嬌生 (JNJ) 2023 Q1 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's First Quarter 2023 Earnings Conference Call. (Operator Instructions) This call is being recorded. If anyone has any objections, you may disconnect at this time. (Operator Instructions) I will now turn the conference call over to Johnson & Johnson. You may begin.

早安，歡迎參加強生公司2023年第一季業績電話會議。 （接線員指示）本次電話會議正在錄音中。如有任何異議，請立即掛斷。 （接線生指示）現在我將電話會議轉交給強生公司。您可以開始。

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

早安.我是強生公司投資關係副總裁傑西卡‧摩爾 (Jessica Moore)。歡迎參加本公司 2023 年第一季業績回顧及全年財務展望。

Joining me on today's call are Joe Wolk, Executive Vice President, Chief Financial Officer; and Ashley McEvoy, Executive Vice President, Worldwide Chairman of MedTech. Unfortunately, Jennifer Taubert, Executive Vice President, Worldwide Chairman of Pharmaceuticals, is not feeling well and is unable to join us today.

參加今天電話會議的還有執行副總裁兼財務長喬‧沃克 (Joe Wolk)，以及執行副總裁兼醫療科技全球主席阿什利‧麥克沃伊 (Ashley McEvoy)。遺憾的是，執行副總裁兼製藥全球主席詹妮弗·陶伯特 (Jennifer Taubert) 身體不適，無法參加今天的電話會議。

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.

在深入探討細節之前，我們先來了解一些後勤事宜。溫馨提示：您可以在強生公司網站 investor.jnj.com 的「投資者關係」板塊找到更多資料，包括今天的簡報和相關日程安排。

Please note that today's meeting contains forward-looking statements regarding, among other things, the company's future operating and financial performance, product development, market position and business strategy and the anticipated separation of the company's Consumer Health business.

請注意，今天的會議包含前瞻性陳述，其中包括公司未來的營運和財務表現、產品開發、市場地位和業務策略以及公司消費者健康業務的預期分離。

You are cautioned not to rely on these forward-looking 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. A description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2022 Form 10-K, which is available at investor.jnj.com and on the SEC's website.

敬請您不要依賴這些前瞻性陳述。這些陳述是基於截至今日可用的信息，基於對未來事件的當前預期，並受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業績與預期存在重大差異。這些風險、不確定性和其他因素的描述可參考我們向美國證券交易委員會 (SEC) 提交的文件，包括我們2022年的10-K表格，該表格可在investor.jnj.com和SEC網站上取得。

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，今天討論的幾款產品和化合物正在與策略合作夥伴合作開發，或獲得其他公司的授權。本投影片介紹了這些合作關係。

Moving to today's agenda, I will review the first quarter sales and P&L results for the corporation and highlights related to the 3 segments. Joe will then provide additional business and financial commentary before sharing an overview of our cash position, capital allocation priorities and updated guidance for 2023. The remaining time will be available for your questions. We anticipate the webcast will last approximately 60 minutes.

進入今天的議程，我將回顧公司第一季的銷售額和損益表，以及與三大業務部門相關的亮點。之後，Joe 將提供額外的業務和財務評論，並概述我們的現金狀況、資本配置重點以及 2023 年的最新指引。剩餘時間將用於解答您的問題。我們預計網路直播將持續約 60 分鐘。

Now let's turn to our first quarter results. Worldwide sales were $24.7 billion for the first quarter of 2023, an increase of 5.6% versus the first quarter of 2022. Operational sales, which excludes the effect of translational currency, increased 9.0% as currency had a negative impact of 3.4 points.

現在來看看我們第一季的業績。 2023年第一季全球銷售額為247億美元，較2022年第一季成長5.6%。扣除匯率影響的營業銷售額成長了9.0%，其中匯率產生了3.4個百分點的負面影響。

In the U.S., sales increased 9.7%. In regions outside the U.S., our reported sales increased 1.8%. Operational sales outside the U.S. increased 8.3% with currency negatively impacting our reported OUS results by 6.5 points. Excluding the net impact of acquisitions and divestitures, adjusted operational sales growth was 7.6% worldwide, 7.4% in the U.S. and 7.9% outside the U.S. with all 3 segments growing sequentially over the fourth quarter.

美國地區銷售額成長9.7%。美國以外地區報告銷售額成長1.8%。美國以外地區營運銷售額成長8.3%，匯率因素對美國以外地區報告績效產生6.5個百分點的負面影響。剔除收購及資產剝離的淨影響，調整後全球營運銷售額成長7.6%，美國地區成長7.4%，美國以外地區成長7.9%，三大業務部門在第四季均較上季成長。

Turning now to earnings. For the quarter, net loss was $68 million, and basic loss per share was $0.03 versus diluted earnings per share of $1.93 1 year ago primarily driven by the $6.9 billion charge related to the talc settlement proposal. Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $7.1 billion, and adjusted diluted earnings per share was $2.68, representing a decrease of 0.9% and an increase of 0.4%, respectively, compared to the first quarter of 2022. On an operational basis, adjusted diluted earnings per share increased 3.0%.

現在談談收益。本季淨虧損為6,800萬美元，基本每股虧損為0.03美元，而一年前稀釋每股收益為1.93美元，主要原因是與滑石粉和解方案相關的69億美元費用。扣除兩個期間的稅後無形資產攤銷費用和特殊項目，本季調整後淨收益為71億美元，調整後稀釋每股收益為2.68美元，分別較2022年第一季下降0.9%和增長0.4%。以營運基礎計算，調整後稀釋每股盈餘成長3.0%。

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 first quarter of 2022 and therefore, exclude the impact of currency translation.

現在，我將對本季各業務部門的銷售業績亮點進行評論。除非另有說明，所引用的百分比代表與2022年第一季相比的營運銷售額變化，因此不包括貨幣折算的影響。

Beginning with Consumer Health. Worldwide Consumer Health sales of $3.9 billion increased 7.4% with an increase of 11.4% in the U.S. and an increase of 4.4% outside the U.S. Worldwide operational sales increased 11.3%. And outside the U.S., operational sales increased 11.3%. Results were primarily driven by global strategic price increases across all franchises.

首先從消費者健康開始。全球消費者健康銷售額達39億美元，成長7.4%，其中美國市場成長11.4%，美國以外地區成長4.4%。全球營運銷售額成長11.3%。美國以外地區營運銷售額成長11.3%。業績成長主要得益於所有特許經營權的全球策略價格上調。

Volume growth in OTC was due to an exceptionally strong cough, cold and flu season most pronounced in Europe coupled with some one-time retailer restocking primarily in the U.S. related to low inventory levels due to tripledemic demand. Skin Health/Beauty delivered double-digit growth driven by price actions lapping prior year supply constraints and current quarter restocking as well as strong NEUTROGENA and AVEENO e-commerce and club channel performance and new product innovations.

非處方藥銷售成長的原因是本季咳嗽、感冒和流感疫情異常嚴重，尤其是在歐洲，加之部分零售商（主要在美國）因疫情導致庫存水平低而進行了一次性補貨。皮膚健康/美容產品銷售實現兩位數增長，這得益於價格走勢超越了去年同期的供應限制、本季度補貨，以及露得清和艾維諾電商和會員渠道的強勁表現以及新產品的創新。

Moving on to our Pharmaceutical segment. Worldwide Pharmaceutical sales of $13.4 billion increased 4.2% with growth of 5.9% in the U.S. and 2.4% outside of the U.S. Worldwide operational sales increased 7.2% and outside the U.S., operational sales increased 8.6%. Excluding the COVID-19 vaccine sales, worldwide operational sales increased 4.9%. U.S. operational sales increased 7.1%, and outside the U.S., operational sales increased 2.4%.

再來看看我們的製藥業務。全球製藥銷售額達134億美元，成長4.2%，其中美國市場成長5.9%，美國以外地區成長2.4%。全球營運銷售額成長7.2%，美國以外地區成長8.6%。若不計新冠疫苗銷售額，全球營運銷售額成長4.9%。美國市場營運銷售額成長7.1%，美國以外地區營運銷售額成長2.4%。

Pharmaceutical growth excluding the COVID-19 vaccine was driven by our key brands and continued uptake in our recently launched products with 8 assets delivering double-digit growth.

除 COVID-19 疫苗外，藥品業務的成長主要得益於我們的主要品牌以及近期推出的產品的持續成長，其中 8 項資產實現了兩位數的成長。

We continue to drive strong sales growth for both DARZALEX and ERLEADA with increases of 25.7% and 40.3%, respectively. STELARA grew 9.6% driven by market growth and share gains in Crohn's disease and ulcerative colitis with gains of 2.2 points and 4.8 points in the U.S., respectively, partially offset by unfavorable patient mix and price. TREMFYA grew 11.0% driven by market growth and share gains in psoriasis and psoriatic arthritis with gains of 0.9 points and 2.1 points in the U.S., respectively, partially offset by unfavorable patient mix.

我們繼續推動 DARZALEX 和 ERLEADA 的強勁銷售成長，增幅分別為 25.7% 和 40.3%。 STELARA 成長 9.6%，得益於克隆氏症和潰瘍性結腸炎市場的成長和份額提升，在美國分別成長 2.2 個百分點和 4.8 個百分點，但部分抵消了不利的病患結構和價格因素的影響。 TREMFYA 成長 11.0%，得益於乾癬和乾癬關節炎市場的成長和份額提升，在美國分別成長 0.9 個百分點和 2.1 個百分點，但部分抵消了不利的患者結構因素的影響。

Turning to newly launched products. We are excited to disclose CARVYKTI and SPRAVATO sales for the first time this quarter. We continue to make progress on our thoughtful and phased launch of CARVYKTI and continue to expand access and reimbursement for SPRAVATO. Also, we are encouraged by the early success of our launch of TECVAYLI, sales of which are included in Other Oncology.

談到新上市產品。我們很高興在本季首次揭露卡維克蒂 (CARVYKTI) 和斯帕拉瓦托 (SPRAVATO) 的銷售額。我們繼續推進卡維克蒂 (CARVYKTI) 的分階段上市工作，並繼續擴大斯帕拉瓦托 (SPRAVATO) 的可及性和報銷範圍。此外，TECVAYLI 的上市取得了初步成功，這令我們備受鼓舞，其銷售額已計入其他腫瘤學產品類別。

This sales growth was partially offset by the loss of exclusivity in REMICADE and ZYTIGA, along with a decrease in IMBRUVICA sales due to competitive pressures. IMBRUVICA maintains its market leadership position worldwide.

這一銷售額成長部分被REMICADE和ZYTIGA的獨家經營權喪失以及競爭壓力導致的IMBRUVICA銷售額下降所抵消。 IMBRUVICA在全球市場仍保持領先地位。

I'll now turn your attention to the MedTech segment. Worldwide MedTech sales of $7.5 billion increased by 7.3% with growth of 16.6% in the U.S. and a decline of 0.6% outside of the U.S. Worldwide operational sales increased 11%. And outside the U.S., operational sales increased 6.2%.

現在我將把注意力轉向醫療科技領域。全球醫療科技銷售額為75億美元，成長7.3%，其中美國市場成長16.6%，美國以外地區下降0.6%。全球營運銷售額成長11%，美國以外地區營運銷售額成長6.2%。

Abiomed contributed 4.6% to operational growth. Excluding the impact of acquisition and divestitures, worldwide adjusted operational sales growth was 6.4%.

Abiomed 對營運成長的貢獻率為 4.6%。剔除收購和資產剝離的影響，全球調整後營運銷售額成長 6.4%。

Sales in the first quarter accelerated sequentially from Q4 for all 4 MedTech businesses driven by global procedure growth, continued uptake of recently launched products and commercial execution. As anticipated, in China, procedure volumes improved as the quarter progressed. Partially offsetting growth in the quarter was the impact of volume-based procurement in China as well as supply constraints.

受全球診療程序成長、新上市產品持續受熱以及商業執行力推動，四大醫療科技業務第一季銷售額較第四季環比成長。如預期，中國市場的診療程序量隨季度推進而有所提升。中國市場批量採購以及供應受限的影響部分抵消了本季的成長。

The Interventional Solutions franchise delivered operational growth of 41.9%, which includes $324 million related to Abiomed. We are excited about the progress of the integration to which Joe will provide additional context. Excluding the impact of the acquisition, this franchise delivered another quarter of double-digit worldwide growth at 12.3%. As we continue to increase our reporting transparency, beginning this quarter, we are providing visibility to Electrophysiology sales. Electrophysiology continued to deliver double-digit sales growth in all regions with the exception of Asia Pacific, which reflects impacts related to volume-based procurement in China.

介入解決方案業務的營運成長了41.9%，其中包括與Abiomed相關的3.24億美元。我們對整合的進展感到興奮，Joe將提供更多相關資訊。剔除收購的影響，該業務本季在全球範圍內再次實現了兩位數的成長，達到12.3%。隨著我們不斷提高報告透明度，從本季開始，我們將提供電生理銷售額的透明度。除亞太地區外，電生理學在所有地區均維持了兩位數的銷售額成長，這反映了中國批量採購的影響。

Orthopaedics operational growth of 5.1% reflects the strong procedure recovery and success of recently launched products especially digital and enabling technologies driving pull-through sales in areas like Hips and Knees. Growth was partially offset by the impact of volume-based procurement in China, primarily in Hips and Spine.

骨科業務營運成長5.1%，反映出強勁的手術恢復以及近期上市產品的成功，尤其是數位化和賦能技術推動了髖關節和膝關節等領域的拉動銷售。中國市場（主要集中在髖關節和脊椎領域）的帶量採購部分抵消了這一成長。

Global growth of 9.3% in Contact Lens and Other reflects continued penetration of our ACUVUE OASYS 1-Day family of products, including the recent launch of ACUVUE OASYS MAX 1-Day, strong commercial execution and strategic price actions. Growth in Contact Lens and U.S. Surgical Vision was tempered by continued supply challenges.

隱形眼鏡及其他產品全球成長9.3%，反映了我們ACUVUE OASYS 1-Day系列產品的持續滲透，包括近期推出的ACUVUE OASYS MAX 1-Day，強勁的商業執行力以及策略性的價格策略。隱形眼鏡和美國外科視力產品的成長受到持續供應挑戰的影響。

Now turning to our consolidated statement of earnings for the first quarter of 2023. I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year.

現在來看看我們 2023 年第一季的合併損益表。我想強調一下與去年同期相比發生變化的一些值得注意的項目。

Cost of products sold deleveraged by 150 basis points driven by onetime COVID-19 vaccine manufacturing exit-related costs in the Pharmaceutical business and commodity inflation and acquisition-related items in the MedTech business.

由於製藥業務中一次性 COVID-19 疫苗製造退出相關成本以及醫療科技業務中商品通膨和收購相關項目，銷售產品成本去槓桿率降低了 150 個基點。

Selling, marketing and administrative margins leveraged by 60 basis points driven by proactive management of costs given the current inflationary environment.

在當前通膨環境下，透過主動的成本管理，銷售、行銷和管理利潤率提高了 60 個基點。

We continue to invest strategically in research and development at competitive levels, investing 14.4% of sales this quarter. The $3.6 billion invested was a 2.9% increase versus the prior year.

我們持續在具競爭力的水平上進行策略性研發投入，本季研發投入佔銷售額的14.4%。投資額達36億美元，較上年同期成長2.9%。

The other income and expense line was an expense of $7.2 billion in the first quarter of 2023 compared to net income of $100 million in the first quarter of 2022. The increase in expense was the result of the $6.9 billion charge related to the talc settlement proposal recorded in the first quarter of 2023 as previously disclosed.

另一項收入和支出項目是 2023 年第一季的支出 72 億美元，而 2022 年第一季的淨收入為 1 億美元。支出的增加是由於先前披露的 2023 年第一季記錄的與滑石粉和解提案相關的 69 億美元費用。

Regarding taxes in the quarter, our effective tax rate was 90.8% versus 12.2% in the same period last year primarily driven by the $6.9 billion accrual for the talc settlement proposal. Excluding special items, the effective tax rate was 16.5% versus 13.3% in the same period last year. I encourage you to review our upcoming first quarter 10-Q filing for additional details on specific tax matters.

關於本季的稅費，我們的有效稅率為90.8%，而去年同期為12.2%，這主要得益於滑石粉和解方案產生的69億美元應計稅款。扣除特殊項目後，有效稅率為16.5%，去年同期為13.3%。建議您查看我們即將提交的第一季10-Q報告，以獲取有關具體稅務事項的更多詳細資訊。

Lastly, I'll direct your attention to the boxed 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，請大家注意幻燈片中方框部分，我們也提供了調整後的稅前收入、淨收益和每股收益，以排除無形攤銷費用和特殊項目的影響。

Now let's look at the adjusted income before tax by segment. In the first quarter of 2023, our adjusted income before tax for the enterprise as a percentage of sales decreased from 35.1% to 34.2%. Pharmaceutical margins declined from 44.1% to 43.2% driven primarily by mix, partially offset by proactive management of costs. MedTech margins remained flat at 27.0% driven primarily by inflationary impacts, offset by proactive management of costs. Finally, Consumer Health margins improved from 22.1% to 22.3% driven primarily by strategic price actions, partially offset by input cost inflation.

現在，我們來看看各部門的調整後稅前利潤。 2023年第一季，我們企業部門的調整後稅前利潤佔銷售額的百分比從35.1%下降至34.2%。製藥部門的利潤率從44.1%下降至43.2%，主要受產品組合影響，但部分被積極的成本管理措施所抵銷。醫療科技部門的利潤率維持穩定，為27.0%，主要受通膨影響，但部分被積極的成本管理措施所抵銷。最後，消費者健康部門的利潤率從22.1%提高至22.3%，主要受策略性價格行動的影響，但部分被投入成本通膨所抵銷。

This concludes the sales and earnings portion of the Johnson & Johnson first quarter 2023 results. I am now pleased to turn the call over to Joe Wolk. Joe?

強生公司2023年第一季業績的銷售和獲利部分到此結束。現在，我很高興將電話交給喬沃克。喬？

Thank you, Jess, and thank you all for joining today's call. We are pleased to report another quarter of strong operational performance across our business. The results reflect the strength and versatility of Johnson & Johnson and our commitment to improving health care outcomes around the world.

謝謝傑西，也謝謝大家參加今天的電話會議。我們很高興地宣布，本季公司整體營運業績再創佳績。這些績效體現了強生公司的實力和多元化發展，以及我們致力於改善全球醫療保健成果的承諾。

2023 has many important catalysts that can drive meaningful near- and long-term value for Johnson & Johnson shareholders. We remain focused on the successful separation of our Consumer Health business, Kenvue, which will position both companies to be more agile, focused and competitive. We are also expecting a number of pipeline advancements that will provide increased confidence in our Pharmaceutical and MedTech businesses.

2023年有許多重要的催化劑，能為強生股東帶來有意義的短期和長期價值。我們將繼續專注於消費者健康業務Kenvue的成功分離，這將使兩家公司更加靈活、專注和具有競爭力。我們也期待一系列產品線的改進，這將增強我們對製藥和醫療科技業務的信心。

Our Pharmaceutical segment delivered a strong first quarter. Growth from our Pharmaceutical business continues to be driven by key assets in our existing portfolio, including DARZALEX, TREMFYA, ERLEADA, INVEGA SUSTENNA and UPTRAVI as well as uptake from new launches such as SPRAVATO, CARVYKTI and TECVAYLI.

我們的製藥業務第一季表現強勁。製藥業務的成長持續受到現有產品組合中關鍵資產的推動，包括 DARZALEX、TREMFYA、ERLEADA、INVEGA SUSTENNA 和 UPTRAVI，以及 SPRAVATO、CARVYKTI 和 TECVAYLI 等新上市藥物的市場吸收。

2023 is an important year of scientific innovation for our Pharmaceutical business. And in Q1, we announced that CARVYKTI, our BCMA cell therapy, met its primary endpoint in the CARTITUDE-4 study, a Phase III trial in multiple myeloma patients who have received 1 to 3 prior lines of therapy. We look forward to presenting these results in an upcoming major medical meeting.

2023年是我們製藥業務科學創新的重要一年。在第一季度，我們宣布BCMA細胞療法CARVYKTI在CARTITUDE-4研究中達到了主要終點。該研究為III期臨床試驗，受試者為已接受1至3種既往療法的多發性骨髓瘤患者。我們期待在即將召開的大型醫學會議上公佈這些結果。

Additionally, our partners at Protagonist Therapeutics announced positive top line results from the Phase IIb FRONTIER-1 study of our oral IL-23 in patients with moderate to severe plaque psoriasis. We look forward to sharing this data and future development plans at an upcoming medical meeting.

此外，我們的合作夥伴 Protagonist Therapeutics 宣布了口服 IL-23 治療中度至重度斑塊狀乾癬患者的 IIb 期 FRONTIER-1 研究的積極頂線結果。我們期待在即將召開的醫學會議上分享這些數據和未來的開發計劃。

Finally, as we continually review our portfolio to prioritize the most transformational assets for ongoing investment and an assessment of the RSV vaccine landscape, the company made the decision to discontinue its investigational RSV adult vaccine program. This decision is part of a broader effort to make strategic choices for our pipeline and R&D investments to focus on medicines with the greatest potential benefit to patients.

最後，我們持續檢視投資組合，優先選擇最具轉型潛力的資產進行持續投資，並評估呼吸道合胞病毒疫苗的市場前景，公司決定終止在研的呼吸道合胞病毒成人疫苗計畫。這項決定是公司在產品線和研發投資方面做出策略性選擇，專注於對患者最有潛在益處的藥物的更廣泛努力的一部分。

Looking at the rest of the year, we expect important data from key pipeline assets such as nipocalimab and TREMFYA as well as the potential approval of talquetamab. Importantly, I want to mention 2 additional highlights. First, the MARIPOSA study of RYBREVANT plus lazertinib in frontline non-small cell lung cancer remains on track with the potential for final analysis later this year.

展望今年剩餘時間，我們期待尼泊卡利單抗和TREMFYA等關鍵研發線資產的重要數據，以及塔爾奎塔單抗的潛在核准。此外，我還想提兩個重要亮點。首先，MARIPOSA關於RYBREVANT合併拉澤替尼治療非小細胞肺癌一線治療的研究進展順利，並有望在今年稍後進行最終分析。

We are also excited to present data from the SunRISe-1 study of TAR-200 in muscle invasive bladder cancer at the American Urological Association's Annual Meeting this month, which demonstrated a promising complete response and safety profile.

我們也很高興在本月的美國泌尿協會年會上展示 TAR-200 在肌肉層浸潤性膀胱癌治療中的 SunRISe-1 研究數據，該研究顯示了良好的完全緩解率和安全性。

Regarding our Pharmaceutical business, I'd like to reiterate some comments I recently made at the Cowen Investor Conference in March related to the strengthening of the U.S. dollar and the impact on the 2025 Pharmaceutical sales goal the team put forth during the 2021 Investor Day. While we don't speculate on currency, based on the current rates, the 2025 sales target of $60 billion is approximately $57 billion on a constant currency basis.

關於我們的製藥業務，我想重申我最近在3月份Cowen投資者大會上發表的一些評論，這些評論涉及美元走強及其對團隊在2021年投資者日提出的2025年製藥銷售目標的影響。雖然我們不進行匯率投機，但根據目前的匯率，2025年600億美元的銷售目標以固定匯率計算約為570億美元。

In 2022 alone, FX had a negative impact of roughly $3 billion in Pharmaceuticals. While that is the math qualitatively since 2021, a number of things have changed in our portfolio. On the plus side, we've seen acceleration of some current and potential upcoming launches like TECVAYLI and talquetamab. But to be balanced, we've also experienced competitive pressure on IMBRUVICA above what was anticipated in 2021. So many push and pulls, but we are striving to attain our operational goals. We are confident in our ability to exceed 2025 estimates The Street has out there today of approximately $54 billion.

光是2022年，外匯就對製藥業造成了約30億美元的負面影響。雖然這是自2021年以來定性計算的結果，但我們的投資組合發生了一些變化。積極的一面是，我們看到一些現有和潛在即將上市的藥物，例如TECVAYLI和talquetamab，正在加速上市。但同時，我們在IMBRUVICA上也經歷了高於2021年預期的競爭壓力。儘管存在諸多阻力，但我們正在努力實現我們的營運目標。我們有信心能夠超越華爾街目前給出的約540億美元的2025年預期。

MedTech delivered a strong quarter of sales growth. We continued to advance key pipeline programs. For example, within our electrophysiology business, we reached a few milestones this quarter related to our pulsed field ablation pipeline programs, including the European clinical study inspiRE, which achieved early success by meeting both primary safety and efficacy endpoints.

醫療科技業務本季實現了強勁的銷售額成長。我們持續推進關鍵研發管線專案。例如，在電生理業務領域，本季我們在脈衝場消融研發管線計畫方面取得了多項里程碑，其中包括歐洲臨床研究 inspiRE，該研究透過達到主要安全性和有效性終點而取得了早期成功。

Additionally, we announced completion of the first procedures in the European SmartfiRE clinical study evaluating the safety and effectiveness of our investigational dual energy catheter, which combines both pulsed field and radiofrequency ablation capabilities.

此外，我們宣布完成歐洲 SmartfiRE 臨床研究的首批程序，該研究評估了我們研究的雙能導管的安全性和有效性，該導管結合了脈衝場和射頻消融功能。

As you know, we continue to prioritize investment in high-growth areas, as demonstrated by our acquisition of Abiomed, which closed this past December.

如您所知，我們繼續優先投資高成長領域，去年 12 月完成的對 Abiomed 的收購證明了這一點。

With Abiomed, MedTech now has 12 platforms with over $1 billion in annual sales. While it is still early days, we are pleased with the integration and performance of Abiomed.

加上 Abiomed，MedTech 目前擁有 12 個平台，年銷售額超過 10 億美元。雖然目前仍處於初期階段，但我們對 Abiomed 的整合和績效感到非常滿意。

Patient utilization of Abiomed technologies grew mid- to high teens in both Europe and the United States and over 30% in Japan. We continue to see strong adoption of newer technologies, such as Impella 5.5, and we achieved record quarterly enrollment in both the STEMI DTU and PROTECT IV pivotal trials as we continue to advance efforts in pursuit of Class I guidelines. For perspective, operational sales growth compared to the same quarter last year reported by Abiomed as a standalone company was 22%.

Abiomed 技術的患者使用率在歐洲和美國均實現了中高成長，在日本更是成長了 30% 以上。我們持續見證了 Impella 5.5 等新技術的強勁應用，並且隨著我們持續努力達到 I 類指南，STEMI DTU 和 PROTECT IV 關鍵試驗的季度入組人數均創下紀錄。此外，Abiomed 作為獨立公司報告的營運銷售額與去年同期相比增長了 22%。

In Orthopaedics, just this month, we obtained CE Mark for the VELYS Robotic-Assisted Solution, positioning us to expand our international footprint with this differentiated solution in total knee.

在骨科領域，就在本月，我們獲得了 VELYS 機器人輔助解決方案的 CE 標誌，這使我們能夠利用這種差異化的全膝關節解決方案來擴大我們的國際影響力。

Finally, the MedTech team is excited by the progress being made in regards to the OTTAVA general surgery robotic solution, and we remain on track to share more information in the second half of this year.

最後，MedTech 團隊對 OTTAVA 普通外科手術機器人解決方案的進展感到非常興奮，我們將繼續在今年下半年分享更多資訊。

Our Consumer Health business delivered double-digit first quarter sales growth driven by strategic price actions, strong demand and some stock replenishment.

在策略性價格行動、強勁需求和部分庫存補充的推動下，我們的消費者保健業務第一季實現了兩位數的銷售成長。

We remain on track to complete the separation of this business in 2023, assuming accommodative market conditions. Since the start of the year, we have been operating our Consumer Health business as a company within a company and continue to update our Form S-1 filing with the Securities and Exchange Commission, giving us the opportunity to pursue an initial public offering as a potential first step in the separation.

假設市場環境寬鬆，我們預期在2023年完成該業務的分割。自今年年初以來，我們一直以公司內公司的形式經營消費者健康業務，並持續更新我們向美國證券交易委員會提交的S-1表格，這讓我們有機會進行首次公開發行 (IPO)，這可能是拆分的第一步。

Standup cost and stranded costs remain consistent with what we have stated previously with an active program well underway to reduce the stranded costs.

站立成本和擱淺成本與我們之前所述的保持一致，我們正在積極實施一項計劃來降低擱淺成本。

Turning to notable enterprise events. I'd like to briefly touch LTL's refiling for bankruptcy on April 4th. Neither LTL's original filing nor this refiling is an acknowledgment of wrongdoing nor an indication that the company has changed its long-standing position that its talcum powder products are safe. Our goal continues to be for an equitable and efficient resolution of the cosmetic talc litigation against the company, and we believe this refiling represents progress towards that goal.

談談值得關注的企業事件。我想簡單談談LTL於4月4日重新申請破產。 LTL最初的申請和此次重新申請均不代表其承認不當行為，也不表明該公司改變了其長期以來認為其滑石粉產品安全的立場。我們的目標始終是公平有效地解決針對該公司的化妝品滑石粉訴訟，我們相信此次重新申請代表朝著這一目標邁出了一步。

As a reminder, LTL's bankruptcy filing will not have an impact upon the Kenvue separation, and the talc liabilities in the United States and Canada will remain with Johnson & Johnson. As part of the refiling, we have proposed a reorganization plan that had significant support from claimants and includes a payment of $8.9 billion in present value over a 25-year period. LTL will continue to work through the process set forth by the bankruptcy court and expects to present the reorganization plan to the court in mid-May.

需要提醒的是，LTL 的破產申請不會對 Kenvue 的拆分產生影響，美國和加拿大的滑石粉負債仍將由強生公司承擔。作為重新申請破產保護的一部分，我們已提出一項重組計劃，該計劃得到了債權人的大力支持，包括在 25 年內支付 89 億美元的現值。 LTL 將繼續按照破產法院規定的程序進行工作，預計將於 5 月中旬向法院提交重整計畫。

Our capital allocation priorities remain consistent. And in 2022, we successfully executed against all pillars. R&D investment remains our #1 priority and driver of long-term growth and value creation.

我們的資本配置重點始終如一。 2022年，我們成功落實了所有核心目標。研發投入仍是我們的首要任務，也是長期成長和價值創造的驅動力。

We know the value our investors place on our dividend, and we were pleased to announce this morning that our Board of Directors has authorized a 5.3% increase, marking our 61st consecutive year of dividend increases.

我們知道投資者對股息的重視，今天早上我們很高興地宣布，董事會已批准將股息提高 5.3%，這標誌著我們連續第 61 年提高股息。

In addition, we continuously evaluate strategic business development opportunities that enable Johnson & Johnson to create value for patients, customers and shareholders. Our final priority is share repurchase programs when appropriate. In fact, this past quarter, we completed the $5 billion share repurchase program announced late last year.

此外，我們持續評估策略性業務發展機會，協助強生為病患、客戶和股東創造價值。我們的最終優先事項是在適當的時候實施股票回購計畫。事實上，上個季度，我們完成了去年年底宣布的50億美元股票回購計畫。

We are confident in our strong financial position, including our AAA-rated balance sheet and our ability to deploy capital across all strategic priorities. We believe this strength differentiates Johnson & Johnson and enables us to pull the appropriate levers to set us up for long-term success.

我們對自身強勁的財務狀況充滿信心，包括AAA評級的資產負債表，以及在所有策略重點上部署資本的能力。我們相信，正是這些優勢使強生脫穎而出，並使我們能夠採取適當的措施，為長期成功奠定基礎。

Moving on to our full year 2023 guidance for the enterprise. Based on our strong start to the year, we are pleased to raise our guidance. We now expect operational sales growth for the full year 2023 up 1 percentage point in the range of 5.5% to 6.5% or up $1 billion in a range of $97.9 billion to $98.9 billion on a constant currency basis and adjusted operational sales growth up 1 percentage point in the range of 4.5% to 5.5%.

接下來是我們對企業2023年全年業績的預期。基於我們今年強勁的開局，我們很高興上調了預期。我們目前預計，2023年全年營運銷售額將成長1個百分點，範圍在5.5%至6.5%之間，或以固定匯率計算，成長10億美元，範圍在979億美元至989億美元之間；調整後營運銷售額將成長1個百分點，範圍在4.5%至5.5%之間。

Our sales guidance continues to exclude contribution from the COVID-19 vaccine. As you know, we don't speculate on future currency movements. Last quarter, we noted that we utilized the euro spot rate relative to the U.S. dollar at 1.08. The euro spot rate as of late last week was 1.10. We continue to estimate there would be minimal impact from foreign currency translation on reported sales for the year as the dollar has strengthened versus other select currencies.

我們的銷售預期仍未包含新冠疫苗的貢獻。如您所知，我們不對未來匯率走勢進行投機。上個季度，我們注意到我們利用的歐元兌美元即期匯率為1.08。截至上週末，歐元即期匯率為1.10。我們仍估計，由於美元兌其他特定貨幣走強，外幣折算對本年度報告銷售額的影響將微乎其微。

We are maintaining the guidance we provided in January for our adjusted pretax operating margin, other income and expense, interest expense and tax rate. We are also increasing our adjusted earnings per share guidance by $0.05 per share and tightening the range to $10.50 to $10.60 or $10.55 at the midpoint on a constant currency basis, reflecting operational or constant currency growth of approximately 3.5% to 4.5% or 4% at the midpoint.

我們維持1月發布的調整後稅前營業利潤率、其他收入及支出、利息支出和稅率指引。同時，我們將調整後每股盈餘指引上調0.05美元，並將區間收窄至10.50美元至10.60美元，或以固定匯率計算的中間值10.55美元，這反映了約3.5%至4.5%的營運或固定匯率成長率，或以中間值計算的4%。

While not predicting the impact of currency movements, assuming recent exchange rates I previously referenced, our reported adjusted earnings per share for the year would be favorably impacted by approximately $0.05 per share. This favorable currency impact, coupled with our strong operational outlook, results in an increase to our reported adjusted earnings per share for the year by $0.10 per share and tightening the range to $10.60 to $10.70 or $10.65 at the midpoint, reflecting growth of approximately 4.5% to 5.5% or 5% at the midpoint.

雖然不預測匯率變動的影響，但假設我之前提到的近期匯率，我們報告的本年度調整後每股盈餘將受到約0.05美元的有利影響。這一有利的匯率影響，加上我們強勁的營運前景，將導致我們報告的本年度調整後每股收益增加0.10美元，並將區間收窄至10.60美元至10.70美元，或按中間值計算為10.65美元，反映出約4.5%至5.5%或按中間值計算的增長。

While we do not provide guidance by segment or on a quarterly basis, I'd like to provide some qualitative considerations for your modeling.

雖然我們不提供按部門或按季度的指導，但我想為您的建模提供一些定性考慮。

In Pharmaceuticals, we maintain our expectation of delivering above-market growth in 2023 driven by key assets and continued uptake of our newly launched products. This growth considers the potential composition of matter patent expiry of STELARA, which we currently assume will occur in late 2023 in the United States. Further, we continue to expect 2023 impact from other post-LOE products, including REMICADE, ZYTIGA and XEPLION as well as increased austerity measures across Europe. Regarding our COVID-19 vaccine, we do not anticipate material sales beyond that which were recorded in the first quarter as our contractual commitments are complete.

在製藥領域，我們維持2023年實現高於市場成長的預期，這得益於關鍵資產和新上市產品的持續成長。這項成長已考慮STELARA的成分專利可能到期的影響，我們目前預計該專利將於2023年底在美國到期。此外，我們預期其他LOE後產品（包括REMICADE、ZYTIGA和XEPLION）以及歐洲各地加強的緊縮措施將對2023年產生影響。關於我們的新冠疫苗，由於我們的合約承諾已經完成，我們預計實際銷售額不會超過第一季的水平。

In MedTech, we expect continued competitive growth fueled by increased procedures and commercial uptake of recently launched products. We anticipate relatively stable procedure volumes and health care staffing levels for the remainder of the year with normal seasonality.

在醫療科技領域，我們預計，隨著診療程序的增加以及新上市產品的商業化應用，競爭性成長將持續。我們預計，在正常的季節性因素影響下，今年剩餘時間的診療程序量和醫療保健人員配備水準將相對穩定。

Regarding quarterly phasing, given the strength of our first quarter results, we now expect relatively consistent performance throughout the year from our Pharmaceutical and MedTech businesses.

關於季度分階段，鑑於我們第一季業績的強勁，我們現在預計製藥和醫療科技業務全年的表現將相對穩定。

When modeling Consumer Health growth rates in 2023, it is important to take into consideration prior year comparisons as well as the robust cough, cold and flu season and the onetime restocking that occurred in the first quarter. As a reminder, the first half of 2022 was impacted by supply constraints.

在建構2023年消費者健康產品成長率模型時，請務必考慮與前一年的比較情況，以及咳嗽、感冒和流感旺季的強勁成長，以及第一季的一次性補貨。需要提醒的是，2022年上半年受到了供應緊張的影響。

A few brief announcements before we take your questions. Continuing our efforts to increase our transparency and assist with your modeling, we are planning to post a patent table, including U.S. pharmaceutical patents, to our investor website in the quarter.

在回答大家的提問之前，我們先發布幾個簡短的公告。為了持續提高透明度並協助大家進行建模，我們計劃在本季在投資者網站上發布一份包含美國藥品專利的專利表。

In addition, please mark your calendars for December 5th as we will be hosting an enterprise business review at the New York Stock Exchange focused on the new Johnson & Johnson, highlighting both our Pharmaceutical and MedTech businesses. We will provide additional details about the event in the coming months.

此外，請記得在12月5日，我們將在紐約證券交易所舉辦一場企業業務回顧會，重點關注新強生，並重點介紹我們的製藥和醫療科技業務。我們將在未來幾個月內公佈更多活動詳情。

Before we turn to your questions, let me state how proud we are regarding our team's continued hard work and unwavering commitment. Our sights are set on the future, focused on delivering competitive growth for the new Johnson & Johnson. We are confident that our current plans position us for near-term success, long-term growth and value creation for our shareholders.

在回答您的問題之前，請允許我先表達一下，我們對團隊持續的辛勤工作和堅定不移的承諾感到無比自豪。我們著眼於未來，致力於為新強生實現具有競爭力的成長。我們相信，我們目前的計劃將使我們在短期內取得成功，實現長期成長，並為股東創造價值。

I'll now turn the discussion to the Q&A portion of the call. Kevin, can you please provide instructions for those wishing to ask a question?

現在我將進入電話會議的問答環節。凱文，您能否為想要提問的各位提供一些指導？

(Operator Instructions) Our first question is coming from Chris Schott from JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Chris Schott。

Just maybe a 2-parter on the pharma side. First, on the $57 billion target for pharma, I think your comments are very clear in terms of your confidence of exceeding consensus of $54 billion. Are you still confident though in that $57 billion target as we think about kind of the pushes and pulls that you just outlined there?

關於製藥業，我大概可以分成兩個部分。首先，關於製藥業570億美元的目標，我認為您的言論非常明確，表明您有信心超過540億美元的普遍預期。那麼，考慮到您剛才概述的推動因素和影響因素，您仍然對570億美元的目標充滿信心嗎？

And then maybe just a specific question on RYBREVANT. Just want to make sure the comments correctly there. I think you mentioned there's a final analysis of MARIPOSA later this year. Does that mean the interim has passed at this point? And maybe just put some context of what you think you need to show in that study to dislodge share from TAGRISSO.

然後，也許我只是想問一個關於RYBREVANT的具體問題。只是想確保評論正確。我記得您提到今年稍後會對MARIPOSA進行最終分析。這是否意味著過渡期已經過去了？或許可以簡單介紹一下您認為需要在該研究中展示哪些內容才能取代TAGRISSO的市場佔有率。

Thanks, Chris. I appreciate the questions. So first, with respect the $57 billion, I wanted to make sure that I was clear on the record since I had the opportunity to do that about a month ago that everybody understood the message around the math component of it.

謝謝，克里斯。我很感謝你的提問。首先，關於570億美元，我想確保我的記錄清晰，因為大約一個月前我有機會這樣做，確保每個人都理解了其中的數學部分。

We feel very good about our pipeline. We continue to work towards some really good data that came out this quarter around multiple myeloma, MARIPOSA, which we'll talk about in a minute. We continue to see some uptake of some of our newer products. And the goal is still that for us. But you'll have a much better and much more informed and probably timely update once we hit the December 5th meeting at the New York Stock Exchange. So stay posted on that.

我們對我們的產品線非常滿意。我們繼續努力爭取本季度發布的關於多發性骨髓瘤藥物 MARIPOSA 的一些非常好的數據，我們稍後會談到這個藥物。我們繼續看到一些新產品的市場接受度有所提升。我們的目標仍然是這個。不過，等我們12月5日在紐約證券交易所召開會議時，你們就能獲得更全面、更及時的更新資訊。敬請關注。

What I do feel comfortable though is that we're moving certainly in the right direction. I wanted to take out the unclarity that maybe was created by currency and the dramatic movements that occurred over the last 18 months.

但我確實感到欣慰的是，我們正朝著正確的方向前進。我想消除過去18個月可能由匯率和劇烈波動造成的不確定性。

So for MARIPOSA, I would say the study of RYBREVANT and lazertinib in frontline non-small cell lung cancer versus TAGRISSO remains very much on track. It's an event-driven trial. So there's the potential for final analysis later this year, which is actually 2 quarters ahead than what we had originally expected, was originally expected to be second quarter of 2024.

因此，對於 MARIPOSA，我認為 RYBREVANT 和拉澤替尼在非小細胞肺癌一線治療中對比 TAGRISSO 的研究進展順利。這是一項事件驅動型試驗。因此，最終分析可能在今年稍後進行，這實際上比我們最初預期的提前了兩個季度，我們最初預計的是在 2024 年第二季度。

The accrual to the study we can say is very rapid as there was tremendous interest. And the interim analysis was specified in the protocol with a significantly limited follow-up and supported the continuation of the study.

由於大家對這項研究的興趣濃厚，我們可以說研究進展非常迅速。方案中明確規定了中期分析，並進行了相當有限的後續隨訪，這支持了研究的持續進行。

We were blinded to that interim analysis. And as far as what we need to show, I think we're just going to let the science dictate, let the trial results come out. But we feel pretty comfortable where we're at now and pleased with how quickly the trial enrolled.

我們對中期分析結果一無所知。至於我們需要展示什麼，我想我們只能聽從科學的指引，等試驗結果出來再說。不過，我們對目前的進展感到很滿意，也對試驗招募的速度感到滿意。

Next question is coming from Matt Miksic from Barclays.

下一個問題來自巴克萊銀行的 Matt Miksic。

I have, if I could, just one question on Knees and a quick follow-up, kind of a general strategy question on STELARA pharma if I could. So on Knees in the U.S., obviously, very strong growth. And just wondering if you could -- and I think expectations have been strong throughout Q1.

如果可以的話，我只想問一個關於Knees的問題，以及一個關於STELARA製藥的一般策略問題。關於Knees在美國市場的成長，顯然非常強勁。我想問您是否可以——我認為整個第一季的預期都很高。

I just was wondering if you could maybe give a little bit of color as to what's driving that strength? How much of that is maybe the robot? How much of that is other product launches? And then one quick follow-up on pharma if I may.

我只是想知道您能否稍微解釋一下是什麼推動了這種成長？其中有多少是機器人的功勞？有多少是其他產品的發布？然後，如果可以的話，我再快速跟進一下製藥業的情況。

Matt, thank you for the question. And before I turn it to Joe on STELARA, it's really nice to see 12% growth in the U.S. for Knees. We haven't seen that in a while. But before I get into specifically Knees, maybe just a quick frame on like the quarter.

Matt，謝謝你的提問。在把主題轉到 Joe 關於 STELARA 的話題之前，我很高興看到 Knees 在美國實現了 12% 的成長。我們已經很久沒看到這樣的成長了。不過，在具體討論 Knees 之前，我想先簡單介紹一下本季的情況。

Obviously, first, the industry I think continues to remain strong and growing. Procedures are well in recovery mode. It's awesome to see an 11% operational performance and 6.4 adjusted ops for the first quarter.

顯然，首先，我認為該行業將繼續保持強勁成長。各項業務正處於良好的復甦模式。第一季營運績效成長11%，調整後營運利潤率達6.4%，令人欣喜。

It was our first quarter with Abiomed. So if you look at them on like-for-like periods, as a standalone of 22% growth. But I think when I look at all of the math, if you will, for the quarter, what I'm most pleased about is really the balanced growth.

這是我們與Abiomed合作的第一季。所以，如果以年比計算，Abiomed的獨立成長是22%。但我認為，當我回顧本季的所有數據時，我最滿意的是其均衡的成長。

And we had our BWI business up 13%. Our global Vision, up 8%. And our U.S. business, our largest market, growing north of 8% really fueled by Ortho performance, up 6% as well as Surgery up 6. And you hear us talk about these 12 $1 billion platform, but 6 of those grew double digit in the United States in the quarter.

我們的BWI業務成長了13%。我們的全球Vision業務成長了8%。我們最大的市場－美國，成長了8%以上，這主要得益於Ortho業務的業績成長了6%，以及Surgery業務成長了6%。您聽到我們談論這12個10億美元的平台，但其中6個在本季在美國實現了兩位數的成長。

EMEA was strong, and Asia was a little bit softer again by China. Obviously, Jan and Feb was a bit softer. We were encouraged with March procedures recovered in March. But I would call it 3 specific innovations, and then I'll go deeper into Knees.

歐洲、中東和非洲地區表現強勁，亞洲則受中國市場影響略為減弱。顯然，1月和2月表現略弱。 3月手術恢復，讓我們感到鼓舞。但我想說的是3項具體的創新，之後我會更深入探討膝蓋問題。

One is our pulse field ablation. So we're very pleased with the data in AFib that it's promising. We have 4 clinical trials ongoing. 2 out of the 4, we've completed enrollment, and we shared the data from the inspiRE trial where we met the primary endpoint for both safety and efficacy.

一是我們的脈衝場消融技術。我們對AFib的數據非常滿意，它前景光明。我們目前有4項臨床試驗正在進行中，其中2項已經完成入組，我們分享了inspiRE試驗的數據，該試驗達到了安全性和有效性的主要終點。

Our Abiomed, as we've talked about, we're about 90 days in. They continue to advance the innovation pipeline. They're in clinic in 4 clinical trials to expand new products and to expand indications to get Class 1 designation.

正如我們之前提到的，我們的Abiomed公司目前已進入約90天的研發階段。他們正在持續推進創新產品線。目前他們正在進行4項臨床試驗，以擴展新產品並擴大適應症，爭取1類藥物認證。

And last, I would say, Matt, we are in all things robotics. So let's talk about VELYS. We just received CE Mark positioning it for expansion to more global markets. Right now, we're in 5. But I'm pleased to say that it's now the fastest-growing knee robotic system in the United States.

最後，我想說，馬特，我們涉足機器人領域。那麼，我們來談談VELYS吧。我們剛剛獲得了CE標誌，這標誌著我們能夠拓展到更多全球市場。目前，我們已經進入了5個市場。但我很高興地說，它現在是美國成長最快的膝關節機器人系統。

We've completed over 20,000 procedures. And we're taking a systems approach to our business in hips to shoulders and the spine. Our Monarch platform is the first and only multispecialty flexible robotics solution with FDA clearance in bronchoscopy as well as endo-urology.

我們已完成超過2萬例手術。我們正以系統化的方式開展髖部、肩部和脊椎領域的業務。我們的Monarch平台是第一個也是唯一一個獲得FDA批准，適用於支氣管鏡檢查和泌尿科的多專業柔性機器人解決方案。

We've completed 25,000 procedures and are in clinic right now combining the Monarch endoluminal navigation with ablation treatment technology of NeuWave. And just recently, in February, we were -- the first patient received robotic-assisted removal of kidney stone. We're trying to get a higher kidney stone clearance rate than the standard of care.

我們已經完成了25,000例手術，目前正在臨床上將Monarch腔內導航與NeuWave消融治療技術結合。就在最近，也就是二月，我們迎來了第一位接受機器人輔助腎結石清除術的患者。我們正努力實現高於標準治療的腎結石清除率。

And last, as we talked about our team in OTTAVA is really progressing significantly, really looking forward to a back half of the year update with the team. So VELYS is really a combination of having access to cementless, both on fixed bearing and rotating platform, revision, our new introduction of the medial stabilized knees and most importantly, not just coupled with the robotic system of VELYS, but coupled with the most modern knee implant in the world.

最後，正如我們所說，OTTAVA 的團隊進展非常顯著，我們非常期待下半年團隊的更新。 VELYS 實際上是融合了非骨水泥型固定軸承和旋轉平台、翻修技術、我們新推出的內側穩定膝關節技術，以及最重要的一點：它不僅與 VELYS 機器人系統相結合，還與世界上最先進的膝關節植入物相結合。

Well, that was a fantastic overview. Congrats on all the innovation and the significant change and momentum across all those businesses. Just a quick question, I guess, I had on pharma was -- I mean, it's a big question, and I think it's on a lot of investors' minds is if we turn into the end of the year and you think about STELARA, and you think about sort of the actions that you expect to take whether organic, the pipeline that you have and as it comes through, and some of these new products launch and get bigger. And then strategic, if you could maybe give a sense of what are your goals over the next 12, 18 months as you sort of weather that LOE, and what sort of mix of action should we expect you to take to kind of manage through that?

嗯，這是一個非常棒的概述。祝賀你們在所有這些業務上取得的創新、重大變革和強勁發展勢頭。關於製藥，我想問一個簡單的問題——我的意思是，這是一個大問題，我認為很多投資者都在思考這個問題：如果到了年底，你考慮一下STELARA，你會考慮一下你預計會採取哪些行動，包括有機產品、現有的產品線以及隨著這些產品的推出，一些新產品的推出和規模的擴大。然後是策略方面，能否請你談談，在應對LOE（破產保護）期間，未來12到18個月你的目標是什麼？我們預期你會採取哪些行動來度過這段時期？

Sure. Thanks, Matt, for the question. A lot to maybe unpack possibly there. But let me first start with our base assumption, the guidance, which has the underlying assumption that in the U.S., STELARA will lose exclusivity in the late third quarter, early fourth quarter of this year. And that's kind of the assumption that we're going on.

當然。謝謝馬特的提問。這裡面可能有很多問題需要解答。但我首先要從我們的基本假設，也就是指導意見開始。該指導意見的基本假設是，在美國，STELARA 將在今年第三季末或第四季初失去獨佔權。這就是我們目前所採用的假設。

What I would say is that's somewhat fluid. At this point, there are currently no biosimilars approved. In terms of our planning, we are expecting -- despite learning a lot over the last few years with REMICADE, we're expecting a steeper erosion curve than what was experienced there because this is a self-administered subcutaneous product.

我想說的是，這多少有些不確定。目前還沒有生物相似藥獲得批准。就我們的規劃而言，儘管過去幾年在REMICADE上學到了很多，但我們預計其侵蝕曲線會比之前經歷的更陡峭，因為這是一種自行給藥的皮下注射產品。

There will be multiple competitors on the market at some point, and they may have the affordability of interchangeability. But we may remain committed to growing through the patent expiration. One of the great things about our portfolio, whether we're talking within Pharmaceuticals or across the broader businesses, is we've got 30 products or platforms that generate over $1 billion in annual revenue. So we're not dependent on one product the way others may have.

市場上終有一天會出現多個競爭對手，他們或許能夠承受產品互換帶來的成本。但我們或許會繼續致力於在專利到期後繼續成長。我們產品組合的一大優勢在於，無論是在製藥領域或更廣泛的業務領域，我們擁有30個產品或平台，年收入超過10億美元。因此，我們不像其他公司那樣依賴單一產品。

In terms of unpacking your question maybe a little bit further, I got the sense you were heading towards M&A. Certainly, we always remain vigilant and look at a number of opportunities, making sure there's a strategic fit before we act. If there's strategic fit, then we're going to look to deploy capital in the way that returns to shareholders to compensate them, quite frankly, for the risk that we're bearing on their behalf.

進一步解釋你的問題，我感覺你正在考慮併購。當然，我們始終保持警惕，並關注各種機會，確保在採取行動之前，雙方的策略契合度是至關重要的。如果雙方策略契合，那麼我們將尋求以回報股東的方式配置資本，坦白說，這是為了補償我們為他們承擔的風險。

But we're not going to do anything out of desperation based on the breadth of our product portfolio. We are lucky in that we've got a strong balance sheet to do whatever we'd like, but we want to make sure it makes good strategic and financial sense. So that's probably the best way to answer that.

但考慮到我們產品組合的廣度，我們不會因為一時興起而貿然採取行動。我們很幸運，擁有強勁的資產負債表，可以做任何我們想做的事情，但我們希望確保這在策略和財務上都合理。所以，這或許是回答這個問題的最佳方式。

I know Jennifer and the team are very committed to growing through STELARA whenever that may occur. And the pipeline data that we're generating now as well as really the early success we're having in some of these newer products, I think, positions us well to meet those goals.

我知道Jennifer和團隊非常致力於透過STELARA實現成長，無論何時。我認為，我們現在正在產生的產品線數據，以及我們在一些新產品上的早期成功，都使我們有充分的理由實現這些目標。

Your next question today is coming from Terence Flynn from Morgan Stanley.

今天的下一個問題來自摩根士丹利的 Terence Flynn。

Great. Maybe a 2-part one for me as well. Thanks for the update on the talc litigation, Joe. I was just wondering if you could comment at all about any additional progress towards that 75% threshold, specifically the denominator and kind of where that's shaking out?

太好了。對我來說，也許應該分成兩個部分。喬，謝謝你更新滑石粉訴訟的最新情況。我只是想知道，你能否評論一下在達到75%門檻方面還有什麼進展，特別是分母，以及它正在發生哪些變化？

And then on the oral IL-23 program there, just wondering if you can confirm if you're going to advance into Phase III and where that drug might be positioned ultimately in the treatment paradigm based on the data you guys have seen thus far?

然後關於口服 IL-23 項目，只是想知道您是否可以確認是否要進入第三階段，以及根據您迄今為止看到的數據，該藥物最終在治療範例中處於什麼位置？

Great. Thanks for the question, Terence. Let me start with the second one first with respect to the oral IL-23, where our partners at Protagonist announced some very encouraging data out of the Phase II FRONTIER-1 study. So we do plan to present data from various preclinical and clinical studies on this compound at medical conferences beginning in the second quarter of this year.

太好了。謝謝Terence的提問。我先從第二個問題開始，關於口服IL-23。我們的合作夥伴Protagonist發表了II期FRONTIER-1研究中一些非常令人鼓舞的數據。我們計劃從今年第二季開始在醫學會議上展示該化合物的各種臨床前和臨床研究數據。

We believe this could be very much an important and underappreciated asset within our Immunology portfolio. With respect to the litigation, we thought that this could come up as a question. So we're very pleased to have Andrew White, our Assistant General Counsel, here with us today.

我們認為，這可能是我們免疫學產品組合中非常重要且被低估的資產。關於訴訟，我們認為這可能會成為一個問題。因此，我們非常高興今天能邀請到我們的助理總法律顧問安德魯懷特 (Andrew White)。

But let me say a little maybe a couple of qualitative things, from my seat, and then we can have Andrew either clean it up or give you some more specifics. But it is important to note that these cases and we stand by the safety of the product, there's decades of independent research conducted by reputable government agencies, patient advocacy groups as well as academic institutions that support the safety of cosmetic talc.

但請容許我先從我個人的角度談幾點定性方面的問題，然後安德魯可以補充說明一下，或者給你一些更具體的細節。但要注意的是，這些案例以及我們對產品安全性的堅持，都源自於數十年來由知名政府機構、病患權益組織以及學術機構進行的獨立研究，這些研究都支持化妝品滑石粉的安全性。

Furthermore, it was only 2 years ago at a Daubert hearing where the judge really restricted the use of many of the claims, supposedly scientific claims that were being made by the plaintiffs attorneys in this case and many pundits even classified it as junk science at that point. Here, we have the support of 60,000 to 70,000 claimants that would vote for the proposal as it's currently presented.

此外，就在兩年前的 Daubert 聽證會上，法官實際上限制了許多主張的使用，這些主張是本案原告律師提出的所謂科學主張，當時許多專家甚至將其歸類為垃圾科學。而現在，我們得到了六、七萬名原告的支持，他們會投票支持目前提出的提案。

But curiously, we've got a small number of plaintiff's attorneys who don't even want to give their claimants the right to vote. So we're simply asking that they get the right to vote.

但奇怪的是，我們有一小部分原告律師甚至不想給原告投票權。所以我們只是要求他們去取得投票權。

Now from my chair as CFO, it is unfortunate that we've got to put dollars towards, quite frankly, baseless scientific claims. However, litigation is inherently costly when it's protracted. And it's also inherently uncertain. And our proposal really aims to bring certainty in a very efficient manner for all really involved, something that would otherwise take probably decades to resolve. So let me turn it over to Andrew in terms of maybe any of the specifics that you can add.

現在，從我作為財務長的角度來看，很遺憾我們不得不把錢花在毫無根據的科學主張上。然而，訴訟如果曠日持久，成本必然高昂，而且它本身就充滿不確定性。我們的提案旨在以非常有效的方式為所有相關人員帶來確定性，否則這個問題可能需要幾十年才能解決。所以，請容許我將時間交給安德魯，請您補充一些具體細節。

Thanks, Joe. As Joe mentioned, we are very confident in the position that we stand today in terms of support for the plan. We have well over 60,000 that have expressed a desire to vote for this plan. And the expectation is that we will move forward with a reorganization plan to present to the court within the next 30 days and hope to quickly move to a vote.

謝謝喬。正如喬所說，我們對目前該計劃的支持立場非常有信心。已有超過6萬人表示希望投票支持該計劃。我們預計，我們將在未來30天內推進重組計劃，並提交給法院，希望能夠盡快進行投票。

And we believe once we put that plan out for a vote, we'll gain even more support from a small, but I would say, vocal minority of attorneys. So we believe we're going to reach that 75% threshold and look forward to getting that plan out to a vote.

我們相信，一旦我們將該計劃付諸表決，我們將從少數（但我想說是少數）律師那裡獲得更多支持。因此，我們相信我們將達到75%的門檻，並期待該計劃付諸表決。

Thank you, Andrew.

謝謝你，安德魯。

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

今天的下一個問題來自富國銀行的拉里·比格爾森。

Joe, 2 for you on the guidance. I heard you on CNBC this morning, and you said you turned from cautious in January to optimistic now about 2023. So I was curious about 2 things. One, on the guidance you previously expected second half to be better than the first half in MedTech and Pharma because of the growth drivers you outlined -- on the Q4 call. So what changed there? Why do you expect growth to be more stable through the year?

喬，關於業績指引，我想問您兩個問題。今天早上我在CNBC上聽到您說，您對2023年的預期從1月份的謹慎轉向了樂觀。所以我對兩件事很好奇。第一，關於業績指引，您之前預計醫療科技和製藥行業下半年的表現會好於上半年，這要歸功於您在第四季度電話會議上概述的成長動力。那麼，現在情況發生了哪些變化呢？為什麼您預計全年的成長會更加穩定？

And second, Joe, on the margins. Q1 was up about 60 basis points year-over-year in Q1 on the operating margin but you expect -- and you expect gross margins to improve through 2023 as inflation wanes. So why would the operating margin be flat for the full year?

第二，喬，關於利潤率。第一季的營業利潤率同比增長了約60個基點，但您預計——並且您預計毛利率會在2023年之前隨著通膨的減弱而提高。那麼，為什麼全年營業利潤率會持平呢？

Yes. Thanks, Larry. Well, first, I do want to correct the record a little bit on you. Responsibly was in front of both cautious as well as optimistic. So we've moved from responsibly cautious to responsibly optimistic.

是的。謝謝，拉里。首先，我想稍微修正一下你的描述。 「負責任」這個字既在「謹慎」前面，也在「樂觀」前面。所以我們從「負責任的謹慎」變成了「負責任的樂觀」。

Why do I say that? It's because we did see some dynamics within our P&L, the team's great ability to really manage our resources effectively with the backdrop of really a company separation that could lend itself to some stranded costs. We're managing those extremely well.

我為什麼這麼說？因為我們確實看到了損益表中的一些動態變化，團隊在公司分離可能導致一些擱淺成本的背景下，仍然能夠有效地管理資源。我們管理得非常好。

There is still inflation within the P&L. I don't think we should say that it's now behind us. We have a good data point with respect to where we landed Q1. We're very pleased with the first quarter results and the strength of that and why we've maybe moved from a little bit more of a consistent approach throughout the year versus a stronger second half from the first half is really around the first quarter results.

損益表中仍存在通貨膨脹。我認為我們不應該說通貨膨脹已經過去了。我們第一季的業績數據表現良好。我們對第一季的業績非常滿意，而且業績強勁。我們之所以在全年採取較為一致的策略，而不是在下半年表現比上半年更強勁，很大程度上是因為第一季的業績。

So in terms of Pharmaceutical pricing, it was still unfavorable as you might expect with respect to Pharmaceutical, but not as unfavorable as we anticipated. And then maybe Ashley can talk here, too. When we came out in January, there was -- the pandemic was kind of full-blown in the Asia Pacific region. And we did see a very positive data point in March with respect to China specifically. I don't know, Ashley, anything to add there?

因此，就藥品定價而言，正如您所預期的那樣，情況仍然不利，但不如我們預期的那麼糟糕。然後，也許Ashley也可以在這裡談談。當我們在一月發布數據時，疫情在亞太地區已經全面爆發。而我們確實在三月看到了一個非常積極的數據點，尤其是在中國。 Ashley，您還有什麼要補充的嗎？

Yes. No, Larry, what I would share is I would say that procedures are trending well above all pre-COVID levels. It was up until December with the exception of China. China in December, January and February were well below pre-COVID levels. In January trending net down 50%.

是的。不，拉里，我想說的是，目前手術的趨勢遠高於新冠疫情之前的水平。截至12月，除中國外，情況一直如此。中國12月、1月和2月的手術量遠低於新冠疫情前的水準。 1月份，淨值下降了50%。

So I am encouraged to see in March that they're back up. They're back up a little bit ahead of pre-COVID levels. And so that's why we're kind of rebalancing the year. I think that we're going to have more stability throughout the balance to go year versus earlier thinking that we would be having a stronger second half versus first half.

所以我很高興看到三月他們的業績回升了，甚至比新冠疫情之前的水平略有提升。這就是為什麼我們要重新平衡今年的業績。我認為，與先前預期下半年會比上半年表現更強勁相比，今年全年的業績將更加穩定。

Yes. And Larry, with respect to operating margins, it's still very early in the year. It's still only April. If we have the opportunity to manage these macroeconomic headwinds that we ended the year with and then maybe provide the flexibility for further investment for great opportunities down the road that fortify the future, we'll certainly look to do that.

是的。拉里，就營業利潤率而言，今年還處於初期階段。現在才四月。如果我們有機會應對去年年末面臨的宏觀經濟逆風，並可能為進一步投資提供靈活性，以抓住未來的巨大機遇，鞏固未來，我們一定會努力做到這一點。

You guys know us well enough that if we don't find those meaningful opportunities, we'll probably have the opportunity to take up guidance down the road. But my first preference would be to deploy that in investment opportunities that secure both MedTech and Pharmaceuticals for the future.

你們對我們非常了解，如果我們找不到這些有意義的機會，我們以後或許有機會尋求指引。但我的首要選擇是將其部署到能夠保障醫療科技和製藥產業未來發展的投資機會。

Next question today is coming from Louise Chen from Cantor Fitzgerald.

今天的下一個問題來自 Cantor Fitzgerald 的 Louise Chen。

So I had a Pharmaceutical question for you. You've built a really strong Oncology franchise. And what are some unique approaches you think you can take to create combos and regimens that might not be available to other companies? And are there any additional areas in Oncology that you would like to be involved in that you are not now currently involved in?

我想問您一個關於製藥的問題。您已經建立了一個非常強大的腫瘤學特許經營權。您認為可以採取哪些獨特的方法來創建其他公司可能無法獲得的組合和治療方案？在腫瘤學領域，您是否還想涉足一些目前尚未涉足的領域？

Yes. Thanks for the question, Louise. So I think we're always looking at combinations. The one that's most prolific at this point now is certainly the one for non-small cell lung cancer, which really impacts about 20% of -- lung cancer that's diagnosed today with a certain mutation.

是的。謝謝你的提問，Louise。所以我認為我們一直在研究各種組合療法。目前最常用的組合療法肯定是針對非小細胞肺癌的療法，它實際上影響了目前確診的約20%因某種突變而患有肺癌的患者。

We're very much looking forward to the data that may read out later this year with respect to that. In terms of new areas, I know that the teams are looking very much. I would say some of the new areas that we're coming into now would be some of the bispecific antibodies with respect to multiple myeloma rounding out that portfolio.

我們非常期待今年稍後公佈的相關數據。至於新領域，我知道團隊正在積極探索。我想說，我們現在正在涉足的一些新領域包括針對多發性骨髓瘤的雙特異性抗體，這將進一步完善我們的產品組合。

We know how, I want to say, almost personalized that disease is and having multiple options for treatments and maybe even someday potentially cures certainly lends itself with the multiple options that we have. We're going to be focused on multiple myeloma, obviously, prostate cancer, lung cancer. We're very excited about some of the data that could read out on what I'll call the MedTech pharma combo of -- for bladder cancer and with the TARIS device with the drug eluting BALVERSA. So there's multiple plays within Oncology, which is now our biggest franchise with Immunology in terms of sales contribution to the pharmaceutical success.

我想說，我們知道疾病幾乎是個人化的，擁有多種治療方案，甚至有一天可能治愈，這無疑有利於我們擁有多種選擇。我們將專注於多發性骨髓瘤、前列腺癌和肺癌。我們對一些數據感到非常興奮，這些數據可以用於我稱之為「MedTech 製藥組合」的膀胱癌治療，以及TARIS設備和藥物洗脫BALVERSA。因此，我們在腫瘤學領域有多個項目，就銷售額對製藥業務成功的貢獻而言，腫瘤學現在是我們最大的特許經營業務，免疫學也是其中之一。

The only aspect that I'd add, Louise, is as you know, our multiple myeloma platform is extremely strong. And we're looking at some multiple clinical trials about not cannibalizing those products, but rather looking at combination treatments as well as sequences of those products between TECVAYLI, DARZALEX, CARVYKTI and then hopefully our soon to be approved talquetamab.

路易絲，我唯一想補充的是，如你所知，我們的多發性骨髓瘤平台非常強大。我們正在進行多項臨床試驗，旨在避免這些產品的相互競爭，而是研究聯合療法以及TECVAYLI、DARZALEX、CARVYKTI以及預計很快獲批的talquetamab之間的序列研究。

Next question is coming from Josh Jennings from TD Cowen.

下一個問題來自 TD Cowen 的 Josh Jennings。

Had a question for Ashley just on the VARIPULSE PFA platform. I was hoping that just get an update on commercial time lines. Anything you can share just in terms of CE Mark and then FDA approvals.

我有個關於 VARIPULSE PFA 平台的問題想問 Ashley。我希望您能提供產品上市時間的最新資訊。請問您能分享一下 CE 標誌和 FDA 認證方面的情況嗎？

And then maybe digging a little bit deeper, just helping us understand. I mean, our expectation is that VARIPULSE will be third to market in the United States, but what percentage of Biosense Webster's revenues are levered to the ablation catheter segment within the EP industry? And what drives your optimism that VARIPULSE will maintain -- be able to maintain license leadership position in the ablation catheter segment?

然後也許可以深入挖掘一下，幫助我們理解。我的意思是，我們預計 VARIPULSE 將在美國市場上排名第三，但 Biosense Webster 的收入中有多少比例來自電生理產業的消融導管領域？是什麼讓您對 VARIPULSE 能夠保持——能夠保持消融導管領域的許可領導地位——持樂觀態度？

Thank you, Josh. Listen, it's a really important space. And we always say at J&J, we're always trying to intercept disease before it advances. And this is one example of managing atrial fibrillation, which is the leading cause of cardiac arrhythmia and unmanaged, that could lead to a stroke.

謝謝你，喬希。聽著，這是一個非常重要的領域。在強生，我們總是說，我們總是試圖在疾病惡化之前就將其阻止。這是治療心房顫動的一個例子，心房顫動是導致心律不整的主要原因，如果不加以治療，可能會導致中風。

So what gives us confidence that we can lead and compete and have a source of differentiation, I would say kind of the following. I'd say, one, we have a 20-year track record of being a world leader in cardiac ablation. We have 5,000-plus installed base.

那麼，是什麼讓我們有信心引領市場、參與競爭並擁有差異化優勢呢？我想說的是以下幾點。首先，我們在心臟消融領域擁有20年的全球領先地位。我們的安裝用戶超過5000戶。

We do see the promise of PFA. We are actively engaged in 4 clinical trials. 2 of those trials have completed enrollment, the European inspire as well as the U.S. We've shared data in February at the International AFib symposium that we met the primary endpoint.

我們確實看到了PFA的前景。我們正積極參與4項臨床試驗。其中兩項試驗已經完成入組，分別是歐洲和美國的試驗。我們在2月的國際心房顫動（AFib）研討會上分享了達到主要終點的數據。

And I would tell you, our approach is really what's differentiated, Josh. So we're kind of leveraging a deep expertise and the insights into the various ablation strategies. So we have a portfolio of PFA catheters, which are fully integrated into their CARTO 3 system and it's powered by our TRUEPULSE generator.

喬希，我想告訴你，我們的方法才是真正的差異化。我們充分利用了深刻的專業知識和對各種消融策略的深刻見解。我們擁有一系列PFA導管，它們完全整合到他們的CARTO 3系統中，並由我們的TRUEPULSE產生器驅動。

So we really underscore the importance of how important mapping is and vision to know where operators are and what they're doing in the heart anatomy. And kind of the bottom line for us is we actually think access to radio frequency, which has like 20-plus years of safety and efficacy coupled with the newer generation of PFA is really going to be the winning combo for electrophysiologists.

因此，我們非常重視地圖繪製和視野的重要性，因為這有助於了解操作人員的位置以及他們在心臟解剖結構中執行的操作。我們的核心在於，我們認為擁有20多年安全性和有效性的射頻技術，加上新一代的PFA技術，將成為電生理學家的致勝法寶。

It's really why we are in clinic right now with the dual energy solution because we think it could offer the relative safety of the PFA and really the proven durability of radio frequency. So we're not issuing specific timelines, but you can know that we've completed enrollment in 2 of those 4 clinical trials.

這正是我們目前在臨床上推廣雙能方案的原因，因為我們認為它既能提供PFA的相對安全性，又能提供射頻經證實的持久性。因此，我們不會公佈具體的時間表，但您可以知道，我們已經完成了4項臨床試驗中2項的入組工作。

Your next question is coming from Geoff Meacham from Bank of America.

您的下一個問題來自美國銀行的 Geoff Meacham。

I have 2 related ones in Pharma. So on IMBRUVICA, how do you guys view the impact from the indication withdrawal? And is there a risk of other non-CLL indications like follicular being pulled? And then related to your hematology business, do you guys have a status update on CARVYKTI supply after or was this quarter a really good quarter?

我在製藥業有兩個相關的問題。那麼，關於IMBRUVICA，你們如何看待適應症撤銷的影響？其他非慢性淋巴球白血病（CLL）適應症，例如濾泡性淋巴球白血病（FLL），是否有撤銷的風險？然後，關於你們的血液學業務，你們有沒有更新CARVYKTI的供應情況？或者說，這個季度表現真的不錯嗎？

Yes. Thanks for the question, Geoff. So with respect to IMBRUVICA, I would say that we're not expecting any more withdrawals at this point. It is obviously based on our performance encountering competitive pressures. But it's really the competition that's been the biggest driver in terms of the performance that we're not seeing there, quite frankly. But it's -- the withdrawal was a very small part of our business to begin with, but we don't anticipate other withdrawals at this point.

是的。謝謝你的提問，Geoff。關於IMBRUVICA，我想說，我們目前預計不會再出現任何撤藥事件。這顯然是基於我們面臨競爭壓力的業績表現。但坦白說，競爭才是我們業績表現的最大驅動力，而我們目前並沒有看到這種情況。撤藥事件本身只是我們業務中很小的一部分，但我們目前預計不會再出現其他撤藥事件。

With respect to your second question and supply on CARVYKTI, I would say that you probably did read the announcement recently that we did sign on for additional capacity to scale up some production and increase availability moving forward. The manufacturing is ramping up to supply markets.

關於您的第二個問題以及CARVYKTI的供應情況，我想說，您可能已經讀過我們最近的公告，我們已簽署了額外產能協議，以擴大部分生產規模並提高未來的供應量。生產正在加速，以滿足市場需求。

We have really tremendous demand given some of the data that supports this -- the CARVYKTI, the CAR-T for Johnson & Johnson. And we're committed to doing everything we can to accelerate our manufacturing abilities to meet that demand. We work in our facility and again continues to progress. And it will serve as an important part of our supply chain network for not just this but other cell therapies in the future.

鑑於一些數據支持這一點，我們對CARVYKTI（強生公司的CAR-T療法）的需求確實很大。我們致力於盡力提高生產能力，以滿足這項需求。我們一直在自己的工廠工作，並且仍在不斷進步。它將成為我們供應鏈網絡的重要組成部分，不僅服務於CARVYKTI，也服務於未來其他細胞療法。

Our final question today is coming from Danielle Antalffy from UBS.

我們今天的最後一個問題來自瑞銀的丹尼爾·安塔爾菲。

It's good to be back talking to you all. Ashley, just a quick question for you on the Orthopaedics number. A very good quarter. I was just wondering, I know this is really hard to parse out, but what is -- from your sense, what does backlog work down versus real underlying growth and/or more specific to J&J share gain? Anything you can say on how to think about what's happening in the Orthopaedics market right now in the U.S. Thanks so much.

很高興能再次和大家聊天。 Ashley，關於骨科業務的數據，我只想問您一個簡短的問題。這是一個非常好的季度。我只是想知道，我知道這很難分析，但從您的角度來看，積壓訂單與實際潛在增長相比，以及/或更具體地說，與強生的市場份額增長相比，究竟起什麼作用？您能否談談如何看待目前美國骨科市場的情況？非常感謝。

Thank you, Danielle. It's great to hear your voice. Listen, it's really a combination of both. Procedures are accelerating, particularly like even as recently as March in China, as an example, U.S. working through some of the backlog. So I do think that the market is in our favor.

謝謝丹妮爾。很高興聽到你的聲音。聽著，這確實是兩者的結合。審批程序正在加快，尤其是像中國最近三月的情況一樣，美國也在處理一些積壓案件。所以我認為市場對我們有利。

But at the same time, I have to give huge acknowledgment to the Orthopaedics team, who has really built a very differentiated portfolio. And they are now participating in the fastest-growing segments within the Orthopaedics category.

但同時，我必須高度讚揚骨科團隊，他們確實建立了一個非常差異化的產品組合。他們目前正參與骨科領域中成長最快的細分市場。

So if the category is going 3 to 4, they're competing in areas that are high single digit. And what are those areas? It's all things robotics. It's around new sites of care like ASCs. It's around extremities.

所以，如果某個類別進入3到4強，他們就意味著在高個位數的領域競爭。這些領域是什麼？都是機器人技術。圍繞著像ASC這樣的新型護理場所。圍繞著四肢。

I'm very pleased with our recent acquisition of CrossRoads, a foot and ankle. It's what we talked about around revision Knees and cementless Knees. Those are really the faster-growing segments in Orthopaedics, and we are well positioned to take advantage of that demand. Thank you for the question.

我對我們最近收購足踝手術公司 CrossRoads 感到非常高興。這正是我們之前討論過的膝關節翻修術和非骨水泥膝關節手術。這些確實是骨科領域成長較快的領域，我們已做好準備，充分利用這項市場需求。感謝您的提問。

Thank you, Danielle, 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 remaining questions that you may have. Enjoy the rest of your day.

謝謝你，Danielle，也感謝大家的提問以及對我們公司的持續關注。對於因時間因素未能及時回覆的各位，我們深表歉意。如果您還有任何疑問，請隨時聯繫投資者關係團隊。祝您今天過得愉快！

Thank you. This concludes today's Johnson & Johnson's First Quarter 2023 Earnings Conference Call. You may now disconnect.

謝謝。強生公司2023年第一季業績電話會議今日結束。您可以斷開連線了。