嬌生 (JNJ) 2022 Q4 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) This call is being recorded. (Operator Instructions)

早上好，歡迎來到強生公司 2022 年第四季度收益電話會議。 （接線員說明）此通話正在錄音中。 （操作員說明）

I would now like to turn the conference call over to Johnson & Johnson. You may begin.

我現在想將電話會議轉交給強生公司。你可以開始了。

Good morning. This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson. Welcome to our company's review of business results for the fourth quarter and full year of 2022 and our financial outlook for 2023.

早上好。我是強生公司投資者關係副總裁傑西卡摩爾。歡迎閱讀我們公司對 2022 年第四季度和全年經營業績的回顧以及我們對 2023 年的財務展望。

Joining me on today's call are Joaquin Duato, Chairman of the Board and Chief Executive Officer; and Joe Wolk, Executive Vice President, Chief Financial Officer.

與我一起參加今天電話會議的還有董事會主席兼首席執行官 Joaquin Duato；執行副總裁兼首席財務官 Joe Wolk。

A few logistics before we get into the details. As a reminder, you can find additional materials, including today's presentation and associated schedules, on the Investor Relations section of the Johnson & Johnson website at investor.jnj.com.

在我們進入細節之前先了解一些物流。提醒一下，您可以在強生公司網站 investor.jnj.com 的投資者關係部分找到其他材料，包括今天的演示文稿和相關時間表。

Please note that today's meeting may include forward-looking statements related to, among other things, the company's future financial performance, product development, market position and business strategy and the anticipated separation of the company's consumer health business. You're cautioned not to rely on these statements, which are based on current expectations of future events using the information available as of today's date and are subject to certain risks and uncertainties that may cause the company's actual results to differ materially from those projected.

請注意，今天的會議可能包括與公司未來財務業績、產品開發、市場地位和業務戰略以及公司消費者健康業務的預期分離等相關的前瞻性陳述。請注意不要依賴這些陳述，這些陳述是基於使用截至今天日期的可用信息對未來事件的當前預期，並受到某些風險和不確定性的影響，這些風險和不確定性可能導致公司的實際結果與預測結果存在重大差異。

In particular, there is significant uncertainty about the duration and contemplated impact of the COVID-19 pandemic. A further description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2021 Form 10-K, which is available at investor.jnj.com and on the SEC's website.

特別是，COVID-19 大流行的持續時間和預期影響存在很大的不確定性。有關這些風險、不確定性和其他因素的進一步描述，請參閱我們向美國證券交易委員會提交的文件，包括我們的 2021 年 10-K 表格，該表格可在 investor.jnj.com 和美國證券交易委員會的網站上找到。

Additionally, several of the products and compounds discussed today are being developed in collaboration with strategic partners or licensed from other companies. This slide acknowledges those relationships.

此外，今天討論的一些產品和化合物是與戰略合作夥伴合作開發的，或者是從其他公司獲得許可的。這張幻燈片確認了這些關係。

Moving to today's agenda. Joaquin will open with a few comments highlighting his first year as CEO and his priorities for 2023. I will then review the fourth quarter sales and P&L results for the corporation and highlights related to the 3 segments as well as full year 2022 results for the enterprise. Joe will then close with additional business commentary before sharing an overview of our cash position, our capital allocation priorities and our guidance for 2023. The remaining time will be available for your questions. We anticipate the webcast will last approximately 75 minutes.

轉到今天的議程。 Joaquin 將首先發表一些評論，重點介紹他擔任 CEO 的第一年以及他在 2023 年的優先事項。然後我將回顧公司第四季度的銷售和損益結果，以及與這 3 個部門相關的亮點以及企業 2022 年全年的業績.然後，Joe 將以額外的業務評論結束，然後分享我們的現金狀況概覽、我們的資本分配優先事項和我們對 2023 年的指導。剩下的時間將用於回答您的問題。我們預計網絡廣播將持續大約 75 分鐘。

I am now pleased to turn the call over to Joaquin.

我現在很高興將電話轉給 Joaquin。

Thanks, Jess. Good morning, everyone. I'm pleased to be here today to review our 2022 results and highlight my priorities for the business.

謝謝，傑斯。大家，早安。我很高興今天來到這裡回顧我們 2022 年的業績並強調我的業務優先事項。

I'm excited for the future of Johnson & Johnson. For over 135 years, people have counted on Johnson & Johnson to be at the forefront of health care innovation. This remains as through today as the day we were founded, and I'm honored to continue this legacy.

我對強生公司的未來感到興奮。 135 多年來，人們一直信賴強生公司處於醫療保健創新的前沿。這一直持續到今天，就像我們成立之日一樣，我很榮幸能夠延續這一傳統。

In 2022, despite macroeconomic challenges, we delivered full year operational growth of over 6%. This is the result of the dedication and focus of our employees around the world as well as the breadth and diversification of our business.

2022 年，儘管面臨宏觀經濟挑戰，我們實現了超過 6% 的全年運營增長。這是我們全球員工的奉獻和專注以及我們業務的廣度和多元化的結果。

There were many business achievements last year. Let me share some highlights. Our pharmaceutical team achieved its 11th consecutive year of above-market adjusted operational sales growth, excluding the COVID-19 vaccine, delivering nearly 7% growth as we continue to advance our innovation pipeline.

去年有很多商業成就。讓我分享一些亮點。我們的製藥團隊連續第 11 年實現高於市場調整後的運營銷售增長，不包括 COVID-19 疫苗，隨著我們繼續推進創新渠道，實現了近 7% 的增長。

I'm particularly excited about the progress made across our multiple myeloma portfolio. This includes the launches of CARVYKTI, our first cell therapy antibody, our BCMA CD3 bispecific antibody, along with the recent filing of talquetamab, our GPRC5D CD3 bispecific.

我對我們多發性骨髓瘤產品組合取得的進展感到特別興奮。這包括推出我們的第一個細胞治療抗體 CARVYKTI，我們的 BCMA CD3 雙特異性抗體，以及最近提交的 talquetamab，我們的 GPRC5D CD3 雙特異性抗體。

In MedTech, we generated above 6% full year operational growth, anticipating our second consecutive year, outperforming our competitive composite. In terms of innovation, we accelerated the cadence of new product launches and significantly enhanced the quality of our MedTech pipeline, including more than doubling the number of programs with over $100 million of net present value potential.

在醫療科技領域，我們實現了超過 6% 的全年運營增長，預計我們將連續第二年超越我們的競爭組合。在創新方面，我們加快了新產品發布的節奏，並顯著提高了 MedTech 管線的質量，包括將淨現值潛力超過 1 億美元的項目數量增加了一倍以上。

Notably, we completed the acquisition of Abiomed, which positions us as the global leader in heart recovery and immediately enhances MedTech revenue growth. This transaction will become accretive to earnings in 2024.

值得注意的是，我們完成了對 Abiomed 的收購，這使我們成為心臟康復領域的全球領導者，並立即促進了 MedTech 收入的增長。該交易將在 2024 年增加收益。

Finally, we made significant progress towards the separation of Kenvue. We have begun operating our consumer business as a company within a company, and we filed our Form S-1 with the SEC, giving us the option to pursue an IPO as a potential step in the separation.

最後，我們在分離 Kenvue 方面取得了重大進展。我們已經開始以公司內公司的形式經營我們的消費者業務，並且我們向美國證券交易委員會提交了 S-1 表格，這使我們可以選擇進行 IPO 作為分離的潛在步驟。

Looking ahead, while we expect some of the headwinds that impacted 2022 to continue, we have proven that Johnson & Johnson is resilient in times of macroeconomic challenges. In this environment, our approach to 2023 can be best described as prudent, and our priorities for the year are clear and remain consistent.

展望未來，雖然我們預計影響 2022 年的一些不利因素將繼續存在，但我們已經證明強生公司在宏觀經濟挑戰時期具有韌性。在這種環境下，我們對 2023 年的態度可以說是審慎的，我們今年的優先事項很明確並保持一致。

First, we are finalizing our plans for Johnson & Johnson to operate as a 2-sector company, dedicated to competitive performance, both in Pharmaceutical and MedTech. This change will enable us to become simpler, faster and more focused.

首先，我們正在最終確定強生公司作為一家雙部門公司運營的計劃，致力於在製藥和醫療技術領域實現具有競爭力的表現。這種變化將使我們變得更簡單、更快速、更專注。

In Pharmaceutical, we will continue delivering top line growth annually, while driving towards $60 billion in revenue by 2025. We believe we will be able to achieve our market growth in 2023 for the 12th consecutive year, even in the face of the STELARA loss of exclusivity and macroeconomic challenges.

在製藥領域，我們將繼續實現每年的收入增長，同時到 2025 年將收入推向 600 億美元。我們相信，即使面對 STELARA 損失排他性和宏觀經濟挑戰。

Growth will be driven primarily by our existing portfolio, including DARZALEX, TREMFYA, ERLEADA, INVEGA SUSTENNA and UPTRAVI and also continued uptake from new launches, including SPRAVATO, CARVYKTI and TECVAYLI.

增長將主要由我們現有的產品組合推動，包括 DARZARLEX 、 TREMFYA 、 ERLEADA 、 INVEGA SUSTENNA 和 UPTRAVI 以及新推出的產品的持續吸收，包括 SPRAVATO 、 CARVYKTI 和 TECVAYLI 。

In MedTech, with the acquisition of Abiomed, we now have 12 platforms with over $1 billion in annual sales. We expect to continue to build on 2022's momentum. We will do this by maximizing the commercial opportunity for recently launched innovations, continuing to advance the Abiomed pipeline and prioritizing investment in higher growth segments of our markets.

在 MedTech，通過收購 Abiomed，我們現在擁有 12 個平台，年銷售額超過 10 億美元。我們預計將繼續保持 2022 年的勢頭。為此，我們將最大限度地利用最近推出的創新產品的商業機會，繼續推進 Abiomed 產品線，並優先投資於我們市場的高增長領域。

This will be a transformational year for Johnson & Johnson, which brings me to my next priority, completing the successful creation of a new consumer health company, Kenvue. We remain on track to complete the separation in 2023, as indicated in our initial announcement in November of 2021.

對於強生公司來說，今年將是轉型的一年，這讓我想到了我的下一個優先事項，即成功創建一家新的消費者健康公司 Kenvue。正如我們在 2021 年 11 月的初始公告中所指出的那樣，我們仍有望在 2023 年完成分拆。

As we look forward, our track record gives us the confidence that we can grow ahead of our peers and cement the foundation for long-term success. Following 2021, a year where we substantially increased R&D investment, we continue our commitment to organic innovation. We invested nearly $15 billion in R&D during 2022.

展望未來，我們的往績讓我們充滿信心，相信我們可以領先於同行，並為長期成功奠定基礎。 2021 年是我們大幅增加研發投資的一年，我們將繼續致力於有機創新。 2022 年，我們在研發方面投資了近 150 億美元。

Also we increased our dividend for the 60th consecutive year. We instituted a share repurchase, and we deployed over $17 billion in M&A, including the acquisition of Abiomed. Very few companies have the capability and the balance sheet to take such significant actions concurrently, especially in a year like 2022. I'm confident that we are well positioned for 2023 and beyond.

我們還連續第 60 年增加了股息。我們進行了股票回購，並部署了超過 170 億美元的併購，包括收購 Abiomed。很少有公司有能力和資產負債表同時採取如此重大的行動，尤其是在 2022 年這樣的一年。我相信我們為 2023 年及以後做好了準備。

In closing, I am energized about what is to come. As the largest and most diversified health care product company in the world, we will continue to use our scale and breadth to drive innovations, deliver for patients and shape the future of health care around the world.

最後，我對即將發生的事情充滿活力。作為世界上最大、最多元化的醫療保健產品公司，我們將繼續利用我們的規模和廣度來推動創新，為患者提供服務並塑造全球醫療保健的未來。

Now let me turn it back to Jess.

現在讓我把它轉回 Jess。

Thanks, Joaquin.

謝謝，華金。

Starting with Q4 2022 sales results. Worldwide sales were $23.7 billion for the fourth quarter of 2022, a decrease of 4.4% versus the fourth quarter of 2021. Operational sales growth, which excludes the effect of translational currency, increased 0.9%, as currency had a negative impact of 5.3 points.

從 2022 年第四季度的銷售結果開始。 2022 年第四季度全球銷售額為 237 億美元，比 2021 年第四季度下降 4.4%。排除換算貨幣影響後的營業銷售額增長 0.9%，因為貨幣產生了 5.3 個百分點的負面影響。

In the U.S., sales increased 2.9%. In regions outside the U.S., our reported sales declined 11.5%. Operational sales outside the U.S. declined 1.1%, with currency negatively impacting our reported OUS results by 10.4 points.

在美國，銷售額增長了 2.9%。在美國以外的地區，我們報告的銷售額下降了 11.5%。美國以外的營業銷售額下降 1.1%，匯率對我們報告的 OUS 結果產生了 10.4 個百分點的負面影響。

Excluding sales from the COVID-19 vaccine, operational sales growth was 4.6% worldwide, 4.7% in the U.S. and 4.4% outside the U.S. As you will find in our supplemental sales schedule, acquisitions and divestitures had an immaterial impact on our results in the quarter.

不包括 COVID-19 疫苗的銷售額，全球業務銷售額增長 4.6%，美國增長 4.7%，美國以外增長 4.4%。正如您在我們的補充銷售時間表中會發現的那樣，收購和資產剝離對我們的業績影響不大四分之一。

Turning now to earnings. For the quarter, net earnings were $3.5 billion, and diluted earnings per share was $1.33 versus diluted earnings per share of $1.70 one year ago. Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $6.2 billion, and adjusted diluted earnings per share was $2.35, representing increases of 9.5% and 10.3%, respectively, compared to the fourth quarter of 2021. On an operating basis, adjusted diluted earnings per share increased 15.5%.

現在轉向收益。本季度淨收益為 35 億美元，稀釋後每股收益為 1.33 美元，而一年前的稀釋後每股收益為 1.70 美元。扣除稅後無形資產攤銷費用和兩個時期的特殊項目，本季度調整後淨收益為 62 億美元，調整後攤薄每股收益為 2.35 美元，分別比第四季度增長 9.5% 和 10.3% 2021 年。在運營基礎上，調整後的攤薄每股收益增長了 15.5%。

For the full year 2022, consolidated sales were $94.9 billion, an increase of 1.3% compared to the full year of 2021. Operationally, full year sales grew 6.1%, with currency having a negative impact of 4.8 points. Sales growth in the U.S. was 3%.

2022 年全年，綜合銷售額為 949 億美元，比 2021 年全年增長 1.3%。在運營方面，全年銷售額增長 6.1%，匯率帶來 4.8 個百分點的負面影響。美國的銷售額增長了 3%。

In regions outside the U.S., our reported year-over-year sales declined 0.6%. Operational sales growth outside the U.S. grew by 9.1%, with currency negatively impacted our reported OUS results by 9.7 points. As you will find in our supplemental sales schedules, acquisition and divestitures as well as sales from our COVID-19 vaccine had an immaterial impact on our results for the full year.

在美國以外的地區，我們報告的銷售額同比下降 0.6%。美國以外的營業銷售額增長了 9.1%，匯率對我們報告的 OUS 結果產生了 9.7 個百分點的負面影響。正如您將在我們的補充銷售時間表中發現的那樣，我們的 COVID-19 疫苗的收購和資產剝離以及銷售對我們全年的業績影響不大。

Net earnings for the full year 2022 were $17.9 billion, and diluted earnings per share was $6.73 versus diluted earnings per share of $7.81 a year ago. 2022 adjusted net earnings were $27 billion, and adjusted diluted earnings per share was $10.15, representing increases of 3.2% and 3.6%, respectively, versus full year 2021. On an operational basis, adjusted diluted earnings per share increased by 9.2%.

2022 年全年淨收益為 179 億美元，攤薄後每股收益為 6.73 美元，而一年前的攤薄後每股收益為 7.81 美元。 2022 年調整後淨收益為 270 億美元，調整後攤薄每股收益為 10.15 美元，分別比 2021 年全年增長 3.2% 和 3.6%。在運營基礎上，調整後攤薄每股收益增長 9.2%。

While not part of our prepared remarks for today's call, we have provided additional information and backup for our full year 2022 sales by segment, consolidated statement of earnings and adjusted income before tax by segment, which can be downloaded from our website.

雖然這不是我們為今天的電話會議準備的評論的一部分，但我們提供了 2022 年全年按部門劃分的銷售額、合併收益表和按部門劃分的調整後稅前收入的更多信息和備份，這些信息可以從我們的網站下載。

I will now comment on business segment sales performance highlights for the quarter. Unless otherwise stated, percentages quoted represent the operational sales change in comparison to the fourth quarter of 2021 and, therefore, exclude the impact of currency translation.

我現在將評論本季度業務部門的銷售業績亮點。除非另有說明，否則所引用的百分比表示與 2021 年第四季度相比的營業銷售額變化，因此不包括貨幣換算的影響。

Beginning with Consumer Health. Worldwide Consumer Health sales of $3.8 billion increased 1%, with an increase of 10.9% in the U.S. and a decline of 5.8% outside the U.S. Excluding translational currency, worldwide operational sales growth increased 6.4%, and outside the U.S., operational sales growth increased 3.2%.

從消費者健康開始。全球消費者保健品銷售額為 38 億美元，增長 1%，其中美國增長 10.9%，美國以外地區下降 5.8%。不計換算貨幣，全球運營銷售額增長 6.4%，美國以外地區運營銷售額增長3.2%。

Results were primarily driven by strategic price increases, growth in OTC due to a strong cough, cold and flu season and growth in NEUTROGENA as well as strong new product introductions in Asia Pacific and Latin America. NEUTROGENA growth contributed to the second consecutive quarter of 5% operational growth for Skin Health Beauty. Growth across the portfolio was partially offset by continued, although reduced, supply constraints in the U.S., COVID-19 impacts in China, portfolio simplification and the suspension of personal care product sales in Russia.

業績主要受戰略性價格上漲、強咳嗽、感冒和流感季節導致非處方藥增長、露得清 (NEUTROGENA) 增長以及亞太和拉丁美洲新產品推出的強勁推動。露得清 (NEUTROGENA) 的增長為 Skin Health Beauty 連續第二個季度實現 5% 的運營增長做出了貢獻。整個產品組合的增長被美國持續但有所減少的供應限制、COVID-19 對中國的影響、產品組合簡化以及俄羅斯暫停個人護理產品銷售所部分抵消。

Moving on to our Pharmaceutical segment. Worldwide Pharmaceutical sales of $13.2 billion decreased 7.4%, with declines of 0.6% in the U.S. and 14.9% outside of the U.S. Excluding translational currency, worldwide operational sales declined 2.5%, and outside the U.S. operational sales declined 4.5%.

繼續我們的製藥部門。全球藥品銷售額為 132 億美元，下降 7.4%，其中美國下降 0.6%，美國以外下降 14.9%。不計換算貨幣，全球營業銷售額下降 2.5%，美國以外的營業銷售額下降 4.5%。

Excluding the COVID-19 vaccine sales, worldwide operational sales growth increased 3.9%, U.S. operational sales growth increased 2.4%, and outside the U.S. operational sales growth increased 6%. Pharmaceutical growth, excluding the COVID-19 vaccine, was driven by our key brands and continued uptake in our recently launched products, enabling us to continue to deliver above-market adjusted operational sales growth for the 11th consecutive year, including 7 assets with double-digit growth.

不包括 COVID-19 疫苗銷售，全球運營銷售增長 3.9%，美國運營銷售增長 2.4%，美國以外地區運營銷售增長 6%。不包括 COVID-19 疫苗在內的藥品增長是由我們的主要品牌和我們最近推出的產品的持續吸收推動的，這使我們能夠連續第 11 年繼續實現高於市場的調整後營業銷售額增長，其中包括 7 項資產，雙倍增長數字增長。

Growth was driven by DARZALEX, ERLEADA, STELARA and TREMFYA and was partially offset by REMICADE and ZYTIGA due to loss of exclusivity, along with a decrease in IMBRUVICA sales.

增長由 DARZARLEX 、 ERLEADA 、 STELARA 和 TREMFYA 推動，但由於喪失獨家經營權以及 IMBRUVICA 銷售額下降而被 REMICADE 和 ZYTIGA 部分抵消。

Within our Oncology business, DARZALEX and ERLEADA continued to drive strong sales growth, with increases of 33.9% and 48.6%, respectively. ZYTIGA sales declined 43.6% worldwide predominantly due to loss of exclusivity in Europe in September. IMBRUVICA sales declined 12.3% worldwide due to competitive pressures and a suppressed CLL market due to COVID-19. Despite competitive pressures, IMBRUVICA maintains its market leadership position worldwide.

在我們的腫瘤業務中，DARZARLEX 和 ERLEADA 繼續推動強勁的銷售增長，分別增長了 33.9%和 48.6%。 ZYTIGA 的全球銷售額下降了 43.6%，這主要是由於 9 月份失去了在歐洲的獨家經營權。由於競爭壓力和 COVID-19導致的 CLL 市場受壓，IMBRUVICA 的全球銷售額下降了 12.3%。儘管存在競爭壓力，IMBRUVICA 仍保持其全球市場領導地位。

In our immunology business, STELARA grew 6.2% driven by market growth and share gains in Crohn's disease and ulcerative colitis, with gains of 4 points and 5.4 points in the U.S., respectively, as well as a favorable prior period adjustment, impacting worldwide results by approximately 460 basis points. Results in the quarter were partially offset by unfavorable patient mix and rebating in the U.S. as well as austerity measures in Europe and shipment timing in Asia Pacific.

在我們的免疫學業務中，受克羅恩病和潰瘍性結腸炎市場增長和份額增長的推動，STELARA 增長了 6.2%，在美國分別增長了 4 個百分點和 5.4 個百分點，以及有利的前期調整，影響了全球業績大約 460 個基點。本季度的業績部分被不利的患者組合和美國的折扣以及歐洲的緊縮措施和亞太地區的發貨時間所抵消。

TREMFYA grew 12.5% driven by share gains in psoriasis and psoriatic arthritis, with gains of 1.4 points and 2.9 points in the U.S., respectively, along with market growth. Q4 growth was partially offset by a net unfavorable prior period adjustment impacting worldwide results by approximately 1,150 basis points, unfavorable patient mix and a challenging prior year comparison.

受銀屑病和銀屑病關節炎市場份額增長的推動，TREMFYA 增長了 12.5%，隨著市場增長，在美國分別增長了 1.4 點和 2.9 點。第四季度的增長被前期淨不利調整影響全球業績約1,150個基點、不利的患者組合和具有挑戰性的前一年比較所部分抵消。

Beginning in Q1 2023, we anticipate that CARVYKTI, currently reported in other oncology, and SPRAVATO, currently reported in other neuroscience, will meet the threshold to be separately disclosed.

從 2023 年第一季度開始，我們預計目前在其他腫瘤學領域報導的 CARVYKTI 和目前在其他神經科學領域報導的 SPRAVATO 將達到單獨披露的門檻。

I'll now turn your attention to the MedTech segment. Worldwide MedTech sales of $6.8 billion decreased by 1.2%, with growth of 7.1% in the U.S. and a decline of 8.6% outside of the U.S. Excluding translational currency, worldwide operational sales growth increased 4.9%, and outside the U.S. operational sales growth increased 2.9%. Excluding the impact of acquisition and divestitures, worldwide adjusted operational sales growth was 4.4%.

我現在將你的注意力轉向 MedTech 部分。全球 MedTech 銷售額為 68 億美元，下降 1.2%，其中美國增長 7.1%，美國以外地區下降 8.6%。不計換算貨幣，全球運營銷售額增長 4.9%，美國以外地區運營銷售額增長 2.9% %。排除收購和資產剝離的影響，全球調整後的運營銷售額增長率為 4.4%。

Q4 growth was driven by commercial execution, strong new product introduction performance as well as COVID-19 procedure recovery in many parts of the world. Partially offsetting growth in the quarter was the impact of value-based procurement, COVID resurgence in China as well as supply constraints, predominantly in vision.

第四季度的增長是由商業執行、強勁的新產品推出性能以及世界許多地方的 COVID-19 程序恢復推動的。部分抵消了本季度增長的影響是基於價值的採購、中國 COVID 復甦以及供應限制（主要是視覺方面）的影響。

Strong growth continued in the U.S., with dollar sales sequentially improving each quarter throughout 2022. OUS performance was adversely impacted by dynamics related to COVID-19, especially given our strong position in China.

美國繼續保持強勁增長，整個 2022 年每個季度的美元銷售額都在連續增長。OUS 的業績受到與 COVID-19 相關動態的不利影響，尤其是考慮到我們在中國的強勢地位。

The Interventional Solutions franchise delivered another quarter of worldwide double-digit growth at 15.1% driven primarily by strong new product introductions, performance, commercial execution and continued market growth in electrophysiology. Abiomed sales are also reported in Interventional Solutions, and financial results were reflected as of December 22, the date the acquisition closed.

Interventional Solutions 特許經營業務又以 15.1% 的速度實現了全球兩位數增長，這主要得益於強勁的新產品推出、業績、商業執行和電生理學市場的持續增長。 Interventional Solutions 也報告了 Abiomed 的銷售額，財務結果反映了截至收購結束之日 12 月 22 日的情況。

Contact lens global growth of 7.7% reflects strong performance of our ACUVUE OASYS 1-Day family of products, including the recent launch of ACUVUE OASYS MAX 1-Day, strong commercial execution and market appropriate price actions. Growth was tempered by continued supply challenges.

隱形眼鏡全球增長 7.7% 反映了我們 ACUVUE OASYS 1-Day 系列產品的強勁表現，包括最近推出的 ACUVUE OASYS MAX 1-Day、強大的商業執行力和市場適當的價格行動。持續的供應挑戰抑制了增長。

In the Orthopedics franchise, digital and enabling technologies reported in spine, sports and other continued to accelerate and drive pull-through sales in areas like hips and knees. For additional context, selling days had approximately a 60 basis point positive impact on results in the quarter.

在骨科專營權中，脊柱、運動和其他方面報導的數字和支持技術繼續加速並推動臀部和膝蓋等領域的銷售。對於其他背景，銷售天數對本季度的結果產生了大約 60 個基點的積極影響。

Now turning to our consolidated statement of earnings for the fourth quarter of 2022. I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year. Cost of products sold deleveraged by 70 basis points primarily driven by onetime COVID-19 vaccine manufacturing related costs, unfavorable currency impact in the Pharmaceutical business, inflationary pressures as well as unfavorable mix with the enterprise, with a lower portion of sales coming from the Pharmaceutical business.

現在轉向我們 2022 年第四季度的綜合收益表。我想強調一些與去年同期相比發生變化的值得注意的項目。銷售產品的成本去槓桿化了 70 個基點，這主要是由於一次性 COVID-19 疫苗製造相關成本、製藥業務的不利貨幣影響、通脹壓力以及與企業的不利組合，製藥業務的銷售額比例較低商業。

Selling, marketing and administrative margins leveraged by 150 basis points. This represents a 9% reduction versus the prior year driven by phasing, with higher spend earlier in the year as well as proactive management of costs given the current inflationary environment.

銷售、營銷和行政利潤率槓桿化 150 個基點。由於分階段實施，今年早些時候的支出增加以及在當前的通貨膨脹環境下積極主動地管理成本，這與前一年相比減少了 9%。

We continue to invest strategically in research and development at competitive levels, investing 16.2% of sales this quarter. The $3.8 billion invested was an 18.6% reduction versus the prior year driven primarily by phasing with higher spend earlier in the year.

我們繼續在競爭水平上對研發進行戰略投資，本季度投資佔銷售額的 16.2%。 38 億美元的投資比上一年減少了 18.6%，這主要是由於今年早些時候分階段增加支出。

Interest income was favorable to prior year by just over $100 million driven by higher rates of interest earned on cash balances. The other income and expense line was an expense of $1.2 billion in the fourth quarter of 2022 compared to an expense of $9 million in the fourth quarter of 2021. This was primarily driven by onetime COVID-19 vaccine manufacturing related exit costs, higher consumer health separation related costs, higher costs related to the Abiomed acquisition and lower gains on securities.

利息收入比上一年高出 1 億美元多一點，原因是現金餘額所賺取的利息率較高。其他收入和支出項目在 2022 年第四季度的支出為 12 億美元，而 2021 年第四季度的支出為 900 萬美元。這主要是由於一次性 COVID-19 疫苗製造相關的退出成本、較高的消費者健康狀況與分離相關的成本、與 Abiomed 收購相關的較高成本以及較低的證券收益。

As we announced in Q2 2022, we continue to have commitments and obligations related to the COVID-19 vaccine, including external manufacturing network exit cost and required clinical trial expenses associated with the company's modification of its COVID-19 vaccine research program and manufacturing capacity to levels that meet all remaining customer contractual requirements.

正如我們在 2022 年第二季度宣布的那樣，我們繼續承擔與 COVID-19 疫苗相關的承諾和義務，包括外部製造網絡退出成本以及與公司修改其 COVID-19 疫苗研究計劃和製造能力相關的所需臨床試驗費用，以滿足所有剩餘客戶合同要求的水平。

Regarding taxes in the quarter, our effective tax rate was 16.2% versus 2.1% in the same period last year. The increase was primarily driven by more income in higher tax jurisdictions versus the prior year.

關於本季度的稅收，我們的有效稅率為 16.2%，而去年同期為 2.1%。這一增長主要是由於與上一年相比，較高稅收管轄區的收入增加。

Additionally, the company benefited from onetime tax items in the fourth quarter of 2021 that did not repeat in the current year. Excluding special items, the effective tax rate was 16.2% versus 10.4% in the same period last year. I encourage you to review our upcoming 2022 10-K filing for additional details on specific tax matters.

此外，該公司受益於 2021 年第四季度的一次性稅項，這些稅項在當年沒有重複。剔除特殊項目，實際稅率為 16.2%，而去年同期為 10.4%。我鼓勵您查看我們即將提交的 2022 年 10-K 文件，以了解有關特定稅務事項的更多詳細信息。

Lastly, I'll direct your attention to the box section of the slide, where we have also provided our income before tax, net earnings and earnings per share adjusted to exclude the impact of intangible amortization expense and special items.

最後，請注意幻燈片的方框部分，我們還提供了稅前收入、淨收益和調整後的每股收益，以排除無形攤銷費用和特殊項目的影響。

Now let's look at adjusted income before tax by segment. In the fourth quarter of 2022, our adjusted income before tax for the enterprise as a percentage of sales increased from 25.6% to 31.3%. Pharmaceutical margins improved from 33.9% to 38.2% primarily driven by SG&A and R&D phasing, with higher spend earlier in the year, partially offset by the negative impact of currency and cost of products sold.

現在讓我們按部門查看調整後的稅前收入。 2022 年第四季度，我們調整後的企業稅前收入佔銷售額的比例從 25.6% 上升到 31.3%。製藥利潤率從 33.9% 提高到 38.2%，這主要受 SG&A 和研發分階段的推動，今年早些時候支出增加，部分被貨幣和銷售產品成本的負面影響所抵消。

MedTech margins improved from 18.1% to 25.3% primarily driven by SG&A and R&D phasing, with higher spend earlier in the year, favorable portfolio mix and supply chain efficiencies, partially offset by inflationary pressures.

MedTech 的利潤率從 18.1% 提高到 25.3%，這主要是受 SG&A 和研發階段的推動，今年早些時候支出增加，有利的投資組合和供應鏈效率，部分被通脹壓力抵消。

Finally, Consumer Health margins improved from 18.6% to 22% driven by brand marketing phasing, with higher spend earlier in the year and supply chain efficiencies, partially offset by inflationary pressures.

最後，受品牌營銷階段性推動，消費者健康業務的利潤率從 18.6% 提高到 22%，今年早些時候支出增加，供應鏈效率提高，部分被通脹壓力抵消。

This concludes the sales and earnings portion of the Johnson & Johnson fourth quarter and full year 2022 results. I'm now pleased to turn the call over to Joe Wolk. Joe?

強生公司第四季度和 2022 年全年業績的銷售和收益部分到此結束。我現在很高興將電話轉給 Joe Wolk。喬？

Thank you, Jess, and thanks, everyone, for joining us today.

謝謝你，Jess，也謝謝大家今天加入我們。

As Jess shared, we reported solid results with competitive growth across our business segments in 2022. While macroeconomic challenges and lingering COVID-19 related impacts tempered our fourth quarter sales growth, we prioritized our top investments, while managing costs to yield slightly better margin performance than guided in October to meet our earnings expectations. The business is resilient, and we should be positioned well entering 2023.

正如 Jess 分享的那樣，我們在 2022 年報告了穩健的業績，我們的業務部門都實現了具有競爭力的增長。雖然宏觀經濟挑戰和揮之不去的 COVID-19 相關影響緩和了我們第四季度的銷售增長，但我們優先考慮我們的主要投資，同時管理成本以產生略微更好的利潤率表現比 10 月份的指引更符合我們的盈利預期。業務具有彈性，我們應該做好準備進入 2023 年。

We are particularly proud of the advancements in our pipeline and portfolio to solidify the long term, including the launch of TECVAYLI, the filing of talquetamab in the U.S. and Europe, FDA clearance for our TELIGEN digital supply solution, the closing of the Abiomed acquisition and the tremendous progress made on separating our Consumer Health business.

我們對我們的管道和產品組合的進步感到特別自豪，以鞏固長期發展，包括 TECVAYLI 的推出、talquetamab 在美國和歐洲的備案、我們的 TELIGEN 數字供應解決方案獲得 FDA 批准、完成對 Abiomed 的收購和在分離我們的消費者健康業務方面取得的巨大進展。

Let's delve into the financials beginning with our 2022 year-end cash position and execution against our capital allocation priorities. We generated free cash flow for the year of approximately $17 billion. And at the end of 2022, we had approximately $24 billion of cash and marketable securities and approximately $40 billion of debt for a net debt position of $16 billion. Despite macroeconomic uncertainty, we had a strong year deploying capital against all of our capital allocation priorities. These priorities remain unchanged.

讓我們從 2022 年年底的現金頭寸和執行我們的資本分配優先事項開始，深入研究財務狀況。我們在這一年產生了大約 170 億美元的自由現金流。到 2022 年底，我們擁有大約 240 億美元的現金和有價證券以及大約 400 億美元的債務，淨債務頭寸為 160 億美元。儘管宏觀經濟存在不確定性，但我們在根據所有資本配置優先事項部署資本方面表現強勁。這些優先事項保持不變。

This past year, we invested more than 15% of sales for a total of nearly $15 billion in research and development. This investment has enabled the advancement of important programs, including strengthening our MedTech pipeline and progression of our multiple myeloma portfolio, which Joaquin referenced. Investment in R&D remains a top priority to support long-term growth and value creation.

在過去的一年裡，我們將銷售額的 15% 以上投入了總計近 150 億美元的研發中。這項投資推動了重要項目的推進，包括加強我們的 MedTech 管道和我們的多發性骨髓瘤產品組合的進展，華金提到了這一點。研發投資仍然是支持長期增長和價值創造的重中之重。

Our second priority is our commitment to dividends. 2022 marked the 60th consecutive year in which we increased our annual dividend. We know investors value our dividend. And as a part of the Consumer Health separation, we intend, at a minimum, to maintain that dividend. As you can appreciate, we will need more clarity on the type of separation to determine how that is best achieved.

我們的第二個優先事項是我們對股息的承諾。 2022 年是我們連續第 60 年增加年度股息。我們知道投資者重視我們的股息。作為消費者健康業務分離的一部分，我們打算至少保持這种红利。如您所知，我們需要更清楚地了解分離的類型，以確定如何最好地實現分離。

Our third priority is strategic acquisitions, which is intended to complement our organic activities. In 2022, we closed the acquisition of Abiomed, strengthening MedTech's presence in higher growth segments, as well as more than 100 smaller early-stage acquisitions, licensing deals and partnerships.

我們的第三個優先事項是戰略收購，旨在補充我們的有機活動。 2022 年，我們完成了對 Abiomed 的收購，加強了 MedTech 在高增長領域的影響力，並完成了 100 多項規模較小的早期收購、許可交易和合作夥伴關係。

Finally, our Board authorized a $5 billion share repurchase program in the third quarter. And as of the end of the year, we've completed approximately 50% of that program. In combination with our dividend, we returned over $14 billion to shareholders in 2022.

最後，我們的董事會在第三季度批准了 50 億美元的股票回購計劃。截至今年年底，我們已經完成了該計劃的大約 50%。加上我們的股息，我們在 2022 年向股東返還了超過 140 億美元。

I'll now provide our full year 2023 guidance. As we are still in the process of the Kenvue separation, our guidance represents the current Johnson & Johnson businesses, inclusive of Pharmaceuticals, MedTech and Consumer Health segments.

我現在將提供我們 2023 年全年的指導。由於我們仍處於 Kenvue 分離過程中，我們的指導代表當前的強生業務，包括製藥、醫療技術和消費者健康部門。

We expect operational sales growth for the full year 2023 in the range of 4.5% to 5.5% or $96.9 billion to $97.9 billion. This guidance is provided on a constant currency basis, reflecting how we manage business performance.

我們預計 2023 年全年的營業銷售額將增長 4.5% 至 5.5%，即 969 億美元至 979 億美元。本指南以固定貨幣為基礎提供，反映了我們管理業務績效的方式。

We estimate a favorable impact from net acquisitions and divestitures associated primarily with the Abiomed acquisition and, thus, are comfortable with your models reflecting adjusted operational sales growth in the range of 3.5% to 4.5%.

我們估計主要與 Abiomed 收購相關的淨收購和資產剝離產生了有利影響，因此，我們對反映調整後運營銷售增長在 3.5% 至 4.5% 範圍內的模型感到滿意。

Our sales guidance continues to exclude contribution from the COVID-19 vaccine, which, as your models already correctly anticipate, will decline in 2023. As you know, we don't speculate on future currency movements, but utilizing the euro spot rate relative to the U.S. dollar as of last week at 1.08 as well as other currencies, we estimate there would be no impact from foreign currency translation on reported sales for the year.

我們的銷售指南繼續排除 COVID-19 疫苗的貢獻，正如您的模型已經正確預測的那樣，該疫苗將在 2023 年下降。如您所知，我們不推測未來的貨幣走勢，而是利用歐元的即期匯率相對於上周美元兌其他貨幣匯率為 1.08，我們估計外幣換算不會對本年度報告的銷售額產生影響。

Regarding other items on our P&L, we expect 2023 adjusted pretax operating margin to be flat driven by continued inflationary pressures and cost of goods sold, offset by continued operating expense leverage.

關於我們損益表中的其他項目，我們預計 2023 年調整後的稅前營業利潤率將在持續的通脹壓力和銷售成本的推動下持平，並被持續的營業費用槓桿所抵消。

Regarding other income and expense, the line on the P&L where we record royalty income, the return on assets and actuarial costs associated with certain employee benefit programs as well as gains and losses related to items such as investments by Johnson & Johnson Development Corp., litigation and balance sheet write-offs. On an adjusted basis, we expect this to be $1.9 billion, $2.1 billion for 2023.

關於其他收入和支出，我們在損益表中記錄特許權使用費收入、資產回報率和與某些員工福利計劃相關的精算成本，以及與強生開發公司投資等項目相關的損益，訴訟和資產負債表沖銷。在調整後的基礎上，我們預計這是 19 億美元，2023 年為 21 億美元。

The majority of this income is associated with our employee benefits programs aligned with accounting disclosure requirements, rising interest rates, return on assets and program actions the team has implemented to derisk the plans have lowered our projected future benefit obligations. And based on current trends, we expect this benefit to continue through the next couple of years.

這一收入的大部分與我們符合會計披露要求的員工福利計劃、利率上升、資產回報率以及團隊為降低計劃風險而實施的計劃行動相關，這些計劃降低了我們預計的未來福利義務。根據目前的趨勢，我們預計這種優勢將在未來幾年持續下去。

We are comfortable with you modeling net interest expense between $250 million and $350 million. These figures include increased financing charges versus 2022 and associated with the Abiomed acquisition.

我們很樂意為您建模 2.5 億美元至 3.5 億美元之間的淨利息支出。這些數字包括與 2022 年相比增加的融資費用以及與 Abiomed 收購相關的費用。

Finally, we are projecting an effective tax rate for 2023 in the range of 15.5% to 16.5% based on current tax laws and anticipated geographic income mix across our businesses.

最後，根據現行稅法和我們業務的預期地域收入組合，我們預計 2023 年的有效稅率在 15.5% 至 16.5% 之間。

Considering all these factors, we are guiding adjusted earnings per share in the range of $10.40 to $10.60 on a constant currency basis, reflecting operational or constant currency growth of approximately 2.5% to 4.5% or 3.5% at the mid.

考慮到所有這些因素，我們指導調整後的每股收益在 10.40 美元至 10.60 美元的範圍內（按固定匯率計算），反映了大約 2.5% 至 4.5% 或中期 3.5% 的運營或固定匯率增長。

While not predicting the impact of currency movements, assuming recent exchange rates I previously referenced, our reported adjusted operational earnings per share for the year would be favorably impacted by approximately $0.05 per share, resulting in adjusted reported earnings per share in a range of $10.45 to $10.65 or $10.55 at the midpoint, a growth of 4% versus the prior year.

雖然沒有預測貨幣變動的影響，但假設我之前提到的近期匯率，我們報告的年度調整後每股運營收益將受到約每股 0.05 美元的有利影響，從而導致調整後的報告每股收益在 10.45 美元至 10.45 美元之間。中點為 10.65 美元或 10.55 美元，比上年增長 4%。

While we do not provide guidance by segment or on a quarterly basis, I'd like to provide some qualitative considerations for your modeling. Some segment remarks to Pharmaceuticals. We expect to again deliver above-market growth in 2023 driven by key assets such as DARZALEX, ERLEADA, TREMFYA, INVEGA SUSTENNA and UPTRAVI as well as continued uptake of recently launched products, such as CARVYKTI, SPRAVATO and TECVAYLI. This growth is despite lower pharmaceutical market growth than experienced in recent years and considers the STELARA loss of exclusivity, which we anticipate occurring in late 2023 in the U.S.

雖然我們不按細分或按季度提供指導，但我想為您的建模提供一些定性考慮因素。一些分部對製藥的評論。我們預計在 DARZARLEX 、 ERLEADA 、 TREMFYA 、 INVEGA SUSTENNA 和 UPTRAVI 等關鍵資產的推動下，以及對最近推出的產品（如 CARVYKTI 、 SPRAVATO 和 TECVAYLI ）的持續採用，將在2023年再次實現高於市場的增長。儘管製藥市場的增長低於近年來的增長，但考慮到 STELARA 的獨占性喪失，我們預計這將在 2023 年底在美國發生，但仍出現了這種增長。

While we continue to expect volume growth for STELARA in the U.S. up to the LOE date, we expect this growth to be offset by pricing pressure. Further, we continue to expect a 2023 impact from other post-LOE products as well as potential increased austerity measures across Europe.

雖然我們繼續預計 LOE 日期之前美國 STELARA 的銷量增長，但我們預計這種增長將被定價壓力所抵消。此外，我們繼續預計 2023 年其他後 LOE 產品的影響以及整個歐洲可能增加的緊縮措施。

In MedTech, we expect continued competitive growth fueled by market recovery and continued commercial uptake of recently launched products. We anticipate a relatively stable recovery in procedure volumes, with health care staffing constraints remaining the most significant limitation on the pace of recovery.

在醫療技術領域，我們預計在市場復甦和最近推出的產品持續商業化的推動下，競爭將持續增長。我們預計手術量將相對穩定地恢復，而醫療保健人員的限制仍然是恢復速度的最重要限制。

Specific to China, we anticipate continued pressure into 2023 related to the easing of the zero-COVID policies as well as impacts from volume-based procurement. As we've said, we're excited about the Abiomed acquisition, which accelerates our sales growth in 2023.

具體到中國，我們預計到 2023 年將繼續面臨與零 COVID 政策的放鬆以及基於數量的採購的影響相關的壓力。正如我們所說，我們對 Abiomed 的收購感到興奮，這將加速我們 2023 年的銷售增長。

In Consumer Health, we anticipate continued growth in line with the markets that we compete in. We also expect to continue to utilize strategic price increases across the portfolio to minimize the impact of ongoing inflationary pressures within the supply chain.

在消費者健康方面，我們預計將繼續與我們競爭的市場保持一致。我們還希望繼續利用整個產品組合的戰略價格上漲，以盡量減少供應鏈內持續通脹壓力的影響。

Regarding quarterly phasing, it's best summed up with a general theme that we expect the second half to be stronger than the first half, and likely the second quarter is stronger than the first quarter. We are assuming the following to support these statements.

關於季度階段，最好用一個總的主題來總結，即我們預計下半年將強於上半年，並且第二季度可能強於第一季度。我們假設以下內容來支持這些陳述。

In Pharmaceuticals, the first half of the year will be impacted by continued declines from LOE products in Europe that impacted Q4 2022 results, namely ZYTIGA and INVEGA SUSTENNA, as well as continued pricing pressure. Also we expect the ramp of new product launches will occur more prominently in the second half of the year.

在製藥領域，今年上半年將受到歐洲 LOE 產品持續下滑的影響，這影響了 2022 年第四季度的業績，即 ZYTIGA 和 INVEGA SUSTENNA，以及持續的定價壓力。此外，我們預計新產品發布的增長將在今年下半年更加突出。

In MedTech, we expect second half operational sales growth to be higher than the first half of the year, as we anticipate ongoing procedure recovery to improve as the year progresses. We also believe that some of the COVID impact felt in China in Q4 will carry over into early 2023. And similar to Pharmaceuticals, uptake of new product launches is assumed to be more pronounced in the second half.

在 MedTech 方面，我們預計下半年的營業銷售額增長將高於上半年，因為我們預計持續的程序恢復會隨著今年的進展而改善。我們還認為，中國在第四季度感受到的一些 COVID 影響將延續到 2023 年初。與製藥業類似，新產品發布的採用預計在下半年更為明顯。

Given we are in the registration process, regulations limit what we can currently discuss around the planned Consumer Health [separation].

鑑於我們正處於註冊過程中，法規限制了我們目前可以圍繞計劃中的消費者健康 [分離] 討論的內容。

On the P&L, we also anticipate operating margin to be better in the second half than the first half. This is attributable to inventory built in 2022 at higher costs driven by inflation that will flow through the P&L in the first half of 2023 and a second half that accounts for cost leverage driven by mitigation efforts and higher sales reflected in the comments I just made.

在損益表上，我們還預計下半年的營業利潤率將好於上半年。這歸因於 2022 年以更高的成本建立的庫存，而通脹將在 2023 年上半年和下半年流經損益表，而下半年則考慮了緩解措施驅動的成本槓桿和我剛才發表的評論中反映的更高的銷售額。

And finally, while we don't speculate on future currency movements, utilizing the euro spot rate relative to the U.S. dollar as of last week at 1.08, as well as other currencies, foreign exchange would have a negative impact on our results in the first half of the year, but potentially a favorable impact in the second half.

最後，雖然我們不推測未來的貨幣走勢，但根據上週歐元兌美元以及其他貨幣的即期匯率 1.08，外匯將首先對我們的結果產生負面影響半年，但可能在下半年產生有利影響。

Turning to key events in 2023. As mentioned, we are limited in the information we can provide around the planned Consumer Health separation. We publicly filed a Form S-1 on January 4 with the Securities and Exchange Commission, giving us the option to pursue an initial public offering as a potential first step in the planned separation, and we have started to operate Kenvue as a company within a company.

轉向 2023 年的關鍵事件。如前所述，我們可以提供的關於計劃中的消費者健康分離的信息有限。我們於 1 月 4 日向美國證券交易委員會公開提交了 S-1 表格，這使我們可以選擇進行首次公開募股，作為計劃分離的潛在第一步，我們已經開始將 Kenvue 作為一家公司在公司。

Consistent with our initial announcement in November of 2021, we continue to expect to complete the separation in 2023. And we expect that any interim steps, such as an IPO, would be consistent with that timing, subject to market conditions.

與我們在 2021 年 11 月的初步公告一致，我們繼續期望在 2023 年完成分拆。我們預計任何臨時步驟（例如 IPO）都將與該時間保持一致，具體取決於市場條件。

We are estimating $1.8 billion to $2.1 billion in after-tax Kenvue standup costs, with $1.2 billion having already been incurred through the end of 2022. These estimates are in line with industry average for transactions such as this one given Johnson & Johnson's market cap.

我們估計 Kenvue 的稅後站立成本為 18 億至 21 億美元，到 2022 年底已經發生了 12 億美元。這些估計與強生公司市值下此類交易的行業平均水平一致。

In terms of dis-synergies to be incurred following the completion of the separation, we are estimating between $500 million and $750 million of annual after-tax impact. We are already executing on plans to address these dis-synergies and expect to have them fully mitigated by the end 2024.

就分離完成後產生的協同效應而言，我們估計每年的稅後影響在 5 億至 7.5 億美元之間。我們已經在執行解決這些協同失調的計劃，並期望在 2024 年底之前完全緩解它們。

As we separate a new Johnson & Johnson, we'll also continue to reevaluate the level of ongoing financial information provided based on discussions with investors. While our financials will become simpler as we move from a 3-segment company to a 2-segment company, we will continue to look for ways to enhance our disclosures, such as providing quarterly R&D by segment and a patent expiry table in our Form 10-K.

在我們分離新的強生公司時，我們還將根據與投資者的討論，繼續重新評估所提供的持續財務信息的水平。雖然隨著我們從 3 分部公司轉變為 2 分部公司，我們的財務將變得更簡單，但我們將繼續尋找方法來加強我們的披露，例如在我們的 Form 10 中提供按分部劃分的季度研發和專利到期表-K。

We also expect 2023 to be an important year of scientific innovations and readouts across our segments. In our Pharmaceutical business, some examples include the potential approval of talquetamab, our GPRC5D CD3 bispecific antibody in relapsed/refractory multiple myeloma; potential clinical data from CARTITUDE-4, a trial studying CARVYKTI or BCMA CAR-T in patients with 1 to 3 lines of prior therapy.

我們還預計 2023 年將是我們各個部門進行科學創新和解讀的重要一年。在我們的製藥業務中，一些例子包括 talquetamab 的潛在批准，我們的 GPRC5D CD3 雙特異性抗體用於治療復發/難治性多發性骨髓瘤；來自 CARTITUDE-4 的潛在臨床數據，這是一項研究 CARVYKTI 或 BCMA CAR-T 在接受過 1 至 3 線先前治療的患者中的試驗。

The potential for an interim analysis of the MARIPOSA study of RYBREVANT plus lazertinib in frontline non-small cell lung cancer with EGFR mutations versus TAGRISSO as well as potential clinical data from the PAPILLON study in frontline non-small cell lung cancer in combination with chemotherapy.

MARIPOSA 研究 RYBREVANT 聯合 lazertinib 治療 EGFR 突變一線非小細胞肺癌與 TAGRISSO 的中期分析潛力，以及來自 PAPILLON 一線非小細胞肺癌聯合化療研究的潛在臨床數據。

Early clinical data from the Phase II SunRISe-1 study of TAR-200, our drug eluting device in non-muscle invasive bladder cancer. Starting Phase III clinical program for milvexian, a Factor XI anticoagulant in partnership with Bristol-Myers Squibb.

來自 TAR-200 的 II 期 SunRISe-1 研究的早期臨床數據，TAR-200 是我們治療非肌層浸潤性膀胱癌的藥物洗脫裝置。與 Bristol-Myers Squibb 合作啟動因子 XI 抗凝劑 milvexian 的 III 期臨床計劃。

Potential Phase II clinical data from nipocalimab, our FcRn antagonist in rheumatoid arthritis and hemolytic disease of the fetus and newborn.

來自 nipocalimab 的潛在 II 期臨床數據，我們的 FcRn 拮抗劑在類風濕性關節炎和胎兒和新生兒溶血性疾病中的應用。

Potential Phase III clinical data from TREMFYA in Crohn's disease and ulcerative colitis. And finally, TREMFYA, our IL-23 inhibitor, was recently added to the National Reimbursement Drug list in China, which will take effect later this year.

TREMFYA 在克羅恩病和潰瘍性結腸炎中的潛在 III 期臨床數據。最後，我們的 IL-23 抑製劑 TREMFYA 最近被添加到中國的國家報銷藥品目錄中，該目錄將於今年晚些時候生效。

In MedTech, we look forward to providing information on significant innovation programs across the business, including expansion of our digital solutions in orthopedics; our digital robotic solution, Ottava; our pulse field ablation solutions for cardiac ablation; and advancements in our pipeline and clinical studies for heart recovery associated with Abiomed.

在 MedTech 方面，我們期待提供有關整個企業重大創新計劃的信息，包括擴展我們在骨科領域的數字解決方案；我們的數字機器人解決方案 Ottava；我們用於心臟消融的脈衝場消融解決方案；以及我們與 Abiomed 相關的心臟恢復管道和臨床研究的進展。

Overall, our approach to 2023 financial guidance should be viewed as responsibly cautious given the many external uncertainties. We are focused on delivering competitive growth for the new Johnson & Johnson, while also completing a successful Consumer Health separation. We are confident that our current plans position us for long-term growth and value creation for shareholders.

總體而言，鑑於許多外部不確定性，我們對 2023 年財務指引的態度應被視為負責任的謹慎態度。我們專注於為新的強生公司提供有競爭力的增長，同時也成功完成消費者健康業務的分離。我們相信，我們目前的計劃將使我們能夠為股東實現長期增長和價值創造。

That concludes our prepared remarks. I am now pleased to open the line for your questions. (Operator Instructions).

我們準備好的發言到此結束。我現在很高興為您的問題開通熱線。 （操作員說明）。

(Operator Instructions) Our first question today is coming from Terence Flynn from Morgan Stanley.

（操作員說明）我們今天的第一個問題來自摩根士丹利的特倫斯弗林。

Maybe a two-part question for me. I guess, Joe, first on the guidance, you mentioned it should be viewed as responsibly cautious. Just wondering any areas you'd call out in terms of conservatism as we think about the year.

也許對我來說是一個分為兩部分的問題。我想，喬，首先是關於指南，你提到它應該被視為負責任的謹慎。只是想知道在我們考慮這一年時，您會在保守主義方面指出哪些領域。

And then on the pipeline side, obviously, myeloma -- sorry, excuse me, myeloma, an important area for you guys. Just wondering if you can confirm the timing of the CARTITUDE-4 study and what you're hoping to see from that readout.

然後在管道方面，很明顯，骨髓瘤——對不起，對不起，骨髓瘤，對你們來說是一個重要領域。只是想知道您是否可以確認 CARTITUDE-4 研究的時間以及您希望從該讀數中看到什麼。

Terence, I'll handle the first question, and then I'll kick the question of CARTITUDE over to Joaquin.

Terence，我會處理第一個問題，然後我會把 CARTITUDE 的問題交給 Joaquin。

With respect to guidance, I would say, just given all the macroeconomic uncertainty, geopolitical uncertainty, we thought this was the right approach at this point in time to come out with guidance in the ranges that we did. I wouldn't classify it as conservative per se. What I would say in terms of our outlook for the P&L is that we're assuming a lot of carryover, quite frankly, of the inflationary impact that we had in 2022.

關於指導，我想說，考慮到所有宏觀經濟的不確定性、地緣政治的不確定性，我們認為在這個時間點，這是在我們所做的範圍內提供指導的正確方法。我不會將其歸類為保守派本身。就我們對損益表的展望而言，我要說的是，坦率地說，我們假設 2022 年的通脹影響有很多結轉。

As you can imagine, the way the accounting would work, we built the inventory at higher cost in 2022. That's set on the balance sheet at year-end and will flow through mostly the first half of 2023.

正如你可以想像的那樣，按照會計的運作方式，我們在 2022 年以更高的成本建立了庫存。這是在年底的資產負債表上設定的，並將在 2023 年上半年大部分時間流轉。

If there's any element of conservatism, I would say, it probably resides in the fact that we're not assuming any deflationary relief as we go throughout the year. So we do think these costs will be at a higher level for some time. But as you saw with our fourth quarter results, and really the outlook for 2023, we're doing everything we can responsibly to prioritize our top investments for the long term as well as manage costs in the interim.

如果有任何保守主義因素，我想說，它可能存在於這樣一個事實，即我們在全年進行時沒有假設任何通貨緊縮緩解。所以我們確實認為這些成本將在一段時間內處於較高水平。但正如您在我們第四季度的業績以及 2023 年的展望中所看到的那樣，我們正在盡我們所能負責任地優先考慮我們的長期投資，並在此期間管理成本。

Thank you. And with respect to CARTITUDE-4 and CARVYKTI, our multiple myeloma portfolio trends is the most important driver of growth for our pharmaceutical group moving forward. It's about DARZALEX continued progression in first line, CARVYKTI, our best-in-class BCMA cell therapy, the recently approved TECVAYLI, our BCMA CD3 bispecific. And also we are excited about the filing of talquetamab, our GPRC5D CD3 bispecific.

謝謝你。關於 CARTITUDE-4 和 CARVYKTI，我們的多發性骨髓瘤產品組合趨勢是我們製藥集團向前發展的最重要增長動力。這是關於 DARZARLEX 在一線的持續進展，CARVYKTI，我們一流的 BCMA 細胞療法，最近批准的 TECVAYLI，我們的 BCMA CD3雙特異性。我們也對我們的 GPRC5D CD3 雙特異性藥物 talquetamab 的申請感到興奮。

So all in all, this portfolio enables us to do something very significant, which is changing the treatment paradigm from treating to progression to treating to cure. And we'll see these medicines being used in combination and in different sequences in order to achieve these treating to cure.

所以總而言之，這個產品組合使我們能夠做一些非常重要的事情，這正在改變治療範式，從治療到進展到治療再到治愈。我們將看到這些藥物以不同的順序組合使用，以實現治療到治愈。

Specifically, what you mentioned, CARTITUDE-4, which is the study that evaluates CARVYKTI in patients who have received 1 or 3 prior lines of therapy, it's very important in achieving that goal. CARTITUDE-4 is an event-driven study, and we look forward to have some results of CARTITUDE-4 in 2023. We cannot give you the specific timing because it's an event-driven study, and it will be very important in our ambition to move CARVYKTI into earlier lines of therapy.

具體來說，你提到的 CARTITUDE-4 是一項評估 CARVYKTI 在接受過 1 或 3 線治療的患者中的研究，它對於實現該目標非常重要。 CARTITUDE-4 是一項事件驅動的研究，我們期待在 2023 年得到 CARTITUDE-4 的一些結果。我們不能給你具體的時間，因為它是一項事件驅動的研究，這對我們實現目標非常重要將 CARVYKTI 轉移到更早的治療線。

Next question today is coming from David Risinger from SVB Securities.

今天的下一個問題來自 SVB Securities 的 David Risinger。

So first of all, congratulations on the performance. I was hoping that you could please discuss the longer-term prospects for the Pharmaceutical business. In the past, J&J has targeted $60 billion in Pharmaceutical revenue in 2025.

所以首先，祝賀你的表現。我希望您能討論一下製藥業務的長期前景。過去，強生的目標是到 2025 年實現 600 億美元的製藥收入。

I'm wondering if that's still the target. And if so, what you believe consensus is under modeling because consensus is projecting sales below the $60 billion figure for 2025.

我想知道這是否仍然是目標。如果是這樣，您認為共識正在建模中，因為共識預計 2025 年的銷售額將低於 600 億美元。

Thank you for the question. And turning to what you mentioned, our 2025 targets, we continue to work towards accomplishing our previously stated goals of, on one hand, delivering growth every single year in our pharmaceutical group through 2025, despite of the loss of exclusivity of STELARA. At the same time, continue to advance our differentiated pipeline and achieving $60 billion in revenue by 2025. So we continue to work towards these goals.

感謝你的提問。談到你提到的，我們的 2025 年目標，我們繼續努力實現我們之前提出的目標，一方面，儘管失去了 STELARA 的獨家經營權，但到 2025 年，我們的製藥集團每年都實現增長。同時，繼續推進我們的差異化管道，到 2025 年實現 600 億美元的收入。因此我們繼續朝著這些目標努力。

As we have discussed multiple times, the growth by 2025 is going to be driven mainly through the strength of our currently marketed portfolio as well as new indications of niche marketed portfolio.

正如我們多次討論的那樣，到 2025 年的增長將主要通過我們目前銷售的產品組合的實力以及利基市場產品組合的新跡象來推動。

Some examples, continuous growth of DARZALEX in first line; TREMFYA, which is gaining share both in psoriatic arthritis and in psoriasis; and we expect a readout of our IBD studies in ulcerative colitis and Crohn's disease in 2023 will provide a significant additional leg of growth for TREMFYA.

一些例子，DARZARLEX 在一線的持續增長； TREMFYA，它在銀屑病關節炎和銀屑病中的份額越來越大；我們預計 2023 年我們對潰瘍性結腸炎和克羅恩病的 IBD 研究的讀出將為 TREMFYA 提供重要的額外增長。

ERLEADA, which is now in different indications in metastatic and nonmetastatic prostate cancer will have some readouts of studies in high-risk localized prostate cancer in 2023, providing an additional leg of growth.

ERLEADA 目前在轉移性和非轉移性前列腺癌中處於不同的適應症，將在 2023 年對高風險局部前列腺癌的研究進行一些解讀，提供額外的增長。

Our INVEGA SUSTENNA franchise in the U.S. as well as our pulmonary artery hypertension franchise with UPTRAVI and OPSUMIT that has been affected by COVID-19, but that we expect that will continue to deliver growth. So that is the mainstay of our growth prospects towards 2025, and I will go later about the disconnect.

我們在美國的 INVEGA SUSTENNA 特許經營權以及我們的 UPTRAVI 和 OPSUMIT 肺動脈高壓特許經營權受到了 COVID-19的影響，但我們預計這將繼續實現增長。所以這是我們到 2025 年增長前景的支柱，我稍後會談到這種脫節。

Then connected with that, we are also excited about our new product launches, specifically growth of SPRAVATO, growth in CARVYKTI that I just mentioned before and also TECVAYLI, which we got the approval very recently. And as I commented, the filing of talquetamab, everything in multiple myeloma.

然後與此相關，我們也對我們的新產品發布感到興奮，特別是 SPRAVATO 的增長，我剛才提到的 CARVYKTI 的增長以及我們最近獲得批准的 TECVAYLI 的增長。正如我評論的那樣，talquetamab 的歸檔，多發性骨髓瘤的一切。

At the same time, we continue to make significant progress in some of the key products in our pipeline. Some of them, we commented that were opportunities of more than $5 billion. A sample of them, milvexian, our oral anticoagulant, the combination of RYBREVANT plus lazertinib in non-small cell lung cancer, our TARIS platform in bladder cancer. And finally, nipocalimab in autoantibody-mediated diseases. So those are the key drivers of our growth moving into 2025.

與此同時，我們繼續在我們管道中的一些關鍵產品上取得重大進展。其中一些，我們評論說是超過 50 億美元的機會。其中的一個樣本，milvexian，我們的口服抗凝劑，RYBREVANT 和 lazertinib 在非小細胞肺癌中的組合，我們在膀胱癌中的 TARIS 平台。最後，nipocalimab 在自身抗體介導的疾病中的應用。因此，這些是我們進入 2025 年增長的主要驅動力。

If I think about the main disconnect between our forecast and the Street forecast, it's our multiple myeloma portfolio. As I commented earlier, we see our multiple myeloma portfolio helping treating to cure rather than cannibalizing each other. And as a matter of fact, some of the studies that we have now in place show that ambition of combining our therapies.

如果我考慮我們的預測與華爾街預測之間的主要脫節，那就是我們的多發性骨髓瘤產品組合。正如我之前評論的那樣，我們看到我們的多發性骨髓瘤產品組合有助於治療治愈而不是相互蠶食。事實上，我們現在進行的一些研究表明了結合我們的療法的雄心壯志。

I mentioned CARTITUDE-4, moving CARVYKTI into every lines of therapy. TECVAYLI and talquetamab, our 2 bispecific antibodies are being studied in combination with one another. And TECVAYLI or talquetamab are also being studied in combination with DARZALEX. So I see that as the major source of disconnect with the Street.

我提到了 CARTITUDE-4，將 CARVYKTI 轉移到每一個治療線中。 TECVAYLI 和 talquetamab，我們的 2 種雙特異性抗體正在聯合研究。 TECVAYLI 或 talquetamab 也正在與 DARZARLEX 聯合研究。所以我認為這是與華爾街脫節的主要原因。

Then further to that, I continue to see disconnects in SPRAVATO, our treatment for treatment-resistant depression. Significant disconnects also in ERLEADA because of the indications in high-risk patients with localized prostate cancer that will read in 2023. We see a disconnect, as I commented in our pulmonary artery hypertension franchise with UPTRAVI and OPSUMIT, which have been impacted by the pandemic, but we see strong growth moving forward. And then finally, in the expectations for XARELTO loss of exclusivity, which we see that in the back half of this decade.

除此之外，我繼續看到 SPRAVATO 的脫節，這是我們治療難治性抑鬱症的方法。由於局限性前列腺癌高危患者的適應症將於 2023 年讀取，ERLEADA 也存在重大脫節。正如我在 UPTRAVI 和 OPSUMIT 的肺動脈高壓專營權中所評論的那樣，我們看到了脫節，它們受到了大流行的影響，但我們看到強勁的增長向前發展。最後，在對 XARELTO 失去排他性的預期中，我們在本十年的後半期看到了這一點。

So those are elements that I have reflected as disconnect. So as I said, we continue to drive towards our 2025 goal of $60 billion and posting growth every year. I think it's a reflection of the strength of our current portfolio and how well we are executing in our pipeline.

所以這些是我反映為斷開連接的元素。因此，正如我所說，我們繼續朝著 2025 年 600 億美元的目標邁進，並且每年都在增長。我認為這反映了我們當前投資組合的實力以及我們在管道中的執行情況。

Next question today is coming from Larry Biegelsen from Wells Fargo.

今天的下一個問題來自 Wells Fargo 的 Larry Biegelsen。

Just a 2-part one for me. Joe, can you provide a little more color on the cadence of operational sales growth in Pharma and Devices? How much lower do you expect the first half to be versus the second half? And what are you assuming for market growth in each of the segments in '23?

對我來說只有兩部分。喬，您能否提供更多有關製藥和設備業務銷售增長節奏的信息？您預計上半年比下半年低多少？您對 23 年每個細分市場的市場增長有何假設？

And Joaquin, just to follow up to David's question there on the $60 billion, it implies a 6% CAGR between 2022 and 2025. How should we think about the ramp to $60 billion? Do you expect it to be more back-end loaded?

Joaquin，只是為了跟進 David 關於 600 億美元的問題，這意味著 2022 年到 2025 年之間的複合年增長率為 6%。我們應該如何考慮增加到 600 億美元？你希望它有更多的後端加載嗎？

So let me start by -- as you know, we don't provide guidance by quarter, but let me talk a little bit about market growth. With respect to MedTech, we anticipate pretty much what we typically see in any given year of 4% to 6%. As some of my earlier comments in the prepared remarks reflect, we anticipate that there will be a little bit of, I'll call it, carryover from some of the COVID surges that we saw in the Asia Pacific region in the fourth quarter. But other than that, a normal cadence of steady procedure recovery.

所以讓我開始——如你所知，我們不按季度提供指導，但讓我談談市場增長。關於 MedTech，我們預計在任何給定年份通常會看到 4% 到 6% 的增長。正如我之前在準備好的評論中的一些評論所反映的那樣，我們預計第四季度我們在亞太地區看到的一些 COVID 激增會帶來一些影響。但除此之外，穩定程序恢復的正常節奏。

The biggest challenge that hospital administrators are facing right now is really the staffing concern, but they've done a wonderful job in getting some sense of normalcy to that.

醫院管理者目前面臨的最大挑戰實際上是人員配備問題，但他們在讓人們對此有一些常態感方面做得非常出色。

With respect to pharmaceuticals, again, we enjoyed our 11th consecutive year of above-market growth. We anticipate 2023 will be a 12th year, but it is off a lower base. If you happen to see some of the IQVIA data from last week, they're calling global and actually U.S. growth somewhere in that 2.5% to 4% range, depending on what region you're looking at. So while we will beat the market, we think it will be a lower number just by the dynamic of the market overall, and that's kind of how we're thinking of it.

在藥品方面，我們再次享受了連續第 11 年高於市場的增長。我們預計 2023 年將是第 12 個年頭，但基數較低。如果你碰巧看到上週的一些 IQVIA 數據，他們稱全球和實際上美國的增長在 2.5% 到 4% 的範圍內，具體取決於你正在查看的區域。因此，雖然我們會跑贏市場，但我們認為僅憑整個市場的動態，這個數字就會更低，這就是我們的想法。

In terms of some of the cadence, maybe to elaborate on the comments that I had prepared earlier, we will see some of that generic erosion that we experienced in the fourth quarter in Europe with the long-acting injectables as well as ZYTIGA having a much more pronounced impact in the first and second quarter, bleeding over from the fourth quarter. And pricing measures likely will be consistent throughout the year.

就一些節奏而言，也許是為了詳細說明我之前準備的評論，我們將看到我們在第四季度在歐洲經歷的一些通用侵蝕，長效注射劑以及 ZYTIGA 有很多第一季度和第二季度的影響更為明顯，從第四季度開始流血。全年定價措施可能會保持一致。

So hopefully, that helps give you a better sense of how we're looking at it. But again, the general theme of second half stronger than first half and probably second quarter stronger than first quarter seems to hold intact based on top line as well as bottom line performance given our expectations.

希望這有助於讓您更好地了解我們是如何看待它的。但同樣，根據我們的預期，下半年比上半年強，第二季度可能比第一季度強的總體主題似乎仍然完好無損。

Thank you. And regarding to your question, Larry, as we have discussed and commented, we see above-market growth in 2023 for our pharmaceutical group, which would be the 12th consecutive year of our market growth. And we continue to see positive growth in 2024, despite of the loss of exclusivity in STELARA. And then we would see again pickup of our growth above market in 2025. That's the sequence that we will see.

謝謝你。關於你的問題，拉里，正如我們已經討論和評論的那樣，我們預計我們的製藥集團將在 2023 年實現高於市場的增長，這將是我們連續第 12 年實現市場增長。儘管失去了 STELARA 的獨家經營權，但我們在 2024 年繼續看到正增長。然後我們將在 2025 年再次看到我們的增長高於市場。這就是我們將看到的順序。

Certainly, the actual growth rate will be impacted by the FX, and we don't anticipate and we don't project FX. And when we were establishing our $60 billion goal, we were thinking about the FX at the moment. We don't change the $60 billion because we don't know what the FX would be by 2025. But for purposes of you understanding how we see that, we see above-market growth in 2023. We see positive growth in 2024, and then we see a pickup of growth, a significant one, in 2025 above market.

當然，實際增長率將受到外彙的影響，我們不預期也不預測外匯。當我們制定 600 億美元的目標時，我們當時正在考慮 FX。我們不會改變 600 億美元，因為我們不知道到 2025 年的匯率會是多少。但為了讓您了解我們的看法，我們預計 2023 年將實現高於市場的增長。我們預計 2024 年將實現正增長，並且然後我們會看到 2025 年高於市場的增長回升，這是一個顯著的增長。

Your next question today is coming from Chris Schott from JPMorgan.

您今天的下一個問題來自摩根大通的 Chris Schott。

Just one question and one quick clarification. I guess, on operating margins, and this is a question maybe beyond '23, I'm just trying to think through the balance of, I guess, on one hand, some of the inflation headwinds potentially decreasing as you work through some of this inventory, I guess, balanced against the STELARA LOE and some of the dis-synergies from the spin.

只有一個問題和一個快速澄清。我想，關於營業利潤率，這可能是 23 年後的一個問題，我只是想通過平衡來思考，我想，一方面，當你解決這些問題時，一些通貨膨脹的不利因素可能會減少我猜，庫存與 STELARA LOE 和旋轉帶來的一些協同效應相平衡。

So I guess, as something kind of bigger picture about operating margins, is 2023 a decent proxy going forward? Or could we see either modest erosion in margins or expansion? Or is it too early to call? I'm just trying to get some sense of how that plays out.

所以我想，作為營業利潤率的某種更大圖景，2023 年是一個不錯的未來代表嗎？或者我們能否看到利潤率適度下降或擴張？或者現在打電話還為時過早？我只是想了解一下結果如何。

And then my second question, which is just maybe a clarification on some of the immunology comments you made regarding 4Q. I think you mentioned unfavorable mix and rebate dynamics as headwinds. Should we expect those dynamics to continue in '23? And I guess, are they getting worse? Or is this more just a continuation of what you've seen in the last few years that rebates are just kind of like gradually going up for that franchise as a whole?

然後是我的第二個問題，這可能只是對您對 4Q 所做的一些免疫學評論的澄清。我認為你提到不利的混合和回扣動態是不利因素。我們是否應該期待這些動態在 23 年繼續下去？我想，他們會變得更糟嗎？還是這更像是您在過去幾年中所看到的情況的延續，即整個特許經營權的回扣有點像逐漸增加？

Great. Chris, I'll tackle the operating margin question, and then I'll turn it over to Joaquin for some of the immunology references. So with respect to operating margin, I think, while we don't give multiyear guidance, I think this year does portend to have considerable achievement in terms of managing cost by the organization, in addition to inflationary pressures. And again, that's not combated with an assumption that we'll see deflationary relief.

偉大的。克里斯，我會解決營業利潤率問題，然後我會把它交給 Joaquin 以獲得一些免疫學參考。因此，關於營業利潤率，我認為，雖然我們沒有給出多年指導，但我認為今年確實預示著除了通脹壓力之外，組織在管理成本方面取得了相當大的成就。再一次，這並沒有與我們將看到通貨緊縮緩解的假設作鬥爭。

We also have the dis-synergies that come along with the consumer separation itself. As the comments indicated, we plan to address all of those, and we've already started in mid-2022 to mitigate some of those. They'll be fully mitigated by 2024. So I would think just looking out now qualitatively, '23 and '24 may look similar because you've got some different dynamics playing out, and we'll certainly have to see how inflation plays out over the course of this year.

我們也有消費者分離本身帶來的協同效應。正如評論所指出的，我們計劃解決所有這些問題，並且我們已經在 2022 年年中開始緩解其中一些問題。到 2024 年它們將完全緩解。所以我認為現在從定性上看，'23 和 '24 可能看起來相似，因為你有一些不同的動力在發揮作用，我們當然必須看看通貨膨脹如何發揮作用在今年的過程中。

And then getting back on a more normal cadence, I would say, you would expect from Johnson & Johnson, you know that we like to grow income a little bit faster than sales growth, and you do that by improving your margin profile.

然後回到更正常的節奏，我會說，你會期望強生公司，你知道我們希望收入增長比銷售增長快一點，你可以通過提高利潤率來做到這一點。

We have $60 billion of resources in a given year. So we've got a responsibility, we think, to continue looking at our prioritization and our processes and technology to make sure that we are being not only as effective as we can be, but also as efficient as we can be.

我們每年有 600 億美元的資源。因此，我們認為，我們有責任繼續審視我們的優先順序、我們的流程和技術，以確保我們不僅盡可能有效，而且盡可能高效。

Thank you. And Chris, regarding the dynamics in the immunology market, overall, what we see is that the patient mix is changing, putting more pressure in our overall net price by having a higher participation of some channels we had lower priced. We see those situations continuing into 2023, but not getting worse. Simply, the situation that we are now will continue into 2023, but will stabilize from where we are.

謝謝你。克里斯，關於免疫學市場的動態，總體而言，我們看到的是患者組合正在發生變化，通過我們定價較低的一些渠道的更多參與，給我們的整體淨價帶來更大壓力。我們認為這些情況將持續到 2023 年，但不會變得更糟。簡而言之，我們現在的情況將持續到 2023 年，但會穩定下來。

Our next question is coming from Matt Miksic from Barclays.

我們的下一個問題來自巴克萊銀行的 Matt Miksic。

So I have just one on -- a follow-up on guidance. Joe, if you could talk a little bit about, following up on some of the conservatism and maybe the bright spots, the China assumptions that you've made for procedure disruption and maybe VBP. If you could give us a sense on how long into '23 you expect that to go and then what you assume for the STELARA LOE.

所以我只有一個 - 指導的後續行動。喬，如果你能談談，跟進一些保守主義，也許還有亮點，你為程序中斷所做的中國假設，也許還有 VBP。如果你能告訴我們你預計到 23 年會持續多久，然後你對 STELARA LOE 的假設是什麼。

And then on the (inaudible) that's a conservative side, on the bright spots, I think you just kind of covered, I guess, the ortho trends. I understand you aim at this mid-single-digit range for performance, but you had a very, very strong back half in the U.S. And I'm just wondering, does that kind of strength in ortho and the spine, for example, which is kind of well above sort of historical ranges, does that kind of continue into '23? Or are we assuming that we're going to get some comp challenges there? Or how -- what sort of elements are contemplated in your guidance? That would be helpful.

然後在（聽不清）這是保守的一面，在亮點上，我想你只是有點涵蓋了，我猜，正交趨勢。我知道你的目標是在這個中個位數範圍內的表現，但你在美國有非常非常強壯的後半部我只是想知道，例如，這種力量在矯正和脊柱中，有點遠高於歷史範圍，這種情況會持續到 23 年嗎？或者我們假設我們會在那裡遇到一些比賽挑戰？或者如何 - 您的指導中考慮了哪些元素？那會很有幫助。

Sure. Matt, first of all, I guess, let me follow up to Terence's question with respect to how he positioned the conservatism. I probably did miss an opportunity to speak about some of the things that maybe could go better on our behalf, and some of that could be a quicker rebound in China, whether that be in both MedTech or Pharmaceuticals.

當然。馬特，首先，我想，讓我繼續回答特倫斯關於他如何定位保守主義的問題。我可能確實錯過了一個機會，可以代表我們談論一些可能會做得更好的事情，其中一些可能是中國更快的反彈，無論是在醫療技術領域還是在製藥領域。

Right now, we're assuming there is some carryover effect from the COVID surges we saw in the fourth quarter. The teams on the ground seem to indicate that it's still persistent, but if that rebounded a little bit quicker.

現在，我們假設我們在第四季度看到的 COVID 激增會產生一些結轉效應。地面上的團隊似乎表明它仍然存在，但如果反彈得更快一點。

I think also looking at the multiple myeloma portfolio and the performance of CARVYKTI or TECVAYLI could be significant and opportunities or pockets for upside. We're obviously excited by the Abiomed acquisition and what that could possibly mean and bringing the capabilities of Johnson & Johnson, both in terms of scale and reach, presents some opportunity that maybe isn't in the current projections.

我還認為，看看多發性骨髓瘤產品組合和 CARVYKTI 或 TECVAYLI 的表現可能是重要的，機會或上行空間。我們顯然對 Abiomed 的收購感到興奮，這可能意味著強生公司在規模和範圍方面的能力，提供了一些可能不在當前預測中的機會。

So there are some opportunities for outperformance. Right now, we like where the numbers at with respect to that. China and VBP specifically, I would say that is a dynamic that's not really a new phenomenon for us. We had won a number of tenders at the end of 2021 that were persistent throughout 2022, and we continue to win tenders.

因此，有一些表現出色的機會。現在，我們喜歡與此相關的數字。特別是中國和 VBP，我想說這是一種動態，對我們來說並不是真正的新現象。我們在 2021 年底贏得了一些持續到 2022 年的標書，而且我們將繼續贏得標書。

And we think, over time, that the volume and the opportunity to help many more patients will be persistent with that. So we are -- it's part of the guidance that we see today, that we've offered today, but it's not really much more pronounced in terms of the impact it has on the business versus what we've experienced already.

我們認為，隨著時間的推移，幫助更多患者的數量和機會將持續存在。所以我們 - 這是我們今天看到的指導的一部分，我們今天提供的指導，但就它對業務的影響與我們已經經歷的影響而言，它並沒有真正明顯得多。

Next question today is coming from Trung Huynh from Credit Suisse.

今天的下一個問題來自瑞士信貸的 Trung Huynh。

Trung Huynh from Credit Suisse. Just a question on STELARA erosion expectations. So I was hoping you can give us some thoughts about the cadence of biosimilar products that are going to be coming along this year. None are approved yet, but can we expect the first company to enter with exclusivity for 6 months, something we've seen with HUMIRA, and then the rest coming in '24? Or should we expect all the players to come at once? So any color on this patent dance would be helpful.

瑞士信貸的 Trung Huynh。只是關於 STELARA 侵蝕預期的問題。所以我希望你能給我們一些關於今年將要推出的生物仿製藥產品節奏的想法。尚未獲得批准，但我們能否期望第一家公司以 6 個月的排他性進入市場，這是我們在 HUMIRA 上看到的，然後其他公司將在 24 年進入市場？還是我們應該期望所有玩家同時來？所以這個專利舞蹈的任何顏色都會有所幫助。

Thank you for the question, and it's difficult for us to comment on some of your topics there. There's no approved biosimilars at this time, and we are going to continue to monitor the situation.

感謝您提出問題，我們很難對您的某些主題發表評論。目前沒有批准的生物仿製藥，我們將繼續監測情況。

As we have commented, we expect the erosion curve of STELARA to be likely steeper than that of REMICADE given the evolution of the biosimilar market and the fact that STELARA is a self-administered product as well as potentially, to your point, potentially interchangeability in the label. So that's how we see the STELARA loss of exclusivity.

正如我們所評論的那樣，我們預計 STELARA 的侵蝕曲線可能比 REMICADE 更陡峭，因為生物仿製藥市場的發展以及 STELARA 是一種自我管理的產品這一事實以及潛在的，就您而言，潛在的可互換性標籤。這就是我們如何看待 STELARA 失去排他性。

In 2023, when we think about the STELARA in the U.S., we see the sales of STELARA flat to declining, obviously, given the price pressures that will be offset also by continuous volume growth that we see in STELARA. So that's the perspective that we have for STELARA in 2023.

到 2023 年，當我們考慮美國的 STELARA 時，我們看到 STELARA 的銷量持平甚至下降，顯然，考慮到價格壓力也將被我們在 STELARA 中看到的持續銷量增長所抵消。這就是我們對 2023 年 STELARA 的看法。

Overall, we have a very strong immunology franchise. I commented on TREMFYA before, the continuous progression in psoriasis, psoriatic arthritis, the readout of our ulcerative colitis and Crohn's disease studies, which is exciting. And also in 2023, we may have some data from our Phase II study of our oral IL-23, which we think it's a very exciting underappreciated opportunity in our pipeline, too.

總體而言，我們擁有非常強大的免疫學專營權。我之前評論過 TREMFYA，牛皮癬、銀屑病關節炎的持續進展，我們潰瘍性結腸炎和克羅恩病研究的讀數，這令人興奮。同樣在 2023 年，我們可能會從我們的口服 IL-23 II 期研究中獲得一些數據，我們認為這也是我們管道中一個非常令人興奮的未被充分認識的機會。

Next question today is coming from Chris Shibutani from Goldman Sachs.

今天的下一個問題來自高盛的 Chris Shibutani。

The multiple myeloma franchise, obviously, very central to your objective for 2025. Between the CAR-T sort of gradual launch that you have based upon supply and the bispecifics, can you talk about what that interplay has been since the approval and launch and what you're expecting through the year in 2023?

顯然，多發性骨髓瘤特許經營權對你們 2025 年的目標非常重要。在你們基於供應和雙特異性藥物逐步推出的 CAR-T 之間，你能談談自批准和推出以來這種相互作用是什麼嗎？你期待 2023 年的全年嗎？

So as far as the demand for CARVYKTI, we see very strong demand for CARVYKTI and also for TECVAYLI. There's a significant need for new therapies in this relapsed/refractory patient population. So the demand for the products, the physicians and patient adoption has been really strong. So that is really encouraging and, importantly, the unmet medical need for these type of patients.

因此，就對 CARVYKTI 的需求而言，我們看到對 CARVYKTI 和 TECVAYLI 的需求非常強勁。這個複發/難治性患者群體非常需要新療法。因此，對產品、醫生和患者採用的需求非常強勁。因此，這確實令人鼓舞，而且重要的是，這類患者的醫療需求尚未得到滿足。

With CARVYKTI, we continue to scale our production capacity and expand our network of providers, and we are doing that in a phased approach.

通過 CARVYKTI，我們將繼續擴大我們的生產能力並擴大我們的供應商網絡，我們正在分階段進行。

With TECVAYLI, we are off to a successful start, and the early indications for this -- of the self-option are very, very positive, too, connected with the high unmet medical need that we see there.

有了 TECVAYLI，我們有了一個成功的開端，而這方面的早期跡象——自我選擇也非常非常積極，這與我們在那裡看到的高度未滿足的醫療需求有關。

Moving into 2023, key elements of that would be, from a data perspective, they're reading CARTITUDE-4, which would give us the opportunity to move CARVYKTI into earlier lines of therapy. Also the filing of talquetamab, which will give us another line of therapy, because some of the studies of talquetamab are done in patients who have failed BCMA, either cell therapy or bispecifics. And the continuous data that we'll continue to provide to guide how to use this incredible portfolio in multiple myeloma.

進入 2023 年，從數據的角度來看，關鍵要素是他們正在閱讀 CARTITUDE-4，這將使我們有機會將 CARVYKTI 轉移到更早的治療線。還有 talquetamab 的備案，這將為我們提供另一種治療方法，因為 talquetamab 的一些研究是在 BCMA 失敗的患者中進行的，無論是細胞療法還是雙特異性療法。我們將繼續提供持續的數據來指導如何在多發性骨髓瘤中使用這個令人難以置信的產品組合。

Sorry. Sorry, Kevin, we have time for one last question.

對不起。抱歉，凱文，我們有時間回答最後一個問題。

Our final question today is coming from Louise Chen from Cantor Fitzgerald.

我們今天的最後一個問題來自 Cantor Fitzgerald 的 Louise Chen。

So wanted to ask you about the timing of data readouts first half or second half and your expectations for a few products. First one is nipocalimab in rheumatoid arthritis. And then your oral IL-23, I saw that a trial was finished and what your next steps are here and when you might have some data. And then lastly, just on your RYBREVANT and lazertinib, are you still expecting a (inaudible) interim readout for lung cancer here?

所以想問一下您上半年或下半年數據讀取的時間以及您對一些產品的期望。第一個是治療類風濕性關節炎的 nipocalimab。然後是你的口服 IL-23，我看到試驗已經完成，你的下一步是什麼，什麼時候你可能有一些數據。最後，就在你的 RYBREVANT 和 lazertinib 上，你是否仍然期待這裡的肺癌（聽不清）中期讀數？

So regarding the main data readouts that you could expect in 2023, I mean, I commented already on CARTITUDE-4, which is a key one for us. Again, this is an event-driven study, so it's difficult for us to give you an exact timing, Louise.

因此，關於 2023 年您可以預期的主要數據讀數，我的意思是，我已經對 CARTITUDE-4 發表了評論，這對我們來說是一個關鍵數據。同樣，這是一項事件驅動的研究，所以我們很難給你一個確切的時間，Louise。

Importantly, we have the potential for an interim analysis of the MARIPOSA study, which is the study of RYBREVANT plus lazertinib in frontline non-small cell lung cancer with EGFR mutations in this study versus TAGRISSO. And this is an important study for us.

重要的是，我們有可能對 MARIPOSA 研究進行中期分析，該研究是 RYBREVANT 加拉澤替尼在本研究中與 TAGRISSO 相比在具有 EGFR 突變的一線非小細胞肺癌中的研究。這對我們來說是一項重要的研究。

And also we have the potential clinical data from the PAPILLON study, which is in frontline non-small cell lung cancer in combination with chemotherapy. So those are important ones in non-small cell lung cancer.

我們還有來自 PAPILLON 研究的潛在臨床數據，該研究是一線非小細胞肺癌聯合化療。所以那些在非小細胞肺癌中很重要。

And then staying in oncology, we also have the data for the -- from the Phase II SunRISe-1 study of our TAR-200 platform, our drug-eluting device in non-muscle invasive bladder cancer. And we continue to work on our high-risk localized prostate cancer with ERLEADA. So that's key elements in our oncology side.

然後留在腫瘤學方面，我們還有來自我們 TAR-200 平台的 II 期 SunRISe-1 研究的數據，我們的非肌肉浸潤性膀胱癌藥物洗脫設備。我們繼續使用 ERLEADA 治療我們的高風險局限性前列腺癌。所以這是我們腫瘤學方面的關鍵要素。

As far as nipocalimab, we are expecting data from our Phase III studies in RA, in rheumatoid arthritis, which I know has created significant attention from you, and also in hemolytic disease of the fetus and the newborn. It will be towards the later part of the year. That's when you can expect those data to come up.

就 nipocalimab 而言，我們期待來自 RA、類風濕性關節炎的 III 期研究的數據，我知道這引起了你們的極大關注，還有胎兒和新生兒溶血性疾病。它將在今年下半年。那時您可以期待這些數據出現。

And then keeping with imported data reads next year, we'll also have the data reads in our 2 IBD studies, ulcerative colitis and Crohn's disease with TREMFYA.

然後與明年導入的數據讀取保持一致，我們還將在我們的 2 項 IBD 研究中讀取數據，潰瘍性結腸炎和 TREMFYA 克羅恩病。

Finally, important progress in our pipeline is that we will be starting our Phase III clinical program with milvexian, our Factor XI anticoagulant with our partners at Bristol-Myers Squibb.

最後，我們管道的重要進展是我們將與百時美施貴寶的合作夥伴一起啟動我們的 XI 因子抗凝劑 milvexian 的 III 期臨床計劃。

So I would say a very important year for us in terms of data read, that will also include our Phase II study of our oral IL-23. It's difficult for us to give you an exact time line, but we fully expect that to happen in 2023. So many important data reads for us that will showcase the good execution that we're having in our pipeline.

所以我想說，就數據讀取而言，這對我們來說是非常重要的一年，這也將包括我們對口服 IL-23 的 II 期研究。我們很難給你一個確切的時間表，但我們完全希望在 2023 年發生。如此多的重要數據對我們來說將展示我們在管道中的良好執行。

Thank you, Louise, and thanks to everyone for your questions and your continued interest in our company. We apologize to those that we couldn't get to because of time, but don't hesitate to reach out to the Investor Relations team with any questions that you may have.

謝謝 Louise，也感謝大家提出的問題和對我們公司的持續關注。對於因時間原因我們無法聯繫到的人，我們深表歉意，但如果您有任何問題，請隨時與投資者關係團隊聯繫。

I would now like to turn it over to Joaquin for some brief closing remarks.

我現在想把它交給 Joaquin 做一些簡短的結束語。

So thank you, everyone, for your questions and interests in Johnson & Johnson. While we have highlighted some of the challenges that we have in the macro environment, we think that 2023 is going to be another exciting year for innovation for patients, and you can rely on us on delivering strong financial performance for both the near and the long term. Thank you very much.

因此，感謝大家對強生公司提出的問題和興趣。雖然我們強調了我們在宏觀環境中面臨的一些挑戰，但我們認為 2023 年將是患者創新的又一個激動人心的一年，您可以信賴我們在近期和長期內提供強勁的財務業績學期。非常感謝你。

This concludes today's Johnson & Johnson's fourth quarter 2022 earnings conference call. You may now disconnect.

今天的強生公司 2022 年第四季度收益電話會議到此結束。您現在可以斷開連接。