嬌生 (JNJ) 2024 Q4 法說會逐字稿

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

早安，歡迎參加強生 2024 年第四季財報電話會議。

(Operator Instructions) This call is being recorded.

（操作員說明）此通話正在錄音。

(Operator Instructions)

（操作員說明）

I'd now like to turn the conference call over to Johnson & Johnson.

我現在想將電話會議轉給強生公司。

You may begin.

你可以開始了。

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 business results for the fourth quarter and full year 2024 and our financial outlook for 2025.

歡迎閱讀我們公司對 2024 年第四季和全年業務業績的回顧以及我們對 2025 年的財務展望。

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.

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.

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.

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 licensed 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從其他公司獲得許可。

This slide acknowledges those relationships.

這張投影片承認了這些關係。

Moving to today's agenda.

轉到今天的議程。

Joaquin Duato, our Chairman and CEO, will open with a few comments on our performance and key catalysts for the company.

我們的董事長兼執行長華金·杜阿托 (Joaquin Duato) 將首先對我們的業績和公司的關鍵推動因素發表一些評論。

I will then review the fourth quarter sales and P&L results as well as full year 2024 results for the enterprise.

然後我將回顧該企業第四季的銷售和損益結果以及 2024 年全年業績。

Joe Wolk, our CFO, will then close by sharing an overview of our cash position, capital allocation priorities and guidance for 2025.

最後，我們的財務長 Joe Wolk 將概述我們的現金狀況、資本配置優先事項和 2025 年指導。

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 a little over 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 60 分鐘多一點。

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

現在，我將把電話轉給華金。

Thank you, Jess, and good morning, everyone. 2024 was a year of progress and transformation for Johnson & Johnson.

謝謝你，傑西，大家早安。 2024年對強生來說是進步與轉型的一年。

Today, we operate in a broad set of high unmet need, high growth and high innovation segments including oncology, immunology, and neuroscience in Innovative Medicine and cardiovascular, vision, and robotics in MedTech.

如今，我們的業務涉及廣泛的高未滿足需求、高成長和高創新領域，包括創新醫學中的腫瘤學、免疫學和神經科學，以及醫療技術中的心血管、視覺和機器人技術。

In 2024, we continue to make disciplined decisions to exit lower priority businesses while investing industry-leading amounts in our pipeline, approximately $50 billion in R&D and M&A in the last year, inclusive of the recently announced acquisition agreement with Intracellular Therapies, which I will speak about shortly.

2024 年，我們將繼續做出嚴格的決定，退出較低優先級的業務，同時在我們的管道中投資行業領先的金額，去年的研發和併購金額約為500 億美元，包括最近宣布的與Intracellular Therapies 的收購協議，我將簡短地講一下。

And while we have been through a period of transformation, the fundamentals of our company remain the same.

儘管我們經歷了一段轉型期，但我們公司的基本面保持不變。

Indeed, our enduring success is rooted in two things.

事實上，我們持久的成功源自於兩件事。

First, we are a purpose-driven company guided by our credo.

首先，我們是一家以宗旨為導向的公司，以我們的信條為指導。

And second, we are broadly diversified, meaning that we can truly lead where medicine is going.

其次，我們廣泛且多元化，這意味著我們可以真正引領醫學發展方向。

No other company has the span of expertise and capabilities that Johnson & Johnson has.

沒有其他公司擁有強生公司所擁有的專業知識和能力。

No other company can impact the entire patient journey as we do.

沒有其他公司可以像我們一樣影響整個患者旅程。

We are not just a pharma company or a MedTech company.

我們不僅僅是一家製藥公司或醫療科技公司。

We are a healthcare company.

我們是一家醫療保健公司。

And our strategies are disease-centric, focused on end-to-end solutions.

我們的策略以疾病為中心，專注於端到端解決方案。

Just think about multiple myeloma and the impact of DARZALEX, CARVYKTI, TECVAYLI, and TALVEY.

想想多發性骨髓瘤以及 DARZALEX、CARVYKTI、TECVAYLI 和 TALVEY 的影響。

Think about heart recovery and the impact of Abiomed's IMPELLA heart pumps and the promise of V-Wave's minimally invasive interatrial shunt.

想想心臟恢復、Abiomed 的 IMPELLA 心臟幫浦的影響以及 V-Wave 微創心房分流的前景。

Think about mental health and the impact of our INVEGA portfolio, SPRAVATO, and the potential of the Intracellular Therapies acquisition we announced last week.

想想心理健康和我們的 INVEGA 產品組合 SPRAVATO 的影響，以及我們上週宣布的 Intracellular Therapies 收購的潛力。

And think about inflammatory bowel disease and the impact of STELARA and TREMFYA and the potential of our targeted oral peptide that blocks IL-23 icotrokinra and JNJ-4804 our co-antibody therapeutic targeting IL-23 and TNF.

並考慮發炎性腸道疾病以及 STELARA 和 TREMFYA 的影響，以及我們阻斷 IL-23 icotrokinra 的靶向口服勝肽的潛力，以及我們針對 IL-23 和 TNF 的聯合抗體治療藥物 JNJ-4804。

As the only major healthcare company focused both on pharmaceuticals and medical technology, we are unique in the industry with the financial muscle, global reach, and disease expertise to deliver the sustained high pace of growth and innovation that is the hallmark of Johnson & Johnson.

作為唯一一家同時專注於製藥和醫療技術的大型醫療保健公司，我們在行業中獨一無二，擁有雄厚的財力、全球影響力和疾病專業知識，能夠實現持續高速成長和創新，這也是強生公司的標誌。

The strategic decisions we made in 2024 position Johnson & Johnson for sustained growth through the second half of the decade and beyond and strengthen our confidence in our 2025 guidance.

我們在 2024 年做出的策略決策使強生公司能夠在本世紀下半葉及以後實現持續成長，並增強了我們對 2025 年指引的信心。

Now to the numbers for 2024.

現在來看 2024 年的數字。

Over the full year, we delivered robust operational sales growth of 7%, excluding the COVID-19 vaccine.

全年，我們的營運銷售額實現了 7% 的強勁成長（不包括 COVID-19 疫苗）。

With SPRAVATO surpassing $1 billion in annual sales, we now have 26 platforms that generate at least $1 billion in annual revenue.

隨著 SPRAVATO 年銷售額超過 10 億美元，我們現在擁有 26 個年收入至少 10 億美元的平台。

In Innovative Medicine, we reported a third consecutive quarter of sales exceeding $14 billion with 10 key brands growing double digit.

在創新醫學領域，我們報告連續第三個季度銷售額超過 140 億美元，其中 10 個主要品牌的銷售額將達到兩位數成長。

Across the full year, we achieved strong growth in oncology, neuroscience, and pulmonary hypertension with immunology performing well despite the entry of biosimilars for STELARA in the EU.

儘管 STELARA 的生物相似藥進入歐盟，但全年我們在腫瘤學、神經科學和肺動脈高壓領域實現了強勁增長，免疫學表現良好。

Equally impressive is our pace of innovation, which in 2024 resulted in 27 approvals in major markets, including FDA approvals of TREMFYA for the treatment of ulcerative colitis and RYBREVANT and LAZCLUZE for first-line treatment of patients with EGFR mutated advanced non-small cell lung cancer.

同樣令人印象深刻的是我們的創新步伐，2024 年在主要市場獲得了27 項批准，包括FDA 批准TREMFYA 用於治療潰瘍性結腸炎，以及RYBREVANT 和LAZCLUZE 用於一線治療EGFR 突變晚期非小細胞肺患者癌症。

In 2024, we reported 18 positive readouts for registrational studies, initiated 16 Phase 3 studies and submitted 49 filings across major markets.

2024 年，我們報告了 18 項註冊研究的正面結果，啟動了 16 項 3 期研究，並在主要市場提交了 49 份文件。

And as you have seen over the last three weeks, we are off to a fast start in 2025.

正如您在過去三週所看到的，我們將在 2025 年快速起步。

RYBREVANT and LAZCLUZE showed significant improvement in overall survival in first-line treatment of advanced or metastatic non-small cell lung cancer.

RYBREVANT 和 LAZCLUZE 在晚期或轉移性非小細胞肺癌的一線治療中顯示出整體存活率的顯著改善。

We received FDA approval of SPRAVATO as the first and only monotherapy for adults with treatment-resistant depression.

我們獲得 FDA 批准 SPRAVATO 作為第一個也是唯一一個治療成人難治性憂鬱症的單一療法。

We received priority review for nipocalimab for the treatment of generalized myasthenia gravis in addition to the FDA breakthrough therapy and fast track designations for other indications received last year.

除了去年獲得的 FDA 突破性療法和其他適應症的快速通道指定外，我們還獲得了尼泊卡利單抗用於治療全身性重症肌無力的優先審查。

And last week, we announced a new drug application with the FDA for TAR-200, our intravesical drug release system for the treatment of non-muscle invasive bladder cancer, an area of significant unmet need impacting as many as 1 million patients per year.

上週，我們宣布向FDA 申請TAR-200 新藥申請，這是我們的膀胱內藥物釋放系統，用於治療非肌肉浸潤性膀胱癌，這是一個未滿足重大需求的領域，每年影響多達100萬患者。

Turning to MedTech and for the full year, we reported a second year of over $30 billion in sales with growth across most parts of the business, including particularly strong momentum in cardiovascular and vision.

談到醫療科技，我們報告全年銷售額連續第二年超過 300 億美元，大部分業務都在成長，其中心血管和視力領域的勢頭尤其強勁。

Our pace of MedTech innovation also continues to accelerate with 15 major products launched in 2024.

我們的醫療科技創新步伐也持續加快，2024 年推出了 15 種主要產品。

Major highlights of the year include the approval of our VARIPULSE Pulsed-field ablation platform in several major markets and FDA clearance of our VELYS robotic-assisted solution for the use in unicompartmental knee arthroplasty procedures.

今年的主要亮點包括我們的 VARIPULSE 脈衝場消融平台在幾個主要市場獲得批准，以及 FDA 批准我們的 VELYS 機器人輔助解決方案用於單間室膝關節置換術。

As well as an expanded FDA indication for Impella heart pumps to treat pediatric patients and FDA clearance of Shockwave's Javelin peripheral IVL catheter for the treatment of tight, difficult to cross peripheral lesions.

FDA 也擴大了 Impella 心臟幫浦用於治療兒科患者的適應症，以及 Shockwave 的 Javelin 外周 IVL 導管用於治療緊密、難以穿過外周病變的 FDA 批准。

We also achieved the full market release of 10 major products, including the Shockwave E8 peripheral IVL catheter in the US, Version 8 of the CARTO 3 Electro-Anatomical mapping system, and our TECNIS Odyssey intraocular lens.

我們也實現了10個主要產品的全面上市，包括美國Shockwave E8外周IVL導管、CARTO 3電解剖測繪系統第8版以及TECNIS Odyssey人工水晶體。

And we progressed 18 clinical trial programs, including the IDE approval for our OTTAVA robotic surgical system, which allows clinical trials to begin at US sites.

我們還推進了 18 個臨床試驗項目，包括我們的 OTTAVA 機器人手術系統獲得 IDE 批准，這使得臨床試驗可以在美國基地開始。

And last year, we fortified our future by making significant value-creating investments in M&A.

去年，我們透過在併購方面進行大量創造價值的投資來鞏固我們的未來。

These investments enable us to further shift our portfolio to address unmet needs in high-growth and high innovation markets.

這些投資使我們能夠進一步調整我們的投資組合，以滿足高成長和高創新市場中未滿足的需求。

This included the acquisitions of Shockwave and V-Wave in MedTech, and Ambrx, Proteologix and NM-26 bispecific antibody in Innovative Medicine.

其中包括收購 MedTech 領域的 Shockwave 和 V-Wave，以及收購創新醫學領域的 Ambrx、Proteologix 和 NM-26 雙特異性抗體。

And building on our nearly 70-year legacy in neuroscience, we announced last week plans to acquire Intra-Cellular Therapies, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system disorders.

基於我們在神經科學領域近 70 年的傳統，我們上週宣布計劃收購 Intra-Cellular Therapies，這是一家專注於中樞神經系統疾病療法的開發和商業化的生物製藥公司。

This unique opportunity to add Intra-Cellular Therapies reflect our commitment to transforming care and advancing research in mental health.

這個添加細胞內療法的獨特機會反映了我們對改變護理和推動心理健康研究的承諾。

It also further solidifies sales growth above analyst expectations now and through the remainder of the decade.

它也進一步鞏固了目前和本十年餘下時間的銷售成長，高於分析師的預期。

Together, these transactions represent industry-leading levels of investment for the company, providing strategic near and long-term growth catalysts for Johnson & Johnson.

總之，這些交易代表了公司領先業界的投資水平，為強生公司提供了策略性近期和長期成長催化劑。

Turning to 2025.

轉向 2025 年。

And as previously guided back at the end of 2023, we expect to deliver operational sales growth of 3% overcoming headwinds associated with US biosimilar entries for STELARA and the impact of the Part D redesign and continued macroeconomic pressures in China.

正如先前在 2023 年底的指引，我們預計營運銷售額將實現 3% 的成長，克服與美國生物相似藥進入 STELARA 相關的不利因素、D 部分重新設計的影響以及中國持續的宏觀經濟壓力。

Perhaps, even more impressive, we are planning for adjusted operational earnings per share growth of nearly 9%.

或許，更令人印象深刻的是，我們計劃調整後每股營運收益成長近 9%。

I cannot think of any other company that would be able to deliver growth through the first year of losing exclusivity of a multibillion-dollar product.

我想不出任何其他公司能夠在失去數十億美元產品的獨家經營權的第一年實現成長。

We are able to achieve these results because of the diversification of our business, the strength of our commercial assets as well as the breadth of our pipeline with additional launches in 2025, including TREMFYA in IBD, RYBREVANT and LAZCLUZE in lung cancer, and VARIPULSE and the Dual Energy THERMOCOOL SMARTTOUCH SF Catheter in electrophysiology.

我們之所以能夠取得這些成果，是因為我們業務的多元化、商業資產的實力以及我們在 2025 年推出的更多產品線的廣度，包括治療 IBD 的 TREMFYA、治療肺癌的 RYBREVANT 和 LAZCLUZE，以及 VARIPULSE 和電生理學中的雙能THERMOCOOL SMARTTOUCH SF 導管。

In closing, I want to thank everyone at Johnson & Johnson for all that they do to help patients.

最後，我要感謝強生公司的每個人為幫助病人所做的一切。

We are starting the year from a position of strength, and we have confidence in our sales growth and EPS guidance for 2025.

新年伊始，我們就處於強勢地位，我們對 2025 年的銷售成長和每股盈餘指引充滿信心。

And with that, I'll turn the call over to Jess.

這樣，我就把電話轉給傑西。

Thank you, Joaquin.

謝謝你，華金。

Moving to our financial results.

轉向我們的財務表現。

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

除非另有說明，今天強調的結果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。

Starting with Q4 2024 sales results.

從 2024 年第四季的銷售結果開始。

Worldwide sales were $22.5 billion for the quarter.

該季度全球銷售額為 225 億美元。

Sales increased 6.7% with growth of 10% in the US and 2.5% outside of the US.

銷售額成長 6.7%，其中美國成長 10%，美國以外成長 2.5%。

Worldwide growth was negatively impacted by 290 basis points due to STELARA and positively impacted by 100 basis points due to acquisitions and divestitures.

全球成長因 STELARA 受到 290 個基點的負面影響，因收購和資產剝離而受到 100 個基點的正面影響。

It's important to note growth in Europe was negatively impacted by 720 basis points due to the loss of exclusivity of STELARA and the COVID-19 vaccine.

值得注意的是，由於 STELARA 和 COVID-19 疫苗失去排他性，歐洲的成長受到了 720 個基點的負面影響。

Turning now to earnings.

現在轉向收益。

For the quarter, net earnings were $3.4 billion and diluted earnings per share was $1.41 versus diluted earnings per share of $1.70 a year ago.

該季度淨利潤為 34 億美元，稀釋後每股收益為 1.41 美元，而一年前稀釋後每股收益為 1.70 美元。

Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $4.9 billion and adjusted diluted earnings per share was $2.04, representing decreases of 11.1% and 10.9%, respectively, compared to the fourth quarter of 2023.

剔除兩個時期的稅後無形資產攤銷費用和特殊項目，該季度調整後淨利潤為 49 億美元，調整後稀釋每股收益為 2.04 美元，分別比去年第四季下降 11.1% 和 10.9%。 2023 年。

The earnings per share in the quarter was negatively impacted by $0.22 of acquired IP R&D expense related to the V-Wave acquisition.

本季每股收益受到與 V-Wave 收購相關的 0.22 美元 IP 研發費用的負面影響。

For the full year 2024, sales were $88.8 billion.

2024 年全年銷售額為 888 億美元。

Sales grew 5.9% with growth of 8.3% in the US and 2.9% outside of the US.

銷售額成長 5.9%，其中美國成長 8.3%，美國以外成長 2.9%。

STELARA and the COVID-19 vaccine negatively impacted worldwide growth by 260 basis points.

STELARA 和 COVID-19 疫苗對全球經濟成長產生了 260 個基點的負面影響。

Acquisitions and divestitures positively impacted worldwide growth by 50 basis points.

收購和資產剝離對全球經濟成長產生了 50 個基點的正面影響。

Growth in Europe was negatively impacted by 670 basis points due to the COVID-19 vaccine and the loss of exclusivity of STELARA.

由於 COVID-19 疫苗和 STELARA 獨家經營權的喪失，歐洲的成長受到了 670 個基點的負面影響。

Net earnings for the full year 2024 were $14.1 billion, and diluted earnings per share was $5.79 versus diluted earnings per share of $5.20 a year ago.

2024 年全年淨利潤為 141 億美元，稀釋後每股收益為 5.79 美元，而一年前稀釋後每股收益為 5.20 美元。

Full year 2024 adjusted net earnings were $24.2 billion, and adjusted diluted earnings per share was $9.98, representing a decrease of 4.6% and an increase of 0.6%, respectively, versus full year 2023.

2024 年全年調整後淨利為 242 億美元，調整後稀釋每股收益為 9.98 美元，較 2023 年全年分別下降 4.6% 和成長 0.6%。

Earnings per share in the year was negatively impacted by $0.67 due to acquired IPR&D charges on various transactions throughout the year.

由於全年各種交易中收購的 IPR&D 費用，本年度每股收益受到 0.67 美元的負面影響。

I will now comment on business sales performance in the quarter.

我現在將評論本季的業務銷售業績。

Beginning with Innovative Medicine.

從創新醫學開始。

Worldwide sales of $14.3 billion increased 6.5%, excluding the COVID-19 vaccine with growth of 11.1% in the US and a decline of 0.3% outside of the US.

全球銷售額為 143 億美元，成長 6.5%，不包括 COVID-19 疫苗，其中美國成長 11.1%，美國以外地區下降 0.3%。

STELARA negatively impacted worldwide growth by 490 basis points.

STELARA 對全球經濟成長產生了 490 個基點的負面影響。

Innovative Medicine growth was driven by our key brands and continued uptake from recently launched products, with 10 assets delivering double-digit growth.

創新醫學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，其中 10 項資產實現了兩位數的成長。

Results across the portfolio continue to be positively impacted by price adjustments 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調整繼續對整個投資組合的表現產生積極影響。

Starting with oncology.

從腫瘤學開始。

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 23.5%, primarily driven by share gains of over 3 points across all lines of therapy and 6 points in the frontline setting as well as market growth.

DARZALEX 成長了 23.5%，主要是由所有治療領域的份額增長超過 3 個百分點、一線治療領域的份額增長 6 個百分點以及市場增長推動的。

This marks Johnson & Johnson's first brand to achieve over $3 billion in sales in a quarter.

這標誌著強生公司首個單季銷售額超過 30 億美元的品牌。

CARVYKTI achieved sales of $334 million with growth of over 100% and driven by share gains and capacity expansion.

在份額成長和產能擴張的推動下，CARVYKTI 實現銷售額 3.34 億美元，成長超過 100%。

This reflects sequential growth of 17.3%, aligned with our expectations of accelerating growth in the back half of the year.

這反映了 17.3% 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 $146 million in the quarter with growth of 18%, reflecting a strong launch in the relapse refractory setting.

TECVAYLI 本季銷售額為 1.46 億美元，成長 18%，反映出在復發難治性疾病領域的強勁推出。

Demand remained strong despite continued adoption of longer duration dosing intervals.

儘管繼續採用更長的給藥間隔，但需求仍然強勁。

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。

As a reminder, we anticipate disclosing TALVEY sales in the first quarter of 2025, which are currently reported in the category other oncology.

提醒一下，我們預計將在 2025 年第一季揭露 TALVEY 的銷售額，目前該銷售額在其他腫瘤學類別中報告。

ERLEADA continues to deliver strong growth of 22.7%, primarily driven by share gains and market growth, reaching $3 billion in annual sales for the first time.

主要受份額成長和市場成長推動，ERLEADA 繼續實現 22.7% 的強勁成長，年銷售額首次達到 30 億美元。

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

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

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 5.6%, driven by strong market growth and share gains in PSO and PSA, partially offset by unfavorable patient mix and inventory dynamics.

在免疫學領域，受強勁的市場成長以及 PSO 和 PSA 份額成長的推動，我們看到 TREMFYA 的銷售額成長了 5.6%，但部分被不利的患者組合和庫存動態所抵消。

We are excited about the recent UC launch and expect to see strong uptake of the IBD indications in 2025.

我們對最近 UC 的推出感到興奮，並期望在 2025 年看到 IBD 適應症的強勁應用。

STELARA declined 13.6% driven by the impact of current and anticipated biosimilar competition.

由於當前和預期的生物相似藥競爭的影響，STELARA 下降了 13.6%。

As a reminder, biosimilar competition has entered the US in January 2025.

提醒一下，生物相似藥的競爭已於 2025 年 1 月進入美國。

REMICADE and SIMPONI worldwide sales were positively impacted by a return of distribution rights in Europe.

REMICADE 和 SIMPONI 的全球銷售受到歐洲經銷權回歸的正面影響。

In neuroscience, SPRAVATO growth of 45.3% continues to be driven by increased physician and patient demand.

在神經科學領域，醫生和患者需求的增加繼續推動 SPRAVATO 成長 45.3%。

As Joaquin mentioned, SPRAVATO has exceeded $1 billion in annual sales for the first time.

正如 Joaquin 所提到的，SPRAVATO 年銷售額首次突破 10 億美元。

Other neuroscience decline was driven by the loss of a SPINRAZA tender in Europe.

其他神經科學的衰落是由於歐洲 SPINRAZA 招標的失敗造成的。

In pulmonary hypertension, OPSUMIT grew 2.5%, driven by market growth and share gains, partially offset by inventory dynamics in the US and austerity measures in Europe.

在肺動脈高壓領域，在市場成長和份額成長的推動下，OPSUMIT 成長了 2.5%，但部分被美國的庫存動態和歐洲的緊縮措施所抵消。

Starting in 2025, we will begin to report OPSYNVI, which is currently reported in the category other pulmonary hypertension in OPSUMIT.

從 2025 年開始，我們將開始報告 OPSYNVI，目前在 OPSUMIT 的其他肺動脈高壓類別中進行報告。

UPTRAVI grew 12.1% driven by market growth, patient mix, and share gains.

在市場成長、患者組合和份額成長的推動下，UPTRAVI 成長了 12.1%。

Finally, XARELTO sales growth was driven by favorable patient mix.

最後，拜瑞妥銷售成長是由有利的患者組合推動的。

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 $8.2 billion increased 7.6%, both in the US and outside of the US.

全球銷售額為 82 億美元，成長 7.6%，無論是在美國還是在美國以外。

Acquisitions and divestitures had a net positive impact of 300 basis points on worldwide growth: 430 basis points in the US and 150 basis points outside of the US.

收購和資產剝離對全球經濟成長產生了 300 個基點的淨正面影響：美國為 430 個基點，美國以外為 150 個基點。

Overall, MedTech growth was driven by commercial execution and strength of new product introductions, partially offset by increased competitive PFA pressures in US electrophysiology and continued headwinds in Asia Pacific, primarily 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，但部分被美國電生理學領域 PFA 競爭壓力的增加以及亞太地區（主要是中國）的持續不利因素所抵消。

In cardiovascular, electrophysiology delivered growth of 7.3%.

在心血管領域，電生理學實現了 7.3% 的成長。

Performance was driven by global procedure growth, new product uptake, and commercial execution, partially offset by competitive PFA ablation catheter uptake in the US 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 PFA 消融導管和中國 VBP 的競爭性採用所抵消。

Despite the IV sailing shortage in the US, Abiomed delivered growth of 13.2%, driven by strong growth in all regions and continued adoption of Impella 5.5 and Impella RP technology.

儘管美國 IV 航行短缺，但在所有地區的強勁增長以及 Impella 5.5 和 Impella RP 技術的持續採用的推動下，Abiomed 仍實現了 13.2% 的增長。

Cardiovascular results also included $258 million associated with the acquisition of Shockwave.

心血管業績還包括與收購 Shockwave 相關的 2.58 億美元。

Contact lenses and other grew 7.4% driven by trade inventory dynamics, continued strategic price actions, strong performance in ACUVUE OASYS 1-Day family of products as well as lapping prior year impacts from Russia sanctions.

受貿易庫存動態、持續的戰略價格行動、ACUVUE OASYS 1-Day 系列產品的強勁表現以及俄羅斯制裁對上年影響的推動，隱形眼鏡和其他產品增長了 7.4%。

Surgical vision growth of 13.6% was driven by TECNIS PureSee and TECNIS EYEHANCE, Commercial execution, partially offset by competitive pressures in the US.

13.6% 的手術視力成長由 TECNIS PureSee 和 TECNIS EYEHANCE 以及商業執行推動，但部分被美國的競爭壓力所抵消。

Orthopedics grew 2.5%, inclusive of hips growth of 5.6%, primarily driven by the success of recent product launches and commercial execution, partially offset by revenue disruption from the previously announced orthopedics transformation, impacts of China VBP, and competitive pressures.

骨科成長 2.5%，其中髖關節成長 5.6%，主要是由於近期產品發布和商業執行的成功推動，但部分被先前宣布的骨科轉型造成的收入中斷、中國 VBP 的影響以及競爭壓力所抵消。

Lastly, surgery grew 0.4% with the Acclarent divestiture negatively impacting results by approximately 130 basis points.

最後，手術成長了 0.4%，Acclarent 剝離對業績產生了約 130 個基點的負面影響。

Performance was driven primarily by commercial execution, strength of new products across wound closure and biosurgery, and continued price adjustments primarily associated with hyperinflation, consistent with market practice.

業績主要由商業執行、傷口閉合和生物外科新產品的實力以及主要與惡性通貨膨脹相關的持續價格調整（與市場慣例一致）推動。

Growth was partially offset by competitive pressures in energy and endocutters as well as VBP and the anticorruption campaign in China.

能源和內切機以及 VBP 和中國反腐敗運動的競爭壓力部分抵消了成長。

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

現在轉向我們 2024 年第四季的合併損益表。

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 to fortify our future, investing $5.3 billion or nearly 24% of sales, which includes $540 million of acquired IP R&D expense associated with the V-Wave acquisition.

我們繼續在具有競爭力的水平上對研發進行策略性投資，以鞏固我們的未來，投資了53 億美元，佔銷售額的近24%，其中包括與V-Wave 收購相關的5.4 億美元的IP 研發費用。

Selling, marketing, and administrative expense as a percent of sales deleveraged 150 basis points, driven by increased commercial investment in the Innovative Medicine business.

在創新藥物業務商業投資增加的推動下，銷售、行銷和管理費用佔銷售額的百分比下降了 150 個基點。

Interest income and expense was a net income of $144 million as compared to $212 million of income last year, driven by lower interest rates earned on a lower average cash balance and higher interest rates on a higher average debt balance.

利息收入和支出的淨收入為1.44 億美元，而去年的收入為2.12 億美元，這是由於平均現金餘額較低所賺取的利率較低以及平均債務餘額較高所賺取的利率較高所致。

Other income and expense was a net income of $161 million compared to $421 million of income in the prior year.

其他收入和支出淨收入為 1.61 億美元，而前一年的收入為 4.21 億美元。

This was primarily driven by lower gains on securities, a lower benefit related to employee benefit programs due to the discount rate partially offset by lower litigation expense in 2024.

這主要是由於證券收益下降，以及由於折現率降低而導致與員工福利計劃相關的福利下降，但 2024 年訴訟費用下降部分抵消了這一影響。

Regarding taxes in the quarter, our effective tax rate was 11.7% versus 14.4% in the same period last year.

關於本季的稅收，我們的有效稅率為 11.7%，而去年同期為 14.4%。

This decrease was primarily driven by post-acquisition integration efforts that allowed the company to deduct certain acquisition costs for tax purposes, as well as the resolution of prior tax matters, both in jurisdictions outside of the US.

這一下降主要是由於收購後的整合工作使公司能夠在美國以外的司法管轄區扣除某些用於稅務目的的收購成本以及解決先前的稅務問題。

Excluding special items, the effective tax rate was 8.8% versus 10.8% in the same period last year.

不計特殊項目，實際稅率為8.8%，去年同期為10.8%。

I encourage you to review our upcoming 2024 10-K filing for additional details on specific tax-related matters.

我鼓勵您查看我們即將提交的 2024 年 10-K 申報文件，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、淨利潤和調整後的每股收益，以排除無形攤銷費用和特殊項目的影響。

Now let's look at adjusted income before tax by segment for the quarter.

現在讓我們來看看本季按部門劃分的調整後稅前收入。

Innovative Medicine margin declined from 37.4% to 32.5%, primarily driven by strategic commercial investment and R&D pipeline advancement.

創新藥物利潤率從 37.4% 下降至 32.5%，主要受到策略性商業投資和研發管線的推進。

MedTech margin declined from 15.5% to 10.8%, primarily driven by acquired IPR&D expense related to the V-Wave acquisition.

醫療技術利潤率從 15.5% 下降至 10.8%，主要是由於與 V-Wave 收購相關的智慧財產權和研發費用所致。

Please note that the MedTech margin was negatively impacted in both years due to expenses associated with the strategic acquisition of Laminar.

請注意，由於策略性收購 Laminar 的相關費用，醫療技術利潤率在這兩年都受到了負面影響。

When adjusting for these onetime items, MedTech margin was relatively flat.

在對這些一次性項目進行調整時，醫療科技的利潤率相對持平。

As a result, adjusted income before tax for the enterprise as a percentage of sales decreased from 29.2% to 24.1% with the V-Wave acquired IPR&D expense impacting results by 240 basis points.

結果，企業調整後稅前收入佔銷售額的百分比從 29.2% 下降至 24.1%，其中 V-Wave 收購的 IPR&D 費用對業績產生了 240 個基點的影響。

When looking at the full year, Innovative Medicine, MedTech, and the enterprise adjusted income before tax remain relatively flat year-over-year when adjusting for the onetime items highlighted on the slide, mainly acquired IP R&D expenses on various transactions across both years.

從全年來看，創新醫學、醫療科技和企業調整後的稅前收入同比保持相對平穩，對幻燈片上突出顯示的一次性項目進行調整後，主要是兩年內各種交易中獲得的知識產權研發費用。

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 am now pleased to turn it over to Joe.

我現在很高興將其交給喬。

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

謝謝傑西卡，也謝謝大家今天加入我們。

As you've heard already, we delivered solid overall fourth quarter and full year results in 2024 above the operational guidance we set at the beginning of the year when excluding acquisition costs we incurred to fortify our business for the future.

正如您已經聽說的，我們在 2024 年第四季和全年的整體業績表現穩健，高於我們年初設定的營運指引（不包括為加強未來業務而產生的收購成本）。

We are particularly pleased with advancements made throughout the year, strengthening our pipeline, achieving key milestones across core therapeutic areas and platforms.

我們對全年的進步感到特別高興，加強了我們的產品線，在核心治療領域和平台上實現了關鍵里程碑。

We continue to prioritize investment in innovation, forge strategic partnerships that further enhance our differentiated business and focus on improving margins, positioning the company for near- and long-term growth.

我們繼續優先投資創新，建立策略合作夥伴關係，進一步增強我們的差異化業務，並專注於提高利潤率，為公司的近期和長期成長做好準備。

Additionally, we've made progress towards resolving the talc litigation.

此外，我們在解決滑石粉訴訟方面取得了進展。

As many of you are aware, our prepackaged bankruptcy plan received overwhelming support from current claimants and the future claims representative and that support has only increased in recent months.

正如你們許多人所知，我們預先制定的破產計劃得到了當前索賠人和未來索賠代表的壓倒性支持，並且這種支持在最近幾個月才有所增加。

The next milestone is the scheduled confirmation hearing commencing on February 18 in the Southern District of Texas Bankruptcy Court.

下一個里程碑是預定於 2 月 18 日在德克薩斯州南區破產法院開始的確認聽證會。

Now let's get into the numbers, starting with cash and capital allocation.

現在讓我們來看看數字，從現金和資本配置開始。

We ended 2024 with approximately $25 billion of cash and marketable securities and approximately $37 billion of debt for a net debt position of approximately $12 billion.

截至 2024 年，我們擁有約 250 億美元的現金和有價證券以及約 370 億美元的債務，淨債務部位約為 120 億美元。

Our focus on cash flow resulted in the company delivering approximately $20 billion of free cash flow during 2024, $1.6 billion more than in 2023, despite having higher litigation settlement payments during 2024, higher TCJA toll tax, and eight months of contribution from Consumer Health in 2023.

我們對現金流的關注導致該公司在2024 年實現了約200 億美元的自由現金流，比2023 年增加了16 億美元，儘管2024 年的訴訟和解付款較高、TCJA 通行稅較高，並且消費者健康在2024 年貢獻了八個月的經費。

Our ability to strategically invest and deploy capital that unlocks value has made Johnson & Johnson successful in the past and will be as important for our success moving forward.

我們策略性投資和部署資本以釋放價值的能力使強生公司在過去取得了成功，對於我們未來的成功也同樣重要。

We value a strong credit rating, which underscores the strength of Johnson & Johnson's financial discipline and enables us to execute against our capital allocation priorities.

我們重視強大的信用評級，這突顯了強生公司財務紀律的實力，並使我們能夠執行我們的資本配置優先事項。

In research and development, we invested more than $17 billion or 19.4% of sales.

在研發方面，我們投入了超過 170 億美元，佔銷售額的 19.4%。

We remain one of the top investors in R&D across all industries.

我們仍然是所有行業研發的頂級投資者之一。

2024 marked the 62nd consecutive year of dividend increases.

2024 年是股利連續第 62 年增加。

We know this use of capital is a priority for our investors, and we plan to continue to increase our dividend annually.

我們知道資本的使用是我們投資者的首要任務，我們計劃繼續每年增加股利。

We also deployed, announced, or committed to over $32 billion in strategic value-creating inorganic growth opportunities in the last 12 months.

在過去 12 個月裡，我們也部署、宣布或承諾了超過 320 億美元的戰略價值創造無機成長機會。

This amount includes larger transactions such as Shockwave, Proteologix, the NM26 bispecific antibody, V-Wave, the planned acquisition of Intra-Cellular Therapies as well as more than 40 smaller early-stage collaborations and partnerships to complement our businesses that are much more common for us than larger transactions.

這筆金額包括較大的交易，例如 Shockwave、Proteologix、NM26 雙特異性抗體、V-Wave、計劃收購 Intra-Cellular Therapies 以及 40 多個較小的早期合作和夥伴關係，以補充我們更常見的業務對我們來說比更大的交易更重要。

As we look ahead to 2025, we will maintain a heightened focus on cash flow generation to build on our strong financial foundation and judiciously deploy capital on behalf of shareholders to create value.

展望 2025 年，我們將繼續高度關注現金流生成，以鞏固我們強大的財務基礎，並代表股東明智地部署資本以創造價值。

Let's now discuss our full year guidance for 2025.

現在讓我們討論 2025 年全年指引。

It is important to note that guidance at this time excludes the impact from the planned acquisition of Intra-Cellular Therapies, but I will provide some comments on that transaction in a few moments.

值得注意的是，目前的指引排除了計劃收購 Intra-Cellular Therapies 的影響，但我稍後將對該交易提供一些評論。

We anticipate operational sales in the range of 2.5% to 3.5%, with a midpoint of $91.3 billion or 3.0% and in line with the expectations outlined at our late 2023 enterprise business review as Joaquin noted.

正如 Joaquin 指出的，我們預計營運銷售額將在 2.5% 至 3.5% 範圍內，中位數為 913 億美元或 3.0%，符合我們在 2023 年末企業業務回顧中概述的預期。

Acquisitions and divestitures are expected to favorably impact operational growth by approximately 50 basis points resulting in an adjusted operational sales growth midpoint of 2.5%.

收購和剝離預計將對營運成長產生約 50 個基點的有利影響，導致調整後的營運銷售成長中點為 2.5%。

Sales growth across our Innovative Medicine businesses will be driven by our proven assets such as DARZALEX, ERLEADA, and SPRAVATO.

我們創新醫學業務的銷售成長將由我們成熟的資產（例如 DARZALEX、ERLEADA 和 SPRAVATO）推動。

Our recently launched products, CARVYKTI, TECVAYLI, and TALVEY.

我們最近推出的產品 CARVYKTI、TECVAYLI 和 TALVEY。

And our new launches of TREMFYA in IBD and RYBREVANT plus LAZCLUZE in lung cancer.

我們新推出了治療 IBD 的 TREMFYA 和治療肺癌的 RYBREVANT 加上 LAZCLUZE。

The strength of our portfolio enables innovative medicine to grow despite the expanded STELARA biosimilar competition and approximately $2 billion negative impact from Part D redesign.

儘管 STELARA 生物相似藥的競爭不斷擴大，並且 D 部分重新設計帶來了約 20 億美元的負面影響，但我們產品組合的優勢仍使創新藥物得以發展。

MedTech sales growth will be driven by our recent acquisitions, Shockwave and Abiomed, as well as continued uptake of our recently launched products such as VARIPULSE, TECNIS Odyssey, ACUVUE OASYS MAX, the VELYS portfolio of enabling technology and our barbed suture and hemostat portfolio.

醫療技術銷售成長將受到我們最近收購的Shockwave 和Abiomed 以及我們最近推出的產品（如VARIPULSE、TECNIS Odyssey、ACUVUE OASYS MAX、VELYS 使能技術組合以及我們的倒刺縫合線和止血劑組合）的持續採用的推動。

We continue to expect China to remain a headwind through 2025.

我們仍然預計，到 2025 年，中國仍將是一個阻力。

Regarding VARIPULSE in the US, we are working diligently to complete our investigation, and we'll provide an update when we have additional information to share.

關於美國的 VARIPULSE，我們正在努力完成調查，當我們有更多資訊可以分享時，我們將提供最新資訊。

As a reminder, there is no impact to commercial activity to VARIPULSE outside of the United States.

請注意，美國境外的 VARIPULSE 商業活動不會受到影響。

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 yesterday's euro spot rate relative to the US dollar of $1.04 significantly below last quarter's euro spot rate of $1.10. This results in an estimated unfavorable foreign currency impact on sales of $1.7 billion or 2.0%.

對於今天的電話會議，我們使用昨天歐元兌美元即期匯率 1.04 美元，遠低於上季歐元即期匯率 1.10 美元。據估計，外匯對銷售額的不利影響為 17 億美元，即 2.0%。

As such, we estimate reported 2025 sales of $89.6 billion or 1% growth at the midpoint.

因此，我們預計 2025 年的銷售額將達到 896 億美元，中間值成長 1%。

Turning to other items on the P&L.

轉向損益表上的其他項目。

Despite STELARA biosimilar competition and the impact of Part D redesign, we expect our 2025 adjusted pretax operating margins to increase by approximately 300 basis points of which approximately half is driven by operating spend management and the remainder from reduced acquired IP R&D expense.

儘管STELARA 生物相似藥競爭和D 部分重新設計的影響，我們預計2025 年調整後的稅前營業利潤率將增加約300 個基點，其中約一半是由營運支出管理推動的，其餘則是由收購的IP研發費用減少推動的。

This is about 50 basis points better than we discussed on the Q3 earnings call in October.

這比我們在 10 月第三季財報電話會議上討論的要好約 50 個基點。

We anticipate net other income to be $900 million to $1.1 billion for 2025.

我們預計 2025 年其他淨收入將為 9 億至 11 億美元。

The reduction versus last year is primarily driven by a lower benefit related to employee benefit programs based on discount rate assumptions, the nonrecurring monetization of royalty rights in 2024, and no longer receiving a Kenvue dividend.

與去年相比減少的主要原因是與基於貼現率假設的員工福利計劃相關的福利減少、2024 年特許權使用費的非經常性貨幣化以及不再獲得 Kenvue 股息。

Due to higher debt incurred associated with 2024 acquisitions and the reduction in interest rates earned on cash, we expect net interest income between $0 and $100 million.

由於 2024 年收購產生的債務增加以及現金利率下降，我們預計淨利息收入將在 0 至 1 億美元之間。

Finally, we are projecting an effective tax rate for 2025 in the range of 16.5% to 17.0% based on current tax laws and our anticipated geographic income mix across our businesses.

最後，根據現行稅法和我們預期的各業務地理收入組合，我們預期 2025 年的有效稅率將在 16.5% 至 17.0% 之間。

Given all these factors, we expect adjusted operational earnings per share to grow 8.7% at the midpoint for a range of $10.75 to $10.95. While not predicting the impact of currency movements, utilizing the recent exchange rate previously referenced, our reported adjusted earnings per share for the year now estimates a full year negative impact of $0.25. As such, we expect reported adjusted earnings per share of $10.60 at the midpoint.

考慮到所有這些因素，我們預計調整後每股營運收益中位數將成長 8.7%，範圍為 10.75 美元至 10.95 美元。雖然沒有預測貨幣變動的影響，但利用先前提到的最新匯率，我們報告的今年調整後每股盈餘現在估計全年負面影響為 0.25 美元。因此，我們預期報告調整後每股盈餘中點為 10.60 美元。

When adjusting for this impact, it becomes clear that our operational EPS performance is considerably stronger than consensus assumed as only about half the analysts incorporated the impact of foreign currency into their models.

在調整這種影響時，很明顯，我們的營運每股盈餘表現比共識假設的要強得多，因為只有大約一半的分析師將外匯的影響納入了他們的模型。

A few initial considerations outlined on this chart regarding the planned acquisition of Intra-Cellular Therapies, a transaction we plan to finance mainly with debt.

這張圖表概述了有關計劃收購 Intra-Cellular Therapies 的一些初步考慮因素，我們計劃主要透過債務融資的交易。

We are not planning for material near-term cost synergies.

我們不打算實現實質的近期成本協同效應。

Rather, we expect to accelerate penetration of CAPLYTA in existing markets, explore additional geographies to commercialize the portfolio, and potentially accelerate research and development to expand into new indications and disease areas where high unmet need exists.

相反，我們預計將加速 CAPLYTA 在現有市場的滲透，探索更多地區以實現該產品組合的商業化，並可能加速研發以擴展到存在高度未滿足需求的新適應症和疾病領域。

Given this and assuming a close subject to regulatory review early in the second quarter, we anticipate an acceleration of our sales growth of approximately 80 basis points.

有鑑於此，並假設在第二季初接受監管審查，我們預計我們的銷售成長將加速約 80 個基點。

Inclusive of the impact of financing cost, the transaction is expected to have a dilutive impact on adjusted EPS of approximately $0.30 to $0.35 in 2025.

考慮到融資成本的影響，預計該交易將對2025年調整後每股收益產生約0.30美元至0.35美元的稀釋影響。

Again, these are very preliminary thoughts, which will be influenced by when the transaction closes and borrowing rates.

同樣，這些都是非常初步的想法，將受到交易何時結束和借款利率的影響。

We will be sure to provide an update to our full year guidance shortly after the acquisition is complete.

我們一定會在收購完成後不久提供全年指導的更新。

I'll now provide some qualitative considerations on the phasing of notable events for your modeling.

我現在將為您的建模提供一些關於顯著事件階段的定性考慮。

We expect both Innovative Medicine and MedTech operational sales growth to be higher in the second half of the year versus the first half.

我們預計下半年創新醫學和醫療科技業務銷售成長將高於上半年。

Regarding Innovative Medicine, we anticipate STELARA biosimilar competition to accelerate throughout the year as the number of biosimilar entrants increase.

關於創新醫學，我們預計隨著生物相似藥進入者數量的增加，STELARA 生物相似藥的競爭將在全年加速。

Humira's erosion curve, once faced with material biosimilar competition continues to be the best proxy for STELARA erosion with the additive impact of Part D redesign.

Humira 的侵蝕曲線，一旦面臨材料生物相似藥競爭，仍然是 STELARA 侵蝕的最佳代表，並具有 D 部分重新設計的附加影響。

The impact of Part D redesign as a percent of sales will be consistently applied throughout the year.

D 部分重新設計的影響佔銷售額的百分比將在全年持續應用。

We expect a more pronounced benefit from our newly launched products as we progress throughout 2025 to counter these headwinds.

我們預計，隨著我們在 2025 年克服這些不利因素，我們新推出的產品將帶來更明顯的好處。

In MedTech, for the first half of the year and more prominently in Q1, we faced tougher year-over-year comparisons, excluding the positive impact associated with the Shockwave acquisition.

在醫療科技領域，今年上半年，尤其是第一季度，我們面臨更嚴峻的同比比較，不包括與 Shockwave 收購相關的正面影響。

We anticipate acceleration of our newly launched products to build throughout the year.

我們預計全年將加速推出新產品。

As we've said before, we continue to expect normalized procedure volume and seasonality.

正如我們之前所說，我們仍然預計手術量和季節性會正常化。

Regarding the P&L, it is important to consider onetime items that impacted our EPS results in 2024.

關於損益表，重要的是要考慮影響我們 2024 年每股盈餘結果的一次性項目。

Specifically, the benefit of Kenvue dividend in the first two quarters of 2024 is not repeating, higher interest income prior to the Shockwave acquisition closure in May, the monetization of royalty rights recorded in Q3, and IP R&D expense associated with the NM26 bispecific antibody in Q3 and V-Wave acquisition in Q4.

具體來說，2024 年前兩個季度Kenvue 股息的好處不會重複，5 月份Shockwave 收購結束之前的更高利息收入，第三季度記錄的特許權使用費貨幣化，以及2024 年與NM26 雙特異性抗體相關的IP 研發費用。

Given these factors and aligned with sales, we expect higher earnings per share growth in the second half of the year versus the first half.

考慮到這些因素並與銷售額相結合，我們預計下半年每股收益將比上半年成長更高。

Moving to the discussion beyond financial commitments.

轉向財務承諾以外的討論。

We are excited for the pipeline progress planned for 2025.

我們對 2025 年計劃的管道進展感到興奮。

In Innovative Medicine, this includes expected approvals for TREMFYA subcutaneous for Crohn's disease, nipocalimab for generalized myasthenia gravis, and subcutaneous RYBREVANT for non-small cell lung cancer.

在創新醫學領域，這包括預期批准用於治療克羅恩病的 TREMFYA 皮下注射、用於治療全身性重症肌無力的 nipocalimab 以及用於治療非小細胞肺癌的皮下注射 RYBREVANT。

We expect to file for regulatory approval of TAR-200 in non-muscle invasive bladder cancer, and icotrokinra in psoriasis.And planned data readouts for RYBREVANT lung cancer overall survival as well as data in head and neck and colorectal cancer ad icotrokinra in ulcerative colitis as well as head-to-head data versus Sotyktu in psoriasis.

我們預計將申請TAR-200 治療非肌肉層浸潤性膀胱癌和icotrokinra 治療牛皮癬的監管批准。炎的數據以及與 Sotyktu 治療牛皮癬的頭對頭數據。

In MedTech, building upon the 15 major product launches in 2024, a we anticipate a submission to the FDA for Impella ECP regulatory approval, continued progress on our OTTAVA robotic surgical system and advancements across our cardiovascular portfolio, including electrophysiology, heart recovery, and circulatory restoration.

在醫療科技領域，基於2024 年推出的15 個主要產品，我們預計將向FDA 提交Impella ECP 監管批准，我們的OTTAVA 機器人手術系統將繼續取得進展，並且我們的心血管產品組合將取得進展，包括電生理學、心臟恢復和循環系統恢復。

So to summarize, we are well positioned to tackle the challenges in 2025, continue to advance our pipeline, deliver on our financial commitments, and create long-term sustainable value for shareholders.

總而言之，我們有能力應對 2025 年的挑戰，繼續推進我們的產品線，兌現我們的財務承諾，並為股東創造長期可持續的價值。

Our success is the result of the hard work and dedication of our colleagues who share a sincere passion to successfully serve patients around the world.

我們的成功是我們同事辛勤工作和奉獻的結果，他們懷著真誠的熱情成功地為世界各地的患者提供服務。

We are extremely grateful for their efforts.

我們非常感謝他們的努力。

With that, we are happy to take your questions.

因此，我們很樂意回答您的問題。

So I will now turn it to Kevin to provide instructions for those seeking to participate in the Q&A.

因此，我現在請凱文為那些尋求參與問答的人提供指導。

(Operator Instructions) Terence Flynn, Morgan Stanley.

（操作員指示）Terence Flynn，摩根士丹利。

Great.

偉大的。

Thanks so much for taking the questions.

非常感謝您提出問題。

Appreciate it.

欣賞它。

Obviously, myeloma franchise is a very important growth driver as we think about history, but also 2025.

顯然，當我們回顧歷史以及 2025 年時，骨髓瘤專營權是一個非常重要的成長動力。

So just wondering if you can kind of frame for us how you're thinking about that, both from the bispecifics as well as CAR-T and maybe a broadening into the community setting and the pace of growth here as we think about the ramp in '25.

因此，我想知道您是否可以為我們介紹一下您的想法，無論是雙特異性抗體還是 CAR-T，也許還可以擴展到社區環境和這裡的增長速度，因為我們考慮的是增長速度'25。

Thank you.

謝謝。

Great.

偉大的。

Well, good morning, Terence, and hello, everybody.

好吧，早安，特倫斯，大家好。

I'd like to start by thanking all of our innovative medicine colleagues around the world for a very strong quarter.

首先，我要感謝世界各地所有創新醫學同事，感謝他們度過了一個非常強勁的季度。

This was our third quarter with sales over $14 billion with 10 key brands achieving double-digit growth, and Terence I will come back to that.

這是我們第三季的銷售額超過 140 億美元，其中 10 個主要品牌實現了兩位數的成長，特倫斯我會回到這一點。

That includes brands like DARZALEX, CARVYKTI, TALVEY, and TECVAYL as well as ones such as ERLEADA, SPRAVATO, and UPTRAVI.

其中包括 DARZALEX、CARVYKTI、TALVEY 和 TECVAYL 等品牌以及 ERLEADA、SPRAVATO 和 UPTRAVI 等品牌。

We're making really nice progress on our launches, including TREMFYA in ulcerative colitis and RYBREVANT plus LAZCLUZE in non-small cell lung cancer.

我們的產品上市取得了非常好的進展，包括治療潰瘍性結腸炎的 TREMFYA 和非小細胞肺癌的 RYBREVANT 和 LAZCLUZE。

And just an important note, we hit our $57 billion target this year, a year early for those that were here back at our enterprise review, we had made that commitment to hit the $57 billion by 2025, and we cleared that goal this year in 2024.

需要強調的是，我們今年實現了570 億美元的目標，對於那些參加我們企業審查的人來說提前了一年，我們曾承諾到2025 年實現570 億美元的目標，並且我們今年在2019 年實現了這一目標。

So multiple myeloma is really an extraordinary franchise for us.

因此，多發性骨髓瘤對我們來說確實是一個非凡的特許經營權。

And maybe I will start with DARZALEX because our quarter was over $3 billion.

也許我會從 DARZALEX 開始，因為我們的季度銷售額超過 30 億美元。

It was $3.1 billion and 22% growth, and we continue to really build out share across the frontline settings in both transplant eligible and ineligible patients and in triplet and quad regimens.

這是 31 億美元，成長了 22%，我們繼續在符合移植資格和不符合移植資格的患者以及三聯療法和四聯療法的一線環境中真正擴大份額。

And so we're performing very well for DARZALEX and anticipate that to continue.

因此，我們在 DARZALEX 方面表現非常出色，並預計這種情況會持續下去。

And in fact, with DARZALEX, it's our first brand to hit $3 billion in quarterly sales.

事實上，DARZALEX 是我們第一個季度銷售額達到 30 億美元的品牌。

So important to note that milestone too.

注意到這個里程碑也很重要。

CARVYKTI had a really, really robust quarter as well as year nearing $1 billion for the year, $963 million as we continue to see very strong demand in that second-line plus setting as well as very strong capacity expansion in the US, in Europe and also with a contract manufacturer.

CARVYKTI 的季度和年度業績非常非常強勁，全年接近 10 億美元，達到 9.63 億美元，因為我們繼續看到二線以上環境的需求非常強勁，以及美國、歐洲和美國的產能擴張非常強勁。製造商合作。

And so we've talked before about that being more of a stair step rather than a direct linear line, and it is performing very, very well, and we're seeing nice, continued expansion in the first quarter of this year that will also continue throughout the year.

因此，我們之前已經討論過，這更像是一個階梯，而不是一條直線，它的表現非常非常好，我們看到今年第一季的良好持續擴張，這也將全年持續。

For TEC and TAL, both products did well.

對於TEC和TAL來說，這兩款產品都表現良好。

We report -- we break out sales on TEC.

我們報告－我們對 TEC 的銷售額進行了細分。

We don't yet on TAL.

我們還沒有在 TAL 上。

Both of these agents are by our best-in-class bispecifics.

這兩種藥物均由我們一流的雙特異性藥物生產。

They're performing very well from a competitive share standpoint.

從競爭份額的角度來看，他們的表現非常好。

We've got them nicely being utilized in the academic setting and we're working that out into more of the community setting, which will be important for their continued growth and uptake.

我們已經讓它們在學術環境中得到了很好的利用，並且我們正在將其推廣到更多的社區環境中，這對於它們的持續成長和吸收非常重要。

So in total, multiple myeloma really is a stronghold for us, and we're not stopping there.

所以總的來說，多發性骨髓瘤確實是我們的一個據點，我們不會就此止步。

Because of the strength that we have, the assets that we have, we're also working on multiple additional types of combinations.

由於我們擁有的實力和資產，我們還在研究多種其他類型的組合。

John, maybe you want to address what we're doing with the bispecifics specifically.

約翰，也許你想具體談談我們在雙特異性方面所做的事情。

Yeah.

是的。

Thank you, Jennifer.

謝謝你，詹妮弗。

Maybe before I jump in, I'll follow your lead and just offer my appreciation and thanks to our colleagues and innovation, business R&D.

也許在我介入之前，我會跟隨您的領導，對我們的同事以及創新、業務研發表示讚賞和感謝。

We had a heck of a year for the pipeline, 27 approvals, 49 submissions, 15 out of 17 positive Phase 3, more than 90% success rate.

我們在管道上度過了愉快的一年，獲得了 27 項批准，提交了 49 項申請，17 項中的 15 項取得了積極的第三階段成果，成功率超過 90%。

Nine out of 12 POCs came in positive, exceeding the industry benchmarks by approximately double -- 10 first in humans, 10 new NMEs added to the pipeline from internal research at a price point well below the industry median and quite an impressive year on the BD front with five bolt-on acquisitions and six new molecules added to the pipeline.

12 個POC 中有9 個呈陽性，超出行業基準約兩倍——其中10 個首次用於人類，10 個新的NME 通過內部研究以遠低於行業中值的價格添加到管道中，這在BD 上是令人印象深刻的一年前面有五項補強收購和六種新分子添加到管道中。

So my congratulations to the team.

所以我向團隊表示祝賀。

Now on the point around our broad portfolio of myeloma medicines, this is where we are now bringing them together to reinvent the next frontline therapies.

現在，圍繞著我們廣泛的骨髓瘤藥物組合，我們現在將它們聚集在一起，重新發明下一個一線療法。

And if you were at the ASH Congress, the American Society of Hematology, you saw some of the early tantalizing data where in early lines of therapy front, first, second line of myeloma, we're bringing DARA together with either TEC or TAL, and we've been getting 100% minimal residual disease negativity, MRD negativity, showing the impressive potential of these new combinations.

如果您參加 ASH 大會（美國血液學會），您會看到一些早期誘人的數據，在骨髓瘤的早期治療一線、一線、二線中，我們將 DARA 與 TEC 或 TAL 結合在一起，我們已經獲得100 % 微小殘留疾病陰性（MRD 陰性），顯示了這些新組合的令人印象深刻的潛力。

Mind you, last year, the FDA declared mineral residual disease negativity or MRD as a surrogate endpoint within myeloma that could form the basis for accelerated approvals.

請注意，去年，FDA 宣布礦物質殘留疾病陰性或 MRD 作為骨髓瘤的替代終點，可以構成加速核准的基礎。

So we're really excited about bringing these into earlier lines.

因此，我們非常高興能夠將這些納入早期產品線中。

And then I would also remind you with CARVYKTI, we are now doing studies in frontline transplant eligible and ineligible and asking whether we can replace autologous stem cell transplant with our CAR-T therapy as a new opportunity there to break through with unprecedented outcomes for patients.

然後我還想透過CARVYKTI 提醒您，我們現在正在對符合和不符合資格的一線移植進行研究，並詢問我們是否可以用我們的CAR-T 療法取代自體幹細胞移植，作為一個新的機會，為患者帶來前所未有的結果突破。

CARVYKTI, of course, already is the go-to regimen in the second line setting, the only CAR-T for myeloma approved in that setting.

當然，CARVYKTI 已經是二線治療的首選方案，也是該治療中唯一獲得批准的治療骨髓瘤的 CAR-T 療法。

And last year, we reported overall survival data for CARVYKTI in a randomized setting with an impressive hazard ratio of 0.55. So really, I feel great about bringing CARVYKTI into earlier lines of therapy as well.

去年，我們報告了 CARVYKTI 在隨機環境中的整體存活數據，風險比高達 0.55，令人印象深刻。所以說真的，我對將 CARVYKTI 納入早期治療系列感到非常高興。

Maybe hot off the press last night.

也許昨晚媒體報道很熱。

The team was very excited to come tell me.

團隊非常興奮地告訴我。

We've actually completed and reached our 5,000th patient infused with CARVYKTI, both across the clinical and commercial settings.

實際上，我們已經在臨床和商業環境中完成並實現了第 5,000 名患者輸注 CARVYKTI。

And it is the most successful cell therapy launched in the industry.

這是業界推出的最成功的細胞療法。

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Hi.

你好。

Good morning.

早安.

Thank you for taking the questions.

感謝您提出問題。

I was hoping to just ask about the medical device or the sector, the business, excuse me.

我希望只是問醫療器材或產業、業務，對不起。

And just the acquisition strategy, you've had a couple of pre-revenue swings with Laminar and V-Wave and some other more established more established businesses under the roof.

僅就收購策略而言，Laminar 和 V-Wave 以及其他一些更成熟的企業在收入前就出現了一些波動。

Can you just talk about the strategy on a go-forward basis?

能談談未來的戰略嗎？

I mean, is it going to continue to be a mix between pre-revenue companies and formally more fully established businesses?

我的意思是，它會繼續是收入前公司和正式更成熟的企業之間的混合體嗎？

Or are you going to be -- is there going to be a shift in that strategy?

或者你會──這個策略會轉變嗎？

Thanks for taking the question.

感謝您提出問題。

Thank you, Joseph, It's Joaquin, and good morning, everyone.

謝謝你，約瑟夫，我是華金，大家早安。

External innovation has always been a very important part of our capital allocation strategy for Johnson & Johnson for the enterprise.

外部創新一直是我們強生企業資本配置策略中非常重要的一部分。

And in fact, we are one of the top investors not only in M&A, but also in R&D.

事實上，我們不僅是併購領域的頂級投資者之一，也是研發領域的頂級投資者之一。

We are always looking for opportunities to be able to enhance our portfolio and our pipeline.

我們一直在尋找機會來增強我們的產品組合和管道。

And in 2024 alone, we completed more than 40 business development transactions.

光是 2024 年，我們就完成了 40 多項業務開發交易。

Some of them were big, some of them were small, but all of them complement both our Innovative and MedTech portfolio.

其中一些很大，一些很小，但所有這些都補充了我們的創新和醫療技術產品組合。

Many of these smaller acquisitions were also in our MedTech portfolio.

許多規模較小的收購也包含在我們的醫療科技投資組合中。

You have to think that larger acquisitions like the case of Shockwave or in the Innovative Medicine side, Intra-Cellular are more outliers.

你必須認為像 Shockwave 這樣的大型收購或創新醫學方面的 Intra-Cellular 收購是更離群的。

Our go forward, it's always been focused on these smaller opportunities like the ones you mentioned like Laminar or V-Wave or some of the ones we have complete Innovative Medicines like TARIS or our IL-23 blocker, which are more than $5 billion opportunities.

我們的前進方向始終專注於這些較小的機會，例如您提到的Laminar 或V-Wave 等機會，或者我們擁有完整創新藥物的一些機會，例如TARIS 或我們的IL-23 阻滯劑，這些機會超過50 億美元。

That's where we are able to create value, larger opportunities have to be seen more like outliers.

這就是我們能夠創造價值的地方，更大的機會必須被視為異常值。

And finally, I want to underline that both Abiomed and Shockwave are progressing really well. ahead of the deal model, delivering on our financial commitments there and that we are looking forward upon closure to start working on the Intra-Cellular acquisition, which is an opportunity to reinforce our position of leadership in the neuroscience space, which has been always a strength of Johnson & Johnson and also an opportunity overall to fortify revenue projections that you have looking today and also into the future.

最後，我想強調 Abiomed 和 Shockwave 都進展順利。在交易模式之前，兌現我們在那裡的財務承諾，我們期待交易結束後開始進行 Intra-Cellular 收購，這是一個加強我們在神經科學領域領導地位的機會，神經科學領域一直是我們的目標強生公司的實力，也是一個全面加強您今天和未來收入預測的機會。

Thank you.

謝謝。

And Josh, maybe just a building on Joaquin's comments relative to med tech.

喬許（Josh），也許只是華金（Joaquin）有關醫療技術的評論的基礎。

While the big acquisitions get a lot of attention to Joaquin's point, we have a tremendous amount of business development activity across all of our businesses, I think most notably evidenced by almost 40 transactions just in '24 alone.

雖然大型收購引起了華金觀點的廣泛關注，但我們所有業務都開展了大量業務開發活動，我認為最明顯的證據是僅在 24 年就進行了近 40 筆交易。

I did want to point to the excitement we have around the significant investments we've made both in Abiomed and Shockwave.

我確實想指出我們對 ​​Abiomed 和 Shockwave 的重大投資感到興奮。

Abiomed grew 15% for full year 2024, and we are seeing constant acceleration driven by firstly, the tremendous portfolio we have.

Abiomed 在 2024 年全年成長了 15%，我們看到，首先，我們擁有的龐大產品組合推動了持續加速。

I think we could not be more excited about the DanGer shock results, which really bring more validity to the evidence base around this portfolio.

我認為我們對危險衝擊結果感到無比興奮，這確實為圍繞該投資組合的證據基礎帶來了更多有效性。

This is the first study in 20 years to actually demonstrate a survival benefit.

這是 20 年來第一個真正證明存活益處的研究。

In fact, a 12.7% mortality improvement versus the standard of care.

事實上，與標準護理相比，死亡率降低了 12.7%。

We also -- while not a big commercial opportunity, received FDA approval in the fourth quarter of last year for the use of Impella in pediatric community, which I think is further evidence of the building confidence around the safety profile of this product.

我們也—雖然不是一個大的商業機會，但在去年第四季度獲得了 FDA 批准在兒科社區使用 Impella，我認為這進一步證明了人們對該產品的安全性建立了信心。

We also mentioned earlier that we are excited to be planning our submission for ECP to the FDA in the first half year.

我們之前也提到，我們很高興計劃在上半年向 FDA 提交 ECP。

This will Josh be the first and actually the smallest pump in the world.

喬許將成為世界上第一台、實際上是最小的幫浦。

This is a 9 French at insertion, which expands to about 21 French inside the heart, a lower profile, which we believe that along with its ease of use, reduce further barriers to adoption.

這是插入時的 9 French，在心臟內擴展至約 21 French，外形較低，我們相信，隨著其易用性，進一步減少採用的障礙。

And then finally, a smaller transaction, but certainly important to our goal to play a bigger role in heart failure is the acquisition of V-Wave, which reinforces our commitment to building leadership in heart failure and really allows for the active shunting of blood across the interatrial septum.

最後，收購V-Wave 是一項較小的交易，但對於我們在心臟衰竭中發揮更大作用的目標來說肯定很重要，這強化了我們在心臟衰竭領域建立領導地位的承諾，並真正實現了跨血管的積極分流。

A couple of comments on Shockwave.

關於 Shockwave 的一些評論。

It's our latest acquisition.

這是我們最新的收購。

We closed that in May of last year.

我們在去年五月關閉了這個項目。

This delivered $564 million of growth last year.

去年這帶來了 5.64 億美元的成長。

It is the leading and first-to-market pioneer and IVL technology.

它是領先且率先推向市場的 IVL 技術先驅。

And we're confident that while certainly, there's a lot of excitement around this category, we have at least a five- to eight-year first-mover advantage.

我們相信，雖然這個類別確實令人興奮，但我們至少擁有五到八年的先發優勢。

And this comes down to the fact that we have an easy-to-use system with now six available catheters.

這歸結於這樣一個事實：我們擁有一個易於使用的系統，現在有六個可用的導管。

We've also recently announced the addition of two additional catheters, our E8 catheter, which is our workhorse within peripheral as well as Javelin, which is a novel non-balloon based IVL catheter designed to modify calcium and cross extremely narrowed vessels.

我們最近還宣布增加兩個額外的導管，即我們的E8 導管，它是我們外周血管內的主力，以及Javelin，這是一種新型非球囊IVL 導管，旨在改變鈣並穿過極其狹窄的血管。

And so we feel enormously confident that while big investments, they will make tremendous impact on patients and continue to drive our business.

因此，我們非常有信心，在進行大量投資的同時，它們將對患者產生巨大影響，並繼續推動我們的業務發展。

Thank you, Josh.

謝謝你，喬許。

Alexandria Hammond, Wolfe Research.

亞歷山大‧哈蒙德，沃爾夫研究中心。

Thanks so much for taking the question and congrats on the Intra-Cellular deal last week.

非常感謝您提出問題，並祝賀上週達成的 Intra-Cellular 交易。

For CAPLYTA, how should we be thinking about the cadence of sales growth to the forecasted sales of $5 billion?

對於 CAPLYTA 來說，我們應該如何考慮銷售額成長到 50 億美元的預測銷售額的節奏？

And I guess on the acquisition, should we expect a deprioritization of seltorexant and aticaprant?

我想在這次收購中，我們是否應該期待 seltorexant 和 aticaprant 的優先順序降低？

Thank you so much.

太感謝了。

Thanks so much for the question.

非常感謝您的提問。

And we are so excited to be able to welcome the Intra-Cellular colleagues to Johnson & Johnson.

我們非常高興能夠歡迎 Intra-Cellular 同事來到強生公司。

They have done an extraordinary job, both in developing CAPLYTA and their pipeline, but also commercializing and bringing CAPLYTA to patients currently for schizophrenia as well as for bipolar 1 and bipolar 2 depression.

他們不僅在開發 CAPLYTA 及其產品線方面做得非常出色，而且還將 CAPLYTA 商業化並將其帶給目前治療精神分裂症以及雙相 1 型和雙相 2 型抑鬱症的患者。

I think you can take a look at their current sales trajectory, which is a really nice growth curve and then also take into account the filing that has been done for a MDD, major depressive disorder.

我認為你可以看看他們目前的銷售軌跡，這是一條非常好的成長曲線，然後也考慮一下針對 MDD（重度憂鬱症）所做的備案。

The filing has been done with the regulatory authorities that we anticipate approval for later in the year.

該文件已向監管機構提交，我們預計將在今年稍後獲得批准。

An MDD, we believe to ultimately be the largest of those three indications for CAPLYTA.

我們相信 MDD 最終是 CAPLYTA 的這三個適應症中最大的一個。

And so we think that that will be an additional catalyst for growth, so you can factor that into your thinking.

因此，我們認為這將成為成長的額外催化劑，因此您可以將其納入您的思考中。

We're really excited about CAPLYTA.

我們對 CAPLYTA 感到非常興奮。

I know the company had guided to it being a $5 billion-plus asset.

我知道該公司已將其資產設定為 50 億美元以上。

We definitely think that it will be as well and think that together, we're going to be able to do even more for patients with mental health issues.

我們絕對認為情況也會如此，並認為我們將能夠為患有心理健康問題的患者做更多的事情。

We're also really excited about their pipeline and 1284 and potential in Alzheimer's psychosis, general anxiety disorder and others.

我們也對他們的產品線和 1284 及其在阿茲海默症精神病、廣泛性焦慮症等方面的潛力感到非常興奮。

So we see Intra-Cellular as both in near term as well as long-term growth catalyst for us.

因此，我們將 Intra-Cellular 視為我們近期和長期成長的催化劑。

Yeah.

是的。

About your question, though, around whether we'll do you prioritize other things in the portfolio, absolutely not.

不過，關於你的問題，關於我們是否會優先考慮投資組合中的其他事情，絕對不會。

Let me just remind everyone that depression is a very heterogeneous disorder, and it's not a disease that accommodates to a one size fits all.

讓我提醒大家，憂鬱症是一種非常異質的疾病，它不是一種一刀切的疾病。

We see each of these molecules that we're developing, having unique mechanisms that can play in different subpopulations.

我們看到我們正在開發的每一個分子都具有可以在不同亞群中發揮作用的獨特機制。

And we're developing those aticaprant, seltorexant, for example, using a precision neuroscience strategy.

例如，我們正在使用精確的神經科學策略來開發這些 aticaprant、seltorexant。

So we see this broad portfolio, which includes, of course, SPRAVATO as repertoire of different mechanisms we can bring to bear.

因此，我們看到了這個廣泛的產品組合，其中當然包括 SPRAVATO 作為我們可以運用的不同機制的全部內容。

The 260 million people worldwide that suffer from chronic depression.

全球有 2.6 億人患有慢性憂鬱症。

It's the leading cause of disability and more than 30% of those do not get relief from the ongoing medicines.

這是導致殘疾的主要原因，其中超過 30% 的人無法從持續的藥物中得到緩解。

The other thing that I really like about our portfolio is the side effect profiles are so benign compared to the standard of care.

我真正喜歡我們的產品組合的另一件事是，與標準治療相比，副作用非常輕微。

With all four of the mechanisms, whether it's CAPLYTA, which we hope to welcome into the portfolio, whether it's an aticaprant, seltorexant, or SPRAVATO, you don't have weight gain, you don't have sexual dysfunction.

有了所有四種機制，無論是我們希望歡迎進入產品組合的 CAPLYTA，無論是 aticaprant、seltorexant 還是 SPRAVATO，您都不會出現體重增加，也不會出現性功能障礙。

You don't have the tardive dyskinesia or extrapyramidal effects that are so common with many of the medicines today.

您不會出現當今許多藥物中常見的遲發性運動障礙或錐體外系效應。

So this is really exciting for us.

所以這對我們來說真的很令人興奮。

Maybe also while I am talking about our depression portfolio, I would just acknowledge and congratulate the team on the recent approval of SPRAVATO in the monotherapy context.

也許當我談論我們的憂鬱症產品組合時，我只想感謝並祝賀團隊最近在單一療法中批准 SPRAVATO。

This indeed allows us to offer SPRAVATO as a solution for patients with treatment resistant depression without necessity to use it on top of standard of care, and therefore, avoiding those side effects that I just mentioned that the standard care medicines often bring.

這確實使我們能夠為難治性憂鬱症患者提供 SPRAVATO 作為解決方案，而無需在標準護理之外使用它，因此避免了我剛才提到的標準護理藥物經常帶來的副作用。

Very excited about that approval.

對此批准感到非常興奮。

We had received priority review from the FDA for that submission.

我們已收到 FDA 對該提交的優先審查。

That's the second time SPRAVATO had received a prior review, the only antidepressant ever to do so. and SPRAVATO is also the only antidepressant to ever receive breakthrough designation from the FDA.

這是 SPRAVATO 第二次接受事先審查，也是唯一獲得此殊榮的抗憂鬱藥物。 SPRAVATO 也是唯一獲得 FDA 突破性認定的抗憂鬱藥物。

So great momentum and a long-term commitment to patients suffering with depression.

如此巨大的動力和對憂鬱症患者的長期承諾。

Tim Anderson, Bank of America.

提姆安德森，美國銀行。

Thank you very much.

非常感謝。

I have a question on immunology franchise and TREMFYA.

我有關於免疫學特許經營和 TREMFYA 的問題。

So with STELARA facing biosimilars, I'm wondering if it might play out like how it has with AbbVie.

因此，隨著 STELARA 面臨生物相似藥，我想知道它是否會像艾伯維 (AbbVie) 那樣發揮作用。

So in the case of AbbVie, they said that biosimilar Humira has actually driven the volume shifts in favor of other brands like Skyrizi.

因此，就艾伯維而言，他們表示生物相似藥 Humira 實際上推動了銷售的變化，有利於 Skyrizi 等其他品牌。

I'm wondering if you expect that could occur with TREMFYA on the volume side.

我想知道您是否期望 TREMFYA 在音量方面會出現這種情況。

And then on the price side, can you talk about incremental price erosion in 2025 to maintain access relative to whatever the price erosion was in 2024.

然後在價格方面，您能否談談 2025 年的增量價格侵蝕，以保持相對於 2024 年價格侵蝕的准入。

Thank you very much for the question.

非常感謝你的提問。

And we're really excited about the great progress that we're making with TREMFYA.

我們對 TREMFYA 所取得的巨大進展感到非常興奮。

In psoriasis and psoriatic arthritis, but really particularly with inflammatory bowel diseases coming up with the launch in ulcerative colitis now and Crohn's upcoming.

在牛皮癬和牛皮癬關節炎中，特別是在發炎性腸道疾病中，現在在潰瘍性結腸炎中出現，而克隆氏症即將出現。

We've guided -- maybe just back on STELARA, we've talked about the Humira erosion curve being probably the best thing to model.

我們已經指導過——也許只是回到 STELARA，我們已經討論過 Humira 侵蝕曲線可能是最好的建模對象。

Specific to your question about should there or will there be patient switches.

具體到您關於是否應該或將會有患者切換的問題。

I think there are a lot of patients in the immunology market right now that are in need of both advanced therapies or are in need of better therapies than they are on now.

我認為目前免疫學市場上有許多患者需要先進的療法或需要比現在更好的療法。

And so we across the board, shifting of patients and movement into the newer and the better products.

因此，我們全面將患者和運動轉移到更新、更好的產品上。

I would put TREMFYA squarely in that camp.

我會把 TREMFYA 直接歸類在那個陣營。

We've got lots of reasons -- we focus in on IBD and the potential growth for TREMFYA.

我們有很多理由——我們關注 IBD 和 TREMFYA 的潛在增長。

We've got a lot of reasons for great optimism there and differentiation.

我們有很多理由對此保持樂觀並實現差異化。

It's the only dual-acting IL-23 agent in IBD, acting on both IL-23 as well as CD64.

它是治療 IBD 的唯一雙效 IL-23 藥物，既作用於 IL-23 又作用於 CD64。

We think it's got the potential to really set the next bar in efficacy and we know there are a lot of patients who need more and are ready for switch.

我們認為它有可能真正設定下一個療效標準，我們知道有很多患者需要更多並準備好進行轉換。

And we think with our sub-q induction dose, we're going to have unrivaled flexibility.

我們認為，透過我們的 sub-q 誘導劑量，我們將擁有無與倫比的靈活性。

So the ability for sub-q induction and maintenance as well as the opportunity for IV.

因此，sub-q 歸納和維持的能力以及 IV 的機會。

So the launch right now is going very well in UC, and we're very excited and optimistic really looking forward to the upcoming launch in Crohn's in sub-q.

因此，目前在 UC 的推出進展順利，我們非常興奮和樂觀，非常期待即將在克羅恩病 sub-q 中推出。

And we've invested appropriate -- last part of the question, I think, was on pricing.

我們已經進行了適當的投資——我認為問題的最後一部分是關於定價的。

We've invested appropriately to make sure that we've got the right access for patients with TREMFYA so that as we launch, we've got the abilities when prescribers want to write for patients.

我們進行了適當的投資，以確保 TREMFYA 患者能夠獲得正確的使用權限，以便在我們推出時，當處方者想要為患者開藥時，我們就有能力。

We've got the access to be able to do so.

我們有能力這樣做。

And we're seeing that right now with very strong frontline commercial coverage for TREMFYA in UC as well as a permanent J code.

我們現在看到 TREMFYA 在 UC 的一線商業覆蓋範圍非常強大，並且有永久的 J 代碼。

So that is in and sort of factored into what we're seeing now.

這就是我們現在所看到的情況的一部分。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

Tim, how are you thinking about the growth of the med tech market in 2025 and J&J relative to the market?

Tim，您如何看待 2025 年醫療科技市場以及強生相對於市場的成長？

And what are you assuming for the EP business and VARIPULSE.

您對 EP 業務和 VARIPULSE 有何假設？

Thanks for taking the question.

感謝您提出問題。

Thank you, Larry, and appreciate your continued interest in our business.

謝謝您，拉里，並感謝您對我們業務的持續關注。

Let me start with the market we communicated that the enterprise business review that we saw our end markets growing roughly 5% to 7%.

讓我從我們傳達的市場開始，企業業務回顧我們看到我們的終端市場成長了大約 5% 到 7%。

As we look at procedures within the year to come, we believe that they have, for the most part, normalized.

當我們審視未來一年內的程序時，我們相信它們在很大程度上已經正常化。

You will recall that in the first half of last year, we expected some tailwinds on the back of clearing of the backlog, specifically in orthopedic procedures.

您可能還記得，去年上半年，我們預計在清理積壓訂單後會出現一些順風車，特別是在骨科手術方面。

We believe that for the most part around the world, procedures have normalized to pre-COVID levels, and we expect the same as we now move into 2025.

我們相信，世界上大部分地區的程序已正常化至新冠疫情前的水平，我們預計 2025 年的情況也會如此。

Specific to electrophysiology, I did want to firstly acknowledge that out of an abundance of caution, we recently announced a temporary pause of all US VARIPULSE case as while we investigate the root cause of four reported neurovascular events.

具體到電生理學，我確實想先承認，出於高度謹慎，我們最近宣布暫時暫停所有美國 VARIPULSE 病例，同時我們調查四起報告的神經血管事件的根本原因。

And Larry, while disappointing, this is an easy decision for us to align to our credo.

拉里（Larry）雖然令人失望，但對我們來說，這是一個符合我們信條的簡單決定。

Patient safety is always an absolute priority for us.

病患安全始終是我們的絕對優先事項。

And frankly, given that we are collaborating now with the FDA on this matter, this is all we will be sharing at this time.

坦白說，鑑於我們現在正在與 FDA 就此事進行合作，這就是我們此時將分享的全部內容。

We will proactively provide further updates when we have additional information to share.

當我們有更多資訊要分享時，我們將主動提供進一步的更新。

I do have -- I think it's important to remind everyone that this announcement is specific to the US, and there is no expected impact to VARIPULSE cases outside of the US where the rollout of the technology has been successful with approximately 3,000 commercial cases completed.

我確實有——我認為重要的是要提醒大家，這一聲明是針對美國的，預計不會對美國以外的VARIPULSE 案例產生影響，在美國以外的地區，該技術的推出已成功，已完成約3,000 個商業案例。

I do think important -- it's important to reinforce that while we are facing a headwind today, we have tremendous opportunity in the electrophysiology space.

我確實認為很重要——重要的是要強調，雖然我們今天面臨逆風，但我們在電生理學領域擁有巨大的機會。

It's an exciting market, as you know, with relatively low global penetration well under 5%, as you know, and an expanding market size due to aging populations.

如您所知，這是一個令人興奮的市場，全球滲透率相對較低，遠低於 5%，而且由於人口老化，市場規模不斷擴大。

Today, -- we have a $5 billion market-leading position in electrophysiology, which grew 14% in 2024, driven by commercial execution and a significant portfolio of new product introductions from QDOT to ultrasound, CARTO and more recently, VARIPULSE, partially offset by competitive PFA pressures, most notably here in the US.

如今，我們在電生理學領域擁有50 億美元的市場領先地位，在商業執行和從QDOT 到超音波、CARTO 以及最近的VARIPULSE 等一系列重要新產品的推動下，該數字到2024 年將增長14%，但部分被PFA 的競爭壓力，尤其是在美國。

Now we've been a market leader, as you know, Larry, for 20 years, and have an entrenched footprint with an installed base of over 5,000 CARTO systems, which is widely recognized as the benchmark and mapping software and a broad network of highly trained mappers and building on our success in navigation catheters and RF ablation in 2024, we launched our first PFA catheter VARIPULSE with strong initial feedback in Europe, Japan, and Canada.

現在，正如你所知，Larry，我們已經成為市場領導者20 年了，並擁有根深蒂固的足跡，已安裝超過5,000 個CARTO 系統，該系統被廣泛認為是基準和繪圖軟體以及廣泛的高度集成的網絡。

Additionally, similar to our success in our RF portfolio, we are expanding beyond that and we recently announced EU approval of the dual energy STSF catheter modeled on the RFS STSF catheter, which historically is the most widely used ablation catheter in the world.

此外，與我們在 RF 產品組合中取得的成功類似，我們正在不斷擴展，最近我們宣布歐盟批准了以 RFS STSF 導管為模型的雙能量 STSF 導管，該導管歷來是世界上使用最廣泛的消融導管。

We're also building on this and working on an omni pulse large tip focal catheter demonstrating our commitment to bring to market a comprehensive portfolio in PFA.

我們也在此基礎上開發全向脈衝大尖端焦點導管，這表明我們致力於將全面的 PFA 產品組合推向市場。

And so I will also say, Larry, it's not just in EP, we're also moving beyond AFib and we're working to enter the left atrial appendage closure market through the acquisition of Laminar which we announced in the fourth quarter of 2023.

所以我還要說，Larry，這不僅僅是在 EP 領域，我們還在超越 AFib，我們正在努力透過收購 Laminar 進入左心耳封堵器市場，我們在 2023 年第四季宣布收購 Laminar。

In summary, Larry, while we're facing short-term headwinds, as you know, especially here in the US, we are absolutely confident in our ability to retain our global market leadership position over the long term.

總而言之，拉里，正如你所知，雖然我們面臨短期阻力，尤其是在美國，但我們對長期維持全球市場領導地位的能力絕對有信心。

Thank you.

謝謝。

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

Great.

偉大的。

Thanks so much.

非常感謝。

I just had a two-parter on operating margins.

我剛剛在營業利潤方面有兩方合作。

I think you mentioned in the remarks about 150 basis points of improvement this year in process R&D.

我想您在發言中提到今年製程研發方面有150個基點的改進。

Can you just elaborate a little bit more on what's enabling that despite the lower top line growth and some of the negative product mix from STELARA.

您能否詳細說明儘管營收成長較低且 STELARA 的產品組合出現一些負面影響，但是什麼促成了這一點。

I guess, I'm trying to get at, should we be expecting OpEx to be down this year embedded in that guide?

我想，我想知道，我們是否應該預期該指南中的營運支出今年會下降？

And the second part was just beyond this year.

第二部分是今年剛過的。

Just help us think about the cadence of margin expansion as we think about 26 and beyond and top line reaccelerates.

請幫我們思考一下利潤率擴張的節奏，就像我們考慮 26 歲及以後以及收入重新加速一樣。

Thank you.

謝謝。

Yes.

是的。

Thanks for the question, Chris.

謝謝你的提問，克里斯。

With respect to the 150 basis improvement that wasn't related to year-on-year comparison from IP R&D I would say that's really part and parcel to what we've been doing for a couple of years now when we had a chance to separate the consumer health business out into its own company, we did take a look at the corporate infrastructure.

關於 150 個基點的改進，與 IP 研發的同比比較無關，我想說，這確實是我們幾年來一直在做的事情的重要組成部分，當時我們有機會分開在將消費者健康業務納入自己的公司後，我們確實研究了公司的基礎設施。

And as you know, we also prioritized our investments in Innovative Medicine and MedTech, specifically within those portfolios as well.

如您所知，我們還優先考慮了對創新醫學和醫療技術的投資，特別是在這些投資組合中。

So we became much more focused and you're starting to see the culmination of that this year.

因此，我們變得更加專注，今年你將開始看到這一點的頂峰。

.

。

You might have noticed in MedTech last year, we did have some restructuring charges related to some orthopedic moves that we made, getting out of certain markets that were less profitable improving our infrastructure around manufacturing.

您可能已經注意到，去年在醫療科技領域，我們確實有一些與我們所做的一些整形外科舉措相關的重組費用，我們退出了某些利潤較低的市場，改善了我們的製造基礎設施。

Those are starting to come home to roost, so to speak.

可以說，這些已經開始回歸家園了。

In Innovative Medicine, obviously, prioritizing most of our investment into what I would call our -- our thorough breads within the stable, so oncology, immunology, neuroscience, as you can tell.

顯然，在創新醫學方面，我們的大部分投資優先考慮我所說的——我們穩定的徹底麵包，所以腫瘤學、免疫學、神經科學，正如你所知。

And we have invested in technology over the last few years in a pretty significant way.

過去幾年我們對科技進行了大量投資。

There's still more investment to come, but that's starting to yield some benefits as well in terms of efficiency around the organization.

未來還會有更多的投資，但這也開始在組織的效率上產生一些好處。

So we knew for a few years now that STELARA would face biosimilar competition.

因此，我們幾年前就知道 STELARA 將面臨生物相似藥的競爭。

And so we had to be prepared, and this is kind of how the organization has gone about it.

所以我們必須做好準備，這就是該組織的做法。

As far as 26 and beyond, I think I'd go back to the comments I made with respect to operating margin and probably EPS growth overall that, that will be commensurate with sales.

至於 26 及以後，我想我會回到我對營業利潤率和每股盈餘成長的評論，這將與銷售額相稱。

So that should be a positive outlook.

所以這應該是一個積極的前景。

As you know, this year, we're calling for 3% operational growth despite a multibillion-dollar headwinds.

如您所知，儘管面臨數十億美元的阻力，今年我們仍呼籲實現 3% 的營運成長。

Most organizations would be looking to contract both probably top and bottom line.

大多數組織都會尋求收縮頂線和底線。

Here, we are growing 3% on the top line operationally and about 9% on the bottom line.

在這裡，我們的營運收入成長了 3%，淨利潤成長了約 9%。

I think you could look for maybe a little bit better equilibrium in 26 and beyond, but with an expectation that we'd have some higher sales growth.

我認為你可以在 26 年及以後尋求更好的平衡，但期望我們會有更高的銷售成長。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

Thank you.

謝謝。

Good morning, everybody.

大家早安。

It's on behalf of Chris Shibutani and myself here.

我代表 Chris Shibutani 和我本人。

I wanted to come back to just the overall MedTech strategy.

我想回到整體醫療技術策略。

And I appreciate that you exited the year over the 7% number that you had previously communicated as the high end of the range.

我很感激你們今年退出時的成長率超過了你們之前所說的最高值 7%。

But when you pick that apart a little bit, clearly, a big percentage of that does come from M&A, I think with ex M&A, the organic number being below the 5% to 7%.

但當你稍微分開時，很明顯，其中很大一部分確實來自併購，我認為對於前併購，有機數字低於 5% 到 7%。

So can you maybe just walk through a little bit how you think about the organic investment in the business versus inorganic contribution to that number long term, especially when you start to look at some of the more established franchises of that surgery or orthopedics on your end market?

那麼，您能否簡單介紹一下您如何看待業務中的有機投資與長期無機投資對這一數字的貢獻，特別是當您開始考慮該手術或骨科的一些更成熟的特許經營權時市場？

And then if I just speak in accounting one on one here.

然後，如果我在這裡一對一地談論會計。

I just want to confirm there is no revenue recognition reversal charges in the EP numbers this quarter for VARIPULSE.

我只是想確認本季 VARIPULSE 的 EP 數據中沒有收入確認沖銷費用。

David, thank you for the question.

大衛，謝謝你的提問。

And we could not be more thrilled with the performance that we delivered in 2024.

我們對 2024 年的表現感到無比興奮。

And while there are opportunities, we delivered almost $32 billion of sales at an operational growth rate of 6.2%.

雖然存在機遇，但我們實現了近 320 億美元的銷售額，營運成長率為 6.2%。

When you take out impact of Shockwave, that's 4.7%.

如果除去衝擊波的影響，則為 4.7%。

And let me be very clear that we remain very confident in our expectations communicated at the EBR.

我要明確表示，我們對 EBR 傳達的期望仍然充滿信心。

And as a reminder, we expect our end markets to grow between 5% and 7% on a weighted average basis between 22 and 27.

提醒一下，我們預計終端市場在 22 至 27 年間的加權平均成長率將在 5% 至 7% 之間。

And we expect to deliver an operational CAGR in the upper end of the range over that period.

我們預計在此期間的營運複合年增長率將處於該範圍的上限。

In 2024, 6.2%, as I mentioned, and we're pleased with the continued double-digit growth in cardiovascular, both within our core electrophysiology business and our new acquisitions in Abiomed and Shockwave, which I referenced earlier.

正如我所提到的，到2024 年，將達到6.2%，我們對心血管領域持續兩位數的增長感到高興，無論是在我們的核心電生理學業務中，還是在我之前提到的Abiomed 和Shockwave的新收購中。

We're also proud of the continuous improvements in Ortho.

我們也為 Ortho 的持續改進感到自豪。

This is a business that historically was a laggard to MedTech, but tremendous improvements, especially with the mid-single-digit growth in hips and knees and continued innovation with our enabling technologies and specifically in VELYS.

這項業務歷來落後於 MedTech，但取得了巨大進步，尤其是臀部和膝蓋的中個位數成長，以及我們的支援技術（特別是 VELYS）的持續創新。

We're also encouraged by the continuous improvements in Vision, another core business.

我們也對另一項核心業務 Vision 的持續改進感到鼓舞。

And as you know, we had a slower start to 2024, but we saw that improve throughout the year, culminating in operational growth rate in the fourth quarter of 9.1%.

如您所知，2024 年開局較慢，但我們看到全年情況有所改善，最終第四季度的營運成長率達到 9.1%。

That said, as you know too well, we do have some short-term headwinds near-term competitive pressures in US EP as one; and secondly, continued headwinds in China, which we've mentioned in 2025 will continue to be a headwind, and we have included that in our estimates.

這就是說，正如您所知道的那樣，我們在美國環保局確實面臨一些短期阻力，即近期的競爭壓力；其次，中國的持續阻力，我們已經提到到 2025 年將繼續是阻力，我們已將其納入我們的估計中。

As we look to the year ahead, we don't provide guidance by sector, as you know, but we're confident that continued growth will be driven by our tremendous portfolio of new products, specifically VARIPULSE, our TECNIS premium IOLs, ACUVUE OASYS MAX and contact lens, VELYS portfolio in ortho, our STRATAFIX portfolio and barbed sutures, and our broad-based hemostats in surgery.

如您所知，展望未來一年，我們不會按行業提供指導，但我們相信，我們龐大的新產品組合將推動持續增長，特別是 VARIPULSE、我們的 TECNIS 優質人工水晶體、ACUVUE OASYS MAX 和隱形眼鏡、矯正器中的VELYS 產品組合、我們的STRATAFIX 產品組合和倒鉤縫合線，以及我們在外科手術中的廣泛止血劑。

We also believe that our recent acquisitions of Shockwave and Abiomed, as I mentioned earlier, will continue to perform exceptionally well fueled by multiple new products, new indications, and a rapidly growing body of clinical evidence.

正如我之前提到的，我們也相信，在多種新產品、新適應症和快速成長的臨床證據的推動下，我們最近收購的 Shockwave 和 Abiomed 將繼續表現出色。

I will say that it's important as you think about 2025 to recognize, as Joe mentioned earlier, that we expect to see an acceleration in the back half.

我想說的是，當你考慮 2025 年時，重要的是要認識到，正如喬之前提到的，我們預計會在後半段看到加速。

We are seeing some tough comparators when we compare to 2024.

當我們與 2024 年進行比較時，我們看到了一些艱難的比較。

A couple of factors will be a positive onetime change in revenue recognition in our ortho business, inventory builds outside of the US and electrophysiology, and finally, headwinds related to selling days versus prior year.

有幾個因素將包括我們的骨科業務收入確認的一次性積極變化、美國以外的庫存建設和電生理學，以及最後與前一年相比與銷售天數相關的不利因素。

And so we would recommend, that you, encourage you to consider these in your statements for the year ahead.

因此，我們建議您、鼓勵您在未來一年的聲明中考慮這些內容。

And maybe, David, just to cap off, you asked a specific question around accounting reversal and whether that had any impact on the quarter.

也許，大衛，最後，你問了一個關於會計逆轉的具體問題，以及這是否對本季產生任何影響。

There was none related to VARIPULSE.

沒有與 VARIPULSE 相關的資訊。

Thanks, David, and thanks to everyone for your questions and your continued interest in our company.

謝謝大衛，也謝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, but don't hesitate to reach out to the Investor Relations team with any remaining questions that you may have.

對於因時間因素無法聯繫的人，我們深表歉意，但如果您還有任何疑問，請隨時聯繫投資者關係團隊。

I'll now turn the call over to Joaquin for some brief closing remarks.

現在我將把電話轉給華金，讓他做一些簡短的結束語。

Thank you.

謝謝。

Thank you, Jason, and thank you, everyone, for joining the call today.

謝謝傑森，也謝謝大家今天加入電話會議。

As you have heard, we are ready for 2025, a year that will solidify our strength and lead to elevated performance for the balance of the decade.

正如您所聽說的，我們已經為 2025 年做好了準備，這一年將鞏固我們的實力，並在接下來的十年中提高我們的業績。

Enjoy the rest of the day.

享受這一天剩下的時間。

Thank you.

謝謝。

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

今天強生公司 2024 年第四季財報電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。