Embecta Corp (EMBC) 2025 Q1 法說會逐字稿

Good day. And thank you for standing by.

再會。感謝您的支持。

Welcome, ladies, and gentlemen, to the Embecta's Fiscal first quarter, 2025 earnings conference call. (Operator Instructions)

女士們、先生們，歡迎參加 Embecta 2025 財年第一季財報電話會議。（操作員指令）

Please note that today's conference is being recorded, and a replay will be available on the company's website following the call. I would now like to hand the call over to your speaker, Mr. Pravesh Khandelwal, Vice President of Investor Relations. Please go ahead, sir.

請注意，今天的會議正在錄音，電話會議結束後將在公司網站上提供重播。現在，我想將電話交給發言人、投資者關係副總裁 Pravesh Khandelwal 先生。先生，請繼續。

Thank you, operator.

謝謝您，接線生。

Good morning, everyone and welcome to Embecta's fiscal first quarter, 2025 earnings conference call, the press release and slides to accompany today's call and webcast. Replay details are available on the investor relations section of the company's website at www.embecta.com

大家早安，歡迎參加 Embecta 2025 財年第一季財報電話會議、新聞稿和投影片，以配合今天的電話會議和網路廣播。重播詳情可至本公司網站 www.embecta.com 的投資者關係部分查閱。

With me today are Dev Kurdikar Embecta's President and Chief Executive Officer and Jake Elguicze is a Chief Financial Officer.

今天與我在一起的有 Embecta 總裁兼執行長 Dev Kurdikar 和財務長 Jake Elguicze。

Before we begin, I would like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in our slides.

在我們開始之前，我想提醒您，電話會議中討論的一些事項將包含有關幻燈片中概述的未來事件的前瞻性陳述。

We wish to caution you that such statements are in fact forward-looking in nature and are subject to risks and uncertainties and actual events or results may differ materially.

我們希望提醒您，此類聲明實際上具有前瞻性，並受風險和不確定性的影響，實際事件或結果可能存在重大差異。

The factors that could cause actual results or events to differ materially include but are not limited to factors referenced in our press release today as well as our filings with the SEC which can be accessed on our website.

可能導致實際結果或事件大不相同的因素包括但不限於我們今天的新聞稿中提到的因素以及我們向美國證券交易委員會提交的文件（可在我們的網站上查閱）。

In addition, we will discuss certain non-GAAP financial measures on this call, which should be considered a supplement to and not a substitute for financial measures prepared in accordance with GAAP, a reconciliation of these non-GAAP measures to the comparable GAAP measures is included in a press release and conference call presentation.

此外，我們將在本次電話會議上討論某些非公認會計準則 (GAAP) 財務指標，這些指標應被視為根據公認會計準則 (GAAP) 編制的財務指標的補充，而不是替代，這些非公認會計準則 (GAAP) 指標與可比較公認會計準則 (GAAP) 指標的對帳已包含在新聞稿和電話會議介紹中。

Our agenda for today's call is as follows.

我們今天電話會議的議程如下。

They will begin by providing some remarks on the overall performance of our business during the fiscal first quarter of 2025 as well as an overview of our strategic priorities. Jake will then review our financial results for the fiscal first quarter of 2025 as well as discuss the updated financial guidance of fiscal year 2025.

他們將首先對我們 2025 財年第一季業務的整體表現發表一些評論，並概述我們的策略重點。然後，傑克將回顧我們 2025 財年第一季的財務業績，並討論 2025 財年的最新財務指引。

Following these updates, we will open the call for questions with that said I would now like to turn the call over to our CEO Dev Kurdikar

在這些更新之後，我們將開始提問環節，現在我想將電話轉給我們的執行長 Dev Kurdikar

Good morning. And thank you for taking the time to join us, having successfully delivered on our previous three-year outlook. We have now pivoted to the next phase of [Vector's] transformation.

早安.感謝您抽出時間加入我們，我們已成功實現了先前的三年展望。我們現在已經轉向[Vector]轉型的下一階段。

As we move forward, we are focused on three key priorities that will drive our growth and success.

隨著我們前進，我們將重點放在三個推動我們成長和成功的關鍵重點事項上。

First, strengthening our core business. We are targeting to execute a seamless brand transition to ensure our identity resonates globally while maintaining the trust of our customers. At the same time, we are continuing to identify opportunities within our core portfolio that bolster our leadership position in insulin injection devices.

第一，做強主業。我們的目標是實現無縫的品牌轉型，以確保我們的身分在全球範圍內產生共鳴，同時保持客戶的信任。同時，我們將繼續在核心產品組合中尋找機會，以鞏固我們在胰島素注射設備領域的領導地位。

Second, expanding our product portfolio, we believe we are well positioned to introduce market appropriate products that leverage our expertise in high volume manufacturing and the strength of our global commercial channel.

其次，擴大我們的產品組合，我們相信我們有能力推出適合市場的產品，利用我們在大批量生產方面的專業知識和全球商業通路的優勢。

Such initiatives potentially include utilizing our capabilities to manufacture products for partners that already have a commercial channel as well as use our global commercial presence to sell products manufactured by others.

這些舉措可能包括利用我們的能力為已經擁有商業通路的合作夥伴生產產品，以及利用我們的全球商業影響力銷售其他公司生產的產品。

And finally increasing our financial flexibility. This began with our decision this past November to discontinue our insulin patch pump program initiate a restructuring plan intended to generate significant cost savings and prioritize debt reduction including the plan to pay down approximately $110 million in debt during 2025.

最後提高我們的財務靈活性。這始於去年 11 月，我們決定停止胰島素貼片幫浦計劃，並啟動一項重組計劃，旨在大幅節省成本並優先減少債務，包括計劃在 2025 年償還約 1.1 億美元的債務。

Importantly, given the free cash flow generation capabilities of the company, coupled with the fact that cash used towards separation activities is largely behind us. We expect to be able to materially reduce our outstanding debt during the next few years. Thereby enhancing our financial agility.

重要的是，考慮到公司的自由現金流產生能力，再加上用於分離活動的現金基本上已經用完了。我們預計未來幾年能夠大幅減少未償債務。從而增強我們的財務敏捷性。

The successful execution of these priorities will position us for sustainable success as we continue to evolve and transform and back up for the future.

成功執行這些優先事項將使我們在不斷發展、轉型和為未來做準備的過程中獲得可持續的成功。

Turning to some fiscal first quarter highlights the first quarter marked a solid start to the fiscal year for Embecta slightly exceeding our internal expectations.

回顧第一財季的一些亮點，第一季標誌著 Embecta 財年開局良好，略微超出了我們的內部預期。

We generated approximately $262 million in revenue representing a 5.6% decline year over year on a reported basis and a 4.8% decline on an adjusted constant currency basis.

我們創造了約 2.62 億美元的收入，按報告基礎計算年減 5.6%，按調整後固定匯率計算下降 4.8%。

As we have mentioned before, quarterly year, over year growth rate comparisons will be impacted by the phase ERP implementations that occurred during fiscal 2024 and the associated changes in distributor inventory in advance of these implementations.

正如我們先前所提到的，季度年度成長率比較將受到 2024 財年期間 ERP 實施階段以及實施先前分銷商庫存相關變化的影響。

Turning to our brand transition program. I'm pleased to report that this important initiative remains on track with a focus on executing a seamless transition that strengthens our identity, ensuring it remains clear, consistent and resonates across our global markets.

談談我們的品牌轉型計劃。我很高興地報告，這項重要舉措仍在順利推進，重點是實現無縫過渡，加強我們的身份，確保其保持清晰、一致，並在全球市場產生共鳴。

We are also making progress in securing external distribution agreements and partnerships. As part of our strategy, we are advancing our efforts to co-package our pen needles with potential generic GLP-1 drug and in retail packaging, enabling us to expand the use of our products into a fast-growing market by leveraging our world class distribution network and commercial expertise.

我們在達成外部分銷協議和合作夥伴關係方面也取得了進展。作為我們策略的一部分，我們正在努力將我們的筆式針頭與潛在的通用 GLP-1 藥物一起包裝並採用零售包裝，使我們能夠利用我們世界一流的分銷網絡和商業專業知識將我們的產品的使用範圍擴展到快速增長的市場。

Execution of a restructuring plan announced in November 2024 related to the discontinuation of the insulin patch pump program remains on track with completion expected by the end of the first half of fiscal year 2025.

2024 年 11 月宣布的與停止胰島素貼片幫浦計畫相關的重組計畫的執行仍在進行中，預計將於 2025 財年上半年末完成。

In line with our commitment to enhancing financial flexibility, we continue to reduce our debt making an aggregate principal payment of approximately $32 million our term loan B facility during the quarter.

為了履行我們提高財務靈活性的承諾，我們繼續減少債務，本季我們為定期貸款 B 類產品支付了總計約 3,200 萬美元的本金。

Finally, based on our first quarter, performance and outlook for the remainder of the year. We are updating our fiscal 2025 financial guidance.

最後，根據我們第一季的表現以及對今年剩餘時間的展望。我們正在更新 2025 財年財務指引。

This updated guidance reflects recent foreign exchange rates which are unfavorable as compared to the foreign exchange rates used when we set our initial guidance ranges.

此更新後的指引反映了近期的外匯匯率，與我們設定初始指引範圍時所使用的外匯匯率相比，匯率不利。

Importantly, our constant currency revenue guidance remains unchanged.

重要的是，我們的恆定貨幣收入指引保持不變。

Additionally, we raised our adjusted operating and EBITDA margin guidance ranges while maintaining our previously provided adjusted earnings per share guidance range. Despite having to absorb an incremental $0.10 headwind from the aforementioned foreign exchange pressure.

此外，我們上調了調整後營業利潤率和 EBITDA 利潤率指引範圍，同時維持先前提供的調整後每股收益指引範圍。儘管必須承受上述外匯壓力帶來的 0.10 美元增量逆風。

Turning to slide 6, I'd like to provide an update on our upcoming brand transition plan and walk through the key elements of its execution.

轉到第 6 張幻燈片，我想提供有關我們即將推出的品牌轉型計劃的最新信息，並介紹其執行的關鍵要素。

We have been planning this transition since spin and we intend to execute the program in phases starting in the second half of fiscal year, 2025 beginning with the US and Canada, we expect we will be globally complete in the next couple of years.

自從分拆以來，我們就一直在規劃這一轉變，我們打算從 2025 財年下半年開始分階段實施該計劃，從美國和加拿大開始，我們預計我們將在未來幾年內在全球範圍內完成。

On the slide, you will see as an example, the transition from our old BD nano packaging design to our new in vector branded packaging.

在投影片上，您將看到一個範例，從我們的舊 BD 奈米包裝設計到我們新的向量品牌包裝的過渡。

You will note that the product names and colour associated with the packaging is not changing. This is a conscious choice based on research we have conducted.

您會注意到與包裝相關的產品名稱和顏色沒有改變。這是我們根據所進行的研究而做出的有意識的選擇。

At the same time, we are providing a modern and refreshed look to the product packaging while maintaining visual cues that will enable our customers and people with diabetes. To identify our products, we are focused on ensuring operational readiness throughout the supply chain including inventory management, customer communications and regulatory compliance.

同時，我們為產品包裝提供了現代、清新的外觀，同時保留了視覺提示，以方便我們的客戶和糖尿病患者。為了識別我們的產品，我們專注於確保整個供應鏈的營運準備就緒，包括庫存管理、客戶溝通和法規遵循。

This thoughtful and phased approach is intended to ensure a seamless transition while maintaining the trust of health care providers and people with diabetes who rely on our products daily.

這種周到且分階段的方法旨在確保無縫過渡，同時保持依賴我們產品的醫療保健提供者和糖尿病患者的信任。

Now let's review our revenue performance for the first quarter.

現在讓我們回顧一下第一季的營收表現。

During the first quarter of fiscal year, 2025 Embecta generated $261.9 million in revenue, reflecting a 5.6% decline year over year on an as reported basis or a 4.8% decline on an adjusted constant currency basis.

2025 財年第一季度，Emecta 創造了 2.619 億美元的收入，以報告基礎計算年減 5.6%，按調整後固定匯率計算下降 4.8%。

The year over year decline was expected and was primarily driven by an unfavourable comparison as the prior year period benefited from the timing of certain orders in advance of our ERP system implementation in North America.

與去年同期相比，下降是意料之中的，主要原因是同比不利的因素，因為去年同期受益於我們在北美實施 ERP 系統之前某些訂單的安排。

And as mentioned in our prior call, the additional revenue generated in our fiscal 2024 fourth quarter as distributors purchase product to mitigate potential disruptions from the then looming US port strike.

正如我們在先前的電話會議中提到的那樣，由於經銷商購買產品以減輕當時迫在眉睫的美國港口罷工可能造成的干擾，我們在 2024 財年第四季產生了額外收入。

In regard to our prior expectations, our Q1 revenue came in slightly ahead primarily due to timing and we expect this to normalize during Q2 within the US revenue for the quarter totalled $141.7 million. Reflecting a year over year decline of 4.6% on an adjusted constant currency basis.

相對於我們先前的預期，我們的第一季收入略有領先，這主要是由於時間安排的原因，我們預計這一情況將在第二季度恢復正常，本季度美國收入總計 1.417 億美元。以調整後固定匯率計算，年減 4.6%。

This decline was primarily driven by the same two factors mentioned previously a challenging comparison to the prior year period due to order timing related to the ERP implementation in the US which benefited the year ago period.

這種下降主要是由於前面提到的兩個因素造成的，與去年同期相比，這是一個具有挑戰性的下降，因為與美國 ERP 實施相關的訂單時間使去年同期受益。

And additional distributor orders which occurred during the fourth quarter of last year due to the then looming US port strike turning to our international business. Our Q1 revenue totalled $120.2 million which equated to a 5.1% decline on an adjusted constant currency basis as compared to the prior year period.

由於去年第四季美國港口罷工迫在眉睫，導致我們的國際業務出現額外經銷商訂單。我們第一季的營收總計 1.202 億美元，以調整後固定匯率計算，與去年同期相比下降了 5.1%。

The year over year decline within our international business was primarily due to distributor rebalancing as well as a difficult comparison due to inventory purchases in advance of ERP implementation.

我們的國際業務年減主要是由於分銷商重新平衡，以及在 ERP 實施之前採購庫存導致的比較困難。

While from a product family perspective during the quarter, pen needle revenue declined approximately 8.5% syringe revenue declined approximately 4.2%. Safety products grew approximately 11.3% and contract manufacturing grew approximately 153%.

而從本季產品系列的角度來看，筆針收入下降約 8.5%，注射器收入下降約 4.2%。安全產品成長約 11.3%，合約製造成長約 153%。

The decline in pen needle revenue was primarily due to the additional revenue that occurred during the fourth quarter of 2024 associated with the potential US port strike as well as revenue generated during 2024 as distributors procured incremental inventory in advance of ERP implementations, turning to our syringe products while they declined during the quarter of 4.2% due to volume declines within the US.

筆針收入下降主要是由於 2024 年第四季度與潛在美國港口罷工相關的額外收入，以及 2024 年分銷商在 ERP 實施之前採購增量庫存並轉向我們的注射器產品而產生的收入，而由於美國境內銷量下降，注射器收入在本季度下降了 4.2%。

The rate of decline was lower than what we have experienced recently while our safety products grew 11.3% as compared to the prior year period due to the annualization of share gains due to a competitor, discontinuing their product and exiting the market.

下降率低於我們最近經歷的下降率，而我們的安全產品與去年同期相比增長了 11.3%，原因是由於競爭對手停止生產其產品並退出市場而導致的份額增長年化。

That completes my prepared remarks. And with that, let me turn the call over to Jake. He will review the other financial highlights as well as provide our updated financial guidance for fiscal year 2025 Jake.

我的準備好的發言到此結束。現在，讓我把電話轉給傑克。他將回顧其他財務亮點並提供我們 2025 財年的最新財務指導。

Thank you, Dev and Good morning, everyone given the discussion that has already occurred regarding revenue. I will start my review of Embecta's first quarter financial performance at the gross profit line.

謝謝，Dev，大家早安，關於收入的討論已經進行了。我將從毛利線開始回顧 Embecta 第一季的財務表現。

GAAP gross profit and margin for the first quarter of fiscal 2025 totalled $157.1 million and 60% respectively.

2025財年第一季的GAAP毛利和利潤率分別為1.571億美元和60%。

This compared to $185.9 million and 67% in the prior year period.

相比之下，去年同期為 1.859 億美元，成長 67%。

While on an adjusted basis, our Q1 2025 adjusted gross profit and margin totalled $164.2 million and 62.7%.

經調整後，我們 2025 年第一季的調整後毛利和利潤率分別為 1.642 億美元和 62.7%。

This compared to $186.3 million and 67.2% in the prior year period.

相較之下，去年同期為 1.863 億美元，成長 67.2%。

The year over year decline in adjusted gross profit and margin was primarily driven by the lower year over year revenue that Dev mentioned earlier, as well as from the impact of net changes in profit and inventory adjustments.

調整後毛利和利潤率的同比下降主要是由於 Dev 之前提到的同比收入下降，以及利潤淨變動和庫存調整的影響。

These headwinds were partially offset by lower freight costs and our ability to drive year over year price increases.

這些不利因素被較低的運費和我們推動價格逐年上漲的能力部分抵消。

Turning the GAAP operating income and margin during the first quarter, they were $28.7 million and 11%.

根據第一季的 GAAP 營業收入和利潤率，分別為 2,870 萬美元和 11%。

This compared to $45.5 million and 16.4% in the prior year period.

相比之下，去年同期為 4,550 萬美元，增幅為 16.4%。

While on an adjusted basis, our Q1 2025 adjusted operating income and margin totalled $80.5 million and 30.7%.

經過調整後，我們 2025 年第一季的調整後營業收入和利潤率分別為 8,050 萬美元和 30.7%。

This compared to $77.5 million and 27.9% in the prior year period.

相比之下，去年同期為 7,750 萬美元，增幅為 27.9%。

The year over year increase in adjusted operating income and margin is primarily due to lower R&D expenses associated with the discontinuation of our insulin patch pump program as well as lower SG&A expenses primarily driven by lower TSA costs.

調整後營業收入和利潤率的同比增長主要歸因於與胰島素貼片幫浦專案停止相關的研發費用的降低，以及主要由於 TSA 成本降低而導致的銷售、一般和行政費用的降低。

In addition to lower compensation and marketing expense recognized in the current period, this was offset by the adjusted gross profit changes I outlined above turning to the bottom line, GAAP net income and earnings per diluted share were both zero during the first quarter of fiscal 2025 as compared to $20.1 million and $0.35 in the prior year period.

除了本期確認的較低的薪酬和營銷費用外，這也被我上面概述的調整後毛利變化所抵消，轉向底線，2025 財年第一季的 GAAP 淨收入和每股攤薄收益均為零，而去年同期分別為 2010 萬美元和 0.35 美元。

While on an adjusted basis during the first quarter of fiscal 2025 net income and earnings per share were $38.3 million and $0.65. As compared to $35.3 million and $0.61 in the prior year period.

經調整後，2025 財年第一季的淨收入和每股收益分別為 3,830 萬美元和 0.65 美元。相比之下，去年同期為 3,530 萬美元和 0.61 美元。

The increase in year over year adjusted net income and diluted earnings per share is primarily due to the adjusted operating profit drivers. I just discussed as well as a reduction in our adjusted tax rate from approximately 26% in Q1 of 2024 to approximately 25% in Q1 of 2025.

調整後淨收入和每股稀釋收益的年增率主要歸因於調整後的營業利潤驅動因素。我剛剛討論過，我們的調整後稅率將從 2024 年第一季的約 26% 降至 2025 年第一季的約 25%。

The lower year over year adjusted tax rate was due to tax planning initiatives partially offset by the impact of pillar two.

調整後稅率年減是由於稅務規劃措施導致的，但被第二支柱的影響部分抵消。

Lastly, from a P&L perspective for the first quarter of 2025 our adjusted EBITDA and margin totalled approximately $97.3 million and 37.2% as compared to $90.4 million and 32.6% in the prior year period.

最後，從 2025 年第一季的損益表來看，我們的調整後 EBITDA 和利潤率總計約為 9,730 萬美元和 37.2%，而去年同期分別為 9,040 萬美元和 32.6%。

Turning to the balance sheet and cash flow at the end of the first quarter, our cash balance totalled approximately $217 million while our last 12 months net leverage as defined under our credit facility agreement stood at approximately 3.7 times as a reminder, our net leverage covenant requires us to stay below 4.75 times.

回顧第一季末的資產負債表和現金流，我們的現金餘額總計約為 2.17 億美元，而根據我們的信貸安排協議定義的過去 12 個月的淨槓桿率約為 3.7 倍，提醒一下，我們的淨槓桿率契約要求我們保持在 4.75 倍以下。

As Dev mentioned earlier, we continue to be focused on more aggressively delivering. And during the quarter, we paid down $32.4 million of term loan B debt, and we remain on track to achieve our goal of reducing our debt by $110 million during fiscal year 2025.

正如 Dev 之前提到的，我們將繼續致力於更積極地交付。本季度，我們償還了 3,240 萬美元的 B 類定期貸款債務，我們仍有望實現在 2025 財年減少 1.1 億美元債務的目標。

That completes my prepared remarks on our first quarter, 2025 results. Next, I would like to discuss Embecta's updated 2025 financial guidance and certain underlying assumptions.

這就是我對 2025 年第一季業績的準備好的發言。接下來，我想討論 Embecta 更新的 2025 年財務指導和某些基本假設。

Before we begin, I want to acknowledge the evolving tariff landscape and provide some important context regarding our global operations.

在我們開始之前，我想了解不斷變化的關稅情況並提供一些有關我們全球業務的重要背景。

First, our updated financial guidance does not factor in any newly implemented or proposed tariffs following the recent administration change and as such, remain consistent with those tariffs in place when we provided our initial fiscal year 2025 guidance in late November of 2024 we manufacture our products across three facilities, Dun Laoghaire, Ireland, Holdrege, Nebraska and Suzhou China.

首先，我們更新後的財務指引未考慮最近政府變動後任何新實施或提議的關稅，因此，與我們在 2024 年 11 月下旬提供 2025 財年初始指引時實施的關稅保持一致，我們的產品在愛爾蘭鄧萊裡、內布拉斯加州霍爾德里奇和中國蘇州三家工廠生產。

We do not perform any manufacturing in either Canada or Mexico.

我們在加拿大和墨西哥都沒有進行任何製造。

We should note that the tariff regulations include other elements beyond manufacturing location and require analysis of the specific rules to determine impact regarding the US most of the products that we sell in the United States are manufactured either in Ireland or domestically within the US.

我們應該注意到，關稅規定除了製造地點之外還包括其他因素，需要分析具體規則以確定對美國的影響，我們在美國銷售的大多數產品都是在愛爾蘭或美國國內製造的。

In fact, less than 1% of our global revenue is derived from products we manufacture in China and sell into the US. And those products are currently exempt from tariffs as it relates to China. Most of our revenue in China is from products manufactured at our plant in China.

事實上，我們全球收入的不到 1% 來自在中國生產並銷往美國的產品。目前這些產品對中國免關稅。我們在中國的大部分收入來自於我們在中國工廠生產的產品。

Less than 1% of our global revenue is derived from products we manufacture in the US and sell into China.

我們全球收入的不到1%來自在美國生產並銷往中國的產品。

And those products are currently exempt from tariffs. Turning to Canada, approximately 1% of our global revenue is derived from products we manufacture in the US and sell into Canada. And our products were not included in the recently published but delayed retaliatory tariffs though this remains subject to change.

這些產品目前免關稅。談到加拿大，我們全球約 1% 的收入來自我們在美國生產並銷往加拿大的產品。我們的產品不包括在最近公佈但推遲的報復性關稅中，儘管這種情況仍有可能改變。

Finally, as it relates to Mexico, approximately 3% of our global revenue is derived from products we manufacture in the United States and sell into Mexico.

最後，就墨西哥而言，我們全球約 3% 的收入來自我們在美國生產並銷往墨西哥的產品。

We continue to closely monitor these developments and remain committed to mitigating any potential impact where possible to both our customers and people living with diabetes who rely on our products.

我們將繼續密切關注這些發展，並致力於盡可能減輕對我們的客戶和依賴我們產品的糖尿病患者的任何潛在影響。

Now let me discuss our updated guidance beginning with revenue on an adjusted constant currency basis. We are reaffirming our previously provided guidance range which called for revenue to be down between 1% and 2.5%. As compared to 2024 at the high end of our constant currency revenue range. We continue to assume that volumes remain relatively flat and that price will be a headwind of approximately 1%.

現在，讓我從調整後固定匯率基礎上的收入開始討論我們的最新指引。我們重申先前提供的指導範圍，即收入下降 1% 至 2.5% 之間。與 2024 年我們的恆定貨幣收入範圍的高端相比。我們繼續假設交易量保持相對平穩，價格將下跌約 1%。

While at the low end, we continue to assume all the same factors impacting our high end except for the potential of greater year over year headwinds associated with volumes.

而在低端，我們繼續假設影響我們高端的所有相同因素，除了與產量相關的同比阻力可能更大。

Turning to our thoughts on FX.

談談我們對外匯的看法。

Since we provided our initial fiscal 2025 financial guidance. In late November, the US dollar has continued to strengthen against most currencies. And as a result, we currently expect FX to be a headwind of about 2.2% versus the prior year.

自從我們提供了最初的 2025 財年財務指引。11月下旬，美元兌多數貨幣持續走強。因此，我們目前預計外匯匯率將比上年下降約 2.2%。

This compares to our prior guidance which called for FX to be a headwind of approximately 0.6%.

相較之下，我們先前的預測是外匯將帶來約 0.6% 的逆風。

This assumption is based on foreign exchange rates that were in existence around the late January time frame including a EUR to US dollar exchange rate of approximately 1.03

這項假設是基於 1 月底左右的外匯匯率，包括歐元兌美元匯率約為 1.03

Somewhat offsetting FX is the fact that our as reported 2025 GAAP revenue will not be impacted by the 2015 through 2023 amount that we needed to accrue associated with the Italian payback measure which impacted our 2024 as reported GAAP revenue.

在一定程度上抵銷外匯影響的事實是，我們報告的 2025 年 GAAP 收入不會受到 2015 年至 2023 年與義大利回報措施相關的我們需要累積的金額的影響，而這影響了我們 2024 年報告的 GAAP 收入。

This equates to a tailwind of approximately 0.4% on a combined basis. Our as reported revenue guidance now calls for a decline of between 2.8% and 4.3%. Resulting in an updated revenue guidance range of between [one billion $75 million and one billion $92 million].

這相當於綜合起來約有 0.4% 的順風。如報告所述，我們的收入預期目前預計將下降 2.8% 至 4.3%。更新後的收入預期範圍為[10.75 億美元和 10.92 億美元]。

Turning to adjust the gross margin. We are reaffirming our previously provided guidance range of between 63.25% and 64.25%.

轉向調整毛利率。我們重申先前提供的 63.25% 至 64.25% 之間的指導範圍。

While from an adjusted operating margin standpoint, we are raising our guidance from a range of between 29% and 30% to a new range of between 29.5% and 30.5%. This improvement is expected to be driven by our ongoing initiatives to improve operational efficiency and reduce our expense base.

而從調整後的營業利潤率的角度來看，我們將預期從 29% 至 30% 之間上調至 29.5% 至 30.5% 之間的新範圍。預計這項改善將受益於我們持續提高營運效率和降低費用基礎的措施。

Moving to earnings during Q1, we exceeded our internal expectations for adjusted earnings per share by approximately $0.20 and this was due to two things that contributed almost equally.

談到第一季的收益，我們的調整後每股收益超出內部預期約 0.20 美元，這是由於兩件幾乎同等重要的事情。

First revenue came in better than we initially anticipated, which we attribute to timing. And as Dev mentioned earlier, we expect the overperformance in Q1 revenue to reverse itself during Q2.

第一次收入比我們最初預期的要好，我們將其歸功於時機。正如 Dev 之前提到的，我們預計第一季營收的超額表現將在第二季逆轉。

While the second driver of our adjusted EPS over performance during Q1 was due to lower SG&A expenses as such.

而第一季調整後每股盈餘表現優異的第二個驅動因素則是銷售、一般及行政開支的降低。

We expect our ongoing cost containment efforts to absorb the impact of the incremental foreign exchange headwinds which negatively impacted us by approximately $0.10 thereby allowing us to reaffirm our previously provided adjusted diluted earnings per share guidance range of between $2.70 and $2.90.

我們預計，我們正在進行的成本控制措施將吸收增量外匯逆風的影響，這些逆風對我們產生了約 0.10 美元的負面影響，從而使我們能夠重申先前提供的調整後每股攤薄收益預期範圍，即 2.70 美元至 2.90 美元之間。

Our updated guidance range continues to assume that our annual net interest expense will be approximately $107 million that our annual adjusted tax rate will be approximately 25% and that our weighted average diluted shares outstanding will be approximately $58.9 million.

我們更新後的指導範圍繼續假設我們的年度淨利息支出約為 1.07 億美元，我們的年度調整後稅率約為 25%，以及我們的加權平均攤薄流通股約為 5890 萬美元。

Our guidance continues to assume that we will use between $50million and $60 million of cash during fiscal 2025 associated with separation costs largely related to brand transition between $25 million and $30 million in cash usage associated with the discontinuation of our insulin patch pump program and approximately $20 million in capital expenditures.

我們的指導意見繼續假設我們將在 2025 財年使用 5,000 萬至 6,000 萬美元的現金，與分離成本主要與品牌轉型有關，與停止胰島素貼片幫浦計畫有關的現金使用量為 2,500 萬至 3,000 萬美元，以及約 2,000 萬美元的資本支出。

Lastly and like our adjusted operating margin range, we are also raising our adjusted EBITDA margin guidance from a range of between 35.5% and 36.5% to a new range of between 36% and 37%.

最後，與我們的調整後營業利潤率範圍一樣，我們也將調整後的 EBITDA 利潤率指引從 35.5% 至 36.5% 之間提高至 36% 至 37% 之間的新範圍。

And before I turn the call over to the operator, I'd like to highlight some considerations regarding the cadence of quarterly revenue expectations during 2025 moving forward. We may not provide any further commentary concerning the quarterly cadence of revenue on an ongoing basis.

在我將電話轉給接線員之前，我想強調一下有關 2025 年及以後季度收入預期節奏的一些考慮因素。我們可能不會持續提供有關季度收入節奏的任何進一步評論。

Consistent with our initial guidance, our updated financial guidance continues to anticipate that we will generate a slightly lower percentage of our annual revenue during the first half of fiscal year, 2025

與我們的初始指引一致，我們更新後的財務指引繼續預計，2025 財年上半年，我們的年收入百分比將略有下降

Approximately 48% as compared to the second half of the year in which we expect to generate approximately 52% of our annual revenue based on this outlook. Second quarter implied revenue would be in the range of between $250 million and $255 million that completes my prepared remarks. And at this time, I'd like to turn the call over to the operator for questions, operator.

根據這一前景，我們預計下半年將產生約 52% 的年收入，而今年下半年則可望成長 48%。第二季的隱含收入將在 2.5 億美元至 2.55 億美元之間，我的準備好的發言就到此結束。現在，我想將電話轉給接線員，以便回答問題。

(Operator Instructions)

（操作員指令）

[Callum Pitch March] Morgan Stanley.

[Callum Pitch March] 摩根士丹利。

Yeah, thanks a lot guys for taking the question. Just a couple from me. First of all, it would be great if you could walk through each of the kind of three key product categories and kind of just calibrate us for how you expect these to perform through a year.

是的，非常感謝大家回答這個問題。這只是我的幾個想法。首先，如果您能詳細介紹三大主要產品類別，並告訴我們您預計這些產品在一年內的表現，那就太好了。

You know, any pricing dynamics that are a bit more noticeable in one category over the other. I just appreciate given some of the ERP dynamics from last year, they've kind of thrown off some of the year over year numbers. So just any clarity for how you expect that to play out in '25 would be appreciated.

你知道，任何定價動態在一個類別中都會比另一個類別更明顯。我只是欣賞地註意到，考慮到去年的一些 ERP 動態，他們已經拋棄了一些同比數據。因此，如果您能澄清一下對 25 年情況的預期，我們將不勝感激。

Good morning, Callum, I'll start off and then ask Jake to augment.

早安，Callum，我先開始，然後請 Jake 來補充。

So, first of all, as we think about the product category, performance in Q1, it was expected, Q1, if anything was maybe slightly better in general than our expectations from a few months ago in total revenue and obviously pen needles comprise the majority of our revenue.

因此，首先，當我們考慮產品類別、第一季的表現時，預計第一季的總收入可能總體上比我們幾個月前的預期略好一些，顯然筆式針頭佔了我們收入的大部分。

So that's sort of point 1 and point 2. As you pointed out, we do expect growth rates in the quarters this year to be somewhat lumpy given all the phased implementations that we carried out really most of the world last year.

這是第 1 點和第 2 點。正如您所指出的，考慮到去年我們在全球大部分地區分階段實施，我們預計今年各季度的成長率會有些不穩定。

Now, talking specifically about Q1 before I talk about sort of future quarters like Q1 performance, particularly I would say in pen needles. So, it affected the other product categories as well, was driven by two major factors.

現在，在我談論未來季度的表現，例如第一季的表現，特別是筆針方面的表現之前，我先具體談談第一季。因此，它也影響了其他產品類別，這是由兩個主要因素所驅動的。

Number one, and probably the most sort of quantitatively important one was the pull forward that we had in Q4 FY24 in the US in advance of the then looming port strike that I'm sure you remember as distributors procured additional inventory to avoid or mitigate potential disruptions in supplies. That's sort of the first factor.

首先，也可能是數量上最重要的一點是，我們在美國 24 財年第四季度為應對當時迫在眉睫的港口罷工而採取的提前措施，我相信你們還記得，因為分銷商採購了額外的庫存，以避免或減輕潛在的供應中斷。這是第一個因素。

The second factor was indeed the ERP implementations and those sort of fell into two time slots if you will one in Q1 of prior year. And so that affected the growth rate year over year and some in the later part of 2024 as the inventory sort of bleed through in Q1 of this year.

第二個因素確實是 ERP 實施，如果您願意的話，這些實施可以分為兩個時間段，一個是在去年第一季。因此，這影響了同比成長率，由於今年第一季庫存的流失，對 2024 年下半年的成長率也有一定影響。

And those were the two primary factors. Now, if you notice in the Syringe category, we did actually a little bit better than what historically the declines have been. And that's largely, most of the declines, the volume declines in the US. And as that becomes a smaller factor, the decline rates actually improve if you will.

這兩個是主要因素。現在，如果你注意到注射器類別，我們的表現實際上比歷史上的下降幅度要好一點。其中大部分的下降都是美國產量下降所造成的。隨著這一因素變得越來越小，下降率實際上會有所改善。

And that was probably the single largest factor, safety products in fact, grew. And that's because we were able to win some share in the market as a competitor, discontinued their product and exited certain markets. So those were the three factors that impacted, you know, with the product categories in Q1 of FY25.

這或許是最大的單一因素，事實上，安全產品有所成長。這是因為我們作為競爭對手贏得了一些市場份額，停止了他們的產品並退出了某些市場。所以，這些就是影響 25 財年第一季產品類別的三個因素。

Now, as we go forward, we do expect the lumpiness to go through the year primarily due to the same factors I've talked about regarding ERP implementations. You know, if I just step back and look at overall sort of growth rates in each of our product categories, historically, we've seen slight increases in pen needles and decreases in syringes and some growth in our safety products as well.

現在，隨著我們繼續前進，我們確實預計今年會出現一些坎坷，這主要是由於我在 ERP 實施方面談到的相同因素。你知道，如果我回顧我們每個產品類別的整體成長率，從歷史上看，我們看到筆針的數量略有增加，注射器的數量有所減少，而安全產品的數量也有一些增長。

There is nothing that we've seen in the market so far, that would imply that there has been a change in those historical growth rates. So, we don't give guidance by product categories through the year. But I think it's fair to assume if you look at our overall revenue guidance for fiscal 2025 you know, you will see those rates reflected certainly in the pen needle category, given that it comprises the majority of our revenue.

到目前為止，我們在市場上還沒有看到任何跡象表明這些歷史成長率發生了變化。因此，我們不會全年提供按產品類別劃分的指導。但我認為，如果您看看我們 2025 財年的整體收入指引，您可以合理地假設，這些費率肯定會反映在筆針類別中，因為它佔了我們收入的大部分。

Jake anything.

傑克什麼都行。

Yeah. You, Know, tell him, maybe I'll just, I'll quantify some of the items that, that they have talked about and, and maybe first off, even before I do that, I'd say that that everything that occurred here was certainly in line with what our original, expectations were. In fact, I think in Q1,

是的。你知道，告訴他，也許我只是，我會量化他們談論的一些項目，也許首先，甚至在我這樣做之前，我會說這裡發生的一切都符合我們最初的預期。事實上，我認為在第一季度，

we probably did about somewhere between $7million to $8 million better in terms of revenue than what we had originally anticipated largely due to the timing item that Dev referred to. And that really had to do with the fact that we were putting in place a price increase that was going to go into effect on 11 of 2025. And we saw some revenues sort of get pulled forward into our fiscal first quarter as a result.

我們的收入可能比我們最初預期的多出了 700 萬到 800 萬美元，這主要是由於 Dev 提到的時間表項目。這實際上與我們正在實施的價格上漲有關，該上漲將於 2025 年 11 月生效。因此，我們看到一些收入提前至第一財季。

But during the first quarter, particularly impacting, I think the pen needle category, we talked about distributors placing orders in the fourth quarter of 2024 because of the port strike that probably impacted our business by about $10 million.

但在第一季度，我認為特別影響的是筆針類別，我們談到了分銷商在 2024 年第四季度下訂單，因為港口罷工可能對我們的業務造成約 1000 萬美元的影響。

And then secondly, another item that impacted us was the ERP implementation in our North American business that occurred in the first quarter of 2024. And we estimate that that resulted in additional revenue in the prior year quarter by about $6 million.

其次，對我們影響最大的另一件事是 2024 年第一季在北美業務中實施的 ERP。我們估計這將導致去年同期的收入增加約 600 萬美元。

So largely those two factors, to a lesser extent, we saw some distributors in China, sort of rebalancing some inventory levels. And we estimate that probably impacted our business in the first quarter of 2025 by about $3 million. So those three items really drove the pen needle performance. But again, certainly actually probably a little bit better than what we had originally anticipated coming into the year.

因此，很大程度上是這兩個因素，在較小程度上，我們看到中國的一些分銷商正在重新平衡一些庫存水準。我們估計這可能會對我們 2025 年第一季的業務造成約 300 萬美元的影響。因此，這三項因素確實影響了筆針的表現。但實際上，這肯定會比我們最初預期的今年的情況要好一些。

You know, as we our implied guidance for the for the second quarter, points to revenue somewhere between $250million to $255 million. And that would essentially indicate that our pen needle performance in the second quarter would be very, very similar to what we saw in the first quarter of this year. So, similar performance is expected there. And then as we go into the back half of the year,

您知道，我們對第二季的隱含指引顯示營收將在 2.5 億至 2.55 億美元之間。這基本上表明我們第二季的筆針表現與今年第一季的表現非常非常相似。因此，預計那裡會有類似的表現。當我們進入下半年時，

we would expect an improvement in terms of the pen needle as well as the safety product category. So hopefully that provides you with a little bit more, more colour regarding, some of the drivers and then some of the reasons why I think we think sequentially, we're going to be a little bit better in the second half of the year as compared to the first. But.

我們希望筆針以及產品安全類別方面有所改進。因此，希望這能為您提供更多關於一些驅動因素的詳細信息，以及我認為我們認為按順序來看，下半年的情況會比上半年好一些的一些原因。但。

Yeah, that's fantastic. I really appreciate the colour there. And then just one more on the, on the GLP-1 pen needle opportunity, any sort of quantification you can give us around Germany and the progress there and then would love to hear a bit more progress on the outlook outside of Germany for the same program. Thank you.

是的，太棒了。我真的很喜歡那裡的色彩。然後再問一個關於 GLP-1 筆針機會的問題，您能否提供德國的情況和那裡的進展的任何量化信息，然後，我很想听聽德國以外地區對同一項目的前景的進展情況。謝謝。

Yeah. Hi, Callum. You know, our progress in Germany continues for our expectations. Obviously, we will follow how Mounjaro KwikPen gets adopted in Germany and what we are striving for over there is that making sure that our pen needles do get used for the out-of-pocket prescriptions that are going to be filled in Germany.

是的。你好，Callum。您知道，我們在德國的進展正如我們所預期的那樣。顯然，我們將關注 Mounjaro KwikPen 在德國的採用情況，我們在那裡努力的是確保我們的筆式針頭確實用於在德國配藥的自付處方。

It's going to take some time. You know, we're not quantifying if you will the revenue from GLP-1 and frankly, as you can imagine, as Mounjaro KwikPen launches in other countries around the world, it is going to be hard for us to distinguish pen needles used for GLP-1 via Mounjaro KwikPen.

這需要一些時間。您知道，我們不會量化 GLP-1 的收入，坦白說，您可以想像，隨著 Mounjaro KwikPen 在世界其他國家推出，我們將很難區分用於 GLP-1 和 Mounjaro KwikPen 的筆針。

If they are going to be reimbursed because they're going to follow our same procurement channels as the pen needles used for diabetes. It's only in markets where the GLP-1s are going to be out of pocket.

如果他們要獲得報銷，因為他們將遵循與糖尿病使用的筆式針頭相同的採購管道。僅在 GLP-1 價格需要自掏腰包的市場。

And patients might procure a three-month prescription for a GLP-1 where we can actually monitor the number of small packs that are bought. So, the point I do want to make is that while pen needles might be being used for GLP-1 that are administered by a pen, we can't certainly just, we cannot certainly distinguish between volume that's procured through our normal channels,

患者可能會購買三個月的 GLP-1 處方，我們實際上可以監控購買的小包裝數量。因此，我想說的是，雖然筆式針頭可能用於透過筆注射的 GLP-1，但我們無法區分透過正常管道採購的劑量，

But we can certainly identify the small packs. Now, that's going to take some time. Frankly, I think the bigger opportunity for the use of pen needles for GLP-1 is going to be in the discussions that we are having with generic GLP-1 entrance where we are certainly working towards being able to co package our pen needles with those generic GLP-1.

但我們肯定能夠辨識出小包裝。現在，這需要一些時間。坦白說，我認為 GLP-1 筆式針頭的使用更大機會在於我們正在與通用 GLP-1 入口進行的討論中，我們當然正在努力將我們的筆式針頭與那些通用 GLP-1 一起包裝。

We do think over the long term that that is a bigger opportunity and those discussions with 10 plus potential GLP-1, generic entrance are going very, very well. You know, we certainly anticipate providing you know, more around this at our Analyst Day plan for May 2025. So, I'II request we wait until then to get a little bit more sort of at least a range of what this could mean for us over the next few years.

我們確實認為，從長遠來看，這是一個更大的機會，而且有關 10 多個潛在 GLP-1 通用藥物的討論進展非常非常順利。您知道，我們當然期待在 2025 年 5 月的分析師日計畫中提供更多相關內容。所以，我建議我們等到那時再了解這對我們未來幾年意味著什麼。

Thanks guys.

謝謝大家。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Hey, good morning, everyone. This is Sam Eiber for Marie. Thanks for taking the questions this morning. Congrats on a nice quarter.

嘿，大家早安。我是山姆·艾伯，代表瑪麗。感謝您今天上午回答這些問題。恭喜您度過了一個愉快的季度。

Maybe I can start on a capital allocation question. Things progressing clearly on the that pay down initiatives.

也許我可以開始討論資本配置問題。償還貸款事宜進展順利。

But I guess I'm wondering if there's a certain leverage ratio where maybe, you become more comfortable looking at opportunistic M&A and, and you know, more related to your comments about expanding the product portfolio. I guess wondering if that's more of a near term opportunity or perhaps medium to longer term.

但我想知道是否存在一定的槓桿率，也許，您會更願意考慮機會性併購，而且，您知道，這與您關於擴大產品組合的評論更相關。我想知道這是否是一個短期機會還是中長期機會。

Yeah. So, thanks for the thanks for the question. Sam, so I think, from our standpoint, I think over this year, certainly.

是的。所以，謝謝你的提問。山姆，所以我認為，從我們的角度來看，今年肯定會如此。

And I think into next year, we're really focused on continuing to try and create you know, some additional financial flexibility. You know, we are our net leverage our last 12 months net leverage as of the end of this quarter is around 3.7 times. You know, now our covenant allows us to go up to 4.75 times. Now, obviously, we wouldn't want to go anywhere close to that.

我認為到明年，我們真正關注的是繼續嘗試創造一些額外的財務靈活性。您知道，我們的淨槓桿率，截至本季末的過去 12 個月的淨槓桿率約為 3.7 倍。你知道，現在我們的契約允許我們上升到 4.75 倍。現在，顯然我們不想走太近。

And I think by the end of this year, assuming that we pay down around $110 million in debt, which we are well on our way to doing you know, we should be around a three times net levered mark by the end of fiscal 2025. And I think as we move then into 2026 it's probably more likely that we will continue to focus on more aggressively

我認為，到今年年底，假設我們償還約 1.1 億美元的債務，而我們正在順利實現這一目標，到 2025 財年末，我們的淨槓桿率應該達到三倍左右。我認為，隨著我們進入 2026 年，我們更有可能繼續更積極地關注

Paying down our debt and allowing us to create some additional balance sheet, flexibility. So I think, I think it's probably a little bit more likely that will trend, lower than three and somewhere into the twos in terms of net leverage as we get into 2026.

償還債務並讓我們創建一些額外的資產負債表和靈活性。因此，我認為，到 2026 年，淨槓桿的趨勢可能會低於 3，達到 2 左右。

So, from an M&A standpoint, obviously, M&A is very, very opportunistic, right? You know, but I think, for us, we only need, an incremental $10 million to $15 million you know, of revenue per year to drive our constant currency revenue growth rates up, by about 1%.

因此，從併購的角度來看，顯然併購是非常具有機會主義的，對嗎？你知道，但我認為，對我們來說，我們只需要每年增加 1,000 萬到 1,500 萬美元的收入，就可以將我們的恆定貨幣收入成長率提高約 1%。

So, I don't think we need to necessarily do highly transformative M&A in order to create value here for shareholders. But I think in the near term, our focus really is more about continuing to you know, finalize the separation programs which will allow us to really keep that free cash flow and use it towards debt repayment.

因此，我認為我們不一定需要進行高度變革性的併購才能為股東創造價值。但我認為，短期內，我們的重點實際上是繼續完成分離計劃，這將使我們能夠真正保留自由現金流並將其用於償還債務。

Really helpful. Jake, I appreciate all the colour there. Maybe I can just use my follow up here on long term margin progressions and maybe how we should be thinking about any initiatives that that you guys have going on in terms of either maintaining or even expanding margins perhaps beyond fiscal '25.

真的很有幫助。傑克，我很欣賞那裡的所有色彩。或許我可以在這裡跟進長期利潤率的成長，也許我們應該考慮你們在維持甚至擴大利潤率方面正在進行的任何舉措，也許在 25 財年之後。

Sam with respect to sort of long-term margin progression, I mean, that's certainly something that we'll be discussing in our May 2025 analyst and investor day. So, I'm going to reserve giving ranges for that this time. But what I will say is that our priorities around expanding product portfolio are important to us.

Sam，關於長期利潤率成長的問題，我的意思是，這肯定是我們將在 2025 年 5 月的分析師和投資者日上討論的問題。因此，這次我將保留給出範圍。但我想說的是，擴大產品組合對我們來說非常重要。

And, and I think as I said in the script that comprises of two potential vectors, right, where we manufacture products for companies that already have a commercial presence or frankly distribute products that can be manufactured by others.

而且，我認為正如我在腳本中所說的那樣，它包含兩個潛在的向量，對吧，我們為已經具有商業存在的公司生產產品，或者坦率地分銷其他人可以製造的產品。

Both of those as you can imagine are very going to have different margin profiles. And so, as we work through the opportunities here, we need to net that out against the margin progression that we expect to see in our base business. But those are the puts and takes that we just need to work through, and we'll certainly provide more information during the analyst day.

你可以想像，這兩者都會有不同的利潤狀況。因此，當我們抓住這裡的機會時，我們需要將其與我們預計在基礎業務中看到的利潤成長進行淨額計算。但這些都是我們需要解決的問題，我們肯定會在分析師日提供更多資訊。

Yeah, and Sam maybe just coming back to the quarter. And I think our, our updated, guidance, I think we had from an earnings standpoint. You know, we ended up and we alluded to this in our prepared remarks. I think we ended up performing better than our internal expectations, by about $0.20 really.

是的，Sam 也許剛剛回到本季。我認為，我們的最新指引是從獲利角度得出的。你知道，我們最終在準備好的發言中提到了這一點。我認為我們最終的表現比我們的內部預期要好，實際上高出約 0.20 美元。

And that was really due to, sort of two things almost impacting it equally one, revenue being actually a little bit better in Q1, which is going to reverse in Q2 and the associated drop through to earnings.

這實際上是由於兩件事幾乎對其產生了同等影響，其一，第一季的收入實際上略有好轉，但第二季的情況將出現逆轉，導致收益下降。

But then two and, and importantly, I think, our SG&A in the quarter really drove around, $0.10 of an improvement as compared to our original internal expectations. And we would expect that to stay for the entirety of the year and really allows us if you will sort of absorb the incremental $0.10 headwind that we saw or expect to see because of FX rates.

但接下來的兩個，也是最重要的，我認為，我們本季的銷售、一般及行政開支確實與我們最初的內部預期相比提高了 0.10 美元。我們預計這種情況將持續一整年，並且確實使我們能夠吸收由於外匯匯率而看到或預計將看到的增量 0.10 美元的逆風。

You know. Working against us in relation to our original guidance.

你知道。對我們最初的指導方針不利。

So, this year is really going to be like for the company, it's really going to be focused on, you know, finishing up and completing, the discontinuation of the patch pump program, which the team has done an excellent job.

因此，對於公司來說，今年的重點將真正放在完成並終止貼片泵計劃上，而團隊在這方面做得非常出色。

And we're well on track to having that complete by, the first half of the year, it's also going to be driven, you know, and focused on continuing to more aggressively deliver and then third, it really is about, trying to, further optimize you know, our cost base and take expenses, out of the system.

我們正按計劃在今年上半年完成這項工作，我們也將專注於繼續更積極地交付成果，第三，我們實際上試圖進一步優化我們的成本基礎，並從系統中剔除費用。

You know, if you, if you recall when we spun from BD, obviously a much larger organization, and, to a fair amount, sort of a lift and shift in terms of how they did things and in terms of how we did things. And I think now really, there's an opportunity as we go through 2025 and into the next few years to really just look at our cost base and try and find ways to continue to take cost out. And that's what we're doing.

你知道，如果你還記得，當我們從 BD 分離出來的時候，顯然是一個更大的組織，而且，在相當大程度上，在他們做事的方式和我們做事的方式方面都有了某種提升和轉變。我認為現在確實有機會，隨著我們進入 2025 年以及未來幾年，我們可以真正審視我們的成本基礎，並嘗試找到繼續降低成本的方法。這正是我們正在做的事情。

Understood. Thanks for taking the questions and looking forward to the Investor Day.

明白了。感謝您回答問題，期待投資人日的到來。

(Operator Instruction)

（操作員指令）

Ryan Schiller with Wolf research.

Ryan Schiller 與 Wolf 研究機構合作。

Good morning. Thank you for taking the questions. This is Ryan on for Mike Polark. You talked about expanding your product portfolio by leveraging your commercial channel to distribute products from others. Are there specific types of products that come to mind that could fit well into your model? And one might start layering into your financial model?

早安.感謝您回答這些問題。這是 Ryan 代替 Mike Polark 上場。您談到了利用商業通路分銷其他產品來擴大您的產品組合。您是否想到了可以很好地適合您的模型的特定類型的產品？其中一個可能會開始融入你的財務模型嗎？

Yeah, good morning Ryan.

是的，早安，瑞安。

That the types of products that we would want are those that fit in reasonably cleanly through our commercial channel and given the breadth of our commercial channel across the world, those products might be different.

我們想要的產品類型是那些能夠合理乾淨地適應我們的商業管道的產品，並且考慮到我們遍布全球的商業管道的廣度，這些產品可能會有所不同。

So I'm going to give you some examples in China, for example, we do call on hospitals so we could add products to the portfolio that our sales team can actually be able to sell into hospitals in the US. On the other side, as you know, we have a strong presence with retailers and strong payer relationships.

所以我會給你一些中國的例子，例如，我們確實會拜訪醫院，這樣我們就可以在產品組合中添加產品，我們的銷售團隊實際上可以將這些產品賣到美國的醫院。另一方面，如您所知，我們與零售商保持密切的合作關係，並建立了穩固的付款人關係。

So, we might look for products that can fit through that channel and, and that retail pharmacy channel is present also in several countries in Europe, in Germany and Japan, we call on endocrinologists and therefore we might look for products that, are served by that channel. So, I think it's going to differ in every market.

因此，我們可能會尋找可以透過該管道銷售的產品，而且零售藥局管道也存在於歐洲的幾個國家，在德國和日本，我們會拜訪內分泌學家，因此我們可能會尋找可以透過該管道提供的產品。所以，我認為每個市場都會有所不同。

But I think the unifying theme is going to be some place where our products that can really leverage our commercial strength. You know, we certainly anticipate being able to speak more about that our upcoming analyst day were, we're working hard to add these products to our portfolio. And I look forward to providing some examples of that time.

但我認為統一的主題是我們的產品能夠真正發揮我們的商業實力的地方。你知道，我們當然期待能夠在即將到來的分析師日上更多地談論這一點，我們正在努力將這些產品添加到我們的產品組合中。我期待提供一些當時的例子。

Thank you. And I'm showing no further questions at this time, and I would like to hand the conference back over to Dev Kurdikar for closing remarks.

謝謝。現在我沒有其他問題了，我想將會議交還給德夫·庫迪卡 (Dev Kurdikar) 並由他作結束語。

As we close the call. I just want to express my sincere gratitude to my colleagues at Embecta around the world.

我們結束通話。我只想向世界各地的 Embecta 同事們表達最誠摯的感謝。

Our global team remains focused on executing the priorities that we've laid out. And finally, we look forward to engaging with all of you at our upcoming conferences and at an Investor Day in late May 2025 we will certainly share more about some of the topics that we discussed today and our vision for Embecta.

我們的全球團隊仍然專注於執行我們制定的優先事項。最後，我們期待在即將召開的會議和 2025 年 5 月下旬的投資者日上與大家交流，我們一定會分享更多我們今天討論的一些主題以及我們對 Embecta 的願景。

Thank you for calling in and for your interest in our company.

感謝您的來電以及對我們公司的關注。

This concludes today's conference call. Thank you for participating and you may now disconnect everyone. Have a great day.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開所有人的連結。祝你有美好的一天。