Becton Dickinson and Co (BDX) 2025 Q2 法說會逐字稿

Hello, and welcome to BD's second fiscal quarter 2025 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 2385 for domestic calls and area code plus +1 (402) 220-7203 for international calls. (Operator Instructions)

您好，歡迎參加 BD 2025 財年第二季財報電話會議。應 BD 的要求，今天的電話會議將被錄音，並可在 BD 投資者關係網站 investors.bd.com 上重播，或撥打 (800) 839 2385（國內電話）或加區號 +1 (402) 220-7203（國際電話）重播。（操作員指示）

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

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。

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 released its results for the second quarter of fiscal 2025. The press release and presentation can be accessed on the IR website at investors.bd.com.

早安，歡迎參加 BD 的收益電話會議。我是 Greg Rodetis，資深副總裁、財務長兼投資者關係主管。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。今天早些時候，BD 發布了 2025 財年第二季業績。新聞稿和簡報可在 IR 網站 investors.bd.com 上查閱。

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.

主持今天電話會議的是 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 joining for Q&A by our segment presidents. Mike Garrison, President of the Medical segment; Mike Feld, President of the Life Sciences segment; and Rick Bird, President of the Interventional segment.

在今天上午的準備好的演講之後，湯姆和克里斯將參加我們分部總裁的問答環節。醫療部門總裁 Mike Garrison；生命科學部門總裁 Mike Feld；以及介入部門總裁 Rick Bird。

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.

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的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資訊。

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. Tariff commentary is based on tariff policies as of April 30 and does not include any of the tariffs that have been announced, but currently are delayed or threatened, and we note that international trade policies, trade restrictions and tariffs are rapidly evolving, and there can be no assurance as to how the landscape may change and what the ultimate impact on our guidance and results of operations will be. Reconciliations between GAAP and non-GAAP measures are included in the appendices of the earnings release and presentation.

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。關稅評論基於截至 4 月 30 日的關稅政策，不包括任何已宣布但目前被推遲或威脅的關稅，我們注意到國際貿易政策、貿易限制和關稅正在迅速發展，我們無法保證形勢將如何變化，也無法保證最終會對我們的指導和經營業績產生什麼影響。收益報告和簡報的附錄中包含了 GAAP 指標和非 GAAP 指標之間的對帳。

With that, I'm pleased to turn it over to Tom.

說完這些，我很高興把它交給湯姆。

Thank you, Greg, and good morning, everyone. My comments this morning will focus on our Q2 results and the strategic actions we are taking to not only navigate the near-term environment with agility, but to ensure BD is best positioned to deliver long-term value.

謝謝你，格雷格，大家早安。我今天早上的評論將集中在我們的第二季度業績以及我們正在採取的戰略行動上，這些行動不僅能靈活地應對短期環境，而且能確保 BD 處於最佳位置，能夠提供長期價值。

Starting with our Q2 results, revenues came in below our expectations, growing 6% or 0.9% organic. This performance was largely attributable to market dynamics concentrated in life sciences, which reflects the change in research funding policy versus what was initially anticipated as well as a slower return to normal levels of blood culture testing in our diagnostics business. We are not satisfied with this quarter's top line growth and is not reflective of the mid-single-digit growth we have been consistently delivering over the last several years. I will share more on the decisive actions we are taking, including specific investments to reaccelerate organic sales growth in this dynamic market.

從我們的第二季業績開始，營收低於我們的預期，成長 6% 或有機成長 0.9%。這項績效主要歸因於生命科學領域的市場動態，這反映了研究資助政策與最初預期的變化，以及診斷業務中血液培養檢測恢復正常水平的速度較慢。我們對本季的營收成長並不滿意，而且這也不能反映出我們過去幾年一直保持的中等個位數成長。我將分享更多我們正在採取的決定性行動，包括為重新加速這個充滿活力的市場的有機銷售成長而進行的具體投資。

Importantly, we were able to offset these challenges to exceed our adjusted EPS growth expectations as we continue to consistently execute and deliver strong performance down the P&L. Specifically, we delivered adjusted gross margins of 54.9%, which increased year-over-year by 190 basis points. Our strong margin performance is being fueled by momentum in BD Excellence, with now four consecutive quarters of strong gross margin expansion. We continue to scale BD Excellence across the organization, including nearly tripling the number of Kaizens year-on-year, with over 600 completed year-to-date. As planned, we are now beginning to embed this system in our R&D and commercial operations and just held our first-ever BD Excellence Leadership Summit three weeks ago.

重要的是，我們能夠克服這些挑戰，超越調整後的每股盈餘成長預期，因為我們將繼續持續執行並在損益表中提供強勁的業績。具體而言，我們的調整後毛利率為 54.9%，較去年同期成長 190 個基點。我們的強勁利潤表現得益於 BD Excellence 的強勁發展勢頭，目前已連續四個季度實現強勁的毛利率成長。我們繼續在整個組織內擴大 BD Excellence，包括逐年將 Kaizens 的數量增加近三倍，今年迄今已完成 600 多個。按照計劃，我們現在開始將該系統嵌入到我們的研發和商業運營中，並在三週前剛剛舉辦了我們的首屆 BD 卓越領導力高峰會。

We continue to see BD Excellence as a key catalyst to drive gross margin expansion over the next five years and support increasing growth investments in commercial programs and R&D. Chris will take you through our results in greater detail. However, I'd like to provide some additional color on our Q2 revenue performance. First, Bioscience performance was impacted by further reduction in global research funding. At the start of the year, our forecast assumed a depressed, but stable environment with modest improvement throughout the year. Q1 was directly aligned with those assumptions. However, as given changes in government policy, including the cuts to US research grants announced in February, it's become clearer that pressure on research spending increased in Q2 and will likely persist through FY25.

我們繼續將 BD Excellence 視為推動未來五年毛利率擴張和支持增加商業項目和研發成長投資的關鍵催化劑。克里斯將向您更詳細地介紹我們的成果。不過，我想對我們第二季的收入表現提供一些額外的資訊。首先，生物科學的表現受到全球研究經費進一步減少的影響。年初，我們預測經濟環境將處於低迷但穩定的狀態，全年將略有改善。Q1 與這些假設直接一致。然而，隨著政府政策的變化，包括 2 月宣布削減美國研究經費，很明顯，第二季研究支出的壓力增加，而這種壓力可能會持續到 2025 財年。

This has largely impacted research instrument sales. However, where instrument funding is available, our win rate has been strong, driven by high interest in our innovative FACS portfolio. And we are pleased that effective in April, we received our first export license to resume selling our high-parameter flowcytometers to China, following the US government ban imposed in early January.

這在很大程度上影響了研究儀器的銷售。然而，只要有儀器資金可用，我們的成功率就很高，這得益於人們對我們創新的 FACS 產品組合的高度興趣。我們很高興，繼美國政府於一月初實施禁令之後，我們於四月獲得了首個出口許可證，可以恢復向中國銷售高參數流式細胞儀。

Finally, on the reagent side, we are seeing continued growth, which we see as a good signal that customers are continuing to advance their research. We believe this business remains well positioned for growth as the market begins to stabilize.

最後，在試劑方面，我們看到了持續的成長，我們認為這是一個好訊號，表明客戶正在繼續推進他們的研究。我們相信，隨著市場開始穩定，該業務仍將保持良好的成長動能。

The other key area where we experienced challenges was diagnostics with softness in our back tech blood culture business. If you recall, we experienced supplier challenges late last year. Our team has done a great job working with the supplier to get back to full production, and we have returned to historical inventory levels. However, customers who had been operating under allocation last year took conservation actions within the standard of care guidelines and have been slower than expected to move back to prior testing levels. We are partnering with our customers to accelerate this readoption.

我們遇到挑戰的另一個關鍵領域是後技術血液培養業務的軟性診斷。如果您還記得的話，去年年底我們遇到了供應商挑戰。我們的團隊與供應商合作出色地恢復了全面生產，並且我們的庫存水準也已恢復到歷史水準。然而，去年一直按照分配營運的客戶在標準護理指南範圍內採取了保護措施，並且恢復到先前的測試水平的速度比預期要慢。我們正在與客戶合作，以加速這一重新採用。

Given these dynamics, we are adjusting our full year revenue guidance and now expect to deliver 3% to 3.5% organic growth. We don't take this change lightly and are acting decisively to address items within our control, and drive upside in areas of momentum to accelerate growth. Specifically as planned, Pharm Systems returned to growth in Q2, giving us confidence in second half growth where we expect performance to keep building driven by biologics and increased orders for GLP-1s. We're investing behind Alaris' strong momentum, and APM continues to be a key growth catalyst, which will contribute to organic growth as we anniversary the acquisition in Q4. We believe our interventional business is well positioned to deliver strong growth in the second half, fueled by continued momentum and additional commercial investments in PureWick and Phasix and our recent launch of Phasix Umbilical. Our innovation funnel is robust, and we have several new product launches planned in the back half, including FACSDiscover A8 and Central Vina 1, our rapid insertion central catheter.

鑑於這些動態，我們正在調整全年營收預期，目前預計將達到 3% 至 3.5% 的有機成長。我們不會輕視這項變化，並會採取果斷行動來解決我們控制範圍內的問題，並在勢頭強勁的領域推動上行，以加速成長。具體來說，正如計劃的那樣，Pharm Systems 在第二季度恢復了成長，這使我們對下半年的成長充滿信心，我們預計在生物製劑和 GLP-1 訂單增加的推動下，業績將繼續增長。我們正在投資 Alaris 的強勁發展勢頭，而 APM 將繼續成為關鍵的成長催化劑，這將在我們第四季度收購週年時促進有機成長。我們相信，由於持續的發展勢頭和對 PureWick 和 Phasix 的額外商業投資以及我們最近推出的 Phasix Umbilical，我們的介入業務將在下半年實現強勁增長。我們的創新管道非常強大，我們計劃在下半年推出幾款新產品，包括 FACSDiscover A8 和快速插入中心導管 Central Vina 1。

Turning to earnings for the balance of the year. Before considering the impacts of tariffs, strength down the P&L, including strong margin performance, is enabling us to offset our updated revenue expectations. Chris will go into greater detail on our updated guidance, including our tariff assumptions, but I'd like to provide some context for how we're navigating the current environment. First, we have a strong track record of effectively navigating macro challenges, including COVID and the supply chain and inflation headwinds that followed, driven by our advanced supply chain capabilities, regionalized manufacturing footprint and scaled leadership positions. We are applying these same strengths and operating approach to proactively navigate tariffs.

談談今年的餘額收益。在考慮關稅的影響之前，損益表的強勁下降（包括強勁的利潤率表現）使我們能夠抵消我們更新的收入預期。克里斯將更詳細地介紹我們的最新指南，包括我們的關稅假設，但我想提供一些關於我們如何應對當前環境的背景資訊。首先，由於我們先進的供應鏈能力、區域化的製造佈局和規模化的領導地位，我們在有效應對宏觀挑戰方面有著良好的記錄，包括新冠疫情以及隨之而來的供應鏈和通膨逆風。我們正在運用同樣的優勢和營運方法來主動應對關稅。

Second, BD is the largest US manufacturer in med tech, with a US network of 28 plants that produce over 10 billion devices each year. This puts BD in a strong position with nearly 80% of our US revenue currently sourced from our US manufacturing network or tariff exempt sources. To further strengthen our position and commitment to ensure a resilient US healthcare system, today, we announced our intent to invest $2.5 billion in US manufacturing over the next five years.

其次，BD 是美國最大的醫療技術製造商，在美國擁有 28 家工廠，每年生產超過 100 億台設備。這使 BD 處於有利地位，目前我們在美國近 80% 的收入來自我們的美國製造網絡或免稅來源。為了進一步加強我們的地位和承諾，確保美國醫療保健體系的彈性，今天，我們宣布打算在未來五年內向美國製造業投資 25 億美元。

Looking at imports, less than 1% of US revenue is sourced from China. Given this structure and current tariff policies, our most significant tariff exposure comes from China tariffs placed on products manufactured in the US and exported to China. We are committed to leading through this challenge and are proactively driving mitigation actions that have already significantly reduced near-term tariff risk. As a result, we assume $90 million of tariff expense in FY25.

從進口來看，美國祇有不到1%的收入來自中國。鑑於這種結構和當前的關稅政策，我們面臨的最大關稅風險來自中國對美國製造並出口到中國的產品徵收的關稅。我們致力於引領應對這項挑戰，並積極推動緩解行動，這些行動已顯著降低了近期關稅風險。因此，我們預計 25 財年的關稅支出為 9,000 萬美元。

Third, we have identified and begun to act on additional steps to further mitigate the impact of tariffs beyond FY25. These actions include shifting supply flows, optimizing supplier locations and leveraging dual sourcing options across our network. For example, we ship certain products such as vacutainers and flush from the US to China that can also instead ship from our European plants to China, or we can accelerate transition to our China flush plant. As a global med tech leader, we remain committed to serving China's healthcare system and patients and to preserving our relationships and business.

第三，我們已經確定並開始採取額外措施，進一步減輕25財年以後關稅的影響。這些措施包括轉移供應流、優化供應商位置以及利用我們網路中的雙重採購選項。例如，我們將某些產品（如真空採血管和沖洗液）從美國運往中國，這些產品也可以從我們的歐洲工廠運往中國，或者我們可以加速過渡到我們的中國沖洗液工廠。作為全球醫療技術領導者，我們始終致力於服務中國的醫療保健系統和患者，並維護我們的關係和業務。

Finally, related to tariffs, we immediately put G&A focused cost containment measures in place. and are taking a balanced approach on pricing that recognizes the current cost pressures while closely partnering with our customers during this time of uncertainty.

最後，關於關稅，我們立即採取了以一般及行政費用為重點的成本控制措施。並在定價上採取平衡的方法，認識到當前的成本壓力，同時在這個不確定的時期與我們的客戶密切合作。

BD Excellence is also a differentiated capability in this environment as it enables us to protect margins and preserve investment to support innovation and growth.

BD Excellence 在這種環境下也是一種差異化能力，因為它使我們能夠保護利潤率並保留投資以支持創新和成長。

Turning to other key strategic initiatives. The separation process for our Biosciences and Diagnostics business is advancing well and on schedule. As we have shared previously, we believe this is a unique opportunity to create value, and interest has only increased since we announced the separation in February. We remain committed to maximizing shareholder value, and we'll share more details on the specific form of the transaction this summer.

轉向其他關鍵策略舉措。我們的生物科學和診斷業務的分離過程正在按計劃順利進行。正如我們之前所分享的，我們相信這是一個創造價值的獨特機會，自從我們二月宣布分離以來，人們的興趣只增不減。我們仍然致力於最大化股東價值，並將於今年夏天分享更多有關交易具體形式的細節。

We continue to make meaningful pipeline advances across several of our higher growth markets. In BD Interventional, we continue to expand into new advanced tissue regeneration applications with the launch of Phasix ST Umbilical, the first and only fully absorbable hernia solution designed specifically for umbilical hernias, one of the most common abdominal wall hernia procedures. The launch is off to a strong start.

我們繼續在多個高成長市場中取得有意義的進展。在 BD Interventional，我們繼續拓展新的先進組織再生應用領域，推出了 Phasix ST Umbilical，這是第一個也是唯一一個專為臍疝氣（最常見的腹壁疝氣手術之一）設計的完全可吸收疝氣解決方案。此次發布會開局良好。

In BD Medical, we continue to advance our connected care strategy and last week received the next 510(k) clearance for BD Alaris enhancements, including cybersecurity updates and clearance of the EtCO2 module. We also recently launched BD Nexus, our next-generation infusion pump designed for the EMEA region.

在 BD Medical，我們繼續推進我們的互聯護理策略，並於上週獲得了 BD Alaris 增強功能的下一個 510(k) 許可，包括網路安全更新和 EtCO2 模組的許可。我們最近也推出了專為 EMEA 地區設計的新一代輸液幫浦 BD Nexus。

Finally, in Life Sciences, we are on track to launch the first BD FACSDiscover analyzer, the A8, in just a few weeks, bringing our spectral and real-time imaging technology to an even wider range of scientists and applications. The feedback from pilot customers has been extremely positive.

最後，在生命科學領域，我們預計在短短幾週內推出第一款 BD FACSDiscover 分析儀 A8，將我們的光譜和即時成像技術帶給更廣泛的科學家和應用。試點客戶的回饋非常正面。

In closing, we are acutely focused on managing our company to navigate the near-term environment and deliver improved growth levels in the back half of the year. The separation of our Biosciences and Diagnostics business remains on track, and we believe we will be well positioned as a pure-play med tech leader focused on attractive categories shaping the future of healthcare. BD Excellence has good momentum, a long runway of opportunity and has the potential to drive strong margin accretion and fuel investments in R&D and commercial. We believe this will enable BD to deliver sustainable, consistent profitable growth.

最後，我們高度重視管理公司，以應對近期環境並在下半年實現更高的成長水準。我們的生物科學和診斷業務的分離仍在進行中，我們相信，我們將成為專注於塑造醫療保健未來的有吸引力的類別的純粹醫療技術領導者。BD Excellence 發展勢頭良好，擁有廣闊的發展機遇，並有潛力推動利潤的強勁增長以及研發和商業方面的投資。我們相信這將使 BD 實現可持續、持續的獲利成長。

With that, I'll turn it over to Chris.

說完這些，我就把麥克風交給克里斯。

Thanks, Tom. Starting with some further insight into our Q2 revenue performance. Revenue grew 6% or 0.9% organic, As a reminder, organic growth includes a previously disclosed headwind of about 150 basis points from the outsized prior year licensing comparison in BDI, with the largest impact in UCC, followed by PI.

謝謝，湯姆。首先進一步了解我們第二季的營收表現。營收成長 6% 或有機成長 0.9%，需要提醒的是，有機成長包括先前揭露的阻力，該阻力來自 BDI 上年授權業務的超大成長，約為 150 個基點，其中 UCC 的影響最大，其次是 PI。

As Tom discussed, performance in Life Sciences was the main driver of lower-than-expected Q2 organic growth and resulted from lower Biosciences instrument demand, given changes in government policy focus and a slower recovery in our back tech blood culture business.

正如湯姆所討論的，生命科學領域的業績是第二季度有機成長低於預期的主要原因，這是由於政府政策重點的變化以及後台技術血液培養業務復甦放緩導致的生物科學儀器需求下降所致。

Outside of Diagnostics and Biosciences, organic growth in our med tech business was 1.9%, which includes a headwind of approximately 170 basis points from the prior year licensing compare. Alaris performance remained strong, and we are pleased with the recent new clearance. We realized strength across many other key platforms. This includes double-digit growth in biologics, primarily GLP-1s, which led to Pharm Systems returned to growth this quarter, which is trending in line with our expectations for the full year.

除診斷和生物科學外，我們的醫療技術業務的有機增長率為 1.9%，其中包括與上年許可相比約 170 個基點的逆風。Alaris 的表現依然強勁，我們對最近的新清倉感到滿意。我們在許多其他關鍵平台上都展現了實力。其中包括生物製劑（主要是 GLP-1）的兩位數成長，這使得 Pharm Systems 本季恢復成長，這與我們對全年的預期一致。

In UCC, PureWick delivered another quarter of strong double-digit growth with continued adoption of the male and female portfolios. PureWick male had its strongest quarter post launch, and PureWick Flex also continued its strong trajectory in the acute and direct-to-consumer at-home channel. In surgery, our hernia transformation strategy to move the standard of care from synthetic mesh to our Phasix bioresorbable mesh continue with strong market adoption and double-digit growth.

在 UCC 領域，PureWick 憑藉男性和女性投資組合的持續採用，再創季度強勁的兩位數成長。PureWick 男士產品在推出後的一個季度表現最為強勁，而 PureWick Flex 在急性和直接面向消費者的家用管道也延續了其強勁的發展軌跡。在外科手術中，我們的疝氣轉化策略將護理標準從合成網片轉變為我們的 Phasix 生物可吸收網片，並繼續保持強勁的市場應用和兩位數的成長。

Lastly, underlying growth was strong across all PI platforms in the US, partially offset by volume-based procurement in China.

最後，美國所有 PI 平台的潛在成長都很強勁，但被中國批量採購部分抵消。

Regionally, total company organic growth was led by performance in the US, Greater Asia outside of China and Latin America that was partially offset by a decline in EMEA and double-digit decrease in China as expected.

從地區來看，公司整體有機成長主要得益於美國、中國以外的大亞洲地區和拉丁美洲的業績，但這一增長被歐洲、中東和非洲地區的下滑以及中國地區兩位數的下滑（符合預期）部分抵消。

Turning to our P&L results. We executed down the P&L, delivering well leveraged earnings growth and exceeding both our adjusted margin and earnings commitments, with Q2 adjusted diluted EPS of $3.35, growing 5.7%. We delivered strong adjusted gross margin of 54.9% and adjusted operating margin of 24.9%, which increased by 190 and 60 basis points year-over-year, respectively. Margin expansion continued to be fueled by momentum in BD Excellence driven by manufacturing productivity, supported by improved OEE, waste and network optimization. This enabled growth investments across SSG&A and R&D.

轉向我們的損益結果。我們降低了損益，實現了良好的槓桿盈利增長，並超出了我們的調整後利潤率和盈利承諾，第二季度調整後稀釋每股收益為 3.35 美元，增長 5.7%。我們實現了強勁的調整後毛利率 54.9% 和調整後營業利潤率 24.9%，分別比去年同期增長了 190 個基點和 60 個基點。利潤率的擴大繼續受到 BD Excellence 的推動，該推動力由製造生產力推動，並得到 OEE、浪費和網路優化的改善的支持。這使得 SSG&A 和研發領域的投資得以成長。

Regarding cash and capital allocation, year-to-date, free cash flows were approximately $625 million. This reflects the timing of planned onetime cash payments. BD Excellence continues to drive productivity gains, allowing us to leverage capital expenditures. We've made strategic investments in inventory in the quarter to optimize the impact of tariffs within the year. As a reminder, our cash generation is weighted to the second half, given the timing of tax and other payments. And while we expect tariffs to have a modest impact on cash in the second half, we expect continued progress against our deleveraging commitments.

關於現金和資本配置，年初至今，自由現金流約 6.25 億美元。這反映了計劃的一次性現金支付的時間。BD Excellence 持續推動生產力成長，使我們能夠利用資本支出。我們在本季度對庫存進行了戰略投資，以優化年內關稅的影響。提醒一下，考慮到稅收和其他付款的時間，我們的現金產生主要集中在下半年。雖然我們預計關稅將在下半年對現金產生適度影響，但我們預計去槓桿承諾將繼續取得進展。

We ended the quarter with net leverage of 2.9 times, which was in line with our expectation. We also continue to see share repurchases as a value-creating deployment of capital, given our view of the intrinsic value of BD and remain committed to deploying $1 billion towards share repurchases by the end of the calendar year with $750 million repurchased year-to-date.

本季末，我們的淨槓桿率為 2.9 倍，符合我們的預期。鑑於我們對 BD 內在價值的看法，我們也繼續將股票回購視為創造價值的資本部署，並繼續致力於在年底前部署 10 億美元用於股票回購，今年迄今已回購了 7.5 億美元。

Moving to our updated fiscal '25 guidance. As we look ahead to the balance of the year, we remain focused on driving areas of momentum while reflecting the latest macro dynamics. We now expect currency-neutral total revenue growth of 7.8% to 8.3% and organic revenue growth of 3% to 3.5%. As we think about the quarterly split, we expect year-over-year organic growth to improve sequentially in Q3 to nearly 3% and further in Q4 due to the benefits of the key growth drivers Tom referenced earlier in his remarks as well as easing comps.

轉向我們更新的 25 財年指導。展望今年的平衡，我們將繼續專注於推動發展動能的領域，同時反映最新的宏觀動態。我們現在預計，扣除匯率因素，總收入成長率為 7.8% 至 8.3%，有機收入成長率為 3% 至 3.5%。當我們考慮季度劃分時，我們預計第三季度同比有機增長率將環比提高至近 3%，第四季度將進一步提高，這得益於湯姆在之前的講話中提到的關鍵增長動力以及同店銷售額的下降。

Regarding foreign currency, based on current spot rates for illustrative purposes, we expect a headwind to revenue from translational currency of approximately $20 million for the full fiscal year, which is an improvement of approximately $230 million from our prior guidance view. As a result, we now expect fiscal 2025 total revenues to be in a range of $21.8 million to $21.9 billion. For tax, we now expect our adjusted effective tax rate to be between 14% and 14.5%.

關於外幣，基於目前的即期匯率，我們預計整個財年將因換算貨幣而產生收入逆差約 2,000 萬美元，比我們先前的指導意見高出約 2.3 億美元。因此，我們現在預計 2025 財年總營收將在 2,180 萬美元至 219 億美元之間。對於稅收，我們現在預計調整後的有效稅率將在 14% 至 14.5% 之間。

Before considering the impact associated with tariffs, we are maintaining our adjusted EPS of $14.30 to $14.60, which represents 10% growth at the midpoint inclusive of absorbing an FX headwind of about $0.05 or 40 basis points for the full year. Our strength down the P&L, largely driven by gross margin improvement, is fully offsetting the earnings impact, associated with our revised organic sales growth. There continues to be a high degree of uncertainty on the future of the tariff environment.

在考慮與關稅相關的影響之前，我們將調整後的每股盈餘維持在 14.30 美元至 14.60 美元之間，這代表中間值成長 10%，其中包括吸收全年約 0.05 美元或 40 個基點的外匯逆風。我們的損益表的強勁表現，主要得益於毛利率的提高，完全抵銷了與我們修訂後的有機銷售成長相關的獲利影響。未來的關稅環境仍存在高度不確定性。

We are focused on executing our strategy while also taking every action to mitigate tariffs and have made significant progress to date. Incorporating the mitigating actions we have taken and continue to execute, we estimate remaining tariff expense of about $90 million this fiscal year or $0.25, predominantly weighted to Q4. As a result, we now expect adjusted diluted EPS and to be in the range of $14.06 to $14.34, which reflects growth of about 8% at the midpoint, including a tariff impact of about 2%.

我們專注於執行我們的策略，同時採取一切措施降低關稅，迄今已取得重大進展。結合我們已經採取並繼續執行的緩解措施，我們估計本財年剩餘的關稅費用約為 9000 萬美元或 0.25 美元，主要集中在第四季度。因此，我們現在預計調整後的稀釋每股收益將在 14.06 美元至 14.34 美元之間，這反映了中間值約 8% 的增長，其中包括約 2% 的關稅影響。

Finally, as you think of Q3 margins, we expect continued strong adjusted gross margin levels or about flat year-over-year. Given our planned increases in selling and R&D investments, while maintaining G&A cost discipline, Q3 adjusted operating margin is expected to be about 24.5%.

最後，當您想到第三季的利潤率時，我們預計調整後的毛利率將繼續保持強勁或與去年同期持平。鑑於我們計劃增加銷售和研發投資，同時維持一般及行政成本控制，預計第三季調整後的營業利潤率約為 24.5%。

In closing, we are focused on navigating the current environment to deliver our revenue with compelling adjusted EPS growth, inclusive of tariffs while positioning BD with continued momentum beyond 2025.

最後，我們專注於駕馭當前環境，透過引人注目的調整後每股盈餘成長（包括關稅）來實現收入，同時使 BD 在 2025 年以後繼續保持發展勢頭。

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

現在，讓我們開始問答環節。接線員，您能集合一下我們的隊伍嗎？

(Operator Instructions) Larry Biegelsen, Wells Fargo.

（操作員指示）富國銀行的 Larry Biegelsen。

Chris, let's get the tariff question out of the way here. The $0.25, is that net or gross? In other words, net after mitigation? You talked about it starting in Q4 -- fiscal Q4, so obviously, people are going to try to annualize that. Is that the right way to think about it in fiscal '26? Or is there going to be -- obviously, you'll have some mitigation, I assume. So what's the right way to think about it for fiscal '26? And I have one follow-up.

克里斯，我們先來討論一下關稅問題。$0.25 是淨額還是總額？換句話說，緩解後的淨額是多少？您談到了從第四季度（財政第四季度）開始的情況，因此顯然人們會嘗試將其年度化。這是對 26 財年問題的正確思考方式嗎？或者會有——顯然，我認為你會得到一些緩解。那麼，該如何正確思考 26 財年的問題呢？我還有一個後續問題。

Yes. Sure. Thanks, Larry. Appreciate the question. Certainly, a top-of-mind topic. Look, one big shout out to the BD team. To your point, this is a net number after significant work to mitigate tariffs on multiple fronts, both short term, long term. As you can imagine, we've been navigating our advanced capabilities and supply chain, getting proactive with inventory movements, looking at sourcing alternatives across our broad network. And so there's been a lot of significant progress across multiple groups to mitigate this in 2025.

是的。當然。謝謝，拉里。感謝你的提問。毫無疑問，這是最受關注的話題。看，向 BD 團隊大聲呼喊。正如您所說，這是在短期和長期等多個方面大力降低關稅之後得出的淨數字。正如您所想像的，我們一直在探索我們先進的能力和供應鏈，積極主動地進行庫存調動，並在我們廣泛的網絡中尋找採購替代品。因此，多個團體在 2025 年緩解這一問題方面已經取得了許多重大進展。

Obviously, the situation remains extremely fluid. We'll see how the next few months play out as it relates to further tariff rates, et cetera, that are on the horizon. You're exactly right. Well, on one hand, you can't do simple math and just annualize it, it is fair to say, though, that we only have about three months on average of tariffs in our guide. There's a little bit in Q3, but when you think of kind of our fiscal year and where we are in our cap and roll period. So at minimum, you need to do some sort of annualization factor would be fair. And then from there, I think what we'll do is we'll look and see where our rates come in. And then we're not done in terms of efforts to mitigate take action, et cetera.

顯然，局勢仍然極不穩定。我們將觀察未來幾個月即將推出的進一步關稅稅率等情況。你說得完全正確。嗯，一方面，你不能做簡單的數學計算，然後將其年化，但公平地說，我們的指南中平均只有大約三個月的關稅。第三季有一點，但是當你想到我們的財政年度以及我們在上限和滾動期間所處的位置時。因此，至少你需要做一些年度化因素才會公平。然後從那裡開始，我想我們要做的就是看看我們的利率來自哪裡。我們在緩解、採取行動等方面的努力尚未完成。

I think the last comment I would just make, and we can get more into this as we get through the call, I think despite that, and everything that BD is navigating in the macro environment, you're really seeing the power of BD through BD Excellence with margin progression and our ability to still deliver and compound strong EPS growth at 8% in the midpoint.

我認為我最後要說的是，我們可以在通話結束後更深入地討論這個問題，我認為儘管如此，而且 BD 在宏觀環境中所經歷的一切，您都可以通過 BD Excellence 真正看到 BD 的實力，利潤率不斷提高，我們仍然能夠實現並以中點 8% 的速度實現強勁的 EPS 增長。

That's super helpful. Just one follow-up for Chris or Tom. Just maybe put -- just flesh out a little bit more how the second half organic growth improves. I think it was 0.9% in Q2, 3% you said for Q3, Chris, I think you've a little bit higher in Q4, a little bit -- give us a little bit more meat on the bone there and kind of what gets better in the second half of the year and your level of confidence there.

這非常有幫助。只需對克里斯或湯姆進行一次跟進。也許只是稍微詳細說明一下下半年有機成長如何改善。克里斯，我認為第二季度是 0.9%，第三季度是 3%，我認為第四季度會稍微高一點，稍微高一點——給我們提供一些更具體的情況，以及下半年情況會如何好轉，以及你對此的信心水平。

Speakers, are you able to hear us?

演講者們，你們聽得到我們說話嗎？

I can hear you. This is Larry. I was wanting to ask the question.

我聽到你的聲音。這是拉里。我正想問這個問題。

To our speakers, Mr. Polen or Mr. DelOrefice, are you able to hear us? You may be on mute.

對於我們的講者，Polen 先生或 DelOrefice 先生，您能聽到我們說話嗎？您可能處於靜音狀態。

Okay. Can you guys hear me now? Just confirm, Larry?

好的。你們現在聽得到我說話嗎？只是確認一下，拉里？

I can. Did you hear the question, Chris?

我可以。你聽到這個問題了嗎，克里斯？

Yes. Yes, I heard the question. Perfect. Thanks, Larry, for the question. So obviously, in this guide, you saw us reflect our best thinking on the macro landscape, which should evolve pretty quickly and dynamically as we were into Q2. If you remember, Q1, we were well on track, actually ahead of plan. As you think of the full year, so first half ex licensing, we're about 3% growth. As you step into the second half, our implied guide is about 4%, so a 1% step-up. What we did share on the call is we expect Q3 to be similar to the first half, so right around 3%. What that implies is just over 5% in Q4.

是的。是的，我聽到了這個問題。完美的。謝謝拉里提出的問題。因此，顯然，在本指南中，您可以看到我們對宏觀形勢的最佳思考，隨著我們進入第二季度，宏觀情況應該會迅速而動態地發展。如果您還記得的話，第一季我們的進展順利，實際上已經超出了計劃。就全年而言，上半年（不包括許可）我們的成長率約為 3%。進入下半年，我們的隱含指引約為 4%，因此增量為 1%。我們在電話會議上確實提到，我們預計第三季的成長率將與上半年相似，約為 3%。這意味著第四季度的成長率將略高於 5%。

There's really four key items in Q4. It's actually pretty straightforward as you think of that acceleration. And they're all about equally weighted. First thing is we start cycling over 8 PM, which now becomes a organic growth contributor actually off of an easy comp as well. And so you have that dynamic.

第四季確實有四個關鍵事項。當你想到加速度時，它實際上非常簡單。而且它們的權重都差不多。首先，我們開始在晚上 8 點進行循環，現在它實際上也成為了有機成長的貢獻者，並且很容易競爭。所以你就有了這種動態。

You have Pharm Systems, which has actually been playing out as planned through the year. You saw a step-up in growth there. Continued momentum in Biologics. So you'll see a stronger Q4 there, again, also off of the easier comp. BDI, we've always talked about that profile being 6-plus grow. We expect high single-digit growth in BDI, partially driven by an easy comp in surgery. It's also an area where we've actually added investment to our plan in the spirit of driving -- taking action and driving areas of momentum.

您擁有 Pharm Systems，其全年實際運作情況均按計劃進行。你看到那裡的成長速度加快了。生物製劑領域持續保持強勁勢頭。因此，您會看到第四季度表現更加強勁，而且相比之下也更加容易。BDI，我們一直在談論的是 6 歲以上的成長情況。我們預計 BDI 將實現高個位數成長，部分原因是手術行業的輕鬆競爭。這也是我們本著推動精神在我們的計劃中實際增加投資的一個領域——採取行動並推動發展勢頭。

And then lastly, actually, in BDB, again, we cycle through easiest comp last year at the end of the year is when market dynamics started affecting us, and we have an exciting launch with FACSDiscover A8. So those four items explain the sequential step-up from Q3 to Q4, and we feel really good about that.

最後，實際上，在 BDB 中，我們再次經歷了去年年底最簡單的比較，當時市場動態開始影響我們，我們推出了令人興奮的 FACSDiscover A8。因此，這四項解釋了從第三季到第四季的連續提升，我們對此感到非常滿意。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

I just want to follow up on that last one. Just maybe a different angle of the question. you brought organic sales growth down for the year about 100 bps, 50 bps of that you highlighted was from some of the known headwinds like China, Pharm Systems, destocking and Biosciences, and then 50 bps from, it looks like the rest of the business.

我只是想跟進最後一個問題。也許只是從不同的角度看問題。您將全年的有機銷售額成長率降低了約 100 個基點，其中 50 個基點是由於一些已知的不利因素，如中國、製藥系統、去庫存和生物科學，另外 50 個基點似乎是由於其他業務。

Chris, maybe you could help us understand sort of where it's coming in a little soft In the remaining part of the business? And then of that 125 to now 175 headwind, what's kind of doing better and what's maybe doing worse?

克里斯，也許你可以幫助我們了解在剩下的業務中，哪些方面出現了問題？那麼，從 125 到現在的 175 的逆風，哪些方面表現較好，哪些方面表現較差？

Yes. Thanks, Rob. That's a great question as well. So the 175 basis points, it was around, it's actually slightly over that. Think of it a little bit higher. Here's the easy way to break it down. There's really three key drivers that we're adjusting for in the guide, two of which are very much market-driven. So about 80% of the impact, and I would say 60% of that 80% is both BDB and China.

是的。謝謝，羅布。這也是一個很好的問題。因此，利率大約為 175 個基點，實際上略高於這個數字。想得高一點。這是分解它的簡單方法。我們在指南中調整的關鍵驅動因素實際上有三個，其中兩個很大程度上是由市場驅動的。因此，大約 80% 的影響，我想說這 80% 中的 60% 是 BDB 和中國共同造成的。

If you remember, China, we originally said would be a mid-single-digit decline. We're now saying it's going to be a high single-digit decline. Some of that is just trying to make sure we're thoughtful about the environment because China was actually tracking relatively in line in the first half. But we did start seeing some incremental volume-based procurement in areas, in particular, BDI, which we can touch on. And as you can imagine, the research spend in that area. So there's a little bit of overlap with BDB. BDB is the other one.

如果你還記得的話，我們最初說過中國經濟將出現中等個位數的下降。我們現在說這將是一個高個位數的下降。其中有些只是為了確保我們對環境考慮周全，因為中國上半年的經濟表現實際上相對穩定。但我們確實開始看到一些領域的增量式批量採購，特別是 BDI，我們可以談談這一點。正如您所想像的，該領域的研究支出。因此與 BDB 有一點重疊。BDB 是另一個。

Again, that's fully market driven. There were a lot of changes that happened mid to late quarter in Q2, including how you saw Europe react as it relates to standing up defense fund, some of that coming at the expense of research as an example. Obviously, in the US, they're -- in NIH, there was a specific reduction there taking place. So we've reflected that in.

再次強調，這完全是由市場驅動的。第二季中後期發生了許多變化，包括歐洲對設立國防基金的反應，其中一些變化是以犧牲研究為代價的。顯然，在美國，NIH 正在進行具體的削減。我們已經反映了這一點。

The other big areas in the DS business, predominantly batch. So we described that on the call. Last year, we had a third-party supplier create a supply challenge. We're fully back on supply. Team's done a great job there. Inventory is in the channel. But as you can imagine, the healthcare system puts conservation efforts in place to ensure that they're appropriately following protocols, taking care of the most critical patients.

DS 業務的其他重要領域主要是批量。我們在電話中描述了這一點。去年，我們讓第三方供應商發起了供應挑戰。我們已全面恢復供應。團隊在那裡做得很好。庫存在渠道中。但正如你可以想像的那樣，醫療保健系統採取了保護措施，以確保他們適當地遵守協議，照顧最危急的病人。

It's taking them longer to ramp back to normal utilization levels. So we're partnering with our customers to get that back, give them confidence that supplies there, which is there. Those are the big areas. There are some smaller puts and takes everywhere else, but that's the way I would think of it.

他們需要更長的時間才能恢復正常的利用率水準。因此，我們正在與客戶合作，讓他們相信那裡有供應。這些都是大區域。其他地方也有一些較小的投入和產出，但這就是我的想法。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

So just following on the discussion about tariffs and mitigation actions, I was hoping that you could delve into some of the different levers that you can pull and when you might look to pull them? A lot of companies have been talking about pricing selectively and then using global footprint and looking at different sourcing. So maybe you can talk about any actions you could take in the short term? And then when the dust settles and we know more about how the landscape will look next year, what could you do in different scenarios next year and beyond?

因此，在討論關稅和緩解措施之後，我希望您能夠深入探討您可以採取的一些不同措施，以及何時可能採取這些措施？許多公司一直在談論選擇性定價，然後利用全球足跡並尋找不同的採購來源。那麼也許您可以談談您短期內可以採取的任何行動？當一切塵埃落定，我們對明年的情況有了更多的了解，那麼針對明年及以後的不同情況，你能做些什麼呢？

Yes. Thanks, Matt, for the question. This is Tom. So as we shared in the prepared remarks, this team has a very strong track record of being highly proactive and effective in navigating macro challenges. We did that during COVID, supply chain and inflation headwinds that followed. And certainly, tariffs represent a dynamic external factor that we jumped all over to very proactively manage that situation as well. And so a couple of the levers that we pulled early on, and then I can talk about some of the ones that we're continuing to pull.

是的。謝謝馬特提出這個問題。這是湯姆。正如我們在準備好的發言中分享的那樣，這個團隊在應對宏觀挑戰方面有著非常積極主動和有效的記錄。我們在新冠疫情、供應鏈和隨後的通膨逆風期間做到了這一點。當然，關稅是一個動態的外部因素，我們也積極地應對這種情況。這是我們早期採取的幾個措施，然後我可以談談我們正在繼續採取的一些措施。

Right off the bat, we actively started positioning inventory in the right geographies to get ahead of the tariff and create a buffer against near-term cost impact. So that was an area, for example, we've gotten in quite a bit of inventory on Veritor to get ahead of that and have enough inventory for the balance of the year. That's the one product that we import from China as an example, less than 1% of US revenue, but that is the one product that we import from China, and we're able to get ahead of that for inventory for the rest of this year.

我們立即開始積極地在正確的地區部署庫存，以領先於關稅並緩衝近期的成本影響。舉例來說，我們在 Veritor 上累積了相當多的庫存，以便領先一步，並有足夠的庫存來滿足今年的剩餘需求。以我們從中國進口的一種產品為例，雖然它只占美國收入的不到 1%，但這是我們從中國進口的一種產品，而且我們能夠在今年剩餘時間內提前儲備庫存。

We continuously look at our global sourcing footprint. As I shared, we have the largest -- we are the largest US manufacturer in med tech, and that's a significant strength to us. We also have a very dynamic global footprint as well. And so we do have, particularly on our high-volume consumables it's very often that we have multiple sourcing options. And we shared some examples in the prepared remarks, as an example, essentially all the Vacutainer that we sell in China historically and today, is sourced from our Sumpter, South Carolina plant. We make the exact same product in Plymouth England and are in the process of pivoting the sourcing from China for there.

我們不斷關注我們的全球採購足跡。正如我所分享的，我們是美國最大的醫療技術製造商，這對我們而言是一個很大的優勢。我們的全球影響力也十分活躍。因此，我們確實有多種採購選擇，特別是對於我們的大量消耗品。我們在準備好的演講中分享了一些例子，例如，基本上我們過去和現在在中國銷售的所有真空採血管都來自我們位於南卡羅來納州桑普特的工廠。我們在英國普利茅斯生產完全相同的產品，並且正在將採購重點從中國轉移到那裡。

Same thing on Flush. Historically, all of the Flush, which we sell in China, which is a meaningful category for us there, has been sourced from our Columbus, Nebraska, site. In the face of tariffs, we actually just recently opened up a brand-new Flush facility in China and are now, of course, focused on accelerating sourcing and getting that plant ramped up even ahead of what our original expectations were to avoid tariffs going forward.

Flush 上的情況也是一樣。從歷史上看，我們在中國銷售的所有 Flush 產品（對我們在中國來說是一個很有意義的類別）都來自我們位於內布拉斯加州哥倫布市的工廠。面對關稅，我們實際上最近剛在中國開設了一個全新的 Flush 工廠，現在我們當然專注於加速採購，並使該工廠的產能甚至超出我們最初的預期，以避免未來的關稅。

There's other options that we have similar to that in other categories, and those are levers that we've begun pulling and we'll continue to pull as we head in towards '26. Of course, sourcing as we think about raw materials are key areas that we're focused on. We did that in the first administration set of tariffs. We were able to move product around our supplier base and avoid tariffs in a very productive way, and we're doing that same playbook here again.

我們還有其他與其他類別類似的選擇，這些都是我們已經開始採取的措施，並且在邁向 26 年的過程中我們會繼續採取這些措施。當然，我們認為原料的採購是我們關注的重點領域。我們在第一套關稅政策中就做到了這一點。我們能夠在供應商基地內調動產品，並以非常有效的方式避免關稅，我們在這裡再次採用同樣的策略。

And then finally, maybe before I get to pricing, BD Excellence, of course, is a very valuable asset in this environment, allowing us to protect margins and ensure we continue to invest in innovation and growth as we're driving our offset of tariffs.

最後，也許在我談到定價之前，BD Excellence 當然是這種環境下非常寶貴的資產，它使我們能夠保護利潤率，並確保我們在推動關稅抵消的同時繼續投資於創新和成長。

Just in terms of pricing, look, if tariffs continue to stay in place, you're dealing with an inflationary environment, and we obviously have a proven track record in navigating inflationary environments. We've first been focused on mitigating the tariffs, partially overcoming them with BD Excellence. And the third leg of the stool certainly is sharing some of that increase through pricing, and we do have that ability, and that's something that we'll look to take action on as the tariffs persist as part of a multipronged approach that we have. Thank you for the question, Matt.

就定價而言，如果關稅繼續保持不變，那麼你將面臨通膨環境，而我們顯然在應對通膨環境方面有著良好的記錄。我們首先致力於降低關稅，並透過 BD Excellence 部分克服關稅。而第三個支柱當然是透過定價來分擔部分成長，我們確實有這個能力，而且作為我們多管齊下方法的一部分，隨著關稅持續存在，我們將考慮採取行動。謝謝你的提問，馬特。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

I guess, Chris, I wanted to ask kind of a higher level, bigger picture question. And I think we came into the year thinking that we were going to set a more conservative guidance. And then I'm just trying to think about the philosophy here, like there's an acceleration now in kind of the back half of the year again. I'm just trying to get confidence in the guide again and trying to understand like, is the business -- the macro just changing so much it's hard to capture? Is it just a tough business to model? Just trying to take a bigger picture, how do we kind of improve the execution here going forward?

克里斯，我想問一個更高層次、更宏觀的問題。我認為我們在進入今年時就認為我們將製定一個更保守的指導方針。然後我只是試著思考這裡的哲學，就像今年下半年又出現了加速。我只是想再次對指南充滿信心，並試圖理解，業務——宏觀變化是否太大以至於難以捕捉？這是一個很難建模的業務嗎？只是想從更大的角度來看待這個問題，我們該如何改善未來的執行情況？

Travis, this is Tom. Let me start on that, and then I'll turn it to Chris. Certainly, we're not pleased with the -- obviously, the change in our revenue, and we take that very seriously and very focused on the actions to accelerate in the back half of the year.

崔維斯，這是湯姆。讓我先從這個開始，然後我會把它交給克里斯。當然，我們對收入的變化並不滿意，我們對此非常重視，並非常專注於在下半年採取加速行動。

As you mentioned, and as we called out earlier, and we've had -- I think we shared in the back half of last year, we shared again earlier this year that we've been monitoring the market dynamics, particularly in research spending and biopharma in China. I think biopharma, we're seeing recover to our initial expectations, and that's a positive. Obviously, research funding had a meaningful change that happened within Q2, which was the environment did become more volatile than anticipated, particularly with the government changes that were announced in February around NIH grant funding.

正如您所提到的，正如我們之前所說的，我們已經——我想我們在去年下半年分享過，我們今年早些時候再次分享過，我們一直在監測市場動態，特別是中國的研究支出和生物製藥領域。我認為生物製藥正在恢復到我們最初的預期，這是一個正面的訊號。顯然，研究資金在第二季度發生了重大變化，即環境確實變得比預期的更加不穩定，特別是政府在 2 月宣布的有關 NIH 撥款資金的變化。

When that grant funding change happened, we saw basically a freeze on capital purchases for research use in many cases. As we shared in our prepared remarks, we continue to see growth in reagents, but we did see a freeze on that. We've also seen, even in Europe, as Chris mentioned, as there is some uncertainty on where government spending was going, we saw, for example, in NHS, orders that we had in hand get put on pause as they were looking at how they were going to be allocating their government spending in the face of an evolving environment, including increasing defense spending, et cetera.

當撥款資金發生變化時，我們在許多情況下看到用於研究用途的資本購買基本上被凍結。正如我們在準備好的演講中分享的那樣，我們繼續看到試劑的增長，但我們確實看到了試劑的凍結。我們也看到，即使在歐洲，正如克里斯所提到的，由於政府支出的去向存在一些不確定性，例如，我們看到，在國民醫療服務體系（NHS）中，我們手頭上的命令被暫停，因為他們正在研究如何在不斷變化的環境下分配政府支出，包括增加國防開支等。

So I think what we want to do is be -- make sure that we represent that and we -- what we're assuming is that continued pressure and dynamic change through FY -- through the balance of FY25, right, which is a step down from what we saw, not only coming into the year, but it's a step down from what we saw in Q1 as well. And that was -- you can see very clearly aligned with activities that decisions that were announced in new administrations that happened within the quarter.

所以我認為我們想要做的是 - 確保我們代表了這一點，我們 - 我們假設的是持續的壓力和動態變化貫穿整個財年 - 通過 25 財年的平衡，對，這比我們看到的要低，不僅進入今年，而且比我們在第一季度看到的情況要低。那是——您可以非常清楚地看到，這些活動與本季新政府宣布的決定一致。

On China, we want to really get ahead of what we're beginning to see in the macro environment there. As Chris mentioned, year-to-date through Q2, we're essentially on what our original expectations were for China. With that said, right, we've been monitoring the environment. Research spending pressure continues to be in existence in China and of course, the VOBP environment is something we watch very closely. And so we wanted -- what we've built into our outlook is some incremental dynamics in China and adjusted that from mid-single-digit decline to high single-digit decline in our forward outlook. And so those are the main factors.

對於中國，我們希望真正領先我們所看到的中國宏觀環境。正如克里斯所提到的，今年截至目前的第二季度，我們對中國市場的表現基本上符合我們最初的預期。話雖如此，我們一直在監測環境。中國的研究支出壓力仍然存在，當然，VOBP環境也是我們密切關注的。因此，我們希望——我們在展望中考慮到了中國經濟的一些增量動態，並將其從中等個位數下降調整為高個位數下降。這些就是主要因素。

Yes. Just -- so I mean, that addresses top line. Maybe just one other comment there because again, the market dynamics, they are isolated, right? China and then significant dynamics playing out in life sciences and BDB, in particular, that's not different from others that are in that space. When you look at kind of med tech or think either new BD or full year guide is solidly in mid-single digits still ex licensing. So there's a lot of strength in the business. It certainly getting lost in that. And by the way, that includes -- that comment includes the China headwind in that number. So that's just the last comment on growth.

是的。只是 — — 所以我的意思是，這解決了頂線問題。也許還有另一條評論，因為市場動態是孤立的，對嗎？中國以及生命科學和 BDB 領域正在上演重大變革，這與該領域的其他企業並無不同。當您查看某種醫療技術或認為新的 BD 或全年指南穩固地處於中等個位數時，仍然不含許可。因此，該業務具有很大的實力。它肯定會迷失其中。順便說一句，這個數字中包括了中國逆風的影響。這只是關於成長的最後一則評論。

I think one of the other just more important things that I touched on briefly is, think of the strong, consistent execution on earnings. We feed every single quarter on earnings. There was one that was a match. You're seeing 8% earnings growth. So we're basically holding our guide ex tariffs, right?

我認為我簡要提到的另一個更重要的事情是，考慮強勁、持續的獲利執行。我們每季都靠獲利維持生計。有一個是匹配的。您看到獲利成長了 8%。所以我們基本上是按照不含關稅的指導價格來定價的，對嗎？

Tariff was clearly a new event for everyone. We did a really nice job of managing that in '25, generally came in better than I think folks were thinking externally. And the power of our supply chain and capabilities and our track record there in terms of COVID and how we navigated macro should give a lot of confidence around how we're driving our P&L.

關稅對每個人來說顯然都是一個新鮮事。我們在 25 年管理這個方面做得非常好，整體來說比外界想像的還要好。我們的供應鏈和能力的強大，以及我們在 COVID 方面的業績記錄以及我們如何應對宏觀經濟，應該會讓我們對如何推動我們的損益表充滿信心。

I mean we're absorbing 5% EPS growth headwinds, 2% tariff, 3% on the revenue, and we're still delivering 8% earnings growth. I think it's the highest quality, highest leverage P&L. And with the BD Excellence momentum going forward, it should give confidence that we're able to deliver strong results even in an environment like that in compound earnings.

我的意思是，我們正在吸收 5% 的每股盈餘成長阻力、2% 的關稅、3% 的收入，但我們仍能實現 8% 的獲利成長。我認為這是最高品質、最高槓桿的損益表。隨著 BD Excellence 的發展勢頭不斷增強，我們應該有信心，即使在複合收益如此低的環境下，我們也能夠取得強勁的業績。

Great. I wanted to ask about the Life Sciences separation. I know you said it was on track, but there's been a lot of change in the macro environment and also in valuation. So just kind of wanted to double-click on the on-track comment? And if there's anything else you could say on the process?

偉大的。我想詢問有關生命科學分離的問題。我知道您說一切都在按計劃進行，但宏觀環境和估值都發生了很大變化。那麼只是想雙擊這符合主題的評論嗎？關於這個過程您還有什麼想說的嗎？

Yes, this is Tom, Travis. Good question. So as we shared, nothing's changed. The planned separation process remains on schedule and there continues to be very strong interest in the assets. As we progress, we're going to continue to be thoroughly evaluating all the transaction options net of tax to make sure that we get the best outcomes for shareholders. That remains our priority, maximizing shareholder value through this process, and we continue to expect and announce -- to accounce the transaction this summer. So we remain very focused on that.

是的，這是湯姆，崔維斯。好問題。正如我們所分享的，什麼都沒有改變。計劃中的分離過程仍在按計劃進行，人們對這些資產的興趣仍然濃厚。隨著我們的進展，我們將繼續徹底評估所有稅後交易選項，以確保為股東帶來最佳結果。這仍然是我們的首要任務，透過這個過程實現股東價值最大化，我們將繼續期待並宣布——在今年夏天宣布該交易。因此我們仍然非常關注這一點。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Perfect. I'll keep it to one. We've talked about lot on this call, but obviously, you guys have done very, very well on the efficiency side over the years. There's been a lot of exercises, I'm sure internally that have gone through to land as to where we are now. I guess my question is kind of to what extent -- you build muscle tissue in that skill set internally with the employees, but it's also -- it's a lot of work, right? It's kind of exhausting in its own way. So I guess, what's the interplay here between the capacity for people to keep doing these exercises and kind of remain happy versus the skill set and the muscle tissue that you guys have built up in that arena?

完美的。我會將其保留為一個。我們在這次電話會議上討論了很多，但顯然，多年來你們在效率方面做得非常非常好。我們已經進行了很多演習，我確信內部已經進行了多次演習，以了解我們現在所處的位置。我想我的問題是在多大程度上——你在員工內部建立了該技能組合的肌肉組織，但這也是——這需要大量的工作，對嗎？從某種意義上來說，這確實有點讓人精疲力盡。所以我想，人們繼續做這些練習並保持快樂的能力與你們在該領域建立起來的技能和肌肉組織之間的相互作用是怎樣的呢？

And how do you make sure that you don't end up because there's obviously everyone has limited time. There's a bit of an interplay between market and product development and efficiencies that everyone has a certain time. How do you sort of balance those things internally? I know it's a very vague question, but I'm just curious.

以及如何確保自己不會因為時間有限而結束。市場和產品開發以及效率之間存在著一定的相互作用，每個人都有一定的時間。您如何在內部平衡這些事情？我知道這是一個非常模糊的問題，但我只是好奇。

Yes. Thanks, Patrick. Good question. So maybe let me start on that, and then maybe I'll ask Mike Feld to also weigh in, who's taking a broad role in the company. leading Done. One is I go to a lot of our -- a fair number of Kaizens, I just was actually in Singapore a couple of weeks ago. hosting the annual CEO Kaizen that I host every year, which is where I'm in the plant for the full week with the team. I think we had eight Kaizens going on concurrently that week, some amazing achievements. They are the most inspirational engaging activities that I ever see period.

是的。謝謝，派崔克。好問題。所以也許讓我從這個開始，然後也許我會請麥克費爾德 (Mike Feld) 也發表意見，他在公司中扮演著重要的角色。領先完成。一是我參加過很多——相當多的改善活動，幾週前我剛去過新加坡。主持我每年都會主持的年度 CEO Kaizen 會議，我會和團隊一起在工廠待上整整一週。我認為那一週我們同時進行了八項改善活動，並取得了一些令人驚嘆的成就。這是我見過的最鼓舞人心的活動。

I mean it's like the energy of a sales meeting, you find when we do Kaizen, it's unbelievable. Because of what -- of course, what's happening is the teams that are doing the work on a daily basis are given time to step outside of running the line and stepping back and working to improve and transform what they do to make it better, to make it safer, to make it better quality, to make it lower cost, to make it more efficient for them, for the company, for our customers. And it's it's unbelievable what they achieve.

我的意思是，它就像銷售會議的能量，當我們進行改善時，你會發現它令人難以置信。因為——當然，現在發生的情況是，每天工作的團隊有時間走出生產線，退後一步，努力改進和改變他們的工作，使之變得更好、更安全、質量更好、成本更低、效率更高，為他們、為公司、為我們的客戶。他們所取得的成就令人難以置信。

And of course, when we're doing those, they have the full support of the organization we typically have. For example, IT leadership to do things that they may say, how am I going to get that done that normally takes a month and it happens within like two hours sometimes. It's -- and again, it's inspiring and it's showing what can be done and it's -- that momentum builds upon itself. And so we are still in early innings, right? We're only -- we started it in the back half of '23, and we'll, again, triple the number of Kaizens that we do this year. And it has still been largely focused within our ISC or operations and warehousing organization, where you can see the impacts directly in our gross margin.

當然，當我們這樣做時，他們會得到我們組織的全力支持。例如，IT 領導階層可能會說，我該如何完成這些事情，通常需要一個月的時間，但有時只需兩個小時就能完成。這 — — 再說一次，這是鼓舞人心的，它展示了我們可以做什麼，而且 — — 這種動力是自我增強的。所以我們還處於早期階段，對嗎？我們只是在 23 年下半年開始做這件事，今年我們做的 Kaizens 數量還會再增加三倍。它仍然主要集中在我們的 ISC 或營運和倉儲組織內，您可以直接看到它對我們的毛利率的影響。

Again, still early stages even on the gross margin side. What we've begun this year is beginning to expand those into -- expand BD Excellence into R&D and into the commercial space. So as an example, we just did a Kaizen last week on one of our key clinical trials. The outcome of that was accelerating the clinical trial four months. Team left really excited, inspired by what they were able to achieve in that and those plans. It inspires others.

再次，即使在毛利率方面也仍處於早期階段。我們今年開始將其擴展到——將 BD Excellence 擴展到研發和商業領域。舉個例子，我們上週剛對一項關鍵臨床試驗進行了改進。其結果是臨床試驗提前了四個月。團隊離開時感到非常興奮，他們對自己在那項計劃中所取得的成就感到鼓舞。它激勵了其他人。

We do a lot of storytelling in the organization to share those best practices and inspire others in the organization of what teams are doing and give them exposure to that. So I actually see it as a -- it's a huge positive from a culture. It's a -- builds momentum in and of itself by sharing those stories and what people are achieving. And maybe, Mike, if anything to add to that.

我們在組織內做了很多講故事的活動，以分享這些最佳實踐，並激勵組織內的其他人了解團隊正在做的事情，並讓他們接觸到這些事情。所以我實際上認為這是一種文化上的巨大積極因素。透過分享這些故事和人們所取得的成就，它本身就是一種動力。也許，麥克，還有什麼要補充的。

Yes. Thanks, Tom. And I mean I couldn't be more excited, Patrick, about the journey we're on. And as Tom mentioned, we're in the early stages of this. I think one of the maybe misconceptions is as we put in lean and continuous improvement processes and standard work, this actually frees up time. It allows our associates to spend less time on some of the more mundane tasks and spend more time on the things around creativity, strategy, problem-solving to really drive results.

是的。謝謝，湯姆。派崔克，我的意思是，我對我們即將踏上的旅程感到無比興奮。正如湯姆所提到的，我們正處於這個進程的早期階段。我認為其中一個可能的誤解是，當我們採用精實和持續改善流程和標準化工作時，這實際上會釋放時間。它使我們的同事能夠減少在一些比較平凡的任務上所花的時間，而將更多的時間花在創造力、策略、解決問題等方面，從而真正推動成果。

So as we extend these philosophies into our operating mechanisms, our commercial footprint, R&D, as Tom mentioned, I expect excitement to continue to grow as well as even more time to spend on the things that are popping up like tariffs to really resolve those to the most efficient manner. Thanks for the question.

因此，正如湯姆所提到的那樣，當我們將這些理念延伸到我們的營運機制、商業足跡和研發中時，我預計人們的熱情將繼續增長，同時我們會投入更多的時間來解決關稅等問題，以最有效的方式真正解決這些問題。謝謝你的提問。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

I'll leave myself also add to one here. I guess, I think about the evolution of organic growth here in the past several quarters, a lot of the dynamics that have impacted your business really have stemmed from end market dynamics. So as you kind of take that as context, can you talk us through the process by which you gather market and competitive intelligence? Do you have a central team to validate business assumptions? And do you think you have the right people in place to get the best intel on what's happening in your business and markets?

我也會在這裡添加一個。我想，考慮到過去幾季有機成長的演變，許多影響您業務的動態實際上都源自於終端市場動態。那麼，您能否以此為背景，向我們介紹您收集市場和競爭情報的過程？您是否有一個中心團隊來驗證業務假設？您是否認為您已安排了合適的人員來獲取有關您的業務和市場動態的最佳資訊？

David, this is Tom. I'll take that. Obviously, the teams that are most close to those markets are the teams in the businesses. And we do have a central group that does -- has a central strategy group. And we've continued -- and we use outside perspectives as well, too, as we form those views. I think what you've seen is the two areas, most notably, research spending and the pharma space, you saw, I think everyone in those spaces have to make adjustments. Obviously, we're unique within med tech to have those within our portfolio.

大衛，這是湯姆。我會接受的。顯然，最接近這些市場的團隊就是業務團隊。我們確實有一個中央小組，有一個中央戰略小組。我們一直在堅持──在形成這些觀點時，我們也參考了外在的觀點。我認為您所看到的是兩個領域，最值得注意的是研究支出和製藥領域，我認為這些領域的每個人都必須做出調整。顯然，在醫療技術領域，我們是獨一無二的，我們的產品組合中擁有這些產品。

There's not really other players within med tech who have those dynamics that have exposure to those spaces. But the pure plays happen and we've had to make those adjustments from that perspective. So that's an area we certainly always continue to challenge ourselves as to see how we get ahead of those, David. Obviously, the policy change here in the US that we saw and the change on research spending, we had adjusted research spending down going into the year. It then stepped down further with obviously the new administration's policy changes. And I think if you look in years prior, we were one of the first to identify VOBP as an example, in the years back, and we were talking about that ahead of the curve.

醫療技術領域內實際上並沒有其他參與者擁有這樣的活力並接觸這些領域。但純粹的戲劇發生了，我們必須從這個角度做出調整。因此，我們肯定會在這個領域不斷挑戰自己，看看我們如何領先他們，大衛。顯然，我們看到美國的政策變化以及研究支出的變化，我們已經在今年下調了研究支出。隨著新政府的政策變化，這一比例進一步下降。我認為，如果你回顧前幾年，你會發現我們是第一批將 VOBP 作為例子的人之一，而且我們在前幾年就談論過這個問題。

I think we were out ahead of the curve on inflation. We were the first one to be calling that out and addressing it from a pricing perspective right after COVID, and I think the same thing on the supply chain dynamics where we're able to see ahead around the corner there. And so in many of those, I think the discussion on these calls were how we were getting and seeing around the corner on those. And so it's an area that we do well in a number of spots. Obviously, we always look to hold ourselves to a higher bar and continue to do better in some of these most recent spaces of life sciences and pharma.

我認為我們在通貨膨脹方面已經走在了前面。我們是第一個在新冠疫情之後從定價角度提出並解決這個問題的人，我認為在供應鏈動態方面也存在同樣的事情，我們能夠預見未來的發展。因此，在許多此類電話中，我認為討論的都是我們如何獲得和預見這些情況。因此，我們在很多方面都做得很好。顯然，我們始終希望對自己有更高的要求，並在生命科學和製藥等最新領域繼續做得更好。

Mike Miksic, Barclays.

巴克萊銀行的麥克‧米克西克 (Mike Miksic)。

Can you hear me okay?

你聽見我說話嗎？

Yes, loud and clear.

是的，聲音響亮、清晰。

So just a combination question here, but it has to do with, I think, one of the questions we get often is how you're going back to the period of hyperinflation, you were I think the only company in the universe that in our coverage universe that was really getting so deep into these cost optimization programs that you were able to kind of raise margins during the hypergrowth, hyperinflation period. And the question is, is how -- sort of a follow-up on an earlier question, how much more is there to lean into there?

所以這只是一個組合問題，但我認為它與我們經常遇到的一個問題有關，那就是您如何回到惡性通貨膨脹時期，我認為您是我們覆蓋範圍內唯一一家真正深入到這些成本優化計劃的公司，您能夠在高速增長、惡性通貨膨脹時期提高利潤率。問題是，如何——有點像是對先前問題的跟進，還有多少內容需要關注？

And then the combination, it applies here, Tom, is what, if anything, can -- have you been doing can you do around internal optimizations around AI, to your point about getting away from mundane, less productive, less value-added and towards more value (inaudible)?

然後，湯姆，這裡適用的組合是，如果有的話，你能做什麼嗎？你是否一直在圍繞人工智慧進行內部優化，以實現你關於擺脫平凡、低效率、低附加價值和更高價值的目標。（聽不清楚）？

Yes. Great question. So appreciate -- and we appreciate the acknowledgment of the work that we did to navigate the hyperinflationary environment that existed post COVID. We're proud of that work and are applying a lot of the same lessons and experience to the tariff environment as well. So look, as we think about maybe the last part of the question, AI, we're taking an approach on both innovation as well as our internal systems, and taking one where we are investing in a moderate level, seeking to learn confirm that we get value and then proceed, which we think is a prudent approach to demonstrate value creation that comes with any investment.

是的。好問題。因此，我們非常感激——我們感謝大家對我們為應對新冠疫情後惡性通貨膨脹環境所做工作的認可。我們為這項工作感到自豪，並將許多相同的教訓和經驗應用到關稅環境中。所以，當我們思考問題的最後一部分，人工智慧時，我們對創新和內部系統都採取了一種方法，我們採取了一種適度投資的方法，尋求學習確認我們獲得價值，然後繼續進行，我們認為這是一種謹慎的方法，可以展示任何投資帶來的價值創造。

And so obviously, we've talked a lot about, we just launched a new AI-based platform in APM that we're really excited about. We've got the new AI platform that we launched with the Pyxis Pro later this fiscal year in MMS, and obviously, we have the use of AI already in areas like KIESTRA and diversion analytics. And we continue to have quite a few other programs in AI within our pipeline. We also funded an AI incubator within our R&D organization, put a leader in place of that and a nimble, agile team who's doing prototyping and pilots in new spaces that we can apply AI to. But we're keeping it small, nimble and again, rapid prototyping, apply, understand the business models for those and then we'll fund those as business models are confirmed.

顯然，我們已經討論了很多，我們剛剛在 APM 中推出了一個基於 AI 的新平台，我們對此感到非常興奮。我們在本財年稍後在 MMS 中推出了新的 AI 平台 Pyxis Pro，顯然，我們已經在 KIESTRA 和轉移分析等領域使用了 AI。我們的人工智慧領域還有許多其他項目正在籌備中。我們也在研發機構內資助了一個人工智慧孵化器，並安排了一位領導者和一支靈活敏捷的團隊，在可以應用人工智慧的新領域進行原型設計和試點。但我們保持其小規模、靈活性，並再次進行快速原型設計、應用，了解其商業模式，然後我們會在商業模式得到確認後為其提供資金。

As we think about internal, and Chris can speak to this, perhaps a bit further. Again, we are using and applying AI on things from back-office processes like expense reviews. We just announced managers don't review expenses anymore. Taking that off of people's plates because we have AI doing that as an example. We're using it in our manufacturing area to optimize scheduling on the lines, right, what products and what order do you make to be able to minimize changeover and maximize OEE on an online throughput, other areas like inventory management, we use AI in. And so what we're using in very focused spaces, again, where we know that there's clear tangible value that we can get out of the technology.

當我們考慮內部時，克里斯可以就此談談，也許更進一步。再次，我們正在將人工智慧應用於費用審查等後台流程。我們剛剛宣布經理不再審查費用。例如，我們有人工智慧來做這件事，這樣人們就不用再承擔這些責任了。我們在製造領域使用它來優化生產線的調度，對吧，生產什麼產品、什麼訂單，以便能夠最大限度地減少轉換，最大限度地提高在線吞吐量的 OEE，在庫存管理等其他領域，我們也使用人工智能。因此，我們在非常集中的空間中使用，我們知道我們可以從該技術中獲得明顯的實際價值。

Just the last comment maybe tying Patrick's question in years a little bit, just all these initiatives, as you talk about the energy and the organization, these all actually enhance the work experience across the board. And importantly, in this profile for earnings growth, like we're adding investment in key areas, selling R&D. You see that in the back half of the year. And so these all create a lot of energy and momentum and feel really good about that.

最後一條評論可能與帕特里克多年來提出的問題有點關聯，所有這些舉措，正如你談到的能源和組織，實際上都全面提升了工作體驗。重要的是，為了實現獲利成長，我們正在增加對關鍵領域的投資，出售研發產品。您會在今年下半年看到這一點。這些都創造了大量的能量和動力，並且讓人感覺非常好。

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 remarks.

今天的問答環節到此結束。現在，我想把發言權交還給湯姆·波倫 (Tom Polen)，請他發表補充意見或結束語。

Thanks, everyone, for joining today and for your support of BD. We are acutely focused on navigating the near-term environment and believe we are well positioned to accelerate growth as markets recover. We look forward to updating you on our progress on our next earnings call. Thank all of you for your time today.

感謝大家今天的參與以及對 BD 的支持。我們高度重視應對短期環境，並相信隨著市場復甦，我們已準備好加速成長。我們期待在下次收益電話會議上向您通報我們的進度。感謝大家今天抽出時間。

Thank you. 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.

謝謝。本次音訊網路廣播到此結束。我代表 BD 感謝您今天的參加。此時請斷開您的線路，祝您有美好的一天。