L here both in FY25, and how we should think about it beyond that point in terms of normalized growth drivers across the various line items?

同時，當我們觀察第四季時，我們確實看到在經歷了多個季度的同比下降之後，營運費用出現了增長。那麼，您能否幫助我們思考一下 2025 財年損益表的結構，以及我們應該如何考慮該點之後各個專案的正常化成長驅動因素？

Yeah. Thanks for the question. I appreciate it. So we couldn't be more excited about kind of how we're shaping the P&L. The focus on BD excellence. You saw it in the back half of FY24, all the progress we're making on gross margin.

是的。謝謝你的提問。我很感激。因此，我們對如何制定損益表感到非常興奮。專注於 BD 卓越。您在 2024 財年下半年就看到了我們在毛利率方面取得的所有進展。

So we talked about year over year delivering about 100 basis points of operating margin improvement. However, this will be the first year that is predominantly coming from gross margin allows us to kind of reshape the P&L. We have differentiated levels that will enable growth as you think of selling specifically and R&D, so both shorter term and long term. And so we view this as a very healthy P&L.

因此，我們談到營業利潤率逐年提高約 100 個基點。然而，這將是第一年主要來自毛利率，使我們能夠重塑損益表。我們擁有差異化的水平，可以在您考慮專門銷售和研發時實現成長，無論是短期還是長期。因此，我們認為這是一個非常健康的損益表。

Obviously, if you go back to BD 2025 when we first rolled that out, at the time the market complexity and significant outsized inflation was not there. So we've been doing great things in gross margin, but a lot of it has been covering those headwinds.

顯然，如果你回到我們第一次推出該計劃時的 BD 2025，當時市場的複雜性和嚴重的通貨膨脹還不存在。因此，我們在毛利率方面一直做得很好，但其中很大一部分都是為了彌補這些不利因素。

Now you're seeing that play out. '25 is the first year that shows up. as we talk more in our upcoming Investor Day. That strategy will certainly continue, and we see that as a key value driver on a go-forward basis.

現在你正在看到這樣的情況發生。 '25 是出現的第一年。我們將在即將到來的投資者日進行更多討論。這項策略肯定會持續下去，我們認為這是未來的關鍵價值驅動因素。

Thanks for the question, David.

謝謝你的提問，大衛。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Hi, thanks so much for taking the question. Tom, just wanted to circle back. You mentioned--congrats in the quarter and the kind of really well thoughtful and put together guide taking into account this market dynamics is super helpful.

您好，非常感謝您提出問題。湯姆，只是想繞回來。您提到，恭喜本季度，考慮到這一市場動態，這種經過深思熟慮和整理的指南非常有幫助。

But for my question, I just wanted to drill down a little bit more into what you're doing in AI. You mentioned the first of a series of products or technologies or enabling systems that you distribute rolling out. And just say that you can flush out on your strategy there. Maybe how you're putting some of the data that you're generating at BD to work kind of fuel those strategies? Thanks.

但對於我的問題，我只是想更深入地了解你們在人工智慧領域所做的事情。您提到了您分發的一系列產品或技術或支援系統中的第一個。只是說你可以在那裡制定你的策略。也許您如何將 BD 產生的一些數據用於為這些策略提供動力？謝謝。

Yes. Thank you for the question, Matt. You're kind of teeing us up for our Investor Day on February 26, where we'll actually get to highlight and demo some of what we're doing there, which we're really excited about.

是的。謝謝你的提問，馬特。你們正在為 2 月 26 日的投資者日做準備，屆時我們將重點展示並演示我們正在做的一些事情，我們對此感到非常興奮。

So if you just step back, BD has been focused in this space for quite a number of years. We have several products on the market today that utilize AI. That started with algorithms that we use for basically automating creating autonomous microbiology where there's software reading the petri dishes and determining if there is growth or not, and in some cases, what the bacteria is, and that's been built into our Kiestra platform.

因此，如果您退一步看，BD 多年來一直專注於這一領域。目前市面上有多種利用人工智慧的產品。首先是我們用於基本上自動化創建自主微生物學的演算法，其中有軟體讀取培養皿並確定是否有生長，在某些情況下確定細菌是什麼，這些都已內建在我們的 Kiestra 平台中。

We then partnered with Microsoft and utilized that technology to be looking at all the data across our platforms to determine where a narcotic diversion could be happening in a healthcare system and identifying specific clinicians that are at risk, describing why we believe that they're at risk and then helping hospital systems get them help and stop that from occurring.

然後，我們與Microsoft 合作，利用該技術查看我們平台上的所有數據，以確定醫療保健系統中可能發生麻醉品轉移的位置，並識別面臨風險的特定臨床醫生，描述為什麼我們認為他們處於危險之中。

Of course, our new to BD business that we're really excited about, Advanced Patient Monitoring has been doing a great job using AI building into their algorithms to help predict where there could be hemodynamic changes in the future.

當然，我們對 BD 業務的新業務感到非常興奮，高級患者監護一直在利用人工智慧建立其演算法來幫助預測未來可能發生血流動力學變化的方面做得非常出色。

And we're really excited about how that can integrate in now with our infusion pump technology to help create closed loops in the future using AI combined with the devices that actually can impact patient care and be able to predict something is going to occur at just therapy and help prevent it from ever occurring is really exciting concepts that we're working on.

我們非常興奮現在如何將其與我們的輸液泵技術集成，以幫助在未來使用人工智能與實際可以影響患者護理的設備相結合來創建閉環，並能夠預測將要發生的事情治療並幫助預防它的發生是我們正在研究的非常令人興奮的概念。

We did mention, as you said also on the call, the application of AI in a new platform that will be cutting across all BD devices. We'll be sharing more of that at our Investor Day on February 26, but its first launch will be taking place with our new Pyxis platform.

正如您在電話會議上所說，我們確實提到了人工智慧在新平台中的應用，該平台將跨越所有 BD 設備。我們將在 2 月 26 日的投資者日分享更多內容，但其首次發布將在我們新的 Pyxis 平台上進行。

And so think about new series of BD devices as we're launching them with Pyxis being the first of AI-enabled devices that we'll be able to connect into an AI cloud-based platform that will be able to take data from devices across our businesses and be able to use that to create better outcomes, create better efficiencies for clinicians and for staff that are analyzing that data.

因此，考慮我們推出的新系列 BD 設備，Pyxis 是第一款支援 AI 的設備，我們將能夠連接到基於 AI 雲端的平台，該平台將能夠從跨設備的設備獲取數據我們的業務，並能夠利用它來創造更好的結果，為臨床醫生和分析數據的工作人員創造更好的效率。

Again, we'll go much deeper on that. Hands on at our Investor Day coming up in February, but a little bit of a sneak preview. I think just one other maybe comment, Matt, is we are -- we certainly see a significant opportunity on the innovation side, particularly given -- we have millions of smart devices out there. We have about 3 million smart devices out there generating data. And so right, the opportunity to use that data to do new things and create outcomes.

同樣，我們將更深入地討論這一點。在二月即將舉行的投資者日上親身體驗，但可以先睹為快。馬特，我認為另一個可能的評論是，我們確實看到了創新方面的重大機遇，特別是考慮到我們擁有數百萬台智慧型裝置。我們有大約 300 萬台智慧型裝置在產生資料。因此，我們有機會利用這些數據來做新事情並創造成果。

So we think we're really uniquely positioned there. We've been spending a lot of time thinking about that. Some of the increased R&D investment that Chris mentioned earlier, is actually in this space as well. We're creating a new incubator focused on AI and our products, but more broadly, we're also applying it in operations.

所以我們認為我們在那裡的定位非常獨特。我們花了很多時間思考這個問題。克里斯之前提到的一些增加的研發投資實際上也在這個領域。我們正在創建一個專注於人工智慧和我們的產品的新孵化器，但更廣泛地說，我們也在營運中應用它。

Of course, our large operational footprint, there's a real opportunity to use it from a forecasting perspective, optimizing line OEE and performance, and we have initiatives applying it there on the efficiency side as well.

當然，我們龐大的營運足跡，確實有機會從預測的角度使用它，優化生產線 OEE 和性能，並且我們也有在效率方面應用它的舉措。

So thanks again for the question.

再次感謝您的提問。

Matt Taylor, Jefferies.

馬特泰勒，杰弗里斯。

Good morning, thanks for taking the question. I was wondering now that you've closed APM, if you could give us some additional thoughts on how you think that segment could grow over time and just how it's going to contribute to the margins going forward? And you were just talking about your connected strategy. So I was wondering if you had additional thoughts on how you could develop that and perhaps integrate it with some of the other segments there that are smart and connected and generating the data?

早上好，感謝您提出問題。我想知道，既然您已經關閉了 APM，您能否給我們一些額外的想法，說明您認為該細分市場將如何隨著時間的推移而增長，以及它將如何為未來的利潤做出貢獻？您剛剛談到了您的互聯策略。所以我想知道您是否對如何開發它以及如何將其與其他一些智慧、連接和生成數據的部分整合有更多的想法？

Yeah. Thanks for the question, Matt. So we couldn't be more excited about APM coming into BD. We're really happy having Katie lead that team.

是的。謝謝你的提問，馬特。因此，我們對 APM 進入 BD 感到無比興奮。我們真的很高興凱蒂領導這個團隊。

I'd say the integration could be going better, really an immediate cultural fit and they're staying heads down executing that our focus is making sure that as we integrate, they can stay focused on servicing customers, driving the great innovation momentum that they've got and capitalizing on the opportunities ahead.

我想說，整合可能會進展得更好，真正實現了直接的文化契合，他們正在埋頭執行，我們的重點是確保在我們整合時，他們可以繼續專注於為客戶提供服務，推動他們的巨大創新動力。

As we think about -- we did highlight for the first time in our deck and in the discussion some of the products that they're launching this year. that we're excited about. We had shared long term, we view them as at least a 6% to 7% growth business. We certainly see that well intact.

正如我們所想，我們確實第一次在我們的平台和討論中重點介紹了他們今年推出的一些產品。我們對此感到興奮。從長遠來看，我們認為它們是至少有 6% 到 7% 成長的業務。我們當然看到它完好無損。

And again, the business is not missing a beat coming into the BD. They didn't do it miss it at all in the month that they've been part of us and that's continuing as we go into this fiscal year.

再說一遍，該業務並沒有錯過進入 BD 的節奏。在他們成為我們一部分的那個月裡，他們根本沒有錯過這一點，而且隨著我們進入本財年，這種情況仍在繼續。

I think on the integration side, we had shared this when we announced the deal. One of the key rationales for us coming together was the fact that one of the things when we talk to our customers on medication management is that they’re most critically ill patients. There's a really important connection between understanding their hemodynamics which is really the blood pressure real time and the medications. Because that's what's managing that hemodynamic, it's being managed by medications and fluid intake and outtake.

我認為在整合方面，我們在宣布交易時已經分享了這一點。我們走到一起的關鍵理由之一是，當我們與客戶談論藥物管理時，其中一件事是他們是病情最嚴重的患者。了解他們的血流動力學（即即時血壓）和藥物之間有非常重要的關聯。因為這就是管理血流動力學的原因，所以它是透過藥物和液體攝取和排出來管理的。

And so if you can combine the two, what's happening in the patient's body with what's going into the patient's body, which we know what's going into the patient's body through Alaris and they know what the impact of that is in the patient's body, you can really start letting algorithms and informatics start optimizing that to keep the patients stable and get better outcomes.

因此，如果您可以將兩者結合起來，患者體內發生的情況和進入患者體內的情況（我們透過 Alaris 知道進入患者體內的情況，並且他們知道這對患者體內的影響是什麼），您就可以真正開始讓演算法和資訊學開始優化，以保持患者穩定並獲得更好的結果。

And that's one of the top three things that our customers were asking for in that space. And so we've actually -- as Chris mentioned, we -- part of our P&L this year includes some additional investments in selling, reinvestments from the gross margin expansion also in R&D. That's a project that we funded for '25 that will be led by our APM business.

這是我們的客戶在這個領域最需要的三件事之一。因此，正如克里斯所提到的，我們今年的損益表的一部分包括對銷售的一些額外投資，以及對研發的毛利率擴張的再投資。這是我們在 25 年資助的一個項目，將由我們的 APM 業務領導。

And so it's early, but we're already getting after it right from the start. And our teams are really excited about the opportunities to innovate in that space. So thank you for the question.

雖然現在還為時過早，但我們從一開始就在努力實現這一目標。我們的團隊對這個領域的創新機會感到非常興奮。謝謝你的提問。

Rick Wise, Stifel.

瑞克懷斯，史蒂菲爾。

Good morning, everybody. Maybe we can turn to capital allocation. Your $1 billion share repurchase announcement over the next 12 to 18 months certainly seems like a positive to me and highlights your views about the value inherent in the stock. A couple of things.

大家早安。也許我們可以轉向資本配置。您宣佈在未來 12 至 18 個月內回購 10 億美元的股票對我來說無疑是積極的，並凸顯了您對股票內在價值的看法。有幾件事。

Should we be interpreting this as Becton taking maybe a momentary step back from your tuck-in acquisition strategy near term as you integrate APM? Is it their value -- lack of value, a lack of compelling candidates, and again, more broadly on capital allocation related to dividends or -- and anything else you want to talk about?

我們是否應該將此解釋為 Becton 在整合 APM 時暫時放棄了近期的收購策略？是他們的價值嗎——缺乏價值，缺乏令人信服的候選人，以及更廣泛的與股息相關的資本配置——以及你想談論的其他任何事情？

Rick, thanks. It's Chris. Appreciate the question. I guess, first, before we get into capital allocation, it starts obviously with strong margins and healthy cash flow. We've been extremely focused on cash flow progression.

瑞克，謝謝。是克里斯。感謝這個問題。我想，首先，在我們進行資本配置之前，顯然是從強勁的利潤率和健康的現金流開始的。我們一直非常關注現金流的進展。

We had a really strong year in FY24. We grew our free cash flow by $1 billion and exceeded our goal of free cash flow conversion, ending at about 82%. This gives us more financial flexibility is the way to think of it. I think our capital allocation priorities are largely unchanged.

我們在 2024 財政年度過了非常強勁的一年。我們的自由現金流增加了 10 億美元，超出了我們的自由現金流轉換目標，最終達到約 82%。這是我們思考的方式，這給了我們更多的財務彈性。我認為我們的資本配置重點基本上沒有改變。

You did see us announce a dividend increase at 9.5%. That's something that's reliable that you can continue to rely on. We've always said that we're going to prioritize remaining free cash flow for tuck-in M&A, but we're in a position where we just digested over $4 billion acquisition.

您確實看到我們宣布將股息增加 9.5%。這是您可以繼續依賴的可靠的東西。我們一直說，我們將優先考慮剩餘的自由現金流來進行併購，但我們現在的處境是，我們剛剛消化了超過 40 億美元的收購。

We're focused on capitalizing the value out of APM. It's an extremely exciting opportunity, durable high single-digit grower. And so we're very excited about that. So we want to remain disciplined about our net leverage flight path down to 2.5 times, which we’ll do in 12 to 18 months.

我們專注於利用 APM 的價值。這是一個極其令人興奮的機會，是持久的高個位數種植者。我們對此感到非常興奮。因此，我們希望保持將淨槓桿率降至 2.5 倍的紀律，我們將在 12 至 18 個月內做到這一點。

With that said, with the stronger cash flow position we have and continued momentum in driving a strong cash flow position in '25, we just felt like, given what we see a strong intrinsic value of BD, we could kind of step up the level of share repurchases to about $1 billion over that same time frame while still consistently executing against the 2.5 times net leverage.

話雖如此，憑藉我們擁有的更強勁的現金流狀況以及在 25 年推動強勁現金流狀況的持續動力，我們只是覺得，鑑於我們看到 BD 強大的內在價值，我們可以提高水平同期股票回購額達到約10 億美元，同時仍以2.5 倍的淨槓桿率持續執行。

So I think it's another important part, and I appreciate you asking the question. We've been very focused on cash flow, and we'll continue to do so.

所以我認為這是另一個重要的部分，我很感謝你提出這個問題。我們一直非常關注現金流，並將繼續這樣做。

Thanks for the question, Rick.

謝謝你的提問，瑞克。

And that will conclude today's question-and-answer session. At this time, I'd like to turn the floor back over to Tom Polen for any additional or closing comments.

今天的問答環節就到此結束。現在，我想將發言權交還給 Tom Polen，以徵求任何補充意見或結束意見。

Well, thank you for joining us on our call today. I'd like to take a moment and again, thank our global team of associates who are advancing our strategy, supporting our customers and improving the lives of the patients we serve.

好的，感謝您今天參加我們的電話會議。我想再次感謝我們的全球員工團隊，他們正在推進我們的策略、支持我們的客戶並改善我們所服務的患者的生活。

We believe we are well positioned heading into FY25 with multiple growth drivers across our portfolio enabling us to effectively navigate market dynamics and momentum in BD Excellence driving margin expansion to deliver a strong earnings and cash profile.

我們相信，進入 25 財年，我們處於有利位置，我們的投資組合具有多種成長動力，使我們能夠有效駕馭市場動態和 BD Excellence 的勢頭，推動利潤率擴張，從而實現強勁的盈利和現金狀況。

We look forward to connecting with everyone on our Q1 call in February and again at our Investor Day. Thank you for your continued support of BD.

我們期待在二月的第一季電話會議以及投資者日再次與大家聯繫。感謝您對 BD 的持續支持。

This does conclude this audio webcast. On behalf of BD, thank you for joining today. Please disconnect your lines at this time, and have a wonderful day.

本次音訊網路廣播到此結束。我謹代表 BD 感謝您今天的加入。請此時斷開線路，祝您有美好的一天。