Becton Dickinson and Co (BDX) 2025 Q3 法說會逐字稿

Hello and welcome to BD's third 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) 839-1246 for domestic calls and area code +1 (402) 220-7203 for international calls.

您好，歡迎參加 BD 2025 財年第三季財報電話會議。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) 839-1246（國內電話）或區號 +1 (402) 220-7203（國際電話）重播。

(Operator Instructions)

（操作員指示）

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

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。

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.

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。

Earlier this morning, BD released its results for the third quarter of fiscal 2025. The press release and presentation can be accessed on the IR website at investors.bd.com.

今天早些時候，BD 發布了 2025 財年第三季業績。新聞稿和簡報可在 IR 網站 investors.bd.com 上查閱。

Leading today's caller, Tom Poland, BD's Chairman, Chief Executive Officer, and President, and Chris Delorefice, Executive Vice President and Chief Financial Officer.

今天的主持人是 BD 董事長、執行長兼總裁 Tom Poland 和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, and Bilal Muhsin, President of our Future Connected Care 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部門的總裁一起進行問答。醫療部門總裁 Mike Garrison、生命科學部門總裁 Mike Feld、介入部門總裁 Rick Byrd 以及未來互聯護理部門總裁 Bilal Muhsin。

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

在我們開始之前，我想提醒您，我們將做出前瞻性陳述。您可以在我們的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內容。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。

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

除非另有說明，否則收入百分比變動均基於調整後的外匯中性基礎。本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 am pleased to turn it over to Tom.

說完這些，我很高興將其交給湯姆。

Thank you, Greg, and good morning, everyone. As you saw in our press release, in Q3, we sequentially improved growth across the company. We accelerated commercial initiatives and increased our organic growth trajectory through market headwinds. We continued our strong track record of executing BD Excellence to drive gross margin upside.

謝謝你，格雷格，大家早安。正如您在我們的新聞稿中看到的，在第三季度，我們整個公司的成長勢頭持續改善。我們加快了商業舉措，並在市場逆風中提高了我們的有機成長軌跡。我們繼續保持執行 BD Excellence 的良好記錄，以推動毛利率上升。

Additionally, we fulfilled our commitment to announce a definitive agreement to separate our Biosciences and Diagnostics business through a transaction that we believe will unlock meaningful value for our shareholders.

此外，我們履行了承諾，宣布了一項最終協議，透過一項我們認為將為股東釋放有意義價值的交易分離我們的生物科學和診斷業務。

Turning to details of the quarter. Revenue grew 8.5% to $5.5 billion or 3% organic. New BD organic growth was 4%. Our BD Excellence lean operating system remains a flywheel for value creation, delivering Q3 adjusted gross margin of 54.8%, up 50 basis points year-over-year.

談談本季的細節。營收成長 8.5% 至 55 億美元，有機成長率為 3%。BD 新有機成長率為 4%。我們的 BD Excellence 精實營運系統仍然是價值創造的飛輪，第三季調整後的毛利率達到 54.8%，年增 50 個基點。

Adjusted operating margin of 25.8%, up 60 basis points year-over-year and supported delivering $3.68 in adjusted diluted EPS, each exceeded our expectations.

調整後的營業利潤率為 25.8%，年成長 60 個基點，並支持實現 3.68 美元的調整後稀釋每股收益，均超出我們的預期。

As we communicated last quarter, we've been taking actions to accelerate revenue growth. This includes further investing in growth opportunities by adding selling and marketing resources, capitalizing on new product launches, and continuing to drive BD Excellence to optimize product supply. The combination of these actions has already begun delivering results, as you saw play out in a number of key areas.

正如我們上個季度所傳達的那樣，我們一直在採取行動來加速收入成長。這包括透過增加銷售和行銷資源進一步投資於成長機會、利用新產品發布以及繼續推動 BD Excellence 來優化產品供應。正如大家在許多關鍵領域所看到的，這些行動的結合已經開始產生效果。

Pharm Systems improved sequentially to nearly 5% growth as we delivered another quarter of double-digit growth in biologics. BDI accelerated to nearly 7% growth in the quarter, with double-digit growth in UCC and mid-single-digit growth in PI and Surgery.

由於生物製劑業務再創季度兩位數成長，製藥系統業務較上季成長近 5%。本季度，BDI 增速加速至近 7%，其中 UCC 實現兩位數成長，PI 和外科手術實現中等個位數成長。

APM delivered double-digit pro forma growth ahead of our deal model. As expected, growth in both BDB and DS increased sequentially by approximately 250 basis points. This performance allowed us to deliver sequentially improved growth across the company through continued market headwinds in China, certain subsegments of Pharm Systems such as vaccines and the life science research market.

APM 在我們的交易模式之前實現了兩位數的預測成長。如預期的那樣，BDB 和 DS 的成長均連續增加了約 250 個基點。這項業績使我們能夠克服中國市場、疫苗等醫藥系統某些細分領域以及生命科學研究市場的持續不利因素，在整個公司範圍內實現連續成長。

Building off our Q3 performance, we reaffirmed our organic revenue guide range for the year and raised our earnings guidance $0.18 at the midpoint.

基於第三季的業績，我們重申了全年有機收入指導範圍，並將獲利指導中位數上調了 0.18 美元。

Turning to an update on several strategic initiatives. As committed last month, we announced that we entered into an agreement to combine our Biosciences and Diagnostic Solutions business with Waters through a tax-efficient Reverse Morris Trust. We strongly believe that Waters is the right partner and firmly believe in management's strategy and ability to unlock the value of these assets. The transaction is progressing well towards an expected closing around the end of the first quarter of calendar year 2026.

轉向幾項策略舉措的最新進展。正如上個月所承諾的那樣，我們宣布達成協議，透過稅收優惠的反向莫里斯信託將我們的生物科學和診斷解決方案業務與 Waters 合併。我們堅信 Waters 是正確的合作夥伴，並堅信管理層的策略和釋放這些資產價值的能力。該交易進展順利，預計將於 2026 年第一季末完成。

We're pleased to have named Brooke Story to lead BD's integration and separation management office. Brooke has most recently led the integration of Edwards Critical Care, which she will continue to oversee as part of her expanded scope. Her rich experience, including her tenure as President of the Diagnostics business, makes her the ideal choice for this role.

我們很高興任命 Brooke Story 領導 BD 的整合與分離管理辦公室。布魯克最近領導了愛德華茲重症監護中心的整合工作，作為其擴大職責範圍的一部分，她將繼續負責這項工作。她擁有豐富的經驗，包括擔任診斷業務總裁的經歷，這使她成為這一職位的理想人選。

Upon closing, New BD will be established as a scaled pure-play medical technology company with uniquely leading positions and a best-in-class consumable revenue profile of over 90%, a deep innovation pipeline and strong margin expansion fueled by BD Excellence. The company's strong growth and earnings profile will be supported by enhanced capital allocation with an emphasis on share buybacks as we continue to pay competitive dividends and execute focused tuck-in M&A.

交易完成後，新 BD 將發展成為一家規模化的純醫療技術公司，擁有獨特的領先地位、超過 90% 的一流消耗品收入結構、深厚的創新管道以及由 BD Excellence 推動的強勁利潤率擴張。隨著我們繼續支付有競爭力的股息並執行有針對性的補充性併購，公司的強勁增長和盈利狀況將得到加強資本配置（重點是股票回購）的支持。

As previously communicated and aligned with our emphasis on share buybacks, we intend to use at least half of the approximately $4 billion cash distribution from Waters to buy back shares, with the balance for debt repayment as we continue to progress toward our 2.5 times long-term net leverage target.

正如之前所傳達的，並且與我們對股票回購的重視一致，我們打算使用 Waters 約 40 億美元現金分配中的至少一半來回購股票，餘額用於償還債務，我們將繼續朝著 2.5 倍的長期淨槓桿目標邁進。

Moving to an update on our innovation pipeline. We had some great launches and milestones this quarter. As investment decisions we made at the start of BD 2025 are now advancing to market.

轉向更新我們的創新管道。本季我們有一些重大的發布和里程碑。我們在 BD 2025 開始時所做的投資決策現在正向市場推進。

In BD Life Sciences, BDB's innovation super cycle continued in Q3. We saw strong traction with the successful launch of FACSDiscover A8, which features breakthrough spectral and real-time cell imaging technologies and has exceeded our sales targets since launch.

在 BD 生命科學領域，BDB 的創新超級週期在第三季持續延續。FACSDiscover A8 的成功推出為我們帶來了強大的吸引力，它採用突破性的光譜和即時細胞成像技術，自推出以來已超越我們的銷售目標。

We're also launching our first Made in China for China clinical analyzer this quarter. BDB's R&D pipeline includes over 25 new product launches across instruments, reagents and informatics as well as continued expansion in the high-growth Single-cell Multiomics segment.

本季我們也將推出第一款中國製造、專為中國市場設計的臨床分析儀。BDB 的研發管道包括超過 25 種涉及儀器、試劑和資訊學領域的新產品發布，以及在高成長的單細胞多組學領域的持續擴張。

In DS, as blood culture momentum continues, we are excited about the next-generation BACTEC launch in fiscal 2026, which is expected to drive renewal of legacy systems and accelerate share gains. In molecular, innovation remains focused on leveraging the increased BD MAX installed base with continued growth of IVD revenue per system.

在 DS 中，隨著血液培養勢頭的持續，我們對 2026 財年推出的下一代 BACTEC 感到興奮，預計這將推動遺留系統的更新並加速份額增長。在分子領域，創新仍然專注於利用增加的 BD MAX 安裝基礎以及每個系統的 IVD 收入的持續成長。

Most customers today use just under three assays, while top users adopt five or more of our 14-assay menu. Our commercial team is focused on driving further menu adoption, supported by the upcoming launch of several new assays in 2026.

如今，大多數客戶僅使用不到三種檢測方法，而頂級用戶則採用我們 14 種檢測方法中的五種或更多種。我們的商業團隊致力於推動進一步的菜單採用，並將於 2026 年推出幾項新的檢測方法。

Also in molecular, our BD COR platform is addressing a new $1 billion market for HPV testing. And last week, we submitted to FDA the first ever at-home self-collection kit for HPV screening using a simple dry swab. We expect approval in mid-FY26.

此外，在分子領域，我們的 BD COR 平台正在開拓價值 10 億美元的 HPV 檢測新市場。上週，我們向 FDA 提交了首個使用簡單乾拭子進行 HPV 篩檢的家用自採集試劑盒。我們預計在 26 財年中期獲得批准。

Today, in the US, approximately 30% of women have not been screened as recommended, and this population represents over 60% of cervical cancer deaths. We believe at-home self-collection can significantly improve access to screening and play an important role in reversing still rising deaths from cervical cancer.

目前，在美國，約有 30% 的女性未按照建議接受篩檢，而這群人佔子宮頸癌死亡人數的 60% 以上。我們相信，在家自行採集可以顯著改善篩檢的機會，並在扭轉子宮頸癌死亡率持續上升的趨勢方面發揮重要作用。

Moving to BD Medical. We recently announced that our BD Libertas Wearable Injector has entered into its first pharma-sponsored clinical trial. This device is being used for self-injection of complex biologic drugs by patients at home rather than going to an infusion clinic. We also announced another BD-sponsored studies that 100% of study participants would likely use the Libertas device, if prescribed.

轉至 BD Medical。我們最近宣布，我們的 BD Libertas 穿戴式註射器已進入其首個由製藥公司贊助的臨床試驗。該設備可供患者在家中自行注射複雜的生物藥物，而無需前往輸液診所。我們還宣布了另一項由 BD 贊助的研究，結果表明，如果有醫生開立處方，100% 的研究參與者可能會使用 Libertas 設備。

Separately, we continue to expand signed agreements for GLP-1s, now reaching over 70 signed agreements for GLP-1 biosimilars. Biologics now represent 50% of total Pharm System sales, and we are exceptionally well positioned to capitalize on the wave of new molecules coming to market over the next decade.

另外，我們繼續擴大 GLP-1 簽署的協議，目前已簽署超過 70 份 GLP-1 生物相似藥協議。生物製劑目前佔製藥系統總銷售額的 50%，我們已做好準備，充分利用未來十年湧入市場的新分子浪潮。

Moving to our portfolio of connected care solutions. Within MMS, we began limited commercial release of our new BD Pyxis Pro, completing installs at several customer sites with our BD Incada enterprise AI software to follow this quarter.

轉向我們的互聯護理解決方案組合。在 MMS 領域，我們開始有限度地商業發布我們的新 BD Pyxis Pro，並於本季度在多個客戶站點完成了我們的 BD Incada 企業 AI 軟體的安裝。

Pyxis Pro is our first redesigned hardware platform and includes multiple new features designed to improve nurse workflow, enhance drug availability for patients, and transform productivity using artificial intelligence. Pyxis Pro is our first product line to feed data into our new Incada AI platform and will be followed by Alaris, HemoSphere Alta Monitor and other devices, creating future data sets, which will be unique in our industry.

Pyxis Pro 是我們第一個重新設計的硬體平台，包含多項新功能，旨在改善護理人員工作流程、提高患者的藥物可用性以及利用人工智慧提高生產力。Pyxis Pro 是我們第一條將資料輸入新 Incada AI 平台的產品線，隨後 Alaris、HemoSphere Alta Monitor 和其他設備也將加入其中，創建未來的資料集，這在我們的行業中將是獨一無二的。

While still very early in our introduction, we are looking forward to this innovative journey over the next coming years. Following the APM acquisition, we immediately began investing in capabilities to develop increased connectivity and interaction between our Alaris infusion system and our HemoSphere Alta to high hemodynamic monitoring system, recognizing that critical care nurses can spend 50% of their time manually adjusting infusions today.

雖然我們的介紹還處於早期階段，但我們期待未來幾年的創新之旅。在收購 APM 之後，我們立即開始投資開發 Alaris 輸液系統和 HemoSphere Alta 之間的連接性和互動性，以實現高血流動力學監測系統，因為我們意識到重症監護護理師目前可能將 50% 的時間花在手動調整輸液上。

We're advancing through early milestones in our innovation process with prototypes now working in lab models. We have a strong cadence of new solutions under development across connected care that BD is uniquely positioned to deliver.

我們正在推進創新過程的早期里程碑，原型目前正在實驗室模型中運行。我們正在大力開發互聯護理領域的新解決方案，而 BD 在這方面擁有獨特的優勢。

And I'm pleased to have Bilal Muhsin, EVP and President of our Future Connected Care segment with us on the call today. Bilal joined BD in July from Masimo and is known for his deep knowledge of the sector, a strong track record of transformative innovation, and his commercial focus on driving growth. This is an exciting next step in our journey to becoming the New BD, and I look forward to Bilal's partnership.

我很高興今天能邀請到我們未來互聯護理部門的執行副總裁兼總裁 Bilal Muhsin 參加我們的電話會議。比拉爾於今年 7 月從 Masimo 加入 BD，他以其對該行業的深入了解、在變革性創新方面的出色業績以及對推動成長的商業關注而聞名。這是我們成為新 BD 的旅程中令人興奮的下一步，我期待與 Bilal 的合作。

In MDS, we recently received FDA clearance for CentroVena One, our rapid insertion central catheter, and we're on track to launch this quarter. This is BD's first entry into the $500 million central line market, and CentroVena is designed to transform the efficiency and safety of insertion and reduce the risk of serious complications.

在 MDS 領域，我們最近獲得了 FDA 對 CentroVena One（我們的快速插入中心導管）的批准，我們預計將在本季推出。這是 BD 首次進入價值 5 億美元的中心線市場，CentroVena 旨在提高插入的效率和安全性並降低嚴重併發症的風險。

In our BD Interventional segment and advanced tissue regeneration platform, we continue to expand indications for Phasix, with the EU launch of the world's first reservable scaffold with broad indications to prophylactically prevent incisional hernias.

在我們的 BD 介入部門和先進的組織再生平台中，我們繼續擴大 Phasix 的適應症，並向歐盟推出了世界上第一個具有廣泛適應症的可保留支架，用於預防性預防切口疝氣。

With more than 2.5 million laparotomies performed annually across the US and Europe, incisional hernias affect an estimated 30% of patients and up to 50% among high-risk populations. These preventable hernias often lead to a cycle of complications such as recurrence, surgical site infections and reoperations. The US clinical trial is ongoing with full patient enrollment anticipated in FY26.

美國和歐洲每年進行超過 250 萬例剖腹手術，其中約 30% 的患者患有切口疝，高風險族群中這一比例甚至高達 50%。這些可預防的疝氣常導致復發、手術部位感染和再次手術等併發症。美國臨床試驗正在進行中，預計 2026 財政年度將完成全部病患招募。

Lastly, our BD Excellence operating system continues to be a key enabler of our strong margin execution and is expanding our competitive advantage in manufacturing, streamlining internal processes, and optimizing our supply chains in today's tariff environment.

最後，我們的 BD Excellence 作業系統繼續成為我們強勁利潤執行的關鍵推動因素，並在當今的關稅環境下擴大我們在製造方面的競爭優勢、簡化內部流程和優化供應鏈。

In Q3, customer service levels measured as on-time in full deliveries, or OTIF, reached their highest level in over five years and continued positive momentum into Q4. Over the last two years, BD Excellence has been used to reduce manufacturing waste by more than 35% and OEE or efficiency of equipment is up significantly, creating capacity to produce an additional 2.5 billion units on the same production lines. We continue to be in the early innings of BD Excellence and see a long runway ahead across operations, commercial, R&D, and process excellence.

在第三季度，以準時交付率（OTIF）衡量的客戶服務水平達到了五年來的最高水平，並在第四季度繼續保持積極勢頭。在過去兩年中，BD Excellence 已用於減少 35% 以上的製造浪費，並且設備 OEE 或效率顯著提高，從而在同一生產線上創造了額外 25 億個單位的生產能力。我們繼續處於 BD Excellence 的早期階段，並看到在營運、商業、研發和流程卓越方面還有很長的路要走。

This also applies to our Life Science businesses, which are being separated, where BD Excellence has accelerating momentum and margin expansion initiatives are progressing well. We'll be transitioning these capabilities to Waters to continue this progress.

這也適用於我們正在分離的生命科學業務，其中 BD Excellence 勢頭強勁，利潤率擴張計劃進展順利。我們將把這些能力轉移到 Waters，以繼續這項進展。

In closing, we achieved our objectives in Q3 and are fully engaged in executing our commercial initiatives to ensure we accelerate organic revenue growth through market dynamics. Simultaneously, we are focused on closing the transaction with Waters that will position BD for its next chapter of long-term success.

最後，我們在第三季實現了我們的目標，並全力投入執行我們的商業計劃，以確保我們透過市場動態加速有機收入成長。同時，我們專注於完成與 Waters 的交易，這將為 BD 開啟長期成功的新篇章。

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 our Q3 revenue performance. Revenues of $5.5 billion grew 8.5% or 3% organic. New BD organic growth was 4%. Regionally, total company organic growth was led by performance in the US and Greater Asia outside of China, partially offset by China.

謝謝，湯姆。從我們的第三季營收表現開始。營收成長 8.5% 至 55 億美元，有機成長 3%。BD 新有機成長率為 4%。從地區來看，公司整體有機成長主要得益於美國和中國以外的大亞洲地區的業績，但中國市場部分抵銷了這一成長。

In BD Medical, as we expected, Pharm Systems showed sequential improvement with 4.8% growth as we anniversaried the impact of customer inventory destocking and delivered another quarter of double-digit growth in biologics, driven by increased orders for GLP-1s.

在 BD Medical 中，正如我們預期的那樣，由於我們紀念了客戶庫存減少的影響，Pharm Systems 實現了連續改善，增長了 4.8%，並且在 GLP-1 訂單增加的推動下，生物製劑又實現了一個季度的兩位數增長。

We continue to monitor market dynamics as volatility in subcategories such as generic anticoagulants and vaccines remain. MMS delivered solid mid-single-digit growth as we continue to secure competitive wins at several large health systems in the quarter across both infusion and dispensing and are tracking ahead of our goals for upgrading and securing our Alaris installed base.

由於仿製抗凝血劑和疫苗等子類別的波動性依然存在，我們將繼續監測市場動態。由於我們在本季度繼續在輸液和配藥領域贏得多家大型醫療系統的競爭勝利，並且正在提前實現升級和保護我們的 Alaris 安裝基礎的目標，MMS 實現了穩健的中等個位數增長。

MDS grew low single digits as volume growth in vascular access management and hypodermics in the US was offset by ongoing change in clinical practice following the fluid shortage and volume-based procurement pressure in China as expected. APM delivered 13% pro forma growth in the quarter. This was driven by strong commercial execution, incremental selling investment made as part of our acquisition thesis and new product innovation, including the recent launch of the HemoSphere Alta Monitor.

MDS 的增長幅度為個位數低位，因為美國血管通路管理和皮下注射的數量增長被中國預期出現的液體短缺和批量採購壓力導致的臨床實踐持續變化所抵消。APM 本季實現了 13% 的預測成長。這是由強大的商業執行力、作為我們收購理論一部分的增量銷售投資以及新產品創新（包括最近推出的 HemoSphere Alta Monitor）所推動的。

Our Interventional segment delivered nearly 7% growth in the quarter with 12% growth in UCC, supported by the recent launches of PureWick Flex at Home and PureWick Male, which continued to outpace the new product ramp of PureWick Female.

我們的介入部門在本季實現了近 7% 的成長，其中 UCC 成長了 12%，這得益於最近推出的 PureWick Flex at Home 和 PureWick Male，其成長速度持續超過 PureWick Female 的新產品成長速度。

Surgery delivered mid-single-digit growth, driven by double-digit growth in our advanced tissue regeneration platform from incremental investments in our Phasix sales force, our recent Phasix umbilical launch, and continued adoption of GalaFLEX for plastic and reconstructive surgery.

外科手術實現了中等個位數成長，這得益於我們先進的組織再生平台的兩位數增長，這得益於我們對 Phasix 銷售隊伍的增量投資、我們最近推出的 Phasix 臍帶以及 GalaFLEX 在整形和重建手術中的持續採用。

Peripheral Intervention also grew mid-single digits. Our focus on commercial execution in new accounts and the creation of a dedicated women's health sales team all contributed to improved sequential performance in the business.

外圍幹預也實現了中等個位數的成長。我們注重新客戶的商業執行，並創建了專門的女性健康銷售團隊，這些團隊都有助於提高業務的連續表現。

Lastly, in BD Life Sciences, as expected, Biosciences and Diagnostic Solutions decreased low single digits with each demonstrating significant sequential positive momentum of approximately 250 basis points in the quarter. We expect continued positive momentum into Q4.

最後，在 BD 生命科學領域，正如預期的那樣，生物科學和診斷解決方案均下降了個位數，但在本季度均表現出約 250 個基點的顯著連續正成長勢頭。我們預計第四季將繼續保持積極勢頭。

In BDB, reagents and service, which represented about 75% of BDB revenues in Q3 grew at healthy mid-single digits, excluding the impact from the planned exit of a legacy platform. This was offset by a year-over-year decrease in instrument sales, driven by continued market dynamics in China and Europe. Sequentially, research instruments improved in the US and EMEA by approximately 40% and 80%, respectively, driven by the launch of the FACSDiscover A8 with sales well ahead of our initial plans and strong demand heading into Q4.

在 BDB 中，試劑和服務佔 BDB 第三季收入的 75% 左右，不包括計劃退出傳統平台的影響，其收入實現了健康的中等個位數成長。受中國和歐洲市場持續活躍的影響，儀器銷售額較去年同期下降，但抵消了這一成長。受 FACSDiscover A8 推出的推動，美國和歐洲、中東和非洲地區的研究儀器銷量分別增長了約 40% 和 80%，其銷量遠遠超出了我們最初的計劃，並且第四季度的需求強勁。

While research funding in Europe continued to be constrained within our prior expectations, the US is showing early signs of stabilization in the academic and biopharma end markets. While year-over-year performance in Diagnostic Solutions reflects the decrease in our point-of-care business and in BACTEC due to the previous supply disruption, we are very encouraged by the sequential improvements that played out and expect the business to return to growth next quarter.

儘管歐洲的研究資金繼續受到我們先前預期的限制，但美國的學術和生物製藥終端市場正顯示出穩定的早期跡象。雖然診斷解決方案的同比表現反映了我們的即時診斷業務和 BACTEC 業務因先前的供應中斷而出現的下滑，但我們對連續取得的改善感到非常鼓舞，並預計業務將在下個季度恢復成長。

In Q3, BACTEC utilization increased over 20-percentage-points sequentially, exiting the quarter at over 80% of historic levels, and already in line with our Q4 planning assumptions.

在第三季度，BACTEC 利用率較上季成長超過 20 個百分點，本季結束時已達到歷史水準的 80% 以上，並且已經符合我們第四季的計畫假設。

BD MAX IVD continue to grow double digits amid favorable reimbursement dynamics playing out in the molecular diagnostics space that are a growth tailwind for this platform. As these positive trends continue to take hold and temporary growth headwinds continue to fade, the Biosciences and Diagnostic Solutions business is on a sound trajectory back to its historic mid-single-digit plus growth rate.

在分子診斷領域有利的報銷動態的推動下，BD MAX IVD 繼續實現兩位數成長，這對該平台來說是成長的順風。隨著這些積極趨勢的持續發展和暫時的成長阻力的不斷消退，生物科學和診斷解決方案業務正走在良好的軌道上，恢復到歷史性的中等個位數以上的成長率。

Rounding out the Life Sciences segment, year-over-year growth in specimen management was led by the BD Vacutainer portfolio, partially offset by China market dynamics.

在生命科學領域，標本管理業務年成長主要由 BD Vacutainer 產品組合推動，但中國市場動態部分抵消了這一成長。

Turning to the P&L. We continued strong execution down the P&L and as a result, exceeded both our adjusted margin and earnings targets with Q3 adjusted operating income growing double digits and adjusted diluted EPS growing 5.1% to $3.68. We delivered strong adjusted gross margin of 54.8% and adjusted operating margin of 25.8%, which increased by 50 and 60 basis points year-over-year, respectively.

轉向損益表。我們繼續在損益表中保持強勁執行，並超額完成了調整後利潤率和獲利目標。第三季調整後營業利潤達到兩位數成長，調整後攤薄每股收益成長5.1%，達3.68美元。我們實現了強勁的調整後毛利率54.8%，調整後營業利益率25.8%，分別較去年同期成長50個和60個基點。

Gross margin expansion continued to be primarily fueled by momentum in BD Excellence, driven by manufacturing productivity, waste improvement, and network optimization. Further leverage in operating margin was driven by active management of shipping and G&A costs while investing in selling and marketing to drive growth.

毛利率的擴大仍然主要受到 BD Excellence 的推動，這得益於製造生產力、廢棄物改善和網路優化。透過積極管理運輸和一般及行政費用，同時投資銷售和行銷以推動成長，進一步提高了營業利潤率。

Regarding cash and capital allocation, year-to-date free cash flows were approximately $1.7 billion, which increased sequentially by $1 billion. BD Excellence continued to drive productivity gains, allowing us to leverage capital expenditures. We also realized sequential cash benefits from improved collections and the timing of payables. This was partially offset by increased inventory levels and cash payments related to tariffs.

在現金和資本配置方面，年初至今的自由現金流約為 17 億美元，較上季增加 10 億美元。 BD卓越持續推動生產力的提高，使我們能夠利用資本支出。我們也透過改善收款情況和應付款項的時間安排實現了連續的現金收益。這被庫存水準的增加和與關稅相關的現金支付部分抵消。

We ended the quarter with net leverage of 2.8 times and continue to make progress towards our 2.5 times net leverage target. We also see share repurchases as a value-creating opportunity given our view of the intrinsic value of BD. We expect to complete our $1 billion buyback by the end of September, which is ahead of our original commitment.

本季末我們的淨槓桿率為 2.8 倍，並繼續朝著 2.5 倍淨槓桿的目標邁進。鑑於我們對 BD 內在價值的看法，我們也將股票回購視為創造價值的機會。我們預計在9月底完成10億美元的回購，這比我們最初的承諾提前了。

Moving to our updated fiscal '25 guidance. Building off our Q3 performance, we reaffirmed our currency-neutral revenue guidance, including total revenue growth of 7.8% to 8.3% and organic revenue growth of 3% to 3.5%.

轉向我們更新的 25 財年指導。基於第三季的業績，我們重申了貨幣中性收入指引，包括總收入成長 7.8% 至 8.3% 和有機收入成長 3% 至 3.5%。

While uncertainty from market headwinds continue to persist, we expect year-over-year organic growth to improve sequentially in Q4. This improvement is largely driven by the expected contribution from APM's organic growth and continued momentum in BACTEC as well as a favorable comparison to the prior year in DS.

儘管市場逆風帶來的不確定性持續存在，但我們預計第四季度的年比有機成長將較上季改善。這項改善很大程度上得益於 APM 的有機成長和 BACTEC 的持續成長動能的預期貢獻，以及 DS 與前一年相比的良好表現。

Regarding foreign currency, based on current spot rates for illustrative purposes, we now expect translational FX to be immaterial or approximately a $10 million increase year-over-year to revenue. We raised our adjusted EPS guidance by $0.18 at the midpoint to a range of $14.30 to $14.45. This reflects growth of about 9.4% at the midpoint, which is an increase of approximately 1.4% compared to our prior guidance and reflects strong Q3 performance and incremental Q4 investments in selling and marketing to accelerate our organic growth trajectory.

關於外幣，基於當前即期匯率，我們目前預計轉換外匯對營收的影響不大，或較去年同期增加約 1,000 萬美元。我們將調整後每股盈餘預期中位數調高了0.18美元，至14.30美元至14.45美元之間。這反映了中位數約9.4%的成長，比我們先前的預期成長了約1.4%，也反映了第三季的強勁業績以及第四季在銷售和行銷方面加大的投資，以加速我們的有機成長軌跡。

Based on current spot rates, we expect the FX impact to EPS to be about neutral for the full year. Our EPS guidance continues to include an estimated tariff impact of about $90 million or 2% to EPS growth for the full year, which, as a reminder, is predominantly weighted to Q4.

根據目前的現貨匯率，我們預期全年外匯對每股盈餘的影響大致為中性。我們的每股盈餘指引繼續包括預計關稅對全年每股收益成長約 9,000 萬美元或 2% 的影響，提醒一下，這主要集中在第四季度。

For the full fiscal year, given the strength of our continued gross margin expansion, including additional investments in selling and the impact from tariffs, we remain on track to deliver our goal of 25% operating margin by 2025.

對於整個財年而言，鑑於我們持續的毛利率擴張勢頭，包括銷售方面的額外投資以及關稅的影響，我們仍有望在 2025 年實現 25% 的營業利潤率目標。

As you think about the full year impact of tariffs in fiscal 2026, the landscape remains fluid, but based on policies in place today, we currently anticipate a full year 2026 tariff impact of around $275 million. This is a notable improvement compared to initial expectations and reflects the results of our team's ongoing active mitigation efforts and tariff rates that moderated on a net basis since our last update.

當您考慮 2026 財年關稅的全年影響時，情況仍然不確定，但根據目前實施的政策，我們目前預計 2026 年全年關稅影響約為 2.75 億美元。與最初的預期相比，這是一個顯著的改善，反映了我們的團隊持續積極的緩解努力和自上次更新以來淨緩和的關稅稅率的結果。

In closing, we remain focused on navigating the current environment to deliver on our revenue and increased earnings commitments while positioning BD with continued momentum beyond 2025.

最後，我們將繼續專注於駕馭當前環境，實現我們的收入和增加盈利承諾，同時讓 BD 在 2025 年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) Patrick Wood, Morgan Stanley.

（操作員指示）摩根士丹利的帕特里克·伍德。

I'd love on the RemainCo side, the plus 4% growth. If we think about flowing into Q4 and then to your point, APM drops into being organic, and we're seeing that biologics pipe flowing through into PS and urology is strong. I know we're not talking about '26 yet in the midterm, but is it the right framework? Is there any reason we would be wrong to think that RemainCo should be stable in that mid-single-digit plus kind of a range as just a conceptual framework? Is there anything that would be wrong with that thought process when we're looking a little bit more midterm?

我很樂意看到留歐派的立場，也就是達到 4% 以上的成長。如果我們考慮流入第四季度，然後按照你的觀點，APM 就會變成有機的，而且我們看到流入 PS 和泌尿科的生物製劑管道很強勁。我知道我們在中期選舉中還沒有討論 26 號，但這是正確的框架嗎？我們是否有理由錯誤地認為，RemainCo 應該穩定在中等個位數以上的範圍內，而這只是一個概念架構？當我們進一步考慮中期選舉時，這種思考過程是否有問題？

Yeah. Thank you for the question, Patrick. We are pleased with the performance, as you mentioned, across a number of areas, whether or not in the BD Interventional business, continued strength of UCC, which was underlying about 10% last quarter, continued that this quarter, strong performance across MMS.

是的。謝謝你的提問，派崔克。正如您所提到的，我們對多個領域的表現感到滿意，無論是否在 BD 介入業務中，UCC 都繼續保持強勁勢頭，上個季度增長了約 10%，本季度 MMS 也繼續保持強勁表現。

And as you mentioned, good to see as we expected, the recovery in Pharm Systems driven by double-digit biologic growth. And as you shared, we also continue to secure more and more contracts for biosimilars in that category in GLP-1s, which has been a key strategic focus of ours. You saw that continue to play out, as you mentioned, in areas across -- also the sequential improvements in the Life Science business, particularly 250 basis points in BDB and DS. As you said, 4% growth for the New BD, which is also about where we expect to be for the full year.

正如您所提到的，很高興看到正如我們預期的那樣，製藥系統的復甦受到兩位數生物製劑成長的推動。正如您所分享的，我們還將繼續獲得越來越多的 GLP-1 類別生物仿製藥合同，這一直是我們的關鍵戰略重點。正如您所提到的，您看到這種情況在各個領域繼續發揮作用 - 生命科學業務也取得了連續的改善，特別是 BDB 和 DS 的 250 個基點。正如您所說，新 BD 的成長率為 4%，這也與我們預期的全年成長率差不多。

And so those trends that you're seeing across BD Interventional, across the Connected Care medical segment. We expect those largely to continue. There's nothing different that we would expect fundamentally from those. I think as we -- as you also mentioned, we saw very strong growth in APM ahead of our deal model, 12% growth -- sorry, 13% growth for the quarter. And that's really driven by strong execution from that team, some great innovations hitting the market. And then as part of our deal thesis to start with, and we had shared this at the time of the announcement, we were going to make incremental investments in selling in certain areas of innovation, and the team has been executing those really well on those sales investments in APM, and you're starting to see that come through.

這就是您在 BD Interventional 和 Connected Care 醫療領域看到的趨勢。我們預計這些情況將在很大程度上持續下去。從根本上來說，這些與我們預期的並沒有什麼不同。我認為正如您所提到的，我們看到 APM 的成長非常強勁，超出了我們的交易模式，成長了 12%——抱歉，本季成長了 13%。這確實得益於該團隊的強大執行力，一些偉大的創新進入了市場。首先，作為我們交易論文的一部分，我們在宣佈時就分享了這一點，我們將在某些創新領域的銷售方面進行增量投資，並且團隊在 APM 的銷售投資方面一直執行得非常好，你開始看到這一點。

You also saw us announce that we're making some outsized continued investments more broadly in the company behind areas of opportunity in Q4, specifically in our selling organization, think about areas like UCC, other areas in Interventional, and in the Medical segment, Connected Care on some big new product launches like the Pyxis Pro that we're doubling down and investing behind as we go into Q4 to help set us up for FY26 and beyond.

您也看到我們宣布，我們將在第四季度對公司背後的機會領域進行更廣泛的超額持續投資，特別是在我們的銷售組織中，考慮UCC等領域、介入領域的其他領域以及醫療領域、Connected Care 的一些大型新產品的發布，例如 Pyxis Pro，我們將在進入第四季度時加倍投入並進行投資，以以後幫助我們為26年財年及以後財年。

So thank you, Patrick, for the question.

所以，派崔克，謝謝你提出這個問題。

Rick Wise, Stifel.

瑞克懷斯（Rick Wise），Stifel。

Thinking about one question, I guess, I'm going to focus on the -- just something nearer term. And maybe, Chris, you can talk a little bit about your implied operating margin guide for the fiscal fourth quarter.

思考一個問題，我想我將集中討論一些更近期的事情。克里斯，也許您可以談談第四財季的隱含營業利潤率指南。

The -- my initial back of the envelope calculation suggests that just as I do the math, that implies a step down in operating margins relative -- flat or down, I should say, relative to the prior quarter. Just help us think through the headwinds or the mix issues that might relate to that. Is it China? Is it conservatism? Is this tariffs? Just help us think through the sequential margin dynamics given your excellent performance and outperformance this quarter.

我最初的粗略計算表明，正如我所做的數學計算，這意味著營業利潤率將下降——我應該說，與上一季相比持平或下降。只需幫助我們思考可能與此相關的阻力或混合問題。是中國嗎？這是保守主義嗎？這是關稅嗎？鑑於您本季的出色表現和優異表現，請幫助我們思考連續的利潤率動態。

Yeah, Rick, thanks. Look, we've been really strong this year in terms of quality P&L. You see the benefit of BD Excellence playing out in our margin profile consistently quarter-over-quarter. I'd suggest we've been best-in-class in terms of margin, EPS flow-through. If you look at our full year guide now, 9.4% at the midpoint, a significant raise in the quarter. And that's while absorbing 2 points for the full year of growth from total tariffs.

是的，里克，謝謝。你看，就品質損益而言，我們今年的表現確實非常強勁。您可以看到 BD Excellence 的優勢在我們的利潤率狀況中逐季持續顯現。我認為我們在利潤率、每股盈餘流轉方面一直是同類最佳。如果你現在看一下我們的全年指南，中間值為 9.4%，這是本季的顯著成長。這還不包括全年總關稅成長 2 個百分點的情況。

So as you think of what to expect in Q4 as you squeeze the balance of the year, first of all, on gross margin, it's going to be about flat year-over-year. And by the way, just as a reminder, right? We have $90 million of tariffs that are all flowing through in Q4, right? So that's nearly 150 basis points. So that shows the power of BD Excellence and what we're getting in terms of net productivity, offsetting inflation that's fully absorbing in gross margin, the tariffs.

因此，當您考慮在壓縮年度餘額的同時對第四季度的預期時，首先，就毛利率而言，它將與去年同期持平。順便說一句，只是提醒一下，對吧？我們有價值 9000 萬美元的關稅將在第四季度全部到賬，對嗎？這接近 150 個基點。這顯示了 BD Excellence 的強大功能以及我們在淨生產力方面取得的成果，抵消了完全被毛利率和關稅吸收的通貨膨脹。

The operating margin is as planned. There'll be a slight sequential step down quarter-to-quarter, and it's largely driven by just the timing of our investments. And as you saw in our updated guidance, we're actually fueling the business with more investment to continue to fuel those areas of momentum that Tom mentioned. So all in all, I think when you look at the print, it's extremely strong EPS. It really demonstrates the power of BD to compound earnings at a compelling growth rate despite macro factors. So we're very pleased with that.

營業利益率符合計劃。每個季度都會出現輕微的環比下降，這主要是由我們的投資時機決定的。正如您在我們更新的指南中看到的，我們實際上正在為業務注入更多投資，以繼續推動湯姆提到的那些發展勢頭。總而言之，我認為當您查看印刷品時，它的 EPS 非常強勁。它確實證明了 BD 有能力克服宏觀因素的影響，以驚人的成長率實現獲利成長。所以我們對此感到非常高興。

Congrats again on the excellent performance this quarter.

再次恭喜本季的出色表現。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Chris, two for you. I'm going to try to ask them both together. First, usually on the Q3 call, you give some helpful commentary on the following year, particularly on the P&L. So is there anything you can share with us today on whether you can increase the margins year-over-year in fiscal '26 given the tariff impact? Color on FX today or high-level thoughts on EPS growth?

克里斯，給你兩個。我將嘗試同時詢問他們兩個問題。首先，通常在第三季電話會議上，您會對下一年度，特別是損益表給予一些有用的評論。那麼，考慮到關稅的影響，您今天能否與我們分享 26 財年的利潤率是否能夠比去年同期增加？今日外匯的顏色或對每股收益成長的高層想法？

And second, what can you say about the post-separation margin outlook? You've talked about it, the operating margin post separation being similar to the current BDX operating margin. Does that include TSAs and MSAs? And any color you can share with us today on below-the-line items like tax rate? Obviously, you know we're all trying to build RemainCo P&Ls here.

其次，您對分離後的利潤前景有何看法？您已經談到了這一點，分離後的營業利潤率與目前的 BDX 營業利潤率相似。這包括 TSA 和 MSA 嗎？您今天可以與我們分享有關稅率等低於標準項目的任何資訊嗎？顯然，您知道我們都在努力在這裡建立 RemainCo P&L。

Yeah. Thanks, Larry. Appreciate it. Maybe with the separation first, something that we shared. There's always a couple of ways to look at this. The key questions tend to be, do you have dislocation in margin. We shared last time publicly that there will actually be very difference in terms of operating margin pre-separation and post separation. So that's within a reasonable range, plus or minus. So you should see a healthy margin come out, plus you're going to continue to get the benefit of BD Excellence carrying through.

是的。謝謝，拉里。非常感謝。也許首先要分開的是一些我們共同擁有的東西。總是有幾種方法可以看待這個問題。關鍵問題往往是，你的利潤是否有錯置。我們上次公開分享過，分離前後的營業利潤率其實會有很大差異。所以這在合理的範圍內，有正有負。因此，您應該會看到健康的利潤率，而且您將繼續獲得 BD Excellence 帶來的好處。

So you'll continue to have those same dynamics. So that's very positive. There's always stranded costs when you have these things. There will be a TSA that largely offsets that. So those two factors, coupled with the fact that with the $4 billion cash we get and at least half of that going towards share buybacks, creates another lever that will create some EPS accretion tied to that.

因此，您將繼續擁有相同的動力。這是非常積極的。當你擁有這些東西時，總會有擱淺成本。TSA 將會在很大程度上抵消這一影響。因此，這兩個因素，再加上我們獲得的 40 億美元現金，其中至少一半用於股票回購，創造了另一個槓桿，將帶來與此相關的每股盈餘成長。

So we actually think when you separate the pieces of BD and think of the earnings that goes with the separation that you're getting meaningful value for and then the earnings that's left and then the TSA on top of that and then the EPS accretion from the share buybacks positions us well to not have any leakage as you think of the sum of the parts there. And so it sets up nicely for New BD.

因此，我們實際上認為，當您分離 BD 的各個部分並考慮分離所帶來的收益時，您將獲得有意義的價值，然後是剩餘的收益，然後是 TSA，然後是股票回購帶來的 EPS 增長，這些都使我們處於良好的位置，不會出現任何洩漏，正如您想到的各個部分的總和一樣。因此它為 New BD 做好了良好的準備。

Tom talked about the New BD growth rate, right? And so that's where we stand with the separation. We'll obviously provide more details as we give our November guide and help everyone try and bifurcate those pieces in more detail. It's still a bit early.

湯姆談到了新 BD 成長率，對嗎？這就是我們分離的現況。我們顯然會在 11 月指南中提供更多細節，並幫助每個人嘗試更詳細地劃分這些部分。現在還早了一點。

As you think of '26, look, it's early given various macro factors, et cetera, to give full color. But a couple of things. One thing we shared on the call was our tariff outlook for '26. We know expectations out there were set last quarter. We said that it would be about $275 million in '26, which is a meaningful improvement from where you are.

當你想到 26 時，你看，考慮到各種宏觀因素等等，現在還為時過早，無法給出完整的色彩。但有幾件事。我們在電話會議上分享的一件事是我們對 26 年關稅的展望。我們知道上個季度大家的期望已經確定了。我們說過，26 年的收入將達到約 2.75 億美元，與現在相比，這是一個有意義的進步。

So as you think of where EPS may be sitting today based on prior expectations, that should be positive. I think the other thing I would say is, as you see us doing now, right? BD Excellence, we're in early innings there. That becomes a strong underlying favorable margin dynamic that will play out in our P&L.

因此，當您根據先前的預期來考慮今天的每股收益時，這應該是積極的。我想說的另一件事是，正如您看到我們現在所做的那樣，對嗎？BD Excellence，我們正處於早期階段。這將成為我們損益表中發揮作用的強勁潛在有利利潤動態。

Obviously, you do need to contemplate the incremental impact from tariffs, the $275 million, less than $90 million that we already have in our base. But it's a better outlook. Folks should see that as a better outlook versus where we were last quarter, rough math, I think, where most people were assuming that's about an $85 million benefit from where folks were sitting. So I think those two things are favorable things you should think about as we head into '26.

顯然，你確實需要考慮關稅帶來的增量影響，即 2.75 億美元，比我們基礎中已有的 9,000 萬美元還少。但這是一個更好的前景。人們應該認為這是一個比上一季更好的前景，粗略計算一下，我認為，大多數人認為這將為人們帶來約 8500 萬美元的收益。因此，我認為，在我們邁入 26 年之際，這兩件事是你應該考慮的有利因素。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

I guess, just a bigger picture question on the growth outlook for the RemainCo business, the New BD, if you will. Like what do you -- how do you see this business growing versus the 5.5% plus longer term? And then -- and also, how should we think about capital deployment, the new strategy on capital deployment post separation?

我想，如果您願意的話，這只是一個關於 RemainCo 業務（新 BD）成長前景的更大問題。例如，您認為這項業務相對於 5.5% 以上的長期成長率會如何成長？然後──此外，我們該如何考慮資本部署，分離後資本部署的新策略？

Yeah. Thanks, Travis. I can start off with that. And obviously, I made some earlier comments, I think to Rick's question earlier, similarly related. Maybe I can -- we're obviously very focused on executing in '25 and chopping wood through the balance of the year, but I could give a little bit of -- and it's too early to talk details about '26, but maybe just give a little bit of thoughts to share related to that.

是的。謝謝，崔維斯。我可以從那裡開始。顯然，我之前也對 Rick 之前提出的問題做出過一些類似的評論。也許我可以——我們顯然非常專注於在 25 年執行並在全年餘下時間裡砍柴，但我可以提供一點——現在談論 26 年的細節還為時過早，但也許可以分享一些與此相關的想法。

So we're obviously encouraged by the recent sales performance across the portfolio as we execute our commercial initiatives. The series of new innovations that you see that we talked about on the call, particularly most of those we actually started investing in at the start of BD 2025 as part of the portfolio strategy we talked about them.

因此，當我們實施商業計劃時，我們顯然對整個產品組合的近期銷售表現感到鼓舞。我們在電話會議上談到了一系列新創新，特別是我們在 BD 2025 開始時作為投資組合策略的一部分開始投資的大多數創新。

Obviously, it takes a couple of years for those to come through. They're starting to hit the market. We're excited about those launches. And you're seeing us take incremental some of the flywheel benefits of the efficiencies we're getting from BD Excellence. We're reinvesting a portion of those behind those launches, behind our selling organization to keep driving that growth. And we're going to continue to lean into those investments as we go into Q4 to build on that momentum.

顯然，實現這些目標需要幾年的時間。它們開始進軍市場。我們對這些產品的發布感到非常興奮。而且您會看到，我們正在逐步享受 BD Excellence 帶來的效率飛輪效益。我們將把這些產品發布和銷售組織背後的部分資金重新投資，以繼續推動這項成長。進入第四季度，我們將繼續依賴這些投資來鞏固這一勢頭。

Obviously, as we think going forward, too, we're going to continue to look at what is a dynamic macro environment. As we go into next year, we're going to be prudent about that. We're going to monitor. We're going to study how certain market dynamics play out, continuing to focus on China, certain subsegments of Pharma Delivery, specifically vaccines. And obviously, life science research market, will obviously give a Holdco guide as it comes to '26, and we'll incorporate all of those in.

顯然，當我們展望未來時，我們也會繼續關注什麼是動態的宏觀環境。進入明年，我們將會對此保持謹慎。我們將進行監視。我們將研究某些市場動態如何發揮作用，繼續關注中國、醫藥配送的某些細分領域，特別是疫苗。顯然，生命科學研究市場顯然會在 26 年給出 Holdco 指南，我們會將所有這些都納入其中。

As we've talked about as well, we see BD Excellence still in early innings. And we expect to continue to benefit from that momentum and its impact on our margins. We still see more runway ahead there.

正如我們也談到的，我們認為 BD Excellence 仍處於早期階段。我們預計將繼續受益於這一勢頭及其對我們利潤率的影響。我們仍然看到前方還有更多的跑道。

And we're going to continue chopping wood on tariffs, too, right? We're pleased with the progress that we announced here this morning, but we're not done. We have teams still working on that, dedicated teams across each of the businesses, a sign to keep whittling that down. And there's very specific actions that we're taking on that.

我們還會繼續削減關稅，對嗎？我們對今天早上在這裡宣布的進展感到滿意，但我們還沒有完成。我們仍有團隊致力於此，每個業務部門都有專門的團隊，這是一個繼續削減這一目標的信號。我們正在採取非常具體的行動來應對這個問題。

We've got -- obviously, we've talked about changing sourcing flows, things like Vacutainer and flush sourcing those for China out of markets other than the US. We've talked about changing components and kits to get more US-made components in certain kits to allow them to comply with USMCA and tariff exemptions.

顯然，我們已經討論過改變採購流程，例如從美國以外的市場為中國採購真空採血管和沖洗產品。我們已經討論過更換組件和套件，以便在某些套件中獲得更多美國製造的組件，從而使它們符合 USMCA 和關稅豁免。

And of course, we're working with suppliers to optimize our sourcing locations as well, too, as part of that matrix. And that's something that we've got a steering team on top of all over as we continue to look to offset that further.

當然，作為該矩陣的一部分，我們也正在與供應商合作，以優化我們的採購地點。我們已經派出了一個指導團隊來全程監督此事，我們將繼續尋求進一步抵消這一影響的方法。

So hopefully, that gives a little bit of color of how we're thinking about things. And as we look ahead, we obviously look forward to giving more updates as we move in through Q4.

所以希望這能讓我們稍微了解一下我們是如何思考問題的。展望未來，我們顯然期待在第四季度提供更多更新。

And Chris, on the Q4 EPS, I think there's some investments there. Anything else driving the change in the Q4 EPS?

克里斯，關於第四季度每股收益，我認為那裡有一些投資。還有什麼因素推動第四季每股收益的變化嗎？

No, it's just -- I mean, largely, it's the investment profile really, Travis. There's nothing else there. Again, I mean, it was a strong quarter, a significant raise. I mean, we took the midpoint up above our prior top end of the guide, 9.5% EPS growth at the midpoint with 0% FX benefit for the year, super strong.

不，這只是——我的意思是，很大程度上，這實際上是投資概況，特拉維斯。那裡沒有別的東西了。再說一次，我的意思是，這是一個強勁的季度，成長顯著。我的意思是，我們將中點提高到了我們先前指南的最高端之上，中點每股收益成長 9.5%，全年外匯收益為 0%，非常強勁。

Margins remain intact. The only dynamic you have flowing through Q4 that's nuanced is really the tariff impact flowing through there, which is not new news. That stays intact. And then we want to continue to invest behind the business. Again, I think it's its best-in-class management of margin, EPS leverage and flow-through and I feel really good about that.

邊緣保持不變。第四季唯一微妙的動態實際上是關稅的影響，這並不是什麼新鮮事。保持完好。然後我們希望繼續對該業務進行投資。再次，我認為這是其對利潤、每股盈餘槓桿和流通的最佳管理，我對此感到非常滿意。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Maybe on urology, it was a great print double-digit percent growth. Maybe just speak to the trends there. Was there anything onetime in the quarter? And how you're feeling about that and the Interventional business moving into next year?

也許在泌尿科方面，這是一個巨大的兩位數百分比增長。也許只是談論那裡的趨勢。本季有發生過什麼嗎？您對此以及明年的介入業務有何感想？

Yes, Robbie, this is Tom. Thanks for the question. Now urology is continuing. There's nothing onetime there at all. It's a continuation of the trends. As we had said last quarter, of course, urology had a comp on a onetime settlement they had in Q2. But underlying that, when you exclude the settlement, which wasn't related to business performance, that business grew 10% last quarter.

是的，羅比，這是湯姆。謝謝你的提問。現在泌尿科仍在繼續。那裡曾經什麼也沒有。這是趨勢的延續。正如我們上個季度所說的那樣，泌尿科當然在第二季的一次性結算中獲得了補償。但在此基礎上，如果排除與業務表現無關的和解，上個季度該業務成長了 10%。

So this is really a continuation of that very strong momentum that they've been building as they've both been driving the male PureWick, which continues to scale even faster than the original female PureWick, it's doing fantastic.

因此，這實際上是他們一直在構建的強勁勢頭的延續，因為他們一直在推動男性 PureWick 的發展，其擴張速度甚至比原來的女性 PureWick 更快，它的表現非常出色。

Obviously, continuing to expand PureWick into the home. We continue to advance our clinical study aimed at getting at-home reimbursement. And so the growth that we're getting at home is all out of pocket today. We see a meaningful opportunity to unlock additional upside there through the trial that's progressing very well, and we expect to conclude in '26.

顯然，PureWick 將繼續擴展到家庭領域。我們將繼續推進旨在獲得家庭報銷的臨床研究。因此，我們今天在國內實現的成長都是自掏腰包。我們看到了一個有意義的機會，可以透過進展順利的試驗來釋放額外的上升空間，我們預計將在 26 年結束。

We also have a series of new launches that will be coming up here very soon, including the first mobile PureWick. That next product that we'll be launching in Q4, actually heading into FY26 will be for patients who are in wheelchairs because it will be the first wireless battery-driven version of a mobile PureWick and then we have versions coming in the future that would allow people to be completely to walk around with a fanny pack type version.

我們也將很快推出一系列新產品，包括第一款行動版 PureWick。我們將在第四季度（實際上是在 26 財年）推出的下一款產品將面向坐輪椅的患者，因為它將是行動 PureWick 的第一個無線電池驅動版本，然後我們將在未來推出允許人們完全隨身攜帶腰包式版本走動的版本。

So we've got a strong runway ahead in continued innovation in that space that we're really excited about. I think as you think about the broader areas of the Interventional business, again, the acquisition we did at the start of BD 2025 of TIFA, the team is doing a really nice job iterating serially on new applications and indications with that biomaterial.

因此，我們在該領域的持續創新方面擁有強大的發展空間，對此我們感到非常興奮。我認為，當您考慮介入業務的更廣泛領域時，我們在 BD 2025 開始時對 TIFA 的收購，團隊正在使用該生物材料對新應用和適應症進行連續迭代，做得非常出色。

So you saw Rick and the team start by getting indications in the hernia space to replace plastic mesh there. You then saw us start to -- you saw us get approval for the first application to prevent hernias after laparotomy surgeries first launching in Europe right now.

所以你看到 Rick 和他的團隊開始在疝氣空間尋找替代塑膠網的跡象。然後你看到我們開始——你看到我們獲得了第一個應用程式的批准，該應用程式目前首次在歐洲推出，用於預防剖腹手術後的疝氣。

We're investing behind that. That's one of the areas of incremental investment we're making is investing behind that launch and market shaping. And we've got that clinical trial underway to bring that innovation to the US I think actually the first indication of that same biomaterial for GI indications launches next year in '26.

我們正在對此進行投資。這是我們正在進行的增量投資領域之一，即投資於產品發布和市場塑造。我們正在進行臨床試驗，將這項創新帶到美國，我認為這種生物材料用於治療胃腸道疾病的第一個適應症將於明年（26年）推出。

So again, we're excited by what's happening there. In the surgery space, we like the innovation pipeline that we've built over the BD 2025 window here. And then, of course, in PI, solid growth there. They obviously feel the impact of VOBP in China.

因此，我們再次對那裡發生的事情感到興奮。在外科手術領域，我們喜歡我們在 BD 2025 窗口期間建立的創新管道。當然，PI 也實現了穩健成長。他們明顯感受到了VOBP在中國的影響。

But in other areas, we're excited by some new launches coming up there, particularly one in the breast biopsy space as well as some new vascular applications that we're going to be getting into that we haven't been in before that start to launch in '26 that we've talked about in the past. So Robbie, I hope that gives some color, but really driven by innovation on the UCC side.

但在其他領域，我們對即將推出的一些新產品感到興奮，特別是乳房活檢領域的新產品，以及一些我們將要涉足的、之前從未涉足過的新型血管應用，我們過去曾談到這些應用將在 26 年開始推出。所以羅比，我希望這能提供一些色彩，但真正是由 UCC 方面的創新所推動的。

Great. Maybe just to follow on to the last question. Chris, it sounds like there's increased SG&A investment in fourth quarter coming in below Street expectations on EPS. How do we think about where that is, what it's funding? And should we carry that level of investment in SG&A into next year?

偉大的。也許只是為了繼續最後一個問題。克里斯，聽起來第四季銷售、一般及行政開支有所增加，但每股收益低於華爾街的預期。我們如何考慮它在哪裡，它的資金來源是什麼？我們是否應該將這種程度的銷售、一般和行政費用 (SG&A) 投資延續到明年？

Look, I think a real positive thing we've talked about BD Excellence was not just the impact it has on margin and the opportunity to compound earnings, which we've done, right? Again, best-in-class margin and EPS flow-through with almost 9.5% at the midpoint.

聽著，我認為我們談論的 BD Excellence 的真正積極方面不僅僅是它對利潤率的影響以及複合收益的機會，我們已經做到了，對吧？再次，利潤率和 EPS 流通率均為同類最佳，中間值接近 9.5%。

But importantly, we want to keep investing in both innovation and commercial execution. You've seen us do that throughout the year. And we're going to continue to invest behind all the areas of momentum. Tom has mentioned them a couple of times on the call, and that's part of our strategy.

但重要的是，我們希望繼續投資於創新和商業執行。您已經看到我們全年都在這樣做。我們將繼續在所有發展勢頭強勁的領域進行投資。湯姆在電話中提到他們幾次，這是我們策略的一部分。

Again, we feel really good about an almost double-digit EPS number at the midpoint, and this sets us up to continue some momentum as we think about 2026, driving those areas of growth. Thanks, Robbie.

再次，我們對中期接近兩位數的 EPS 數字感到非常滿意，這為我們在展望 2026 年時繼續保持一定的勢頭奠定了基礎，推動這些成長領域。謝謝，羅比。

And this 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。

Okay. Thank you, operator, and thanks, everyone, for joining today and for your support of BD. We look forward to connecting with everyone again in November.

好的。謝謝操作員，也謝謝大家今天的加入以及對 BD 的支持。我們期待十一月再次與大家聯繫。

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。