嬌生 (JNJ) 2024 Q3 法說會逐字稿

內容摘要

強生公司投資者關係副總裁 Jessica Moore 介紹了該公司第三季業績和 2024 年全年財務展望。主要品牌表現良好,產品線進展迅速。強生公司對其未來的成長預期充滿信心。

該公司在解決滑石粉訴訟方面正在取得進展,並專注於創新和戰略投資。他們也在腫瘤學和神經科學等領域推進其研發管線。儘管亞太地區面臨挑戰,美國市場競爭激烈,強生公司仍對其領導地位和未來差異化來源充滿信心。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good morning, and welcome to Johnson & Johnson's third-quarter 2024 earnings conference call.

    早安,歡迎參加強生 2024 年第三季財報電話會議。

  • (Operator Instructions)

    (操作員說明)

  • This call is being recorded.

    此通話正在錄音。

  • If anyone has any objections, you may disconnect at this time.

    如果有人有任何異議,您可以此時斷開連接。

  • (Operator Instructions) I will now turn the conference call over to Johnson & Johnson.

    (操作員指示)我現在將電話會議轉給強生公司。

  • You may begin.

    你可以開始了。

  • Jessica Moore - Vice President - Investor Relations

    Jessica Moore - Vice President - Investor Relations

  • Hello, everyone.

    大家好。

  • This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson.

    我是潔西卡摩爾,強生公司投資人關係副總裁。

  • Welcome to our company's review of the third-quarter results and our full-year financial outlook for 2024.

    歡迎閱讀我們公司第三季業績回顧和 2024 年全年財務展望。

  • A few logistics before we get into the details.

    在我們詳細介紹之前,先介紹一些後勤工作。

  • 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. 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.

    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。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。

  • 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,不要依賴這些前瞻性陳述,這些陳述基於對未來事件的當前預期,使用截至本記錄之日的可用信息,並受到某些風險和不確定性的影響,這些風險和不確定性可能導致公司的實際情況發生變化。

  • 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.

    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。

  • Additionally, several of the products and compounds discussed today are being developed in collaboration with strategic partners or license from other companies.

    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獲得其他公司的許可。

  • This slide acknowledges those relationships.

    這張投影片承認了這些關係。

  • Moving to today's agenda, Joaquin Duato, our Chairman and CEO, will kick us off with opening remarks and highlight key catalysts within the segments.

    接下來進入今天的議程,我們的董事長兼首席執行官華金·杜阿托 (Joaquin Duato) 將為我們致開幕詞,並重點介紹各細分市場中的關鍵催化劑。

  • I will review the third-quarter sales and P&L results for the enterprise, as well as highlights related to our two businesses.

    我將回顧企業第三季的銷售和損益結果,以及與我們兩項業務相關的亮點。

  • Joe Wolk, our CFO, will then provide an overview of our pipeline advancements, cash position, capital allocation priorities, and guidance for 2024, as well as qualitative considerations for 2025.

    然後,我們的財務長 Joe Wolk 將概述我們的管道進度、現金狀況、資本配置優先事項和 2024 年指導,以及 2025 年的定性考慮因素。

  • Jennifer Taubert, John Reed, and Tim Schmid, our innovative medicine and MedTech leaders, will be joining us for Q&A.

    我們的創新醫學和醫療技術領導者 Jennifer Taubert、John Reed 和 Tim Schmid 將參加我們的問答。

  • To ensure we provide enough time to address your questions, we anticipate the webcast will last approximately 60 minutes.

    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。

  • I will now turn the call over to Joaquin.

    我現在將把電話轉給華金。

  • Joaquin Duato - Chairman of the Board, Chief Executive Officer

    Joaquin Duato - Chairman of the Board, Chief Executive Officer

  • Thank you, Jess, and hello, everyone.

    謝謝你,傑西,大家好。

  • As you will hear, we delivered strong results in the third quarter with 6.3% operational sales growth.

    正如您將聽到的,我們在第三季度取得了強勁的業績,營運銷售額成長了 6.3%。

  • Our performance once again reflects the unique breadth of our business and our commitment to delivering the next wave of healthcare innovation to patients around the world.

    我們的業績再次反映了我們業務的獨特廣度以及我們為世界各地的患者提供下一波醫療保健創新浪潮的承諾。

  • It also reflects the work we have done to shift our pipeline and portfolio to high-innovation and high-growth markets.

    它也反映了我們為將產品線和產品組合轉向高創新和高成長市場所做的工作。

  • That work continues, which you saw, with the recently completed acquisitions of Shockwave and V-Wave in MedTech; and Ambrx, Proteologix, and the NM26 bispecific antibody in innovative medicine.

    正如您所看到的,這項工作仍在繼續,最近完成了 MedTech 領域對 Shockwave 和 V-Wave 的收購;以及創新醫學領域的 Ambrx、Proteologix 和 NM26 雙特異性抗體。

  • And we are pleased with the progress we are making.

    我們對所取得的進展感到高興。

  • In innovative medicine, we reported a second consecutive quarter of sales exceeding $14 billion, with 11 key brands growing double digits.

    在創新藥物領域,我們報告連續第二個季度銷售額超過 140 億美元,其中 11 個主要品牌實現了兩位數成長。

  • DARZALEX became the first product in our portfolio to reach $3 billion in sales in a single quarter.

    DARZALEX 成為我們產品組合中第一個單季銷售額達到 30 億美元的產品。

  • And as you will hear, our pipeline of high-innovation, high-growth potential assets is advancing rapidly, with five major US and EC approvals in the quarter.

    正如您將聽到的,我們的高創新、高成長潛在資產管道正在迅速推進,本季獲得了美國和歐盟的五項主要批准。

  • This includes FDA approval of RYBREVANT plus LAZCLUZE as first-line treatment for EGFR-mutated advanced lung cancer, a transformational step forward for patients; and FDA approval of TREMFYA for active ulcerative colitis, which represents a significant opportunity for Johnson & Johnson, given 75% of STELARA sales today come from inflammatory bowel disease.

    這包括 FDA 批准 RYBREVANT 合併 LAZCLUZE 作為 EGFR 突變晚期肺癌的第一線治療,這對患者來說是一個變革性的一步; FDA 批准 TREMFYA 治療活動性潰瘍性結腸炎,這對強生公司來說是一個重大機遇,因為目前 STELARA 銷售額的 75% 來自發炎性腸道疾病。

  • And with filings and reviews underway for many of our innovative medicines that have the potential to generate $5 billion in peak-year sales, we are increasingly confident in our near- and long-term growth trajectory.

    隨著我們許多創新藥物的備案和審查正在進行,這些藥物有可能在高峰年創造 50 億美元的銷售額,我們對我們的近期和長期成長軌跡越來越有信心。

  • In MedTech, you can see the impact of our portfolio shift to high-innovation, high-growth markets, particularly in cardiovascular.

    在醫療科技領域,您可以看到我們的產品組合轉向高創新、高成長市場的影響,特別是在心血管領域。

  • With the recent acquisitions of Shockwave and Abiomed, we are now category leaders in four of the largest and highest-growth cardiovascular intervention MedTech markets, which in Q3 translated to another quarter of double-digit growth across the cardiovascular portfolio.

    透過最近收購 Shockwave 和 Abiomed,我們現在是四個最大、成長最快的心血管介入醫療技術市場的類別領導者,這在第三季度使心血管產品組合又實現了兩位數的成長。

  • And with the full market launch of Shockwave E8 peripheral IVL catheter, we are seeing an immediate impact of the Shockwave acquisition.

    隨著 Shockwave E8 外周 IVL 導管全面上市,我們看到了 Shockwave 收購帶來的直接影響。

  • In vision, growth is accelerating, and we expect that to continue with the recent full market release of TECNIS Odyssey in the US and Acuvue or ACUVUE OASYS MAX one-day contact lenses.

    在視力方面,成長正在加速,我們預計隨著最近在美國全面上市的 TECNIS Odyssey 和 Acuvue 或 ACUVUE OASYS MAX 一日隱形眼鏡,這種增長將繼續下去。

  • We are also excited about the future of our surgery business.

    我們也對手術業務的未來感到興奮。

  • As you will recall, in November 2023, we committed to submitting the OTTAVA robotic surgical system for an investigational device exemption or IDE to the US FDA in the second half of 2024 to initiate clinical trials.

    您還記得,2023 年 11 月,我們承諾在 2024 年下半年向美國 FDA 提交 OTTAVA 機器人手術系統的研究設備豁免或 IDE,以啟動臨床試驗。

  • I'm pleased to announce that we have met that milestone with the IDE application submitted in Q3.

    我很高興地宣布,我們在第三季提交的 IDE 應用程式已經實現了這一里程碑。

  • Looking across the enterprise, our high-innovation, high-growth strategy is working.

    縱觀整個企業,我們的高創新、高成長策略正在發揮作用。

  • And our progress this quarter speaks to the strength of our commercial and innovation capabilities.

    我們本季的進展證明了我們商業和創新能力的實力。

  • We have increased adjusted operational EPS guidance pre-M&A for the third quarter in a row.

    我們連續第三季提高了併購前調整後的營運每股盈餘指引。

  • We have invested $18 billion in high-innovation, high-growth M&A this year.

    今年我們在高創新、高成長的併購領域投資了 180 億美元。

  • And based on this quarter's results, we are confident in our expectations for 2025 through the end of the decade and beyond.

    根據本季的業績,我們對 2025 年到本十年末及以後的預期充滿信心。

  • And with that, I will turn the call back to Jess.

    然後,我會將電話轉回給傑西。

  • Jessica Moore - Vice President - Investor Relations

    Jessica Moore - Vice President - Investor Relations

  • Thank you, Joaquin.

    謝謝你,華金。

  • Moving to our financial results for the quarter.

    轉向我們本季的財務業績。

  • Unless otherwise stated, the financial results and guidance highlighted today reflect the continuing operations of Johnson & Johnson.

    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。

  • Furthermore, the percentages quoted represent operational results and therefore, exclude the impact of currency translation.

    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。

  • Worldwide sales were $22.5 billion for the third quarter of 2024.

    2024 年第三季全球銷售額為 225 億美元。

  • Sales increased 6.3%, with growth of 7.6% in the US and 4.6% outside of the US.

    銷售額成長 6.3%,其中美國成長 7.6%,美國以外成長 4.6%。

  • Acquisitions and divestitures positively impacted worldwide growth by 90 basis points.

    收購和資產剝離對全球經濟成長產生了 90 個基點的正面影響。

  • Turning now to earnings.

    現在轉向收益。

  • For the quarter, net earnings were $2.7 billion.

    該季度淨利潤為 27 億美元。

  • And diluted earnings per share was $1.11 versus diluted earnings per share of $1.69 a year ago.

    稀釋後每股收益為 1.11 美元,而一年前稀釋後每股收益為 1.69 美元。

  • Results in the quarter were impacted by the updated talc litigation settlement proposal as well as acquired IPR&D expense associated with the NM26 bispecific antibody.

    本季業績受到更新的滑石粉訴訟和解提案以及與 NM26 雙特異性抗體相關的智慧財產權和研發費用的影響。

  • Excluding after-tax and tangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $5.9 billion, and adjusted diluted earnings per share was $2.42, representing decreases of 13.3% and 9%, respectively, compared to the third quarter of 2023.

    剔除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 59 億美元,調整後攤薄每股收益為 2.42 美元,較第三季度分別下降 13.3% 和 9% 2023年第四季。

  • Results were impacted by the acquired IPR&D expense of $1.25 billion or approximately 1,900 basis points associated with the NM26 bispecific antibody.

    結果受到與 NM26 雙特異性抗體相關的 12.5 億美元或約 1,900 個基點的收購 IPR&D 費用的影響。

  • I will now comment on business sales performance in the quarter, beginning with innovative medicine.

    我現在將從創新藥物開始評論本季的業務銷售業績。

  • Worldwide sales of $14.6 billion increased 6.3%, with growth of 7.5% in the US and 4.4% outside of the US.

    全球銷售額達 146 億美元,成長 6.3%,其中美國成長 7.5%,美國以外成長 4.4%。

  • Innovative medicine growth was driven by our key brands and continued uptake from recently launched products, with 11 assets delivering double-digit growth.

    創新藥物的成長是由我們的主要品牌和最近推出的產品的持續吸收所推動的,有 11 項資產實現了兩位數的成長。

  • Results across the portfolio continue to be positively impacted by price increases associated with Argentina hyperinflation, consistent with market practice.

    與市場慣例一致,與阿根廷惡性通貨膨脹相關的價格上漲繼續對整個投資組合的業績產生積極影響。

  • We continue to drive strong sales growth across our multiple myeloma portfolio.

    我們持續推動多發性骨髓瘤產品組合的強勁銷售成長。

  • DARZALEX growth was 22.9%, primarily driven by share gains of 4 points across all lines of therapy, with 7.7 points of growth in the frontline setting, as well as market growth.

    DARZALEX 成長了 22.9%,主要是由所有療法的份額增長 4 個百分點、一線治療增長 7.7 個百分點以及市場增長推動的。

  • CARVYKTI achieved sales of $286 million, with growth of 87.6%, driven by share gains, continued capacity expansion, and manufacturing efficiencies.

    在份額成長、持續產能擴張和製造效率的推動下,CARVYKTI 實現銷售額 2.86 億美元,成長 87.6%。

  • This reflects sequential growth of 53.2%, aligned with our expectations of accelerating growth in the back half of the year.

    這反映了 53.2% 的環比成長,符合我們對今年下半年加速成長的預期。

  • TECVAYLI sales were $135 million in the quarter with growth of 21.4%, reflecting a strong launch in the relapsed refractory setting.

    TECVAYLI 本季銷售額為 1.35 億美元,成長 21.4%,反映出在復發性難治性疾病領域的強勁推出。

  • Demand remained strong, while sequential growth was flat due to continued adoption of longer duration dosing intervals.

    需求依然強勁,但由於繼續採用更長的給藥間隔,環比增長持平。

  • Finally, within our multiple myeloma portfolio, TALVEY continued its launch trajectory with another quarter of strong growth.

    最後,在我們的多發性骨髓瘤產品組合中,TALVEY 繼續其推出軌跡,又一個季度實現強勁成長。

  • We anticipate disclosing TALVEY sales in the first quarter of 2025, which are currently reported in other oncology.

    我們預計將在 2025 年第一季揭露 TALVEY 的銷售額,目前其他腫瘤學領域已報告該銷售額。

  • ERLEADA continues to deliver strong growth of 26.3%, primarily driven by share gains in metastatic castrate-sensitive prostate cancer and favorable inventory dynamics.

    ERLEADA 繼續實現 26.3% 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有利的庫存動態推動的。

  • RYBREVANT, our bispecific antibody for non-small cell lung cancer, contributed to growth in other oncology, as we expand approved indications.

    隨著我們擴大核准的適應症,RYBREVANT 是我們針對非小細胞肺癌的雙特異性抗體,為其他腫瘤學的成長做出了貢獻。

  • We also anticipate disclosing RYBREVANT sales in the first quarter of 2025.

    我們也預計在 2025 年第一季揭露 RYBREVANT 的銷售額。

  • Within immunology, we saw sales growth in TREMFYA of 14.3%, driven by strong market growth and share gains in Pso and PsA, partially offset by unfavorable patient mix.

    在免疫學領域,受 Pso 和 PsA 強勁市場成長和份額成長的推動,TREMFYA 的銷售額成長了 14.3%,但部分被不利的患者組合所抵消。

  • STELARA declined 5.7%, driven by unfavorable net patient mix and share loss, partially offset by market growth.

    STELARA 下跌 5.7%,原因是不利的淨患者組合和份額損失,但部分被市場成長所抵消。

  • As a reminder, biosimilar competition has entered Europe as of July, and we anticipate US biosimilar entry in January 2025.

    提醒一下,生物相似藥競爭已於 7 月進入歐洲,我們預計生物相似藥將於 2025 年 1 月進入美國。

  • In neuroscience, SPRAVATO growth of 55.3% continues to be driven by increased physician and patient confidence.

    在神經科學領域,醫生和患者信心的增強繼續推動 SPRAVATO 成長 55.3%。

  • In pulmonary hypertension, OPSUMIT and UPTRAVI grew 17.4% and 15.2%, respectively, driven by market growth, share gains, and patient mix.

    在肺動脈高壓方面,在市場成長、份額成長和患者組合的推動下,OPSUMIT 和 UPTRAVI 分別成長了 17.4% 和 15.2%。

  • As mentioned last quarter, REMICADE and SIMPONI realized limited sales in Europe, as we prepare for the return of distribution rights in Q4.

    正如上季度所提到的,REMICADE 和 SIMPONI 在歐洲實現了有限的銷售,因為我們正在為第四季度分銷權的回歸做準備。

  • I'll now turn your attention to MedTech.

    現在我將把你們的注意力轉向醫療科技。

  • Worldwide sales of $7.9 billion increased 6.4% with growth in the US of 7.8% and 5% outside of the US.

    全球銷售額達 79 億美元,成長 6.4%,其中美國成長 7.8%,美國以外地區成長 5%。

  • Acquisitions and divestitures had a net positive impact of 270 basis points on worldwide growth, 360 basis points in the US, and 180 basis points outside of the US.

    收購和資產剝離對全球經濟成長產生了 270 個基點的淨正面影響,對美國成長了 360 個基點,對美國以外的成長產生了 180 個基點。

  • Overall, MedTech growth was driven by commercial execution and strength of new product introductions, partially offset by continued headwinds in Asia-Pacific, specifically in China.

    總體而言,醫療技術的成長是由商業執行和新產品推出的力度推動的,但部分被亞太地區(特別是中國)的持續不利因素所抵消。

  • In cardiovascular, electrophysiology delivered double-digit growth of 10.7%.

    在心血管領域,電生理學實現了 10.7% 的兩位數成長。

  • Performance was driven by global procedure growth, new product uptake, and commercial execution, partially offset by competitive PFA ablation catheter uptake in the US, as well as prior-year trade inventory dynamics and VBP in China.

    業績受到全球手術成長、新產品採用和商業執行的推動,但部分被美國競爭性 PFA 消融導管採用以及去年中國的貿易庫存動態和 VBP 所抵消。

  • Abiomed delivered growth of 16.3%, driven by strong growth in all regions and continued adoption of Impella 5.5 and Impella RP technology.

    在所有地區的強勁成長以及 Impella 5.5 和 Impella RP 技術的持續採用的推動下,Abiomed 實現了 16.3% 的成長。

  • Cardiovascular results also included $229 million associated with the acquisition of Shockwave.

    心血管業績還包括與收購 Shockwave 相關的 2.29 億美元。

  • Contact lenses and other performance improved to 4.7%, driven by continued strategic price actions, strong performance in ACUVUE OASYS one-day family of products, a one-time benefit from a change in US contract shipping terms worth approximately 150 basis points, as well as lapping prior-year impacts from Russia's sanctions.

    受持續的策略性價格行動、ACUVUE OASYS 一日系列產品的強勁表現以及美國合約運輸條款變化帶來的一次性收益約 150 個基點的推動,隱形眼鏡和其他業績增長至 4.7%與上一年俄羅斯制裁的影響相同。

  • Surgical vision grew 1.9%, driven by TECNIS PureSee and TECNIS Eyhance, partially offset by China VBP and softness in the US.

    在 TECNIS PureSee 和 TECNIS Eyhance 的推動下,手術視力增加了 1.9%,但部分被中國 VBP 和美國市場疲軟所抵消。

  • Surgery declined 0.7%, with the Acclarent divestiture negatively impacting results by approximately 110 basis points.

    手術下降了 0.7%,Acclarent 資產剝離對業績產生了約 110 個基點的負面影響。

  • Performance was driven primarily by competitive pressures in energy and endocutters, as well as VBP and the anti-corruption campaign in China.

    業績主要受到能源和內切機領域的競爭壓力以及 VBP 和中國的反腐敗運動的推動。

  • This was partially offset by commercial execution, strength of new products across wound closure and biosurgery, and continued price increases associated with Argentina hyperinflation, consistent with market practice.

    這部分被商業執行、傷口閉合和生物外科新產品的實力以及與阿根廷惡性通貨膨脹相關的持續價格上漲所抵消,這與市場慣例一致。

  • Orthopedics growth of 1.3% was primarily driven by success of recent product launches and commercial execution, partially offset by competitive pressures, impacts of China VBP, and revenue disruption from the previously announced orthopedics transformation.

    骨科業務成長 1.3%,主要得益於近期產品發布和商業執行的成功,但部分被競爭壓力、中國 VBP 的影響以及先前宣布的骨科轉型帶來的收入中斷所抵消。

  • Now turning to our consolidated statement of earnings for the third quarter of 2024.

    現在轉向我們 2024 年第三季的合併損益表。

  • I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year.

    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。

  • We continue to invest strategically in research and development at competitive levels, investing nearly $5 billion or 22% of sales, which includes a $1.25 billion payment to secure the global rights to NM26 bispecific antibody.

    我們繼續在具有競爭力的水平上對研發進行策略性投資,投資近 50 億美元(佔銷售額的 22%),其中包括支付 12.5 億美元以確保 NM26 雙特異性抗體的全球權利。

  • Even when excluding this investment, R&D, as a percent of sales, increased 30 basis points.

    即使排除此項投資,研發佔銷售額的百分比也增加了 30 個基點。

  • Selling, marketing, and administrative expense as a percent of sales would leverage 100 basis points, driven by the realization of optimization efforts following the Kenvue separation.

    在 Kenvue 分離後實現最佳化工作的推動下,銷售、行銷和管理費用佔銷售額的百分比將提高 100 個基點。

  • Interest income was $99 million as compared to $182 million of income last year, driven by a higher net debt position primarily related to the financing impacts of the Shockwave acquisition.

    利息收入為 9,900 萬美元,而去年的收入為 1.82 億美元,這是由於主要與 Shockwave 收購的融資影響相關的淨債務狀況較高。

  • Other income and expense was a net expense of $1.8 billion, compared to an expense of $0.5 billion in the prior year.

    其他收入和支出的淨支出為 18 億美元,而前一年的支出為 5 億美元。

  • The increase in expense was driven by a $1.75 billion dollar charge related to the talc litigation settlement proposal, partially offset by prior-year higher unrealized mark-to-market losses on public securities, as well as the monetization of royalty rights.

    費用增加的原因是與滑石粉訴訟和解提案相關的 17.5 億美元費用,部分被上一年公共證券未實現按市價計價損失較高以及特許權使用費貨幣化所抵消。

  • Regarding taxes in the quarter, our effective tax rate was 19.3% versus 17.4% in the same period last year.

    關於本季的稅收,我們的有效稅率為 19.3%,而去年同期為 17.4%。

  • This increase was primarily driven by the tax treatment of the NM26 bispecific antibody acquisition and OECD Pillar Two.

    這一增長主要是由 NM26 雙特異性抗體收購的稅收待遇和經合組織第二支柱推動的。

  • Excluding special items, the effective tax rate was 19.3% versus 15.6% in the same period last year.

    不計特殊項目,實際稅率為19.3%,去年同期為15.6%。

  • I encourage you to review our upcoming third-quarter 10-Q filing for additional details on specific tax-related matters.

    我鼓勵您查看我們即將發布的第三季 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 amortization expense and special items.

    最後,我將引導您注意幻燈片的方框部分,其中我們還提供了稅前收入、淨利潤和每股收益,經過調整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.

    現在讓我們來看看調整後的稅前收入。

  • Innovative medicine margin declined from 45.4% to 37.9%, primarily driven by the $1.25 billion acquired IPR&D expense to secure the global rights for NM26 bispecific antibody, partially offset by the monetization of royalty rights.

    創新藥物利潤率從 45.4% 下降至 37.9%,主要是由於為確保 NM26 雙特異性抗體的全球權利而收購的 IPR&D 費用為 12.5 億美元,部分被特許權貨幣化所抵消。

  • MedTech margin declined from 24.7% to 24.1%, driven by increased R&D investment and lapping of a prior-year divestiture gain, partially offset by supply chain efficiencies.

    由於研發投資增加和前一年剝離收益的減少,醫療技術利潤率從 24.7% 下降至 24.1%,部分被供應鏈效率所抵銷。

  • As a result, adjusted income before tax for the enterprise, as a percentage of sales, decreased from 37.6% to 32.4%, with acquired IPR&D expense impacting results by 560 basis points.

    受此影響,企業調整後稅前收入佔銷售額的比例從37.6%下降至32.4%,其中獲得的智慧財產權與研發費用對績效的影響達560個基點。

  • Starting in 2025, aligned with recent FASB reporting disclosure requirements, we will begin providing additional P&L details by segment.

    從 2025 年開始,根據最近的 FASB 報告揭露要求,我們將開始按部門提供額外的損益詳細資訊。

  • This concludes the sales and earnings portion of the call.

    電話會議的銷售和收益部分到此結束。

  • I'm now pleased to turn it over to Joe.

    我現在很高興把它交給喬。

  • Joseph Wolk - Chief Financial Officer, Executive Vice President

    Joseph Wolk - Chief Financial Officer, Executive Vice President

  • Thank you, Jessica.

    謝謝你,潔西卡。

  • In the third quarter, Johnson & Johnson delivered results that illustrate not only the breadth of the business, but our ability to consistently beat financial expectations.

    第三季度,強生公司交付的業績不僅顯示了業務的廣度,而且顯示了我們持續超出財務預期的能力。

  • Innovative medicine continued to build on strong first-half revenue momentum.

    創新藥物持續維持上半年強勁的收入動能。

  • We are advancing our pharmaceutical pipeline, achieving significant clinical and regulatory milestones across key therapeutic areas.

    我們正在推進我們的製藥管道,在關鍵治療領域實現重要的臨床和監管里程碑。

  • Our MedTech business, with the addition of Shockwave, delivered operational growth of 6.4% in the quarter, but did experience headwinds in the Asia-Pacific region.

    加上 Shockwave,我們的醫療科技業務在本季度實現了 6.4% 的營運成長,但在亞太地區確實遇到了阻力。

  • We continue to fortify our future, advancing the OTTAVA robotic surgery system to IDE, expanding VELYS use, and launching new intraocular lenses.

    我們繼續鞏固我們的未來,將 OTTAVA 機器人手術系統推進到 IDE,擴大 VELYS 的使用,並推出新的人工水晶體。

  • Due to dynamics in the Asia-Pacific region, specifically in China, we are taking a responsibly conservative approach by assuming no material improvement in that part of the business for the remainder of this year.

    由於亞太地區(特別是中國)的動態,我們採取負責任的保守態度,假設今年剩餘時間內該部分業務不會出現實質改善。

  • And as such, we expect MedTech adjusted operational sales growth for the full-year 2024 to be closer to 5% versus the 6% we referenced last quarter.

    因此,我們預計 MedTech 2024 年全年調整後的營運銷售成長將接近 5%,而我們上季度提到的則為 6%。

  • The strength of a diversified business enables us to more than offset volatility in one part of our business, but yet be in a position to once again increase 2024 guidance for the enterprise.

    多元化業務的優勢使我們不僅能夠抵消某一業務的波動性,而且能夠再次提高對企業的 2024 年指導。

  • Before diving into the results, I'll take a moment to touch on some enterprise-wide updates from the quarter.

    在深入研究結果之前,我將花點時間介紹本季的一些企業範圍內的更新。

  • We are making progress towards resolving talc litigation.

    我們正在解決滑石粉訴訟方面取得進展。

  • Our prepackaged bankruptcy plan received overwhelming support from the current claimants of roughly 83%, as well as the future claimants' representative.

    我們預先制定的破產計劃得到了大約 83% 的當前索賠人以及未來索賠人代表的壓倒性支持。

  • As announced last Thursday, the case will be heard in the Texas Bankruptcy Court.

    正如上週四宣布的那樣,此案將在德克薩斯州破產法院審理。

  • And while we remain committed to bringing this matter to a resolution, it would be premature to speculate on timing.

    儘管我們仍然致力於解決這個問題,但現在猜測時機還為時過早。

  • In addition to the pipeline highlights Joaquin mentioned, there are some additional notable advancements throughout the quarter.

    除了華金提到的管道亮點之外,整個季度還有一些其他顯著的進步。

  • In oncology, we received US and EU regulatory approval for RYBREVANT in combination with chemotherapy as a second-line treatment for adults with advanced EGFR-mutated non-small cell lung cancer.

    在腫瘤學方面,我們獲得了美國和歐盟監管部門批准 RYBREVANT 聯合化療作為成人晚期 EGFR 突變非小細胞肺癌的二線治療。

  • With FDA priority review underway for a subcutaneous formulation of RYBREVANT, along with data supporting a treatment regimen to reduce adverse events, we are building a best-in-class EGFR portfolio.

    隨著 FDA 對 RYBREVANT 皮下製劑的優先審查正在進行,以及支持減少不良事件的治療方案的數據,我們正在建立一流的 EGFR 產品組合。

  • We also presented Phase I data for RYBREVANT with chemotherapy in metastatic colorectal cancer patients, extending the asset's potential beyond lung cancer.

    我們也提供了 RYBREVANT 在轉移性大腸直腸癌患者中聯合化療的 I 期數據,將該資產的潛力擴展到肺癌以外的領域。

  • In multiple myeloma, we advanced our leadership position with FDA approval and filing of two DARZALEX FASPRO quad base regimens for newly diagnosed patients.

    在多發性骨髓瘤領域,我們透過 FDA 批准並為新診斷患者提交了兩種 DARZALEX FASPRO 四基療法,提升了我們的領導地位。

  • With CARVYKTI, we announced three-year follow-up data showing significantly extended overall survival, and gained approval for commercial production at our Ghent facility, further expanding supply capacity.

    透過 CARVYKTI,我們公佈了三年追蹤數據,顯示整體生存期顯著延長,並獲得根特工廠商業生產的批准,進一步擴大了供應能力。

  • Finally, in oncology, we added to the growing evidence base for our TARIS platform, with positive Phase IIb data in patients with high-risk, non-muscle-invasive bladder cancer, and positive interim to Phase IIb data in patients with muscle-invasive bladder cancer.

    最後,在腫瘤學方面,我們為TARIS 平台添加了不斷增長的證據基礎,在高風險、非肌肉浸潤性膀胱癌患者中獲得了積極的IIb 期數據,在肌肉浸潤性膀胱癌患者中獲得了積極的IIb 期數據膀胱癌。

  • In neuroscience, we submitted to the US and European regulatory bodies for what would be the first global approval of nipocalimab for the treatment of people living with generalized myasthenia gravis.

    在神經科學領域,我們向美國和歐洲監管機構提交了尼泊卡利單抗用於治療全身性重症肌無力患者的全球首次批准申請。

  • For the remainder of the year, we expect approval of TREMFYA sub-Q for Crohn's disease; and data readouts on JNJ-2113, our targeted oral peptide for psoriasis and ulcerative colitis; JNJ-4804, our co-antibody therapeutic for inflammatory bowel disease; Aticaprant for adjunctive major depressive disorder; and nipocalimab for rheumatoid arthritis.

    在今年剩餘時間內,我們預計 TREMFYA sub-Q 治療克隆氏症的藥物將獲得批准;以及 JNJ-2113 的數據讀數,JNJ-2113 是我們治療牛皮癬和潰瘍性結腸炎的標靶口服勝肽; JNJ-4804,我們的發炎性腸道疾病合併抗體治療藥物; Aticarant 用於治療輔助性重度憂鬱症;和尼泊卡利單抗用於治療類風濕性關節炎。

  • In MedTech, we completed enrollment of the Omny-IRE clinical trial to evaluate safety and effectiveness in mapping and treating symptomatic paroxysmal atrial fibrillation during standard ablation procedures.

    在 MedTech 領域,我們完成了 Omny-IRE 臨床試驗的註冊,以評估在標準消融手術期間繪製和治療症狀性陣發性心房顫動的安全性和有效性。

  • Also in cardiovascular, we are preparing for the anticipated approval of VARIPULSE in the US and the submission of Impella ECP for regulatory approval.

    同樣在心血管領域,我們正在為 VARIPULSE 在美國的預期批准以及向監管機構提交 Impella ECP 的申請做準備。

  • In orthopedics, we launched several exciting new products in the US, including our VELYS spine robot and VOLT plating system.

    在骨科領域,我們在美國推出了幾款令人興奮的新產品,包括我們的 VELYS 脊椎機器人和 VOLT 電鍍系統。

  • The plentiful pipeline progress across our businesses will ensure continued success.

    我們各業務領域的大量研發進展將確保持續成功。

  • Let's now turn to cash and capital allocation.

    現在讓我們轉向現金和資本配置。

  • Free cash flow year to date was approximately $14 billion, compared to $12 billion last year, which included eight months' contribution from the consumer health business.

    今年迄今的自由現金流約為 140 億美元,而去年為 120 億美元,其中包括消費者健康業務 8 個月的貢獻。

  • We ended the third quarter with $20 billion of cash and marketable securities, and $36 billion of debt for a net debt position of approximately $16 billion.

    第三季末,我們擁有 200 億美元的現金和有價證券,以及 360 億美元的債務,淨債務部位約為 160 億美元。

  • Our capital allocation priorities remain unchanged.

    我們的資本配置重點維持不變。

  • Our strong balance sheet enables us to strategically invest to grow our business while simultaneously returning capital to our shareholders.

    我們強大的資產負債表使我們能夠進行策略性投資以發展我們的業務,同時向股東返還資本。

  • Innovation remains core to our strategy.

    創新仍然是我們策略的核心。

  • During the quarter, we invested nearly $5 billion in research and development.

    本季度,我們在研發方面投入了近 50 億美元。

  • This is an increase over 2023 levels, even after excluding acquired in-process R&D expense.

    即使排除收購的在製品研發費用,這也比 2023 年的水準有所成長。

  • Thus far in 2024, Johnson & Johnson has deployed approximately $18 billion for strategic acquisitions and licensing agreements, which includes the recent acquisition of V-Wave, another innovative treatment in heart failure, which closed last week.

    2024 年迄今為止,強生已部署約 180 億美元用於策略性收購和授權協議,其中包括最近收購的 V-Wave,這是另一種治療心臟衰竭的創新療法,已於上週完成。

  • Turning to our full-year 2024 guidance, excluding the impact from acquisitions and divestitures, we are increasing our adjusted operational sales guidance.

    談到我們 2024 年的全年指引,排除收購和剝離的影響,我們正在提高調整後的營運銷售指引。

  • We now expect growth in the range of 5.7% to 6.2% with a midpoint of 6%.

    我們目前預計成長範圍為 5.7% 至 6.2%,中點為 6%。

  • We are also increasing operational sales growth by $200 million to a range of 6.3% to 6.8% with a midpoint of $89.6 billion or 6.6%.

    我們還將營運銷售額成長 2 億美元,達到 6.3% 至 6.8% 的範圍,中間值為 896 億美元,即 6.6%。

  • As you know, we don't speculate on future currency movements.

    如您所知,我們不會推測未來的貨幣走勢。

  • For today's call, we are utilizing a euro spot rate relative to the US dollar of 1.10, slightly above last quarter's guidance.

    對於今天的電話會議,我們使用的歐元兌美元即期匯率為 1.10,略高於上季的指引。

  • This results in an estimated incremental positive foreign currency impact of $200 million, reducing our previous full-year negative impact to $1 billion.

    這預計將帶來 2 億美元的增量正面外匯影響,將先前全年的負面影響減少至 10 億美元。

  • As such, we expect reported sales growth between 5.1% to 5.6% with a midpoint of $88.6 billion or 5.4%.

    因此,我們預計報告的銷售額成長在 5.1% 至 5.6% 之間,中點為 886 億美元或 5.4%。

  • Regarding the rest of the P&L, with the addition of the V-Wave transaction, we now anticipate our 2024 adjusted pre-tax operating margin to decline by approximately 200 basis points.

    至於損益表的其餘部分,加上 V-Wave 交易,我們現在預計 2024 年調整後的稅前營業利潤率將下降約 200 個基點。

  • Excluding the impact of asset acquisition, accounting, and related R&D investment, we would be on track to improve operating margins by 50 basis points, which is consistent with what we guided to at the beginning of the year.

    排除資產收購、會計和相關研發投資的影響,我們的營業利潤率可望提高 50 個基點,這與我們年初的指導一致。

  • As we strive to advance and accelerate our pipeline, you can anticipate elevated levels of investment in the fourth quarter.

    隨著我們努力推進並加速我們的管道,您可以預期第四季度的投資水準將會上升。

  • Net interest income is now projected to be between $450 million and $550 million, $150 million greater than our previous guidance.

    目前淨利息收入預計在 4.5 億美元至 5.5 億美元之間,比我們先前的指導高出 1.5 億美元。

  • Other income is anticipated to be in the range of $1.9 billion to $2.1 billion, an increase versus previous guidance, driven by the one-time monetization of royalty rights Jessica referenced that will be utilized for that higher Q4 investment I referenced a moment ago.

    其他收入預計在19 億美元至21 億美元之間,比之前的指導有所增加,這是由傑西卡提到的特許權使用費一次性貨幣化推動的,該特許權使用費將用於我剛才提到的更高的第四季投資。

  • Our effective tax rate, consistent with previous guidance, is expected to be between 17.5% and 18.5% for the full year.

    與先前的指引一致,我們全年的有效稅率預計在 17.5% 至 18.5% 之間。

  • Similar to last quarter, we have provided an EPS bridge to outline the impact from acquisition activity throughout the year.

    與上季類似,我們提供了 EPS 橋樑來概述全年收購活動的影響。

  • Before the impact of the V-Wave acquisition, our outlook for adjusted operational EPS performance is once again increasing.

    在 V-Wave 收購產生影響之前,我們對調整後的營運每股盈餘業績的預期再次上調。

  • As the schedule reflects, we are expecting an incremental $0.10 per share increase on our operational performance for a total increase of $0.18 per share for the year.

    正如時間表所反映的,我們預計今年的營運表現每股將增加 0.10 美元,每股總增幅為 0.18 美元。

  • On this basis, when excluding acquisition activity throughout the year, EPS growth is 9.2%.

    以此為基礎,剔除全年收購活動後,每股盈餘成長率為 9.2%。

  • To account for the completion of the V-Wave transaction, as previously disclosed, our adjusted operational EPS guidance now includes dilution of $0.24 per share in the fourth quarter and $0.06 per share in 2025.

    如同先前所揭露的,考慮到 V-Wave 交易的完成,我們調整後的營運 EPS 指引現在包括第四季每股攤薄 0.24 美元和 2025 年每股攤薄 0.06 美元。

  • Combined, this yields an updated 2024 adjusted operational EPS guidance of $9.91 at the midpoint of the range, basically flat year on year despite absorbing approximately $0.92 of acquisition activity.

    綜合起來,更新後的 2024 年調整後營運每股收益指引為 9.91 美元,處於該範圍的中點,儘管吸收了約 0.92 美元的收購活動,但同比基本持平。

  • While not predicting the impact of currency movements, utilizing the recent exchange rates just referenced, a reported adjusted earnings per share for the year now estimates a full-year positive impact of $0.02 per share.

    雖然沒有預測貨幣變動的影響,但利用剛剛提到的近期匯率,目前報告的每股收益目前估計全年的正面影響為每股 0.02 美元。

  • As such, we expect reported adjusted earnings per share of $9.93 at the midpoint.

    因此,我們預期報告調整後每股盈餘中點為 9.93 美元。

  • We are still finalizing our plans for next year, but let me provide you some preliminary qualitative commentary to inform your modeling for 2025.

    我們仍在敲定明年的計劃,但讓我為您提供一些初步的定性評論,以便為 2025 年的建模提供資訊。

  • For innovative medicine, we remain very confident in our ability to deliver growth despite a significant LOE resulting in sales above the $57 billion commitment we stated in 2021.

    對於創新藥物,儘管 LOE 顯著,導致銷售額超過我們在 2021 年承諾的 570 億美元,但我們對實現成長的能力仍然非常有信心。

  • This will be driven by our in-market brands and continued progress from our recently launched products, including TREMFYA in IBD and RYBREVANT in non-small cell lung cancer.

    這將由我們的市場品牌和我們最近推出的產品(包括治療 IBD 的 TREMFYA 和治療非小細胞肺癌的 RYBREVANT)的持續進展推動。

  • Regarding the STELARA LOE, we are planning for biosimilar entries in the US in January, assuming that Humira's erosion curve is a relatively good proxy for your models.

    關於 STELARA LOE,我們計劃 1 月在美國上市生物相似藥,假設 Humira 的侵蝕曲線是您模型的相對較好的代表。

  • We continue to expect a negative impact associated with the Part D redesign.

    我們仍然預期 D 部分重新設計會產生負面影響。

  • In our pipeline, we anticipate data readouts across all our priority platforms, anticipated approvals of TREMFYA sub-Q in Crohn's disease, RYBREVANT sub-Q for lung cancer, and nipocalimab in generalized myasthenia gravis, as well as potential filings for TARIS in bladder cancer and Aticaprant in major depressive disorder.

    在我們的管道中,我們預計所有優先平台的數據讀出,治療克羅恩病的TREMFYA sub-Q、治療肺癌的RYBREVANT sub-Q 和治療全身性重症肌無力的尼泊卡利單抗的預期批准,以及治療膀胱癌的TARIS 的潛在申請和Aticaprant治療重度憂鬱症。

  • As a reminder, TREMFYA, RYBREVANT, and TARIS continue to be the three largest underappreciated assets in terms of our revenue projections versus what analysts are estimating for the back half of this decade.

    提醒一下,與分析師對本十年後半段的收入預測相比,TREMFYA、RYBREVANT 和 TARIS 仍然是三大被低估的資產。

  • For MedTech, we continue to expect to deliver on our long-term objective identified at last year's enterprise business review of growing operational sales in the upper end of the 2022 to 2027 weighted average market growth rate of 5% to 7%.

    對於醫療科技,我們繼續期望實現去年企業業務審查中確定的長期目標,即 2022 年至 2027 年加權平均市場成長率達到 5% 至 7% 的上限,營運銷售額不斷增長。

  • We also expect continued adoption of newer products across all MedTech businesses, such as VARIPULSE in electrophysiology, VELYS-enabling technology across orthopedics, Odyssey and PureSee in surgical vision, and contributions from our Abiomed and Shockwave integrations.

    我們也預計所有醫療科技業務將繼續採用更新產品,例如電生理學領域的 VARIPULSE、骨科領域的 VELYS 支援技術、外科視覺領域的 Odyssey 和 PureSee,以及我們的 Abiomed 和 Shockwave 整合的貢獻。

  • Specific to volume-based pricing in China, we expect continued impacts from the rollout of the 2024 tenders in orthopedic sports and intraocular lenses, and anticipate VBP to continue expanding across provinces and products.

    具體到中國的基於數量的定價,我們預計 2024 年骨科運動和人工水晶體招標的推出將繼續產生影響,並預計 VBP 將繼續跨省份和跨產品擴展。

  • Moving to the rest of the P&L, when thinking about operating margin, there are pluses and minuses.

    轉向損益表的其餘部分,在考慮營業利潤率時,有優點也有缺點。

  • Tailwinds include an anticipated reduction of acquired IPR&D expense year over year, continued focus on MedTech margin improvement, and continued OpEx optimization benefits post separation.

    有利因素包括預計收購的智慧財產權與研發費用將逐年減少、持續關注醫療技術利潤率的提高以及分離後持續優化營運支出。

  • Working against us is unfavorable product mix driven by STELARA biosimilar entrance and Part D redesign.

    對我們不利的是 STELARA 生物相似藥入口和 D 部分重新設計驅動的不利產品組合。

  • With a brief look at your models last week, the consensus margin does not appear unreasonable.

    簡單看一下上週的模型,共識差值似乎並非不合理。

  • And we'll provide further clarity in January once we complete our 2025 plan.

    一旦我們完成 2025 年計劃,我們將在 1 月提供進一步的說明。

  • We do not expect to maintain the heightened levels of interest income due to a reduction in interest rates and impact from debt experienced in 2024 related to acquisition activity.

    由於利率下降以及 2024 年收購活動相關債務的影響,我們預期利息收入不會維持在較高水準。

  • Regarding other income and expense, we expect lower net other income due to the non-recurring nature of the monetization of royalty rights experienced in Q3, a lower benefit related to employee benefit programs based on discount rate assumptions, as well as income lost on the Kenvue dividend.

    關於其他收入和支出,我們預計其他淨收入較低,原因是第三季特許權使用費貨幣化的非經常性性質、基於貼現率假設的與員工福利計劃相關的福利較低,以及收入損失肯維股息。

  • Lastly, based on what we know today, under current tax law, we anticipate our 2025 tax rate to be slightly lower than our anticipated 2024 tax rate.

    最後,根據我們今天所知,根據現行稅法,我們預計 2025 年的稅率將略低於我們預期的 2024 年稅率。

  • To wrap up prior to Q&A, we are pleased with our underlying 2024 performance that simultaneously fortified a strong foundation for continued success heading into 2025.

    在問答之前,我們對 2024 年的基本業績感到滿意,同時為 2025 年的持續成功奠定了堅實的基礎。

  • With that, I'll now turn over to Kevin to open the call for your questions.

    現在,我將請凱文開始電話會議,回答大家的問題。

  • Operator

    Operator

  • (Operator Instructions) Chris Schott, JPMorgan.

    (操作員指示)Chris Schott,摩根大通。

  • Chris Schott - Analyst

    Chris Schott - Analyst

  • Great.

    偉大的。

  • Thanks so much for the question.

    非常感謝你的提問。

  • Maybe just one on talc here.

    也許這裡只有一種滑石粉。

  • I know there's still limited comments, but it seems as though the company's obviously made some advancements here into getting this behind the organization.

    我知道評論仍然有限,但似乎該公司顯然在這方面取得了一些進展,以推動組織的發展。

  • Maybe just -- can you help us a little bit in terms of, from your perspective, next key steps to watch from here?

    也許只是 - 從您的角度來看,您能否在接下來要關注的關鍵步驟方面為我們提供一些幫助?

  • And what is J&J's overall level of confidence that you have a path to resolve this in the relative near term for the story?

    強生公司對您有辦法在相對近期內解決這個問題的整體信心程度如何?

  • Thanks so much.

    非常感謝。

  • Joaquin Duato - Chairman of the Board, Chief Executive Officer

    Joaquin Duato - Chairman of the Board, Chief Executive Officer

  • Yeah, thank you, Chris.

    是的,謝謝你,克里斯。

  • And as you have heard me before, our intention with respect to the litigation is to bring a responsible, final, and comprehensive resolution to these claims.

    正如您之前所聽到的,我們對訴訟的目的是對這些索賠提出負責任的、最終的和全面的解決方案。

  • And we are making meaningful progress to do just that.

    為此,我們正在取得有意義的進展。

  • We have filed our prepackaged reorganization plan with the support of 83% of the claimants.

    我們已經提交了預先制定的重組計劃,並得到了 83% 索賠人的支持。

  • And also, we have a decision of the court to keep the filing in Houston.

    此外,法院決定將文件保留在休士頓。

  • So as I said, we are making progress in this resolution that I refer.

    正如我所說,我們正在我提到的這項決議中取得進展。

  • As far as next steps, Erik?

    至於下一步,埃里克?

  • Erik Haas - Worldwide Vice President, Litigation

    Erik Haas - Worldwide Vice President, Litigation

  • Hi, thanks, Chris.

    嗨,謝謝,克里斯。

  • This is Erik Haas, Head of Worldwide Litigation.

    我是全球訴訟主管 Erik Haas。

  • Judge Lopez last week on Thursday, after ruling that the case properly and appropriately should remain in Texas, order the parties to meet and confer and agree to a schedule for the expeditious resolution of the case.

    洛佩茲法官上週四裁定,此案應妥善且適當地留在德州,之後命令雙方會面商討並商定快速解決此案的時間表。

  • And by that, it means setting forth the schedule to get through to the confirmation procedure addressing any ancillary motions, whether the motions to dismiss or issues relating to the votes.

    這意味著制定時間表,以完成處理任何附帶動議的確認程序,無論是駁回動議還是與投票有關的問題。

  • And the parties are in that process.

    各方都在這個過程中。

  • We contemplate putting forth a schedule that resolve those issues through the end of the year for a confirmation hearing sometime at the beginning of next year.

    我們考慮制定一個時間表,在年底前解決這些問題,並在明年初舉行確認聽證會。

  • So that's the schedule we're on.

    這就是我們的日程安排。

  • Operator

    Operator

  • Larry Biegelsen, Wells Fargo.

    拉里·比格爾森,富國銀行。

  • Larry Biegelsen - Analyst

    Larry Biegelsen - Analyst

  • Good morning.

    早安.

  • Thanks for taking the question.

    感謝您提出問題。

  • Tim, on MedTech, maybe help us understand the impact of the one-time items in Q3, such as the ortho, SKU rationalization, how you're thinking about the impact from hurricanes in Q4.

    Tim,關於 MedTech,也許可以幫助我們了解第三季一次性專案的影響,例如 Ortho、SKU 合理化,以及您如何看待第四季度颶風的影響。

  • What gives you confidence you can deliver the high end of that 5% to 7% next year?

    是什麼讓您有信心明年達到 5% 至 7% 的高端目標?

  • Thanks for taking the question.

    感謝您提出問題。

  • Tim Schmid - Executive Vice President, Worldwide Chairman of MedTech

    Tim Schmid - Executive Vice President, Worldwide Chairman of MedTech

  • Larry, thank you for the question.

    拉里,謝謝你的提問。

  • We're proud of the 6.4% operational growth for the quarter, 5.7% for full year.

    我們對本季 6.4% 的營運成長、全年 5.7% 的營運成長感到自豪。

  • And I think the results really talk to the success of our deliberate move into higher-growth, higher-margin categories, especially in the cardiovascular space.

    我認為這些結果確實說明了我們有意進軍高成長、高利潤類別的成功,特別是在心血管領域。

  • You'll recall and you'll see that from our results, almost $300 million is being added from the Shockwave acquisition which continues to perform to expectations as does Abiomed.

    您會記得,您會從我們的結果中看到,收購 Shockwave 增加了近 3 億美元,該公司的表現與 Abiomed 一樣繼續符合預期。

  • And we've also added to the portfolio with the acquisition of Laminar in the fourth quarter of last year, and then more recently the announced closure of the acquisition of V-Wave, which once again takes us into even more exciting high-growth, high-margin opportunities within cardiovascular.

    去年第四季我們也收購了 Laminar,最近又宣布完成對 V-Wave 的收購,這再次將我們帶入了更令人興奮的高成長,心血管領域的高利潤機會。

  • Specifically to orthopedics, we believe this is going to be another solid year for orthopedics, 3.2% growth for the year.

    具體到骨科領域,我們相信今年將是骨科領域另一個強勁的一年,全年成長 3.2%。

  • We did have a slightly softer third quarter, which was a result, to your point, of the restructure within orthopedics.

    我們的第三季確實略有疲軟,按照您的觀點,這是骨科內部重組的結果。

  • And as we look to the full year, we expect a return to significantly better performance, especially in orthopedics, which typically has a stronger fourth quarter.

    展望全年,我們預計業績將顯著回升,特別是在骨科領域,該領域的第四季表現通常更為強勁。

  • And we are seeing tremendous performance specifically within the hips and knees categories, growing 6% and 7%.

    我們看到了特別是在臀部和膝蓋類別中的巨大表現,分別增加了 6% 和 7%。

  • And I think that's really been enabled by the success of our enabling technologies in VELYS in knees, which also, by the way, we've added the indication of the uni-knee, as well as our KINCISE and hip navigation systems within hips.

    我認為這確實得益於我們在 VELYS 膝蓋方面的支援技術的成功,順便說一句,我們還添加了單膝的指示,以及我們的 KINCISE 和臀部內的臀部導航系統。

  • I'd also add to the orthopedics performance, we are significantly addressing portfolio gaps within our trauma portfolio with the launch of TriLEAP, VirtuGuide, and VOLT in the back half of the year.

    我還要補充骨科業績,透過今年下半年推出的 TriLEAP、VirtuGuide 和 VOLT,我們正在大幅解決創傷產品組合中的產品組合差距。

  • I think you know our spine portfolio has been challenged.

    我想您知道我們的脊椎產品組合受到了挑戰。

  • And we're addressing that with the launch of TELIGEN, our new trial to thoracolumbar system and the new spine robot, which we just received approval for.

    我們正在透過推出 TELIGEN 來解決這個問題,TELIGEN 是我們對胸腰椎系統的新試驗,也是我們剛剛獲得批准的新型脊椎機器人。

  • As relates to the hurricanes, we did see the impact certainly of Hurricane Helene in the final weeks of the third quarter and continue to see the impact of Milton over the last coming days, especially in the areas most impacted by those storms.

    就颶風而言,我們確實在第三季的最後幾週看到了颶風海倫的影響,並在未來幾天繼續看到米爾頓的影響,特別是在受風暴影響最嚴重的地區。

  • I do think the watch out that we all need to watch carefully is certainly the impact of the recently announced IV saline shortages, which if they do persist, could potentially impact surgical procedures across our portfolio.

    我確實認為我們所有人都需要仔細觀察的肯定是最近宣布的靜脈注射鹽水短缺的影響,如果這種情況持續存在,可能會影響我們整個投資組合的外科手術。

  • Thank you, Larry.

    謝謝你,拉里。

  • Operator

    Operator

  • Louise Chen, Cantor Fitzgerald.

    路易絲·陳,坎托·菲茨杰拉德。

  • Louise Chen - Analyst

    Louise Chen - Analyst

  • Hi, thank you for taking my question here.

    你好,謝謝你在這裡提出我的問題。

  • I wanted to ask you how you see TREMFYA, JNJ-2113, and some of your other pipeline products coming together to replace sales loss to STELARA, and then take share from entrenched competitors.

    我想問您如何看待 TREMFYA、JNJ-2113 和您的其他一些在研產品結合起來彌補 STELARA 的銷售損失,然後從根深蒂固的競爭對手手中奪取份額。

  • Thank you.

    謝謝。

  • Jennifer Taubert - Executive Vice President, Worldwide Chairman, Innovative Medicine

    Jennifer Taubert - Executive Vice President, Worldwide Chairman, Innovative Medicine

  • Hi, Louise.

    嗨,路易絲。

  • It's Jennifer.

    這是詹妮弗。

  • And good morning, everyone.

    大家早安。

  • And I wanted to start off by having a chance to really recognize and thank all my innovative medicine colleagues around the world for a fabulous quarter in the third quarter.

    首先,我想有機會真正認可並感謝世界各地所有創新醫學同事在第三季的精彩表現。

  • We really continue to deliver against our strategy with 11 key brands, having double-digit growth, and achieving a few really notable milestones, notably the TREMFYA approval and launch in ulcerative colitis, also RYBREVANT plus LAZCLUZE in first-line non-small-cell lung cancer.

    我們確實繼續透過11 個關鍵品牌實現我們的策略,實現了兩位數的成長,並實現了一些真正值得注意的里程碑,特別是TREMFYA 的批准和在潰瘍性結腸炎中的上市,還有RYBREVANT 和LAZCLUZE 在第一線非小細胞治療的應用肺癌。

  • And we also completed the acquisition of NM26, which is a Phase II-ready asset for atopic dermatitis.

    我們也完成了 NM26 的收購,這是一項針對異位性皮膚炎的 II 期資產。

  • So as we take a look at the immunology portfolio, we're really excited about TREMFYA and what we see as the prospects ahead.

    因此,當我們審視免疫學產品組合時,我們對 TREMFYA 以及我們所看到的未來​​前景感到非常興奮。

  • I just mentioned that we got approval during the quarter for that product in ulcerative colitis.

    我剛剛提到,我們在本季度獲得了該產品治療潰瘍性結腸炎的批准。

  • We believe we truly have a winning proposition for that asset in IBD.

    我們相信,對於 IBD 的該資產,我們確實有一個成功的主張。

  • And it's off to a really nice start with a really strong reception amongst the medical community.

    這是一個非常好的開始,在醫學界得到了非常強烈的歡迎。

  • And we see that product having a lot of strength because it's the only dual active IL-23.

    我們看到該產品具有很大的優勢,因為它是唯一的雙活性 IL-23。

  • So it blocks both IL-23 and the CD64 receptor cells.

    因此它會阻斷 IL-23 和 CD64 受體細胞。

  • It really sets what we believe is a new bar in terms of efficacy with the highest rate of endoscopic normalization.

    它確實樹立了我們認為的內視鏡正常化率最高的功效方面的新標準。

  • And we've got really rigorous head-to-head data versus STELARA, showing superiority in Crohn's disease.

    我們已經獲得了與 STELARA 相比非常嚴格的頭對頭數據,顯示出在克羅恩病方面的優越性。

  • And we think that we've got unrivaled flexibility in what will ultimately be a sub-Q both induction and maintenance dose for TREMFYA.

    我們認為,我們在 TREMFYA 最終的亞 Q 誘導劑量和維持劑量方面擁有無與倫比的靈活性。

  • So TREMFYA was $4 billion in sales for the quarter, and that was really on psoriasis and psoriatic arthritis alone.

    因此,TREMFYA 本季的銷售額為 40 億美元,這實際上僅針對銀屑病和銀屑病關節炎。

  • When we take a look going forward and what we had seen with STELARA in terms of the strength in IBD and the potential, we think that TREMFYA definitely is an asset that is of STELARA size or bigger and better.

    當我們展望未來以及我們在 IBD 的實力和潛力方面看到的 STELARA 時,我們認為 TREMFYA 絕對是一項與 STELARA 規模或更大更好的資產。

  • So a lot of exciting opportunity for us ahead.

    因此,我們未來有很多令人興奮的機會。

  • For 2113, we're really excited about our oral asset that we're developing.

    對於 2113,我們對正在開發的口頭資產感到非常興奮。

  • And I'll let John Reed -- my colleague, John Reed, actually talk about why we're so excited about it and some of the data -- upcoming data there.

    我會讓約翰·里德——我的同事約翰·里德,實際上談談為什麼我們對此如此興奮以及一些數據——即將到來的數據。

  • But we do think that being able to have that advanced efficacy and known safety profile in a simple oral tablet is not only going to be great for the existing biologics appropriate patients.

    但我們確實認為,能夠在簡單的口服片劑中具有先進的功效和已知的安全性,不僅對現有生物製劑合適的患者有好處。

  • But we think it gives us a great market expansion opportunity moving into earlier lines of therapy as well.

    但我們認為這也為我們提供了一個巨大的市場擴張機會,進入早期的治療領域。

  • John?

    約翰?

  • John Reed - Executive Vice President - Innovative Medicine, Research and Development

    John Reed - Executive Vice President - Innovative Medicine, Research and Development

  • Yeah.

    是的。

  • Thanks.

    謝謝。

  • The 2113 is really moving along nicely.

    2113 確實進展順利。

  • As you know, this is our targeted oral peptide, very exquisite, elegantly designed molecule that binds to and blocks the IL-23 receptor and is orally bioavailable with a once-daily dosing.

    如您所知,這是我們的靶向口服勝肽,是一種非常精緻、設計優雅的分子,可結合併阻斷 IL-23 受體,每日一次口服即可生物利用。

  • The psoriasis indication is fully enrolled now for Phase III studies, which are quite broad, and include head-to-heads against TYK2 inhibitors, as well as both adult and adolescent patients, as well as a study in patients that have disease affecting hard-to-treat areas, scalp and other parts of the anatomy that can be very difficult to clear, typically.

    乾癬適應症現已全面入組 III 期研究,該研究範圍相當廣泛,包括針對 TYK2 抑制劑以及成人和青少年患者的頭對頭研究,以及針對患有嚴重影響疾病的患者的研究。難清理的區域、頭皮和其他部位。

  • So we're really looking quite comprehensively there and the data will be rolling out in the next few months.

    因此,我們確實對此進行了非常全面的研究,數據將在接下來的幾個月內推出。

  • So we look forward to sharing those at the appropriate time.

    因此,我們期待在適當的時候分享這些內容。

  • In inflammatory bowel disease, we're in a signal-seeking Phase 2 study in ulcerative colitis, where we're exploring different doses before moving into more advanced studies, given that the IL-23 pathway is well-validated inflammatory bowel disease.

    在發炎性腸道疾病方面,我們正在進行潰瘍性結腸炎的訊號尋求2 期研究,鑑於IL-23 途徑是經過充分驗證的發炎性腸道疾病,我們正在探索不同的劑量,然後再進行更深入的研究。

  • Thanks to STELARA and TREMFYA, we're quite confident that those studies will come through for us.

    感謝 STELARA 和 TREMFYA,我們非常有信心這些研究將會為我們完成。

  • But we'll wait for those data later this year to see how that oral medication is faring there.

    但我們將等待今年稍後的這些數據,看看口服藥物在那裡的表現如何。

  • The other thing I'll maybe mention, just in case it's not on your radar, is we also have a co-antibody approach -- we call it 4804 -- where gus and gol, TREMFYA and our TNF inhibitor, are combined for patients who tend to be on the more refractory side.

    我可能會提到的另一件事是,以防萬一您沒有註意到,我們還有一種聯合抗體方法- 我們稱之為4804 - 將gus 和gol、TREMFYA 和我們的TNF 抑製劑結合起來治療患者他們往往處於更難控制的一面。

  • And we're in the middle of inflammatory bowel disease studies there that we'll read out next year.

    我們正在進行發炎性腸道疾病研究,我們將於明年宣讀。

  • So I'm really excited about that antibody combination as well.

    所以我對這種抗體組合也感到非常興奮。

  • So all together, the immunology portfolio is really quite robust, particularly in inflammatory bowel disease and the areas of dermatology where we've had traditional strengths.

    因此,總而言之,免疫學產品組合確實非常強大,特別是在發炎性腸道疾病和我們擁有傳統優勢的皮膚病學領域。

  • Jennifer Taubert - Executive Vice President, Worldwide Chairman, Innovative Medicine

    Jennifer Taubert - Executive Vice President, Worldwide Chairman, Innovative Medicine

  • We really do think that we've got a winning portfolio for inflammatory bowel diseases.

    我們確實認為我們已經擁有了治療發炎性腸道疾病的成功產品組合。

  • And maybe just one addition, because I know we've had questions on this in the past, on 2113.

    也許只是補充一點,因為我知道我們過去在 2113 年就曾對此提出過疑問。

  • We're going to be developing that really across the spectrum, so both ulcerative colitis as well as Crohn's disease.

    我們將真正在各個領域進行開發,包括潰瘍性結腸炎和克隆氏症。

  • So we're starting off in ulcerative colitis, but absolutely have plans to develop it in Crohn's as well.

    因此,我們從潰瘍性結腸炎開始,但絕對也有計劃在克隆氏症中進行開發。

  • Operator

    Operator

  • Terence Flynn, Morgan Stanley.

    特倫斯‧弗林,摩根士丹利。

  • Terence Flynn - Analyst

    Terence Flynn - Analyst

  • Great.

    偉大的。

  • Thanks so much for taking the question.

    非常感謝您提出問題。

  • Maybe just on the multiple myeloma portfolio, obviously, very nice growth in CARVYKTI this quarter.

    也許只是在多發性骨髓瘤投資組合上,顯然,CARVYKTI 本季的成長非常好。

  • I know you spoke to some of the drivers, but just was wondering if you can elaborate on what you're seeing in the second-line setting at this point.

    我知道您與一些司機交談過,但只是想知道您是否可以詳細說明此時您在二線設定中看到的情況。

  • And then as you look at TECVAYLI through the rest of this year into next year, what's it going to take to really see an acceleration in growth in this product?

    然後,當您從今年剩餘時間到明年觀察 TECVAYLI 時,需要什麼才能真正看到該產品的成長加速?

  • Or do we have to wait until we get to earlier lines of treatment here to see growth again in that franchise?

    或者我們是否必須等到我們在這裡進行早期治療才能看到該特許經營權再次增長?

  • Thank you.

    謝謝。

  • Jennifer Taubert - Executive Vice President, Worldwide Chairman, Innovative Medicine

    Jennifer Taubert - Executive Vice President, Worldwide Chairman, Innovative Medicine

  • Hi, Terrence.

    嗨,泰倫斯。

  • Thanks so much for the question on multiple myeloma.

    非常感謝您提出多發性骨髓瘤的問題。

  • And I won't go into a lot of detail on DARZALEX, but it's worth noting that we had $3 billion in sales, more than 20% growth, and that DARZALEX really continues to perform quite strongly for us, as we continue to grow on share, particularly in frontline, in both transplant-eligible and ineligible patients.

    我不會詳細介紹 DARZALEX,但值得注意的是,我們的銷售額為 30 億美元,增長超過 20%,並且隨著我們繼續增長,DARZALEX 確實繼續為我們表現強勁。資格的患者中,特別是在前線,分享這項成果。

  • I really appreciate the question on CARVYKTI.

    我非常感謝關於 CARVYKTI 的問題。

  • So $286 million in sales, 88% growth year over year, and 53% quarter over quarter.

    銷售額為 2.86 億美元,年增 88%,季增 53%。

  • And we're really seeing that continued growth for a number of reasons.

    由於多種原因,我們確實看到了這種持續增長。

  • So first, we're seeing very strong demand based on the CARTITUDE-4 approval for that second-line and beyond patients.

    首先,基於 CARTITUDE-4 的批准,我們看到二線及以上患者的需求非常強勁。

  • In addition, overall survival data was just presented for CARVYKTI in this line, which is very, very significant and further adds to the importance of this medicine for patients with multiple myeloma.

    此外,剛剛公佈了 CARVYKTI 在該系列中的總生存數據,這是非常非常重要的,進一步增加了該藥物對多發性骨髓瘤患者的重要性。

  • And the other aspect is we continue to progress really nicely with our continued capacity expansion, both in terms of number of slots per day.

    另一方面是,我們在容量的持續擴張方面繼續取得了非常好的進展,無論是在每天的插槽數量方面。

  • In Raritan, we gained approval for our Ghent manufacturing site.

    在力登,我們的根特製造基地獲得批准。

  • In Europe, for commercial production that is now underway and able to serve patients.

    在歐洲,商業生產正在進行中並且能夠為患者服務。

  • And our CMO in the United States as well is producing on the clinical end.

    我們在美國的 CMO 也在臨床端進行生產。

  • And so all the way around from performance of the product, from new data, as well as continued capacity expansion, we continue to see very strong performance for CARVYKTI.

    因此,從產品的性能、新數據以及持續的產能擴張來看,我們持續看到 CARVYKTI 的表現非常強勁。

  • And as we discussed before, I don't know that we will see that as a complete, exact, linear growth curve quarter to quarter, simply because the capacity expansion works in a bit more of a stair-step fashion.

    正如我們之前討論的,我不知道我們是否會看到這是一個完整的、精確的、逐季度的線性成長曲線,僅僅是因為產能擴張更像是階梯式的。

  • But as we have discussed, second quarter for us being definitely more robust than the first half that's playing through.

    但正如我們所討論的,第二季度對我們來說肯定比上半場更強勁。

  • And I think if you think about that going forward, that makes a lot of sense.

    我認為如果你考慮一下未來的情況,這很有意義。

  • We're over 4,200 patients now with CARVYKTI, and it is the most successful CAR-T launch for across -- throughout the industry across all CAR-Ts.

    我們現在有超過 4,200 名患者使用 CARVYKTI,這是整個行業所有 CAR-T 中最成功的 CAR-T 上市。

  • Then last, you asked about TECVAYLI and

    最後,您詢問了 TECVAYLI 以及

  • [teclistamab].

    [特克他單抗]。

  • So if we take a look at -- we'll start off basically with tec.

    因此,如果我們看一下——我們基本上將從 tec 開始。

  • The tec sales were $135 million and 21% growth for the quarter, but it was flat sequentially.

    該季度技術銷售額為 1.35 億美元,成長 21%,但與上一季持平。

  • We're seeing really nice uptake in the market in terms of new patients.

    我們看到市場上新患者的吸收率非常高。

  • But there's also a dynamic where physicians are treating with longer treatment durations.

    但也存在一種動態,即醫生正在延長治療持續時間。

  • So we do think that there's a lot of continued growth and expansion for the product.

    因此,我們確實認為該產品有許多持續的成長和擴展。

  • It's performing very well for patients and not only in its current lines of therapy, but we're also taking a look and studying it in combinations, whether with DARZALEX, whether with

    它對患者來說表現非常好,不僅是在目前的治療方案中,而且我們也在觀察和研究它的組合,無論是與 DARZALEX 一起使用,還是與 DARZALEX 一起使用

  • [tel].

    [電話]。

  • And so we do believe that there's a lot of growth potential on there.

    因此,我們確實相信那裡有很大的成長潛力。

  • For [TALV], we're not reporting out the sales yet.

    對於 [TALV],我們尚未報告銷售額。

  • I think we'll start on that probably next year.

    我想我們可能會在明年開始。

  • But both tal and tec, we continue to expand not only with the academic community, but also out into the community setting.

    但無論是 tal 還是 tec,我們不僅繼續在學術界擴展,而且還擴展到社區環境。

  • And so we think there's a lot of growth ahead.

    因此我們認為未來會有很大的成長。

  • John Reed - Executive Vice President - Innovative Medicine, Research and Development

    John Reed - Executive Vice President - Innovative Medicine, Research and Development

  • Maybe just a couple things to highlight as well.

    也許還有一些需要強調的事情。

  • With tec, that is not only the first-in-class BCMA-targeting T-cell engager, but the data really show it also is best in class relative to other molecules of that type.

    tec 不僅是一流的 BCMA 標靶 T 細胞接合劑,而且數據確實表明,相對於該類型的其他分子,它也是同類中最好的。

  • The deepest complete response rates are approaching 50%, about half of patients.

    最深的完全緩解率接近 50%,大約是患者的一半。

  • Duration of response is nearly two years. and very low discontinuation rates, less than 5%, showing that the weight-adjusted dosing, where we can really optimize for the patients, is really playing out there.

    響應持續時間近兩年。而且停藥率非常低,低於 5%,這表明我們可以真正針對患者進行優化的體重調整劑量確實正在發揮作用。

  • I'm very excited about the early data we're seeing when we combine tec with dara, where we're seeing really high response rates in patients who have been multiply treated and now in Phase III studies in patients with one to three prior lines.

    當我們將tec 與dara 結合時,我們看到的早期數據讓我感到非常興奮,我們在接受過多重治療的患者中看到了非常高的反應率,現在在針對具有一到三個先前線的患者進行III 期研究。

  • And in similar story with tau, that is a B cell preserving target, as you note.

    正如您所注意到的,在 tau 蛋白的類似故事中,這是一個 B 細胞保留目標。

  • So there are fewer risks of severe infections with tau.

    因此,嚴重感染 tau 蛋白的風險較小。

  • And it has shown in the late line the highest overall response rates of any T-cell engager bispecific for myeloma.

    它在後期顯示出所有針對骨髓瘤的雙特異性 T 細胞接合劑的總體反應率最高。

  • So we think there's a lot of upside opportunity there.

    所以我們認為那裡有很多上行機會。

  • And again, the data in combo with dara are really impressive.

    再說一遍,與 dara 結合的數據確實令人印象深刻。

  • So we're marching along with that combination and where we can have the benefits of both the T-cell engager together with the CD38 class.

    因此,我們正在沿著這種組合前進,我們可以同時享受 T 細胞接合劑和 CD38 類的好處。

  • And really, only J&J is positioned to do that.

    事實上,只有強生公司有能力做到這一點。

  • Operator

    Operator

  • Danielle Antalffy, UBS.

    丹妮爾·安塔菲,瑞銀集團。

  • Danielle Antalffy - Analyst

    Danielle Antalffy - Analyst

  • Hey, good morning, everyone.

    嘿,大家早安。

  • Thanks so much for taking the question.

    非常感謝您提出問題。

  • Just a quick question on the EP business.

    我想問一個關於 EP 業務的簡單問題。

  • I mean, obviously, that's very topical.

    我的意思是,顯然,這是一個非常熱門的話題。

  • You hadn't really seen much of a slowdown.

    你並沒有真正看到太多的放緩。

  • I appreciate Q3 was probably arguably the first quarter where we had a more -- a full quarter of PFA launching.

    我很欣賞第三季可能是我們推出更多——整整一個季​​度的 PFA 的第一季。

  • I guess, I'm just curious about what you think the underlying market is growing and where PFA is versus RF.

    我想,我只是好奇您認為基礎市場的成長以及 PFA 與 RF 的對比。

  • And also, as we look ahead to 2025 and VARIPULSE, how that changes dynamics for J&J's EP business.

    此外,當我們展望 2025 年和 VARIPULSE 時,這將如何改變強生 EP 業務的動態。

  • Thanks so much.

    非常感謝。

  • Tim Schmid - Executive Vice President, Worldwide Chairman of MedTech

    Tim Schmid - Executive Vice President, Worldwide Chairman of MedTech

  • Thank you, Danielle.

    謝謝你,丹妮爾。

  • And as you said, it is a really exciting time to be in electrophysiology.

    正如您所說,對於電生理學來說,這是一個非常令人興奮的時刻。

  • And we couldn't be more proud of the significant leadership position we've held in this category for more than 20 years.

    20 多年來,我們在這一領域佔據了重要的領導地位,對此我們感到非常自豪。

  • And just to put our performance in context, our EP business is a $5 billion business, which grew 11% in the third quarter and 17% year to date.

    就我們的業績而言,我們的 EP 業務價值 50 億美元,第三季成長 11%,今年迄今成長 17%。

  • We are actively progressing our launch of VARIPULSE in EMEA and in Japan, where we still are executing against our soft launches.

    我們正在積極推進 VARIPULSE 在 EMEA 和日本的推出,我們仍在日本執行軟發布。

  • We've had over 800 successful cases.

    我們已經有800多個成功案例。

  • We shared the data from our admIRE study at the recent HRS meeting, showing 85% primary effectiveness in that portfolio and that product.

    我們在最近的 HRS 會議上分享了 admIRE 研究的數據,顯示該產品組合和產品的主要有效性為 85%。

  • And we believe we've got a product that really will hunt.

    我們相信我們已經有了一款真正適合狩獵的產品。

  • As it relates to the US, you're right.

    就美國而言,你是對的。

  • We're seeing continued competition, especially in the ablation space, given that we don't currently have a PFA product.

    鑑於我們目前沒有 PFA 產品,我們看到競爭持續存在,特別是在消融領域。

  • But having spent a lot of time in EP labs over the last couple weeks, I can tell you that we are incredibly excited for the availability of VARIPULSE, which we expect to have approval sometime later this quarter or in Q1 of next year.

    但過去幾週在 EP 實驗室度過了很多時間,我可以告訴您,我們對 VARIPULSE 的推出感到非常興奮,我們預計該產品將在本季度晚些時候或明年第一季獲得批准。

  • We are still, by the way, mapping the majority of those cases, Danielle.

    順便說一句,我們仍在繪製其中大多數案例的地圖,丹妮爾。

  • That's what most people don't see, is that while we may not have that product in the portfolio, we are mapping more than 50% of competitive cases.

    大多數人沒有看到的是,雖然我們的產品組合中可能沒有該產品,但我們正在繪製超過 50% 的競爭案例。

  • In fact, we've updated our market-leading CARTO software to actually reflect better visualization for competitive products.

    事實上,我們已經更新了市場領先的 CARTO 軟體,以實際反映競爭產品更好的視覺化效果。

  • And what we've seen in the market -- and I can't give you specific data -- but a significant increase in procedures on the time it's taking EPs to perform ablation procedures with PFA.

    我們在市場上看到的情況——我無法向您提供具體數據——但 EP 與 PFA 進行消融手術的時間顯著增加。

  • And by the way, today, we're benefiting from the volume increase from PFA even though we don't have that catheter.

    順便說一句,今天,即使我們沒有導管,我們也受益於 PFA 體積的增加。

  • And so that combination of the 5,500 installed base of CARTO system's best-in-class mapping and highly trained mappers, we believe, is a significant advantage and positions us extremely well when PFA comes to market.

    因此,我們相信,CARTO 系統的 5,500 個安裝基礎的一流測繪和訓練有素的測繪人員的結合是一個顯著的優勢,並且在 PFA 進入市場時使我們處於非常有利的地位。

  • I will also say that similar to RF, which, by the way, we still believe has a play within the portfolio, we have the best-in-class RF catheter with QDOT, 86% primary effectiveness.

    我還要說的是,與射頻類似,順便說一句,我們仍然相信射頻在產品組合中發揮作用,我們擁有一流的帶有 QDOT 的射頻導管,主要有效性為 86%。

  • The winning strategy in RF has been a full portfolio and similarly in PFA.

    RF 領域的勝利策略是完整的投資組合,PFA 領域也類似。

  • Beyond our first launch with VARIPULSE, you will see a full portfolio of focal -- large-focal, single-shot, and dual-energy catheters.

    除了我們首次推出 VARIPULSE 之外,您還將看到完整的焦點產品組合—大焦點、單次和雙能導管。

  • By the way, we already applied for CE marking for our dual-energy catheter.

    順便說一下,我們的雙能導管已經申請了 CE 標誌。

  • And so we're confident in our leadership position in EP and our sources of differentiation for the future.

    因此,我們對我們在 EP 領域的領導地位以及我們未來的差異化來源充滿信心。

  • Thank you, Danielle.

    謝謝你,丹妮爾。

  • Operator

    Operator

  • Shagun Singh, RBC Capital Markets.

    Shagun Singh,加拿大皇家銀行資本市場。

  • Shagun Singh - Analyst

    Shagun Singh - Analyst

  • Great.

    偉大的。

  • Thank you so much.

    太感謝了。

  • I was hoping you could elaborate on the dynamics that you're seeing in the Asia-Pacific region in MedTech, specifically China.

    我希望您能詳細說明您在亞太地區(特別是中國)醫療科技領域看到的動態。

  • Could you quantify the headwinds?

    您能量化一下逆風嗎?

  • When do you expect it to normalize?

    您預計什麼時候會正常化?

  • And you did talk about China VBP and that it's expanded into additional provinces and product.

    您確實談到了中國 VBP,並且它已擴展到其他省份和產品。

  • So could you just elaborate on the impact there and how we should think about it in '25?

    那麼您能否詳細說明一下那裡的影響以及我們在 25 年應該如何考慮它?

  • Thank you.

    謝謝。

  • Tim Schmid - Executive Vice President, Worldwide Chairman of MedTech

    Tim Schmid - Executive Vice President, Worldwide Chairman of MedTech

  • Thank you, Shagun.

    謝謝你,沙貢。

  • And yes, we've had a myriad of issues hitting us in the Asia-Pacific region of late.

    是的,最近亞太地區遇到了無數問題。

  • And let me just highlight a couple, and I'll certainly get to your question on China.

    讓我強調幾個,我一定會回答你關於中國的問題。

  • Firstly, you may know that in February of this year in Korea, the government initiated -- or at least, a strike was initiated among the healthcare professional community.

    首先,你可能知道,今年2月在韓國,政府發起了——或者至少是醫療保健專業界發起了罷工。

  • Unfortunately, we don't see any end in sight to that.

    不幸的是,我們看不到這種情況有任何結束。

  • And so that's certainly has been a headwind.

    所以這肯定是一個逆風。

  • We're seeing macroeconomic pressures in Japan, and then more importantly, to your question, the ongoing impact to volume-based procurement, which has also been exacerbated by the anti-corruption campaign.

    我們看到日本面臨宏觀經濟壓力,更重要的是,對於你的問題,基於數量的採購受到持續影響,反腐敗運動也加劇了這種影響。

  • And by the way, while we believe this is absolutely the right thing to do and we support it for the long term, it is impacting procedures and the engagement by healthcare professionals with companies like ours, especially on premium products.

    順便說一句,雖然我們相信這絕對是正確的事情,並且我們長期支持它,但它正在影響醫療保健專業人員與我們這樣的公司的程序和參與,特別是在優質產品方面。

  • We have a leadership position.

    我們擁有領導地位。

  • We have the largest MedTech company in China.

    我們擁有中國最大的醫療科技公司。

  • And given the high leadership positions, we are seeing a disproportionate impact from VBP.

    鑑於 VBP 的領導地位很高,我們看到了不成比例的影響。

  • We have five major categories impacted through tenders in 2023, in electrophysiology, trauma, spine, endocutters, and energy and more recently, the IOLs and sports in our orthopedics business.

    透過 2023 年招標,我們有五個主要類別受到影響,分別是電生理學、創傷、脊椎、內切刀和能源,以及最近我們骨科業務中的人工水晶體和運動。

  • We do believe that this will be a headwind through the remainder of '24 and into '25.

    我們確實相信,這將是 24 年剩餘時間和 25 年的逆風。

  • That said, we are absolutely confident that China continues and will continue to be an important part of our portfolio even with the impact of VBP.

    儘管如此,我們絕對相信,即使受到 VBP 的影響,中國仍然並將繼續成為我們投資組合的重要組成部分。

  • We believe we can deliver tremendous growth and returns for our shareholders, and I think this really talks to the strength of our global portfolio across MedTech.

    我們相信我們可以為股東帶來巨大的成長和回報,我認為這確實體現了我們在醫療科技領域的全球投資組合的實力。

  • The fact that we can offset headwinds in one geography with better performance in places like Europe and the US.

    事實上,我們可以在歐洲和美國等地透過更好的表現來抵消某個地區的不利因素。

  • Please rest assured that we also believe that this part of the world, especially in Asia-Pacific, will continue to be a growth opportunity.

    請放心,我們也相信這個世界的地區,特別是亞太地區,將繼續成為一個成長機會。

  • And let me tell you why; 60% of the world's patients live in that part of the world.

    讓我告訴你原因;世界上 60% 的患者生活在世界的那個地區。

  • And we're proud of the fact that we've been in many of these markets for many, many years and expect to continue to do so.

    我們感到自豪的是,我們已經進入其中許多市場很多年,並希望繼續這樣做。

  • The final point I'll make is -- let's remember -- while this is a headwind for MedTech, this is not material to Johnson & Johnson.

    我要說的最後一點是──讓我們記住──雖然這對醫療科技來說是個逆風,但對強生公司來說並不重要。

  • When we look at our global sales across Johnson & Johnson, less than 5% of our business is in China.

    當我們查看強生公司的全球銷售額時,我們發現只有不到 5% 的業務來自中國。

  • Thank you again.

    再次感謝您。

  • Operator

    Operator

  • Vamil Divan, Guggenheim Securities.

    瓦米爾·迪萬,古根漢證券公司。

  • Vamil Divan - Analyst

    Vamil Divan - Analyst

  • Thanks for taking my question.

    感謝您提出我的問題。

  • I have a question on the immunology side just on TREMFYA and STELARA.

    我有一個關於 TREMFYA 和 STELARA 免疫學的問題。

  • You mentioned the US sales for both those products were a little bit lighter than we were expecting. and you mentioned this unfavorable patient mix impacting the quarter.

    您提到這兩種產品在美國的銷售量比我們的預期要少一些。您提到了這種不利的患者組合對本季的影響。

  • So I'm just curious if you can you just going a little more detail on what you're seeing for those products in the US specifically and this patient mix issues this quarter.

    因此,我很好奇您能否更詳細地介紹一下您在美國看到的這些產品的具體情況以及本季度的患者組合問題。

  • So I'm just curious if you can just go into a little more detail on what you're seeing for those products in the US specifically.

    所以我很好奇您是否可以更詳細地了解這些產品在美國的具體情況。

  • And is this patient mix issue sort of this quarter?

    這個患者混合問題是本季的問題嗎?

  • Is it adjustments from prior quarters?

    是較前幾季有調整嗎?

  • And is there something specific to the Johnson & Johnson?

    強生公司有什麼特別之處嗎?

  • Or is it maybe something broader to the immunology market?

    或者它可能是免疫學市場更廣泛的東西?

  • Thank you.

    謝謝。

  • Jessica Moore - Vice President - Investor Relations

    Jessica Moore - Vice President - Investor Relations

  • Yeah, Vamil.

    是的,瓦米爾。

  • If you talk about with patient mix, this would be something that is specific to some of the true-ups that we do.

    如果你談論患者組合,這將是我們所做的一些調整所特有的事情。

  • As you are all aware, we end up having to make an assessment on our growth to net reduction.

    眾所周知,我們最終必須對淨減少的成長進行評估。

  • And as we get final bills in, there always are some true-ups.

    當我們收到最終帳單時,總是會有一些真實的情況。

  • Sometimes, they're for the positive.

    有時,他們是為了正面的一面。

  • Sometimes, it is a negative reduction.

    有時,它是負減少。

  • So when we refer to patient mix, this is different patients coming through different channels, as well as some of the accounting true-ups for the final payments that we make.

    因此,當我們提到患者組合時,這是指透過不同管道進入的不同患者,以及我們最終付款的一些會計真實情況。

  • And then I will hand it over to Jennifer to specifically talk about the performance and the commercial perspective of TREMFYA and STELARA in the US.

    接下來我就交給Jennifer具體講一下TREMFYA和STELARA在美國的表現和商業前景。

  • Jennifer Taubert - Executive Vice President, Worldwide Chairman, Innovative Medicine

    Jennifer Taubert - Executive Vice President, Worldwide Chairman, Innovative Medicine

  • And I think -- so if we take a look for TREMFYA outside the US, really nice growth at 27%.

    我認為,如果我們看看美國以外的 TREMFYA,會發現 27% 的成長非常好。

  • In the US, it was a little over 9% specifically for that patient mix issue that Jess just spoke about.

    在美國,這一比例略高於 9%,專門針對 Jess 剛才談到的患者混合問題。

  • We do think that the prospects are very strong for continued TREMFYA growth based on what I articulated before around on the launches in ulcerative colitis and the upcoming launches that we're planning for in Crohn's disease as well.

    根據我之前就潰瘍性結腸炎的上市以及我們計劃在克羅恩病上市的內容,我們確實認為 TREMFYA 持續增長的前景非常強勁。

  • I think on for STELARA, we did see a decline and that, again, sort of similar patient mix piece in the US.

    我認為 STELARA 確實出現了下降,在美國也出現了類似的患者組合。

  • And also, we've noted the decline ex-US, particularly in EMEA, due to biosimilar competition.

    此外,我們也注意到,由於生物相似藥的競爭,美國以外地區的銷售量下降,尤其是歐洲、中東和非洲地區。

  • We know that STELARA is near at its end of life and really, that TREMFYA and across the rest of our portfolio, we've got a very robust stable of products with pretty significant growth.

    我們知道 STELARA 的生命週期已接近尾聲,實際上,TREMFYA 和我們產品組合的其他產品,我們擁有非常強大的穩定產品,並且增長相當顯著。

  • Jessica Moore - Vice President - Investor Relations

    Jessica Moore - Vice President - Investor Relations

  • Thank you, Vamil.

    謝謝你,瓦米爾。

  • Kevin, we have time for one last question.

    凱文,我們有時間回答最後一個問題。

  • Operator

    Operator

  • Jayson Bedford, Raymond James.

    傑森貝德福德,雷蒙德詹姆斯。

  • Jayson Bedford - Analyst

    Jayson Bedford - Analyst

  • Good morning.

    早安.

  • Maybe just a question for either Tim or Joe. Appreciate the color on MedTech, but the 5% (inaudible) for the year still implies a decent acceleration in 4Q off a tougher comp.

    也許只是蒂姆或喬的問題。欣賞 MedTech 上的色彩,但今年 5%(聽不清楚)仍然意味著第四季在更艱難的競爭中將有相當大的加速。

  • What gets better in 4Q?

    第四季哪些方面會好轉?

  • And then just a quick clarification.

    然後快速澄清一下。

  • The IV solutions dynamic from Helene, are you seeing an impact on volumes outside of Western North Carolina and Florida?

    Helene 的 IV 解決方案動態,您是否看到對北卡羅來納州西部和佛羅裡達州以外地區銷售的影響?

  • Thanks.

    謝謝。

  • Tim Schmid - Executive Vice President, Worldwide Chairman of MedTech

    Tim Schmid - Executive Vice President, Worldwide Chairman of MedTech

  • Jayson, thank you for the question, and let me hit the last one first.

    傑森,謝謝你的提問,讓我先問最後一個問題。

  • No, we have seen the majority of the impact in the areas impacted by that storm.

    不,我們已經看到了受風暴影響的地區的大部分影響。

  • As I mentioned earlier, I think the watch out is any potential impact from additional shortage of IV fluid, which may impact elective procedures.

    正如我之前提到的,我認為需要注意的是靜脈輸液額外短缺的任何潛在影響,這可能會影響選擇性手術。

  • And certainly, we're continuing to monitor that very carefully.

    當然,我們將繼續非常仔細地監控這一情況。

  • As Joe mentioned, we expect now on the back of the headwinds we mentioned earlier in Asia-Pacific to deliver adjusted operational growth of around 5% and north of 6% on an operational basis for the year.

    正如 Joe 所提到的,我們現在預計,在我們之前提到的亞太地區的不利因素的影響下,今年的調整後營運成長將達到 5% 左右,在營運基礎上將達到 6% 以上。

  • We believe that the momentum we're carrying into the fourth quarter, especially in our cardiovascular businesses with our winning portfolio in electrophysiology, strong double-digit growth in Shockwave, Abiomed.

    我們相信,我們將在第四季度保持強勁勢頭,特別是在我們的心血管業務領域,我們在電生理學方面取得了成功,Shockwave 和 Abiomed 業務實現了兩位數的強勁增長。

  • I mean, those are, as you can see from the performance, absolute home runs.

    我的意思是,正如你從表演中看到的那樣,這些都是絕對的本壘打。

  • The other important dynamic here is that, as we signaled in the first and second quarter, we expected to see improvement within our vision business, which typically has delivered solid mid-single-digit growth.

    這裡的另一個重要動態是,正如我們在第一季和第二季所暗示的那樣,我們預計我們的視覺業務將出現改善,該業務通常會實現穩定的中個位數成長。

  • We had a tremendous third quarter, which really gives us confidence in even stronger force.

    我們第三季表現出色,這確實讓我們對更強大的力量充滿信心。

  • This was delivered by much better performances, especially in our contact lens business.

    這是透過更好的表現實現的,尤其是在我們的隱形眼鏡業務中。

  • In fact, here in the US, our most important market, double-digit growth for contact lenses in the quarter.

    事實上,在我們最重要的市場美國,隱形眼鏡本季實現了兩位數的成長。

  • And this just really has been delivered from a stabilization of our distributor inventory in the US, the fact that we're able to get back to taking new wearer share now that we have unconstrained supply, especially within our [astig] portfolio.

    這實際上是由於我們在美國的經銷商庫存的穩定而實現的,事實上,我們現在能夠重新獲得新的佩戴者份額,因為我們擁有不受限制的供應,特別是在我們的[astig] 產品組合中。

  • And so we do believe that vision has a very strong quarter ahead.

    因此,我們確實相信未來一個季度的願景會非常強勁。

  • And then finally, across the portfolio, we're benefiting from tremendous new product launches, both within cardiovascular, the E8 peripheral catheter within Shockwave, continued performance within Abiomed with our broad portfolio of pumps and then within our surgery business, as well as orthopedics, as I mentioned earlier, tremendous new products to add differentiation to the portfolio.

    最後,在整個產品組合中,我們受益於大量新產品的發布,包括心血管領域、Shockwave 中的 E8 外周導管、Abiomed 中我們廣泛的泵產品組合以及手術業務和骨科領域的持續表現。所提到的,大量的新產品為產品組合增添了差異化。

  • And typically, that fourth quarter also is a stronger one for us.

    通常情況下,第四季度對我們來說也是一個更強勁的季度。

  • So once again, very confident in our performance at around 5% on an adjusted basis and north of 6% operationally.

    因此,我們再次對調整後 5% 左右的業績以及營運上 6% 以上的業績非常有信心。

  • Thank you.

    謝謝。

  • Jessica Moore - Vice President - Investor Relations

    Jessica Moore - Vice President - Investor Relations

  • Thank you, Jayson, and thanks to everyone for your questions and your continued interest in our company.

    謝謝傑森,感謝大家提出的問題以及對我們公司的持續關注。

  • We apologize to those we couldn't get to because of time.

    對於因時間因素未能聯繫到的朋友,我們深感抱歉。

  • But don't hesitate to reach out to the Investor Relations team with any remaining questions that you may have.

    如果您還有任何疑問,請隨時聯繫投資者關係團隊。

  • I would now turn the call over to Joaquin for some brief closing remarks.

    現在我將把電話轉給華金,讓他發表一些簡短的結論。

  • Joaquin Duato - Chairman of the Board, Chief Executive Officer

    Joaquin Duato - Chairman of the Board, Chief Executive Officer

  • Thank you, everyone, for joining the call today.

    謝謝大家今天加入電話會議。

  • As you have heard, we delivered strong results in the third quarter.

    正如您所聽到的,我們在第三季度取得了強勁的業績。

  • Our high-innovation and high-growth portfolio and pipelines are advancing rapidly.

    我們的高創新和高成長的產品組合和產品線正在快速推進。

  • And we are increasingly confident in our expectations for 2025 and beyond.

    我們對 2025 年及以後的期望越來越有信心。

  • Enjoy the rest of your day.

    享受你一天剩下的時間。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • This concludes today's Johnson & Johnson's third-quarter 2024 earnings conference call.

    今天強生公司 2024 年第三季財報電話會議到此結束。

  • You may now disconnect.

    您現在可以斷開連線。