嬌生 (JNJ) 2024 Q2 法說會逐字稿

Good morning and welcome to Johnson & Johnson's second quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded. (Operator Instructions) I would now like to turn the conference over to Johnson & Johnson. Please go ahead.

早安，歡迎參加強生 2024 年第二季財報電話會議。 （操作員說明）此通話正在錄音。 （操作員指示）我現在想將會議轉交給強生公司。請繼續。

Hello, everyone. This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson. Welcome to our company's review of the second quarter business results and our full year financial outlook for 2024.

大家好。我是潔西卡摩爾，強生公司投資人關係副總裁。歡迎閱讀我們公司對第二季業務業績的回顧以及我們對 2024 年全年財務展望。

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資料，包括今天的簡報和相關時間表。

Please note that this presentation contains forward-looking statements regarding, among other things, the company's future operating and financial performance, market position, and business strategy. You are cautioned not to rely on these forward-looking statements, which are based on the current expectations of future events using the information available as of the date of this recording and are subject to certain risks and uncertainties that may cause the company's actual results to differ materially from those projected.

請注意，本簡報包含有關公司未來營運和財務績效、市場地位和業務策略等的前瞻性陳述。請注意，不要依賴這些前瞻性陳述，這些陳述基於使用截至本記錄之日的可用資訊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期的存在重大差異。

A description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2023 Form 10-K which is available at investor.jnj.com and on the SEC's website. 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.

有關這些風險、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 2023 年 10-K 表格，該表格可在 Investor.jnj.com 和 SEC 網站上取得。此外，今天討論的幾種產品和化合物正在與策略合作夥伴合作開發或從其他公司獲得許可。這張投影片承認了這些關係。

Moving to today's agenda, I will start by reviewing the second quarter sales and P&L results for the corporation as well as highlights related to our two businesses. Joe Wolk, our CFO, will then provide additional business and financial commentary before sharing an overview of our cash position, capital allocation priorities, and guidance for 2024.

轉到今天的議程，我將首先回顧公司第二季度的銷售和損益結果，以及與我們兩項業務相關的亮點。我們的財務長 Joe Wolk 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 2024 年指導。

Joaquin Duato, our Chairman and CEO will then provide some closing remarks before we open it up for questions. Jennifer Taubert, John Reed, and Tim Schmidt, our innovative medicine and MedTech leaders will be joining us for Q&A.

我們的董事長兼執行長華金·杜阿托 (Joaquin Duato) 將在我們開始提問之前發表一些結束語。我們的創新醫學和醫療技術領導者 Jennifer Taubert、John Reed 和 Tim Schmidt 將與我們一起進行問答。

To ensure we provide enough time to address your questions, we anticipate the webcast will last approximately 60 minutes. Unless otherwise stated, the financial results and guidance highlighted today reflect the continuing operations of Johnson & Johnson. Furthermore, the percentages quoted represent operational results and therefore exclude the impact of currency translation.

為了確保我們有足夠的時間來解決您的問題，我們預計網路廣播將持續約 60 分鐘。除非另有說明，今天強調的財務表現和指導反映了強生公司的持續經營。此外，所引用的百分比代表營運結果，因此排除了貨幣換算的影響。

Turning to our second quarter sales results. Worldwide sales were $22.4 billion for the second quarter of 2024. Sales increased 6.6% with growth of 7.8% in the US and 5.1% outside of the US. Excluding the impact of the COVID-19 vaccine, sales growth was 7.2% worldwide and growth of 6.4% outside of the US. Sales growth in Europe, excluding the COVID-19 vaccine was 6%.

轉向我們第二季的銷售業績。 2024 年第二季全球銷售額為 224 億美元。排除 COVID-19 疫苗的影響，全球銷售額成長 7.2%，美國以外地區銷售額成長 6.4%。不包括 COVID-19 疫苗的歐洲銷售額成長了 6%。

Turning now to earnings. For the quarter, net earnings were $4.7 billion and diluted earnings per share was $1.93 versus diluted earnings per share of $2.05 a year ago. Excluding after-tax and tangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $6.8 billion and adjusted diluted earnings per share was $2.82 representing increases of 1.6% and 10.2% respectively, compared to the second quarter of 2023.

現在轉向收益。該季度淨利潤為 47 億美元，稀釋後每股收益為 1.93 美元，而一年前稀釋後每股收益為 2.05 美元。不計兩個時期的稅後和有形資產攤銷費用以及特殊項目，該季度調整後淨利潤為68 億美元，調整後稀釋每股收益為2.82 美元，與2023 年第二季度相比分別增長1.6%和10.2% 。

I'll now comment on business sales performance in the quarter. Beginning with innovative medicine, worldwide innovative medicines sales of $14.5 billion increased 7.8% with growth of 8.9% in the US and 6.4% outside of the US.

我現在將評論本季的業務銷售業績。從創新藥物開始，全球創新藥物銷售額達 145 億美元，成長 7.8%，其中美國成長 8.9%，美國以外成長 6.4%。

Excluding the impact of the COVID-19 vaccine, operational sales growth was 8.8% worldwide and 8.7% outside of the US. Innovative medicine growth was driven by our key brands and continued uptake from recently launched products with 10 assets delivering double digit growth.

排除 COVID-19 疫苗的影響，全球營運銷售額成長 8.8%，美國以外地區成長 8.7%。創新藥物的成長是由我們的主要品牌推動的，以及最近推出的產品的持續吸收，其中 10 項資產實現了兩位數的成長。

We continue to drive strong sales growth across our multiple myeloma portfolio. DARZALEX growth was 21.3%, primarily driven by share gains of 4.6 points across all lines of therapy and 9.4 points in the frontline setting as well as market growth. CARVYKTI achieved sales of $186 million with growth of 59.9%, driven by continued capacity expansion, manufacturing efficiencies, and strong demand.

我們持續推動多發性骨髓瘤產品組合的強勁銷售成長。 DARZALEX 成長了 21.3%，主要是由所有治療領域的份額增長 4.6 個點、一線治療領域的份額增長 9.4 個點以及市場增長推動的。在持續產能擴張、製造效率和強勁需求的推動下，CARVYKTI 實現銷售額 1.86 億美元，成長 59.9%。

TECVAYLI sales achieved $135 million in the quarter with growth of 43.5%, reflecting a strong launch in the relapse refractory setting. Demand remained strong, while sequential growth slowed due to adoption of recently approved longer duration dosing intervals.

TECVAYLI 本季銷售額達到 1.35 億美元，成長 43.5%，反映出在復發難治性疾病領域的強勁推出。需求依然強勁，但由於採用最近批准的較長持續給藥間隔，環比增長放緩。

ERLEADA continues to deliver strong growth of 32.5%, primarily driven by share gains and market growth in metastatic castrate sensitive prostate cancer. Other oncology growth was driven by continued strong uptake of TALVEY GPRC5D bispecific and RYBREVANT, our bispecific antibody for non-small cell lung cancer.

ERLEADA 繼續實現 32.5% 的強勁增長，主要是由轉移性去勢敏感前列腺癌的份額增長和市場增長推動的。其他腫瘤學的成長是由 TALVEY GPRC5D 雙特異性抗體和 RYBREVANT（我們用於非小細胞肺癌的雙特異性抗體）的持續強勁吸收所推動的。

Within immunology, we saw sales growth in TREMFYA of 30.7%, driven by market growth, share gains in PsO and PsA in favorable mix. STELARA growth of 4.9% was driven by market growth, partially offset by net unfavorable patient mix. We continue to anticipate biosimilar entry in Europe later this month. While in the US, we expect continued volume growth, largely offset by price declines as we move towards biosimilar entry in 2025.

在免疫學領域，在市場成長、PsO 和 PsA 市佔率成長的推動下，TREMFYA 的銷售額成長了 30.7%。 STELARA 成長 4.9% 是由市場成長推動的，但部分被淨不利的患者組合所抵消。我們繼續預計生物相似藥將於本月晚些時候進入歐洲。在美國，我們預計銷售將持續成長，但隨著我們在 2025 年進入生物相似藥市場，價格下降將在很大程度上抵消這一增長。

In neuroscience, SPRAVATO growth of 60.8% continues to be driven by increased physician and patient confidence. In pulmonary hypertension, OPSUMIT grew 9.1% due to share gains and market growth, partially offset by unfavorable mix.

在神經科學領域，醫生和患者信心的增強繼續推動 SPRAVATO 成長 60.8%。在肺動脈高壓領域，由於份額增長和市場增長，OPSUMIT 增長了 9.1%，但部分被不利的組合所抵消。

UPTRAVI growth of 8.1% was driven by market growth and share gains, partially offset by inventory dynamics. Total innovative medicines sales growth was partially offset by a decline in other neuroscience, unfavorable patient mix in XARELTO and competitive pressures in IMBRUVICA.

UPTRAVI 成長 8.1% 是由市場成長和份額成長推動的，但部分被庫存動態所抵消。創新藥物總銷售額的成長被其他神經科學領域的下降、拜瑞妥 (XARELTO) 不利的患者組合以及 IMBRUVICA 的競爭壓力所部分抵消。

I'll now turn your attention to MedTech. Worldwide MedTech sales of $8 billion increased 4.4% with growth in the US of 5.7% and 3.2% outside of the US. Acquisitions and divestitures had a positive impact of 40 basis points on sales growth in the quarter.

現在我將把你們的注意力轉向醫療科技。全球醫療科技銷售額達 80 億美元，成長 4.4%，其中美國成長 5.7%，美國以外成長 3.2%。收購和資產剝離對該季度的銷售成長產生了 40 個基點的正面影響。

Growth was driven by commercial execution, strength of new product introductions and continued strong procedure volume, partially offset by performance in China and competitive pressures and US distributor stocking dynamics and vision. In cardiovascular, electrophysiology delivered double digit growth of 13.4% with strong growth across all regions.

成長是由商業執行、新產品推出的力度以及持續強勁的手術量推動的，但部分被中國的業績、競爭壓力以及美國經銷商的庫存動態和願景所抵消。在心血管領域，電生理學實現了 13.4% 的兩位數成長，所有地區均強勁成長。

Performance was driven by global procedure growth, new product uptake, and commercial execution, partially offset by the previous one-time inventory build in Asia Pacific from the prior quarter. In addition, Abiomed delivered growth of 15.4%, driven by double digit growth in all regions and continued strong adoption of Impella 5.5 and Impella RP technology. Results include $77 million associated with the acquisition of Shockwave, which closed on May 31.

業績受到全球流程成長、新產品採用和商業執行的推動，但部分被上一季亞太地區的一次性庫存增加所抵消。此外，在所有地區兩位數成長以及 Impella 5.5 和 Impella RP 技術持續強勁採用的推動下，Abiomed 實現了 15.4% 的成長。業績包括與 Shockwave 相關的 7,700 萬美元收購，該收購於 5 月 31 日完成。

Contact lenses adjusted operational sales growth, excluding the Blink's divestiture, was 2.1%. Growth was driven by strong performance and ACUVUE OASYS 1-Day family of products, partially offset by US distributor stocking dynamics and competitive pressures and Japan macroeconomic pressures.

隱形眼鏡調整後的營運銷售成長（不包括 Blink 的剝離）為 2.1%。強勁的業績和 ACUVUE OASYS 1-Day 系列產品推動了成長，但部分被美國經銷商的庫存動態和競爭壓力以及日本宏觀經濟壓力所抵消。

The Blink divestiture negatively impacted growth by approximately 130 basis points. Surgical vision grew 1.2%, driven by TECNIS Eyhance, our monofocal interocular lens, partially offset by China VBP and refractive softness in the US.

Blink 剝離對成長產生了約 130 個基點的負面影響。在我們的單焦點人工水晶體 TECNIS Eyhance 的推動下，手術視力增加了 1.2%，但部分被中國 VBP 和美國屈光軟度所抵消。

Surgery adjusted operational sales growth, excluding the Acclarent divestiture was approximately flat. Performance was driven primarily by competitive pressures in energy and endocutters, China VBP prior year China recovery, AMIA tender timing across advanced surgery and supply constraints and wound closure.

手術調整後的營運銷售成長（不包括 Acclarent 資產剝離）大致持平。業績主要受到能源和內切刀競爭壓力、去年中國 VBP 中國復甦、高級手術和供應限制以及傷口閉合方面的 AMIA 招標時機的推動。

This was partially offset by strength of new products. The Acclarent divestiture negatively impacted growth by approximately 110 basis points. Orthopedics growth of 3.3% was driven by strong performance in hips and knees due to procedure growth, strength of new products, and AMIA tender timing in knees. This growth was partially offset by competitive pressures and impacts of China VBP in spine and sports.

這部分被新產品的實力所抵消。 Acclarent 資產剝離對成長產生了約 110 個基點的負面影響。骨科業務成長 3.3%，是由於手術成長、新產品的優勢以及膝蓋 AMIA 壓痛時機的推動，髖部和膝蓋的強勁表現推動了骨科業務增長 3.3%。這一增長被中國 VBP 在脊椎和運動領域的競爭壓力和影響所部分抵消。

Now turning to our consolidated statement of earnings for the second quarter of 2024. I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year. Cost of product sold margin deleveraged by 60 basis points, primarily driven by product mix within innovative medicine and macroeconomic factors across both sectors.

現在轉向我們 2024 年第二季的合併損益表。產品銷售成本利潤率去槓桿化了 60 個基點，這主要是由創新藥物的產品組合和兩個行業的宏觀經濟因素所推動的。

We continue to invest strategically in research and development at competitive levels, investing $3.4 billion or 15.3% of sales this quarter. We invested $2.7 billion or 18.8% of sales in innovative medicine compared to 22.2% of sales in 2023.

我們繼續在具有競爭力的水平上對研發進行策略性投資，本季投資 34 億美元，佔銷售額的 15.3%。我們在創新藥物上投資了 27 億美元，佔銷售額的 18.8%，而 2023 年這一比例為 22.2%。

As a reminder, last year included an upfront payment of $245 million associated with the AbleZeta partnership. In MedTech, R&D investment was $0.7 billion or 9% of sales, an increase driven by continued investment in strategic platforms.

提醒一下，去年包括與 AbleZeta 合作關係相關的 2.45 億美元預付款。在醫療科技領域，研發投資為 7 億美元，佔銷售額的 9%，這一成長是由對策略平台的持續投資所推動的。

Other income and expense was a net expense of $653 million in the second quarter of 2024 compared to income of $384 million in the second quarter of 2023. The increase in expense was primarily driven by costs related to the closing of the Shockwave acquisition, the loss on the completion of the debt for equity exchange of the retained stake in Kenvue and prior year favorable intellectual property litigation settlements in MedTech. This was partially offset by the gain on the Acclarent divestiture.

2024 年第二季其他收入和支出淨支出為 6.53 億美元，而 2023 年第二季營收為 3.84 億美元。以及MedTech 上一年有利的智慧財產權訴訟和解。這被 Acclarent 剝離的收益部分抵消。

Regarding taxes in the quarter, our effective tax rate was 18.5% versus 14.7% in the same period last year. This increase was primarily driven by unfavorable one-time international audit settlements and the continued impact from Pillar 2. Excluding special items, the effective tax rate was 18.6% versus 15.9% in the same period last year. I encourage you to review our upcoming second quarter 10-Q filing for additional details on specific tax-related matters.

關於本季的稅收，我們的有效稅率為 18.5%，而去年同期為 14.7%。這一增長主要是由於不利的一次性國際審計和解以及第二支柱的持續影響。我鼓勵您查看我們即將發布的第二季 10-Q 備案文件，以了解有關特定稅務相關事項的更多詳細資訊。

Lastly, I'll direct your attention to the box section of the slide where we have also provided our income before tax, net earnings, and earnings per share adjusted to exclude the impact of intangible and 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，以排除無形資產和攤銷費用以及特殊項目的影響。

Now let's look at adjusted income before tax by segment. In the second quarter of 2024, our adjusted income before tax for the enterprise as a percentage of sales increased from 37.2% to 37.4%. Innovative medicine margin improved from 42.3% to 44.6%, primarily driven by an upfront payment of $245 million associated with the AbelZeta partnership in 2023, partially offset by product mix and cost of products sold.

現在讓我們按部門查看調整後的稅前收入。 2024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37.2%增加到37.4%。創新藥物利潤率從 42.3% 提高至 44.6%，這主要是由於 2023 年與 AbelZeta 合作夥伴關係相關的 2.45 億美元預付款推動的，部分被產品組合和銷售產品成本所抵消。

Medtech margin declined from 28.2% to 25.7%, driven by prior year favorable intellectual property litigation settlements worth approximately 300 basis points. This concludes the sales and earnings portion of the call. I'm now pleased to turn it over to Joe.

受上一年有利的智慧財產權訴訟和解價值約 300 個基點的推動，醫療技術利潤率從 28.2% 下降至 25.7%。電話會議的銷售和收益部分到此結束。我現在很高興把它交給喬。

Thank you, Jessica, and hello, everyone. Thank you for joining today's call. Overall, Johnson & Johnson delivered solid top and bottom line as well as free cash flow growth in the quarter. Our innovative medicine business made great progress in the second quarter.

謝謝你，潔西卡，大家好。感謝您參加今天的電話會議。總體而言，強生公司在本季度實現了穩健的營收和淨利潤以及自由現金流成長。我們的創新藥物業務在第二季度取得了長足進展。

We have strong momentum with key end market products and continue to advance our pipeline with significant clinical and regulatory milestones being attained. Our MedTech business delivered growth that fell below our expectations of growing in the upper range of our markets, which, as you recall, correlates to a weighted average market growth rate of 5% to 7% from 2022 through 2027.

我們在關鍵終端市場產品方面擁有強勁勢頭，並繼續推進我們的產品線，實現了重要的臨床和監管里程碑。我們的醫療技術業務的成長低於我們對高端市場成長的預期，正如您所記得的那樣，這與 2022 年至 2027 年加權平均市場成長率為 5% 至 7% 相關。

We came into the year thinking 2024 would be in the upper end of that range with acceleration planned in the second half, given some of the first half dynamics Jessica outlined, we now expect growth closer to 6% for 2024. To me, this reflects the power and breadth of our company where we can more than offset quarterly volatility in one part with overperformance from another part of our business.

我們在進入這一年時認為2024 年將處於該範圍的上限，併計​​劃在下半年加速，考慮到傑西卡概述的上半年動態，我們現在預計2024 年的增長率將接近6%。這反映了我們公司的實力和廣度，我們可以用我們業務另一部分的超常表現來抵銷某一部分的季度波動。

Before I get into the numbers, I'd like to provide some qualitative business highlights from the quarter. Starting with innovative. Medicine in oncology, we continue to make meaningful progress across our disease areas of focus.

在討論這些數據之前，我想先介紹一下本季的一些定性業務亮點。從創新開始。在腫瘤學醫學領域，我們繼續在重點疾病領域取得有意義的進展。

Of note, we received FDA approval for CARVYKTI in earlier lines of therapy and reported positive top line overall survival results from the CARTITUDE-4 study. We also submitted a filing with the FDA for a subcutaneous formulation of RYBREVANT. We presented updated results for TAR-200 and TAR-210 and we met primary endpoints for two DARZALEX studies, CEPHEUS and AQUILA, where results will be presented at an upcoming major medical meeting.

值得注意的是，我們在早期治療中獲得了 FDA 對 CARVYKTI 的批准，並報告了 CARTITUDE-4 研究的積極的整體存活結果。我們也向 FDA 提交了 RYBREVANT 皮下製劑的備案。我們公佈了 TAR-200 和 TAR-210 的最新結果，並且達到了兩項 DARZALEX 研究 CEPHEUS 和 AQUILA 的主要終點，這些研究結果將在即將召開的大型醫學會議上公佈。

Turning to immunology, we achieved key milestones for TREMFYA in inflammatory bowel disease, including the presentation and filing of Phase 3 studies in ulcerative colitis and Crohn's disease as well as the filing of our subcutaneous formulation, which would make TREMFYA the only IL-23 inhibitor with a fully subcutaneous regimen.

轉向免疫學，我們在發炎性腸道疾病方面實現了TREMFYA 的關鍵里程碑，包括潰瘍性結腸炎和克羅恩病的3 期研究的介紹和備案，以及我們的皮下製劑的備案，這將使TREMFYA 成為唯一的IL-23 抑制劑完全皮下注射療法。

We also expanded our immunology portfolio with the acquisitions of Proteologix and NM26. These bispecific antibodies will further strengthen our portfolio and enhance our ability to address significant unmet need in atopic dermatitis.

我們也透過收購 Proteologix 和 NM26 擴大了我們的免疫學產品組合。這些雙特異性抗體將進一步加強我們的產品組合，並增強我們解決異位性皮膚炎方面未滿足的重大需求的能力。

Finally, spanning immunology and neuroscience, we presented positive results for nipocalimab in Sjogren's disease and myasthenia gravis, but it doesn't stop with the second quarter. We are excited for what awaits in the second half of this year with the anticipated approval and launch of both RYBREVANT plus lazertinib in frontline EGFR-positive lung cancer and TREMFYA in IBD.

最後，我們在免疫學和神經科學領域展示了尼泊卡利單抗治療乾燥症和重症肌無力的正面結果，但這並沒有在第二季度停止。我們對今年下半年等待的事情感到興奮，預計 RYBREVANT 聯合 lazertinib 治療一線 EGFR 陽性肺癌和 TREMFYA 治療 IBD 的批准和上市。

We also expect data from JNJ-2113, our targeted oral peptide in psoriasis and ulcerative colitis, JNJ-4804, our co-antibody therapeutic in IBD and nipocalimab in rheumatoid arthritis. As we continue to bring new innovations to market and execute against clinical and regulatory milestones, innovative medicine is well-positioned to achieve sustainable growth in both the near and long term.

我們也期待來自JNJ-2113 的數據，JNJ-2113 是我們治療銀屑病和潰瘍性結腸炎的靶向口服肽，JNJ-4804 是我們治療IBD 的聯合抗體治療藥物，以及尼泊卡利單抗治療類風濕性關節炎的數據。隨著我們不斷將新的創新推向市場，並針對臨床和監管里程碑執行任務，創新醫學已做好充分準備，以實現近期和長期的可持續成長。

Turning to MedTech, we continue to advance our pipeline, launch new commercial products, and integrate strategic acquisitions that broaden and further differentiate our portfolio.

談到醫療科技，我們繼續推進我們的產品線，推出新的商業產品，並整合策略性收購，以擴大和進一步差異化我們的產品組合。

In cardiovascular, we are enhancing our portfolio and shifting into higher growth markets through strategic acquisitions, such as Shockwave Medical. In May, we announced the launch of our CARTO 3 Version 8 electro anatomical mapping system. This is the latest version of our 3D heart mapping system, which has machine learning capabilities that increase efficiency, reproducibility, and accuracy in maps, electrophysiologist used to treat atrial fibrillation and other arrhythmias.

在心血管領域，我們正在增強我們的產品組合，並透過策略性收購（例如 Shockwave Medical）轉向更高成長的市場。 5 月，我們宣布推出 CARTO 3 第 8 版電解剖測繪系統。這是我們 3D 心臟繪圖系統的最新版本，該系統具有機器學習功能，可提高繪圖的效率、可重複性和準確性，電生理學家用於治療心房顫動和其他心律不整。

In pulsed field ablation, we initiated the commercial launch of VARIPULSE platform in the EU and Japan receiving early positive physician feedback in the external evaluation period. We also delivered results from the pivotal phase of the admIRE trial where the VARIPULSE platform demonstrated 85% peak primary effectiveness with minimal adverse events, short PsA application times, and low fluoroscopy exposure.

在脈衝場消融方面，我們在歐盟和日本啟動了 VARIPULSE 平台的商業發布，並在外部評估期間收到了早期積極的醫生回饋。我們也提供了 admIRE 試驗關鍵階段的結果，其中 VARIPULSE 平台顯示 85% 的峰值主要療效，不良事件最少，PsA 應用時間短，透視曝光率低。

In orthopedics, we received 510(k) FDA clearance for the clinical application of the VELYS Robotic-Assisted Solution in unicompartmental knee arthroplasty. This is designed for both medial and lateral procedures, enabling surgeons to guide precise implant placement without a CT scan.

在骨科領域，我們獲得了 510(k) FDA 批准，可將 VELYS 機器人輔助解決方案應用於單間室膝關節置換術。它專為內側和外側手術而設計，使外科醫生無需 CT 掃描即可指導精確的植體植入。

In surgery, we launched the ECHELON 3000 in the US, which combines 3D stapling and gripping surface technology to enable greater staple line security. This has been shown to deliver 47% fewer leaks, reduce surgical risks, and improve surgical outcomes.

在外科手術中，我們在美國推出了 ECHELON 3000，它結合了 3D 縫合和夾持表面技術，可提高縫線的安全性。事實證明，這可以減少 47% 的滲漏、降低手術風險並改善手術結果。

In surgical vision, we launched TECNIS Odyssey in the US and head into a full market launch in the second half of 2024. For the remainder of the year, we will continue to advance our electrophysiology and cardiovascular pipelines as we prepare for the anticipated US approval of VARIPULSE as well as the submission of Impella ECP for regulatory approval. Within robotic surgery, we are on track to submit an investigational device exemption to the FDA for OTTAVA in the second half of the year.

在外科視覺領域，我們在美國推出了 TECNIS Odyssey，並於 2024 年下半年全面上市。 VARIPULSE 的上市以及Impella ECP 的提交以供監管部門批准。在機器人手術領域，我們預計在今年下半年向 FDA 提交 OTTAVA 的研究設備豁免。

Before turning to cash flow and guidance, I wanted to provide an update on the talc litigation. As announced on May 1, the company has committed to pay ovarian claimants a present value of approximately $6.5 billion or $8 billion nominally over 25 years, resolving 99.75% of all pending talc lawsuits against the company and its affiliates in the United States.

在討論現金流和指導之前，我想提供滑石粉訴訟的最新情況。正如5 月1 日宣布的那樣，該公司承諾在25 年內向卵巢索賠人支付現值約65 億美元或名義上80 億美元，解決了針對該公司及其美國關聯公司的所有懸而未決的滑石粉訴訟的99.75%。

We are currently in a voting period for the plan where for the first time claimants are able to vote for themselves for or against the plan. The last day of voting is scheduled for July 26. It will then take a few weeks for the vote administrator to vet and tally the votes. Once that process concludes, we plan to make a public announcement on the next steps regarding a prepackaged bankruptcy filing.

我們目前正處於該計劃的投票期，索賠人第一次能夠自行投票贊成或反對該計劃。投票的最後一天定於 7 月 26 日。一旦該過程結束，我們計劃就有關預先打包的破產申請的後續步驟發佈公告。

Our confidence that we will reach the requisite 75% vote is bolstered by the continued support of counsel, representing the vast majority of claimants with whom the plan was developed as well as the announcement of support by additional prominent plaintiff law firms recently, including Aylstock, Keller Postman, and Miller.

我們對獲得必要的 75% 選票的信心得到了律師的持續支持，這些律師代表了與該計劃一起制定的絕大多數索賠人，以及最近其他著名原告律師事務所（包括 Aylstock、凱勒·波茲曼和米勒。

Additionally, in furtherance of our goal of achieving a comprehensive solution, we finalized the previously announced agreements reached with all states that advanced health claims in the Emirates and Cyprus entities, owners of the minds that supplied talc to the company. In the second quarter, we continued to make progress with mesothelioma claimants with 95% of claimants now settled.

此外，為了推進我們實現全面解決方案的目標，我們敲定了先前宣布的與阿聯酋和塞浦路斯實體（向公司提供滑石粉的思想所有者）提出健康聲明的所有國家達成的協議。第二季度，我們在間皮瘤索賠人方面繼續取得進展，目前 95% 的索賠人已解決。

Turning to cash and capital allocation. We ended the second quarter with approximately $25 billion of cash and marketable securities and approximately $41 billion of debt for a net debt position of $16 billion. Free cash flow year to date was approximately $7.5 billion compared to $5.5 billion in the prior year period, which included cash flow from the consumer health business. During the quarter, we exited our retained stake in Kenvue, bringing the separation to a close. The net proceeds from the secondary offering was $3.6 billion.

轉向現金和資本配置。第二季末，我們擁有約 250 億美元的現金和有價證券以及約 410 億美元的債務，淨債務部位為 160 億美元。今年迄今的自由現金流約為 75 億美元，而去年同期為 55 億美元，其中包括來自消費者健康業務的現金流。在本季度，我們退出了 Kenvue 的保留股份，結束了分離。二次發行的淨收益為 36 億美元。

Our capital allocation priorities remain unchanged. We maintain a strong balance sheet, which continues to enable us to strategically invest in and grow our business, while returning capital to our shareholders. Innovation remains core to our strategy. In the second quarter, we invested more than $3.4 billion or 15.3% of sales in research and development.

我們的資本配置重點維持不變。我們保持強勁的資產負債表，這使我們能夠繼續策略性地投資和發展我們的業務，同時向股東返還資本。創新仍然是我們策略的核心。第二季度，我們在研發方面的投資超過 34 億美元，佔銷售額的 15.3%。

In terms of acquisitions and licensing during the first half of 2024 Johnson & Johnson has deployed approximately $17 billion in strategic value-creating inorganic growth opportunities. This includes Shockwave, Proteologix, and the NM26 bispecific antibody transaction announced last week as well as more than 20 other smaller complementary business development transactions. While we will always explore strategic deals of any size that can create value, we foresee modest tuck-in deals as the preferred route over the near term.

在 2024 年上半年的收購和授權方面，強生公司已部署了約 170 億美元的戰略價值創造無機成長機會。其中包括上週宣布的 Shockwave、Proteologix 和 NM26 雙特異性抗體交易，以及其他 20 多項規模較小的互補業務開發交易。雖然我們始終會探索能夠創造價值的任何規模的策略交易，但我們預計適度的內購交易將成為近期的首選途徑。

Now turning to our full year 2024 guidance. Given the moving parts associated with the acquisitions this quarter, I'll start where I usually end with earnings per share. Before the impact of recent acquisitions, our outlook for adjusted operational EPS performance is once again being increased.

現在轉向我們的 2024 年全年指導。考慮到本季與收購相關的變動因素，我將從通常以每股收益結束的地方開始。在近期收購的影響之前，我們對調整後的營運每股盈餘表現的預期再次上調。

As this schedule reflects, we are expecting a $0.05 per share increase in our operational performance. This would result in year-over-year EPS growth of 8.2% at the midpoint. To account for the completion of Shockwave, Proteologix, and the NM26 bispecific antibody transactions and as previously disclosed, our adjusted operational EPS guidance now includes dilution of $0.68 per share.

正如該時間表所反映的，我們預計我們的營運表現每股將成長 0.05 美元。這將導致每股收益同比增長 8.2%。考慮到 Shockwave、Proteologix 和 NM26 雙特異性抗體交易的完成，並且如先前所揭露，我們調整後的營運 EPS 指引現在包括每股 0.68 美元的稀釋。

Combined, all of this yields an updated adjusted operational EPS guidance in the range of $10 to $10.10 per share. In addition to assist with your future models, these transactions are expected to have a smaller impact of $0.33 to adjusted operational EPS in 2025.

綜合起來，所有這些都產生了每股 10 美元至 10.10 美元範圍內的更新調整後營運每股收益指引。除了為您的未來模型提供幫助之外，這些交易預計將對 2025 年調整後的營運每股收益產生 0.33 美元的較小影響。

Now to address all elements of P&L guidance for 2024. As a reminder, our sales guidance continues to exclude any impact from COVID-19 vaccine sales. We are increasing our operational sales guidance for the full year by $500 million to reflect the completion of the Shockwave acquisition.

現在討論 2024 年損益指南的所有要素。我們將全年營運銷售指引增加 5 億美元，以反映 Shockwave 收購的完成。

We now expect growth in the range of 6.1% to 6.6% compared to 2023 with a midpoint of $89.4 billion or 6.4% at the midpoint. Excluding the impact from acquisitions and divestitures, we are maintaining our adjusted operational sales growth to the range of 5.5% to 6.0% compared to 2023. As you know, we don't speculate on future currency movements, we are utilizing a euro spot rate relative to the US dollar of 1.08, consistent with last quarter.

我們現在預計，與 2023 年相比，成長率將在 6.1% 至 6.6% 之間，中位數將達到 894 億美元，即中位數 6.4%。排除收購和資產剝離的影響，與2023 年相比，我們將調整後的營運銷售成長維持在5.5% 至6.0% 的範圍內。是歐元即期匯率相對美元匯率為1.08，與上季一致。

However, there have been notable strengthening of the US dollar versus other currencies, specifically the Japanese yen and Chinese yuan. As a result, we estimate an incremental negative foreign currency impact of $500 million, resulting in a full year impact of $1.2 billion. As such, combined with the Shockwave acquisition, we expect reported sales growth between 4.7% to 5.2% compared to 2023 with a midpoint of $88.2 billion or 5% growth.

然而，美元兌其他貨幣，特別是日圓和人民幣明顯走強。因此，我們估計外匯負面影響將增加 5 億美元，全年影響將達到 12 億美元。因此，結合 Shockwave 收購，我們預計與 2023 年相比，報告的銷售額將成長 4.7% 至 5.2%，中位數達到 882 億美元，即成長 5%。

Turning to the rest of the P&L. Based solely on the dilution from the transactions, we now anticipate our 2024 adjusted pretax operating margin to decline by 120 basis points more than offsetting the previously communicated 50 basis point improvement. We project net interest income between $300 million and $400 million lower than previous guidance, driven by interest expense associated with financing of our recent acquisitions.

轉向損益表的其餘部分。僅根據交易帶來的稀釋，我們現在預計 2024 年調整後的稅前營業利潤率將下降 120 個基點，超過抵消先前公佈的 50 個基點的改善。我們預計淨利息收入將比先前的指導值低 3 億至 4 億美元，這是由我們最近收購融資相關的利息支出推動的。

Other income is anticipated to be in the range of $1.5 billion to $1.7 billion, an increase versus previous guidance driven by year to date performance. Our effective tax rate is now expected to be between 17.5% and 18.5% for the full year, much higher than 2023, largely due to the impact of OECD Pillar 2, as well as the non-deductible nature of the recently announced NM26 bispecific antibody acquisition.

其他收入預計在 15 億至 17 億美元之間，較之前受年初至今業績推動的指引增加。目前，我們全年的有效稅率預計在 17.5% 至 18.5% 之間，遠高於 2023 年，這主要是由於 OECD 支柱 2 的影響，以及最近宣布的 NM26 雙特異性抗體的不可抵扣性質獲得。

While we do not provide guidance by segment or on a quarterly basis, I'd like to provide some qualitative considerations to support your modeling. We continue to expect innovative medicine sales growth to be lower in the second half of the year compared to the first half.

雖然我們不按細分市場或按季度提供指導，但我想提供一些定性考慮因素來支持您的建模。我們繼續預期下半年創新藥銷售成長將低於上半年。

Given the anticipated entry of STELARA biosimilars in Europe beginning the last week of July. This headwind will be partially offset by continued uptake from our recently launched products. While we had COVID-19 vaccine sales in the second quarter, we do not anticipate any future sales.

鑑於 STELARA 生物相似藥預計將於 7​​ 月最後一周開始進入歐洲。我們最近推出的產品的持續吸收將部分抵消這一不利因素。雖然我們在第二季度銷售了 COVID-19 疫苗，但我們預計未來不會有任何銷售。

Finally, it is worth noting that distribution rights for REMICADE and SIMPONI in Europe will be returned in the fourth quarter. In preparation for this transfer, we expect to limit third quarter sales in Europe.

最後值得注意的是，REMICADE和SIMPONI在歐洲的分銷權將於第四季歸還。為了準備此次轉讓，我們預計將限制歐洲第三季的銷售。

Turning to MedTech, as previously stated, we expect growth to accelerate back in line with our long-term expectations in the second half of the year. This will be driven by recovery in contact lenses, evidenced by sequential monthly improvement within Q2, further expansion into high-growth segments, including the integration of Shockwave and continued growth of new products and commercial execution across the portfolio.

至於醫療科技，如前所述，我們預計下半年成長將加速，符合我們的長期預期。這將由隱形眼鏡的復甦推動，第二季的月度環比改善、進一步擴展到高成長細分市場（包括 Shockwave 的整合以及新產品的持續成長和整個產品組合的商業執行）就證明了這一點。

As you think about our adjusted operating margin, we continue to expect it to be higher in the first half of the year compared to the second half. Again, this is due to the IPR&D charge for the NM26 bispecific antibody transaction in Q3 as well as the anticipated entry of STELARA biosimilars in Europe later this month.

當你考慮我們調整後的營業利潤率時，我們仍然預期上半年的營業利潤率將高於下半年。同樣，這是由於第三季度 NM26 雙特異性抗體交易的 IPR&D 費用以及 STELARA 生物仿製藥預計本月晚些時候進入歐洲。

Lastly, as a reminder, on share count, we only expect a partial benefit in the third quarter resulting from the share count reduction following the Kenvue exchange offer in August of 2023 with the fourth quarter being neutral. As we move forward, we remain focused on advancing our differentiated portfolio and achieving key clinical and regulatory milestones across innovative medicine and MedTech.

最後，提醒一下，就股份數量而言，我們預計第三季僅會因 2023 年 8 月 Kenvue 交換要約後股份數量減少而受益，而第四季則呈中性。在我們前進的過程中，我們仍然專注於推進我們的差異化產品組合，並在創新醫學和醫療技術領域實現關鍵的臨床和監管里程碑。

We remain confident in our ability to deliver sustained growth and long-term value for patients, customers, and shareholders. With that, I am now pleased to turn the call over to Joaquin for concluding remarks before taking your questions.

我們對為患者、客戶和股東帶來持續成長和長期價值的能力充滿信心。至此，我現在很高興將電話轉給華金，在回答大家的問題之前做總結發言。

Thank you, Joe, and hello, everyone. With a strong second quarter, I'm excited about the rest of 2024. Our innovative medicine business is on track for our 13th consecutive year of above-market growth. Our success is driven by a portfolio of innovative best and first-in-class medicines, many of which have the potential to change the practice of medicine.

謝謝你，喬，大家好。第二季業績強勁，我對 2024 年剩餘時間感到興奮。我們的成功得益於一系列創新的最佳和一流的藥物，其中許多藥物有可能改變醫學實踐。

Across the board, oncology, immunology, neuroscience, we are reinventing treatment paradigms and transforming lives. As Joe mentioned, we have made significant progress across our pipeline. In particular, I would like to highlight two major milestones on the horizon that will help drive sustained growth through 2025 and beyond.

在腫瘤學、免疫學、神經科學領域，我們正在重塑治療典範並改變生活。正如喬所提到的，我們在管道方面取得了重大進展。我特別想強調即將到來的兩個重要里程碑，這將有助於推動 2025 年及以後的持續成長。

First, the approval and launch of RYBREVANT plus lazertinib for first-line treatment of EGFR-positive non-small cell lung cancer. And second, the approval and launch of TREMFYA in inflammatory bowel disease or IBD, which follows the recent presentation of data that demonstrated superiority versus STELARA.

一是核准上市RYBREVANT合併lazertinib一線治療EGFR陽性非小細胞肺癌。其次，TREMFYA 獲準並上市用於治療發炎性腸道疾病或 IBD，先前近期公佈的數據顯示其相對於 STELARA 的優越性。

These represent a meaningful opportunity for TREMFYA as approximately 75% of STELARA sales today come from IBD. We also have regulatory and data milestones for many of the assets that we expect to generate more than $5 billion in peak year sales.

這對 TREMFYA 來說是一個有意義的機會，因為目前 STELARA 銷售額的約 75% 來自 IBD。我們也為許多資產制定了監管和數據里程碑，預計高峰年銷售額將超過 50 億美元。

As the pipeline and portfolio progress, so too, does our confidence in our near and long-term growth trajectory. We are confident in our ability to grow through the upcoming STELARA biosimilar entry and see accelerating momentum through the back half of the decade.

隨著管道和投資組合的進展，我們對近期和長期成長軌蹟的信心也隨之增強。我們對即將推出的 STELARA 生物相似藥進入市場而實現成長的能力充滿信心，並看到在本世紀後半葉的加速發展勢頭。

In MedTech, year-to-date adjusted operational sales growth of 5.2% reflects continued progress with the portfolio as we move into higher growth markets. As you heard from Joe, we expect MedTech growth to accelerate in the second half of the year.

在醫療科技領域，年初至今調整後的營運銷售額成長了 5.2%，反映出隨著我們進入更高成長市場，我們的產品組合不斷取得進展。正如您從喬那裡聽到的，我們預計醫療技術成長將在今年下半年加速。

Growth will accelerate through continued expansion of new products, including ACUVUE OASYS MAX 1-Day contact lenses, TECNIS Odyssey in the US, and VARIPULSE both in Europe and Japan. Our confidence in the business outlook remains unchanged with meaningful outcomes from the DanGer Shock trial in Abiomed and the second quarter close of the Shockwave acquisition, we look forward to continued expansion into high-growth MedTech markets.

透過不斷擴展新產品，包括 ACUVUE OASYS MAX 1 天隱形眼鏡、美國的 TECNIS Odyssey 以及歐洲和日本的 VARIPULSE，成長將加速。我們對業務前景的信心保持不變，Abiomed 的 DanGer Shock 試驗取得了有意義的成果，並且在第二季度完成了 Shockwave 收購，我們期待繼續擴展到高成長的醫療技術市場。

As you know, Johnson & Johnson is laser focused on advancing the next wave of medical innovation, we're building on a strong foundation to unlock accelerated growth with a healthy balance sheet and industry-leading investments in the best science and innovation. This enables us to move into the second half of 2024 from a position of strength. With that, let's open the line for questions.

如您所知，強生公司專注於推動下一波醫療創新，我們正在打下堅實的基礎，透過健康的資產負債表和行業領先的最佳科學和創新投資來實現加速成長。這使我們能夠從強勢地位進入 2024 年下半年。接下來，讓我們打開提問熱線。

(Operator Instructions) Chris Schott, JPMorgan.

（操作員指示）Chris Schott，摩根大通。

Great. Thanks so much. Appreciate the [presentation]. Maybe just a question on RYBREVANT. I know, Joaquin, you mentioned that is one of the key upcoming milestones for the company, but this does seem like a product where there's a disconnect between J&J's enthusiasm in the Street.

偉大的。非常感謝。欣賞[演示]。也許只是關於 RYBREVANT 的問題。我知道，華金，你提到這是公司即將到來的關鍵里程碑之一，但這看起來確實是一個與強生在華爾街的熱情脫節的產品。

So maybe just enlighten us with some of the data we recently saw at ASCO on subcutaneous dosing, et cetera, the upcoming label expansion? Can you just talk about how you see RYBREVANT evolving overtime and your confidence that this product can take share in the frontline setting? Thank you.

那麼，也許只是用我們最近在 ASCO 看到的一些關於皮下給藥等方面的數據來啟發我們，以及即將到來的標籤擴展？您能否談談您如何看待 RYBREVANT 的不斷發展以及您對該產品能夠在前線環境中佔有一席之地的信心？謝謝。

Hi, Chris, it's Jennifer and thanks so much for the question. Real quick before I get into that one, I just wanted to give a quick shout-out to all my internal innovative medicine colleagues around the world for a terrific quarter.

嗨，克里斯，我是珍妮佛，非常感謝你提出這個問題。在我進入這個主題之前，我只想快速向世界各地所有內科創新醫學同事表示感謝，感謝他們度過了一個出色的季度。

Our first $14 billion-plus quarter that we hit in over 10 products with double-digit growth. So really, really a tremendous quarter and looking-forward to a great half of the year as well. So we are very excited about RYBREVANT plus lazertinib and the data that we're seeing and really believe that it's going to have a significant place in frontline non-small cell lung cancer.

我們第一個季度銷售額超過 140 億美元，有 10 多種產品實現了兩位數的成長。所以，這真的是一個非常棒的季度，也期待今年的上半年。因此，我們對 RYBREVANT 聯合 lazertinib 以及我們所看到的數據感到非常興奮，並堅信它將在一線非小細胞肺癌中佔有重要地位。

As we've discussed before, there is a significant unmet need in frontline non-small cell lung cancer with about a quarter of patients never even making it to second-line therapy. So a lot of patients that are there with high unmet medical need, when we take a look at the data that we've been able to generate in terms of PFS and when you add to that, the new data that we brought forward on our subcu dosing, we think together, we're going to have a really winning combination for patients in that frontline setting.

正如我們之前討論的，一線非小細胞肺癌的治療需求顯著未得到滿足，大約四分之一的患者甚至從未接受過二線治療。因此，當我們查看我們能夠在 PFS 方面產生的數據時，以及當您添加到其中時，我們在我們的專案中提出的新數據時，有很多患者的醫療需求未得到滿足。認為，我們將為第一線患者提供真正獲勝的組合。

So high unmet need, really spectacular results that we're seeing and the subcu dosing we think is going to be a great combination.

如此高的未滿足需求，我們所看到的非常驚人的結果，以及我們認為的 subcu 劑量將是一個很好的組合。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good morning. Thanks for taking the question. Tim, maybe we can do a deeper dive into MedTech. Just talk about what drove the reduction in the expected growth for MedTech in 2024? And how are you thinking about the Medtech end-markets in the second half and which J&J businesses do you see improving in the second-half and why? Thank you.

早安.感謝您提出問題。提姆，也許我們可以更深入地研究醫療技術。簡單談談是什麼導致了MedTech 2024年預期成長的降低？您如何看待下半年的醫療科技終端市場？謝謝。

Larry, thank you for the question. Let me be very clear, we remain absolutely committed to delivering solid growth in the full-year for 2024. And Larry, when you actually look at '24 Q2, it was a tougher quarter for us. And we knew this, given the fact that at this time last year around the second quarter, we saw the opening up of the China market, which as you know is an important market for us and that was expected. That was actually by the way, last year our fastest-growing quarter.

拉里，謝謝你的提問。讓我非常明確地說，我們仍然絕對致力於在 2024 年全年實現穩健增長。我們知道這一點，因為去年第二季的這個時候，我們看到了中國市場的開放，正如你們所知，這對我們來說是一個重要的市場，這是我們所預料的。順便說一句，這實際上是去年我們成長最快的季度。

Now in all transparency, as you heard initially in the comments earlier, there have been two businesses that have or two areas of our business that have performed below expectations. Number one is vision and secondly, our performance in China, which right now is a very volatile market. Now in vision, we initially announced in the first quarter some challenges with distributor stocking dynamics here in the US, some competitive pressures, as well as some macroeconomic challenges in Japan.

現在，在所有透明度中，正如您最初在之前的評論中聽到的那樣，有兩家企業的一兩個業務領域的表現低於預期。第一是願景，第二是我們在中國的表現，中國目前是一個非常不穩定的市場。現在在願景中，我們最初在第一季宣布了美國經銷商庫存動態的一些挑戰、一些競爭壓力以及日本的一些宏觀經濟挑戰。

What gives me confidence in the turnaround of that business is that we actually saw sequential improvement through the second quarter. Some of those stocking dynamic dynamics I mentioned bled into April, but month-on-month, we saw strong rebound of that business, in fact, to the end of the quarter back to historical levels.

讓我對業務扭虧為盈充滿信心的是，我們實際上看到了第二季的連續改善。我提到的一些庫存動態動態一直持續到四月份，但環比來看，我們看到該業務強勁反彈，事實上，到季度末又回到了歷史水平。

And so as we look to the back half of the year, while it's been a slower start there, we're very confident that we're going to be able to bring that business back to historical norms, driven primarily by innovation. Our ACUVUE OASYS 1-Day MAX portfolio and that global launch as well as the addition of our premium IOLs with TECNIS PureSee in Asia-Pac and EMEA as well as Odyssey here in the US, and so we believe we've got that under control.

因此，當我們展望今年下半年時，雖然起步較慢，但我們非常有信心，我們將能夠在創新的推動下使業務恢復到歷史正常水平。我們的ACUVUE OASYS 1-Day MAX 產品組合和全球發布，以及在亞太地區和歐洲、中東和非洲地區增加了帶有TECNIS PureSee 的優質IOL，以及在美國增加了Odyssey，因此我們相信我們已經控制住了這一情況。

When I look to the back half onto answer your question more directly, the reason we are confident is firstly, not only the return to more normalized growth within vision, but in surgery, by the way, all that business was also was impacted by a slower start, especially in China. We see that starting to normalize. And also remember in our surgery business, the results were impacted by the divestiture of Acclarent last year.

當我看後半部分更直接地回答你的問題時，我們有信心的原因首先是，不僅是視力恢復到更正常的增長，而且在手術中，順便說一句，所有業務也受到了影響起步較慢，尤其是在中國。我們看到這種情況開始正常化。也要記住，在我們的外科業務中，結果受到去年 Acclarent 剝離的影響。

And so normalized growth -- our adjusted operational growth was actually closer to flat. We see that continuing to grow at low-single-digit through the back half of the year. We're proud of the solid results in ortho and see that continuing to be driven by strong results within hip 6%; in knees, almost 10%, driven by tremendous innovation, especially in VELYS.

因此，正常化成長－我們調整後的營運成長實際上接近持平。我們看到今年下半年繼續以低個位數成長。我們對矯正術方面所取得的紮實成果感到自豪，並看到髖關節 6% 範圍內的強勁成果繼續推動這一趨勢；在膝蓋方面，幾乎佔 10%，這要歸功於巨大的創新，尤其是 VELYS。

And then more broadly, I'll end with our real confidence in the growth of our cardiovascular portfolio. And remember, Larry, that we've got an EP business that's $5 billion today, grew 21% last year, 19% for the first-half of the year. In fact, in the second quarter, in the face of competition, here in the US we grew that business 16%. And so we're very confident in our ability to grow that leadership position.

更廣泛地說，我將以我們對心血管產品組合成長的真正信心結束。拉里，請記住，我們的 EP 業務如今價值 50 億美元，去年增長了 21%，今年上半年增長了 19%。事實上，在第二季度，面對競爭，我們在美國的業務成長了 16%。因此，我們對提升領導地位的能力非常有信心。

And then finally, the addition of Abiomed still continuing to grow ahead of our deal expectations, 15.4%. I think that's going to be bolstered by the landmark results, the first time in 25 years, where we have the DanGer Shock study showing survivability benefits of Impella, which will continue to open new markets for that portfolio.

最後，Abiomed 的加入仍持續成長，超出我們的交易預期，達到 15.4%。我認為這將得到 25 年來首次具有里程碑意義的結果的支持，我們的 DanGer Shock 研究顯示了 Impella 的生存優勢，它將繼續為該投資組合開闢新市場。

And then finally, I'll end with how delighted we are to inch very, very short order, welcome Shockwave to Johnson & Johnson. We closed that transaction in record timing and are really excited by the fact that we will shortly announce that they will be the 13th business with sales in excess of $1 billion annually. And so for all those reasons, Larry, while a tougher second quarter primarily due to comps, we remain very confident in a solid 2024.

最後，我將以我們非常高興地收到非常非常短的訂單來結束，歡迎 Shockwave 加入強生公司。我們以創紀錄的時間完成了該交易，我們很快就會宣布他們將成為第 13 個年銷售額超過 10 億美元的企業，對此我們感到非常興奮。因此，出於所有這些原因，拉里，雖然第二季度的情況主要是由於業績比較而變得更加艱難，但我們對 2024 年的穩健表現仍然充滿信心。

Louise Chen, Cantor Fitzgerald.

路易絲·陳，坎托·菲茨杰拉德。

Hi, thank you for taking my question. Wanted to ask you about your Phase 3 nipocalimab data that you presented recently. And how do you compare and contrast the efficacy and durability of your product versus other FcRns and mechanisms of actions on the market? Thank you.

你好，謝謝你回答我的問題。想詢問您最近提供的 3 期 nipocalimab 數據。您如何比較和對比您的產品與市場上其他 FcRns 和作用機制的功效和耐久性？謝謝。

Yeah, John Reed here. Thanks for that question. Well, we're really excited about the data in Sjogren's with nipocalimab. It's the data we delivered, shows really sustained disease control, which is so important by our dosing regimen as compared to some of the intermittent dosing regimens used by others.

是的，約翰·里德在這裡。謝謝你提出這個問題。好吧，我們對 Sjogren 與 nipocalimab 的數據感到非常興奮。我們提供的數據顯示了真正持續的疾病控制，與其他人使用的一些間歇給藥方案相比，這對於我們的給藥方案非常重要。

And the consistent efficacy we've seen across all primary, secondary endpoints, et cetera is really compelling as a guess that we may be on the first advanced therapy for Sjogren's that disease has ever seen.

我們在所有主要、次要終點等方面看到的一致療效確實令人信服，因為我們猜測我們可能是針對乾燥症的第一種先進療法。

As you know, that's a very prevalent disorder affecting its estimated 4 million people around the world, perhaps 1 million in the United States, 90% of the people impacted are women right in the prime of life. So we're really excited about the possibility of bringing forward the first advanced therapy for that disorder.

如你所知，這是一種非常普遍的疾病，估計全世界有 400 萬人受到影響，在美國可能有 100 萬人，其中 90% 的受影響者是正值青春年華的女性。因此，我們對針對這種疾病提出第一種先進療法的可能性感到非常興奮。

Maybe I can add-in a couple of things on nipocalimab as well because we're really excited by what we're seeing from all the data that's coming out. And over the last 18 months, we've demonstrated clinical effect in actually four auto-antibody driven diseases and we are the only FcRn blocker that's in development where we've got proof-of-concept in all three segments of auto-antibody driven diseases from rare auto-antibody to prevalent room to maternal fetal.

也許我也可以在尼泊卡利單抗上添加一些內容，因為我們對從所有數據中看到的內容感到非常興奮。在過去的18 個月裡，我們已經在實際上四種自身抗體驅動的疾病中展示了臨床效果，並且我們是唯一正在開發的FcRn 阻斷劑，我們在自身抗體驅動的所有三個領域都獲得了概念驗證從罕見的自身抗體到流行的母嬰疾病。

So as we take a look at all the data that's coming forward as we're bringing this to market, we are even more content today in terms of confidence that this is a $5 billion-plus asset for us.

因此，當我們查看將其推向市場時出現的所有數據時，我們今天更加確信這對我們來說是一項價值超過 50 億美元的資產。

Rick Wise, Stifel.

瑞克懷斯，史蒂菲爾。

Good morning, everybody. If I could talk a little bit about the EP business. Obviously, this is the first full quarter where we're really seeing a broader launch of a competitive PFA system. You updated us on your system.

大家早安。我可以談談 EP 業務嗎？顯然，這是我們真正看到競爭性 PFA 系統更廣泛推出的第一個完整季度。您更新了我們的系統。

But maybe if you could give us more color broadly on the impact you're seeing on EP growth and the outlook for the second-half, and help us better understand how this launch and the launch of CARTO 3 Version 8 launch is being affected here.

但也許您能給我們更多關於您所看到的對 EP 增長和下半年前景的影響的信息，並幫助我們更好地了解本次發布和 CARTO 3 版本 8 的發布是如何受到影響的。

I’m assuming mapping growth was strong, but maybe -- I don't know, maybe the catheter business was pressured by the competitive system. Can you help give us that macro color and maybe the specific impact on Biosense Webster. Thank you.

我假設測繪成長強勁，但也許——我不知道，也許導管業務受到競爭體系的壓力。您能否幫助我們了解宏觀色彩以及對 Biosense Webster 的具體影響。謝謝。

Of course, Rick and thank you for the question. And Rick, I'd start with firstly, recognizing that we believe that PFA is really good for electrophysiology and really good for patients. It is a tailwind for the entire market.

當然，瑞克，謝謝你的提問。 Rick，我首先要認識到我們相信 PFA 對於電生理學確實有好處，對病人也確實有好處。這對整個市場來說是一個順風車。

And as I mentioned earlier, that's a $5 billion market for us today, growing 19% year to date. And let me be clear, we clearly see some competition, especially here in the US, especially between now and the time that we bring our PFA technology to market, we're confident.

正如我之前提到的，這對我們來說是一個價值 50 億美元的市場，今年迄今成長了 19%。讓我明確一點，我們清楚地看到一些競爭，特別是在美國，特別是從現在到我們將 PFA 技術推向市場的時間，我們充滿信心。

While we don't control the timing, we expect to have that by the end of the year or early next year. As you know, we already have and are commercializing our PFA technology in EMEA and in Japan, and we are very fortunate to actually benefit from a very global EP business.

雖然我們無法控制時間，但我們預計在今年年底或明年初實現。如您所知，我們已經在歐洲、中東和非洲和日本擁有並正在將我們的 PFA 技術商業化，我們非常幸運能夠真正從全球性的 EP 業務中受益。

What gives us confidence in the future is that we believe that while PFA has a role to play in the portfolio, so does RF. From everything we're hearing from EPs around the world, what they like about PFA is the relative safety of the technology, but they also like about RF, which by the way, we have 20-years of leadership in safety and clinical efficacy, is the durability of that product. In fact, even today, Rick, here in the US, for every five procedures where PFA is used, RF is used in conjunction.

讓我們對未來充滿信心的是，我們相信，雖然 PFA 在產品組合中可以發揮作用，但 RF 也可以。從我們從世界各地的EP 那裡聽到的一切來看，他們喜歡PFA 是因為該技術的相對安全性，但他們也喜歡RF，順便說一句，我們在安全性和臨床療效方面擁有20 年的領先地位，是該產品的耐用性。事實上，即使在今天，Rick，在美國，每五個使用 PFA 的手術中都會同時使用 RF。

And so we believe that leadership position that we built over the last 20-years will continue, both in RF and then obviously, we're excited by the launch of our PFA technology. You'll know that at the HRS conference in May, we announced the results of our admIRE study, which showed the 86% relative effectiveness, primary effectiveness of our PFA technology. And we are going to continue to employ the same strategy we did in RF, which is building out a broad portfolio of PFA offerings, both in dual energy, focal, large focal, and single shot.

因此，我們相信我們在過去 20 年中建立的領導地位將繼續下去，無論是在 RF 領域還是顯然，我們對 PFA 技術的推出感到興奮。您會知道，在 5 月的 HRS 會議上，我們公佈了 admIRE 研究的結果，該結果顯示我們的 PFA 技術的相對有效性為 86%，主要有效性。我們將繼續採用與 RF 領域相同的策略，即建立廣泛的 PFA 產品組合，包括雙能、焦點、大焦點和單鏡頭。

Did you know that today, the number one used catheter on the market is our SPF catheter within RF. And we are -- and you'll know that in the first quarter of this year, we announced an application for a CE mark for our dual energy catheter. This will be one catheter used, both for RF and PFA technology. And so we've got a lot of reasons to believe.

您是否知道，如今，市面上使用量第一的導管是我們的 RF 內 SPF 導管。您會知道，我們在今年第一季宣佈為我們的雙能量導管申請 CE 標誌。這將是用於 RF 和 PFA 技術的導管。所以我們有很多理由相信。

And I think to touch on your point on CARTO, one of the benefits of our portfolios, not just our energy source om catheters, it really is the installed base of 5,500 CARTO systems around the world. We just Version 8 of that software. It is best-in-class in the market. And that's also complemented by highly trained clinical specialists in every cath lab around the world who are supporting EPs each and every day. And so once again, PFA is a good thing for the marketplace, it's a tailwind, and we expect to continue to benefit on that. Thank you.

我想談談您對 CARTO 的看法，我們產品組合的好處之一，不僅僅是我們的導管能源，它確實是全球 5,500 個 CARTO 系統的安裝基礎。我們只是該軟體的第 8 版。它是市場上同類中最好的。此外，世界各地每個導管實驗室訓練有素的臨床專家每天都在為 EP 提供支援。因此，PFA 對市場來說是一件好事，是一股順風，我們預計將繼續從中受益。謝謝。

Terence Flynn, Morgan Stanley.

特倫斯‧弗林，摩根士丹利。

Great. Thanks for taking the question. Two parts for me on IRA. Was just wondering if you can offer any perspective on the impact of IRA negotiation for STELARA and XARELTO as we're getting close to the disclosure of the pricing decision. And then also Part D redesign in 2025, just some high-level thoughts? And the second part of the question relates to your confidence that DARZALEX FASPRO will be looked at separately than DARZALEX just given the hyaluronidase component there. Thank you.

偉大的。感謝您提出問題。我的 IRA 的兩個部分。只是想知道您是否可以就 IRA 談判對 STELARA 和 XARELTO 的影響提供任何觀點，因為我們即將披露定價決定。然後在 2025 年重新設計 D 部分，只是一些高層想法？問題的第二部分涉及您對 DARZALEX FASPRO 將與 DARZALEX 分開考慮的信心，因為 DARZALEX 中含有透明質酸酶成分。謝謝。

Thanks so much for the question. Maybe I'll answer the second part first. We do have very good confidence that DARZALEX FASPRO is treated separately than DARZALEX IV. And so yeah, we continue forward with that perspective on that.

非常感謝您的提問。也許我會先回答第二部分。我們確實非常有信心 DARZALEX FASPRO 與 DARZALEX IV 分開處理。所以，是的，我們繼續以這種觀點前進。

In terms of IRA and kind of what's been going on, if we take a look at Part D redesign, while we're not externally quantifying the impact at this time, what we can say is that we do anticipate a net unfavorable impact in 2025. However, as outlined at our enterprise business review last November, we do anticipate, as a business, growing 3%-plus next year and then 5% to 7% out through 2030.

就 IRA 和正在發生的事情而言，如果我們看一下 D 部分的重新設計，雖然我們目前沒有從外部量化影響，但我們可以說的是，我們確實預計 2025 年會產生不利的淨影響然而，正如我們去年11 月的企業業務回顧中所概述的那樣，我們確實預計，作為一家企業，明年將增長3% 以上，然後到2030 年將增長5% 至7%。

And these numbers are actually already included in that guidance that we provided. Same thing as it pertains to the government price setting process, we are still in that. We have received the final numbers from the government, we're not disclosing that at this time. That will be disclosed in the September timeframe.

這些數字實際上已經包含在我們提供的指南中。與政府定價過程相同，我們仍然處於這種狀態。我們已收到政府的最終數字，目前我們不會透露。這將在 9 月的時間範圍內披露。

And while we are not in alignment with IRA and the price setting process, those numbers have been included in the guidance that we provided last year at EBR, that still looks very good to us today. It's very consistent today.

雖然我們與 IRA 和定價流程不一致，但這些數字已包含在我們去年在 EBR 提供的指導中，今天對我們來說仍然看起來非常好。今天的情況非常一致。

Since you mentioned, DARZALEX. John Reed here, I thought maybe I would just remind you that actually, in this quarter, we delivered four additional positive Phase 3 studies with DARZALEX across a number of indications, including transplant ineligible frontline, including in the maintenance setting, after transplant, including smoldering condition that is as large as the entirety of diagnostically defying myeloma and in amyloidosis. So the momentum continues with DARZALEX.

既然你提到了，DARZALEX。約翰·里德（John Reed），我想也許我只想提醒您，實際上，在本季度，我們用DARZALEX 進行了另外四項積極的3 期研究，涉及多種適應症，包括不符合移植資格的第一線患者，包括在維持環境中、移植後，包括冒煙的情況與整個診斷性骨髓瘤和澱粉樣變性一樣大。因此，DARZALEX 的勢頭仍在繼續。

And we had 21% growth. $2.9 billion in sales and 21% growth. So yeah, DARZALEX is our single largest asset now for the corporation.

我們的成長率為 21%。銷售額 29 億美元，成長 21%。所以，是的，DARZALEX 是我們公司現在最大的單一資產。

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Hi, good morning. Thanks for taking the questions. I was hoping to just touch on MedTech and outlook for procedure volume trends in the back half. There have been some concerns that there's some tough comps on the utilization side and particularly for (technical difficulty) half, and then maybe also, if you could just touch on the pricing environment and your outlook for device pricing and where pricing stands for the MedTech portfolio? Thanks for taking the question.

早安.感謝您提出問題。我希望只談談醫療技術和下半年手術量趨勢的展望。有人擔心在利用率方面存在一些艱難的比較，特別是對於（技術難度）一半，然後也許還有，如果你能談談定價環境和你對設備定價的展望以及定價代表醫療技術的地方文件夾？感謝您提出問題。

Sure, Josh. And I think my answer to your sort of the volume question will be very brief and consistent with what we've shared before. For the most part, across the portfolio, we've seen volumes normalize. We did mention that we expected to see some tailwinds from the backlog within orthopedics in the first-half of the year. And we've seen that, but we expect that to normalize in the back half. We remain consistent in our belief in the 5% to 7% growth for our end markets and that we will perform well within that.

當然，喬許。我認為我對你的音量問題的回答將非常簡短，並且與我們之前分享的內容一致。在大多數情況下，在整個投資組合中，我們已經看到交易量正常化。我們確實提到，我們預計今年上半年骨科領域的積壓工作將帶來一些推動作用。我們已經看到了這一點，但我們預計這種情況會在後半段恢復正常。我們始終堅信終端市場將實現 5% 至 7% 的成長，並且我們將在此期間表現出色。

As it relates to pricing, inflation has not been a friend to our industry, and we have put a lot of effort into really ensuring that we can secure preferential pricing across the world. I do think we benefit from the global nature of our business. While there are pockets cost containment efforts that we're managing, like VBP in China, we see tremendous opportunity to really secure a premium pricing, especially where we have differentiated innovation.

就定價而言，通貨膨脹並不是我們行業的朋友，我們投入了大量精力來真正確保我們能夠在全球範圍內獲得優惠定價。我確實認為我們受益於我們業務的全球性。雖然我們正在採取一些成本控制措施，例如中國的 VBP，但我們看到了真正獲得溢價的巨大機會，特別是在我們擁有差異化創新的地方。

And especially now that we're entering or are entering areas like cardiovascular of significant unmet need, there is tremendous opportunities for us to ensure that we secure premium pricing for truly differentiated innovations, especially in areas like electrophysiology, in heart recovery with Abiomed, and more recently with Shockwave. Thank you.

特別是現在我們正在進入或正在進入心血管等領域，其需求尚未得到滿足，我們有巨大的機會確保我們為真正差異化的創新獲得優質定價，特別是在電生理學、Abiomed 心臟復健等領域，以及最近與Shockwave 合作。謝謝。

Dave Risinger, Leerink Partners.

戴夫‧瑞辛格 (Dave Risinger)，Leerink 合夥人。

Yes, thanks very much. Could you please comment on the J&J US pharma exposure to efforts by plans to extract greater rebates in 2025 than in typical years in order to offset Part D plan losses in 2025? Thanks very much.

是的，非常感謝。您能否評論強生美國製藥公司計劃在 2025 年獲得比平常年份更多的回扣，以抵消 2025 年 D 部分計劃的損失？非常感謝。

Thanks for the question on that. We're still in the process of working with all payers for the planned formularies and everything for 2025 and 2026. I think what's really most important is to go back to the guidance we provided at the EBR last year in November.

感謝您提出這個問題。我們仍在與所有付款人就計劃的處方集以及 2025 年和 2026 年的一切進行合作。

And as we take a look at the corporation, we have factored in and anticipated what we think will happen. And as an organization, we feel very confident in the guidance of 3%-plus growth in 2025, and really, importantly, that accelerating growth out through the end of the decade, the 5% to 7% growth.

當我們審視公司時，我們已經考慮並預測了我們認為會發生的事情。作為一個組織，我們對 2025 年 3% 以上的成長指引非常有信心，而且非常重要的是，到本十年末加速成長，即 5% 到 7% 的成長。

Dave, I'd also remind you too that over the last six years, and certainly a compliment to John, Jennifer, and the team, that innovation really underscores the success that we've had with quarter in, quarter out performance in our innovative medicines business.

戴夫，我還要提醒您，在過去的六年裡，當然也是對約翰、珍妮佛和團隊的讚揚，創新確實強調了我們在創新方面取得的季度業績所取得的成功。

Discounts and rebates six years ago, as compared to list price was only about 25% of that list price. Today, that number -- and this is not just the J&J number, but an industry number, gravitates towards 60%. So what we want to make sure that happens is this great innovation gets to patients and makes a difference in their lives and then they have access through the discounting that we already provide.

六年前的折扣和回扣，與標價相比僅為標價的 25% 左右。如今，這個數字（這不僅是強生公司的數字，也是整個產業的數字）正趨向於 60%。因此，我們希望確保這項偉大的創新能夠惠及患者並改變他們的生活，然後他們可以透過我們已經提供的折扣獲得服務。

Danielle Antalffy, UBS.

丹妮爾·安塔菲，瑞銀集團。

Hey, good morning, everyone. Thanks so much for taking the question. Just a quick MedTech question on China. So China, it sounds like things are evolving in China. I mean this is no surprise to anyone. But just curious about how you guys are thinking about China as a contributor going forward, given all the evolution in that market and some of the issues, VBP, things like that.

嘿，大家早安。非常感謝您提出問題。我想問一個關於中國的醫療科技問題。所以中國，聽起來中國的事情正在改變。我的意思是這對任何人來說都不奇怪。但只是好奇你們如何看待中國作為未來的貢獻者，考慮到該市場的所有演變以及一些問題，VBP，諸如此類的事情。

How meaningful, I mean, it's been a big growth driver for you guys historically, how do we think about China going forward? And is the strategy for J&J, does it have to change to adapt to the evolving market there? Thanks so much.

多麼有意義，我的意思是，從歷史上看，這對你們來說是一個巨大的成長動力，我們如何看待中國的未來？強生的策略是否必須改變以適應不斷變化的市場？非常感謝。

Thank you, Danielle, it's Joaquin. So we were one of the first companies that started to operate in China, and we've been in China for decades. So we have a history of having constructive engagements with China, and we are looking forward for that to continue.

謝謝你，丹妮爾，我是華金。因此，我們是最早開始在中國開展業務的公司之一，而且我們已經在中國經營了幾十年。因此，我們有著與中國進行建設性接觸的歷史，我們期待這種情況繼續下去。

Now we recognize the situation and we have robust business continuity planning practices in place, and we are able to mitigate any potential exposure. But we continue to see China as an important growth driver, both for our innovative medicine business and also for our MedTech business. Specifically, you had some questions that Tim can address on MedTech and how we see our MedTech business in China moving forward.

現在我們認識到了這種情況，並且我們已經制定了強有力的業務連續性規劃實踐，並且我們能夠減輕任何潛在的風險。但我們仍然將中國視為創新藥物業務和醫療科技業務的重要成長動力。具體來說，蒂姆可以向您提出一些關於醫療科技的問題，以及我們如何看待我們在中國的醫療科技業務的發展。

Sure. And Danielle, we are fortunate to have a global business with more than 50% of our revenue already out of the US. And I think that gives us the flexibility to really manage a number of challenges that occur on a quarterly and yearly basis across the world.

當然。 Danielle，我們很幸運能夠擁有全球業務，我們 50% 以上的收入已經來自美國。我認為這使我們能夠靈活地真正應對全球每季和每年發生的許多挑戰。

To Joaquin's point, we've been in China for 37 years. One of the reasons why we've been successful is our ongoing commitment in navigating multiple headwinds and opportunities. And when we look at our performance in China, remember, we had the end of COVID when we came out of lockdown, and so that has impacted the results in the second quarter.

在華金看來，我們在中國已經有37年了。我們成功的原因之一是我們持續致力於應對多重逆風和機會。當我們審視我們在中國的表現時，請記住，當我們解除封鎖時，新冠疫情已經結束，因此這影響了第二季度的業績。

But when you look at on the ground, what's really happening is there's two factors. Firstly, you look at the impact of VBP, which is a government-driven cost containment effort. And given our leadership position in China, we are seeing that as a short-term tailwind. We do believe the volume opportunity will far offset over time the impact we're seeing on price, but that certainly is a short-term pain that we are enduring.

但當你觀察實際情況時，你會發現真正發生的事情有兩個因素。首先，您會了解 VBP 的影響，這是政府推動的成本控制工作。鑑於我們在中國的領導地位，我們認為這是短期的順風車。我們確實相信，隨著時間的推移，銷售機會將遠遠抵消我們所看到的對價格的影響，但這肯定是我們正在承受的短期痛苦。

That has also been exacerbated by the anti-corruption campaign. You may know that in July of last year, the government initiated an anti-corruption campaign, which actually has had an impact on both procedural volumes and engagement from healthcare professionals.

反腐敗運動也加劇了這種情況。大家可能知道，去年7月，政府發起了一場反腐敗運動，這實際上對程序量和醫療專業人員的參與度產生了影響。

Now I must reiterate that we see this as a really good thing. We believe that any effort on behalf of any government to really build integrity and compliance into the health system is a good thing for more fair competition and aligns with our credo and our commitment to compliance across all of the markets in which we participate in.

現在我必須重申，我們認為這是一件非常好的事情。我們相信，代表任何政府真正在衛生系統中建立誠信和合規性的任何努力對於更公平的競爭來說都是一件好事，並且符合我們的信條和我們對我們參與的所有市場的合規性的承諾。

So it's a short-term headwind, but long-term, really good for our industry and really good for J&J. We remain absolutely committed to China. And we will continue, as we always have, to navigate some of the challenges we have on the ground with pricing and geopolitical challenges, and we remain committed to the 1.4 billion patients who rely on us each and every day. Thank you.

因此，這是短期的逆風，但從長遠來看，對我們的行業和強生確實有好處。我們仍然絕對致力於中國。我們將一如既往地繼續應對我們在定價和地緣政治方面面臨的一些挑戰，並且我們仍然致力於為每天依賴我們的 14 億患者提供服務。謝謝。

Chris Shibutani, Goldman Sachs.

克里斯·澀谷，高盛。

Thank you. Good morning. Together with my colleague, David Roman, a genuine question that we had related to the MedTech market dynamics and outlook. Can you help us better understand comments that were made about a fair amount of inventory destocking that's been happening and juxtapose that and perhaps reconcile with your expectation that the demand outlook would strengthen.

謝謝。早安.與我的同事 David Roman 一起，我們提出了一個與醫療技術市場動態和前景相關的真實問題。您能否幫助我們更好地理解對正在發生的大量庫存去庫存的評論，並將其並列起來，也許與您對需求前景將會增強的預期相一致。

We're just trying to put together this notion of inventory stocking, destocking ahead of an anticipated acceleration versus a potential deceleration or a tougher demand environment going forward? That would be helpful. Thank you.

我們只是試圖在預期的加速與潛在的減速或更嚴峻的需求環境之前將庫存備貨和去庫存的概念結合起來？那會有幫助的。謝謝。

Thank you. It's a good question. And the only area across the vast businesses that we have, where we have seen a destocking is really in our contact lens business. And you'll recall in the first quarter, we mentioned that on the back of some historical supply chain challenges, the distributor inventory was reduced here in the US, and we've now seen that bleed into the second quarter as mentioned earlier. And so that is the only area of significant stocking that has had a short-term impact on our business.

謝謝。這是一個好問題。在我們擁有的龐大業務中，我們唯一看到去庫存的領域實際上是我們的隱形眼鏡業務。您會記得在第一季度，我們提到在一些歷史供應鏈挑戰的背景下，美國的分銷商庫存減少了，現在我們已經看到這種情況滲透到第二季度，如前所述。因此，這是唯一對我們的業務產生短期影響的大量庫存領域。

As I mentioned earlier, what gives us confidence is that as we look through the full second quarter, we saw sequential improvement across that portfolio. Remember that we actually serve the needs of 40 million patients. We have, by far and away, a market leadership position here in the US and globally with contact lenses. And so we see this as a blip and by no means a longer impact on our ability to continue to be leaders in contact lens. Thank you.

正如我之前提到的，讓我們充滿信心的是，當我們回顧整個第二季度時，我們看到該投資組合的連續改善。請記住，我們實際上滿足了 4000 萬患者的需求。到目前為止，我們在美國乃至全球隱形眼鏡領域都處於市場領先地位。因此，我們認為這只是暫時現象，絕不會對我們繼續成為隱形眼鏡領域領導者的能力產生任何影響。謝謝。

Thank you, Chris. Kevin, we have time for one last question.

謝謝你，克里斯。凱文，我們有時間回答最後一個問題。

Joanne Wuensch, Citibank.

喬安妮‧溫施，花旗銀行。

Thank you very much for taking the question. I'd like to wrap up with the orthopedics question. Hips and knees are growing faster than the historic rates, could you sort of unpack that a little bit and give us an idea of how much of that is patient volume, price, new products, or maybe something else? And have a great day.

非常感謝您提出問題。我想以骨科問題作為結束語。臀部和膝蓋的成長速度比歷史速度更快，您能否稍微解釋一下，讓我們了解其中有多少是患者數量、價格、新產品或其他因素？祝你有美好的一天。

You too, Joanne, thank you. We are so proud of frankly the resurgence of orthopedics, and I couldn't be more grateful for the incredible effort across the world to really return as to high solid growth across the two platforms that you referenced.

你也是，喬安妮，謝謝你。坦白說，我們對骨科的復興感到非常自豪，我對全世界為實現您提到的兩個平台的高速穩健增長而做出的令人難以置信的努力感到無比感激。

Specifically within hips, and I mentioned this in the first quarter, for the first time ever, we were able to declare market leadership position in hips here in the US. And to be direct in answering your question, it is all innovation based.

特別是在臀部領域，我在第一季提到這一點，這是我們第一次能夠在美國宣布臀部市場的領導地位。直接回答你的問題，這都是基於創新的。

It's not only continuing to drive our best-in-class implants, but it's also how we've surrounded those with enabling technologies like our VELYS Hip Navigation and KINCISE. That 6% growth you saw in the second quarter is really indicative our innovation working for patients.

它不僅繼續推動我們一流的植入物的發展，也是我們如何利用 VELYS 髖關節導航和 KINCISE 等支援技術來包圍這些植入物。您在第二季度看到的 6% 的成長確實表明了我們為患者所做的創新。

On knees, another shout-out to the team, almost 10% growth. We haven't seen that historically and once again driven by innovation. In a short roughly 2.5-year period, we have launched our VELYS system for knees into more than 20 markets. We have more than 70,000 procedures, and that is the key driver of our performance.

跪下，再次向團隊吶喊，增加了近 10%。我們在歷史上從未見過這種由創新驅動的情況。在短短 2.5 年左右的時間裡，我們已將膝蓋用 VELYS 系統推向了 20 多個市場。我們有超過 70,000 個程序，這是我們業績的關鍵驅動力。

And what gives us confidence is that we're continuing to build indications. You may know in the second quarter, we received 510(k) approval for our VELYS Uniknee. And we also are looking to build out that portfolio.

讓我們充滿信心的是，我們正在繼續建立跡象。您可能知道，在第二季度，我們的 VELYS Uniknee 獲得了 510(k) 批准。我們也正在尋求建立該產品組合。

And in short order, you will see news about our commitment to really bringing robotics to other parts of the orthopedic portfolio, especially in spine. And so once again, it's all innovation driven, and we expect it to continue. Thank you.

很快，您就會看到有關我們致力於真正將機器人技術引入骨科產品組合其他部分（尤其是脊椎領域）的訊息。因此，這一切都是由創新驅動的，我們希望它能繼續下去。謝謝。

Thank you, Joanne, 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 you may have. I will now turn the call over to Joaquin for some brief closing remarks.

謝謝喬安妮，感謝大家提出的問題以及對我們公司的持續關注。對於因時間因素無法聯繫的人士，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。現在我將把電話轉給華金，讓他發表一些簡短的結論。

Thank you, everyone, for joining the call today. I'm proud of the progress we made through the first-half of the year. And I'm also energized as we look towards the remainder of 2024 and heading to 2025. As the only company dedicated to both medical technology and pharmaceuticals, we are uniquely positioned to lead the next wave of healthcare innovation. We are entering the second-half of the year from a position of strength, advancing our diverse portfolio and pipeline to continue bringing innovation into the patients we serve. Thank you.

謝謝大家今天加入電話會議。我對我們今年上半年的進展感到自豪。當我們展望 2024 年剩餘時間並邁向 2025 年時，我也充滿了活力。進入今年下半年，我們將保持強勢地位，推動多元化的產品組合和產品線，繼續為我們服務的患者帶來創新。謝謝。

Thank you. This concludes today's Johnson & Johnson second quarter 2024 earnings conference call. You may now disconnect.

謝謝。今天的強生公司 2024 年第二季財報電話會議到此結束。您現在可以斷開連線。