嬌生 (JNJ) 2025 Q1 法說會逐字稿

Good morning and welcome to Johnson & Johnson's first quarter 2025 earnings conference call. (Operator Instructions) I now turn the conference call over to Johnson & Johnson. You may begin.

早安，歡迎參加強生 2025 年第一季財報電話會議。（操作員指示）現在我將電話會議轉給強生公司。你可以開始了。

Hello, everyone. This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson. Welcome to our company's review of business results for the first quarter of 2025, and our updated financial outlook.

大家好。我是強生公司投資者關係副總裁傑西卡·摩爾。歡迎閱讀我們公司 2025 年第一季業務業績回顧以及最新的財務展望。

A few logistics before we get into the details. As a reminder, you can find additional materials, including today's presentation and associated schedules on the Investor Relations section of the Johnson & Johnson website at investor.jnj.com.

在我們討論細節之前，先了解一些後勤事宜。提醒一下，您可以在強生公司網站 investor.jnj.com 的投資者關係部分找到更多資料，包括今天的簡報和相關時間表。

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

請注意，本簡報包含有關公司未來營運和財務績效、市場地位和業務策略等方面的前瞻性陳述。請注意不要依賴這些前瞻性陳述，這些陳述是基於使用截至本記錄日期可用的資訊對未來事件的當前預期，並受某些風險和不確定性的影響，這些風險和不確定性可能導致公司的實際結果與預測有重大差異。

A description of these risks, uncertainties, and other factors can be found in our SEC filings, including our 2024 Form 10-K, which is available at investor.jnj.com and on the SEC's website. Additionally, several of the products and compounds discussed today are being developed in collaboration with strategic partners or licensed from other companies. This slide acknowledges those relationships.

這些風險、不確定性和其他因素的描述可以在我們的 SEC 文件中找到，包括我們的 2024 年 10-K 表格，可在 investor.jnj.com 和 SEC 網站上找到。此外，今天討論的幾種產品和化合物正在與策略合作夥伴合作開發或從其他公司獲得許可。這張投影片承認了這些關係。

Moving to today's agenda. Joaquin Duato, our Chairman and CEO, will open with a few comments on our performance and key catalysts for the company. John Reed, our Executive Vice President, Innovative Medicine, R&D, will highlight recent data from select assets.

轉到今天的議程。我們的董事長兼執行長 Joaquin Duato 將對我們的業績和公司的關鍵推動因素發表一些評論。我們的創新醫學研發執行副總裁 John Reed 將重點介紹精選資產的最新數據。

I will then review the first quarter sales and P&L results. Joe Wolk, our CFO, will then close by sharing an overview of our cash position, capital allocation priorities, and guidance for 2025. Jennifer Taubert, Executive Vice President, Worldwide Chairman, Innovative Medicine; and Tim Schmid, Executive Vice President, Worldwide Chairman, MedTech, will be joining us for Q&A.

然後我將回顧第一季的銷售和損益結果。最後，我們的財務長喬·沃爾克 (Joe Wolk) 將概述我們的現金狀況、資本配置重點以及 2025 年的指導。Jennifer Taubert，創新醫學執行副總裁、全球主席； MedTech 執行副總裁兼全球主席 Tim Schmid 將與我們一起參與問答。

To ensure we provide enough time to address your questions, we anticipate the webcast will last slightly over 60 minutes. With that, I will now turn the call over to Joaquin.

為了確保我們有足夠時間解答您的問題，我們預計網路直播將持續 60 分鐘以上。說完這些，我現在將電話轉給華金。

Thank you, Jess and hello everyone. In the first quarter, we delivered strong operational sales growth of 4.2% across our business. Our Q1 performance reinforces my confidence in our 2025 guidance and reflects the strength of Johnson & Johnson's uniquely diversified business, with year-over-year sales increases in both our Innovative Medicine and MedTech sectors.

謝謝你，傑西，大家好。第一季度，我們整個業務的營運銷售額實現了 4.2% 的強勁成長。我們第一季的業績增強了我對 2025 年指引的信心，並反映了強生獨特多元化業務的實力，創新醫藥和醫療科技領域的銷售額均同比增長。

No other healthcare company has delivered growth through the first year of losing exclusivity for a multi-billion dollar product, in our case, STELARA, and yet that is exactly what we are doing. Our resiliency is a testament to what makes us unique. We are not just a pharmaceutical company or a MedTech company, we are a healthcare company, innovating across the full spectrum of disease.

沒有其他醫療保健公司能夠在失去價值數十億美元的產品（就我們而言，就是 STELARA）的獨家經營權的第一年就實現增長，但這正是我們正在做的事情。我們的韌性證明了我們的獨特之處。我們不僅是一家製藥公司或醫療科技公司，我們也是一家醫療保健公司，致力於全方位疾病領域的創新。

Our consistent strong performance is a testament to our capabilities across commercial, R&D, and supply chain. It is also a reflection of our strength in execution, which you can see in our quarterly results. We have described 2025 as a catalyst year. It is a year that will set us up for accelerated growth through the second half of the decade and beyond.

我們持續強勁的表現證明了我們在商業、研發和供應鏈方面的能力。這也反映了我們的執行力，您可以從我們的季度業績中看到這一點。我們將 2025 年描述為催化之年。這將是我們為未來五年及以後的加速成長奠定基礎的一年。

In Q1, the power of our portfolio and pipeline was on full display. In Innovative Medicine, we delivered 4.2% operational sales growth despite an approximate 810 basis points headwind from STELARA, with 11 key brands growing double digits.

在第一季度，我們的產品組合和通路實力得到了充分展現。在創新藥物領域，儘管受到 STELARA 約 810 個基點的阻力，我們的營運銷售額仍成長 4.2%，其中 11 個主要品牌達到兩位數成長。

With our third consecutive quarter of sales above $3 billion, DARZALEX continues to set the standard in multiple myeloma with another quarter of over 20% growth. In fact, just last week, we expanded our DARZALEX indication in Europe with the approval of DARZALEX based quadruplet regimen for patients with newly diagnosed multiple myeloma, regardless of transplant eligibility.

DARZALEX 連續第三個季度的銷售額超過 30 億美元，繼續在多發性骨髓瘤領域樹立標準，並連續一個季度實現超過 20% 的成長率。事實上，就在上週，我們在歐洲擴大了 DARZALEX 的適應症，批准以 DARZALEX 為基礎的四聯療法治療新診斷的多發性骨髓瘤患者，無論其是否符合移植資格。

It is further proof of the impact of this medicine, which together with CARVYKTI, TALVEY and TECVAYLI is changing the conversation from treating to progression to treating to cure. Other significant oncology portfolio advancements in Q1 included Phase 3 data presented at ELCC last month, showing RYBREVANT plus LAZCLUZE extended overall survival by more than one year versus the current standard of care in first-line EGFR mutated lung cancer.

這進一步證明了該藥物的功效，它與 CARVYKTI、TALVEY 和 TECVAYLI 一起將討論的重點從治療進展轉變為治療治癒。第一季其他重要的腫瘤學組合進展包括上個月在 ELCC 上公佈的 3 期數據，該數據顯示，與目前的一線 EGFR 突變肺癌標準治療相比，RYBREVANT 加 LAZCLUZE 可將總生存期延長一年以上。

And last week, the European Commission approved subcutaneous RYBREVANT in combination with LAZCLUZE for the treatment of EGFR mutated non-small cell lung cancer. This was an important milestone for patients as subcutaneous RYBREVANT reduces administration time from hours to minutes.

上週，歐盟委員會批准皮下注射 RYBREVANT 與 LAZCLUZE 聯合用於治療 EGFR 突變的非小細胞肺癌。這對患者來說是一個重要的里程碑，因為皮下注射 RYBREVANT 將給藥時間從幾小時縮短到幾分鐘。

Our aspiration is for RYBREVANT to LAZCLUZE to become the new standard of care for these patients, and you can see our progress in Q1. In immunology, we are seeing the impact of TREMFYA's entry into inflammatory bowel disease, with our launch in ulcerative colitis, helping accelerate operational sales growth to 20%. And with our recent FDA approval in colon disease, I'm more confident than ever that this blockbuster drug will become the gold standard for IBD patients and a $10 billion plus product.

我們的願望是讓 RYBREVANT 到 LAZCLUZE 成為這些患者的新護理標準，您可以在第一季看到我們的進展。在免疫學領域，我們看到了 TREMFYA 進入發炎性腸道疾病領域的影響，隨著我們在潰瘍性結腸炎領域的推出，有助於將營運銷售成長加速至 20%。隨著我們最近獲得 FDA 批准用於治療結腸疾病，我比以往任何時候都更有信心，這種重磅藥物將成為 IBD 患者的黃金標準和價值 100 億美元以上的產品。

Turning to MedTech. In Q1, we delivered 4.1% operational sales growth with strong performance in our recently acquired cardiovascular businesses Abiomed and Shockwave as well as in surgical vision and wound closure.

轉向醫療技術。在第一季度，我們實現了 4.1% 的營運銷售額成長，這得益於我們最近收購的心血管業務 Abiomed 和 Shockwave 以及外科視覺和傷口閉合業務的強勁表現。

In addition to their contribution to MedTech growth, Abiomed and Shockwave continue to meet deal model expectations and both announced important portfolio milestones this quarter. This included updates to the American College of Cardiology and American Heart Association guidelines for our Impella heart pump, which based on evidence from the DanGer Shock trial was upgraded from Class 2b to Class 2a.

除了對醫療科技成長的貢獻外，Abiomed 和 Shockwave 還繼續滿足交易模型預期，並且在本季度都宣布了重要的投資組合里程碑。這包括對美國心臟病學會和美國心臟協會針對我們的 Impella 心臟泵的指南進行更新，根據 DanGer Shock 試驗的證據，該指南從 2b 級升級到 2a 級。

And in Shockwave, the team launched the first of its kind, Javelin Peripheral IVL catheter for the treatment of difficult to cross lesions in peripheral artery disease. In electrophysiology, we resumed US VARIPULSE cases. And to date, we have completed more than 5,500 cases globally.

在 Shockwave 中，團隊推出了同類首創的 Javelin Peripheral IVL 導管，用於治療週邊動脈疾病中難以穿過的病變。在電生理學方面，我們恢復了美國 VARIPULSE 病例。到目前為止，我們已經在全球完成了 5,500 多起案件。

Turning to surgery. We recently announced we have started OTTAVA clinical trials with a procedure that supports submission for US FDA de novo in general surgery with an indication for multiple upper abdomen procedures.

轉向手術。我們最近宣布，我們已經啟動了 OTTAVA 臨床試驗，該試驗程序支持向美國 FDA 提交普通外科手術的從頭申請，適用於多種上腹部手術。

This is an important milestone as we continue to strengthen our presence in robotic surgery. Beyond our existing portfolio and pipeline, we also fortified our leadership as an innovation powerhouse with two major announcements.

這是我們持續加強在機器人手術領域影響力的重要里程碑。除了我們現有的產品組合和產品線之外，我們還透過兩項重大公告鞏固了我們作為創新強國的領導地位。

In March, we announced our commitment to invest more than $55 billion in the US over the next four years in manufacturing, R&D, and technology. This represents a 25% increase in investment compared to the previous four years.

今年三月，我們宣布承諾未來四年在美國投資超過 550 億美元用於製造、研發和科技領域。與前四年相比，投資增加了25%。

It builds upon the company's already elevated commitment to the US economy while expanding our capacity to manufacture next generation medicine and devices for patients in America and around the world.

它建立在公司對美國經濟的更高承諾的基礎上，同時擴大了我們為美國和世界各地的患者生產下一代藥物和設備的能力。

The investment includes four planned new manufacturing facilities, the first of which broke ground last month in North Carolina. And at the beginning of April, we announced the completion of our acquisition of Intra-Cellular Therapies, which extends Johnson & Johnson's industry leading portfolio in central nervous system disorders.

這項投資包括計畫中的四個新製造工廠，其中第一個已在上個月在北卡羅來納州破土動工。四月初，我們宣布完成對 Intra-Cellular Therapies 的收購，這擴大了強生在中樞神經系統疾病領域的領先產品組合。

With the addition of CAPLYTA, we have expanded our lineup of therapies with at least $5 billion plus potential in peak year sales, further solidifying sales growth above analyst expectations now through the rest of the decade.

隨著 CAPLYTA 的加入，我們擴大了治療產品線，高峰年銷售額至少有 50 億美元以上的潛力，進一步鞏固了目前和未來十年高於分析師預期的銷售成長。

Turning to the Talc bankruptcy ruling. As we shared a few weeks ago, we will return to the tort system where we expect continual success in litigating these meritless claims. In terms of next steps, we will immediately pursue our motions pending in the multi-district litigation to exclude plaintiffs experts known as the Daubert challenge.

談到 Talc 破產裁決。正如我們幾週前所分享的，我們將回到侵權法制度，我們期望在對這些毫無根據的索賠進行訴訟時能夠不斷取得成功。就下一步行動而言，我們將立即推進跨地區訴訟中未決的動議，以排除原告專家，即所謂的 Daubert 挑戰。

And finally, as announced this morning, we increased our dividend for the 63rd consecutive year, which we know is important to our shareholders. We had a strong start to 2025, and I'm looking forward to sharing many more successes throughout the year.

最後，正如今天早上宣布的那樣，我們連續第 63 年增加股息，我們知道這對我們的股東很重要。我們在 2025 年取得了良好的開端，我期待在全年分享更多成功。

Recognizing that there have been many important milestones and data readouts in the quarter, I will now pass the call to John Reed for an Innovative Medicine R&D update.

認識到本季已經有許多重要的里程碑和數據讀數，我現在將電話轉給約翰·里德 (John Reed)，以了解創新藥物研發的最新進展。

Thank you, Joaquin. I'm excited to share a few highlights from our industry leading Innovative Medicine pipeline that occurred throughout the quarter. With the successful acquisition of Intra-Cellular, I want to focus on CAPLYTA, a remarkable medicine with balanced pharmacology that delivers robust efficacy, combined with a favorable tolerability profile for neuropsychiatric disorders.

謝謝你，華金。我很高興與大家分享本季我們業界領先的創新藥物管道的一些亮點。隨著成功收購 Intra-Cellular，我想專注於 CAPLYTA，這是一種具有均衡藥理學的卓越藥物，具有強大的療效，並且對神經精神疾病具有良好的耐受性。

CAPLYTA is already approved for the treatment of schizophrenia and is the only medicine approved for the treatment of depression in both bipolar 1 and 2 as either monotherapy or adjunctive therapy.

CAPLYTA 已被批准用於治療精神分裂症，並且是唯一獲準作為單一療法或輔助療法治療雙相情感障礙 1 型和 2 型憂鬱症的藥物。

On this slide, we're sharing data for major depressive disorder, showing very impressive and consistent improvements in the standard depression scoring metric MADRS in both Phase 3 studies that served as the basis for submission of the supplemental new drug application to the FDA. We anticipate approval of CAPLYTA later this year as an adjunctive treatment for major depressive disorder, representing the largest of the indications for novel antidepressant drugs today.

在這張投影片上，我們分享了重度憂鬱症的數據，數據顯示，在兩項 3 期研究中，標準憂鬱評分指標 MADRS 都有了非常顯著且持續的改善，這兩項研究作為向 FDA 提交補充新藥申請的基礎。我們預計 CAPLYTA 將於今年稍後獲準作為重度憂鬱症的輔助治療，這是當今新型抗憂鬱藥物最大的適應症。

Turning to oncology. We are so excited about our recent overall survival data for RYBREVANT plus LAZCLUZE in first-line non-small cell lung cancer, harboring EGF receptor gene mutations. Non-small cell lung cancer is the most prevalent type of lung cancer, making up about 85% of lung cancer diagnosis.

轉向腫瘤學。我們對 RYBREVANT 合併 LAZCLUZE 治療一線非小細胞肺癌（存在 EGF 受體基因突變）的最新整體存活數據感到非常興奮。非小細胞肺癌是最常見的肺癌類型，約佔肺癌診斷的85%。

Sadly, less than 20% of people diagnosed with this form of the disease are alive after five years and only a fraction live long enough to try a second treatment. That's why it is so important to use the best treatment first.

可悲的是，被診斷出患有這種疾病的人中，只有不到 20% 的人在五年後還活著，而且只有一小部分人能夠活到嘗試第二種治療的時間。這就是為什麼首先採用最佳治療方法如此重要。

In a head-to-head study against today's standard of care, our RYBREVANT plus LAZCLUZE regimen improved overall survival by more than a year with the Kaplan-Meier survival curves continuing to separate at 37.8 months median follow-up.

在與當今治療標準進行的正面對比研究中，我們的 RYBREVANT 加 LAZCLUZE 方案將總體生存期延長了一年多，Kaplan-Meier 生存曲線在 37.8 個月的中位隨訪時間繼續分離。

With RYBREVANT's triple mechanism of action, we're looking to reset the standard five year survival expectations in a never before seen way. In simplest terms, we are giving patients more hope that they may live to celebrate another birthday, anniversary, or other important family event, a truly practice-changing achievement.

透過 RYBREVANT 的三重作用機制，我們希望以前所未有的方式重新設定標準的五年生存預期。簡單來說，我們給予患者更多的希望，讓他們能夠活著慶祝另一個生日、週年紀念日或其他重要的家庭事件，這是一項真正改變實踐的成就。

Now moving on to immunology. I draw your attention to the recent FDA approval of TREMFYA in Crohn's disease, our fourth indication for TREMFYA. TREMFYA is currently the only IL-23 inhibitor, with the flexibility of subcutaneous administration for both induction and maintenance dosing for the treatment of Crohn's disease, which means patients can start their treatment by self-administering with results as rapid and robust as receiving the IV in a clinic or doctor's office.

現在轉到免疫學。我提請您注意，FDA 最近批准 TREMFYA 用於治療克羅恩病，這是 TREMFYA 的第四個適應症。TREMFYA 是目前唯一一種 IL-23 抑制劑，可透過皮下給藥靈活地進行誘導和維持劑量治療克羅恩病，這意味著患者可以透過自我給藥開始治療，其效果與在診所或醫生辦公室接受靜脈注射一樣快速和有效。

Additionally, in a recent head-to-head study in adult patients with moderately to severely active Crohn's disease, TREMFYA demonstrated superiority versus STELARA in all pooled endoscopic endpoints. As the only dual-acting IL-23 inhibitor, TREMFYA neutralizes IL-23, while also binding to CD64 and immune cells that produce IL-23, thus localizing TREMFYA right at the source of inflammation. TREMFYA continues to offer an exceptional solution for patients struggling with inflammatory bowel disease.

此外，在最近針對中度至重度活動性克隆氏症成年患者的頭對頭研究中，TREMFYA在所有合併內視鏡終點中均表現出優於STELARA。作為唯一具有雙重作用的 IL-23 抑制劑，TREMFYA 可中和 IL-23，同時也能與 CD64 和產生 IL-23 的免疫細胞結合，將 TREMFYA 定位於發炎源頭。TREMFYA 持續為患有發炎性腸道疾病的患者提供卓越的解決方案。

Lastly, highlighting some of our latest data for our investigational oral IL-23 pathway inhibitor, icotrokinra, we are aiming to redefine the standard of care for people living with plaque psoriasis. Icotrokinra is the first and only targeted oral peptide that selectively blocks the IL-23 receptor.

最後，重點介紹我們正在研究的口服 IL-23 通路抑制劑 icotrokinra 的一些最新數據，我們的目標是重新定義斑塊狀乾癬患者的護理標準。Icotrokinra 是第一個也是唯一一個選擇性阻斷 IL-23 受體的標靶口服勝肽。

In two placebo-controlled Phase 3 studies, icotrokinra demonstrated impressive complete skin clearance and a favorable safety profile in a once daily pill. Our Phase 3 data demonstrated that nearly half of adult patients and three quarters of adolescents with moderate to severe plaque psoriasis treated with icotrokinra achieved completely clear skin by week 24.

在兩項安慰劑對照的 3 期研究中，icotrokinra 在每日一次的藥丸中表現出令人印象深刻的完全皮膚清除效果和良好的安全性。我們的 3 期數據表明，使用伊曲金滯素治療的中度至重度斑塊狀銀屑病成年患者中，近一半和四分之三的青少年患者在第 24 週時皮膚完全潔淨。

We also reported that icotrokinra achieved the prespecified endpoints in additional Phase 3 psoriasis studies, comparing our molecule head-to-head with the most commonly prescribed TYK2 inhibitor. Those data will be shared in an upcoming medical Congress.

我們還報告稱，在額外的 3 期牛皮癬研究中，icotrokinra 達到了預定的終點，將我們的分子與最常用的 TYK2 抑制劑進行了正面比較。這些數據將在即將召開的醫學大會上分享。

Looking forward, we are initiating the first ever head-to-head study seeking to demonstrate the superiority of a pill, icotrokinra, compared to an injectable biologic, STELARA, in moderate to severe plaque psoriasis, representing an important step forward in psoriasis research. As a reminder, we intend to file icotrokinra for approval later this year.

展望未來，我們正在啟動有史以來第一項頭對頭研究，旨在證明藥片伊科曲滯素相對於注射生物製劑 STELARA 在治療中度至重度斑塊狀銀屑病方面的優越性，這代表著銀屑病研究向前邁出的重要一步。提醒一下，我們打算在今年稍後提交 icotrokinra 的批准。

Finally, beyond psoriasis, we recently announced positive top line results from ANTHEM-UC, our Phase 2b study of icotrokinra in adults with moderate to severe ulcerative colitis. That study showed that icotrokinra achieved impressive clinical remission rates, combined with a favorable safety profile, again, dosed as a once-daily pill.

最後，除了牛皮癬之外，我們最近還宣布了 ANTHEM-UC 的積極頂線結果，這是我們對 icotrokinra 治療中度至重度潰瘍性結腸炎成人患者的 2b 期研究。該研究表明，伊考金滯素取得了令人印象深刻的臨床緩解率，同時具有良好的安全性，並且同樣以每日一次的劑量服用。

With all this progress, you can understand why we continue to be excited about the potential of icotrokinra to transform the treatment paradigm for patients battling with autoimmune diseases. Overall, across all our therapeutic areas, we are absolutely thrilled with the progress that our pipeline has made in the first quarter of this year, and we are eager to report on other significant milestones scheduled for the remainder of 2025.

有了這些進展，你就可以理解為什麼我們繼續對伊曲金滯素改變自體免疫疾病患者治療模式的潛力感到興奮。總體而言，在我們所有的治療領域，我們對今年第一季我們的產品線所取得的進展感到非常高興，並且我們渴望報告計劃在 2025 年剩餘時間內實現的其他重要里程碑。

And now I will turn the call over to Jess.

現在我將把電話轉給傑西。

Thank you, John. Moving to our financial results. Unless otherwise stated, the percentages quoted represent operational results, and therefore exclude the impact of currency translation. Starting with Q1 2025 sales results. Worldwide sales were $21.9 billion for the quarter.

謝謝你，約翰。轉向我們的財務表現。除非另有說明，而引用的百分比代表經營業績，因此不包括貨幣換算的影響。從 2025 年第一季的銷售業績開始。本季全球銷售額為 219 億美元。

Sales increased 4.2% despite an approximate 470 basis point headwind from STELARA. Growth in the US was 5.9% and 2.1% outside of the US. Worldwide growth was positively impacted by 90 basis points due to acquisitions and divestitures.

儘管受到 STELARA 約 470 個基點的不利影響，銷售額仍成長了 4.2%。美國國內成長率為 5.9%，美國以外地區成長率為 2.1%。由於收購和資產剝離，全球成長受到 90 個基點的正面影響。

Turning now to earnings. For the quarter, net earnings were $11 billion, and diluted earnings per share was $4.54, versus diluted earnings per share of $1.34 a year ago, primarily driven by the reversal of $7 billion related to the Talc settlement proposal.

現在談談收益。本季淨利潤為 110 億美元，每股攤薄收益為 4.54 美元，而去年每股攤薄收益為 1.34 美元，這主要由於與 Talc 和解方案相關的 70 億美元逆轉所致。

Excluding after tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $6.7 billion, and adjusted diluted earnings per share was $2.77, representing increases of 1.9% and 2.2%, respectively, compared to the first quarter of 2024.

不包括兩個期間的稅後無形資產攤銷費用和特殊項目，本季調整後的淨收益為 67 億美元，調整後的每股攤薄收益為 2.77 美元，分別較 2024 年第一季增長 1.9% 和 2.2%。

We are proud to deliver bottom line growth despite the loss of exclusivity of STELARA and the impact of Part D redesign. I will now comment on business sales performance in the quarter. Beginning with Innovative Medicine. Worldwide sales of $13.9 billion increased 4.2%, despite an approximate 810 basis point headwind from STELARA. Growth in the US was 6.3% and 1.5% outside of the US.

儘管失去了 STELARA 的獨家經營權，並且受到 D 部分重新設計的影響，我們仍然自豪地實現了底線增長。我現在將對本季的業務銷售業績進行評論。從創新醫學開始。儘管受到 STELARA 約 810 個基點的不利影響，全球銷售額仍成長 4.2%，達到 139 億美元。美國國內成長率為 6.3%，美國以外地區成長率為 1.5%。

Starting with oncology. DARZALEX growth was 22.5%, primarily driven by continued share gains of approximately 3 points across all lines of therapy and approximately 5 points in the frontline setting as well as market growth.

從腫瘤學開始。DARZALEX 成長了 22.5%，主要得益於所有治療系列的份額持續增長約 3 個百分點、一線治療的份額持續增長約 5 個百分點以及市場增長。

CARVYKTI achieved sales of $369 million and growth of over 100%, driven by share gains and capacity expansion. This reflects sequential growth of 10.5% as we continue to expand outside of the US. TECVAYLI and TALVEY growth was 15% and 50.2%, respectively, reflecting strong launches in the relapsed refractory setting.

在市佔率成長和產能擴張的推動下，CARVYKTI 的銷售額達到 3.69 億美元，成長率超過 100%。這反映出我們在美國以外持續擴張，實現了 10.5% 的連續成長。TECVAYLI 和 TALVEY 的成長率分別為 15% 和 50.2%，反映出復發難治性治療領域的強勁表現。

Patient demand remained strong despite continued adoption of longer dosing intervals. ERLEADA continued to deliver strong growth of 14.6% despite the impact of Part D redesign, primarily driven by share gains and market growth. RYBREVANT plus LAZCLUZE continued its strong launch trajectory with sales of $141 million and growth over 100%.

儘管繼續採用更長的給藥間隔，但患者的需求仍然強勁。儘管受到 D 部分重新設計的影響，ERLEADA 仍繼續實現 14.6% 的強勁成長，這主要得益於市場份額的成長和市場的成長。RYBREVANT 和 LAZCLUZE 延續了強勁的上市軌跡，銷售額達 1.41 億美元，成長率超過 100%。

Within immunology, TREMFYA delivered growth of 20.1% despite the impact of Part D redesign, driven by share gains and market growth across all indications, including our newly launched indication in ulcerative colitis.

在免疫學領域，儘管受到 D 部分重新設計的影響，Tremfya 仍實現了 20.1% 的增長，這得益於所有適應症的份額增長和市場增長，包括我們新推出的潰瘍性結腸炎適應症。

STELARA declined 32.3% driven by the impact of biosimilar competition and Part D redesign. As a reminder, REMICADE and SIMPONI distribution rights in Europe were returned in Q4. This positively impacted results in the quarter and is anticipated to continue for the remainder of the year. REMICADE sales also include a one-time patient mix benefit in the US.

受生物相似藥競爭和 D 部分重新設計的影響，STELARA 下跌了 32.3%。提醒一下，REMICADE 和 SIMPONI 在歐洲的分銷權已於第四季歸還。這對本季的業績產生了積極影響，預計這種影響將持續到今年剩餘時間。REMICADE 的銷售還包括在美國一次性的患者混合福利。

In neuroscience, SPRAVATO growth of 42.9% was driven by increased physician and patient demand. Finally, other assets that were impacted by Part D redesign include INVEGA long-acting injectables, which declined 13.5%. Pulmonary hypertension, which declined 1.2% and was partially offset by market growth and share gains. And XARELTO, which increased by 33% and also included a one-time patient mix benefit.

在神經科學領域，SPRAVATO 成長 42.9%，這得益於醫生和患者需求的增加。最後，受 D 部分重新設計影響的其他資產包括 INVEGA 長效注射劑，其股價下跌了 13.5%。肺動脈高壓下降了 1.2%，但被市場成長和份額成長部分抵消。XARELTO 的銷售額成長了 33%，並且還包含一次性患者混合福利。

I'll now turn your attention to Medtech. Worldwide sales of $8 billion increased 4.1%, with growth of 5.1% in the US and 3% outside of the US. Acquisitions and divestitures had a net positive impact of 280 basis points on worldwide growth, 420 basis points in the US and 120 basis points outside of the US.

現在我將把大家的注意力轉向醫療技術。全球銷售額達 80 億美元，成長 4.1%，其中美國地區成長 5.1%，美國以外地區成長 3%。收購和資產剝離對全球經濟成長產生了 280 個基點的淨正向影響，對美國產生了 420 個基點的淨正向影響，對美國以外地區產生了 120 個基點的淨正向影響。

Underlying Medtech performance was driven by commercial execution and strength of new products, partially offset by several one-time events, disproportionately impacting orthopedics, in addition to continued competitive PFA pressures in electrophysiology and headwinds in China. Results were negatively impacted by approximately 210 basis points worldwide, 240 in the US and 180 outside of the US due to these one-time events.

醫療技術業務的基本表現受到商業執行和新產品實力的推動，但部分被幾起一次性事件所抵消，對骨科的影響尤為嚴重，此外還有電生理學領域持續的 PFA 競爭壓力和中國的不利因素。由於這些一次性事件，全球業績受到約 210 個基點、美國業績受到 240 個基點和美國以外業績受到 180 個基點的負面影響。

In cardiovascular, electrophysiology growth was roughly flat versus prior year, driven by lapping of prior year inventory dynamics in Asia, impacting worldwide results by roughly 310 basis points and competitive PFA ablation catheter pressure.

在心血管領域，電生理學的成長與去年基本持平，這主要是由於亞洲上年庫存動態的重疊，對全球業績產生了約 310 個基點的影響，以及具有競爭力的 PFA 消融導管壓力。

This was mostly offset by global procedure growth, new product uptake, and commercial execution. Abiomed delivered growth of 14%, driven by strong growth in all regions and continued adoption of Impella 5.5 and Impella CP technology.

這主要被全球流程成長、新產品吸收和商業執行所抵消。Abiomed 實現了 14% 的成長，這得益於所有地區的強勁成長以及 Impella 5.5 和 Impella CP 技術的持續採用。

Cardiovascular results also included $258 million associated with the acquisition of Shockwave. As a reminder, we will lap the acquisition benefit at the end of May. Envision, contact lenses and other grew 2.7%, driven by continued strategic price actions and strong performance in the ACUVUE OASYS 1-Day family of products.

心血管業績還包括與收購 Shockwave 相關的 2.58 億美元。提醒一下，我們將在五月底兌現收購收益。受持續的戰略價格行動和 ACUVUE OASYS 1-Day 系列產品的強勁表現推動，Envision、隱形眼鏡和其他產品增長了 2.7%。

Surgical vision growth of 6.2% was driven by our recent innovations, TECNIS Odyssey, PureSee, and Eyhance, as well as commercial execution, partially offset by competitive pressures in the US. Surgery grew 1.1%, with divestitures negatively impacting results by approximately 180 basis points.

6.2% 的手術視力成長是由我們最近的創新、TECNIS Odyssey、PureSee 和 Eyhance 以及商業執行推動的，但被美國的競爭壓力部分抵消。手術收入成長了 1.1%，資產剝離對績效產生了約 180 個基點的負面影響。

Performance was driven primarily by commercial execution and the continued strength and adoption of new products across wound closure and biosurgery. Growth was partially offset by competitive pressures in energy and endocutters as well as the negative impact of China VBP.

業績主要受商業執行以及傷口閉合和生物外科領域新產品的持續強勁和採用所驅動。能源和內切機領域的競爭壓力以及中國 VBP 的負面影響部分抵消了成長。

Given the disproportionate impact of the one-time events to orthopedics, I'd like to draw your attention to this additional slide. Orthopedics declined 3.1%, primarily driven by the lapping of a one-time revenue recognition timing change related to certain products across all platforms in the US, fewer selling days and revenue disruption from the previously announced orthopedics transformation.

鑑於一次性事件對骨科的影響不成比例，我想提請您注意這張附加幻燈片。骨科業務下降了 3.1%，主要原因是美國所有平台上某些產品的一次性收入確認時間變更、銷售天數減少以及先前宣布的骨科轉型造成的收入中斷。

These one-time events negatively impacted worldwide orthopedics growth by approximately 480 basis points, 650 basis points in the US and 210 basis points outside of the US. This was partially offset by success of new product launches and commercial execution.

這些一次性事件對全球骨科成長產生了負面影響，約有 480 個基點，其中美國為 650 個基點，美國以外為 210 個基點。新產品發布和商業執行的成功部分抵消了這一影響。

Now turning to our consolidated statement of earnings for the first quarter of 2025. I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year. Cost of products sold deleveraged by 320 basis points, driven by unfavorable transactional currency and product mix, primarily due to the decline of STELARA in Innovative Medicine as well as the fair value step-up and amortization associated with the Shockwave acquisition in MedTech.

現在來看看我們 2025 年第一季的合併損益表。我想強調一下與去年同期相比發生的一些值得注意的變化。銷售產品成本去槓桿 320 個基點，受不利的交易貨幣和產品組合影響，主要由於創新醫學領域 STELARA 的下滑以及 MedTech 收購 Shockwave 帶來的公允價值提升和攤銷。

Selling, marketing and administrative expenses improved 130 basis points, driven by operating spend management and phasing of investments, primarily in Innovative Medicine. Research and development expenses leveraged by 190 basis points, primarily driven by portfolio progression towards commercialization and phasing of investments in Innovative Medicine, partially offset by investments associated with the recent acquisitions of Shockwave and V-Wave in MedTech.

銷售、行銷和管理費用改善了 130 個基點，這主要得益於營運支出管理和分階段投資（主要在創新藥物領域）。研發費用增加了 190 個基點，主要原因是投資組合向商業化和創新藥物投資的分階段推進，但部分被最近收購醫療技術領域的 Shockwave 和 V-Wave 相關的投資所抵消。

Interest income and expense was a net income of $128 million as compared to $209 million in the first quarter of 2024, primarily driven by higher interest rates paid on higher average debt balances. Other income and expense was a net income of $7.3 billion compared to an expense of $2.4 billion in the prior year, driven by the $7 billion Talc reserve reversal in the first quarter of 2025 and the $2.7 billion Talc settlement proposal recorded during the first quarter of 2024.

利息收入和支出淨收入為 1.28 億美元，而 2024 年第一季為 2.09 億美元，這主要是由於平均債務餘額較高而支付的利率較高。其他收入和支出的淨收入為 73 億美元，而上年的支出為 24 億美元，這主要是由於 2025 年第一季 70 億美元的滑石儲備金逆轉以及 2024 年第一季記錄的 27 億美元滑石和解提議。

Regarding taxes in the quarter, our effective tax rate was 19.3% versus 12.4% in the same period last year, primarily driven by the tax effect of the reversal of the Talc settlement accrual. Excluding special items, the effective tax rate was 16.3% versus 16.5% 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 12.4%，這主要受滑石粉結算應計費用逆轉的稅收影響。不計特殊項目，有效稅率為16.3%，去年同期為16.5%。

I encourage you to review our upcoming first quarter 10-Q filing for additional details on specific tax related matters. Lastly, I'll direct your attention to the box section of the slide where we have also provided the company's income before tax, net earnings, and earnings per share adjusted to exclude the impact of intangible amortization expense and special items.

我鼓勵您查看我們即將提交的第一季 10-Q 文件，以獲取有關具體稅務相關事宜的更多詳細資訊。最後，請大家注意幻燈片的方框部分，我們還提供了公司的稅前收入、淨收益和每股收益，這些收益已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 by segment for the quarter. New this quarter and to continue our efforts of increased financial transparency, you will find GAAP to non-GAAP reconciliations by segment in the supplemental schedules of our press release.

現在讓我們來看看本季按部門劃分的調整後稅前收入。本季度的新情況以及我們繼續努力提高財務透明度，您可以在我們新聞稿的補充附表中按部門找到 GAAP 與非 GAAP 的對帳。

Innovative Medicine margin declined from 42.9% to 42.5%, primarily driven by unfavorable transactional currency and product mix and cost of products sold and Part D redesign, partially offset by operating leverage.

創新藥物利潤率從 42.9% 下降至 42.5%，主要原因是交易貨幣和產品組合不利、銷售產品成本以及 D 部分重新設計，但被經營槓桿部分抵消。

MedTech margin declined from 26.4% to 25.9%, primarily driven by R&D and selling, marketing and administrative investments associated with the recent acquisition of Shockwave and V-Wave. As a result, adjusted income before tax for the enterprise as a percentage of sales decreased from 36.8% to 36.6%. This concludes the sales and earnings portion of the call, and I will now turn the call over to Joe.

醫療技術利潤率從 26.4% 下降至 25.9%，主要原因是最近收購與 Shockwave 和 V-Wave 相關的研發和銷售、行銷和管理投資。結果，該企業調整後稅前收入佔銷售額的比例從36.8%下降到36.6%。這次電話會議的銷售和收益部分到此結束，現在我將把電話轉給喬。

Hello, everyone, and thank you for joining us today. Thanks, Jessica. Not just for the transition now but also for how well you have led the Investor Relations function in the past few years. The investment community will miss you, but we look forward to seeing you in the lead finance role for Innovative Medicine. Our first quarter results demonstrate the strength and reliability of Johnson & Johnson's diversified business model.

大家好，感謝大家今天加入我們。謝謝，傑西卡。不僅因為現在的過渡，也因為過去幾年您出色地領導了投資人關係功能。投資界將會想念您，但我們期待看到您擔任創新醫學的財務長。我們的第一季業績證明了強生多元化業務模式的實力和可靠性。

Innovative Medicine achieved robust growth in the face of STELARA biosimilar entrants and we advanced our pipeline, attaining significant clinical and regulatory milestones. In MedTech, as indicated in January, we anticipate pockets of challenge early on and are planning for higher second half growth in those areas of our business.

面對 STELARA 生物相似藥的競爭，創新藥物實現了強勁成長，我們推進了產品線，並取得了重要的臨床和監管里程碑。在醫療技術領域，正如一月份所指出的，我們預計早期將面臨一些挑戰，並計劃在下半年實現這些業務領域的更高成長。

The team is focused on commercial execution and accelerating the recently launched products to deliver MedTech's commitments that are included in the company's full year guidance. The recent acquisitions of Abiomed and Shockwave continue to expand our presence in higher growth markets.

該團隊專注於商業執行和加速最近推出的產品，以兌現公司全年指導中包含的 MedTech 承諾。最近對 Abiomed 和 Shockwave 的收購繼續擴大我們在高成長市場的影響力。

In addition, we continue to take steps to improve MedTech's future margin profile, implementing a restructuring program designed to simplify and focus the operations of our surgery business, similar to what we launched in orthopedics in 2023.

此外，我們將繼續採取措施改善 MedTech 未來的利潤率狀況，實施旨在簡化和集中外科手術業務運營的重組計劃，類似於我們在 2023 年在骨科推出的計劃。

Focusing on portfolio renewal, we plan to exit certain non-strategic product lines globally and optimize select sites across the network. We anticipate some modest short term revenue disruption in surgery of approximately $250 million in total over the next two years, but these actions will improve our ability to accelerate growth and enhance profitability. The program is expected to be completed in 2027, with cost estimated at approximately $900 million.

我們專注於產品組合更新，計劃在全球範圍內退出某些非戰略性產品線，並優化整個網路中的精選站點。我們預計，未來兩年內，手術收入將出現輕微的短期中斷，總計約 2.5 億美元，但這些措施將提高我們加速成長和提高獲利能力的能力。該項目預計將於 2027 年完成，成本估計約為 9 億美元。

Let's now turn to cash and capital allocation. We are pleased with free cash flow generation in the quarter of approximately $3.4 billion. We ended the first quarter with $38.8 billion of cash in marketable securities and $52.3 billion of debt for a net debt position of $13.5 billion.

現在讓我們來討論現金和資本配置。我們對本季約 34 億美元的自由現金流感到滿意。截至第一季末，我們的有價證券現金為 388 億美元，債務為 523 億美元，淨債務為 135 億美元。

It is important to note that cash and net debt were favorably impacted by approximately $14 billion of cash held in anticipation of the Intra-Cellular acquisition, which closed on April 2. Taking this into consideration, net debt would have been approximately $27.5 billion.

值得注意的是，現金和淨債務受到了為準備 4 月 2 日完成的 Intra-Cellular 收購而持有的約 140 億美元現金的正面影響。考慮到這一點，淨債務將達到約 275 億美元。

Investment in innovation remains the highest priority in our capital deployment. And during the first quarter, we invested more than $3 billion in research and development, approximately 15% of sales. We also remain committed to returning capital directly to shareholders.

創新投資仍然是我們資本配置的重中之重。第一季度，我們在研發方面的投資超過 30 億美元，約佔銷售額的 15%。我們也將繼續致力於將資本直接返還給股東。

We recognize the value investors place on our dividend, and we were pleased to announce today that our Board of Directors authorized a 4.8% increase, marking our 63rd consecutive year of dividend increases. The Intra-Cellular Therapies acquisition bolsters our neuroscience portfolio and we maintain a disciplined approach to inorganic growth, focusing on acquisitions and partnerships that align strategically and offer value creation.

我們認識到投資者對我們股息的重視，今天我們很高興地宣布，董事會批准將股息提高 4.8%，這標誌著我們連續第 63 年提高股息。細胞內治療的收購增強了我們的神經科學產品組合，我們對無機成長保持嚴謹的態度，專注於策略一致、創造價值的收購和合作。

As noted in our Talc investor call and following up on some of Joaquin's earlier comments, we reversed $7 billion of the reserve previously held for the bankruptcy plan. This litigation has not, and we foresee will not impact our ability to execute upon our capital allocation priorities to appropriately manage our business.

正如我們在 Talc 投資者電話會議中所指出的，以及對 Joaquin 之前的一些評論的跟進，我們撤銷了先前為破產計劃持有的 70 億美元儲備金。我們預計這場訴訟不會影響我們執行資本配置優先事項以適當管理業務的能力。

Let's now discuss our full year guidance for 2025. We are increasing our operational sales guidance for the full year by $700 million to reflect the addition of CAPLYTA following the completion of the Intra-Cellular acquisition. Therefore, we now expect operational sales growth for the full year to be in the range of 3.3% to 4.3%, with a midpoint of $92 billion or 3.8%.

現在讓我們討論一下 2025 年全年的指導。我們將全年營運銷售額預期提高 7 億美元，以反映在完成 Intra-Cellular 收購後 CAPLYTA 的加入。因此，我們現在預計全年營業銷售額成長率將在 3.3% 至 4.3% 之間，中間值為 920 億美元或 3.8%。

Excluding the impact from acquisitions and divestitures, we are maintaining our adjusted operational sales growth to the range of 2% to 3% compared to 2024. As you know, we don't speculate on future currency movements. And last quarter, we utilized the euro spot rate relative to the US dollar of $1.04. Last week, the euro spot rate relative to the US dollar was $1.11.

排除收購和資產剝離的影響，我們將調整後的營運銷售額成長率維持在 2024 年的 2% 至 3% 之間。如您所知，我們不對未來的貨幣走勢進行猜測。上個季度，我們利用的歐元兌美元即期匯率為 1.04 美元。上週，歐元兌美元的現貨匯率為1.11美元。

We estimate an incremental positive foreign currency impact of $1.1 billion versus previous guidance, resulting in a full year headwind of $600 million. As such, we now expect reported sales growth between 2.6% to 3.6%, with a midpoint of $91.4 billion or 3.1%.

我們估計，與先前的指引相比，外匯的正面影響將增加 11 億美元，導致全年逆風 6 億美元。因此，我們現在預計報告的銷售額成長率將在 2.6% 至 3.6% 之間，中間值為 914 億美元或 3.1%。

Turning to other notable items on the P&L. We are maintaining our guide of operating margin improvement by 300 basis points versus 2024. This improvement takes into consideration the dilution from the Intra-Cellular transaction as well as what we know today about the impact of tariffs on our business.

轉向損益表中的其他值得注意的項目。我們維持營業利益率較 2024 年提高 300 個基點的指導方針。這項改進考慮到了蜂窩內交易的稀釋以及我們今天所了解的關稅對我們業務的影響。

We now project net interest expense between $100 million and $200 million, primarily driven by financing costs associated with the Intra-Cellular acquisition. Other income is anticipated to be in the range of $1 billion to $1.2 billion, a slight increase versus previous guidance.

我們現在預計淨利息支出將在 1 億至 2 億美元之間，主要受與 Intra-Cellular 收購相關的融資成本的影響。預計其他收入將在 10 億美元至 12 億美元之間，較先前的預期略有增加。

Despite $0.25 dilution from the Intra-Cellular acquisition and including the impact of tariffs based on what is in place today, we are pleased to be able to maintain our adjusted reported earnings per share guidance of 6.2% at the midpoint for a range of $10.50 to $10.70, partially aided by the reduced FX impact.

儘管因收購 Intra-Cellular 而稀釋了 0.25 美元的收益，併計入了基於當前情況的關稅影響，但我們很高興能夠將調整後的每股收益預期維持在 6.2% 的中間值，即 10.50 美元至 10.70 美元之間，這部分得益於外匯影響的減少。

I'll now provide some qualitative considerations on phasing for your models. We continue to expect both Innovative Medicine and MedTech operational sales growth to be higher in the second half of the year versus the first half.

我現在將對您的模型的分階段提供一些定性考慮。我們仍預期下半年創新醫藥和醫療科技的營運銷售成長都將高於上半年。

Regarding Innovative Medicine, we maintain the assumption that the impact of STELARA biosimilar competition will accelerate throughout the year, similar to HUMIRA's erosion curve, which is still our proxy with the additive impact of Part D redesign.

關於創新藥物，我們堅持認為 STELARA 生物仿製藥競爭的影響將在全年加速，類似於 HUMIRA 的侵蝕曲線，這仍然是我們的代理，具有 D 部分重新設計的附加影響。

The impact of Part D redesign on affected products as a percent of sales will be consistently applied throughout the year, aligned with how we traditionally account for similar discount and rebate programs. Naturally, we expect a greater benefit from our newly launched products as the year progresses.

D 部分重新設計對受影響產品的影響佔銷售額的百分比將在全年持續應用，與我們傳統上對類似折扣和返利計劃的核算方式保持一致。當然，我們預計隨著時間的推移，我們新推出的產品將帶來更大的收益。

Regarding MedTech, we expect normalized procedure volume and seasonality. And of course, we anniversary the Shockwave acquisition at the end of May. We anticipate our newly launched products to build throughout the year with the relaunch of VARIPULSE in the US, the introductions of dual energy STSF in the EU, VELYS Uni-Knee, VELYS Spine and TECHNIS Odyssey.

對於醫療技術，我們預計手術量和季節性將趨於正常化。當然，我們在五月底慶祝了 Shockwave 收購週年紀念日。我們預計，隨著 VARIPULSE 在美國的重新推出、雙能量 STSF 在歐盟的推出、VELYS Uni-Knee、VELYS Spine 和 TECHNIS Odyssey 的推出，我們新推出的產品將在全年陸續推出。

Lastly, this slide highlights the one-time prior year P&L items that should be taken into quarterly consideration for your models. Beyond our financial commitments and what Joaquin and John mentioned, we are excited for the pipeline progress planned for the remainder of 2025.

最後，這張投影片重點介紹了您的模型中應按季度考慮的一次性上一年損益項目。除了我們的財務承諾以及 Joaquin 和 John 提到的內容之外，我們對 2025 年剩餘時間規劃的管道進展感到興奮。

In Innovative Medicine, this includes expected approvals in nipocalimab for generalized myasthenia gravis, subcutaneous RYBREVANT for non-small cell lung cancer in the US, TREMFYA subcutaneous induction for ulcerative colitis, and CAPLYTA for adjunctive major depressive disorder.

在創新醫學領域，這包括預期在美國批准用於治療全身性重症肌無力的尼泊卡利單抗、用於治療非小細胞肺癌的皮下注射 RYBREVANT、用於治療潰瘍性結腸炎的皮下誘導 TREMFYA 以及用於治療輔助性重度憂鬱症的 CAPLYTA。

We continue our rolling submission of TAR-200 in non-muscle invasive bladder cancer and anticipate filing icotrokinra in psoriasis, and planned data readouts for RYBREVANT in head and neck cancer and icotrokinra in ulcerative colitis as well as head to head data versus Sotyktu in psoriasis.

我們將繼續滾動提交 TAR-200 在非肌肉層浸潤性膀胱癌中的研究，並預計將提交伊科曲林在牛皮癬中的研究，併計劃公佈 RYBREVANT 在頭頸癌中的研究數據和伊科曲林在潰瘍性結腸炎中的研究數據，以及與 Sotyktu 在牛皮癬中的頭對頭數據。

In MedTech, we continue to make progress with clinical trials for our OTTAVA robotic surgical system and across our cardiovascular portfolio, including heart recovery with Impella ECP submission and circulatory restoration with Javelin and Shockwave E8 launches.

在醫療技術領域，我們繼續在 OTTAVA 機器人手術系統和心血管產品組合的臨床試驗方面取得進展，包括使用 Impella ECP 提交進行心臟恢復以及使用 Javelin 和 Shockwave E8 發射進行循環恢復。

This progress will bode well for financial performance for the balance of this decade. In fact, building on John's earlier discussion on our Innovative Medicine pipeline and what I just outlined I'd like to revisit and update a slide that we shared at our enterprise business review in late 2023.

這項進展將預示著未來十年的財務表現將良好。事實上，基於約翰先前對我們的創新藥物管道的討論以及我剛才概述的內容，我想重新審視和更新我們在 2023 年底企業業務審查中分享的一張幻燈片。

In that slide, you may recall we highlighted key assets in our portfolio that we expected to drive long term growth and projected higher revenue than Street estimates. We've been pleased to see that some estimates have been raised since the 2023 enterprise business review. And now I'd like to walk you through some of our current thinking on our pipeline potential to show where we see even more upside.

在那張投影片中，您可能還記得，我們​​強調了我們投資組合中的關鍵資產，我們預計這些資產將推動長期成長，並預期收入將高於華爾街的預期。我們很高興地看到，自 2023 年企業業務審查以來，一些估計已經提高。現在，我想向大家介紹我們目前對管道潛力的一些想法，以展示我們看到的更多優勢。

Based on current 2027 Street estimates, our projections are at least 2 times higher for RYBREVANT plus LAZCLUZE, and at least 50% higher for SPRAVATO. One asset that we didn't highlight in this look back in 2023 was TREMFYA.

根據目前 2027 年華爾街的估計，我們對 RYBREVANT 加 LAZCLUZE 的預測至少高出 2 倍，對 SPRAVATO 的預測至少高出 50%。在 2023 年的回顧中，我們沒有強調的一項資產是 TREMFYA。

However, given recent regulatory approvals for inflammatory bowel disease, we now see sales for TREMFYA at least 25% higher than current Street estimates. When looking ahead to 2028, we anticipate sales for our intravesical drug releasing system previously referred to as TARIS to be at least 3 times higher than current Street estimates, and new to the chart, icotrokinra, our targeted oral peptide to be at least 2 times higher.

然而，鑑於最近監管機構對發炎性腸道疾病的批准，我們現在認為 TREMFYA 的銷售額至少比華爾街目前的估計高出 25%。展望 2028 年，我們預計膀胱內藥物釋放系統（之前稱為 TARIS）的銷售額將至少比華爾街目前估計高出 3 倍，而新上市的靶向口服肽 icotrokinra 的銷售額將至少比華爾街當前估計高出 2 倍。

To be balanced, analyst estimates are still a bit more optimistic than our own estimates on nipocalimab in 2027. However, we do anticipate closing that gap after launch. We have even stronger conviction today in our growth opportunities than at the enterprise business review as we've reached new milestones with each of these medicines.

平衡而言，分析師對 2027 年 nipocalimab 的預測仍比我們自己預測的要樂觀一些。然而，我們確實希望在發布後縮小這一差距。今天，我們對我們的成長機會的信心比企業業務審查時更加堅定，因為我們在每種藥物上都達到了新的里程碑。

And importantly, we expect all of these assets to achieve peak year sales beyond 2028 with further potential upside to Street estimates in the outer years. Even after considering risk adjustments for unapproved products that you may apply, hopefully, you'll also conclude there is additional value to your outlooks.

重要的是，我們預計所有這些資產都將在 2028 年後達到年度銷售峰值，並且在未來幾年內可能進一步高於華爾街的預期。即使在考慮了您可能應用的未經批准產品的風險調整之後，希望您也能得出結論，您的前景還有額外的價值。

In summary, it was a solid start to the year. Johnson & Johnson's diversified business model uniquely positions us to tackle the headwinds in 2025, deliver on our financial commitments, and advance our pipeline to create long term sustainable value for shareholders.

總而言之，這是今年的一個好開始。強生公司的多元化商業模式使我們能夠應對 2025 年的逆風，兌現我們的財務承諾，並推進我們的產品線，為股東創造長期可持續的價值。

Thank you. And with that, we are happy to take your questions. Kevin, will you please provide instructions for those seeking to participate in the Q&A.

謝謝。我們非常樂意回答您的問題。凱文，請您為那些想要參加問答的人提供指導。

(Operator Instructions) Larry Biegelsen, Wells Fargo.

（操作員指示）富國銀行的 Larry Biegelsen。

Good morning. Thanks for taking the question, and congrats on a nice quarter. Joe, you talked about $400 million in tariffs in the 2025 guidance or about $0.14 by our math. What is that on an annualized basis? And how are you thinking about being able to mitigate that over time? Can you pass along pass it along to customers? Or can you offset it by moving production? Thanks for taking the question.

早安.感謝您提出這個問題，並祝賀本季度取得了良好的業績。喬，你談到了 2025 年指導方針中的 4 億美元關稅，按照我們的計算，約為 0.14 美元。以年率計算，這是多少？您認為如何隨著時間的推移緩解這種影響？你能將它傳遞給客戶嗎？或者你可以透過轉移生產來抵消它嗎？感謝您回答這個問題。

Yeah, thanks, Larry. Good to hear from you. So what's included in the $400 million, and again, that is primarily MedTech tariffs at this point. It's based on the programs that have been announced and the timing that correlates those programs.

是的，謝謝，拉里。很高興收到你的來信。那麼，這 4 億美元包含什麼呢？目前主要包括醫療技術關稅。它基於已宣布的計劃以及與這些計劃相關的時間。

So that would be inclusive of Mexico and Canadian import tariffs that are not excluded out of USMCA. It will include to a very small degree, some of the steel and aluminum tariffs that impact some more products. It includes the China tariffs as well as the China retaliatory tariff. And that is probably the most substantial out of all the tariffs in terms of that $400 million.

因此，這將包括不被排除在 USMCA 之外的墨西哥和加拿大的進口關稅。其中將包括對鋼鐵和鋁徵收較小幅度的關稅，這將對更多產品產生影響。其中包括中國關稅以及中國報復性關稅。就 4 億美元而言，這可能是所有關稅中金額最高的一項。

And so just maybe clarify for everybody that, that is products of US origin being shipped into China, and that's probably the most penalizing factor. That $400 million, I don't want to be cavalier about that. It's obviously -- the program has been phased in as a partial year. And then you have mostly this being captured as cost of goods.

因此，也許需要向大家澄清的是，美國原產的產品運往中國，這可能是最嚴厲的懲罰因素。對於那 4 億美元，我不想掉以輕心。顯然，該計劃已分階段在一年內實施。然後，您主要將其視為商品成本。

So it's going to sit on the balance sheet in inventory and be relieved through the P&L in future periods. So that's how we're thinking of it. In terms of mitigation strategies. I think you know across our entire business, we're very limited in terms of price leverage, whether it be on the MedTech side.

因此，它將以庫存的形式出現在資產負債表上，並在未來期間透過損益表得到緩解。這就是我們的想法。在緩解策略方面。我想你知道，在我們的整個業務中，我們的價格槓桿非常有限，無論是在醫療技術方面。

There's contractual agreements already in place and certainly very much completed on the pharmaceutical side on current products that exist in terms of taking price increase. And I know Joaquin has a few thoughts regarding tariffs and maybe other mitigation factors and the supply nature of healthcare.

在藥品方面，針對現有產品的價格上漲，已經簽訂了合約協議，而且協議基本上已完成。我知道 Joaquin 對關稅和其他緩解因素以及醫療保健的供應性質有一些想法。

Thank you, Joe, and thank you, Larry, for the question. Thinking about tariffs, I'm thinking specifically about pharmaceutical tariffs, there's a reason Larry why pharmaceutical tariffs are zero. It's because tariffs can create disruptions in the supply chain, leading to shortages.

謝謝喬，也謝謝拉里提出這個問題。考慮到關稅，我特別想到的是藥品關稅，而拉里，藥品關稅為零是有原因的。這是因為關稅會導致供應鏈中斷，進而引發短缺。

If what you want is to build manufacturing capacity in the US, both in MedTech and in pharmaceuticals, the most effective answer is not tariffs but tax policy. As a matter of fact, since President Trump 2017 tax reform, the investment in manufacturing, both in MedTech and in pharmaceuticals has significantly increased.

如果您想在美國建立製造能力，包括醫療技術和製藥領域，那麼最有效的答案不是關稅而是稅收政策。事實上，自川普總統 2017 年稅改以來，對醫療科技和製藥業的製造業投資都大幅增加。

And when you think about our recent announcement of investing $55 billion over the next four years at the completion of this investment plan, essentially all our advanced medicines that are used in the US will be manufactured in the US. So tax policy is a very effective tool to be able to build manufacturing capacity here in the US, both for MedTech and pharmaceuticals.

想想我們最近宣布的在未來四年內投資 550 億美元的計劃，一旦完成，基本上我們在美國使用的所有先進藥物都將在美國生產。因此，稅收政策是一種非常有效的工具，可以在美國建立製造能力，無論是對於醫療科技還是製藥業而言。

Larry, I just want to follow up too. You did ask about a full year impact. And I would say like purposely ignored the question only because it would be way too speculative at this point. As we know, these tariffs are very fluid, and the responsible action for us now is to quantify what we see as the impact in [2025] (corrected by company after the call), and then see what happens with respect to does it lend itself to negotiations with other countries and what's actually in place as we get into the later part of 2025.

拉里，我也想跟進一下。您確實詢問了全年的影響。我想說，我故意忽略了這個問題，只是因為現在這個問題的推測性太強了。我們知道，這些關稅非常不穩定，我們現在負責任的行動是量化我們認為的[2025]年的影響（公司在電話會議後進行了更正），然後看看它是否適合與其他國家進行談判，以及進入2025年下半年實際情況如何。

Chris Schott, JPMorgan Chase & Company.

摩根大通公司的克里斯‧肖特 (Chris Schott)。

Great, thanks so much. Just had a question on gross margins in the quarter. It seems like these came in well below recent trends. I'm just trying to get a better understanding of the drivers there. And just the outlook going forward as we consider mix, tariffs, et cetera, on the gross margin line? Thank you.

太好了，非常感謝。我只是想問一下本季的毛利率。看起來這些數字遠低於最近的趨勢。我只是想更了解那裡的司機。當我們考慮產品組合、關稅等因素對毛利率的影響時，未來的前景如何？謝謝。

Hey Chris, this is Joe. Thanks for the question. So I'd say it's -- there's a two part answer to this one. So specifically in the quarter, when looking at first quarter of 2024, we obviously had the impact of STELARA which was a much higher gross margin product than our average product in our portfolio. You had Part D, which is exclusively price, which is eroding margin.

嘿克里斯，我是喬​​。謝謝你的提問。所以我想說的是──這個問題的答案有兩個部分。因此，具體到本季度，當我們回顧 2024 年第一季時，我們顯然受到了 STELARA 的影響，該產品的毛利率遠高於我們產品組合中的平均產品。您有 D 部分，它完全是價格，它正在侵蝕利潤。

And then you had some, I would say, transactional currency headwinds, one, a favorable impact last year or in 2023 funneling into 2024, and then some unfavorability from last year's currency action. I would expect moving forward based on some of the plans that we have, you could expect that 300 basis points to probably improve by a third to 50%, and that would be inclusive of the tariffs that I just mentioned in Larry's question.

然後我想說，你遇到了一些交易貨幣的不利因素，首先，去年或 2023 年的有利影響將持續到 2024 年，其次是去年貨幣行動的一些不利因素。我預計，根據我們現有的一些計劃，300 個基點可能會提高三分之一至 50%，其中包括我在拉里的問題中提到的關稅。

The other thing I would say is, I know you guys do a great job, but I think analysts were maybe a little bit optimistic with respect to their outlook for gross profit. Given that we had STELARA and Part D certainly communicated in the past, I believe the consensus was taking gross margins up year-over-year. And that one was probably a little bit of a miss. So we probably could have done a better job explaining it.

我想說的另一件事是，我知道你們做得很好，但我認為分析師對毛利前景可能有點樂觀。鑑於我們過去確實就 STELARA 和 D 部分進行過溝通，我相信大家的共識是毛利率會逐年上升。而那一次可能有點失誤。所以我們或許可以更好地解釋它。

Asad Haider, Goldman Sachs.

高盛的阿薩德·海德爾 (Asad Haider)。

Thanks for taking the question. Just going back to the STELARA biosimilar version and the acceleration of the trajectory that we're going to see over the course of the year. Are you able to provide any quantitative framing on your views as it relates to the extent to which you think this erosion gets smoothed out by the transition to other brands like TREMFYA and other products? Thank you.

感謝您回答這個問題。回到 STELARA 生物相似藥版本以及我們將在今年看到的軌跡加速。您能否提供任何量化的框架來表達您的觀點，即您認為透過向 TREMFYA 和其他產品等其他品牌的過渡，這種侵蝕會在多大程度上得到緩解？謝謝。

Well, good morning. Thanks so much for the question. It's Jennifer. So what we saw with STELARA in the first quarter was definitely in line with our expectations for the product for the year. And we continue to guide to the HUMIRA [year two] (corrected by company after the call) erosion curve once there were multiple biosimilars as really the best model there and make sure you are also including the additional impact of Part D redesign.

早安.非常感謝您的提問。我是珍妮佛。因此，我們在第一季看到 STELARA 的表現絕對符合我們對今年產品的預期。一旦有多個生物相似藥，我們就會繼續指導 HUMIRA [第二年]（電話會議後由公司更正）侵蝕曲線，因為這是真正的最佳模型，並確保您還包括 D 部分重新設計的額外影響。

If I could one additional point around STELARA, if we take a look at the business overall, it was highlighted that we had 4.2% growth across innovative medicine. That included a negative 810 basis point impact from STELARA.

如果我可以就 STELARA 補充一點，如果我們看一下整體業務，就會發現我們在創新藥物領域的成長率為 4.2%。其中包括 STELARA 造成的 810 個基點的負面影響。

If you exclude that from our business, the remaining business, the bulk 90% of our business was actually growing over 12%, really demonstrating the strength of our overall business and with 11 key brands that were growing double digits. So yes, got the STELARA LOE, but the strength of the business is really coming through across all of our growth drivers.

如果將其從我們的業務中剔除，那麼剩下的業務中，90% 的大部分業務實際上增長了 12% 以上，這真正證明了我們整體業務的實力，其中 11 個主要品牌實現了兩位數的增長。是的，我們獲得了 STELARA LOE，但業務實力確實來自於我們所有的成長動力。

Yeah, and I would add to that. It is remarkable that in a year in which we are facing the headwind of the STELARA biosimilars, Part D redesign. We are able to grow even in the first quarter. and that we are able to do it like any other company to my knowledge in the healthcare industry has done it. Is a testament to the strength of our business, to the diversification of our growth platforms. And it gives me a strong belief that we are going to continue to deliver throughout the year.

是的，我想補充一點。值得注意的是，在這一年中，我們正面臨 STELARA 生物相似藥 D 部分重新設計的逆風。我們甚至在第一季就能夠成長。據我所知，我們能夠像醫療保健行業的其他公司一樣做到這一點。證明了我們業務的實力以及我們成長平台的多樣化。這讓我堅信我們全年將繼續實現這一目標。

Joaquin and Jennifer just building on the focus on STELARA, of course, STELARA begins to sunset TREMFYA continues to rise. You've seen the recent approvals in inflammatory bowel disease where TREMFYA now is available as the only IL-23 class medicine for subcu delivery in both induction and maintenance.

Joaquin 和 Jennifer 剛剛把注意力集中在 STELARA 上，當然，STELARA 開始衰落而 TREMFYA 則繼續崛起。您已經看到了發炎性腸道疾病領域的最新批准，其中 TREMFYA 目前是唯一可用於誘導和維持的皮下給藥的 IL-23 類藥物。

We have generated additional strong data going head-to-head against STELARA in a rigorous double-blind study, and showing the superiority across all mucosal endpoints. So that's really disease modifying healing. And then finally, I would say you'll see later this year, data in psoriatic arthritis, where we've done a rigorous study looking at preservation of joint avoiding the joint erosion that leads to long term disability.

我們在一項嚴格的雙盲研究中與 STELARA 進行了正面交鋒，並獲得了額外的強有力數據，顯示了其在所有黏膜終點方面的優勢。所以這確實是改變疾病的治療。最後，我想說，您將在今年稍後看到銀屑病關節炎的數據，我們進行了一項嚴格的研究，旨在保護關節，避免導致長期殘疾的關節侵蝕。

And what you'll see in those data when they're presented as a best in disease profile for TREMFYA in psoriatic arthritis. So really excited about the progress with TREMFYA, the world's first selective IL-23 inhibitor.

當這些數據被呈現為 TREMFYA 治療乾癬性關節炎的最佳疾病概況時，您會看到什麼。因此，我對世界上第一個選擇性 IL-23 抑制劑 TREMFYA 的進展感到非常興奮。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Hey, good morning everyone. Thanks so much for taking the question. Thanks so much to for all the color on tariffs and the ortho impact, that was super helpful. And Jess, we're really going to miss you. But congrats and good luck in your next role. Just a quick question on -- and maybe this isn't really a question, I don't know, but I think it's still on the table and that do we or don't we go into a recession?

嘿，大家早安。非常感謝您回答這個問題。非常感謝您對關稅和鄰域影響的詳盡解釋，這非常有幫助。傑西，我們真的會想念你的。但還是要祝賀你，並祝你在下一個職位上好運。只是一個簡單的問題——也許這不是一個真正的問題，我不知道，但我認為它仍然在討論中，我們是否會陷入衰退？

And I'd love some color as much as you can provide on how you guys think about your business and how recession proof it is reason and what areas might be most at risk of underperforming relative to where we are today in a recession? Thanks so much.

我很想聽聽你們如何看待自己的業務，如何證明自己能夠抵禦經濟衰退，以及相對於我們目前所處的衰退狀況，哪些領域最有可能表現不佳？非常感謝。

Hey Danielle, good to hear from you. Yeah, it's a good question. I think when we think about our business, the one thing we look to is certainly jobs reports in the US. And as of the most recent reports, it seemed to be pretty healthy. The reason we look at that is because it's a precursor as to who may have benefits and coverage prescription medications as well as procedures inclusive of elective procedures.

嘿，丹妮爾，很高興收到你的來信。是的，這是個好問題。我認為，當我們考慮我們的業務時，我們關注的一件事肯定是美國的就業報告。從最近的報道來看，它似乎相當健康。我們之所以考慮這一點，是因為它可以確定誰可以享受福利和處方藥以及包括選擇性手術在內的手術的承保。

We have seen in times past when there's been a little bit of a recession at some of those elective procedures maybe get delayed, but they don't get abandoned, and I'm thinking primarily within orthopedics. Healthcare overall has proven to be, while nothing is immune to a recession, it's been a little bit more recession proof than most other industries.

我們過去曾看到過，當一些選擇性手術出現一點衰退時，它們可能會被推遲，但不會被放棄，我主要想到的是骨科手術。事實證明，儘管沒有一個行業能夠免受經濟衰退的影響，但醫療保健行業總體上比大多數其他行業更能抵禦經濟衰退。

And so we'll continue to monitor that. But right now, we feel good about the standards of care that we're elevating on both the innovative medicine and MedTech side of the house.

因此我們將繼續監控此事。但目前，我們對創新醫學和醫療技術領域的護理標準不斷提高感到滿意。

Overall health care demand remains solid, and we feel good about the rest of the year regarding procedures and use of pharmaceuticals. I don't know any comments on that. Tim?

整體醫療保健需求依然強勁，我們對今年剩餘時間的藥品治療和使用情況充滿信心。我對此沒有任何評論。提姆？

Sure. Further to Joe's point, Danielle, the category such as advanced IOLs is a good precursor to assessing the health of the economy. And so far, we haven't seen any impact on the performance of our IOL portfolio. In fact, we've seen the opposite.

當然。丹妮爾，進一步回答喬的觀點，高級 IOL 等類別是評估經濟健康狀況的良好先決條件。到目前為止，我們還沒有看到對我們的 IOL 投資組合表現的任何影響。事實上，我們看到的卻恰恰相反。

When you look at the performance of our IOL business on the back of the launch of both TECNIS Odyssey here in the US and PureSee globally, we're seeing benchmark performances, and frankly, a turnaround of our performance here in the US with truly differentiated innovation. And so far, no major headwinds.

當您觀察我們在美國推出 TECNIS Odyssey 和在全球推出 PureSee 之後 IOL 業務的表現時，我們看到了基準表現，坦白說，我們在美國透過真正差異化的創新實現了業績好轉。到目前為止，還沒有遇到重大阻力。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林。

Hi, good morning. Congrats on the quarter and thanks for taking the question. Joe, we heard your comments this morning on the Section 232 potential pharma tariffs being focused more towards generics API versus the complex branded biologics. So just wondering if that's based on your impression of the most likely outcome here or that's more just your speculation or hope for the outcome. Thank you.

嗨，早安。恭喜本季取得佳績，感謝您提出這個問題。喬，我們今天早上聽到了你關於第 232 條潛在製藥關稅的評論，該關稅將更多地側重於仿製藥 API，而不是複雜的品牌生物製劑。所以只是想知道這是基於您對最可能結果的印象還是只是您對結果的猜測或希望。謝謝。

Let me take that question, Terence, myself. So we are analyzing the Section 232. It was already announced previously. So it's something that we consider normal that is going to happen. And overall, adding to my comments on tariffs before, I think it's also important that companies in healthcare partner with the administration to look to mitigate some of the vulnerabilities that exist today in our healthcare supply chain so as to avoid any continuity of supply effect.

特倫斯，讓我親自回答這個問題。所以我們正在分析第 232 條。之前就已經宣布過了。所以我們認為這是很正常的事。總的來說，除了我之前對關稅的評論之外，我認為醫療保健行業的公司與政府合作尋求減輕目前醫療保健供應鏈中存在的一些脆弱性也很重要，以避免對供應的連續性產生影響。

So it's important for us to partner with the administration and with the government, and we plan to do it in this process to make sure that we have enough manufacturing capacity here in the US to be able to address multiple scenarios.

因此，與政府部門和政府合作對我們來說非常重要，我們計劃在過程中做到這一點，以確保我們在美國擁有足夠的製造能力來應對多種情況。

And Terence, just to be clear, though, we want to be deferential to the administration and their process, that is speculative just looking at the pharmaceutical landscape and where national security interest may reside and what products that those are delivered from. So that was really kind of our take on it, but we are working and engaging with the administration and being deferential to their process.

特倫斯，需要明確的是，我們希望尊重政府及其流程，這只是推測性的，只是著眼於製藥業的前景、國家安全利益可能存在於何處以及這些利益來自哪些產品。這確實是我們對此的看法，但我們正在與政府合作並參與其中，並尊重他們的進程。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Good morning, and thank you for taking the question and providing all of this information, very helpful. I do want to sort of just pause for a second on the orthopedic sales and try to unpack how much of that is which variable is there a way to quantify it? And how do we think about the recovery in the back half of the year and then into next year. Thank you.

早上好，感謝您回答這個問題並提供所有這些信息，非常有幫助。我確實想在骨科銷售上暫停一下，並嘗試解開其中有多少是哪個變量，有沒有辦法量化它？我們如何看待今年下半年以及明年的復甦？謝謝。

Joanne, thank you for the question. And as we mentioned, we've tried to provide as much as possible to the significant impact of one timers in the quarter, which, to your point, have disproportionately impacted the Ortho business to the tune of 480 basis points.

喬安妮，謝謝你的提問。正如我們所提到的，我們已盡可能地提供本季一次性事件的重大影響，正如您所說，這些事件對 Ortho 業務產生了不成比例的影響，高達 480 個基點。

There are three key drivers to that. Number one, the lapping of prior year change in walking implants revenue recognition, fewer selling days, and finally, revenue disruption from the recent ortho transformation, which we announced in 2023.

有三個關鍵驅動因素。首先，步行植入物收入確認的變化與上一年同期相比有所重疊，銷售天數減少，最後，我們於 2023 年宣布的近期正畸轉型導致收入中斷。

So when you actually look at our operational growth when accounting for those, it would be closer to 2%. Now at the same time, I will say, Joanne, we're not satisfied. Our underlying performance was impacted by competitive pressures primarily in spine and sports, which is partially offset by strong NPIs and commercial execution in categories like trauma, shoulder and foot and ankle.

因此，當您實際考慮這些因素並查看我們的營運成長時，它會更接近 2%。現在，同時，我要說的是，喬安妮，我們並不滿意。我們的基本業績主要受到脊椎和運動領域競爭壓力的影響，但創傷、肩部、足部和踝部等類別的強勁新產品導入和商業執行力部分抵消了這一影響。

What gives us confidence in continued acceleration to the back half of the year is the incredible impact of truly differentiated innovation across ortho portfolio. In fact, in 2024, we had 18 510(k) approvals here in the US and 45 outside of the US across our portfolio.

正交產品組合中真正差異化的創新將產生令人難以置信的影響，這讓我們對下半年的持續加速充滿信心。事實上，到 2024 年，我們的投資組合在美國獲得了 18 項 510(k) 批准，在美國以外獲得了 45 項批准。

And what gives us confidence is this combination of having best-in-class implants with truly differentiated enabled technology such as VELYS. In our hips portfolio, we believe we're going to see continued performance on the back of our focus on anterior approach, both with ACTIS, VELYS, KINCISE 2.0.

讓我們充滿信心的是，我們擁有一流的植入物和 VELYS 等真正差異化的技術。在我們的髖關節產品組合中，我們相信，在專注於前入路技術的基礎上，我們將看到持續的表現，包括 ACTIS、VELYS 和 KINCISE 2.0。

In knees, we have seen a slowdown in revisions where I think you know we are historically number one, but feel very confident about continued momentum in primary with the combination of ATTUNE and VELYS, which is now available in 30 markets. We have 110,000 procedures.

在膝蓋方面，我們已經看到修訂速度放緩，我想你知道我們在歷史上是第一，但對於 ATTUNE 和 VELYS 的結合在主要市場繼續保持勢頭，我們非常有信心，目前 ATTUNE 和 VELYS 已在 30 個市場上市。我們有 110,000 個程式。

And as you probably know, we're now launching the VELYS Uni-Knee in the coming quarters. In trauma, this was a standout quarter for us, close to 7.3% operational growth when you account for the one-timers, and this was driven by a tremendous uptake of our VOLT Plating System and the feedback we've got from surgeons, especially for our small frag menu frag, our distal radius has been exceptional. I think you also know that spine has been a bit of a laggard for us in the ortho portfolio.

您可能已經知道，我們將在未來幾季推出 VELYS Uni-Knee。在創傷方面，這對我們來說是一個突出的季度，如果算上一次性手術，運營增長接近 7.3%，這是由我們的 VOLT 鋼板系統的巨大應用和我們從外科醫生那裡得到的反饋推動的，特別是對於我們的小型碎片菜單碎片，我們的遠端半徑非常出色。我想您也知道，在我們的矯正產品組合中，脊椎一直有點落後。

We are now effectively launching the trial to spine system, which is a thoracolumbar system, coupled with VELYS Spine also launching in the coming quarters. And so not the best start but strong confidence in improved performance for the remainder of the year in ortho.

我們現在正在有效地啟動脊椎系統的試驗，這是一個胸腰繫統，加上 VELYS Spine 也將在未來幾季推出。雖然這不是最好的開始，但是我們對今年剩餘時間正畸表現的提高充滿信心。

Vamil Divan, Guggenheim Partners.

瓦米爾·迪萬，古根漢合夥人。

Great, thanks for taking the questions and for all the information. So I just wanted to maybe focus on that slide 29, Joe, that you touched about on this for you, Joe, or for Jennifer. I appreciate you sharing your perspectives on those products and how they differ your expectations are for consensus.

太好了，感謝您回答問題並提供所有資訊。因此，喬，我只是想集中討論一下第 29 張幻燈片，喬，你或珍妮佛談到了這一點。我很感謝您分享您對這些產品的看法以及它們與您的共識期望有何不同。

There's three products that are not on there anymore that were there at the end of 2023, and that's CARVYKTI, TALVEY, and TECVAYLI. And I don't think the consensus expectations have changed for those very much since then.

有三種產品在 2023 年底還在那裡，但現在已不復存在，它們是 CARVYKTI、TALVEY 和 TECVAYLI。我認為自那時以來，人們對此的普遍預期並沒有太大改變。

So maybe you can just talk about what has changed there why those aren't listed? Has there anything changed from your internal perspective or again externally that just had those come off of that list. Thank you.

那麼也許您可以談談那裡發生了什麼變化，為什麼沒有列出這些變化？從您的內部視角或外部視角來看，是否發生了任何變化，導致這些內容從清單中消失。謝謝。

Hi Vamil, this is Jess. Yes, you're absolutely correct. The multiple myeloma portfolio was on the slide during the EBR in 2023, and they are not on the slide today. Not saying that there is not still a disconnect, but it's just not to the extent of the other products on the list. At that time, we had estimated if you did the math on the slide, it would have been about $4 billion that would have been added to 2027.

你好，Vamil，我是 Jess。是的，你完全正確。多發性骨髓瘤產品組合在 2023 年 EBR 期間處於下滑狀態，但今天已不再下滑。並不是說不再存在脫節，只是脫節程度沒有達到清單中其他產品的程度。當時，我們估計，如果按照幻燈片上的計算，到 2027 年將增加約 40 億美元。

Around $2 billion was added. So those estimates did go up at that time. Again, not that there's not still a disconnect. It's just not to the extent of the others on the slide because those estimates were increased.

增加了約20億美元。所以當時這些估計確實上升了。再次強調，這並不意味著已經不再存在脫節。只是沒有達到幻燈片上其他數字的程度，因為那些估計值都提高了。

So just to be super clear on that one, Vamil, we are still extremely bullish based on the clinical progression, R&D as well as the performance that we're seeing in the marketplace. I mean, look at CARVYKTI, I think, doubled sales year-on-year. So it's just a matter of that you guys took your numbers up. And so we agree, I guess, is maybe the best way to say that.

因此，Vamil，為了非常清楚地說明這一點，我們根據臨床進展、研發以及我們在市場上看到的表現仍然非常樂觀。我的意思是，看看 CARVYKTI，我認為，其銷售額比去年同期增長了一倍。所以這只是你們增加數字的問題。因此，我想，我們同意，這也許是最好的說法。

Maybe just to add in a little bit more on CARVYKTI. So yeah, over 100% operational growth in the first quarter, and we continue to make very strong share gains in that second line plus indication, we continue to add sites. We continue to add countries and capacity expansion globally.

也許只是對 CARVYKTI 進行一點點補充。是的，第一季的營運成長超過 100%，並且我們在第二行繼續取得非常強勁的份額成長，此外，我們還在繼續增加站點。我們在全球範圍內繼續增加國家並擴大產能。

And so we have very firm conviction in CARVYKTI as a $5 billion plus asset and really are rolling that out globally very effectively at this point in time. So we don't see capacity as a constraint going forward based on the strength of the efforts that have taken place. And so we're full speed ahead for CARVYKTI going forward.

因此，我們堅信 CARVYKTI 是一項價值 50 多億美元的資產，目前正在全球非常有效地推廣它。因此，根據已經做出的努力，我們並不認為產能會成為未來發展的限制因素。因此，我們將全速推進 CARVYKTI 的發展。

And with the TEC and TAL, John here, we're really just getting started. You've probably seen some of the recent data where we've even combined those two molecules to achieve really unprecedented levels of complete responses.

有了 TEC 和 TAL，約翰在這裡，我們才剛開始。您可能已經看到了一些最近的數據，我們甚至將這兩種分子結合起來，實現了前所未有的完全反應水平。

At the hematology meetings last year, we also showed combining either TEC or TAL with DARZALEX and demonstrating really impressive 100% minimal residual disease negativity in earlier lines of therapy and the opportunity, therefore, to really start bringing these first-in-class bispecific T cell redirecting molecules into earlier lines, even frontline in combination with our DARZALEX. So really enormous opportunity lies ahead of us with TEC and TAL.

在去年的血液學會議上，我們還展示了將 TEC 或 TAL 與 DARZALEX 相結合，並在早期治療中展示了令人印象深刻的 100% 微小殘留病陰性，因此，我們有機會真正開始將這些一流的雙特異性 T 細胞重定向分子應用於早期治療，甚至與我們的 DARZALEX 結合用於一線治療。因此，TEC 和 TAL 確實為我們帶來了巨大的機會。

And a couple of other things on TEC and TAL. So we continue to expand. We've got very good penetration in the academic settings right now, and we continue to expand out into the community. We've got very strong new patient starts. I know that the products have been plagued a little bit because the product is so effective with less frequent dosing.

還有一些關於 TEC 和 TAL 的其他內容。因此我們繼續擴張。目前，我們在學術領域已經取得了很好的滲透率，並且我們將繼續向社區擴展。我們迎來了非常強勁的新患者。我知道這些產品受到了一些困擾，因為這些產品非常有效，而且服用頻率較低。

As we move forward, we should be lapping that soon. And really, you'll see the strength of those new patient starts and the continued expansion into the community we're starting to show through, combined then with what John talked about in terms of additional combinations and such, we've got very strong convictions, and we remain convinced on the opportunities for TEC and TAL.

隨著我們不斷前進，我們很快就會實現這一目標。實際上，您會看到這些新患者的開始表現以及我們開始展現出的社區持續擴張，再加上約翰談到的額外組合等方面的內容，我們有非常堅定的信念，我們仍然對 TEC 和 TAL 的機會充滿信心。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Great, thanks so much for taking the questions, and I appreciate all the color. I had a clarification and a question if I could. So the question first. Would be great if you could maybe flush out the way that the opportunities in TREMFYA, which is now kind of leaning into IBD and the emerging opportunities for icotrokinra in oral kind of -- and you see them coming together this year, next year, the year after as kind of a portfolio in immuno.

太好了，非常感謝您回答這些問題，我很欣賞您提供的所有資訊。如果可以的話，我想澄清一下並提出一個問題。所以先提出這個問題。如果您能闡明 TREMFYA 中的機會，那就太好了，它現在有點傾向於 IBD，而伊曲金拉在口服方面的新興機會也隨之出現——您會看到它們在今年、明年、後年結合在一起，形成免疫領域的投資組合。

And then clarification, if I could, just for Tim, it sounded like when you were describing the ortho impacts, you've got something like 2%. But if you look at the hip and knee math, I'm right, let's think about 2% US, I just want to make sure I understand.

然後澄清一下，如果可以的話，只是為了蒂姆，聽起來當你描述正交影響時，你得到了大約 2% 的東西。但如果你看髖關節和膝關節的數學計算，我是對的，讓我們考慮美國的 2%，我只是想確保我理解。

It sounded like your view was that's share, that's on else, and we're going to remedy that with the innovations and new products this year. Maybe just put to spine of a point on it, but like that's not market growth, like 2%, like you would say we're below market, and we should be doing better. Or do you think that that's kind of where the market's at is in, that like low single-digit range for US SMEs. Thanks so much. Apology for a long clarification, that will be super helpful. Thanks.

聽起來您的觀點是，這就是份額，這就是其他，而我們今年將透過創新和新產品來解決這個問題。也許只是強調這一點，但這不是市場成長率，例如 2%，就像你會說我們低於市場水平，我們應該做得更好。或者您認為這就是市場所處的水平，即美國中小企業的低個位數範圍。非常感謝。抱歉，澄清得有點長，但這確實非常有幫助。謝謝。

Matt, let me start with your question on ortho. And to be perfectly frank, while we have seen an improvement in our performance both in hips and knees through 2024, Q1 clearly wasn't our strongest quarter. And so we have seen competitive pressures. As you know, these are highly attractive categories within ortho, it's where the primarily fight is. And frankly we need to do better.

馬特，讓我先從你關於正畸的問題開始。坦白說，雖然到 2024 年，我們在臀部和膝蓋方面的表現都有所改善，但第一季顯然不是我們表現最強勁的季度。因此我們看到了競爭壓力。如你所知，這些都是正交領域中極具吸引力的類別，也是主要的爭奪焦點。坦白說，我們需要做得更好。

And so we believe that our performance so far in the quarter was slightly below market. These are attractive markets. We've seen a strong robust procedures across ortho and we expect that to continue, as I mentioned, with the addition of our portfolio of both implants as well as enabling technology across hips and knees, we're confident that we will see an improvement through the remaining quarters. Thank you.

因此我們認為本季迄今的業績略低於市場。這些都是極具吸引力的市場。我們已經看到了正畸領域強勁而穩健的程序，我們預計這種情況將繼續下去，正如我所提到的，隨著我們的植入物產品組合以及髖關節和膝關節技術的發展，我們相信我們將在剩餘的幾個季度看到改善。謝謝。

Right. So let's switch over to TREMFYA in immunology, and TREMFYA really had a great quarter in the first quarter with sales nearly $1 billion and over 20% operational growth. And this was really driven by market share gains in psoriasis and psoriatic arthritis as well as what we're seeing as it relates to the launch in ulcerative colitis and also in Crohn's disease.

正確的。那麼讓我們轉到免疫學領域的 TREMFYA，TREMFYA 在第一季確實表現非常出色，銷售額接近 10 億美元，營運成長率超過 20%。這實際上是由銀屑病和銀屑病關節炎市場份額的增長以及我們所看到的與潰瘍性結腸炎和克羅恩病相關的推出所推動的。

So we are really encouraged by the launch in both of these IBD indications. TREMFYA is now if we start with ulcerative colitis and how we're doing and then I'll go to Crohn's disease. So an ulcerative colitis TREMFYA is the fastest-growing product in the ulcerative colitis market.

因此，我們對這兩種 IBD 適應症的推出感到非常鼓舞。現在，如果我們先從潰瘍性結腸炎開始，看看我們的進展如何，然後再討論克羅恩病。因此，潰瘍性結腸炎 TREMFYA 是潰瘍性結腸炎市場上成長最快的產品。

IL-23s are the fastest-growing class, and TREMFYA has already achieved nearly a 50% share of the IL-23 new patient starts in UC. So this is really based on the strength of the profile of the product and the strong differentiation that we have as a dual-acting IL-23, both impacting both IL-23 as well as CD64.

IL-23 是成長最快的類別，TREMFYA 在 UC 中佔據 IL-23 新患者開始用藥的近 50% 份額。因此，這實際上是基於產品特性的強度以及我們作為雙重作用 IL-23 的強大差異化，兩者都對 IL-23 和 CD64 產生影響。

The robust data that we have as it relates to efficacy and remission. And then as we get in to Crohn's disease and then later in ulcerative colitis as well, what we see is unrivaled simplicity with the opportunity for subcu induction as well as maintenance dosing.

我們擁有與療效和緩解相關的可靠數據。然後，當我們治療克羅恩病以及後來的潰瘍性結腸炎時，我們看到了無與倫比的簡單性，可以進行皮下誘導以及維持劑量。

And when we take a look at market research data and intent to prescribe, the data comes through really strong that gastroenterologists really prefer TREMFYA over the IL-23 competitors based on those aspects that I just discussed. So efficacy, sustained remission, and mucosal healing right now for UC.

當我們查看市場研究數據和處方意圖時，數據非常有力地表明，基於我剛才討論的那些方面，胃腸病學家確實更喜歡 TREMFYA 而不是 IL-23 競爭對手。因此，目前 UC 的療效、持續緩解和黏膜癒合情況良好。

On Crohn's, there is very significant enthusiasm around our launch there and it's really quickly getting traction. In the first few weeks since approval in Crohn's disease, patient initiation volumes are outpacing the other IL-23 launches in the market.

在克隆氏症治療方面，我們推出的產品在那裡引起了極大的熱情，並且很快就獲得了關注。自從該藥物獲準用於治療克羅恩氏症以來的最初幾週內，患者初始治療數量就超過了市場上其他 IL-23 藥物的上市數量。

And the polling data, our recent market research, 82% of gastroenterologists consider TREMFYA's induction dosing and flexibility to be a very positive differentiation in their treatment decisions, and they're seeing the efficacy profile to be quite compelling compared to the other therapies that are in the market. So we believe that in IBD, both in ulcerative colitis and Crohn's, we're off to a strong start.

根據我們最近的市場調查數據，82% 的胃腸病學家認為 TREMFYA 的誘導劑量和靈活性對他們的治療決策具有非常積極的區別，並且他們認為與市場上的其他療法相比，其療效非常引人注目。因此，我們相信，在 IBD 領域，無論是潰瘍性結腸炎還是克羅恩病，我們都已經有了良好的開端。

And as a reminder, tracking back to STELARA, STELARA 75% of sales were in IBD indications. We see no reason why TREMFYA wouldn't be the same or even better based on what we're seeing with the strength and competitiveness of the profile.

需要提醒的是，回顧 STELARA，STELARA 75% 的銷售額來自 IBD 適應症。從我們所看到的實力和競爭力來看，我們認為 TREMFYA 沒有理由不會相同甚至更好。

Maybe just a comment on icotrokinra since you asked about that. The most proximal opportunity there is our psoriasis campaign where we will have altogether five Phase 3 studies, data for that this year, we expect to submit this year for psoriasis.

既然您問到了這個問題，也許只是對 icotrokinra 的一個評論。最接近的機會是我們的牛皮癬運動，我們將在今年總共進行五項 3 期研究，我們預計今年將提交牛皮癬研究的數據。

We're so excited to be able to offer patients more choice with even a market like psoriasis, which should be well penetrated by now because it is a place where some of the biologics first got their start. More than half of patients who are eligible for an advanced therapy are still not on advanced therapy.

我們非常高興能夠為患者提供更多選擇，即使在牛皮癬這樣的市場，該市場現在應該已經滲透得很好了，因為這是一些生物製劑最先起步的地方。超過一半符合晚期治療條件的患者仍未接受晚期治療。

And for many of these patients, it's really an aversion to the injections and going the biologics route. So to be able to offer patients a choice of a once-a-day pill to provide a solution for their disease, which has efficacy in the same ballpark as the biologics and with that well proven safety profile of IL-23 class is really exciting for us.

對於許多這樣的患者來說，他們確實厭惡注射和生物製劑治療。因此，能夠為患者提供每日一次的藥丸選擇來治療他們的疾病，其療效與生物製劑大致相同，並且具有 IL-23 類藥物經過充分驗證的安全性，這對我們來說真的令人興奮。

Yeah, we really believe that icotrokinra is a big market expansion opportunity to get in those earlier lines of therapy and to bring patients into therapies that have that strong biologic like efficacy. We think that there is a lot of room for both icotrokinra and TREMFYA in the market, and based on different patient needs, different physician needs as well. And so we think both of these are very important growth drivers for us going forward.

是的，我們確實相信，icotrokinra 是一個巨大的市場擴展機會，可以進入早期的治療方法，並讓患者接受具有強大生物相似藥功效的治療方法。我們認為，icotrokinra 和 TREMFYA 在市場上都有很大的發展空間，並且基於不同患者的需求，以及不同醫生的需求。因此，我們認為這兩者都是我們未來非常重要的成長動力。

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

謝謝你，馬特。凱文，我們還有時間回答最後一個問題。

Tim Anderson, Bank of America.

美國銀行的蒂姆·安德森。

Thank you so much. Going back to tariffs, a big concern by investors is how that might ultimately wrap in transfer pricing structures? And every company I know is usually hesitant to talk about that. I'm wondering what J&J can offer up on that front that could include things like major products where you have transfer price structures in place as well as which geographies you have those in place as well.

太感謝了。回到關稅問題，投資人最關心的問題是，它最終將如何影響轉讓定價結構？而我認識的每家公司通常都不願意談論這個問題。我想知道強生在這方面能提供什麼，包括已實施轉移價格結構的主要產品以及已實施這些結構的地區。

Yeah, I appreciate the question, Tim. It's just not something that for competitive reasons we're going to comment on.

是的，我很感謝你提出這個問題，提姆。出於競爭原因，我們不會對此發表評論。

I would reiterate what I said before. With our $55 billion investment plan and the completion of that plan, which we spoke about four years, most of our advanced medicines that are used in the US will be manufactured here in the US.

我要重申我之前說過的話。透過我們 550 億美元的投資計劃以及我們所說的四年內完成的計劃，我們在美國使用的大多數先進藥物將在美國生產。

So that's our plan, and that's why we believe it's important to provide this continuity. As I said before, after 2017 President Trump's tax reform, the level of investments the US have increased, and we plan to continue to increase it given the current tax regime or improvements that may come into the future.

這就是我們的計劃，這也是我們認為提供這種連續性很重要的原因。正如我之前所說，在2017年川普總統的稅收改革之後，美國的投資水平有所提高，考慮到當前的稅收制度或未來可能出現的改進，我們計劃繼續增加投資。

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

謝謝你，提姆，也謝謝大家的提問和對我們公司的持續關注。對於那些因時間原因未能聯繫到的人，我們深表歉意，但如果您還有任何其他問題，請隨時聯繫投資者關係團隊。

As many of you have seen, Darren Snellgrove will be transitioning into the Investor Relations role starting May 1, as I transition into the Innovative Medicine CFO role. The last 3.5 years have been an absolute pleasure getting to engage with you all. I will now turn the call over to Joaquin for some brief closing remarks.

正如你們許多人所看到的，Darren Snellgrove 將從 5 月 1 日起轉任投資者關係職務，而我則轉任創新醫學首席財務官職務。過去 3.5 年能夠與你們大家一起共事，我感到非常榮幸。現在我將把電話交給華金，請他發表一些簡短的結束語。

Thank you, Jess, and thank you, everyone, for joining the call today. As you heard, 2025, it's going to be a catalyst year for Johnson & Johnson. And with our Q1 results, we are off to a great start. This start reflects the power of Johnson & Johnson's uniquely diversified business model and further strengthens our confidence in our 2025 guidance and beyond. Thank you very much.

謝謝傑西，也謝謝大家今天參加電話會議。正如您所聽到的，2025 年將成為強生公司的催化年。從第一季的業績來看，我們有了一個好的開始。這一開局體現了強生獨特多元化商業模式的力量，並進一步增強了我們對 2025 年及以後目標的信心。非常感謝。

Thank you. This concludes today Johnson & Johnson's first quarter 2025 earnings conference call. You may now disconnect.

謝謝。強生公司 2025 年第一季財報電話會議今天結束。您現在可以斷開連線。