嬌生 (JNJ) 2023 Q2 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's Second 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)

早上好，歡迎參加強生公司 2023 年第二季度收益電話會議。 （操作員說明）此通話正在錄音。如果有人有任何異議，您可以此時斷開連接。 （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 the 2023 second quarter business results and full year financial outlook. Joining me on today's call are Joaquin Duato, Chairman of the Board and Chief Executive Officer; Joe Wolk, Executive Vice President, Chief Financial Officer; and Erik Haas, Worldwide Vice President of Litigation.

早上好。我是傑西卡·摩爾，強生公司投資者關係副總裁。歡迎關注我們公司對2023年第二季度經營業績和全年財務展望的回顧。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華金·杜阿托 (Joaquin Duato)； Joe Wolk，執行副總裁兼首席財務官；埃里克·哈斯 (Erik Haas)，全球訴訟副總裁。

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.

在我們詳細介紹之前，先介紹一些後勤工作。請注意，您可以在強生公司網站 Investor.jnj.com 的投資者關係部分找到更多材料，包括今天的演示文稿和相關時間表。

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，今天的會議包含有關公司未來運營和財務業績、產品開發、市場地位和業務戰略以及公司消費者健康業務預期分離等方面的前瞻性陳述。

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 risk 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 website.

請注意，不要依賴這些前瞻性陳述，這些陳述基於使用截至今天為止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，可能導致公司的實際結果與預測存在重大差異。這些風險、不確定性和其他因素的描述可以在我們向 SEC 提交的文件中找到，包括我們的 2022 年 10-K 表格，該表格可在 Investor.jnj.com 和 SEC 網站上獲取。

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，今天討論的幾種產品和化合物正在與戰略合作夥伴合作開發或從其他公司獲得許可。這張幻燈片承認了這些關係。

Moving to today's agenda. Joaquin will open with a few comments highlighting business performance achievements in the quarter and outlook for the remainder of the year. I will then review the second 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. Finally, Erik will provide comments regarding the talc litigation. The remaining time will be available for your questions. To ensure we provide enough time to address your questions, we anticipate the webcast will last approximately 75 minutes.

轉到今天的議程。華金將首先發表一些評論，強調本季度的業務業績成就和今年剩餘時間的展望。然後，我將回顧該公司第二季度的銷售和損益結果以及與這三個部門相關的亮點。然後，喬將提供額外的業務和財務評論，然後概述我們的現金狀況、資本配置優先事項和 2023 年更新的指導。最後，埃里克將提供有關滑石粉訴訟的評論。剩下的時間可以回答您的問題。為了確保我們有足夠的時間來解決您的問題，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華金。

Thank you, Jess, and good morning, everyone. This was a strong quarter for Johnson & Johnson with market-leading performance, important advances across our innovative Pharmaceutical and MedTech pipelines and a successful initial public offering of Kenvue. We delivered solid sales and earnings growth for the second quarter of 2023, reporting operational sales of 7.5% and adjusted operational EPS growth of 9.7%. These strong results contributed to our confidence in raising our expectations for this year.

謝謝你，傑西，大家早上好。對於強生來說，這是一個強勁的季度，其業績處於市場領先地位，我們的創新製藥和醫療技術產品線取得了重大進展，並且 Kenvue 成功進行了首次公開募股。我們在 2023 年第二季度實現了穩健的銷售和盈利增長，運營銷售額增長 7.5%，調整後運營每股收益增長 9.7%。這些強勁的業績增強了我們提高今年預期的信心。

You may have seen this morning the announcement that we intend to split up Kenvue shares through an exchange offer as the next step in the separation of Kenvue. Joe will provide additional information later in the call.

您今天早上可能已經看到我們打算通過交換要約拆分 Kenvue 股票的公告，作為 Kenvue 分離的下一步。喬將在稍後的電話會議中提供更多信息。

We're excited about entering a new era for Johnson & Johnson, one built around science, innovation and technology and strategically focused on Pharmaceutical and MedTech while maintaining our position as the world's largest, most diversified health care products company with 25 platforms over $1 billion in annual sales. And on today's call, I would like to share recent highlights and achievements from across the business that have contributed to our year-to-date results as well as upcoming catalysts that give me great confidence in our near- and long-term future performance.

我們很高興強生公司進入了一個新時代，這個時代以科學、創新和技術為基礎，戰略上專注於製藥和醫療技術，同時保持我們作為全球最大、最多元化的醫療保健產品公司的地位，擁有 25 個年銷售額超過 10 億美元的平台。在今天的電話會議上，我想分享整個業務部門最近的亮點和成就，這些亮點和成就對我們今年迄今的業績做出了貢獻，以及即將到來的催化劑，這些催化劑讓我對我們的近期和長期未來業績充滿信心。

Starting with MedTech. For the second quarter of 2023, we generated 14.7% operational and 9.9% adjusted operational growth, which excludes the impact of the Abiomed acquisition. On a pro forma basis, using sales publicly reported by Abiomed prior to our acquisition, MedTech grew 10.2%. These strong results continue to show that our efforts to improve the growth of the MedTech business are working.

從醫療科技開始。 2023 年第二季度，我們實現了 14.7% 的運營增長和 9.9% 的調整後運營增長，其中不包括 Abiomed 收購的影響。根據我們收購之前 Abiomed 公開報告的銷售額，MedTech 增長了 10.2%。這些強勁的業績繼續表明我們促進醫療技術業務增長的努力正在發揮作用。

Q2 highlights in electrophysiology include the publication of clinical data supporting the safety and effectiveness of QDOT, our newest ablation catheter for atrial fibrillation. In fact, this study demonstrated a clinical success rate of 86% as well as achieving shorter procedure and fluoroscopy times than ablation with conventional catheters.

第二季度電生理學方面的亮點包括支持 QDOT 安全性和有效性的臨床數據的發布，QDOT 是我們最新的房顫消融導管。事實上，這項研究表明臨床成功率為 86%，並且與傳統導管消融相比，手術和透視時間更短。

I'm also happy to share that this month, we completed enrollment in the third clinical study evaluating our pulsed field ablation solutions. The SmartfIRE study evaluates our dual-energy catheter, which enables physicians to instantly switch energy source, whether radio frequency or pulsed field, based on patient needs.

我還很高興與大家分享，本月，我們完成了第三項臨床研究的註冊，評估我們的脈衝場消融解決方案。 SmartfIRE 研究評估了我們的雙能導管，該導管使醫生能夠根據患者需求即時切換能量源，無論是射頻還是脈衝場。

The Abiomed integration continues to deliver against planned milestones and is on track across all areas and regions with no disruption to commercial activities or pipeline progression. Second quarter sales of $331 million, compared to Abiomed's publicly reported sales in the same period last year as a standalone company, reflects approximately 20% growth.

Abiomed 整合繼續按照計劃的里程碑交付，並且在所有領域和地區都步入正軌，不會中斷商業活動或管道進展。第二季度銷售額為 3.31 億美元，與 Abiomed 作為獨立公司去年同期公開報告的銷售額相比，增長了約 20%。

We also continue to see strong enrollment in the ongoing pivotal clinical trials, which aim to expand the use of our products into new patient populations. We anticipate that heart recovery will become a significant multiyear growth platform for Johnson & Johnson.

我們還繼續看到正在進行的關鍵臨床試驗的大量註冊，這些試驗旨在將我們的產品的使用範圍擴大到新的患者群體。我們預計心臟康復將成為強生公司一個重要的多年增長平台。

In Orthopaedics, the VELYS Robotic-Assisted Solution is poised for further acceleration, having recently received CE and CA Mark international approvals.

在骨科領域，VELYS 機器人輔助解決方案近期獲得了 CE 和 CA Mark 國際批准，有望進一步加速發展。

In Surgery, we are pleased with our progression on Ottava, our next-generation soft tissue surgical robotic system. And we look forward to providing an investor update later in the year.

在外科領域，我們對下一代軟組織手術機器人系統 Ottava 的進展感到滿意。我們期待在今年晚些時候提供投資者最新情況。

In Vision, we recently launched products, such as ACUVUE OASYS MAX and TECNIS Eyhance. And we are performing very well across both contact lenses and surgical vision.

在Vision方面，我們最近推出了ACUVUE OASYS MAX和TECNIS Eyhance等產品。我們在隱形眼鏡和手術視力方面都表現出色。

Now turning to Pharmaceuticals. In the second quarter of the year, we delivered above-market operational growth of 6.2%, excluding the COVID-19 vaccine. Of note, our multiple myeloma portfolio has grown more than 30% year-on-year, which includes the acceleration of our newly launched products, CARVYKTI and TECVAYLI. These new launches, along with SPRAVATO, are performing very well and are expected to be important contributors to achieving our 2025 sales target.

現在轉向製藥業。今年第二季度，不包括 COVID-19 疫苗的情況下，我們的運營增長了 6.2%，高於市場水平。值得注意的是，我們的多發性骨髓瘤產品組合同比增長超過 30%，其中包括我們新推出的產品 CARVYKTI 和 TECVAYLI 的加速增長。這些新產品與 SPRAVATO 一起表現非常出色，預計將為實現我們 2025 年的銷售目標做出重要貢獻。

We also achieved important regulatory and operational milestones, including multiple readouts from our pipeline. A few things I'm particularly excited by include, first, the receipt of fast-track designation from the U.S. FDA for all 3 prospective indications for milvexian, our Factor XI oral anticoagulant in partnership with Bristol-Myers Squibb, which has the potential to treat a broader set of patients, such as those who currently have limited therapeutic options due to bleeding risk.

我們還實現了重要的監管和運營里程碑，包括我們管道的多個讀數。讓我特別興奮的幾件事包括，首先，我們與百時美施貴寶合作的 Factor XI 口服抗凝劑 milvexian 獲得了美國 FDA 對所有 3 個預期適應症的快速通道指定，它有可能治療更廣泛的患者，例如那些目前因出血風險而治療選擇有限的患者。

Second, recent submission of a supplemental BLA for CARVYKTI to the FDA and European Commission, supported by data from the CARTITUDE-4 study, seeking approval for a new earlier indication in treating relapsed or refractory multiple myeloma.

其次，最近向 FDA 和歐盟委員會提交了 CARVYKTI 的補充 BLA，並得到 CARTITUDE-4 研究數據的支持，尋求批准治療復發或難治性多發性骨髓瘤的新的早期適應症。

Third, the presentation of initial TAR-200 data from the SunRISe-1 study in bladder cancer at the American Urological Association Meeting.

第三，在美國泌尿外科協會會議上介紹了膀胱癌 SunRISe-1 研究的初始 TAR-200 數據。

And finally, we announced positive top line results from the Phase III PAPILLON study evaluating RYBREVANT in combination with chemotherapy in patients with newly diagnosed lung cancer with exon 20 insertion mutations. This is the first of several ongoing pivotal Phase III studies to read out for RYBREVANT-based regimens in EGFR-mutated lung cancer.

最後，我們宣布了 III 期 PAPILLON 研究的積極頂線結果，該研究評估 RYBREVANT 聯合化療治療新診斷具有外顯子 20 插入突變的肺癌患者。這是幾項正在進行的關鍵 III 期研究中的第一項，旨在了解基於 RYBREVANT 的治療 EGFR 突變肺癌的方案。

In addition, I want to highlight the Phase II study data that we presented earlier this month at the World Congress of Dermatology for JNJ-2113, our novel oral IL-23 receptor antagonist peptide in psoriasis. The finding suggests that JNJ-2113 has broad potential across the spectrum of IL-23-mediated diseases, including inflammatory bowel disease. We are already advancing into Phase III in moderate to severe plaque psoriasis and initiating a Phase IIb in ulcerative colitis. And we will continue to assess additional opportunities. We are very excited about the potential of this asset and believe it represents a $1 billion-plus commercial opportunity.

此外，我想強調一下我們本月早些時候在世界皮膚病學大會上提交的 JNJ-2113 的 II 期研究數據，JNJ-2113 是我們治療牛皮癬的新型口服 IL-23 受體拮抗劑肽。該發現表明 JNJ-2113 在 IL-23 介導的疾病譜中具有廣泛的潛力，包括炎症性腸病。我們已經進入中度至重度斑塊狀銀屑病的 III 期，並啟動潰瘍性結腸炎的 IIb 期。我們將繼續評估更多機會。我們對這項資產的潛力感到非常興奮，並相信它代表著價值超過 10 億美元的商業機會。

We also continue to defend the intellectual property associated with our medicines, including STELARA. In fact, we have reached settlements regarding our STELARA IP with both Amgen and Alvotech. We expect Amgen to launch in the U.S. on January 1, 2025, and Alvotech to launch in the U.S. on February 21, 2025.

我們還繼續捍衛與我們的藥品（包括 STELARA）相關的知識產權。事實上，我們已經與 Amgen 和 Alvotech 就我們的 STELARA IP 達成和解。我們預計 Amgen 將於 2025 年 1 月 1 日在美國上市，Alvotech 將於 2025 年 2 月 21 日在美國上市。

In all, our Pharmaceutical business delivered very strong results. Our pipeline is progressing well, and we continue to be confident in meeting our 2025 target of $57 billion. We are excited to enter the back half of the year from a position of strength, and we have high expectations as we evolve to a 2-sector Johnson & Johnson with a higher growth profile.

總而言之，我們的製藥業務取得了非常強勁的業績。我們的管道進展順利，我們繼續有信心實現 2025 年 570 億美元的目標。我們很高興能夠以強勢的姿態進入今年下半年，並且隨著我們發展成為具有更高增長前景的兩個部門的強生公司，我們抱有很高的期望。

I am now pleased to turn the call over to Jess to review our financial results in more detail. Jess?

我現在很高興將電話轉給傑西，以更詳細地審查我們的財務業績。傑西？

Thanks, Joaquin. As a reminder, on May 8, 2023, Kenvue Inc. closed its initial public offering. Johnson & Johnson continues to own 89.6% of total outstanding shares of Kenvue's common stock and remains the majority shareholder. Therefore, the following financial results continue to include the Consumer Health business, with the 10.4% of Consumer Health net earnings no longer attributed to Johnson & Johnson being adjusted for in other income and expense from the date of the IPO through the end of the quarter.

謝謝，華金。謹此提醒，Kenvue Inc. 於 2023 年 5 月 8 日結束了首次公開募股。強生公司繼續持有 Kenvue 普通股流通股總數的 89.6%，並仍然是大股東。因此，以下財務業績繼續包括消費者健康業務，消費者健康淨利潤的 10.4% 不再歸屬強生公司，並在自 IPO 之日起至本季度末的其他收入和費用中進行調整。

Starting with Q2 2023 sales results. Worldwide sales were $25.5 billion for the second quarter of 2023, an increase of 6.3% versus the second quarter of 2022. Operational sales growth, which excludes the effect of translational currency, increased 7.5% as currency had a negative impact of 1.2 points.

從 2023 年第二季度銷售結果開始。 2023 年第二季度全球銷售額為 255 億美元，較 2022 年第二季度增長 6.3%。由於匯率產生 1.2 個百分點的負面影響，排除匯率影響的運營銷售額增長 7.5%。

In the U.S., sales increased 10.2%. In regions outside the U.S., our reported growth was 2.2%. Operational sales growth outside the U.S. was 4.7% with currency negatively impacting our reported OUS results by 2.5 points. Operational sales in Europe were negatively impacted by the COVID-19 vaccine and loss of exclusivity of ZYTIGA. Excluding the net impact of acquisitions and divestitures, adjusted operational sales growth was 6.2% worldwide, 8% in the U.S. and 4.4% outside the U.S.

在美國，銷售額增長了 10.2%。在美國以外的地區，我們報告的增長率為 2.2%。美國以外地區的運營銷售額增長了 4.7%，匯率對我們報告的 OUS 業績產生了 2.5 個百分點的負面影響。歐洲的運營銷售受到 COVID-19 疫苗和 ZYTIGA 獨家經營權喪失的負面影響。排除收購和資產剝離的淨影響，調整後的全球運營銷售額增長率為 6.2%，美國為 8%，美國以外地區為 4.4%。

Turning now to earnings. For the quarter, net earnings were $5.1 billion, and diluted earnings per share was $1.96 versus diluted earnings per share of $1.80 a year ago. Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $7.4 billion, and adjusted diluted earnings per share was $2.80, representing increases of 6.5% and 8.1%, respectively, compared to the second quarter of 2022. On an operational basis, adjusted diluted earnings per share increased 9.7%.

現在轉向收益。該季度淨利潤為 51 億美元，稀釋後每股收益為 1.96 美元，而一年前稀釋後每股收益為 1.80 美元。剔除兩個時期的稅後無形資產攤銷費用和特殊項目，該季度調整後淨利潤為74億美元，調整後稀釋每股收益為2.80美元，較2022年第二季度分別增長6.5%和8.1%。在運營基礎上，調整後稀釋每股收益增長9.7%。

I will now comment on business segment sales performance highlights. Unless otherwise stated, percentages quoted represent the operational sales change in comparison to the second quarter of 2022 and therefore exclude the impact of currency translation.

我現在將評論業務部門的銷售業績亮點。除非另有說明，所引用的百分比代表與 2022 年第二季度相比的運營銷售額變化，因此排除了貨幣換算的影響。

Beginning with the Pharmaceutical segment. Worldwide Pharmaceutical sales of $13.7 billion increased 3.1% with growth of 9.2% in the U.S. and a decline of 4% outside the U.S. Operational sales growth increased 3.8% as currency had a negative impact of 0.7 points. Excluding COVID-19 vaccine sales, worldwide operational sales growth was 6.2% with growth of 9.9% in the U.S. and growth of 1.5% outside the U.S. Sales outside the U.S., excluding the COVID-19 vaccine, were negatively impacted by approximately 500 basis points due to the loss of exclusivity of ZYTIGA in Europe.

從製藥領域開始。全球藥品銷售額達 137 億美元，增長 3.1%，其中美國增長 9.2%，美國以外地區下降 4%。 由於匯率負面影響 0.7 個百分點，運營銷售額增長 3.8%。不包括 COVID-19 疫苗銷售，全球運營銷售增長 6.2%，其中美國增長 9.9%，美國以外增長 1.5%。由於 ZYTIGA 失去歐洲獨家經營權，美國以外的銷售（不包括 COVID-19 疫苗）受到約 500 個基點的負面影響。

Pharmaceutical growth was driven by our key brands and continued uptake in our recently launched products, with 9 assets delivering double-digit growth. We continue to drive strong sales growth for both DARZALEX and ERLEADA, with increases of 23.4% and 26.9%, respectively. STELARA grew 8%, driven by market growth and IBD share gains in the U.S., partially offset by unfavorable patient mix and increased rebates. TREMFYA grew 18.9%, driven by market growth and share gains in the U.S., partially offset by unfavorable patient mix. Growth of 16.5% in pulmonary hypertension was driven by favorable patient mix, share gains in the U.S. and market growth.

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，其中 9 項資產實現了兩位數的增長。我們繼續推動 DARZALEX 和 ERLEADA 的銷售強勁增長，分別增長 23.4% 和 26.9%。在美國市場增長和 IBD 份額增長的推動下，STELARA 增長了 8%，但部分被不利的患者組合和回扣增加所抵消。在美國市場增長和份額增長的推動下，TREMFYA 增長了 18.9%，但部分被不利的患者組合所抵消。肺動脈高壓患者增長了 16.5%，這得益於有利的患者組合、美國市場份額的增長以及市場的增長。

Turning to newly launched products. We continue to make progress on our launch of CARVYKTI and continue to expand access and reimbursement for SPRAVATO. We are also encouraged by the early success of our launch of TECVAYLI, sales of which are included in other oncology.

轉向新推出的產品。我們在 CARVYKTI 的推出方面繼續取得進展，並繼續擴大 SPRAVATO 的使用和報銷範圍。我們還對 TECVAYLI 的早期成功感到鼓舞，該藥物的銷售包括在其他腫瘤學中。

Total Pharmaceutical 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.

藥品總銷售額的增長被 REMICADE 和 ZYTIGA 獨家經營權的喪失以及因競爭壓力導致 IMBRUVICA 銷售額下降所部分抵消。 IMBRUVICA 保持其全球市場領導地位。

I will now turn your attention to the MedTech segment. Worldwide MedTech sales of $7.8 billion increased 12.9% with growth of 14.6% in the U.S. and 11.3% outside of the U.S. Operational sales growth increased 14.7% as currency had a negative impact of 1.8 points. Abiomed contributed 4.8% to operational growth. Excluding the impact of acquisitions and divestitures, worldwide adjusted operational sales growth was 9.9%.

現在我將把你們的注意力轉向醫療科技領域。全球醫療技術銷售額達 78 億美元，增長 12.9%，其中美國增長 14.6%，美國以外增長 11.3%。 由於匯率負面影響 1.8 個百分點，運營銷售額增長 14.7%。 Abiomed 對運營增長貢獻了 4.8%。排除收購和資產剝離的影響，全球調整後運營銷售額增長率為 9.9%。

Sales in the second quarter accelerated sequentially from Q1 for all MedTech businesses, driven by global procedure growth, recovery in China, continued uptake of recently launched products and commercial execution. Partially offsetting growth in the quarter was the impact of volume-based procurement in China as well as supply constraints.

在全球手術增長、中國復甦、最近推出的產品的持續採用和商業執行的推動下，所有醫療科技業務第二季度的銷售額較第一季度連續加速。中國批量採購以及供應限制的影響部分抵消了本季度的增長。

The Interventional Solutions franchise delivered operational growth of 56.9%, which includes $331 million related to Abiomed. Electrophysiology is a major contributor to the growth with a double-digit increase of 25.9%. This reflects strong growth in all regions, including Europe, driven by our comprehensive portfolio, including the most recently launched QDOT RS Catheter.

介入解決方案特許經營業務實現了 56.9% 的運營增長，其中包括與 Abiomed 相關的 3.31 億美元。電生理學是增長的主要貢獻者，增長了 25.9% 的兩位數。這反映了包括歐洲在內的所有地區的強勁增長，這得益於我們全面的產品組合（包括最近推出的 QDOT RS 導管）。

Orthopaedics operational growth of 5.7% reflects strong procedure recovery, success of recently launched products, such as the INHANCE shoulder portfolio as well as global expansion of our digital solutions, such as VELYS Robotic-Assisted Solution. Growth was partially offset by the impact of volume-based procurement in China and continued supply challenges primarily in hips.

骨科業務增長 5.7% 反映出強勁的手術恢復、最近推出的產品（例如 INHANCE 肩部產品組合）的成功以及我們數字解決方案（例如 VELYS 機器人輔助解決方案）的全球擴張。增長被中國批量採購的影響以及主要在臀部的持續供應挑戰所部分抵消。

Operational growth of 8.4% in Surgery was driven primarily by procedure recovery and strength of our biosurgery and wound closure portfolios. Growth was partially offset by the impacts of volume-based procurement in China and supply challenges.

外科手術業務增長 8.4%，主要是由於手術恢復以及我們生物外科和傷口閉合產品組合的實力。增長被中國批量採購和供應挑戰的影響部分抵消。

Global growth of 6.9% in Vision was driven by price actions in contact lenses and other as well as strength of new products, including ACUVUE OASYS 1-Day family of products and contact lenses; and TECNIS Eyhance, our monofocal intraocular lens in surgical vision. Growth of contact lenses was partially offset by strategic portfolio choices and supply challenges, although these continue to improve.

視力業務全球增長 6.9% 是由隱形眼鏡和其他產品的價格走勢以及新產品的實力推動的，其中包括 ACUVUE OASYS 1-Day 系列產品和隱形眼鏡；以及 TECNIS Eyhance，我們用於外科手術視力的單焦點人工晶狀體。隱形眼鏡的增長部分被戰略投資組合選擇和供應挑戰所抵消，儘管這些情況仍在繼續改善。

Moving to the Consumer Health segment. Worldwide Consumer Health sales of $4 billion increased 5.4% with growth of 6% in the U.S. and 5% outside the U.S. Operational sales growth increased 7.7% as currency had a negative impact of 2.3 points. Sales in the second quarter accelerated sequentially from Q1 for all Consumer Health franchises primarily driven by strategic price increases and growth in OTC globally due to strong pain performance and cold, cough and flu season. Excluding the impact of strategic portfolio decisions and sales of personal care products in Russia, volume across all consumer franchises was relatively flat on strong price actions. For more detailed information, please visit investors.kenvue.com.

轉向消費者健康領域。全球健康消費品銷售額達 40 億美元，增長 5.4%，其中美國增長 6%，美國以外增長 5%。 由於匯率負面影響 2.3 個百分點，運營銷售額增長 7.7%。所有消費者健康特許經營權第二季度的銷售額較第一季度連續加速，主要是由於強勁的疼痛表現以及感冒、咳嗽和流感季節帶來的戰略性價格上漲和全球非處方藥的增長推動的。排除戰略投資組合決策和俄羅斯個人護理產品銷售的影響，所有消費者特許經營權的銷量因強勁的價格走勢而相對持平。欲了解更多詳細信息，請訪問investors.kenvue.com。

Now turning to our consolidated statement of earnings for the second quarter of 2023, I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year. Cost of products sold leveraged by 80 basis points, primarily driven by favorable patient mix and lower COVID-19 vaccine supply network-related costs in the Pharmaceutical business, partially offset by commodity inflation in the Consumer and MedTech businesses.

現在轉向我們 2023 年第二季度的合併收益表，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。產品銷售成本槓桿化了 80 個基點，主要是由於製藥業務中有利的患者組合和較低的 COVID-19 疫苗供應網絡相關成本，部分被消費品和醫療科技業務中的商品通脹所抵消。

Selling, marketing and administrative margins deleveraged 20 basis points, driven by incremental costs to support the standalone Consumer Health business, partially offset by proactive management of costs.

在支持獨立消費者健康業務的增量成本的推動下，銷售、營銷和管理利潤率降低了 20 個基點，但積極主動的成本管理部分抵消了這一影響。

We continue to invest strategically in research and development at competitive levels, investing 15% of sales this quarter. The $3.8 billion invested was a 3.4% increase versus the prior year.

我們繼續在具有競爭力的水平上對研發進行戰略投資，本季度投資了銷售額的 15%。投資 38 億美元，比上年增長 3.4%。

The other income and expense line was income of $60 million in the second quarter of 2023 compared to an expense of $273 million in the second quarter of 2022. This was primarily driven by favorable litigation settlements, lower litigation expense and lower unrealized losses on securities; partially offset by higher COVID-19 vaccine manufacturing exit-related costs; and as previously mentioned, the 10.4% of Consumer Health earnings that are no longer attributable to Johnson & Johnson, which resulted in a $37 million reduction in consolidated earnings.

其他收入和支出項目為 2023 年第二季度的收入 6000 萬美元，而 2022 年第二季度的支出為 2.73 億美元。這主要是由於有利的訴訟和解、較低的訴訟費用和較低的未實現證券損失；部分被 COVID-19 疫苗生產退出相關成本上升所抵消；如前所述，消費者健康業務收入的 10.4% 不再屬於強生公司，這導致合併收入減少 3700 萬美元。

Regarding taxes in the quarter. Our effective tax rate was 23.9% versus 17.6% in the same period last year. This increase was primarily driven by 2023 tax costs incurred as part of the planned separation of the Consumer Health business due to the internal reorganization of certain international subsidiaries. Excluding special items, the effective tax rate was 16.6% versus 15.4% in the same period last year. I encourage you to review our upcoming second quarter 10-Q filing for additional details on specific tax matters.

關於本季度的稅收。我們的有效稅率為 23.9%，而去年同期為 17.6%。這一增長主要是由於某些國際子公司的內部重組導致消費者健康業務計劃分離而產生的 2023 年稅務成本所致。不計特殊項目，實際稅率為16.6%，去年同期為15.4%。我鼓勵您查看我們即將發布的第二季度 10-Q 申報文件，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 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，我將引導您注意幻燈片的方框部分，其中我們還提供了調整後的稅前收入、淨利潤和每股收益，以排除無形攤銷費用和特殊項目的影響。

Now let's look at adjusted income before tax by segment. In the second quarter of 2023, our adjusted income before tax for the enterprise as a percentage of sales increased from 34% to 34.6%, primarily driven by favorable product and patient mix, partially offset by unfavorable segment mix and commodity inflation.

現在讓我們按部門查看調整後的稅前收入。 2023年第二季度，我們調整後的企業稅前收入佔銷售額的百分比從34%增加到34.6%，這主要是受到有利的產品和患者組合的推動，部分被不利的細分市場組合和商品通脹所抵消。

Pharmaceutical margins improved from 42% to 42.7%, primarily driven by favorable patient mix; sales, marketing and administrative expense leverage and R&D portfolio prioritization; partially offset by higher milestone payments.

藥品利潤率從 42% 提高至 42.7%，主要是由於有利的患者組合；銷售、營銷和管理費用槓桿以及研發組合優先順序；部分被更高的里程碑付款所抵消。

MedTech margins improved from 26.5% to 28.6%, driven by favorable intellectual property-related litigation settlements and cost management initiatives, partially offset by commodity inflation.

受有利的知識產權相關訴訟和解和成本管理舉措的推動，醫療技術利潤率從 26.5% 提高至 28.6%，但部分被大宗商品通脹所抵消。

Finally, Consumer Health margins declined from 25.9% to 23.5% due to incremental cost to support the standalone Consumer Health business, foreign exchange impacts and commodity inflation, partially offset by supply chain efficiencies.

最後，由於支持獨立消費者健康業務的增量成本、外匯影響和大宗商品通脹，消費者健康利潤率從 25.9% 下降至 23.5%，但部分被供應鏈效率所抵消。

It is important to highlight that the adjusted income before tax for the Consumer Health business as reported by Johnson & Johnson differs from the financial results reported by Kenvue Inc. this morning. The difference is primarily driven by incremental costs required to run Kenvue as an independent company. Additional differences also exist on an after-tax basis due to the application of different tax rates.

需要強調的是，強生公司報告的消費者健康業務調整後的稅前收入與 Kenvue Inc. 今天上午報告的財務業績不同。差異主要是由於 Kenvue 作為獨立公司運營所需的增量成本造成的。由於採用不同的稅率，稅後基礎上還存在額外差異。

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

這就是強生公司第二季度業績的銷售和盈利部分。我現在很高興將電話轉給喬·沃爾克。喬？

Thank you, Jessica, and thanks, everyone, for joining us today. As previously shared, we reported particularly strong results across all segments for the second quarter and the first half of 2023.

謝謝杰西卡，也謝謝大家今天加入我們。正如之前分享的，我們報告了 2023 年第二季度和上半年所有細分市場的業績特別強勁。

During the second quarter, adjusted operational sales growth by Pharmaceuticals, excluding COVID-19 revenue, accelerated 6.2% over the first quarter of 2023. Similarly, on a sequential basis, MedTech operational sales increased 4.5% over an already strong first quarter.

第二季度，藥品業務調整後的運營銷售增長（不包括 COVID-19 收入）比 2023 年第一季度增長了 6.2%。同樣，與本已強勁的第一季度相比，醫療技術運營銷售環比增長了 4.5%。

During the first half of the year, we executed against our long-term business strategy and achieved key clinical and regulatory milestones. These advancements provide a strong foundation for long-term growth and are a testament to the hard work and dedication of our talented colleagues around the world.

上半年，我們執行了長期業務戰略，並實現了關鍵的臨床和監管里程碑。這些進步為長期增長奠定了堅實的基礎，並證明了我們世界各地才華橫溢的同事的辛勤工作和奉獻精神。

We also made considerable progress toward the separation of Kenvue. On May 8, as partial consideration for the transfer of the Consumer Health business, Kenvue paid $13.2 billion to Johnson & Johnson from the net proceeds of the initial public offering and debt financing transactions in connection with the separation.

我們在 Kenvue 的分離方面也取得了相當大的進展。 5 月 8 日，作為轉讓消費者健康業務的部分對價，Kenvue 從首次公開募股和與分拆相關的債務融資交易的淨收益中向強生公司支付了 132 億美元。

Today, we were pleased to announce an update on our next step toward the separation of Kenvue. Subject to market conditions, our intention is to split off Kenvue shares through an exchange offer as our next step in the separation. As part of the proposed exchange offer, Johnson & Johnson shareholders will have the choice to exchange all, some or none of their shares of Johnson & Johnson common stock for shares of Kenvue common stock subject to the terms of an offer.

今天，我們很高興地宣布關於分離 Kenvue 的下一步的最新消息。根據市場情況，我們的目的是通過交換要約拆分 Kenvue 股份，作為拆分的下一步。作為擬議交換要約的一部分，強生公司股東將可以根據要約條款，選擇將其持有的全部、部分或不持有的強生普通股換成 Kenvue 普通股。

We believe a split-off is the most advantageous form of separation for Johnson & Johnson, Kenvue and our shareholders. Specifically, an exchange offer provides Johnson & Johnson the potential opportunity to acquire a large number of outstanding shares of Johnson & Johnson common stock at one time in a tax-free manner for U.S. federal income tax purposes without reducing overall cash or future financial flexibility. Further, following the completion of the exchange offer, Kenvue would most likely have a shareholder base that would have made the election to own its shares.

我們認為，分拆對於強生公司、Kenvue 和我們的股東來說是最有利的分拆形式。具體而言，交換要約為強生公司提供了一次以免稅方式收購大量強生普通股的潛在機會，用於美國聯邦所得稅目的，而不會降低總體現金或未來財務靈活性。此外，在交換要約完成後，Kenvue 很可能擁有選擇持有其股票的股東基礎。

The exact timing of our decision to launch an exchange offer will, as stated earlier, depend on market conditions. But the launch of the tender could occur as early as the coming days. Offer terms for the exchange, inclusive of applicable discounts, as well as the duration of the exchange tender period, would be set upon launch.

如前所述，我們決定推出交換要約的確切時間將取決於市場狀況。但招標最早可能在未來幾天內啟動。交換的要約條款，包括適用的折扣以及交換投標期的持續時間，將在啟動時確定。

We understand that you may have questions on this process. At this point, there are no additional details about the contemplated split-off to share, but we are committed to providing timely updates as appropriate.

我們了解您可能對此流程有疑問。目前，我們還沒有關於預期分拆的更多細節可供分享，但我們致力於適時提供及時更新。

Let's now turn to cash and capital allocation. We ended the second quarter with approximately $29 billion of cash and marketable securities and approximately $46 billion of debt for a net debt position of $17 billion, inclusive of approximately $7 billion of Kenvue net debt.

現在讓我們轉向現金和資本配置。第二季度末，我們擁有約 290 億美元的現金和有價證券以及約 460 億美元的債務，淨債務頭寸為 170 億美元，其中包括約 70 億美元的 Kenvue 淨債務。

Free cash flow through the second quarter was approximately $5.4 billion compared to $8.1 billion in the prior year. The second quarter reflects elevated tax payments of approximately $2 billion related to TCJA and past audit-related matters.

第二季度自由現金流約為 54 億美元，而上年同期為 81 億美元。第二季度反映了與 TCJA 和過去審計相關事項相關的稅款增加了約 20 億美元。

Our capital allocation priorities remain unchanged, with continued investment in our business being the highest priority to drive new and better solutions for patients, followed by dividends increasing on an annual basis, adding strategic opportunities for inorganic growth and share repurchases when attractive.

我們的資本配置優先事項保持不變，對我們業務的持續投資是為患者提供新的、更好的解決方案的最高優先事項，其次是每年增加股息，增加無機增長的戰略機會，並在有吸引力時進行股票回購。

Our R&D investment in the first half of 2023 was $7.4 billion or approximately 15% of sales. This includes external investments, such as our recently announced partnership with Cellular Biomedicine Group on 2 next-generation CAR-Ts for the treatment of B-cell malignancies, further broadening our cell therapy portfolio.

2023 年上半年，我們的研發投資為 74 億美元，約佔銷售額的 15%。這包括外部投資，例如我們最近宣布與 Cellular Biomedicine Group 合作開發兩種用於治療 B 細胞惡性腫瘤的下一代 CAR-T，從而進一步擴大我們的細胞治療產品組合。

In April, we announced our 61st consecutive year of dividend increases. And in combination with the completion of our $5 billion share repurchase program authorized by the Board in September of 2022 and completed earlier this year, we returned $8.5 billion to shareholders in the first half of 2023.

4 月份，我們宣布連續 61 年增加股息。再加上董事會於 2022 年 9 月授權並於今年早些時候完成的 50 億美元股票回購計劃，我們在 2023 年上半年向股東返還了 85 億美元。

Let's discuss our outlook for the balance of 2023. Before I get into the specifics of guidance, in light of the potential Kenvue split-off transaction, I will remind you that our updated full year guidance today continues to include results from the Consumer Health business, given Johnson & Johnson remains the majority shareholder of Kenvue.

讓我們討論一下我們對 2023 年剩餘時間的展望。在討論具體指引之前，考慮到 Kenvue 潛在的分拆交易，我要提醒您，鑑於強生公司仍然是 Kenvue 的大股東，我們今天更新的全年指引繼續包括消費者健康業務的業績。

I suspect you already know this, but it would not be accurate to subtract any guidance provided separately by Kenvue from total Johnson & Johnson guidance and assume that the resulting total reflects guidance for the new Johnson & Johnson. When Johnson & Johnson is no longer the majority shareholder of Kenvue, we will provide timely updated new Johnson & Johnson guidance that will reflect, among other things, the removal of Consumer Health's current contribution to Johnson & Johnson's performance as well as any updates to Johnson & Johnson's outstanding share count.

我懷疑您已經知道這一點，但從強生公司的總體指導中減去 Kenvue 單獨提供的任何指導並假設所得總數反映了新強生的指導是不准確的。當強生公司不再是 Kenvue 的大股東時，我們將及時提供更新的新強生公司指引，其中將反映消費者健康部門當前對強生公司業績的貢獻的刪除以及強生公司流通股數量的任何更新。

So with that context, moving on to our full year guidance. Based on the strong results delivered in the quarter, like we did in April, we are again raising full year operational sales and EPS guidance despite some strategic items not accretive to EPS as detailed on this schedule. Specifically, the lost income related to the approximate 10% noncontrolling interest in Kenvue and the acquired in-process research and development costs related to our investment in Cellular Biomedicine Group.

因此，在這種背景下，繼續我們的全年指導。基於本季度取得的強勁業績，就像我們在 4 月份所做的那樣，我們再次提高了全年運營銷售額和每股收益指導，儘管一些戰略項目不會增加本計劃中詳細說明的每股收益。具體來說，收入損失與 Kenvue 約 10% 的非控股權益有關，以及與我們對 Cellular Biomedicine Group 的投資有關的收購過程中的研發成本。

We now expect operational sales growth for the full year 2023 to be in the range of 7% to 8% or up $1.4 billion in the range of $99.3 billion to $100.3 billion on a constant currency basis, and adjusted operational sales growth in the range of 6% to 7%.

我們目前預計 2023 年全年運營銷售增長將在 7% 至 8% 之間，即按固定匯率計算將增長 14 億美元，即 993 億美元至 1003 億美元之間，調整後的運營銷售增長將在 6% 至 7% 之間。

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 $1.10. The euro spot rate as of mid-last week remains at $1.10. However, the U.S. dollar has strengthened versus other select currencies, such as the won and the yen. As such, we now estimate a negative impact of foreign currency translation of approximately 500 basis points, resulting in estimated reported sales growth between 6.5% to 7.5% compared to 2022 with a midpoint of $99.3 billion.

如您所知，我們不會推測未來的貨幣走勢。上季度，我們注意到我們使用的歐元兌美元即期匯率為 1.10 美元。截至上周中旬，歐元即期匯率仍維持在 1.10 美元。然而，美元兌韓元和日元等其他特定貨幣已走強。因此，我們現在估計外幣換算的負面影響約為 500 個基點，導致預計報告銷售額與 2022 年相比增長 6.5% 至 7.5%，中值為 993 億美元。

Regarding other lines on the P&L. We now anticipate a slight improvement to our adjusted pretax operating margin driven by expense management. We have reduced our other income estimate to be in the range of $1.6 billion to $1.8 billion, primarily related to the company's 10.4% noncontrolling interest in Kenvue.

關於損益表上的其他行。我們現在預計，在費用管理的推動下，調整後的稅前營業利潤率將略有改善。我們將其他收入預測下調至 16 億美元至 18 億美元之間，主要與該公司在 Kenvue 中持有 10.4% 的非控股權益有關。

Regarding interest income and expense. We now anticipate a reduction of net interest expense to the range of $150 million to $250 million due to interest income on the net proceeds linked to the Kenvue separation.

關於利息收入和支出。由於與 Kenvue 分離相關的淨收益產生利息收入，我們現在預計淨利息支出將減少至 1.5 億至 2.5 億美元。

And finally, based on current tax law, we are maintaining our effective tax rate estimate in the range of 15.5% to 16.5%.

最後，根據現行稅法，我們將有效稅率估計維持在 15.5% 至 16.5% 的範圍內。

These changes result in us increasing our adjusted operational earnings per share guidance by $0.10 per share to a range of $10.60 to $10.70 or $10.65 at the midpoint on a constant currency basis, constant currency growth of 5% at the midpoint.

這些變化導致我們將調整後的每股運營收益指引提高了 0.10 美元，達到 10.60 至 10.70 美元的範圍，或按固定匯率計算的中點 10.65 美元，中點匯率恆定增長率為 5%。

While not predicting the impact of currency movements, assuming recent exchange rates I previously referenced, our reported adjusted earnings per share for the year assumes no additional foreign exchange impact. As such, our reported adjusted earnings per share for the year increases by $0.10 per share to a range of $10.70 to $10.80 or $10.75 at the midpoint, reflecting growth of 6% at the midpoint.

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，我們報告的今年調整後每股收益假設沒有額外的外匯影響。因此，我們報告的今年調整後每股收益增加了 0.10 美元，達到 10.70 美元至 10.80 美元的範圍，即中點 10.75 美元，反映出中點增長 6%。

While we do not provide guidance by segment or on a quarterly basis, let me offer some qualitative considerations to support your modeling. In MedTech, we continue to anticipate stable procedure volumes and health care staffing levels in the back half of the year with normal seasonality. We expect continued competitive performance attributable to commercial execution, recently launched products and improvement in supply. Headwinds from volume-based procurement in China as well as potential impacts from international sanctions in Russia are expected to be higher in the second half than the first half of the year.

雖然我們不按細分市場或按季度提供指導，但讓我提供一些定性考慮因素來支持您的建模。在醫療科技領域，我們繼續預計下半年手術量和醫療保健人員配置水平將保持穩定，季節性正常。我們預計，由於商業執行、最近推出的產品和供應的改善，業績將持續具有競爭力。中國批量採購的阻力以及俄羅斯國際制裁的潛在影響預計下半年將比上半年更大。

In Pharmaceuticals, we continue to expect to deliver our 12th consecutive year of above-market growth in 2023, driven by key assets and continued uptick of our newly launched products. We expect continued strong growth in the back half of the year slightly higher than the first half.

在製藥領域，我們預計在關鍵資產和新推出產品持續增長的推動下，到 2023 年將連續 12 年實現高於市場的增長。我們預計下半年將繼續強勁增長，略高於上半年。

When modeling Consumer Health growth rates in 2023, it's important to take into consideration prior year comparisons with lapping price increases in the back half of the year.

在對 2023 年消費者健康增長率進行建模時，重要的是要考慮到前一年與下半年價格上漲的比較。

Given the strong momentum in our Pharmaceutical business and the upcoming clinical milestones mentioned earlier, we remain very confident in our ability to meet our 2025 Pharmaceutical sales target of $57 billion.

鑑於我們製藥業務的強勁勢頭以及前面提到的即將到來的臨床里程碑，我們對實現 2025 年 570 億美元的藥品銷售目標的能力仍然充滿信心。

Looking ahead, we have many important catalysts for the remainder of the year that can drive meaningful near- and long-term value. Beyond the separation, in the near term, we are continuing to drive performance in MedTech, with better commercial execution and recently launched innovative products being a significant factor in driving the continued higher growth trajectory across the MedTech business.

展望未來，我們在今年剩餘時間內有許多重要的催化劑，可以推動有意義的近期和長期價值。除了分離之外，在短期內，我們將繼續推動醫療技術領域的業績，更好的商業執行力和最近推出的創新產品是推動整個醫療技術業務持續高速增長的重要因素。

Many of the solutions mentioned are early in their commercialization, which means there is still significant opportunity ahead. For example, in electrophysiology, we are excited to begin the commercialization of the QDOT microcatheter in the U.S. during the second half of this year. In Orthopaedics, the VELYS Robotic-Assisted Solution recently received regulatory approvals in Europe, and we plan to launch it in key European countries by the end of this year. And in Vision, we are seeing the benefits of our recently launched innovations, such as ACUVUE OASYS MAX 1-Day multifocal, which is driving Johnson & Johnson's market share growth in the large and growing presbyopia market. We look forward to continued growth from this and other recent Vision launches.

提到的許多解決方案還處於商業化的早期階段，這意味著未來仍然存在巨大的機會。例如，在電生理學領域，我們很高興今年下半年開始在美國實現 QDOT 微導管的商業化。在骨科領域，VELYS機器人輔助解決方案最近在歐洲獲得了監管部門的批准，我們計劃於今年年底在歐洲主要國家推出。在 Vision 中，我們看到了我們最近推出的創新產品的優勢，例如 ACUVUE OASYS MAX 1 天多焦眼鏡，它正在推動強生公司在龐大且不斷增長的老花眼市場中的市場份額增長。我們期待本次 Vision 以及最近推出的其他產品能夠持續增長。

Related to our Pharmaceutical business. We are excited about upcoming advancements in our pipeline with a number of important regulatory and clinical milestones for our key future assets, including on the regulatory front, there is expected approval of talquetamab in relapsed or refractory multiple myeloma.

與我們的製藥業務相關。我們對我們的管道即將取得的進展感到興奮，我們的關鍵未來資產具有許多重要的監管和臨床里程碑，包括在監管方面，他克他單抗預計將獲得批准用於治療復發或難治性多發性骨髓瘤。

Clinically, we expect Phase III data for TREMFYA for Crohn's disease and ulcerative colitis, the results of the MARIPOSA study of RYBREVANT plus lazertinib in frontline non-small cell lung cancer with the opportunity to potentially present that data at an upcoming major medical meeting, Phase I data for TAR-210 in non-muscle invasive bladder cancer and Phase II data for nipocalimab in rheumatoid arthritis.

臨床上，我們期待 TREMFYA 治療克羅恩病和潰瘍性結腸炎的 III 期數據、RYBREVANT 聯合 lazertinib 治療一線非小細胞肺癌的 MARIPOSA 研究結果，並有機會在即將舉行的重大醫學會議上展示這些數據、TAR-210 治療非肌層浸潤​​性膀胱癌的 I 期數據和 nipocalimab 治療類風濕性關節炎的 II 期數據。

A couple of other items to highlight. In case you missed them, we recently published our Health for Humanity Report, our U.S. Pharmaceutical Pricing Transparency Report and our U.S. Patent Table, all of which can be found on our website.

還有其他一些需要強調的事項。如果您錯過了，我們最近發布了《人類健康報告》、《美國藥品定價透明度報告》和《美國專利表》，所有這些都可以在我們的網站上找到。

Also a reminder that we will be hosting an enterprise business review featuring both Pharmaceutical and MedTech at the New York Stock Exchange on December 5.

另請注意，我們將於 12 月 5 日在紐約證券交易所舉辦一次以製藥和醫療技術為主題的企業業務回顧。

I'll conclude my prepared remarks by reiterating that we have had a strong first half of the year both financially and operationally, and we expect to continue to build upon that momentum in the second half of this year.

在結束我準備好的發言時，我要重申，今年上半年我們在財務和運營方面都表現強勁，我們預計今年下半年將繼續鞏固這一勢頭。

With that, I will now turn the call over to Erik Haas.

現在，我將把電話轉給埃里克·哈斯。

Thank you, Joe. On Tuesday, July 18 in the case of Valdez v Johnson & Johnson, a jury in Alameda County, California ruled in favor of the plaintiff on his talc product liability claims. We intend to pursue an appeal based on the erroneous rulings by the trial judge that prevented us from sharing with the jury critical facts that demonstrate that plaintiff's exceedingly rare form of mesothelioma was not caused by baby powder.

謝謝你，喬。 7 月 18 日星期二，在 Valdez 訴強生公司一案中，加利福尼亞州阿拉米達縣的陪審團就其滑石粉產品責任索賠做出了有利於原告的裁決。我們打算根據初審法官的錯誤裁決提起上訴，該裁決阻止我們與陪審團分享證明原告極其罕見的間皮瘤不是由嬰兒爽身粉引起的關鍵事實。

Without the benefit of that evidence, the jury rendered a verdict that is irreconcilable with the decades of independent scientific evaluations confirming Johnson's Baby Powder is safe, does not contain asbestos and does not cause cancer. The research, clinical evidence in over 40 years of studies by independent medical experts around the world continue to support the safety of our cosmetic talc.

在沒有這些證據的情況下，陪審團做出的裁決與數十年來確認強生嬰兒爽身粉安全、不含石棉且不會致癌的獨立科學評估不符。世界各地獨立醫學專家 40 多年研究的臨床證據繼續支持我們的化妝品滑石粉的安全性。

The verdict award will not be paid while the bankruptcy proceeding continues, and this decision has absolutely no impact on that process, which has the support of lawyers representing the majority of claimants. We remain focused on all claimants having the opportunity to vote and decide for themselves on our plan to compensate them in a timely and efficient manner.

在破產程序繼續進行期間，判決賠償金將不會支付，這一決定對破產程序絕對沒有影響，這一程序得到了代表大多數索賠人的律師的支持。我們仍然關注所有索賠人有機會投票並自行決定我們及時有效地賠償他們的計劃。

Looking ahead with respect to the bankruptcy refiling by LTL. The bankruptcy judge is expected to rule by August 2 on the motion to dismiss hearing that took place in the last week of June. In addition, a hearing on the motion for LTL's proposed reorganization plan and voting procedures process and the path forward is scheduled for August 22.

展望 LTL 破產重新申請的前景。破產法官預計將在 8 月 2 日之前就駁回 6 月最後一周舉行的聽證會的動議做出裁決。此外，定於 8 月 22 日舉行關於 LTL 擬議重組計劃動議和投票程序流程以及前進道路的聽證會。

As we previously stated, Johnson & Johnson stands by its position that its talcum products are safe, as confirmed decades of numerous independent scientific tests and studies.

正如我們之前所說，強生公司堅持其滑石粉產品是安全的立場，幾十年來無數獨立的科學測試和研究證實了這一點。

I would now like to hand the call back over to Jess.

我現在想把電話轉回傑西。

Thanks, Erik. This concludes the prepared remarks section of our call. I will now turn the discussion over to the Q&A portion of the call. Kevin, can you please provide instructions for those wishing to ask a question?

謝謝，埃里克。我們的電話會議準備好的評論部分到此結束。我現在將討論轉入電話會議的問答部分。凱文，您能為那些想提問的人提供說明嗎？

(Operator Instructions) Our first question is coming from Larry Biegelsen from Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Larry Biegelsen。

Congratulations on another strong quarter here. For Erik, if Judge Kaplan dismisses the bankruptcy proposal, what's the backup settlement in mind that would proceed outside of bankruptcy that could ring-fence the cost?

祝賀又一個強勁的季度。對於埃里克來說，如果卡普蘭法官駁回破產提案，那麼在破產之外進行的、可以限製成本的備用和解方案是什麼？

And Joe or Joaquin, in MedTech, how are you thinking about the sustainability of the first half strength where you grew 8% organic? Do you still expect the MedTech market to grow 5% to 7% this year? With J&J in that range, it seems conservative.

醫療科技領域的 Joe 或 Joaquin，您如何看待上半年有機增長 8% 的可持續性？您仍然預計今年醫療科技市場將增長 5% 至 7% 嗎？強生公司在這個範圍內，似乎比較保守。

Larry, it's Erik. Thanks for the question. If Judge Kaplan dismisses the bankruptcy, we will be back in the tort system. And in that scenario, we intend to fight the claims aggressively.

拉里，是埃里克。謝謝你的提問。如果卡普蘭法官駁回破產申請，我們將回到侵權體系。在這種情況下，我們打算積極應對這些指控。

And indeed, based upon the indicated decades of scientific support for the safety of our talc products, the fact that our talc products do not contain asbestos and the fact that our talc products do not cause cancer, we feel very confident in our ability to continue to prevail in the vast majority of claims as we have done in the past in the tort system.

事實上，基於幾十年來對我們滑石粉產品安全性的科學支持、我們的滑石粉產品不含石棉以及我們的滑石粉產品不會致癌的事實，我們對我們有能力繼續在絕大多數索賠中勝訴，就像我們過去在侵權制度中所做的那樣。

Thank you, Larry, and thank you for complimenting us on the results on the first quarter and also on the MedTech ones. When it comes to the MedTech results, the growth in the first half of the year was north of 8%. So this is a continuation of the sustained improvement in our performance that we have had in the last couple of years in which we have grown at or above our competitive composite.

謝謝拉里，感謝您對我們第一季度的業績以及醫療科技的業績表示讚賞。醫療科技業績方面，上半年增長超過 8%。因此，這是過去幾年我們業績持續改善的延續，我們的增長達到或超過了我們的競爭綜合實力。

When we think about the dynamics that are driving our growth, which are multiple, one is the recovery in the overall market procedures, which is helping; our improved commercial execution; and very especially, the cadence and flow of new product launches that we are having in the market, we see our trajectory in MedTech in the first half of the year continuing second half of the year. So we expect a similar trajectory for MedTech in the second half of the year.

當我們思考推動我們增長的動力是多重的時，其一是整體市場程序的複蘇，這是有幫助的；其二是整體市場程序的複蘇，這是有幫助的；我們改進的商業執行力；特別是，我們在市場上推出新產品的節奏和流程，我們看到我們上半年在醫療科技領域的發展軌跡將持續到下半年。因此，我們預計下半年醫療科技行業也會出現類似的軌跡。

Yes, Larry, maybe I might just add to Joaquin's comments. The only thing that is limiting the growth, I would say in the back half of the year, is China volume-based pricing as well as some international sanctions in Russia. But those are already incorporated into our outlook for the balance of 2023. So we feel we have those well in hand. If there's a little bit of abatement on either of those fronts, it portends well for the future.

是的，拉里，也許我可以補充一下華金的評論。我想說，今年下半年唯一限制增長的因素是中國的基於數量的定價以及俄羅斯的一些國際制裁。但這些已經納入我們對 2023 年剩餘時間的展望中。所以我們覺得我們已經掌握了這些。如果這兩個方面有一點減弱，這對未來來說是個好兆頭。

Next question is coming from Vamil Divan from Guggenheim Securities.

下一個問題來自古根海姆證券公司的瓦米爾·迪萬。

So maybe just one on the guidance commentary. So I appreciate what you said around the Kenvue and Cellular Biomedicine dynamics. But I'm curious about STELARA. Because you have the 2 settlements now, I don't think there's any chance for having a biosimilar enter this year. And I think before, you had expected that. So I'm curious what your expectations are now in terms of biosimilar entry before Amgen. And how does that impact sort of your guidance expectation for this year? And if you want to comment on sort of next year or sort of how it might impact 2025 with the $57 billion there.

所以也許只是關於指導評論的一篇。所以我很欣賞你關於 Kenvue 和細胞生物醫學動態的言論。但我對 STELARA 很好奇。因為現在有兩個和解，我認為今年沒有任何機會讓生物仿製藥進入。我想你之前已經預料到了這一點。所以我很好奇您現在對安進之前進入生物仿製藥的期望是什麼。這對您今年的指導預期有何影響？如果你想評論一下明年的情況，或者它可能如何影響 2025 年的 570 億美元。

And then one also, the other one if I could, just on MARIPOSA. We've been getting a lot of questions just sort of what's changed there. I know before, the study is supposed to end next year. We obviously heard about the interim on your last earnings call. But then in the last few weeks, it sounds like there's a chance we'll get the data sooner this year than you may have [well] present it. So kind of what's changed from April to now to give you a sense that the data may come a little bit earlier and give you a chance to present it this year?

然後還有一個，如果可以的話，另一個，就在馬里波薩。我們收到了很多關於那裡發生了什麼變化的問題。我之前就知道，這項研究預計明年結束。我們顯然在上次財報電話會議上聽說了臨時的情況。但在過去的幾周里，聽起來我們今年有可能比你們提供的更早獲得數據。從四月份到現在，有什麼變化讓你感覺到數據可能會提前一點，讓你有機會在今年展示它？

Thanks for the questions, Vamil. I'll start with STELARA and then see if Erik can add anything from a legal perspective, and then we'll hand it over to Joaquin for your question on the MARIPOSA study.

謝謝你的提問，瓦米爾。我將從 STELARA 開始，然後看看 Erik 是否可以從法律角度添加任何內容，然後我們將把它交給 Joaquin，回答您關於 MARIPOSA 研究的問題。

With respect to STELARA, this year, there won't be a significant impact. As you can imagine, most of that business was contracted for the full year about this time last year. So there really wasn't any material impact. And our current assumption, based on some of the agreements you read about, similar to what we've said previously, is that we wouldn't expect anything before January 1, 2025.

對於STELARA來說，今年不會有太大的影響。正如你可以想像的那樣，大部分業務都是在去年這個時候簽訂的全年合同。所以確實沒有任何實質性影響。根據您讀到的一些協議，我們目前的假設是，與我們之前所說的類似，我們在 2025 年 1 月 1 日之前不會發生任何事情。

I don't know, Erik, from a legal perspective, anything to add?

我不知道，埃里克，從法律角度來看，有什麼需要補充的嗎？

Yes. Thanks, Joe. From a litigation perspective, I could say that no other biosimilar is better positioned in our view than Amgen or Alvotech would be. So we would not anticipate any other biosimilar having the opportunity or ability to enter the market before those 2.

是的。謝謝，喬。從訴訟的角度來看，我可以說，在我們看來，沒有其他生物仿製藥比 Amgen 或 Alvotech 更有利。因此，我們預計不會有任何其他生物仿製藥有機會或能力在這 2 種之前進入市場。

Thank you. And with respect to MARIPOSA, nothing has changed. We -- this is an event-driven study with a final analysis expected, as we said, by the end of 2023 with a potential to be presented at a major medical meeting in 2023. We remain excited about the potential of RYBREVANT in combination with lazertinib to become a new standard of care in first-line nonsmall cell lung cancer with EGFR mutations. And we are looking forward to be able to present these results in due time in a medical meeting potentially this year.

謝謝。至於 MARIPOSA，一切都沒有改變。這是一項事件驅動的研究，正如我們所說，最終分析預計將於 2023 年底完成，並有可能在 2023 年的一次重大醫學會議上發表。我們仍然對 RYBREVANT 與 lazertinib 聯合成為 EGFR 突變非小細胞肺癌一線治療新標準的潛力感到興奮。我們期待能夠在今年的醫學會議上及時公佈這些結果。

Your next question today is coming from Joanne Wuensch from Citibank.

今天你們的下一個問題來自花旗銀行的 Joanne Wuensch。

I'm trying to think about 2 things as I look forward to -- given the strength in the first half of the year in MedTech, does this create, in your opinion, a new base from which we grow from? Or are we going to be writing about difficult comps next year?

我正在嘗試思考我所期待的兩件事——考慮到今年上半年醫療科技領域的實力，您認為這是否為我們的成長奠定了一個新的基礎？或者明年我們會寫一些困難的比賽嗎？

And second of all, with Kenvue's split-off by within days or by the end of this year, I anticipate, how do we think about different investments in the MedTech and Pharmaceutical franchises, either through pure R&D internally or externally?

其次，隨著 Kenvue 在幾天內或在今年年底前分拆，我預計，我們如何考慮通過純粹的內部研發或外部研發對醫療科技和製藥特許經營權進行不同的投資？

So as I commented in the earlier question, we are pleased with the strength of our MedTech business in the first half of the year with 8% growth. We -- this is driven by market growth, which we believe it's also slightly elevated this year due to the clearing of the COVID-19 backlog; and at the same time, as I commented, to our improved commercial execution and the introduction of new products.

正如我在之前的問題中所評論的那樣，我們對今年上半年醫療技術業務的強勁增長 8% 感到滿意。我們——這是由市場增長推動的，我們相信今年由於清理了 COVID-19 積壓訂單，市場增長也略有上升；同時，正如我所評論的，我們改進了商業執行力並推出了新產品。

Of note, of our 12 $1 billion platforms in MedTech, all of them have grown during the first half of the year. And we are being quite successful in introducing some important new products in all segments of our business.

值得注意的是，我們在醫療科技領域價值 10 億美元的 12 個平台中，所有平台在今年上半年都實現了增長。我們在業務的各個領域都非常成功地推出了一些重要的新產品。

For example, if I start with electrophysiology, that grew north of 25% in the quarter. We have introduced a new mapping catheter, OCTARAY; and also a new treatment catheter, QDOT. Which as you know, Joanne, we presented results about QDOT, so we increased efficacy and procedure efficiency, too.

例如，如果我從電生理學開始，本季度增長超過 25%。我們推出了一種新的標測導管，OCTARAY；還有一種新的治療導管 QDOT。正如您所知，Joanne，我們展示了 QDOT 的結果，因此我們也提高了功效和程序效率。

If we move into Vision, we are in the middle of the launch of ACUVUE OASYS MAX, which is doing well; and also the launch of our TECNIS Eyhance, the first monofocal intraocular lens, which is progressing also very well.

如果我們進入 Vision，我們正在推出 ACUVUE OASYS MAX，該產品表現良好；我們還推出了 TECNIS Eyhance，這是首款單焦點人工晶狀體，進展也非常順利。

Moving into Orthopaedics. The good news is that we have received CE Mark and CA Mark for our Robotic-Assisted System, VELYS. And we continue to have an enhanced portfolio of knees and hips with our cementless knees, the medial stabilized, and in the area of hips with Hip Navigation and the recent addition of CUPTIMIZE. And we see our market position there also progressing. And moving forward, we will continue to see good evolution also in Orthopaedics.

進入骨科。好消息是我們的機器人輔助系統 VELYS 已獲得 CE 標誌和 CA 標誌。我們繼續增強膝蓋和臀部的產品組合，包括非骨水泥膝蓋、內側穩定，以及臀部區域的髖部導航和最近添加的 CUPTIMIZE。我們看到我們在那裡的市場地位也在進步。展望未來，我們將繼續看到骨科領域的良好發展。

Finally, in Surgery, we continue to enhance our endocutter and our energy portfolio with the launch of ENSEAL jaw, curved; and also with the launch of ECHELON 3000 in the stapler side.

最後，在外科領域，我們繼續增強我們的內切刀和能源產品組合，推出了 ENSEAL 下頜，彎曲；此外，還推出了訂書機方面的 ECHELON 3000。

So overall, good reception of our new products. That portend well for a continuation of growth, as I said before, in the second half of the year.

總的來說，我們的新產品受到了良好的歡迎。正如我之前所說，這預示著下半年經濟將持續增長。

And we look forward also to the different readouts of our PFA pipeline, which as we have announced, we have completed the enrollment of our dual-energy catheter, which is going to be offering the physicians the comfort of a catheter that fits the most widely used with the option of having both radio frequency and PFA to adapt to every patient anatomy.

我們也期待著我們的 PFA 管道的不同讀數，正如我們所宣布的，我們已經完成了雙能導管的註冊，這將為醫生提供適合最廣泛使用的導管的舒適度，並且可以選擇同時具有射頻和 PFA 以適應每個患者的解剖結構。

And then on the robotic side, we will provide you more updates on our progress on Ottava, our soft tissue robotics system, before the end of the year, as we committed. And we have also good news on our MONARCH system that has already started with the first patient treated in removal of kidney stone.

然後在機器人方面，我們將按照我們的承諾，在今年年底之前向您提供有關軟組織機器人系統 Ottava 進展的更多更新信息。我們的 MONARCH 系統也有好消息，該系統已經開始對第一位患者進行腎結石清除治療。

So overall, good progress during the year. Clearly, our MedTech business is doing well, delivering competitive growth. And we have good news in innovation as the year moves forward.

總體而言，這一年取得了良好的進展。顯然，我們的醫療科技業務表現良好，實現了有競爭力的增長。隨著時間的推移，我們在創新方面有好消息。

And Joanne, with respect to your second question and completing the Consumer Health separation. Our capital allocation priorities aren't changing. So we're going to continue to invest organically in our own pipeline.

喬安妮，關於你的第二個問題以及完成消費者健康業務的分離。我們的資本配置優先事項沒有改變。因此，我們將繼續對自己的管道進行有機投資。

You saw that we pretty much have kept our percent to sales, which is -- leads across industries as a top 10 investor in R&D on an annual basis. We prioritize that. We realize that, that is underpinning our future success, as we have demonstrated. The dividends and the share repurchases that we've done this year has already returned a significant amount back to shareholders. And then we'll always be on the hunt for real good strategic opportunities that fit with either the clinical or science expertise we have or commercial capabilities that we can offer that drive more value out of a potential asset in our hands than where it currently resides. So we are looking feverishly as we always do across both MedTech and Pharm.

您看到，我們幾乎保持了銷售額百分比，即每年在研發領域的十大投資者中處於領先地位。我們優先考慮這一點。我們意識到，正如我們所證明的那樣，這是我們未來成功的基礎。我們今年的股息和股票回購已經給股東帶來了可觀的回報。然後，我們將始終尋找真正良好的戰略機會，這些機會與我們擁有的臨床或科學專業知識相匹配，或者與我們可以提供的商業能力相匹配，從而從我們手中的潛在資產中挖掘出比目前擁有的更多的價值。因此，我們像往常一樣在醫療科技和製藥領域狂熱地尋找。

Your next question is coming from Chris Schott from JPMorgan.

您的下一個問題來自摩根大通的克里斯·肖特。

Just the first one is, would love just some additional views on the $57 billion pharma target by 2025. It seems like between the pipeline progress we've seen this year and the STELARA settlements, you've had some clear positive updates over the past few months. And I'm just wondering, just level of confidence in that target, and has that increased as we've gone through this year?

第一個是，希望對到 2025 年實現 570 億美元的製藥目標有一些額外的看法。似乎在我們今年看到的管道進展和 STELARA 和解之間，過去幾個月已經有了一些明顯的積極更新。我只是想知道，人們對這一目標的信心程度，隨著我們今年的經歷，信心是否有所增強？

And then my second question was just for Erik on talc. Is there any update in terms of the number of plaintiffs where you have an agreement on the settlement terms relative to where we stood with the comments in April? And just where you stand right now relative to that 75% threshold you ultimately need.

然後我的第二個問題是關於滑石粉的埃里克。與我們四月份的意見相比，你們就和解條款達成一致的原告數量是否有任何更新？相對於您最終需要的 75% 閾值，您現在所處的位置就是這樣。

Thank you, Chris. And let me start with your first question. We have always been confident on the fact that we will reach our $57 billion target by 2025, as we announced back in 2021. And certainly, what we are seeing now increases and reinforces and enhances our confidence.

謝謝你，克里斯。讓我從你的第一個問題開始。正如我們在 2021 年宣布的那樣，我們一直堅信到 2025 年我們將實現 570 億美元的目標。當然，我們現在所看到的情況增加、增強和增強了我們的信心。

On one hand, you're seeing the progression of our Pharmaceutical portfolio and our existing products with excellent results in DARZALEX, TREMFYA and ERLEADA, also in our pulmonary hypertension franchise and in our long-acting injectable anti-psychotic franchise, which are key products in this period.

一方面，您看到我們的藥品組合和現有產品的進展，在 DARZALEX、TREMFYA 和 ERLEADA 以及我們的肺動脈高壓特許經營權和長效注射抗精神病藥特許經營權中取得了優異的成果，這些產品是這一時期的關鍵產品。

We are very pleased with the trajectory of our new product launches, including CARVYKTI, TECVAYLI and SPRAVATO. If I focus on CARVYKTI, you see a clear improvement quarter-over-quarter in CARVYKTI, which reflects improvements in supply.

我們對新產品的發布軌跡非常滿意，包括 CARVYKTI、TECVAYLI 和 SPRAVATO。如果我關注 CARVYKTI，您會發現 CARVYKTI 環比明顯改善，這反映了供應的改善。

In TECVAYLI, you see also a clear improvement. Of note, when we look at the TECVAYLI launch, align data with DARZALEX in the addressable patient population, TECVAYLI, it's having a faster introduction.

在 TECVAYLI 中，您還會看到明顯的改進。值得注意的是，當我們查看 TECVAYLI 的發佈時，將可尋址患者群體中的數據與 DARZALEX 對齊，TECVAYLI 的推出速度更快。

And finally, SPRAVATO, which is doing well. And now we see SPRAVATO as a $1 billion-plus product, and you're seeing the results this quarter also reaching close to $170 million.

最後是表現良好的 SPRAVATO。現在，我們將 SPRAVATO 視為一款價值超過 10 億美元的產品，您會看到本季度的業績也接近 1.7 億美元。

If we look at our pipeline and the products of the pipeline that are going to impact in this period, we are expecting the PDUFA date of talquetamab, our GPRC5D CD3 bispecific antibody, which is going to give another option in the treatment of multiple myeloma.

如果我們看看我們的管道以及將在這一時期產生影響的管道產品，我們預計他克他單抗（我們的 GPRC5D CD3 雙特異性抗體）的 PDUFA 日期，這將為多發性骨髓瘤的治療提供另一種選擇。

And we continue to progress and execute well in some of the key products in our pipeline. I commented on RYBREVANT and the combination of lazertinib, as you know. We received fast track destination for the 3 key indications of milvexian, our Factor XI oral anticoagulant that we are working in collaboration with Bristol-Myers Squibb. We presented very positive data about TAR-200 in non-muscle invasive bladder cancer in meeting in the American Urological Association. And we also -- when it comes to CARVYKTI, we were very pleased to show the data on CARTITUDE-4. We are filing the BLA now, both in Europe and in the U.S. And we are expecting to show you some data on nipocalimab in rheumatoid arthritis. We also have already presented in hemolytic disease of the fetus, of the newborn.

我們在管道中的一些關鍵產品上繼續取得進展並表現良好。如您所知，我評論了 RYBREVANT 和 lazertinib 的組合。我們與百時美施貴寶合作，獲得了 Milvexian 的 3 個關鍵適應症的快速通道目的地，這是我們與 Bristol-Myers Squibb 合作的 Factor XI 口服抗凝劑。我們在美國泌尿外科協會的會議上展示了 TAR-200 在非肌層浸潤​​性膀胱癌中的非常積極的數據。當談到 CARVYKTI 時，我們也非常高興地展示 CARTITUDE-4 上的數據。我們現在正在歐洲和美國提交 BLA，我們希望向您展示尼泊卡利單抗治療類風濕關節炎的一些數據。我們還已經介紹了胎兒和新生兒的溶血病。

So in every angle of the products that we highlighted as the core products of our pipeline, we are executing well. Plus we recently presented in the World Congress of Dermatology our data in our oral IL-23 receptor antagonist peptide, which show great efficacy in psoriasis. And we have announced plans to continue developing into psoriasis and also a Phase II study in ulcerative colitis.

因此，在我們強調作為管道核心產品的產品的各個方面，我們都執行得很好。此外，我們最近在世界皮膚病學大會上展示了我們的口服 IL-23 受體拮抗肽的數據，該肽在治療牛皮癬方面顯示出巨大的功效。我們還宣布了繼續開發牛皮癬的計劃以及潰瘍性結腸炎的 II 期研究。

So overall, when I look at the picture for 2025, we have increased confidence based on our portfolio, in our new product launches and how we are executing on our pipeline.

因此，總的來說，當我展望 2025 年的前景時，我們對我們的產品組合、新產品的發布以及我們在管道上的執行方式增加了信心。

But now I would like to look even beyond 2025 if you allow me, Chris, because 2025 is very close. It's only 3 years from now. So what I think is what you are seeing with this renewal of our portfolio is a very strong position for Johnson & Johnson in Pharmaceuticals beyond 2025. And that's something that we need to highlight, and I think it's important for everybody to recognize. This is going to put us in a great position beyond 2025.

但現在，如果克里斯，如果你允許的話，我想展望 2025 年之後的情況，因為 2025 年已經非常接近了。距離現在只有3年時間了。因此，我認為，通過更新我們的投資組合，強生公司在 2025 年之後將在製藥領域佔據非常強大的地位。這是我們需要強調的事情，我認為每個人都認識到這一點很重要。這將使我們在 2025 年之後處於有利地位。

Turning to the question with respect to the number of claimants. Good and important question. The most recent update comes from the hearing on the motions to dismiss that finished on June 30. And I would refer you to the post-trial findings of fact and conclusions in law that were filed last night that really detailed the evidentiary record that was elicited during the hearing.

回到關於索賠人人數的問題。好又重要的問題。最新的更新來自於 6 月 30 日結束的關於駁回動議的聽證會。我想請您參考昨晚提交的事實和法律結論的審判後調查結果，這些結果真正詳細地描述了聽證會期間得出的證據記錄。

Based upon that testimony that was elicited and the evidence that went in, we are now looking at approximately 60,000 claimants in support or lawyers who represent 60,000 claimants in support of the plan, and lawyers who represent about 40,000 claimants in opposition.

根據獲得的證詞和輸入的證據，我們現在正在尋找大約 60,000 名支持該計劃的索賠人或代表支持該計劃的 60,000 名索賠人的律師，以及代表大約 40,000 名反對索賠人的律師。

So the numbers right now show that the vast majority of claimants support the proposed plan. Based upon the testimony during that hearing from the lawyers that support those claimants, we are confident that, that support will not waver. And we do anticipate that additional support will be coming forward.

因此，目前的數字表明，絕大多數索賠人支持擬議的計劃。根據支持這些索賠人的律師在聽證會上的證詞，我們相信這種支持不會動搖。我們確實預計將會提供更多支持。

Our next question is coming from Trung Huynh from Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Trung Huynh。

Just 2, if I may. So just on -- thanks for your thoughts on the talc outcome. Should we just expect any more similar suits like the one in Alameda in the near future?

如果可以的話，就 2 個。那麼，請繼續——感謝您對滑石粉結果的看法。我們是否應該期待在不久的將來會有更多像阿拉米達那樣的類似訴訟？

And then secondly, do you know -- just a clarification on MARIPOSA, if another interim passed for MARIPOSA?

其次，你知道嗎——只是對 MARIPOSA 進行澄清，如果 MARIPOSA 再次臨時通過的話？

So let me start with the MARIPOSA. No. I mean, we are -- as we communicated, we are moving into a final analysis by the end of the year, potentially presenting the data at the end of the year.

讓我從 MARIPOSA 開始。不，我的意思是，正如我們所傳達的，我們將在年底前進行最終分析，可能會在年底提供數據。

And with respect to the talc suits, we don't anticipate additional individual actions to go up for it outside the bankruptcy. Judge Kaplan lifted the stay only with respect to that one particular case, the [Validus] case. Indeed, subsequent to that, he denied a request from the same counsel to lift the stay on another case. So currently, I would not anticipate any other case to go forward in advance of a ruling on the motion to dismiss.

至於滑石粉訴訟，我們預計在破產之外不會再提起其他個人訴訟。卡普蘭法官僅針對一個特定案件（[Validus] 案）取消了中止審理。事實上，此後，他拒絕了同一律師提出的解除對另一起案件的中止的請求。因此，目前，我預計在對駁回動議作出裁決之前不會有任何其他案件進展。

Next question is coming from Terence Flynn from Morgan Stanley.

下一個問題來自摩根士丹利的特倫斯·弗林。

Congrats on the quarter. I had 2. I was wondering, Joaquin, we've talked a lot about the myeloma market evolution over the last decade or so. J&J has been a leader there. This is a $20 billion market. You obviously have a number of different options now for patients, including TECVAYLI most recently and talquetamab with upcoming PDUFA date. So I guess my question is just, top down, what prevents you from capturing a majority share of that $20 billion market?

恭喜本季度。我有 2 個。華金，我想知道，我們在過去十年左右的時間裡談論了很多關於骨髓瘤市場演變的問題。強生公司一直是這方面的領導者。這是一個200億美元的市場。顯然，您現在為患者提供了多種不同的選擇，包括最近的 TECVAYLI 和即將到來的 PDUFA 日期的他克他單抗。所以我想我的問題只是，自上而下，是什麼阻止你佔領這個 200 億美元市場的多數份額？

And then, Joe, a question for you on margins post-Kenvue. Any early idea you can give us in terms of how that structure could evolve post the full separation?

然後，喬，在肯維之後的邊緣向你提出一個問題。關於完全分離後該結構如何演變，您可以向我們提供任何早期想法嗎？

Yes. So thank you for the question. And the answer is nothing prevents us from doing that. As a matter of fact, our aspiration in myeloma is that, with the portfolio that we have today with DARZALEX, TECVAYLI, talquetamab and CARVYKTI, we would be in a position to have 3 out of every 4 patients starting in Janssen containing regimen by the end of this decade. So that's our aspiration in myeloma. Our aspiration is that there is a Janssen regimen for every line of therapy and a Janssen treatment for every patient irrespective of their characteristics. And that's the way we are planning our development.

是的。謝謝你的提問。答案是沒有什麼可以阻止我們這樣做。事實上，我們在骨髓瘤領域的願望是，憑藉我們目前擁有的 DARZALEX、TECVAYLI、talquetamab 和 CARVYKTI 產品組合，到本十年末，我們將能夠讓四分之三的患者開始接受含有楊森的治療方案。這就是我們對骨髓瘤的期望。我們的願望是，每種治療方案都有一個楊森療法，每個患者都有楊森治療方案，無論其特徵如何。這就是我們規劃發展的方式。

Certainly, DARZALEX being a backbone of therapy, first line, and also in combination with multiple agents; and then sequencing into CARVYKTI and talquetamab and TECVAYLI, which we are studying in combination with DARZALEX and also in combination among each other and sequencing among them.

當然，DARZALEX 是一線治療的支柱，也可以與多種藥物聯合使用；然後對 CARVYKTI 和 talquetamab 以及 TECVAYLI 進行測序，我們正在研究它們與 DARZALEX 的組合，以及它們之間的組合和測序。

So ultimately, our goal when it comes to multiple myeloma is to be able to sequence our medicines, combine them in a way that we are changing the treatment paradigm from treating to progression to treating to cure. And that is a big, big, big plus in our portfolio. And as I have commented often, multiple myeloma is the core of our Pharmaceutical franchise and the #1 growth driver that is going to be for 2025 and beyond.

因此，最終，我們治療多發性骨髓瘤的目標是能夠對我們的藥物進行排序，以改變治療模式從治療到進展到治療到治癒的方式組合它們。這是我們投資組合中一個非常非常大的優勢。正如我經常評論的那樣，多發性骨髓瘤是我們製藥業務的核心，也是 2025 年及以後的第一大增長動力。

There's more factors that give us optimism about the business potential of this area, is that as we combine and as we seek those treatments, the treatment duration itself is going to be significantly increased. So we overall foresee great patient and growth opportunity as we look to combine all these modalities, as I said, in order to be able to convert multiple myeloma into a chronic disease.

還有更多因素讓我們對該領域的商業潛力感到樂觀，那就是，當我們結合起來並尋求這些治療方法時，治療持續時間本身將顯著增加。因此，正如我所說，我們總體上預見到了巨大的患者和增長機會，因為我們希望將所有這些方式結合起來，以便能夠將多發性骨髓瘤轉化為慢性疾病。

And Terence, thanks for the question regarding margins. And specifically, I think you're getting at the heart of the potential deleverage that could occur with the separation once Kenvue is on its own entirely.

特倫斯（Terence），感謝您提出有關利潤的問題。具體來說，我認為您正在了解一旦 Kenvue 完全獨立後，分離可能會發生的潛在去槓桿化的核心問題。

You may recall a couple of quarters ago on one of these calls, we said that there was potentially $500 million to $750 million of deleverage in SG&A. We embarked on an initiative -- and I guess the benchmarks would suggest companies usually take about 2 to 3 years to get those costs out of their system.

您可能還記得幾個季度前的一次電話會議，我們表示SG&A 可能有 5 億至 7.5 億美元的去槓桿化。我們發起了一項舉措——我猜基準會表明公司通常需要大約 2 到 3 年的時間才能將這些成本從系統中消除。

Last summer, we really embarked on a project to eliminate those costs in a much faster cadence. And I would say of that $500 million to $750 million, there's a small fraction that may remain, and we're still working to eliminate that. So you should expect, as you're modeling, no deleveraging or very, very little deleveraging from the Kenvue separation.

去年夏天，我們確實啟動了一個項目，以更快的節奏消除這些成本。我想說的是，在這 5 億至 7.5 億美元中，可能還會剩下一小部分，我們仍在努力消除它。因此，在建模時，您應該預期 Kenvue 分離不會去槓桿化或非常非常少的去槓桿化。

Your next question today is coming from Danielle Antalffy from UBS.

今天你們的下一個問題來自瑞銀集團 (UBS) 的丹妮爾·安塔菲 (Danielle Antalffy)。

Just a follow up on some of the capital allocation commentary. Joe, I appreciate what you're saying that things haven't changed. But I'm just curious, now that you guys have integrated Abiomed, you're seeing some success there, how your appetite -- for specifically within medical devices and MedTech, how your appetite for potentially larger deals may have changed?

只是一些資本配置評論的後續。喬，我很欣賞你所說的事情沒有改變。但我只是好奇，現在你們已經整合了 Abiomed，你們在那裡看到了一些成功，你們的興趣——特別是在醫療設備和醫療科技領域，你們對潛在更大交易的興趣可能發生了怎樣的變化？

And are there any specific areas you would call out within cardiology now that you do have Abiomed, or just with -- throughout medical devices, as areas of interest or where you feel underscaled and you might benefit from building out there?

既然您已經有了 Abiomed，或者只是在整個醫療設備中，您是否會在心髒病學領域提出任何特定領域，作為您感興趣的領域，或者您認為規模不足並且可能會從那裡建設中受益的領域？

Yes. And I know you directed the question to me, and I'll answer with one word. I would say our appetite is pretty voracious at this point. But I'll leave it to Joaquin with respect to the size of the deals. I don't think -- it unequivocally doesn't change, whether it's big or small, it has to be a really good strategic fit utilizing the expertise and capabilities that we have and has to provide financial value.

是的。我知道你向我提出這個問題，我會用一個詞來回答。我想說我們現在的胃口非常大。但關於交易規模，我將把它留給華金。我不認為——它明確不會改變，無論它是大還是小，它必須是一個非常好的戰略契合，利用我們擁有的專業知識和能力，並且必須提供財務價值。

Joaquin, maybe you want to comment on any specific areas that are of interest.

Joaquin，也許您想對您感興趣的任何特定領域發表評論。

Yes. Thank you, Danielle. And before I go there, let me say that the Abiomed integration is progressing really well. The growth of Abiomed, it's been 20% on the quarter. and we continue to move forward with the enrollment in the key PMA studies, PROTECT and STEMI DTU, as well as the Impella ECP. So everything is moving well according to plan in the Abiomed integration. And we are increasingly convinced that this is going to be a key component of our MedTech strategy in becoming a leader in heart recovery.

是的。謝謝你，丹妮爾。在我去那里之前，我要說的是 Abiomed 整合進展非常順利。 Abiomed 的增長，本季度增長了 20%。我們將繼續推進關鍵 PMA 研究、PROTECT 和 STEMI DTU 以及 Impella ECP 的註冊工作。因此，Abiomed 整合中的一切都按照計劃順利進行。我們越來越相信，這將成為我們成為心臟康復領域領導者的醫療科技戰略的關鍵組成部分。

So when it comes to M&A, look, we continue to look for opportunities. And our #1 criteria in looking for opportunities is the medical innovation, how they improve patient care, how do we see the science behind the product? So we are agnostic in that sense to MedTech and Pharmaceuticals. It's all about identifying areas that are going to have a significant impact in patient care.

所以說到併購，我們繼續尋找機會。我們尋找機會的第一標準是醫療創新，它們如何改善患者護理，我們如何看待產品背後的科學？因此，從這個意義上說，我們對醫療科技和製藥業持不可知論。這一切都是為了確定將對患者護理產生重大影響的領域。

When it comes to MedTech, certainly, as we have commented, we are continuing to look forward for opportunities to grow into areas that are close to where we are today. Vision, Cardiovascular obviously, Surgery too, and also opportunities in certain high-growth segments of Orthopaedics. And we normally will continue to look for these opportunities, trying to have a good return on capital as well as things that are close to our existing expertise.

當然，就醫療技術而言，正如我們所評論的那樣，我們將繼續尋找機會發展到接近我們今天的水平的領域。視覺、心血管、外科以及骨科某些高增長領域的機會。我們通常會繼續尋找這些機會，試圖獲得良好的資本回報以及接近我們現有專業知識的東西。

When it comes to pharma, our history in tuck-ins, in license and collaboration has been very successful. As a matter of fact, external innovation represents about 50% of our pipeline. And while we will continue to look for opportunities like we have done now with Cellular Biomedicines and the agreement that we have too in CAR-T, we are not averse to other transactions of larger size. Evidently, both in MedTech and in pharma, we are very disciplined with our capital allocation. And all our transactions will have to clear certain financial milestones for us to be able to move on. But M&A and also licensing acquisition collaborations remains a key factor in our growth moving forward.

就製藥而言，我們在投入、許可和合作方面的歷史非常成功。事實上，外部創新約占我們渠道的 50%。雖然我們將繼續尋找機會，就像我們現在在細胞生物醫學領域所做的那樣，以及我們在 CAR-T 方面達成的協議，但我們並不反對其他規模更大的交易。顯然，無論是在醫療科技領域還是在製藥領域，我們的資本配置都非常嚴格。我們所有的交易都必須達到某些財務里程碑才能繼續前進。但併購以及許可收購合作仍然是我們向前發展的關鍵因素。

We have time for one more question.

我們還有時間再問一個問題。

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。

Congratulations on the quarter. So I wanted to ask you where your latest thoughts on IRA are and the potential impact to the drug industry and also to J&J.

祝賀本季度。所以我想問您對 IRA 的最新想法以及對製藥行業和強生的潛在影響。

And second question was just on CARVYKTI. Just curious how you expect to enter into earlier lines of treatment and then more widely into the community.

第二個問題是關於 CARVYKTI 的。只是好奇您希望如何進入早期治療領域，然後更廣泛地進入社區。

Yes. So let me start with the IRA. Obviously, we remain very concerned about the government price-setting environment that the IRA creates, which we believe creates a significant disincentive to innovation without addressing the core problem, which is patient access. So it is a significant concern for us. And that's one of the reasons, as Erik commented earlier, that we have filed a lawsuit versus the IRA. So that's important for us.

是的。讓我從愛爾蘭共和軍開始。顯然，我們仍然非常擔心愛爾蘭共和軍創造的政府定價環境，我們認為這會嚴重抑制創新，而無法解決核心問題，即患者獲取機會。所以這對我們來說是一個重大問題。正如埃里克早些時候評論的那樣，這就是我們對愛爾蘭共和軍提起訴訟的原因之一。所以這對我們來說很重要。

Then when it comes to the actual business impact, I think it's still early to be able to calculate it, given the fact that many of the rules and procedures are still in flux. So it would be too much to be able to try to anticipate that.

然後，當談到實際的業務影響時，我認為現在能夠計算它還為時過早，因為許多規則和程序仍在不斷變化。因此，想要預測這一點就太過分了。

In our case, when we look at Johnson & Johnson, relatively speaking towards the industry, based on our diversification between MedTech and pharma and also the diversification of our pharma portfolio, we feel that we are well positioned competitively to continue to grow well beyond the second half of this decade. So we remain concerned. But at the same time, we think we are prepared to be able to manage successfully any situation coming from that relative to other industry players.

就我們而言，當我們觀察強生公司時，相對於該行業而言，基於我們在醫療科技和製藥之間的多元化以及我們製藥產品組合的多元化，我們認為我們處於有利的競爭地位，可以在本十年後半段繼續大幅增長。所以我們仍然感到擔憂。但與此同時，我們認為與其他行業參與者相比，我們已經準備好能夠成功應對由此產生的任何情況。

The second question was about CARVYKTI. As I commented earlier, we are working to improve CARVYKTI supply, which is very important. You've seen that improvement in our sales in the second quarter. We are working in different ways. One is we are increasing capacity. We have internalized the production of lentivirus now. And also, we are in the process of increasing the number of slots internally. And also, we have reached agreements with other companies like Novartis to continue to increase capacity. So we are going to be in the trajectory of increasing capacity gradually in order to be able to eventually meet demand that exists in CARVYKTI.

第二個問題是關於CARVYKTI。正如我之前所說，我們正在努力改善 CARVYKTI 的供應，這非常重要。您已經看到我們第二季度銷售額的改善。我們正在以不同的方式開展工作。一是我們正在增加產能。我們現在已經內部化了慢病毒的生產。此外，我們正在內部增加插槽數量。此外，我們還與諾華等其他公司達成協議，繼續增加產能。因此，我們將逐步增加產能，以便最終滿足 CARVYKTI 中存在的需求。

As far as reaching to other patient populations, the CARVYKTI 4, it's already been filed. And it's moving CARVYKTI into earlier lines of therapy, and we are also working in first line with CARVYKTI 5 and CARVYKTI -- excuse me, with CARTITUDE-5 and CARTITUDE-6. So we are clearly intending to move CARVYKTI through CARTITUDE-4, CARTITUDE-5 and CARTITUDE-6 into earlier lines of therapy. And we are increasingly convinced of the potential of CARVYKTI to be one of our more than $5 billion assets that we announced back in 2021.

至於 CARVYKTI 4 是否適用於其他患者群體，它已經被備案。它正在將 CARVYKTI 推向更早期的治療領域，我們也在一線使用 CARVYKTI 5 和 CARVYKTI——對不起，與 CARTITUDE-5 和 CARTITUDE-6 一起工作。因此，我們顯然打算將 CARVYKTI 通過 CARTITUDE-4、CARTITUDE-5 和 CARTITUDE-6 轉移到早期治療系列中。我們越來越相信 CARVYKTI 的潛力，將成為我們在 2021 年宣布的超過 50 億美元的資產之一。

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

謝謝您，路易絲，也感謝大家提出的問題以及您對我們公司的持續關注。對於因時間原因無法聯繫到的人，我們深表歉意，但如果您還有任何疑問，請隨時聯繫投資者關係團隊。

I will now turn the call back over to Joaquin for some brief closing remarks.

現在我將把電話轉回給華金，讓其發表一些簡短的結束語。

Thank you, Jess, and thank you to all of you for joining this call today. I'm extremely proud of the performance that we have achieved in the first half of 2023. We are entering the back half of the year from a position of strength with numerous catalysts, including the fact that we are going to be a 2-sector company focused on Pharmaceutical and MedTech research, development and innovation.

謝謝杰西，也感謝大家今天參加這次電話會議。我對我們在 2023 年上半年取得的業績感到非常自豪。進入下半年，我們處於有利地位，受到眾多推動因素的影響，包括我們將成為一家專注於製藥和醫療技術研究、開發和創新的兩個部門的公司。

We look forward to having future engagements with you to update you on our continued progress. Thank you very much, and enjoy the rest of your day.

我們期待未來與您合作，向您通報我們的持續進展。非常感謝您，祝您度過愉快的一天。

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

謝謝。今天的強生公司 2023 年第二季度收益電話會議到此結束。您現在可以斷開連接。