Becton Dickinson and Co (BDX) 2025 Q1 法說會逐字稿

Please stand by. We're about to begin. Good day everyone. Welcome to today's conference call to discuss BD's first quarter fiscal 2025 earnings and BD's announcement of its intent to separate BD's biosciences and diagnostic solutions business from the rest of BD. At the request of BD, today's call is being recorded (Operator Instructions)

請稍候。我們就要開始了。大家好。歡迎參加今天的電話會議，討論 BD 2025 財年第一季的收益以及 BD 宣布將 BD 的生物科學和診斷解決方案業務與 BD 的其他部分分離的意圖。應 BD 的要求，今天的通話正在錄音（操作員指令）

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

現在，我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 先生。先生，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. We have a lot of exciting news to discuss today. Yesterday afternoon, we issued two press releases.

早安，歡迎參加 BD 的財報電話會議，我是高級副總裁、財務主管兼投資者關係主管 Greg Rodetis。感謝您加入我們。此次通話將透過 bd.com 上的音訊網路廣播進行。今天我們有很多令人興奮的消息要討論。昨天下午我們發布了兩則新聞稿。

The first discusses our first quarter results of fiscal '25. The second announces our intention to separate BD's Biosciences and Diagnostic Solutions business. The press releases and accompanying presentations can be accessed on the IR website at investors.bd.com.

第一部分討論我們的25財年第一季的業績。第二份報告宣布了我們分離 BD 生物科學和診斷解決方案業務的意圖。新聞稿和隨附簡報可在 IR 網站 investors.bd.com 上查閱。

For the purposes of today's call, we have posted a combined presentation and we'll be providing slide reference queues to assist you in following along with our prepared remarks.

為了今天的電話會議，我們發布了一份合併的演示文稿，並將提供幻燈片參考隊列，以幫助您跟上我們準備好的發言。

In connection with the separation announcement, the company has decided to postpone its Investor Day previously scheduled for February 26, 2025, to allow BD to focus on the transaction. The company expects to provide a comprehensive update on strategy and outlook in the future closer to the separation.

與分離公告相關，該公司決定推遲原定於 2025 年 2 月 26 日舉行的投資者日，以便 BD 專注於交易。該公司預計將在接近分離時提供有關未來策略和前景的全面更新。

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.

今天主持電話會議的是 BD 董事長、執行長兼總裁 Tom Polen；以及執行副總裁兼財務長 Chris DelOrefice。

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.

在今天上午的準備好的演講之後，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 (Mike Garrison) 一起進行問答；生命科學部門總裁 Mike Feld；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 disclosures in our SEC filings available on the investor relations website.

在我們開始之前，我想提醒您，我們將做出前瞻性的陳述。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美國證券交易委員會提交的文件中披露的內容。

Unless otherwise specified, all comparisons will be made on a year over year basis versus the relevant fiscal period. 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 presentations.

除非另有說明，所有比較均以相關財務期間的同比為基礎進行。除非另有說明，收入百分比變動均以外匯中性為基礎。公認會計準則 (GAAP) 和非公認會計準則 (非 GAAP) 指標之間的對帳表包含在收益報告和簡報的附錄中。

With that, let's turn to slide 5, and I am very pleased to turn it over to Tom.

接下來，讓我們翻到第 5 張投影片，我很高興將它交給湯姆。

Thanks, Greg, and good morning, everyone. We have a number of significant updates to share on how we are creating value through our BD 2025 strategy. This includes yesterday's announcement of the planned separation of our Biosciences and Diagnostic Solutions business, our strong Q1 results, updated fiscal 2025 guidance and progress on our innovation pipeline. So let's jump right in.

謝謝，格雷格，大家早安。我們有許多重要的更新要分享，講述我們如何透過 BD 2025 策略創造價值。這包括昨天宣布的計劃分離我們的生物科學和診斷解決方案業務、我們強勁的第一季業績、更新的 2025 財年指引以及我們的創新管道的進展。因此讓我們立即開始。

Starting with our Q1 results. We continue to demonstrate strong execution, exceeding each of our financial goals. This includes 9.6% revenue growth or 3.9% organic. We delivered 370 basis points and 340 basis points of adjusted gross and operating margin expansion, respectively and 28% growth in adjusted diluted EPS to $3.43.

從我們的第一季業績開始。我們持續展現出強勁的執行力，超越了我們的每一個財務目標。其中包括9.6%的收入成長或3.9%的有機成長。我們實現了調整後毛利率和營業利潤率分別成長 370 個基點和 340 個基點，調整後稀釋每股盈餘成長 28% 至 3.43 美元。

Chris will provide more color on our Q1 results, but I'd like to take a moment to thank our team, whose execution and momentum of BD excellence is powering continued strong margin expansion, earnings and cash flow performance.

克里斯將為我們的第一季業績提供更多細節，但我要花點時間感謝我們的團隊，他們的執行力和 BD 卓越勢頭推動了利潤率、盈利和現金流表現持續強勁增長。

We returned over $1 billion to shareholders in Q1. This includes $300 million in dividends and a $750 million accelerated share buyback, which we see as a value-creating action based on our view of BD's intrinsic value.

我們在第一季向股東返還了超過 10 億美元。其中包括 3 億美元的股息和 7.5 億美元的加速股票回購，根據我們對 BD 內在價值的看法，我們認為這是一項創造價值的行動。

With strong operational performance in Q1 and confidence in the year, we affirmed our full year currency neutral and organic revenue growth guidance. Our Q1 outperformance enables us to derisk growth expectations for the second half and also raised the midpoint of our reported EPS guidance despite incremental translational currency impacts.

憑藉第一季強勁的營運業績和對全年的信心，我們確認了全年貨幣中性和有機收入成長預期。我們第一季的優異表現使我們能夠降低下半年的成長預期，並且儘管匯率影響有所增加，但我們仍然提高了報告的每股盈餘預期的中點。

Moving to slide 6. Innovation is core to our growth strategy, and we continue to make strong progress against our pipeline. I'd like to share an update on some key milestones. In BD Medical, we continue to progress our connected care strategy and as planned, submitted the next 510(k) for our BD Alaris infusion system that enables over the air software updates and includes a new EtCO2 module.

移至幻燈片 6。創新是我們成長策略的核心，我們持續在創新方面取得強勁進展。我想分享一些重要里程碑的最新消息。在 BD Medical，我們繼續推進我們的互聯護理策略，並按照計劃為我們的 BD Alaris 輸液系統提交了下一個 510(k)，該系統可實現無線軟體更新，並包含一個新的 EtCO2 模組。

BD Alaris is the only infusion system with an integrated EtCO2 module, enhancing patient safety by monitoring their respiratory system and pausing the pump when necessary to reduce the risk of opioid overdose.

BD Alaris 是唯一配備整合 EtCO2 模組的輸液系統，可透過監測患者的呼吸系統並在必要時暫停幫浦來降低阿片類藥物過量的風險，從而提高患者的安全性。

The pace and impact of innovation also continues to be strong in Advanced Patient Monitoring, where we received 510(k) clearance on the next-gen HemoSphere Alta Monitor and the new Swan IQ and ForeSight IQ smart sensors.

在高級病人監護領域，創新的速度和影響力也持續保持強勁，我們的下一代 HemoSphere Alta 監視器和新的 Swan IQ 和 ForeSight IQ 智慧感測器獲得了 510(k) 許可。

In BDI, we continue to advance our strategy in advanced tissue regeneration and expand into new applications. Most recently, we received EU approval for the prevention of incisional hernias using the Phasix resorbable mesh. This makes Phasix the first resorbable mesh with a broad indication for preventing incisional hernias. Our US trial remains underway.

在 BDI，我們繼續推動我們在先進組織再生方面的策略並擴展到新的應用領域。最近，我們獲得了歐盟批准，可以使用 Phasix 可吸收網片預防切口疝氣。這使得 Phasix 成為第一個具有廣泛適應症用於預防切口疝氣的可吸收網片。我們的美國審判仍在進行中。

We also enrolled the first patients in our GalaFLEX capsular contraction prevention clinical trial. This product is BD's first in a series of new innovations using our resorbable biomaterial to improve outcomes in patients undergoing breast surgery.

我們也招募了第一批患者參與 GalaFLEX 囊收縮預防臨床試驗。該產品是 BD 使用可吸收生物材料進行的一系列新創新中的第一個，旨在改善乳房手術患者的治療效果。

Finally, in Life Sciences, we continue to advance our strong cycle of innovation and remain on track to launch the first BD FACSDiscover analyzer, the A8, in the second half of this fiscal year. Additionally, in our Molecular Diagnostics portfolio, we're continuing to advance our position in the $2 billion high-volume molecular testing market.

最後，在生命科學領域，我們持續推動強勁的創新週期，並預計在本財年下半年推出第一款 BD FACSDiscover 分析儀 A8。此外，在我們的分子診斷產品組合中，我們將持續提升我們在 20 億美元高容量分子偵測市場的地位。

Our BD Onclarity HPV assay is the only test with extended genotyping to be FDA approved for self-collection and we're seeing accelerating sales funnel momentum as a result of recent changes in US cervical cancer screening guidelines and increased US reimbursement.

我們的 BD Onclarity HPV 檢測是唯一獲得 FDA 批准用於自我收集的擴展基因分型檢測，並且由於美國子宮頸癌篩檢指南的近期變化和美國報銷額度的增加，我們看到銷售管道勢頭正在加速增長。

Before I turn it over to Chris to provide further color on our financials and outlook, I want to again express my appreciation of our team's strong work in advancing our BD 2025 strategy, a strong quarter and for what's ahead. Chris?

在我將話題轉交給克里斯，讓他進一步介紹我們的財務狀況和前景之前，我想再次對我們團隊在推進 BD 2025 戰略、強勁的季度和未來發展方面所做的出色工作表示感謝。克里斯？

Thanks, Tom. Echoing Tom's comments, I'm truly excited about our plan to separate Biosciences and Diagnostic Solutions. It's an exciting next step in our strategy that we believe can unlock significant value for both New BD and Biosciences and Diagnostic Solutions. Both businesses will be positioned to thrive in their respective markets and deliver value for all stakeholders, shareholders, employees and of course, our customers and the patients they serve.

謝謝，湯姆。與湯姆的評論一致，我對我們分離生物科學和診斷解決方案的計劃感到非常興奮。這是我們策略中令人興奮的下一步，我們相信它可以為新 BD 和生物科學與診斷解決方案釋放巨大的價值。兩家公司都將在各自的市場中蓬勃發展，並為所有利益相關者、股東、員工，當然還有我們的客戶和他們服務的患者創造價值。

Let me start on slide 7 and our Q1 results. Strong execution drove revenue, margin and earnings ahead of our expectations. Q1 revenue grew 9.6%, or 3.9% organic. Organic growth was led by MedTech business with about 5% growth driven by volumes and share gains across core devices, and strong performance in our growth platforms, including double-digit growth in PureWick, Peripheral Vascular Disease and Phasix. Diagnostic Solutions grew modestly as strength in lab automation and momentum in BD MAX molecular platform IVD assays was partially offset by reparatory season timing.

讓我從第 7 張投影片和我們的第一季業績開始。強勁的執行力推動收入、利潤和收益超出了我們的預期。第一季營收成長 9.6%，有機成長 3.9%。有機成長由醫療科技業務帶動，該業務增長約 5%，這得益於核心設備的銷量和份額增長，以及我們增長平台的強勁表現，包括 PureWick、外周血管疾病和 Phasix 的兩位數增長。由於實驗室自動化的實力和 BD MAX 分子平台 IVD 檢測的發展勢頭被修復季節的時間部分抵消，診斷解決方案略有增長。

Q1 performance also reflects the expected decline in Biosciences, given market dynamics, that reduced research funding in China and the US. Regionally, total company organic growth was led by strong performance in the US and was partially offset by the decrease in China, predominantly in Biosciences.

鑑於市場動態，第一季的業績也反映了生物科學領域預期的下滑，這導致中國和美國的研究資金減少。從地區來看，公司整體有機成長主要得益於美國的強勁表現，但卻被中國（主要是生物科學領域）的下滑部分抵銷。

To allow time to share our perspective on the separation of Biosciences and Diagnostic Solutions and have sufficient time for Q&A, please refer to the slides accompanying today's call for additional performance details by segment.

為了有時間分享我們對生物科學和診斷解決方案分離的看法，並有充足的時間進行問答，請參閱今天電話會議附帶的幻燈片，以獲取各部門的更多績效詳情。

Turning to our P&L results. Q1 adjusted diluted EPS of $3.43 grew 28%, driven by strong operational performance ahead of our expectations and the timing of a discrete tax item that was contemplated in our full year tax rate.

談到我們的損益結果。第一季調整後攤薄每股收益為 3.43 美元，成長 28%，這得益於超出我們預期的強勁營運業績，以及全年稅率中考慮的單獨稅項的時間。

Consistent with our commitments, we delivered strong margin to start the year with adjusted gross margin of 54.8% and adjusted operating margin of 23.6%, up 370 basis points and 340 basis points year over year, respectively, both ahead of our expectations and fueled by momentum and BD Excellence. Strong margin performance continued to enable outsized investments in selling and R&D to drive growth.

按照我們的承諾，我們在年初實現了強勁的利潤率，調整後的毛利率為 54.8%，調整後的營業利潤率為 23.6%，分別比去年同期增長了 370 個基點和 340 個基點，均超出了我們的預期，並且得益於發展勢頭和 BD Excellence。強勁的利潤率表現繼續推動對銷售和研發的巨額投資，從而推動成長。

Regarding cash and capital allocation. Free cash flow of approximately $600 million was in line with our expectations and was impacted by the timing of planned one-time cash payments. Full year cash flow continues to be in line with our prior expectations.

關於現金和資本配置。約 6 億美元的自由現金流符合我們的預期，並受到計劃的一次性現金支付時間的影響。全年現金流繼續符合我們先前的預期。

In the quarter, we returned over $1 billion to shareholders, including dividends and a $750 million accelerated share repurchase. Cash and short-term investments at December 31 totaled $728 million. We ended the quarter with net leverage of 2.9 times and are on track to meet our deleveraging commitments.

本季度，我們向股東返還了超過 10 億美元，包括股息和 7.5 億美元的加速股票回購。截至 12 月 31 日的現金和短期投資總額為 7.28 億美元。截至本季末，我們的淨槓桿率為 2.9 倍，並且有望履行去槓桿承諾。

Turning to slide 8 and our updated fiscal '25 guidance. As we look ahead to the balance of the year, we remain focused on driving areas of momentum and continue to monitor transitory market dynamics, notably in China and Biosciences research funding levels.

轉到投影片 8 和我們更新的 25 財年指引。展望今年的剩餘時間，我們仍將重點放在推動發展勢頭的領域，並繼續監測暫時的市場動態，特別是中國和生物科學研究資金水準。

We are maintaining our currency neutral total and organic revenue growth guidance. Regarding foreign currency, based on current spot rates for illustrative purposes, we expect a headwind to revenue from translational currency of approximately $250 million for the full fiscal year which is an increase of approximately $200 million from our prior guidance view. As a result, we now expect fiscal 2025 total revenues to be in a range of $21.7 billion to $21.9 billion.

我們維持貨幣中性的總收入和有機收入成長指引。至於外幣，基於當前的即期匯率，我們預計整個財年將因換算貨幣而產生約 2.5 億美元的收入逆風，比我們之前的預期高出約 2 億美元。因此，我們現在預計 2025 財年總營收將在 217 億美元至 219 億美元之間。

For tax, we now expect our adjusted effective tax rate to be between 14% and 15.25%. On the strength of our Q1 performance, particularly our margin execution and our confidence in the full year, we are increasing the midpoint of our fiscal 2025 adjusted reported EPS guidance.

對於稅收，我們現在預計調整後的有效稅率將在 14% 至 15.25% 之間。憑藉第一季的強勁表現，尤其是我們的利潤率執行情況以及對全年的信心，我們將上調 2025 財年調整後每股收益指引的中點。

We now expect adjusted reported EPS of $14.30 to $14.60, which reflects growth of 10% at the midpoint. Our updated EPS guidance reflects an operational increase of $0.175 that is absorbing $0.15 of estimated incremental translational currency.

我們現在預計調整後的每股收益為 14.30 美元至 14.60 美元，中間值成長 10%。我們更新的每股盈餘指引反映了 0.175 美元的營運成長，該成長吸收了 0.15 美元的預期增量平價貨幣。

As you think about phasing over the balance of fiscal '25, the following are some considerations. Q1 revenue performance allows us to further derisk our second half growth by about 25 basis points. Our expectation for the first half organic revenue growth remains largely unchanged versus our prior expectations with some timing of revenues shifted into Q1.

當您考慮分階段完成 25 財年的餘額時，請考慮以下一些事項。第一季的營收表現使我們能夠進一步降低下半年成長的風險約 25 個基點。我們對上半年有機收入成長的預期與先前的預期相比基本保持不變，只是部分收入成長時間轉移到第一季。

As a reminder, Q2 includes the comparison to prior year licensing revenue, which creates a headwind of nearly 150 basis points. Excluding licensing, our Q2 organic revenue growth expectation reflects sequential acceleration that is around the midpoint of our full year organic guidance range.

提醒一下，第二季的數據包括與去年同期的授權收入的比較，這造成了近 150 個基點的阻力。除許可外，我們對第二季度有機收入成長的預期反映了連續的加速，大約處於我們全年有機指導範圍的中點。

We expect strong gross and operating margins in Q2 with solid sequential improvement in adjusted operating margin were about flat year over year, inclusive of absorbing the planned licensing comparison.

我們預計第二季的毛利率和營業利潤率將強勁，調整後的營業利潤率將環比穩步提升，與去年同期相比基本持平，其中包括吸收計劃的許可比較。

Our updated expectation for Q2 adjusted EPS reflects timing impacts from our updated translational FX assumptions and a tax rate of about 16.8%, which assumes a ratable rest of year tax rate. In summary, our strategy is demonstrating strong momentum, and we are delivering on our commitments.

我們對第二季調整後每股盈餘的最新預期反映了我們更新後的外匯轉換假設和約 16.8% 的稅率帶來的時間影響，該假設今年剩餘時間的稅率為可按比例計算。總而言之，我們的策略正在展現強勁勢頭，我們正在兌現我們的承諾。

I will now turn it back to Tom, starting on slide 10 to provide further detail on the exciting news announcing our intention to separate our Biosciences and Diagnostic Solutions business.

現在我將主題轉回給湯姆，從第 10 張投影片開始，進一步詳細介紹我們宣布打算分離生物科學和診斷解決方案業務的令人興奮的消息。

Thank you, Chris. Building off our strong performance in the quarter, I'd like to share more details about our plan to separate BD's Biosciences and Diagnostic Solutions business to enhance strategic focus, drive growth through targeted capital deployment and unlock significant value for what will become the new BD and the separated business.

謝謝你，克里斯。基於本季度的強勁表現，我想分享更多有關我們分離 BD 生物科學和診斷解決方案業務計劃的細節，以增強戰略重點，透過有針對性的資本配置推動成長，並為新 BD 和分離後的業務釋放巨大價值。

This separation decision was the result of a comprehensive business portfolio evaluation launched in early 2024. And this is the next natural step of our evolution, building on the strong foundation and momentum of BD 2025 and the high-growth platforms we've built and have been scaling. The new BD will be well positioned as a pure-play MedTech company with leading positions in large, attractive end markets.

這項分離決定是 2024 年初啟動的全面業務組合評估的結果。這是我們發展的下一個自然步驟，建立在 BD 2025 的強大基礎和發展勢頭以及我們已經構建並擴展的高增長平台之上。新的 BD 將定位為純粹的醫療技術公司，在龐大且具吸引力的終端市場中佔據領先地位。

With this added focus, we're excited about the opportunity for new BD to drive concentrated capital deployment in high-impact R&D as well as growth accretive M&A, which positions us to deliver differentiated and durable growth rates in MedTech.

有了這一額外的關注，我們對新 BD 有機會推動高影響力研發中的集中資本部署以及成長增值型併購，這使我們能夠在醫療技術領域實現差異化和持久的成長率。

At the same time, we're also excited about the opportunity for Biosciences and Diagnostic Solutions to realize its full market potential as a pure-play leader in life science tools and diagnostics continuing to accelerate growth through its strong innovation pipeline and industry-leading solutions.

同時，我們也對生物科學和診斷解決方案有機會充分發揮其市場潛力感到興奮，作為生命科學工具和診斷領域的純粹領導者，我們將透過強大的創新管道和領先業界的解決方案繼續加速成長。

As we turn to slide 11, let me start by setting some context on why this is the next natural step in our evolution, building on the strong foundation and momentum of BD 2025. Over the past five years, we've been transforming into a faster growing, more profitable organization positioned at the forefront of long-term growth trends.

當我們翻到第 11 張投影片時，讓我先介紹為什麼這是我們發展的下一個自然步驟，建立在 BD 2025 的堅實基礎和勢頭之上。在過去五年裡，我們一直在轉型成為一個成長更快、獲利能力更強的組織，並處於長期成長趨勢的前沿。

We've been systematically increasing our WAMGR and long-term growth by intentionally shifting our portfolio mix towards higher growth markets and executing against a strong innovation pipeline. In fact, by the end of this year, we're on track to have more than doubled new product revenue since the launch of BD 2025. We established and honed our M&A and divestiture capabilities deploying about $7 billion in capital to complete 20 value-creating transactions since 2020.

我們一直在透過有意將我們的投資組合轉向更高成長的市場和強大的創新管道來系統化地提高我們的 WAMGR 和長期成長。事實上，到今年年底，自 BD 2025 推出以來，我們有望實現新產品收入將成長一倍以上。我們建立並磨練了我們的併購和資產剝離能力，自 2020 年以來投入約 70 億美元的資本完成了 20 筆創造價值的交易。

These include the spin-off of Embecta, the sale of our surgical instruments business, V. Mueller and the acquisitions of the Edwards Lifesciences’ Critical Care product group, Parata Systems, Straub Medical, Tepha and others.

其中包括 Embecta 的分拆、手術器械業務 V 的出售。Mueller 以及 Edwards Lifesciences 重症監護產品組、Parata Systems、Straub Medical、Tepha 等公司的收購。

We created an embedded BD excellence simplifying our operations and enabling us to deliver on aggressive long-term margin expansion targets. Through our disciplined capital deployment strategy, we've built significant balance sheet capacity and strengthen cash flows, allowing us to both invest in our business and return capital to shareholders through competitive dividends, value-creating tuck-in M&A and share repurchases.

我們創建了嵌入式 BD 卓越，簡化了我們的營運並使我們能夠實現積極的長期利潤擴張目標。透過我們嚴謹的資本配置策略，我們建立了顯著的資產負債表能力並加強了現金流，使我們能夠投資於我們的業務，並透過有競爭力的股利、創造價值的補充併購和股票回購向股東返還資本。

This was all achieved while advancing our quality systems and putting customer centricity at the heart of how we plan and operate throughout BD. We've achieved 70% reduction in nonconformances and a 25% reduction in field actions since launching BD 2025.

這一切都是在我們改進品質系統並將客戶中心作為我們在整個 BD 規劃和營運的核心的同時實現的。自啟動 BD 2025 以來，我們已將不合格品減少了 70%，現場行動減少了 25%。

Moving on to slide 12. We have also built and have been scaling multiple new growth platforms as part of BD 2025. These platforms are directly linked to the most critical areas of health care, such as connected care, new care settings and addressing chronic diseases and are some of the platforms which will reshape our growth profile for the long-term.

轉到投影片 12。作為 BD 2025 的一部分，我們也建構並擴展了多個新的成長平台。這些平台與醫療保健的最關鍵領域直接相關，例如互聯護理、新的護理環境和治療慢性病，這些平台將重塑我們的長期成長前景。

Over 25% of BD revenue now comes from platforms that are growing high single digits or more and this is just the beginning as we continue to expand our exposure to higher growth categories.

目前，超過 25% 的 BD 收入來自於成長率高達個位數或更高的平台，而這只是一個開始，我們將繼續擴大對更高成長類別的關注。

Moving to slide 13. We are well on track to exceed every financial target established at our 2021 Analyst Day. And we have outperformed historical averages. In November 2021, we targeted a base organic revenue CAGR of 5.5%-plus through 2025. Based on the midpoint of this year's guidance, we expect to deliver 5.9%.

移至幻燈片 13。我們預計將超越 2021 年分析師日設定的所有財務目標。我們的業績已經超越了歷史平均。2021 年 11 月，我們的目標是到 2025 年實現基礎有機收入複合年增長率超過 5.5%。根據今年指引的中位數，我們預計將達到 5.9% 的增幅。

We targeted an increase of base operating margins by 400 basis points through 2025. And in fiscal year 2022, we increased the target to 540 basis points. We are on track to deliver 560 basis points of margin expansion to margins of 25%-plus. We also targeted double-digit base adjusted EPS CAGR and now expect to be well over double digits at 13.8%.

我們的目標是到 2025 年將基本營業利潤率提高 400 個基點。而在2022財年，我們將目標提高至540個基點。我們可望將利潤率擴大 560 個基點，達到 25% 以上的目標。我們也將調整後每股盈餘複合年增長率定為兩位數，目前預期成長率將遠超兩位數，達到 13.8%。

On to slide 14. This track record creates momentum as we move into our next phase of value-creation and positions both New BD and the Biosciences and Diagnostic Solutions business to focus and win in attractive growth categories.

轉到投影片 14。這項業績記錄為我們進入價值創造的下一階段創造了動力，並使新 BD 和生物科學與診斷解決方案業務能夠專注於有吸引力的成長類別並取得成功。

Let me start by sharing a perspective on the profile of the New BD. The new company will be a MedTech leader with scale and global reach across the $70 billion-plus addressable market growing at about 5%. Each day, New BD will touch more patients than any other MedTech company in the world, including over 90% of patients admitted to a US hospital.

首先，我想分享一下對新 BD 概況的看法。新公司將成為醫療科技領域的領導者，其規模和全球影響力覆蓋價值 700 多億美元的潛在市場，成長率約為 5%。每天，New BD 接觸的患者數量比世界上任何其他醫療技術公司都要多，其中包括美國醫院收治的 90% 以上的患者。

We expect new BD will have an accelerating growth profile attractive margins and a best-in-class recurring revenue profile of over 90%. The separation will also enable enhanced focus with targeted investment and a tailored capital deployment strategy towards attractive high-growth categories.

我們預計新的 BD 將擁有加速的成長態勢、誘人的利潤率以及超過 90% 的一流經常性收入狀況。分離也將使公司能夠透過有針對性的投資和針對有吸引力的高成長類別的客製化資本配置策略進行更集中的關注。

This will be complemented by our strong execution, driving continued margin expansion and cash generation through BD Excellence. As I look over at the Biosciences and Diagnostic Solutions business, it's expected to be a leader across an attractive $22 billion-plus addressable market, growing at mid to high single digits.

我們將透過強大的執行力對此進行補充，透過 BD Excellence 推動利潤率持續擴大和現金創造。當我審視生物科學和診斷解決方案業務時，它有望成為價值 220 多億美元的潛在市場的領導者，並以中高個位數的速度成長。

We expect the business to have a highly attractive growth and margin profile with more than 80% recurring revenue. It will also have an opportunity to further accelerate its strong innovation pipeline in markets with significant growth potential and realize its full market potential as a pure-play life science tools and diagnostics business.

我們預計該業務將具有極具吸引力的成長和利潤率，並且經常性收入將超過 80%。它還將有機會進一步加速其在具有巨大成長潛力的市場中的強大創新管道，並充分發揮其作為純生命科學工具和診斷業務的市場潛力。

Turning to slide 15. Let's go deeper on the New BD, a $17.8 billion MedTech leader. On to slide 16. We plan to organize New BD into four operating segments, each being market leaders in attractive end markets with significant headroom for growth.

翻到第 15 張投影片。讓我們深入了解 New BD，這家價值 178 億美元的醫療科技領導者。轉到投影片 16。我們計劃將新 BD 劃分為四個營運部門，每個部門都是具有吸引力的終端市場的領導者，並且具有巨大的成長空間。

First, Medical Essentials will consist of our Medication Delivery Solutions and Specimen Management businesses that truly represent the backbone of health care delivery. These are our products such as IV catheters, picks, flush, syringes, IV sets and blood collection systems. We are the market leader in each of these spaces, manufacturing tens of billions of devices each year, resulting in durable recurring revenue and strong cash generation.

首先，醫療必需品將包括我們的藥物輸送解決方案和樣本管理業務，它們真正代表了醫療保健服務的支柱。這些是我們的產品，例如靜脈導管、鎬、沖洗器、注射器、靜脈注射套件和採血系統。我們是每個領域的市場領導者，每年生產數百億台設備，從而產生持久的經常性收入和強勁的現金產生能力。

Second, Connected Care will include our Medication Management Solutions business, which includes our Pharmacy Automation platform and our Advanced Patient Monitoring business with millions of smart devices that use automation, artificial intelligence and analytics to improve the efficiency and effectiveness of patient care and creates compelling growth potential in new areas.

其次，互聯護理將包括我們的藥物管理解決方案業務，其中包括我們的藥房自動化平台和我們的高級患者監控業務，其中有數百萬台智慧設備，這些設備使用自動化、人工智慧和分析來提高患者護理的效率和有效性，並在新的領域創造了引人注目的成長潛力。

Third, Biopharma Systems will bring a new name and increased focus to our Pharmaceutical Systems business unit, which is the global leader in biologic drug delivery developing and manufacturing drug delivery devices for the pharmaceutical industry.

第三，生物製藥系統將為我們的製藥系統業務部門帶來新的名稱和更大的關注度，該部門是生物藥物輸送領域的全球領導者，為製藥業開發和製造藥物輸送設備。

Biopharma Systems is uniquely positioned to enable the transition to more biologics, including GLP-1 treatments, and capitalize on the large growth potential of pharmaceutical industry trends as more drug launches rely on patient self-injection.

Biopharma Systems 具有獨特的優勢，可以實現向更多生物製劑（包括 GLP-1 治療）的過渡，並利用製藥行業趨勢帶來的巨大增長潛力，因為越來越多的藥物發布依賴於患者自我注射。

Fourth, is the Interventional segment, which will include our Urology and Critical Care, Peripheral Intervention and Surgery businesses that advance the treatment of high burden chronic conditions such as urinary incontinence, peripheral vascular disease, cancer, and tissue reconstruction, all of which are high-growth categories with attractive margin profiles and meaningful headroom for new innovation. We'll share more about timing of this new segment structure as we near completion of the transaction.

第四是介入部門，包括泌尿科和重症監護、週邊介入和外科手術業務，旨在推動對尿失禁、週邊血管疾病、癌症和組織重建等高負擔慢性病的治療，所有這些疾病都屬於高成長類別，具有誘人的利潤率和有意義的創新空間。在交易接近完成時，我們將分享更多有關此新細分結構時機的資訊。

On to slide 17. We have an exciting and robust innovation pipeline across the new BD segments with a significant number of $50 million-plus revenue opportunities, fueling above market performance. The New BD will have a meaningful runway for additional new innovation and growth, both organically and through growth accretive tuck-in M&A.

轉到投影片 17。我們在新的 BD 領域擁有令人興奮且強勁的創新管道，擁有大量 5000 萬美元以上的收入機會，推動我們取得高於市場的表現。新 BD 將擁有一條有意義的跑道，用於實現更多的新創新和成長，包括有機成長和透過成長增值的補充性併購。

In conclusion, as we turn to slide 18, New BD will deliver a durable and differentiated mid-single digit growth profile supported by attractive end markets and best-in-class recurring revenue. We will continue to systematically increase WAMGR through disciplined capital allocation and our BD Excellence operating system will continue to enable investments in growth and meaningful margin expansion, with the majority being realized from gross margin. And our targeted financial profile will support strong earnings growth and value creation.

總而言之，當我們翻到第 18 張投影片時，新 BD 將實現持久且差異化的中等個位數成長，這得益於具有吸引力的終端市場和一流的經常性收入。我們將繼續透過嚴格的資本配置系統地提高 WAMGR，而我們的 BD Excellence 作業系統將繼續支援對成長和有意義的利潤率擴張的投資，其中大部分將透過毛利率實現。我們的目標財務狀況將支持強勁的獲利成長和價值創造。

Let's move to Biosciences and Diagnostic Solutions on slide 19. We are excited by the opportunity this separation has to unlock meaningful value for customers, the business and shareholders.

讓我們轉到幻燈片 19 上的生物科學和診斷解決方案。我們很高興看到此次分離將為客戶、企業和股東帶來有意義的價值。

Turning to slide 20. The opportunity here is an attractive $22 billion-plus addressable segment. The businesses have strong portfolios and pipelines and are positioned well for growth. Biosciences and Diagnostic Solutions operate in a market growing mid to high single digits, with more than 80% recurring revenue and expected 30% adjusted EBITDA margins.

翻到第 20 張投影片。這裡的機會是一個價值超過 220 億美元的誘人潛在市場。這些企業擁有強大的產品組合和管道，具有良好的成長潛力。生物科學和診斷解決方案所在的市場以中高個位數成長，經常性收入超過 80%，預計調整後 EBITDA 利潤率為 30%。

Now turning to slide 21. Each of these businesses are leaders in large attractive markets. Biosciences had $1.5 billion in FY24 revenue, addressing a $7 billion-plus market with 6% to 7% category growth. Diagnostic Solutions had $1.8 billion in FY24, addressing a $15 billion-plus market with about 6% to 7% category growth.

現在翻到第 21 張投影片。這些企業都是具有巨大吸引力的市場的領導者。生物科學在 2024 財年的營收為 15 億美元，市場規模超過 70 億美元，類別成長率為 6% 至 7%。診斷解決方案在 24 財年的營收為 18 億美元，佔了 150 多億美元市場的半壁江山，類別成長率約為 6% 至 7%。

As we turn to slide 22, Biosciences is the undisputed pioneer that created the modern field of flow cytometry, helping scientists revolutionize our understanding of cell biology in the fields of cancer, infectious disease and immune health and enabling countless breakthrough therapies.

當我們翻到第 22 張幻燈片時，生物科學是創造現代流式細胞儀領域的無可爭議的先驅，幫助科學家徹底改變了我們對癌症、傳染病和免疫健康領域的細胞生物學的理解，並實現了無數突破性的治療方法。

Scientists and clinicians around the world continue to rely on our flow cytometry platforms and reagents to enable the next generation of discoveries, including through our new FACSDiscover flow cytometry platform. Biosciences has a very strong innovation pipeline of future FACSDiscover instruments new antibodies, dyes and assays. This includes continuing to scale our single-cell multiomics platforms with a significant increase in commercial head count to support strong double-digit growth.

世界各地的科學家和臨床醫生繼續依賴我們的流式細胞儀平台和試劑來實現下一代發現，包括透過我們新的 FACSDiscover 流式細胞儀平台。Biosciences 擁有非常強大的未來 FACSDiscover 儀器新抗體、染料和檢測試劑創新管道。這包括繼續擴大我們的單細胞多組學平台，大幅增加商業員工數量，以支持強勁的兩位數成長。

Moving to Diagnostic Solutions. This business is a pioneer in microbiology research and clinical diagnostics with multiple world firsts in advancing the diagnosis of conditions such as sepsis, TB, COVID and other infections and in applying robotics and AI to advance infectious disease testing. This primarily comprised of our Microbiology and Molecular Diagnostics platforms. which both have strong innovation pipelines.

轉向診斷解決方案。該公司是微生物學研究和臨床診斷的先驅，在推進敗血症、結核病、新冠肺炎和其他感染等疾病的診斷以及應用機器人和人工智慧推進傳染病檢測方面擁有多項世界首創。這主要包括我們的微生物學和分子診斷平台。這兩家公司都擁有強大的創新管道。

Our molecular portfolio is among the leaders in the high-growth molecular market and is anchored by the BD COR high throughput and BD MAX medium throughput systems. Our BD COR plus our Onclarity HPV assays offer a complete paradigm shift in cervical cancer screening, and it starts with the ease of self-collection.

我們的分子產品組合在高成長分子市場中處於領先地位，以 BD COR 高通量和 BD MAX 中通量系統為基礎。我們的 BD COR 加上 Onclarity HPV 檢測為子宮頸癌篩檢帶來了徹底的範式轉變，而這首先得益於自我採集的便利性。

Overall, this business is well positioned to create value under multiple types of separation structures where the investments and deployment of capital are entirely focused on the life science industry.

總體而言，該業務能夠在多種分離結構下創造價值，其中資本的投資和部署完全集中在生命科學產業。

Turning to slide 23. Now I want to talk more about the milestones of the separation. Moving into slide 24. In terms of the form the separation could take, we are committed to exploring all opportunities to execute the separation in a manner that maximizes shareholder value.

翻到第 23 張投影片。現在我想進一步談談分離過程中的里程碑。移至投影片 24。就分離可能採取的形式而言，我們致力於探索一切機會，以最大化股東價值的方式實施分離。

Separation options include a Reverse Morris Trust, sale, spin-off or other transactions. We expect to announce more specifics on the separation plans by the end of fiscal 2025 and are targeting to complete the transaction in fiscal 2026.

分離選項包括反向莫里斯信託、出售、分拆或其他交易。我們預計在 2025 財年末公佈有關分離計劃的更多具體細節，併計劃在 2026 財年完成交易。

As the company pursues the separation, we remain focused on execution and continuing to operate the Biosciences and Diagnostic Solutions businesses and the other BD businesses consistent with our BD 2025 strategy, including continued investments in commercial growth, innovation, M&A and other initiatives that are part of the company's multiyear strategic operating plan.

在公司分離的過程中，我們仍然專注於執行並繼續運營生物科學和診斷解決方案業務以及其他與我們的 BD 2025 戰略一致的 BD 業務，包括繼續投資於商業增長、創新、併購和作為公司多年戰略運營計劃一部分的其他計劃。

Finally, turning to slide 25. We are excited about what the future holds for new BD and the Biosciences and Diagnostic Solutions businesses. As we established two strategically aligned entities with mission-critical portfolios to maximize impact.

最後，翻到第 25 張投影片。我們對新 BD 以及生物科學和診斷解決方案業務的未來充滿期待。我們建立了兩個策略一致的實體，並擁有關鍵任務投資組合，以最大限度地發揮影響力。

In summary, we believe the separation has the potential to unlock value through simplification, enhanced focus and tailored investment in capital allocation. We believe new BD will have an enhanced strategic focus in growth-oriented portfolio that positions the company for long-term value creation.

總之，我們相信分離有可能透過簡化、加強重點和客製化資本配置投資來釋放價值。我們相信，新的 BD 將更加重視成長型投資組合的策略，從而為公司創造長期價值做好準備。

And as a pure-play life science tools and diagnostics business, we believe Biosciences and Diagnostic Solutions will realize its full market potential while continuing to accelerate growth. In the meantime, we continue to execute against our fiscal year 2025 plan as seen in our Q1 performance.

作為純粹的生命科學工具和診斷企業，我們相信生物科學和診斷解決方案將充分發揮其市場潛力，同時繼續加速成長。同時，從第一季的表現來看，我們將繼續執行 2025 財年計畫。

Thank you for joining and for your continued interest and support. I look forward to our next chapter and to sharing more specific details upon formalizing the core of the transaction BDI.

感謝您的加入以及您一直以來的關注與支持。我期待我們的下一章，並在正式確定交易 BDI 的核心後分享更多具體的細節。

With that, we'll open it up to questions.

現在，我們將開始回答問題。

(Operator Instructions)

（操作員指令）

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Hey, congrats on the spin.

嘿，恭喜你旋轉成功。

Good morning, Travis.

早上好，崔維斯。

Hey, good morning. Congrats on the spin. I guess one question for Tom on the spin. Why now? How you're thinking about the different separation options spin versus sell and how you manage the dissynergies. And then, Chris, I wanted to ask on the Q2 guide.

嘿，早安。恭喜旋轉成功。我想問湯姆一個關於旋轉的問題。為什麼是現在？您如何考慮不同的分離選項，是分拆還是出售，以及如何管理其中的不協同效應。然後，克里斯，我想問 Q2 指南。

It looks like 2.75% on revenue, you've got the 150 basis point licensing headwind. And is there still the 50 basis points to 75 basis points in China Pharm Systems? Just trying to get kind of the true underlying growth on Q2. Thank you.

看起來收入為 2.75%，但你面臨 150 個基點的許可逆風。那麼中國醫藥系統還有50個基點到75個基點嗎？只是想了解第二季度真正的潛在成長。謝謝。

Thanks, Travis. I'll start and then turn it to Chris. So obviously, we're really excited about both the performance in Q1 as well as the announcement today on the New BD and the separation and the opportunities ahead for our Life Science business.

謝謝，崔維斯。我先開始，然後轉給克里斯。因此顯然，我們對第一季的業績以及今天宣布的新 BD 以及生命科學業務的分離和未來機會感到非常興奮。

Just as we step back, this process started in the first half of FY24. As we really took time to reflect on the strong progress that we had been making against our BD 2025 strategy as we were coming into our last year.

回顧一下，這個過程始於24財年上半年。在進入最後一年之際，我們確實花了時間來反思我們在 BD 2025 策略方面所取得的重大進展。

As I discussed on the call, BD 2025 has really transformed BD into more faster-growing portfolio, more profitable organization positioned at the forefront of multiple long-term growth trends. And those are obviously indicated by a number of the new growth platforms that we've built, whether or not that's our Advanced Patient Monitoring business, our urinary incontinence business, peripheral vascular, our tissue reconstruction business that we've built, biology drug delivery, which we are now the world leader in and pharmacy automation.

正如我在電話會議上所討論的那樣，BD 2025 確實將 BD 轉變為成長更快的投資組合、更具盈利能力的組織，處於多種長期增長趨勢的最前沿。這些顯然體現在我們所建構的許多新的成長平台中，無論是我們的高級病人監測業務，還是我們的尿失禁業務、週邊血管業務、我們所建立的組織重建業務，還是生物藥物輸送業務（我們目前在該領域處於世界領先地位）和藥房自動化業務。

At the same time, of course, over the last several years, we created and have embedded BD Excellence across the company. And you're seeing over the last number of quarters, how that's impacting accelerated gross margin performance and cash generation. And this quarter was certainly no exception to that with very strong performance in that camp.

當然，同時，在過去的幾年裡，我們創建並在整個公司範圍內植入了 BD Excellence。並且您可以看到過去幾個季度中，這對加速毛利率表現和現金產生了怎樣的影響。本季當然也不例外，該陣營的表現非常強勁。

And so as we reflected on that, we've looked at how we've meaningfully increased the intrinsic value of the company through execution of that strategy and looked at ways that we could further unlock that in the next phase.

因此，當我們反思這一點時，我們研究瞭如何透過執行該策略來顯著提高公司的內在價值，並研究了在下一階段進一步釋放這一潛力的方法。

And we believe that the separation that we're announcing today. We're extremely excited about this as a next step in unlocking significant value for all of our stakeholders. We believe that the separation both positions new BD as a scaled pure-play med tech leader with leading positions in large attractive markets.

我們相信我們今天宣布的分離。我們對此感到非常興奮，因為這是我們為所有利害關係人釋放巨大價值的下一步。我們相信，此次分離將使新 BD 成為規模龐大的純醫療技術領導者，並在大型有吸引力的市場中佔據領先地位。

We see this as the added focus creates an exciting opportunity for new BD to drive concentrated investments not only in high impact R&D, but continued disciplined capital allocation that's allowing us to continue accretive growth and value creating transactions, perhaps even in an accelerated way as we move forward, all while continuing exceptional progress on our margins and cash generation that will fuel that as well.

我們認為，增加的重點為新 BD 創造了一個激動人心的機會，不僅可以推動對高影響力研發的集中投資，還可以繼續進行嚴格的資本配置，這使我們能夠繼續實現增值增長和價值創造交易，甚至可能在我們前進的過程中以加速的方式，同時繼續在利潤率和現金創造方面取得卓越進展，這也將推動這一進程。

At the same time, right, BDB and DS are operating from a position of strength, right? This is a decision based on portfolio and really a tremendous opportunity we see to unlock value from these great businesses to create pure-play life science tools and diagnostics leaders across the large $22 billion market growing mid to high single digits with very attractive revenue and margin profiles.

同時，BDB 和 DS 都處於強勢地位，對吧？這是基於投資組合而做出的決定，我們看到了一個巨大的機會，可以從這些優秀的企業中釋放價值，在 220 億美元的龐大市場中打造純粹的生命科學工具和診斷領導者，並以中高個位數的速度增長，具有極具吸引力的收入和利潤率。

So in terms of the form that the transaction will take place, obviously, that's still to be determined, and we'll share more information as that advances, which we described should be by the end of FY25. Key is we're open to the transaction formats that best maximize shareholder value creation. That's our number one decision criteria and we'll keep that at the top of our mind as we go through that process.

因此，就交易的形式而言，顯然這還有待確定，我們將隨著交易的進展分享更多信息，我們預計這應該會在 2025 財年末完成。關鍵在於我們對最能實現股東價值最大化的交易形式持開放態度。這是我們的首要決策標準，在整個過程當中，我們會將其放在第一位。

Yeah. And Travis, on the question on sales in Q2, maybe just bigger picture on top line performance. One, it was great to see outperformance in Q1. So really strong start to the year, we're exiting ahead of our plan. If everyone recalls kind of at the start of the year, there were some questions about the ramp.

是的。特拉維斯，關於第二季銷售情況的問題，也許只是對營收表現的一個更大概述。首先，我們很高興看到第一季的出色表現。今年的開局非常強勁，我們提前完成了計劃。如果大家還記得年初的狀況，就會有一些關於坡道的問題。

So a couple of things this nicely derisks the remaining portion of the year in each quarter, the second half by about 25 basis points. So I think you have a much more balanced top line profile first half to second half. As you think about Q2, you called it out. I mean think of it as a very discrete onetime kind of headwind with the prior year licensing comp. If you take that out, we're right at the midpoint of our guidance at 4.25%.

因此，這幾件事很好地降低了今年剩餘時間每季（下半年）的風險約 25 個基點。因此我認為上半年與下半年的營收狀況將會更加均衡。當你想到 Q2 時，你就把它說出來了。我的意思是，可以將其視為與前一年許可協議相比非常離散的一次性逆風。如果去掉這個數字，我們的預期中位數就為 4.25%。

And if you think of that more broadly, you do have those market dynamics that are still playing out in the first half of the year. Most notably in China, BDB, a little bit in Pharm Systems. Those are directionally worth about that 125 basis points for the year. It's probably similar in that range in the quarter. So it puts kind of the core business then operating at sort of a five plus level. So right in line, if not ahead of plan and a more derisked revenue profile that we feel good about.

如果你從更廣泛的角度來看待這個問題，你會發現這些市場動態在上半年仍在發揮作用。最著名的是中國 BDB，其次是 Pharm Systems。從方向上看，這些對於今年來說價值約為 125 個基點。本季的情況可能與此類似。因此，它將核心業務的運作置於五個以上的水平。因此，即使沒有提前規劃，收入風險也較低，我們對此感到滿意。

Thanks, Travis.

謝謝，崔維斯。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning. Thanks for taking the question and congrats on the separation announcement. Tom, I'd love to get your thoughts on the tariffs and the export controls that were announced. So the 10% China tariff, I think, went into effect and then if the 25% tariff on Mexico and Canada go into effect, what would be the impact on BD and your ability to offset that? Thanks for taking the question.

早安.感謝您回答這個問題，並祝賀您宣布離職。湯姆，我很想知道你對已宣布的關稅和出口管制的看法。因此，我認為 10% 的中國關稅已經生效，那麼如果對墨西哥和加拿大徵收 25% 的關稅也生效，這會對 BD 和您抵消這一影響的能力產生什麼影響？感謝您回答這個問題。

Yeah. Thanks for the question, Larry. So our largest footprint by far is in North America from a manufacturing perspective and particularly in the US is by far our largest footprint. Mexico would be playing an important role after that, followed by Europe and then Asia.

是的。謝謝你的提問，拉里。因此，從製造業的角度來看，我們迄今為止最大的足跡是在北美，尤其是美國，這是我們迄今為止最大的足跡。此後，墨西哥將發揮重要作用，其次是歐洲，然後是亞洲。

Obviously, as we think about tariffs, it was positive to see the leaders in the US, Mexico and Canada advance their discussions and achieve a temporary resolution this past week. And we continue to monitor this closely inclusive of if any future potential tariffs could include carve outs for medical devices, right, to prevent what could be risks of shortages wanting to prevent negative impacts to health care costs and make sure that public health is protected.

顯然，當我們考慮關稅問題時，看到美國、墨西哥和加拿大領導人上週推進討論並達成臨時解決方案是積極的。我們將繼續密切關注這種情況，包括未來的潛在關稅是否包括對醫療器材的豁免，以防止可能出現的短缺風險，並防止對醫療成本產生負面影響，確保公眾健康受到保護。

I think it's -- at this point, there's no really confirmation in the form or timing of when any tariffs would take place. And so that's something we'll monitor very closely, and we can then frame any potential impact of that at that time. But too early at this point and something that we're managing very closely.

我認為——目前，尚未真正確認徵收關稅的形式和時間。因此，我們將密切關注此事，然後才能確定其可能產生的任何影響。但現在還為時過早，我們正在密切關注此事。

Thank you.

謝謝。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德 (Patrick Wood)。

Beautiful. Thanks for taking the question and congrats, obviously, on the separation. I guess and apologize for the crackly voice, I guess, if you end up going down the sale route and with a cash injection, are there any areas that you particularly feel you'd like to bulk up on or parts of the business, which you could throw a little bit of extra investment.

美麗的。感謝您回答這個問題，當然，我也祝賀你們的分離。我想，對於我嘶啞的聲音，我深表歉意，我想，如果您最終選擇出售並註入現金，您是否覺得特別想增強的領域或業務的某些部分，您可以投入一些額外的投資。

And I guess connected to that, too, is obviously the value of your time internally as a team. Are there any areas of the business where you're going to have a little bit more time on your plates once the process is done. Any areas you kind of get to spend a little bit more time on that you wish you could previously give it a bit more attention.

我想，與此相關的顯然還有你作為一個團隊內部的時間的價值。在流程完成後，您是否可以在某些業務領域中擁有更多的時間？任何你需要花費更多時間的領域，你都希望自己能夠事先對它們多加關注。

Yeah. Great question, Patrick. I think in terms of priority, let me start with the last component first. If you look at each of our businesses, we've been performing extremely well versus the markets and peers in each of the sectors in which we participate.

是的。派崔克，這個問題問得好。我認為，就優先順序而言，我先從最後一個元件開始。如果你看看我們的每項業務，你會發現與我們所參與的每個領域的市場和同行相比，我們的表現都非常出色。

And so as we look at the fundamental question of how we've been operating each of the businesses, whether or not it's our core Medical businesses, our Interventional businesses or our Life Science businesses. Each of them are performing at or above their market growth rates and peer groups. So we feel really strong about how we're performing.

因此，當我們審視基本問題，即我們如何經營每一項業務時，無論它是我們的核心醫療業務、介入業務還是生命科學業務。他們每個人的表現都達到或超越了其市場成長率和同業水準。因此，我們對自己的表現感到非常滿意。

Some of those markets, of course, are in different cycles, like the research spending at this point or last year. But we've been navigating that extremely well as you look at the broader market growth overall and peer sector.

當然，其中一些市場處於不同的周期，例如當前或去年的研究支出。但從整體市場成長和同業行業來看，我們的表現一直都非常好。

So as we think about where from a capital allocation perspective, obviously, high-growth, accretive opportunities are a priority for us. It's been a priority for us, as you can see how we've been deploying capital over the last several years.

因此，當我們從資本配置的角度考慮時，顯然高成長、增值機會是我們的優先考慮。這一直是我們的首要任務，正如您所看到的，過去幾年我們一直在部署資本。

We think our Interventional segment, of course, overall, has a number of tremendous market opportunities in it that we have a right to play in and win on. That we would look to continue to invest behind. I think certainly, there are others, but that whole sector overall is quite attractive and we certainly spend a lot of time focusing and building our funnels in that category.

我們認為，我們的介入領域總體上擁有大量巨大的市場機會，我們有權參與其中並取得成功。我們希望繼續進行投資。我認為當然還有其他的，但整個行業總體來說相當有吸引力，我們確實花了很多時間關注和建立該類別的管道。

We'll continue to focus as we have been on accelerating our R&D funnel organically as well, and that's something we'll continue to allocate our time towards, which is making sure that we maximize the value of our new product launches.

我們將繼續集中精力，因為我們一直在自然地加速我們的研發管道，這也是我們將繼續分配時間的事情，以確保最大限度地提高我們新產品發布的價值。

We've got some really exciting things that we've launched over the last many years and many more things to come as we've discussed whether or not those are in APM, more in the incontinence space, maximizing our penetration in biologics in the wearables category with new launches we have coming there to further new launches in surgery and peripheral vascular.

在過去的許多年裡，我們已經推出了一些非常令人興奮的產品，而且還有更多產品即將推出，正如我們所討論的，無論這些產品是否屬於 APM，還是更多地屬於失禁領域，透過新產品的推出最大限度地提高我們在可穿戴設備類別生物製劑中的滲透率，我們將在那裡進一步推出外科手術和外周血管領域的新產品。

And so making sure that we maximize growth in the sectors that we're in today and then continuing to shift our portfolio into those high-growth, high-margin, accretive spaces. Good news is we find ourselves in NewCo in being in large, very attractive markets, where we have very much a right to win in and look forward to that.

因此，我們要確保在目前所處的行業中實現最大成長，然後繼續將我們的投資組合轉向那些高成長、高利潤、增值的領域。好消息是，我們發現自己處於 NewCo 的龐大、非常有吸引力的市場中，我們完全有資格贏得勝利，並且期待著這一點。

Great stuff. Thank you so much.

很棒的東西。太感謝了。

Matt Taylor, Jefferies.

傑富瑞的馬特泰勒 (Matt Taylor)。

(multiple speakers) Hey, good morning. The question I wanted to ask was really on the operational performance. A nice start to the year. And with the FX headwinds, you weren't able to raise guidance as much as maybe the performance deserved. I know you called out the ongoing headwinds from China and some of the funding that we've seen.

（多位發言者）嘿，早安。我真正想問的問題是關於營運績效的。今年的開始很好。而且由於外匯市場的不利因素，您無法將業績預期提高到與業績應有的水平。我知道您提到了來自中國的持續阻力以及我們已經看到的一些資金。

And I was just hoping that you could give us some color on that. I know you didn't change the number, but maybe just talk about the trends in China and some of the headwinds that you've been seeing.

我只是希望您能就此給我們一些解釋。我知道您沒有改變數字，但也許只是談論中國的趨勢和您所看到的一些不利因素。

Yeah, thanks for question. Let me maybe just start bigger picture to your point on Q1 and just the guide and how we were thinking about that. I touched on top line already. Obviously, it's early in the year really strong start into Q1. We're ahead of plan. We overdelivered on all of our financial metrics.

是的，謝謝你的提問。讓我從更大角度來闡述您在 Q1 中提出的觀點以及指南和我們對此的看法。我已經觸及頂線。顯然，今年年初第一季的開局非常強勁。我們提前完成了計劃。我們超額完成了所有財務指標。

The first point we addressed was this question that was out there at the start of the year on the ramp and we're nicely derisking the second half of growth by 25 basis points and actually even Q2 a little bit. So it provides for a nicer glide path as you think of moving top line throughout the year. The market dynamics to date have been playing out as planned as part of that.

我們解決的第一點是，這個問題在年初就已出現，我們很好地將下半年的成長風險降低了 25 個基點，實際上甚至將第二季的成長風險也降低了一點。因此，當您考慮全年移動營收時，它可以提供更好的下滑路徑。迄今為止的市場動態一直按照計劃進行。

We will come back to your question, those are areas that of course, we continue to monitor. I think the other just two points is when you look down the P&L, I mean, this was an exceptionally high-quality P&L and operating income, gross margin of 54.8%, up 378 basis points actually above where we exited last year.

我們將回到您的問題，當然，這些是我們將繼續監控的領域。我認為另外兩點是，當你查看損益表時，我的意思是，這是一份非常高品質的損益表和營業收入，毛利率為 54.8%，實際上比去年同期上漲了 378 個基點。

So you're seeing the benefit of BD Excellence play out as expected, even slightly better than planned. So really strong performance there. That all translated into strong operating income, EPS. It gave us the confidence to increase operational EPS by nearly $0.18 a at the midpoint.

因此，您會看到 BD Excellence 帶來的好處正如預期，甚至比計劃的還要好一些。那裡的表現確實很強勁。所有這些都轉化為強勁的營業收入，即每股盈餘 (EPS)。它使我們有信心在中期將營運每股收益提高近 0.18 美元。

And then to your point, look, there's translational FX that everyone's been talking about. We actually have this nicely dialed in. This is pure translation. It's over a full point on our earnings. And despite that, we're delivering strong double-digit EPS growth of 10% at the midpoint. So I think a good start of the year. We increased our guide at the midpoint, and we remain focused on executing against that.

然後回到你剛才提到的問題，你看，大家都在談論翻譯特效。我們實際上已經很好地解決了這個問題。這是純粹的翻譯。這比我們的收入高出整整一個百分點。儘管如此，我們仍然實現了中期 10% 的強勁兩位數每股收益成長。所以我認為這是今年的一個好開始。我們在中點提高了我們的指導方針，並且我們將繼續專注於實現這一目標。

And maybe for China, let me turn it to Mike Feld to make some comments there.

關於中國，我請麥克·菲爾德發表一些評論。

Thank you, Tom. As many of you I'm sure have read, our high-end FACSDiscover platform was recently impacted by a ban as it directly targets spectral analyzers and analyzers with 26 plus colors. That said, it is important to remember that while the FACSDiscover portfolio is our newest offering, we do have the most robust lineup of flow cytometers in the world with many models that are not impacted by this ban.

謝謝你，湯姆。我相信你們中的許多人都已經讀到了，我們的高階 FACSDiscover 平台最近受到禁令的影響，因為它直接針對光譜分析儀和具有 26 種以上顏色的分析儀。儘管如此，重要的是要記住，雖然 FACSDiscover 產品組合是我們最新的產品，但我們確實擁有世界上最強大的流式細胞儀陣容，其中許多型號不受此禁令的影響。

The ban also does not impact our clinical and research reagent portfolio or our clinical instrumentation offering anchored by our FACSLyric platform. Additionally, while we appreciate the US government's national security concerns, we believe the previous administration aired in its risk assessment in this case, and we are actively engaging with policymakers during the 60 day commentary period to advocate for a different approach tied to this ban.

該禁令也不會影響我們的臨床和研究試劑組合或以 FACSLyric 平台為基礎的臨床儀器產品。此外，雖然我們理解美國政府對國家安全的擔憂，但我們認為前政府已在本案中公開表達了其風險評估，並且我們將在 60 天的評論期內積極與政策制定者接觸，倡導與該禁令相關的不同方法。

While not material at the BDX level, this ban was unplanned. We will continue to give updates related to this matter once we know more post the conclusion of the commentary period.

雖然這項禁令在 BDX 層面並不重要，但確實是意外的。在評論期結束後，一旦我們了解更多信息，我們將繼續提供與此事相關的更新。

Maybe just any commentary on just overall research spending, how we're seeing.

也許只是對我們目前所見的整體研究支出的任何評論。

Yeah, overall research spending, it's a cautious scenario for us. We continue to monitor very closely NIH spending, specifically how that impacts grants and the funding of research in the US market. Additionally, it's great to remember that we do have a very robust clinical portfolio as well as many research projects go on for years, where we will continue to serve those customers with our research reagents.

是的，就整體研究支出而言，這是一個謹慎的情況。我們將繼續密切關注 NIH 的支出情況，特別是其對美國市場撥款和研究資助的影響。此外，值得記住的是，我們確實擁有非常強大的臨床產品組合，並且許多研究項目已持續多年，我們將繼續透過我們的研究試劑為這些客戶提供服務。

Okay. Thanks, Mike.

好的。謝謝，麥克。

Great color.

顏色很棒。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Thank you. Good morning everybody. I wanted just to dive in a little bit more on some of the end market performance and what you're just observing as things evolve. I think for some of the sort of problem children businesses that you saw last year whether that was Pharm Systems, Biosciences China, you contemplated no improvement in the '25 guidance.

謝謝。大家早安。我只是想更深入地了解一些終端市場的表現以及你在事態發展過程中觀察到的情況。我認為，對於您去年看到的一些問題兒童企業，無論是 Pharm Systems 還是 Biosciences China，您都沒有考慮到 25 年指引中會出現任何改善。

But as we kind of start the year, it looks like both Biosciences and Pharmaceutical Systems deteriorated from where you exited 2024. So maybe you could just give us an update on what's happening in these categories and the extent to which you think you can get back to consistent performance, at least what you saw in '24? And which would imply an improvement to the balance of this year.

但隨著新年的到來，生物科學和製藥系統似乎都從 2024 年開始惡化。所以也許您可以向我們介紹一下這些類別的最新情況，以及您認為您可以在多大程度上恢復穩定的表現，至少在 24 年看到的水平？這意味著今年的平衡將會改善。

Yeah. Thanks for the question, David. Let me start with BDB and then Pharm Systems. So Biosciences, just as you recall, we had not seen the slowdown in research spending at the start of FY24. And we have commented on that as being a dynamic that we would expect creates more challenging comps in the first half of this year, and that was a major contributor to our phasing as we had easier comps in the back half.

是的。謝謝你的提問，大衛。讓我先從 BDB 開始，然後是 Pharm Systems。因此，正如您所記得的那樣，在生物科學領域，我們在 24 財年開始時並沒有看到研究支出的放緩。我們對此評論說，這是一種動態，我們預計這將在今年上半年創造更具挑戰性的競爭，這是我們分階段實施的主要貢獻者，因為我們在下半年有了更容易的競爭。

And that was based upon the strength of the pipeline that we had in BDB, you saw us be impacted by slowdown in research spending on a lag versus peers probably a 6 to -- up to 9 to 12 month lag versus what other peers were seeing because of the strength of that funnel that we had built.

這是基於我們在 BDB 中擁有的通路實力，您會看到我們受到研究支出放緩的影響，與其他同行相比，可能滯後 6 到 9 到 12 個月，這是由於我們建立的通路實力所致。

So that's the number one factor there. I think in terms of -- so that's a fundamental question of what is the timing of research spend recovery and we still want to be cautious on that, and we have a cautious outlook built into our budget for the year. That's something we'll continue to monitor very closely, both in the US and in China, which are the two major markets that we've seen that research spending slowdown impact those markets.

所以這是最重要的因素。我認為就研究支出恢復的時機而言，這是一個基本問題，我們仍然希望對此保持謹慎，並且我們對今年的預算也保持謹慎。我們將繼續密切關注這個問題，無論是在美國還是中國，這兩個主要市場都受到了研究支出放緩的影響。

So that's something, again, that we're poised to capitalize on with a very strong position when those markets do recover. And that's our focus at this time. In Pharm Systems, we expect that to begin to recover in the back half of this year.

因此，當這些市場確實復甦時，我們準備好利用這一點並佔據非常強勢的地位。這正是我們目前的重點。對於製藥系統而言，我們預計今年下半年將開始復甦。

As you've seen a number of companies announced, right, there is still some destocking happened, particularly in vaccine categories. There's been some slower vaccine uptake in a number of areas this past year. Those are factors that you're seeing across the market overall.

正如你所看到的，許多公司都宣布，仍然有一些去庫存的情況，特別是在疫苗類別中。去年，一些地區的疫苗接種速度有所放緩。這些是您在整個市場上看到的因素。

We continue to be extremely well positioned in the biologics space, in GLP-1s. I think our number of GLP-1 biosimilar contracts is now up to 50 plus. We continue to make really strong progress there as well as on signing new molecules overall. As we think about the number of biologic drugs that have been clear here in the last several years.

我們在 GLP-1 生物製劑領域繼續佔據極為有利的地位。我認為我們的 GLP-1 生物相似藥合約數量現已達到 50 多個。我們在這方面以及在整體簽署新分子方面繼續取得重大進展。我們想想過去幾年已經明確的生物藥物的數量。

We're winning about 80% of those are ending up in BD devices. And that's a fact that we had shared at the beginning of -- or in the middle of last year. And as we think about molecules approved even to date since then, we continue to maintain that very high win rate there.

我們贏得了其中大約 80% 的訂單，這些訂單最終都進入了 BD 設備。這是我們在去年年初或年中分享過的事實。當我們考慮迄今為止已批准的分子時，我們仍然保持著非常高的成功率。

So -- but that's what we're focused on as those markets recover. We feel very confident in our position to capitalize on those. And again, that's the timing of those as described. Thanks, David

所以——但這正是我們在這些市場復甦時關注的重點。我們對自己能夠利用這些優勢充滿信心。再次重申，這就是所描述的時間。謝謝，大衛

Thank you.

謝謝。

Robbie Marcus, JP Morgan.

摩根大通的羅比馬庫斯 (Robbie Marcus)。

Oh great, good morning and congrats on this announcement. I'm sure there's been a lot of work put behind it. Either Chris or Tom, you talked about in the slides the desire this will allow for a better streamlined and focused capital allocation. Maybe you could give us some examples of how you're thinking about what that might entail versus the limitations as a combined company today. Thanks a lot.

哦，太好了，早安，恭喜你宣布這一消息。我確信這背後已經付出了很多努力。無論是克里斯還是湯姆，你們在幻燈片中都談到了希望實現更精簡和更集中的資本配置。也許您可以給我們舉一些例子，說明您如何看待這可能帶來的影響以及目前作為合併後的公司所面臨的限制。多謝。

Yeah, great question, Robbie, and thanks for your comments. I think as we look at across these businesses, and let me start on the life science side, we're present in a number of extremely attractive markets with market leading positions.

是的，羅比，這個問題問得很好，謝謝你的評論。我認為，當我們審視這些業務時，讓我從生命科學方面開始說，我們在許多極具吸引力的市場中佔據領先地位。

As you think about immunology research and what's happening there around cell therapy and immuno-oncology, our position in that marketplace is -- we are the undisputed leader. And as we have to make trade-offs between continuing to advance in near adjacent spaces there, whether or not that single cell, which we have made investments in. Is there opportunity to make further investments to even grow that faster.

當您考慮免疫學研究以及細胞療法和免疫腫瘤學領域的進展時，我們在該市場的地位是無可爭議的領導者。我們必須在繼續向鄰近空間前進與我們已經投資的單細胞之間做出權衡。是否有機會進行進一步投資以實現更快的成長。

Same thing as we look at the infectious disease space and near adjacencies that we're in, including in oncology, screening for example, now with our leading position in HPV screening. We really look at that basis.

同樣，我們也關注傳染病領域以及我們所涉及的鄰近領域，包括腫瘤學篩檢，例如現在我們在 HPV 篩檢方面處於領先地位。我們確實關注這個基礎。

Of course, it's not one that we've been allocating huge amounts of capital too, right? If you just step back and look over the last 10 years of how the company has deployed capital, company deployed about $43 billion of capital towards M&A over the last 10 years.

當然，我們並沒有為此投入巨額資金，對嗎？如果回顧過去 10 年該公司的資本部署情況，就會發現該公司在過去 10 年中已向併購領域部署了約 430 億美元的資本。

Obviously, the vast majority of that $36 billion of that being the acquisition of Bard and CareFusion, right, followed by the acquisition of Advanced Patient Monitoring, Parata and other tuck-ins. But the 99.5%-plus of that has gone towards building our position on the med tech side.

顯然，這 360 億美元中的絕大部分用於收購 Bard 和 CareFusion，其次是收購 Advanced Patient Monitoring、Parata 和其他公司。但其中的 99.5% 以上都用於鞏固我們在醫療科技領域的地位。

With that said, two of the highest businesses with R&D as a percentage of revenue are Diagnostics and Biosciences. And so we've been investing organically there. But there's certainly opportunities for that business as a focused entity to accelerate capital deployment and it would create value there, we think, off of extremely -- in extremely attractive markets on extremely attractive core businesses.

話雖如此，研發費用佔收入比例最高的兩個業務是診斷學和生物科學。因此我們一直在那裡進行有機投資。但我們認為，作為一個專注的實體，該業務肯定有機會加速資本配置，並在極具吸引力的市場中透過極具吸引力的核心業務創造價值。

On New BD, as I described earlier, we are now in a number of extremely attractive areas, and I described some of those before. Our ability to just continue to double down on shifting our portfolio, both organically and inorganically through tuck-in M&A into higher growth, high-margin accretive growth spaces for us is really the opportunity ahead that this transaction, we think will afford.

關於新 BD，正如我之前所描述的，我們現在處於一些極具吸引力的領域，其中的一些我之前也描述過。我們有能力繼續加倍努力，透過內部併購，將我們的投資組合以有機和無機的方式轉向更高成長、高利潤的增值成長空間，我們認為這是這筆交易真正能為我們帶來的機會。

And it's that focus that we're excited about. We think we've got a great portfolio in the four segments that we outlined not only from a growth opportunity perspective, but it's with a really unique cash flow generation profile, 90%-plus recurring revenue, the momentum of BD Excellence on gross margin expansion, fueling both cash flow and continued op margin expansion could be invested back behind in growth. We think both are going to be in great positions to unlock value in new ways.

我們對這個焦點感到非常興奮。我們認為，我們在四個細分市場中擁有出色的投資組合，我們不僅從成長機會的角度概述了這些投資組合，而且它具有真正獨特的現金流生成情況，90％以上的經常性收入，BD Excellence 在毛利率擴張方面的勢頭，推動了現金流和持續的營業利潤率擴張，可以重新投資於成長。我們認為，兩者都將處於有利地位，以新的方式釋放價值。

Appreciate it. Thanks a lot.

非常感謝。多謝。

Thanks, Robbie for the question.

謝謝 Robbie 提出這個問題。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Good morning. Thank you for taking the question. Two brief ones. I want to make sure I understand the EPS gating for the remainder of the year, particularly with the lower tax rate in the first quarter and how that blends out for the remaining of the year? And then I just want to have a few comments, if you can, on how Critical Care is being integrated and what you're seeing from those early days. Thanks

早安.感謝您回答這個問題。兩個簡短的。我想確保我了解今年剩餘時間的每股盈餘限制，特別是第一季的較低稅率，以及這與今年剩餘時間的收益如何整合？然後，如果可以的話，我想就重症監護如何整合以及您早期看到的情況發表一些評論。謝謝

Yeah. Thanks, Joanne. Yeah, on the EPS guide, there's really -- the simple way to think of it, all the operating strength that we had in Q1 has already been delivered, right, and is reflected in our updated guide. So we have $0.18 -- roughly rounding up $0.18 increase at the midpoint of the guide on an operational basis, as you think of rolling through kind of the balance of the year, the core kind of operating plan then remains intact, where we derisked the top line a little bit.

是的。謝謝，喬安妮。是的，關於每股盈餘指南，實際上——簡單地想一下，我們在第一季所擁有的所有營運實力已經得到體現，對吧，並且反映在我們更新後的指南中。因此，我們有 0.18 美元 - 在運營基礎上，在指南的中點粗略地增加了 0.18 美元，當您考慮滾動度過全年餘額時，核心運營計劃保持不變，我們稍微降低了頂級風險。

The two big changes that you need to roll through is just the translational FX on the top line, which is roughly ratable through the remaining three quarters. Q2 is the highest of the three. So cumulatively, we had said there's about $250 million. And then the second thing was on the tax rate. We actually moderated our tax rate down slightly by a quarter point for the full year, we had a favorable discrete item that was timing in Q1.

您需要經歷的兩個重大變化只是頂線上的翻譯 FX，這大致可以在剩餘的三個季度中評估。Q2 是三者中最高的。因此，我們累計起來大約有 2.5 億美元。第二件事是關於稅率。實際上，我們將全年的稅率略微下調了四分之一，我們在第一季有一個有利的單獨項目。

So I would just take the balance to go tax rate. And just spread that ratably over the remaining quarters. You can have other discrete items that may play out. We'll share those as they occur. But you will end up with a higher tax rate as a result of that favorable discrete item through the back half of the year.

所以我只需要用餘額來計算稅率。並將其按比例分攤到剩餘的季度中。您還可以擁有其他可以發揮作用的獨立項目。一旦發生這些情況，我們將分享。但由於下半年有這項有利的單項項目，您最終將面臨更高的稅率。

So I think it's about 16.8% is what the average is for the balance to go. So very straightforward. I mean, basically, the strength of the operating results already delivered in Q1 reflected in our guide. Just need to true up for the translational FX and the tax rate in the back half of the year, and you have a more derisked sales growth profile in the second half.

所以我認為，平衡的平均金額大約是 16.8%。非常簡單明了。我的意思是，基本上，第一季已經實現的強勁經營業績已反映在我們的指南中。只需要在下半年調整匯率和稅率，下半年的銷售成長情況就會更低風險。

And Joanne, great question on APM. We're off to a fantastic start with APM part of BD. The past quarter grew high single digits ahead of our deal model. The teams there, I was just with the team out in Irvine last week at the sales meeting, extremely high energy, a great cultural fit.

喬安妮，關於 APM 的問題問得真好。作為 BD 的一部分，APM 為我們帶來了一個很好的開始。過去一個季度，我們的交易模式實現了高個位數的成長。那裡的團隊，我上週剛和團隊在爾灣參加了銷售會議，活力十足，文化非常契合。

Our integration planning is at or ahead of schedule. We've invested a bit more in selling already as they've come into the organization as well as in R&D. Teams are already focused on revenue synergy planning ex US, which has been our focus, particularly in Asia and parts of Europe.

我們的整合規劃已按計劃進行或提前完成。當他們加入組織時，我們已經在銷售和研發方面投入了更多資金。團隊已經專注於美國以外的收入協同規劃，這一直是我們的重點，特別是在亞洲和歐洲部分地區。

And as we look at R&D, we've already got the core team stood up working on the integration of the APM technology with our infusion platform have already seen some initial work that's been done there. Really excited by how fast the team has been able to move and get that team together and already start on advanced prototyping, et cetera. So we're doing exactly what we said. And if anything, seems off to a bit of a stronger start. So great to have the APM team part of BD.

從研發角度來看，我們已經讓核心團隊開始致力於將 APM 技術與我們的輸液平台結合，並且已經看到了一些初步工作完成。非常高興團隊能夠如此快速地行動，並將團隊聚集在一起並開始進行高級原型設計等。所以我們就是照著我們所說的去做。不管怎樣，這似乎是一個更強勁的開端。非常高興 APM 團隊成為 BD 的一部分。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Hey, thanks so much for taking the question. Can you hear me, okay?

嘿，非常感謝您回答這個問題。你聽得到我說話嗎？

We can, good morning, Matt.

我們可以，早安，馬特。

Great. Good morning. Back to the separation for a congrats on all the work that went into this. Wanted to get a since you mentioned two or three different tiers of separation. Talk a little bit about the process? Was there a process run at before this point? And of course, some of the factors that might drive you towards more of those options or with the other. Thanks.

偉大的。早安.回顧分離，祝賀為此付出的所有努力。既然您提到了兩三個不同層次的分離，那麼就想得到一個。能稍微講一下這個過程嗎？此點之前是否有一個流程正在運作？當然，有些因素可能會促使您選擇其中一個或多個選項。謝謝。

Thanks, Matt, for the question. Obviously, as we said, we'll be sharing more as that process advances, and we expect to conclude that process and announce the final form of the transaction within FY25. Obviously, that timing can vary based on some of those transaction formats can happen sooner than later.

謝謝馬特提出這個問題。顯然，正如我們所說的，隨著該流程的推進，我們將分享更多信息，我們預計將在 25 財年內完成該流程並宣布交易的最終形式。顯然，這個時間可能會有所不同，因為有些交易格式可能會提前發生。

At the end of the day, stick to what I shared earlier, which is we're focused on transaction structures that maximize shareholder value creation and that can take a number of forms, which we've communicated can range from RMT structures to outright sales to spin. We think there's multiple different ways to unlock value there. And again, we'll be focused on doing so in a way which maximizes value creation for our shareholders and the company.

總而言之，堅持我之前所分享的內容，即我們專注於最大化股東價值創造的交易結構，並且可以採取多種形式，我們已經傳達了從 RMT 結構到直接銷售再到分拆的各種形式。我們認為有許多不同的方法可以釋放其中的價值。再次強調，我們將致力於為股東和公司創造最大價值。

Great. Thanks.

偉大的。謝謝。

Thank you. And ladies and gentlemen, that does conclude today's question-and-answer session. At this time, I would like to turn the floor back over to Mr. Tom Polen for any additional or closing comments.

謝謝。女士們、先生們，今天的問答環節到此結束。現在，我想將發言權交還給湯姆·波倫先生，請他發表補充評論或結束評論。

Thank you, and thanks, everyone for joining today and for your continued support of BD. I couldn't be prouder of our team, whose execution of our strategy has positioned us for the journey ahead is an exciting time for BD, and we look forward to sharing more about the separation plan as we progress. Thank you, and have a great rest of the day.

謝謝大家今天的加入以及對 BD 的持續支持。我為我們的團隊感到無比自豪，他們的策略執行為我們未來的旅程做好了準備，這對 BD 來說是一個激動人心的時刻，我們期待在進展過程中分享更多有關分離計劃的信息。謝謝您，祝您今天剩餘時間過得愉快。

Thank you. Again, this does conclude the audio webcast. On behalf of BD, thank you for joining us today. Please disconnect your lines at this time, and everyone have a wonderful day. Goodbye.

謝謝。再次，音訊網路廣播到此結束。我代表 BD 感謝您今天的參與。請您此時斷開您的線路，祝大家有美好的一天。再見。