Becton Dickinson and Co (BDX) 2025 Q4 法說會逐字稿

Hello, and welcome to BD's fourth quarter and full year fiscal 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) 839-2383 for domestic calls and area code +1 402 220-7202 for international calls. (Operator Instructions)

大家好，歡迎參加BD公司2025財年第四季及全年業績電話會議。應 BD 的要求，今天的電話會議將被錄音，並可在 BD 的投資者關係網站 investors.bd.com 上重播，或撥打國內電話 (800) 839-2383 或國際電話區號 +1 402 220-7202 收聽。（操作說明）

I will now turn the call over to Adam Reiffe, Vice President, Investor Relations.

現在我將把電話轉交給投資者關係副總裁亞當雷夫。

Good morning, and welcome to BD's earnings call. I'm Adam Reed, Vice President 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 fourth quarter and full year fiscal 2025. The press release and presentation can be accessed on the IR website at investors.bd.com. 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.

早安，歡迎參加BD的財報電話會議。我是投資者關係副總裁亞當·里德。感謝您的參與。本次電話會議將透過 bd.com 網站進行音訊網路直播。今天早些時候，BD 發布了 2025 財年第四季及全年業績報告。新聞稿和簡報可在投資者關係網站 investors.bd.com 上查閱。今天主持電話會議的是 BD 董事長、執行長兼總裁 Tom Polen 和執行副總裁兼財務長 Chris DelOrefice。

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 on our Investor Relations website. Unless otherwise specified, all comparisons will be made on a year-on-year basis versus the relevant fiscal period. revenue percentage changes are on an adjusted FX neutral basis unless otherwise noted.

在開始之前，我想提醒各位，我們將做出一些前瞻性陳述。您可以在我們的投資者關係網站上閱讀獲利報告中的免責聲明以及提交給美國證券交易委員會的文件揭露資訊。除非另有說明，所有比較均以與相關財政期間的同比為基礎。除非另有說明，否則收入百分比變動均已進行匯率調整。

Beginning October 1, we began operating under our previously disclosed new BD segment structure that includes medical Essentials, connected care, biopharma systems and Interventional and a fifth Life Sciences segment comprised of Biosciences and Diagnostic solutions. Reconciliations between GAAP and non-GAAP measures are included in the appendices of the earnings release and presentation.

從 10 月 1 日起，我們開始按照先前披露的新 BD 業務部門結構運營，其中包括醫療必需品、互聯護理、生物製藥系統和介入治療，以及由生物科學和診斷解決方案組成的第五個生命科學部門。GAAP 指標與非 GAAP 指標之間的調整表包含在收益發布和簡報的附錄中。

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

接下來，我很高興地把麥克風交給湯姆。

Thank you, Adam, and good morning, everyone. As you saw in our press release, our Q4 and full year performance was in line with the preliminary results we announced last month. During our prepared remarks today, Chris and I will provide additional context on the drivers of our performance. I'll also provide an update on the immediate steps we are taking to accelerate our strategy as we transition into new BD, and I'll conclude with our fiscal '26 guidance and outlook on Q1, after which we'll take your questions.

謝謝你，亞當，大家早安。正如您在我們的新聞稿中看到的，我們第四季度和全年的業績與我們上個月公佈的初步結果一致。在今天我們事先準備好的發言中，克里斯和我將進一步闡述我們業績成長的驅動因素。我也會介紹我們在向新的業務拓展過渡過程中，為加快策略實施而採取的直接措施，最後我會給出我們 2026 財年的業績指引和第一季的展望，之後我們會回答大家的問題。

With that, let's jump in. Q4 revenue of $5.9 billion increased 7% and 3.9% organic. New BD delivered strong organic growth of 4.9%, accelerating 90 basis points sequentially. For the full year, record revenue of $21.8 billion increased 7.7% and 2.9% organic.

那麼，讓我們開始吧。第四季營收達 59 億美元，年增 7%，其中有機成長 3.9%。新業務拓展實現了強勁的有機成長，達到 4.9%，環比成長 90 個基點。全年營收創歷史新高，達 218 億美元，年增 7.7%，有機成長 2.9%。

New BD grew 3.9% organic. We delivered adjusted diluted EPS of $3.96 for Q4 and a record $14.40 for the full year, which represents 9.6% earnings growth including a two-point impact from tariffs. We also returned $2.2 billion to shareholders, inclusive of a $1 billion share buyback. Earlier this morning, we announced our 54th consecutive year of dividend increases.

新業務量有機成長 3.9%。我們在第四季度調整後攤薄每股收益為 3.96 美元，全年調整後攤薄每股收益為創紀錄的 14.40 美元，這代表盈利增長了 9.6%，其中包括關稅帶來的 2 個百分點的影響。我們也向股東返還了 22 億美元，其中包括 10 億美元的股票回購。今天早些時候，我們宣布連續第54年提高股利。

During the quarter, we had a greater-than-anticipated impact in macro areas we've been closely monitoring, specifically farm systems vaccines and Biosciences academic and government research. Vaccines are approximately 20% of our farm systems business. While we plan for a slowdown in Q4, further reductions in demand evolved rapidly late in the quarter as most Q4 vaccine demand typically occurs in September and continues into Q1 and Q2. In our biosciences business, research funding remains subdued, but sales in the US and EMEA continued to improve sequentially, led by strong demand for our new fax Discover platform.

本季度，我們在一直密切關注的宏觀領域取得了超出預期的影響，特別是農場系統疫苗和生物科學學術及政府研究。疫苗約占我們農場系統業務的 20%。雖然我們預計第四季度需求會放緩，但由於第四季度疫苗需求通常發生在 9 月份，並持續到第一季和第二季度，因此本季末需求進一步下降的情況發展迅速。在我們的生物科學業務中，研究經費依然低迷，但在美國和歐洲、中東及非洲地區的銷售額持續環比增長，這主要得益於市場對我們新的傳真 Discover 平台的強勁需求。

In Diagnostic Solutions, the business returned to positive growth in the quarter as BD Bactec utilization continued to recover. Together, Biosciences and Diagnostic Solutions delivered flat growth for the quarter, excluding the impact of discontinued platforms.

在診斷解決方案方面，隨著 BD Bactec 的使用量持續恢復，該業務在本季度恢復了正成長。生物科學和診斷解決方案業務合計在本季度實現了持平增長，不包括已停產平台的影響。

Outside of these two areas, we delivered strong growth across a broad range of the portfolio, demonstrating new BD's attractive profile with over 90% consumables revenue and a strong cadence of new innovation. This includes high single-digit growth in BD Interventional driven by double-digit growth in PureWick and advanced tissue regeneration.

除了這兩個領域之外，我們在廣泛的產品組合中實現了強勁成長，展現了新業務的吸引力，其中耗材收入佔比超過 90%，並且擁有強勁的創新節奏。這其中包括 BD Interventional 的高個位數成長，這主要得益於 PureWick 和先進組織再生領域的兩位數成長。

We delivered double-digit pro forma growth in advanced patient monitoring, which in the first year of integration, performed well ahead of our deal model and is on track to continue this momentum in fiscal '26 and beyond. In Farm Systems, Biologics grew high single digits, driven by GLP-1s, and MMS had a record quarter for Alaris pump installations, including several new competitive wins, solidifying our leadership position now and for years to come as we complete our fleet upgrade in FY26.

我們在高階病患監測方面實現了兩位數的準備成長，在整合的第一年，其表現遠超我們的交易模式，並有望在 2026 財年及以後繼續保持這一勢頭。在農場系統方面，生物製劑實現了接近兩位數的增長，這主要得益於 GLP-1 產品的推動；MMS 在 Alaris 泵安裝方面取得了創紀錄的季度業績，其中包括贏得多個新的競爭性訂單，鞏固了我們現在的領先地位，並且隨著我們在 2026 財年完成車隊升級，未來幾年也將保持這一地位。

Our BD excellence operating model helped to drive strong P&L leverage throughout the year with adjusted gross margin up 140 basis points, fueling 80 basis points of adjusted operating margin expansion, while we invested in selling and innovation which will continue to be our engine for growth in the new BD. This supported robust 9.6% adjusted diluted EPS growth, inclusive of tariffs while we also delivered on our full year goal to reach a record 25% adjusted operating margin.

我們卓越的業務拓展營運模式幫助全年實現了強勁的損益槓桿效應，調整後的毛利率提高了 140 個基點，推動調整後的營業利潤率提高了 80 個基點。同時，我們也投資於銷售和創新，這將繼續成為我們在新業務拓展中成長的引擎。這支撐了9.6%的強勁調整後稀釋每股收益成長（包括關稅），同時我們也實現了全年目標，達到了創紀錄的25%的調整後營業利潤率。

While we are navigating specific transitory market dynamics that are expected to continue into fiscal 2026, we have strong business fundamentals, high confidence in our continued long-term mid-single-digit growth profile and a proven track record of delivering value through periods such as this.

儘管我們正在應對預計將持續到 2026 財年的特定過渡性市場動態，但我們擁有強勁的業務基本面，對持續的長期中個位數增長前景充滿信心，並且在這樣的時期也擁有創造價值的良好記錄。

We are acting with speed to optimize our performance during this time and emerge stronger. We've already begun implementing decisive actions to accelerate our strategy as we create the new BD with a focus on boldly advancing BD excellence across our commercial and innovation organizations while identifying cost optimization opportunities to reinforce our commitment to long-term profitable growth.

我們正在迅速採取行動，優化這段時間的表現，力爭變得更強大。我們已開始採取果斷行動來加速我們的策略，創建新的業務拓展部門，重點是在我們的商業和創新組織中大膽推進業務拓展卓越性，同時尋找成本優化機會，以加強我們對長期盈利增長的承諾。

Let me highlight three specific initiatives underway. First, as part of accelerating our focus on commercial excellence, we're rearchitecting our operating model to build a more focused, agile vertical organization. This includes commercial teams directly aligned with each business unit to best support customer needs, drive share gains and accelerate growth.

讓我重點介紹一下正在進行的三項具體舉措。首先，為了加快我們對卓越商業的關注，我們正在重新建構我們的營運模式，以建立一個更專注、敏捷的垂直組織。這包括與各業務部門直接對接的商業團隊，以更好地滿足客戶需求、推動市場份額成長並加速業務發展。

We're also taking immediate action to expand our sales force in targeted high-growth markets, investing an incremental $30 million to capitalize in areas that either are or have the potential to grow in the high single digits or double digits. These include opportunities such as the recent VA reimbursement for PureWick at home and new surgery innovations launching in Europe and a 15% increase in both the PI and APM sales forces.

我們也立即採取行動，擴大在目標高成長市場的銷售隊伍，追加投資 3,000 萬美元，以掌握那些已經或有可能實現高個位數或兩位數成長的領域。這些機會包括最近退伍軍人事務部對 PureWick 家用產品的報銷、在歐洲推出的新型手術創新，以及 PI 和 APM 銷售團隊均成長 15%。

Finally, we've announced that Mike Fell's role has been expanded to include the newly created position of Chief Revenue Officer. Michael will apply his expertise in BD excellence to accelerate our initiatives to become a best-in-class commercial organization to deliver incremental growth. Michael will remain President of Life Sciences until the close of the RMT with Waters.

最後，我們宣布 Mike Fell 的職責範圍擴大，新增了首席營收長一職。Michael 將運用他在業務拓展方面的專業知識，加速我們成為一流商業組織的各項舉措，從而實現持續成長。在與沃特世公司的風險管理協議結束之前，麥可將繼續擔任生命科學總裁。

Second, over the last several years, we've built positions in multiple attractive markets and are investing to capture opportunities and new product innovation. Going into FY26, we've moved nearly $50 million of corporate costs into R&D and the businesses to fuel future innovation and growth in attractive high-growth markets, such as tissue regeneration, PureWick adjacent markets, biologic drug delivery and connected care.

其次，在過去的幾年裡，我們在多個有吸引力的市場建立了地位，並且正在投資以抓住機會和進行新產品創新。進入 2026 財年，我們已近 5,000 萬美元的企業成本投入研發和業務，以推動未來在具有吸引力的高成長市場（如組織再生、PureWick 相關市場、生物藥物輸送和互聯醫療）的創新和成長。

Additionally, we focused investments behind planned new product launches, including our recently launched BD Incada AI-enabled platform that unifies BD device data into one intelligent ecosystem, and our next-generation BD Pyxis Pro medication dispensing platform as well as new planned launches in APM, MDS, UCC, surgery and MMS.

此外，我們還專注於計劃中的新產品發布，包括我們最近推出的 BD Incada AI 平台，該平台將 BD 設備數據統一到一個智慧生態系統中，以及我們的下一代 BD Pyxis Pro 藥物分發平台，以及計劃在 APM、MDS、UCC、外科手術和 MMS 領域推出的新產品。

We are pleased we also recently received 510(k) clearance for HemoSphere Stream, our continuous non-invasive blood pressure monitoring module, an impressive clearance in less than 30 days paves the way for commercial launch in 2026. Third and finally, we initiated a two-year $200 million cost-out program, proactively addressing stranded corporate costs with approximately half expected this year.

我們很高興最近也獲得了 HemoSphere Stream（我們的連續無創血壓監測模組）的 510(k) 許可，在不到 30 天的時間內獲得如此令人矚目的許可，為 2026 年的商業發布鋪平了道路。第三，也是最後一點，我們啟動了一項為期兩年、耗資 2 億美元的成本削減計劃，積極主動地解決擱置的企業成本問題，預計今年將完成約一半。

Before I turn it over to Chris to provide additional color on our performance. On behalf of the leadership team, I want to take a moment to thank Chris for his leadership, hard work, and dedication to BD over the past four years. I'm confident the CFO transition ahead will be seamless and wish Chris well in his new endeavors.

在我將麥克風交給克里斯之前，請他為我們的表演補充一些細節。我謹代表領導團隊，感謝 Chris 在過去四年裡對 BD 的領導、辛勤工作和奉獻精神。我相信財務長的交接將會非常順利，並祝福克里斯在新的旅程中一切順利。

With that, I'll turn it to Chris.

接下來，我將把麥克風交給克里斯。

Thanks, Tom. Before I begin, I want to take a moment to thank the entire team at BD. It has been a privilege and a career highlight to serve as the CFO of this company and getting to work hand-in-hand with our talented and committed colleagues to advance the world of health. I am proud of the accomplishments we achieved together that enabled us to deliver against our BD 2025 strategy, including the meaningful work to advance the margin profile of BD while simultaneously transforming our portfolio that has us well positioned for the future. I look forward to partnering with Vitor Roque and my entire leadership team to ensure a seamless transition as BD enters its next phase of value creation.

謝謝你，湯姆。在開始之前，我想花一點時間感謝BD的全體團隊。能夠擔任這家公司的首席財務官，並與我們才華橫溢、盡職盡責的同事們攜手合作，共同推進世界健康事業的發展，這既是我的榮幸，也是我職業生涯中的一大亮點。我為我們共同取得的成就感到自豪，這些成就使我們能夠實現 BD 2025 策略，包括在提升 BD 利潤率的同時，透過有意義的工作來改善 BD 的利潤狀況，並同時轉變我們的投資組合，使我們為未來做好了充分準備。我期待與 Vitor Roque 和我的整個領導團隊合作，確保 BD 進入下一個價值創造階段時能夠順利過渡。

Let's pivot to our performance results, starting with revenue. Organic growth was led by high single-digit growth in BD Interventional with strong performance across our growth platforms. This includes double-digit growth in UCC driven by PureWick and high single-digit growth in surgery led by our advanced tissue regeneration platform, including continued strong adoption of Phasix resorbable mesh. Growth in PI reflects strength across the oncology portfolio and Rotarex.

讓我們把注意力轉移到業績結果上，先從收入說起。BD Interventional 實現了高個位數成長，帶動了有機成長，我們各個成長平台均表現強勁。這包括由 PureWick 推動的 UCC 的兩位數增長，以及由我們先進的組織再生平台推動的手術的個位數高增長，包括 Phasix 可吸收網片的持續強勁應用。PI 的成長反映了腫瘤產品組合和 Rotarex 的強勁表​​現。

In BD Medical, mid-single-digit organic growth was led by APM, which grew double digits on a proforma basis with strong growth across all product lines. We feel really good about the momentum in APM continuing into FY26, which will be further supported by significant sales force expansion currently underway.

在 BD Medical 中，APM 引領了中等個位數的有機成長，其按備考基準計算實現了兩位數的成長，所有產品線均實現了強勁成長。我們對 APM 的發展勢頭在 2026 財年得以延續感到非常樂觀，目前正在進行的大規模銷售團隊擴張也將進一步支持這一勢頭。

MDS also delivered a strong quarter with solid mid-single-digit growth in our Vascular Access Management portfolio. In MMS, we achieved a record sales quarter for our Alaris pump installations and we feel good about our strong backlog of committed contracts in dispensing.

MDS 的血管通路管理產品組合在本季也取得了強勁的業績，實現了穩健的中位數成長。在MMS領域，我們的Alaris泵安裝業務實現了創紀錄的季度銷售業績，我們對在配藥方面積壓的大量已承諾合約感到滿意。

Lastly, in Farm Systems, strong performance in Biologics continued with high single-digit growth driven by GLP-1s, this was offset by lower demand for vaccine products. In BD Life Sciences, GS returned a positive growth in the quarter with a greater than 300 basis point improvement in growth sequentially, driven by our molecular platforms and continued recovery in BD BACTEC utilization, which exceeded 85% of historical levels in the US In B2B, as Tom shared, research spending remains subdued, but sales continue to improve sequentially in the US and EMEA led by demand of our new fax Discover platform.

最後，在農場系統領域，生物製劑持續保持強勁表現，在 GLP-1 類藥物的推動下實現了高個位數成長，但疫苗產品需求下降抵消了這一增長。在 BD 生命科學領域，GS 在本季度實現了正增長，環比增長超過 300 個基點，這主要得益於我們的分子平台以及 BD BACTEC 利用率的持續復甦，其在美國的利用率已超過歷史水平的 85%。在 B2B 領域，正如 Tom 所分享的，研發支出仍然低迷，但在美國和 EMEA 地區，銷售額繼續環比增長，這主要得益於對我們新的傳真 Discover 平台的需求。

As a combined unit, and DS increased approximately low single digits on a reported basis and was approximately flat on a currency-neutral basis, excluding the impact of discontinued platforms. Rounding out the Life Sciences segment, solid growth in specimen management was driven by the BD Vacutainer portfolio, partially offset by China market dynamics.

作為一個合併單位，DS 的業績按報告基準計算增長了約個位數百分比，按貨幣中性基準計算則基本持平（不包括已停產平台的影響）。在生命科學領域方面，BD Vacutainer 產品組合推動了標本管理業務的穩健成長，但部分被中國市場動態所抵消。

Turning to the P&L. In Q4, as Tom shared, we continued strong execution down the P&L with momentum from BD excellence while investing in key growth areas. We delivered adjusted gross margin of 54.2% and adjusted operating margin of 25.8%, including an impact from tariffs of about 140 basis points.

接下來來看損益表。正如 Tom 所分享的，在第四季度，我們繼續保持強勁的損益表執行力，這得益於業務拓展方面的卓越表現，同時我們也在關鍵增長領域進行了投資。我們實現了調整後的毛利率 54.2% 和調整後的營業利潤率 25.8%，其中包括約 140 個基點的關稅影響。

Adjusted diluted EPS of $3.96 grew 3.9%, including a six-point tariff impact. For the full year, adjusted gross margin of 54.7% and adjusted operating margin of 25% increased by 140 and 80 basis points year-over-year, respectively, inclusive of absorbing about a 40-basis point impact from tariffs. We delivered adjusted diluted EPS of $14.40, which represents strong growth of 9.6%, including a two-point tariff headwind.

調整後的稀釋每股收益為 3.96 美元，成長 3.9%，其中包括 6 個百分點的關稅影響。全年調整後毛利率為 54.7%，調整後營業利潤率為 25%，分別較去年同期成長 140 和 80 個基點，其中包括吸收了關稅帶來的約 40 個基點的影響。我們實現了經調整後的稀釋每股收益 14.40 美元，年增 9.6%，其中包括兩個百分點的關稅不利因素。

We continue to execute against our cash flow and capital allocation strategy with fiscal '25 free cash flows of $2.7 billion. Underlying free cash flow was strong overall and in line with our long-term target and inclusive of Alaris remediation, tariffs and other discrete payments, free cash flow conversion was 64%. We ended the fiscal year with net leverage of 2.8 times and made progress towards our net leverage target of 2.5 times.

我們持續執行現金流量和資本配置策略，2025 財年自由現金流為 27 億美元。整體而言，基本自由現金流強勁，符合我們的長期目標，包括 Alaris 賠償、關稅和其他單獨付款，自由現金流轉換率為 64%。在本財年結束時，我們的淨槓桿率為 2.8 倍，並朝著 2.5 倍的淨槓桿率目標邁出了重要一步。

With that, I'll turn it back to Tom.

這樣，我就把麥克風交還給湯姆了。

Thanks, Chris. As we look ahead, we remain focused on executing the Waters transaction. The combination of our Biosciences and Diagnostic Systems business with Waters continues to be a significant strategic and financial opportunity to unlock value for our investors.

謝謝你，克里斯。展望未來，我們將繼續專注於完成沃特世交易。我們將生物科學和診斷系統業務與沃特世公司合併，這仍然是一個重要的策略和財務機遇，可以為我們的投資者釋放價值。

Our teams are partnering exceptionally well to set up a successful combination and momentum for the new company. Last month, we received FTC clearance and remain on track to close around the end of the first quarter of calendar year 2026, subject to obtaining required regulatory approvals and customary closing conditions.

我們的團隊合作非常出色，為新公司的成功合併和發展奠定了基礎。上個月，我們獲得了聯邦貿易委員會的批准，並預計在 2026 年第一季末左右完成交易，但需獲得必要的監管批准和滿足慣例成交條件。

We've begun executing our new BD strategy and the work we've done since establishing BD 2025 has set the foundation for the long-term sustainable success of the new BD. During this period of strategic progress, we delivered $5.4 billion of organic growth, the most substantive period of organic growth in BD's history. We created multiple new growth platforms achieved best-in-class adjusted gross and operating margin expansion near the top of our peer group and increased adjusted operating margin to 25% in FY25, a record level for BD with more room ahead.

我們已經開始執行新的業務拓展策略，自製定 BD 2025 以來所做的工作為新業務拓展的長期可持續成功奠定了基礎。在這段策略發展時期，我們實現了 54 億美元的內生成長，這是 BD 歷史上最實質的內生成長時期。我們創建了多個新的成長平台，實現了同行業領先的調整後毛利率和營業利潤率擴張，並在 2025 財年將調整後營業利潤率提高到 25%，創下 BD 的歷史新高，並且還有更大的增長空間。

We see a clear opportunity to drive further commercial momentum. New BD will be a pure-play med tech company with a deep innovation pipeline in attractive markets and a best-in-class consumables revenue profile of over 90%. Our growth strategy is supported by BD Excellence, a differentiated capability we've created that is driving gross margin improvement operating effectiveness, cash generation and fueling reinvestment in innovation and commercial capabilities.

我們看到了一個推動商業進一步發展的明顯機會。新成立的 BD 將成為一家純粹的醫療技術公司，在有吸引力的市場中擁有深厚的創新產品線，並且擁有業內領先的耗材收入佔比超過 90%。我們的成長策略得到了 BD Excellence 的支持，這是我們創造的一種差異化能力，它正在推動毛利率的提高、營運效率的提升、現金流的產生，並推動對創新和商業能力的再投資。

To give some color on the benefits we're seeing, in fiscal 2025, consumables quality hit record highs with a 50% reduction in manufacturing nonconformances. Further, we delivered world-class gross productivity improvements of over 8% in our plants this past year. These productivity gains enabled more production with less CapEx and achieving the lowest CapEx to revenue ratio in over a decade.

為了更清晰地說明我們所看到的優勢，在 2025 財年，耗材品質達到了歷史最高水平，製造不合格率降低了 50%。此外，去年我們的工廠實現了世界一流的毛生產率提升，增幅超過 8%。這些生產力的提高使得在資本支出減少的情況下能夠生產更多產品，並實現了十多年來最低的資本支出與收入比率。

We expect momentum to continue in FY26. We also plan to deliver an enhanced capital allocation strategy that prioritizes internal investment, share repurchases and a reliable and increasing dividend with focused tuck-in M&A in targeted high-growth markets. all with the focus on steadily increasing ROIC.

我們預計這一成長動能將在2026財年持續維持。我們還計劃實施更完善的資本配置策略，優先考慮內部投資、股票回購以及可靠且不斷增長的股息，同時在目標高成長市場進行有針對性的補充性併購。所有這些都旨在穩步提高投資回報率。

We expect to significantly improve free cash flow conversion, excluding onetime impacts resulting from the Waters transaction, including OUS tax payments. We continue to see share repurchases as a value-creating opportunity given our view of the intrinsic value of BD. We plan to execute another $250 million share buyback this quarter in addition to it using at least half of the $4 billion in cash proceeds from the Waters transaction following the closing with the balance for debt repayment.

我們預計自由現金流轉換率將大幅提高，不包括 Waters 交易帶來的一次性影響，包括 OUS 稅金支付。鑑於我們對 BD 內在價值的看法，我們仍然認為股票回購是創造價值的機會。我們計劃在本季再進行 2.5 億美元的股票回購，此外，我們還將使用 Waters 交易完成後所得 40 億美元現金收益的至少一半，剩餘部分用於償還債務。

In summary, we see new BD delivering consistent mid-single-digit revenue growth over the long term with margin expansion driven primarily by gross margin fueled by our BD Excellence business system.

總而言之，我們看到新的業務拓展業務在長期內持續實現中等個位數的收入成長，利潤率的擴張主要由毛利率驅動，而毛利率的擴張則得益於我們的業務拓展卓越業務體系。

Moving to our fiscal '26 guide. I'll start with our guidance for WholeCo BD and then provide color on our expectations for new BD post the Waters transaction. We're taking a prudent and transparent approach with our guidance framework. This includes low single-digit revenue growth as our starting point for the year and includes the following assumptions. First, regarding Aleris capital installations. fiscal '26 is the last year of our three-year remediation commitment. We expect sales to remain strong and above our historical run rate. However, compared to FY25's record install levels, this creates a headwind to growth of over 100 basis points.

接下來進入我們的2026財政年度指南。我將首先介紹我們對 WholeCo BD 的指導意見，然後闡述我們對 Waters 交易後新 BD 的預期。我們的指導框架採取了審慎透明的方式。這包括以個位數低收入成長作為我們今年的起點，並包含以下假設。首先，關於Aleris的資本設施。 2026財年是我們三年整改承諾的最後一年。我們預計銷售額將保持強勁，並高於我們以往的銷售水平。然而，與 2025 財年創紀錄的安裝量相比，這將對成長造成超過 100 個基點的阻力。

Second, we expect China to decline in the mid-teens. As government policies, including volume-based procurement continue, which will impact growth by about 100 basis points. Our assumptions include China VBP reaching 80% coverage of our portfolio by the end of FY26.

其次，我們預期中國經濟將下滑至十幾個百分點。由於政府政策（包括按量採購）的持續推進，這將對經濟成長產生約 100 個基點的影響。我們的假設包括中國 VBP 到 2026 財年末將達到我們投資組合的 80% 覆蓋率。

Third, we are assuming reductions in vaccination rates will continue to drive conservative ordering patterns in farm systems vaccines. As we've said, vaccines are about 20% of Farm Systems revenue and our guidance assumes a decline of approximately 25%, which is an impact to growth of about 50 basis points.

第三，我們假設疫苗接種率的下降將繼續推動農場系統疫苗的保守訂購模式。正如我們所說，疫苗約佔 Farm Systems 收入的 20%，我們的預期是下降約 25%，這將對成長產生約 50 個基點的影響。

Excluding vaccines, we expect farm systems to grow mid- to high single digits, supported by continued headwinds from these three factors impacts about 10% of BD revenue. Across the remaining 90% of the portfolio, we expect to drive mid-single-digit growth, including continued strength across our BDI, Connected Care and Medical Essentials portfolios fueled by commercial investments and our strong innovation pipeline.

除疫苗外，我們預計農場系統將實現中高個位數成長，這得益於這三個因素持續帶來的不利影響，約佔 BD 收入的 10%。在剩餘的 90% 投資組合中，我們預計將實現中等個位數的成長，包括 BDI、互聯護理和醫療必需品投資組合的持續強勁增長，這得益於商業投資和我們強大的創新產品線。

We're confident in delivering overall mid-single-digit growth over the long term as these dynamics exit, and we continue to advance our strong core business fundamentals. Based on current spot rates, currency is estimated to be a tailwind to revenue of about 90 basis points.

我們有信心，隨著這些不利因素的消除，長期來看，公司整體將實現中等個位數的成長，我們將繼續鞏固我們強大的核心業務基本面。根據目前的即期匯率，預計匯率將對收入產生約 90 個基點的利好作用。

Moving down the P&L. We expect continued strong adjusted operating margin consistent with FY25 of about 25%. This includes absorbing an incremental $185 million or 80 basis points year-over-year headwind from tariffs, in line with what we've previously communicated.

向下移動損益表。我們預計調整後營業利潤率將持續保持強勁勢頭，與 2025 財年約 25% 的水平持平。這包括吸收關稅帶來的額外 1.85 億美元或同比 80 個基點的不利影響，這與我們先前溝通的內容一致。

Excluding tariffs, the primary driver of margin expansion is expected to continue to come from gross margin, powered by BD excellence along with some leverage in shipping and G&A. For tax, we expect our adjusted effective tax rate to be between 14% and 15%.

除關稅外，利潤率擴張的主要驅動力預計仍將來自毛利率，這得益於業務拓展的卓越表現以及在運輸和一般管理費用方面的一些槓桿作用。在稅收方面，我們預計調整後的實際稅率將在 14% 到 15% 之間。

Given these considerations, we are setting our initial adjusted diluted EPS guidance in a range of $14.75 and to $15.05. Excluding the year-over-year tariff headwind, we expect EPS growth at the midpoint to be high single digits, which is the right way to think about our business longer term.

鑑於上述考慮，我們將初步調整後的稀釋每股盈餘預期設定在 14.75 美元至 15.05 美元之間。剔除年比關稅不利因素，我們預期每股盈餘成長中位數將達到高個位數，這才是對我們業務長期發展的正確展望。

As you think about fiscal 2026 phasing, we expect Q1 revenue to be down low single digits due to the items we covered. This includes a tough year-over-year comparison Biosciences, which also reflects prior year licensing revenue dynamics before we move to easier comparison periods beginning in Q2 and order timing in our Medical essentials portfolio.

考慮到我們之前提到的那些因素，我們預計 2026 財年第一季的營收將出現個位數百分比的下降。這其中包括生物科學領域艱難的同比比較，這也反映了上一年許可收入的動態，之後我們將從第二季度開始進入更容易的比較期，以及我們醫療必需品組合的訂單時間。

We expect Q1 adjusted diluted EPS to be in the range of $2.75 to $2.85, inclusive of tariffs, which we anticipate will be most prominent in Q1 and continue through Q3, and about a five-point headwind to the tax rate due to a prior year comparison.

我們預計第一季調整後攤薄每股收益將在 2.75 美元至 2.85 美元之間，其中包括關稅。我們預計關稅在第一季最為突出，並將持續到第三季。由於去年同期比較，稅率將面臨約 5 個百分點的不利影響。

I'll now provide some context for how to think about new BD for the full fiscal year following the deal closing, which is expected to be around the end of the first quarter of calendar year 2026, subject to obtaining required regulatory approvals and customary closing conditions.

現在我將提供一些背景信息，說明如何看待交易完成後的整個財政年度的新業務拓展，預計交易將在 2026 年第一季末完成，但需獲得必要的監管批准和滿足慣例成交條件。

We expect New BD's FY26 revenue growth and margin profiles to be similar to WholeCo. This includes BDB and DS revenue and operating income moving to Waters along with conveyed costs. and a half a year of TSA income. Below operating income on a pro forma basis, we expect NewCo's tax rate will be about 200 basis points higher, driven largely by mix.

我們預計 New BD 2026 財年的營收成長和利潤率狀況將與 WholeCo 類似。這包括BDB和DS的收入和營業利潤以及轉移成本，以及半年的TSA收入。預計新公司的營業收入將比預期高出約 200 個基點，這主要是由於產品組合的變化所致。

Collectively, including the use of the cash distribution proceeds associated with the transaction and a higher tax profile, based upon projected close timing, we expected new BD pro forma adjusted EPS growth to be over 200 basis points higher than WholeCo.

綜合考慮與交易相關的現金分配收益的使用以及更高的稅收狀況，根據預計的交割時間，我們預計新的 BD 備考調整後每股收益增長將比 WholeCo 高出 200 個基點以上。

In summary, as we close out fiscal 2025, we are excited to start the next chapter of BD. As we navigate transitory headwinds in contained areas, our broader portfolio is doing well, and we are actively investing in high-growth, high-margin areas.

總之，在 2025 財年即將結束之際，我們很高興能開啟 BD 的下一個篇章。儘管我們在特定領域面臨暫時的不利因素，但我們的整體投資組合表現良好，我們正在積極投資於高成長、高利潤的領域。

Combined with actions underway to unlock the untapped commercial potential in the new BD portfolio and reallocate resources, we are building the mechanisms to emerge stronger. We are confident in our long-term mid-single-digit growth profile and our ability to outperform our served markets. With the upcoming combination of biosciences and diagnostic solutions with Waters as a near-term catalyst, and an attractive capital allocation strategy, we are well positioned to deliver value for our shareholders, both in the near and long term.

結合目前正在採取的行動，釋放新的 BD 產品組合中尚未開發的商業潛力並重新分配資源，我們正在建立機制，以變得更加強大。我們對公司長期保持中等個位數成長前景以及超越我們所服務市場的能力充滿信心。隨著沃特世公司將生物科學與診斷解決方案結合，作為近期催化劑，以及極具吸引力的資本配置策略，我們有能力在短期和長期內為股東創造價值。

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

那麼，就讓我們開始問答環節吧。操作員，請您整理一下我們的隊伍。

(Operator Instructions)

（操作說明）

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

I guess I'll start with, first of all, kind of bigger picture, this guidance for new BD here. Just how does that kind of reflect the conservatism you've kind of put in place. You can have confidence that this is a year that you can deliver on the initial guide and -- is that going to be kind of the same for EPS and margins as well that you have kind of the same confidence to deliver on this guidance?

我想先從更宏觀的角度出發，為新任 BD 提供一些指導。這究竟是如何體現你所推行的保守主義的呢？您可以有信心，今年能夠實現最初的業績指引，而且──對於每股盈餘和利潤率，您是否也有同樣的信心實現這些指引？

Travis, thank you for the question. Yes. I think you -- as you just described, what we want to make sure we're doing is clearing the table on the macro dynamics and taking a prudent approach to our guide framework as we launch into the new BD. And so what you're seeing is we're incorporating our updated view on the operating environment, including a sharper view on certain areas of the portfolio, particularly vaccines as we've seen vaccine patterns, as I outlined on the call.

崔維斯，謝謝你的提問。是的。我認為──正如你剛才所描述的，我們想要確保的是，在啟動新的業務發展時，要釐清宏觀動態，並對我們的指導框架採取謹慎的態度。因此，你們現在看到的是，我們正在將我們對營運環境的最新看法納入考量，包括對投資組合某些領域（特別是疫苗領域）更清晰的看法，正如我在電話會議上概述的那樣，我們已經看到了疫苗的模式。

Obviously, the Aleris -- success of Aleris over the last year and how we've been running ahead of performance there, and that just creates a natural headwind as we go into '26, still a very strong year in '26, a year that we expect continued share gains built into that plan as well. but a natural lapping of the success of being ahead of the -- of our commitment to the FDA on remediation.

顯然，Aleris過去一年的成功，以及我們在該領域領先於預期，這自然會為我們進入2026年帶來一些不利影響。儘管2026年仍然是一個非常強勁的年份，我們預計在這一年裡，市場份額將繼續增長，這也已納入了我們的計劃。但是，我們領先於預期，並致力於向FDA提交補救措施，自然會帶來一些影響。

And then, obviously, China, we've built in a prudent approach to China and what we've seen in terms of VBP. And so what we haven't done is we haven't built any improvements in the macro environment into our outlook. We think that's, again, the most prudent thing to do. If things improve, that could be an opportunity. But again, we think it's really important to clear the table on those macro dynamics, have them built into our plan in a very prudent way as we start and launch the new BD.

然後，很顯然，對於中國，我們已經採取了謹慎的態度，並考慮到了我們在價值導向支付方面所看到的情況。因此，我們沒有做的是，我們沒有將宏觀環境的任何改進納入我們的展望中。我們認為，這仍然是最謹慎的做法。如果情況好轉，那可能是一個機會。但是，我們認為，在開始和推出新的業務拓展計劃時，非常謹慎地將這些宏觀動態因素納入我們的計劃中，這一點非常重要。

And as you said, we have a very strong track record on continued margin expansion. BD excellence, you saw this past year has very strong momentum. We're continuing that momentum into FY26. You saw the margin expansion in '25, you're continuing to see that strong margin expansion underlying in '26, fully offsetting tariffs. And that flows through, right, EPS performance is driven largely by the continued gross margin expansion from BD excellence.

正如您所說，我們在持續擴大利潤率方面有著非常良好的記錄。如您所見，BD卓越表現在過去一年中保持了非常強勁的發展勢頭。我們將把這種勢頭延續到2026財年。您在 2025 年看到了利潤率的擴張，您在 2026 年也看到了這種強勁的利潤率擴張，完全抵消了關稅的影響。這一點也體現在每股盈餘 (EPS) 的表現上，這主要得益於 BD 卓越表現帶來的毛利率持續成長。

Great. I don't know if there's anything you want to point out on kind of the Q1 guide versus the full year and how to get confidence that this is not a ramp year and Q1 is kind of fully baked as well?

偉大的。我不知道您是否想指出第一季業績指引與全年業績指引之間的區別，以及如何才能確信今年不是過渡年，並且第一季業績已經完全成熟？

Yes, sure. Good question. So as we think about, obviously, the factors that I described, Aleris vaccines, China we're building those into Q1. Q1 guide reflects the full year -- those full year headwinds as well as the BDB comp and Med Essentials timing that we talked about. And some of the areas, particularly vaccines their greatest weighting is in Q1.

當然可以。問得好。所以，當我們考慮我所描述的因素時，很明顯，Aleris疫苗、中國，我們正在將這些因素納入第一季。第一季業績指南反映了全年情況——包括全年的不利因素，以及我們之前提到的 BDB 競爭和 Med Essentials 的時間表。其中一些領域，特別是疫苗領域，其權重最大的是第一季。

So you have a disproportionate impact of vaccines in the quarter. I think we then expect growth as a step up in Q2 and Q3, which will likely be our strongest quarters in the year. And so I think very unique this year is the phasing doesn't rely on any back half for ROIC, right? We're not assuming that at the end of the year. And we're not assuming macro relief in the base either as we describe that. So we're confident in the step-ups.

因此，疫苗在本季產生了不成比例的影響。我認為我們預計第二季和第三季的成長將有所提升，這兩個季度很可能是我們全年表現最好的季度。所以我認為今年非常獨特的一點是，分階段實施並不依賴後半段的投資報酬率，對吧？我們並不認為年底就會如此。而且，我們在描述時也沒有假設底部有宏觀地形起伏。所以我們對這些改進措施充滿信心。

We also see comps easing in Q2 and Q3. And as well as we continue to drive the continued strong momentum in areas like APM, advanced tissue regeneration, PureWick dispensing biologics, right, that 90% of the portfolio that we still see continuing to grow strong mid-single digits and that you heard us announce some incremental selling investments behind those areas of both high growth but also higher margin areas, which fuels our strategy as well. So thanks for the question, Travis.

我們也看到第二季和第三季同店銷售額有所下降。同時，我們也持續推動APM、先​​進組織再生、PureWick生物製劑等領域的強勁成長勢頭，這些領域占我們產品組合的90%，我們預計它們將繼續保持強勁的中個位數成長。你們也聽到了我們宣佈在這些高成長且利潤率更高的領域進行一些增量銷售投資，這也推動了我們的策略。謝謝你的提問，崔維斯。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Tom, in the remarks you guys were opening with you mentioned capital allocation a bunch of times and incremental investment in the base business as well. Given where your stock is, I appreciate the extra being done in Q4 of the buybacks and things like that.

湯姆，在你們的開場白中，你們多次提到資本配置，以及對基礎業務的增量投資。鑑於貴公司股票目前的狀況，我很欣賞第四季額外進行的股票回購等措施。

Is there not a temptation just to get off to the RMT even more aggressive in returning capital to shareholders, just given where the yield on the stock is and the fact that you guys get swung around so much by small differentials in organic growth. Why not just get extra aggressive even beyond what you're suggesting now and just buy back a ton of stock. Is there any reason not? Is it just the payback on the base business is critical? Help us understand that capital allocation framework?

鑑於目前的股票殖利率，以及你們很容易被內生成長的微小差異所左右，難道你們沒有想過要更加積極地向股東返還資本，轉而採取更激進的RMT策略嗎？為什麼不採取比你現在建議的更積極的措施，直接大量回購股票？有什麼理由不這麼做嗎？只是基礎業務的回報至關重要嗎？請您幫我們理解這個資本配置架構？

Patrick, it's Chris. Thanks for the question. Look, what we've said is we're going to continue to focus on cash generation. And as we generate cash above our plan, we're going to be in the market based on what we see as the intrinsic value of the stock and be aggressive with share buybacks. Thus, the incremental $250 million. It's important to note that we're trying to be disciplined around kind of a net leverage ratio. We did show progress through the year.

派崔克，我是克里斯。謝謝你的提問。我們已經說過，我們將繼續專注於創造現金流。當我們產生的現金流量超出計劃時，我們將根據我們對股票內在價值的判斷進入市場，並積極進行股票回購。因此，新增了 2.5 億美元。值得注意的是，我們正努力維持一定的淨槓桿率。我們這一年確實取得了進步。

We went from 3 times down to 2.8 times. And I think importantly, the Waters transaction here is a huge value creation unlock. And as you know, there's $4 billion of proceeds there, of which we said at least half of those will go to the share buybacks, that actually creates an opportunity post spin, where you're going to see our earnings profile increase in terms of the growth rate by over 200 basis points.

我們把次數從 3 次減少到了 2.8 次。而且我認為更重要的是，沃特斯的交易釋放了巨大的價值創造潛力。如您所知，這筆資金有 40 億美元，我們說過其中至少一半將用於股票回購，這實際上在分拆後創造了一個機會，您將會看到我們的盈利狀況在增長率方面提高 200 多個基點。

I think importantly, the value that BD shareholders will get on the earnings that moves to Waters as part of the spin is coming at a significant premium multiple, almost 2 times where it's trading at BDX approaching 20 times. And then I think importantly, when you look at kind of new BD and the EPS, it would imply a trading multiple of about 10 times against an extremely attractive financial profile when you think of the leadership positions we have, a mid-20% margin profile an earnings profile that's going to be high single digits, right? We're having the impact of tariffs this year.

我認為重要的是，BD股東將從分拆後轉移到Waters的收益中獲得的價值，將以相當大的溢價倍數獲得，幾乎是其在BDX的交易價格的2倍，而BDX的交易價格接近20倍。然後我認為很重要的一點是，當你觀察新的 BD 和 EPS 時，這意味著大約 10 倍的交易倍數，考慮到我們所擁有的領先地位、20% 左右的利潤率以及接近兩位數的盈利能力，這是一個極具吸引力的財務狀況，對吧？今年我們正感受到關稅的影響。

If you extract that, our guide implies high single digits, plus it's going to improve by 200 basis points, strong cash generation. So we're definitely going to be in the market with those cash proceeds and see this as a significant value creation opportunity.

如果把這些因素考慮進去，我們的指南表明，收益率將達到個位數高位，而且還將提高 200 個基點，現金流強勁。因此，我們肯定會利用這些現金收益進入市場，並將此視為一個重要的價值創造機會。

Patrick, maybe just to add on to Chris' good -- very good comments there is, as you said, we see the intrinsic value of the company significantly higher than as trading today and a real value disconnect, which is why we also announced the incremental $250 million buyback effective essentially immediately early this quarter. And we'll continue to obviously, as we close the transaction. execute at least half of the $4 billion into a share buyback, which will by itself then accelerate, as I mentioned on the call, at least 200 basis points higher EPS growth for new BD because of that than the initial guide for WholeCo.

派崔克，或許我只想補充克里斯非常好的評論——正如你所說，我們認為公司的內在價值遠高於目前的交易價格，存在真正的價值脫節，這也是為什麼我們在本季度初宣布立即生效的額外 2.5 億美元股票回購計劃的原因。顯然，隨著交易的完成，我們將繼續把至少一半的 40 億美元用於股票回購，正如我在電話會議上提到的，這將使新 BD 的每股收益成長比 WholeCo 的最初預期至少高出 200 個基點。

I think just maybe to give a little bit more color on what Chris shared. If you look at -- we're really pleased with the transaction with Waters. Both teams are working phenomenally well together. As I shared, we just got FTC clearance on the transaction. We're moving forward to our time line. And the pace and progress of the separation and integration is certainly very much on track. If you look at the current water share price and obviously our percent ownership in the transaction, that translates to about $50 per BD share that's embedded in our current share price.

我想或許可以再補充一些克里斯分享的內容。如果你看一下——我們對與沃特斯的交易非常滿意。兩隊的合作非常出色。正如我之前所說，我們剛剛獲得了聯邦貿易委員會對這筆交易的批准。我們正按計劃推進。分離和整合的步伐和進展無疑都按計劃進行。如果你看一下目前的水務公司股價，以及我們在交易中的持股比例，那相當於每股 BD 股票中大約有 50 美元已計入我們目前的股價。

And so obviously, what that means is that if you take that $50 of value that's just for that part of the business that embedded in our price, the remaining piece then is trading at a 10 times multiple. And obviously, as you think about the new BD, we have a presence in a wide range of attractive markets there's 10% of the portfolio that's going through some cyclical dynamics that we made very clear they're contained dynamics. The other 90% of the portfolio is continuing to grow solid mid-single digits.

所以很明顯，這意味著，如果你把那 50 美元的價值（僅僅是包含在我們價格中的那部分業務的價值）去掉，那麼剩下的部分的交易倍數就是 10 倍。顯然，在考慮新的業務發展時，我們在眾多有吸引力的市場中都有業務，其中 10% 的投資組合正在經歷一些週期性動態，我們已經明確表示，這些動態是可控的。其餘 90% 的投資組合持續保持穩健的中個位數成長。

We're number one in 90% of the markets we play in. mid- to high 20s margins, mid-20s today going, we see continued expansion going forward and a strong recurring cash flow profile with a shareholder-friendly capital allocation policy. And we don't see that as a profile of a 10 times stock. Which is, to your point, why we're buying in with now in Q1, and we'll continue to do so, obviously, as cash proceeds come in, and it's an area that we've prioritized our capital allocation strategy for.

我們在所涉足的90%的市場中都排名第一。利潤率在20%到25%之間，目前在25%左右，我們預計未來將持續擴張，並擁有強勁的經常性現金流，同時奉行對股東友好的資本配置政策。我們認為這並非本益比10倍股票的特徵。正如您所說，這就是為什麼我們在第一季進行投資的原因，而且顯然，隨著現金收益的到來，我們將繼續這樣做，這也是我們優先考慮的資本配置策略領域。

So we certainly see from a BDX shareholder perspective, you've got new BD EPS, there's buyback accretion. There's some interest benefits. You've got the Waters ownership being very accretive, all while providing improving strategic clarity, capital allocation, and a long-term value creation setup for our shareholders. So we appreciate the question and happy to provide additional color.

因此，從 BDX 股東的角度來看，我們當然可以看到，新的 BD EPS 和股票回購帶來的收益都在增加。有一些利息方面的優惠。Waters 的所有權帶來了巨大的增值，同時也為我們的股東提供了不斷提高的策略清晰度、資本配置和長期價值創造機制。我們感謝您的提問，並樂意提供更多資訊。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

One on China, the expectation that fiscal '26 is down mid-teens was a little bit weaker than I would have expected. Just remind us of what China was in Q4 on an organic basis and full year '25. I apologize if I missed it in the slides.

關於中國，2026 財年預期下降 15% 左右的情況比我預想的要弱一些。請提醒我們中國在2025年第四季和全年的有機成長。如果我幻燈片裡漏掉了，我深感抱歉。

Thanks, Larry, for the question. We were down high single digits organic in the quarter in Q4. And again, we want to take a prudent approach to our guide going forward as we think about where could play out, continued primarily in the BD Interventional segment, as we've described before.

謝謝你的提問，拉里。第四季度，我們的有機銷售額下降了接近兩位數。再次強調，我們希望在未來的指南中採取謹慎的態度，思考未來可能的發展方向，主要集中在 BD 介入領域，正如我們之前所描述的。

And I think really that just continuing to watch that and recognizing it is difficult to really call China and how that market will evolve. And so we also still believe that it will have progressed through at least 80% of our portfolio will have gone through VBP in '26. We also recognize that post separation China will be about 4% of our revenue, which sets us up in future years for an easier base compare there. So that's what we've built in, again, to our assumptions and haven't included any improvements in that macro environment in our prudent guide.

我認為，繼續觀察並認識到很難真正預測中國以及這個市場將如何發展，才是關鍵所在。因此，我們仍然相信，到 2026 年，我們至少 80% 的投資組合將完成 VBP。我們也意識到，分拆後中國市場將占我們收入的 4% 左右，這將使我們在未來幾年更容易進行基數比較。所以，這就是我們再次納入假設的內容，並且在我們的謹慎指南中沒有包含對宏觀環境的任何改進。

One follow-up and also, I'd be remiss if I didn't say, Chris, congratulations on the new role. I enjoyed working with you and good luck. Tom, I'd love to hear your updated thoughts on the new BD strategy and the earnings algorithm because I think it's unique in Medtech. You talked a lot about it in the -- during the conference season in September.

還有一點要補充，另外，如果我不說一聲“克里斯，祝賀你獲得新職位”，那就太失職了。很高興與您共事，祝您一切順利。湯姆，我很想聽聽你對新的業務拓展策略和收益演算法的最新看法，因為我認為這在醫療技術領域是獨一無二的。你在九月的會議期間多次談到這件事。

About the mid-single-digit growth, some leverage and at least 50% of free cash flow going to share buybacks, which I think is unique. Talk about the rationale and if the new BD can grow EPS double digits, you talked about 200 basis points faster than the current BD?

大約實現了個位數的中段成長，利用了一些槓桿，並且至少將 50% 的自由現金流用於股票回購，我認為這是獨一無二的。請談談背後的邏輯，如果新的業務發展經理能夠實現兩位數的每股收益成長，您之前提到比現有業務發展經理快 200 個基點？

Thank you, Larry. Really, really good question. And as I just described a little bit as part of Patrick's response, we're really excited about the new BD as a focused Medtech leader, again, with presence in a wide range of very attractive markets that you're seeing us lean into heavily in an up-tempo way, taking actions around our commercial excellence to really drive optimal performance in areas.

謝謝你，拉里。這真是個非常好的問題。正如我剛才在帕特里克的回應中略微描述的那樣，我們對新的 BD 作為一家專注於醫療技術的領導者感到非常興奮，再次強調，我們在眾多極具吸引力的市場中擁有業務，你們可以看到我們正以快節奏的方式大力投入這些市場，圍繞我們的商業卓越性採取行動，以真正推動各個領域的最佳業績。

We're putting additional sales force investments behind those, and we're doubling down, reallocating costs within our cost structure from corporate into the businesses into R&D, into fast-growing, high-margin spaces, areas like urinary incontinence, adjacent spaces to that connected care areas, tissue reconstruction, biologic drug delivery, all markets that are attractive and that we also have leading positions in.

我們正在加大對銷售團隊的投資，並且加倍投入，將成本從公司層面重新分配到各個業務部門，再到研發、快速增長的高利潤領域，例如尿失禁、相關護理領域、組織重建、生物藥物輸送等，所有這些市場都很有吸引力，而且我們在這些市場也處於領先地位。

And we do see -- we're very confident. I think we said that 10 times on the call, we remain very confident in our long-term mid-single-digit growth profile. We're delivering that in 90% of the business even in the near term. We have again, a portion of the business in a contained way that is going through dynamics, some of which are a result of our own success, Aleris. And we're continuing to increase our free cash flow conversion, as Chris shared in his remarks.

我們確實看到了這一點——我們非常有信心。我想我們在電話會議上已經說過 10 次了，我們仍然對長期中等個位數的成長前景非常有信心。即使在短期內，我們也能在 90% 的業務中實現這一點。我們再次以一種封閉的方式擁有了一部分業務，該業務正在經歷各種變化，其中一些變化是我們自身成功的結果，Aleris。正如克里斯在演講中提到的那樣，我們正在不斷提高自由現金流轉換率。

And so we think that profile, as you mentioned is -- there's a really unique opportunity within the Medtech industry to take that profile and translate it into a continual compounder, utilizing that cash generation to continue to buy back shares, create compounding earnings growth take on top of all of that, our BD Excellence business system, which you've seen us build over the last several years.

因此，我們認為，正如您所提到的，這種模式——在醫療技術行業中，存在著一個非常獨特的機會，可以利用這種模式並將其轉化為持續的複合增長，利用現金流繼續回購股票，創造複合收益增長，再加上我們過去幾年中您已經看到的 BD Excellence 業務系統。

And you've seen us start doing things that are setting records for the company, right? Record productivity, best-in-class productivity, not just in our industry but across most all industries at 8%. You're seeing us hit strides in our capital -- use of capital and getting more out of those investments. Again, we hit a more than 10-year high capital as a percentage of revenue this past year. You're seeing safety at a record level. You're seeing quality at a record level.

你也看到了，我們開始做一些為公司創造紀錄的事情，對吧？創紀錄的生產力，一流的生產力，不僅在我們這個行業，而且在大多數行業中都達到了 8%。您可以看到我們在資本利用和投資回報方面取得了長足進步。去年，我們的資本支出佔收入的比例再次創下 10 多年來的新高。你現在看到的是創紀錄的安全水準。你現在看到的是創紀錄的品質。

You're seeing our service levels at a record level, all because of BD excellence. And we think we're still in early innings there from a margin expansion opportunity, which fuels that profile. So as you mentioned, we think we have a very prudent, thoughtful approach to value creation going forward that fits really well with who is -- from a portfolio perspective, what that means from a margin and cash flow generation perspective and how we create maximum value in a steady, durable way for our shareholders.

現在您看到的是我們的服務水準達到了歷史新高，這完全歸功於 BD 的卓越表現。我們認為，從利潤率擴張的角度來看，我們仍處於起步階段，這也助長了這種趨勢。正如您所提到的，我們認為我們未來在價值創造方面採取了非常謹慎、深思熟慮的方法，這與我們的業務非常契合——從投資組合的角度來看，這意味著利潤率和現金流的產生，以及我們如何以穩定、持久的方式為股東創造最大價值。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Tom, I'd love to hear your update good luck. Tom, I'd love to hear your update on the new BD love to hear your updated thoughts on the new BD strategy were there any quarters that it really benefited -- and I remember $400 million to $450 million is the normal run rate. So -- is that still a good normalized run rate now that the installed base has pretty much been upgraded after the relaunch. And then I have a follow-up.

湯姆，我很想聽聽你的最新消息，祝你好運。湯姆，我很想聽聽你對新業務拓展策略的最新看法，有沒有哪些季度真正從中受益——我記得正常的營運速度是 4 億到 4.5 億美元。那麼——在重新發布後，安裝基礎基本上都已升級的情況下，這仍然是一個良好的標準化運行率嗎？然後我還有一個後續問題。

Yes, Robbie, it's Chris. Yes, thanks for the question. I guess as you think of 26, right, versus 2025, so two2 comments. One, as you think of how we relaunched Aleris, which has been extremely successful, right, when you look at this and it's given us the opportunity to not only lock up and enhance leadership position in the market, really proud of the team there, the relaunch really started progressing through '25, right?

是的，羅比，我是克里斯。是的，謝謝你的提問。我想，當你想到 26 年，對吧，再對比 2025 年，所以有 22 則評論。第一，想想我們是如何重新推出 Aleris 的，這非常成功，對吧？當你看到這一點，它不僅給了我們機會鞏固和加強在市場上的領導地位，我真的為那裡的團隊感到驕傲，重新推出工作實際上是從 2025 年開始推進的，對吧？

The beginning -- the front end of $25 million has the more difficult growth comp when you think of the contribution versus '24, and then it moderates as you go back through the end of '25. So actually, that's part of the Q1 dynamic. Aleris is actually the -- one of the highest comps that we're cycling over in terms of contribution to growth in '26 because it was a favorable comp in '25.

開頭部分——2500 萬美元的前端增長比較困難，因為要考慮到與 2024 年的貢獻，然後隨著時間推移，直到 2025 年底，增長速度會放緩。所以實際上，這是第一季動態的一部分。Aleris 實際上是我們在 2026 年循環比較的對成長貢獻最大的公司之一，因為它在 2025 年是一個有利的比較對象。

From a full year standpoint, I think just think of what we shared on the call around '26 is about a 100 basis point headwind heading into '26, that's kind of largely what played out in '25. With that said, as you think of Aleris' contribution to performance in '25, all the other market headwinds that we had experienced in '25 were actually slightly above the total benefits we got from Aleris. So hopefully, that helps give you some color as you think of one, Q1 and 26 being the hardest comp with Aleris in terms of contribution of growth and then the full year impact.

從全年來看，我認為想想我們在2026年電話會議上分享的內容，那就是2026年將面臨大約100個基點的逆風，這在很大程度上就是2025年發生的情況。也就是說，考慮到 Aleris 對 2025 年業績的貢獻，我們在 2025 年遇到的所有其他市場不利因素實際上略高於我們從 Aleris 獲得的全部收益。希望這能幫助你更好地理解第一季和第二十六季度，因為第一季和第二十六季與 Aleris 相比，對成長的貢獻以及對全年的影響是最難比較的。

Yes. And Robbie, maybe let me give you a little bit of color on how we think about it going forward. So first off, as we shared, we're really pleased with how the team has executed. They've done an outstanding job remediating ahead of commitment, right, on a massive scale. We've locked in our installed base and leadership for many years to come, and that's really allowing us to pivot heavily to share gains and growth opportunities, not only in Aleris, which, of course, as the market leader, the remaining market is smaller, but we're going to be very focused on share gains there as well as driving -- using our sales team in MMS to drive growth in additional areas of the portfolio. And we've got the perfect timing with the launch of Pyxis Pro.

是的。羅比，或許我可以稍微跟你談談我們接下來的想法。首先，正如我們之前所說，我們對團隊的執行情況非常滿意。他們在做出承諾之前就做了出色的補救工作，而且規模非常大。我們已經鎖定了未來多年的裝機量和領導地位，這確實使我們能夠大力轉向市場份額的成長和發展機會，不僅在 Aleris 領域（當然，作為市場領導者，Aleris 的剩餘市場份額較小），而且我們將非常專注於在那裡獲得市場份額，同時利用我們在 MMS 領域的銷售團隊來推動產品組合其他領域的成長。我們推出 Pyxis Pro 的時機真是恰到好處。

Obviously, we've got pharmacy automation there, a number of new launches, including Incada that they'll be able to pivot focus to. And now with that success of refreshing our fleet, we will see that, of course, we've got the '26 headwind of about 100 basis points. And then for modeling purposes, as you think about beyond FY26 given that will be the last year of remediation, and you'll see the comps then roll after, that would lead to about a 200 basis point headwind for Aleris in a sequential year.

顯然，我們那裡有藥房自動化產品，還有許多新產品即將推出，包括 Incada，他們將能夠將重點轉移到 Incada 上。現在，隨著我們車隊更新換代的成功，我們當然會看到，2026 年我們將面臨大約 100 個基點的不利因素。然後，就建模而言，考慮到 2026 財年將是整改的最後一年，之後同業比較數據將會滾動更新，那麼 Aleris 在連續幾年將面臨約 200 個基點的不利影響。

And then what happens is longer term then, you're now at a normalized run rate, and the fleet replacement cycle will turn into a tailwind again essentially as you move into the 2030s. And the fleet that we've just installed in the marketplace starts hitting that eight-year or so replacement cycle again, and we see it then more normalizing thereafter.

從長遠來看，當你進入 2030 年代時，你的運行速度將恢復正常，而車隊更新周期將再次成為順風。我們剛推出市場的車隊又開始進入大約八年的更換週期，之後我們看到這種情況會逐漸正常化。

A quick follow-up. And Chris, I'll also wish you the best at your new role. But I wanted to ask on margins, and I appreciate the slide and the bridge you got there. Historically, it's been difficult for medical device companies to show positive operating margin expansion when they're kind of 3% or below on organic growth. Just walk us through some of the levers you can pull to drive what feels like underlying operating margin expansion offsetting tariffs given there's not a lot of revenue growth to offset it?

一個簡短的後續問題。克里斯，我也祝福你在新的職位上一切順利。但我還是想問一下邊距的問題，我很感謝你提供的投影片和相關的說明。從歷史上看，當醫療器材公司的有機成長率只有 3% 或更低時，它們很難實現正的營業利潤率成長。請您詳細介紹一下，在營收成長不足以抵銷關稅影響的情況下，您可以採取哪些措施來推動看似穩健的營運利潤率成長，從而抵消關稅的影響？

Yes. Thanks, Robbie. I appreciate that. Look, this is the power of BD excellence, right? I mean we just executed FY25. We had 140 basis points improvement in gross margin, 80 basis points on operating margin. That included absorbing 40 basis points of tariffs. So this is what exactly we said would happen, it started at the end of '24 into '25. Importantly, that becomes an opportunity for us to compound earnings at an attractive rate, right?

是的。謝謝你，羅比。我很感激。你看，這就是BD卓越性的力量，對吧？我的意思是，我們剛完成了2025財年的工作。毛利率提高了 140 個基點，營業利潤率提高了 80 個基點。其中包括吸收 40 個基點的關稅。所以，這正是我們先前預言會發生的事情，它從 2024 年底一直持續到 2025 年。重要的是，這為我們提供了一個以可觀的成長率實現收益複利成長的機會，對吧？

We almost delivered double-digit growth in '25, despite the absorbing the tariff impact, which was 2 points but most importantly, reinvest back in the business, right, and drive incremental investment in selling most notably, which we did delever in the back half of '25. You saw that.

儘管受到關稅的影響（2個百分點），但我們在2025年幾乎實現了兩位數的成長。更重要的是，我們將資金重新投入到業務中，並推動銷售方面的增量投資，尤其是在2025年下半年，我們確實降低了槓桿率。你看到了。

So as you think of '26, we're basically going to have three quarters of the year with a tariff impact in there. Despite that, we are still going to be about flat it implies basically an 80 basis point improvement in operating margin. The significant majority of that is going to play out exactly the same way. It's coming from gross margin.

所以，展望 2026 年，我們基本上會發現這一年中有三個季度都會受到關稅的影響。儘管如此，我們的業績仍將基本持平，這意味著營業利潤率將提高 80 個基點。絕大多數情況下，事情都會以完全相同的方式發展。這是來自毛利率。

And we're doing the same thing. We're going to invest. We're starting these investments, building on what we did in Q4. You're going to see selling deleverage in the first quarter, most notably and slowly moderate throughout the year as we cycle the investments we put in Q4.

我們也正在做同樣的事情。我們將進行投資。我們正在啟動這些投資，以我們在第四季所做的工作為基礎。您將在第一季看到拋售去槓桿化，尤其是在第四季度，隨著我們輪換投資，這種趨勢將在全年緩慢緩和。

We will get a little bit of leverage in G&A and shipping is something that we consistently strive for with the incremental cost-out program that we announced as well, that will start in the front end of the year. But as we build through the year, that will become more prominent as we move through the back half of the year. So I do think you can look at this as a very attractive profile.

我們將在一般及行政費用方面獲得一些優勢，而運輸是我們一直努力的方向，我們也宣布了逐步降低成本的計劃，該計劃將於年初開始實施。但隨著時間的推移，尤其是在下半年，情況會變得更加明顯。所以我認為你可以把這看作是一個非常有吸引力的個人資料。

The power of BD excellence reinvesting back of the business. If you look at the midpoint of our EPS growth rate of our guide and take the 3.5 point plus tariff impact, the midpoint is basically high single digits, right, just about 7%.

業務拓展卓越性的力量在於將收益再投資於業務發展。如果你看一下我們指引中每股盈餘成長率的中點，再加上 3.5 個百分點的關稅影響，那麼中點基本上是接近兩位數，對吧，大約 7%。

And so even as you think of '27, as we shared in the script, right, high single digit is the profile of earnings you should think about. And so we think this is one of the exciting things. It goes back to Tom's point around a great opportunity to invest in a company that can compound earnings despite macro environment.

所以，即使你考慮到 2027 年，正如我們在劇本中提到的那樣，你應該考慮的盈利水平是接近兩位數。所以我們認為這是令人興奮的事情之一。這又回到了湯姆的觀點，即這是一個絕佳的投資機會，可以投資一家即使在宏觀環境不佳的情況下也能實現盈利增長的公司。

Rick Wise, Stifel.

Rick Wise，Stifel。

Chris, I was reflecting, listen to you, Tom, just -- gosh, I think I've covered Becton now maybe 30 years. I mean, Becton has always done an amazing job on consistently reducing costs and you talked about the $200 million this year.

克里斯，我一直在想，聽你說，湯姆，只是－－哎呀，我想我報道貝克頓已經有30年了。我的意思是，貝克頓公司在持續降低成本方面一直做得非常出色，你也提到了今年的 2 億美元。

But I'm more fascinated and hoping to dig in further on the three major initiatives, operating model change in the commercial team alignment or realignment, the targeted sales team focus, Mike Bell's new role. I was hoping you could expand on your comments and beyond just the cost reduction stuff, I mean these seem like meaningful moves and maybe with longer-term implications.

但我更感興趣的是，希望能夠更深入地了解以下三個主要舉措：商業團隊調整或重組的營運模式變革、有針對性的銷售團隊重點、以及麥克貝爾的新角色。我希望您能詳細闡述您的觀點，而不僅限於降低成本方面，我的意思是，這些舉措看起來意義重大，而且可能具有更長遠的影響。

Talk about the impact, if you would, for a whole when do we start to see the benefits of these initiatives. And maybe talk us through the implications if there are by -- for divisional growth or margins. Just if you could dig into all of that then do you feel like I'm characterizing it right here?

請談談這些措施的整體影響，我們什麼時候才能開始看到這些措施帶來的益處？或許還可以為我們分析一下，如果會對部門成長或利潤率產生影響的話。如果你能深入研究所有這些內容，你覺得我在這裡的描述是否準確？

I do, Rick, and thanks for the question. Yes, I'd love to share a little bit more about those. And as I said, we're really focusing on up temping and leaning in heavily to the launch of new BD and capitalizing on the opportunities that we have there. So first, we're starting with a really strong foundation, having built multiple growth platforms and creating and embedding BD excellence over the last several years in our operations as we executed our 2025 strategy.

是的，里克，謝謝你的提問。是的，我很樂意多分享一些相關資訊。正如我所說，我們正全力以赴地提升業績，大力推動新業務拓展，並充分利用我們所擁有的機會。首先，我們擁有非常堅實的基礎，在過去幾年中，我們建立了多個成長平台，並在執行 2025 年策略的過程中，將卓越的業務拓展能力融入我們的營運中。

We want to take that excellence and that performance that you're seeing happen in our operations. We want to take that now into commercial and into innovation, right? We want excellence everywhere, every day, and that includes right, not only in our delivery side within our operations, but within our commercial side and our innovation agenda. And you're seeing us take action against that.

我們希望將你們在我們營運中看到的這種卓越表現和出色業績延續下去。我們現在想把這種理念轉化為商業價值和創新成果，對嗎？我們希望在各個方面、每一天都做到卓越，這不僅包括營運中的交付環節，還包括商業環節和創新議程中的正確性。你們現在也看到了我們正在採取行動來應對這種情況。

And so as we think about the new BD post the waters close, as I said, we're really up temping the new BD, moving at a pace and taking actions to accelerate that strategy. and reinforce our commitment to delivering long-term profitable growth. So building off of BD excellence momentum and the success in operations, as I said, we're extending that core competency to the commercial side.

因此，正如我所說，當我們思考新業務拓展計劃在市場關閉後的發展時，我們正在加快推進新業務拓展計劃，加快步伐並採取行動加速該戰略的實施，並重申我們對實現長期盈利增長的承諾。因此，正如我所說，我們將依托 BD 的卓越勢頭和營運方面的成功，把這種核心競爭力擴展到商業方面。

That starts with expanding Mike Fell's role as we get to the close of the Waters transaction as he takes on the role of Chief Revenue Officer. First time we have had that role in the company. Mike brings deep domain expertise in Kaizen, in lean, in BD excellence where we'll be using that and applying it to the commercial organization. to accelerate our initiatives there.

首先，隨著沃特斯交易接近尾聲，Mike Fell 的角色將擴大，他將擔任首席營收長一職。這是我們公司第一次設立這個職位。Mike在精實改善、精實營運和卓越業務拓展方面擁有深厚的專業知識，我們將利用這些知識並將其應用於商業組織，以加速我們在該領域的各項舉措。

And taking what is a good organization today, you don't get to market leadership in 90% of your markets without being good commercially. But we think there's another level of world-class that we're going to be driving for just like we've done to build true world-class performance within our operations side.

即使是優秀的企業，如果沒有出色的商業能力，也無法在 90% 的市場中佔據市場領導地位。但我們認為，我們將努力達到更高層次的世界級水平，就像我們在營運方面打造真正的世界級績效一樣。

22And so having a single point of responsibility and Mike, he's going to be working with our segments and our businesses, advancing commercial rigor and pace arming our teams with the latest tools and analytics. There's a lot of great technology to apply to drive that next level of world-class performance today and rearchitecting our commercial operating model moving sales direct line into the businesses like we talked about.

22 因此，有了單一的責任人，麥克將與我們的各個部門和業務部門合作，推進商業的嚴謹性和速度，為我們的團隊配備最新的工具和分析。如今有許多優秀的技術可以應用於推動我們達到世界一流水平，並重新建構我們的商業營運模式，就像我們之前討論的那樣，將銷售直接引入業務。

We also talked about we're putting increased dollars, about $30 million more than the normal run rate behind selling in very specific targeted high-growth markets. They happen to be high-margin markets as well. And I shared some examples there. Markets like PI APM, which is tracking well ahead of our deal model in '25. It delivered well ahead of our deal model.

我們也談到，我們將投入比正常水準多出約 3,000 萬美元的資金，用於在非常具體的、目標明確的高成長市場進行銷售。這些市場恰好也是高利潤市場。我在那裡分享了一些例子。像 PI APM 這樣的市場，其發展速度遠遠超過了我們 2025 年的交易模型。實際效果遠遠超出我們的預期。

We continue to deliver well ahead of the deal model in '26. We're doubling down there, 15% increase in their sales force 15% increase in the PI sales force, and we're putting more money behind it. We got a great win with the VA, the Veterans Administration now, fully reimbursing PureWick at home, the first big contract that we have with full at-home reimbursement, we're putting sales forces behind that to help make -- help veterans access that technology.

2026 年，我們繼續遠遠超出交易模式的預期。我們加大了投入，他們的銷售團隊增加 15%，PI 銷售團隊增加 15%，而且我們還會投入更多資金。我們與退伍軍人事務部 (VA) 取得了巨大勝利，現在他們將全額報銷 PureWick 家用產品的費用。這是我們獲得的第一份全額報銷家用產品的大合同，我們將投入銷售團隊來幫助退伍軍人獲得這項技術。

We've got some great new launches in surgery happening in Europe. We're putting investments behind those, doubling down to accelerate already strong high single-digit, double-digit growth areas of momentum. And then we constantly, as you said, look at our cost structure and say, are all the -- are we spending in the ways that give us the best return?

歐洲有一些非常棒的外科手術新產品即將上市。我們正在加大對這些領域的投資，加倍投入，以加速那些已經呈現強勁的個位數、兩位數成長動能的領域。然後，正如你所說，我們會不斷地審視我們的成本結構，並問自己：我們的支出是否都以能帶來最佳回報的方式進行？

And so we -- we went through that look and we said we're going to move $50 million of corporate costs into the businesses to further fund innovation in some of the really exciting areas that we have. In some cases, that's investing behind launches like Pyxis Pro or our PureWick portable or Hemosphere stream or others or in other situations and the majority of that money is going into the next phase of innovations.

因此，我們進行了評估，並決定將 5000 萬美元的公司成本轉移到各個業務部門，以進一步資助我們在一些真正令人興奮的領域的創新。在某些情況下，這筆資金用於支持 Pyxis Pro、PureWick 便攜式設備、Hemosphere 串流媒體播放器等產品的發布；而在另一些情況下，大部分資金則用於下一階段的創新。

We see attractive spaces adjacent to PureWick that we want to capitalize on and create the next PureWick. We see opportunities to expand in tissue regeneration. We're having great growth in biologic drug delivery. It's now more than half of farm systems. We want to continue that innovation leadership in that category and double down on some innovation opportunities there. And with Belal now on board, we've actually rotated all of our software development from the corporate team under Belal , and he's got a whole series of innovations that he wants to really invest behind that we're excited by.

我們看到 PureWick 週邊有一些很有吸引力的空間，我們想利用這些空間打造下一個 PureWick。我們看到了在組織再生領域拓展業務的機會。我們在生物藥物傳輸領域取得了巨大成長。現在，超過一半的農場系統都採用了這種方法。我們希望繼續保持在該領域的創新領先地位，並加強掌握一些創新機會。隨著 Belal 的加入，我們實際上已經將公司團隊的所有軟體開發工作都轉移到了 Belal 的領導下，他有很多創新想法，他想大力投資這些創新，我們對此感到非常興奮。

So like most R&D investments, those will take a couple of years to bring new products to market. I think we'll see the commercial investments certainly start paying off within this year, starting to see some benefits of that. And scaling up into the next years.

因此，與大多數研發投資一樣，這些投資需要幾年時間才能將新產品推向市場。我認為商業投資肯定會在今年開始產生回報，我們會開始看到一些好處。並在未來幾年逐步擴大規模。

But I think what we're really focused on is balancing looking through a microscope to drive the quarter and the year in the very near term, we talked about some of those accelerated actions we're taking on the commercial side to do that. But we're also keeping our eye on the telescope to ensure that we emerge stronger from this near-term environment that we're navigating and drive a durable growth profile, it's led by commercial excellence, led by innovation to make sure that, again, we deliver a strong, durable long-term profile that we've talked about here on the call today.

但我認為我們真正關注的是，如何在短期內透過細緻入微的觀察來推動本季度和本年度的業績成長，我們討論了一些我們在商業方面為實現這一目標而採取的加速行動。但我們也密切關注著望遠鏡，以確保我們能夠從我們正在應對的短期環境中變得更加強大，並推動可持續的增長，這由卓越的商業表現和創新引領，以確保我們能夠再次實現我們今天在電話會議上所討論的強大、持久的長期發展前景。

That's a great answer. I'll just say a quick follow-up more quickly. Just when you -- Chris highlighted the or I think you did the 25% operating margin targets. And you're not that far away. You said, "I think there's more room ahead" just maybe expand on your thinking there. I mean what are you dreaming longer term over the next, whatever, three to five years?

這是一個很好的答案。我再簡單補充一下。就在你——克里斯強調了，或者我認為你實現了 25% 的營業利潤率目標。而且你離得也不遠。你說過“我認為前面還有更大的發展空間”，或許可以進一步闡述你的想法。我的意思是，在未來三到五年內，你的長遠夢想是什麼？

Yes, thanks for the question. We won't certainly put out the number that we're heading towards on operating margin. But maybe some of the color I could share is we are at 25% or we ended 25%, just in line with our Analyst Day commitment that we made in 2021, we're really pleased to have delivered on that 25% by the end of '25 commitment. And that includes jumping over a kind of a last-minute 40 basis point headwind from tariffs and still delivering on that. And so great work by our team in that and BD Excellence had a really important role to play there. BD excellence is going to continue to be a major driver of our margin expansion strategy.

是的，謝謝你的提問。我們當然不會公佈我們預計的營業利潤率數字。但我可以透露的一些資訊是，我們已經完成了 25% 的目標，或者說我們最終完成了 25%，這與我們 2021 年分析師日所做的承諾完全一致。我們非常高興能夠在 2025 年底前實現 25% 的目標。這其中包括克服關稅帶來的最後時刻 40 個基點的不利影響，並最終實現目標。因此，我們的團隊在這方面做得非常出色，而 BD Excellence 也發揮了非常重要的作用。業務拓展卓越性將繼續成為我們利潤率擴張策略的主要驅動力。

As we think about OP margin expansion, we do see room ahead, and we see that continuing to be driven by gross margin expansion. BD excellence and the investments that we're making in our manufacturing network consolidation and our operational excellence and productivity improvements will continue to fuel that. but also our innovation pipeline and the markets that we're investing in. And it's not the accent, you're hearing me talk about investing in higher growth and higher margin spaces, both in where we're putting additional channel resources, but also where we're putting additional R&D dollars.

當我們考慮營業利潤率擴張時，我們認為還有提升空間，而且我們認為這將繼續由毛利率擴張所驅動。BD的卓越表現，以及我們在製造網路整合、營運效率提升和生產力改進方面的投資，將繼續推動這一趨勢。此外，我們的創新管道和我們正在投資的市場也將為此做出貢獻。這不是口音的問題，你聽到的是我談論的是投資於成長更快、利潤更高的領域，包括我們投入更多通路資源的領域，以及我們投入更多研發資金的領域。

So we see mix as having an important role as we think about margin progression continuing to go forward. And we see that as a real opportunity from a gross margin perspective. If we look at us versus peer groups, our portfolio in general has a lower gross margin profile. We have an extremely efficient cost base. But we see opportunities to continue to grow that gross margin line. We've been doing it the last two years. We see good runway ahead there. So really appreciate the question.

因此，我們認為產品組合在利潤率持續成長方面發揮著重要作用。從毛利率的角度來看，我們認為這是一個真正的機會。如果將我們與同業群體進行比較，我們的投資組合整體上毛利率較低。我們的成本結構非常有效率。但我們看到了繼續提高毛利率的機會。過去兩年我們一直在做這件事。我們看到前方跑道狀況良好。非常感謝你的提問。

That does 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。此時，我想把發言權交還給湯姆·波倫，讓他補充一些內容或作總結發言。

Thank you, operator, and thank you, everyone, for your questions and for joining us today. We look forward to updating you on our progress next quarter.

謝謝接線員，也謝謝各位的提問和今天的參與。我們期待在下個季度向您報告我們的進展。

Thank you, ladies and gentlemen. This does conclude today's audio webcast on behalf of BD. Thank you for joining today. Please disconnect your lines at this time, and have a wonderful day.

謝謝各位女士、先生。至此，BD公司今天的音訊網路直播就結束了。感謝您今天的參與。請暫時斷開您的線路，祝您有美好的一天。